USAA Changes Name to Victory Funds
USAA Mutual Funds, the 37th largest manager of money market funds with $3.2 billion, is changing the name of its fund lineup to Victory Funds. The funds impacted include: USAA Money Market Fund (USAXX), USAA Treasury MM Trust (UATXX) and USAA Tax Exempt MMF (USEXX). An SEC filing for USAA Funds explains, "The Board of Trustees of USAA Mutual Funds Trust upon recommendation of Victory Capital Management Inc., the Trust's investment adviser, has approved a change in the name of the Trust and each individual fund, within the Trust. Effective at the start of business on April 24, 2023, the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name." It says, "Also on the Effective Date, references to the current names of the Funds in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows: USAA Money Market Fund is now Victory Money Market Fund; USAA Tax Exempt Money Market Fund is now Victory Tax Exempt Money Market Fund; and, USAA Treasury Money Market Trust is now Victory Treasury Money Market Trust. An FAQ on the "Mutual fund name changes <i:https://vcm.com/mutual-fund-name-changes>`_ on the Victory Capital website explains, "The USAA Mutual Funds Trust has been rebranded as Victory Portfolios III and the funds in the Trust are now known as Victory Funds. There are no changes to the funds' investment objectives, the investment teams that manage the funds or their respective investment processes due to the change in the product branding strategy, and there is no action required on the part of current investors." It continues, "Additionally, USAA Investments, a Victory Capital Investment Franchise, has been renamed 'Victory Income Investors.' The USAA-branded fixed income funds managed by the team have been rebranded as Victory Funds. There are no changes to the team or its investment process." The Q&A asks, "Why did Victory Capital decide to rebrand the mutual funds and Investment Franchise?" It answers, "Victory Capital licensed the brand from USAA in 2019 to facilitate a smooth transition and reduce investor confusion following the Company's acquisition of USAA Asset Management Company. Today, nearly four years later, investors know the Victory Capital brand through regular interaction with our contact center, use of our website and mobile app, and other recurring service and communication touchpoints. So, bringing the product branding in line with Victory Capital's broader fund line up is a natural and planned evolution."
