# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001683863-23-000189
**Filing Date:** 2023-1
**Character Count:** 66792
**Document Hash:** ee1b2b8a6fbf2c6ad4c80ab835141e8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000189.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001683863-23-000189

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**EFFECTIVENESS DATE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000908695
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-65572
- **FILM NUMBER:** 23542649

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Growth and Tax Strategy Fund (Series ID: S000012897)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| Growth and Tax Strategy Fund Shares               | USBLX         | C000034866 |
| Growth and Tax Strategy Fund Class C              | UGTCX         | C000220605 |
| Growth and Tax Strategy Fund Institutional Shares | UGTIX         | C000220606 |
| Growth and Tax Strategy Fund Class A              | UGTAX         | C000220607 |

---

### High Income Fund (Series ID: S000012898)

---

|  |  |  |
|:---|:---|:---|
| Class Name                            | Ticker Symbol | Class ID   |
| High Income Fund Shares               | USHYX         | C000034867 |
| High Income Fund Institutional Shares | UIHIX         | C000066837 |
| High Income Fund R6 Shares            | URHIX         | C000175747 |
| High Income Fund Class A              | UHYOX         | C000220608 |

---

### Income Fund (Series ID: S000012899)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| Income Fund Shares               | USAIX         | C000034868 |
| Income Fund Institutional Shares | UIINX         | C000066838 |
| Income Fund R6 Shares            | URIFX         | C000175748 |
| Income Fund Class A              | UINCX         | C000220609 |

---

### Tax Exempt Intermediate-Term Fund (Series ID: S000012901)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| Tax Exempt Intermediate-Term Fund Shares               | USATX         | C000034870 |
| Tax Exempt Intermediate-Term Fund Class A              | UTEIX         | C000220611 |
| Tax Exempt Intermediate-Term Fund Institutional Shares | UITIX         | C000220612 |

---

### Intermediate-Term Bond Fund (Series ID: S000012902)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                       | Ticker Symbol | Class ID   |
| Intermediate-Term Bond Fund Shares               | USIBX         | C000034871 |
| Intermediate-Term Bond Fund Institutional Shares | UIITX         | C000066840 |
| Intermediate-Term Bond Fund R6 Shares            | URIBX         | C000175750 |
| Intermediate-Term Bond Fund Class A              | UITBX         | C000220613 |
| Intermediate-Term Bond Fund Class C              | UITCX         | C000220614 |

---

### Tax Exempt Long-Term Fund (Series ID: S000012904)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                     | Ticker Symbol | Class ID   |
| Tax Exempt Long-Term Fund Shares               | USTEX         | C000034873 |
| Tax Exempt Long-Term Fund Class A              | UTELX         | C000220616 |
| Tax Exempt Long-Term Fund Institutional Shares | ULTIX         | C000220617 |

---

### Cornerstone Moderate Fund (Series ID: S000012905)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| Cornerstone Moderate Fund | USBSX         | C000034874 |

---

### Money Market Fund (Series ID: S000012906)

---

|  |  |  |
|:---|:---|:---|
| Class Name        | Ticker Symbol | Class ID   |
| Money Market Fund | USAXX         | C000034875 |

---

### New York Bond Fund (Series ID: S000012908)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| New York Bond Fund Shares               | USNYX         | C000034877 |
| New York Bond Fund Class A              | UNYBX         | C000220621 |
| New York Bond Fund Institutional Shares | UNYIX         | C000220622 |

---

### Tax Exempt Short-Term Fund (Series ID: S000012912)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| Tax Exempt Short-Term Fund Shares               | USSTX         | C000034881 |
| Tax Exempt Short-Term Fund Class A              | UTESX         | C000220625 |
| Tax Exempt Short-Term Fund Institutional Shares | USTIX         | C000220626 |

---

### Short-Term Bond Fund (Series ID: S000012913)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| Short-Term Bond Fund Shares               | USSBX         | C000034882 |
| Short-Term Bond Fund Institutional Shares | UISBX         | C000066843 |
| Short-Term Bond Fund R6 Shares            | URSBX         | C000175751 |
| Short-Term Bond Fund Class A              | UASBX         | C000220627 |

---

### California Bond Fund (Series ID: S000012916)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| California Bond Fund Shares               | USCBX         | C000034886 |
| California Bond Fund Class A              | UXABX         | C000220628 |
| California Bond Fund Institutional Shares | UCBIX         | C000220629 |

---

### Tax Exempt Money Market Fund (Series ID: S000012917)

---

|  |  |  |
|:---|:---|:---|
| Class Name                   | Ticker Symbol | Class ID   |
| Tax Exempt Money Market Fund | USEXX         | C000034887 |

---

### Treasury Money Market Trust (Series ID: S000012919)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| Treasury Money Market Trust | UATXX         | C000034889 |

---

### Virginia Bond Fund (Series ID: S000012921)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| Virginia Bond Fund Shares               | USVAX         | C000034891 |
| Virginia Bond Fund Class A              | UVABX         | C000220631 |
| Virginia Bond Fund Institutional Shares | UVAIX         | C000220632 |

---

### Cornerstone Moderately Aggressive Fund (Series ID: S000012926)

---

|  |  |  |
|:---|:---|:---|
| Class Name                             | Ticker Symbol | Class ID   |
| Cornerstone Moderately Aggressive Fund | USCRX         | C000034896 |

---

### Government Securities Fund (Series ID: S000012929)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| Government Securities Fund Shares               | USGNX         | C000034899 |
| Government Securities Fund Institutional Shares | UIGSX         | C000159210 |
| Government Securities Fund R6 Shares            | URGSX         | C000175754 |
| Government Securities Fund Class A              | UAGNX         | C000220635 |

---

### Ultra Short-Term Bond Fund (Series ID: S000030169)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| Ultra Short-Term Bond Fund Shares               | UUSTX         | C000092834 |
| Ultra Short-Term Bond Fund Institutional Shares | UUSIX         | C000130753 |
| Ultra Short-Term Bond Fund R6 Shares            | URUSX         | C000179382 |
| Ultra Short-Term Bond Fund Class A              | USBAX         | C000220636 |

---

### Cornerstone Moderately Conservative Fund (Series ID: S000037225)

---

|  |  |  |
|:---|:---|:---|
| Class Name                               | Ticker Symbol | Class ID   |
| Cornerstone Moderately Conservative Fund | UCMCX         | C000114651 |

---

### Cornerstone Aggressive Fund (Series ID: S000037226)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| Cornerstone Aggressive Fund | UCAGX         | C000114652 |

---

## Series and Classes Contracts Data

### Growth and Tax Strategy Fund (Series ID: S000012897)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034866 | Growth and Tax Strategy Fund Shares               | USBLX           |
| C000220605 | Growth and Tax Strategy Fund Class C              | UGTCX           |
| C000220606 | Growth and Tax Strategy Fund Institutional Shares | UGTIX           |
| C000220607 | Growth and Tax Strategy Fund Class A              | UGTAX           |

### High Income Fund (Series ID: S000012898)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000034867 | High Income Fund Shares               | USHYX           |
| C000066837 | High Income Fund Institutional Shares | UIHIX           |
| C000175747 | High Income Fund R6 Shares            | URHIX           |
| C000220608 | High Income Fund Class A              | UHYOX           |

### Income Fund (Series ID: S000012899)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000034868 | Income Fund Shares               | USAIX           |
| C000066838 | Income Fund Institutional Shares | UIINX           |
| C000175748 | Income Fund R6 Shares            | URIFX           |
| C000220609 | Income Fund Class A              | UINCX           |

### Tax Exempt Intermediate-Term Fund (Series ID: S000012901)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000034870 | Tax Exempt Intermediate-Term Fund Shares               | USATX           |
| C000220611 | Tax Exempt Intermediate-Term Fund Class A              | UTEIX           |
| C000220612 | Tax Exempt Intermediate-Term Fund Institutional Shares | UITIX           |

### Intermediate-Term Bond Fund (Series ID: S000012902)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000034871 | Intermediate-Term Bond Fund Shares               | USIBX           |
| C000066840 | Intermediate-Term Bond Fund Institutional Shares | UIITX           |
| C000175750 | Intermediate-Term Bond Fund R6 Shares            | URIBX           |
| C000220613 | Intermediate-Term Bond Fund Class A              | UITBX           |
| C000220614 | Intermediate-Term Bond Fund Class C              | UITCX           |

### Tax Exempt Long-Term Fund (Series ID: S000012904)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034873 | Tax Exempt Long-Term Fund Shares               | USTEX           |
| C000220616 | Tax Exempt Long-Term Fund Class A              | UTELX           |
| C000220617 | Tax Exempt Long-Term Fund Institutional Shares | ULTIX           |

### Cornerstone Moderate Fund (Series ID: S000012905)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000034874 | Cornerstone Moderate Fund | USBSX           |

### Money Market Fund (Series ID: S000012906)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000034875 | Money Market Fund | USAXX           |

### New York Bond Fund (Series ID: S000012908)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000034877 | New York Bond Fund Shares               | USNYX           |
| C000220621 | New York Bond Fund Class A              | UNYBX           |
| C000220622 | New York Bond Fund Institutional Shares | UNYIX           |

### Tax Exempt Short-Term Fund (Series ID: S000012912)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034881 | Tax Exempt Short-Term Fund Shares               | USSTX           |
| C000220625 | Tax Exempt Short-Term Fund Class A              | UTESX           |
| C000220626 | Tax Exempt Short-Term Fund Institutional Shares | USTIX           |

### Short-Term Bond Fund (Series ID: S000012913)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000034882 | Short-Term Bond Fund Shares               | USSBX           |
| C000066843 | Short-Term Bond Fund Institutional Shares | UISBX           |
| C000175751 | Short-Term Bond Fund R6 Shares            | URSBX           |
| C000220627 | Short-Term Bond Fund Class A              | UASBX           |

### California Bond Fund (Series ID: S000012916)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000034886 | California Bond Fund Shares               | USCBX           |
| C000220628 | California Bond Fund Class A              | UXABX           |
| C000220629 | California Bond Fund Institutional Shares | UCBIX           |

### Tax Exempt Money Market Fund (Series ID: S000012917)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000034887 | Tax Exempt Money Market Fund | USEXX           |

### Treasury Money Market Trust (Series ID: S000012919)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000034889 | Treasury Money Market Trust | UATXX           |

### Virginia Bond Fund (Series ID: S000012921)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000034891 | Virginia Bond Fund Shares               | USVAX           |
| C000220631 | Virginia Bond Fund Class A              | UVABX           |
| C000220632 | Virginia Bond Fund Institutional Shares | UVAIX           |

### Cornerstone Moderately Aggressive Fund (Series ID: S000012926)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000034896 | Cornerstone Moderately Aggressive Fund | USCRX           |

### Government Securities Fund (Series ID: S000012929)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034899 | Government Securities Fund Shares               | USGNX           |
| C000159210 | Government Securities Fund Institutional Shares | UIGSX           |
| C000175754 | Government Securities Fund R6 Shares            | URGSX           |
| C000220635 | Government Securities Fund Class A              | UAGNX           |

### Ultra Short-Term Bond Fund (Series ID: S000030169)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000092834 | Ultra Short-Term Bond Fund Shares               | UUSTX           |
| C000130753 | Ultra Short-Term Bond Fund Institutional Shares | UUSIX           |
| C000179382 | Ultra Short-Term Bond Fund R6 Shares            | URUSX           |
| C000220636 | Ultra Short-Term Bond Fund Class A              | USBAX           |

### Cornerstone Moderately Conservative Fund (Series ID: S000037225)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000114651 | Cornerstone Moderately Conservative Fund | UCMCX           |

### Cornerstone Aggressive Fund (Series ID: S000037226)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000114652 | Cornerstone Aggressive Fund | UCAGX           |

![](conklin-retirementmft1x1.jpg)

**USAA Tax Exempt Long-Term Fund**

**USAA Tax Exempt Intermediate-Term Fund**

**USAA Tax Exempt Short-Term Fund**

**USAA Tax Exempt Money Market Fund**

**Supplement dated January 23, 2023, to the Prospectus dated August 1, 2022 ("Prospectus")**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise. At that time, Andrew Hattman will be named Head of Municipal Bond Portfolio Management and continue managing the tax-exempt mutual funds along with Lauren Spalten. The following changes will be effective June 1, 2023.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" on page 7 of the Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" on page 17 of the Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" on page 26 of the Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" on page 33 of the Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Cody Perkins, CFA | Senior Portfolio Manager | Since 2018 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The disclosure referencing Regina G. Conklin under "Portfolio Management" on pages 49-50 is deleted and the disclosure referencing Andrew Hattman is replaced with the following:**

**Andrew Hattman**, CFA, CAIA, Victory Capital Senior Portfolio Manager and Head of Municipal Bond Portfolio Management–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Funds since 2019. Mr. Hattman has 11 years of investment management experience, eight years of which were with AMCO, which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft3x1.jpg)

**USAA California Bond Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated August 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise. At that time, Andrew Hattman will be named Head of Municipal Bond Portfolio Management and continue managing the tax-exempt mutual funds along with Lauren Spalten. The following changes will be effective June 1, 2023.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and the Prospectus.**

**Portfolio Managers**

---

| | | |
|:---|:---|:---|
|  | **Title** | **Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The disclosure referencing Regina G. Conklin under "Portfolio Management" on page 23 of the Prospectus is deleted and the disclosure referencing Andrew Hattman is replaced with the following:**

**Andrew Hattman**, CFA, CAIA, Victory Capital Senior Portfolio Manager and Head of Municipal Bond Portfolio Management–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Hattman has 11 years of investment management experience, eight years of which were with AMCO, which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft4x1.jpg)

**USAA New York Bond Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated August 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise. At that time, Andrew Hattman will be named Head of Municipal Bond Portfolio Management and continue managing the tax-exempt mutual funds along with Lauren Spalten. The following changes will be effective June 1, 2023.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and the Prospectus.**

**Portfolio Managers**

---

| | | |
|:---|:---|:---|
|  | **Title** | **Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The disclosure referencing Regina G. Conklin under "Portfolio Management" on page 23 of the Prospectus is deleted and the disclosure referencing Andrew Hattman is replaced with the following:**

**Andrew Hattman**, CFA, CAIA, Victory Capital Senior Portfolio Manager and Head of Municipal Bond Portfolio Management–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Hattman has 11 years of investment management experience, eight years of which were with AMCO, which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft5x1.jpg)

**USAA Virginia Bond Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated August 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise. At that time, Andrew Hattman will be named Head of Municipal Bond Portfolio Management and continue managing the tax-exempt mutual funds along with Lauren Spalten. The following changes will be effective June 1, 2023.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The disclosure referencing Regina G. Conklin under "Portfolio Management" on page 23 of the Prospectus is deleted and the disclosure referencing Andrew Hattman is replaced with the following:**

**Andrew Hattman**, CFA, CAIA, Victory Capital Senior Portfolio Manager and Head of Municipal Bond Portfolio Management–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Hattman has 11 years of investment management experience, eight years of which were with AMCO, which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft6x1.jpg)

**USAA Growth and Tax Strategy Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise. At that time, Andrew Hattman will be named Head of Municipal Bond Portfolio Management and continue managing the tax-exempt mutual funds along with Lauren Spalten. The following changes will be effective June 1, 2023.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Andrew Hattman, CFA, CAIA | Senior Portfolio Manager, Head of |  |
|  | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp; Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The disclosure referencing Regina G. Conklin under "Portfolio Management" on page 27 of the Prospectus is deleted and the disclosure referencing Andrew Hattman is replaced with the following:**

**Andrew Hattman**, CFA, CAIA, Victory Capital Senior Portfolio Manager and Head of Municipal bond Portfolio Management–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Hattman has 11 years of investment management experience, eight years of which were with AMCO, which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft7x1.jpg)

**USAA Money Market Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated December 1, 2022**

Effective January 23, 2023, Andrew Hattman will no longer co-manage the USAA Money Market Fund (the "Fund"). Douglas J. Rollwitz will be listed as a portfolio manager to the Fund.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Cody Perkins, CFA | Senior Portfolio Manager | Since 2018 |
| &nbsp;&nbsp; Douglas J. Rollwitz, CFA, CPA | Portfolio Manager | Since June 2023 |

---

**The disclosure referencing Andrew Hattman under "Portfolio Management" on page 13 of the Prospectus is deleted and replaced with the following:**

**Douglas J. Rollwitz**, CFA, CPA, Victory Capital Portfolio Manager-USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since June 2023. Mr. Rollwitz has 23 years of investment management experience, including 19 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: B.B.A., University of Texas at San Antonio; M.B.A., University of Texas at Arlington. He holds the CFA designation and is a member of the CFA Institute and the San Antonio Financial Analysts Society.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft8x1.jpg)

**USAA Treasury Money Market Trust**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022**

Effective January 23, 2023, Andrew Hattman will no longer manage the USAA Treasury Money Market Trust (the "Fund"). Douglas J. Rollwitz will be listed as a co-portfolio manager to the Fund.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

**Portfolio Managers**

---

| | | |
|:---|:---|:---|
|  | **Title** | **Tenure with the Fund** |
| &nbsp;&nbsp; Cody Perkins, CFA | Senior Portfolio Manager | Since 2018 |
| &nbsp;&nbsp; Douglas J. Rollwitz, CFA, CPA | Portfolio Manager | Since June 2023 |

---

**The disclosure referencing Andrew Hattman under "Portfolio Management" on page 12 of the Prospectus is deleted and replaced with the following:**

**Douglas J. Rollwitz**, CFA, CPA, Victory Capital Portfolio Manager-USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since June 2023. Mr. Rollwitz has 23 years of investment management experience, including 19 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: B.B.A., University of Texas at San Antonio; M.B.A., University of Texas at Arlington. He holds the CFA designation and is a member of the CFA Institute and the San Antonio Financial Analysts Society.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft9x1.jpg)

**USAA Income Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated December 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Brian W. Smith, CFA, CPA | Senior Portfolio Manager | Since 2013 |
|  | Senior Portfolio Manager and co-Chief |  |
| &nbsp;&nbsp; John Spear, CFA | Investment Officer | Since 2016 |
| &nbsp;&nbsp; Kurt Daum, J.D. | Senior Portfolio Manager | Since 2016 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 28 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft10x1.jpg)

**USAA Short-Term Bond Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated December 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Brian W. Smith, CFA, CPA | Senior Portfolio Manager | Since 2013 |
|  | Senior Portfolio Manager and co-Chief |  |
| &nbsp;&nbsp; John Spear, CFA | Investment Officer | Since 2016 |
| &nbsp;&nbsp; Kurt Daum, J.D. | Senior Portfolio Manager | Since 2016 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |
| &nbsp;&nbsp; Douglas J. Rollwitz, CFA, CPA | Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 28 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft11x1.jpg)

**USAA Intermediate-Term Bond Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated December 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

**Portfolio Managers**

---

| | | |
|:---|:---|:---|
|  | **Title** | **Tenure with the Fund** |
| &nbsp;&nbsp; Brian W. Smith, CFA, CPA | Senior Portfolio Manager | Since 2013 |
|  | Senior Portfolio Manager and co-Chief |  |
| &nbsp;&nbsp; John Spear, CFA | Investment Officer | Since 2016 |
| &nbsp;&nbsp; Kurt Daum, J.D. | Senior Portfolio Manager | Since 2016 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 28 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft12x1.jpg)

**USAA High Income Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated December 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Kurt Daum, J.D. | Senior Portfolio Manager | Since 2016 |
|  | Senior Portfolio Manager and co-Chief |  |
| &nbsp;&nbsp; John Spear, CFA | Investment Officer | Since 2016 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 34 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft13x1.jpg)

**USAA Ultra Short-Term Bond Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated May 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Douglas J. Rollwitz, CFA, CPA | Portfolio Manager | Since 2018 |
| &nbsp;&nbsp; Brian W. Smith, CFA, CPA | Senior Portfolio Manager | Since 2018 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 23 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft14x1.jpg)

**USAA Cornerstone Moderately Conservative Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Mannik S. Dhillon, CFA, CAIA | President, VictoryShares and Solutions | Since 2019 |
| &nbsp;&nbsp; Lance Humphrey, CFA | Portfolio Manager, VictoryShares and |  |
|  | Solutions | Since 2016 |
|  | Associate Portfolio Manager, |  |
| &nbsp;&nbsp; Lela Dunlap, CFA | VictoryShares and Solutions | Since 2021 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 83 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft15x1.jpg)

**USAA Cornerstone Aggressive Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Mannik S. Dhillon, CFA, CAIA | President, VictoryShares and Solutions | Since 2019 |
|  | Portfolio Manager, VictoryShares and |  |
| &nbsp;&nbsp; Lance Humphrey, CFA | Solutions | Since 2016 |
|  | Associate Portfolio Manager, |  |
| &nbsp;&nbsp; Lela Dunlap, CFA | VictoryShares and Solutions | Since 2021 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 83 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft16x1.jpg)

**USAA Cornerstone Moderate Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Mannik S. Dhillon, CFA, CAIA | President, VictoryShares and Solutions | Since 2019 |
| &nbsp;&nbsp; Lance Humphrey, CFA | Portfolio Manager, VictoryShares and |  |
|  | Solutions | Since 2016 |
|  | Associate Portfolio Manager, |  |
| &nbsp;&nbsp; Lela Dunlap, CFA | VictoryShares and Solutions | Since 2021 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 83 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft17x1.jpg)

**USAA Cornerstone Moderately Aggressive Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
| &nbsp;&nbsp; Mannik S. Dhillon, CFA, CAIA | President, VictoryShares and Solutions | Since 2019 |
|  | Portfolio Manager, VictoryShares and |  |
| &nbsp;&nbsp; Lance Humphrey, CFA | Solutions | Since 2016 |
|  | Associate Portfolio Manager, |  |
| &nbsp;&nbsp; Lela Dunlap, CFA | VictoryShares and Solutions | Since 2021 |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2019 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 83 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft18x1.jpg)

**USAA Government Securities Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated October 1, 2022, as Supplemented**

Effective January 23, 2023, James F. Jackson, Jr., Senior Portfolio Manager and Head of Fixed Income Portfolio Management was named as co-Chief Investment Officer of USAA Investments, a Victory Capital Management Inc. Investment Franchise.

**The following disclosure replaces the section titled "Management of the Fund – Portfolio Managers" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
|  | Fixed Income Portfolio Management, |  |
| &nbsp;&nbsp; James F. Jackson, Jr., CFA | and co-Chief Investment Officer | Since 2019 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | Since 2013 |

---

**The disclosure referencing James F. Jackson, Jr. under "Portfolio Management" on page 20 of the Prospectus is replaced with the following:**

**James F. Jackson, Jr.,** CFA, Victory Capital Senior Portfolio Manager, Head of Fixed Income Portfolio Management, and co-Chief Investment Officer–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Fund since 2019. Mr. Jackson has 22 years of investment management experience including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft19x1.jpg)

**USAA Tax Exempt Long-Term Fund**

**USAA Tax Exempt Intermediate-Term Fund**

**USAA Tax Exempt Short-Term Fund**

**USAA Tax Exempt Money Market Fund**

**Supplement dated January 23, 2023, to the Statement of Additional Information ("SAI")**

**dated August 1, 2022, as Supplemented**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise.

All references to Regina G. Conklin hereby are removed from the SAI effective June 1, 2023.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft20x1.jpg)

**USAA California Bond Fund**

**Supplement dated January 23, 2023, to the Statement of Additional Information ("SAI")**

**dated August 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise.

All references to Regina G. Conklin hereby are removed from the SAI effective June 1, 2023.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft21x1.jpg)

**USAA New York Bond Fund**

**Supplement dated January 23, 2023, to the Statement of Additional Information ("SAI")**

**dated August 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise.

All references to Regina G. Conklin hereby are removed from the SAI effective June 1, 2023.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft22x1.jpg)

**USAA Virginia Bond Fund**

**Supplement dated January 24, 2023, to the Statement of Additional Information ("SAI")**

**dated August 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise.

All references to Regina G. Conklin hereby are removed from the SAI effective June 1, 2023.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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

![](conklin-retirementmft23x1.jpg)

**USAA Growth and Tax Strategy Fund**

**Supplement dated January 23, 2023, to the Statement of Additional Information ("SAI")**

**dated October 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise.

All references to Regina G. Conklin hereby are removed from the SAI effective June 1, 2023.

If you wish to obtain more information, please call the USAA Mutual Funds at (800) 235-8396.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**

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