# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-23-040987
**Filing Date:** 2023-2
**Character Count:** 869052
**Document Hash:** e595fc43d144cc994e1fb2ccd1e35212
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-040987.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-040987

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 23670748

**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

### 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           |

## Nport-Ex

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description**  | **Principal Amount** | **Value** |
| **Municipal Bonds (98.9%)** |  |  |
| **California (95.1%):** |  |  |
| Adelanto Public Utility Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 7/1/39, Continuously Callable @100 | $2000 | $2119 |
| Alameda Corridor Transportation Authority Revenue, 10/1/50, Continuously Callable @100(a) | 1250 | 604 |
| Albany Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/1/43, Continuously Callable @100 | 2000 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 8/1/46, Continuously Callable @100 | 1500 | 1449 |
| Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/46, Pre-refunded 5/1/24 @ 100 | 1500 | 1544 |
| Bay Area Toll Authority Revenue, 4.91% (MUNIPSA+125bps), 4/1/36, (Put Date 4/1/27)(b)(c) | 15000 | 15637 |
| Burbank Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/33, Continuously Callable @100 (d)(e) | 3085 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/34, Continuously Callable @100 (e)(f) | 3000 | 3107 |
| California Community Housing Agency Revenue, Series A, 5.00%, 8/1/50, Continuously Callable @100(g) | 2000 | 1772 |
| California County Tobacco Securitization Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/49, Continuously Callable @100 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/49, Continuously Callable @100 | 500 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/49, Continuously Callable @100 | 1000 | 873 |
| California Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/43, Continuously Callable @100 | 2000 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/48, Continuously Callable @100 | 2000 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/37, Continuously Callable @100 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/52, Continuously Callable @100 | 5500 | 5354 |
| California Enterprise Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/49, Continuously Callable @100 | 1900 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/50, Continuously Callable @100 | 680 | 574 |
| California Health Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Pre-refunded 7/1/23 @ 100 | 5000 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/1/39, Continuously Callable @100 | 7375 | 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/39, Continuously Callable @100 | 2100 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/42, Continuously Callable @100 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/45, Continuously Callable @100 | 1800 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/47, Continuously Callable @100 | 10000 | 9556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/49, Continuously Callable @100 | 1700 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/50, Continuously Callable @100 | 2000 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/15/41, Continuously Callable @100 | 14000 | 13506 |
| California Health Facilities Financing Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 | 1050 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44, Continuously Callable @100 | 2300 | 2354 |
| California Infrastructure & Economic Development Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24) (b)(c) | 2250 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/50, Continuously Callable @100 | 4000 | 3560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/56, Continuously Callable @100 | 1200 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/57, Continuously Callable @100 | 1300 | 1328 |
| California Municipal Finance Authority Certificate of Participation (INS - Assured Guaranty Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 11/1/36, Continuously Callable @100 | 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 11/1/52, Continuously Callable @100 | 500 | 523 |
| California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/43, Continuously Callable @100 | 2500 | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 965 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 6500 | 5978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/37, Continuously Callable @100 | 750 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/44, Continuously Callable @100 | 2000 | 1863 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **<br> **Security Description**  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/47, Continuously Callable @100 | $2000 | $2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/50, Continuously Callable @100 | 1000 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/52, Continuously Callable @103 | 750 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/56, Continuously Callable @103 | 1100 | 768 |
| California Municipal Finance Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 5/15/39, Continuously Callable @100 | 1900 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 5/15/46, Continuously Callable @100 | 2100 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 5/15/47, Continuously Callable @102 | 2500 | 2584 |
| California Pollution Control Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 (g) | 6000 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/21/45, Continuously Callable @100 (g) | 2000 | 1896 |
| California Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/37, Continuously Callable @100 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/47, Continuously Callable @100 | 3000 | 2955 |
| California Public Finance Authority Revenue (LOC - Barclays Bank PLC), Series B, 1.85%, 8/1/52, Continuously Callable @100(h) | 1465 | 1465 |
| California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/41, Continuously Callable @100 (g) | 1600 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/41, Pre-refunded 8/1/25 @ 100 (g) | 150 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/42, Continuously Callable @100 (g) | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/46, Continuously Callable @100 (g) | 2050 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/46, Pre-refunded 8/1/25 @ 100 (g) | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/52, Continuously Callable @100 (g) | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 (g) | 1370 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/49, Continuously Callable @100 (g) | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/54, Continuously Callable @100 (g) | 2150 | 2141 |
| California Statewide Communities Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/24 | 290 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/40, Continuously Callable @100 | 2750 | 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/46, Continuously Callable @100 | 2750 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/48, Continuously Callable @100 | 1995 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Continuously Callable @100 | 4000 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/25 | 2180 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/40, Continuously Callable @100 | 650 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/45, Continuously Callable @100 | 1500 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/46, Continuously Callable @100 | 2000 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/47, Continuously Callable @100 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/51, Continuously Callable @100 | 3000 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/53, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/57, Continuously Callable @100 | 2500 | 2569 |
| California Statewide Communities Development Authority Revenue (INS - Assured Guaranty Corp.), Series A, 5.25%, 8/15/52, Continuously Callable @100 | 1000 | 1034 |
| California Statewide Communities Development Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program), 4.00%, 11/1/46, Continuously Callable @100 | 4000 | 3766 |
| Centinela Valley Union High School District, GO, Series B, 4.00%, 8/1/50, Continuously Callable @100 | 9500 | 8931 |
| Chino Valley Unified School District, GO, Series B, 4.00%, 8/1/45, Continuously Callable @100 | 1000 | 970 |
| City & County of San Francisco CA Community Facilities District No 2014-1 Special Tax, Series A, 5.00%, 9/1/52, Continuously Callable @100 | 750 | 784 |
| City & County of San Francisco CA Community Facilities District Special Tax, 4.00%, 9/1/52, Callable 9/1/28 @ 103(g) | 1750 | 1419 |
| City & County of San Francisco CA Infrastructure & Revitalization Financing District No 1 Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/52, Continuously Callable @100 (g) | 1250 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/52, Continuously Callable @100 (g) | 640 | 611 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount** | **Value** |
| City of Atwater Wastewater Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 5/1/43, Continuously Callable @100 | $1300 | $1364 |
| City of Fillmore Wastewater Revenue, 5.00%, 5/1/47, Continuously Callable @100 | 2000 | 2094 |
| City of Sacramento CA Special Tax, 5.38%, 9/1/52, Continuously Callable @103(g) | 2000 | 1988 |
| City of San Mateo CA Special Tax (INS-Build America Mutual Assurance Co.), 5.25%, 9/1/44, Continuously Callable @100 | 4000 | 4223 |
| City of Tulare Sewer Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/41, Continuously Callable @100 | 5710 | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/44, Continuously Callable @100 | 5000 | 4963 |
| City of Upland Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/42, Continuously Callable @100 | 3000 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/47, Continuously Callable @100 | 2000 | 1947 |
| City of Vernon CA Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, 5.00%, 8/1/40, Continuously Callable @100 | 375 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, 5.00%, 8/1/41, Continuously Callable @100 | 120 | 124 |
| Corona-Norco Unified School District Special Tax, 5.00%, 9/1/32, Pre-refunded 9/1/23 @ 100 | 1350 | 1368 |
| County of Sacramento Airport System Revenue, Series B, 5.00%, 7/1/41, Continuously Callable @100 | 1100 | 1132 |
| East Bay Municipal Utility District Wastewater System Revenue, Series A-2, 5.00%, 6/1/38 | 9000 | 10305 |
| Elk Grove Finance Authority Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/38, Continuously Callable @100 | 1500 | 1561 |
| Foothill-Eastern Transportation Corridor Agency Revenue, Series B-2, 3.50%, 1/15/53, Continuously Callable @100 | 1500 | 1216 |
| Foothill-Eastern Transportation Corridor Agency Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/34 (e) | 15000 | 9878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/35 (e) | 7500 | 4697 |
| Fresno Joint Powers Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 4.00%, 4/1/46, Continuously Callable @100 | 1225 | 1153 |
| Golden State Tobacco Securitization Corp. Revenue, 5.00%, 6/1/51, Continuously Callable @100 | 1000 | 1027 |
| Grass Valley School District, GO (INS - Build America Mutual Assurance Co.), 5.00%, 8/1/45, Continuously Callable @100 | 2400 | 2495 |
| Hayward Unified School District, GO (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 8/1/44, Continuously Callable @100 | 3000 | 3181 |
| Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/31, Continuously Callable @100 | 2940 | 2945 |
| Inglewood Unified School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/1/38, Continuously Callable @100 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/37, Continuously Callable @100 | 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/39, Continuously Callable @100 | 450 | 450 |
| Inglewood Unified School District, GO (INS-Assured Guaranty Municipal Corp.), Series A, 4.00%, 8/1/46, Continuously Callable @100 | 3550 | 3392 |
| Irvine Unified School District Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/45, Continuously Callable @100 | 3000 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/39, Continuously Callable @100 | 1020 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/42, Continuously Callable @100 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/47, Continuously Callable @100 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 9/1/42, Continuously Callable @100 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 9/1/47, Continuously Callable @100 | 525 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 9/1/49, Continuously Callable @100 | 1000 | 1007 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount** | **Value** |
| Irvine Unified School District Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/56, Continuously Callable @100 | $6000 | $6194 |
| Irvine Unified School District Special Tax (INS-Build America Mutual Assurance Co.), Series A, 4.00%, 9/1/50, Continuously Callable @100 | 1800 | 1688 |
| Jurupa Public Financing Authority Special Tax, Series A, 5.00%, 9/1/42, Continuously Callable @100 | 1000 | 1021 |
| Local Public Schools Funding Authority School Improvement District No. 2016-1, GO (INS - Build America Mutual Assurance Co.), Series A, 4.00%, 8/1/52, Continuously Callable @100 | 1500 | 1393 |
| Long Beach Bond Finance Authority Revenue, Series A, 5.00%, 11/15/35 | 3875 | 4012 |
| Los Angeles County Facilities, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/51, Pre-refunded 12/1/28 @ 100 | 1560 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/51, Continuously Callable @100 | 2440 | 2538 |
| Los Angeles County Public Works Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/44, Continuously Callable @100 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 12/1/45, Continuously Callable @100 | 6000 | 6175 |
| March Joint Powers Redevelopment Agency Successor Agency Tax Allocation (INS - Build America Mutual Assurance Co.), Series A, 4.00%, 8/1/41, Continuously Callable @100 | 5790 | 5795 |
| Middle Fork Project Finance Authority Revenue, 5.00%, 4/1/33, Continuously Callable @100 | 2205 | 2386 |
| Monrovia Financing Authority Revenue, 5.00%, 12/1/45, Continuously Callable @100 | 3435 | 3536 |
| Monrovia Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 12/1/45, Continuously Callable @100 | 2345 | 2395 |
| Moreno Valley Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 5.00%, 8/1/47, Continuously Callable @100 | 6500 | 6875 |
| Mountain View School District/Los Angeles County, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/48, Continuously Callable @100 | 3315 | 3427 |
| Norwalk Redevelopment Agency Tax Allocation (INS - National Public Finance Guarantee Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30, Continuously Callable @100 | 5000 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 3500 | 3505 |
| Norwalk-La Mirada Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series C, 8/1/30(e) | 7500 | 5939 |
| Palomar Health, GO (INS - Assured Guaranty Municipal Corp.), Series A, 8/1/31(e) | 12230 | 8551 |
| Palomar Health, GO (INS - National Public Finance Guarantee Corp.), Series A, 8/1/26(e) | 5500 | 4874 |
| Perris Union High School District, GO (INS - Assured Guaranty Corp.), Series A, 4.00%, 9/1/48, Continuously Callable @100 | 5000 | 4818 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/29, Continuously Callable @100 | 2000 | 2137 |
| Pomona Unified School District, GO (INS - Build America Mutual Assurance Co.), Series F, 5.00%, 8/1/39, Continuously Callable @100 | 1500 | 1552 |
| Poway Unified School District Special Tax (INS - Assured Guaranty Municipal Corp.), 4.00%, 9/1/50, Continuously Callable @100 | 4750 | 4424 |
| Regents of the University of California Medical Center Pooled Revenue, Series L, 4.00%, 5/15/44, Continuously Callable @100 | 2000 | 1942 |
| Rio Elementary School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100 | 2800 | 2724 |
| River Islands Public Financing Authority (INS-Assured Guaranty Corp.), Series A-1, 5.25%, 9/1/52, Continuously Callable @103 | 1500 | 1629 |
| River Islands Public Financing Authority Special Tax, Series 2016-1, 5.25%, 9/1/52, Continuously Callable @103 | 2000 | 2151 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount**  | **Value** |
| Riverside County Public Financing Authority Tax Allocation (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/36, Continuously Callable @100 | $1250 | $1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/37, Continuously Callable @100 | 1625 | 1632 |
| Riverside County Redevelopment Successor Agency Tax Allocation (INS - Build America Mutual Assurance Co.), Series B, 4.00%, 10/1/37, Continuously Callable @100 | 2000 | 2014 |
| Riverside County Transportation Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 6/1/39, Pre-refunded 6/1/23 @ 100 | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 4.00%, 6/1/46, Continuously Callable @100 | 3000 | 2770 |
| RNR School Financing Authority Special Tax (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 9/1/41, Continuously Callable @100 | 2000 | 2068 |
| Sacramento Area Flood Control Agency Special Assessment, 5.00%, 10/1/44, Continuously Callable @100 | 2000 | 2025 |
| Sacramento City Unified School District CA, GO (INS-Build America Mutual Assurance Co.), Series A, 5.50%, 8/1/52, Continuously Callable @100 | 1500 | 1638 |
| Sacramento City Unified School District, GO (INS - Build America Mutual Assurance Co.), Series S, 5.00%, 7/1/38, Continuously Callable @100 | 1020 | 1032 |
| San Bruno Park Elementary School District, GO, Series A, 5.00%, 8/1/48, Continuously Callable @100 | 3000 | 3112 |
| San Diego County Regional Airport Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/49, Continuously Callable @100 | 2000 | 2087 |
| San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100 | 2500 | 2578 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, 4.00%, 5/1/52, Continuously Callable @100 | 3100 | 2833 |
| San Leandro Unified School District, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/43, Continuously Callable @100 | 2750 | 2920 |
| San Luis & Delta Mendota Water Authority Revenue (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 3/1/38, Pre-refunded 3/1/23 @ 100 | 1500 | 1505 |
| San Ramon Redevelopment Agency Successor Agency Tax Allocation (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 2/1/38, Continuously Callable @100 | 5000 | 5153 |
| Santa Clarita Community College District, GO, 4.00%, 8/1/46, Continuously Callable @100 | 5250 | 5117 |
| Santa Cruz County Redevelopment Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/35, Continuously Callable @100 | 6000 | 6347 |
| Santa Rosa High School District, GO (INS - Assured Guaranty Municipal Corp.), Series C, 5.00%, 8/1/43, Continuously Callable @100 | 1000 | 1049 |
| State of California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/47, Continuously Callable @100 | 19000 | 19803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/52, Continuously Callable @100 | 1000 | 1093 |
| Stockton Public Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/40, Continuously Callable @100 | 920 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/47, Continuously Callable @100 | 2760 | 2615 |
| Sweetwater Union High School District, GO, Series A1, 5.00%, 8/1/52, Continuously Callable @100 | 1000 | 1072 |
| Tahoe-Truckee Unified School District Certificate of Participation (INS - Build America Mutual Assurance Co.), 4.00%, 6/1/43, Continuously Callable @100 | 1000 | 989 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount** | **Value** |
| Temecula Valley Unified School District Financing Authority Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/40, Continuously Callable @100 | $1575 | $1625 |
| Temecula Valley Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100 | 7500 | 7423 |
| Tobacco Securitization Authority of Southern California Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/48, Continuously Callable @100 | 880 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/48, Continuously Callable @100 | 2175 | 2196 |
| Transbay Joint Powers Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/49, Continuously Callable @100 | 800 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.40%, 10/1/49, Continuously Callable @100 | 160 | 156 |
| University of California Revenue, 5.00%, 5/15/52, Continuously Callable @100 | 2500 | 2718 |
| Vacaville Unified School District, GO, Series D, 4.00%, 8/1/45, Continuously Callable @100 | 1850 | 1799 |
| Val Verde Unified School District Certificate of Participation (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/34, Continuously Callable @100 | 1105 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/35, Continuously Callable @100 | 1530 | 1607 |
| Val Verde Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series C, 4.00%, 8/1/45, Continuously Callable @100 | 4475 | 4340 |
| Val Verde Unified School District, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/44, Pre-refunded 8/1/25 @ 100 | 4000 | 4245 |
| Victor Valley Union High School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/37, Continuously Callable @100 | 5000 | 5050 |
| Washington Township Health Care District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/42, Continuously Callable @100 | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/51, Continuously Callable @100 | 3280 | 3054 |
| Western Placer Unified School District Certificate of Participation (INS - Assured Guaranty Municipal Corp.), 4.00%, 8/1/41, Continuously Callable @100 | 6000 | 5879 |
|  |  | 496943 |
| **Guam (3.2%):** |  |  |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100 | 4000 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/46, Continuously Callable @100 | 7000 | 6895 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @100 | 2800 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/41, Continuously Callable @100 | 2635 | 2710 |
|  |  | 16500 |
| **Virgin Islands (0.6%):** |  |  |
| Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/33, Continuously Callable @100(g) | 3000 | 3154 |
| **Total Municipal Bonds (Cost $534,061)** |  | 516597 |
| **Total Investments (Cost $534,061) — 98.9%** |  | 516597 |
| **Other assets in excess of liabilities — 1.1%** |  | 5817 |
| **NET ASSETS - 100.00%** |  | $522414 |

---

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

(b) Variable or Floating-Rate
 Security. Rate disclosed is as of December 31, 2022.

(c) Put Bond.

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

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

(e) Zero-coupon bond.

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

(g) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $28,453 thousands and amounted to 5.4% of net assets.

(h) Variable Rate
 Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

bps—Basis points

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

GO—General Obligation

LOC—Letter of Credit

MUNIPSA—Municipal Swap Index

PLC—Public Limited Company

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

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Australia (0.3%):** | | |
| **Consumer Staples (0.3%):** |  |  |
| Coles Group Ltd. | 13421 | $152 |
| **Austria (0.7%):** |  |  |
| **Energy (0.5%):** |  |  |
| OMV AG | 4748 | 244 |
| **Utilities (0.2%):** |  |  |
| Verbund AG | 1433 | 121 |
|  |  | 365 |
| **Belgium (0.1%):** |  |  |
| **Communication Services (0.1%):** |  |  |
| Telenet Group Holding NV | 4803 | 78 |
| **Canada (5.9%):** |  |  |
| **Consumer Discretionary (0.4%):** |  |  |
| Dollarama, Inc. | 3899 | 228 |
| **Consumer Staples (0.1%):** |  |  |
| Metro, Inc. | 1399 | 77 |
| **Energy (0.7%):** |  |  |
| Canadian Natural Resources Ltd. | 5789 | 322 |
| Tourmaline Oil Corp. | 1811 | 91 |
|  |  | 413 |
| **Financials (4.0%):** |  |  |
| Bank of Montreal | 5065 | 459 |
| Great-West Lifeco, Inc. | 12484 | 289 |
| IGM Financial, Inc. | 10340 | 289 |
| Manulife Financial Corp. | 13254 | 236 |
| Royal Bank of Canada | 771 | 72 |
| Sun Life Financial, Inc. | 6426 | 298 |
| The Bank of Nova Scotia | 4500 | 221 |
| The Toronto-Dominion Bank | 5611 | 363 |
|  |  | 2227 |
| **Materials (0.4%):** |  |  |
| West Fraser Timber Co. Ltd. | 3194 | 231 |
| **Utilities (0.3%):** |  |  |
| Canadian Utilities Ltd. Class A | 6500 | 176 |
|  |  | 3352 |
| **Denmark (1.4%):** |  |  |
| **Health Care (1.0%):** |  |  |
| Coloplast A/S Class B | 1119 | 131 |
| Novo Nordisk A/S Class B | 3439 | 467 |
|  |  | 598 |
| **Industrials (0.4%):** |  |  |
| AP Moller - Maersk A/S Class B | 95 | 213 |
|  |  | 811 |
| **Finland (0.1%):** |  |  |
| **Communication Services (0.1%):** |  |  |
| Elisa Oyj | 1132 | 60 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **France (1.3%):** | | |
| **Consumer Staples (0.4%):** |  |  |
| L'Oreal SA | 604 | $216 |
| **Health Care (0.4%):** |  |  |
| Sanofi | 2432 | 235 |
| **Industrials (0.5%):** |  |  |
| Bouygues SA | 8738 | 262 |
|  |  | 713 |
| **Germany (2.2%):** |  |  |
| **Consumer Discretionary (0.2%):** |  |  |
| Volkswagen AG Preference Shares | 947 | 117 |
| **Financials (0.9%):** |  |  |
| Allianz SE Registered Shares | 2330 | 498 |
| **Industrials (0.3%):** |  |  |
| Deutsche Post AG Registered Shares | 4390 | 164 |
| **Utilities (0.8%):** |  |  |
| E.ON SE | 22291 | 222 |
| RWE AG | 5078 | 224 |
|  |  | 446 |
|  |  | 1225 |
| **Hong Kong (0.6%):** |  |  |
| **Industrials (0.3%):** |  |  |
| SITC International Holdings Co. Ltd. | 66000 | 147 |
| **Utilities (0.3%):** |  |  |
| Power Assets Holdings Ltd. | 37000 | 202 |
|  |  | 349 |
| **Ireland (0.2%):** |  |  |
| **Health Care (0.2%):** |  |  |
| Medtronic PLC | 1251 | 97 |
| **Italy (0.5%):** |  |  |
| **Utilities (0.5%):** |  |  |
| Snam SpA | 28565 | 139 |
| Terna - Rete Elettrica Nazionale | 19120 | 141 |
|  |  | 280 |
| **Japan (8.1%):** |  |  |
| **Communication Services (1.3%):** |  |  |
| KDDI Corp. | 11200 | 340 |
| Nippon Telegraph & Telephone Corp. | 14000 | 399 |
|  |  | 739 |
| **Consumer Discretionary (0.8%):** |  |  |
| Iida Group Holdings Co. Ltd. | 10900 | 166 |
| Toyota Motor Corp. | 10800 | 147 |
| ZOZO, Inc. | 6800 | 168 |
|  |  | 481 |
| **Consumer Staples (0.3%):** |  |  |
| Seven & i Holdings Co. Ltd. | 3400 | 146 |
| **Energy (0.2%):** |  |  |
| ENEOS Holdings, Inc. | 38200 | 130 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Financials (1.9%):** |  |  |
| Japan Post Holdings Co. Ltd. | 24600 | $207 |
| ORIX Corp. | 9100 | 146 |
| Resona Holdings, Inc. | 29800 | 164 |
| Sumitomo Mitsui Financial Group, Inc. | 10000 | 402 |
| Tokio Marine Holdings, Inc. | 7100 | 152 |
|  |  | 1071 |
| **Health Care (0.2%):** |  |  |
| Hoya Corp. | 1100 | 105 |
| **Industrials (2.1%):** |  |  |
| ITOCHU Corp. | 8200 | 257 |
| Kajima Corp. | 13900 | 162 |
| Mitsubishi Corp. | 7200 | 234 |
| Mitsui & Co. Ltd. | 6700 | 195 |
| Mitsui Osk Lines Ltd. (a) | 12900 | 322 |
|  |  | 1170 |
| **Information Technology (0.9%):** |  |  |
| FUJIFILM Holdings Corp. | 2200 | 110 |
| Fujitsu Ltd. | 1100 | 147 |
| Nomura Research Institute Ltd. | 6800 | 162 |
| Seiko Epson Corp. | 5100 | 74 |
|  |  | 493 |
| **Materials (0.4%):** |  |  |
| Nissan Chemical Corp. | 1300 | 57 |
| Sumitomo Metal Mining Co. Ltd. | 5700 | 200 |
|  |  | 257 |
|  |  | 4592 |
| **Netherlands (2.4%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Koninklijke KPN NV | 56389 | 174 |
| **Consumer Staples (0.7%):** |  |  |
| Koninklijke Ahold Delhaize NV | 13938 | 401 |
| **Industrials (0.6%):** |  |  |
| Wolters Kluwer NV | 3057 | 320 |
| **Information Technology (0.4%):** |  |  |
| ASML Holding NV | 445 | 243 |
| **Materials (0.4%):** |  |  |
| LyondellBasell Industries NV Class A | 2763 | 229 |
|  |  | 1367 |
| **Norway (0.8%):** |  |  |
| **Materials (0.8%):** |  |  |
| Yara International ASA | 9897 | 435 |
| **Singapore (0.3%):** |  |  |
| **Financials (0.3%):** |  |  |
| Singapore Exchange Ltd. | 26400 | 177 |
| **Spain (0.2%):** |  |  |
| **Utilities (0.2%):** |  |  |
| Enagas SA | 6585 | 110 |
| **Switzerland (5.4%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Swisscom AG Registered Shares | 281 | 154 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Consumer Discretionary (0.3%):** |  |  |
| Garmin Ltd. | 1881 | $174 |
| **Consumer Staples (0.9%):** |  |  |
| Nestle SA Registered Shares | 4121 | 476 |
| **Financials (1.0%):** |  |  |
| Partners Group Holding AG | 207 | 183 |
| Zurich Insurance Group AG | 843 | 403 |
|  |  | 586 |
| **Health Care (1.9%):** |  |  |
| Novartis AG Registered Shares | 8016 | 726 |
| Roche Holding AG | 1109 | 348 |
|  |  | 1074 |
| **Industrials (0.8%):** |  |  |
| Geberit AG Registered Shares | 660 | 312 |
| SGS SA Registered Shares | 58 | 135 |
|  |  | 447 |
| **Materials (0.2%):** |  |  |
| Holcim AG | 2542 | 132 |
|  |  | 3043 |
| **United Kingdom (1.3%):** |  |  |
| **Consumer Staples (0.5%):** |  |  |
| British American Tobacco PLC | 6605 | 261 |
| **Health Care (0.2%):** |  |  |
| GSK PLC | 7672 | 133 |
| **Industrials (0.4%):** |  |  |
| RELX PLC | 8774 | 242 |
| **Information Technology (0.2%):** |  |  |
| The Sage Group PLC | 13234 | 119 |
|  |  | 755 |
| **United States (67.7%):** |  |  |
| **Communication Services (3.3%):** |  |  |
| AT&T, Inc. | 21428 | 395 |
| Omnicom Group, Inc. | 4862 | 397 |
| Sirius XM Holdings, Inc. (a) | 52800 | 308 |
| The Interpublic Group of Cos., Inc. | 6559 | 218 |
| Verizon Communications, Inc. | 14164 | 558 |
|  |  | 1876 |
| **Consumer Discretionary (6.4%):** |  |  |
| Best Buy Co., Inc. | 6512 | 522 |
| Genuine Parts Co. | 3134 | 544 |
| Lowe's Cos., Inc. | 2334 | 465 |
| McDonald's Corp. | 1375 | 362 |
| Starbucks Corp. | 1909 | 189 |
| Target Corp. | 2559 | 382 |
| The Home Depot, Inc. | 2478 | 783 |
| Tractor Supply Co. | 1085 | 244 |
| Whirlpool Corp. | 913 | 129 |
|  |  | 3620 |
| **Consumer Staples (5.9%):** |  |  |
| Campbell Soup Co. | 4710 | 267 |
| Colgate-Palmolive Co. | 3883 | 306 |
| General Mills, Inc. | 5218 | 438 |
| Kellogg Co. | 2072 | 148 |
| Kimberly-Clark Corp. | 745 | 101 |
| Philip Morris International, Inc. | 5392 | 546 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| The Coca-Cola Co. | 4366 | $278 |
| The Hershey Co. | 921 | 213 |
| The Kroger Co. | 4347 | 194 |
| The Procter & Gamble Co. | 3817 | 578 |
| Tyson Foods, Inc. Class A | 3145 | 196 |
| Walgreens Boots Alliance, Inc. | 2368 | 88 |
|  |  | 3353 |
| **Energy (3.4%):** |  |  |
| ConocoPhillips | 3019 | 356 |
| Coterra Energy, Inc. | 4931 | 121 |
| Devon Energy Corp. | 4799 | 295 |
| EOG Resources, Inc. | 3250 | 421 |
| Exxon Mobil Corp. | 1540 | 170 |
| Marathon Petroleum Corp. | 1899 | 221 |
| Valero Energy Corp. | 2426 | 308 |
|  |  | 1892 |
| **Financials (7.2%):** |  |  |
| Aflac, Inc. | 3700 | 266 |
| Ameriprise Financial, Inc. | 1027 | 320 |
| Aon PLC Class A | 528 | 158 |
| Comerica, Inc. | 1389 | 93 |
| Erie Indemnity Co. Class A | 1217 | 303 |
| Fifth Third Bancorp | 3438 | 113 |
| Huntington Bancshares, Inc. | 8192 | 116 |
| KeyCorp | 9947 | 173 |
| M&T Bank Corp. | 1552 | 225 |
| MetLife, Inc. | 4221 | 305 |
| Morgan Stanley | 3816 | 324 |
| MSCI, Inc. | 554 | 258 |
| Regions Financial Corp. | 21174 | 457 |
| The Allstate Corp. | 3932 | 533 |
| The Goldman Sachs Group, Inc. | 866 | 297 |
| The PNC Financial Services Group, Inc. | 943 | 149 |
|  |  | 4090 |
| **Health Care (11.1%):** |  |  |
| Abbott Laboratories | 1054 | 116 |
| AbbVie, Inc. | 2831 | 458 |
| AmerisourceBergen Corp. | 550 | 91 |
| Amgen, Inc. | 2732 | 718 |
| Bristol-Myers Squibb Co. | 3256 | 234 |
| Cardinal Health, Inc. | 6211 | 477 |
| Cigna Corp. | 918 | 304 |
| CVS Health Corp. | 2028 | 189 |
| Danaher Corp. | 534 | 142 |
| Elevance Health, Inc. | 784 | 402 |
| Eli Lilly & Co. | 1775 | 649 |
| Johnson & Johnson | 4762 | 841 |
| Pfizer, Inc. | 7704 | 395 |
| Quest Diagnostics, Inc. | 1116 | 175 |
| Stryker Corp. | 460 | 112 |
| Thermo Fisher Scientific, Inc. | 258 | 142 |
| UnitedHealth Group, Inc. | 1573 | 834 |
|  |  | 6279 |
| **Industrials (8.3%):** |  |  |
| 3M Co. | 3247 | 389 |
| C.H. Robinson Worldwide, Inc. | 858 | 79 |
| Cummins, Inc. | 1636 | 396 |
| Fastenal Co. | 5169 | 245 |
| Honeywell International, Inc. | 956 | 205 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Illinois Tool Works, Inc. | 1208 | $266 |
| Lockheed Martin Corp. | 1620 | 788 |
| Northrop Grumman Corp. | 452 | 247 |
| PACCAR, Inc. | 2348 | 232 |
| Republic Services, Inc. | 668 | 86 |
| Robert Half International, Inc. | 5626 | 415 |
| Rockwell Automation, Inc. | 522 | 134 |
| Snap-on, Inc. | 700 | 160 |
| Union Pacific Corp. | 547 | 113 |
| United Parcel Service, Inc. Class B | 2937 | 511 |
| W.W. Grainger, Inc. | 566 | 315 |
| Waste Management, Inc. | 482 | 76 |
|  |  | 4657 |
| **Information Technology (15.8%):** |  |  |
| Apple, Inc. | 17694 | 2300 |
| Broadcom, Inc. | 429 | 240 |
| Cisco Systems, Inc. | 15213 | 725 |
| Hewlett Packard Enterprise Co. | 12600 | 201 |
| HP, Inc. | 19588 | 526 |
| Intel Corp. | 4699 | 124 |
| Juniper Networks, Inc. | 4700 | 150 |
| Mastercard, Inc. Class A | 1954 | 679 |
| Microsoft Corp. | 6867 | 1647 |
| NetApp, Inc. | 3825 | 230 |
| Oracle Corp. | 2079 | 170 |
| Paychex, Inc. | 3287 | 380 |
| QUALCOMM, Inc. | 1417 | 156 |
| Texas Instruments, Inc. | 4024 | 665 |
| The Western Union Co. | 41976 | 578 |
| Visa, Inc. Class A | 758 | 157 |
|  |  | 8928 |
| **Materials (2.7%):** |  |  |
| Air Products and Chemicals, Inc. | 307 | 95 |
| CF Industries Holdings, Inc. | 4765 | 406 |
| Nucor Corp. | 3999 | 527 |
| Packaging Corp. | 1672 | 214 |
| RPM International, Inc. | 1083 | 106 |
| The Sherwin-Williams Co. | 747 | 177 |
|  |  | 1525 |
| **Utilities (3.6%):** |  |  |
| American Electric Power Co., Inc. | 3126 | 297 |
| Duke Energy Corp. | 4672 | 481 |
| OGE Energy Corp. | 6617 | 262 |
| Sempra Energy | 885 | 137 |
| The Southern Co. | 6817 | 487 |
| UGI Corp. | 10472 | 388 |
|  |  | 2052 |
|  |  | 38272 |
| **Total Common Stocks (Cost $47,574)** |  | 56233 |
| **Collateral for Securities Loaned (0.6%)^** |  |  |
| **United States (0.6%):** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (b) | 78386 | 78 |
| HSBC U.S. Government Money Market Fund, I Shares, 4.13% (b) | 78386 | 78 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (b) | 78386 | 78 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (b) | 78386 | $78 |
| **Total Collateral for Securities Loaned (Cost $312)** |  | 312 |
| **Total Investments (Cost $47,886) — 100.1%** |  | 56545 |
| **Liabilities in excess of other assets — (0.1)%** |  | (39) |
| **NET ASSETS - 100.00%** |  | $56506 |

---

^ Purchased with cash collateral from securities on loan. <br> (a) All or a portion of this security is on loan. <br> (b) Rate disclosed is the daily yield on December 31, 2022.

PLC—Public Limited Company

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or Principal<br> Amount** | **Value** |
| **Other Equity Interests (0.0%)(a)** | **Other Equity Interests (0.0%)(a)** | **Other Equity Interests (0.0%)(a)** |
| **Utilities (0.0%):** |  |  |
| CMS Liquidating Trust (b)(c) | 200 | $10 |
| **Total Other Equity Interests (Cost $499)** |  | 10 |
| **Municipal Bonds (98.8%)** |  |  |
| **New York (93.7%):** |  |  |
| Albany Capital Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/49, Continuously Callable @100 | $1500 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/51, Continuously Callable @100 | 850 | 735 |
| Albany County Airport Authority Revenue, Series A, 5.00%, 12/15/48, Continuously Callable @100 | 1000 | 1033 |
| Allegany County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/52, Continuously Callable @100 | 1000 | 973 |
| Brookhaven Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/36, Continuously Callable @100 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/45, Continuously Callable @100 | 1000 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/1/55, Continuously Callable @102 | 1000 | 738 |
| Broome County Local Development Corp. Revenue, 4.00%, 1/1/47, Continuously Callable @103 | 500 | 368 |
| Buffalo & Erie County Industrial Land Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/40, Continuously Callable @100 | 2000 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/52, Continuously Callable @100 | 1000 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/35, Continuously Callable @103 | 1000 | 1019 |
| Build NYC Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/40, Continuously Callable @100 | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/41, Continuously Callable @100 | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/42, Continuously Callable @100 | 1000 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/43, Continuously Callable @100 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/45, Continuously Callable @100 | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | 2000 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/48, Continuously Callable @102 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/49, Continuously Callable @100 | 500 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/52, Continuously Callable @100 (d) | 750 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/56, Continuously Callable @100 | 500 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/62, Continuously Callable @100 (d) | 250 | 242 |
| Bushnell's Basin Fire Association, Inc. Revenue, 3.00%, 11/1/30 | 2220 | 1876 |
| City of Elmira, GO, 5.00%, 7/1/35, Continuously Callable @100 | 1575 | 1737 |
| City of Long Beach NY, GO (INS-Build America Mutual Assurance Co.), Series B, 4.63%, 7/15/52, Continuously Callable @100 | 2000 | 1941 |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.25%, 10/1/42, Continuously Callable @100 | 1000 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.25%, 10/1/47, Continuously Callable @100 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 3.75%, 10/1/46, Continuously Callable @100 (e) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 4.00%, 12/1/43, Continuously Callable @100 | 4000 | 3917 |
| City of Newburgh, GO, Series A, 5.00%, 6/15/23, Continuously Callable @100 | 825 | 826 |
| City of Poughkeepsie, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/27 | 235 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/30 | 135 | 137 |
| City of Yonkers, GO (INS - Assured Guaranty Municipal Corp.), Series A, 3.00%, 7/1/25, Continuously Callable @100 | 665 | 665 |
| County of Nassau, GO, Series A, 5.00%, 1/1/38, Continuously Callable @100 | 1000 | 1050 |
| County of Nassau, GO (INS - Assured Guaranty Municipal Corp.), Series C, 5.00%, 4/1/38, Continuously Callable @100 | 1000 | 1005 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Dutchess County Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | $600 | $602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/45, Continuously Callable @100 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/41, Continuously Callable @100 | 2000 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/49, Continuously Callable @100 | 1750 | 1452 |
| Genesee County Funding Corp. Revenue, Series A, 5.25%, 12/1/52, Continuously Callable @100 | 750 | 760 |
| Hempstead Town Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Continuously Callable @100 | 300 | 303 |
| Hudson Yards Infrastructure Corp. Revenue, Series A, 4.00%, 2/15/44, Continuously Callable @100 | 2000 | 1893 |
| Jefferson County Civic Facility Development Corp. Revenue, 4.00%, 11/1/47, Continuously Callable @100 | 1000 | 797 |
| Long Island Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/44, Continuously Callable @100 | 2000 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/41, Continuously Callable @100 | 1000 | 1033 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.25%, 11/15/56, Continuously Callable @100 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/15/50, Continuously Callable @100 | 1000 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00%, 11/15/34, Continuously Callable @100 | 3000 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 2000 | 1603 |
| Monroe County Industrial Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/46, Continuously Callable @100 | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/46, Continuously Callable @100 | 2000 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/47, Continuously Callable @100 | 1000 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/59, Continuously Callable @100 (d) | 1000 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/37, Continuously Callable @100 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/42, Continuously Callable @100 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/43, Continuously Callable @100 | 1000 | 959 |
| Monroe County Industrial Development Corp. Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 1/15/38, Continuously Callable @100 | 500 | 511 |
| New York City Housing Development Corp. Revenue, Series K, 4.20%, 11/1/58, Continuously Callable @100 | 2990 | 2550 |
| New York City Industrial Development Agency Revenue, 4.00%, 3/1/45, Continuously Callable @100 | 1005 | 920 |
| New York City Industrial Development Agency Revenue (INS - Assured Guaranty Municipal Corp.), 2.25%, 10/1/29 | 1025 | 966 |
| New York City Municipal Water Finance Authority Revenue, Series DD, 3.75%, 6/15/33, Continuously Callable @100(e) | 4600 | 4600 |
| New York City Transitional Finance Authority Building Aid Revenue, Series S, 4.00%, 7/15/45, Continuously Callable @100 | 2000 | 1913 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/41, Continuously Callable @100 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/42, Continuously Callable @100 | 2000 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 8/1/41, Continuously Callable @100 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00%, 11/1/46, Continuously Callable @100 | 2000 | 2144 |
| New York City Trust for Cultural Resources Revenue, 4.00%, 7/1/46, Continuously Callable @100 | 1000 | 914 |
| New York Convention Center Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/45, Continuously Callable @100 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series S, 11/15/37 (f) | 1000 | 506 |
| New York Convention Center Development Corp. Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 11/15/48(f) | 2000 | 521 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/1/35 | 2500 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/1/37 | 560 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/44, Continuously Callable @100 (d) | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 1500 | 1345 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | $500 | $513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37, Continuously Callable @100 (d) | 1300 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/38, Continuously Callable @100 | 2000 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/40, Continuously Callable @100 (c)(d) | 3000 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/43, Continuously Callable @100 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/1/43, Continuously Callable @100 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/1/44, Continuously Callable @100 | 1000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Pre-refunded 7/1/28 @ 100 | 430 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Continuously Callable @100 | 570 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/49, Continuously Callable @100 | 750 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51, Continuously Callable @100 | 725 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/57, Continuously Callable @100 | 1000 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/38, Continuously Callable @100 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/43, Continuously Callable @100 | 2000 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/44, Continuously Callable @100 | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/45, Continuously Callable @100 | 2250 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/48, Continuously Callable @100 | 3000 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/49, Continuously Callable @100 | 1500 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/50, Continuously Callable @100 | 500 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 7/1/45, Continuously Callable @100 | 3000 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/47, Continuously Callable @100 | 1000 | 960 |
| New York State Dormitory Authority Revenue (INS - AMBAC Assurance Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1, 5.50%, 7/1/40 | 2000 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 5/15/30 | 3275 | 3862 |
| New York State Dormitory Authority Revenue (NBGA - State of New York Mortgage Agency), 5.00%, 6/1/33, Continuously Callable @100 | 1990 | 1993 |
| New York State Thruway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/56, Continuously Callable @100 | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/50, Continuously Callable @100 | 1000 | 882 |
| Oneida County Local Development Corp. Revenue, 4.00%, 7/1/39, Continuously Callable @100 | 750 | 641 |
| Oneida County Local Development Corp. Revenue (INS-Assured Guaranty Corp.), 4.00%, 12/1/51, Continuously Callable @100 | 500 | 444 |
| Onondaga Civic Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/40, Continuously Callable @100 | 1000 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/43, Continuously Callable @100 | 740 | 749 |
| Onondaga County Trust for Cultural Resources Revenue, 5.00%, 5/1/40, Continuously Callable @100 | 800 | 810 |
| Southold Local Development Corp. Revenue, 5.00%, 12/1/45, Continuously Callable @100 | 1000 | 958 |
| St. Lawrence County Industrial Development Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/43, Continuously Callable @100 | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/47, Continuously Callable @100 | 1770 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/52, Continuously Callable @100 | 1000 | 1064 |
| State of New York Mortgage Agency Revenue, Series 211, 3.80%, 10/1/48, Continuously Callable @100 | 1370 | 1307 |
| Suffolk County Economic Development Corp. Revenue, Series C, 5.00%, 7/1/33, Continuously Callable @100 | 250 | 257 |
| Tompkins County Development Corp. Revenue, 5.00%, 7/1/44, Continuously Callable @100 | 1375 | 1334 |
| Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/52, Continuously Callable @100 | 3000 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 11/15/32 (f) | 1000 | 717 |
| TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 | 1000 | 1010 |
| Westchester County Healthcare Corp. Revenue, Series B, 6.00%, 11/1/30, Continuously Callable @100 | 125 | 125 |
| Westchester County Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/42, Continuously Callable @104 | 450 | 461 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/46, Continuously Callable @100 | $1000 | $1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/47, Continuously Callable @100 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/51, Continuously Callable @103 | 1000 | 951 |
| Westchester Tobacco Asset Securitization Revenue, Series B, 5.00%, 6/1/41, Continuously Callable @100 | 500 | 511 |
|  |  | 148206 |
| **Guam (5.1%):** |  |  |
| Antonio B. Won Pat International Airport Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 5.75%, 10/1/43, Pre-refunded 10/1/23 @ 100 | 1000 | 1020 |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 500 | 504 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/37, Continuously Callable @100 | 1165 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/41, Continuously Callable @100 | 1250 | 1285 |
| Guam Power Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/39, Continuously Callable @100 | 500 | 513 |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/46, Continuously Callable @100 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/15/39, Continuously Callable @100 | 1000 | 1001 |
|  |  | 8041 |
| **Total Municipal Bonds (Cost $167,121)** |  | 156247 |
| **Total Investments (Cost $167,620) — 98.8%** |  | 156257 |
| **Other assets in excess of liabilities — 1.2%** |  | 1967 |
| **NET ASSETS - 100.00%** |  | $158224 |

---

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

(b) Non-income producing
 security.

(c) The Fund's Adviser
 has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At December 31, 2022, illiquid
 securities were 1.6% of the Fund's net assets.

(d) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $6,635 thousands and amounted to 4.2% of net assets.

(e) Variable Rate
 Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(f) Zero-coupon bond.

AMBAC—American Municipal Bond Assurance Corporation

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

GO—General Obligation

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

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (83.9%)** |  |  |
| **Communication Services (5.3%):** |  |  |
| Alphabet, Inc. Class A (a) | 36160 | $3190 |
| Alphabet, Inc. Class C (a) | 66905 | 5936 |
| AT&T, Inc. | 88577 | 1631 |
| Cogent Communications Holdings, Inc. | 13890 | 793 |
| Comcast Corp. Class A | 66289 | 2318 |
| Meta Platforms, Inc. Class A (a) | 22375 | 2693 |
| Netflix, Inc. (a) | 5256 | 1550 |
| News Corp. Class A | 74340 | 1353 |
| Verizon Communications, Inc. | 58659 | 2311 |
| Yelp, Inc. (a) | 33198 | 908 |
|  |  | 22683 |
| **Consumer Discretionary (9.0%):** |  |  |
| Academy Sports & Outdoors, Inc. | 16498 | 867 |
| Amazon.com, Inc. (a) | 57542 | 4834 |
| Aptiv PLC (a) | 13932 | 1298 |
| Asbury Automotive Group, Inc. (a) | 5119 | 918 |
| Booking Holdings, Inc. (a) | 700 | 1411 |
| eBay, Inc. | 31988 | 1327 |
| General Motors Co. | 38524 | 1296 |
| Hilton Worldwide Holdings, Inc. | 15006 | 1896 |
| LGI Homes, Inc. (a) | 11592 | 1073 |
| Lowe's Cos., Inc. | 8888 | 1771 |
| McDonald's Corp. | 7549 | 1989 |
| MDC Holdings, Inc. | 29477 | 931 |
| Meritage Homes Corp. (a) | 14950 | 1378 |
| National Vision Holdings, Inc. (a) | 25418 | 985 |
| NIKE, Inc. Class B | 14534 | 1701 |
| Shake Shack, Inc. Class A (a) | 17706 | 735 |
| Signet Jewelers Ltd. | 9558 | 650 |
| Starbucks Corp. | 14762 | 1464 |
| Steven Madden Ltd. | 30813 | 985 |
| Target Corp. | 8858 | 1320 |
| Tesla, Inc. (a) | 29910 | 3684 |
| The Home Depot, Inc. | 10393 | 3283 |
| The TJX Cos., Inc. | 18862 | 1501 |
| Urban Outfitters, Inc. (a) | 39743 | 948 |
|  |  | 38245 |
| **Consumer Staples (5.5%):** |  |  |
| Altria Group, Inc. | 37828 | 1729 |
| Church & Dwight Co., Inc. | 19270 | 1553 |
| Costco Wholesale Corp. | 5636 | 2573 |
| e.l.f. Beauty, Inc. (a) | 15870 | 878 |
| Hostess Brands, Inc. (a) | 51035 | 1145 |
| Mondelez International, Inc. Class A | 32633 | 2175 |
| PepsiCo, Inc. | 13486 | 2436 |
| Philip Morris International, Inc. | 22557 | 2283 |
| The Coca-Cola Co. | 37423 | 2381 |
| The Procter & Gamble Co. | 22249 | 3372 |
| The Simply Good Foods Co. (a) | 24200 | 920 |
| Walmart, Inc. | 15141 | 2147 |
|  |  | 23592 |
| **Energy (4.2%):** |  |  |
| Chevron Corp. | 17255 | 3097 |
| ConocoPhillips | 18143 | 2141 |
| EOG Resources, Inc. | 13337 | 1727 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Exxon Mobil Corp. | 38012 | $4193 |
| Helmerich & Payne, Inc. | 22404 | 1111 |
| Marathon Oil Corp. | 46196 | 1251 |
| Patterson-UTI Energy, Inc. | 54925 | 925 |
| Schlumberger Ltd. | 24023 | 1284 |
| SM Energy Co. | 27197 | 947 |
| Targa Resources Corp. | 19074 | 1402 |
|  |  | 18078 |
| **Financials (10.4%):** |  |  |
| American Express Co. | 11415 | 1687 |
| ARMOUR Residential REIT, Inc. | 248101 | 1397 |
| Bank of America Corp. | 82900 | 2746 |
| BankUnited, Inc. | 23987 | 815 |
| Berkshire Hathaway, Inc. Class B (a) | 18522 | 5721 |
| BlackRock, Inc. | 2702 | 1915 |
| Columbia Banking System, Inc. | 45736 | 1378 |
| CVB Financial Corp. | 38235 | 985 |
| Fifth Third Bancorp | 60421 | 1982 |
| First Bancorp/Puerto Rico | 68721 | 874 |
| Huntington Bancshares, Inc. | 124196 | 1751 |
| JPMorgan Chase & Co. | 28884 | 3873 |
| KeyCorp | 112188 | 1954 |
| Loews Corp. | 32425 | 1891 |
| Mr. Cooper Group, Inc. (a) | 22332 | 896 |
| National Bank Holdings Corp. Class A | 20220 | 851 |
| Prudential Financial, Inc. | 21089 | 2098 |
| The Charles Schwab Corp. | 17106 | 1424 |
| The Goldman Sachs Group, Inc. | 6350 | 2181 |
| The Hartford Financial Services Group, Inc. | 26153 | 1983 |
| United Community Banks, Inc. | 27055 | 914 |
| Virtus Investment Partners, Inc. | 3583 | 686 |
| W.R. Berkley Corp. | 26153 | 1898 |
| Wells Fargo & Co. | 54600 | 2254 |
|  |  | 44154 |
| **Health Care (12.4%):** |  |  |
| Abbott Laboratories | 20054 | 2202 |
| AbbVie, Inc. | 16543 | 2674 |
| Amgen, Inc. | 6130 | 1610 |
| AMN Healthcare Services, Inc. (a) | 7765 | 798 |
| Bristol-Myers Squibb Co. | 25466 | 1832 |
| Cigna Corp. | 5092 | 1687 |
| CVS Health Corp. | 17537 | 1634 |
| Cytokinetics, Inc. (a) | 16292 | 747 |
| Danaher Corp. | 8574 | 2276 |
| Dexcom, Inc. (a) | 7116 | 806 |
| Elevance Health, Inc. | 3441 | 1765 |
| Eli Lilly & Co. | 7611 | 2785 |
| Gilead Sciences, Inc. | 16047 | 1378 |
| Integer Holdings Corp. (a) | 10373 | 710 |
| Intuitive Surgical, Inc. (a) | 5994 | 1591 |
| Johnson & Johnson | 22606 | 3993 |
| Medtronic PLC | 19084 | 1483 |
| Merck & Co., Inc. | 24780 | 2749 |
| Merit Medical Systems, Inc. (a) | 13130 | 927 |
| Moderna, Inc. (a) | 3958 | 711 |
| NuVasive, Inc. (a) | 22630 | 933 |
| Pfizer, Inc. | 54850 | 2811 |
| Prestige Consumer Healthcare, Inc. (a) | 12655 | 792 |
| Regeneron Pharmaceuticals, Inc. (a) | 1493 | 1077 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Select Medical Holdings Corp. | 29253 | $726 |
| Stryker Corp. | 6822 | 1668 |
| The Ensign Group, Inc. | 11838 | 1120 |
| Thermo Fisher Scientific, Inc. | 4393 | 2419 |
| UnitedHealth Group, Inc. | 8777 | 4653 |
| Veradigm, Inc. (a) | 44013 | 776 |
| Zoetis, Inc. | 9590 | 1406 |
|  |  | 52739 |
| **Industrials (9.3%):** |  |  |
| 3M Co. | 17947 | 2152 |
| ABM Industries, Inc. | 18294 | 813 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 22523 | 1260 |
| Alaska Air Group, Inc. (a) | 31040 | 1333 |
| AMETEK, Inc. | 11785 | 1647 |
| Applied Industrial Technologies, Inc. | 8961 | 1129 |
| Caterpillar, Inc. | 6315 | 1513 |
| Comfort Systems USA, Inc. | 10229 | 1177 |
| Copart, Inc. (a) | 27138 | 1652 |
| Deere & Co. | 3053 | 1309 |
| Dover Corp. | 13289 | 1799 |
| Exponent, Inc. | 8500 | 842 |
| Forward Air Corp. | 8910 | 935 |
| Griffon Corp. | 22142 | 792 |
| Hillenbrand, Inc. | 21375 | 912 |
| Honeywell International, Inc. | 14124 | 3027 |
| John Bean Technologies Corp. | 11033 | 1008 |
| Korn Ferry | 17343 | 878 |
| Lockheed Martin Corp. | 3360 | 1635 |
| Northrop Grumman Corp. | 2473 | 1349 |
| Parker-Hannifin Corp. | 7221 | 2101 |
| Raytheon Technologies Corp. | 20908 | 2110 |
| Resideo Technologies, Inc. (a) | 44670 | 735 |
| UFP Industries, Inc. | 12346 | 978 |
| UniFirst Corp. | 4475 | 864 |
| Union Pacific Corp. | 9484 | 1964 |
| United Parcel Service, Inc. Class B | 11705 | 2035 |
| United Rentals, Inc. (a) | 4497 | 1598 |
|  |  | 39547 |
| **Information Technology (19.6%):** |  |  |
| Accenture PLC Class A | 7692 | 2053 |
| Adobe, Inc. (a) | 5571 | 1875 |
| Advanced Energy Industries, Inc. | 9481 | 813 |
| Amphenol Corp. Class A | 27015 | 2057 |
| Apple, Inc. | 132790 | 17253 |
| Applied Materials, Inc. | 18150 | 1767 |
| Axcelis Technologies, Inc. (a) | 9797 | 778 |
| Broadcom, Inc. | 4144 | 2317 |
| Cisco Systems, Inc. | 45242 | 2155 |
| Diodes, Inc. (a) | 12991 | 989 |
| Extreme Networks, Inc. (a) | 41077 | 752 |
| Fabrinet (a) | 8191 | 1050 |
| Insight Enterprises, Inc. (a) | 12725 | 1276 |
| Intel Corp. | 52827 | 1396 |
| International Business Machines Corp. | 10263 | 1446 |
| Intuit, Inc. | 4668 | 1817 |
| Itron, Inc. (a) | 13822 | 700 |
| Knowles Corp. (a) | 43759 | 719 |
| LiveRamp Holdings, Inc. (a) | 34003 | 797 |
| Mastercard, Inc. Class A | 8415 | 2926 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| MaxLinear, Inc. (a) | 23676 | $804 |
| Microsoft Corp. | 66403 | 15925 |
| NVIDIA Corp. | 28165 | 4116 |
| Onto Innovation, Inc. (a) | 10793 | 735 |
| Oracle Corp. | 16823 | 1375 |
| PayPal Holdings, Inc. (a) | 17341 | 1235 |
| Perficient, Inc. (a) | 11051 | 772 |
| QUALCOMM, Inc. | 13488 | 1483 |
| Rambus, Inc. (a) | 30888 | 1106 |
| Salesforce, Inc. (a) | 13201 | 1750 |
| Sanmina Corp. (a) | 18535 | 1062 |
| ServiceNow, Inc. (a) | 3493 | 1356 |
| SPS Commerce, Inc. (a) | 6904 | 887 |
| Texas Instruments, Inc. | 11067 | 1828 |
| Viavi Solutions, Inc. (a) | 96638 | 1016 |
| Visa, Inc. Class A | 15301 | 3179 |
|  |  | 83565 |
| **Materials (2.4%):** |  |  |
| ATI, Inc. (a) | 31533 | 942 |
| DuPont de Nemours, Inc. | 22108 | 1517 |
| Eastman Chemical Co. | 19971 | 1627 |
| Freeport-McMoRan, Inc. | 36349 | 1381 |
| H.B. Fuller Co. | 17123 | 1226 |
| Linde PLC | 6503 | 2121 |
| Livent Corp. (a) | 33679 | 669 |
| O-I Glass, Inc. (a) | 53432 | 886 |
|  |  | 10369 |
| **Real Estate (3.6%):** |  |  |
| Agree Realty Corp. | 25743 | 1826 |
| American Tower Corp. | 7447 | 1578 |
| Brandywine Realty Trust | 119898 | 738 |
| Cushman & Wakefield PLC (a) | 90316 | 1125 |
| Essential Properties Realty Trust, Inc. | 45077 | 1058 |
| Hudson Pacific Properties, Inc. | 110076 | 1071 |
| LXP Industrial Trust | 112309 | 1125 |
| Mid-America Apartment Communities, Inc. | 12308 | 1932 |
| Outfront Media, Inc. | 68457 | 1135 |
| Prologis, Inc. | 14629 | 1649 |
| Retail Opportunity Investments Corp. | 50622 | 761 |
| SITE Centers Corp. | 89531 | 1223 |
|  |  | 15221 |
| **Utilities (2.2%):** |  |  |
| American Electric Power Co., Inc. | 23061 | 2190 |
| Avista Corp. | 32549 | 1443 |
| Eversource Energy | 24037 | 2015 |
| SJW Group | 21797 | 1770 |
| Xcel Energy, Inc. | 29630 | 2077 |
|  |  | 9495 |
| **Total Common Stocks (Cost $357,512)** |  | 357688 |
| **Exchange-Traded Funds (7.9%)** |  |  |
| Flexshares Morningstar Global Upstream Natural Resources Index Fund | 341011 | 14824 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Shares**  | **Value** |
| SPDR S&P Global Natural Resources ETF | 334113 | $19051 |
| **Total Exchange-Traded Funds (Cost $34,341)** |  | 33875 |
| **Total Investments (Cost $391,853) — 91.8%** |  | 391563 |
| **Other assets in excess of liabilities — 8.2%** |  | 35065 |
| **NET ASSETS - 100.00%** |  | $426628 |

---

(a) Non-income
 producing security.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

REIT—Real Estate Investment Trust

**Futures Contracts Purchased** 

*(Amounts not in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| E-Mini Russell 2000 Index Futures | 419 | 3/17/23 | $38387436 | $37100355 | $(1287081) |
| FTSE 100 Index Futures | 455 | 3/17/23 | 41270673 | 41059661 | (211012) |
| S&P/Toronto Stock Exchange 60 Index Futures | 286 | 3/16/23 | 51259783 | 49429960 | (1829823) |
|  |  |  |  |  | $(3327916) |

---

**Futures Contracts Sold**

*(Amounts not in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| ASX SPI 200 Index Futures | 275 | 3/16/23 | 33665145 | 32721159 | 943986 |
| E-Mini MSCI Emerging Markets Index Futures | 351 | 3/17/23 | 17368530 | 16837470 | 531060 |
| Hang Seng Index Futures | 87 | 1/30/23 | 10826321 | 11099327 | (273006) |
| Swiss Market Index Futures | 425 | 3/17/23 | 49505201 | 48991779 | 513422 |
| Tokyo Price Index Futures | 134 | 3/09/23 | 19822215 | 19315729 | 506486 |
|  |  |  |  |  | 2221948 |
|  | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | $2494954 |
|  | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (3600922) |
|  | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) |  | $(1105968) |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (99.0%)** |  |  |
| **Alabama (1.3%):** |  |  |
| Black Belt Energy Gas District Revenue, Series C-1, 5.25%, 2/1/53, Callable 3/1/29 @ 100.15 | $12000 | $12483 |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue, 5.00%, 2/1/36, Continuously Callable @100 | 8000 | 8197 |
| Lower Alabama Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/28 | 7000 | 7314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/34 | 15000 | 15926 |
| The Health Care Authority of the City of Huntsville Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 4.00%, 6/1/39, Continuously Callable @100 | 2000 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 4.00%, 6/1/40, Continuously Callable @100 | 2555 | 2380 |
|  |  | 48182 |
| **Arizona (1.4%):** |  |  |
| Arizona IDA Revenue, 4.00%, 12/15/41, Continuously Callable @100(a) | 955 | 827 |
| City of Phoenix Civic Improvement Corp. Revenue (INS - National Public Finance Guarantee Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/24 | 3270 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/25 | 2115 | 2254 |
| Maricopa County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 (a) | 2000 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41, Continuously Callable @100 (a) | 1250 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.23% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (b)(c) | 2280 | 2262 |
| Tempe IDA Revenue, Series A, 4.00%, 12/1/38, Continuously Callable @102 | 2690 | 2136 |
| The City of Phoenix IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 7/1/24 | 2350 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 11100 | 11252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1675 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36, Continuously Callable @100 | 4250 | 4347 |
| The County of Pima IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/41, Continuously Callable @100 (a) | 3500 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.75%, 11/15/42, Continuously Callable @103 (a) | 3000 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B2, 5.63%, 11/15/30, Continuously Callable @100 (a) | 10000 | 9919 |
| The Pima County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 1000 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/41, Continuously Callable @100 | 1690 | 1554 |
| The Yavapai County IDA Revenue, 4.00%, 8/1/38, Continuously Callable @100 | 1000 | 927 |
|  |  | 52784 |
| **Arkansas (0.2%):** |  |  |
| Arkansas Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 2300 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/38, Continuously Callable @100 | 2000 | 2024 |
| University of Arkansas - Pulaski Technical College Revenue (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/30, Continuously Callable @100 | 4290 | 4529 |
|  |  | 8891 |
| **California (3.7%):** |  |  |
| Anaheim Public Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/28, Pre-refunded 5/1/24 @ 100 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/29, Pre-refunded 5/1/24 @ 100 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/30, Pre-refunded 5/1/24 @ 100 | 1000 | 1029 |
| California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31, Continuously Callable @100 (a) | 450 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31, Pre-refunded 8/1/25 @ 100 (a) | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/36, Continuously Callable @100 (a) | 1450 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/36, Pre-refunded 8/1/25 @ 100 (a) | 150 | 159 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| California State Public Works Board Revenue, Series B, 5.00%, 10/1/31, Continuously Callable @100 | $11465 | $11924 |
| California State University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29, Pre-refunded 11/1/24 @ 100 | 165 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/33, Continuously Callable @100 | 10000 | 10656 |
| California Statewide Communities Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/32, Continuously Callable @100 | 1250 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/33, Continuously Callable @100 | 2000 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @100 | 1250 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/35, Continuously Callable @100 | 2000 | 2035 |
| Cerritos Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/25 (d) | 1510 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/27 (d) | 1000 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/28 (d) | 1000 | 851 |
| Chula Vista Municipal Financing Authority Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/27, Continuously Callable @100 | 1520 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/28, Continuously Callable @100 | 1700 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/29, Continuously Callable @100 | 1785 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/30, Continuously Callable @100 | 2635 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/31, Continuously Callable @100 | 2095 | 2191 |
| City of Irvine Special Assessment, 5.00%, 9/2/29, Callable 9/2/23 @ 100 | 1000 | 1012 |
| City of San Diego Tobacco Settlement Revenue Funding Corp. Revenue, Series C, 4.00%, 6/1/32, Continuously Callable @100 | 555 | 555 |
| City of Tulare Sewer Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32, Continuously Callable @100 | 1605 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33, Continuously Callable @100 | 1570 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34, Continuously Callable @100 | 3655 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35, Continuously Callable @100 | 2340 | 2483 |
| El Camino Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/26 (d) | 6810 | 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/27 (d) | 7665 | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/28 (d) | 5500 | 4657 |
| Foothill-Eastern Transportation Corridor Agency Revenue (INS - Assured Guaranty Municipal Corp.), 1/15/35(d) | 5500 | 3445 |
| Fresno Joint Powers Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/32, Continuously Callable @100 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/35, Continuously Callable @100 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/36, Continuously Callable @100 | 420 | 455 |
| Golden State Tobacco Securitization Corp. Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 6/1/25(d) | 46605 | 43443 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/27, Continuously Callable @100 | 3500 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/28, Continuously Callable @100 | 2640 | 2820 |
| San Diego Public Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/15/33, Continuously Callable @100 | 1635 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/15/34, Continuously Callable @100 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/15/35, Continuously Callable @100 | 1250 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/30, Continuously Callable @100 | 775 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/31, Continuously Callable @100 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/32, Continuously Callable @100 | 1000 | 1064 |
|  |  | 138839 |
| **Colorado (2.2%):** |  |  |
| Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28, Pre-refunded 6/1/23 @ 100 | 2750 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1500 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100 | 2310 | 2431 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100 | $2000 | $2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/33, Pre-refunded 6/1/25 @ 100 | 2470 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100 | 6385 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Pre-refunded 6/1/27 @ 100 | 4455 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100 | 3385 | 3563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Pre-refunded 6/1/27 @ 100 | 2000 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 4000 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/36, Pre-refunded 6/1/27 @ 100 | 4000 | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/41, Continuously Callable @100 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/38, Continuously Callable @100 | 1000 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/39, Continuously Callable @100 | 1250 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/39, Continuously Callable @100 | 3500 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/40, Continuously Callable @103 | 2000 | 1766 |
| Denver Health & Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/34, Continuously Callable @100 (a) | 7355 | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/37, Continuously Callable @100 | 1250 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/38, Continuously Callable @100 | 1250 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/39, Continuously Callable @100 | 1000 | 861 |
| Park Creek Metropolitan District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32, Continuously Callable @100 | 1250 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 1000 | 1036 |
| Regional Transportation District Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/29, Pre-refunded 6/1/23 @ 100 | 7585 | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Pre-refunded 6/1/23 @ 100 | 14175 | 14281 |
|  |  | 82581 |
| **Connecticut (4.6%):** |  |  |
| City of Bridgeport, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/27 | 4485 | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/27 | 180 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/27 | 335 | 368 |
| City of New Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/28 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/1/30, Continuously Callable @100 | 1000 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/1/32, Continuously Callable @100 | 1200 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/1/36, Continuously Callable @100 | 1810 | 1984 |
| City of New Haven, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/30, Continuously Callable @100 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/32, Continuously Callable @100 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/33, Continuously Callable @100 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/34, Continuously Callable @100 | 1350 | 1426 |
| City of West Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/36, Continuously Callable @100 | 1500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/32, Continuously Callable @100 | 400 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/37, Continuously Callable @100 | 350 | 362 |
| Connecticut State Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 1950 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 725 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Continuously Callable @100 | 1170 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1125 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 1275 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Continuously Callable @100 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Continuously Callable @100 | 2000 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Continuously Callable @100 | 7000 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/39, Continuously Callable @100 | 2000 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 7/1/34, Continuously Callable @100 | 10000 | 10207 |
| Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/30, Continuously Callable @100(a) | 10000 | 10275 |
| Metropolitan District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/33, Continuously Callable @100 | 750 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/34, Continuously Callable @100 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/35, Continuously Callable @100 | 750 | 821 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/36, Continuously Callable @100 | $1000 | $1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/37, Continuously Callable @100 | 1000 | 1008 |
| State of Connecticut Special Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/34, Continuously Callable @100 | 20000 | 21964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35, Continuously Callable @100 | 20000 | 21828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/37, Continuously Callable @100 | 6000 | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/38, Continuously Callable @100 | 4000 | 4273 |
| State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/33, Continuously Callable @100 | 5000 | 5504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/34, Continuously Callable @100 | 5575 | 6109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/35, Continuously Callable @100 | 5000 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/15/37, Continuously Callable @100 | 1825 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 6/15/33, Continuously Callable @100 | 1100 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 6/15/34, Continuously Callable @100 | 2625 | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 6/15/35, Continuously Callable @100 | 2500 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 9/15/35, Continuously Callable @100 | 2000 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 9/15/37, Continuously Callable @100 | 2000 | 2147 |
| Town of Hamden, GO (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 8/15/30, Continuously Callable @100 | 1200 | 1291 |
| University of Connecticut Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/34, Continuously Callable @100 | 6805 | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/35, Continuously Callable @100 | 6500 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/36, Continuously Callable @100 | 11175 | 12082 |
|  |  | 174186 |
| **District of Columbia (0.2%):** |  |  |
| District of Columbia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/23 | 105 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/33, Pre-refunded 7/1/23 @ 100 | 1280 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 | 800 | 805 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/35, Continuously Callable @100 | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/36, Continuously Callable @100 | 1250 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/38, Continuously Callable @100 | 1000 | 931 |
| Washington Convention & Sports Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/38, Continuously Callable @100 | 1250 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/39, Continuously Callable @100 | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/40, Continuously Callable @100 | 750 | 719 |
|  |  | 8657 |
| **Florida (6.0%):** |  |  |
| Alachua County Health Facilities Authority Revenue, 4.00%, 10/1/40, Continuously Callable @103 | 700 | 576 |
| City of Cape Coral Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/35, Continuously Callable @100 | 1485 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/36, Continuously Callable @100 | 1400 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/37, Continuously Callable @100 | 3000 | 2981 |
| City of Pompano Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/35, Continuously Callable @103 | 3345 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40, Continuously Callable @103 | 2500 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/36, Continuously Callable @103 | 1050 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/41, Continuously Callable @103 | 1215 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.00%, 1/1/29 | 3300 | 2833 |
| City of Port St. Lucie Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/31, Continuously Callable @100 | 3195 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/32, Continuously Callable @100 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33, Continuously Callable @100 | 2785 | 2823 |
| City of Port St. Lucie Utility System Revenue, 4.00%, 9/1/31, Continuously Callable @100 | 1000 | 1028 |
| City of Tampa Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/36, Continuously Callable @80 (d) | 700 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/37, Continuously Callable @77 (d) | 700 | 362 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/38, Continuously Callable @74 (d) | $850 | $404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/39, Continuously Callable @71 (d) | 700 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/40, Continuously Callable @67 (d) | 850 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/38, Continuously Callable @100 | 350 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/39, Continuously Callable @100 | 700 | 649 |
| Cityplace Community Development District Special Assessment (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/1/33 (d)(e) | 3470 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/1/38, Continuously Callable @100 (d)(f) | 7900 | 7200 |
| County of Broward FL Tourist Development Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/39, Continuously Callable @100 | 8535 | 8421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40, Continuously Callable @100 | 14740 | 14426 |
| County of Lee Airport Revenue, 5.00%, 10/1/33, Continuously Callable @100 | 4000 | 4198 |
| County of Lee Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/23 | 2500 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/24 | 2700 | 2802 |
| County of Lee Tourist Development Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 10/1/36, Continuously Callable @100 | 4685 | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 10/1/37, Continuously Callable @100 | 4970 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 10/1/38, Continuously Callable @100 | 5230 | 5105 |
| County of Miami-Dade Florida Water & Sewer System Revenue, 4.00%, 10/1/41, Continuously Callable @100 | 1500 | 1453 |
| Escambia County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33, Continuously Callable @100 | 1400 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34, Continuously Callable @100 | 1240 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/40, Continuously Callable @100 | 2900 | 2942 |
| Florida Development Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/39, Continuously Callable @100 | 5260 | 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/35, Continuously Callable @100 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/40, Continuously Callable @100 | 1650 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/42, Continuously Callable @100 | 2250 | 2258 |
| Florida Higher Educational Facilities Financial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 1250 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36, Continuously Callable @100 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/37, Continuously Callable @100 | 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/38, Continuously Callable @100 | 750 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/39, Continuously Callable @100 | 7055 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/39, Continuously Callable @100 | 800 | 710 |
| Halifax Hospital Medical Center Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100 | 2325 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/36, Continuously Callable @100 | 2750 | 2839 |
| Lake County School Board Certificate of Participation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/29, Pre-refunded 6/1/24 @ 100 | 1250 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Pre-refunded 6/1/24 @ 100 | 2225 | 2288 |
| Lee County IDA Revenue, 5.00%, 11/15/39, Continuously Callable @103 | 1500 | 1493 |
| Lee County School Board Certificate of Participation, Series A, 5.00%, 8/1/28, Continuously Callable @100 | 3750 | 3865 |
| Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/37, Continuously Callable @100 | 5000 | 4813 |
| Miami-Dade County Expressway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/28, Continuously Callable @100 | 10000 | 10009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 7000 | 7006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30, Continuously Callable @100 | 1610 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/31, Continuously Callable @100 | 1255 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/32, Continuously Callable @100 | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Continuously Callable @100 | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 2000 | 2040 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/30, Continuously Callable @100 | $2000 | $2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/31, Continuously Callable @100 | 2000 | 2040 |
| Miami-Dade County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/27, Pre-refunded 8/1/23 @ 100 | 4750 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/28, Pre-refunded 8/1/23 @ 100 | 4950 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/29, Pre-refunded 8/1/23 @ 100 | 5250 | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/30, Pre-refunded 8/1/23 @ 100 | 3500 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31, Pre-refunded 8/1/23 @ 100 | 5780 | 5843 |
| Orange County Health Facilities Authority Revenue, Series A, 5.00%, 10/1/35, Continuously Callable @100 | 4000 | 4137 |
| Osceola County School Board Certificate of Participation, Series A, 5.00%, 6/1/28, Pre-refunded 6/1/23 @ 100 | 3055 | 3078 |
| Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/41, Continuously Callable @100 | 3695 | 3252 |
| Palm Beach County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/23, Continuously Callable @100 | 7595 | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/39, Continuously Callable @100 | 1150 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/42, Continuously Callable @100 | 850 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/15/41, Continuously Callable @103 | 250 | 213 |
| Pinellas County IDA Revenue, 5.00%, 7/1/29 | 900 | 913 |
| School District of Broward County Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 2000 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30, Continuously Callable @100 | 2000 | 2100 |
| Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/30, Continuously Callable @100(a) | 3195 | 3264 |
| St. Lucie County School Board Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/25, Continuously Callable @100 | 2045 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/26, Continuously Callable @100 | 1500 | 1514 |
| Volusia County Educational Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/28, Continuously Callable @100 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/29, Continuously Callable @100 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/30, Continuously Callable @100 | 1500 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/32, Continuously Callable @100 | 1560 | 1626 |
|  |  | 226018 |
| **Georgia (1.7%):** |  |  |
| Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29)(c) | 4975 | 4496 |
| George L Smith II Congress Center Authority Revenue, 4.00%, 1/1/36, Continuously Callable @100 | 1000 | 909 |
| Glynn-Brunswick Memorial Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/36, Continuously Callable @100 | 1840 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/37, Continuously Callable @100 | 1500 | 1388 |
| Main Street Natural Gas, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/36 | 2000 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/37 | 1500 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/38 | 2500 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/52 | 12000 | 12390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/48, (Put Date 12/1/23) (c) | 15000 | 14938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 5/1/52 | 12750 | 12460 |
| Savannah Hospital Authority Revenue, 4.00%, 7/1/39, Continuously Callable @100 | 2500 | 2428 |
| The Burke County Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 10/1/32, Continuously Callable @100 | 1850 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.50%, 1/1/40, (Put Date 2/3/25) (c) | 6500 | 6166 |
|  |  | 64577 |
| **Guam (0.6%):** |  |  |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28, Continuously Callable @100 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/33, Pre-refunded 7/1/23 @ 100 | 3000 | 3032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1250 | 1270 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | $1000 | $1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/23 | 750 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/24 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/25, Continuously Callable @100 | 750 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1000 | 1012 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/31, Continuously Callable @100 | 695 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/34, Continuously Callable @100 | 3500 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 2000 | 2127 |
| Guam Power Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/32, Continuously Callable @100 | 1000 | 1030 |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/30, Continuously Callable @100 | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/31, Continuously Callable @100 | 2000 | 2064 |
|  |  | 22748 |
| **Idaho (0.4%):** |  |  |
| Idaho Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/35, Continuously Callable @100 | 5805 | 6041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 7520 | 7772 |
| Idaho Housing & Finance Association Revenue, Series A, 4.00%, 7/15/38, Continuously Callable @100 | 3000 | 2951 |
|  |  | 16764 |
| **Illinois (16.5%):** |  |  |
| Champaign County Community Unit School District No. 4 Champaign, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/34, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/35, Continuously Callable @100 | 1290 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/36, Continuously Callable @100 | 1575 | 1582 |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/39, Continuously Callable @100 | 4700 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/1/25 (d) | 1600 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/1/26 (d) | 3700 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/43, Continuously Callable @100 | 7965 | 7716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/40, Continuously Callable @100 | 21900 | 19056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/41, Continuously Callable @100 | 8710 | 7472 |
| Chicago Midway International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/27, Continuously Callable @100 | 6525 | 6533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/29, Continuously Callable @100 | 11750 | 11957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/30, Continuously Callable @100 | 5175 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/31, Continuously Callable @100 | 8910 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/32, Continuously Callable @100 | 6000 | 6108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25%, 1/1/33, Continuously Callable @100 | 1635 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/34, Continuously Callable @100 | 3500 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/35, Continuously Callable @100 | 3000 | 2968 |
| Chicago O'Hare International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/33, Continuously Callable @100 | 11560 | 11995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/34, Continuously Callable @100 | 5675 | 5919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/36, Continuously Callable @100 | 2000 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/38, Continuously Callable @100 | 1000 | 973 |
| Chicago O'Hare International Airport Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/28, Continuously Callable @100 | 3620 | 3625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/29, Continuously Callable @100 | 1500 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/1/30, Continuously Callable @100 | 2150 | 2153 |
| Chicago Park District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 4.00%, 1/1/34, Continuously Callable @100 | 1200 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 4.00%, 1/1/36, Continuously Callable @100 | 1300 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/37, Continuously Callable @100 | 2000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 4.00%, 1/1/38, Continuously Callable @100 | 1750 | 1645 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/39, Continuously Callable @100 | $1500 | $1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/40, Continuously Callable @100 | 1125 | 1176 |
| City of Chicago Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04%, 12/1/28 (a) | 270 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/1/29 (a) | 325 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%, 12/1/30 (a) | 350 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/1/31 (a) | 375 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 12/1/32 (a) | 300 | 272 |
| City of Chicago Wastewater Transmission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/32, Continuously Callable @100 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/35, Continuously Callable @100 | 8000 | 8472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/33, Continuously Callable @100 | 3500 | 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/34, Continuously Callable @100 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/35, Continuously Callable @100 | 1250 | 1292 |
| City of Chicago Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28, Continuously Callable @100 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29, Continuously Callable @100 | 725 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30, Continuously Callable @100 | 2000 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31, Continuously Callable @100 | 2000 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/33, Continuously Callable @100 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36, Continuously Callable @100 | 2665 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/1/29, Continuously Callable @100 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/1/31, Continuously Callable @100 | 1000 | 1045 |
| City of Chicago Waterworks Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/34, Continuously Callable @100 | 2105 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/35, Continuously Callable @100 | 1635 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, 5.00%, 11/1/36, Continuously Callable @100 | 3145 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, 5.00%, 11/1/37, Continuously Callable @100 | 2500 | 2597 |
| City of Chicago, GO, Series A, 5.50%, 1/1/41, Continuously Callable @100(g) | 1500 | 1561 |
| City of Galesburg IL Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/36, Continuously Callable @100 | 1125 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/41, Continuously Callable @100 | 1475 | 1350 |
| City of Springfield Electric Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 3/1/34, Continuously Callable @100 | 3000 | 3127 |
| City of Springfield, GO, 5.00%, 12/1/30, Continuously Callable @100 | 8500 | 9021 |
| County of Cook Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/34, Continuously Callable @100 | 3750 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35, Continuously Callable @100 | 7000 | 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36, Continuously Callable @100 | 5000 | 5232 |
| County of Cook, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34, Continuously Callable @100 | 2000 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35, Continuously Callable @100 | 2000 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/31, Continuously Callable @100 | 2500 | 2670 |
| Illinois Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 11/1/36, Continuously Callable @102 | 4500 | 4592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/1/36, Continuously Callable @102 | 2220 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/36, Continuously Callable @102 | 9750 | 9668 |
| Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/27 (h)(i) | 7650 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 4/1/27, Continuously Callable @100 | 1435 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/27 | 3065 | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/28, Continuously Callable @100 | 8250 | 8318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 3/1/30, Continuously Callable @100 | 20000 | 20271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/30, Continuously Callable @100 | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/31, Continuously Callable @100 | 1875 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/32, Pre-refunded 8/15/26 @ 100 | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33, Pre-refunded 8/15/26 @ 100 | 1155 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34, Pre-refunded 8/15/26 @ 100 | 1000 | 1068 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | $3500 | $3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/35, Continuously Callable @100 | 1100 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/35, Continuously Callable @100 | 4000 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 600 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/35, Continuously Callable @100 | 5000 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/36, Continuously Callable @100 | 1400 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36, Continuously Callable @100 | 3000 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/37, Continuously Callable @100 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @100 | 700 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/39, Continuously Callable @100 | 700 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/1/39, (Put Date 10/1/29) (c) | 14000 | 12876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/40, Continuously Callable @100 | 1000 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/31, Continuously Callable @100 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/32, Continuously Callable @100 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/34, Pre-refunded 9/1/24 @ 100 | 3385 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/34, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/34, Continuously Callable @100 | 3700 | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/35, Continuously Callable @100 | 3000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/39, Continuously Callable @100 | 1850 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/40, Continuously Callable @100 | 3780 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/41, Continuously Callable @100 | 1935 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/43, Continuously Callable @100 | 2105 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/36, Continuously Callable @100 | 18000 | 18060 |
| Illinois Municipal Electric Agency Revenue, Series A, 4.00%, 2/1/33, Continuously Callable @100 | 14650 | 14930 |
| Illinois Sports Facilities Authority Revenue, 5.00%, 6/15/30, Continuously Callable @100 | 1025 | 1052 |
| Illinois Sports Facilities Authority Revenue (INS - Assured Guaranty Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/30, Continuously Callable @100 | 3000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/31, Continuously Callable @100 | 5000 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/32, Continuously Callable @100 | 5000 | 5116 |
| Illinois State Toll Highway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/32, Continuously Callable @100 | 5000 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 5870 | 6189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Continuously Callable @100 | 5600 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/36, Continuously Callable @100 | 7000 | 7372 |
| Kane Cook & DuPage Counties School District No. U-46 Elgin, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 1/1/32, Continuously Callable @100 | 2800 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 1/1/33, Continuously Callable @100 | 4000 | 4074 |
| Kendall Kane & Will Counties Community Unit School District No. 308, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/35, Continuously Callable @100 | 5000 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/36, Continuously Callable @100 | 6000 | 6355 |
| Madison County Community Unit School District No. 7 Edwardsville, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1210 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1250 | 1309 |
| Madison-Macoupin Etc Counties Community College District No. 536, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/31, Continuously Callable @100 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/32, Continuously Callable @100 | 2000 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/33, Continuously Callable @100 | 750 | 804 |
| Metropolitan Pier & Exposition Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/42, Continuously Callable @100 | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/42, Continuously Callable @100 | 8000 | 7048 |
| Metropolitan Pier & Exposition Authority Revenue (INS - Assured Guaranty Municipal Corp.), 6/15/26(d) | 5000 | 4396 |
| Northern Illinois Municipal Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/31, Continuously Callable @100 | 1800 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/32, Continuously Callable @100 | 2100 | 2145 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/33, Continuously Callable @100 | $4000 | $4067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/35, Continuously Callable @100 | 5000 | 5028 |
| Northern Illinois University Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/43, Continuously Callable @100 | 1300 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 4/1/35, Continuously Callable @100 | 1200 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 4/1/39, Continuously Callable @100 | 1375 | 1313 |
| Regional Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/34, Continuously Callable @100 | 23160 | 23862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/35, Continuously Callable @100 | 11650 | 11923 |
| Sales Tax Securitization Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/38, Continuously Callable @100 | 5060 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/39, Continuously Callable @100 | 1750 | 1635 |
| Sangamon County School District No. 186 Springfield, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/24 | 1040 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/25, Pre-refunded 2/1/24 @ 100 | 1435 | 1465 |
| Sangamon County School District No. 186 Springfield, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/24 | 2660 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/25, Continuously Callable @100 | 5765 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/26, Continuously Callable @100 | 4215 | 4292 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 2/1/31, Continuously Callable @100 | 9000 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/25 | 11000 | 11295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/28 | 3000 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/32, Continuously Callable @100 | 10000 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/1/27 | 6705 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/1/28, Continuously Callable @100 | 5795 | 5979 |
| State of Illinois, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/30, Continuously Callable @100 | 7000 | 7022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/29, Continuously Callable @100 | 10000 | 10027 |
| University of Illinois Revenue, Series A, 4.00%, 4/1/33, Continuously Callable @100 | 12475 | 12600 |
| Village of Bolingbrook, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/29, Continuously Callable @100 | 1750 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/30, Continuously Callable @100 | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/31, Continuously Callable @100 | 2400 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32, Continuously Callable @100 | 2350 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/33, Continuously Callable @100 | 1450 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/38, Continuously Callable @100 | 1500 | 1545 |
| Village of Gilberts Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 3/1/30, Continuously Callable @100 | 5221 | 5445 |
| Village of Rosemont, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/25 | 2010 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/26 | 2110 | 2294 |
| Volo Village Special Service Area No. 3 & 6 Special Tax (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/34, Continuously Callable @100 | 2992 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/36, Continuously Callable @100 | 1250 | 1250 |
| Will County Community High School District No. 210 Lincoln-Way, GO, 4.00%, 1/1/34, Continuously Callable @100 | 650 | 656 |
| Williamson Jackson Etc Counties Community Unit School District No. 4, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1835 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1925 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/30, Continuously Callable @100 | 2025 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 6000 | 6359 |
|  |  | 628042 |
| **Indiana (2.3%):** |  |  |
| City of Rockport Revenue, Series A, 3.05%, 6/1/25 | 5750 | 5714 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Hammond Multi-School Building Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/33, Continuously Callable @100 | $1165 | $1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/34, Continuously Callable @100 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/35, Continuously Callable @100 | 1250 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/38, Continuously Callable @100 | 3000 | 3119 |
| Indiana Bond Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/30, Continuously Callable @97 (d) | 740 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/30, Continuously Callable @96 (d) | 750 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/31, Continuously Callable @93 (d) | 1490 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32, Continuously Callable @91 (d) | 1400 | 967 |
| Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 12/1/24 | 6000 | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 8/1/29, Continuously Callable @100 | 7000 | 6110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30, Continuously Callable @100 | 1250 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33, Continuously Callable @103 | 2000 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/35, Continuously Callable @100 | 1210 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/36, Continuously Callable @100 | 1255 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36, Continuously Callable @100 | 3660 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/37, Continuously Callable @100 | 1310 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/38, Continuously Callable @100 | 2045 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 4030 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/38, Continuously Callable @103 | 3000 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39, Continuously Callable @100 | 1625 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 3605 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 2215 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/41, Continuously Callable @100 | 2305 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/42, Continuously Callable @100 | 2400 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/43, Continuously Callable @100 | 1505 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/40, Continuously Callable @100 | 6240 | 6499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/41, Continuously Callable @103 | 8400 | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/42, Continuously Callable @100 | 7240 | 7508 |
| Richmond Hospital Authority Revenue, 5.00%, 1/1/35, Continuously Callable @100 | 6500 | 6667 |
|  |  | 87088 |
| **Iowa (0.6%):** |  |  |
| Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 8/15/35, Continuously Callable @100 | 5425 | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 8/15/36, Continuously Callable @100 | 15105 | 14824 |
| Iowa Higher Education Loan Authority Revenue, 4.75%, 10/1/42, Continuously Callable @100 | 1500 | 1471 |
| Iowa Tobacco Settlement Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 6/1/38, Continuously Callable @100 | 270 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 6/1/39, Continuously Callable @100 | 300 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 6/1/40, Continuously Callable @100 | 200 | 181 |
|  |  | 22406 |
| **Kansas (0.9%):** |  |  |
| City of Manhattan Revenue, Series A, 4.00%, 6/1/36, Continuously Callable @103 | 1640 | 1389 |
| City of Wichita Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 9/1/27, Continuously Callable @100 | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 9/1/33, Continuously Callable @100 | 10000 | 9779 |
| Wyandotte County-Kansas City Unified Government Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/1/35, Continuously Callable @103 (a) | 15000 | 13998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/1/41, Continuously Callable @103 (a) | 10000 | 9545 |
|  |  | 34835 |
| **Kentucky (3.5%):** |  |  |
| City of Ashland Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/35, Continuously Callable @100 | 470 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/36, Continuously Callable @100 | 2410 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/37, Continuously Callable @100 | 1115 | 1036 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| County of Trimble Revenue, 3.75%, 6/1/33, Continuously Callable @100 | $15000 | $15172 |
| Kentucky Economic Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/26 | 5530 | 5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/31, Continuously Callable @100 | 5205 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 10/1/24 (d) | 6130 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.06% (MUNIPSA+140bps), 2/1/46 (b) | 20000 | 20203 |
| Kentucky Municipal Power Agency Revenue, Series A, 3.45%, 9/1/42, (Put Date 3/1/26)(c) | 7000 | 6904 |
| Kentucky Public Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 8/1/52, Callable 5/1/30 @ 100.38 | 13000 | 12734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.09% (SOFR+120bps), 8/1/52, Callable 5/1/30 @ 100 (b) | 7500 | 6959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (c) | 14285 | 14219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-3, 4.71% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (b)(c) | 20000 | 19843 |
| Kentucky State Property & Building Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35, Continuously Callable @100 | 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/36, Continuously Callable @100 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/37, Continuously Callable @100 | 3000 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/32, Continuously Callable @100 | 2000 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/33, Continuously Callable @100 | 2250 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/35, Continuously Callable @100 | 565 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/36, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/37, Continuously Callable @100 | 750 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/38, Continuously Callable @100 | 500 | 494 |
| Louisville/Jefferson County Metropolitan Government Revenue, 1.75%, 2/1/35, (Put Date 7/1/26)(c) | 5000 | 4796 |
|  |  | 133039 |
| **Louisiana (3.1%):** |  |  |
| City of New Orleans Sewerage Service Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100 | 700 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100 | 1150 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100 | 1500 | 1578 |
| City of New Orleans Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33, Pre-refunded 12/1/25 @ 100 | 1500 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Pre-refunded 12/1/25 @ 100 | 1500 | 1595 |
| City of Shreveport Water & Sewer Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33, Continuously Callable @100 | 1515 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 1500 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 1510 | 1579 |
| City of Shreveport Water & Sewer Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/31, Continuously Callable @100 | 5330 | 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/32, Continuously Callable @100 | 5125 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 12/1/30, Continuously Callable @100 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 12/1/31, Continuously Callable @100 | 2000 | 2148 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100 | 18750 | 17479 |
| Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/32, Continuously Callable @100 | 2430 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/32, Pre-refunded 12/15/26 @ 100 | 305 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Pre-refunded 7/1/25 @ 100 | 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 8940 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @100 | 2975 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Pre-refunded 5/15/26 @ 100 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @100 | 2225 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Pre-refunded 7/1/25 @ 100 | 85 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 13465 | 13953 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/35, Continuously Callable @100 | $2000 | $2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/35, Pre-refunded 5/15/26 @ 100 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/35, Continuously Callable @100 | 3465 | 3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/36, Continuously Callable @100 | 1560 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/36, Pre-refunded 5/15/26 @ 100 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/36, Continuously Callable @100 | 1485 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/33, Continuously Callable @100 | 3095 | 3119 |
| Louisiana Public Facilities Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/1/36, Pre-refunded 6/1/25 @ 100 | 2000 | 2105 |
| Louisiana State University & Agricultural & Mechanical College Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/31, Continuously Callable @100 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/32, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/33, Continuously Callable @100 | 1000 | 1006 |
| New Orleans Aviation Board Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35, Continuously Callable @100 | 1840 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 1250 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37, Continuously Callable @100 | 1500 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @100 | 2000 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/38, Continuously Callable @100 | 1300 | 1361 |
| Parish of St. John the Baptist Revenue, 2.20%, 6/1/37, (Put Date 7/1/26)(c) | 6750 | 6199 |
| Tangipahoa Parish Hospital Service District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/38, Continuously Callable @100 | 2375 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/39, Continuously Callable @100 | 2330 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/41, Continuously Callable @100 | 1500 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/42, Continuously Callable @100 | 1500 | 1333 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 5/15/23 | 5000 | 5027 |
|  |  | 118194 |
| **Maine (0.1%):** |  |  |
| Maine Health & Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/24, Pre-refunded 7/1/23 @ 100 | 1635 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26, Pre-refunded 7/1/23 @ 100 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27, Pre-refunded 7/1/23 @ 100 | 1000 | 1010 |
|  |  | 3669 |
| **Maryland (1.3%):** |  |  |
| City of Gaithersburg Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/33, Continuously Callable @104 | 3000 | 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @104 | 1000 | 981 |
| Howard County Housing Commission Revenue, Series A, 1.60%, 6/1/29, Continuously Callable @100 | 3000 | 2684 |
| Maryland Economic Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Continuously Callable @100 | 1250 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/31, Continuously Callable @100 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/32, Continuously Callable @100 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/35, Continuously Callable @100 | 2000 | 2084 |
| Maryland Health & Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/29, Continuously Callable @100 | 1415 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/30, Continuously Callable @100 | 1750 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/31, Continuously Callable @100 | 1585 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/31, Continuously Callable @100 | 3190 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 6505 | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 3600 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 2500 | 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 2200 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/36, Continuously Callable @100 | 5000 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/38, Continuously Callable @100 | 865 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 1500 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 1585 | 1487 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/40, Continuously Callable @100 | $1645 | $1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Continuously Callable @100 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 1310 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1020 |
|  |  | 51175 |
| **Massachusetts (1.7%):** |  |  |
| Massachusetts Clean Water Trust Revenue, Series 11, 4.75%, 8/1/25, Continuously Callable @100 | 110 | 110 |
| Massachusetts Development Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30, Continuously Callable @100 | 2000 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/31, Continuously Callable @100 | 1675 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 1250 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/32, Continuously Callable @105 (a) | 3600 | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/15/33, Continuously Callable @100 | 2155 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 1250 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 895 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 1215 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 800 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @105 (a) | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/38, Continuously Callable @100 | 335 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/38, Continuously Callable @100 | 600 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/41, Continuously Callable @100 | 1010 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/42, Continuously Callable @100 | 3500 | 3769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% (MUNIPSA+60bps), 7/1/49 (a)(b) | 2500 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/31, Continuously Callable @100 | 450 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32, Continuously Callable @100 | 645 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/33, Continuously Callable @100 | 535 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 700 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Continuously Callable @100 | 735 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/36, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/36, Continuously Callable @100 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/38, Continuously Callable @100 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/39, Continuously Callable @100 | 2250 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/35, Continuously Callable @100 | 2300 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/41, Continuously Callable @100 | 2750 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 7/1/36, Continuously Callable @100 | 2105 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/35, Continuously Callable @100 | 5375 | 5664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/36, Continuously Callable @100 | 4415 | 4622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/37, Continuously Callable @100 | 5285 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/38, Continuously Callable @100 | 5000 | 5182 |
|  |  | 66021 |
| **Michigan (1.7%):** |  |  |
| Detroit Downtown Development Authority Tax Allocation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/37, Continuously Callable @100 | 2000 | 2018 |
| Flint Hospital Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/32, Continuously Callable @100 | 2525 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33, Continuously Callable @100 | 2620 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/34, Continuously Callable @100 | 2730 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/35, Continuously Callable @100 | 1635 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 1855 | 1632 |
| Great Lakes Water Authority Water Supply System Revenue, Series D, 4.00%, 7/1/32, Continuously Callable @100 | 13560 | 13803 |
| Livonia Public Schools, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/32, Continuously Callable @100 | 2775 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/33, Continuously Callable @100 | 2875 | 3054 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/34, Continuously Callable @100 | $2965 | $3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35, Continuously Callable @100 | 3065 | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/36, Continuously Callable @100 | 2770 | 2929 |
| Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/34, Continuously Callable @100 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/35, Continuously Callable @100 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/35, Continuously Callable @100 | 6000 | 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36, Continuously Callable @100 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/37, Continuously Callable @100 | 1250 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 2375 | 2086 |
| Michigan Finance Authority Revenue (NBGA - Michigan School Bond Qualification and Loan Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/24 | 2000 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/25 | 1700 | 1782 |
| Michigan State Building Authority Revenue, Series I-A, 5.00%, 10/15/29, Continuously Callable @100 | 3000 | 3049 |
| Summit Academy North Revenue, 4.00%, 11/1/41, Continuously Callable @103 | 2870 | 2398 |
|  |  | 65452 |
| **Minnesota (0.2%):** |  |  |
| City of Minneapolis Revenue, Series A, 5.00%, 11/15/36, Continuously Callable @100 | 5000 | 5235 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29, Pre-refunded 11/15/25 @ 100 | 1750 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30, Pre-refunded 11/15/25 @ 100 | 1275 | 1349 |
|  |  | 8436 |
| **Mississippi (0.6%):** |  |  |
| Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100 | 6000 | 5753 |
| Mississippi Development Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/28, Continuously Callable @100 | 390 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/28, Pre-refunded 4/1/23 @ 100 | 920 | 924 |
| Mississippi Development Bank Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 9/1/30, Continuously Callable @100 | 5860 | 5879 |
| Mississippi Hospital Equipment & Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/36, Continuously Callable @100 | 2240 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @100 | 2260 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39, Continuously Callable @100 | 1850 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/40, Continuously Callable @100 | 2675 | 2496 |
|  |  | 21535 |
| **Missouri (1.3%):** |  |  |
| Cape Girardeau County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32, Continuously Callable @100 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/41, Continuously Callable @100 | 750 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 3/1/33, Continuously Callable @103 | 2075 | 2141 |
| Health & Educational Facilities Authority of the State of Missouri Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/29, Continuously Callable @104 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/30, Continuously Callable @100 | 2310 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/32, Continuously Callable @103 | 1555 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/1/33, Continuously Callable @100 | 2350 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/34, Continuously Callable @104 | 2000 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/36, Continuously Callable @103 | 4565 | 4116 |
| Missouri Development Finance Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Continuously Callable @100 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/31, Continuously Callable @100 | 4215 | 4246 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series A-R, 2.90%, 9/1/33, Continuously Callable @102 | $25000 | $23144 |
| St. Louis County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/23 | 305 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 9/1/33, Continuously Callable @100 | 2750 | 2751 |
| Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103 | 1865 | 1923 |
|  |  | 50668 |
| **Montana (0.2%):** |  |  |
| City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100 | 8500 | 8363 |
| **Nebraska (0.9%):** |  |  |
| Central Plains Energy Project Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/53 | 17000 | 17624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36 | 3550 | 3687 |
| Douglas County Hospital Authority No. 3 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28, Continuously Callable @100 | 1250 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30, Continuously Callable @100 | 1600 | 1675 |
| Nebraska Educational Health Cultural & Social Services Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/35, Continuously Callable @102 | 795 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/36, Continuously Callable @102 | 1240 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @102 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/38, Continuously Callable @102 | 1295 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39, Continuously Callable @102 | 1800 | 1803 |
| Public Power Generation Agency Revenue, 5.00%, 1/1/37, Continuously Callable @100 | 2400 | 2486 |
|  |  | 32970 |
| **Nevada (1.9%):** |  |  |
| City of Carson City Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/29, Continuously Callable @100 | 620 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/33, Continuously Callable @100 | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 1950 | 1982 |
| City of North Las Vegas, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/35, Continuously Callable @100 | 1870 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/37, Continuously Callable @100 | 7345 | 7345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/38, Continuously Callable @100 | 6135 | 6076 |
| City of Sparks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.50%, 6/15/24 (a) | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.75%, 6/15/28 (a) | 1500 | 1347 |
| County of Clark Department of Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | 3660 | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | 2220 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 7/1/32, Continuously Callable @100 | 20470 | 21136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 7/1/33, Continuously Callable @100 | 10845 | 11199 |
| Las Vegas Convention & Visitors Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/33, Continuously Callable @100 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/34, Continuously Callable @100 | 4560 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/35, Continuously Callable @100 | 5075 | 5098 |
|  |  | 72088 |
| **New Hampshire (0.4%):** |  |  |
| New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/41, Continuously Callable @103 | 5100 | 4311 |
| New Hampshire Health and Education Facilities Authority Act Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/34, Continuously Callable @100 | 2880 | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/35, Continuously Callable @100 | 2700 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/36, Continuously Callable @100 | 2000 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/37, Continuously Callable @100 | 1500 | 1554 |
|  |  | 13817 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **New Jersey (6.7%):** |  |  |
| Casino Reinvestment Development Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29, Continuously Callable @100 | $1000 | $1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30, Continuously Callable @100 | 1000 | 1033 |
| City of Atlantic City, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 3/1/32, Continuously Callable @100 | 1660 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 3/1/37, Continuously Callable @100 | 1250 | 1317 |
| City of Atlantic City, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/32, Continuously Callable @100 | 630 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/37, Continuously Callable @100 | 750 | 787 |
| City of Bayonne, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Pre-refunded 7/1/26 @ 100 | 1135 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Pre-refunded 7/1/26 @ 100 | 1000 | 1081 |
| City of Newark Mass Transit Access Tax Revenue (INS - Assured Guaranty Corp.), 5.00%, 11/15/42, Continuously Callable @100 | 1000 | 1054 |
| Essex County Improvement Authority Revenue, 4.00%, 6/15/38, Continuously Callable @100 | 550 | 511 |
| New Brunswick Parking Authority Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/35, Continuously Callable @100 | 1455 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36, Continuously Callable @100 | 2000 | 2134 |
| New Jersey Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100 | 400 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100 | 600 | 628 |
| New Jersey Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (MUNIPSA+155bps), 9/1/27, Callable 3/1/23 @ 100 (b) | 10000 | 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (b) | 10000 | 10093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36, Continuously Callable @100 | 2000 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/38, Continuously Callable @100 | 1500 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/39, Continuously Callable @100 | 2000 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/25 | 5125 | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.13%, 7/1/29, Continuously Callable @100 | 665 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.38%, 7/1/30, Continuously Callable @100 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/15/36, Continuously Callable @100 | 16455 | 17255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/15/37, Continuously Callable @100 | 16280 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW, 5.25%, 6/15/33, Continuously Callable @100 | 9000 | 9333 |
| New Jersey Economic Development Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/15/25, Continuously Callable @100 | 10000 | 10255 |
| New Jersey Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/28, Continuously Callable @100 | 5740 | 6178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/29, Continuously Callable @100 | 4000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/30, Continuously Callable @100 | 3000 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/31, Continuously Callable @100 | 4590 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/32, Continuously Callable @100 | 8075 | 8638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/33, Continuously Callable @100 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/33, Pre-refunded 7/1/26 @ 100 | 350 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/34, Continuously Callable @100 | 260 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/34, Pre-refunded 7/1/26 @ 100 | 490 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/35, Continuously Callable @100 | 975 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/35, Pre-refunded 7/1/26 @ 100 | 275 | 288 |
| New Jersey Educational Facilities Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 3000 | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 3350 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/36, Continuously Callable @100 | 1800 | 1809 |
| New Jersey Health Care Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/33, Continuously Callable @100 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34, Continuously Callable @100 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 2620 | 2741 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| New Jersey Health Care Facilities Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/27, Continuously Callable @100 | $2000 | $2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30, Continuously Callable @100 | 1500 | 1540 |
| New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/30, Continuously Callable @100 | 3000 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/31, Continuously Callable @100 | 3000 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/42, Continuously Callable @100 | 9195 | 9558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/15/25 (d) | 20000 | 18014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/33, Continuously Callable @100 | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/35, Continuously Callable @100 | 1050 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/15/38 (d) | 11405 | 5219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.25%, 6/15/33, Continuously Callable @100 | 2000 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.25%, 6/15/34, Continuously Callable @100 | 3000 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 4.00%, 6/15/36, Continuously Callable @100 | 2500 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 4.00%, 6/15/37, Continuously Callable @100 | 2250 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00%, 6/15/31, Continuously Callable @100 | 2500 | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00%, 6/15/34, Continuously Callable @100 | 10000 | 10575 |
| New Jersey Turnpike Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 10000 | 10324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Continuously Callable @100 | 4725 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/35, Continuously Callable @100 | 3500 | 3571 |
| Newark Housing Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/29, Continuously Callable @100 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/30, Continuously Callable @100 | 750 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/31, Continuously Callable @100 | 500 | 510 |
| South Jersey Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/1/42, Continuously Callable @100 | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/30, Continuously Callable @100 | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/31, Continuously Callable @100 | 750 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/34, Continuously Callable @100 | 1085 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/40, Continuously Callable @100 | 4300 | 3806 |
| State of New Jersey, GO, Series A, 4.00%, 6/1/31 | 3570 | 3847 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 6/1/36, Continuously Callable @100 | 5000 | 5149 |
|  |  | 252727 |
| **New Mexico (0.3%):** |  |  |
| City of Farmington Revenue, Series B, 2.15%, 4/1/33, Continuously Callable @101 | 10000 | 8114 |
| City of Santa Fe Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @103 | 625 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/39, Continuously Callable @103 | 480 | 442 |
| New Mexico Hospital Equipment Loan Council Revenue, 5.00%, 7/1/39, Continuously Callable @102 | 1075 | 956 |
| Village of Los Ranchos de Albuquerque Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/35, Continuously Callable @100 | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40, Continuously Callable @100 | 1200 | 1111 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.00%, 5/1/33, Continuously Callable @103(a) | 600 | 527 |
| Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103(a) | 1000 | 826 |
|  |  | 12864 |
| **New York (5.1%):** |  |  |
| Allegany County Capital Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/32, Continuously Callable @100 | 1390 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/37, Continuously Callable @100 | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/42, Continuously Callable @100 | 1925 | 1929 |
| Build NYC Resource Corp. Revenue, Series A, 5.00%, 7/1/42, Continuously Callable @100 | 500 | 503 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| City of Newburgh, GO, Series B, 5.00%, 6/15/23, Continuously Callable @100 | $575 | $576 |
| County of Nassau, GO, Series A, 5.00%, 1/1/36, Continuously Callable @100 | 1150 | 1221 |
| Erie County Industrial Development Agency Revenue, 5.00%, 5/1/28, Continuously Callable @100 | 2000 | 2014 |
| Hudson Yards Infrastructure Corp. Revenue, Series A, 5.00%, 2/15/38, Continuously Callable @100 | 2500 | 2613 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/35, Continuously Callable @100 | 9040 | 8314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.68% (SOFR+80bps), 11/1/32 (b) | 3000 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c) | 7315 | 7771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/29, Continuously Callable @100 | 7030 | 7398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 4.00%, 11/15/32, Continuously Callable @100 | 9300 | 8940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/34, Continuously Callable @100 | 6295 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/36, Continuously Callable @100 | 3705 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00%, 11/15/34, Continuously Callable @100 | 2000 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 11/15/34, Continuously Callable @100 | 2000 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 11/15/35, Continuously Callable @100 | 3000 | 3035 |
| Metropolitan Transportation Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A-1, 4.00%, 11/15/41, Continuously Callable @100 | 9820 | 9043 |
| Monroe County Industrial Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38, Continuously Callable @100 | 1200 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/39, Continuously Callable @100 | 1200 | 1087 |
| New York City Municipal Water Finance Authority Revenue, Series DD, 3.75%, 6/15/33, Continuously Callable @100(j) | 1590 | 1590 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/38, Continuously Callable @100 | 1250 | 1238 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 9/15/69, Continuously Callable @100 | 3350 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 15500 | 13893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.10%, 11/15/32, Continuously Callable @100 | 6730 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.20%, 11/15/33, Continuously Callable @100 | 9000 | 7360 |
| New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 (a) | 600 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/40, Continuously Callable @100 (a)(i) | 3480 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/23 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/23 | 735 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/24, Continuously Callable @100 | 735 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @ 100 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/25, Continuously Callable @100 | 1175 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/25, Pre-refunded 5/1/23 @ 100 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/26, Pre-refunded 5/1/23 @ 100 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/26, Continuously Callable @100 | 980 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/36, Continuously Callable @100 | 500 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/37, Continuously Callable @100 | 350 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/38, Continuously Callable @100 | 1250 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/40, Continuously Callable @100 | 750 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/41, Continuously Callable @100 | 21605 | 20924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/42, Continuously Callable @100 | 9250 | 8834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 7/1/40, Continuously Callable @100 | 4535 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/15/32, Pre-refunded 2/15/25 @ 100 | 5 | 5 |
| New York State Dormitory Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/27, Continuously Callable @100 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/28, Continuously Callable @100 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29, Continuously Callable @100 | 1300 | 1345 |
| New York State Urban Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/39, Continuously Callable @100 | 5000 | 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 3/15/39, Continuously Callable @100 | 5785 | 5673 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Niagara Falls City School District Certificate of Participation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/23 | $1670 | $1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/24 | 1450 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/25, Continuously Callable @100 | 1670 | 1712 |
| Saratoga County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/28, Continuously Callable @100 | 790 | 804 |
| Town of Oyster Bay, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/24 | 5415 | 5477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/25 | 9750 | 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/26 | 3000 | 3113 |
| Village of Johnson City, GO, Series C, 5.25%, 9/29/23 | 1550 | 1556 |
| Westchester County Local Development Corp. Revenue, 5.00%, 1/1/28, Continuously Callable @100 | 1350 | 1350 |
|  |  | 193283 |
| **North Carolina (0.2%):** |  |  |
| North Carolina Medical Care Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | 935 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30, Continuously Callable @100 | 1850 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/40, Continuously Callable @103 | 1050 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/45, Continuously Callable @103 | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/40, Continuously Callable @100 | 3050 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/40, Continuously Callable @103 | 600 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @103 | 1800 | 1764 |
|  |  | 9474 |
| **North Dakota (0.3%):** |  |  |
| City of Grand Forks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36, Continuously Callable @100 | 2475 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38, Continuously Callable @100 | 1100 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/40, Continuously Callable @100 | 1700 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 1750 | 1558 |
| County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100 | 4500 | 4137 |
|  |  | 10563 |
| **Ohio (3.1%):** |  |  |
| Akron Bath Copley Joint Township Hospital District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 1000 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/37, Continuously Callable @100 | 800 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/38, Continuously Callable @100 | 500 | 454 |
| City of Centerville Revenue, 5.25%, 11/1/37, Continuously Callable @100 | 2250 | 2197 |
| County of Allen Hospital Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/40, Continuously Callable @100 | 7500 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/36, Continuously Callable @100 | 5000 | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/37, Continuously Callable @100 | 10800 | 10480 |
| County of Cuyahoga Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/29, Continuously Callable @100 | 7430 | 7378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/37, Continuously Callable @100 | 4000 | 4078 |
| County of Hamilton Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31, Continuously Callable @100 | 1350 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 1400 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/39, Continuously Callable @100 | 1375 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/40, Continuously Callable @100 | 1100 | 1125 |
| County of Hamilton Sales Tax Revenue (INS - AMBAC Assurance Corp.), Series B, 12/1/25(d) | 4365 | 4014 |
| County of Hardi Revenue, 5.25%, 5/1/40, Continuously Callable @103 | 2000 | 1850 |
| County of Montgomery Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/36, Continuously Callable @100 | 7000 | 5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37, Continuously Callable @100 | 2200 | 2248 |
| County of Ross Revenue, 5.00%, 12/1/39, Continuously Callable @100 | 2405 | 2446 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Dayton City School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28 | $2805 | $3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29 | 3655 | 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | 3160 | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | 2000 | 2334 |
| Ohio Higher Educational Facility Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/31, Continuously Callable @100 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/33, Continuously Callable @100 | 500 | 519 |
| Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/29, Continuously Callable @100 | 2000 | 2005 |
| Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100 | 9535 | 9490 |
| Southeastern Ohio Port Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/29, Continuously Callable @100 | 750 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 750 | 716 |
| State of Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/34, Continuously Callable @100 | 7210 | 7458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/35, Continuously Callable @100 | 6000 | 6172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/36, Continuously Callable @100 | 3070 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 1260 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/38, Continuously Callable @100 | 1270 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/40, Continuously Callable @100 | 655 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/38, Continuously Callable @100 | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/40, Continuously Callable @100 | 1800 | 1697 |
| Village of Bluffton Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31, Continuously Callable @100 | 1500 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/32, Continuously Callable @100 | 1500 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/33, Continuously Callable @100 | 1600 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/34, Continuously Callable @100 | 1795 | 1755 |
|  |  | 116260 |
| **Oklahoma (0.2%):** |  |  |
| Oklahoma Development Finance Authority Revenue, Series B, 5.00%, 8/15/33, Continuously Callable @100 | 4100 | 3828 |
| Pontotoc County Educational Facilities Authority Revenue, 4.00%, 9/1/40, Continuously Callable @100 | 2000 | 1864 |
| Tulsa County Industrial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28, Continuously Callable @102 | 940 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30, Continuously Callable @102 | 1780 | 1804 |
|  |  | 8452 |
| **Oregon (0.1%):** |  |  |
| Clackamas County Hospital Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32, Continuously Callable @102 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37, Continuously Callable @102 | 500 | 504 |
| Oregon State Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 275 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @100 | 1750 | 1779 |
| Salem Hospital Facility Authority Revenue, 4.00%, 5/15/40, Continuously Callable @103 | 800 | 656 |
|  |  | 3734 |
| **Pennsylvania (8.1%):** |  |  |
| Allegheny County Hospital Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/35, Continuously Callable @100 | 7315 | 7699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/36, Continuously Callable @100 | 8000 | 8367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/38, Continuously Callable @100 | 1500 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/39, Continuously Callable @100 | 3495 | 3293 |
| Allegheny County Sanitary Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/33, Continuously Callable @100 | 1500 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/34, Continuously Callable @100 | 1475 | 1507 |
| Berks County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/33, Continuously Callable @100 | 1300 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/34, Continuously Callable @100 | 2000 | 1563 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/35, Continuously Callable @100 | $3000 | $2306 |
| Bucks County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30, Continuously Callable @103 | 325 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/31, Continuously Callable @103 | 450 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @103 | 2260 | 2242 |
| Butler County Hospital Authority Revenue, 5.00%, 7/1/35, Continuously Callable @100 | 1885 | 1908 |
| Chester County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34, Continuously Callable @100 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 10/15/42, Continuously Callable @100 (a) | 8875 | 8676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 10/15/37, Continuously Callable @100 | 2750 | 2610 |
| Commonwealth Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/33, Continuously Callable @100 | 1250 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Continuously Callable @100 | 2000 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/34, Continuously Callable @100 | 5000 | 5229 |
| Commonwealth of Pennsylvania Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 1350 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 750 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/37, Continuously Callable @100 | 800 | 858 |
| County of Beaver, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 | 695 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29, Pre-refunded 4/15/28 @ 100 | 600 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/30, Pre-refunded 4/15/28 @ 100 | 510 | 543 |
| County of Beaver, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 | 2195 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29, Continuously Callable @100 | 1900 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/30, Continuously Callable @100 | 4490 | 4649 |
| County of Lehigh Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37, Continuously Callable @100 | 2000 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 2000 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 2000 | 1860 |
| County of Luzerne, GO (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 11/15/29, Continuously Callable @100 | 5000 | 5258 |
| Cumberland County Municipal Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/36, Continuously Callable @100 | 1250 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/37, Continuously Callable @100 | 2130 | 2078 |
| Dauphin County General Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/30, Continuously Callable @100 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/31, Continuously Callable @100 | 1000 | 1024 |
| Delaware County Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 1200 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 2220 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/39, Continuously Callable @100 | 2250 | 2237 |
| Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/34, Continuously Callable @100 | 3000 | 3251 |
| Lancaster Higher Education Authority Revenue, 5.00%, 10/1/42, Continuously Callable @100 | 3360 | 3381 |
| Latrobe IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/40, Continuously Callable @100 | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/41, Continuously Callable @100 | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/46, Continuously Callable @100 | 750 | 628 |
| Montgomery County Higher Education & Health Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/34, Continuously Callable @100 | 1750 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/35, Continuously Callable @100 | 1850 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/36, Continuously Callable @100 | 1100 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/37, Continuously Callable @100 | 1000 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 1750 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/38, Continuously Callable @100 | 900 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/39, Continuously Callable @100 | 1000 | 944 |
| Montour School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 4/1/33, Continuously Callable @100 | 1000 | 1056 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 4/1/34, Continuously Callable @100 | $1500 | $1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 4/1/35, Continuously Callable @100 | 1500 | 1578 |
| Northampton County General Purpose Authority Revenue, 4.10% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24)(b)(c) | 4645 | 4653 |
| Northeastern Pennsylvania Hospital & Education Authority Revenue, Series A, 5.00%, 3/1/37, Continuously Callable @100 | 1525 | 1540 |
| Pennsylvania Economic Development Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33, Continuously Callable @103 | 1750 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41, Continuously Callable @103 | 1050 | 890 |
| Pennsylvania Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/25, Continuously Callable @100 | 1730 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/26, Pre-refunded 7/15/23 @ 100 | 2020 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/27, Pre-refunded 7/15/23 @ 100 | 2125 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/28, Pre-refunded 7/15/23 @ 100 | 2245 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/15/30, Pre-refunded 7/15/23 @ 100 | 2415 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100 | 1965 | 1988 |
| Pennsylvania Turnpike Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Continuously Callable @100 | 10655 | 11079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/36, Continuously Callable @100 | 8255 | 8531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36, Continuously Callable @100 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/37, Continuously Callable @100 | 1500 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38, Continuously Callable @100 | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/32, Continuously Callable @100 | 1500 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/33, Continuously Callable @100 | 4345 | 4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/34, Continuously Callable @100 | 3000 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/35, Continuously Callable @100 | 3320 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/36, Continuously Callable @100 | 3690 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/32, Continuously Callable @100 | 3500 | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/33, Continuously Callable @100 | 7145 | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/34, Continuously Callable @100 | 20000 | 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/34, Continuously Callable @100 | 6250 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/34, Continuously Callable @100 | 2000 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/35, Continuously Callable @100 | 5700 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/35, Continuously Callable @100 | 2000 | 2108 |
| Philadelphia IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35, Continuously Callable @100 | 750 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/36, Continuously Callable @100 | 1500 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/38, Continuously Callable @100 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/40, Continuously Callable @100 (a) | 900 | 858 |
| Pittsburgh Water & Sewer Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/1/34, Continuously Callable @100 | 1750 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/1/35, Continuously Callable @100 | 300 | 300 |
| Reading School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 2000 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/37, Continuously Callable @100 | 1500 | 1578 |
| School District of Philadelphia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/34, Continuously Callable @100 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/35, Continuously Callable @100 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36, Continuously Callable @100 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/37, Continuously Callable @100 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/38, Continuously Callable @100 | 1700 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/39, Continuously Callable @100 | 1600 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/31, Continuously Callable @100 | 9895 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/32, Continuously Callable @100 | 5000 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/33, Continuously Callable @100 | 4000 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/34, Continuously Callable @100 | 5100 | 5371 |
| School District of the City of Erie, GO (INS - Assured Guaranty Municipal Corp.), Series A, 4.00%, 4/1/33, Continuously Callable @100 | 1150 | 1197 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Scranton School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 12/1/32, Continuously Callable @100 | $1000 | $1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 12/1/33, Continuously Callable @100 | 1600 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 12/1/35, Continuously Callable @100 | 750 | 803 |
| State Public School Building Authority Revenue, 5.00%, 6/1/29, Continuously Callable @100 | 10000 | 10529 |
| State Public School Building Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Continuously Callable @100 | 6100 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/31, Continuously Callable @100 | 13085 | 13364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/31, Pre-refunded 12/1/26 @ 100 | 2295 | 2409 |
| The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30)(c) | 3300 | 2813 |
| Westmoreland County IDA Revenue, Series A, 4.00%, 7/1/37, Continuously Callable @100 | 1400 | 1253 |
| Wilkes-Barre Finance Authority Revenue, 4.00%, 3/1/42, Continuously Callable @100 | 2600 | 2168 |
|  |  | 308271 |
| **Rhode Island (0.4%):** |  |  |
| Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100 | 2000 | 2039 |
| Rhode Island Turnpike & Bridge Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/33, Continuously Callable @100 | 1350 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 4345 | 4611 |
| Tobacco Settlement Financing Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/28, Continuously Callable @100 | 2000 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/29, Continuously Callable @100 | 2000 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Continuously Callable @100 | 2500 | 2552 |
|  |  | 14724 |
| **South Carolina (1.0%):** |  |  |
| Lexington County Health Services District, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/31, Continuously Callable @100 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/32, Continuously Callable @100 | 1000 | 1002 |
| Patriots Energy Group Financing Agency Revenue, Series B, 3.79% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24)(b)(c) | 20000 | 20002 |
| South Carolina Public Service Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/34, Continuously Callable @100 | 9835 | 10223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/35, Continuously Callable @100 | 7000 | 7235 |
|  |  | 39467 |
| **Tennessee (0.8%):** |  |  |
| Greeneville Health & Educational Facilities Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Continuously Callable @100 | 2710 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 3000 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 3500 | 3621 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 5.00%, 7/1/40, Continuously Callable @100 | 5500 | 5635 |
| New Memphis Arena Public Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/32, Continuously Callable @98 (d) | 875 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/33, Continuously Callable @96 (d) | 875 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/34, Continuously Callable @94 (d) | 875 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/35, Continuously Callable @92 (d) | 875 | 521 |
| Tennergy Corp. Revenue, Series A, 5.50%, 10/1/53 | 12500 | 13173 |
|  |  | 30631 |
| **Texas (9.6%):** |  |  |
| Austin Convention Enterprises, Inc. Revenue, 5.00%, 1/1/34, Continuously Callable @100 | 1105 | 1130 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | 2740 | 2781 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/27, Continuously Callable @100 | $2990 | $3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1640 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1600 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/30, Continuously Callable @100 | 1700 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/1/35, Continuously Callable @100 | 5150 | 5201 |
| Central Texas Regional Mobility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/24 (d) | 7000 | 6746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 (d) | 2535 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Pre-refunded 7/1/25 @ 100 | 1250 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Pre-refunded 7/1/25 @ 100 | 1100 | 1159 |
| Central Texas Turnpike System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 8/15/33, Continuously Callable @100 | 10000 | 10271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 8/15/34, Continuously Callable @100 | 8500 | 8706 |
| City of Arlington Special Tax (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/34, Continuously Callable @100 | 1500 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/35, Continuously Callable @100 | 1500 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/36, Continuously Callable @100 | 3100 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/37, Continuously Callable @100 | 3305 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/38, Continuously Callable @100 | 4380 | 4592 |
| City of Corpus Christi Utility System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/32, Continuously Callable @100 | 1800 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/33, Continuously Callable @100 | 1100 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/34, Continuously Callable @100 | 1050 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/35, Continuously Callable @100 | 1000 | 1011 |
| City of Houston Hotel Occupancy Tax & Special Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/29, Continuously Callable @100 | 2300 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/32, Continuously Callable @100 | 5615 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/33, Continuously Callable @100 | 5345 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/34, Continuously Callable @100 | 2150 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/35, Continuously Callable @100 | 1575 | 1608 |
| City of Laredo Waterworks & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/32, Continuously Callable @100 | 740 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/33, Continuously Callable @100 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/34, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/36, Continuously Callable @100 | 1500 | 1516 |
| Clifton Higher Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/38, Continuously Callable @100 | 1085 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/39, Continuously Callable @100 | 1130 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/40, Continuously Callable @100 | 1180 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/41, Continuously Callable @100 | 1225 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/42, Continuously Callable @100 | 1035 | 943 |
| Clifton Higher Education Finance Corp. Revenue (NBGA - Texas Permanent School Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/33, Continuously Callable @100 | 2130 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/34, Continuously Callable @100 | 2275 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/35, Continuously Callable @100 | 2375 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/36, Continuously Callable @100 | 3710 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/37, Continuously Callable @100 | 3860 | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/38, Continuously Callable @100 | 4015 | 3928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/39, Continuously Callable @100 | 4305 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/32, Continuously Callable @100 | 1300 | 1320 |
| Dallas/Fort Worth International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.25%, 11/1/28, Continuously Callable @100 | 2000 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.25%, 11/1/29, Continuously Callable @100 | 7500 | 7647 |
| Harris County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28, Continuously Callable @100 | 1400 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-2, 4.23% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (b)(c) | 3330 | 3357 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Harris County Municipal Utility District No. 165, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/30, Continuously Callable @100 | $750 | $776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/31, Continuously Callable @100 | 2030 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32, Continuously Callable @100 | 2500 | 2588 |
| Karnes County Hospital District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/29, Continuously Callable @100 | 4000 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/34, Continuously Callable @100 | 4000 | 4074 |
| Main Street Market Square Redevelopment Authority Tax Allocation (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/29, Continuously Callable @100 | 1215 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30, Continuously Callable @100 | 1380 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/32, Continuously Callable @100 | 1500 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/33, Continuously Callable @100 | 2680 | 2798 |
| Matagorda County Navigation District No. 1 Revenue, 4.00%, 6/1/30, Continuously Callable @100 | 5405 | 5359 |
| Mesquite Health Facilities Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/26 (h)(k) | 3100 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/35, Continuously Callable @100 (h)(k) | 1075 | 852 |
| New Hope Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31, Continuously Callable @102 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/36, Continuously Callable @102 | 1475 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30 (h) | 7500 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35 (h) | 9000 | 7200 |
| Newark Higher Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/32, Continuously Callable @100 | 1635 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/33, Continuously Callable @100 | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/34, Continuously Callable @100 | 4470 | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/35, Continuously Callable @100 | 1650 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/36, Continuously Callable @100 | 2150 | 2104 |
| North East Texas Regional Mobility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 7000 | 7074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/36, Continuously Callable @100 | 5485 | 5545 |
| North Texas Tollway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/44, Continuously Callable @100 | 1085 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32, Continuously Callable @100 | 8000 | 8350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 1515 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/39, Continuously Callable @100 | 13535 | 13266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/31, Continuously Callable @100 | 1500 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/34, Continuously Callable @100 | 7500 | 7801 |
| North Texas Tollway Authority Revenue (INS - Assured Guaranty Corp.), 1/1/29(d) | 20000 | 16012 |
| North Texas Tollway Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/35, Continuously Callable @100 | 2000 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/36, Continuously Callable @100 | 1695 | 1703 |
| Permanent University Fund - University of Texas System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 2230 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 3250 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 2500 | 2642 |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.75%, 4/1/40, Continuously Callable @100 (j) | 3020 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.77%, 4/1/40, Continuously Callable @100 (j) | 1010 | 1010 |
| San Antonio Education Facilities Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/38, Continuously Callable @100 | 160 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39, Continuously Callable @100 | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/41, Continuously Callable @100 | 895 | 766 |
| San Antonio Housing Trust Finance Corp. Revenue (NBGA - Federal Home Loan Mortgage Corp.), 3.50%, 4/1/43, (Put Date 10/1/28)(c) | 14935 | 15030 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30, Continuously Callable @100 | $2145 | $2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31, Continuously Callable @100 | 2250 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32, Continuously Callable @100 | 2365 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37, Continuously Callable @100 | 2175 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/37, Continuously Callable @100 | 18225 | 18942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/38, Continuously Callable @100 | 19115 | 19800 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/30 | 9835 | 10285 |
| Texas Private Activity Bond Surface Transportation Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/38, Continuously Callable @100 | 3300 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/38, Continuously Callable @100 | 3850 | 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/39, Continuously Callable @100 | 2150 | 1964 |
| Trophy Club Public Improvement District No. 1 Special Assessment (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/1/33, Continuously Callable @100 | 6960 | 7228 |
|  |  | 362571 |
| **Utah (0.2%):** |  |  |
| Jordanelle Special Service District Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12.00%, 8/1/30, Continuously Callable @100 (a) | 2784 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 12.00%, 8/1/30, Continuously Callable @100 (a) | 1524 | 1527 |
| Military Installation Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/36, Continuously Callable @103 | 1045 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 1000 | 789 |
|  |  | 5981 |
| **Vermont (0.3%):** |  |  |
| Vermont Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/33, Continuously Callable @103 | 3950 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/37, Continuously Callable @103 | 4190 | 3524 |
| Vermont Educational & Health Buildings Financing Agency Revenue, Series A, 5.00%, 12/1/36, Continuously Callable @100 | 2500 | 2574 |
|  |  | 9578 |
| **Virgin Islands (0.2%):** |  |  |
| Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/30, Continuously Callable @100(a) | 6500 | 6839 |
| **Virginia (0.6%):** |  |  |
| Chesapeake Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36, Continuously Callable @100 | 1175 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37, Continuously Callable @100 | 1205 | 1166 |
| Stafford County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/33, Continuously Callable @100 | 750 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/34, Continuously Callable @100 | 2620 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/35, Continuously Callable @100 | 1930 | 1983 |
| Virginia College Building Authority Revenue, 4.00%, 2/1/36, Continuously Callable @100 | 3000 | 3063 |
| Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/37, Continuously Callable @103 | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/38, Continuously Callable @103 | 6000 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/39, Continuously Callable @103 | 7000 | 6496 |
|  |  | 23470 |
| **Washington (0.4%):** |  |  |
| Washington Health Care Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Continuously Callable @100 | 2355 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/35, Continuously Callable @100 | 1775 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 2250 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/36, Continuously Callable @100 | 2500 | 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37, Continuously Callable @100 | 3125 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/37, Continuously Callable @100 | 2400 | 2447 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Washington State Housing Finance Commission Revenue, Series A-1, 3.50%, 12/20/35 | $2638 | $2322 |
|  |  | 16925 |
| **West Virginia (0.4%):** |  |  |
| West Virginia Hospital Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/33, Continuously Callable @100 | 1850 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Continuously Callable @100 | 2970 | 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35, Continuously Callable @100 | 2920 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Continuously Callable @100 | 2405 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 2065 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/38, Continuously Callable @100 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/39, Continuously Callable @100 | 1000 | 1011 |
|  |  | 14665 |
| **Wisconsin (1.5%):** |  |  |
| Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/25 (a) | 230 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/29 (a) | 890 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/29, Continuously Callable @100 (a) | 260 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/29, Continuously Callable @103 (a) | 1250 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/30 (a) | 950 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/34, Continuously Callable @100 (a) | 3520 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/37, Continuously Callable @102 (a) | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/39, Continuously Callable @100 (a) | 410 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/39, Continuously Callable @103 (a) | 2230 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/40, Continuously Callable @100 | 3500 | 3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/40, Continuously Callable @100 (a) | 1175 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41, Continuously Callable @100 (a) | 675 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/42, Continuously Callable @103 | 1150 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/42, Continuously Callable @100 (a) | 900 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/43, Continuously Callable @100 | 4185 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/45, Continuously Callable @100 | 3275 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/1/38, Continuously Callable @100 | 3250 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/41, Continuously Callable @100 | 770 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/41, Continuously Callable @103 | 4480 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.05%, 11/1/30, Continuously Callable @100 | 1500 | 1482 |
| Wisconsin Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/27 | 360 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/28, Continuously Callable @103 | 370 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/29, Continuously Callable @103 | 390 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/30, Continuously Callable @103 | 405 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/36, Continuously Callable @103 | 530 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 9830 | 9649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @103 | 1460 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/40, Continuously Callable @100 | 750 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/41, Continuously Callable @103 | 510 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 850 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 4/15/31, Pre-refunded 4/15/23 @ 100 | 5000 | 5031 |
| Wisconsin Health & Educational Facilities Authority Revenue (INS - Assured Guaranty Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/35, Continuously Callable @100 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/37, Continuously Callable @100 | 1000 | 983 |
|  |  | 55848 |
| **Total Municipal Bonds (Cost $3,881,268)** |  | 3758352 |
| **Total Investments (Cost $3,881,268) — 99.0%** |  | 3758352 |
| **Other assets in excess of liabilities — 1.0%** |  | 36749 |
| **NET ASSETS - 100.00%** |  | $3795101 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

(a) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $114,624 thousands and amounted to 3.0% of net assets.

(b) Variable or Floating-Rate
 Security. Rate disclosed is as of December 31, 2022.

(c) Put Bond.

(d) Zero-coupon bond.

(e) Stepped-coupon
 security converts to coupon form on 11/1/25 with a rate of 4.00%

(f) Stepped-coupon
 security converts to coupon form on 11/1/25 with a rate of 4.35%

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

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

(i) The Fund's Adviser
 has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At December 31, 2022, illiquid
 securities were 0.2% of the Fund's net assets.

(j) Variable Rate
 Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(k) Issuer filed
 for bankruptcy.

AMBAC—American Municipal Bond Assurance Corporation

bps—Basis points

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

GO—General Obligation

IDA—Industrial Development Authority

LIBOR—London Interbank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security

MUNIPSA—Municipal Swap Index

SOFR—Secured Overnight Financing Rate

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

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Corporate Bonds (0.1%)** | **Corporate Bonds (0.1%)** | **Corporate Bonds (0.1%)** |
| **Industrials (0.1%):** |  |  |
| Northwest Senior Housing Corp. - Edgemere Project, Promissory Note, DIP Loan, 10.00%, 12/31/23 (a)(b) | $992 | $992 |
| **Total Corporate Bonds (Cost $992)** |  | 992 |
| **Municipal Bonds (98.4%)** |  |  |
| **Alabama (0.6%):** |  |  |
| DCH Healthcare Authority Revenue, Series A, 4.00%, 6/1/51, Continuously Callable @100 | 4000 | 3465 |
| Homewood Educational Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/47, Continuously Callable @100 | 4500 | 4571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/51, Continuously Callable @100 | 3000 | 2542 |
|  |  | 10578 |
| **Alaska (0.1%):** |  |  |
| Northern Tobacco Securitization Corp. Revenue, Series A, 4.00%, 6/1/50, Continuously Callable @100 | 1000 | 855 |
| **Arizona (2.0%):** |  |  |
| Arizona IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1725 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 | 600 | 565 |
| City of Phoenix Civic Improvement Corp. Revenue (INS - National Public Finance Guarantee Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 7/1/29 | 1000 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 7/1/30 | 1500 | 1771 |
| Maricopa County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 1600 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/56, Continuously Callable @100 | 1000 | 833 |
| Pinal County Electric District No. 3 Revenue, 4.00%, 7/1/41, Continuously Callable @100 | 10000 | 9640 |
| Tempe IDA Revenue, 4.00%, 12/1/46, Continuously Callable @102 | 2500 | 1753 |
| The City of Phoenix IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/41, Continuously Callable @100 | 1200 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/42, Continuously Callable @100 | 1250 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44, Continuously Callable @100 | 6000 | 6006 |
| The Pima County IDA Revenue, Series A, 6.88%, 11/15/52, Continuously Callable @103(c) | 3750 | 3838 |
| The Pima County IDA Revenue, 4.00%, 6/15/51, Continuously Callable @100(c) | 2500 | 1834 |
| The Pima County IDA Revenue, 4.00%, 9/1/29, Continuously Callable @100 | 3000 | 2989 |
| The Yavapai County IDA Revenue, 4.00%, 8/1/43, Continuously Callable @100 | 1725 | 1575 |
|  |  | 37727 |
| **Arkansas (0.2%):** |  |  |
| Arkansas Development Finance Authority Revenue (INS - AMBAC Assurance Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 (d) | 1000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 (d) | 1165 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 (d) | 1150 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/36 (d) | 2500 | 1456 |
|  |  | 4091 |
| **California (5.1%):** |  |  |
| California Educational Facilities Authority Revenue, Series A, 5.00%, 10/1/52, Continuously Callable @100 | 3000 | 2920 |
| California Health Facilities Financing Authority Revenue, 5.00%, 11/15/56, Continuously Callable @100 | 1000 | 1026 |
| California State Public Works Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Continuously Callable @100 | 2950 | 2977 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/39, Continuously Callable @100 | $3500 | $3640 |
| Cerritos Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/31 (d) | 1000 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/32 (d) | 2500 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/33 (d) | 2175 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/34 (d) | 1000 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/35 (d) | 1500 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/36 (d) | 2200 | 1320 |
| Coachella Valley Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series D, 8/1/41(d) | 8500 | 3816 |
| El Camino Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/34 (d) | 3000 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/38 (d) | 3000 | 1591 |
| El Monte Union High School District, GO (INS - Assured Guaranty Municipal Corp.), 6/1/42 (d) | 10000 | 4315 |
| Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/30, Pre-refunded 6/1/23 @ 100 | 2000 | 2017 |
| Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/35, Continuously Callable @100 | 1440 | 1442 |
| Los Alamitos Unified School District Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/34, Continuously Callable @100 (e) | 1200 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/42, Continuously Callable @100 (f) | 4500 | 4623 |
| Paramount Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/34 (d) | 1860 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/35 (d) | 2000 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/36 (d) | 2750 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/37 (d) | 2750 | 1500 |
| Sacramento City Schools Joint Powers Financing Authority Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/36, Continuously Callable @100 | 2560 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/40, Continuously Callable @100 | 2000 | 2052 |
| San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100 | 2500 | 2578 |
| San Ysidro School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 8/1/36 (d) | 13605 | 7820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 8/1/37 (d) | 14285 | 7735 |
| Santa Ana Unified School District Certificate of Participation (INS - Assured Guaranty Municipal Corp.), 4/1/29(d) | 15000 | 11675 |
| State of California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/38, Continuously Callable @100 | 6750 | 6761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/47, Continuously Callable @100 | 5000 | 5211 |
| Stockton Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series D, 8/1/34(d) | 8885 | 5897 |
|  |  | 96726 |
| **Colorado (2.4%):** |  |  |
| Colorado Educational & Cultural Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/48, Continuously Callable @100 | 2500 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/52, Continuously Callable @100 | 675 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/53, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/62, Continuously Callable @100 | 795 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 4/1/43, Pre-refunded 4/1/23 @ 100 | 2500 | 2512 |
| Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/45, Pre-refunded 6/1/25 @ 100 | 6000 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/47, Pre-refunded 6/1/27 @ 100 | 1250 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/1/47, Continuously Callable @100 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/50, Continuously Callable @103 | 7250 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/44, Continuously Callable @100 | 2070 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/50, Continuously Callable @100 | 1500 | 1235 |
| Denver Health & Hospital Authority Revenue, Series A, 4.00%, 12/1/40, Continuously Callable @100 | 750 | 637 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| E-470 Public Highway Authority Revenue (INS - National Public Finance Guarantee Corp.), Series B, 9/1/35, Continuously Callable @64(d) | $10000 | $5470 |
| Park Creek Metropolitan District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/45, Continuously Callable @100 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/46, Continuously Callable @100 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/51, Continuously Callable @100 | 2000 | 2020 |
| Rampart Range Metropolitan District No. 1 Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 12/1/47, Continuously Callable @100 | 4000 | 4161 |
| Regional Transportation District Certificate of Participation, Series A, 5.00%, 6/1/44, Pre-refunded 6/1/23 @ 100 | 5000 | 5038 |
| Southlands Metropolitan District No. 1, GO, Series A-1, 5.00%, 12/1/47, Continuously Callable @100 | 1000 | 874 |
|  |  | 45785 |
| **Connecticut (0.7%):** |  |  |
| Connecticut State Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/49, Continuously Callable @100 | 3000 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series U, 4.00%, 7/1/52, Continuously Callable @100 | 3000 | 2564 |
| State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/38, Continuously Callable @100 | 5500 | 5859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/39, Continuously Callable @100 | 1550 | 1664 |
|  |  | 12579 |
| **District of Columbia (0.3%):** |  |  |
| District of Columbia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/43, Pre-refunded 7/1/23 @ 100 | 1700 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/48, Pre-refunded 7/1/23 @ 100 | 1450 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/49, Continuously Callable @100 | 1275 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/54, Continuously Callable @100 | 1140 | 1079 |
|  |  | 5498 |
| **Florida (7.0%):** |  |  |
| Alachua County Health Facilities Authority Revenue, 4.00%, 10/1/46, Continuously Callable @103 | 700 | 547 |
| City of Atlantic Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/53, Continuously Callable @103 | 2000 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.63%, 11/15/43, Continuously Callable @100 | 7000 | 7014 |
| City of Jacksonville Revenue, 4.00%, 11/1/45, Continuously Callable @100 | 2500 | 2244 |
| City of Pompano Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/50, Continuously Callable @103 | 8000 | 6077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/51, Continuously Callable @103 | 2895 | 2186 |
| County of Miami-Dade Florida Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 3000 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serie B, 4.00%, 10/1/44, Continuously Callable @100 | 21500 | 20477 |
| County of Miami-Dade Rickenbacker Causeway Revenue, 5.00%, 10/1/43, Continuously Callable @100 | 1750 | 1767 |
| County of Miami-Dade Seaport Department Revenue, Series A-2, 4.00%, 10/1/49, Continuously Callable @100 | 4000 | 3683 |
| County of Polk Florida Utility System Revenue, 4.00%, 10/1/43, Continuously Callable @100 | 2000 | 1918 |
| Escambia County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/45, Continuously Callable @100 | 6265 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/50, Continuously Callable @100 | 5050 | 4289 |
| Florida Development Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45, Continuously Callable @100 | 600 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/52, Continuously Callable @100 | 4000 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/55, Continuously Callable @100 | 500 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/55, Continuously Callable @100 | 1500 | 1409 |
| Florida Higher Educational Facilities Financial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/44, Continuously Callable @100 | 4280 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/44, Continuously Callable @100 | 1400 | 1199 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/49, Continuously Callable @100 | $1250 | $1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/49, Continuously Callable @100 | 1150 | 949 |
| Halifax Hospital Medical Center Revenue, 5.00%, 6/1/46, Pre-refunded 6/1/25 @ 100 | 3000 | 3158 |
| Lee County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/49, Continuously Callable @103 | 12350 | 11886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/1/52, Continuously Callable @103 | 1000 | 871 |
| Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/49, Continuously Callable @100 | 4500 | 3975 |
| Miami Beach Health Facilities Authority Revenue, 4.00%, 11/15/51, Continuously Callable @100 | 2500 | 2093 |
| Miami-Dade County Expressway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/39, Continuously Callable @100 | 5000 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/40, Continuously Callable @100 | 5000 | 5003 |
| Miami-Dade County Health Facilities Authority Revenue, 4.00%, 8/1/47, Continuously Callable @100 | 2000 | 1741 |
| Orange County Health Facilities Authority Revenue, Series B, 4.00%, 10/1/45, Continuously Callable @100 | 1500 | 1369 |
| Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/51, Continuously Callable @100 | 2070 | 1694 |
| Palm Beach County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/45, Continuously Callable @103 | 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/47, Continuously Callable @100 | 5000 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/52, Continuously Callable @100 | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/15/42, Continuously Callable @103 | 1000 | 984 |
| Polk County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/49, Continuously Callable @103 | 1000 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/55, Continuously Callable @103 | 1000 | 885 |
| Sarasota County Health Facilities Authority Revenue, 5.00%, 5/15/48, Continuously Callable @103 | 1835 | 1707 |
| Sarasota County Public Hospital District Revenue, 4.00%, 7/1/52, Continuously Callable @100 | 5000 | 4414 |
| St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103 | 6000 | 5159 |
| Tampa Housing Authority Revenue, 4.85%, 7/1/36, Callable 2/1/23 @ 100 | 2200 | 2202 |
| Volusia County Educational Facility Authority Revenue, Series B, 5.00%, 10/15/45, Pre-refunded 4/15/25 @ 100 | 2000 | 2099 |
|  |  | 132522 |
| **Georgia (1.2%):** |  |  |
| Crisp County Hospital Authority Revenue, 4.00%, 7/1/51, Continuously Callable @100 | 3000 | 2697 |
| Gainesville & Hall County Hospital Authority Revenue, 4.00%, 2/15/45, Continuously Callable @100 | 15000 | 13849 |
| Glynn-Brunswick Memorial Hospital Authority Revenue, 5.00%, 8/1/43, Continuously Callable @100 | 1500 | 1507 |
| Main Street Natural Gas, Inc. Revenue, Series A, 5.00%, 5/15/49 | 3000 | 2948 |
| Municipal Electric Authority of Georgia Revenue, 4.00%, 1/1/51, Continuously Callable @100 | 1100 | 926 |
| Private Colleges & Universities Authority Revenue, 4.00%, 6/1/45, Continuously Callable @100 | 1700 | 1490 |
|  |  | 23417 |
| **Illinois (14.8%):** |  |  |
| Bureau County Township High School District No. 502, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/37, Pre-refunded 12/1/27 @ 100 | 1530 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/38, Pre-refunded 12/1/27 @ 100 | 1555 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/39, Pre-refunded 12/1/27 @ 100 | 1400 | 1533 |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/47, Continuously Callable @100 | 1800 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/47, Continuously Callable @100 | 8220 | 6670 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.00%, 12/1/36, Continuously Callable @100 | $5000 | $5025 |
| Chicago Midway International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/41, Continuously Callable @100 | 2500 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/46, Continuously Callable @100 | 3500 | 3508 |
| Chicago O'Hare International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/1/43, Continuously Callable @100 | 5000 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 1/1/38, Continuously Callable @100 | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/41, Continuously Callable @100 | 5000 | 5162 |
| Chicago Park District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/40, Continuously Callable @100 | 3000 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/40, Continuously Callable @100 | 1125 | 1176 |
| City of Chicago Wastewater Transmission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/44, Continuously Callable @100 | 4000 | 4014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/47, Continuously Callable @100 | 3000 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/39, Continuously Callable @100 | 3000 | 3054 |
| City of Chicago Waterworks Revenue, 5.00%, 11/1/44, Continuously Callable @100 | 3000 | 3008 |
| City of Galesburg Revenue, Series A, 4.00%, 10/1/46, Continuously Callable @100 | 4000 | 3551 |
| City of Springfield Electric Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 3/1/40, Continuously Callable @100 | 3000 | 3063 |
| Cook County Community College District No. 508, GO (INS - Build America Mutual Assurance Co.), 5.00%, 12/1/47, Continuously Callable @100 | 9500 | 9760 |
| Cook County Sales Tax Revenue, 5.00%, 11/15/38, Continuously Callable @100 | 7750 | 8070 |
| County of Will, GO, 4.00%, 11/15/47, Continuously Callable @100 | 2000 | 1961 |
| Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 3/1/30, Continuously Callable @100 | 14000 | 14190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/32, Continuously Callable @100 | 7065 | 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/33, Continuously Callable @100 | 6000 | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/37, Continuously Callable @100 | 700 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/38, Continuously Callable @100 | 2000 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/42, Continuously Callable @100 | 750 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/44, Pre-refunded 1/1/28 @ 100 | 10000 | 10960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/44, Continuously Callable @100 | 2000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/46, Continuously Callable @100 | 4500 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/47, Continuously Callable @100 | 1000 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/47, Continuously Callable @100 | 1155 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/47, Continuously Callable @100 | 750 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/47, Continuously Callable @100 | 2000 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/49, Continuously Callable @100 | 1250 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/50, Continuously Callable @100 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/51, Continuously Callable @100 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/52, Continuously Callable @100 | 1075 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/55, Continuously Callable @100 | 2000 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Pre-refunded 7/1/26 @ 100 | 5000 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/40, Continuously Callable @100 | 12395 | 11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 7/1/43, Continuously Callable @100 | 5000 | 5070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/51, Continuously Callable @100 | 3500 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100 | 485 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/41, Continuously Callable @100 | 10495 | 10135 |
| Illinois State Toll Highway Authority Revenue, Series A, 4.00%, 1/1/46, Continuously Callable @100 | 4000 | 3803 |
| Metropolitan Pier & Exposition Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/42, Continuously Callable @100 | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/50, Continuously Callable @100 | 7500 | 7341 |
| Northern Illinois Municipal Power Agency Revenue, Series A, 4.00%, 12/1/41, Continuously Callable @100 | 9000 | 8482 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Northern Illinois University Revenue (INS - Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/41, Continuously Callable @100 | $600 | $564 |
| Regional Transportation Authority Revenue (INS - National Public Finance Guarantee Corp.), 6.50%, 7/1/30 | 37550 | 44276 |
| Sangamon County Water Reclamation District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/49, Continuously Callable @100 | 15000 | 14083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 1/1/53, Continuously Callable @100 | 2000 | 2099 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 5/1/39, Continuously Callable @100 | 2275 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/33, Continuously Callable @100 | 2000 | 2061 |
| State of Illinois, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/31, Continuously Callable @100 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/32, Continuously Callable @100 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/29, Continuously Callable @100 | 8000 | 8022 |
| Village of Rosemont, GO (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/1/46, Continuously Callable @100 | 10000 | 10569 |
|  |  | 279307 |
| **Indiana (1.8%):** |  |  |
| Evansville Redevelopment Authority Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/38, Continuously Callable @100 | 5540 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/39, Continuously Callable @100 | 3605 | 3483 |
| Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/40, Continuously Callable @100 | 1495 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/43, Continuously Callable @103 | 1970 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/48, Continuously Callable @103 | 3895 | 3573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/51, Continuously Callable @100 | 1030 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 4/1/46, Continuously Callable @100 | 5000 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 7/1/52, Continuously Callable @100 | 4500 | 4759 |
| Richmond Hospital Authority Revenue, Series A, 5.00%, 1/1/39, Continuously Callable @100 | 7000 | 7078 |
|  |  | 33442 |
| **Iowa (0.6%):** |  |  |
| Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/43, Continuously Callable @100 | 6235 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/15/48, Continuously Callable @100 | 4000 | 4074 |
| Iowa Higher Education Loan Authority Revenue, 5.38%, 10/1/52, Continuously Callable @100 | 1000 | 1024 |
| Iowa Tobacco Settlement Authority Revenue, Series A-2, 4.00%, 6/1/49, Continuously Callable @100 | 1000 | 858 |
|  |  | 11319 |
| **Kansas (1.0%):** |  |  |
| City of Coffeyville Electric System Revenue (INS - National Public Finance Guarantee Corp.), Series B, 5.00%, 6/1/42, Pre-refunded 6/1/25 @ 100(c) | 2500 | 2634 |
| City of Lawrence Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 5000 | 5004 |
| City of Manhattan Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/46, Continuously Callable @103 | 1000 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/52, Continuously Callable @103 | 1500 | 1025 |
| Wyandotte County-Kansas City Unified Government Tax Allocation, 5.75%, 3/1/41, Continuously Callable @103(c) | 7600 | 7254 |
| Wyandotte County-Kansas City Unified Government Utility System Revenue, Series A, 5.00%, 9/1/45, Continuously Callable @100 | 2000 | 2030 |
|  |  | 18677 |
| **Kentucky (1.1%):** |  |  |
| City of Ashland Revenue, 5.00%, 2/1/40, Continuously Callable @100 | 1000 | 1008 |
| City of Hazard Revenue, 4.00%, 7/1/51, Continuously Callable @100 | 3000 | 2538 |
| Kentucky Bond Development Corp. Revenue, 4.00%, 6/1/51, Continuously Callable @100 | 1070 | 901 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Kentucky Economic Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/46, Continuously Callable @100 | $5500 | $4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/41, Continuously Callable @100 | 3000 | 3044 |
| Kentucky Economic Development Finance Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 500 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/45, Continuously Callable @100 | 2000 | 2019 |
| Louisville Jefferson County Metropolitan Government Revenue, Series A, 5.00%, 5/15/52, Continuously Callable @100 | 6000 | 5922 |
|  |  | 20110 |
| **Louisiana (3.9%):** |  |  |
| City of Shreveport Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/40, Continuously Callable @100 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/41, Continuously Callable @100 | 5500 | 5696 |
| City of Shreveport Water & Sewer Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 5.00%, 12/1/41, Continuously Callable @100 | 2100 | 2163 |
| City of Shreveport Water & Sewer Revenue (INS - Build America Mutual Assurance Co.), Series B, 4.00%, 12/1/37, Continuously Callable @100 | 1100 | 1081 |
| City of Shreveport Water & Sewer Revenue (INS - Assured Guaranty Corp.), Series B, 4.00%, 12/1/49, Continuously Callable @100 | 1000 | 818 |
| Jefferson Sales Tax District Revenue, Series B, 4.00%, 12/1/42, Continuously Callable @100 | 7000 | 6709 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100 | 6250 | 5826 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/39, Continuously Callable @100 | 1685 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 8210 | 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/48, Continuously Callable @100 | 5000 | 5090 |
| Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/41, Pre-refunded 5/15/26 @ 100 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/41, Continuously Callable @100 | 1235 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/45, Pre-refunded 11/1/25 @ 100 | 6000 | 6373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/46, Continuously Callable @100 | 5000 | 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/56, Continuously Callable @100 | 9000 | 7332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/57, Continuously Callable @100 | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/50, Pre-refunded 12/15/27 @ 100 | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/50, Continuously Callable @100 | 970 | 871 |
| Louisiana Public Facilities Authority Revenue (INS - Build America Mutual Assurance Co.), 5.25%, 6/1/51, Pre-refunded 6/1/25 @ 100 | 5000 | 5290 |
| State of Louisiana Gasoline & Fuels Tax Revenue, Series C, 5.00%, 5/1/45, Continuously Callable @100 | 6000 | 6204 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/35, Continuously Callable @100 | 1500 | 1512 |
|  |  | 73951 |
| **Maine (0.4%):** |  |  |
| Maine Health & Higher Educational Facilities Authority Revenue, Series A, 4.00%, 7/1/46, Continuously Callable @100 | 9000 | 7633 |
| **Massachusetts (1.7%):** |  |  |
| Massachusetts Development Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/15/40, Continuously Callable @100 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | 4000 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 2280 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/51, Continuously Callable @100 | 1000 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1500 | 1462 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 7/1/44, Continuously Callable @100 | $2000 | $1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/46, Continuously Callable @100 | 3370 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/49, Pre-refunded 6/1/29 @ 100 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/50, Continuously Callable @100 | 1700 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/50, Continuously Callable @100 | 975 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 10/1/45, Continuously Callable @100 | 1250 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 7/1/44, Continuously Callable @100 | 3000 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 7/1/38, Continuously Callable @100 | 1000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/53, Continuously Callable @100 | 10000 | 10014 |
|  |  | 32538 |
| **Michigan (2.3%):** |  |  |
| County of Genesee, GO, Series B, 4.00%, 2/1/41, Continuously Callable @100 | 2000 | 1981 |
| County of Genesee, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 2/1/46, Continuously Callable @100 | 2900 | 2984 |
| Downriver Utility Wastewater Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 4/1/43, Continuously Callable @100 | 2500 | 2619 |
| Flint Hospital Building Authority Revenue, 4.00%, 7/1/38, Continuously Callable @100 | 2500 | 2198 |
| Jackson Public Schools, GO (NBGA - Michigan School Bond Qualification and Loan Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/45, Continuously Callable @100 | 6000 | 6288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/48, Continuously Callable @100 | 3000 | 3124 |
| Karegnondi Water Authority Revenue, 5.00%, 11/1/45, Continuously Callable @100 | 2750 | 2806 |
| Livonia Public Schools, GO (INS - Assured Guaranty Municipal Corp.), 5.00%, 5/1/45, Continuously Callable @100 | 4000 | 4130 |
| Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/43, Continuously Callable @100 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/44, Continuously Callable @100 | 5000 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/47, Continuously Callable @100 | 1000 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/50, Continuously Callable @100 | 2000 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/50, Continuously Callable @100 | 1000 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/55, Continuously Callable @100 | 4000 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/50, Continuously Callable @100 | 3000 | 2679 |
| Michigan State Building Authority Revenue, 4.00%, 10/15/49, Continuously Callable @100 | 2500 | 2358 |
|  |  | 44079 |
| **Missouri (3.1%):** |  |  |
| Cape Girardeau County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 3/1/33, Continuously Callable @103 | 2080 | 2146 |
| Hannibal IDA Revenue, 5.00%, 10/1/47, Continuously Callable @100 | 3000 | 2982 |
| Health & Educational Facilities Authority of the State of Missouri Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/36, Continuously Callable @100 | 440 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/40, Continuously Callable @103 | 5510 | 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/41, Continuously Callable @100 | 410 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/48, Continuously Callable @100 | 10000 | 7652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/51, Continuously Callable @100 | 1000 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/42, Continuously Callable @104 | 3500 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/43, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 2/15/54, Continuously Callable @100 | 2500 | 2208 |
| Missouri Development Finance Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/46, Continuously Callable @100 | 17775 | 15663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/51, Continuously Callable @100 | 2000 | 1576 |
| St. Louis County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 9/1/43, Continuously Callable @100 | 5000 | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/48, Continuously Callable @100 | 2000 | 1684 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| St. Louis Municipal Finance Corp. Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 10/1/38, Continuously Callable @100 | $3065 | $3150 |
| St. Louis Municipal Finance Corp. Revenue (INS - Assured Guaranty Corp.), 5.00%, 10/1/45, Continuously Callable @100 | 3000 | 3088 |
| Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103 | 1875 | 1934 |
|  |  | 58439 |
| **Montana (0.3%):** |  |  |
| City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100 | 4000 | 3935 |
| Montana Facility Finance Authority Revenue, Series A, 4.00%, 6/1/45, Continuously Callable @100 | 1000 | 901 |
|  |  | 4836 |
| **Nebraska (1.3%):** |  |  |
| Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/42 | 13665 | 13768 |
| Douglas County Hospital Authority No. 3 Revenue, 5.00%, 11/1/48, Continuously Callable @100 | 3400 | 3422 |
| Nebraska Educational Health Cultural & Social Services Finance Authority Revenue, 4.00%, 1/1/49, Continuously Callable @102 | 7500 | 7035 |
|  |  | 24225 |
| **Nevada (1.0%):** |  |  |
| City of Carson City Revenue, 5.00%, 9/1/47, Continuously Callable @100 | 2775 | 2759 |
| Las Vegas Convention & Visitors Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/41, Continuously Callable @100 | 4400 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/46, Continuously Callable @100 | 12140 | 11048 |
|  |  | 17961 |
| **New Hampshire (0.1%):** |  |  |
| New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103 | 3000 | 2330 |
| **New Jersey (5.2%):** |  |  |
| City of Newark Mass Transit Access Tax Revenue (INS - Assured Guaranty Corp.), 5.38%, 11/15/52, Continuously Callable @100 | 1000 | 1057 |
| New Jersey Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (g) | 20000 | 20187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/40, Continuously Callable @100 | 8125 | 8177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/40, Pre-refunded 6/15/24 @ 100 | 1875 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/44, Continuously Callable @100 | 3000 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/49, Continuously Callable @100 | 4000 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/47, Continuously Callable @100 | 3000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/52, Continuously Callable @100 | 5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA, 5.00%, 6/15/41, Continuously Callable @100 | 4000 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/15/43, Continuously Callable @100 | 3500 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW, 5.25%, 6/15/40, Continuously Callable @100 | 2835 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW, 5.25%, 6/15/40, Pre-refunded 6/15/25 @ 100 | 165 | 175 |
| New Jersey Economic Development Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/1/42, Continuously Callable @100 | 1200 | 1223 |
| New Jersey Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/36, Continuously Callable @100 | 5000 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 7/1/47, Continuously Callable @100 | 3000 | 2626 |
| New Jersey Health Care Facilities Financing Authority Revenue, 5.00%, 10/1/38, Continuously Callable @100 | 2250 | 2330 |
| New Jersey Health Care Facilities Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 7/1/46, Continuously Callable @100 | 1250 | 1263 |
| New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/43, Continuously Callable @100 | 4000 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/48, Continuously Callable @100 | 4000 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/36, Continuously Callable @100 | 2125 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.25%, 6/15/41, Continuously Callable @100 | 2000 | 2039 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 4.00%, 6/15/50, Continuously Callable @100 | $15000 | $12806 |
| The Camden County Improvement Authority Revenue, 6.00%, 6/15/52, Continuously Callable @100 | 1325 | 1367 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 6/1/46, Continuously Callable @100 | 3000 | 3006 |
|  |  | 98459 |
| **New Mexico (0.4%):** |  |  |
| New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102 | 8625 | 6908 |
| Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103(c) | 670 | 554 |
|  |  | 7462 |
| **New York (2.7%):** |  |  |
| Allegany County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/52, Continuously Callable @100 | 4000 | 3894 |
| Build NVC Resource Corp. Revenue, 5.00%, 7/1/52, Continuously Callable @100 | 700 | 657 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 11/15/32 (d) | 5000 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (h) | 5490 | 5832 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/1/35 | 16130 | 17730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 1500 | 1345 |
| New York State Dormitory Authority Revenue, Series A, 4.00%, 9/1/50, Continuously Callable @100 | 3000 | 2429 |
| New York State Thruway Authority Revenue, Series A, 5.00%, 1/1/46, Continuously Callable @100 | 2000 | 2042 |
| New York State Urban Development Corp. Revenue, Series A, 4.00%, 3/15/45, Continuously Callable @100 | 5000 | 4653 |
| Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 11/15/31 (d) | 5000 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 11/15/32 (d) | 3000 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 11/15/32 (d) | 2500 | 1792 |
| TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 | 1000 | 1010 |
|  |  | 50606 |
| **North Carolina (0.2%):** |  |  |
| North Carolina Medical Care Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/49, Continuously Callable @104 | 2725 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/50, Continuously Callable @103 | 1000 | 782 |
|  |  | 3405 |
| **North Dakota (0.5%):** |  |  |
| City of Grand Forks Revenue, 4.00%, 12/1/51, Continuously Callable @100 | 2375 | 1908 |
| County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100 | 7500 | 6895 |
| University of North Dakota Certificate of Participation (INS - Assured Guaranty Corp.), Series A, 4.00%, 6/1/51, Continuously Callable @100 | 1500 | 1338 |
|  |  | 10141 |
| **Ohio (2.6%):** |  |  |
| City of Centerville Revenue, 5.25%, 11/1/47, Continuously Callable @100 | 2700 | 2428 |
| City of Middleburg Heights Revenue, Series A, 4.00%, 8/1/47, Continuously Callable @100 | 2000 | 1761 |
| County of Cuyahoga Revenue, 4.75%, 2/15/47, Continuously Callable @100 | 9000 | 8501 |
| County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103 | 5000 | 4823 |
| County of Hamilton Revenue, 5.00%, 1/1/51, Continuously Callable @100 | 2500 | 2259 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| County of Lucas Revenue, 5.25%, 11/15/48, Continuously Callable @100 | $6000 | $5241 |
| County of Montgomery Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/42, Continuously Callable @100 | 2500 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/45, Continuously Callable @100 | 2000 | 1708 |
| County of Ross Revenue, 5.00%, 12/1/49, Continuously Callable @100 | 9100 | 8753 |
| Ohio Higher Educational Facility Commission Revenue, 6.00%, 9/1/47, Continuously Callable @100 | 4475 | 4701 |
| Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/33, Continuously Callable @100 | 2000 | 2005 |
| State of Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/40, Continuously Callable @100 | 655 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/50, Continuously Callable @100 | 5000 | 4301 |
|  |  | 49279 |
| **Oklahoma (1.0%):** |  |  |
| Norman Regional Hospital Authority Revenue, 4.00%, 9/1/45, Continuously Callable @100 | 4250 | 3688 |
| Oklahoma Development Finance Authority Revenue, Series B, 5.50%, 8/15/57, Continuously Callable @100 | 4250 | 3794 |
| Oklahoma Municipal Power Authority Revenue, Series A, 4.00%, 1/1/47, Continuously Callable @100 | 10000 | 9011 |
| Tulsa County Industrial Authority Revenue, 5.25%, 11/15/45, Continuously Callable @102 | 2000 | 1923 |
|  |  | 18416 |
| **Oregon (0.6%):** |  |  |
| City of Keizer Special Assessment, 5.20%, 6/1/31, Continuously Callable @100 | 690 | 691 |
| Deschutes County Hospital Facilities Authority Revenue, 4.00%, 1/1/46, Continuously Callable @100 | 2000 | 1784 |
| Medford Hospital Facilities Authority Revenue, Series A, 4.00%, 8/15/50, Continuously Callable @100 | 3800 | 3403 |
| Oregon State Facilities Authority Revenue, Series A, 4.00%, 10/1/51, Continuously Callable @100 | 1000 | 835 |
| Salem Hospital Facility Authority Revenue, 5.00%, 5/15/53, Continuously Callable @102 | 1000 | 908 |
| Union County Hospital Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 450 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1325 | 1261 |
| Yamhill County Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/51, Continuously Callable @102 | 1180 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 11/15/27, Continuously Callable @100 | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 1.75%, 11/15/26, Continuously Callable @100 | 680 | 624 |
|  |  | 11774 |
| **Pennsylvania (9.3%):** |  |  |
| Adams County General Authority Revenue, 4.00%, 8/15/45, Continuously Callable @100 | 7400 | 6752 |
| Allegheny County Hospital Development Authority Revenue, 5.00%, 4/1/47, Continuously Callable @100 | 6500 | 6589 |
| Allegheny County Sanitary Authority Revenue, 5.00%, 6/1/43, Continuously Callable @100 | 3170 | 3335 |
| Allentown Commercial & IDA Revenue, 6.25%, 7/1/47, Continuously Callable @100(c) | 5000 | 4708 |
| Altoona Area School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/45, Pre-refunded 12/1/25 @ 100 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/48, Pre-refunded 12/1/25 @ 100 | 300 | 319 |
| Armstrong School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/38, Continuously Callable @100 | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/41, Continuously Callable @100 | 2250 | 2193 |
| Berks County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/48, Continuously Callable @102 | 1000 | 916 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/50, Continuously Callable @100 | $8500 | $5477 |
| Bucks County IDA Revenue, 4.00%, 8/15/50, Continuously Callable @100 | 3000 | 2562 |
| CanonMcMillan School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/44, Continuously Callable @100 | 3500 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/48, Continuously Callable @100 | 1105 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/50, Continuously Callable @100 | 6065 | 5624 |
| Chester County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/52, Continuously Callable @100 (c) | 1775 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/15/47, Continuously Callable @100 | 3250 | 2934 |
| Commonwealth Financing Authority Revenue, 5.00%, 6/1/35, Continuously Callable @100 | 500 | 530 |
| Commonwealth of Pennsylvania Certificate of Participation, Series A, 5.00%, 7/1/43, Continuously Callable @100 | 1000 | 1050 |
| County of Lehigh Revenue, 4.00%, 7/1/49, Continuously Callable @100 | 11000 | 9673 |
| Delaware County Authority Revenue, 5.00%, 10/1/39, Continuously Callable @100 | 2250 | 2237 |
| Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/47, Continuously Callable @100 | 5000 | 5150 |
| Lancaster IDA Revenue, 4.00%, 7/1/51, Continuously Callable @103 | 1000 | 741 |
| Montgomery County Higher Education & Health Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/49, Continuously Callable @100 | 2500 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/51, Continuously Callable @100 | 3500 | 2929 |
| Montgomery County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/48, Continuously Callable @102 | 2000 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/49, Continuously Callable @103 | 2000 | 2030 |
| Northampton County General Purpose Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/40, Continuously Callable @100 | 4000 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/48, Continuously Callable @100 | 2440 | 2459 |
| Northeastern Pennsylvania Hospital & Education Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/44, Continuously Callable @100 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/49, Continuously Callable @100 | 1350 | 1338 |
| Pennsylvania Economic Development Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/46, Continuously Callable @103 | 1000 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/15/51, Continuously Callable @100 | 2320 | 1957 |
| Pennsylvania Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100 | 1970 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 7/15/38, Pre-refunded 7/15/23 @ 100 | 2750 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/15/46, Continuously Callable @100 | 2025 | 1718 |
| Pennsylvania Turnpike Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37, Continuously Callable @100 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/49, Continuously Callable @100 | 5000 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/46, Continuously Callable @100 | 3000 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/47, Continuously Callable @100 | 4000 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 12/1/33, Continuously Callable @100 | 1250 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/1/39, Continuously Callable @100 | 8000 | 8217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/43, Continuously Callable @100 | 5000 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25%, 12/1/44, Continuously Callable @100 | 10000 | 10161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/51, Continuously Callable @100 | 1500 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/51, Continuously Callable @100 | 8990 | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00%, 6/1/42, Continuously Callable @100 | 4000 | 4116 |
| Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100 | 10000 | 10464 |
| Pittsburgh Water & Sewer Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/44, Continuously Callable @100 | 5000 | 5265 |
| Reading School District, GO (INS - Build America Mutual Assurance Co.), Series A, 4.00%, 4/1/44, Continuously Callable @100 | 1055 | 1000 |
| School District of Philadelphia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/43, Continuously Callable @100 | 2500 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/37, Continuously Callable @100 | 1000 | 1033 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Scranton School District, GO (INS - Build America Mutual Assurance Co.), Series E, 4.00%, 12/1/37, Continuously Callable @100 | $1025 | $1009 |
| The School District of Philadelphia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/38, Pre-refunded 9/1/26 @ 100 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/38, Continuously Callable @100 | 1990 | 2057 |
| Wilkes-Barre Area School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/49, Continuously Callable @100 | 750 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/15/59, Continuously Callable @100 | 3000 | 3066 |
|  |  | 174471 |
| **Rhode Island (0.1%):** |  |  |
| Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100 | 2000 | 2040 |
| Rhode Island Housing & Mortgage Finance Corp. Revenue, Series 15-A, 6.85%, 10/1/24, Continuously Callable @100 | 180 | 180 |
|  |  | 2220 |
| **South Carolina (0.4%):** |  |  |
| City of Rock Hill Combined Utility System Revenue, Series A, 4.00%, 1/1/49, Continuously Callable @100 | 2500 | 2258 |
| Patriots Energy Group Revenue, Series A, 4.00%, 6/1/51, Continuously Callable @100 | 2000 | 1767 |
| South Carolina Jobs-Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/47, Continuously Callable @103 | 1850 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/54, Continuously Callable @103 | 1000 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/54, Continuously Callable @103 | 1165 | 833 |
|  |  | 7498 |
| **South Dakota (0.0%):(i)** |  |  |
| Educational Enhancement Funding Corp. Revenue, Series B, 5.00%, 6/1/27, Pre-refunded 6/1/23 @ 100 | 500 | 504 |
| **Tennessee (0.8%):** |  |  |
| Greeneville Health & Educational Facilities Board Revenue, 5.00%, 7/1/44, Continuously Callable @100 | 2000 | 2021 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 4.00%, 10/1/51, Continuously Callable @100 | 1000 | 780 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/45, Continuously Callable @100 | 1500 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | 4000 | 4063 |
| Metropolitan Nashville Airport Authority Revenue, Series A, 4.00%, 7/1/54, Continuously Callable @100 | 2000 | 1772 |
| Tennergy Corp. Revenue, Series A, 5.50%, 10/1/53, (Put Date 12/1/30)(h) | 5000 | 5269 |
|  |  | 15309 |
| **Texas (16.1%):** |  |  |
| Arlington Higher Education Finance Corp. Revenue (NBGA - Texas Permanent School Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/43, Continuously Callable @100 | 10000 | 9835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/44, Continuously Callable @100 | 2170 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/15/41, Continuously Callable @100 | 3000 | 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/53, Continuously Callable @100 | 7200 | 7303 |
| Bexar County Health Facilities Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/42, Continuously Callable @105 | 600 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/45, Continuously Callable @100 | 8450 | 6422 |
| Central Texas Regional Mobility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/41, Continuously Callable @100 | 5000 | 4641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/42, Pre-refunded 1/1/23 @ 100 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/45, Pre-refunded 7/1/25 @ 100 | 3500 | 3691 |
| Central Texas Turnpike System Revenue, Series C, 5.00%, 8/15/42, Continuously Callable @100 | 6500 | 6600 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Central Texas Turnpike System Revenue (INS - AMBAC Assurance Corp.), Series A, 8/15/30(d) | $18530 | $14248 |
| City of Arlington Special Tax (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 2/15/48, Continuously Callable @100 | 7500 | 7793 |
| City of Corpus Christi Utility System Revenue, 4.00%, 7/15/39, Continuously Callable @100 | 5900 | 5867 |
| City of Garland Texas Electric Utility System Revenue, Series A, 4.00%, 3/1/51, Continuously Callable @100 | 1000 | 879 |
| City of Houston Hotel Occupancy Tax & Special Revenue, 5.00%, 9/1/40, Continuously Callable @100 | 3715 | 3755 |
| City of Laredo Waterworks & Sewer System Revenue, 4.00%, 3/1/41, Continuously Callable @100 | 700 | 685 |
| Clifton Higher Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/33, Continuously Callable @100 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/43, Continuously Callable @100 | 2750 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/52, Continuously Callable @100 | 1500 | 1327 |
| Clifton Higher Education Finance Corp. Revenue (NBGA - Texas Permanent School Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/39, Continuously Callable @100 | 4250 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/44, Continuously Callable @100 | 11000 | 10471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/48, Continuously Callable @100 | 10000 | 10483 |
| County of Bexar Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/44, Continuously Callable @100 | 500 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/49, Continuously Callable @100 | 1700 | 1411 |
| Del Mar College District, GO, Series A, 5.00%, 8/15/48, Continuously Callable @100 | 6500 | 6706 |
| Everman Independent School District, GO (NBGA - Texas Permanent School Fund), 4.00%, 2/15/50, Continuously Callable @100 | 4500 | 4219 |
| Grand Parkway Transportation Corp. Revenue, 4.00%, 10/1/49, Continuously Callable @100 | 2000 | 1808 |
| Greater Texas Cultural Education Facilities Finance Corp. Revenue, 4.00%, 3/1/50, Continuously Callable @100 | 2000 | 1767 |
| Harris County Cultural Education Facilities Finance Corp. Revenue, Series A, 5.00%, 6/1/38, Continuously Callable @100 | 6100 | 5602 |
| Harris County Hospital District Revenue, 4.00%, 2/15/42, Continuously Callable @100 | 15000 | 13939 |
| Karnes County Hospital District Revenue, 5.00%, 2/1/44, Continuously Callable @100 | 6000 | 6028 |
| Kerrville Health Facilities Development Corp. Revenue, 5.00%, 8/15/35, Continuously Callable @100 | 1900 | 1950 |
| Manor Independent School District, GO (NBGA - Texas Permanent School Fund), 5.00%, 8/1/52, Continuously Callable @100 | 15095 | 15775 |
| Matagorda County Navigation District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/30, Continuously Callable @100 | 9615 | 9530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/30, Continuously Callable @100 | 6000 | 5949 |
| Midlothian Independent School District, GO (NBGA - Texas Permanent School Fund), 5.00%, 2/15/47, Continuously Callable @100 | 15000 | 15566 |
| New Hope Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47 (j) | 6000 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/48, Pre-refunded 4/1/26 @ 100 | 1250 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/55, Continuously Callable @103 | 1250 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 7.50%, 11/15/37 | 410 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 7.50%, 11/15/36 | 2565 | 2232 |
| New Hope Cultural Education Facilities Finance Corp. Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 7/1/48, Continuously Callable @100 | 1000 | 1001 |
| New Hope Cultural Education Facilities Finance Corp. Revenue PIK, 2.00%, 11/15/61, Callable 11/15/26 @ 105, Continuously Callable @105(k) | 10514 | 2028 |
| North Texas Tollway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/48, Continuously Callable @100 | 3750 | 3893 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 9/1/37, Pre-refunded 9/1/31 @ 64.1040 (d) | $3000 | $1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/45, Continuously Callable @100 | 5000 | 5083 |
| North Texas Tollway Authority Revenue (INS - National Public Finance Guarantee Corp.), Series B, 5.00%, 1/1/48, Continuously Callable @100 | 5000 | 5156 |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.75%, 4/1/40, Continuously Callable @100 (l) | 440 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.77%, 4/1/40, Continuously Callable @100 (l) | 10170 | 10170 |
| Princeton Independent School District, GO (NBGA - Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100 | 7000 | 7307 |
| Red River Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/41, Continuously Callable @100 | 2000 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/1/46, Continuously Callable @100 | 3000 | 3045 |
| San Antonio Education Facilities Corp. Revenue, 4.00%, 4/1/54, Continuously Callable @100 | 1000 | 790 |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/46, Continuously Callable @100 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/45 (j)(m) | 4500 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/15/36 (j)(m) | 3600 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/15/46, Continuously Callable @100 | 7000 | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/48, Continuously Callable @100 | 10000 | 10188 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/32 | 2000 | 2082 |
| Texas Transportation Commission Revenue, 5.00%, 8/1/57, Continuously Callable @100 | 5000 | 4943 |
| Uptown Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 4365 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/40, Continuously Callable @100 | 2490 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/39, Continuously Callable @100 | 1645 | 1671 |
| Waco Educational Finance Corp. Revenue, 4.00%, 3/1/51, Continuously Callable @100 | 4000 | 3718 |
| West Harris County Regional Water Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/45, Continuously Callable @100 | 1600 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/49, Continuously Callable @100 | 3945 | 3489 |
| Ysleta Independent School District, GO (NBGA - Texas Permanent School Fund), 4.00%, 8/15/52, Continuously Callable @100 | 5000 | 4702 |
|  |  | 303375 |
| **Utah (0.2%):** |  |  |
| Military Installation Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 1500 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/52, Continuously Callable @103 | 1000 | 708 |
| Utah Charter School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 6/15/42, Continuously Callable @100 (c) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/15/51, Continuously Callable @100 | 1550 | 1317 |
|  |  | 3709 |
| **Vermont (0.4%):** |  |  |
| Vermont Economic Development Authority Revenue, 4.00%, 5/1/45, Continuously Callable @103 | 1350 | 1029 |
| Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100 | 7000 | 6694 |
|  |  | 7723 |
| **Virginia (0.5%):** |  |  |
| Alexandria IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/45, Pre-refunded 10/1/25 @ 100 | 2600 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/50, Pre-refunded 10/1/25 @ 100 | 2400 | 2552 |
| Lewistown Commerce Center Community Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 (j) | 2565 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 | 1623 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 6.05%, 3/1/54, Continuously Callable @100 | 6327 | 949 |
|  |  | 9312 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Washington (1.2%):** |  |  |
| King County Public Hospital District No. 1, GO, 5.00%, 12/1/43, Continuously Callable @100 | $9000 | $9384 |
| King County Public Hospital District No. 2, GO, Series A, 4.00%, 12/1/45, Continuously Callable @100 | 4000 | 3777 |
| Washington Health Care Facilities Authority Revenue, 4.00%, 7/1/42, Continuously Callable @100 | 5500 | 5001 |
| Washington Higher Education Facilities Authority Revenue, 4.00%, 5/1/50, Continuously Callable @100 | 1250 | 1090 |
| Washington State Housing Finance Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/43, Continuously Callable @102 (c) | 3055 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 3.50%, 12/20/35 | 977 | 860 |
|  |  | 23051 |
| **West Virginia (0.1%):** |  |  |
| West Virginia Hospital Finance Authority Revenue, 5.00%, 1/1/43, Continuously Callable @100 | 2000 | 2004 |
| **Wisconsin (3.1%):** |  |  |
| Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/42, Continuously Callable @102 (c) | 2200 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44, Continuously Callable @100 | 6000 | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/44, Continuously Callable @103 | 455 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/45, Continuously Callable @100 | 1500 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 1000 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/49, Continuously Callable @100 (c) | 520 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/49, Continuously Callable @100 | 1480 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/49, Continuously Callable @103 | 2400 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/51, Continuously Callable @100 | 1500 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/51, Continuously Callable @103 | 2185 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/52, Continuously Callable @103 | 2350 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 4/1/52, Continuously Callable @100 | 3000 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1000 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/53, Continuously Callable @100 | 1000 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/54, Continuously Callable @100 (c) | 455 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/1/43, Continuously Callable @100 | 3090 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/47, Continuously Callable @100 | 4740 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/49, Continuously Callable @100 | 11000 | 9428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/51, Continuously Callable @100 | 1000 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/56, Continuously Callable @100 | 2250 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 7/1/51, Continuously Callable @100 (c) | 2870 | 2140 |
| Public Finance Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/54, Continuously Callable @100 | 1285 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/58, Continuously Callable @100 | 1500 | 1507 |
| Wisconsin Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/47, Continuously Callable @103 | 120 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/50, Continuously Callable @100 | 1175 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/51, Continuously Callable @100 | 500 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/57, Continuously Callable @103 | 3000 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/15/50, Pre-refunded 9/15/23 @ 100 | 5000 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/45, Continuously Callable @103 | 475 | 376 |
|  |  | 57870 |
| **Total Municipal Bonds (Cost $1,996,596)** |  | 1855213 |
| **Total Investments (Cost $1,997,588) — 98.5%** |  | 1856205 |
| **Other assets in excess of liabilities — 1.5%** |  | 28303 |
| **NET ASSETS - 100.00%** |  | $1884508 |

---

(a) Security
 was fair valued based using significant unobservable inputs as of December 31, 2022.

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

(b) The Fund's
 Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At December 31, 2022,
 illiquid securities were 0.1% of the Fund's net assets.

(c) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $30,947 thousands and amounted to 1.6% of net assets.

(d) Zero-coupon bond.

(e) Stepped-coupon
 security converts to coupon form on 08/1/24 with a rate of 5.95%

(f) Stepped-coupon
 security converts to coupon form on 08/1/24 with a rate of 6.05%

(g) Variable or Floating-Rate
 Security. Rate disclosed is as of December 31, 2022.

(h) Put Bond.

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

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

(k) Stepped-coupon
 security converts to coupon from 2% to 5% on 11/15/26.

(l) Variable Rate
 Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(m) Issuer filed
 for bankruptcy.

---

| |
|:---|
| AMBAC—American Municipal Bond Assurance Corporation |
| bps—Basis points |
| Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
| DIP—Debtor-In-Possession |
| GO—General Obligation |
| IDA—Industrial Development Authority |
| MUNIPSA—Municipal Swap Index |

---

PIK — Payment in-kind

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

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (92.2%)** |  |  |
| **Alabama (3.8%):** |  |  |
| Mobile County IDA Revenue (LOC - Swedbank AB), Series B, 3.73%, 7/1/40, Continuously Callable @100(a) | $15000 | $15000 |
| West Jefferson Industrial Development Board Revenue, 2.57%, 6/1/28, Continuously Callable @100(a) | 3190 | 3190 |
|  |  | 18190 |
| **Florida (1.8%):** |  |  |
| County of Escambia Revenue, 3.00%, 4/1/39, Continuously Callable @100(a) | 7000 | 7000 |
| County of St. Lucie Revenue, 2.25%, 9/1/28, Continuously Callable @100(a) | 1400 | 1400 |
|  |  | 8400 |
| **Georgia (3.5%):** |  |  |
| Development Authority of Appling County Revenue, 2.55%, 9/1/29, Continuously Callable @100(a) | 10800 | 10800 |
| The Development Authority of Burke County Revenue, Series 1, 2.40%, 7/1/49, Continuously Callable @100(a) | 5775 | 5775 |
|  |  | 16575 |
| **Illinois (7.4%):** |  |  |
| Illinois Educational Facilities Authority Revenue (LOC - Huntington National Bank), Series A, 3.77%, 10/1/32, Continuously Callable @100(a) | 13380 | 13380 |
| Illinois Finance Authority Revenue (LOC - PNC Financial Services Group), 3.67%, 4/1/37, Continuously Callable @100(a) | 13000 | 13000 |
| Metropolitan Pier & Exposition Authority Revenue (LOC - Barclays Bank PLC) (LIQ - Barclays Bank PLC), Series 2015-XF1045, 2.49%, 6/15/53, Callable 2/10/23 @ 100(a)(b) | 4355 | 4355 |
| Village of Channahon Revenue (LOC - U.S. Bancorp), 3.65%, 12/1/34, Continuously Callable @100(a) | 4540 | 4540 |
|  |  | 35275 |
| **Indiana (2.3%):** |  |  |
| City of Berne Revenue (LOC - Federal Home Loan Bank of Indianapolis), 2.61%, 10/1/33, Continuously Callable @100(a) | 3965 | 3965 |
| City of Evansville Revenue (LOC - Fifth Third Bank), 3.74%, 1/1/25, Callable 1/13/23 @ 100(a) | 1460 | 1460 |
| Indiana Finance Authority Revenue (LOC - Federal Home Loan Bank of Indianapolis), 3.84%, 7/1/29, Continuously Callable @100(a) | 5550 | 5550 |
|  |  | 10975 |
| **Iowa (4.2%):** |  |  |
| Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%, 6/1/39, Continuously Callable @100 (a) | 13600 | 13600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.50%, 9/1/36, Continuously Callable @100 (a) | 6763 | 6763 |
|  |  | 20363 |
| **Kansas (4.8%):** |  |  |
| City of Burlington Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24%, 9/1/35, Continuously Callable @100 (a) | 8250 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.24%, 9/1/35, Continuously Callable @100 (a) | 4200 | 4200 |
| City of St. Marys Revenue, 3.35%, 4/15/32, Continuously Callable @100(a) | 10500 | 10500 |
|  |  | 22950 |
| **Kentucky (4.3%):** |  |  |
| City of Georgetown Revenue (LOC - Fifth Third Bank), 3.74%, 11/15/29, Callable 1/15/23 @ 100(a) | 9935 | 9935 |
| Kentucky Economic Development Finance Authority Revenue, Series C, 2.60%, 5/1/34, Continuously Callable @100(a) | 9200 | 9200 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Lexington-Fayette Urban County Government Revenue (LOC - Federal Home Loan Bank of Cincinnati), 4.00%, 12/1/27, Callable 1/12/23 @ 100(a) | $1245 | $1245 |
|  |  | 20380 |
| **Louisiana (5.7%):** |  |  |
| Parish of St. James Revenue, Series B-1, 2.85%, 11/1/40, Continuously Callable @100(a) | 22650 | 22650 |
| St. Tammany Corp. Revenue (LOC - Federal Home Loan Bank of Dallas), 2.60%, 3/1/33, Continuously Callable @100(a) | 4490 | 4490 |
|  |  | 27140 |
| **Maryland (1.6%):** |  |  |
| Town of Williamsport Revenue, 2.52%, 11/1/37(a) | 7450 | 7450 |
| **Michigan (0.4%):** |  |  |
| Michigan Strategic Fund Revenue (LOC - Fifth Third Bank), 3.76%, 3/1/37, Continuously Callable @100(a) | 1800 | 1800 |
| **Mississippi (0.7%):** |  |  |
| Mississippi Business Finance Corp. Revenue (LOC - Federal Home Loan Bank of Dallas), 2.60%, 3/1/33, Continuously Callable @100(a) | 3170 | 3170 |
| **Missouri (4.2%):** |  |  |
| Jackson County IDA Revenue (LOC - Commerce Bank, N.A.), 3.75%, 7/1/25, Continuously Callable @100(a) | 20000 | 20000 |
| **New Hampshire (4.2%):** |  |  |
| New Hampshire Business Finance Authority Revenue (LOC - Landesbank Hessen-Thuringen), 2.52%, 9/1/30, Continuously Callable @100(a) | 19990 | 19990 |
| **New Mexico (1.0%):** |  |  |
| New Mexico Hospital Equipment Loan Council Revenue (LOC - Fifth Third Bank), 2.54%, 7/1/25, Continuously Callable @100(a) | 5000 | 5000 |
| **New York (11.9%):** |  |  |
| Binghamton City School District, GO, 1.00%, 1/20/23 | 4000 | 4001 |
| Build NYC Resource Corp. Revenue (LOC - Toronto-Dominion Bank), 2.62%, 12/1/45, Continuously Callable @100(a) | 5010 | 5010 |
| Guilderland Industrial Development Agency Revenue (LOC - Key Bank, N.A.), Series A, 3.80%, 7/1/32, Continuously Callable @100(a) | 2480 | 2480 |
| Metropolitan Transportation Authority Revenue (LOC - Barclays Bank PLC), Series E-1, 2.47%, 11/1/35, Callable 2/1/23 @ 100(a) | 18900 | 18900 |
| New York City Capital Resources Corp. Revenue (LOC - Manufacturers & Traders Trust Co.), 2.67%, 12/1/40, Continuously Callable @100(a) | 7500 | 7500 |
| New York State Energy Research & Development Authority Revenue (LOC - Mizuho Corporate Bank Ltd.), Series A-3, 3.20%, 5/1/39, Continuously Callable @100(a) | 4500 | 4500 |
| Onondaga County Industrial Development Agency Revenue (LOC - Manufacturers & Traders Trust Co.), 2.52%, 12/1/31, Continuously Callable @100(a) | 4315 | 4315 |
| Ramapo Housing Authority Revenue (LOC - Manufacturers & Traders Trust Co.), 2.52%, 12/1/29, Continuously Callable @100(a) | 8285 | 8285 |
| St. Lawrence County Industrial Development Agency Revenue (LOC - Citizens Financial Group), 2.65%, 7/1/37(a) | 1720 | 1720 |
|  |  | 56711 |
| **Ohio (0.2%):** |  |  |
| County of Hamilton Revenue (LOC - Fifth Third Bank), 3.74%, 12/1/24(a) | 1000 | 1000 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Oklahoma (5.6%):** |  |  |
| Edmond Economic Development Authority Revenue (LOC - Bank of Oklahoma, N.A.), Series A, 3.70%, 6/1/31, Callable 2/1/23 @ 100(a) | $4520 | $4520 |
| Garfield County Industrial Authority Revenue, Series A, 2.60%, 1/1/25, Callable 2/1/23 @ 100(a) | 20900 | 20900 |
| Muskogee Industrial Trust Revenue, Series A, 2.60%, 6/1/27, Continuously Callable @100(a) | 2000 | 2000 |
|  |  | 27420 |
| **Rhode Island (1.4%):** |  |  |
| Rhode Island Commerce Corp. Revenue (LOC - Citizens Financial Group), 2.48%, 3/1/38, Callable 2/1/23 @ 100(a) | 3210 | 3210 |
| Rhode Island Health and Educational Building Corp. Revenue (LOC - Citizens Financial Group), 3.15%, 6/1/35, Callable 2/1/23 @ 100(a) | 3500 | 3500 |
|  |  | 6710 |
| **South Carolina (3.6%):** |  |  |
| South Carolina Jobs-Economic Development Authority Revenue (LOC - Federal Home Loan Bank of Indianapolis), 2.48%, 5/1/61, Continuously Callable @100(a) | 17400 | 17400 |
| **Tennessee (3.9%):** |  |  |
| Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 3.45%, 5/1/39, Continuously Callable @100(a) | 14000 | 14000 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue (LOC - Fifth Third Bank), 3.74%, 12/1/24, Callable 1/13/23 @ 100(a) | 4465 | 4465 |
|  |  | 18465 |
| **Texas (8.1%):** |  |  |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 11/1/40, Continuously Callable @100 (a) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 4/1/40, Continuously Callable @100 (a) | 9850 | 9850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.52%, 12/1/40, Callable 2/1/23 @ 100 (a) | 16000 | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.00%, 4/1/40, Continuously Callable @100 (a) | 9000 | 9000 |
|  |  | 38850 |
| **Virginia (4.2%):** |  |  |
| Loudoun County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.07%, 2/15/38, Callable 2/1/23 @ 100 (a) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 3.07%, 2/15/38, Callable 2/1/23 @ 100 (a) | 10000 | 10000 |
|  |  | 20000 |
| **Washington (1.4%):** |  |  |
| Washington Higher Education Facilities Authority Revenue, 3.70%, 10/1/31, Callable 2/1/23 @ 100(a) | 6915 | 6915 |
| **West Virginia (2.0%):** |  |  |
| West Virginia Hospital Finance Authority Revenue (LOC - PNC Financial Services Group), Series D, 2.44%, 6/1/41, Continuously Callable @100(a) | 9700 | 9700 |
| **Total Municipal Bonds (Cost $440,829)** |  | 440829 |
| **Municipal Commercial Paper (7.1%)** |  |  |
| Houston Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 1/11/23 | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 1/19/23 | 3700 | 3700 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| University of Texas, 2.23%, 1/9/23 | $15000 | $15000 |
| **Total Municipal Commercial Paper (Cost $33,700)** |  | 33700 |
| **Total Investments (Cost $474,529) — 99.3%** |  | 474529 |
| **Other assets in excess of liabilities — 0.7%** |  | 3282 |
| **NET ASSETS - 100.00%** |  | $477811 |

---

(a) Variable
 Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(b) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $4,355 thousands and amounted to 0.9% of net assets.

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

GO—General Obligation

IDA—Industrial Development Authority

LOC—Letter of Credit

PLC—Public Limited Company

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

LIQ Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed. <br> LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (98.1%)** |  |  |
| **Alabama (3.7%):** |  |  |
| Birmingham Airport Authority Revenue, 5.00%, 7/1/30 | $1200 | $1342 |
| Black Belt Energy Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% (SOFR+140bps), 7/1/52, (Put Date 6/1/27) (a)(b) | 3300 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/52, (Put Date 12/1/26) (b) | 3000 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.84% (LIBOR01M+90bps), 12/1/48, (Put Date 12/1/23) (a)(b) | 10000 | 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.25%, 6/1/25 | 600 | 614 |
| Chatom Industrial Development Board Revenue, 5.00%, 8/1/30 | 1275 | 1409 |
| Prattville Industrial Development Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 450 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 425 | 409 |
| Selma Industrial Development Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 3650 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 5/1/34, (Put Date 6/16/25) (b) | 5875 | 5503 |
|  |  | 29354 |
| **Arizona (2.8%):** |  |  |
| Arizona IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-3, 3.00%, 12/15/31, Continuously Callable @100 (c) | 525 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/31 | 315 | 316 |
| Maricopa County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/29 (c) | 750 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/31 (c) | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.23% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (a)(b) | 2290 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.46% (MUNIPSA+80bps), 9/1/48, (Put Date 9/1/24) (a)(b) | 7735 | 7706 |
| Tempe IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/26 | 240 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/27 | 355 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/28 | 365 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/29 | 380 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/30, Continuously Callable @102 | 495 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/31, Continuously Callable @102 | 465 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 1.50%, 12/1/27, Continuously Callable @100 | 1965 | 1632 |
| The County of Pima IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 11/15/23 (c) | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 11/15/24 (c) | 420 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 11/15/25 (c) | 660 | 664 |
| The Yavapai County IDA Revenue, 2.90%, 4/1/29, (Put Date 9/1/22)(b) | 5000 | 5000 |
|  |  | 21931 |
| **Arkansas (0.8%):** |  |  |
| Arkansas Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | 1180 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 1200 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/44, (Put Date 9/1/27) (b) | 4000 | 4182 |
|  |  | 6720 |
| **California (1.4%):** |  |  |
| Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/24 | 250 | 257 |
| California County Tobacco Securitization Agency Revenue, Series A, 5.00%, 6/1/30 | 200 | 216 |
| California Infrastructure & Economic Development Bank Revenue, 4.01% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24)(a)(b) | 2000 | 1986 |
| California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/27, Continuously Callable @100 | 785 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 11/15/26, Continuously Callable @100 | 820 | 750 |
| Newman Crows Landing Unified School District, GO, 8/1/25(d) | 1000 | 933 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Sierra View Local Health Care District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | $315 | $335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 330 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 315 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 310 | 340 |
| Western Placer Unified School District Special Tax, 2.00%, 6/1/25, Continuously Callable @100 | 4750 | 4610 |
|  |  | 10849 |
| **Colorado (1.0%):** |  |  |
| Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/25 | 350 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/32, Continuously Callable @100 | 1950 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/29 | 500 | 539 |
| E-470 Public Highway Authority Revenue, Series B, 3.24% (SOFR+35bps), 9/1/39, (Put Date 9/1/24)(a)(b) | 4000 | 3967 |
| Southlands Metropolitan District No. 1, GO, Series A-1, 3.50%, 12/1/27 | 1000 | 957 |
|  |  | 7954 |
| **Connecticut (1.8%):** |  |  |
| City of Bridgeport, GO, Series B, 5.00%, 8/15/26 | 3450 | 3688 |
| City of New Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/24 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/25 | 580 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/26 | 580 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/27 | 1000 | 1082 |
| City of New Haven, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/27 | 600 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/28 | 525 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/29 | 550 | 604 |
| City of West Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/23 | 800 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/24 | 815 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/27 | 650 | 688 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series B-2, 5.00%, 7/1/53, (Put Date 1/1/27)(b) | 3000 | 3169 |
|  |  | 14334 |
| **Florida (1.7%):** |  |  |
| Alachua County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/23 | 1100 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37, (Put Date 12/1/26) (b) | 3000 | 3175 |
| Capital Trust Agency, Inc. Revenue, 4.00%, 8/1/30 | 200 | 197 |
| City of Pompano Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/30, Continuously Callable @103 | 3590 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.00%, 1/1/29 | 1000 | 858 |
| County of Escambia Revenue, 2.00%, 11/1/33, (Put Date 10/1/24)(b) | 775 | 746 |
| Florida Development Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/26 | 370 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/27 | 390 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/28, Continuously Callable @100 | 410 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/29, Continuously Callable @100 | 360 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/30, Continuously Callable @100 | 475 | 494 |
| Florida Higher Educational Facilities Financial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/24 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | 445 | 459 |
| Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/23(c) | 1000 | 1003 |
|  |  | 13372 |
| **Georgia (6.4%):** |  |  |
| Appling County Development Authority Revenue, Series A, 1.50%, 1/1/38, (Put Date 2/3/25)(b) | 2000 | 1897 |
| Burke County Development Authority Revenue, 1.70%, 12/1/49, (Put Date 8/22/24)(b) | 7500 | 7257 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29)(b) | $5000 | $4519 |
| Development Authority of Heard County Revenue, 3.20%, 9/1/29, Continuously Callable @100(e) | 2900 | 2900 |
| George L Smith II Congress Center Authority Revenue, 2.38%, 1/1/31 | 1000 | 869 |
| Main Street Natural Gas, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/28 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/29 | 1775 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/52, (Put Date 6/1/29) (b) | 6000 | 6195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/48, (Put Date 12/1/23) (b) | 5000 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 5/1/52, (Put Date 12/1/28) (b) | 10000 | 9773 |
| Savannah Economic Development Authority Revenue, 2.00%, 11/1/33, (Put Date 10/1/24)(b) | 815 | 785 |
| The Development Authority of Burke County Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 12/1/49, (Put Date 8/19/25) (b) | 1775 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1, 3.15%, 7/1/49, Continuously Callable @100 (e) | 3800 | 3800 |
| The Monroe County Development Authority Revenue, Series A, 1.50%, 1/1/39, (Put Date 2/3/25)(b) | 3500 | 3320 |
|  |  | 50908 |
| **Guam (0.5%):** |  |  |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/23 | 1500 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/24 | 2000 | 2052 |
|  |  | 3572 |
| **Idaho (0.6%):** |  |  |
| County of Nez Perce Revenue, 2.75%, 10/1/24 | 5000 | 4877 |
| **Illinois (9.1%):** |  |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/27 | 1400 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/31, Continuously Callable @100 | 1000 | 1034 |
| Chicago Park District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/31, Continuously Callable @100 | 750 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/27 | 600 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/28 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/29 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/30 | 1305 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/31, Continuously Callable @100 | 2115 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/32, Continuously Callable @100 | 1750 | 1896 |
| Chicago Transit Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/25 | 1720 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | 1000 | 1057 |
| City of Chicago Special Assessment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, 12/1/23 267 | 274 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 12/1/24 (c) | 315 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 12/1/25 (c) | 335 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 12/1/26 (c) | 305 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 12/1/27 (c) | 255 | 237 |
| City of Chicago Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/25 | 4000 | 4141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/1/25 | 2000 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 11/1/26 | 2500 | 2528 |
| Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/29 | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.36% (MUNIPSA+70bps), 5/1/42, (Put Date 5/1/26) (a)(b) | 2250 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/25 | 10000 | 10189 |
| Northern Illinois University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 325 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/31, Continuously Callable @100 | 450 | 485 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Northern Illinois University Revenue (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 4/1/30 | $250 | $269 |
| Sales Tax Securitization Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/28 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/29 | 2500 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/30 | 2000 | 2185 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/23 | 3000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/25 | 5000 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 11/1/29, Continuously Callable @100 | 8985 | 9247 |
| The Illinois Sports Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/28 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/30 | 1500 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/31 | 575 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/32, Continuously Callable @100 | 480 | 493 |
| Village of Rosemont, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/23 | 1825 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/24 | 1915 | 1999 |
| Western Illinois University Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/29 | 750 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/30 | 750 | 771 |
|  |  | 72299 |
| **Indiana (1.3%):** |  |  |
| City of Rockport Revenue, 3.13%, 7/1/25 | 1500 | 1471 |
| Indiana Bond Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 (d) | 1280 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 (d) | 1100 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 (d) | 565 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/29, Continuously Callable @99 (d) | 730 | 574 |
| Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/23 | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/24 | 715 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/25 | 750 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | 790 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | 830 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | 870 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | 1180 | 1242 |
|  |  | 10575 |
| **Kansas (0.1%):** |  |  |
| City of Manhattan Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.88%, 6/1/28, Continuously Callable @100 | 375 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B2, 2.38%, 6/1/27, Continuously Callable @100 | 430 | 384 |
|  |  | 718 |
| **Kentucky (8.7%):** |  |  |
| City of Ashland Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/28 | 1775 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | 740 | 794 |
| County of Carroll Revenue, 1.55%, 9/1/42, (Put Date 9/1/26)(b) | 5000 | 4540 |
| County of Owen Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.45%, 6/1/39, (Put Date 10/1/29) (b) | 10000 | 9016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.45%, 9/1/39, (Put Date 10/1/29) (b) | 5000 | 4676 |
| Kentucky Economic Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/27, Continuously Callable @100 | 5000 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.06% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (a)(b) | 10000 | 10101 |
| Kentucky Public Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/50, (Put Date 2/1/28) (b) | 3370 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (b) | 5715 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (b) | 10000 | 9895 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-3, 4.71% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (a)(b) | $10000 | $9922 |
| Louisville/Jefferson County Metropolitan Government Revenue, 5.00%, 10/1/47, (Put Date 10/1/29)(b) | 4000 | 4329 |
|  |  | 69187 |
| **Louisiana (2.7%):** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 2.00%, 6/1/30, Continuously Callable @100 | 1000 | 884 |
| Louisiana Public Facilities Authority Revenue, 4.31% (MUNIPSA+65bps), 9/1/57, (Put Date 9/1/23)(a)(b) | 10000 | 10043 |
| Louisiana Stadium & Exposition District Revenue, 4.00%, 7/3/23, Continuously Callable @100 | 3325 | 3328 |
| Parish of St. John the Baptist Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 6/1/37, (Put Date 7/1/26) (b) | 1750 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 2.13%, 6/1/37, (Put Date 7/1/24) (b) | 2000 | 1920 |
| Tangipahoa Parish Hospital Service District No. 1 Revenue, 5.00%, 2/1/32, Continuously Callable @100 | 3470 | 3711 |
|  |  | 21493 |
| **Maryland (1.6%):** |  |  |
| Maryland Economic Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/25 | 1500 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/26 | 2000 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/27 | 1340 | 1425 |
| Maryland Health & Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 1910 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 1130 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 1000 | 1088 |
| Town of Chestertown Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/31 | 1475 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/32, Continuously Callable @100 | 1550 | 1719 |
|  |  | 12796 |
| **Massachusetts (1.2%):** |  |  |
| Massachusetts Development Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/25 | 1250 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | 1500 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/26 (c) | 310 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/28 (c) | 340 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/30 (c) | 640 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% (MUNIPSA+60bps), 7/1/49, (Put Date 1/29/26), Continuously Callable @100 (a)(b)(c) | 2500 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1425 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 10/1/30 | 975 | 1070 |
|  |  | 9212 |
| **Michigan (0.9%):** |  |  |
| Flint Hospital Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 1995 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 2290 | 2359 |
| Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/27 | 185 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/32 | 285 | 274 |
| Summit Academy North Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/1/26 | 1080 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/31, Continuously Callable @103 | 1565 | 1470 |
|  |  | 7361 |
| **Minnesota (0.1%):** |  |  |
| Sanford Canby Community Hospital District No. 1 Revenue, 4.16%, 11/1/26, Continuously Callable @100(e) | 905 | 905 |
| **Mississippi (2.0%):** |  |  |
| County of Warren Revenue, 2.90%, 9/1/32, (Put Date 9/1/23)(b) | 2000 | 1978 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100 | $4000 | $3836 |
| Mississippi Hospital Equipment & Facilities Authority Revenue, 5.00%, 9/1/24 | 10000 | 10212 |
|  |  | 16026 |
| **Missouri (0.2%):** |  |  |
| Health & Educational Facilities Authority of the State of Missouri Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/24 | 155 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/26 | 205 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/28 | 415 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/30 | 295 | 276 |
| Missouri Development Finance Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/23 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/24 | 300 | 303 |
|  |  | 1525 |
| **Montana (1.1%):** |  |  |
| City of Forsyth Revenue, 2.00%, 8/1/23 | 6000 | 5938 |
| Montana State Board of Regents Revenue, Series F, 4.11% (MUNIPSA+45bps), 11/15/35, (Put Date 9/1/23)(a)(b) | 2785 | 2788 |
|  |  | 8726 |
| **Nebraska (1.8%):** |  |  |
| Central Plains Energy Project Revenue, 5.00%, 5/1/53, (Put Date 10/1/29)(b) | 6000 | 6220 |
| County of Douglas Revenue, 4.19% (MUNIPSA+53bps), 7/1/35, (Put Date 9/1/26)(a)(b) | 7925 | 7903 |
|  |  | 14123 |
| **New Hampshire (0.1%):** |  |  |
| New Hampshire Business Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/30, Continuously Callable @103 | 280 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/31, Continuously Callable @103 | 295 | 282 |
|  |  | 552 |
| **New Jersey (4.8%):** |  |  |
| Casino Reinvestment Development Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 11/1/24 | 1000 | 1031 |
| City of Newark, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/17/23 | 5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.00%, 2/17/23 | 2375 | 2372 |
| New Jersey Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 6/15/23 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 6/15/23 | 600 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/24 | 1595 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/24 | 2405 | 2461 |
| New Jersey Economic Development Authority Revenue, Series BBB, 5.00%, 6/15/23 | 7000 | 7047 |
| New Jersey Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/23 | 4000 | 4041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/1/24 | 4730 | 4784 |
| New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/24 | 5095 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.00%, 6/15/23 | 3835 | 3861 |
| Tobacco Settlement Financing Corp. Revenue, Series B, 3.20%, 6/1/27 | 5 | 5 |
|  |  | 38472 |
| **New Mexico (1.2%):** |  |  |
| City of Farmington Revenue, Series A, 2.15%, 4/1/33, Continuously Callable @101 | 5000 | 4058 |
| New Mexico Hospital Equipment Loan Council Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | 770 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28 | 780 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | 835 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | 525 | 564 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Continuously Callable @100 | $690 | $741 |
| Village of Los Ranchos de Albuquerque Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/28 | 840 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 300 | 327 |
| Winrock Town Center Tax Increment Development District Tax Allocation, 3.75%, 5/1/28(c) | 750 | 721 |
|  |  | 9845 |
| **New York (14.3%):** |  |  |
| Build NYC Resource Corp. Revenue, Series A, 3.40%, 7/1/27 | 300 | 296 |
| City of Long Beach, GO, Series A, 2.00%, 2/17/23 | 10000 | 9972 |
| City of New York, GO, Series B-3, 3.75%, 10/1/46, Continuously Callable @100(e) | 3400 | 3400 |
| City of Poughkeepsie, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/23 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/24 | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/25 | 215 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/26 | 230 | 234 |
| County of Rockland, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/23 | 2500 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/24 | 1600 | 1636 |
| Long Island Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81% (US0001M+75bps), 5/1/33, (Put Date 10/1/23) (a)(b) | 1100 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11% (MUNIPSA+45bps), 9/1/38, (Put Date 9/1/25) (a)(b) | 10500 | 10270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 1.65%, 9/1/49, (Put Date 9/1/24) (b) | 4500 | 4407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.81% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (a)(b) | 5000 | 5004 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.68% (SOFR+80bps), 11/1/32, (Put Date 4/1/26) (a)(b) | 2000 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 2/1/23 | 8050 | 8056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (b) | 1830 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A3, 3.54% (SOFR+65bps), 11/15/42, (Put Date 4/1/26) (a)(b) | 10000 | 9483 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 14950 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 9/15/69, Continuously Callable @100 | 1650 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.90%, 11/15/31, Continuously Callable @100 | 2000 | 1591 |
| New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/24 (c) | 1200 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/25 (c) | 1200 | 1227 |
| Niagara Area Development Corp. Revenue, Series B, 3.50%, 11/1/24, Continuously Callable @100(c) | 500 | 488 |
| Troy Capital Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/26, Continuously Callable @100 | 1050 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/27 | 1250 | 1339 |
| Village of Clayton, GO, 5.00%, 10/19/23, Continuously Callable @100 | 4539 | 4544 |
| Village of Johnson City, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BA, 4.00%, 9/29/23 | 12559 | 12572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25%, 9/29/23 | 3000 | 3011 |
| Village of Malone, GO, 1.75%, 3/10/23, Continuously Callable @100 | 4210 | 4196 |
| Village of Valley Stream NY, GO, Series A, 3.50%, 5/11/23 | 7295 | 7286 |
|  |  | 114190 |
| **North Carolina (1.0%):** |  |  |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 825 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 825 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.38%, 5/1/34, (Put Date 6/16/25) (b) | 2000 | 1872 |
| North Carolina Medical Care Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/24, Continuously Callable @100 | 745 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 9/1/25, Continuously Callable @100 | 1250 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/1/26, Continuously Callable @100 | 650 | 607 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/27 | $600 | $590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.55%, 9/1/26, Continuously Callable @100 | 1575 | 1516 |
|  |  | 8079 |
| **North Dakota (0.3%):** |  |  |
| City of Grand Forks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | 1200 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32, Continuously Callable @100 | 1300 | 1416 |
|  |  | 2727 |
| **Ohio (2.7%):** |  |  |
| Akron Bath Copley Joint Township Hospital District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | 275 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | 350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31, Continuously Callable @100 | 300 | 322 |
| County of Allen Hospital Facilities Revenue, 5.00%, 12/1/30, Continuously Callable @100 | 2000 | 2240 |
| County of Hamilton Revenue, 5.00%, 9/15/29 | 1345 | 1476 |
| Ohio Air Quality Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 12/1/38, (Put Date 10/1/29) (b) | 3250 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 1.90%, 5/1/26, (Put Date 10/1/24) (b) | 3500 | 3368 |
| Ohio Higher Educational Facility Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 5/1/23 | 550 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 5/1/24 | 1000 | 1023 |
| Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100 | 4765 | 4742 |
| Southeastern Ohio Port Authority Revenue, 5.00%, 12/1/25, Continuously Callable @100 | 1000 | 1000 |
| State of Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | 425 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | 710 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31, Continuously Callable @100 | 465 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/15/30 | 1000 | 1083 |
|  |  | 21059 |
| **Oklahoma (1.1%):** |  |  |
| Muskogee Industrial Trust Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/28 | 2500 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/29 | 3010 | 3047 |
| Oklahoma Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/23 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/24 | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/25 | 550 | 544 |
| Oklahoma Municipal Power Authority Revenue, Series A, 4.05% (MUNIPSA+39bps), 1/1/23(a) | 1610 | 1610 |
|  |  | 8831 |
| **Oregon (0.2%):** |  |  |
| County of Yamhill Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/23 | 425 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/24 | 425 | 429 |
| Oregon State Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/28 | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29 | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30 | 300 | 323 |
|  |  | 1660 |
| **Pennsylvania (6.5%):** |  |  |
| Bethlehem Area School District Authority Revenue, Series A, 3.23% (SOFR+35bps), 1/1/30, (Put Date 11/1/25)(a)(b) | 1000 | 930 |
| Chester County IDA Revenue, 3.75%, 10/1/24 | 255 | 252 |
| Coatesville School District, GO, 5.00%, 6/30/23 | 4250 | 4238 |
| Coatesville School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/24 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/25 | 800 | 843 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Commonwealth Financing Authority Revenue, 5.00%, 6/1/26 | $2000 | $2126 |
| County of Lehigh Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 1750 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 2000 | 2181 |
| Delaware County Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/23 | 235 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/24 | 505 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | 525 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 1200 | 1260 |
| Geisinger Authority Revenue, 4.00% (LIBOR01M+107bps), 6/1/28, (Put Date 6/1/24)(a)(b) | 7000 | 7012 |
| General Authority of Southcentral Pennsylvania Revenue, Series B, 4.26% (MUNIPSA+60bps), 6/1/49, (Put Date 6/1/24)(a)(b) | 6000 | 5995 |
| Latrobe IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/28 | 135 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/29 | 175 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/30 | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/31 | 175 | 187 |
| Luzerne County IDA Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 | 550 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26, Continuously Callable @100 | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/27, Continuously Callable @100 | 1000 | 1054 |
| Northampton County General Purpose Authority Revenue, 4.10% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24)(a)(b) | 1855 | 1858 |
| Philadelphia IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/28 (c) | 210 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/29, Continuously Callable @100 (c) | 220 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/30, Continuously Callable @100 (c) | 145 | 145 |
| Pittsburgh Water & Sewer Authority Revenue, Series C, 4.31% (MUNIPSA+65bps), 9/1/40, (Put Date 12/1/23)(a)(b) | 7500 | 7505 |
| Scranton School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82% (LIBOR01M+85bps), 4/1/31, (Put Date 6/1/23) (a)(b) | 6165 | 6118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/23 | 2435 | 2453 |
| The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30)(b) | 1700 | 1449 |
|  |  | 51846 |
| **South Carolina (1.5%):** |  |  |
| Patriots Energy Group Financing Agency Revenue, Series B, 3.79% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24)(a)(b) | 10000 | 10001 |
| Piedmont Municipal Power Agency Revenue, Series D, 4.00%, 1/1/32, Continuously Callable @100 | 2220 | 2240 |
|  |  | 12241 |
| **South Dakota (0.3%):** |  |  |
| South Dakota Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16%, 11/1/25, Continuously Callable @100 (e) | 945 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16%, 11/1/27, Continuously Callable @100 (e) | 1745 | 1745 |
|  |  | 2690 |
| **Tennessee (1.3%):** |  |  |
| Tennergy Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 12/1/24 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 12/1/25 | 550 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/51, (Put Date 9/1/28) (b) | 4130 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 10/1/53, (Put Date 12/1/30) (b) | 5000 | 5269 |
|  |  | 10368 |
| **Texas (3.5%):** |  |  |
| City of San Antonio Electric & Gas Systems Revenue, 4.53% (MUNIPSA+87bps), 2/1/48, (Put Date 12/1/25)(a)(b) | 5000 | 5088 |
| County of Wise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/23 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/29 | 880 | 949 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/31 | $680 | $744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/32, Continuously Callable @100 | 450 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33, Continuously Callable @100 | 930 | 1009 |
| Decatur Hospital Authority Revenue, Series A, 5.00%, 9/1/24 | 780 | 784 |
| Harris County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/49, (Put Date 12/1/26) (b) | 1400 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-2, 4.23% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (a)(b) | 1670 | 1683 |
| Harris County Municipal Utility District No. 165, GO (INS - Build America Mutual Assurance Co.), 3.00%, 3/1/23 | 520 | 519 |
| Irving Hospital Authority Revenue, 4.76% (MUNIPSA+110bps), 10/15/44, (Put Date 10/15/23)(a)(b) | 1485 | 1485 |
| Karnes County Hospital District Revenue, 5.00%, 2/1/24 | 1290 | 1302 |
| Martin County Hospital District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/23 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/27 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/29 | 405 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/32, Continuously Callable @100 | 350 | 355 |
| New Hope Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/23 (f) | 1250 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/24 (f) | 2300 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/25 (f) | 2135 | 1708 |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.75%, 4/1/40, Continuously Callable @100 (e) | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.75%, 4/1/40, Continuously Callable @100 (e) | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.77%, 4/1/40, Continuously Callable @100 (e) | 155 | 155 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/27 | 2000 | 2073 |
| Texas Private Activity Bond Surface Transportation Corp. Revenue, 4.00%, 6/30/31, Continuously Callable @100 | 2355 | 2372 |
|  |  | 27440 |
| **Vermont (0.1%):** |  |  |
| Vermont Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/29, Continuously Callable @103 | 445 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/30, Continuously Callable @103 | 230 | 210 |
|  |  | 622 |
| **Virginia (2.4%):** |  |  |
| Chesapeake Bay Bridge & Tunnel District Revenue, 5.00%, 11/1/23 | 10140 | 10230 |
| Halifax County IDA Revenue, 1.65%, 12/1/41, (Put Date 5/31/24)(b) | 1500 | 1464 |
| James City County Economic Development Authority Revenue, 4.00%, 12/1/30, Continuously Callable @103 | 220 | 203 |
| Marquis Community Development Authority Revenue, 7.50%, 9/1/45(c) | 1074 | 516 |
| Marquis Community Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.10%, 9/1/36 (f) | 3506 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 9/1/41 (d)(f) | 5111 | 236 |
| Peninsula Ports Authority Revenue, 3.80%, 10/1/33, (Put Date 10/1/24)(b) | 1810 | 1799 |
| Prince William County IDA Revenue, 5.00%, 1/1/31, Continuously Callable @102 | 1700 | 1592 |
| Virginia Small Business Financing Authority Revenue, Series A, 5.00%, 1/1/31, Continuously Callable @103 | 1250 | 1345 |
|  |  | 19071 |
| **Washington (1.9%):** |  |  |
| Washington Health Care Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/26 | 2000 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/27 | 2175 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.06% (MUNIPSA+140bps), 1/1/35, (Put Date 1/1/25) (a)(b) | 10000 | 9966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.00%, 8/1/49, Callable 2/1/26 @ 100 | 1000 | 1045 |
|  |  | 15401 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Wisconsin (3.4%):** |  |  |
| Fort Atkinson School District Revenue, 4.00%, 6/22/23, Continuously Callable @100 | $2500 | $2507 |
| Monroe School District Revenue, 4.00%, 6/14/23, Continuously Callable @100 | 5000 | 5014 |
| Oconto Falls Public School District Revenue, 4.00%, 6/21/23, Continuously Callable @100 | 3000 | 2999 |
| Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/23 (c) | 955 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/24 (c) | 1010 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/24 (c) | 635 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/25 (c) | 1075 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/26 (c) | 1510 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/27 (c) | 795 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/28 (c) | 840 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/1/30 | 1795 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/30 (c) | 500 | 503 |
| Wisconsin Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/23 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/24 | 160 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/25 | 205 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/26 | 345 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/30 | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31% (MUNIPSA+65bps), 8/15/54, (Put Date 7/31/24) (a)(b) | 1700 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.00%, 9/15/23 | 160 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/24 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/26 | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/27 | 140 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/28, Continuously Callable @103 | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/29, Continuously Callable @103 | 305 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/30, Continuously Callable @103 | 320 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/31, Continuously Callable @103 | 315 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.55%, 11/1/27, Continuously Callable @100 | 1450 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00%, 2/15/51, (Put Date 2/15/27) (b) | 2000 | 2093 |
|  |  | 27283 |
| **Total Municipal Bonds (Cost $813,576)** |  | 781194 |
| **Total Investments (Cost $813,576) — 98.1%** |  | 781194 |
| **Other assets in excess of liabilities — 1.9%** |  | 14871 |
| **NET ASSETS - 100.00%** |  | $796065 |

---

(a) Variable
 or Floating-Rate Security. Rate disclosed is as of December 31, 2022.

(b) Put Bond.

(c) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $21,025 thousands and amounted to 2.6% of net assets.

(d) Zero-coupon bond.

(e) Variable Rate
 Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

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

bps—Basis points

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

GO—General Obligation

IDA—Industrial Development Authority

LIBOR—London Interbank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security

MUNIPSA—Municipal Swap Index

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

SOFR—Secured Overnight Financing Rate

US0001M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security

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

---

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

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (97.1%)** |  |  |
| **Virginia (90.0%):** |  |  |
| Albemarle County Economic Development Authority Revenue, Series B, 2.80%, 10/1/48, Continuously Callable @100(a) | $1200 | $1200 |
| Alexandria IDA Revenue, Series C, 4.00%, 1/1/46, Continuously Callable @100 | 2400 | 2322 |
| Amherst IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/26, Continuously Callable @100 | 1105 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 9/1/30, Continuously Callable @100 | 2000 | 1946 |
| Arlington County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/43, Continuously Callable @100 | 1775 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45, Continuously Callable @100 | 1585 | 1485 |
| Bristol Industrial Development Authority Revenue, 5.00%, 11/1/53, Continuously Callable @100 | 8030 | 8136 |
| Campbell County IDA Revenue, 4.00%, 6/1/44, Continuously Callable @100 | 4600 | 4260 |
| Capital Region Airport Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/36, Continuously Callable @100 | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Continuously Callable @100 | 750 | 729 |
| Charles City County Economic Development Authority Revenue, Series A, 2.88%, 2/1/29, Continuously Callable @101 | 10000 | 9051 |
| Chesapeake Bay Bridge & Tunnel District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/25 | 5000 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | 5805 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51, Continuously Callable @100 | 3435 | 3389 |
| Chesapeake Bay Bridge & Tunnel District Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 7/1/41, Continuously Callable @100 | 5000 | 5157 |
| Chesapeake Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 1000 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/43, Continuously Callable @100 | 4000 | 3692 |
| City of Chesapeake Expressway Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32, Continuously Callable @100 (b) | 6520 | 6580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/40, Continuously Callable @100 (d) | 3000 | 2963 |
| City of Lynchburg, GO, 4.00%, 6/1/44, Continuously Callable @100 | 5000 | 5010 |
| City of Norfolk, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/37, Continuously Callable @100 | 2040 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/39, Continuously Callable @100 | 1535 | 1559 |
| City of Portsmouth, GO, 5.00%, 2/1/33, Pre-refunded 2/1/23 @ 100 | 120 | 120 |
| City of Richmond Public Utility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/40, Continuously Callable @100 | 6000 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/50, Continuously Callable @100 | 1730 | 1612 |
| City of Richmond, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 3/1/32 | 800 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 3/1/33 | 1000 | 1194 |
| County of Fairfax VA Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/15/46, Continuously Callable @100 | 10000 | 11028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/15/51, Continuously Callable @100 | 10000 | 9680 |
| Fairfax County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/47, Continuously Callable @100 | 4000 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29, Pre-refunded 10/1/24 @ 100 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30, Pre-refunded 10/1/24 @ 100 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/31, Pre-refunded 10/1/24 @ 100 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/32, Pre-refunded 10/1/24 @ 100 | 1500 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/32, Pre-refunded 12/1/23 @ 100 | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/33, Pre-refunded 10/1/24 @ 100 | 2200 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/34, Pre-refunded 10/1/24 @ 100 | 2000 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/42, Pre-refunded 10/1/24 @ 102 | 2250 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/42, Pre-refunded 10/1/24 @ 102 | 2750 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/42, Pre-refunded 12/1/23 @ 100 | 2800 | 2852 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/35, Pre-refunded 10/1/27 @ 100 | $2620 | $2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/36, Pre-refunded 10/1/27 @ 100 | 2000 | 2219 |
| Fairfax County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/15/44, Continuously Callable @100 | 6900 | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/15/48, Continuously Callable @100 | 1500 | 1365 |
| Farmville Industrial Development Authority Revenue, 5.38%, 7/1/53, (Put Date 7/1/43)(e) | 6000 | 6366 |
| Front Royal & Warren County IDA Revenue, 4.00%, 1/1/50, Continuously Callable @103 | 7000 | 6287 |
| Greater Richmond Convention Center Authority Revenue, 5.00%, 6/15/32, Pre-refunded 6/15/25 @ 100 | 1500 | 1584 |
| Hampton Roads Sanitation District Revenue, Series A, 5.00%, 8/1/43, Pre-refunded 8/1/26 @ 100 | 4700 | 5091 |
| Hampton Roads Transportation Accountability Commission Revenue, Series A, 4.00%, 7/1/52, Continuously Callable @100 | 5000 | 4667 |
| Henrico County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/24, Continuously Callable @100 | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/1/26, Continuously Callable @100 | 140 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @103 | 2500 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/40, Continuously Callable @103 | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/45, Continuously Callable @103 | 725 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/50, Continuously Callable @103 | 1500 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/52, Continuously Callable @103 | 2200 | 2242 |
| James City County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/47, Continuously Callable @103 | 1000 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/50, Continuously Callable @103 | 9905 | 7361 |
| Lewistown Commerce Center Community Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 (f) | 1053 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 | 665 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 6.05%, 3/1/54, Continuously Callable @100 | 2599 | 390 |
| Lexington IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/31, Continuously Callable @102 | 750 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @102 | 1000 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/48, Continuously Callable @100 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/42, Continuously Callable @103 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/48, Continuously Callable @103 | 1250 | 1288 |
| Loudoun County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31, Continuously Callable @100 | 1135 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32, Continuously Callable @100 | 800 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33, Continuously Callable @100 | 775 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 805 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/52, Continuously Callable @100 | 2250 | 2129 |
| Lynchburg Economic Development Authority Revenue, 4.00%, 1/1/40, Continuously Callable @100 | 1100 | 1027 |
| Lynchburg Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39, Continuously Callable @100 | 1320 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/43, Continuously Callable @100 | 3000 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/55, Continuously Callable @100 | 12920 | 10909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/47, Continuously Callable @100 | 2250 | 2271 |
| Lynchburg Economic Development Authority Revenue (LIQ - JPMorgan Chase & Co.), Series 2018-XL0075, 3.91%, 1/1/47(a)(g) | 3400 | 3400 |
| Lynchburg Economic Development Authority Revenue (LOC - Branch Banking & Trust Co.), Series A-3, 2.85%, 1/1/47, Continuously Callable @100(a) | 800 | 800 |
| Manassas Park Economic Development Authority Revenue, 4.00%, 12/15/52, Continuously Callable @100 | 4500 | 4014 |
| Marquis Community Development Authority of York County Virginia Tax Allocation, Series B, 5.63%, 9/1/41(f) | 3532 | 1699 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Marquis Community Development Authority Revenue, 7.50%, 9/1/45(f)(g) | $1093 | $526 |
| Marquis Community Development Authority Tax Allocation, Series C, 9/1/41(c) | 5389 | 248 |
| Montgomery County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/36, Continuously Callable @100 | 1125 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/39, Continuously Callable @100 | 1750 | 1753 |
| Norfolk Airport Authority Revenue, 5.00%, 7/1/43, Continuously Callable @100 | 2800 | 2922 |
| Norfolk Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/48, (Put Date 11/1/28) (e) | 1600 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/1/48, Continuously Callable @100 | 1100 | 1022 |
| Prince Edward County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/43, Continuously Callable @100 | 2250 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/48, Continuously Callable @100 | 2055 | 2139 |
| Prince Edward County IDA Revenue, 5.25%, 9/1/57, Continuously Callable @100 | 3000 | 3232 |
| Prince William County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37, Continuously Callable @102 | 1000 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/46, Continuously Callable @102 | 4000 | 3277 |
| Radford IDA Revenue (NBGA - Fannie Mae), 3.50%, 9/15/29, Continuously Callable @100 | 4000 | 4000 |
| Rappahannock Regional Jail Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34, Pre-refunded 10/1/25 @ 100 | 2340 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Pre-refunded 10/1/25 @ 100 | 1165 | 1239 |
| Roanoke Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | 12250 | 13157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/51, Continuously Callable @100 | 5000 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36, Continuously Callable @100 | 1640 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/43, Continuously Callable @100 | 4060 | 4118 |
| Rockingham County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/33, Continuously Callable @100 | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/39, Continuously Callable @100 | 4180 | 4116 |
| Salem Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/38, Continuously Callable @100 | 250 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39, Continuously Callable @100 | 225 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 250 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/45, Continuously Callable @100 | 750 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/49, Continuously Callable @100 | 910 | 916 |
| Stafford County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/36, Continuously Callable @100 | 5900 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/37, Continuously Callable @100 | 6495 | 6117 |
| Tobacco Settlement Financing Corp. Revenue, Series B-1, 5.00%, 6/1/47, Continuously Callable @100 | 10000 | 9299 |
| University of Virginia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/42, Continuously Callable @100 | 4000 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/47, Continuously Callable @100 | 5000 | 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 4/1/45, Continuously Callable @100 | 5000 | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/49, Continuously Callable @100 | 5000 | 5374 |
| Upper Occoquan Sewage Authority Revenue, 4.00%, 7/1/39, Pre-refunded 7/1/25 @ 100 | 2000 | 2066 |
| Virginia Beach Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/40, Continuously Callable @103 | 3250 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/44, Continuously Callable @103 | 4865 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/48, Continuously Callable @103 | 3755 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/29, Continuously Callable @100 | 1795 | 1848 |
| Virginia College Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/23 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/24 | 225 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/25 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | 250 | 259 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | $275 | $287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28 | 295 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | 325 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/31, Continuously Callable @100 | 10000 | 11074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31 | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/32, Continuously Callable @100 | 4000 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/33, Continuously Callable @100 | 965 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/35, Continuously Callable @100 | 545 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/36, Continuously Callable @100 | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/36, Continuously Callable @100 | 925 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/43, Continuously Callable @100 | 1285 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/46, Continuously Callable @100 | 1000 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 2/1/35, Continuously Callable @100 | 8000 | 8116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 1/15/46, Continuously Callable @100 | 1000 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 1/15/51, Continuously Callable @100 | 1175 | 830 |
| Virginia Commonwealth Transportation Board Regional Fuels Tax Revenue, 4.00%, 5/15/46, Continuously Callable @100 | 5195 | 4966 |
| Virginia Commonwealth Transportation Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/32, Continuously Callable @100 | 3350 | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/32, Continuously Callable @100 | 9190 | 10085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/42, Continuously Callable @100 | 10000 | 10004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/15/36, Continuously Callable @100 | 2000 | 2046 |
| Virginia Commonwealth University Health System Authority Revenue, 5.00%, 7/1/46, Continuously Callable @100 | 5500 | 5631 |
| Virginia Commonwealth University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/37, Continuously Callable @100 | 750 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/38, Continuously Callable @100 | 350 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/1/48, Continuously Callable @100 | 2475 | 2266 |
| Virginia Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.60%, 5/1/46, Continuously Callable @100 | 7000 | 5874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 2.65%, 7/1/50, Continuously Callable @100 | 1640 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 10/1/52, Continuously Callable @100 | 5000 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.15%, 11/1/52, Continuously Callable @100 | 1750 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.45%, 11/1/45, Continuously Callable @100 | 1500 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K, 1.95%, 12/1/32, Continuously Callable @100 | 1500 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K, 2.05%, 12/1/33, Continuously Callable @100 | 665 | 553 |
| Virginia Public Building Authority Revenue, Series A, 4.00%, 8/1/30, Continuously Callable @100 | 4000 | 4194 |
| Virginia Public School Authority Revenue, 5.00%, 8/1/24 | 10000 | 10343 |
| Virginia Resources Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/32, Continuously Callable @100 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/49, Continuously Callable @100 | 6700 | 6529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/43, Continuously Callable @100 | 1445 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/47, Continuously Callable @100 | 1040 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25%, 11/1/47, Continuously Callable @100 | 2330 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 11/1/52, Continuously Callable @100 | 750 | 791 |
| Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/42, Continuously Callable @100 | 5000 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/49, Continuously Callable @100 | 12800 | 11571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/51, Continuously Callable @103 | 4000 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/45, Continuously Callable @103 | 2800 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/51, Continuously Callable @103 | 16265 | 13667 |
| Western Regional Jail Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 1540 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Pre-refunded 12/1/26 @ 100 | 1545 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/38, Continuously Callable @100 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/38, Pre-refunded 12/1/26 @ 100 | 1000 | 1084 |
| Winchester Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/44, Continuously Callable @100 | 3250 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series S, 5.00%, 1/1/44, Pre-refunded 1/1/24 @ 100 | 3250 | 3317 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Wise County IDA Revenue, Series A, 0.75%, 10/1/40, (Put Date 9/2/25)(e) | $2500 | $2279 |
|  |  | 508058 |
| **District of Columbia (2.6%):** |  |  |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/53, Continuously Callable @100 | 1500 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/44, Continuously Callable @100 | 1500 | 1575 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 10/1/30(c) | 5500 | 4087 |
| Washington Metropolitan Area Transit Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/43, Continuously Callable @100 | 5000 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/15/45, Continuously Callable @100 | 2500 | 2427 |
|  |  | 14577 |
| **Guam (4.5%):** |  |  |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/40, Continuously Callable @100 | 3250 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 2850 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/50, Continuously Callable @100 | 1000 | 989 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/31, Continuously Callable @100 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @100 | 4000 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/41, Continuously Callable @100 | 1500 | 1542 |
| Guam Power Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/39, Continuously Callable @100 | 750 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/44, Continuously Callable @100 | 1000 | 1018 |
| Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 1500 | 1516 |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/27 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/28 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/29 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/30 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/35, Continuously Callable @100 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/46, Continuously Callable @100 | 1250 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/15/39, Continuously Callable @100 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 1/1/31 | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 1/1/42, Continuously Callable @100 | 1000 | 870 |
|  |  | 25245 |
| **Total Municipal Bonds (Cost $596,156)** |  | 547880 |
| **Total Investments (Cost $596,156) — 97.1%** |  | 547880 |
| **Other assets in excess of liabilities — 2.9%** |  | 16579 |
| **NET ASSETS - 100.00%** |  | $564459 |

---

(a) Variable
 Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(b) Stepped-coupon
 security converts to coupon form on 07/15/23 with a rate of 4.75%

(c) Zero-coupon bond.

(d) Stepped-coupon
 security converts to coupon form on 07/15/23 with a rate of 4.88%

(e) Put Bond.

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

(g) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $3,926 thousands and amounted to 0.7% of net assets.

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

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

GO—General Obligation

IDA—Industrial Development Authority

LOC—Letter of Credit

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

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| LIQ | Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed. |
| LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** USAA Mutual Funds Trust

- **b. Investment Company Act file number:** 811-07852

- **c. CIK number of Registrant:** 0000908695

- **d. LEI of Registrant:** 549300WIDR2J6W1Y9S11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-235-8396

**Item A.2. Information about the Series.**

- **a. Name of Series:** Tax-Exempt Intermediate-Term Fund

- **b. EDGAR series identifier (if any):** S000012901

- **c. LEI of Series:** 549300XP2M6Q4ED9JY76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3805305947.47

**Total Liabilities:** $14067311.17

**Net Assets:** $3791238636.30

**Cash Not Reported:** $137091.86

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -6890.13601755 | **1-Year:** -170189.42734336 | **5-Year:** -535166.17851801 | **10-Year:** -1035151.49921538 | **30-Year:** -212122.41500582

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -281.71615785 | **1-Year:** -4771.39954998 | **5-Year:** -19919.59296566 | **10-Year:** -62459.25542543 | **30-Year:** -15071.06363928

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220612 | -0.88%               | 3.80%                | 0.44%                |
| Class ID C000220611 | -0.91%               | 3.78%                | 0.42%                |
| Class ID C000034870 | -0.88%               | 3.79%                | 0.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2460670.14             | $-40794165.10                              |
| Month 2  | $-2443009.12             | $136250921.76                              |
| Month 3  | $-1820182.12             | $9195646.86                                |

### Schedule of Portfolio Investments

| Name                                                                       | Title                                              | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV                        | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES  | CUSIP: 592643CZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1195246.25   | 0.03%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 649907B92<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033945.00   | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA WTR REV                                                     | CITY OF NEW ORLEANS LA WATER SYSTEM REVENUE        | CUSIP: 647753LS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1595076.00   | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603A90<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $857421.00    | 0.02%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH HEALTHCARE REV                              | DENVER HEALTH HOSPITAL AUTHORITY                   | CUSIP: 24918EEH9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1102030.00   | 0.03%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV                            | IOWA TOBACCO SETTLEMENT AUTHORITY                  | CUSIP: 888805CE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $181383.80    | 0.00%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG REV                                           | STATE OF CONNECTICUT SPECIAL TAX REVENUE           | CUSIP: 207758YM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6445848.00   | 0.17%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUB SCH BLDG AUTH PA SCH REV                                         | STATE PUBLIC SCH BLDG AUTH PASCH REVENUE           | CUSIP: 85732TKK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2409001.83   | 0.06%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CNTY CONN MET DIST                                                | METROPOLITAN DISTRICT THE                          | CUSIP: 416489UZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101905.00   | 0.03%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS RETIREMENT CMNTYS REV                                  | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74446CAD2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4480000 | PA      | $4421432.96   | 0.12%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FING AUTH PA TOB MASTER SETTLEMENT PMT REV                    | CMWLTH FING AUTH PA                                | CUSIP: 20282EAP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1341238.75   | 0.04%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA EDL HEALTH CULTURAL & SOCIAL SVCS FIN AUTH REV                    | IMMANUEL RETIREMENT OBLIG                          | CUSIP: 63967UAF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1300698.00   | 0.03%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY STATE PROPERTY BUILDING COMMISSION        | CUSIP: 49151FZJ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3198087.00   | 0.08%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILL MUN PWR AGY PWR PROJ REV                                      | NORTHERN ILLINOIS MUNICIPAL POWER AGENCY           | CUSIP: 665250CU8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5028335.00   | 0.13%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS SPORTS FACS AUTH                                                  | ILLINOIS SPORTS FACILITIES AUTHORITY THE           | CUSIP: 452143FL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1051558.78   | 0.03%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV                                 | ILLINOIS STATE TOLL HIGHWAY AUTHORITY              | CUSIP: 452252LG2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5323320.00   | 0.14%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                    | CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727ZE9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8472240.00   | 0.22%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990FZW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  21605000 | PA      | $20924161.64  | 0.55%             | 2041-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ST ECON DEV AUTH REV                    | CUSIP: 64577XAZ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105760.00   | 0.06%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447P6Y2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1781744.50   | 0.05%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TEX HEALTH FACS DEV CORP REV                                      | MESQUITE HEALTH FACILITY DEVELOPMENT CORP          | CUSIP: 590743CS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2457680.00   | 0.06%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TSJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070231.00   | 0.03%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO HOSP FACS REV                                           | HAMILTON CNTY OH HOSP FACS REVENUE                 | CUSIP: 407272X99<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125307.70   | 0.03%             | 2040-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461363Q2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3154377.00   | 0.08%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLLUTN CTL REV                                     | DEVELOPMENT AUTHORITY OF BURKE COUNTY THE          | CUSIP: 121342QC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1572311.30   | 0.04%             | 2032-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH REV                                                 | IDAHO HEALTH FACILITIES AUTHORITY                  | CUSIP: 451295ZU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5805000 | PA      | $6041246.09   | 0.16%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20774Y4P9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1191656.70   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVER CNTY PA                                                             | BEAVER CNTY PA                                     | CUSIP: 074851SW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4490000 | PA      | $4649080.70   | 0.12%             | 2030-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1113354.88   | 0.03%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EA57<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7650000 | PA      | $3118637.25   | 0.08%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL SPL ASSMT                                                      | CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE      | CUSIP: 167686AL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    325000 | PA      | $299395.85    | 0.01%             | 2029-12-01      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV                            | HEALTH EDUCATIONAL FACILITIES AUTHORITY OF THE S   | CUSIP: 60636AFX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2364833.20   | 0.06%             | 2033-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712DRA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9830000 | PA      | $9648567.69   | 0.25%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FDF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4864819.91   | 0.13%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARD CNTY N D HEALTH CARE FAC REV                                          | WARD CNTY ND HLTH CARE FACS REVENUE                | CUSIP: 934023EU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4136728.50   | 0.11%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH                                      | NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 64579F7K3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063466.00   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON JACKSON ETC CNTYS ILL CMNTY UNIT SCH DIST NO 004                | WILLIAMSON JACKSON ETC COUNTIES COMMUNITY UNIT SCH | CUSIP: 970016EA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2025000 | PA      | $2155701.60   | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA SCH BRD CTFS PARTN                                           | LAKE COUNTY SCHOOL BOARD                           | CUSIP: 50825JLE4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1285565.00   | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV                                | SOUTH JERSEY TRANSPORTATION AUTHORITY LLC          | CUSIP: 838536HB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $768750.00    | 0.02%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV                           | STAFFORD COUNTY ECONOMIC DEVELOPMENT AUTHORITY     | CUSIP: 852431BH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $781837.50    | 0.02%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP ILL                                          | SALES TAX SECURITIZATION CORP                      | CUSIP: 79467BCZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1635361.00   | 0.04%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INFIRMARY HEALTH SYS SPL CARE FACS FING AUTH MOBILE ALA REV                | INFIRMARY HEALTH SYSTEM SPECIAL CARE FACILITIES FI | CUSIP: 45663NBU5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8196416.00   | 0.22%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FLA WTR & SWR REV                                               | CITY OF CAPE CORAL FL WATER SEWER REVENUE          | CUSIP: 139372RK4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2981409.00   | 0.08%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593LL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501953.00   | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE IS                                      | TOBACCO SETTLEMENT FINANCING CORP RI               | CUSIP: 888809BA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041868.00   | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 593338AR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040274.00   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYONNE N J                                                                | CITY OF BAYONNE NJ                                 | CUSIP: 072887V90<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081138.00   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON N MEX POLLUTN CTL REV                                           | CITY OF FARMINGTON NM                              | CUSIP: 311450FW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8113790.00   | 0.21%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JEC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1217458.96   | 0.03%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV                       | PORT OF PORT ARTHUR NAVIGATION DISTRICT            | CUSIP: 735220AU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3020000.00   | 0.08%             | 2040-04-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                  | CITY OF HOUSTON TX                                 | CUSIP: 44237NHU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2201888.10   | 0.06%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EJ82<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1433424.37   | 0.04%             | 2027-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YQG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008964.00   | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OHIO HOSP REV                                              | MONTGOMERY CNTY OH HOSP                            | CUSIP: 613520MF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2248050.20   | 0.06%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMPAIGN CNTY ILL CMNTY UNIT SCH DIST NO 004                              | CHAMPAIGN COUNTY COMMUNITY UNIT SCHOOL DISTRICT NO | CUSIP: 158249LV2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022058.00   | 0.03%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218C35<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019463.00   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BZB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    735000 | PA      | $736388.42    | 0.02%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224MT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126075.00   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593RL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5675000 | PA      | $5918780.98   | 0.16%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX SPL TAX REV                                                  | CITY OF ARLINGTON TX                               | CUSIP: 04184RCZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1607796.00   | 0.04%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                                               | MISSISSIPPI DEV BK SPL OBLIG                       | CUSIP: 60534XFC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    920000 | PA      | $924220.04    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NEV                                                        | CITY OF NORTH LAS VEGAS NV                         | CUSIP: 660393R84<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1894274.47   | 0.05%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | STATE OF OHIO                                      | CUSIP: 67756CFB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    655000 | PA      | $588966.83    | 0.02%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST CTFS PARTN                                                 | COMMONWEALTH OF PENNSYLVANIA                       | CUSIP: 709144NU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $815307.00    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH SR LIVING REV                                 | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72178AAL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9918760.00   | 0.26%             | 2030-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH REV                                          | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY    | CUSIP: 165588FL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8875000 | PA      | $8675525.50   | 0.23%             | 2042-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY STATE PROPERTY BUILDING COMMISSION        | CUSIP: 49151FML1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113734.00   | 0.06%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH HEALTH SVCS FAC LEASE REV                                | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 452031AP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906514.00    | 0.02%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EL CAMINO CALIF CMNTY COLLEGE DIST                                         | EL CAMINO COMMUNITY COLLEGE DISTRICT               | CUSIP: 282726DN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6810000 | PA      | $6146692.38   | 0.16%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COMMONSPIRIT HEALTH OBL                            | CUSIP: 19648FJY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917561.00    | 0.02%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGANY CNTY N Y CAP RESOURCE CORP REV                                    | ALLEGANY COUNTY CAPITAL RESOURCE CORP              | CUSIP: 017095AG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1929075.23   | 0.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203HV41<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1009274.20   | 0.03%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BYL1<br>LEI: N/A | Long             | DBT              | MUN               | US        |     15000 | PA      | $15099.71     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA HEALTH FACS AUTH HOSP REV                              | PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 69651ABZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1162000.25   | 0.03%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218Y80<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2573655.00   | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WZC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1019762.21   | 0.03%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145PC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1085602.36   | 0.03%             | 2040-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883TG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9895000 | PA      | $10452464.51  | 0.28%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHAMPTON CNTY PA GEN PURP AUTH HOSP REV                                 | NORTHAMPTON COUNTY GENERAL PURPOSE AUTHORITY       | CUSIP: 66353RCH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4645000 | PA      | $4652733.93   | 0.12%             | 2048-08-15      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KJL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040308.00   | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV REV                                          | LATROBE INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 518324AS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $221239.00    | 0.01%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV                                             | NEW YORK STATE URBAN DEVELOPMENT CORP              | CUSIP: 650036DD5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5785000 | PA      | $5673100.75   | 0.15%             | 2039-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV                            | IOWA TOBACCO SETTLEMENT AUTHORITY                  | CUSIP: 888805CD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $275121.00    | 0.01%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                  | CITY OF HOUSTON TX                                 | CUSIP: 44237NGS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2361909.10   | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG REV                                           | STATE OF CONNECTICUT SPECIAL TAX REVENUE           | CUSIP: 207758XP3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21828060.00  | 0.58%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REV                             | CASINO REINVESTMENT DEVELOPMENT AUTHORITY          | CUSIP: 14760RAQ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032960.00   | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLINT MICH HOSP BLDG AUTH REV                                              | FLINT MI HOSP BLDG AUTH REVENUE                    | CUSIP: 339511ET0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2367308.70   | 0.06%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YJT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5182165.00   | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY OHIO JT TWP HOSP DIST REV                                | AKRON BATH COPLEY JOINT TOWNSHIP HOSPITAL DISTRICT | CUSIP: 009730PV8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $454421.00    | 0.01%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JORDANELLE SPL SVC DIST UTAH SPL ASSMT                                     | JORDANELLE SPECIAL SERVICE DISTRICT                | CUSIP: 480797AN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1523851 | PA      | $1526984.04   | 0.04%             | 2030-08-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| MADISON MACOUPIN ETC CNTYS ILL CMNTY COLLEGE DIST NO 536                   | MADISON MACOUPIN ETC COUNTIES COMMUNITY COLLEGE DI | CUSIP: 557738NH0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $803444.25    | 0.02%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                    | CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727WU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1292173.75   | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE MEM HEALTH SYS FLA HOSP REV                                            | LEE MEMORIAL HEALTH SYSTEM                         | CUSIP: 52385LDK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4812690.00   | 0.13%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH REV                                         | KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY    | CUSIP: 49126PFE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5205000 | PA      | $4801445.94   | 0.13%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST HAVEN CONN                                                            | CITY OF WEST HAVEN CT                              | CUSIP: 953140V23<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480342.50   | 0.04%             | 2036-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593N99<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009378.00   | 0.05%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV                             | KENTUCKY PUBLIC ENERGY AUTHORITY                   | CUSIP: 74440DDS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12733448.00  | 0.34%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                     | MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DCZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12750000 | PA      | $12460179.75  | 0.33%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FBQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012535.00   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NIAGARA FALLS N Y CITY SCH DIST CTFS PARTN                                 | NIAGARA FALLS CITY SCHOOL DISTRICT                 | CUSIP: 653424DF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1712048.93   | 0.05%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399DS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2336784.00   | 0.06%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY BLDG AUTH ST BLDG REV                                           | NEW JERSEY BUILDING AUTHORITY                      | CUSIP: 645771ZP4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $628377.00    | 0.02%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712DKP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026867.00   | 0.03%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FWR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2533427.50   | 0.07%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON CNTY S C HEALTH SVCS DIST INC HOSP REV                           | LEXINGTON COUNTY HEALTH SERVICES DISTRICT INC      | CUSIP: 529050ES1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005352.00   | 0.03%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV                                | SOUTH JERSEY TRANSPORTATION AUTHORITY LLC          | CUSIP: 838536HA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $512488.50    | 0.01%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL PK DIST                                                        | CHICAGO PARK DISTRICT                              | CUSIP: 167615G80<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570684.50   | 0.04%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEPORT CONN                                                            | CITY OF BRIDGEPORT CT                              | CUSIP: 108152GR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    180000 | PA      | $199017.90    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                     | MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DBR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054090.00   | 0.05%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTH HOSP FACS REV                                  | SOUTHEASTERN OHIO PORT AUTHORITY                   | CUSIP: 841895AX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $752312.25    | 0.02%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XJZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032352.00   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL SPL ASSMT                                                      | CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE      | CUSIP: 167686AP9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $271818.30    | 0.01%             | 2032-12-01      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV                                   | PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | CUSIP: 70917SJL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1988416.91   | 0.05%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203HZQ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3499619.49   | 0.09%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH REV                                      | VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 928104MX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $474326.00    | 0.01%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JEB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    405000 | PA      | $365733.23    | 0.01%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HIGHER ED FIN CORP TEX REV                                          | NEWARK HIGHER EDUCATION FINANCE CORP               | CUSIP: 650348AG0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1650754.86   | 0.04%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GZK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $441770.00    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD MANAGERS JT GUADALUPE CNTY-CITY SEGUIN HOSP MTG REV TEX              | BOARD OF MANAGERS JOINT GUADALUPE COUNTY CITY OF S | CUSIP: 09659MAP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1611512.00   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUZERNE CNTY PA                                                            | COUNTY OF LUZERNE PA                               | CUSIP: 550697VF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5258075.00   | 0.14%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GZP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $647179.50    | 0.02%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILL MUN PWR AGY PWR PROJ REV                                      | NORTHERN ILLINOIS MUNICIPAL POWER AGENCY           | CUSIP: 665250CQ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1842667.20   | 0.05%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REV                                                     | CALIFORNIA STATE UNIVERSITY                        | CUSIP: 13077CW67<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10655890.00  | 0.28%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CITY N Y                                                           | VILLAGE OF JOHNSON CITY NY                         | CUSIP: 478232NV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1555832.65   | 0.04%             | 2023-09-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                    | WASHINGTON HEALTH CARE FACILITIES AUTHORITY        | CUSIP: 93978HSR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2447289.60   | 0.06%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | OHIO ST HOSP REVENUE                               | CUSIP: 67756CEE4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1696516.20   | 0.04%             | 2040-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736C47<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044512.00   | 0.05%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV REV                                          | LATROBE INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 518324AT5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $220243.00    | 0.01%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA NON-AD VALOREM REV                                            | COUNTY OF LEE FL                                   | CUSIP: 52349AAG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2538395.00   | 0.07%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV                           | STAFFORD COUNTY ECONOMIC DEVELOPMENT AUTHORITY     | CUSIP: 852431BK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1983484.16   | 0.05%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH REV                                         | CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY          | CUSIP: 155498DS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1317211.25   | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN HEALTH CARE SYS REV                                       | CITY OF MINNEAPOLIS MN                             | CUSIP: 60374VEB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5234930.00   | 0.14%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | STATE OF ILLINOIS                                  | CUSIP: 452152H38<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7022337.00   | 0.19%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066J27<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3215817.00   | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2386884.50   | 0.06%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CALIF PUB FING AUTH LEASE REV                                      | ANAHEIM PUBLIC FINANCING AUTHORITY                 | CUSIP: 03255LGN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $514487.50    | 0.01%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XD40<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027115.00   | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST MUN PWR AGY PWR SYS REV                                        | KENTUCKY MUNICIPAL POWER AGENCY                    | CUSIP: 491501ER9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6904415.00   | 0.18%             | 2042-09-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BEAVER CNTY PA                                                             | BEAVER CNTY PA                                     | CUSIP: 074851SU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2294951.52   | 0.06%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REV                                                     | CALIFORNIA STATE UNIVERSITY                        | CUSIP: 13077DNV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    165000 | PA      | $171888.26    | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EQJ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067802.00   | 0.03%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV                        | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES  | CUSIP: 592643CY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971220.00    | 0.03%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDL FACS REV                                              | INDIANA FINANCE AUTHORITY                          | CUSIP: 45470ECQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6240000 | PA      | $6499059.84   | 0.17%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULARE CALIF SWR REV                                                       | CITY OF TULARE CA SEWER REVENUE                    | CUSIP: 899124KL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1666346.19   | 0.04%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTSVILLE ALA HEALTH CARE AUTH                                            | HUNTSVILLE AL HLTH CARE AUTH REVENUE               | CUSIP: 44706HDS3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1881518.00   | 0.05%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE PUB SCH BLDG AUTH PA SCH REV                                         | STATE PUBLIC SCH BLDG AUTH PASCH REVENUE           | CUSIP: 85732TKU5<br>LEI: N/A | Long             | DBT              | MUN               | US        |  13085000 | PA      | $13363906.78  | 0.35%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ERIE PA CITY SCH DIST                                                      | SCHOOL DISTRICT OF THE CITY OF ERIE THE            | CUSIP: 295425TE2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1197348.95   | 0.03%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX WTRWKS SWR SYS REV                                              | CITY OF LAREDO TX WATERWORKS SEWER SYSTEM REVENU   | CUSIP: 517039TR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021674.00   | 0.03%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY N J                                                          | CITY OF ATLANTIC CITY NJ                           | CUSIP: 048339VJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $786844.50    | 0.02%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARBOR POINT INFRASTRUCTURE IMPT DIST CONN SPL OBLIG REV                   | HARBOR POINT INFRASTRUCTURE IMPROVEMENT DISTRICT   | CUSIP: 41154VAJ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10275550.00  | 0.27%             | 2030-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883VC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063494.00   | 0.03%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV                 | LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIE | CUSIP: 54628CDX7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  18750000 | PA      | $17479087.50  | 0.46%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | STATE OF OHIO                                      | CUSIP: 67756CEX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1175167.98   | 0.03%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH HEALTH FACS REV                                              | IOWA FINANCE AUTHORITY                             | CUSIP: 462466FX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15105000 | PA      | $14823835.53  | 0.39%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTERVILLE OHIO HEALTH CARE REV                                           | CITY OF CENTERVILLE OH                             | CUSIP: 152241AY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2196585.00   | 0.06%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH ST LEASE REV                                  | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64578EMB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  16455000 | PA      | $17255288.93  | 0.46%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH ST CONTRACT                          | NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 64580ABX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2741355.78   | 0.07%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON JACKSON ETC CNTYS ILL CMNTY UNIT SCH DIST NO 004                | WILLIAMSON JACKSON ETC COUNTIES COMMUNITY UNIT SCH | CUSIP: 970016DZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2049447.40   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRESNO CALIF JT PWRS FING AUTH LEASE REV                                   | FRESNO JOINT POWERS FINANCING AUTHORITY            | CUSIP: 358184PX1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088477.00   | 0.03%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LUCIE CNTY FLA SCH BRD CTFS PARTN                                       | ST LUCIE COUNTY SCHOOL BOARD                       | CUSIP: 792075MT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513735.50   | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH REV                                         | KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY    | CUSIP: 49126PFD7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5530000 | PA      | $5428839.71   | 0.14%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 645918W58<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10093420.00  | 0.27%             | 2028-03-01      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648AM28<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2770801.00   | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                    | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TLY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1465249.65   | 0.04%             | 2036-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH ST CONTRACT                          | NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 64580ABV2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100834.00   | 0.06%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EBV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4752920.00   | 0.13%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA TOURIST DEV TAX REV                                           | LEE CNTY FL TOUR DEV TAX REVENUE                   | CUSIP: 523520DF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4970000 | PA      | $4893243.32   | 0.13%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OHIO HOSP FACS REV                                              | COUNTY OF ALLEN OH HOSPITAL FACILITIES REVENUE     | CUSIP: 01757LGB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4922905.00   | 0.13%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLO VLG ILL SPL SVC AREA NO 3 & 6 SPL TAX                                 | VOLO VILLAGE SPECIAL SERVICE AREA NO 3 6           | CUSIP: 92870PAN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2992000 | PA      | $3158268.43   | 0.08%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH STUDENT HSG & ACADEMIC FAC REV                           | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203KAN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971585.00    | 0.03%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OHIO HOSP REV                                              | COUNTY OF MONTGOMERY OH                            | CUSIP: 613520ME2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5602891.00   | 0.15%             | 2036-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH HOSP REV                                           | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546395P99<br>LEI: N/A | Long             | DBT              | MUN               | US        |     85000 | PA      | $89610.32     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTOUR PA SCH DIST                                                        | MONTOUR SCHOOL DISTRICT                            | CUSIP: 614707SZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582026.00   | 0.04%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV                            | MISSOURI DEVELOPMENT FINANCE BOARD                 | CUSIP: 60636SEN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007253.00   | 0.03%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WICHITA KANS SALES TAX SPL OBLIG REV                                       | CITY OF WICHITA KS                                 | CUSIP: 967323AD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    125000 | PA      | $123491.50    | 0.00%             | 2027-09-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1404609.38   | 0.04%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                    | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PPD1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1125288.10   | 0.03%             | 2040-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP ECONOMIC DEV REV                             | MARYLAND ECONOMIC DEVELOPMENT CORP                 | CUSIP: 57420NBZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062279.00   | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA EDL HEALTH CULTURAL & SOCIAL SVCS FIN AUTH REV                    | IMMANUEL RETIREMENT OBLIG                          | CUSIP: 63967UAC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    795000 | PA      | $814288.29    | 0.02%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULARE CALIF SWR REV                                                       | CITY OF TULARE CA SEWER REVENUE                    | CUSIP: 899124KN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2483109.72   | 0.07%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                      | FLORIDA INSTITUTE OF TECH                          | CUSIP: 34073TNE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026396.00   | 0.03%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV                            | MISSOURI DEVELOPMENT FINANCE BOARD                 | CUSIP: 60636SEP5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4245592.47   | 0.11%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648AW27<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4034756.00   | 0.11%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA WTR REV                                                     | CITY OF NEW ORLEANS LA WATER SYSTEM REVENUE        | CUSIP: 647753LQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596265.50   | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | OHIO ST HOSP REVENUE                               | CUSIP: 67756CEC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948895.00    | 0.03%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FING AUTH PA TOB MASTER SETTLEMENT PMT REV                    | CMWLTH FING AUTH PA                                | CUSIP: 20282EAQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132574.00   | 0.06%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FLA HEALTH FACS AUTH REV                                       | ORANGE COUNTY HEALTH FACILITIES AUTHORITY          | CUSIP: 68450LEK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4137212.00   | 0.11%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                     | MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DBS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528636.50   | 0.04%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO HOSP FACS REV                                           | HAMILTON CNTY OH HOSP FACS REVENUE                 | CUSIP: 407272X81<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1413226.38   | 0.04%             | 2039-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 646136WK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11405000 | PA      | $5219076.27   | 0.14%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HIGHER ED FIN CORP TEX REV                                          | NEWARK HIGHER EDUCATION FINANCE CORP               | CUSIP: 650348AK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1640014.20   | 0.04%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAYTON OHIO CITY SCH DIST                                                  | DAYTON CITY SCHOOL DISTRICT                        | CUSIP: 239847HQ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3655000 | PA      | $4144912.55   | 0.11%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TEX UTIL SYS REV                                            | CITY OF CORPUS CHRISTI TX UTILITY SYSTEM REVENUE   | CUSIP: 220245YS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1122487.30   | 0.03%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH ST CONTRACT                          | NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 64580ABW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100568.00   | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVIRONMENTAL FACS REV                                     | COUNTY OF TRIMBLE KY                               | CUSIP: 896221AD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15172485.00  | 0.40%             | 2033-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                      | FLORIDA INSTITUTE OF TECH                          | CUSIP: 34073TNF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896026.00    | 0.02%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OKLA INDL AUTH SR LIVING CMNTY REV                              | TULSA COUNTY INDUSTRIAL AUTHORITY                  | CUSIP: 899530AS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    940000 | PA      | $955432.92    | 0.03%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ HSG AUTH CITY SECD POLICE FAC REV                                | NEWARK HOUSING AUTHORITY                           | CUSIP: 65038HAM3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $510582.50    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EL CAMINO CALIF CMNTY COLLEGE DIST                                         | EL CAMINO COMMUNITY COLLEGE DISTRICT               | CUSIP: 282726DQ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4657400.00   | 0.12%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VERMONT EDL & HEALTH BLDGS FING AGY REV                                    | VERMONT EDUCATIONAL HEALTH BUILDINGS FINANCING A   | CUSIP: 924166HJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2573515.00   | 0.07%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHULA VISTA CALIF MUN FING AUTH REV                                        | CHULA VISTA MUNICIPAL FINANCING AUTHORITY          | CUSIP: 17131DAN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1778035.10   | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                  | CITY OF HOUSTON TX                                 | CUSIP: 44237NGT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026939.00   | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EXEMPT FACS REV                                        | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443QAE2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1481692.50   | 0.04%             | 2030-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                         | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505WJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3165068.80   | 0.08%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH SWR REV                                         | ALLEGHENY COUNTY SANITARY AUTHORITY                | CUSIP: 017357C28<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1507050.28   | 0.04%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TEX REGL MOBILITY AUTH REV                                      | NORTH EAST TEXAS REGIONAL MOBILITY AUTHORITY       | CUSIP: 659231AL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7074137.00   | 0.19%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURP HOSP REV                                           | LEHIGH VY HLTH NETWRK OBG                          | CUSIP: 52480GDT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1859710.00   | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KARNES CNTY TEX HOSP DIST HOSP REV                                         | KARNES COUNTY HOSPITAL DISTRICT                    | CUSIP: 485722AL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4074156.00   | 0.11%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN OHIO PORT AUTH HOSP FACS REV                                  | SOUTHEASTERN OHIO PORT AUTHORITY                   | CUSIP: 841895AU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $715457.25    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NEV CONVENTION & VISITORS AUTH REV                               | LAS VEGAS CONVENTION VISITORS AUTHORITY            | CUSIP: 517704ER9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4560000 | PA      | $4603538.88   | 0.12%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV                               | NEW YORK ST DORM AUTH                              | CUSIP: 64990FSP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |      5000 | PA      | $5244.25      | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA CAP IMPT CIG TAX ALLOCATION                                      | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION     | CUSIP: 875146AW2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    850000 | PA      | $403648.85    | 0.01%             | 2038-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KBB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5575000 | PA      | $6109291.28   | 0.16%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP REV                             | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638TGN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  19115000 | PA      | $19800253.64  | 0.52%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | STATE OF ILLINOIS                                  | CUSIP: 452152VH1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9070020.00   | 0.24%             | 2031-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REV                  | NEW ORLEANS AVIATION BOARD                         | CUSIP: 64763XAY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1361267.70   | 0.04%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE HEALTH & HIGHER EDL FACS AUTH REV                                    | MAINE HEALTH HIGHER EDUCATIONAL FACILITIES AUTHO   | CUSIP: 560427VU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009211.00   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                            | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DHB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3520000 | PA      | $3130934.40   | 0.08%             | 2034-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV                                   | PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | CUSIP: 70917SJN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2440625.57   | 0.06%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WXH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1703112.27   | 0.04%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883VB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070828.00   | 0.03%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | STATE OF OHIO                                      | CUSIP: 67756CCY2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7210000 | PA      | $7458052.84   | 0.20%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV                                   | PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | CUSIP: 70917SJH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2044072.34   | 0.05%             | 2026-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YX61<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2232462.80   | 0.06%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV                       | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078RGG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1275917.50   | 0.03%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRANSPRTN AUTH NY                              | CUSIP: 59261AG68<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7315000 | PA      | $7770607.46   | 0.20%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH REV                                          | VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY      | CUSIP: 928836KR5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042905.00   | 0.03%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NIAGARA FALLS N Y CITY SCH DIST CTFS PARTN                                 | NIAGARA FALLS CITY SCHOOL DISTRICT                 | CUSIP: 653424DD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1682271.16   | 0.04%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITYPLACE CMNTY DEV DIST FLA SPL ASSMT REV                                 | CITYPLACE COMMUNITY DEVELOPMENT DISTRICT           | CUSIP: 17877SAP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7900000 | PA      | $7200273.30   | 0.19%             | 2038-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS SPORTS FACS AUTH                                                  | ILLINOIS SPORTS FACILITIES AUTHORITY THE           | CUSIP: 452143FC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3069117.00   | 0.08%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE            | CUSIP: 6460668H6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    975000 | PA      | $950408.55    | 0.03%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMMOND IND MULTI-SCH BLDG CORP                                            | HAMMOND MULTI SCHOOL BUILDING CORP                 | CUSIP: 408395SB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069618.00   | 0.03%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH REV                                            | BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY      | CUSIP: 118612MS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $458814.15    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSN DIST COLO CTFS PARTN                                       | REGIONAL TRANSPORTATION DISTRICT                   | CUSIP: 75913THQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14175000 | PA      | $14281482.60  | 0.38%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224JE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7145000 | PA      | $7465381.80   | 0.20%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NEV CONVENTION & VISITORS AUTH REV                               | LAS VEGAS CONVENTION VISITORS AUTHORITY            | CUSIP: 517704EQ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028456.00   | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECONOMIC DEV REV                                           | CITY OF GAITHERSBURG MD                            | CUSIP: 363128CU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981273.00    | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584Y3U1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3768481.50   | 0.10%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK ILL                                                            | VILLAGE OF BOLINGBROOK IL                          | CUSIP: 097552TL7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2494221.85   | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UNIV FD                                                | PERMANENT UNIVERSITY FUND UNIVERSITY OF TEXAS SY   | CUSIP: 9151156E4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3434756.00   | 0.09%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 5742188J5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1533944.41   | 0.04%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NEV                                                        | CITY OF NORTH LAS VEGAS NV                         | CUSIP: 660393S34<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6135000 | PA      | $6075883.14   | 0.16%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST UNIV & AGRIC & MECHANICAL COLLEGE BRD SUPERVISORS REV         | LOUISIANA STATE UNIVERSITY AGRICULTURAL MECHAN     | CUSIP: 546540PW9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012425.00   | 0.03%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV                              | HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANC | CUSIP: 414009EZ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1369873.40   | 0.04%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883WE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1615282.20   | 0.04%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTOUR PA SCH DIST                                                        | MONTOUR SCHOOL DISTRICT                            | CUSIP: 614707SY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055889.00   | 0.03%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX MUN UTIL DIST NO 165                                       | HARRIS COUNTY MUNICIPAL UTILITY DISTRICT NO 165    | CUSIP: 414962QZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $776375.25    | 0.02%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                      | FLORIDA HIGHER EDUCATIONAL FACILITIES FINANCIAL AU | CUSIP: 34073TLM7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7055000 | PA      | $6660978.25   | 0.18%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                                     | RHODE ISLAND HEALTH EDUCATIONAL BUILDING CORP      | CUSIP: 7622436N8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039450.00   | 0.05%             | 2033-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EL CAMINO CALIF CMNTY COLLEGE DIST                                         | EL CAMINO COMMUNITY COLLEGE DISTRICT               | CUSIP: 282726DP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7665000 | PA      | $6698719.44   | 0.18%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCRANTON PA SCH DIST                                                       | SCRANTON SCHOOL DISTRICT PA                        | CUSIP: 810827XF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1732995.20   | 0.05%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883VD1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056515.00   | 0.03%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NEV PASSENGER FAC CHARGE REV                                    | COUNTY OF CLARK DEPARTMENT OF AVIATION             | CUSIP: 181006GT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2422222.02   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FAY0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003552.00   | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV                           | TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1   | CUSIP: 875518FB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1346490.00   | 0.04%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIP LN COUNCIL FIRST MTG REV                          | NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL         | CUSIP: 647377AM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1075000 | PA      | $955678.23    | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA EDL HEALTH CULTURAL & SOCIAL SVCS FIN AUTH REV                    | IMMANUEL RETIREMENT OBLIG                          | CUSIP: 63967UAD4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1260854.32   | 0.03%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                                             | NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 6461397J8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3571008.00   | 0.09%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 5463982F4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104518.00   | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH REV                                      | VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 928104MZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6496399.00   | 0.17%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NIAGARA FALLS N Y CITY SCH DIST CTFS PARTN                                 | NIAGARA FALLS CITY SCHOOL DISTRICT                 | CUSIP: 653424DE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1486012.20   | 0.04%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL REV                                | METROPOLITAN PIER EXPOSITION AUTHORITY             | CUSIP: 592250EW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7048216.00   | 0.19%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH SR LIVING REV                                 | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72178AAG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3134136.00   | 0.08%             | 2042-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE            | CUSIP: 6460668G8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    260000 | PA      | $257188.62    | 0.01%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY ST PROPERTY BLDGS COMMISSION REVENUES     | CUSIP: 49151FD49<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $747285.75    | 0.02%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAINS ENERGY PROJ NEB GAS PROJ REV                                | CENTRAL PLAINS ENERGY PROJECT                      | CUSIP: 154871CU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17623934.00  | 0.46%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 646136X97<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3119025.00   | 0.08%             | 2034-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA SEW SVC REV                                                 | CITY OF NEW ORLEANS LA SEWERAGE SERVICE REVENUE    | CUSIP: 647719NV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1210097.85   | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YSA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1254800.97   | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEPORT CONN                                                            | CITY OF BRIDGEPORT CT                              | CUSIP: 108152GS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4485000 | PA      | $4869804.03   | 0.13%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH REV                                          | VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY      | CUSIP: 928836KV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1626064.44   | 0.04%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XM40<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1307697.50   | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV                             | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE    | CUSIP: 74440DBD5<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14285000 | PA      | $14219203.29  | 0.38%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REDEV AUTH TEX TAX INCREMENT CONTRACT REV                         | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY  | CUSIP: 26118RAK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1445018.70   | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203H5C2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3802937.70   | 0.10%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KEB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2177706.00   | 0.06%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XM57<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039858.00   | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WBU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $16011620.00  | 0.42%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224PH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20048320.00  | 0.53%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NEW MEXICO EDL FACS REV                         | VILLAGE OF LOS RANCHOS DE ALBUQUERQUE NM           | CUSIP: 545610BF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $289218.90    | 0.01%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA DEV FIN AUTH HEALTH SYS REV                                       | OKLAHOMA DEVELOPMENT FINANCE AUTHORITY             | CUSIP: 67884XCE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3828223.30   | 0.10%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA CAP IMPT CIG TAX ALLOCATION                                      | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION     | CUSIP: 875146AV4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $361722.90    | 0.01%             | 2037-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FING AUTH PA REV                                              | COMMONWEALTH FINANCING AUTHORITY                   | CUSIP: 20281PJQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5229040.00   | 0.14%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204FNL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1643227.16   | 0.04%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK ILL                                                            | VILLAGE OF BOLINGBROOK IL                          | CUSIP: 097552TM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1533227.10   | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURP HOSP REV                                           | LEHIGH VY HLTH NETWRK OBG                          | CUSIP: 52480GDS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1946950.00   | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066E89<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4303816.00   | 0.11%             | 2029-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHULA VISTA CALIF MUN FING AUTH REV                                        | CHULA VISTA MUNICIPAL FINANCING AUTHORITY          | CUSIP: 17131DAM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1589587.12   | 0.04%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUCCESSOR AGY PITTSBURG CALIF REDEV AGY                                    | PITTSBURG SUCCESSOR AGENCY REDEVELOPMENT AGENCY    | CUSIP: 86459LBP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3738588.00   | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203HU67<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962891.00    | 0.03%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | STATE OF OHIO                                      | CUSIP: 67756CCS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6172398.00   | 0.16%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461362E0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3157932.00   | 0.08%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                     | MAIN STREET NATURAL GAS INC                        | CUSIP: 56035DBT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2533400.00   | 0.07%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736E45<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090932.00   | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARSON CITY NEV HOSP REV                                                   | CITY OF CARSON CITY NV                             | CUSIP: 145810DP9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047180.00   | 0.03%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVIRONMENTAL FACS REV                                 | INDIANA FINANCE AUTHORITY                          | CUSIP: 455059AG0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5977164.00   | 0.16%             | 2024-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                              | SANGAMON CNTY IL SCH DIST NO 186 SPRINGFIELD       | CUSIP: 800766MS3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1059602.96   | 0.03%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH REV                                     | HEALTH EDUCATIONAL FACILITIES AUTHORITY OF THE S   | CUSIP: 60635H2J7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1447429.77   | 0.04%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HEALTH SYS REV                                 | BERKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY      | CUSIP: 08451PAQ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2305854.00   | 0.06%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH HEALTHCARE REV                              | DENVER HEALTH HOSPITAL AUTHORITY                   | CUSIP: 24918EEA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7355000 | PA      | $7480513.08   | 0.20%             | 2034-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEBRASKA EDL HEALTH CULTURAL & SOCIAL SVCS FIN AUTH REV                    | IMMANUEL RETIREMENT OBLIG                          | CUSIP: 63967UAE2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010039.00   | 0.03%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                      | NEW YORK LIBERTY DEVELOPMENT CORP                  | CUSIP: 649519DP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6730000 | PA      | $5586377.83   | 0.15%             | 2032-11-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| FRESNO CALIF JT PWRS FING AUTH LEASE REV                                   | FRESNO JOINT POWERS FINANCING AUTHORITY            | CUSIP: 358184PU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093368.00   | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LATROBE PA INDL DEV AUTH UNIV REV                                          | LATROBE INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 518324AU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $628016.25    | 0.02%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCRANTON PA SCH DIST                                                       | SCRANTON SCHOOL DISTRICT PA                        | CUSIP: 810827XE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087106.00   | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XD32<br>LEI: N/A | Long             | DBT              | MUN               | US        |    735000 | PA      | $758892.65    | 0.02%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066J35<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3567937.60   | 0.09%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                                              | STATE OF NEW JERSEY                                | CUSIP: 646039YQ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3570000 | PA      | $3847460.40   | 0.10%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FLA REV                                                      | POMPANO BEACH FL REVENUE                           | CUSIP: 732203BC7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2061297.50   | 0.05%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                            | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ESY3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $502536.00    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL PK DIST                                                        | CHICAGO PARK DISTRICT                              | CUSIP: 167615G72<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1644762.00   | 0.04%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAINS ENERGY PROJ NEB GAS PROJ REV                                | CENTRAL PLAINS ENERGY PROJECT                      | CUSIP: 154871CM7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3687338.85   | 0.10%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UNIV FD                                                | PERMANENT UNIVERSITY FUND UNIVERSITY OF TEXAS SY   | CUSIP: 9151156D6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2356721.98   | 0.06%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUN AUTH REV                                            | PENN STATE HEALTH OBL GRP                          | CUSIP: 230614NZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2078338.98   | 0.05%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE            | CUSIP: 6460667X2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    275000 | PA      | $288182.68    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066F39<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8075000 | PA      | $8638045.53   | 0.23%             | 2032-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH REV                                     | HEALTH EDUCATIONAL FACILITIES AUTHORITY OF THE S   | CUSIP: 60635H2Q1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006959.00   | 0.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV                           | TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1   | CUSIP: 875518EY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2186434.50   | 0.06%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KANS CITY KANS UNI GOVT SPL OBLIG REV                       | WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT    | CUSIP: 98267VDL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9544290.00   | 0.25%             | 2041-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CLARK CNTY NEV PASSENGER FAC CHARGE REV                                    | COUNTY OF CLARK DEPARTMENT OF AVIATION             | CUSIP: 181006GS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3925994.16   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH                                      | NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHOR | CUSIP: 64579F7N7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539489.00   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS N D HEALTH CARE SYS REV                                        | CITY OF GRAND FORKS ND                             | CUSIP: 38546WDH0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2329378.43   | 0.06%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YPF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2462762.50   | 0.06%             | 2049-07-01      | Floating      | 4.26%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                    | CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727WS1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3620620.50   | 0.10%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JCG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $415260.87    | 0.01%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV CITY SVC AGREEMENT REV                   | PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT  | CUSIP: 71783DBX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049875.00   | 0.03%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1160708.47   | 0.03%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURP HOSP REV                                           | LEHIGH VY HLTH NETWRK OBG                          | CUSIP: 52480GDR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1894444.00   | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603YS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1946664.35   | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH REV                                         | CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY          | CUSIP: 155498CA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2267063.18   | 0.06%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST HAVEN CONN                                                            | CITY OF WEST HAVEN CT                              | CUSIP: 953140S27<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $361668.65    | 0.01%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FLA INDL DEV AUTH INDL DEV REV                               | DRS KIRAN PALLAVI PATEL                            | CUSIP: 72316VAS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $913414.50    | 0.02%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4305000 | PA      | $4199187.41   | 0.11%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YV97<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1010000 | PA      | $903434.90    | 0.02%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH ED REV                                    | MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 56681NGS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1045643.75   | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH HEALTHCARE REV                              | DENVER HEALTH HOSPITAL AUTHORITY                   | CUSIP: 24918EEK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1086982.50   | 0.03%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20774Y4R5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1284737.18   | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS CNTY MO INDL DEV AUTH SR LIVING FACS REV                          | ST LOUIS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 791524BT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750363.00   | 0.07%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH REV                                         | CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY          | CUSIP: 155498DT2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1159145.90   | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | CHARLESTON AREA MEDICAL CENTER                     | CUSIP: 956622T95<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010738.00   | 0.03%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG REV                                           | STATE OF CONNECTICUT SPECIAL TAX REVENUE           | CUSIP: 207758XN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21963740.00  | 0.58%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLINT MICH HOSP BLDG AUTH REV                                              | FLINT MI HOSP BLDG AUTH REVENUE                    | CUSIP: 339511EV5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2515992.57   | 0.07%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450203B2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061943.00   | 0.03%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY REV                              | SUMMIT ACADEMY NORTH                               | CUSIP: 86589TAV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2397807.51   | 0.06%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX SPL TAX REV                                                  | CITY OF ARLINGTON TX                               | CUSIP: 04184RCY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1616905.50   | 0.04%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA HOSP REV                                                         | TAMPA FL HOSP REVENUE                              | CUSIP: 875161DA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $649225.50    | 0.02%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIVONIA MICH PUB SCHS SCH DIST                                             | LIVONIA PUBLIC SCHOOLS SCHOOL DISTRICT             | CUSIP: 539243UA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3146028.08   | 0.08%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP REV                                           | SAN ANTONIO EDUCATION FACILITIES CORP              | CUSIP: 796247DE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    160000 | PA      | $145943.68    | 0.00%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2045000 | PA      | $1784168.43   | 0.05%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECONOMIC DEV REV                                           | CITY OF GAITHERSBURG MD                            | CUSIP: 363128CT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012588.00   | 0.08%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO REV                                               | PARK CREEK METROPOLITAN DISTRICT                   | CUSIP: 700387DG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299386.25   | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 649907C34<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034206.00   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FPP3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3262283.50   | 0.09%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STODDARD CNTY MO INDL DEV AUTH HEALTH FACS REV                             | STODDARD COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 86149UAA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1923579.65   | 0.05%             | 2037-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLUFFTON OHIO HOSP FACS REV                                                | VILLAGE OF BLUFFTON OH                             | CUSIP: 096391AM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498338.00   | 0.04%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUB SVCS AUTH REV                                        | SOUTH CAROLINA PUBLIC SERVICE AUTHORITY            | CUSIP: 837151PQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9835000 | PA      | $10223630.03  | 0.27%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HEALTH SYS REV                                 | BERKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY      | CUSIP: 08451PAN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $877918.60    | 0.02%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REV                  | NEW ORLEANS AVIATION BOARD                         | CUSIP: 64763XAX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576567.50   | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUB SCH BLDG AUTH PA LEASE REV                                       | STATE PUBLIC SCHOOL BUILDING AUTHORITY             | CUSIP: 85732GUD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10528870.00  | 0.28%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736C21<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044886.00   | 0.05%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV                       | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078RGE4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1283251.25   | 0.03%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA BLDG AUTH MEMPHIS & SHEBY CNTY TENN                      | NEW MEMPHIS ARENA PUBLIC BUILDING AUTHORITY        | CUSIP: 64704CAD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    875000 | PA      | $521340.75    | 0.01%             | 2035-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX WTRWKS SWR SYS REV                                              | CITY OF LAREDO TX WATERWORKS SEWER SYSTEM REVENU   | CUSIP: 517039TP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    740000 | PA      | $765937.74    | 0.02%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                                               | MISSISSIPPI DEV BK SPL OBLIG                       | CUSIP: 60534XFD3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    390000 | PA      | $391659.45    | 0.01%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK N J PKG AUTH REV                                             | NEW BRUNSWICK PARKING AUTHORITY                    | CUSIP: 642835PC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133338.00   | 0.06%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA SEW SVC REV                                                 | CITY OF NEW ORLEANS LA SEWERAGE SERVICE REVENUE    | CUSIP: 647719NU3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $736581.30    | 0.02%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447P6X4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052562.00   | 0.05%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV              | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638RKB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2244604.35   | 0.06%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH ST LEASE REV                                  | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64578EJB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5335186.50   | 0.14%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                          | GUAM POWER AUTHORITY                               | CUSIP: 400653KA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127264.00   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506DA62<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601623.50   | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TENN GAS REV                                                 | TENNERGY CORP TN                                   | CUSIP: 880397CF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13172625.00  | 0.35%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224JF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6512656.25   | 0.17%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN CENT TEX TPK SYS REV                                    | CENTRAL TEXAS TURNPIKE SYSTEM                      | CUSIP: 88283KAW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10270770.00  | 0.27%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV                        | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES  | CUSIP: 592643DB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931145.00    | 0.02%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JEA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    390000 | PA      | $358978.62    | 0.01%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV                          | ESCAMBIA CNTY FL HLTH FACS AUTH                    | CUSIP: 296110GC7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2941896.30   | 0.08%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485WL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075284.00   | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                            | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DEV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3308324.50   | 0.09%             | 2038-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224LV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8255000 | PA      | $8530783.04   | 0.23%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461366Z9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2456405.00   | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4015000 | PA      | $3928083.28   | 0.10%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV                          | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65820YRR9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907826.00    | 0.02%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILL MUN PWR AGY PWR PROJ REV                                      | NORTHERN ILLINOIS MUNICIPAL POWER AGENCY           | CUSIP: 665250CR5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2144404.50   | 0.06%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XCF6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2181172.48   | 0.06%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILL UNIV REVS                                                     | NTHRN IL UNIV                                      | CUSIP: 665245YR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1312652.00   | 0.03%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULARE CALIF SWR REV                                                       | CITY OF TULARE CA SEWER REVENUE                    | CUSIP: 899124KK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1703439.47   | 0.04%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FBP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $758626.50    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH ST LEASE REV                                  | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64578EMC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  16280000 | PA      | $16999169.00  | 0.45%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS EDL FACS AUTH REVS                                                | ILLINOIS EDUCATIONAL FACILITIES AUTHORITY          | CUSIP: 45201QCZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9667641.75   | 0.25%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OHIO HOSP FACS REV                                              | COUNTY OF ALLEN OH HOSPITAL FACILITIES REVENUE     | CUSIP: 01757LGC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10800000 | PA      | $10480352.40  | 0.28%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990FZY3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9250000 | PA      | $8834166.25   | 0.23%             | 2042-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA INDL DEV AUTH HEALTH SYS REV                                 | BERKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY      | CUSIP: 08451PAP6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1562856.00   | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA SCH BRD CTFS PARTN                                           | LAKE COUNTY SCHOOL BOARD                           | CUSIP: 50825JLF1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2288305.70   | 0.06%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REV                  | NEW ORLEANS AVIATION BOARD                         | CUSIP: 64763XAW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1320386.25   | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN  REV                                          | OHIO HIGHER EDUCATIONAL FACILITY COMMISSION        | CUSIP: 67756DDQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $519276.50    | 0.01%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH REV                                        | ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY    | CUSIP: 01728A3V6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7315000 | PA      | $7698781.48   | 0.20%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | STATE OF ILLINOIS                                  | CUSIP: 452152P96<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6705000 | PA      | $6978282.39   | 0.18%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736E29<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569273.00   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 646136XC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $18013920.00  | 0.48%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUB WKS BRD LEASE REV                                        | CALIFORNIA STATE PUBLIC WORKS BOARD                | CUSIP: 13068LNR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11465000 | PA      | $11924551.60  | 0.31%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERTS ILL SPL SVC AREA NO 9 SPL TAX                                     | VILLAGE OF GILBERTS IL                             | CUSIP: 37546ABL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5221000 | PA      | $5445257.61   | 0.14%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP ECONOMIC DEV REV                             | MARYLAND ECONOMIC DEVELOPMENT CORP                 | CUSIP: 57420NBY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065887.00   | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH LTD OBLIG REV                                            | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 594479HJ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2085715.50   | 0.06%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399CH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3156025.78   | 0.08%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV                                 | ILLINOIS STATE TOLL HIGHWAY AUTHORITY              | CUSIP: 452252KP3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5903408.00   | 0.16%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OYSTER BAY N Y                                                             | TOWN OF OYSTER BAY NY                              | CUSIP: 692160PX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5415000 | PA      | $5476985.51   | 0.14%             | 2024-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLYNN-BRUNSWICK MEM HOSP AUTH GA REV                                       | GLYNN BRUNSWICK GA MEMORIAL HOSPITAL AUTH          | CUSIP: 380037HA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1387680.00   | 0.04%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV                                | S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE   | CUSIP: 838536LK4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4300000 | PA      | $3806261.10   | 0.10%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMMOND IND MULTI-SCH BLDG CORP                                            | HAMMOND MULTI SCHOOL BUILDING CORP                 | CUSIP: 408395SC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323121.25   | 0.03%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV                         | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65821DXP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $506623.80    | 0.01%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                          | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UKL1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2257362.00   | 0.06%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SR LIVING REV                                        | NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63608SAL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4311300.30   | 0.11%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV                       | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078RGF1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047800.00   | 0.05%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL                                                              | COUNTY OF COOK IL                                  | CUSIP: 213185KM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2670367.50   | 0.07%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO 4 00 01 01 38                              | CUSIP: 167593P30<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972487.00    | 0.03%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI HOSP EQUIP & FACS AUTH REV                                     | FORREST GENERAL HOSPITAL                           | CUSIP: 605360SS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2170497.22   | 0.06%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OHIO HOSP REV                                                | COUNTY OF CUYAHOGA OH                              | CUSIP: 2322655K0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7430000 | PA      | $7377804.25   | 0.19%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XM32<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1314732.50   | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HEALTHCARE FACS REV                                   | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061QBF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5260000 | PA      | $4971236.52   | 0.13%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH TEX INTL ARPT REV                                        | DALLAS FORT WORTH INTERNATIONAL AIRPORT            | CUSIP: 235036L32<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039250.00   | 0.05%             | 2028-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584X4L2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043223.00   | 0.03%             | 2037-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485UP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571763.00   | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH MTR VEH SURCHARGES REV                        | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64578JBA3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    665000 | PA      | $634535.69    | 0.02%             | 2029-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20775DFB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1887554.00   | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA HOSP AUTH HOSP FAC REV                                       | CHESAPEAKE VA                                      | CUSIP: 16532VBM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1153056.88   | 0.03%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL                                                              | COUNTY OF COOK IL                                  | CUSIP: 213185LH2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107038.00   | 0.06%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20774Y4N4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    725000 | PA      | $742755.25    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV                       | PORT OF PORT ARTHUR NAVIGATION DISTRICT            | CUSIP: 735220AV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1010000.00   | 0.03%             | 2040-04-01      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY ST PROPERTY BLDGS COMMISSION REVENUES     | CUSIP: 49151FD56<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $494431.50    | 0.01%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST TPK & BRDG AUTH MOTOR FUEL TAX REV                         | RHODE ISLAND TURNPIKE BRIDGE AUTHORITY             | CUSIP: 762322AV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4610653.30   | 0.12%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF GTR CINCINNATI DEV AUTH OHIO REV                              | PORT OF GREATER CINCINNATI DEVELOPMENT AUTHORITY   | CUSIP: 73357CAA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9535000 | PA      | $9489565.73   | 0.25%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV                               | SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY    | CUSIP: 797299KC7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1321502.50   | 0.03%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CALIF IMPT BD ACT 1915                                              | CITY OF IRVINE CA                                  | CUSIP: 46360RPY7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011749.00   | 0.03%             | 2029-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ HSG AUTH CITY SECD POLICE FAC REV                                | NEWARK HOUSING AUTHORITY                           | CUSIP: 65038HAK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $512186.00    | 0.01%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH HOSP REV                                     | HOUSING REDEVELOPMENT AUTHORITY OF THE CITY OF S   | CUSIP: 792888KM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1851811.50   | 0.05%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | STATE OF OHIO                                      | CUSIP: 67756CCT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3070000 | PA      | $3150001.13   | 0.08%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WPN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7801470.00   | 0.21%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY ST PROPERTY BLDGS COMMISSION REVENUES     | CUSIP: 49151FD31<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $753282.75    | 0.02%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV                     | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $788845.00    | 0.02%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                    | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TLJ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    150000 | PA      | $159198.30    | 0.00%             | 2036-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59259Y6S3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029544.00   | 0.05%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARSON CITY NEV HOSP REV                                                   | CITY OF CARSON CITY NV                             | CUSIP: 145810DR5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038309.00   | 0.03%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KJK5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040078.00   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA REV                                                      | DISTRICT OF COLUMBIA                               | CUSIP: 25483VPC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    105000 | PA      | $106049.27    | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218XW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023687.00   | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA HEALTH FACS AUTH RETIREMENT CMNTY REV                  | PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 69650MAX7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $212633.00    | 0.01%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMDEN CONN                                                                | TOWN OF HAMDEN CT                                  | CUSIP: 4067927D7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1291011.60   | 0.03%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JDR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    850000 | PA      | $656892.75    | 0.02%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BZD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    980000 | PA      | $981940.40    | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH HEALTH CARE REV                                      | ARKANSAS DEVELOPMENT FINANCE AUTHORITY             | CUSIP: 04084RBW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024304.00   | 0.05%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622M92<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1936407.95   | 0.05%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OHIO HOSP REV                                                | COUNTY OF CUYAHOGA OH                              | CUSIP: 2322655P9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4077824.00   | 0.11%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV               | METROPOLITAN PIER EXPOSITION AUTHORITY             | CUSIP: 592248AY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4396440.00   | 0.12%             | 2026-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KJ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2302807.33   | 0.06%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHULA VISTA CALIF MUN FING AUTH REV                                        | CHULA VISTA MUNICIPAL FINANCING AUTHORITY          | CUSIP: 17131DAP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1866988.62   | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REV                              | MIAMI DADE COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 59334NCX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4950000 | PA      | $5003880.75   | 0.13%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH ED REV                                          | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH | CUSIP: 71885FDJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11100000 | PA      | $11251759.20  | 0.30%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GZM7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1088923.75   | 0.03%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| READING PA SCH DIST                                                        | READING SCHOOL DISTRICT                            | CUSIP: 755638ZF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106850.00   | 0.06%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FAZ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032490.00   | 0.08%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT ST LUCIE FLA UTIL REV                                                 | CITY OF PORT ST LUCIE FL UTILITY SYSTEM REVENUE    | CUSIP: 735352QF6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028073.00   | 0.03%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA BD BK REV                                                          | INDIANA BOND BANK                                  | CUSIP: 45462TJY9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $967048.60    | 0.03%             | 2032-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD SPL FAC REV                                    | NEW ORLEANS AVIATION BOARD                         | CUSIP: 64763KAD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069528.00   | 0.05%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BZC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1177274.80   | 0.03%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE            | CUSIP: 6460667W4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    490000 | PA      | $513489.13    | 0.01%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                          | GUAM POWER AUTHORITY                               | CUSIP: 400653HH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021666.00   | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON MACOUPIN ETC CNTYS ILL CMNTY COLLEGE DIST NO 536                   | MADISON MACOUPIN ETC COUNTIES COMMUNITY COLLEGE DI | CUSIP: 557738NG2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149338.00   | 0.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990CQA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $596218.80    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EHS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015699.00   | 0.03%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                      | FLORIDA INSTITUTE OF TECH                          | CUSIP: 34073TNA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $709764.00    | 0.02%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59261AAU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3034869.00   | 0.08%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANHATTAN KANS HEALTH CARE FAC REV                                         | CITY OF MANHATTAN KS                               | CUSIP: 563017EA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1389414.56   | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE            | CUSIP: 6460668F0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    150000 | PA      | $150061.65    | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV              | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638RJZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2386575.00   | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XC82<br>LEI: N/A | Long             | DBT              | MUN               | US        |    645000 | PA      | $676038.05    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TEX REGL MOBILITY AUTH REV                                      | NORTH EAST TEXAS REGIONAL MOBILITY AUTHORITY       | CUSIP: 659231BB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5544912.66   | 0.15%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KED7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146516.00   | 0.06%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES      | CUSIP: 5742188G1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1411300.50   | 0.04%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TEX NAV DIST NO 1 POLLUTN CTL REV                           | MATAGORDA COUNTY NAVIGATION DISTRICT NO 1          | CUSIP: 576528DQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5405000 | PA      | $5359365.59   | 0.14%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                           | STATE OF OHIO                                      | CUSIP: 67756CEZ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1154229.34   | 0.03%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLUFFTON OHIO HOSP FACS REV                                                | VILLAGE OF BLUFFTON OH                             | CUSIP: 096391AL1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580553.00   | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH REV                                          | VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY      | CUSIP: 928836KS3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042265.00   | 0.03%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883VE9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050401.00   | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JDY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    360000 | PA      | $344752.92    | 0.01%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH WTR SUPPLY SYS REV                               | GREAT LAKES WATER AUTHORITY WATER SUPPLY SYSTEM RE | CUSIP: 39081JBB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  13560000 | PA      | $13802452.80  | 0.36%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV                           | STAFFORD COUNTY ECONOMIC DEVELOPMENT AUTHORITY     | CUSIP: 852431BJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2719049.10   | 0.07%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YX79<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2477681.25   | 0.07%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                    | CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727VE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010315.00   | 0.03%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DEV AUTH HEALTH CARE FACS REV                  | CAPE GIRARDEAU COUNTY INDUSTRIAL DEVELOPMENT AUTHO | CUSIP: 139404GT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $753138.00    | 0.02%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSN AUTH ILL                                                   | REGIONAL TRANSPORTATION AUTHORITY                  | CUSIP: 7599113E8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11650000 | PA      | $11923134.25  | 0.31%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA BLDG AUTH MEMPHIS & SHEBY CNTY TENN                      | NEW MEMPHIS ARENA PUBLIC BUILDING AUTHORITY        | CUSIP: 64704CAB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    875000 | PA      | $574940.63    | 0.02%             | 2033-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                      | ONE BRYANT PARK LLC                                | CUSIP: 649519DH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15500000 | PA      | $13893115.00  | 0.37%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUB FIN AUTH REV                                            | VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY            | CUSIP: 927676UF1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6838585.00   | 0.18%             | 2030-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS ED REV                                                 | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442EEF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    410000 | PA      | $380136.42    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DAUPHIN CNTY PA GEN AUTH HEALTH SYS REV                                    | DAUPHIN COUNTY GENERAL AUTHORITY                   | CUSIP: 23825EDT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023867.00   | 0.03%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                                             | NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 6461395D3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10324140.00  | 0.27%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA EDL HEALTH CULTURAL & SOCIAL SVCS FIN AUTH REV                    | IMMANUEL RETIREMENT OBLIG                          | CUSIP: 63967UAG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1803560.40   | 0.05%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XJY8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1737460.75   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                    | WASHINGTON HEALTH CARE FACILITIES AUTHORITY        | CUSIP: 93978HSQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2560255.00   | 0.07%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON JACKSON ETC CNTYS ILL CMNTY UNIT SCH DIST NO 004                | WILLIAMSON JACKSON ETC COUNTIES COMMUNITY UNIT SCH | CUSIP: 970016DY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1953812.58   | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVER CNTY PA                                                             | BEAVER CNTY PA                                     | CUSIP: 074851SV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1975538.30   | 0.05%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EBZ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2801604.00   | 0.07%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA CAP IMPT CIG TAX ALLOCATION                                      | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION     | CUSIP: 875146AX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $323082.90    | 0.01%             | 2039-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                  | CITY OF HOUSTON TX                                 | CUSIP: 44237NHV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1608010.43   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REV                             | CASINO REINVESTMENT DEVELOPMENT AUTHORITY          | CUSIP: 14760RAR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032983.00   | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAVANNAH GA HOSP AUTH REV                                                  | SAVANNAH GA HOSP AUTH                              | CUSIP: 804833FC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2427520.00   | 0.06%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GZL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $306780.25    | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK MET DIST COLO REV                                               | PARK CREEK METROPOLITAN DISTRICT                   | CUSIP: 700387DJ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036350.00   | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY STATE PROPERTY BUILDING COMMISSION        | CUSIP: 49151FZH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072873.00   | 0.03%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE/JEFFERSON CNTY KY METRO GOVT POLLUTION CTL REV                  | LOUISVILLE JEFFERSON COUNTY METROPOLITAN GOVERNMEN | CUSIP: 546749AR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4795710.00   | 0.13%             | 2035-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CONN                                                            | UNIVERSITY OF CONNECTICUT                          | CUSIP: 914233Q61<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7081451.00   | 0.19%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REDEV AUTH TEX TAX INCREMENT CONTRACT REV                         | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY  | CUSIP: 26118RAL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093964.00   | 0.06%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                | WASHINGTON STATE HOUSING FINANCE COMMISSION        | CUSIP: 93978TS59<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2638378 | PA      | $2322384.90   | 0.06%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562PL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5267006.33   | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CNTY CONN MET DIST                                                | METROPOLITAN DISTRICT THE                          | CUSIP: 416489VA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $820893.75    | 0.02%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FLA REV                                                      | POMPANO BEACH FL REVENUE                           | CUSIP: 732203BB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3345000 | PA      | $2744458.77   | 0.07%             | 2035-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HALIFAX HOSP MED CTR FLA HOSP REV                                          | HALIFAX HOSPITAL MEDICAL CENTER                    | CUSIP: 405815HX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2447153.18   | 0.06%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REV                              | MIAMI DADE COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 59334NCW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4801703.75   | 0.13%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KANS CITY KANS UNI GOVT SPL OBLIG REV                       | WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT    | CUSIP: 98267VDJ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13998210.00  | 0.37%             | 2035-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ST ECON DEV AUTH REV                    | CUSIP: 64577XBC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903078.00   | 0.05%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE NEW MEXICO RETIREMENT FAC REV                                     | EL CASTILLO RETMNT OBL                             | CUSIP: 802170AM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    625000 | PA      | $598791.88    | 0.02%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH REV                                    | NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTH | CUSIP: 64461XFP5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2829991.50   | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204FNK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3780000 | PA      | $3228093.54   | 0.09%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 646136X89<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087368.00   | 0.06%             | 2033-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV                     | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1045000 | PA      | $876191.75    | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709225DR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992355.00    | 0.03%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF TOB SETTLEMENT REV FDG CORP                                | SAN DIEGO TOBACCO SETTLEMENT REVENUE FUNDING CORP  | CUSIP: 797330AP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    555000 | PA      | $555222.00    | 0.01%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV CHARTER SCH REV                          | PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT  | CUSIP: 71780CAZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $858281.40    | 0.02%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DOWNTOWN REDEV AUTH TEX TAX INCREMENT CONTRACT REV                         | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY  | CUSIP: 26118RAM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569646.50   | 0.04%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCRANTON PA SCH DIST                                                       | SCRANTON SCHOOL DISTRICT PA                        | CUSIP: 810827XH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $803103.75    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FLA WTR & SWR REV                                               | CITY OF CAPE CORAL FL WATER SEWER REVENUE          | CUSIP: 139372RJ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1405521.60   | 0.04%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                         | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505YK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |  21900000 | PA      | $19056372.60  | 0.50%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REV                              | MIAMI DADE COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 59334NCZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3538097.50   | 0.09%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR POLLUTN ABATEMENT TR                                  | MASSACHUSETTS CLEAN WATER TRUST THE                | CUSIP: 57604PL44<br>LEI: N/A | Long             | DBT              | MUN               | US        |    110000 | PA      | $110146.63    | 0.00%             | 2025-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK ST DORM AUTH REVENUE NON ST SUPPORTED DE  | CUSIP: 64990GC91<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4345659.22   | 0.11%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH DOWNTOWN DEV AUTH TAX INCREMENT REV                           | DETROIT DOWNTOWN DEVELOPMENT AUTHORITY             | CUSIP: 251135GN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009914.00   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV                          | ESCAMBIA COUNTY HEALTH FACILITIES AUTHORITY        | CUSIP: 296110FV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1469921.60   | 0.04%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH GAS SUPPLY REV                                           | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45202WAH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20271220.00  | 0.53%             | 2030-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV                         | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65821DTG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1838875.95   | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARATOGA CNTY N Y CAP RESOURCE CORP REV                                    | SARATOGA COUNTY CAPITAL RESOURCE CORP              | CUSIP: 803481AR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    790000 | PA      | $803563.51    | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603A74<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1071648.60   | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGANY CNTY N Y CAP RESOURCE CORP REV                                    | ALLEGANY COUNTY CAPITAL RESOURCE CORP              | CUSIP: 017095AE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1455938.82   | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450205W4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122690.00   | 0.03%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WSN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1604442.57   | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP ECONOMIC DEV REV                             | MARYLAND ECONOMIC DEVELOPMENT CORP                 | CUSIP: 57420NCC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084190.00   | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | ILLINOIS ST                                        | CUSIP: 452152Q20<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5795000 | PA      | $5978753.66   | 0.16%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EHU5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010352.00   | 0.03%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59261APZ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7030000 | PA      | $7397718.21   | 0.20%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XD24<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $726779.20    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA SCH BRD CTFS PARTN                                        | SCHOOL DISTRICT OF BROWARD COUNTY FL               | CUSIP: 115065XT6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100066.00   | 0.06%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV                 | GOLDEN STATE TOBACCO SECURITIZATION CORP           | CUSIP: 38122NGJ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |  46605000 | PA      | $43443083.78  | 1.15%             | 2025-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2215000 | PA      | $1899610.58   | 0.05%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV                            | HEALTH EDUCATIONAL FACILITIES AUTHORITY OF THE S   | CUSIP: 60636AGK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2322732.72   | 0.06%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AL54<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2926437.00   | 0.08%             | 2032-11-01      | Floating      | 3.68%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59261AQH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9040000 | PA      | $8314521.92   | 0.22%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV                         | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65821DTF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    935000 | PA      | $939197.22    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON D C CONVENTION & SPORTS AUTH DEDICATED TAX REV                  | WASHINGTON CONVENTION SPORTS AUTHORITY             | CUSIP: 93878LCN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $719304.00    | 0.02%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV                                | SOUTH JERSEY TRANSPORTATION AUTHORITY              | CUSIP: 838536MN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939357.00    | 0.02%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CONN                                                            | UNIVERSITY OF CONNECTICUT                          | CUSIP: 914233Q53<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6805000 | PA      | $7458511.37   | 0.20%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY ST PROPERTY BLDGS COMMISSION REVENUES     | CUSIP: 49151FD23<br>LEI: N/A | Long             | DBT              | MUN               | US        |    565000 | PA      | $571729.72    | 0.02%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                          | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UFW3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1663021.80   | 0.04%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218S79<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1438749.36   | 0.04%             | 2029-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709225DS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1472329.50   | 0.04%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH ED REV                                          | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH | CUSIP: 71885FEH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1695565.65   | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWBURGH N Y                                                               | CITY OF NEWBURGH NY                                | CUSIP: 6508422V8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    575000 | PA      | $575838.35    | 0.02%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK ILL                                                            | VILLAGE OF BOLINGBROOK IL                          | CUSIP: 097552TK9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2556926.40   | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506EBU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8400000 | PA      | $6776490.00   | 0.18%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA TOURIST DEV TAX REV                                       | COUNTY OF BROWARD FL TOURIST DEVELOPMENT TAX REVEN | CUSIP: 115085AS1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8535000 | PA      | $8420878.52   | 0.22%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TROPHY CLUB TEX PUB IMPT DIST NO 1 SPL ASSMT REV                           | TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO 1       | CUSIP: 89706PAN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6960000 | PA      | $7227932.16   | 0.19%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY ILL CMNTY UNIT SCH DIST NO 007 EDWARDSVILLE                   | MADISON COUNTY COMMUNITY UNIT SCHOOL DISTRICT NO 7 | CUSIP: 557021JQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1309247.50   | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TEX UTIL SYS REV                                            | CITY OF CORPUS CHRISTI TX UTILITY SYSTEM REVENUE   | CUSIP: 220245YR9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1843565.40   | 0.05%             | 2032-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST LOUIS CNTY MO INDL DEV AUTH SR LIVING FACS REV                          | ST LOUIS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 791524BS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    305000 | PA      | $305226.01    | 0.01%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY ARIZ INDL DEV AUTH HOSP FAC REV                               | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 985900EQ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927272.00    | 0.02%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUCCESSOR AGY PITTSBURG CALIF REDEV AGY                                    | PITTSBURG SUCCESSOR AGENCY REDEVELOPMENT AGENCY    | CUSIP: 86459LBQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2820480.96   | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648AW43<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525383.00   | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DEV AUTH HEALTH CARE FACS REV                  | CAPE GIRARDEAU COUNTY INDUSTRIAL DEVELOPMENT AUTHO | CUSIP: 139404FK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2140804.48   | 0.06%             | 2033-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                    | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PVU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $731592.00    | 0.02%             | 2042-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                    | WASHINGTON HEALTH CARE FACILITIES AUTHORITY        | CUSIP: 93978HTW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2456604.12   | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506DA54<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1335027.50   | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066E97<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3224592.00   | 0.09%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVIRONMENTAL FACS REV                                 | INDIANA FINANCE AUTHORITY                          | CUSIP: 455059AK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6109831.00   | 0.16%             | 2029-08-01      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND CNTY PA INDL DEV AUTH HEALTH SYS REV                          | WESTMORELAND COUNTY INDUSTRIAL DEVELOPMENT AUTHORI | CUSIP: 960875AM4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1252637.40   | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FDG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2183982.00   | 0.06%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY N J                                                          | CITY OF ATLANTIC CITY NJ                           | CUSIP: 048339VX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1317142.50   | 0.03%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                                               | MISSISSIPPI DEVELOPMENT BANK                       | CUSIP: 60534TFR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5860000 | PA      | $5879109.46   | 0.16%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS ILL SCH DIST NO 46 ELGIN                         | KANE COOK DUPAGE COUNTIES SCHOOL DISTRICT NO U 4   | CUSIP: 483836TU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4073272.00   | 0.11%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGANY CNTY N Y CAP RESOURCE CORP REV                                    | ALLEGANY COUNTY CAPITAL RESOURCE CORP              | CUSIP: 017095AF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511767.50   | 0.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485TS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5300469.75   | 0.14%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV                                 | ILLINOIS STATE TOLL HIGHWAY AUTHORITY              | CUSIP: 452252KN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5870000 | PA      | $6188658.82   | 0.16%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST CTFS PARTN                                                 | COMMONWEALTH OF PENNSYLVANIA                       | CUSIP: 709144NT2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1474494.30   | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY STATE PROPERTY BUILDING COMMISSION        | CUSIP: 49151FZG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081547.00   | 0.03%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CALIF PUB FING AUTH LEASE REV                                      | ANAHEIM PUBLIC FINANCING AUTHORITY                 | CUSIP: 03255LGP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028975.00   | 0.03%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA BD BK REV                                                          | INDIANA BOND BANK                                  | CUSIP: 45462TJU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $565951.50    | 0.01%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | STATE OF ILLINOIS                                  | CUSIP: 4521525E7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11294844.00  | 0.30%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYONNE N J                                                                | CITY OF BAYONNE NJ                                 | CUSIP: 072887V82<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1227091.63   | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145PD3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1122093.88   | 0.03%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CTR REV                                                     | ASHLAND KY MED CENTER REVENUE                      | CUSIP: 044293BX5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    470000 | PA      | $451597.15    | 0.01%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON JACKSON ETC CNTYS ILL CMNTY UNIT SCH DIST NO 004                | WILLIAMSON JACKSON ETC COUNTIES COMMUNITY UNIT SCH | CUSIP: 970016EB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6358962.00   | 0.17%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVONIA MICH PUB SCHS SCH DIST                                             | LIVONIA PUBLIC SCHOOLS SCHOOL DISTRICT             | CUSIP: 539243UB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3065000 | PA      | $3250012.60   | 0.09%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST OVERTOWN PK WEST CMNTY REDEV AGY FLA TAX INCREMENT REV           | SOUTHEAST OVERTOWN PARK WEST COMMUNITY REDEVELOPME | CUSIP: 841466AK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3263577.48   | 0.09%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                    | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PPB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    230000 | PA      | $225750.75    | 0.01%             | 2025-04-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REV                  | NEW ORLEANS AVIATION BOARD                         | CUSIP: 64763XAV2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1957226.40   | 0.05%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALESBURG ILL REV                                                          | CITY OF GALESBURG IL                               | CUSIP: 363433BA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1349825.60   | 0.04%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA HEALTH FACS AUTH RETIREMENT CMNTY REV                  | PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 69650MAL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7595000 | PA      | $7595881.02   | 0.20%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | ILLINOIS ST                                        | CUSIP: 4521525M9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10316150.00  | 0.27%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TSK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1330853.75   | 0.04%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT ST LUCIE FLA SPL ASSMT REV                                            | CITY OF PORT ST LUCIE FL                           | CUSIP: 73535ELB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2823302.11   | 0.07%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736E37<br>LEI: N/A | Long             | DBT              | MUN               | US        |    725000 | PA      | $758214.43    | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRAN AUTH C1 REF                               | CUSIP: 59259Y5W5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6295000 | PA      | $6387989.74   | 0.17%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KCU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2723957.50   | 0.07%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVONIA MICH PUB SCHS SCH DIST                                             | LIVONIA PUBLIC SCHOOLS SCHOOL DISTRICT             | CUSIP: 539243UE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2928576.96   | 0.08%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BYP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |     20000 | PA      | $20131.50     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                    | WASHINGTON HEALTH CARE FACILITIES AUTHORITY        | CUSIP: 93978HTX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2333733.75   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203H8X3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3065000 | PA      | $3022929.81   | 0.08%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN CENT TEX TPK SYS REV                                    | CENTRAL TEXAS TURNPIKE SYSTEM                      | CUSIP: 88283KAX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8706269.50   | 0.23%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224DJ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553239.50   | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KCT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2879320.50   | 0.08%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                               | ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052BMS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    955000 | PA      | $826683.34    | 0.02%             | 2041-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224JJ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3661808.50   | 0.10%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648FDH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4367964.00   | 0.12%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20774Y4L8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2018476.20   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO HEALTH CARE REV                                         | COUNTY OF HAMILTON OH                              | CUSIP: 40727RBR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1355960.25   | 0.04%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TSH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076578.00   | 0.03%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTOUR PA SCH DIST                                                        | MONTOUR SCHOOL DISTRICT                            | CUSIP: 614707TA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578160.50   | 0.04%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218S95<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1603313.09   | 0.04%             | 2031-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH MTR VEH SURCHARGES REV                        | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64578JBB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959153.00    | 0.03%             | 2030-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK ILL                                                            | VILLAGE OF BOLINGBROOK IL                          | CUSIP: 097552TH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1880068.75   | 0.05%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                                       | IDAHO HOUSING FINANCE ASSOCIATION                  | CUSIP: 45129WQG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2951481.00   | 0.08%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH REV                                          | VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY      | CUSIP: 928836KT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563438.00   | 0.04%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH ACADEMIC FACS LEASE REV                                  | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 452017AL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $642021.60    | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST CTFS PARTN                                                 | COMMONWEALTH OF PENNSYLVANIA                       | CUSIP: 709144NW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $857822.40    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEPORT CONN                                                            | CITY OF BRIDGEPORT CT                              | CUSIP: 108152DN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    335000 | PA      | $367960.99    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA BD BK REV                                                          | INDIANA BOND BANK                                  | CUSIP: 45462TJT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    740000 | PA      | $569955.40    | 0.02%             | 2030-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | DEPAUW UNIVERSITY                                  | CUSIP: 45506D3X1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3322660.01   | 0.09%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN ST HLTH EDUCTNL FACS AUTH REVENUE        | CUSIP: 97712D6U5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983113.00    | 0.03%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA NON-AD VALOREM REV                                            | COUNTY OF LEE FL                                   | CUSIP: 52349AAH1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2801641.50   | 0.07%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD MANAGERS JT GUADALUPE CNTY-CITY SEGUIN HOSP MTG REV TEX              | BOARD OF MANAGERS JOINT GUADALUPE COUNTY CITY OF S | CUSIP: 09659MAN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1654609.12   | 0.04%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736L47<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2252850.99   | 0.06%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622T87<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013100.00   | 0.03%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY OHIO JT TWP HOSP DIST REV                                | AKRON BATH COPLEY JOINT TOWNSHIP HOSPITAL DISTRICT | CUSIP: 009730PU0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $734584.80    | 0.02%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XC74<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $472526.55    | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS ED REV                                                 | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442EEE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    260000 | PA      | $243867.78    | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH REV                                           | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 721901KV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1553939.79   | 0.04%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE            | CUSIP: 6460667V6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $366777.95    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOHN BAPTIST PARISH LA REV                                              | SAINT JOHN THE BAPTIST PARISH LA REVENUE           | CUSIP: 79020FAY2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6199065.00   | 0.16%             | 2037-06-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ROSS CNTY OHIO HOSP REV                                                    | COUNTY OF ROSS OH                                  | CUSIP: 778260FL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2445993.23   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE IS                                      | TOBACCO SETTLEMENT FINANCING CORP RI               | CUSIP: 888809BB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041932.00   | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE ARIZ INDL DEV AUTH REV                                               | TEMPE INDUSTRIAL DEVELOPMENT AUTHORITY             | CUSIP: 87972MBR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2135964.91   | 0.06%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILL MUN PWR AGY PWR PROJ REV                                      | NORTHERN ILLINOIS MUNICIPAL POWER AGENCY           | CUSIP: 665250CS3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4067152.00   | 0.11%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736G68<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045913.00   | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA SCH BRD CTFS PARTN                                            | LEE COUNTY SCHOOL BOARD THE                        | CUSIP: 523494NN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3865432.50   | 0.10%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CNTY CONN MET DIST                                                | METROPOLITAN DISTRICT THE                          | CUSIP: 416489VB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084336.00   | 0.03%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450203E6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059117.00   | 0.03%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JDZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    370000 | PA      | $347282.00    | 0.01%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KBA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5503940.00   | 0.15%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH REV                                    | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHOR | CUSIP: 70869PNH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1634372.25   | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COMMONSPIRIT HEALTH OBL                            | CUSIP: 19648FJZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1126966.25   | 0.03%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461367A3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2188840.50   | 0.06%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV 21ST CENTY COLLEGE & EQUIP PROG | VIRGINIA COLLEGE BUILDING AUTHORITY                | CUSIP: 92778VEK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3062658.00   | 0.08%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL REV                                | METROPOLITAN PIER EXPOSITION AUTHORITY             | CUSIP: 592250EB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011844.00   | 0.05%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LUCIE CNTY FLA SCH BRD CTFS PARTN                                       | ST LUCIE COUNTY SCHOOL BOARD                       | CUSIP: 792075MS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2063601.32   | 0.05%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBG2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2022708.00   | 0.05%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV                               | SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY    | CUSIP: 797299KW3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057182.00   | 0.03%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CERRITOS CALIF CMNTY COLLEGE DIST                                          | CERRITOS COMMUNITY COLLEGE DISTRICT                | CUSIP: 156792FB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877272.00    | 0.02%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV CITY SVC AGREEMENT REV                   | PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT  | CUSIP: 71783DBV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1592790.00   | 0.04%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CERRITOS CALIF CMNTY COLLEGE DIST                                          | CERRITOS COMMUNITY COLLEGE DISTRICT                | CUSIP: 156792EZ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1406596.71   | 0.04%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ CIVIC IMPT CORP DISTR REV                                     | CITY OF PHOENIX CIVIC IMPROVEMENT CORP             | CUSIP: 71884WAN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3395940.78   | 0.09%             | 2024-07-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON D C CONVENTION & SPORTS AUTH DEDICATED TAX REV                  | WASHINGTON CONVENTION SPORTS AUTHORITY             | CUSIP: 93878LCM7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $486731.50    | 0.01%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648A2V6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3562990.07   | 0.09%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINESS FIN CORP MISS POLLUTN CTL REV                         | MISSISSIPPI BUSINESS FINANCE CORP                  | CUSIP: 605277AL6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5753484.00   | 0.15%             | 2028-09-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA AUTH UNIV REV                                             | DELAWARE CNTY PA AUTH                              | CUSIP: 246008PN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1260052.80   | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224JG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5910512.40   | 0.16%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                              | SANGAMON CNTY IL SCH DIST NO 186 SPRINGFIELD       | CUSIP: 800766MY0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5765000 | PA      | $5868631.64   | 0.15%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FLA SCH BRD CTFS PARTN                                        | OSCEOLA COUNTY SCHOOL BOARD                        | CUSIP: 688028LK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3078401.30   | 0.08%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARSON CITY NEV HOSP REV                                                   | CITY OF CARSON CITY NV                             | CUSIP: 145810DM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    620000 | PA      | $652786.84    | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT ST HLTH EDUCTNL FACS AUTH REVENUE      | CUSIP: 20775DCL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094382.00   | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399NX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2504724.93   | 0.07%             | 2032-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX SPL TAX REV                                                  | CITY OF ARLINGTON TX                               | CUSIP: 04184RDB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3487690.49   | 0.09%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP ECONOMIC DEV REV                             | MARYLAND ECONOMIC DEVELOPMENT CORP                 | CUSIP: 57420NBX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1335626.25   | 0.04%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218Z22<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3324665.85   | 0.09%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA CAP IMPT CIG TAX ALLOCATION                                      | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION     | CUSIP: 875146AU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $384148.80    | 0.01%             | 2036-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH REV                                    | NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTH | CUSIP: 64461XFN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2880000 | PA      | $3038316.48   | 0.08%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HIGHER ED FIN CORP TEX REV                                          | NEWARK HIGHER EDUCATION FINANCE CORP               | CUSIP: 650348AH8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013472.00   | 0.05%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YJS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5285000 | PA      | $5499977.95   | 0.15%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV JT TOLL BRDG COMMN PA BRDG REV                                | DELAWARE RIVER JOINT TOLL BRIDGE COMMISSION        | CUSIP: 246343LE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3251277.00   | 0.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450203F3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1426292.55   | 0.04%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENDALL KANE & WILL CNTYS ILL CMNTY UNIT SCH DIST NO 308                   | KENDALL KANE WILL COUNTIES COMMUNITY UNIT SCHOOL   | CUSIP: 488764XG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6354900.00   | 0.17%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA BLDG AUTH MEMPHIS & SHEBY CNTY TENN                      | NEW MEMPHIS ARENA PUBLIC BUILDING AUTHORITY        | CUSIP: 64704CAC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    875000 | PA      | $540863.75    | 0.01%             | 2034-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603B24<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944316.00    | 0.02%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL SPL ASSMT                                                      | CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE      | CUSIP: 167686AK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    270000 | PA      | $249412.23    | 0.01%             | 2028-12-01      | Fixed         | 3.04%                 | Yes           |                  2 | On Loan: No      |
| JORDANELLE SPL SVC DIST UTAH SPL ASSMT                                     | JORDANELLE SPECIAL SERVICE DISTRICT                | CUSIP: 480797AM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2783623 | PA      | $2789346.13   | 0.07%             | 2030-08-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XJX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079948.00   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD ILL ELEC REV                                                   | CITY OF SPRINGFIELD IL ELECTRIC REVENUE            | CUSIP: 850578TS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3127341.00   | 0.08%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKPORT IND POLLUTION CTL REV                                             | CITY OF ROCKPORT IN                                | CUSIP: 773835BR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5714010.75   | 0.15%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI HOSP EQUIP & FACS AUTH REV                                     | FORREST GENERAL HOSPITAL                           | CUSIP: 605360SV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2496173.58   | 0.07%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUB SVCS AUTH REV                                        | SOUTH CAROLINA PUBLIC SERVICE AUTHORITY            | CUSIP: 837151QA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7234766.00   | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ CIVIC IMPT CORP DISTR REV                                     | CITY OF PHOENIX CIVIC IMPROVEMENT CORP             | CUSIP: 71884WAP6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2254353.12   | 0.06%             | 2025-07-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 593338AQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039664.00   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| READING PA SCH DIST                                                        | READING SCHOOL DISTRICT                            | CUSIP: 755638ZG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578550.50   | 0.04%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULARE CALIF SWR REV                                                       | CITY OF TULARE CA SEWER REVENUE                    | CUSIP: 899124KM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3879431.62   | 0.10%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DEV AUTH HEALTH CARE FACS REV                  | CAPE GIRARDEAU COUNTY INDUSTRIAL DEVELOPMENT AUTHO | CUSIP: 139404GS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $506609.50    | 0.01%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399DW3<br>LEI: N/A | Long             | DBT              | MUN               | US        |     15000 | PA      | $15637.62     | 0.00%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YRZ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    895000 | PA      | $930416.94    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ECONOMIC DEV AUTH MTG REV                                          | VERMONT ECONOMIC DEVELOPMENT AUTHORITY             | CUSIP: 92415TCE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3479926.30   | 0.09%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT LTD OBLIG REV                                                    | TERRITORY OF GUAM                                  | CUSIP: 40065HDP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063882.00   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP STUDENT HSG REV                         | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542RDG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6000000.00   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS ED REV                                                 | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442EGT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    770000 | PA      | $639802.24    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA REV                                                      | DISTRICT OF COLUMBIA                               | CUSIP: 25483VVN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $804740.80    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA HEALTH FACS AUTH HOSP REV                              | PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 69651ACC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    850000 | PA      | $856243.25    | 0.02%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLYNN-BRUNSWICK MEM HOSP AUTH GA REV                                       | GLYNN BRUNSWICK GA MEMORIAL HOSPITAL AUTH          | CUSIP: 380037GZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1712896.48   | 0.05%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TENN HEALTH & EDL FACS BRD HOSP REV                            | GREENEVILLE HEALTH EDUCATIONAL FACILITIES BOARD    | CUSIP: 396649EU5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3122466.00   | 0.08%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204FNM3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2105000 | PA      | $1811927.17   | 0.05%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WLT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532566.50   | 0.04%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461364E8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118796.00   | 0.06%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JCF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    530000 | PA      | $457021.12    | 0.01%             | 2036-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP ILL                                          | SALES TAX SECURITIZATION CORP                      | CUSIP: 79467BCY9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5060000 | PA      | $4776407.24   | 0.13%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HIGHER ED FIN CORP TEX REV                                          | NEWARK HIGHER EDUCATION FINANCE CORP               | CUSIP: 650348AL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2104275.95   | 0.06%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                      | FLORIDA INSTITUTE OF TECH                          | CUSIP: 34073TNG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $668622.00    | 0.02%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                    | WASHINGTON HEALTH CARE FACILITIES AUTHORITY        | CUSIP: 93978HSP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1827715.73   | 0.05%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH ED REV                                    | MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 56681NEM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1918776.00   | 0.05%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FLINT MICH HOSP BLDG AUTH REV                                              | FLINT MI HOSP BLDG AUTH REVENUE                    | CUSIP: 339511EU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2437763.28   | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH REV                                       | MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 56682HCS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2261926.44   | 0.06%             | 2035-01-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399DB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |     25000 | PA      | $26861.78     | 0.00%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX SPL TAX REV                                                  | CITY OF ARLINGTON TX                               | CUSIP: 04184RDC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4380000 | PA      | $4592443.14   | 0.12%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA HOSP REV                                                         | TAMPA FL HOSP REVENUE                              | CUSIP: 875161CZ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $327562.90    | 0.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WNJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8350280.00   | 0.22%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622R89<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3013781.64   | 0.08%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL SPL ASSMT                                                      | CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE      | CUSIP: 167686AM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $320737.90    | 0.01%             | 2030-12-01      | Fixed         | 3.29%                 | Yes           |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                       | CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY       | CUSIP: 179027WP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $503978.50    | 0.01%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE NEW MEXICO RETIREMENT FAC REV                                     | EL CASTILLO RETMNT OBL                             | CUSIP: 802170AN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    480000 | PA      | $442589.76    | 0.01%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224MU0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3320000 | PA      | $3442614.24   | 0.09%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV                                        | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72177MUP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2848492.50   | 0.08%             | 2041-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WEST HAVEN CONN                                                            | CITY OF WEST HAVEN CT                              | CUSIP: 953140R93<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $418696.40    | 0.01%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO INDL DEV AUTH HEALTH CARE FACS REV                  | CAPE GIRARDEAU COUNTY INDUSTRIAL DEVELOPMENT AUTHO | CUSIP: 139404HR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $648372.75    | 0.02%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                          | GUAM POWER AUTHORITY                               | CUSIP: 400653HK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030168.00   | 0.03%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066E71<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5740000 | PA      | $6178208.82   | 0.16%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION & SUPPLY CORP III GAS SUPPLY REV                 | TEXAS MUNICIPAL GAS ACQUISITION SUPPLY CORP III    | CUSIP: 88256HBF4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9835000 | PA      | $10284666.04  | 0.27%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE  | CUSIP: 56035DEE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12390180.00  | 0.33%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2305000 | PA      | $1959406.74   | 0.05%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS STUDENT HSG REV                                        | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74439YDV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    675000 | PA      | $556702.88    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562PK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11750000 | PA      | $11956917.50  | 0.32%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS SR LIVING REV                                          | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443UAZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922951.00    | 0.02%             | 2037-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KBC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5445315.00   | 0.14%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY N J                                                          | CITY OF ATLANTIC CITY NJ                           | CUSIP: 048339VW2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1780711.88   | 0.05%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AQD2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9300000 | PA      | $8939950.50   | 0.24%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS EDL FACS AUTH REVS                                                | ILLINOIS EDUCATIONAL FACILITIES AUTHORITY          | CUSIP: 45201QDA9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2216181.60   | 0.06%             | 2036-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461364G3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1107882.30   | 0.03%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FCG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269562.50   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562PT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8910000 | PA      | $9069444.45   | 0.24%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM ORE HOSP FAC AUTH REV                                                | SALEM HOSPITAL FACILITY AUTHORITY                  | CUSIP: 794458GJ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $655898.40    | 0.02%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP REV                                           | SAN ANTONIO EDUCATION FACILITIES CORP              | CUSIP: 796247DH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    895000 | PA      | $765562.42    | 0.02%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV                   | FOOTHILL EASTERN TRANSPORTATION CORRIDOR AGENCY    | CUSIP: 345105HZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3444853.50   | 0.09%             | 2035-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV              | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638RJY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2277801.24   | 0.06%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593LK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3620000 | PA      | $3624709.62   | 0.10%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648A2U8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6385000 | PA      | $6720736.07   | 0.18%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KJH2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1642546.15   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP REV                                           | SAN ANTONIO EDUCATION FACILITIES CORP              | CUSIP: 796247DG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904940.00    | 0.02%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARSON CITY NEV HOSP REV                                                   | CITY OF CARSON CITY NV                             | CUSIP: 145810DT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1982112.60   | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | DEPAUW UNIVERSITY                                  | CUSIP: 45506D3W3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4030000 | PA      | $3726855.34   | 0.10%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO HEALTH CARE REV                                         | COUNTY OF HAMILTON OH                              | CUSIP: 40727RBS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1368060.40   | 0.04%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736L62<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2747844.19   | 0.07%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY ILL UNIV REVS                                                   | UNIVERSITY OF ILLINOIS                             | CUSIP: 914353N60<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12475000 | PA      | $12599937.13  | 0.33%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                      | ONE BRYANT PARK LLC                                | CUSIP: 649519DG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2945839.25   | 0.08%             | 2069-09-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584X4K4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3636136.80   | 0.10%             | 2032-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SAN ANTONIO TEX HSG TR FIN CORP MULTIFAMILY HSG REV                        | SAN ANTONIO HOUSING TRUST FINANCE CORP             | CUSIP: 79626PAC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14935000 | PA      | $15030345.04  | 0.40%             | 2043-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH REV                                        | ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY    | CUSIP: 01728A5C6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3293139.29   | 0.09%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PULASKI TECHNICAL COLLEGE ARK REV                                          | UNIVERSITY OF ARKANSAS PULASKI TECHNICAL COLLEGE   | CUSIP: 745601HF4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4290000 | PA      | $4528425.33   | 0.12%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20774YQJ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10206480.00  | 0.27%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA REV                                                      | DISTRICT OF COLUMBIA                               | CUSIP: 25483VPD0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1298192.64   | 0.03%             | 2033-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS N D HEALTH CARE SYS REV                                        | CITY OF GRAND FORKS ND                             | CUSIP: 38546WDK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1006706.80   | 0.03%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS RANCHOS DE ALBUQUERQUE NEW MEXICO EDL FACS REV                         | VILLAGE OF LOS RANCHOS DE ALBUQUERQUE NM           | CUSIP: 545610BG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1110746.40   | 0.03%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 6461365C1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2679547.50   | 0.07%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883TJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4225636.00   | 0.11%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20775DCR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6316296.00   | 0.17%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG REV                                           | STATE OF CONNECTICUT SPECIAL TAX REVENUE           | CUSIP: 207758YN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4273424.00   | 0.11%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH DOWNTOWN DEV AUTH TAX INCREMENT REV                           | DETROIT DOWNTOWN DEVELOPMENT AUTHORITY             | CUSIP: 251135GP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018200.00   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST TPK & BRDG AUTH MOTOR FUEL TAX REV                         | RHODE ISLAND TURNPIKE BRIDGE AUTHORITY             | CUSIP: 762322AT2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1438057.80   | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REV                                                    | OREGON ST FACS AUTH REVENUE                        | CUSIP: 68608JYJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779050.00   | 0.05%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506DU94<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1987872.00   | 0.05%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AHH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3705000 | PA      | $3747329.63   | 0.10%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORSYTH MONT POLLUTION CTL REV                                             | CITY OF FORSYTH MT                                 | CUSIP: 346668DH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8362521.00   | 0.22%             | 2031-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI HOSP EQUIP & FACS AUTH REV                                     | FORREST GENERAL HOSPITAL                           | CUSIP: 605360SU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1733472.20   | 0.05%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY N Y                                                            | COUNTY OF NASSAU NY                                | CUSIP: 63165TQT5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1221078.05   | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANE COOK & DU PAGE CNTYS ILL SCH DIST NO 46 ELGIN                         | KANE COOK DUPAGE COUNTIES SCHOOL DISTRICT NO U 4   | CUSIP: 483836TT9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2851259.60   | 0.08%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRUNSWICK N J PKG AUTH REV                                             | NEW BRUNSWICK PARKING AUTHORITY                    | CUSIP: 642835PB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1559333.69   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH HOSP REV                                     | HOUSING REDEVELOPMENT AUTHORITY OF THE CITY OF S   | CUSIP: 792888KN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1349175.68   | 0.04%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV                          | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65820YRQ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1050000 | PA      | $991948.65    | 0.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLINT MICH HOSP BLDG AUTH REV                                              | FLINT MI HOSP BLDG AUTH REVENUE                    | CUSIP: 339511EX1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1631350.07   | 0.04%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                         | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505YL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8710000 | PA      | $7471838.66   | 0.20%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPARKS NEV TOURISM IMPT DIST NO 1 REV                                      | SPARKS NV TOURISM IMPT DIST                        | CUSIP: 846562AD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1346674.50   | 0.04%             | 2028-06-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| BEAVER CNTY PA                                                             | BEAVER CNTY PA                                     | CUSIP: 074851SM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    695000 | PA      | $744366.55    | 0.02%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485UQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1579268.23   | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH REV                                           | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 721901KU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930316.00    | 0.02%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YTF6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054500.00   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                      | NEW YORK LIBERTY DEVELOPMENT CORP                  | CUSIP: 649519DQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7360038.00   | 0.19%             | 2033-11-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV CITY SVC AGREEMENT REV                   | PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT  | CUSIP: 71783DBU8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $802817.25    | 0.02%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARDIN CNTY OHIO ECONOMIC DEV FACS REV                                     | OHIO NORTHERN UNIVERSITY                           | CUSIP: 412003AC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1850014.00   | 0.05%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                                           | TOBACCO SETTLEMENT FINANCING CORP NJ               | CUSIP: 888808HM7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5148790.00   | 0.14%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX RETIREMENT FAC REV                  | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542UCK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1265769.78   | 0.03%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS SPORTS FACS AUTH                                                  | ILLINOIS SPORTS FACILITIES AUTHORITY THE           | CUSIP: 452143FE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5115370.00   | 0.13%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DAYTON OHIO CITY SCH DIST                                                  | DAYTON CITY SCHOOL DISTRICT                        | CUSIP: 239847HR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3638449.28   | 0.10%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KJJ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1280281.98   | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218T29<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4936270.00   | 0.13%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FLA WTR & SWR REV                                               | CITY OF CAPE CORAL FL WATER SEWER REVENUE          | CUSIP: 139372RH1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1499888.61   | 0.04%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59261AAT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029544.00   | 0.05%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PUB SCH BLDG AUTH PA LEASE REV                                       | STATE PUBLIC SCHOOL BUILDING AUTHORITY             | CUSIP: 85732GUF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6545483.00   | 0.17%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENDALL KANE & WILL CNTYS ILL CMNTY UNIT SCH DIST NO 308                   | KENDALL KANE WILL COUNTIES COMMUNITY UNIT SCHOOL   | CUSIP: 488764XF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5300595.00   | 0.14%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL PK DIST                                                        | CHICAGO PARK DISTRICT                              | CUSIP: 167615G31<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1191342.00   | 0.03%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRESNO CALIF JT PWRS FING AUTH LEASE REV                                   | FRESNO JOINT POWERS FINANCING AUTHORITY            | CUSIP: 358184PY9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    420000 | PA      | $455260.68    | 0.01%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CTR TAX INCREMENTDEV DIST 1 N MEX GROSS RCPTS TAX INCREM      | WINROCK TOWN CENTER TAX INCREMENT DEVELOPMENT DIST | CUSIP: 97535RAG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $826482.00    | 0.02%             | 2040-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| POMPANO BEACH FLA REV                                                      | CITY OF POMPANO BEACH FL                           | CUSIP: 732203BG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1215000 | PA      | $992568.74    | 0.03%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY N J                                                          | CITY OF ATLANTIC CITY NJ                           | CUSIP: 048339VH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    630000 | PA      | $675256.68    | 0.02%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALESBURG ILL REV                                                          | CITY OF GALESBURG IL                               | CUSIP: 363433AZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1085388.75   | 0.03%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FBN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $606631.20    | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH            | CUSIP: 6461365F4<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10574870.00  | 0.28%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 57421CBH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    865000 | PA      | $691745.69    | 0.02%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562PN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6107844.00   | 0.16%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX MUN UTIL DIST NO 165                                       | HARRIS COUNTY MUNICIPAL UTILITY DISTRICT NO 165    | CUSIP: 414962RA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2101429.61   | 0.06%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV                               | SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY    | CUSIP: 797299KX1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063890.00   | 0.03%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712DCZ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031005.00   | 0.13%             | 2031-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218B77<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028266.00   | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH REV                                          | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY    | CUSIP: 165588CX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007496.00   | 0.03%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REV                              | MIAMI DADE COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 59334NCY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5307146.25   | 0.14%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NEV ARPT REV                                                    | COUNTY OF CLARK DEPARTMENT OF AVIATION             | CUSIP: 18085PQH0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10845000 | PA      | $11199089.25  | 0.30%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD MANAGERS JT GUADALUPE CNTY-CITY SEGUIN HOSP MTG REV TEX              | BOARD OF MANAGERS JOINT GUADALUPE COUNTY CITY OF S | CUSIP: 09659MAQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1711009.20   | 0.05%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NEV CONVENTION & VISITORS AUTH REV                               | LAS VEGAS CONVENTION VISITORS AUTHORITY            | CUSIP: 517704ES7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5075000 | PA      | $5097964.38   | 0.13%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY SYST                           | CUSIP: 66285WZB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |  13535000 | PA      | $13265518.15  | 0.35%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP REV                                           | SAN ANTONIO EDUCATION FACILITIES CORP              | CUSIP: 796247DF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908450.00    | 0.02%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAINE HEALTH & HIGHER EDL FACS AUTH REV                                    | MAINE HEALTH HIGHER EDUCATIONAL FACILITIES AUTHO   | CUSIP: 560427VV5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009301.00   | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN ILL UNIV REVS                                                     | NORTHERN ILLINOIS UNIVERSITY                       | CUSIP: 665245YM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1175256.00   | 0.03%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EBU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3586075.50   | 0.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603YU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1818647.25   | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH HEALTH SYS REV                              | KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY    | CUSIP: 49126VCF2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6130000 | PA      | $5799274.24   | 0.15%             | 2024-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX SPL TAX REV                                                  | CITY OF ARLINGTON TX                               | CUSIP: 04184RDA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3286719.20   | 0.09%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING AUTH REV                                      | VIRGINIA SMALL BUSINESS FINANCING AUTHORITY        | CUSIP: 928104MY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5633802.00   | 0.15%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399CJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106140.00   | 0.06%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736P84<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3280080.90   | 0.09%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593RK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11560000 | PA      | $11995349.60  | 0.32%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV                         | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65821DXN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1764435.60   | 0.05%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS EDL FACS AUTH REVS                                                | ILLINOIS EDUCATIONAL FACILITIES AUTHORITY          | CUSIP: 45201QCY8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4592380.50   | 0.12%             | 2036-11-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS RETIREMENT FAC REV                                     | FRIENDS HOMES OBL GROUP                            | CUSIP: 74444VAK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1192162.50   | 0.03%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224LU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10655000 | PA      | $11079441.93  | 0.29%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV                          | TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION | CUSIP: 882667BR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3038336.40   | 0.08%             | 2038-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL PK DIST                                                        | CHICAGO PARK DISTRICT                              | CUSIP: 167615G98<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1176597.00   | 0.03%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH HEALTH CARE REV                                      | ARKANSAS DEVELOPMENT FINANCE AUTHORITY             | CUSIP: 04084RBV2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2338071.90   | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883TK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5371243.50   | 0.14%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TSG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084742.00   | 0.03%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399CK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1629686.76   | 0.04%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH REV                                                     | NORTH TEXAS TOLLWAY AUTHORITY                      | CUSIP: 66285WXG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019486.00   | 0.05%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                            | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DHX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4185000 | PA      | $3947296.19   | 0.10%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                                | CITY OF CHICAGO IL                                 | CUSIP: 167486P78<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561092.00   | 0.04%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD MANAGERS JT GUADALUPE CNTY-CITY SEGUIN HOSP MTG REV TEX              | BOARD OF MANAGERS JOINT GUADALUPE COUNTY CITY OF S | CUSIP: 09659MAM8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2990000 | PA      | $3021676.06   | 0.08%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX CONVENTION ENTERPRISES INC CONVENTION CTRHOTEL REV              | AUSTIN CONVENTION ENTERPRISES INC                  | CUSIP: 052409DR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1130281.30   | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS SPORTS FACS AUTH                                                  | ILLINOIS SPORTS FACILITIES AUTHORITY THE           | CUSIP: 452143FD7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5115285.00   | 0.13%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KJS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039584.00   | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YQH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2264865.75   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                       | CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY       | CUSIP: 179027WN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $508789.50    | 0.01%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REV                                                  | MICHIGAN STATE BUILDING AUTHORITY                  | CUSIP: 594615AQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3049305.00   | 0.08%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH REV                                         | CENTRAL TEXAS REGIONAL MOBILITY AUTHORITY          | CUSIP: 155498BY3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6745410.00   | 0.18%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648AV77<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016894.00   | 0.03%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSN AUTH ILL                                                   | REGIONAL TRANSPORTATION AUTHORITY                  | CUSIP: 7599113D0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  23160000 | PA      | $23861585.88  | 0.63%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KARNES CNTY TEX HOSP DIST HOSP REV                                         | KARNES COUNTY HOSPITAL DISTRICT                    | CUSIP: 485722AM4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4074204.00   | 0.11%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL SPL ASSMT                                                      | CITY OF CHICAGO IL SPECIAL ASSESSMENT REVENUE      | CUSIP: 167686AN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    375000 | PA      | $342136.13    | 0.01%             | 2031-12-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REV                                                    | OREGON ST FACS AUTH REVENUE                        | CUSIP: 68608JYH8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    275000 | PA      | $286400.95    | 0.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINROCK TOWN CTR TAX INCREMENTDEV DIST 1 N MEX GROSS RCPTS TAX INCREM      | WINROCK TOWN CENTER TAX INCREMENT DEVELOPMENT DIST | CUSIP: 97535RAF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $527038.80    | 0.01%             | 2033-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YTH2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $625325.40    | 0.02%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON D C CONVENTION & SPORTS AUTH DEDICATED TAX REV                  | WASHINGTON CONVENTION SPORTS AUTHORITY             | CUSIP: 93878LCL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1222565.00   | 0.03%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YJQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5663927.75   | 0.15%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399NU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    305000 | PA      | $320337.23    | 0.01%             | 2032-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                          | MONROE CNTY NY INDL DEV CORP REVENUE               | CUSIP: 61075TWN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1087497.60   | 0.03%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KHJ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10009030.00  | 0.26%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203H7A4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1765098.75   | 0.05%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA HOSP AUTH HOSP FAC REV                                       | CHESAPEAKE VA HOSP                                 | CUSIP: 16532VBN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1165585.66   | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV                                   | PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | CUSIP: 70917SJJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2150323.63   | 0.06%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLLUTN CTL REV                                     | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE        | CUSIP: 121342NR6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6165783.00   | 0.16%             | 2040-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP STUDENT HSG REV                         | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542RDH1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7200000.00   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450205U8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098926.00   | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA SEW SVC REV                                                 | CITY OF NEW ORLEANS LA SEWERAGE SERVICE REVENUE    | CUSIP: 647719NX7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577907.00   | 0.04%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506DV28<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2856312.00   | 0.08%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT ST LUCIE FLA SPL ASSMT REV                                            | CITY OF PORT ST LUCIE FL                           | CUSIP: 73535EKZ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3254797.62   | 0.09%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                          | GUAM POWER AUTHORITY                               | CUSIP: 400653HG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021645.00   | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV                               | SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY    | CUSIP: 797299KA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1728548.16   | 0.05%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH HOSP REV                                           | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546395P81<br>LEI: N/A | Long             | DBT              | MUN               | US        |     55000 | PA      | $57983.15     | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH WTR & SWR SYS REV                             | PITTSBURGH WATER SEWER AUTHORITY                   | CUSIP: 725304VF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1765445.50   | 0.05%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622N34<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2486620.89   | 0.07%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK N J MASS TRAN ACCESS TAX REV                                        | CITY OF NEWARK NJ MASS TRANSIT ACCESS TAX REVENUE  | CUSIP: 650360AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054434.00   | 0.03%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                            | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DHA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    950000 | PA      | $884823.35    | 0.02%             | 2030-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WILKES-BARRE PA FIN AUTH UNIV REV                                          | WILKES BARRE FINANCE AUTHORITY                     | CUSIP: 968254CB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2168215.40   | 0.06%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIVONIA MICH PUB SCHS SCH DIST                                             | LIVONIA PUBLIC SCHOOLS SCHOOL DISTRICT             | CUSIP: 539243TZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3054244.75   | 0.08%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER ALA GAS DIST GAS PROJ REV                                            | LOWER ALABAMA GAS DISTRICT THE                     | CUSIP: 547804AF1<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15926490.00  | 0.42%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BYM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |     15000 | PA      | $15098.63     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603A82<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960400.00    | 0.03%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY INDL DEV AGY SCH FAC REV                                      | ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY THE      | CUSIP: 29509PJU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014260.00   | 0.05%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA GEN AUTH HEALTH SYS REV                                    | DAUPHIN COUNTY GENERAL AUTHORITY                   | CUSIP: 23825EDS0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041582.00   | 0.05%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO ST HLTH FACS AUTH HOSP REVENUE            | CUSIP: 19648FRV8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1765706.00   | 0.05%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PONTOTOC CNTY OKLA EDL FACS AUTH EDL FACS LEASE REV                        | PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY   | CUSIP: 732692DE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1864102.00   | 0.05%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV                                | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTUR | CUSIP: 64971XZM3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1238142.50   | 0.03%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399DC7<br>LEI: N/A | Long             | DBT              | MUN               | US        |     35000 | PA      | $36487.78     | 0.00%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KCS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1212765.40   | 0.03%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV                               | SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY    | CUSIP: 797299KB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057212.00   | 0.03%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV                                   | PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | CUSIP: 70917SJG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1745511.18   | 0.05%             | 2025-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH SWR REV                                         | ALLEGHENY COUNTY SANITARY AUTHORITY                | CUSIP: 017357B94<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539198.00   | 0.04%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP LA REV                                        | TOBACCO SETTLEMENT FINANCING CORP LA               | CUSIP: 88880PCA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5027075.00   | 0.13%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL SALES TAX REV                                                | COUNTY OF COOK IL SALES TAX REVENUE                | CUSIP: 213248BF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7354109.00   | 0.19%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                         | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505XZ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7965000 | PA      | $7716492.00   | 0.20%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH REV                                            | BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY      | CUSIP: 118612MV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2242098.54   | 0.06%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAYTON OHIO CITY SCH DIST                                                  | DAYTON CITY SCHOOL DISTRICT                        | CUSIP: 239847HS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2333614.00   | 0.06%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                              | SANGAMON COUNTY SCHOOL DISTRICT NO 186 SPRINGFIELD | CUSIP: 800766KX4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4291721.43   | 0.11%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN ST HLTH EDUCATIONAL FACS AUTH REVENUE    | CUSIP: 97712D6S0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $502957.00    | 0.01%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUN AUTH REV                                            | PENN STATE HEALTH OBL GRP                          | CUSIP: 230614NY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1237457.50   | 0.03%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDL FACS REV                                              | INDIANA FINANCE AUTHORITY                          | CUSIP: 45470ECR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7240000 | PA      | $7508104.44   | 0.20%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218S87<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1774069.50   | 0.05%             | 2030-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562QU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2968113.00   | 0.08%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OYSTER BAY N Y                                                             | TOWN OF OYSTER BAY NY                              | CUSIP: 692160PZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3112788.00   | 0.08%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV                             | MONTGOMERY COUNTY HIGHER EDUCATION HEALTH AUTHOR   | CUSIP: 613603YR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1854606.25   | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTSVILLE ALA HEALTH CARE AUTH                                            | HUNTSVILLE AL HLTH CARE AUTH REVENUE               | CUSIP: 44706HDT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2380373.42   | 0.06%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA TOURIST DEV TAX REV                                           | LEE CNTY FL TOUR DEV TAX REVENUE                   | CUSIP: 523520DE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4675803.35   | 0.12%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224DN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4492299.85   | 0.12%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA HIGHER ED AUTH REV                                            | LANCASTER HIGHER EDUCATION AUTHORITY               | CUSIP: 514273AC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3380979.84   | 0.09%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203H6Y3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1271121.60   | 0.03%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FBM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $752349.00    | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                       | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972GZW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1590000.00   | 0.04%             | 2033-06-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YQE2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041106.00   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALIFAX HOSP MED CTR FLA HOSP REV                                          | HALIFAX HOSPITAL MEDICAL CENTER                    | CUSIP: 405815LG4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2838970.75   | 0.07%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI HOSP EQUIP & FACS AUTH REV                                     | FORREST GENERAL HOSPITAL                           | CUSIP: 605360SR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2186759.68   | 0.06%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV                                | BLACK BELT ENERGY GAS DISTRICT                     | CUSIP: 09182TCG0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12483408.00  | 0.33%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEWARK HIGHER ED FIN CORP TEX REV                                          | NEWARK HIGHER EDUCATION FINANCE CORP               | CUSIP: 650348AJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4470000 | PA      | $4481809.74   | 0.12%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV                             | KENTUCKY PUBLIC ENERGY AUTHORITY                   | CUSIP: 74440DBT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19843260.00  | 0.52%             | 2049-12-01      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH REV                                    | NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTH | CUSIP: 64461XFQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083158.00   | 0.05%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                            | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DGZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    890000 | PA      | $839655.37    | 0.02%             | 2029-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ROSEMONT ILL                                                               | VILLAGE OF ROSEMONT IL                             | CUSIP: 777543WJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2144724.27   | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA EDL FACS AUTH REV                                      | PALM BEACH COUNTY EDUCATIONAL FACILITIES AUTHORITY | CUSIP: 696506AR5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3252512.67   | 0.09%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV                            | IOWA TOBACCO SETTLEMENT AUTHORITY                  | CUSIP: 888805CC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    270000 | PA      | $248502.87    | 0.01%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                    | WASHINGTON HEALTH CARE FACILITIES AUTHORITY        | CUSIP: 93978HTY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3125000 | PA      | $2977325.00   | 0.08%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736P92<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2596905.00   | 0.07%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA BLDG AUTH MEMPHIS & SHEBY CNTY TENN                      | NEW MEMPHIS ARENA PUBLIC BUILDING AUTHORITY        | CUSIP: 64704CAA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    875000 | PA      | $603150.63    | 0.02%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145PB7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1043877.05   | 0.03%             | 2039-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622N26<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3087906.03   | 0.08%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVER CNTY PA                                                             | BEAVER CNTY PA                                     | CUSIP: 074851SN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $639238.80    | 0.02%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450203D8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060425.00   | 0.03%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 5742188H9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1487409.97   | 0.04%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                           | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593LM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2153061.60   | 0.06%             | 2030-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066F21<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4590000 | PA      | $4924734.93   | 0.13%             | 2031-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH REV                                                 | IDAHO HEALTH FACILITIES AUTHORITY                  | CUSIP: 451295ZV4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7520000 | PA      | $7771438.72   | 0.20%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA ARPT REV                                                      | COUNTY OF LEE FL AIRPORT REVENUE                   | CUSIP: 523470GA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4198168.00   | 0.11%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562QT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3508932.00   | 0.09%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                              | SANGAMON CNTY IL SCH DIST NO 186 SPRINGFIELD       | CUSIP: 800766MX2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2707124.56   | 0.07%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203HY48<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4072112.00   | 0.11%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TENN HEALTH & EDL FACS BRD HOSP REV                            | GREENEVILLE HEALTH EDUCATIONAL FACILITIES BOARD    | CUSIP: 396649EV3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3620932.00   | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KJG4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019698.00   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH REV                                            | BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY      | CUSIP: 118612MR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    325000 | PA      | $331876.35    | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562MW4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1637429.61   | 0.04%             | 2033-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CERRITOS CALIF CMNTY COLLEGE DIST                                          | CERRITOS COMMUNITY COLLEGE DISTRICT                | CUSIP: 156792FC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850796.00    | 0.02%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV                       | CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHO | CUSIP: 13078RGH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034678.00   | 0.05%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TEX HEALTH FACS DEV CORP REV                                      | MESQUITE HEALTH FACILITY DEVELOPMENT CORP          | CUSIP: 590743CU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1075000 | PA      | $852260.00    | 0.02%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562MV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6525000 | PA      | $6532993.13   | 0.17%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BZA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    735000 | PA      | $736376.66    | 0.02%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY          | CUSIP: 56035DAW2<br>LEI: N/A | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14938290.00  | 0.39%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEAVER CNTY PA                                                             | BEAVER CNTY PA                                     | CUSIP: 074851SP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $543352.98    | 0.01%             | 2030-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHAMPAIGN CNTY ILL CMNTY UNIT SCH DIST NO 004                              | CHAMPAIGN COUNTY COMMUNITY UNIT SCHOOL DISTRICT NO | CUSIP: 158249LX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1581981.98   | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450205Y0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1342963.20   | 0.04%             | 2032-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHULA VISTA CALIF MUN FING AUTH REV                                        | CHULA VISTA MUNICIPAL FINANCING AUTHORITY          | CUSIP: 17131DAQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2756107.24   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP REV                             | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638TGM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  18225000 | PA      | $18942263.10  | 0.50%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV                                | SOUTH JERSEY TRANSPORTATION AUTHORITY LLC          | CUSIP: 838536HE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1107767.64   | 0.03%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 645918W41<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10010440.00  | 0.26%             | 2027-09-01      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV                 | METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNT   | CUSIP: 592041WG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5634403.50   | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY PA HOSP AUTH HOSP REV                                          | BUTLER COUNTY HOSPITAL AUTHORITY                   | CUSIP: 123592DQ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1908436.21   | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FLA REV                                                      | CITY OF POMPANO BEACH FL                           | CUSIP: 732203BK9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2832568.20   | 0.07%             | 2029-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSN DIST COLO CTFS PARTN                                       | REGIONAL TRANSPORTATION DISTRICT                   | CUSIP: 75913THP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7585000 | PA      | $7641978.52   | 0.20%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP TEX RETIREMENT FAC REV                  | NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE COR | CUSIP: 64542UCJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005122.00   | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203H5D0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3068607.00   | 0.08%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20774Y4Q7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1139234.63   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA REV                                                      | DISTRICT OF COLUMBIA                               | CUSIP: 25483VWB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922200.00    | 0.02%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON MACOUPIN ETC CNTYS ILL CMNTY COLLEGE DIST NO 536                   | MADISON MACOUPIN ETC COUNTIES COMMUNITY COLLEGE DI | CUSIP: 557738NF4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076999.00   | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV                          | TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION | CUSIP: 882667BS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3526041.75   | 0.09%             | 2038-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REDEV AUTH TEX TAX INCREMENT CONTRACT REV                         | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY  | CUSIP: 26118RAJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1272397.82   | 0.03%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT LTD OBLIG REV                                                    | TERRITORY OF GUAM                                  | CUSIP: 40065HDN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552030.50   | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX MUN UTIL DIST NO 165                                       | HARRIS COUNTY MUNICIPAL UTILITY DISTRICT NO 165    | CUSIP: 414962RB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2588017.50   | 0.07%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX WTRWKS SWR SYS REV                                              | CITY OF LAREDO TX WATERWORKS SEWER SYSTEM REVENU   | CUSIP: 517039TT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516558.50   | 0.04%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218C27<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1341234.33   | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL SALES TAX REV                                                | COUNTY OF COOK IL SALES TAX REVENUE                | CUSIP: 213248BG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5231495.00   | 0.14%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMPAIGN CNTY ILL CMNTY UNIT SCH DIST NO 004                              | CHAMPAIGN COUNTY COMMUNITY UNIT SCHOOL DISTRICT NO | CUSIP: 158249LW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1307168.61   | 0.03%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KH9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2170316.64   | 0.06%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                          | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UFV5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024913.00   | 0.03%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP REV                                      | WESTCHESTER COUNTY LOCAL DEVELOPMENT CORP          | CUSIP: 95737TAA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1350000.00   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPARKS NEV TOURISM IMPT DIST NO 1 REV                                      | SPARKS NV TOURISM IMPT DIST                        | CUSIP: 846562AC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $292537.80    | 0.01%             | 2024-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| IOWA FIN AUTH HEALTH FACS REV                                              | IOWA FINANCE AUTHORITY                             | CUSIP: 462466FW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5425000 | PA      | $5406641.80   | 0.14%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH SOLID WASTE DISP REV                                 | COBB COUNTY GA DEV AUTH                            | CUSIP: 190784AB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4496469.68   | 0.12%             | 2033-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH ENV IMPT REV              | MISSOURI ST ENVIRONMENTAL IMPT AND ENERGY RES AUTH | CUSIP: 606907BG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |  25000000 | PA      | $23144100.00  | 0.61%             | 2033-09-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577BAA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10254910.00  | 0.27%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY OHIO JT TWP HOSP DIST REV                                | AKRON BATH COPLEY JOINT TOWNSHIP HOSPITAL DISTRICT | CUSIP: 009730PT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932673.00    | 0.02%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH REV                                        | ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY    | CUSIP: 01728A5A0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431868.50   | 0.04%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS N D HEALTH CARE SYS REV                                        | CITY OF GRAND FORKS ND                             | CUSIP: 38546WDN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1557725.75   | 0.04%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203HTB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8317575.75   | 0.22%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROUP FING AGY S C GAS SUPPLY REV                          | PATRIOTS ENERGY GROUP FINANCING AGENCY             | CUSIP: 70342PAL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20001860.00  | 0.53%             | 2048-10-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CONN                                                            | UNIVERSITY OF CONNECTICUT                          | CUSIP: 914233Q79<br>LEI: N/A | Long             | DBT              | MUN               | US        |  11175000 | PA      | $12082208.85  | 0.32%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736G84<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044530.00   | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XWQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2142723.71   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YTG4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $837715.20    | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CTR REV                                                     | CITY OF ASHLAND KY                                 | CUSIP: 044293BE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2277512.66   | 0.06%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 649907C59<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1344492.50   | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3710000 | PA      | $3683903.86   | 0.10%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLUFFTON OHIO HOSP FACS REV                                                | VILLAGE OF BLUFFTON OH                             | CUSIP: 096391AP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1755348.45   | 0.05%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC PWR GENERATION AGY NEB REV                                          | PUBLIC POWER GENERATION AGENCY                     | CUSIP: 744434EJ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2485754.40   | 0.07%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH REV                                    | NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTH | CUSIP: 64461XFR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553977.50   | 0.04%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX WTRWKS SWR SYS REV                                              | CITY OF LAREDO TX WATERWORKS SEWER SYSTEM REVENU   | CUSIP: 517039TQ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029152.00   | 0.03%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD ILL                                                            | CITY OF SPRINGFIELD IL                             | CUSIP: 850527KX9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9020659.00   | 0.24%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | ILLINOIS ST                                        | CUSIP: 4521523A7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105843.00   | 0.08%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204FNJ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1596205.90   | 0.04%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                    | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TLH1<br>LEI: N/A | Long             | DBT              | MUN               | US        |     50000 | PA      | $53066.10     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN ILL UNIV REVS                                                     | NORTHERN ILLINOIS UNIVERSITY                       | CUSIP: 665245ZN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1199329.30   | 0.03%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                            | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646066UX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1809266.40   | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ST ECON DEV AUTH REV                    | CUSIP: 64577XBB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1442509.50   | 0.04%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH ACADEMIC FACS LEASE REV                                  | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 452017AN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $738002.30    | 0.02%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA WTR & SWR REV                                          | COUNTY OF MIAMI DADE FL WATER SEWER SYSTEM REVEN   | CUSIP: 59334DML5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1453512.00   | 0.04%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY ILL CMNTY UNIT SCH DIST NO 007 EDWARDSVILLE                   | MADISON COUNTY COMMUNITY UNIT SCHOOL DISTRICT NO 7 | CUSIP: 557021JP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1267798.07   | 0.03%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YDS INFRASTRUCTURE CORP N Y SECOND INDENTURE REV                    | HUDSON YARDS INFRASTRUCTURE CORP                   | CUSIP: 44420RBC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613365.00   | 0.07%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145PA9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1006339.67   | 0.03%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 5463986J2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3095000 | PA      | $3119023.39   | 0.08%             | 2033-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD MANAGERS JT GUADALUPE CNTY-CITY SEGUIN HOSP MTG REV TEX              | BOARD OF MANAGERS JOINT GUADALUPE COUNTY CITY OF S | CUSIP: 09659MAK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2781069.86   | 0.07%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH TEX INTL ARPT REV                                        | DALLAS FORT WORTH INTERNATIONAL AIRPORT            | CUSIP: 235036L40<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7647255.00   | 0.20%             | 2029-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224KY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107800.00   | 0.06%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145ET0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1320159.10   | 0.03%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV                           | TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1   | CUSIP: 875518EZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2112522.46   | 0.06%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA TOURIST DEV TAX REV                                       | COUNTY OF BROWARD FL TOURIST DEVELOPMENT TAX REVEN | CUSIP: 115085AT9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14740000 | PA      | $14425669.50  | 0.38%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV                              | HARRIS CNTY TEX CULTURAL EDU FAC                   | CUSIP: 414009MR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3357006.30   | 0.09%             | 2049-12-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST UNIV & AGRIC & MECHANICAL COLLEGE BRD SUPERVISORS REV         | LOUISIANA STATE UNIVERSITY AGRICULTURAL MECHAN     | CUSIP: 546540PX7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009774.00   | 0.03%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CTR REV                                                     | ASHLAND KY MED CENTER REVENUE                      | CUSIP: 044293BZ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1036374.66   | 0.03%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH WTR FAC REV                                              | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45203EAE9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14000000 | PA      | $12876388.00  | 0.34%             | 2039-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| VOLO VLG ILL SPL SVC AREA NO 3 & 6 SPL TAX                                 | VOLO VILLAGE SPECIAL SERVICE AREA NO 3 6           | CUSIP: 92870PAL2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250166.25   | 0.03%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485UN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1589133.50   | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN  REV                                          | OHIO HIGHER EDUCATIONAL FACILITY COMMISSION        | CUSIP: 67756DDN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040677.00   | 0.03%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218Z30<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6505000 | PA      | $6758662.48   | 0.18%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883TH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281950.00   | 0.14%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL PK DIST                                                        | CHICAGO PARK DISTRICT                              | CUSIP: 167615G56<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1240829.20   | 0.03%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX PERM UNIV FD                                                | PERMANENT UNIVERSITY FUND UNIVERSITY OF TEXAS SY   | CUSIP: 9151156F1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2642177.50   | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                           | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AC88<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9820000 | PA      | $9042678.26   | 0.24%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV                                 | ILLINOIS STATE TOLL HIGHWAY AUTHORITY              | CUSIP: 452252KQ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7371693.00   | 0.19%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648A2R5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2431464.42   | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NEV                                                        | CITY OF NORTH LAS VEGAS NV                         | CUSIP: 660393S26<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7345000 | PA      | $7345205.66   | 0.19%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH REV                                          | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY    | CUSIP: 165588DK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2609708.75   | 0.07%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HARTFORD CNTY CONN MET DIST                                                | METROPOLITAN DISTRICT THE                          | CUSIP: 416489VC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007932.00   | 0.03%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TULSA CNTY OKLA INDL AUTH SR LIVING CMNTY REV                              | TULSA COUNTY INDUSTRIAL AUTHORITY                  | CUSIP: 899530AU3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1804346.84   | 0.05%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399DX1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1480880.61   | 0.04%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHEASTERN PA HOSP & ED AUTH UNIV REV                                    | NORTHEASTERN PENNSYLVANIA HOSPITAL EDUCATION AUT   | CUSIP: 664556BV8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1539810.80   | 0.04%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                         | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505WH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1426827.20   | 0.04%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAINE HEALTH & HIGHER EDL FACS AUTH REV                                    | MAINE HEALTH HIGHER EDUCATIONAL FACILITIES AUTHO   | CUSIP: 560427VS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1650207.14   | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ECONOMIC DEV AUTH MTG REV                                          | VERMONT ECONOMIC DEVELOPMENT AUTHORITY             | CUSIP: 92415TCA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4190000 | PA      | $3524301.18   | 0.09%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709225DT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974952.00    | 0.03%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA BD BK REV                                                          | INDIANA BOND BANK                                  | CUSIP: 45462TJW3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1077575.45   | 0.03%             | 2031-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY N J IMPT AUTH CHARTER SCH REV                                   | ESSEX COUNTY IMPROVEMENT AUTHORITY                 | CUSIP: 29681CBE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    550000 | PA      | $510851.55    | 0.01%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO HEALTH & HOSP AUTH HEALTHCARE REV                              | DENVER CO HLTH HOSP AUTH HLTHCARE REVENUE          | CUSIP: 24918EEL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $861432.00    | 0.02%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CALIF PUB FING AUTH LEASE REV                                      | ANAHEIM PUBLIC FINANCING AUTHORITY                 | CUSIP: 03255LGM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $514487.50    | 0.01%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY BLDG AUTH ST BLDG REV                                           | NEW JERSEY BUILDING AUTHORITY                      | CUSIP: 645771YZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $418918.00    | 0.01%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLUFFTON OHIO HOSP FACS REV                                                | VILLAGE OF BLUFFTON OH                             | CUSIP: 096391AN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1584017.60   | 0.04%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WTR REV                                                        | CITY OF CHICAGO IL WATERWORKS REVENUE              | CUSIP: 167736L54<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1737980.48   | 0.05%             | 2035-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                    | CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727VF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010466.00   | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON TX HGR EDU FIN CORP EDU REVENUE            | CUSIP: 187145KM8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3802049.82   | 0.10%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                  | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20775DFC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1872172.00   | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK ILL                                                            | VILLAGE OF BOLINGBROOK IL                          | CUSIP: 097552TR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544929.50   | 0.04%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                    | CHICAGO WSTWTR TRANS                               | CUSIP: 167727WT9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033973.00   | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TEX UTIL SYS REV                                            | CITY OF CORPUS CHRISTI TX UTILITY SYSTEM REVENUE   | CUSIP: 220245YU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010976.00   | 0.03%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV                             | KENTUCKY PUBLIC ENERGY AUTHORITY                   | CUSIP: 74440DDT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6958575.00   | 0.18%             | 2052-08-01      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| PORT ST LUCIE FLA SPL ASSMT REV                                            | CITY OF PORT ST LUCIE FL                           | CUSIP: 73535ELA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034862.00   | 0.05%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOLINGBROOK ILL                                                            | VILLAGE OF BOLINGBROOK IL                          | CUSIP: 097552TJ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604503.50   | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA SCH BRD CTFS PARTN                                        | SCHOOL DISTRICT OF BROWARD COUNTY FL               | CUSIP: 115065XS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100088.00   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVONIA MICH PUB SCHS SCH DIST                                             | LIVONIA PUBLIC SCHOOLS SCHOOL DISTRICT             | CUSIP: 539243TY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2952291.98   | 0.08%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                   | SCHOOL DISTRICT OF PHILADELPHIA THE                | CUSIP: 717883WF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1503611.20   | 0.04%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLINT MICH HOSP BLDG AUTH REV                                              | FLINT MI HOSP BLDG AUTH REVENUE                    | CUSIP: 339511EW3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1492226.90   | 0.04%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                             | STATE OF CONNECTICUT                               | CUSIP: 20772KGF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1833093.88   | 0.05%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV                          | TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION | CUSIP: 882667BT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2150000 | PA      | $1963868.05   | 0.05%             | 2039-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                          | MONROE CNTY NY INDL DEV CORP REVENUE               | CUSIP: 61075TWM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1095536.40   | 0.03%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                              | SANGAMON CNTY IL SCH DIST NO 186 SPRINGFIELD       | CUSIP: 800766MT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1464700.20   | 0.04%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218XX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2242176.20   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990G3K6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3480000 | PA      | $2941435.20   | 0.08%             | 2040-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| DOUGLAS CNTY NEB HOSP AUTH NO 3 REV                                        | DOUGLAS COUNTY HOSPITAL AUTHORITY NO 3             | CUSIP: 259234CH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1674454.40   | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                                             | CITY OF NEW HAVEN CT                               | CUSIP: 6450206C7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1983808.87   | 0.05%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EHR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017979.00   | 0.03%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA CAP IMPT CIG TAX ALLOCATION                                      | TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION     | CUSIP: 875146AY8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    850000 | PA      | $372651.90    | 0.01%             | 2040-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN REVS                                        | KENTUCKY STATE PROPERTY BUILDING COMMISSION        | CUSIP: 49151FMM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2381724.00   | 0.06%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH REV                                        | ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY    | CUSIP: 01728A3W4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8367560.00   | 0.22%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA HIGHER ED LN AUTH REV                                                 | IOWA HIGHER EDUCATION LOAN AUTHORITY               | CUSIP: 46247DAE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1470882.00   | 0.04%             | 2042-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH ACADEMIC FACS LEASE REV                                  | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 452017AQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $733055.40    | 0.02%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP ST SALES TAX REV                                | NEW YORK STATE URBAN DEVELOPMENT CORP              | CUSIP: 64985TCL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4950950.00   | 0.13%             | 2039-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                  | CITY OF HOUSTON TX                                 | CUSIP: 44237NHT2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5345000 | PA      | $5486711.99   | 0.14%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMMOND IND MULTI-SCH BLDG CORP                                            | HAMMOND MULTI SCHOOL BUILDING CORP                 | CUSIP: 408395SD4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3119493.00   | 0.08%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITYPLACE CMNTY DEV DIST FLA SPL ASSMT REV                                 | CITYPLACE COMMUNITY DEVELOPMENT DISTRICT           | CUSIP: 17877SAN2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3263927.11   | 0.09%             | 2033-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FLA HEALTH FACS AUTH CONTINUING CARE RETIREMENT CMNTY REV     | ALACHUA COUNTY HEALTH FACILITIES AUTHORITY         | CUSIP: 010684AW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $575814.40    | 0.02%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NEV ARPT REV                                                    | COUNTY OF CLARK DEPARTMENT OF AVIATION             | CUSIP: 18085PQG2<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20470000 | PA      | $21135295.47  | 0.56%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV                          | NORTH CAROLINA ST MED                              | CUSIP: 65820YSC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3050000 | PA      | $2524597.85   | 0.07%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                    | WISCONSIN ST HLTH EDUCTNL FACS AUTH REVENUE        | CUSIP: 97712D5P7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $662701.50    | 0.02%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224MV8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3690000 | PA      | $3798120.69   | 0.10%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH ED REV                                          | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH | CUSIP: 71885FDH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2337037.40   | 0.06%             | 2024-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV              | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638RKA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2503094.72   | 0.07%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                         | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505XQ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4670817.70   | 0.12%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA TOURIST DEV TAX REV                                           | LEE CNTY FL TOUR DEV TAX REVENUE                   | CUSIP: 523520DG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5104532.30   | 0.13%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OHIO HOSP FACS REV                                              | ALLEN CNTY OH HOSP FACS REVENUE                    | CUSIP: 01757LGX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7126950.00   | 0.19%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WASTEWTR SYS REV                               | GUAM GOVERNMENT WATERWORKS AUTHORITY               | CUSIP: 40065FDC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019680.00   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEMONT ILL                                                               | VILLAGE OF ROSEMONT IL                             | CUSIP: 777543WK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2294184.01   | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485TR6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5330000 | PA      | $5512349.96   | 0.15%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA WORLD CONGRESS CTR AUTH CONVENTION CTR HOTEL REV         | GEORGE L SMITH II CONGRESS CENTER AUTHORITY        | CUSIP: 37255MAB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909351.00    | 0.02%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                | STATE OF ILLINOIS                                  | CUSIP: 452152RN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10027100.00  | 0.26%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648A2S3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105164.00   | 0.06%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584XC90<br>LEI: N/A | Long             | DBT              | MUN               | US        |    535000 | PA      | $559025.78    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHULA VISTA CALIF MUN FING AUTH REV                                        | CHULA VISTA MUNICIPAL FINANCING AUTHORITY          | CUSIP: 17131DAR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2191328.10   | 0.06%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                    | PUBLIC FIN AUTH WI REVENUE                         | CUSIP: 74442PQU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3451521.50   | 0.09%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                            | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 64613CCF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9195000 | PA      | $9557577.24   | 0.25%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                          | GUAM POWER AUTHORITY                               | CUSIP: 400653HJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    695000 | PA      | $710073.16    | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REV                                                          | GUAM POWER AUTHORITY                               | CUSIP: 400653JZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3766206.50   | 0.10%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH HOSP REV                                           | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546395R30<br>LEI: N/A | Long             | DBT              | MUN               | US        |  13465000 | PA      | $13952985.07  | 0.37%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TENN HEALTH & EDL FACS BRD HOSP REV                            | GREENEVILLE HEALTH EDUCATIONAL FACILITIES BOARD    | CUSIP: 396649ET8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2839860.49   | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH REV                                     | HEALTH EDUCATIONAL FACILITIES AUTHORITY OF THE S   | CUSIP: 60635H2K4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4565000 | PA      | $4116045.95   | 0.11%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL PK DIST                                                        | CHICAGO PARK DISTRICT                              | CUSIP: 167615G64<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109822.00   | 0.06%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH LEASE REV                                       | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH | CUSIP: 71885MBH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4347206.00   | 0.11%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA MUN AUTH REV                                                 | BERKS CNTY PA MUNI AUTH                            | CUSIP: 084538JC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2813098.20   | 0.07%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAYTON OHIO CITY SCH DIST                                                  | DAYTON CITY SCHOOL DISTRICT                        | CUSIP: 239847HP4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2805000 | PA      | $3130377.20   | 0.08%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NEB HOSP AUTH NO 3 REV                                        | DOUGLAS COUNTY HOSPITAL AUTHORITY NO 3             | CUSIP: 259234CF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1309433.75   | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV                           | TANGIPAHOA PARISH HOSPITAL SERVICE DISTRICT NO 1   | CUSIP: 875518FC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1332949.50   | 0.04%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YSB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    335000 | PA      | $344438.29    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                      | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145PE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1035000 | PA      | $943362.14    | 0.02%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                           | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584YJR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4415000 | PA      | $4621692.64   | 0.12%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TMM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975643.00    | 0.03%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMMOND IND MULTI-SCH BLDG CORP                                            | HAMMOND MULTI SCHOOL BUILDING CORP                 | CUSIP: 408395SA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1253992.02   | 0.03%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL SALES TAX REV                                                | COUNTY OF COOK IL SALES TAX REVENUE                | CUSIP: 213248BE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3792251.25   | 0.10%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218Z48<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3725416.80   | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EQH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1233311.31   | 0.03%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOWARD CNTY MD HSG COMMN REV                                               | HOWARD COUNTY HOUSING COMMISSION                   | CUSIP: 442577DZ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2684037.00   | 0.07%             | 2029-06-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV                                | MIAMI DADE COUNTY EXPRESSWAY AUTHORITY             | CUSIP: 59334KHK7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7006328.00   | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST TPK COMMN TPK REV                                                  | OHIO TURNPIKE INFRASTRUCTURE COMMISSION            | CUSIP: 67760HJR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005114.00   | 0.05%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA AUTH UNIV REV                                             | DELAWARE CNTY PA AUTH                              | CUSIP: 246008PQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2236653.00   | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHMOND IND HOSP AUTH REV                                                 | RICHMOND HOSPITAL AUTHORITY                        | CUSIP: 764791BA6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6667238.50   | 0.18%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS RETIREMENT FAC REV                                     | FRIENDS HOMES OBL GROUP                            | CUSIP: 74444VAL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2150888.52   | 0.06%             | 2039-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DOWNTOWN REDEV AUTH TEX TAX INCREMENT CONTRACT REV                         | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY  | CUSIP: 26118RAN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2798145.12   | 0.07%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OYSTER BAY N Y                                                             | TOWN OF OYSTER BAY NY                              | CUSIP: 692160PY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9986047.50   | 0.26%             | 2025-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV                          | ESCAMBIA COUNTY HEALTH FACILITIES AUTHORITY        | CUSIP: 296110FW4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1292749.60   | 0.03%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                    | PUBLIC FIN AUTH WI REVENUE                         | CUSIP: 74442PQV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3173818.88   | 0.08%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILL CNTY ILL CMNTY HIGH SCH DIST NO 210 LINCOLN-WAY                       | WILL CNTY IL CMNTY HIGH SCH DIST                   | CUSIP: 969073MT9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $656370.65    | 0.02%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                  | CITY OF HOUSTON TX                                 | CUSIP: 44237NHS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5615000 | PA      | $5766503.93   | 0.15%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                      | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TML4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5940330.00   | 0.16%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ HSG AUTH CITY SECD POLICE FAC REV                                | NEWARK HOUSING AUTHORITY                           | CUSIP: 65038HAL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $765839.25    | 0.02%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH CHARTER SCH REV                                    | CALIFORNIA SCHOOL FINANCE AUTHORITY                | CUSIP: 13058TLX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $459194.40    | 0.01%             | 2031-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506EED1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1139098.38   | 0.03%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS MUN ELEC AGY PWR SUPPLY SYS REV                                   | ILLINOIS MUNICIPAL ELECTRIC AGENCY                 | CUSIP: 452024JB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |  14650000 | PA      | $14930342.40  | 0.39%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON CNTY S C HEALTH SVCS DIST INC HOSP REV                           | LEXINGTON COUNTY HEALTH SERVICES DISTRICT INC      | CUSIP: 529050ET9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001492.00   | 0.03%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH WTR & SWR SYS REV                             | PITTSBURGH WATER SEWER AUTHORITY                   | CUSIP: 725304VG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $299874.90    | 0.01%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH REV                                   | PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORI | CUSIP: 70917SJK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2271753.67   | 0.06%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                                              | COLORADO HEALTH FACILITIES AUTHORITY               | CUSIP: 19648A2T1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2599877.54   | 0.07%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CNTY CONN MET DIST                                                | METROPOLITAN DISTRICT THE                          | CUSIP: 416489UY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $831594.00    | 0.02%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                           | NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY          | CUSIP: 64577BJX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9333252.00   | 0.25%             | 2033-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REV                              | MIAMI DADE COUNTY HEALTH FACILITIES AUTHORITY      | CUSIP: 59334NDA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5780000 | PA      | $5842915.30   | 0.15%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD MANAGERS JT GUADALUPE CNTY-CITY SEGUIN HOSP MTG REV TEX              | BOARD OF MANAGERS JOINT GUADALUPE COUNTY CITY OF S | CUSIP: 09659MAR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5200856.25   | 0.14%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OHIO SALES TAX                                               | COUNTY OF HAMILTON OH SALES TAX REVENUE            | CUSIP: 407287KN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4014132.57   | 0.11%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH REV                                    | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHOR | CUSIP: 70869PNJ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1050000 | PA      | $889669.20    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP RHODE IS                                      | TOBACCO SETTLEMENT FINANCING CORP RI               | CUSIP: 888809BC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2552475.00   | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH REV                                     | HEALTH EDUCATIONAL FACILITIES AUTHORITY OF THE S   | CUSIP: 60635H2R9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984812.00   | 0.05%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH TPK REV                                             | NEW JERSEY TURNPIKE AUTHORITY                      | CUSIP: 6461396F7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4976875.58   | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA AUTH UNIV REV                                             | DELAWARE CNTY PA AUTH                              | CUSIP: 246008PP5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2266025.04   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                    | DEPAUW UNIVERSITY                                  | CUSIP: 45506D3U7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3442720.44   | 0.09%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL                                                              | COUNTY OF COOK IL                                  | CUSIP: 213185LJ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097936.00   | 0.06%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                                    | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PXF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1020452.50   | 0.03%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REV                                                | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546399DT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3477349.26   | 0.09%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                          | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224KV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107722.00   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FLA REV                                                      | CITY OF POMPANO BEACH FL                           | CUSIP: 732203BF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1050000 | PA      | $903628.95    | 0.02%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH REV                                         | KENTUCKY ST ECON DEV FIN AUTH                      | CUSIP: 49126PEF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20202520.00  | 0.53%             | 2046-02-01      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                           | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990BYN7<br>LEI: N/A | Long             | DBT              | MUN               | US        |     25000 | PA      | $25164.38     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                    | WEST VIRGINIA HOSPITAL FINANCE AUTHORITY           | CUSIP: 956622R97<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2116755.10   | 0.06%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WICHITA KANS SALES TAX SPL OBLIG REV                                       | CITY OF WICHITA KS                                 | CUSIP: 967323AE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9779110.00   | 0.26%             | 2033-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH HOSP REV                                           | LOUISIANA PUBLIC FACILITIES AUTHORITY              | CUSIP: 546395R22<br>LEI: N/A | Long             | DBT              | MUN               | US        |   8940000 | PA      | $9290090.40   | 0.25%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TEX UTIL SYS REV                                            | CITY OF CORPUS CHRISTI TX UTILITY SYSTEM REVENUE   | CUSIP: 220245YT5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1066625.70   | 0.03%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH REV                                      | FLORIDA INSTITUTE OF TECH                          | CUSIP: 34073TND5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1291497.50   | 0.03%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER ALA GAS DIST GAS PROJ REV                                            | LOWER ALABAMA GAS DISTRICT THE                     | CUSIP: 547804AB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7313775.00   | 0.19%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA WTR & SWR REV                                                | CITY OF SHREVEPORT LA WATER SEWER REVENUE          | CUSIP: 825485WM3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148246.00   | 0.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EFG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18060390.00  | 0.48%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS N D HEALTH CARE SYS REV                                        | CITY OF GRAND FORKS ND                             | CUSIP: 38546WDM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1532791.40   | 0.04%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                      | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204EQG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601703.00   | 0.04%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CALIF PUB FACS FING AUTH LEASE REV                               | SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY    | CUSIP: 797299KV5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    775000 | PA      | $819302.88    | 0.02%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA INDL DEV AUTH HEALTH CARE FACS REV                            | LEE CNTY FL                                        | CUSIP: 52349EDV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1493206.50   | 0.04%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH FAC REV                                            | INDIANA FINANCE AUTHORITY                          | CUSIP: 45471CBR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1132741.67   | 0.03%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST UNIV & AGRIC & MECHANICAL COLLEGE BRD SUPERVISORS REV         | LOUISIANA STATE UNIVERSITY AGRICULTURAL MECHAN     | CUSIP: 546540PY5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005962.00   | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV                              | MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU   | CUSIP: 574218B69<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034658.00   | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** USAA Mutual Funds Trust

**Signature:** James K. De Vries

**Name of Signer:** James K. De Vries

**Title:** Treasurer