# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001683863-23-001190
**Filing Date:** 2023-2
**Character Count:** 11050
**Document Hash:** b1c511d9b5880e6ed2f1c907b0be61fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001190.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001683863-23-001190

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-65572
- **FILM NUMBER:** 23656405

**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

### 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           |

![](g89xyu6xrih3u0f1op2bj.jpg)

**Supplement dated February 23, 2023, to the Current Summary Prospectuses, Statutory Prospectuses, and**

**Statements of Additional Information ("SAI")**

---

| | |
|:---|:---|
| **USAA Tax Exempt Long-Term Fund** | **USAA 500 Index Fund** |
| **USAA Tax Exempt Intermediate-Term Fund** | **USAA Nasdaq-100 Index Fund** |
| **USAA Tax Exempt Short-Term Fund** | **USAA Global Managed Volatility Fund** |
| **USAA Tax Exempt Money Market Fund** | **USAA Ultra Short-Term Bond Fund** |
| **USAA California Bond Fund** | **USAA Target Retirement Income Fund** |
| **USAA New York Bond Fund** | **USAA Target Retirement 2030 Fund** |
| **USAA Virginia Bond Fund** | **USAA Target Retirement 2040 Fund** |
| **USAA Global Equity Income Fund** | **USAA Target Retirement 2050 Fund** |
| **USAA Target Managed Allocation Fund** | **USAA Target Retirement 2060 Fund** |
| **USAA Cornerstone Conservative Fund** | **USAA Aggressive Growth Fund** |
| **USAA Cornerstone Moderate Fund** | **USAA Capital Growth Fund** |
| **USAA Cornerstone Moderately Aggressive Fund** | **USAA Growth Fund** |
| **USAA Cornerstone Moderately Conservative Fund** | **USAA Growth & Income Fund** |
| **USAA Cornerstone Aggressive Fund** | **USAA High Income Fund** |
| **USAA Cornerstone Equity Fund** | **USAA Income Fund** |
| **USAA Emerging Markets Fund** | **USAA Income Stock Fund** |
| **USAA Growth and Tax Strategy Fund** | **USAA Intermediate-Term Bond Fund** |
| **USAA Government Securities Fund** | **USAA Money Market Fund** |
| **USAA International Fund** | **USAA Science & Technology Fund** |
| **USAA Precious Metals and Minerals Fund** | **USAA Short-Term Bond Fund** |
| **USAA Sustainable World Fund** | **USAA Small Cap Stock Fund** |
| **USAA Treasury Money Market Trust** | **USAA Value Fund** |
| **USAA Extended Market Index Fund** |  |

---

**This supplement amends the Summary Prospectuses, Statutory Prospectuses, and SAIs, each as amended and supplemented, of the above-referenced Funds and is in addition to any other supplements. Please review this important information carefully.**

The Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") upon recommendation of Victory Capital Management Inc. (the "Adviser"), the Trust's investment adviser, has approved a change in the name of the Trust and each individual fund (the "Funds"), within the Trust.

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current names of the Funds in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Name** |
| &nbsp;&nbsp;USAA Tax Exempt Long-Term Fund | &nbsp;&nbsp;Victory Tax Exempt Long-Term Fund |
| &nbsp;&nbsp;USAA Tax Exempt Intermediate-Term Fund | &nbsp;&nbsp;Victory Tax Exempt Intermediate-Term Fund |
| &nbsp;&nbsp;USAA Tax Exempt Short-Term Fund | &nbsp;&nbsp;Victory Tax Exempt Short-Term Fund |
| &nbsp;&nbsp;USAA Tax Exempt Money Market Fund | &nbsp;&nbsp;Victory Tax Exempt Money Market Fund |
| &nbsp;&nbsp;USAA California Bond Fund | &nbsp;&nbsp;Victory California Bond Fund |
| &nbsp;&nbsp;USAA New York Bond Fund | &nbsp;&nbsp;Victory New York Bond Fund |
| &nbsp;&nbsp;USAA Virginia Bond Fund | &nbsp;&nbsp;Victory Virginia Bond Fund |
| &nbsp;&nbsp;USAA Global Equity Income Fund | &nbsp;&nbsp;Victory Global Equity Income Fund |
| &nbsp;&nbsp;USAA Target Managed Allocation Fund | &nbsp;&nbsp;Victory Target Managed Allocation Fund |
| &nbsp;&nbsp;USAA Cornerstone Conservative Fund | &nbsp;&nbsp;Victory Cornerstone Conservative Fund |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Name** |
| &nbsp;&nbsp;USAA Cornerstone Moderate Fund | &nbsp;&nbsp;Victory Cornerstone Moderate Fund |
| &nbsp;&nbsp;USAA Cornerstone Moderately Aggressive Fund | &nbsp;&nbsp;Victory Cornerstone Moderately Aggressive Fund |
| &nbsp;&nbsp;USAA Cornerstone Moderately Conservative Fund | &nbsp;&nbsp;Victory Cornerstone Moderately Conservative Fund |
| &nbsp;&nbsp;USAA Cornerstone Aggressive Fund | &nbsp;&nbsp;Victory Cornerstone Aggressive Fund |
| &nbsp;&nbsp;USAA Cornerstone Equity Fund | &nbsp;&nbsp;Victory Cornerstone Equity Fund |
| &nbsp;&nbsp;USAA Emerging Markets Fund | &nbsp;&nbsp;Victory Emerging Markets Fund |
| &nbsp;&nbsp;USAA Growth and Tax Strategy Fund | &nbsp;&nbsp;Victory Growth and Tax Strategy Fund |
| &nbsp;&nbsp;USAA Government Securities Fund | &nbsp;&nbsp;Victory Government Securities Fund |
| &nbsp;&nbsp;USAA International Fund | &nbsp;&nbsp;Victory International Fund |
| &nbsp;&nbsp;USAA Precious Metals and Minerals Fund | &nbsp;&nbsp;Victory Precious Metals and Minerals Fund |
| &nbsp;&nbsp;USAA Sustainable World Fund | &nbsp;&nbsp;Victory Sustainable World Fund |
| &nbsp;&nbsp;USAA Treasury Money Market Trust | &nbsp;&nbsp;Victory Treasury Money Market Trust |
| &nbsp;&nbsp;USAA Extended Market Index Fund | &nbsp;&nbsp;Victory Extended Market Index Fund |
| &nbsp;&nbsp;USAA 500 Index Fund | &nbsp;&nbsp;Victory 500 Index Fund |
| &nbsp;&nbsp;USAA Nasdaq-100 Index Fund | &nbsp;&nbsp;Victory Nasdaq-100 Index Fund |
| &nbsp;&nbsp;USAA Global Managed Volatility Fund | &nbsp;&nbsp;Victory Global Managed Volatility Fund |
| &nbsp;&nbsp;USAA Ultra Short-Term Bond Fund | &nbsp;&nbsp;Victory Ultra Short-Term Bond Fund |
| &nbsp;&nbsp;USAA Target Retirement Income Fund | &nbsp;&nbsp;Victory Target Retirement Income Fund |
| &nbsp;&nbsp;USAA Target Retirement 2030 Fund | &nbsp;&nbsp;Victory Target Retirement 2030 Fund |
| &nbsp;&nbsp;USAA Target Retirement 2040 Fund | &nbsp;&nbsp;Victory Target Retirement 2040 Fund |
| &nbsp;&nbsp;USAA Target Retirement 2050 Fund | &nbsp;&nbsp;Victory Target Retirement 2050 Fund |
| &nbsp;&nbsp;USAA Target Retirement 2060 Fund | &nbsp;&nbsp;Victory Target Retirement 2060 Fund |
| &nbsp;&nbsp;USAA Aggressive Growth Fund | &nbsp;&nbsp;Victory Aggressive Growth Fund |
| &nbsp;&nbsp;USAA Capital Growth Fund | &nbsp;&nbsp;Victory Capital Growth Fund |
| &nbsp;&nbsp;USAA Growth Fund | &nbsp;&nbsp;Victory Growth Fund |
| &nbsp;&nbsp;USAA Growth & Income Fund | &nbsp;&nbsp;Victory Growth & Income Fund |
| &nbsp;&nbsp;USAA High Income Fund | &nbsp;&nbsp;Victory High Income Fund |
| &nbsp;&nbsp;USAA Income Fund | &nbsp;&nbsp;Victory Income Fund |
| &nbsp;&nbsp;USAA Income Stock Fund | &nbsp;&nbsp;Victory Income Stock Fund |
| &nbsp;&nbsp;USAA Intermediate-Term Bond Fund | &nbsp;&nbsp;Victory Core Plus Intermediate Bond Fund |
| &nbsp;&nbsp;USAA Money Market Fund | &nbsp;&nbsp;Victory Money Market Fund |
| &nbsp;&nbsp;USAA Science & Technology Fund | &nbsp;&nbsp;Victory Science & Technology Fund |
| &nbsp;&nbsp;USAA Short-Term Bond Fund | &nbsp;&nbsp;Victory Short-Term Bond Fund |
| &nbsp;&nbsp;USAA Small Cap Stock Fund | &nbsp;&nbsp;Victory Small Cap Stock Fund |
| &nbsp;&nbsp;USAA Value Fund | &nbsp;&nbsp;Victory Value Fund |

---

In connection with the name changes above, the Board also, upon recommendation of the Adviser, approved a change in the name of the USAA Intermediate-Term Bond Fund to "Victory Core Plus Intermediate Bond Fund" to create a more clear and uniform naming convention relative to competitor offerings and other Adviser products.

In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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.