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      USAA Mutual Funds Trust
      811-07852
      0000908695
      549300WIDR2J6W1Y9S11
      15935 La Cantera Pkwy Building Two
      San Antonio
      
      78256
      800-235-8396
      Target Retirement 2030 Fund
      S000022885
      549300TCAV7S8MSBVB53
      2022-12-31
      2022-03-31
      N
    
    
      1303261081.04
      192573.20
      1303068507.84
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
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      0.00000000
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      18755865.45000000
      
        
          USD
          
          
        
      
      
      
      
        
        
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        VictoryShares USAA Core Short-Term Bond ETF
        N/A
        VICTORYSHARES USAA CORE SHORT
        92647N535
        
          
        
        834703.00000000
        NS
        USD
        41620461.81000000
        3.194034815482
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares
        N/A
        USAA INTERMEDIATE TERM BOND FUND
        903288595
        
          
        
        4855434.00000000
        NS
        USD
        48214459.62000000
        3.700070973238
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Victory Portfolios: Victory RS International Fund; Class R6 Shares
        N/A
        VICTORY RS INTERNATIONAL R6
        92647Q264
        
          
        
        5507127.62000000
        NS
        USD
        60798688.92000000
        4.665809092476
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares
        N/A
        USAA SMALL CAP STOCK FUND
        903288645
        
          
        
        1618609.01000000
        NS
        USD
        22854759.22000000
        1.753918468790
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares USAA MSCI Emg Mkts Val Momentum ETF
        N/A
        VICTORYSHARES USAA MSCI EMERGI
        92647N543
        
          
        
        892548.00000000
        NS
        USD
        41819890.27000000
        3.209339341591
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: 500 Index Fund; Reward Shares
        N/A
        USAA S P 500 INDEX RWRD
        903288769
        
          
        
        1077739.15000000
        NS
        USD
        63586609.85000000
        4.879759541990
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares
        N/A
        USAA GROWTH FUND
        903288678
        
          
        
        1413784.63000000
        NS
        USD
        45368348.78000000
        3.481654917376
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares
        N/A
        USAA PRECIOUS METALS AND MINERALS FUND
        903288561
        
          
        
        252515.47000000
        NS
        USD
        5552815.19000000
        0.426133787793
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Victory Portfolios: Victory Sophus Emerging Markets Fund; Class R6 Shares
        N/A
        VICTORY SOPHUS EMERGING MARKETS FUND
        92647Q371
        
          
        
        498564.70000000
        NS
        USD
        10749054.93000000
        0.824903285232
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares
        N/A
        USAA GOVERNMENT SECURITIES FUND
        903287787
        
          
        
        21098919.96000000
        NS
        USD
        197063912.43000000
        15.12306615073
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares USAA MSCI USA Value Momentum ETF
        N/A
        VICTORYSHARES USAA MSCI USA VA
        92647N576
        
          
        
        691787.00000000
        NS
        USD
        47994729.31000000
        3.683208443856
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares USAA MSCI International Val Mom ETF
        N/A
        VICTORYSHARES USAA MSCI INTERN
        92647N550
        
          
        
        1255084.00000000
        NS
        USD
        58958951.49000000
        4.524624080412
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares
        N/A
        USAA INCOME STOCK FUND
        903288660
        
          
        
        895865.16000000
        NS
        USD
        17630626.35000000
        1.353008398554
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares
        N/A
        USAA HIGH INCOME FUND
        903288579
        
          
        
        7072038.97000000
        NS
        USD
        52120927.21000000
        3.999860858919
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares Nasdaq Next 50 ETF
        N/A
        VICTORYSHARES NASDAQ NEXT 50 ETF
        92647X806
        
          
        
        696279.00000000
        NS
        USD
        20150314.26000000
        1.546374126821
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        USAA Mutual Funds Trust: Target Managed Allocation Fund
        N/A
        USAA TARGET MANAGED ALLOCATION FUND
        903287829
        
          
        
        11482977.90100000
        NS
        USD
        123556842.21000000
        9.481991274181
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Victory Portfolios: Victory Trivalent International Fund-Core Equity; Class R6 Shares
        N/A
        VICTORY TRIVALENT INTL FUND C E R6
        92646A120
        
          
        
        6397081.91000000
        NS
        USD
        49449443.16000000
        3.794846000995
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares
        549300K0CUZCEEMBX789
        VICTORY MARKET NEUTRAL INCOME FUND
        92647P654
        
          
        
        2364995.72000000
        NS
        USD
        22751258.83000000
        1.745975648487
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares USAA MSCI USA SmCp Value Mom ETF
        N/A
        VICTORYSHARES USAA MSCI USA SM
        92647N568
        
          
        
        304982.00000000
        NS
        USD
        21446334.24000000
        1.645833209149
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares
        N/A
        VICTORY INTEGRITY M C VAL R6
        92647K598
        
          
        
        1251242.63000000
        NS
        USD
        31406190.01000000
        2.410171822973
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares ESG Corporate Bond ETF
        N/A
        VICTORYSHARES ESG CORPORATE BOND ETF
        92647X855
        
          
        
        1767524.00000000
        NS
        USD
        40334013.92000000
        3.095310313872
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares
        N/A
        USAA GLOBAL MANAGED VOLATILITY FUND
        903288710
        
          
        
        12937147.38000000
        NS
        USD
        132217646.22000000
        10.14663814101
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares
        N/A
        USAA SHORT TERM BOND FUND
        903288587
        
          
        
        6596743.69000000
        NS
        USD
        58908921.15000000
        4.520784655263
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares Dividend Accelerator ETF
        N/A
        VICTORYSHARES DIVIDEND ACCELERATOR ETF
        92647N667
        
          
        
        601473.00000000
        NS
        USD
        27819449.49000000
        2.134918411627
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares International Volatility Wtd Idx ETF
        549300PQPRGG1DP3EJ39
        VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF
        92647N840
        
          
        
        493863.00000000
        NS
        USD
        20781755.04000000
        1.594832114732
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VictoryShares US Multi-Factor Minimum Vol ETF
        5493004HRSYZ4WW5CD82
        VICTORYSHARES US MULTI FACTOR MIN VOL WTD ETF
        92647N691
        
          
        
        325796.00000000
        NS
        USD
        13557153.47000000
        1.040402203601
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC US GOVERNMENT MONEY MARKET FUND
        N/A
        HSBC US GOVERNMENT MONEY MARKET FUND I SHARES - HGIXX 0.08% 7/29/2020 - Extendable
        40428X107
        
          
        
        151250.00000000
        NS
        USD
        151250.00000000
        0.011607217816
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        USAA Mutual Funds Trust: Income Fund; Institutional Class Shares
        N/A
        USAA INCOME FUND
        903288611
        
          
        
        576443.27000000
        NS
        USD
        7130603.25000000
        0.547216298076
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-02
      USAA Mutual Funds Trust
      James K. De Vries
      James K. De Vries
      Treasurer
    
  
  XXXX




 

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Common Stocks (99.4%)          
Communication Services (9.5%):          
Activision Blizzard, Inc.   215,612   $17,273 
Alphabet, Inc. Class A (a)   81,466    226,585 
Alphabet, Inc. Class C (a)   87,081    243,216 
AT&T, Inc.   1,976,420    46,703 
Charter Communications, Inc. Class A (a)   32,200    17,566 
Comcast Corp. Class A   1,208,286    56,572 
DISH Network Corp. Class A (a)   61,631    1,951 
Electronic Arts, Inc.   73,718    9,326 
Endeavor Group Holdings, Inc. Class A (a)   6,008    177 
Live Nation Entertainment, Inc. (a)   41,218    4,849 
Match Group, Inc. (a)   77,475    8,425 
Meta Platforms, Inc. Class A (a)   606,742    134,915 
Netflix, Inc. (a)   121,550    45,531 
Omnicom Group, Inc.   57,219    4,857 
Paramount Global Class A   2,727    110 
Paramount Global Class B   141,436    5,348 
Pinterest, Inc. Class A (a)   26,785    659 
ROBLOX Corp. Class A (a)   58,019    2,683 
Roku, Inc. (a)(b)   5,911    741 
Sirius XM Holdings, Inc. (c)   218,476    1,446 
Snap, Inc. Class A (a)   339,153    12,206 
Take-Two Interactive Software, Inc. (a)   31,599    4,858 
The Interpublic Group of Cos., Inc.   96,386    3,417 
The Walt Disney Co. (a)   450,737    61,823 
T-Mobile U.S., Inc. (a)   192,850    24,752 
Twitter, Inc. (a)   216,871    8,391 
Verizon Communications, Inc.   1,137,074    57,923 
Warner Music Group Corp. Class A   22,492    851 
ZoomInfo Technologies, Inc. (a)   14,096    842 
         1,003,996 
Communications Equipment (0.8%):          
Arista Networks, Inc. (a)   75,298    10,465 
Cisco Systems, Inc.   1,149,448    64,093 
Motorola Solutions, Inc.   43,114    10,442 
Ubiquiti, Inc. (c)   1,613    470 
         85,470 
Consumer Discretionary (12.2%):          
Airbnb, Inc. Class A (a)   16,848    2,894 
Amazon.com, Inc. (a)   133,386    434,832 
AutoZone, Inc. (a)   5,709    11,672 
Bath & Body Works, Inc.   66,057    3,157 
Best Buy Co., Inc.   58,855    5,350 
Booking Holdings, Inc. (a)   11,362    26,683 
Burlington Stores, Inc. (a)   16,918    3,082 
Caesars Entertainment, Inc. (a)   49,269    3,811 
CarMax, Inc. (a)   44,265    4,271 
Carnival Corp. (a)   247,068    4,996 
Carvana Co. (a)   3,020    360 
Chewy, Inc. Class A (a)(c)   14,607    596 
Chipotle Mexican Grill, Inc. (a)   7,511    11,883 
D.R. Horton, Inc.   90,825    6,767 
Darden Restaurants, Inc.   28,273    3,759 
Dollar General Corp.   57,364    12,771 
Dollar Tree, Inc. (a)   59,624    9,549 
Domino's Pizza, Inc.   9,962    4,055 
DoorDash, Inc. Class A (a)   9,973    1,169 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
DraftKings, Inc. Class A (a)(c)   198,474   $3,864 
eBay, Inc.   162,568    9,309 
Etsy, Inc. (a)(b)   34,711    4,314 
Expedia Group, Inc. (a)   36,856    7,211 
Ford Motor Co.   1,073,440    18,152 
General Motors Co. (a)   372,423    16,290 
Genuine Parts Co.   38,867    4,898 
Hilton Worldwide Holdings, Inc. (a)   74,798    11,350 
Las Vegas Sands Corp. (a)(b)   97,909    3,806 
Lennar Corp. Class A   67,131    5,449 
Lennar Corp. Class B   4,260    291 
Lowe's Cos., Inc.   179,533    36,300 
Lucid Group, Inc. (a)(c)   182,981    4,648 
Marriott International, Inc. Class A (a)   84,587    14,866 
McDonald's Corp.   188,422    46,593 
MGM Resorts International   110,006    4,614 
NIKE, Inc. Class B   355,020    47,771 
NVR, Inc. (a)   867    3,873 
O'Reilly Automotive, Inc. (a)   18,547    12,704 
Pool Corp.   10,975    4,641 
Rivian Automotive, Inc. Class A (a)(c)   44,579    2,240 
Ross Stores, Inc.   87,474    7,913 
Royal Caribbean Cruises Ltd. (a)   52,689    4,414 
Starbucks Corp.   311,584    28,345 
Target Corp. (b)   131,177    27,838 
Tesla, Inc. (a)   249,847    269,235 
The Home Depot, Inc.   288,938    86,488 
The TJX Cos., Inc.   330,066    19,995 
Tractor Supply Co.   30,875    7,205 
Ulta Beauty, Inc. (a)   14,975    5,963 
VF Corp.   83,821    4,766 
Wayfair, Inc. Class A (a)(c)   13,131    1,455 
Yum! Brands, Inc.   69,860    8,280 
         1,286,738 
Consumer Staples (6.1%):          
Altria Group, Inc.   499,158    26,081 
Archer-Daniels-Midland Co.   137,539    12,414 
Brown-Forman Corp. Class B   72,527    4,861 
Bunge Ltd.   34,191    3,789 
Church & Dwight Co., Inc.   66,445    6,603 
Colgate-Palmolive Co.   225,850    17,126 
Conagra Brands, Inc.   125,745    4,221 
Constellation Brands, Inc. Class A   46,425    10,693 
Costco Wholesale Corp.   118,822    68,424 
General Mills, Inc.   156,364    10,589 
Hormel Foods Corp.   83,755    4,317 
Kellogg Co.   64,686    4,172 
Keurig Dr Pepper, Inc.   256,093    9,706 
Kimberly-Clark Corp.   93,245    11,484 
McCormick & Co., Inc.   54,498    5,439 
Mondelez International, Inc. Class A   376,060    23,609 
Monster Beverage Corp. (a)   111,003    8,869 
PepsiCo, Inc.   382,797    64,072 
Philip Morris International, Inc.   428,833    40,285 
Sysco Corp.   137,453    11,223 
The Clorox Co.   33,691    4,684 
The Coca-Cola Co.   1,145,003    70,990 
The Estee Lauder Cos., Inc.   55,460    15,103 
The Hershey Co.   38,258    8,288 
The J.M. Smucker Co.   29,668    4,017 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
The Kraft Heinz Co.   206,728   $8,143 
The Kroger Co.   182,028    10,443 
The Procter & Gamble Co.   649,299    99,213 
Tyson Foods, Inc. Class A   67,666    6,065 
Walgreens Boots Alliance, Inc.   208,693    9,343 
Walmart, Inc.   428,198    63,767 
         648,033 
Electronic Equipment, Instruments & Components (0.5%):          
Amphenol Corp. Class A   151,769    11,436 
CDW Corp.   37,339    6,679 
Corning, Inc.   224,190    8,275 
Keysight Technologies, Inc. (a)   53,633    8,472 
Teledyne Technologies, Inc. (a)   11,959    5,652 
Trimble, Inc. (a)   68,779    4,962 
Zebra Technologies Corp. (a)   14,532    6,012 
         51,488 
Energy (3.9%):          
Baker Hughes Co.   188,265    6,855 
Cheniere Energy, Inc.   70,391    9,760 
Chevron Corp.   533,211    86,823 
ConocoPhillips   359,576    35,958 
Continental Resources, Inc.   10,611    651 
Coterra Energy, Inc.   187,201    5,049 
Devon Energy Corp.   181,848    10,753 
Diamondback Energy, Inc.   49,128    6,734 
EOG Resources, Inc.   139,818    16,670 
Exxon Mobil Corp.   1,134,432    93,693 
Halliburton Co.   243,398    9,217 
Hess Corp.   70,365    7,532 
Kinder Morgan, Inc.   587,781    11,115 
Marathon Oil Corp.   187,302    4,703 
Marathon Petroleum Corp.   153,100    13,090 
Occidental Petroleum Corp.   258,430    14,663 
ONEOK, Inc.   120,792    8,531 
Phillips 66   120,656    10,423 
Pioneer Natural Resources Co.   66,498    16,626 
Schlumberger NV   391,011    16,153 
Targa Resources Corp.   61,305    4,627 
The Williams Cos., Inc.   336,196    11,232 
Valero Energy Corp.   112,061    11,379 
         412,237 
Financials (11.0%):          
Aflac, Inc.   174,745    11,252 
Ally Financial, Inc.   88,312    3,840 
American Express Co.   176,936    33,087 
American International Group, Inc.   215,949    13,555 
Ameriprise Financial, Inc.   30,686    9,217 
Apollo Global Management, Inc.   114,738    7,113 
Arch Capital Group Ltd. (a)   93,840    4,544 
Ares Management Corp. Class A   55,519    4,510 
Arthur J. Gallagher & Co.   57,096    9,969 
Bank of America Corp.   2,044,860    84,289 
Berkshire Hathaway, Inc. Class A (a)   101    53,421 
Berkshire Hathaway, Inc. Class B (a)   376,079    132,722 
BlackRock, Inc.   39,856    30,457 
Blackstone, Inc.   193,795    24,600 
Brown & Brown, Inc.   65,759    4,752 
Capital One Financial Corp.   114,459    15,027 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Cincinnati Financial Corp.   38,784   $5,273 
Citigroup, Inc.   537,519    28,704 
Citizens Financial Group, Inc.   106,970    4,849 
CME Group, Inc.   78,452    18,661 
Coinbase Global, Inc. Class A (a)   55,386    10,516 
Discover Financial Services   75,118    8,277 
FactSet Research Systems, Inc.   10,348    4,493 
Fifth Third Bancorp   173,240    7,456 
First Republic Bank   48,904    7,927 
Franklin Resources, Inc.   87,749    2,450 
Huntington Bancshares, Inc.   393,727    5,756 
Intercontinental Exchange, Inc.   155,463    20,540 
JPMorgan Chase & Co.   799,834    109,033 
KeyCorp   229,687    5,140 
Loews Corp.   49,158    3,186 
LPL Financial Holdings, Inc.   20,730    3,787 
M&T Bank Corp.   33,449    5,670 
Markel Corp. (a)   3,567    5,262 
MarketAxess Holdings, Inc.   9,303    3,165 
Marsh & McLennan Cos., Inc.   139,114    23,708 
MetLife, Inc.   201,966    14,194 
Moody's Corp.   46,929    15,834 
Morgan Stanley   412,887    36,086 
MSCI, Inc.   22,487    11,308 
Nasdaq, Inc.   30,648    5,461 
Northern Trust Corp.   57,487    6,694 
Principal Financial Group, Inc.   61,629    4,524 
Prudential Financial, Inc.   102,943    12,165 
Raymond James Financial, Inc.   54,420    5,981 
Regions Financial Corp.   253,847    5,651 
Rocket Cos., Inc. Class A (c)   28,926    322 
S&P Global, Inc.   97,296    39,909 
Signature Bank   14,602    4,286 
State Street Corp.   100,224    8,732 
SVB Financial Group (a)   16,084    8,998 
Synchrony Financial   119,942    4,175 
T. Rowe Price Group, Inc.   62,448    9,442 
The Allstate Corp.   77,641    10,754 
The Bank of New York Mellon Corp.   218,881    10,863 
The Carlyle Group, Inc.   70,571    3,452 
The Charles Schwab Corp.   417,537    35,203 
The Goldman Sachs Group, Inc.   93,175    30,757 
The Hartford Financial Services Group, Inc.   80,174    5,757 
The PNC Financial Services Group, Inc.   114,990    21,210 
The Progressive Corp.   161,826    18,447 
The Travelers Cos., Inc.   65,416    11,953 
Tradeweb Markets, Inc. Class A   12,255    1,077 
Truist Financial Corp.   363,619    20,617 
U.S. Bancorp   393,304    20,904 
W.R. Berkley Corp.   61,015    4,063 
Wells Fargo & Co.   1,044,368    50,610 
         1,165,637 
Health Care (13.1%):          
Abbott Laboratories   489,280    57,911 
AbbVie, Inc.   484,258    78,503 
ABIOMED, Inc. (a)   11,401    3,776 
Agilent Technologies, Inc.   76,112    10,072 
Align Technology, Inc. (a)   21,573    9,406 
Alnylam Pharmaceuticals, Inc. (a)   24,859    4,059 
AmerisourceBergen Corp.   43,858    6,785 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Amgen, Inc.   152,506   $36,879 
Anthem, Inc.   66,768    32,798 
Avantor, Inc. (a)   156,340    5,287 
Baxter International, Inc.   131,668    10,210 
Becton Dickinson & Co.   72,989    19,415 
Biogen, Inc. (a)   35,956    7,572 
BioMarin Pharmaceutical, Inc. (a)   41,782    3,221 
Bio-Rad Laboratories, Inc. Class A (a)   5,318    2,995 
Bio-Techne Corp.   10,757    4,658 
Boston Scientific Corp. (a)   390,616    17,300 
Bristol-Myers Squibb Co.   614,170    44,853 
Cardinal Health, Inc.   72,627    4,118 
Catalent, Inc. (a)   43,825    4,860 
Centene Corp. (a)   147,858    12,448 
Cerner Corp.   81,168    7,594 
Charles River Laboratories International, Inc. (a)   13,087    3,716 
Cigna Corp.   87,872    21,055 
CVS Health Corp.   344,054    34,822 
Danaher Corp.   195,853    57,450 
Dexcom, Inc. (a)   26,575    13,596 
Edwards Lifesciences Corp. (a)   172,440    20,300 
Eli Lilly & Co.   230,226    65,930 
Gilead Sciences, Inc. (b)   310,426    18,455 
HCA Healthcare, Inc.   61,899    15,513 
Hologic, Inc. (a)   56,792    4,363 
Horizon Therapeutics PLC (a)   61,440    6,464 
Humana, Inc.   31,351    13,643 
IDEXX Laboratories, Inc. (a)   21,594    11,813 
Illumina, Inc. (a)   39,783    13,900 
Incyte Corp. (a)   60,595    4,812 
Insulet Corp. (a)   13,057    3,478 
Intuitive Surgical, Inc. (a)   96,903    29,234 
IQVIA Holdings, Inc. (a)   52,826    12,214 
Johnson & Johnson (b)   704,538    124,865 
Laboratory Corp. of America Holdings (a)   25,844    6,814 
McKesson Corp.   41,449    12,689 
Merck & Co., Inc.   699,417    57,387 
Mettler-Toledo International, Inc. (a)   5,845    8,026 
Moderna, Inc. (a)   104,433    17,990 
Molina Healthcare, Inc. (a)   12,927    4,312 
PerkinElmer, Inc.   28,671    5,002 
Pfizer, Inc.   1,555,966    80,552 
Quest Diagnostics, Inc.   33,587    4,597 
Regeneron Pharmaceuticals, Inc. (a)   18,673    13,042 
ResMed, Inc.   37,481    9,090 
Royalty Pharma PLC Class A   22,990    896 
Seagen, Inc. (a)   50,063    7,212 
Stryker Corp.   97,868    26,165 
Teleflex, Inc.   11,052    3,922 
The Cooper Cos., Inc.   12,635    5,276 
Thermo Fisher Scientific, Inc.   108,242    63,933 
UnitedHealth Group, Inc.   260,344    132,768 
Veeva Systems, Inc. Class A (a)   28,646    6,086 
Vertex Pharmaceuticals, Inc. (a)   69,699    18,189 
Waters Corp. (a)   15,158    4,705 
West Pharmaceutical Services, Inc.   18,390    7,553 
Zimmer Biomet Holdings, Inc.   54,223    6,935 
Zoetis, Inc.   130,593    24,629 
         1,388,113 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Industrials (7.7%):          
3M Co.   158,228   $23,557 
AMETEK, Inc.   60,062    7,999 
Builders FirstSource, Inc. (a)   42,741    2,758 
Carrier Global Corp.   193,789    8,889 
Caterpillar, Inc.   143,596    31,996 
Cintas Corp.   26,285    11,181 
Copart, Inc. (a)   64,938    8,148 
CoStar Group, Inc. (a)(b)   106,991    7,127 
CSX Corp.   555,797    20,815 
Cummins, Inc.   39,409    8,083 
Deere & Co.   81,312    33,782 
Delta Air Lines, Inc. (a)   165,884    6,564 
Dover Corp.   39,020    6,122 
Eaton Corp. PLC   110,347    16,746 
Emerson Electric Co.   159,168    15,606 
Equifax, Inc.   33,780    8,009 
Expeditors International of Washington, Inc.   44,319    4,572 
Fastenal Co.   159,254    9,460 
FedEx Corp.   71,773    16,608 
Fortive Corp.   98,173    5,982 
Generac Holdings, Inc. (a)   17,463    5,191 
General Dynamics Corp.   67,941    16,386 
General Electric Co.   268,959    24,610 
Honeywell International, Inc.   185,769    36,147 
Howmet Aerospace, Inc.   115,910    4,166 
IDEX Corp.   21,062    4,038 
Illinois Tool Works, Inc.   77,472    16,223 
Ingersoll Rand, Inc. (b)   95,060    4,786 
J.B. Hunt Transport Services, Inc.   22,904    4,599 
Jacobs Engineering Group, Inc.   33,496    4,616 
Johnson Controls International PLC   194,415    12,748 
L3Harris Technologies, Inc.   51,732    12,854 
Leidos Holdings, Inc.   36,422    3,934 
Lockheed Martin Corp.   75,352    33,260 
Norfolk Southern Corp.   66,346    18,923 
Northrop Grumman Corp.   41,829    18,707 
Old Dominion Freight Line, Inc.   27,768    8,294 
Otis Worldwide Corp.   115,110    8,858 
PACCAR, Inc.   96,172    8,470 
Parker-Hannifin Corp.   35,175    9,981 
Plug Power, Inc. (a)   142,689    4,082 
Quanta Services, Inc.   39,482    5,196 
Raytheon Technologies Corp.   408,578    40,478 
Republic Services, Inc. (b)   59,907    7,938 
Rockwell Automation, Inc.   32,151    9,003 
Rollins, Inc.   78,829    2,763 
Roper Technologies, Inc.   27,651    13,058 
Southwest Airlines Co. (a)   156,998    7,191 
Stanley Black & Decker, Inc.   45,199    6,318 
Textron, Inc.   49,227    3,661 
The Boeing Co. (a)   161,315    30,892 
TransDigm Group, Inc. (a)   13,408    8,736 
TransUnion   49,186    5,083 
Uber Technologies, Inc. (a)   529,410    18,889 
Union Pacific Corp.   170,663    46,627 
United Airlines Holdings, Inc. (a)   86,987    4,033 
United Parcel Service, Inc. Class B   187,598    40,232 
United Rentals, Inc. (a)   20,039    7,118 
Verisk Analytics, Inc.   44,729    9,600 
W.W. Grainger, Inc.   13,546    6,987 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Waste Management, Inc.   114,715   $18,182 
Westinghouse Air Brake Technologies Corp.   51,269    4,931 
Xylem, Inc.   46,744    3,985 
         815,778 
IT Services (3.9%):          
Akamai Technologies, Inc. (a)   43,900    5,241 
Automatic Data Processing, Inc.   116,225    26,446 
Block, Inc. (a)(b)   99,679    13,516 
Broadridge Financial Solutions, Inc.   31,971    4,978 
Cognizant Technology Solutions Corp. Class A   142,082    12,740 
Fidelity National Information Services, Inc.   166,897    16,760 
Fiserv, Inc. (a)   165,264    16,758 
FleetCor Technologies, Inc. (a)   20,339    5,066 
Gartner, Inc. (a)   22,769    6,773 
Global Payments, Inc.   77,199    10,564 
International Business Machines Corp.   243,598    31,673 
Mastercard, Inc. Class A   242,620    86,707 
MongoDB, Inc. (a)   13,999    6,210 
Okta, Inc. (a)   10,414    1,572 
Paychex, Inc.   88,262    12,045 
PayPal Holdings, Inc. (a)   318,961    36,888 
Snowflake, Inc. Class A (a)   8,910    2,041 
Twilio, Inc. Class A (a)   20,500    3,379 
VeriSign, Inc. (a)   26,633    5,925 
Visa, Inc. Class A   491,088    108,909 
         414,191 
Materials (2.0%):          
Air Products and Chemicals, Inc.   60,703    15,170 
Albemarle Corp.   32,384    7,162 
Avery Dennison Corp.   21,136    3,677 
Ball Corp.   81,466    7,332 
Celanese Corp.   29,891    4,271 
CF Industries Holdings, Inc.   48,304    4,978 
Corteva, Inc.   201,165    11,563 
Crown Holdings, Inc.   34,900    4,366 
Dow, Inc.   201,436    12,835 
DuPont de Nemours, Inc.   140,426    10,333 
Eastman Chemical Co.   32,109    3,598 
Ecolab, Inc.   74,332    13,124 
FMC Corp.   30,753    4,046 
Freeport-McMoRan, Inc.   372,874    18,547 
International Flavors & Fragrances, Inc.   66,726    8,763 
International Paper Co.   95,369    4,401 
Martin Marietta Materials, Inc.   15,811    6,085 
Newmont Corp.   218,326    17,346 
Nucor Corp.   62,586    9,303 
PPG Industries, Inc.   61,176    8,018 
Southern Copper Corp.   24,769    1,880 
The Mosaic Co.   94,401    6,278 
The Sherwin-Williams Co.   70,258    17,538 
Vulcan Materials Co.   35,970    6,608 
         207,222 
Real Estate (3.0%):          
Alexandria Real Estate Equities, Inc.   43,324    8,719 
American Tower Corp.   126,012    31,657 
AvalonBay Communities, Inc.   40,704    10,110 
Boston Properties, Inc.   41,527    5,349 
Camden Property Trust   30,125    5,007 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
CBRE Group, Inc. Class A (a)   91,626   $8,386 
Crown Castle International Corp.   119,593    22,077 
Digital Realty Trust, Inc.   82,656    11,721 
Duke Realty Corp.   111,485    6,473 
Equinix, Inc.   26,423    19,596 
Equity Residential   100,731    9,058 
Essex Property Trust, Inc.   19,013    6,568 
Extra Space Storage, Inc.   39,073    8,033 
Healthpeak Properties, Inc.   157,078    5,392 
Invitation Homes, Inc.   176,985    7,111 
Iron Mountain, Inc.   69,997    3,878 
Kimco Realty Corp.   179,608    4,436 
Mid-America Apartment Communities, Inc.   34,527    7,232 
Prologis, Inc.   215,533    34,804 
Public Storage   45,995    17,951 
Realty Income Corp.   161,895    11,219 
SBA Communications Corp.   31,684    10,902 
Simon Property Group, Inc.   89,014    11,711 
Sun Communities, Inc.   33,779    5,921 
UDR, Inc.   92,698    5,318 
Ventas, Inc.   116,357    7,186 
VICI Properties, Inc.   217,977    6,204 
Welltower, Inc.   130,275    12,525 
Weyerhaeuser Co.   191,292    7,250 
WP Carey, Inc.   55,551    4,491 
         316,285 
Semiconductors & Semiconductor Equipment (5.9%):          
Advanced Micro Devices, Inc. (a)   450,288    49,235 
Analog Devices, Inc.   141,752    23,415 
Applied Materials, Inc.   244,433    32,216 
Broadcom, Inc.   91,864    57,845 
Enphase Energy, Inc. (a)   36,280    7,321 
Entegris, Inc.   35,129    4,611 
GLOBALFOUNDRIES, Inc. (a)   17,131    1,069 
Intel Corp.   1,126,712    55,840 
KLA Corp.   39,508    14,462 
Lam Research Corp.   38,599    20,751 
Marvell Technology, Inc.   211,358    15,157 
Microchip Technology, Inc.   152,222    11,438 
Micron Technology, Inc.   309,839    24,133 
Monolithic Power Systems, Inc.   12,733    6,184 
NVIDIA Corp.   684,462    186,762 
ON Semiconductor Corp. (a)   114,632    7,177 
Qorvo, Inc. (a)   28,108    3,488 
QUALCOMM, Inc.   311,838    47,655 
Skyworks Solutions, Inc.   44,902    5,985 
Teradyne, Inc. (c)   41,629    4,922 
Texas Instruments, Inc.   255,543    46,887 
         626,553 
Software (9.4%):          
Adobe, Inc. (a)   130,518    59,467 
ANSYS, Inc. (a)   22,866    7,263 
AppLovin Corp. Class A (a)   7,647    421 
Autodesk, Inc. (a)   59,585    12,772 
Bill.com Holdings, Inc. (a)   25,343    5,748 
Cadence Design Systems, Inc. (a)   75,930    12,487 
Cloudflare, Inc. Class A (a)   11,327    1,356 
Crowdstrike Holdings, Inc. Class A (a)   6,012    1,365 
Datadog, Inc. Class A (a)   7,302    1,106 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
DocuSign, Inc. (a)   54,752   $5,865 
Fortinet, Inc. (a)   35,129    12,005 
HubSpot, Inc. (a)   11,638    5,527 
Intuit, Inc.   73,403    35,295 
Microsoft Corp. (b)   2,008,858    619,351 
NortonLifeLock, Inc.   144,052    3,820 
Oracle Corp.   451,121    37,321 
Palantir Technologies, Inc. Class A (a)   82,673    1,135 
Palo Alto Networks, Inc. (a)(b)   26,390    16,428 
Paycom Software, Inc. (a)   15,083    5,225 
Qualtrics International, Inc. Class A (a)   15,237    435 
Salesforce, Inc. (a)   266,809    56,649 
ServiceNow, Inc. (a)(b)   54,174    30,169 
Splunk, Inc. (a)   43,473    6,461 
SS&C Technologies Holdings, Inc.   65,717    4,930 
Synopsys, Inc. (a)   39,241    13,078 
The Trade Desk, Inc. Class A (a)   84,484    5,851 
Tyler Technologies, Inc. (a)   11,200    4,983 
UiPath, Inc. Class A (a)   7,643    165 
Unity Software, Inc. (a)   49,682    4,929 
VMware, Inc. Class A   48,793    5,556 
Workday, Inc. Class A (a)   27,039    6,475 
Zendesk, Inc. (a)   31,236    3,757 
Zoom Video Communications, Inc. Class A (a)   6,844    802 
Zscaler, Inc. (a)   24,888    6,005 
         994,202 
Technology Hardware, Storage & Peripherals (7.7%):          
Apple, Inc.   4,515,548    788,460 
Dell Technologies, Inc. Class C (a)   60,148    3,019 
Hewlett Packard Enterprise Co.   355,995    5,949 
HP, Inc.   293,280    10,646 
NetApp, Inc.   49,850    4,137 
Western Digital Corp. (a)   86,584    4,299 
         816,510 
Utilities (2.7%):          
Alliant Energy Corp.   66,389    4,148 
Ameren Corp.   63,805    5,982 
American Electric Power Co., Inc. (b)   139,514    13,919 
American Water Works Co., Inc.   50,283    8,323 
Atmos Energy Corp.   36,685    4,384 
Avangrid, Inc. (c)   20,267    947 
CenterPoint Energy, Inc.   159,370    4,883 
CMS Energy Corp.   73,424    5,135 
Consolidated Edison, Inc. (b)   94,882    8,983 
Constellation Energy Corp.   84,636    4,761 
Dominion Energy, Inc.   224,253    19,055 
DTE Energy Co.   48,530    6,416 
Duke Energy Corp. (b)   212,879    23,770 
Edison International   97,374    6,826 
Entergy Corp.   52,038    6,075 
Evergy, Inc. (b)   63,448    4,336 
Eversource Energy (b)   94,302    8,317 
Exelon Corp.   254,073    12,102 
FirstEnergy Corp.   156,152    7,161 
NextEra Energy, Inc. (b)   543,087    46,005 
PG&E Corp. (a)   383,589    4,580 
PPL Corp.   203,348    5,808 
Public Service Enterprise Group, Inc.   137,461    9,622 
Sempra Energy   76,308    12,829 
The AES Corp.   157,292    4,047 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA 500 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
The Southern Co. (b)   293,362   $21,272 
WEC Energy Group, Inc. (b)   85,442    8,528 
Xcel Energy, Inc. (b)   148,997    10,753 
         278,967 
Total Common Stocks (Cost $3,201,021)        10,511,420 
           
Collateral for Securities Loaned (0.2%)^          
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)   9,042,436    9,043 
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (d)   10,746,387    10,746 
Total Collateral for Securities Loaned (Cost $19,789)        19,789 
Total Investments (Cost $3,220,810) — 99.6%        10,531,209 
Other assets in excess of liabilities — 0.4%        39,380 
NET ASSETS - 100.00%       $10,570,589 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security has been segregated as collateral for derivative instruments.
(c) All or a portion of this security is on loan.
(d) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company

 

Futures Contracts Purchased

(Amounts not in thousands)

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation/
(Depreciation)
 
E-Mini S&P 500 Futures  243  6/20/22  $51,790,985   $55,048,613   $3,257,628 
                      
   Total unrealized appreciation         $3,257,628 
   Total unrealized depreciation              
   Total net unrealized appreciation (depreciation)        $3,257,628 

 

 

 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Common Stocks (99.0%)          
Communication Services (3.3%):          
AdTheorent Holding Co., Inc. (a)(b)   3,149   $31 
Advantage Solutions, Inc. (a)   17,092    109 
Altice USA, Inc. Class A (a)   9,630    120 
AMC Entertainment Holdings, Inc. (a)(b)   67,481    1,663 
AMC Networks, Inc. Class A (a)   3,951    161 
Angi, Inc. Class A (a)   9,209    52 
Arena Group Holdings, Inc. The (a)   524    6 
Atn International, Inc.   1,276    51 
Autoweb, Inc. (a)   952    2 
Ballantyne Strong, Inc. (a)   2,453    8 
Bandwidth, Inc. Class A (a)   606    20 
Boston Omaha Corp. Class A (a)   2,800    71 
Brooklyn ImmunoTherapeutics, Inc. (a)(b)   4,043    8 
Bumble, Inc. Class A (a)   12,956    375 
BuzzFeed, Inc. (a)(b)   8,272    44 
Cable One, Inc.   600    879 
Cardlytics, Inc. (a)   4,417    243 
Cargurus, Inc. (a)   1,166    50 
Cars.com, Inc. (a)   7,325    106 
Cinedigm Corp. Class A (a)   23,455    19 
Cinemark Holdings, Inc. (a)   13,175    228 
Clear Channel Outdoor Holdings, Inc. (a)   63,217    219 
Cogent Communications Holdings, Inc. (c)   5,144    341 
comScore, Inc. (a)   9,450    27 
Consolidated Communications Holdings, Inc. (a)   7,864    46 
DallasNews Corp.   644    4 
DHI Group, Inc. (a)   6,626    39 
Dolphin Entertainment, Inc. (a)   1,040    5 
EchoStar Corp. Class A (a)   6,346    154 
Emerald Holding, Inc. (a)   2,584    9 
Endeavor Group Holdings, Inc. Class A (a)   2,914    86 
Entercom Communications Corp. (a)   16,165    47 
Entravision Communications Corp. Class A   8,685    56 
Eventbrite, Inc. Class A (a)   1,655    24 
EverQuote, Inc. Class A (a)   763    12 
Frontier Communications Parent, Inc. (a)   32,437    898 
Gaia, Inc. (a)   1,157    6 
Gannett Co., Inc. (a)   15,926    72 
Globalstar, Inc. (a)(b)   106,314    156 
Gogo, Inc. (a)(b)   7,298    139 
Gray Television, Inc.   10,057    222 
Harte-Hanks, Inc. (a)   800    6 
Hemisphere Media Group, Inc. (a)   2,446    11 
IAC/InterActiveCorp (a)   8,618    864 
IDT Corp. Class B (a)   2,985    102 
iHeartMedia, Inc. Class A (a)   17,425    330 
Innovid Corp. (a)   8,230    50 
Iridium Communications, Inc. (a)   12,145    490 
John Wiley & Sons, Inc. Class A   4,327    229 
KORE Group Holdings, Inc. (a)   4,474    27 
Kubient, Inc. (a)   1,471    2 
Lee Enterprises, Inc. (a)   793    21 
Liberty Media Corp.-Liberty Braves Class A (a)   1,134    33 
Liberty Media Corp.-Liberty Braves Class C (a)   4,922    137 
Liberty Media Corp.-Liberty SiriusXM Class A (a)   13,216    604 
Liberty Media Corp.-Liberty SiriusXM Class C (a)   22,881    1,046 
Liberty TripAdvisor Holdings, Inc. Class A (a)   8,082    17 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Lions Gate Entertainment Corp. Class A (a)   11,048   $180 
Lions Gate Entertainment Corp. Class B (a)   14,031    211 
LiveOne, Inc. (a)(b)   8,212    7 
Loyalty Ventures, Inc. (a)   2,814    47 
Madison Square Garden Entertainment Corp. (a)   3,719    310 
Madison Square Garden Sports Corp. (a)   2,566    460 
Magnite, Inc. (a)   13,447    178 
Marchex, Inc. Class B (a)   5,164    12 
MediaAlpha, Inc. Class A (a)   1,362    23 
Mediaco Holding, Inc. (a)   805    3 
National CineMedia, Inc.   10,577    27 
NerdWallet, Inc. Class A (a)(b)   3,841    46 
Nexstar Media Group, Inc. Class A   5,487    1,034 
Nextdoor Holdings, Inc. (a)(b)   10,815    65 
NextPlay Technologies, Inc. (a)   10,147    6 
Ooma, Inc. (a)   3,160    47 
Outbrain, Inc. (a)   5,330    57 
Paramount Global Class A   1,324    53 
Pinterest, Inc. Class A (a)   12,985    320 
QuinStreet, Inc. (a)   6,241    72 
Reading International, Inc. Class A (a)   2,712    12 
Redbox Entertainment, Inc. (a)   1,668    4 
Reservoir Media, Inc. (a)   4,530    45 
ROBLOX Corp. Class A (a)   28,123    1,300 
Roku, Inc. (a)(c)   2,867    359 
Saga Communications, Inc. Class A   500    11 
Salem Media Group, Inc. (a)   1,804    6 
Scholastic Corp.   3,718    150 
Sciplay Corp. Class A (a)   3,074    40 
Shenandoah Telecommunications Co.   5,997    141 
Sinclair Broadcast Group, Inc. Class A   7,994    224 
Sirius XM Holdings, Inc. (b)   105,897    701 
Skillz, Inc. (a)(b)   38,688    116 
Snap, Inc. Class A (a)   164,389    5,916 
Society Pass, Inc. (a)(b)   1,543    5 
Spok Holdings, Inc.   2,371    19 
SRAX, Inc. (a)   3,140    15 
Super League Gaming, Inc. (a)(b)   4,801    9 
TechTarget, Inc. (a)   2,889    235 
TEGNA, Inc.   28,154    631 
Telephone & Data Systems, Inc.   12,047    227 
The EW Scripps Co. Class A (a)   7,696    160 
The Marcus Corp. (a)(b)   2,309    41 
The New York Times Co. Class A   14,934    685 
Townsquare Media, Inc. Class A (a)   1,300    17 
Travelzoo (a)   989    6 
TripAdvisor, Inc. (a)   14,395    390 
Troika Media Group, Inc. (a)(b)   4,645    5 
TrueCar, Inc. (a)   9,135    36 
United States Cellular Corp. (a)   2,063    62 
Urban One, Inc. (a)   2,744    14 
Urban One, Inc. (a)   1,249    8 
Vimeo, Inc. (a)   13,999    166 
Warner Music Group Corp. Class A   10,904    413 
WideOpenWest, Inc. (a)   7,898    138 
World Wrestling Entertainment, Inc. Class A   4,756    297 
Yelp, Inc. (a)   9,279    316 
Zedge, Inc. Class B (a)   1,383    8 
Ziff Davis, Inc. (a)   6,030    584 
ZipRecruiter, Inc. (a)   8,574    197 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
ZoomInfo Technologies, Inc. (a)   6,834   $408 
Zynga, Inc. Class A (a)   132,470    1,224 
         29,276 
Consumer Discretionary (9.6%):          
1-800-Flowers.com, Inc. Class A (a)   3,859    49 
1847 Goedeker, Inc. (a)   14,271    27 
1stdibs.com, Inc. (a)   1,125    9 
2U, Inc. (a)   8,771    117 
Abercrombie & Fitch Co. (a)   6,781    217 
Academy Sports & Outdoors, Inc.   9,877    389 
Accel Entertainment, Inc. (a)   9,696    118 
Acushnet Holdings Corp.   4,056    163 
Adtalem Global Education, Inc. (a)   4,432    132 
Airbnb, Inc. Class A (a)   8,168    1,403 
aka Brands Holding Corp. (a)   1,637    7 
Allbirds, Inc. Class A (a)   6,843    41 
American Axle & Manufacturing Holdings, Inc. (a)   12,725    99 
American Eagle Outfitters, Inc. (b)   16,428    276 
American Outdoor Brands, Inc. (a)   1,884    25 
American Public Education, Inc. (a)   1,825    39 
America's Car-Mart, Inc. (a)   730    59 
Aramark   31,501    1,184 
Arcimoto, Inc. (a)(b)   3,987    26 
Arhaus, Inc. (a)   2,322    20 
Ark Restaurants Corp. (a)   278    5 
Asbury Automotive Group, Inc. (a)   2,719    436 
Aspen Group, Inc. (a)   3,183    5 
Aterian, Inc. (a)(b)   7,979    19 
Autoliv, Inc.   10,747    822 
AutoNation, Inc. (a)   5,487    546 
AYRO, Inc. (a)   4,895    6 
Bally's Corp. (a)   5,375    165 
Barnes & Noble Education, Inc. (a)   5,874    21 
Bassett Furniture Industries, Inc.   1,305    22 
BBQ Holdings, Inc. (a)   1,483    22 
Beazer Homes USA, Inc. (a)   3,910    60 
Bed Bath & Beyond, Inc. (a)(b)   8,706    196 
Big 5 Sporting Goods Corp. (b)   2,806    48 
Big Lots, Inc.   3,365    116 
Biglari Holdings, Inc. Class B (a)   440    64 
BJ's Restaurants, Inc. (a)   2,272    64 
Blink Charging Co. (a)(b)   4,887    129 
Bloomin' Brands, Inc.   10,859    238 
Bluegreen Vacations Holding Corp. (a)   2,075    61 
Boot Barn Holdings, Inc. (a)   3,604    342 
Bowlero Corp. (a)   5,605    60 
Boxed, Inc. (a)(b)   7,167    73 
Boyd Gaming Corp.   10,873    715 
Bright Horizons Family Solutions, Inc. (a)   6,820    905 
Brilliant Earth Group, Inc. (a)   1,204    12 
Brinker International, Inc. (a)   4,914    188 
Brunswick Corp.   9,946    805 
Build-A-Bear Workshop, Inc.   2,146    39 
Burlington Stores, Inc. (a)   8,202    1,494 
Caleres, Inc.   4,573    88 
Callaway Golf Co. (a)   18,909    443 
Camping World Holdings, Inc. Class A (b)   4,124    115 
CarParts.com, Inc. (a)   6,158    41 
Carriage Services, Inc.   1,906    102 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Carrols Restaurant Group, Inc.   4,707   $11 
Carter's, Inc.   5,074    467 
Carvana Co. (a)   1,466    175 
Cavco Industries, Inc. (a)   908    219 
Century Casinos, Inc. (a)   3,932    47 
Century Communities, Inc.   3,815    204 
Charles & Colvard Ltd. (a)   3,981    6 
Chegg, Inc. (a)   16,373    594 
Chewy, Inc. Class A (a)(b)   7,082    289 
Chico's FAS, Inc. (a)   14,707    71 
Choice Hotels International, Inc.   5,970    846 
Churchill Downs, Inc.   4,035    895 
Chuy's Holdings, Inc. (a)   1,707    46 
Citi Trends, Inc. (a)   1,130    35 
Clarus Corp.   3,500    80 
Columbia Sportswear Co.   5,894    534 
Conn's, Inc. (a)   1,919    30 
Contextlogic, Inc. Class A (a)(b)   7,174    16 
Coursera, Inc. (a)   9,727    224 
Cracker Barrel Old Country Store, Inc.   2,953    351 
Cricut, Inc. Class A (a)   2,164    28 
Crocs, Inc. (a)   7,001    535 
Crown Crafts, Inc.   1,339    9 
Culp, Inc.   1,622    13 
Dana, Inc.   18,331    322 
Dave & Buster's Entertainment, Inc. (a)   4,855    238 
Deckers Outdoor Corp. (a)   3,002    822 
Delta Apparel, Inc. (a)   816    24 
Denny's Corp. (a)   8,414    120 
Designer Brands, Inc. Class A (a)   7,561    102 
Destination XL Group, Inc. (a)   8,307    41 
Dick's Sporting Goods, Inc. (b)   9,049    905 
Dillard's, Inc. Class A (b)   2,719    730 
Dine Brands Global, Inc.   2,092    163 
DoorDash, Inc. Class A (a)   4,836    567 
Dorman Products, Inc. (a)   3,208    305 
DraftKings, Inc. Class A (a)(b)   96,202    1,873 
Dream Finders Homes, Inc. Class A (a)   1,439    25 
Drive Shack, Inc. (a)   10,402    16 
Duluth Holdings, Inc. Class B (a)   3,063    37 
Duolingo, Inc. (a)(b)   690    66 
Dutch Bros, Inc. Class A (a)(b)   3,005    166 
Educational Development Corp.   948    7 
El Pollo Loco Holdings, Inc. (a)   2,376    28 
Electric Last Mile Solutions I (a)(b)   9,107    13 
Enjoy Technology, Inc. (a)   9,121    35 
Envela Corp. (a)   1,104    5 
Envirotech Vehicles, Inc. (a)   35,319    11 
Escalade, Inc.   1,450    19 
Esports Technologies, Inc. (a)   1,265    9 
Ethan Allen Interiors, Inc.   2,717    71 
European Wax Center, Inc. Class A (a)   1,529    45 
Everi Holdings, Inc. (a)   10,920    229 
EVgo, Inc. (a)(b)   9,686    125 
Express, Inc. (a)   8,617    31 
F45 Training Holdings, Inc. (a)   4,093    44 
Faraday Future Intelligent Electric, Inc. (a)(b)   25,645    128 
FAT Brands, Inc.   696    5 
Fiesta Restaurant Group, Inc. (a)   1,908    14 
First Watch Restaurant Group, Inc. (a)   1,753    23 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Five Below, Inc. (a)   6,725   $1,065 
Flexsteel Industries, Inc. (b)   817    16 
Floor & Decor Holdings, Inc. Class A (a)   12,374    1,002 
Foot Locker, Inc.   10,346    307 
Fossil Group, Inc. (a)   4,125    40 
Fox Factory Holding Corp. (a)   4,700    460 
Franchise Group, Inc.   4,212    175 
Frontdoor, Inc. (a)   11,021    329 
Full House Resorts, Inc. (a)   4,592    44 
Funko, Inc. Class A (a)   1,574    27 
GameStop Corp. Class A (a)(b)   8,840    1,473 
Genesco, Inc. (a)   1,589    101 
Gentex Corp.   30,708    896 
Gentherm, Inc. (a)   4,011    293 
G-III Apparel Group Ltd. (a)   5,008    135 
Golden Entertainment, Inc. (a)   3,079    179 
GoPro, Inc. Class A (a)   13,698    117 
Graham Holdings Co. Class B   556    340 
Grand Canyon Education, Inc. (a)   4,191    407 
Green Brick Partners, Inc. (a)   6,738    133 
Group 1 Automotive, Inc.   2,023    340 
Groupon, Inc. (a)(b)   3,248    62 
Guess?, Inc. (b)   4,405    96 
H&R Block, Inc.   20,675    538 
Hall of Fame Resort & Entertainment Co. (a)   10,992    12 
Hamilton Beach Brands Holding Co. Class A   688    8 
Hanesbrands, Inc.   44,494    663 
Harbor Custom Development, Inc. (a)   1,505    3 
Harley-Davidson, Inc.   18,250    719 
Haverty Furniture Cos., Inc. (b)   2,090    57 
Hayward Holdings, Inc. (a)   17,695    294 
Helen of Troy Ltd. (a)   2,047    401 
Hibbett, Inc.   1,316    58 
Hilton Grand Vacations, Inc. (a)   15,735    818 
Holley, Inc. (a)(b)   5,166    72 
Hooker Furniture Corp.   1,467    28 
Horizon Global Corp. (a)   2,660    15 
Houghton Mifflin Harcourt Co. (a)   15,324    322 
Hovnanian Enterprises, Inc. Class A (a)   709    42 
Hyatt Hotels Corp. Class A (a)   3,883    371 
HyreCar, Inc. (a)   2,826    7 
imedia Brands, Inc. (a)   2,376    14 
Inspired Entertainment, Inc. (a)   3,569    44 
Installed Building Products, Inc.   3,525    298 
iPower, Inc. (a)   1,461    2 
iRobot Corp. (a)   2,902    184 
J. Jill, Inc. (a)   665    10 
Jack in the Box, Inc.   2,676    250 
JAKKS Pacific, Inc. (a)   807    11 
Jerash Holdings US, Inc.   820    5 
JOANN, Inc. (b)   1,630    19 
Johnson Outdoors, Inc. Class A   934    73 
KB Home   10,339    335 
Kirkland's, Inc. (a)(b)   1,713    16 
Kohl's Corp. (c)   17,094    1,034 
Kontoor Brands, Inc.   6,314    261 
Koss Corp. (a)   764    7 
Krispy Kreme, Inc. (b)   11,100    165 
Kura Sushi USA, Inc. Class A (a)   457    25 
Lakeland Industries, Inc. (a)   1,022    20 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Lands' End, Inc. (a)   1,678   $28 
Latham Group, Inc. (a)   2,203    29 
Laureate Education, Inc. Class A   18,398    218 
La-Z-Boy, Inc.   5,189    137 
Lazydays Holdings, Inc. (a)(b)   1,516    31 
LCI Industries   2,857    297 
Lear Corp.   7,756    1,106 
Legacy Housing Corp. (a)   1,232    26 
Leggett & Platt, Inc.   16,995    591 
Lennar Corp. Class B   2,067    141 
Leslie's, Inc. (a)   18,814    364 
Levi Strauss & Co. Class A   5,646    112 
Life Time Group Holdings, Inc. (a)(b)   7,906    115 
Lifetime Brands, Inc.   1,929    25 
Lincoln Educational Services Corp. (a)   3,585    26 
Liquidity Services, Inc. (a)   3,215    55 
Lithia Motors, Inc.   3,625    1,088 
LMP Automotive Holdings, Inc. (a)   1,004    5 
Lottery.com, Inc. (a)   5,123    16 
Luby's, Inc.   2,366    5 
Lucid Group, Inc. (a)(b)   88,693    2,253 
Lulu's Fashion Lounge Holdings, Inc. (a)   328    2 
Lumber Liquidators Holdings, Inc. (a)   2,964    42 
M/I Homes, Inc. (a)   2,895    128 
Macy's, Inc.   36,740    895 
Malibu Boats, Inc. Class A (a)   2,480    144 
Marine Products Corp.   2,123    25 
MarineMax, Inc. (a)   2,602    105 
Marriott Vacations Worldwide Corp.   5,493    866 
MasterCraft Boat Holdings, Inc. (a)   2,144    53 
Mattel, Inc. (a)   28,194    626 
MDC Holdings, Inc.   5,390    204 
Membership Collective Group, Inc. (a)   4,291    33 
Meritage Homes Corp. (a)   4,331    343 
Mister Car Wash, Inc. (a)   11,756    174 
Modine Manufacturing Co. (a)   6,378    57 
Monarch Casino & Resort, Inc. (a)   1,618    141 
Monro, Inc.   3,506    155 
Motorcar Parts of America, Inc. (a)   1,997    36 
Movado Group, Inc.   1,743    68 
Murphy USA, Inc.   3,157    631 
Nathan's Famous, Inc.   380    21 
National Vision Holdings, Inc. (a)   9,771    426 
Nautilus, Inc. (a)   4,149    17 
Nerdy, Inc. (a)   12,035    61 
Noodles & Co. (a)   4,324    26 
Nordstrom, Inc.   13,721    372 
Ollie's Bargain Outlet Holdings, Inc. (a)   5,527    237 
OneWater Marine, Inc.   649    22 
Overstock.com, Inc. (a)   5,043    222 
Oxford Industries, Inc.   2,053    186 
Papa John's International, Inc.   4,069    428 
Party City Holdco, Inc. (a)   14,895    53 
Patrick Industries, Inc.   2,639    159 
Peloton Interactive, Inc. Class A (a)   6,085    161 
Penske Automotive Group, Inc.   4,259    399 
Perdoceo Education Corp. (a)   8,316    95 
Petco Health & Wellness Co., Inc. (a)(b)   8,960    175 
PetMed Express, Inc. (b)(c)   2,520    65 
Planet Fitness, Inc. Class A (a)   10,793    912 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
PlayAGS, Inc. (a)   3,443   $23 
Polaris, Inc.   7,886    831 
Portillo's, Inc. Class A (a)(b)   2,827    69 
Poshmark, Inc. Class A (a)   981    12 
Potbelly Corp. (a)   3,371    23 
PowerSchool Holdings, Inc. (a)   5,588    92 
PubMatic, Inc. Class A (a)   855    22 
Purple Innovation, Inc. (a)(b)   3,808    22 
QuantumScape Corp. (a)(b)   27,309    546 
Quotient Technology, Inc. (a)   11,732    75 
Qurate Retail, Inc. Class A   48,729    232 
Rave Restaurant Group, Inc. (a)   2,340    3 
RCI Hospitality Holdings, Inc.   1,101    68 
Red Robin Gourmet Burgers, Inc. (a)   1,577    27 
Red Rock Resorts, Inc. Class A   8,039    390 
Regis Corp. (a)(b)   5,846    12 
Remark Holdings, Inc. (a)(b)   13,957    11 
Rent the Runway, Inc. Class A (a)(b)   2,398    17 
Rent-A-Center, Inc.   6,585    166 
Revolve Group, Inc. (a)   1,760    95 
RH (a)   2,002    653 
Rivian Automotive, Inc. Class A (a)(b)   21,610    1,086 
Rocky Brands, Inc.   899    37 
Rover Group, Inc. (a)   9,651    56 
RumbleON, Inc. Class B (a)   1,288    44 
Ruth's Hospitality Group, Inc.   3,130    72 
Sally Beauty Holdings, Inc. (a)   11,035    173 
Scientific Games Corp. (a)   11,038    649 
SeaWorld Entertainment, Inc. (a)   5,675    422 
Service Corp. International   18,243    1,201 
Shake Shack, Inc. Class A (a)   2,258    153 
Shoe Carnival, Inc.   2,189    64 
Shutterstock, Inc.   2,927    272 
Signet Jewelers Ltd.   6,317    459 
Six Flags Entertainment Corp. (a)   10,100    439 
Skechers USA, Inc. Class A (a)   13,220    539 
Skyline Champion Corp. (a)   7,543    414 
Sleep Number Corp. (a)   2,468    125 
Smith & Wesson Brands, Inc.   6,343    96 
Snap One Holdings Corp. (a)   1,823    27 
Solid Power, Inc. (a)(b)   16,797    146 
Solo Brands, Inc. Class A (a)   1,916    16 
Sonder Holdings, Inc. (a)   25,086    119 
Sonic Automotive, Inc. Class A   1,819    77 
Sonos, Inc. (a)   16,936    478 
Sportsman's Warehouse Holdings, Inc. (a)   5,825    62 
Standard Motor Products, Inc.   2,668    115 
Steven Madden Ltd.   9,883    382 
Stitch Fix, Inc. Class A (a)   1,231    12 
StoneMor, Inc. (a)   16,002    42 
Stoneridge, Inc. (a)   3,150    65 
Strategic Education, Inc.   2,258    150 
Strattec Strategy Corp. (a)   437    16 
Stride, Inc. (a)   5,681    206 
Sturm Ruger & Co., Inc. (c)   2,114    147 
Superior Group of Cos., Inc.   1,738    31 
Superior Industries International, Inc. (a)   3,179    15 
Sweetgreen, Inc. Class A (a)(b)   1,870    60 
Sypris Solutions, Inc. (a)   1,822    5 
Target Hospitality Corp. (a)   5,178    31 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Taylor Morrison Home Corp. (a)   13,529   $368 
Tempur Sealy International, Inc.   20,198    564 
Tenneco, Inc. Class A (a)   11,269    206 
Terminix Global Holdings, Inc. (a)   14,028    640 
Texas Roadhouse, Inc.   8,785    736 
The Aaron's Co., Inc.   3,676    74 
The Beachbody Co., Inc. (a)(b)   18,788    43 
The Buckle, Inc.   3,727    123 
The Cato Corp. Class A   2,547    37 
The Cheesecake Factory, Inc. (a)   5,379    214 
The Children's Place, Inc. (a)   1,482    73 
The Container Store Group, Inc. (a)   5,007    41 
The Dixie Group, Inc. (a)   1,757    5 
The Gap, Inc.   23,196    327 
The Goodyear Tire & Rubber Co. (a)   35,810    512 
The Lovesac Co. (a)   1,817    98 
The ODP Corp. (a)   5,478    251 
The RealReal, Inc. (a)   11,300    82 
The Wendy's Co.   24,849    546 
Thor Industries, Inc.   5,734    451 
ThredUp, Inc. Class A (a)(b)   7,159    55 
Tilly's, Inc. Class A   1,663    16 
Toll Brothers, Inc.   12,828    603 
TopBuild Corp. (a)   3,907    709 
Torrid Holdings, Inc. (a)(b)   2,489    15 
Toughbuilt Industries, Inc. (a)   17,525    3 
Traeger, Inc. (a)(b)   4,317    32 
Travel + Leisure Co.   10,479    607 
TravelCenters of America, Inc. (a)   1,825    78 
Tri Pointe Homes, Inc. (a)   13,314    267 
Tupperware Brands Corp. (a)   5,039    98 
Udemy, Inc. (a)   7,260    90 
Unifi, Inc. (a)   2,065    37 
Unique Fabricating, Inc. (a)   1,426    3 
Universal Electronics, Inc. (a)   1,522    48 
Universal Technical Institute, Inc. (a)   4,331    38 
Urban Outfitters, Inc. (a)   6,082    153 
Vail Resorts, Inc.   4,741    1,234 
Veoneer, Inc. (a)   11,704    432 
Vera Bradley, Inc. (a)   3,479    27 
Victoria's Secret & Co. (a)   10,883    559 
Vince Holding Corp. (a)   492    4 
Vinco Ventures, Inc. (a)(b)   25,586    82 
Vista Outdoor, Inc. (a)   6,753    241 
Visteon Corp. (a)   3,284    358 
Vivid Seats, Inc. Class A   10,746    119 
Volcon, Inc. (a)   1,732    3 
Volta, Inc. (a)   15,801    48 
VOXX International Corp. (a)   2,168    22 
Vroom, Inc. (a)   16,431    44 
Warby Parker, Inc. Class A (a)(b)   11,027    373 
Wayfair, Inc. Class A (a)(b)   6,366    705 
Weber, Inc. Class A (b)   2,435    24 
Weyco Group, Inc.   938    23 
Williams-Sonoma, Inc.   6,594    956 
Wingstop, Inc.   3,498    411 
Winmark Corp.   326    72 
Winnebago Industries, Inc.   3,721    201 
Wolverine World Wide, Inc.   9,920    224 
WW International, Inc. (a)   6,131    63 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Wyndham Hotels & Resorts, Inc.   11,078   $938 
Xometry, Inc. Class A (a)(b)   942    35 
Xponential Fitness, Inc. Class A (a)(b)   1,391    33 
XpresSpa Group, Inc. (a)   14,621    17 
YETI Holdings, Inc. (a)   10,653    639 
Zovio, Inc. (a)   4,442    4 
Zumiez, Inc. (a)   1,970    75 
         84,728 
Consumer Staples (3.2%):          
22nd Century Group, Inc. (a)(b)   20,220    47 
Albertsons Cos., Inc. Class A   38,196    1,270 
Alico, Inc.   673    25 
Arcadia Biosciences, Inc. (a)   2,977    4 
B&G Foods, Inc. (b)   7,881    213 
BellRing Brands, Inc. (a)   15,980    369 
Better Choice Co., Inc. (a)   3,304    8 
Beyond Meat, Inc. (a)(b)   7,789    376 
BJ's Wholesale Club Holdings, Inc. (a)   15,166    1,025 
Blue Apron Holdings, Inc. Class A (a)   1,748    7 
Bunge Ltd.   16,574    1,837 
Calavo Growers, Inc.   1,973    72 
Cal-Maine Foods, Inc.   2,830    156 
Casey's General Stores, Inc.   4,246    841 
Celsius Holdings, Inc. (a)   4,654    257 
Central Garden & Pet Co. (a)   995    44 
Central Garden & Pet Co. Class A (a)   5,663    231 
Coca-Cola Consolidated, Inc.   531    264 
Coffee Holding Co., Inc.   760    3 
Coty, Inc. Class A (a)(c)   54,472    490 
Darling Ingredients, Inc. (a)   21,246    1,708 
e.l.f. Beauty, Inc. (a)   5,962    154 
Eastside Distilling, Inc. (a)   2,011    2 
Edgewell Personal Care Co.   6,491    238 
Energizer Holdings, Inc.   7,848    241 
Farmer Brothers Co. (a)   2,043    15 
Flowers Foods, Inc.   24,490    630 
Fresh Del Monte Produce, Inc.   3,224    84 
Freshpet, Inc. (a)   5,270    541 
Grocery Outlet Holding Corp. (a)   8,677    284 
Grove, Inc. (a)   1,234    6 
Herbalife Nutrition Ltd. (a)   12,089    367 
HF Foods Group, Inc. Class A (a)   4,619    31 
Honest Co., Inc. (a)   7,199    38 
Hostess Brands, Inc. (a)   9,849    216 
Ingles Markets, Inc. Class A   1,611    143 
Ingredion, Inc.   8,667    755 
Inter Parfums, Inc.   2,197    193 
J & J Snack Foods Corp.   1,270    197 
John B Sanfilippo & Son, Inc.   1,027    86 
Jones Soda Co. (a)   6,486    4 
Jupiter Wellness, Inc. (a)   2,949    3 
Keurig Dr Pepper, Inc.   124,129    4,705 
Laird Superfood, Inc. (a)   769    3 
Lancaster Colony Corp.   2,607    389 
Landec Corp. (a)   3,665    42 
Lifevantage Corp. (a)   1,707    8 
Lifeway Foods, Inc. (a)   983    7 
Limoneira Co.   1,851    27 
Local Bounti Corp. (a)   4,756    40 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Mannatech, Inc.   151   $6 
Medifast, Inc.   1,387    237 
MGP Ingredients, Inc.   716    61 
Mission Produce, Inc. (a)   6,583    83 
National Beverage Corp.   3,823    166 
Natural Alternatives International, Inc. (a)   728    8 
Natural Grocers by Vitamin Cottage, Inc.   2,113    41 
Nature's Sunshine Products, Inc. (a)   2,373    40 
NewAge, Inc. (a)   19,692    11 
Nu Skin Enterprises, Inc. Class A   6,333    303 
Ocean Bio-Chem, Inc.   605    5 
Oil-Dri Corp. of America   640    18 
Olaplex Holdings, Inc. (a)   19,217    300 
Performance Food Group Co. (a)   18,577    946 
Pilgrim's Pride Corp. (a)   6,888    173 
Post Holdings, Inc. (a)   6,989    484 
PriceSmart, Inc.   2,093    165 
Reed's, Inc. (a)   11,382    3 
Revlon, Inc. Class A (a)   1,063    9 
Reynolds Consumer Products, Inc.   7,701    226 
Rite Aid Corp. (a)   7,325    64 
Sanderson Farms, Inc.   2,681    503 
Seaboard Corp.   36    151 
Seneca Foods Corp. Class A (a)   777    40 
Shineco, Inc. (a)   1,156    3 
Sovos Brands, Inc. (a)   5,272    75 
SpartanNash Co.   4,265    141 
Spectrum Brands Holdings, Inc.   5,240    465 
Sprouts Farmers Market, Inc. (a)(b)   13,937    446 
Stryve Foods, Inc. Class A (a)   1,003    1 
The Andersons, Inc.   4,094    206 
The Boston Beer Co., Inc. Class A (a)   887    345 
The Chefs' Warehouse, Inc. (a)   3,799    124 
The Duckhorn Portfolio, Inc. (a)   5,849    106 
The Hain Celestial Group, Inc. (a)   11,090    382 
The Real Good Food Co., Inc. (a)   802    6 
The Simply Good Foods Co. (a)   7,738    294 
The Vita Coco Co., Inc. (a)(b)   3,294    30 
Thorne HealthTech, Inc. (a)(b)   2,079    13 
Tootsie Roll Industries, Inc.   2,630    92 
TreeHouse Foods, Inc. (a)   5,358    173 
Turning Point Brands, Inc.   2,236    76 
U.S. Foods Holding Corp. (a)   26,764    1,007 
United Natural Foods, Inc. (a)   6,644    275 
United-Guardian, Inc.   417    9 
Universal Corp.   2,955    172 
USANA Health Sciences, Inc. (a)   1,376    109 
Vector Group Ltd.   15,433    186 
Veru, Inc. (a)   8,478    41 
Village Super Market, Inc. Class A   1,296    32 
Vital Farms, Inc. (a)   3,075    38 
WD-40 Co.   1,432    262 
Weis Markets, Inc. (c)   2,166    155 
Willamette Valley Vineyards, Inc. (a)   548    5 
Zevia PBC Class A (a)   1,552    7 
         28,015 
Energy (4.2%):          
Adams Resources & Energy, Inc.   352    14 
Aemetis, Inc. (a)   3,758    48 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Alto Ingredients, Inc. (a)   9,560   $65 
Amplify Energy Corp. (a)   4,350    24 
Amyris, Inc. (a)(b)   28,722    125 
Antero Midstream Corp.   39,789    432 
Antero Resources Corp. (a)   37,766    1,153 
Arch Resources, Inc.   1,763    242 
Archaea Energy, Inc. (a)   7,527    165 
Archrock, Inc.   16,438    152 
Aspen Aerogels, Inc. (a)   3,589    124 
BP Prudhoe Bay Royalty Trust   3,023    45 
Brigham Minerals, Inc.   2,110    54 
Bristow Group, Inc. (a)   2,599    96 
Cactus, Inc. Class A   3,315    188 
California Resources Corp.   8,514    381 
Callon Petroleum Co. (a)   7,713    456 
Camber Energy, Inc. (a)(b)   34,943    30 
Centennial Resource Development, Inc. Class A (a)   38,988    315 
Centrus Energy Corp. Class A (a)   1,051    35 
ChampionX Corp. (a)   25,783    631 
Cheniere Energy, Inc.   34,121    4,731 
Chesapeake Energy Corp.   14,220    1,237 
Civitas Resources, Inc.   8,980    536 
Clean Energy Fuels Corp. (a)   23,246    185 
CNX Resources Corp. (a)   25,443    527 
Comstock Resources, Inc. (a)   13,484    176 
CONSOL Energy, Inc. (a)   3,701    139 
Continental Resources, Inc. (b)   5,145    316 
Crescent Energy, Inc. Class A (b)   4,788    83 
Cross Timbers Royalty Trust   849    11 
CVR Energy, Inc.   4,118    105 
Delek U.S. Holdings, Inc. (a)   9,743    207 
Denbury, Inc. (a)   5,875    462 
DMC Global, Inc. (a)   1,825    56 
Dorian LPG Ltd.   4,365    63 
Dril-Quip, Inc. (a)   3,587    134 
DT Midstream, Inc.   12,429    674 
ENGlobal Corp. (a)   3,283    4 
Enviva, Inc.   4,159    329 
EQT Corp.   46,717    1,608 
Equitrans Midstream Corp.   42,148    356 
Evolution Petroleum Corp.   4,520    31 
Exterran Corp. (a)   3,576    22 
Forum Energy Technologies, Inc. (a)   700    16 
Geospace Technologies Corp. (a)   1,358    8 
Gevo, Inc. (a)(b)   26,806    125 
Green Plains, Inc. (a)   6,663    207 
Gulf Island Fabrication, Inc. (a)   1,735    7 
Gulfport Energy Corp. (a)   2,705    243 
Hallador Energy Co. (a)   3,719    13 
Helix Energy Solutions Group, Inc. (a)   18,198    87 
Helmerich & Payne, Inc.   11,471    491 
HF Sinclair Corp. (a)   25,214    1,005 
HighPeak Energy, Inc.   271    6 
International Seaways, Inc.   5,012    90 
ION Geophysical Corp. (a)   3,974    3 
KLX Energy Services Holdings, Inc. (a)   922    5 
Laredo Petroleum, Inc. (a)   1,957    155 
Liberty Oilfield Services, Inc. Class A (a)   11,819    175 
Magnolia Oil & Gas Corp. Class A   14,172    335 
Mammoth Energy Services, Inc. (a)   4,681    10 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Matador Resources Co.   14,476   $767 
MIND Technology, Inc. (a)   1,850    2 
Montauk Renewables, Inc. (a)   6,691    75 
Murphy Oil Corp.   16,574    669 
Nabors Industries Ltd. (a)   946    144 
NACCO Industries, Inc. Class A   509    20 
National Energy Services Reunited Corp. (a)   4,517    38 
Natural Gas Services Group, Inc. (a)   1,456    17 
NCS Multistage Holdings, Inc. (a)   128    6 
New Fortress Energy, Inc.   15,191    647 
Newpark Resources, Inc. (a)   11,475    42 
Nextdecade Corp. (a)   16,085    106 
Nextier Oilfield Solutions, Inc. (a)   25,815    239 
Nine Energy Service, Inc. (a)   2,458    9 
Northern Oil and Gas, Inc.   8,519    240 
NOV, Inc.   47,121    924 
Oasis Petroleum, Inc.   2,179    319 
Oceaneering International, Inc. (a)   10,975    166 
Oil States International, Inc. (a)   6,501    45 
Overseas Shipholding Group, Inc. Class A (a)   10,216    21 
Ovintiv, Inc.   34,280    1,854 
Patterson-UTI Energy, Inc.   24,010    372 
PBF Energy, Inc. Class A (a)   8,157    199 
PDC Energy, Inc.   11,688    849 
Peabody Energy Corp. (a)(c)   18,109    444 
Permianville Royalty Trust (b)   3,170    8 
PHX Minerals, Inc.   3,119    10 
ProPetro Holding Corp. (a)   9,079    126 
Range Resources Corp. (a)   28,869    877 
Ranger Energy Services, Inc. (a)   588    6 
Ranger Oil Corp. (a)   5,674    196 
Renewable Energy Group, Inc. (a)   5,183    314 
REX American Resources Corp. (a)   562    56 
Riley Exploration Permian, Inc.   801    20 
RPC, Inc. (a)   15,596    166 
SandRidge Energy, Inc. (a)   4,869    78 
SEACOR Marine Holdings, Inc. (a)   3,085    25 
Select Energy Services, Inc. Class A (a)   7,171    61 
SFL Corp. Ltd.   13,068    133 
Silverbow Resources, Inc. (a)   1,787    57 
SM Energy Co.   14,625    570 
Smart Sand, Inc. (a)   3,964    14 
Solaris Oilfield Infrastructure, Inc. Class A   2,665    30 
Southwestern Energy Co. (a)   110,121    790 
Stabilis Solutions, Inc. (a)   527    3 
Talos Energy, Inc. (a)   7,747    122 
Targa Resources Corp.   29,717    2,243 
Teekay Corp. (a)   8,175    26 
Tellurian, Inc. (a)   68,808    365 
TETRA Technologies, Inc. (a)   15,772    65 
Texas Pacific Land Corp.   1,097    1,483 
Tidewater, Inc. (a)   3,382    74 
U.S. Energy Corp. Wyoming (a)   3,216    14 
Uranium Energy Corp. (a)(b)   35,467    163 
US Well Services, Inc. (a)   9,689    11 
VAALCO Energy, Inc.   7,461    49 
Vertex Energy, Inc. (a)(b)   6,703    67 
Voc Energy Trust   1,802    12 
W&T Offshore, Inc. (a)   12,263    47 
Westwater Resources, Inc. (a)   5,790    12 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Whiting Petroleum Corp.   4,544   $370 
World Fuel Services Corp. (c)   7,615    206 
Zion Oil & Gas, Inc. (a)   45,191    5 
         36,836 
Financials (19.0%):          
1895 Bancorp of Wisconsin, Inc. (a)   524    6 
1st Source Corp.   2,447    113 
Acres Commercial Realty Corp. (a)   1,160    16 
AFC Gamma, Inc.   1,897    36 
Affiliated Managers Group, Inc.   4,046    570 
Affinity Bancshares, Inc. (a)   788    12 
AG Mortgage Investment Trust, Inc.   3,209    30 
AGNC Investment Corp.   69,303    908 
Alleghany Corp. (a)   1,781    1,508 
Allegiance Bancshares, Inc.   2,475    111 
Ally Financial, Inc.   42,807    1,861 
Amalgamated Financial Corp.   3,869    70 
Amerant Bancorp, Inc.   3,767    119 
American Equity Investment Life Holding Co.   8,622    344 
American Financial Group, Inc.   8,995    1,310 
American National Bankshares, Inc.   1,431    54 
American National Group, Inc.   2,924    553 
Ameris Bancorp   8,456    371 
AMERISAFE, Inc.   2,326    116 
AmeriServ Financial, Inc.   2,414    10 
Ames National Corp.   1,195    30 
Angel Oak Mortgage, Inc.   1,755    29 
Annaly Capital Management, Inc.   195,859    1,379 
Apollo Commercial Real Estate Finance, Inc.   15,012    209 
Apollo Global Management, Inc.   55,615    3,448 
Apollo Investment Corp.   8,987    119 
Arbor Realty Trust, Inc.   15,893    271 
Arch Capital Group Ltd. (a)   45,486    2,202 
Ares Capital Corp. (b)   67,608    1,416 
Ares Commercial Real Estate Corp.   6,135    95 
Ares Management Corp. Class A   26,912    2,186 
Argo Group International Holdings Ltd.   4,332    179 
Arlington Asset Investment Corp. Class A (a)   4,046    14 
ARMOUR Residential REIT, Inc. (b)   11,387    96 
Arrow Financial Corp.   2,128    69 
Artisan Partners Asset Management, Inc. Class A   5,692    224 
Ashford, Inc. (a)   322    5 
AssetMark Financial Holdings, Inc. (a)   3,221    72 
Associated Banc-Corp.   17,531    399 
Associated Capital Group, Inc. Class A   438    18 
Assured Guaranty Ltd.   8,115    517 
Atlantic Union Bankshares Corp.   10,043    368 
Atlanticus Holdings Corp. (a)   897    46 
Axis Capital Holdings Ltd.   9,460    572 
Axos Financial, Inc. (a)   6,806    316 
Bain Capital Specialty Finance, Inc.   7,476    117 
Banc of California, Inc.   7,113    138 
BancFirst Corp.   2,213    184 
Bank of Hawaii Corp.   4,832    405 
Bank of Marin Bancorp   2,093    73 
Bank of the James Financial Group, Inc.   638    9 
Bank OZK   16,705    713 
Bank7 Corp.   629    15 
Bankfinancial Corp.   1,608    17 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
BankUnited, Inc.   9,070   $399 
Bankwell Financial Group, Inc.   1,004    34 
Banner Corp.   4,209    246 
Bar Harbor Bankshares   1,845    53 
Barings BDC, Inc.   15,839    164 
BayCom Corp.   1,802    39 
Bayfirst Financial Corp.   525    12 
BCB Bancorp, Inc.   2,262    41 
Berkshire Hathaway, Inc. Class A (a)   49    25,917 
Berkshire Hills Bancorp, Inc.   5,910    171 
BGC Partners, Inc. Class A   32,279    142 
BlackRock Capital Investment Corp.   10,445    44 
BlackRock TCP Capital Corp.   8,158    117 
Blackstone Mortgage Trust, Inc. Class A   21,901    696 
Blackstone, Inc.   93,934    11,924 
Blucora, Inc. (a)   5,289    103 
Blue Foundry Bancorp (a)   3,546    48 
Blue Ridge Bankshares, Inc.   2,308    35 
BOK Financial Corp.   4,246    399 
Bridge Investment Group Holdings, Inc. Class A   2,686    55 
Bridgewater Bancshares, Inc. (a)   2,949    49 
Bright Health Group, Inc. (a)(b)   42,596    82 
Brighthouse Financial, Inc. (a)   9,456    488 
BrightSpire Capital, Inc.   11,543    107 
Broadmark Realty Capital, Inc.   18,712    162 
Broadway Financial Corp. (a)   8,817    14 
Brookline Bancorp, Inc.   9,425    149 
BRP Group, Inc. Class A (a)   2,308    62 
Business First Bancshares, Inc.   2,710    66 
Byline Bancorp, Inc.   3,409    91 
C&F Financial Corp.   503    25 
Cadence Bank   23,379    684 
California Bancorp, Inc. (a)   980    23 
Cambridge Bancorp Class A   926    79 
Camden National Corp.   1,826    86 
Capital Bancorp, Inc.   1,578    36 
Capital City Bank Group, Inc.   1,766    47 
Capital Southwest Corp. (b)   3,177    75 
Capitol Federal Financial, Inc.   13,919    151 
Capstar Financial Holdings, Inc.   2,756    58 
Catalyst Bancorp, Inc. (a)   734    10 
Cathay General Bancorp   9,626    431 
CBTX, Inc. Class A   2,916    90 
Central Pacific Financial Corp.   3,357    94 
Central Valley Community Bancorp   1,499    35 
CF Bankshares, Inc.   632    14 
CFSB Bancorp, Inc. (a)   398    4 
Chemung Financial Corp.   531    25 
Cherry Hill Mortgage Investment Corp.   2,302    18 
Chicago Atlantic Real Estate Finance, Inc.   766    14 
Chimera Investment Corp.   28,436    342 
CION Investment Corp. (a)(b)   8,043    119 
Citizens & Northern Corp.   2,102    51 
Citizens, Inc. (a)(b)   5,887    25 
City Holding Co.   1,831    144 
Civista Bancshares, Inc.   1,964    47 
Claros Mortgage Trust, Inc.   8,667    149 
CNA Financial Corp.   3,833    186 
CNB Financial Corp. Class A   2,381    63 
CNO Financial Group, Inc.   14,887    373 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Coastal Financial Corp. (a)   1,353   $62 
Codorus Valley Bancorp, Inc.   1,125    25 
Cohen & Co., Inc.   168    3 
Cohen & Steers, Inc.   3,850    331 
Coinbase Global, Inc. Class A (a)   26,848    5,097 
Colony Bankcorp, Inc.   2,294    43 
Columbia Banking System, Inc.   9,537    308 
Columbia Financial, Inc. (a)(c)   5,280    114 
Commerce Bancshares, Inc.   13,509    967 
Community Bank System, Inc.   6,543    459 
Community Trust Bancorp, Inc.   2,344    97 
ConnectOne Bancorp, Inc.   5,253    168 
Consumer Portfolio Services, Inc. (a)   1,847    19 
Cowen, Inc. Class A   3,546    96 
Crawford & Co. Class A   2,423    18 
Crawford & Co. Class B   1,330    10 
Credit Acceptance Corp. (a)(b)   1,480    815 
Crescent Capital BDC, Inc. (b)   4,275    76 
Crossfirst Bankshares, Inc. (a)   5,628    89 
Cullen/Frost Bankers, Inc.   6,781    939 
Cullman Bancorp, Inc. (b)   797    9 
Curo Group Holdings Corp.   3,105    41 
Customers Bancorp, Inc. (a)   3,812    199 
CVB Financial Corp.   17,704    411 
Diamond Hill Investment Group, Inc.   425    80 
Dime Community Bancshares, Inc.   4,225    146 
Donegal Group, Inc. Class A   1,724    23 
Donnelley Financial Solutions, Inc. (a)   3,971    132 
Dynex Capital, Inc. (b)   4,764    77 
Eagle Bancorp Montana, Inc.   904    20 
Eagle Bancorp, Inc.   3,880    221 
East West Bancorp, Inc.   16,830    1,330 
Eastern Bankshares, Inc.   20,517    442 
eHealth, Inc. (a)   3,243    40 
Elevate Credit, Inc. (a)   3,451    11 
Ellington Financial, Inc.   6,816    121 
Ellington Residential Mortgage REIT (b)   1,700    17 
Employers Holdings, Inc.   3,173    130 
Enact Holdings, Inc.   4,140    92 
Encore Capital Group, Inc. (a)   1,907    120 
Enova International, Inc. (a)   4,099    156 
Enstar Group Ltd. (a)   1,922    502 
Enterprise Bancorp, Inc.   1,581    63 
Enterprise Financial Services Corp.   5,021    238 
Equitable Holdings, Inc.   45,099    1,394 
Equity Bancshares, Inc. Class A   1,786    58 
Erie Indemnity Co. Class A   2,512    442 
Esquire Financial Holdings, Inc. (a)   1,054    35 
Evans Bancorp, Inc.   652    25 
Evercore, Inc.   4,664    519 
EZCORP, Inc. Class A (a)   5,575    34 
FB Financial Corp.   3,763    167 
Federal Agricultural Mortgage Corp. Class C   1,045    113 
Federal Home Loan Mortgage Corp. (a)(b)   78,925    62 
Federal National Mortgage Association (a)   163,493    128 
Federated Hermes, Inc.   10,551    359 
Fednat Holding Co. (a)   2,145    3 
Fidelity National Financial, Inc.   37,633    1,838 
Fidus Investment Corp.   3,452    70 
Financial Institutions, Inc.   2,069    62 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
First American Financial Corp.   14,202   $921 
First Bancorp, Inc.   1,228    37 
First BanCorp/Puerto Rico   24,505    321 
First Bancorp/Southern Pines NC   4,328    181 
First Busey Corp.   7,358    186 
First Citizens BancShares, Inc. Class A   1,897    1,263 
First Commonwealth Financial Corp.   11,443    173 
First Community Bankshares, Inc.   1,996    56 
First Eagle Alternative Capital BDC, Inc.   4,252    19 
First Financial Bancorp   10,636    245 
First Financial Bankshares, Inc.   17,115    755 
First Financial Corp. Class A   1,583    68 
First Financial Northwest, Inc.   1,045    18 
First Hawaiian, Inc.   12,847    358 
First Horizon Corp.   67,850    1,594 
First Internet Bancorp   1,310    56 
First Interstate BancSystem, Inc. Class A   8,265    304 
First Merchants Corp.   7,015    292 
First United Corp.   890    20 
First Western Financial, Inc. (a)   1,093    34 
FirstCash Holdings, Inc.   4,177    294 
Five Star Bancorp   1,706    48 
Flagstar Bancorp, Inc.   6,536    277 
Flushing Financial Corp.   3,794    85 
FNB Corp.   45,471    566 
FNCB Bancorp, Inc.   2,541    24 
Focus Financial Partners, Inc. Class A (a)   2,386    109 
Franklin BSP Realty Trust, Inc.   6,208    87 
FS KKR Capital Corp.   40,135    916 
Fulton Financial Corp.   20,269    337 
FVCBankcorp, Inc. (a)   1,727    36 
GAMCO Investors, Inc. Class A   1,361    30 
Genworth Financial, Inc. (a)   62,320    236 
German American Bancorp, Inc.   3,907    148 
Glacier Bancorp, Inc.   13,909    699 
Gladstone Capital Corp.   4,845    57 
Gladstone Investment Corp. (b)   4,690    76 
GoHealth, Inc. Class A (a)(b)   6,341    7 
Goldman Sachs BDC, Inc.   14,376    282 
Golub Capital BDC, Inc.   21,230    323 
Goosehead Insurance, Inc. Class A   1,206    95 
Granite Point Mortgage Trust, Inc.   7,605    85 
Great Ajax Corp.   2,714    32 
Great Southern Bancorp, Inc. Class A   1,395    82 
Green Dot Corp. Class A (a)   6,819    187 
Greenhill & Co., Inc.   1,490    23 
Guaranty Bancshares, Inc.   1,538    54 
Guild Holdings Co. Class A   934    10 
GWG Holdings, Inc. (a)   656    4 
Hagerty, Inc. Class A (a)(b)   10,827    117 
Hallmark Financial Services, Inc. (a)   2,439    9 
Hamilton Lane, Inc. Class A   1,956    151 
Hancock Whitney Corp.   10,912    569 
Hanmi Financial Corp.   3,693    91 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   11,230    533 
HarborOne Bancorp, Inc.   5,549    78 
Hawthorn Bancshares, Inc.   880    22 
HBT Financial, Inc.   780    14 
HCI Group, Inc.   1,174    80 
Heartland Financial USA, Inc.   5,493    263 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Hercules Capital, Inc. (b)   16,910   $306 
Heritage Commerce Corp.   7,072    80 
Heritage Financial Corp.   4,264    107 
Heritage Insurance Holdings, Inc.   3,663    26 
Hilltop Holdings, Inc.   7,694    226 
Hippo Holdings, Inc. (a)   46,073    92 
Home Bancorp, Inc.   1,037    42 
Home BancShares, Inc.   19,206    434 
Home Point Capital, Inc. (b)   1,577    5 
HomeStreet, Inc.   2,440    116 
Hope Bancorp, Inc.   14,572    234 
Horace Mann Educators Corp.   5,022    210 
Horizon Bancorp, Inc.   5,777    108 
Horizon Technology Finance Corp.   3,387    47 
Houlihan Lokey, Inc.   2,390    210 
Independent Bank Corp.   5,745    469 
Independent Bank Corp.   2,483    55 
Independent Bank Group, Inc.   4,285    305 
Interactive Brokers Group, Inc.   10,957    722 
International Bancshares Corp.   7,159    302 
Invesco Mortgage Capital, Inc. (b)   39,586    90 
Investar Holding Corp.   1,389    27 
Investcorp Credit Management BDC, Inc.   2,033    11 
Investors Bancorp, Inc.   28,011    418 
Investors Title Co.   157    32 
Jackson Financial, Inc. Class A   13,205    584 
Jefferies Financial Group, Inc.   25,915    851 
Kearny Financial Corp.   7,808    101 
Kemper Corp.   7,375    417 
Kinsale Capital Group, Inc.   2,936    669 
KKR Real Estate Finance Trust, Inc.   5,201    107 
Ladder Capital Corp.   7,972    95 
Lakeland Bancorp, Inc.   8,581    143 
Lakeland Financial Corp.   3,079    225 
Lemonade, Inc. (a)(b)   5,834    154 
LendingTree, Inc. (a)   1,222    146 
Level One Bancorp, Inc.   733    29 
Limestone Bancorp, Inc.   592    12 
Live Oak Bancshares, Inc.   4,158    212 
Logan Ridge Finance Corp. (a)   385    9 
LPL Financial Holdings, Inc.   10,050    1,836 
Lument Finance Trust, Inc.   4,058    11 
Luther Burbank Corp.   1,680    22 
Macatawa Bank Corp.   4,064    37 
Magyar Bancorp, Inc.   553    7 
Maiden Holdings Ltd. (a)   8,544    21 
Main Street Capital Corp. (b)   10,123    432 
Manning & Napier, Inc.   2,061    19 
Markel Corp. (a)   1,732    2,555 
MarketWise, Inc. (a)(b)   35,719    169 
Marpai, Inc. Class A (a)   1,480    3 
MBIA, Inc. (a)   6,531    100 
Medallion Financial Corp.   3,022    26 
Mercantile Bank Corp.   2,081    74 
Merchants Bancorp   3,538    97 
Mercury General Corp.   3,754    206 
Meta Financial Group, Inc.   3,289    181 
Metropolitan Bank Holding Corp. (a)   1,414    144 
MFA Financial, Inc.   46,411    187 
MGIC Investment Corp.   40,993    555 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Midland States Bancorp, Inc.   2,677   $77 
Midwest Holding, Inc. (a)   445    7 
MidWestOne Financial Group, Inc.   1,971    65 
Moelis & Co. Class A   3,804    179 
Monroe Capital Corp.   3,043    33 
Morningstar, Inc.   3,581    978 
MVB Financial Corp.   1,572    65 
National Bank Holdings Corp. Class A   3,047    123 
National Bankshares, Inc.   790    29 
National Western Life Group, Inc. Class A   269    57 
Navient Corp.   19,117    326 
NBT Bancorp, Inc.   5,265    190 
Nelnet, Inc. Class A   2,616    222 
New Mountain Finance Corp.   12,637    175 
New Residential Investment Corp.   62,601    687 
New York Community Bancorp, Inc.   59,085    633 
New York Mortgage Trust, Inc.   44,458    162 
Newtek Business Services Corp.   3,242    87 
Nexpoint Real Estate Finance, Inc.   1,790    40 
NI Holdings, Inc. (a)   1,051    18 
Nicholas Financial, Inc. (a)   581    6 
NMI Holdings, Inc. Class A (a)   10,302    212 
Northeast Community Bancorp, Inc.   2,129    26 
Northfield Bancorp, Inc.   4,940    71 
Northrim Bancorp, Inc.   775    34 
Northwest Bancshares, Inc. (c)   15,374    208 
Norwood Financial Corp.   1,156    33 
NSTS Bancorp, Inc. (a)   733    9 
Oaktree Specialty Lending Corp.   22,932    169 
OceanFirst Financial Corp.   7,772    156 
Ocwen Financial Corp. (a)   1,224    29 
OFG Bancorp   5,115    136 
OFS Capital Corp.   1,480    19 
Old National Bancorp   38,345    628 
Old Republic International Corp.   36,842    953 
Old Second Bancorp, Inc.   4,898    71 
OneMain Holdings, Inc.   16,737    793 
OP Bancorp   1,862    26 
Open Lending Corp. Class A (a)   13,544    256 
Oportun Financial Corp. (a)   3,211    46 
Oppenheimer Holdings, Inc. Class A   1,168    51 
OppFi, Inc. (a)(b)   3,716    13 
Orchid Island Capital, Inc. (b)   23,240    76 
Origin Bancorp, Inc.   2,684    113 
Oscar Health, Inc. Class A (a)(b)   5,339    53 
Owl Rock Capital Corp.   46,142    682 
Oxford Square Capital Corp.   7,012    29 
P10, Inc. Class A (a)   2,814    34 
Pacific Premier Bancorp, Inc.   10,661    377 
PacWest Bancorp   15,699    677 
Palomar Holdings, Inc. (a)   2,911    186 
Park National Corp.   1,994    262 
Parke Bancorp, Inc.   1,681    40 
Patriot National Bancorp, Inc. (a)   303    5 
PB Bankshares, Inc. (a)   394    5 
PCSB Financial Corp.   1,626    31 
Peapack-Gladstone Financial Corp.   2,291    80 
PennantPark Floating Rate Capital Ltd.   5,529    75 
Pennantpark Investment Corp.   9,467    74 
Penns Woods Bancorp, Inc.   940    23 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Pennymac Financial Services   4,578   $244 
Pennymac Mortgage Investment Trust   10,725    181 
Peoples Bancorp of North Carolina, Inc.   714    20 
Peoples Bancorp, Inc.   3,758    118 
Perella Weinberg Partners   5,917    56 
Phenixfin Corp. (a)   229    9 
Pinnacle Financial Partners, Inc.   9,157    843 
Pioneer Bancorp, Inc. (a)   1,359    14 
Piper Sandler Cos.   2,201    289 
Plumas Bancorp   757    29 
Ponce Financial Group, Inc. (a)   1,292    13 
Popular, Inc.   10,494    858 
Portman Ridge Finance Corp.   1,303    31 
PRA Group, Inc. (a)   4,312    194 
Preferred Bank   1,517    112 
Premier Financial Corp.   4,668    142 
Primerica, Inc.   4,239    580 
Primis Financial Corp.   2,847    40 
ProAssurance Corp.   6,175    166 
PROG Holdings, Inc. (a)   6,075    175 
Prospect Capital Corp. (b)   40,292    334 
Prosperity Bancshares, Inc.   11,973    831 
Provident Bancorp, Inc.   1,842    30 
Provident Financial Holdings, Inc.   928    15 
Provident Financial Services, Inc.   9,347    219 
Pzena Investment Management, Inc. Class A   2,347    19 
QCR Holdings, Inc.   2,052    116 
Radian Group, Inc.   21,064    468 
Randolph Bancorp, Inc.   587    15 
RBB Bancorp   1,925    45 
Ready Capital Corp.   10,471    158 
Red River Bancshares, Inc.   721    38 
Redwood Trust, Inc.   14,253    150 
Regional Management Corp.   1,288    63 
Reinsurance Group of America, Inc.   7,875    862 
RenaissanceRe Holdings Ltd.   4,535    719 
Renasant Corp.   6,771    226 
Republic Bancorp, Inc. Class A   1,638    74 
Republic First Bancorp, Inc. (a)   5,626    29 
Riverview Bancorp, Inc.   2,819    21 
RLI Corp.   5,373    594 
Robinhood Markets, Inc. Class A (a)(b)   8,540    115 
Rocket Cos., Inc. Class A (b)   14,022    156 
Root, Inc. Class A (a)   3,923    8 
Runway Growth Finance Corp. (b)   5,493    75 
Ryan Specialty Group Holdings, Inc. Class A (a)   8,048    312 
S&T Bancorp, Inc.   4,725    140 
Sachem Capital Corp.   4,795    25 
Safeguard Scientifics, Inc. (a)   1,820    9 
Safety Insurance Group, Inc. (c)   1,556    141 
Salisbury Bancorp, Inc.   406    23 
Sandy Spring Bancorp, Inc.   5,482    246 
Saratoga Investment Corp.   1,437    39 
SB Financial Group, Inc.   848    17 
Sculptor Capital Management, Inc.   6,279    87 
Seacoast Banking Corp. of Florida   6,031    211 
Security National Financial Corp. Class A (a)   1,686    17 
SEI Investments Co.   15,432    929 
Selective Insurance Group, Inc.   7,649    683 
Selectquote, Inc. (a)   16,905    47 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
ServisFirst Bancshares, Inc.   6,668   $635 
Seven Hills Realty Trust   1,815    20 
Shore Bancshares, Inc.   2,323    48 
Siebert Financial Corp. (a)   1,923    4 
Sierra Bancorp   2,029    51 
Silvercrest Asset Management Group, Inc. Class A   1,242    25 
Silvergate Capital Corp. Class A (a)   1,982    298 
Simmons First National Corp. Class A   13,643    358 
Sixth Street Specialty Lending, Inc.   10,732    250 
SLM Corp.   38,080    699 
Solar Capital Ltd.   5,670    103 
Solar Senior Capital Ltd.   1,951    28 
South Plains Financial, Inc.   1,506    40 
Southern First Bancshares, Inc. (a)   818    42 
Southern Missouri Bancorp, Inc.   1,044    52 
Southern States Bancshares, Inc. (a)   804    19 
Southside Bancshares, Inc. (c)   3,931    160 
SouthState Corp.   10,012    817 
Spirit of Texas Bancshares, Inc.   2,053    54 
Starwood Property Trust, Inc.   40,856    987 
Stellus Capital Investment Corp.   2,753    38 
StepStone Group, Inc. Class A   2,447    81 
Sterling Bancorp (a)   3,350    24 
Stewart Information Services Corp.   3,315    201 
Stifel Financial Corp.   12,772    867 
Stock Yards Bancorp, Inc.   3,269    173 
StoneX Group, Inc. (a)   2,077    154 
Summit Financial Group, Inc.   1,693    43 
Sunlight Financial Holdings, Inc. (a)   7,106    36 
Suro Capital Corp.   4,087    35 
Synovus Financial Corp.   18,836    923 
TC Bancshares, Inc. (a)   680    10 
TCG BDC, Inc.   7,462    107 
Territorial Bancorp, Inc.   1,199    29 
Texas Capital Bancshares, Inc. (a)   6,435    369 
Texas Community Bancshares, Inc. (a)   379    7 
TFS Financial Corp.   7,535    125 
The Bancorp, Inc. (a)   7,048    200 
The Bank of Princeton   824    24 
The Carlyle Group, Inc.   34,208    1,673 
The First of Long Island Corp.   2,836    55 
The Goldman Sachs Group, Inc.        
The Hanover Insurance Group, Inc.   4,610    689 
Third Coast Bancshares, Inc. (a)   1,340    31 
Timberland Bancorp, Inc.   1,099    30 
Tompkins Financial Corp.   1,699    133 
Towne Bank   9,126    273 
TPG RE Finance Trust, Inc.   6,431    76 
TPG, Inc. (a)   4,769    144 
Tradeweb Markets, Inc. Class A   5,942    522 
Trean Insurance Group, Inc. (a)   2,025    9 
TriCo Bancshares   4,146    166 
Trinity Capital, Inc.   3,688    71 
TriplePoint Venture Growth BDC Corp.   4,380    76 
TriState Capital Holdings, Inc. (a)   4,079    136 
Triumph Bancorp, Inc. (a)   3,094    291 
Trupanion, Inc. (a)   4,119    367 
TrustCo Bank Corp.   2,336    75 
Trustmark Corp.   6,860    208 
Two Harbors Investment Corp.   40,300    223 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
U.S. Global Investors, Inc. Class A   1,528   $8 
UMB Financial Corp.   5,543    539 
Umpqua Holdings Corp.   26,302    496 
Union Bankshares, Inc.   515    16 
United Bankshares, Inc.   17,010    593 
United Community Banks, Inc.   13,302    463 
United Fire Group, Inc.   2,661    83 
United Insurance Holdings Corp.   3,614    12 
United Security Bancshares   2,115    18 
Unity Bancorp, Inc.   1,117    31 
Universal Insurance Holdings, Inc.   3,839    52 
Univest Financial Corp.   3,629    97 
Unum Group   23,451    739 
Upstart Holdings, Inc. (a)(b)   9,569    1,044 
USCB Financial Holdings, Inc. (a)   2,232    32 
Valley National Bancorp   52,358    682 
Value Line, Inc.   121    8 
Velocity Financial, Inc. (a)   2,828    31 
Vericity, Inc. (a)   506    3 
Veritex Holdings, Inc.   6,065    231 
Victory Capital Holdings, Inc. Class A (d)   1,733    50 
Virtu Financial, Inc. Class A   3,869    144 
Virtus Investment Partners, Inc.   839    201 
Voya Financial, Inc.   13,767    913 
Walker & Dunlop, Inc.   4,042    523 
Washington Federal, Inc.   8,289    272 
Washington Trust Bancorp, Inc.   2,277    120 
Webster Financial Corp.   21,806    1,224 
WesBanco, Inc.   8,052    277 
West Bancorp, Inc.   2,058    56 
Westamerica Bancorp   2,771    168 
Western Alliance Bancorp   12,388    1,026 
Western Asset Mortgage Capital Corp.   7,820    13 
Western New England Bancorp, Inc.   2,977    27 
Westwood Holdings Group, Inc.   1,109    17 
White Mountains Insurance Group Ltd.   403    458 
WhiteHorse Finance, Inc.   2,584    39 
William Penn Bancorp   1,844    23 
Wintrust Financial Corp.   6,842    636 
WisdomTree Investments, Inc.   13,660    80 
World Acceptance Corp. (a)   833    160 
WSFS Financial Corp.   8,322    388 
         167,005 
Health Care (11.8%):          
10X Genomics, Inc. Class A (a)   1,595    121 
1Life Healthcare, Inc. (a)   25,173    279 
2seventy bio, Inc. (a)   5,146    88 
4D Molecular Therapeutics, Inc. (a)(b)   3,995    60 
89bio, Inc. (a)   2,694    10 
9 Meters Biopharma, Inc. (a)   34,291    21 
Aadi Bioscience, Inc. (a)(b)   2,538    43 
Abeona Therapeutics, Inc. (a)   18,217    6 
Absci Corp. (a)(b)   6,015    51 
Acadia Healthcare Co., Inc. (a)   10,160    666 
ACADIA Pharmaceuticals, Inc. (a)   18,158    440 
Accelerate Diagnostics, Inc. (a)   6,086    9 
Accolade, Inc. (a)   8,226    144 
Accuray, Inc. (a)   12,178    40 
AcelRx Pharmaceuticals, Inc. (a)   18,351    5 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Acer Therapeutics, Inc. (a)   1,376   $4 
Achieve Life Sciences, Inc. (a)   1,230    9 
Aclaris Therapeutics, Inc. (a)   6,835    118 
Acorda Therapeutics, Inc. (a)   1,602    3 
Acumen Pharmaceuticals, Inc. (a)   2,402    9 
Acurx Pharmaceuticals, Inc. (a)   1,156    4 
Acutus Medical, Inc. (a)   2,804    4 
Adagio Therapeutics, Inc. (a)   1,415    6 
Adamis Pharmaceuticals Corp. (a)(b)   20,390    12 
Adaptive Biotechnologies Corp. (a)   13,794    191 
Addus HomeCare Corp. (a)   1,781    166 
Adial Pharmaceuticals, Inc. (a)   3,183    6 
Adicet Bio, Inc. (a)   5,072    101 
Adverum Biotechnologies, Inc. (a)   11,364    15 
Aeglea BioTherapeutics, Inc. (a)   6,199    14 
Aerie Pharmaceuticals, Inc. (a)   6,286    57 
Aerovate Therapeutics, Inc. (a)   2,483    46 
Agenus, Inc. (a)   34,093    84 
Agile Therapeutics, Inc. (a)   14,055    3 
Agilon Health, Inc. (a)   22,231    564 
Agios Pharmaceuticals, Inc. (a)   5,479    159 
Aileron Therapeutics, Inc. (a)   9,336    5 
AIM ImmunoTech, Inc. (a)   6,566    7 
AirSculpt Technologies, Inc. (a)   1,652    23 
Akebia Therapeutics, Inc. (a)   22,972    16 
Akero Therapeutics, Inc. (a)   3,351    48 
Akouos, Inc. (a)   2,826    13 
Albireo Pharma, Inc. (a)   2,234    67 
Aldeyra Therapeutics, Inc. (a)   6,399    28 
Alector, Inc. (a)   7,646    109 
Alignment Healthcare, Inc. (a)   11,105    125 
Aligos Therapeutics, Inc. (a)   2,066    4 
Alimera Sciences, Inc. (a)   756    4 
Alkermes PLC (a)   18,294    481 
Allakos, Inc. (a)   5,370    31 
Allarity Therapeutics, Inc. (a)   914    2 
Allena Pharmaceuticals, Inc. (a)   10,727    2 
Allogene Therapeutics, Inc. (a)   14,310    130 
Allovir, Inc. (a)   4,246    29 
Allscripts Healthcare Solutions, Inc. (a)   13,618    307 
Alnylam Pharmaceuticals, Inc. (a)   12,051    1,968 
Alpha Teknova, Inc. (a)   991    14 
Alphatec Holdings, Inc. (a)   11,217    129 
Alpine Immune Sciences, Inc. (a)   2,395    21 
Altimmune, Inc. (a)(b)   4,883    30 
ALX Oncology Holdings, Inc. (a)(b)   2,346    40 
Alzamend Neuro, Inc. (a)   7,152    9 
Amedisys, Inc. (a)   4,227    728 
American Well Corp. Class A (a)   5,950    25 
Amicus Therapeutics, Inc. (a)   33,209    314 
AMN Healthcare Services, Inc. (a)   5,665    591 
Amneal Pharmaceuticals, Inc. (a)   39,579    165 
Amphastar Pharmaceuticals, Inc. (a)   4,933    177 
Ampio Pharmaceuticals, Inc. (a)   28,540    13 
Amylyx Pharmaceuticals, Inc. (a)   1,437    18 
AnaptysBio, Inc. (a)   3,671    91 
Anebulo Pharmaceuticals, Inc. (a)   958    6 
AngioDynamics, Inc. (a)   4,648    100 
Angion Biomedica Corp. (a)   2,709    6 
ANI Pharmaceuticals, Inc. (a)   1,822    51 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Anika Therapeutics, Inc. (a)   1,408   $35 
Anixa Biosciences, Inc. (a)   4,001    11 
Annexon, Inc. (a)   3,578    10 
Annovis Bio, Inc. (a)   803    11 
Antares Pharma, Inc. (a)   20,887    86 
Apellis Pharmaceuticals, Inc. (a)   10,307    524 
Apollo Endosurgery, Inc. (a)   5,093    31 
Apollo Medical Holdings, Inc. (a)(b)   5,610    272 
Applied DNA Sciences, Inc. (a)   932    2 
Applied Genetic Technologies Corp. (a)   6,816    7 
Applied Molecular Transport, Inc. (a)   2,013    15 
Applied Therapeutics, Inc. (a)   2,223    5 
Aprea Therapeutics, Inc. (a)   2,456    5 
Aptevo Therapeutics, Inc. (a)   646    4 
Aptinyx, Inc. (a)   6,694    15 
Apyx Medical Corp. (a)   3,880    25 
AquaBounty Technologies, Inc. (a)(b)   8,525    16 
Aquestive Therapeutics, Inc. (a)   5,389    14 
Aravive, Inc. (a)   2,026    4 
ARCA biopharma, Inc. (a)   1,935    4 
Arcellx, Inc. (a)   1,186    17 
Arcus Biosciences, Inc. (a)   7,526    238 
Arcutis Biotherapeutics, Inc. (a)   4,341    84 
Ardelyx, Inc. (a)   15,637    17 
Aridis Pharmaceuticals, Inc. (a)   1,430    3 
Arrowhead Pharmaceuticals, Inc. (a)   13,402    616 
Arvinas, Inc. (a)   5,376    362 
Asensus Surgical, Inc. (a)(b)   31,106    19 
Aspira Women's Health, Inc. (a)(b)   9,183    10 
Assembly Biosciences, Inc. (a)   5,948    12 
Assertio Holdings, Inc. (a)   5,862    17 
Astria Therapeutics, Inc. (a)   1,563    10 
Atara Biotherapeutics, Inc. (a)   10,986    102 
Atea Pharmaceuticals, Inc. (a)   8,461    61 
Athenex, Inc. (a)   10,496    9 
Athira Pharma, Inc. (a)   4,484    61 
Atossa Therapeutics, Inc. (a)(b)   15,733    20 
Atreca, Inc. Class A (a)   1,672    5 
AtriCure, Inc. (a)   5,655    371 
Atrion Corp.   140    100 
aTyr Pharma, Inc. (a)   3,102    17 
Aura Biosciences, Inc. (a)(b)   1,528    34 
Avalo Therapeutics, Inc. (a)   15,383    11 
Avanos Medical, Inc. (a)   5,212    175 
Avantor, Inc. (a)   75,780    2,563 
Aveanna Healthcare Holdings, Inc. (a)   7,801    27 
AVEO Pharmaceuticals, Inc. (a)(b)   4,030    23 
Avid Bioservices, Inc. (a)   6,523    133 
Avidity Biosciences, Inc. (a)   4,570    84 
Avinger, Inc. (a)   749    3 
Avrobio, Inc. (a)   4,744    6 
Axcella Health, Inc. (a)   3,730    10 
Axogen, Inc. (a)   5,548    44 
Axonics, Inc. (a)   6,146    385 
Axsome Therapeutics, Inc. (a)   4,312    178 
Ayala Pharmaceuticals, Inc. (a)   671    3 
Aytu BioScience, Inc. (a)   4,522    5 
Beam Therapeutics, Inc. (a)   6,158    353 
Bellerophon Therapeutics, Inc. (a)   1,264    3 
Berkeley Lights, Inc. (a)   7,165    51 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Better Therapeutics, Inc. (a)   1,268   $3 
BioAtla, Inc. (a)   1,452    7 
Biocept, Inc. (a)   2,380    6 
BioCryst Pharmaceuticals, Inc. (a)   24,205    394 
Biodesix, Inc. (a)   1,144    2 
Biolase, Inc. (a)   20,992    7 
BioLife Solutions, Inc. (a)   5,411    123 
BioMarin Pharmaceutical, Inc. (a)   20,254    1,562 
Biomea Fusion, Inc. (a)   2,879    13 
Biomerica, Inc. (a)(b)   1,435    6 
BioNano Genomics, Inc. (a)(b)   38,378    99 
Bioventus, Inc. Class A (a)(b)   2,976    42 
Bioxcel Therapeutics, Inc. (a)(b)   2,135    45 
Black Diamond Therapeutics, Inc. (a)   3,224    9 
Blue Water Vaccines, Inc. (a)   314    18 
bluebird bio, Inc. (a)   8,514    41 
Blueprint Medicines Corp. (a)   7,190    459 
Bolt Biotherapeutics, Inc. (a)(b)   3,055    8 
Brickell Biotech, Inc. (a)   15,431    4 
Bridgebio Pharma, Inc. (a)(b)   14,380    146 
Brookdale Senior Living, Inc. (a)   24,629    174 
Bruker Corp.   9,422    606 
C4 Therapeutics, Inc. (a)   5,919    144 
Cabaletta Bio, Inc. (a)(b)   2,682    5 
Caladrius Biosciences, Inc. (a)   8,019    6 
Calithera Biosciences, Inc. (a)   9,099    4 
Calyxt, Inc. (a)   2,234    2 
Candel Therapeutics, Inc. (a)   1,825    9 
Capital Senior Living Corp. (a)   803    27 
Capricor Therapeutics, Inc. (a)   3,275    11 
Cara Therapeutics, Inc. (a)   5,539    67 
Cardiff Oncology, Inc. (a)   5,443    13 
Cardiovascular Systems, Inc. (a)   3,496    79 
CareCloud, Inc. (a)   1,472    8 
CareDx, Inc. (a)   6,141    227 
Caribou Biosciences, Inc. (a)(b)   7,565    69 
CASI Pharmaceuticals, Inc. (a)   14,804    12 
Cassava Sciences, Inc. (a)(b)   5,030    187 
Castle Biosciences, Inc. (a)   3,370    151 
Catalyst Biosciences, Inc. (a)   4,258    3 
Catalyst Pharmaceuticals, Inc. (a)   13,686    113 
cbdMD, Inc. (a)   6,072    6 
Celcuity, Inc. (a)   1,434    13 
Celldex Therapeutics, Inc. (a)   5,412    184 
Cellectar Biosciences, Inc. (a)   8,024    6 
CEL-SCI Corp. (a)   5,745    23 
Celsion Corp. (a)   810    4 
Celularity, Inc. (a)(b)   4,185    36 
Century Therapeutics, Inc. (a)   2,397    30 
Certara, Inc. (a)   14,204    305 
Cerus Corp. (a)   19,377    106 
Champions Oncology, Inc. (a)   460    4 
Change Healthcare, Inc. (a)   41,400    903 
Checkmate Pharmaceuticals, Inc. (a)   888    3 
Checkpoint Therapeutics, Inc. (a)   5,523    10 
Chembio Diagnostics, Inc. (a)   3,904    3 
Chemed Corp.   2,001    1,014 
ChemoCentryx, Inc. (a)   6,527    164 
Chimerix, Inc. (a)   10,916    50 
Chinook Therapeutics, Inc. (a)   5,578    91 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares     Value  
Cidara Therapeutics, Inc. (a)     8,945     $ 7  
CinCor Pharma, Inc. (a)     1,664       29  
Clearside Biomedical, Inc. (a)     6,910       16  
Clever Leaves Holdings, Inc. (a)     3,563       9  
Clovis Oncology, Inc. (a)(b)     18,878       38  
Cocrystal Pharma, Inc. (a)     12,661       7  
Codex DNA, Inc. (a)(b)     788       4  
Codexis, Inc. (a)     7,603       157  
Co-Diagnostics, Inc. (a)(b)     4,599       28  
Codiak Biosciences, Inc. (a)     1,770       11  
Cogent Biosciences, Inc. (a)     4,206       31  
Cognition Therapeutics, Inc. (a)     1,681       5  
Cohbar, Inc. (a)     10,693       3  
Coherus Biosciences, Inc. (a)     6,939       90  
Collegium Pharmaceutical, Inc. (a)     3,370       69  
Community Health Systems, Inc. (a)     16,042       190  
Computer Programs and Systems, Inc. (a)     1,770       61  
Concert Pharmaceuticals, Inc. (a)     4,602       16  
Conformis, Inc. (a)     24,435       15  
CONMED Corp.     3,323       494  
Convey Holding Parent, Inc. (a)     2,585       17  
Corcept Therapeutics, Inc. (a)     12,268       276  
Cortexyme, Inc. (a)(b)     2,575       16  
CorVel Corp. (a)     898       151  
Corvus Pharmaceuticals, Inc. (a)(b)     5,654       9  
Covetrus, Inc. (a)     12,451       209  
Crinetics Pharmaceuticals, Inc. (a)     5,099       112  
Cross Country Healthcare, Inc. (a)     4,347       94  
CryoLife, Inc. (a)     4,476       96  
CryoPort, Inc. (a)     6,205       217  
CTI BioPharma Corp. (a)     12,697       59  
Cue BioPharma, Inc. (a)     4,217       21  
Cue Health, Inc. (a)(b)     13,226       85  
Cullinan Oncology, Inc. (a)     3,456       36  
Cumberland Pharmaceuticals, Inc. (a)     1,273       4  
Curis, Inc. (a)     11,388       27  
Cutera, Inc. (a)     2,182       151  
CVRx, Inc. (a)     1,794       11  
Cyclacel Pharmaceuticals, Inc. (a)     1,340       4  
Cyclerion Therapeutics, Inc. (a)     3,976       4  
Cyteir Therapeutics, Inc. (a)(b)     1,700       6  
Cytek Biosciences, Inc. (a)     10,387       112  
Cytokinetics, Inc. (a)     8,508       313  
CytomX Therapeutics, Inc. (a)(c)     8,568       23  
CytoSorbents Corp. (a)     5,403       17  
CytRx Corp. (a)     4,822       2  
Dare Bioscience, Inc. (a)     10,383       15  
Day One Biopharmaceuticals, Inc. (a)     5,160       51  
Decibel Therapeutics, Inc. (a)(b)     1,585       5  
Deciphera Pharmaceuticals, Inc. (a)     4,961       46  
Definitive Healthcare Corp. (a)(b)     3,877       96  
Delcath Systems, Inc. (a)     989       6  
Denali Therapeutics, Inc. (a)     10,864       349  
Design Therapeutics, Inc. (a)     2,831       46  
DICE Therapeutics, Inc. (a)     3,510       67  
DocGo, Inc. (a)     12,292       114  
Doximity, Inc. Class A (a)     3,513       183  
Durect Corp. (a)(b)     26,660       18  
Dynavax Technologies Corp. (a)(b)     15,521       168  
Dyne Therapeutics, Inc. (a)     4,512       43  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares     Value  
Eagle Pharmaceuticals, Inc. (a)     1,370     $ 68  
Eargo, Inc. (a)     3,384       18  
Edgewise Therapeutics, Inc. (a)     1,889       18  
Editas Medicine, Inc. (a)     8,418       160  
eFFECTOR Therapeutics, Inc. (a)     1,039       4  
Eiger Biopharmaceuticals, Inc. (a)     4,462       37  
Ekso Bionics Holdings, Inc. (a)     1,578       5  
Elanco Animal Health, Inc. (a)     53,433       1,394  
Electrocore, Inc. (a)     9,485       6  
Electromed, Inc. (a)     966       12  
Eledon Pharmaceuticals, Inc. (a)     1,840       7  
Elevation Oncology, Inc. (a)     1,248       3  
Eliem Therapeutics, Inc. (a)     939       8  
Eloxx Pharmaceuticals, Inc. (a)     9,743       5  
Emergent BioSolutions, Inc. (a)     6,063       249  
Enanta Pharmaceuticals, Inc. (a)     2,495       178  
Encompass Health Corp.     12,924       919  
Endo International PLC (a)     28,042       65  
ENDRA Life Sciences, Inc. (a)     5,597       2  
Entasis Therapeutics Holdings, Inc. (a)     2,704       5  
Entrada Therapeutics, Inc. (a)(b)     1,500       14  
Envista Holdings Corp. (a)     16,222       790  
enVVeno Medical Corp. (a)     1,232       8  
Enzo Biochem, Inc. (a)     5,408       16  
Epizyme, Inc. (a)     18,811       22  
EQRx, Inc. (a)(b)     43,372       179  
Equillium, Inc. (a)     2,578       8  
Erasca, Inc. (a)(b)     9,074       78  
Esperion Therapeutics, Inc. (a)(b)     8,250       38  
Establishment Labs Holdings, Inc. (a)(b)     1,967       133  
Eton Pharmaceuticals, Inc. (a)     3,198       14  
Evelo Biosciences, Inc. (a)(b)     2,341       8  
Evofem Biosciences, Inc. (a)(b)     24,333       8  
Evoke Pharma, Inc. (a)     4,382       2  
Evolent Health, Inc. Class A (a)     10,517       340  
Evolus, Inc. (a)     5,023       56  
Exact Sciences Corp. (a)     20,597       1,440  
Exagen, Inc. (a)     1,029       8  
Exelixis, Inc. (a)     36,080       818  
Eyenovia, Inc. (a)     2,849       9  
EyePoint Pharmaceuticals, Inc. (a)     3,734       45  
Fate Therapeutics, Inc. (a)     11,301       438  
Femasys, Inc. (a)     885       2  
Fennec Pharmaceuticals, Inc. (a)     2,755       15  
Fibrogen, Inc. (a)     9,032       109  
Figs, Inc. Class A (a)     3,694       79  
Finch Therapeutics Group, Inc. (a)     3,889       20  
First Wave BioPharma, Inc. (a)     2,322       2  
Five Star Senior Living, Inc. (a)     2,719       6  
Fluidigm Corp. (a)     9,341       34  
Foghorn Therapeutics, Inc. (a)     1,928       29  
FONAR Corp. (a)     891       17  
Forma Therapeutics Holdings, Inc. (a)     6,158       57  
Forte Biosciences, Inc. (a)     1,752       3  
Fortress Biotech, Inc. (a)     10,973       15  
Frequency Therapeutics, Inc. (a)     4,545       10  
F-Star Therapeutics, Inc. (a)     2,797       10  
Fulcrum Therapeutics, Inc. (a)     3,831       91  
Fulgent Genetics, Inc. (a)(b)     2,698       168  
G1 Therapeutics, Inc. (a)(b)     4,765       36  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares     Value  
Gain Therapeutics, Inc. (a)     1,327     $ 5  
Galectin Therapeutics, Inc. (a)(b)     6,369       10  
Galera Therapeutics, Inc. (a)     2,429       6  
Gelesis Holdings, Inc. (a)(b)     5,915       27  
Generation Bio Co. (a)     3,945       29  
Genocea Biosciences, Inc. (a)     6,165       8  
Genprex, Inc. (a)(b)     6,347       14  
Geron Corp. (a)(b)     42,271       57  
Glaukos Corp. (a)     5,240       303  
Global Blood Therapeutics, Inc. (a)     7,140       247  
Globus Medical, Inc. (a)     8,746       645  
GlycoMimetics, Inc. (a)     5,991       7  
GoodRx Holdings, Inc. Class A (a)     5,095       98  
Gossamer Bio, Inc. (a)     8,961       78  
Graphite Bio, Inc. (a)     3,691       19  
Great Elm Group, Inc. (a)     3,296       6  
Greenlight Biosciences Holdings PBC (a)(b)     10,406       100  
Greenwich Lifesciences, Inc. (a)     762       15  
Gritstone bio, Inc. (a)     8,449       35  
Guardant Health, Inc. (a)     12,214       809  
Haemonetics Corp. (a)     6,424       406  
Halozyme Therapeutics, Inc. (a)     15,943       636  
Hanger, Inc. (a)     3,827       70  
Harmony Biosciences Holdings, Inc. (a)     2,827       138  
Harpoon Therapeutics, Inc. (a)     3,608       18  
Harrow Health, Inc. (a)     3,344       23  
Harvard Bioscience, Inc. (a)     5,014       31  
HCW Biologics, Inc. (a)     1,717       5  
Health Catalyst, Inc. (a)     5,440       142  
HealthEquity, Inc. (a)     10,624       716  
HealthStream, Inc. (a)     3,059       61  
Heat Biologics, Inc. (a)     3,409       10  
Helius Medical Technologies, Inc. (a)     485       2  
Heron Therapeutics, Inc. (a)(b)     12,836       73  
Heska Corp. (a)     1,288       178  
Homology Medicines, Inc. (a)     4,682       14  
Hookipa Pharma, Inc. (a)     4,154       9  
Horizon Therapeutics PLC (a)     29,782       3,133  
Humacyte, Inc. (a)     7,855       55  
Hyperfine, Inc. (a)(b)     7,318       26  
iCAD, Inc. (a)     3,015       13  
Icosavax, Inc. (a)     3,695       26  
ICU Medical, Inc. (a)     2,219       494  
Ideaya Biosciences, Inc. (a)     4,349       49  
Idera Pharmaceuticals, Inc. (a)     6,338       3  
IGM Biosciences, Inc. (a)(b)     1,006       27  
Ikena Oncology, Inc. (a)     4,058       25  
Imac Holdings, Inc. (a)     3,184       3  
Imago Biosciences, Inc. (a)     2,842       55  
IMARA, Inc. (a)     2,191       4  
ImmuCell Corp. (a)     865       8  
Immuneering Corp. Class A (a)     2,497       16  
Immunic, Inc. (a)(b)     3,189       36  
ImmunityBio, Inc. (a)(b)     11,795       66  
ImmunoGen, Inc. (a)     29,267       139  
Immunome, Inc. (a)     1,352       8  
Immunovant, Inc. (a)     6,082       34  
Impel Neuropharma, Inc. (a)(b)     1,043       7  
IN8bio, Inc. (a)     1,352       5  
Inari Medical, Inc. (a)     4,646       421  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares     Value  
Indaptus Therapeutics, Inc. (a)     765     $ 3  
Infinity Pharmaceuticals, Inc. (a)     11,689       13  
Infusystem Holdings, Inc. (a)     2,655       26  
Inhibikase Therapeutics, Inc. (a)     2,774       4  
Inhibrx, Inc. (a)     3,753       84  
Inmune Bio, Inc. (a)     1,992       17  
Innovage Holding Corp. (a)(b)     2,680       17  
Innoviva, Inc. (a)     8,636       167  
Inogen, Inc. (a)     2,183       71  
Inotiv, Inc. (a)(b)     2,806       73  
Inovio Pharmaceuticals, Inc. (a)(b)     27,620       99  
Inozyme Pharma, Inc. (a)     1,172       5  
Insmed, Inc. (a)     13,431       316  
Inspire Medical Systems, Inc. (a)     3,461       888  
Instil Bio, Inc. (a)(b)     8,374       90  
Insulet Corp. (a)     6,331       1,687  
Integer Holdings Corp. (a)     3,927       316  
Integra LifeSciences Holdings Corp. (a)     7,894       507  
Intellia Therapeutics, Inc. (a)     8,225       598  
Intercept Pharmaceuticals, Inc. (a)(b)     3,089       50  
Interpace Biosciences, Inc. (a)     438       2  
Intersect ENT, Inc. (a)     4,395       123  
Intra-Cellular Therapies, Inc. (a)     10,308       631  
IntriCon Corp. (a)     1,207       29  
Invacare Corp. (a)     3,661       5  
Invitae Corp. (a)     30,654       244  
Ionis Pharmaceuticals, Inc. (a)     11,803       437  
iRadimed Corp.     943       42  
iRhythm Technologies, Inc. (a)     3,450       543  
IRIDEX Corp. (a)     1,862       9  
Ironwood Pharmaceuticals, Inc. (a)     18,434       232  
IsoPlexis Corp. (a)     1,707       6  
IsoRay, Inc. (a)     20,054       7  
iSpecimen, Inc. (a)     840       5  
iTeos Therapeutics, Inc. (a)     3,090       99  
IVERIC bio, Inc. (a)     13,394       225  
Janux Therapeutics, Inc. (a)(b)     1,882       27  
Jasper Therapeutics, Inc. (a)(b)     1,086       4  
Jounce Therapeutics, Inc. (a)     5,428       37  
Journey Medical Corp. (a)     496       2  
Kala Pharmaceuticals, Inc. (a)     8,509       12  
Kaleido Biosciences, Inc. (a)(b)     2,347       4  
KalVista Pharmaceuticals, Inc. (a)     2,834       42  
Karuna Therapeutics, Inc. (a)     2,344       297  
Keros Therapeutics, Inc. (a)     1,852       101  
Kezar Life Sciences, Inc. (a)     5,168       86  
Kiniksa Pharmaceuticals Ltd. Class A (a)     1,270       13  
Kinnate Biopharma, Inc. (a)     3,827       43  
Kodiak Sciences, Inc. (a)     5,770       45  
Krystal Biotech, Inc. (a)     2,710       180  
Kura Oncology, Inc. (a)     7,988       128  
Kymera Therapeutics, Inc. (a)     5,549       235  
Landos BioPharma, Inc. (a)     1,763       3  
Lannett Co., Inc. (a)(b)     5,701       4  
Lantern Pharma, Inc. (a)     1,093       8  
Lantheus Holdings, Inc. (a)     8,132       450  
Larimar Therapeutics, Inc. (a)     2,402       10  
Leap Therapeutics, Inc. (a)(b)     9,228       16  
LeMaitre Vascular, Inc.     2,076       96  
LENSAR, Inc. (a)     1,441       11  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description   Shares     Value  
Lexicon Pharmaceuticals, Inc. (a)     11,563     $ 24  
LHC Group, Inc. (a)     3,982       671  
LifeStance Health Group, Inc. (a)(b)     13,207       134  
Ligand Pharmaceuticals, Inc. (a)     2,007       226  
Lineage Cell Therapeutics, Inc. (a)(b)     22,371       34  
Liquidia Technologies, Inc. (a)     5,579       40  
LogicBio Therapeutics, Inc. (a)     4,096       3  
Longboard Pharmaceuticals, Inc. (a)     740       4  
Lucid Diagnostics, Inc. (a)     1,249       4  
Lucira Health, Inc. (a)     2,383       8  
Lumos Pharma, Inc. (a)(b)     721       7  
Lyell Immunopharma, Inc. (a)(b)     22,748       115  
Lyra Therapeutics, Inc. (a)     1,122       5  
MacroGenics, Inc. (a)     6,834       60  
Madrigal Pharmaceuticals, Inc. (a)     2,054       202  
Magenta Therapeutics, Inc. (a)     6,226       18  
MannKind Corp. (a)(b)     32,989       121  
Maravai LifeSciences Holdings, Inc. Class A (a)     8,368       295  
Marinus Pharmaceuticals, Inc. (a)     4,414       41  
Marker Therapeutics, Inc. (a)     9,150       4  
Masimo Corp. (a)     6,567       956  
Matinas BioPharma Holdings, Inc. (a)(b)     28,698       23  
MediciNova, Inc. (a)     6,164       16  
MEDNAX, Inc. (a)     10,501       247  
Medpace Holdings, Inc. (a)     3,732       611  
MEI Pharma, Inc. (a)     17,649       11  
MeiraGTx Holdings PLC (a)     4,897       68  
Meridian Bioscience, Inc. (a)     5,165       134  
Merit Medical Systems, Inc. (a)     6,936       461  
Merrimack Pharmaceuticals, Inc. (a)     1,781       11  
Mersana Therapeutics, Inc. (a)     10,244       41  
Mesa Laboratories, Inc.     557       142  
Metacrine, Inc. (a)     4,330       3  
Microbot Medical, Inc. (a)(b)     925       6  
Minerva Neurosciences, Inc. (a)     5,732       5  
Minerva Surgical, Inc. (a)     1,182       5  
Miromatrix Medical, Inc. (a)     2,004       8  
Mirum Pharmaceuticals, Inc. (a)     2,597       57  
ModivCare, Inc. (a)     2,472       285  
Molecular Templates, Inc. (a)(b)     3,420       12  
Moleculin Biotech, Inc. (a)     3,835       7  
Monopar Therapeutics, Inc. (a)     766       2  
Monte Rosa Therapeutics, Inc. (a)(b)     3,088       43  
Morphic Holding, Inc. (a)     3,406       137  
Multiplan Corp. (a)(b)     35,162       165  
Mustang Bio, Inc. (a)     6,887       7  
MyMD Pharmaceuticals, Inc. (a)     4,786       22  
Myomo, Inc. (a)     903       3  
Myriad Genetics, Inc. (a)     9,359       236  
NanoString Technologies, Inc. (a)     5,029       175  
NantHealth, Inc. (a)     4,405       3  
Natera, Inc. (a)     12,555       511  
National HealthCare Corp. (c)     2,074       146  
National Research Corp.     1,577       63  
Natus Medical, Inc. (a)     4,082       107  
Navidea Biopharmaceuticals, Inc. (a)     3,113       2  
Nektar Therapeutics (a)     15,374       83  
Neogen Corp. (a)     12,019       371  
NeoGenomics, Inc. (a)     13,834       168  
Neoleukin Therapeutics, Inc. (a)     4,554       9  

 

 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Neurocrine Biosciences, Inc. (a)   12,238   $1,147 
NeuroMetrix, Inc. (a)   989    4 
Neuronetics, Inc. (a)   3,501    11 
NeuroPace, Inc. (a)   1,890    16 
Nevro Corp. (a)   3,961    286 
NexImmune, Inc. (a)   2,311    10 
NextCure, Inc. (a)   3,006    15 
NextGen Healthcare, Inc. (a)   6,704    140 
NGM Biopharmaceuticals, Inc. (a)   5,816    89 
Nkarta, Inc. (a)   2,793    32 
Northwest Biotherapeutics, Inc. (a)(b)   125,742    88 
Novan, Inc. (a)   2,499    10 
Novavax, Inc. (a)(b)   10,036    739 
Nurix Therapeutics, Inc. (a)   5,307    74 
Nuvalent, Inc. Class A (a)(b)   1,366    19 
NuVasive, Inc. (a)   6,507    369 
Oak Street Health, Inc. (a)(b)   14,967    402 
Ocugen, Inc. (a)(b)   28,858    95 
Ocular Therapeutix, Inc. (a)   10,168    50 
Ocuphire Pharma, Inc. (a)   1,945    6 
Olema Pharmaceuticals, Inc. (a)   2,736    12 
Omega Therapeutics, Inc. (a)(b)   2,093    13 
Omeros Corp. (a)(b)   8,301    50 
Omnicell, Inc. (a)   5,395    699 
Oncocyte Corp. (a)   11,591    17 
Onconova Therapeutics, Inc. (a)   2,804    5 
Oncorus, Inc. (a)   1,751    3 
OncoSec Medical, Inc. (a)   2,722    3 
Oncternal Therapeutics, Inc. (a)   6,072    8 
Ontrak, Inc. (a)   1,638    4 
OpGen, Inc. (a)   6,566    5 
Opiant Pharmaceuticals, Inc. (a)   635    14 
OPKO Health, Inc. (a)(b)   68,295    235 
Optinose, Inc. (a)   5,650    14 
Option Care Health, Inc. (a)   14,481    414 
Oragenics, Inc. (a)   14,791    5 
Oramed Pharmaceuticals, Inc. (a)   5,191    45 
OraSure Technologies, Inc. (a)   7,938    54 
Organogenesis Holdings, Inc. (a)   9,264    71 
Orgenesis, Inc. (a)   3,155    11 
ORIC Pharmaceuticals, Inc. (a)   3,894    21 
Ortho Clinical Diagnostics Holdings PLC (a)   14,048    262 
Orthofix Medical, Inc. (a)   2,216    72 
OrthoPediatrics Corp. (a)   1,475    80 
Osmotica Pharmaceuticals PLC (a)   5,999    10 
Otonomy, Inc. (a)   7,690    18 
Outlook Therapeutics, Inc. (a)   17,732    32 
Outset Medical, Inc. (a)   5,290    240 
Ovid Therapeutics, Inc. (a)   8,076    25 
Owens & Minor, Inc.   9,070    399 
Owlet, Inc. (a)   10,676    48 
Oyster Point Pharma, Inc. (a)(b)   2,366    28 
Pacific Biosciences of California, Inc. (a)   20,610    188 
Pacira BioSciences, Inc. (a)   4,530    346 
Palatin Technologies, Inc. (a)   30,749    14 
Paragon 28, Inc. (a)   3,560    60 
Paratek Pharmaceuticals, Inc. (a)   6,733    20 
Pardes Biosciences, Inc. (a)   8,104    59 
Passage Bio, Inc. (a)   5,807    18 
Patterson Cos., Inc. (c)   9,499    307 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
PAVmed, Inc. (a)   11,175   $15 
PDL BioPharma, Inc. (a)(b)(e)(f)   17,605    43 
PDS Biotechnology Corp. (a)   3,656    23 
Pear Therapeutics, Inc. (a)   5,644    28 
Penumbra, Inc. (a)   3,775    839 
Personalis, Inc. (a)   3,682    30 
PetIQ, Inc. (a)(b)   955    23 
PhaseBio Pharmaceuticals, Inc. (a)(b)   5,094    7 
Phathom Pharmaceuticals, Inc. (a)   3,017    41 
Phibro Animal Health Corp. Class A   1,832    37 
Phreesia, Inc. (a)   5,210    137 
Pieris Pharmaceuticals, Inc. (a)   9,667    29 
Pliant Therapeutics, Inc. (a)   2,953    21 
Plus Therapeutics, Inc. (a)   3,102    3 
PLx Pharma, Inc. (a)   3,228    13 
PMV Pharmaceuticals, Inc. (a)   5,319    111 
Point Biopharma Global, Inc. (a)(b)   11,453    91 
PolarityTE, Inc. (a)(b)   10,019    2 
Poseida Therapeutics, Inc. (a)   4,326    19 
Praxis Precision Medicines, Inc. (a)   3,738    38 
Precigen, Inc. (a)   14,595    31 
Precipio, Inc. (a)   3,176    4 
Precision BioSciences, Inc. (a)   6,865    21 
Predictive Oncology, Inc. (a)   9,074    9 
Prelude Therapeutics, Inc. (a)(b)   2,202    15 
Premier, Inc. Class A   16,646    592 
Pressure BioSciences, Inc. (a)   1,045    2 
Prestige Consumer Healthcare, Inc. (a)   6,026    319 
Privia Health Group, Inc. (a)   7,369    197 
PROCEPT BioRobotics Corp. (a)(b)   5,099    178 
Pro-Dex, Inc. (a)   371    6 
Progenity, Inc. (a)   21,039    24 
Progyny, Inc. (a)   8,428    433 
Prometheus Biosciences, Inc. (a)   2,311    87 
ProPhase Labs, Inc.   1,839    13 
Protagonist Therapeutics, Inc. (a)   5,055    120 
Protalix BioTherapeutics, Inc. (a)(b)   5,726    6 
Protara Therapeutics, Inc. (a)   1,382    7 
Provention Bio, Inc. (a)   8,412    62 
Psychemedics Corp.   659    5 
PTC Therapeutics, Inc. (a)   8,062    301 
Pulmatrix, Inc. (a)   444    3 
Pulmonx Corp. (a)   3,798    94 
Pulse Biosciences, Inc. (a)   2,052    10 
Puma Biotechnology, Inc. (a)   4,850    14 
Pyxis Oncology, Inc. (a)   2,222    9 
Qualigen Therapeutics, Inc. (a)   4,685    3 
Quanterix Corp. (a)   4,141    121 
Quidel Corp. (a)   3,659    411 
R1 RCM, Inc. (a)   19,642    526 
RadNet, Inc. (a)   6,037    135 
Rain Therapeutics, Inc. (a)   1,012    5 
Rallybio Corp. (a)   1,136    8 
Rani Therapeutics Holdings, Inc. (a)(b)   971    13 
Rapid Micro Biosystems, Inc. Class A (a)   1,111    8 
RAPT Therapeutics, Inc. (a)   2,546    56 
Reata Pharmaceuticals, Inc. Class A (a)   2,623    86 
Recro Pharma, Inc. (a)   7,410    13 
Recursion Pharmaceuticals, Inc. Class A (a)(b)   3,335    24 
REGENXBIO, Inc. (a)   4,349    144 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Regulus Therapeutics, Inc. (a)   17,930   $5 
Relay Therapeutics, Inc. (a)   9,174    275 
Relmada Therapeutics, Inc. (a)   3,564    96 
Reneo Pharmaceuticals, Inc. (a)   1,657    5 
Renovacor, Inc. (a)   1,367    6 
Repligen Corp. (a)   6,251    1,176 
Replimune Group, Inc. (a)   4,001    68 
ReShape Lifesciences, Inc. (a)   2,104    2 
Retractable Technologies, Inc. (a)   2,195    10 
Revance Therapeutics, Inc. (a)   7,683    150 
REVOLUTION Medicines, Inc. (a)   7,388    188 
Rhythm Pharmaceuticals, Inc. (a)   4,686    54 
Rigel Pharmaceuticals, Inc. (a)   18,833    56 
Rocket Pharmaceuticals, Inc. (a)   8,644    137 
Rockwell Medical, Inc. (a)   12,339    6 
Royalty Pharma PLC Class A   11,145    434 
Rubius Therapeutics, Inc. (a)   3,945    22 
RxSight, Inc. (a)   2,473    31 
SAB Biotherapeutics, Inc. (a)   3,562    13 
Sage Therapeutics, Inc. (a)   6,254    207 
Salarius Pharmaceuticals, Inc. (a)   6,064    2 
Sana Biotechnology, Inc. (a)   12,532    104 
Sangamo Therapeutics, Inc. (a)   15,870    92 
Sarepta Therapeutics, Inc. (a)   11,557    903 
Satsuma Pharmaceuticals, Inc. (a)   3,340    13 
Savara, Inc. (a)   11,094    15 
Scholar Rock Holding Corp. (a)   1,786    23 
Schrodinger, Inc. (a)   1,606    55 
Science 37 Holdings, Inc. (a)   10,690    57 
scPharmaceuticals, Inc. (a)   3,014    17 
SCYNEXIS, Inc. (a)   3,146    12 
Seagen, Inc. (a)   24,268    3,496 
Seaspine Holdings Corp. (a)   4,272    52 
Second Sight Medical Products, Inc. (a)   4,174    6 
Seelos Therapeutics, Inc. (a)   13,590    11 
Seer, Inc. (a)(b)   1,307    20 
Select Medical Holdings Corp.   10,964    263 
Selecta Biosciences, Inc. (a)   11,200    14 
Sellas Life Sciences Group, Inc. (a)(b)   2,043    14 
Sema4 Holdings Corp. (a)   21,577    66 
Sensei Biotherapeutics, Inc. (a)   2,421    6 
Senseonics Holdings, Inc. (a)(b)   44,705    88 
Sensus Healthcare, Inc. (a)   1,738    18 
Sera Prognostics, Inc. Class A (a)   652    2 
Seres Therapeutics, Inc. (a)   7,263    52 
Sesen Bio, Inc. (a)(b)   26,472    16 
Sharecare, Inc. (a)   40,207    99 
Shattuck Labs, Inc. (a)   4,237    18 
Shockwave Medical, Inc. (a)   3,777    783 
SI-BONE, Inc. (a)   4,162    94 
Sientra, Inc. (a)(b)   7,304    16 
Sierra Oncology, Inc. (a)(b)   2,274    73 
SIGA Technologies, Inc. (a)   6,384    45 
Sight Sciences, Inc. (a)   2,673    31 
Sigilon Therapeutics, Inc. (a)   2,100    3 
Signify Health, Inc. Class A (a)(b)   3,524    64 
Silk Road Medical, Inc. (a)   4,141    171 
Silverback Therapeutics, Inc. (a)   3,870    14 
Simulations Plus, Inc.   1,626    83 
Singular Genomics Systems, Inc. (a)   4,783    30 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
SmileDirectClub, Inc. (a)(b)   8,230   $21 
Soleno Therapeutics, Inc. (a)   7,663    2 
Solid Biosciences, Inc. (a)   11,524    14 
SomaLogic, Inc. (a)   22,765    183 
Sonendo, Inc. (a)   1,824    7 
Sotera Health Co. (a)   15,179    329 
Spectrum Pharmaceuticals, Inc. (a)   18,436    24 
Spero Therapeutics, Inc. (a)   3,744    33 
SpringWorks Therapeutics, Inc. (a)   5,008    283 
Spruce Biosciences, Inc. (a)   1,526    3 
SQZ Biotechnologies Co. (a)   1,825    9 
STAAR Surgical Co. (a)   5,261    420 
Statera Biopharma, Inc. (a)   6,059    2 
Stereotaxis, Inc. (a)   9,584    36 
Stoke Therapeutics, Inc. (a)   2,659    56 
Strata Skin Sciences, Inc. (a)   3,155    5 
Streamline Health Solutions, Inc. (a)   6,453    10 
Supernus Pharmaceuticals, Inc. (a)   6,458    209 
Surface Oncology, Inc. (a)   4,431    13 
Surgalign Holdings, Inc. (a)   23,264    7 
Surgery Partners, Inc. (a)   4,247    234 
Surmodics, Inc. (a)   1,679    76 
Surrozen, Inc. (a)   3,365    10 
Sutro Biopharma, Inc. (a)   5,358    44 
Syndax Pharmaceuticals, Inc. (a)   6,448    112 
Syneos Health, Inc. (a)   13,538    1,096 
Synlogic, Inc. (a)   6,891    17 
Synthetic Biologics, Inc. (a)   22,356    6 
Syros Pharmaceuticals, Inc. (a)   5,511    7 
T2 Biosystems, Inc. (a)   22,554    12 
Tabula Rasa Healthcare, Inc. (a)   2,398    14 
Tactile Systems Technology, Inc. (a)   1,714    35 
Talaris Therapeutics, Inc. (a)   3,564    35 
Talis Biomedical Corp. (a)   1,338    2 
Talkspace, Inc. (a)   14,349    25 
Tandem Diabetes Care, Inc. (a)   7,125    829 
Tango Therapeutics, Inc. (a)   7,047    53 
Tarsus Pharmaceuticals, Inc. (a)   1,345    23 
Taysha Gene Therapies, Inc. (a)   3,479    23 
TCR2 Therapeutics, Inc. (a)   4,049    11 
Tela Bio, Inc. (a)   1,230    14 
Teladoc Health, Inc. (a)   18,352    1,324 
Tempest Therapeutics, Inc. (a)   890    3 
Tenaya Therapeutics, Inc. (a)   3,032    36 
Tenet Healthcare Corp. (a)   13,650    1,173 
Terns Pharmaceuticals, Inc. (a)   2,095    6 
TFF Pharmaceuticals, Inc. (a)   3,083    19 
The Ensign Group, Inc.   6,690    602 
The Joint Corp. (a)   1,752    62 
The Oncology Institute, Inc. (a)(b)   2,950    21 
The Pennant Group, Inc. (a)   2,655    49 
TherapeuticsMD, Inc. (a)(b)   56,991    22 
Theseus Pharmaceuticals, Inc. (a)(b)   1,914    22 
Tilray, Inc. Class 2 (a)(b)   45,181    351 
Timber Pharmaceuticals, Inc. (a)   8,558    3 
Tivity Health, Inc. (a)   4,504    145 
Tonix Pharmaceuticals Holding Corp. (a)(b)   70,059    16 
Tracon Pharmaceuticals, Inc. (a)   2,693    7 
TransCode Therapeutics, Inc. (a)   1,131    3 
TransMedics Group, Inc. (a)   2,589    70 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Travere Therapeutics, Inc. (a)   7,855   $202 
Treace Medical Concepts, Inc. (a)   4,281    81 
Trevena, Inc. (a)   21,834    12 
Tricida, Inc. (a)   5,604    46 
TScan Therapeutics, Inc. (a)   941    3 
Turning Point Therapeutics, Inc. (a)   6,009    161 
Twist Bioscience Corp. (a)   6,244    308 
Tyme Technologies, Inc. (a)   16,534    6 
Tyra Biosciences, Inc. (a)(b)   1,808    19 
U.S. Physical Therapy, Inc.   1,168    116 
Ultragenyx Pharmaceutical, Inc. (a)   7,446    541 
United Therapeutics Corp. (a)   5,482    984 
UNITY Biotechnology, Inc. (a)   7,786    9 
UroGen Pharma Ltd. (a)(b)   2,154    19 
Utah Medical Products, Inc.   352    32 
Vaccinex, Inc. (a)(b)   3,655    5 
Vallon Pharmaceuticals, Inc. (a)   483    1 
Vanda Pharmaceuticals, Inc. (a)   6,215    70 
Vapotherm, Inc. (a)(b)   2,590    36 
Varex Imaging Corp. (a)   4,307    92 
Vaxart, Inc. (a)(b)   16,697    84 
Vaxcyte, Inc. (a)   5,646    136 
Vaxxinity, Inc. Class A (a)   4,782    21 
Veeva Systems, Inc. Class A (a)   13,887    2,950 
Ventyx Biosciences, Inc. (a)(b)   2,487    34 
Venus Concept, Inc. (a)   2,908    4 
Vera Therapeutics, Inc. (a)   1,264    30 
Veracyte, Inc. (a)   6,922    191 
Verastem, Inc. (a)   24,179    34 
Vericel Corp. (a)   4,893    187 
Verrica Pharmaceuticals, Inc. (a)(b)   1,866    15 
Verve Therapeutics, Inc. (a)   3,742    85 
Vicarious Surgical, Inc. (a)(b)   9,212    47 
Viemed Healthcare, Inc. (a)   4,757    24 
Vigil Neuroscience, Inc. (a)   1,000    7 
Viking Therapeutics, Inc. (a)   9,626    29 
Vir Biotechnology, Inc. (a)   11,483    295 
Viracta Therapeutics, Inc. (a)   3,900    19 
Viridian Therapeutics, Inc. (a)   2,130    39 
Virios Therapeutics, Inc. (a)   1,072    5 
Virpax Pharmaceuticals, Inc. (a)   1,126    2 
Vivos Therapeutics, Inc. (a)   2,536    7 
Vor BioPharma, Inc. (a)   3,477    21 
Voyager Therapeutics, Inc. (a)   3,861    29 
Vyant Bio, Inc. (a)   3,808    5 
Vyne Therapeutics, Inc. (a)   6,802    4 
Werewolf Therapeutics, Inc. (a)   1,403    6 
X4 Pharmaceuticals, Inc. (a)   3,297    6 
XBiotech, Inc.   2,320    20 
Xencor, Inc. (a)   4,529    121 
Xeris Biopharma Holdings, Inc. (a)(b)   16,787    43 
Xilio Therapeutics, Inc. (a)   1,433    10 
XOMA Corp. (a)   1,471    41 
Xtant Medical Holdings, Inc. (a)   12,133    8 
Yield10 Bioscience, Inc. (a)   532    3 
Y-mAbs Therapeutics, Inc. (a)(b)   4,500    53 
Zentalis Pharmaceuticals, Inc. (a)   4,159    192 
Zimvie, Inc. (a)   3,502    80 
ZIOPHARM Oncology, Inc. (a)(c)   26,244    17 
Zomedica Corp. (a)(b)   132,804    45 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Zosano Pharma Corp. (a)   23,965   $5 
Zynerba Pharmaceuticals, Inc. (a)   5,298    11 
         103,255 
Industrials (13.9%):          
AAON, Inc.   4,665    260 
AAR Corp. (a)   4,258    206 
ABM Industries, Inc.   8,095    373 
Acacia Research Corp. (a)   6,233    28 
ACCO Brands Corp.   12,452    100 
Acme United Corp.   394    13 
Acuity Brands, Inc.   3,907    740 
ADT, Inc.   35,641    271 
Advanced Drainage Systems, Inc.   9,546    1,134 
AECOM   15,566    1,196 
AeroCentury Corp.   1,748    3 
Aeroclean Technologies, Inc. (a)   570    2 
Aerojet Rocketdyne Holdings, Inc. (a)   9,781    385 
AeroVironment, Inc. (a)   2,805    264 
AGCO Corp.   8,104    1,183 
Agrify Corp. (a)   3,117    14 
AIkido Pharma, Inc. (a)   11,903    5 
Air Industries Group (a)   3,268    3 
Air Lease Corp.   13,365    597 
Air T, Inc. (a)   220    5 
Air Transport Services Group, Inc. (a)   8,487    284 
Alamo Group, Inc.   1,181    170 
Albany International Corp.   3,128    264 
Alight, Inc. Class A (a)   50,301    500 
Allegiant Travel Co. (a)   1,917    311 
Allied Motion Technologies, Inc.   1,871    56 
Allison Transmission Holdings, Inc.   10,773    423 
Alta Equipment Group, Inc. (a)   3,017    37 
Altra Industrial Motion Corp.   8,526    332 
AMERCO, Inc.   1,414    844 
Ameresco, Inc. Class A (a)   2,922    232 
American Superconductor Corp. (a)   3,256    25 
American Woodmark Corp. (a)   1,686    83 
Apogee Enterprises, Inc. (c)   2,740    130 
Applied Energetics, Inc. (a)   25,495    53 
Applied Industrial Technologies, Inc.   4,291    441 
Aqua Metals, Inc. (a)   9,264    14 
ARC Document Solutions, Inc.   5,491    21 
ArcBest Corp.   2,954    238 
Archer Aviation, Inc. Class A (a)(b)   16,419    79 
Arcosa, Inc.   5,801    332 
Argan, Inc.   2,065    84 
Aris Water Solution, Inc. Class A   2,495    45 
Armstrong Flooring, Inc. (a)   2,576    4 
Armstrong World Industries, Inc.   4,988    449 
Array Technologies, Inc. (a)   15,252    172 
ASGN, Inc. (a)   5,960    696 
Astec Industries, Inc.   2,702    116 
Astra Space, Inc. (a)(b)   23,338    90 
Astronics Corp. (a)(c)   2,800    36 
Astrotech Corp. (a)   6,580    5 
Atkore, Inc. (a)   5,955    586 
Atlas Air Worldwide Holdings, Inc. (a)   3,142    271 
Aurora Innovation, Inc. (a)(b)   84,100    470 
Avis Budget Group, Inc. (a)(c)   5,392    1,420 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Axon Enterprise, Inc. (a)   8,218   $1,132 
AZZ, Inc.   2,617    126 
Babcock & Wilcox Enterprises, Inc. (a)   7,552    62 
Barnes Group, Inc.   5,298    213 
Barrett Business Services, Inc.   934    72 
Beacon Roofing Supply, Inc. (a)   6,764    401 
Berkshire Grey, Inc. (a)   21,430    62 
Bird Global, Inc. Class A (a)(b)   25,952    64 
BitNile Holdings, Inc. (a)   10,958    9 
BlackSky Technology, Inc. (a)   9,182    17 
Bloom Energy Corp. Class A (a)   2,493    60 
BlueLinx Holdings, Inc. (a)   1,293    93 
Boise Cascade Co.   4,722    328 
Booz Allen Hamilton Holding Corp.   15,240    1,339 
Bowman Consulting Group Ltd. (a)   1,366    22 
Brady Corp. Class A   4,837    224 
BrightView Holdings, Inc. (a)   5,189    71 
Broadwind, Inc. (a)   2,505    5 
Builders FirstSource, Inc. (a)   20,718    1,337 
BWX Technologies, Inc.   11,615    626 
CACI International, Inc. Class A (a)   2,703    814 
Cadre Holdings, Inc.   1,556    38 
Capstone Green Energy Corp. (a)   2,157    9 
Carlisle Cos., Inc.   6,399    1,574 
Casella Waste Systems, Inc. (a)   5,484    481 
CBIZ, Inc. (a)   6,908    290 
CECO Environmental Corp. (a)   3,840    21 
Charah Solutions, Inc. (a)   2,219    11 
ChargePoint Holdings, Inc. (a)(b)   28,508    567 
Chart Industries, Inc. (a)   3,929    675 
Chicago Rivet & Machine Co.   112    3 
CIRCOR International, Inc. (a)   2,118    56 
Civeo Corp. (a)   1,615    38 
Clean Harbors, Inc. (a)   6,684    746 
Colfax Corp. (a)   16,173    644 
Columbus McKinnon Corp.   3,785    160 
Comfort Systems USA, Inc.   4,367    389 
Commercial Vehicle Group, Inc. (a)   4,053    34 
Construction Partners, Inc. Class A (a)   1,631    43 
Core & Main, Inc. Class A (a)   4,862    118 
Cornerstone Building Brands, Inc. (a)   9,090    221 
CoStar Group, Inc. (a)(c)   51,861    3,454 
Covenant Logistics Group, Inc. Class A   1,640    35 
CPI Aerostructures, Inc. (a)   1,623    5 
CRA International, Inc.   894    75 
Crane Co.   5,831    631 
CSW Industrials, Inc.   1,923    226 
Curtiss-Wright Corp.   4,940    742 
Daseke, Inc. (a)   6,096    61 
Deluxe Corp.   5,126    155 
DLH Holdings Corp. (a)   1,696    32 
Donaldson Co., Inc.   14,652    761 
Douglas Dynamics, Inc.   2,370    82 
Driven Brands Holdings, Inc. (a)   7,564    199 
DSS, Inc. (a)   8,446    5 
Ducommun, Inc. (a)   1,590    83 
Dun & Bradstreet Holdings, Inc. (a)   33,480    587 
DXP Enterprises, Inc. (a)   2,066    56 
Dycom Industries, Inc. (a)   3,837    366 
Eagle Bulk Shipping, Inc. (b)   1,748    119 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
EMCOR Group, Inc.   6,025   $679 
Encore Wire Corp.   2,458    280 
Energous Corp. (a)(b)   10,070    12 
Energy Recovery, Inc. (a)   7,220    145 
Energy Vault Holdings, Inc. (a)   10,566    168 
Enerpac Tool Group Corp.   5,707    125 
EnerSys   5,243    391 
Ennis, Inc. (c)   3,418    63 
Enovix Corp. (a)   14,970    214 
EnPro Industries, Inc.   2,474    242 
ESCO Technologies, Inc.   2,754    193 
Espey Manufacturing & Electronics Corp. (a)   242    3 
ESS Tech, Inc. (a)   8,401    47 
EVI Industries, Inc. (a)   435    8 
Evoqua Water Technologies Corp. (a)   16,039    754 
Exponent, Inc.   5,962    644 
Fast Radius, Inc. (a)   8,663    13 
Fathom Digital Manufacturing C (a)   11,321    70 
Federal Signal Corp.   7,416    250 
First Advantage Corp. (a)   6,045    122 
Flowserve Corp.   15,466    555 
Fluence Energy, Inc. (a)   4,355    57 
Fluor Corp. (a)   16,774    481 
Forrester Research, Inc. (a)   1,409    79 
Forward Air Corp.   3,275    320 
Franklin Covey Co. (a)   1,778    80 
Franklin Electric Co., Inc.   4,661    387 
FreightCar America, Inc. (a)   1,780    11 
Frontier Group Holdings, Inc. (a)   5,187    59 
FTC Solar, Inc. (a)   5,875    29 
FTI Consulting, Inc. (a)   3,396    534 
Fuel Tech, Inc. (a)   3,206    5 
FuelCell Energy, Inc. (a)(b)   48,145    277 
Gates Industrial Corp. PLC (a)   13,986    211 
GATX Corp.   3,650    450 
GEE Group, Inc. (a)   13,694    8 
Gencor Industries, Inc. (a)   1,305    13 
Gibraltar Industries, Inc. (a)   3,510    151 
Global Industrial Co.   2,138    69 
GMS, Inc. (a)   4,743    236 
Graco, Inc.   22,127    1,543 
GrafTech International Ltd.   28,247    272 
Graham Corp.   1,398    11 
Granite Construction, Inc.   5,501    180 
Great Lakes Dredge & Dock Corp. (a)   8,634    121 
Griffon Corp.   5,725    115 
GXO Logistics, Inc. (a)   16,188    1,155 
H&E Equipment Services, Inc.   4,492    195 
Harsco Corp. (a)   8,837    108 
Hawaiian Holdings, Inc. (a)   5,354    105 
Healthcare Services Group   8,882    165 
Heartland Express, Inc.   3,902    55 
HEICO Corp.   6,078    933 
HEICO Corp. Class A   10,344    1,312 
Heidrick & Struggles International, Inc.   2,353    93 
Heliogen, Inc. (a)(b)   24,594    129 
Helios Technologies, Inc.   3,341    268 
Herc Holdings, Inc.   3,985    666 
Heritage-Crystal Clean, Inc. (a)   2,291    68 
Hexcel Corp.   10,199    607 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Hillenbrand, Inc.   8,020   $354 
Hillman Solutions Corp. (a)   14,786    176 
HireRight Holdings Corp. (a)   3,140    54 
HNI Corp.   4,614    171 
Hub Group, Inc. Class A (a)   3,688    285 
Hubbell, Inc.   6,608    1,214 
Hudson Global, Inc. (a)   300    12 
Hudson Technologies, Inc. (a)   4,720    29 
Hurco Cos., Inc.   882    28 
Huron Consulting Group, Inc. (a)   2,652    121 
Hydrofarm Holdings Group, Inc. (a)(b)   4,168    63 
Hyster-Yale Materials Handling, Inc.   1,640    54 
Hyzon Motors, Inc. (a)(b)   12,937    83 
IAA, Inc. (a)   17,516    670 
IBEX Ltd. (a)   989    16 
ICF International, Inc.   2,492    235 
Ideal Power, Inc. (a)   792    7 
IES Holdings, Inc. (a)   2,936    118 
Infrastructure And Energy Alternatives, Inc. Class A (a)   6,368    75 
INNOVATE Corp. (a)(b)   6,369    24 
Innovative Solutions & Support, Inc. (a)   1,563    13 
Insperity, Inc.   4,169    419 
Insteel Industries, Inc.   2,140    79 
Interface, Inc.   5,338    72 
ITT, Inc.   7,829    589 
JELD-WEN Holding, Inc. (a)   8,762    178 
JetBlue Airways Corp. (a)   37,972    568 
Joby Aviation, Inc. (a)(b)   34,104    226 
John Bean Technologies Corp.   3,321    393 
Kadant, Inc.   1,542    299 
Kaman Corp.   3,307    144 
KAR Auction Services, Inc. (a)   12,661    229 
Karat Packaging, Inc. (a)   785    16 
KBR, Inc.   15,954    873 
Kelly Services, Inc. Class A   3,840    83 
Kennametal, Inc.   9,269    265 
Kforce, Inc.   2,566    190 
Kimball International, Inc. Class B   4,601    39 
Kirby Corp. (a)   6,801    491 
Knightscope, Inc. Class A (a)   573    3 
Knight-Swift Transportation Holdings, Inc.   21,587    1,089 
Korn Ferry   6,609    429 
Kratos Defense & Security Solutions, Inc. (a)   15,134    310 
Landstar System, Inc.   4,003    604 
Lawson Products, Inc. (a)   1,271    49 
LB Foster Co. Class A (a)   1,440    22 
Legalzoom.com, Inc. (a)(b)   12,798    181 
Lennox International, Inc.   4,346    1,121 
Limbach Holdings, Inc. (a)   1,268    9 
Lincoln Electric Holdings, Inc.   7,215    994 
Lindsay Corp.   1,257    197 
LSI Industries, Inc.   3,236    19 
Lyft, Inc. Class A (a)   5,359    206 
Manitex International, Inc. (a)   2,084    15 
ManpowerGroup, Inc.   6,061    569 
ManTech International Corp. Class A   3,228    278 
Markforged Holding Corp. (a)   8,923    36 
Marten Transport Ltd.   7,152    127 
MasTec, Inc. (a)   7,555    658 
Mastech Digital, Inc. (a)   341    6 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Matrix Service Co. (a)   3,518   $29 
Matson, Inc.   4,749    573 
Matthews International Corp. Class A   3,521    114 
Maxar Technologies, Inc.   9,561    377 
Mayville Engineering Co., Inc. (a)   1,733    16 
McGrath RentCorp   3,014    256 
Mercury Systems, Inc. (a)   6,412    413 
Meritor, Inc. (a)   8,001    285 
Mesa Air Group, Inc. (a)   4,368    19 
Microvast Holdings, Inc. (a)(b)   18,669    125 
Miller Industries, Inc.   1,403    40 
MillerKnoll, Inc.   8,877    307 
Mistras Group, Inc. (a)   2,955    20 
Momentus, Inc. (a)   6,941    22 
Montrose Environmental Group, Inc. (a)   3,249    172 
Moog, Inc. Class A   3,247    285 
MRC Global, Inc. (a)   9,751    116 
MSA Safety, Inc.   4,271    567 
MSC Industrial Direct Co., Inc.   4,570    389 
Mueller Industries, Inc.   6,959    377 
Mueller Water Products, Inc. Class A   17,719    229 
MYR Group, Inc. (a)   1,869    176 
National Presto Industries, Inc.   619    48 
Nikola Corp. (a)(b)   42,063    450 
Nl Industries, Inc.   1,174    8 
NN, Inc. (a)   4,802    14 
Northwest Pipe Co. (a)   1,284    33 
NOW, Inc. (a)   13,269    146 
nVent Electric PLC   21,572    750 
Ocean Power Technologies, Inc. (a)   7,889    11 
Odyssey Marine Exploration, Inc. (a)   1,515    10 
Omega Flex, Inc.   273    35 
Orbital Energy Group, Inc. (a)(b)   7,718    14 
Orion Energy Systems, Inc. (a)   4,172    12 
Orion Group Holdings, Inc. (a)   3,949    10 
Oshkosh Corp.   7,148    719 
Owens Corning   12,734    1,165 
PAM Transportation Services, Inc. (a)   950    33 
Park Aerospace Corp.   2,486    32 
Park-Ohio Holdings Corp.   1,016    14 
Parsons Corp. (a)   14,345    555 
Performant Financial Corp. (a)   8,982    28 
Perma-Fix Environmental Services (a)   1,570    9 
Perma-Pipe International Holdings, Inc. (a)   1,073    10 
PGT Innovations, Inc. (a)   6,652    120 
Pitney Bowes, Inc.   20,984    109 
Planet Labs PBC (a)(b)   29,300    149 
Plug Power, Inc. (a)   69,163    1,979 
Polar Power, Inc. (a)(b)   1,013    3 
Powell Industries, Inc.   1,114    22 
Preformed Line Products Co.   431    27 
Primoris Services Corp.   6,613    158 
Proto Labs, Inc. (a)   2,755    146 
Quad/Graphics, Inc. (a)   4,064    28 
Quanex Building Products Corp.   3,962    83 
Quest Resource Holding Corp. (a)   1,855    11 
RBC Bearings, Inc. (a)   3,222    625 
RCM Technologies, Inc. (a)   1,172    12 
Red Violet, Inc. (a)   1,536    44 
Redwire Corp. (a)   2,276    19 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Regal Rexnord Corp.   7,750   $1,153 
Rekor Systems, Inc. (a)   5,527    25 
Resideo Technologies, Inc. (a)   17,404    415 
Resources Connection, Inc.   3,905    67 
REV Group, Inc.   5,234    70 
Rocket Lab USA, Inc. (a)(b)   22,197    179 
Romeo Power, Inc. (a)   13,671    20 
Rush Enterprises, Inc. Class A   4,201    214 
Rush Enterprises, Inc. Class B   925    45 
Ryder System, Inc.   6,837    542 
Saia, Inc. (a)   3,133    764 
Sarcos Technology and Robotics Corp. (a)   9,279    62 
Schneider National, Inc. Class B   5,519    141 
Science Applications International Corp.   7,398    682 
SES AI Corp. (a)(b)   42,728    387 
SG Blocks, Inc. (a)   1,508    3 
Shapeways Holdings, Inc. (a)   2,456    7 
Shoals Technologies Group, Inc. Class A (a)   10,836    185 
Sidus Space, Inc. (a)   436    1 
SIFCO Industries, Inc. (a)   434    2 
Simpson Manufacturing Co., Inc.   4,969    542 
Sino-Global Shipping America Ltd. (a)(b)   2,875    40 
SiteOne Landscape Supply, Inc. (a)   4,560    737 
SkyWest, Inc. (a)   6,064    175 
SP Plus Corp. (a)   3,084    97 
Spirit AeroSystems Holdings, Inc. Class A   14,089    689 
Spirit Airlines, Inc. (a)   14,414    315 
SPX Corp. (a)   4,874    241 
SPX Flow, Inc.   4,396    379 
Standex International Corp.   1,384    138 
Steelcase, Inc. Class A   10,447    125 
Stericycle, Inc. (a)   10,507    619 
Sterling Check Corp. (a)(b)   3,519    93 
Sterling Construction Co., Inc. (a)   3,782    101 
Sun Country Airlines Holdings, Inc. (a)   4,659    122 
Sunrun, Inc. (a)   24,423    742 
Sunworks, Inc. (a)   3,779    10 
Taylor Devices, Inc. (a)   382    4 
Tennant Co.   1,989    157 
Terex Corp.   8,858    316 
Tetra Tech, Inc.   6,863    1,132 
Textainer Group Holdings Ltd.   6,206    236 
The AZEK Co., Inc. (a)   4,598    114 
The Brink's Co.   6,248    425 
The Eastern Co.   800    19 
The Gorman-Rupp Co.   3,061    110 
The Greenbrier Cos., Inc.   3,907    201 
The LS Starrett Co. Class A (a)   718    6 
The Manitowoc Co., Inc. (a)   4,308    65 
The Middleby Corp. (a)   7,305    1,198 
The Shyft Group, Inc.   4,153    150 
The Timken Co.   8,676    527 
The Toro Co.   12,739    1,089 
Thermon Group Holdings, Inc. (a)   3,533    57 
Titan International, Inc. (a)   8,253    122 
Titan Machinery, Inc. (a)   2,744    78 
TPI Composites, Inc. (a)   4,516    63 
TransUnion   23,842    2,464 
Trex Co., Inc. (a)   14,887    973 
TriNet Group, Inc. (a)   6,236    613 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Trinity Industries, Inc.   8,827   $303 
Triumph Group, Inc. (a)   6,661    168 
TrueBlue, Inc. (a)   3,846    111 
TuSimple Holdings, Inc. Class A (a)(b)   4,707    57 
Tutor Perini Corp. (a)   5,340    58 
Twin Disc, Inc. (a)   1,449    24 
U.S. Ecology, Inc. (a)   3,048    146 
Uber Technologies, Inc. (a)   256,606    9,156 
UFP Industries, Inc.   7,518    580 
Ultralife Corp. (a)   2,136    11 
UniFirst Corp.   1,598    294 
Univar Solutions, Inc. (a)   18,443    593 
Universal Logistics Holdings, Inc.   1,066    21 
Upwork, Inc. (a)   15,873    369 
USA Truck, Inc. (a)   1,082    22 
Valmont Industries, Inc.   2,616    624 
Vectrus, Inc. (a)   1,360    49 
Veritiv Corp. (a)   1,773    237 
Viad Corp. (a)   2,469    88 
Vicor Corp. (a)   2,350    166 
Vidler Water Resources, Inc. (a)   2,278    35 
VirTra, Inc. (a)   1,528    9 
Vivakor, Inc. (a)   1,717    4 
VSE Corp.   1,187    55 
Wabash National Corp.   5,853    87 
Watsco, Inc.   3,624    1,104 
Watts Water Technologies, Inc. Class A   2,658    371 
Welbilt, Inc. (a)   19,086    453 
Werner Enterprises, Inc.   7,154    293 
WESCO International, Inc. (a)   5,943    773 
Wheels Up Experience, Inc. (a)   23,245    72 
Wilhelmina International, Inc. (a)   540    2 
Willdan Group, Inc. (a)   1,519    47 
Williams Industrial Services Group, Inc. (a)   3,111    6 
Willis Lease Finance Corp. (a)   336    11 
WillScot Mobile Mini Holdings Corp. (a)   18,409    720 
Woodward, Inc.   7,307    913 
Xos, Inc. (a)   8,052    24 
XPO Logistics, Inc. (a)   13,453    979 
Yellow Corp. (a)   6,823    48 
Zurn Water Solutions Corp.   15,451    547 
         121,803 
Information Technology (18.4%):          
3D Systems Corp. (a)   15,510    259 
8x8, Inc. (a)   12,531    158 
908 Devices, Inc. (a)(b)   2,981    57 
A10 Networks, Inc.   9,183    128 
ACI Worldwide, Inc. (a)   14,460    455 
ACM Research, Inc. Class A (a)   1,002    21 
ACV Auctions, Inc. Class A (a)   2,426    36 
ADTRAN, Inc.   5,896    109 
Advanced Energy Industries, Inc.   4,575    394 
Aehr Test Systems (a)   3,791    39 
AEye, Inc. (a)(b)   17,243    94 
Affirm Holdings, Inc. (a)   3,616    167 
AgileThought, Inc. (a)(b)   4,446    20 
Agilysys, Inc. (a)   2,863    114 
Airgain, Inc. (a)   1,271    10 
Airspan Networks Holdings, Inc. (a)   4,171    12 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Akoustis Technologies, Inc. (a)   7,334   $48 
Alarm.com Holdings, Inc. (a)   5,330    354 
Alfi, Inc. (a)   1,212    2 
Alkami Technology, Inc. (a)   4,333    62 
Allegro MicroSystems, Inc. (a)   9,654    274 
Alliance Data Systems Corp.   6,489    364 
Alpha & Omega Semiconductor Ltd. (a)   3,206    175 
Altair Engineering, Inc. Class A (a)   1,906    123 
Alteryx, Inc. Class A (a)   2,099    150 
Ambarella, Inc. (a)   4,913    515 
American Software, Inc. Class A   2,678    56 
Amkor Technology, Inc.   20,377    443 
Amplitude, Inc. Class A (a)(b)   4,975    92 
Amtech Systems, Inc. (a)   1,547    16 
Anaplan, Inc. (a)   19,598    1,275 
Appfolio, Inc. Class A (a)   1,870    212 
Appian Corp. (a)   1,616    98 
Applied Optoelectronics, Inc. (a)   3,458    13 
AppLovin Corp. Class A (a)   3,709    204 
Arlo Technologies, Inc. (a)   9,522    84 
Arrow Electronics, Inc. (a)   8,699    1,032 
Arteris, Inc. (a)   2,076    27 
Asana, Inc. Class A (a)   4,208    168 
Aspen Technology, Inc. (a)   7,719    1,276 
AstroNova, Inc. (a)   913    14 
Asure Software, Inc. (a)   2,680    16 
Atomera, Inc. (a)(b)   3,117    41 
Autoscope Technologies Corp.   563    4 
Avalara, Inc. (a)   11,611    1,155 
Avaya Holdings Corp. (a)   10,433    132 
AvePoint, Inc. (a)   12,552    66 
Aviat Networks, Inc. (a)   1,473    45 
Avid Technology, Inc. (a)   4,960    173 
AvidXchange Holdings, Inc. (a)   18,284    147 
Avnet, Inc.   12,855    522 
Aware, Inc. (a)   2,011    6 
Axcelis Technologies, Inc. (a)   3,756    284 
AXT, Inc. (a)   5,678    40 
Azenta, Inc.   9,204    763 
Backblaze, Inc. Class A (a)   857    9 
Badger Meter, Inc.   3,512    350 
Bel Fuse, Inc. Class A   223    5 
Bel Fuse, Inc. Class B   1,002    18 
Belden, Inc.   5,210    289 
Benchmark Electronics, Inc.   4,229    106 
Benefitfocus, Inc. (a)   3,919    49 
Benson Hill, Inc. (a)   13,324    43 
Bentley Systems, Inc. Class B   1,594    70 
BigBear.ai Holdings, Inc. (a)(b)   1,724    14 
BigCommerce Holdings, Inc. Class 1 (a)   1,431    31 
Bill.com Holdings, Inc. (a)   12,285    2,786 
BK Technologies Corp.   2,044    5 
Black Knight, Inc. (a)   16,662    966 
Blackbaud, Inc. (a)   5,286    316 
Blackline, Inc. (a)   6,859    502 
Blend Labs, Inc. Class A (a)(b)   2,921    17 
Block, Inc. (a)(c)   48,317    6,552 
BM Technologies, Inc. (a)(b)   1,260    11 
Bottomline Technologies de, Inc. (a)   5,526    313 
Box, Inc. Class A (a)   19,473    566 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Boxlight Corp. Class A (a)(b)   8,325   $10 
Braze, Inc. Class A (a)(b)   1,173    49 
Bridgeline Digital, Inc. (a)   1,342    3 
Brightcove, Inc. (a)   4,780    37 
BSQUARE Corp. (a)   2,761    5 
C3.ai, Inc. Class A (a)(b)   2,223    50 
CalAmp Corp. (a)   3,956    29 
Calix, Inc. (a)   7,644    328 
Cambium Networks Corp. (a)   1,739    41 
Casa Systems, Inc. (a)   5,605    25 
Cass Information Systems, Inc.   1,584    58 
CCC Intelligent Solutions Holdings, Inc. (a)   8,643    95 
CDK Global, Inc.   14,180    690 
Cepton, Inc. (a)   8,049    31 
Cerence, Inc. (a)   4,702    170 
CEVA, Inc. (a)   2,791    113 
ChannelAdvisor Corp. (a)   4,008    66 
Ciena Corp. (a)   18,579    1,126 
Cipher Mining, Inc. (a)   5,653    21 
Cirrus Logic, Inc. (a)   6,310    535 
Clear Secure, Inc. Class A (a)(b)   1,866    50 
Clearfield, Inc. (a)   1,633    107 
ClearSign Technologies Corp. (a)   3,612    6 
Clearwater Analytics Holdings, Inc. Class A (a)(b)   4,333    91 
Cloudflare, Inc. Class A (a)   5,492    657 
CMC Materials, Inc.   3,633    674 
Coda Octopus Group, Inc. (a)   737    5 
Cognex Corp.   22,590    1,743 
Coherent, Inc. (a)   2,975    813 
Cohu, Inc. (a)   5,898    175 
CommScope Holding Co., Inc. (a)   26,000    205 
CommVault Systems, Inc. (a)   5,664    376 
Computer Task Group, Inc. (a)   1,995    19 
Comtech Telecommunications Corp.   3,164    50 
Concentrix Corp.   4,286    714 
Conduent, Inc. (a)   28,893    149 
Confluent, Inc. Class A (a)   3,470    142 
Consensus Cloud Solutions, Inc. (a)   2,475    149 
Core Scientific, Inc. (a)(b)   32,252    265 
Corsair Gaming, Inc. (a)(b)   5,729    121 
Couchbase, Inc. (a)   2,956    51 
Coupa Software, Inc. (a)   9,174    932 
CPI Card Group, Inc. (a)   669    10 
Crowdstrike Holdings, Inc. Class A (a)   2,915    662 
CS Disco, Inc. (a)   2,386    81 
CSG Systems International, Inc.   3,838    244 
CSP, Inc. (a)   495    4 
CTS Corp.   3,406    120 
CVD Equipment Corp. (a)   871    4 
Cvent Holding Corp. (a)   11,549    83 
Cyberoptics Corp. (a)   989    40 
Cyxtera Technologies, Inc. (a)   12,655    155 
Daktronics, Inc. (a)   5,394    21 
Data I/O Corp. (a)   1,219    5 
Datadog, Inc. Class A (a)   3,541    536 
Datto Holding Corp. (a)(b)   7,179    192 
Dave, Inc. (a)(b)   26,785    192 
Dell Technologies, Inc. Class C (a)   29,156    1,463 
Diebold Nixdorf, Inc. (a)   9,625    65 
Digi International, Inc. (a)   3,559    77 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Digimarc Corp. (a)(b)   2,002   $53 
Digital Ally, Inc. (a)(b)   7,219    8 
DigitalOcean Holdings, Inc. (a)   5,859    339 
Diodes, Inc. (a)   5,468    476 
DocuSign, Inc. (a)   26,540    2,843 
Dolby Laboratories, Inc. Class A   7,756    607 
Domo, Inc. Class B (a)   1,291    65 
DoubleVerify Holdings, Inc. (a)   6,049    152 
Dropbox, Inc. Class A (a)   4,773    111 
Duck Creek Technologies, Inc. (a)   8,953    198 
Dynatrace, Inc. (a)   26,222    1,235 
DZS, Inc. (a)   2,216    31 
Eastman Kodak Co. (a)   8,108    53 
Ebix, Inc.   3,060    101 
eGain Corp. (a)   3,203    37 
eMagin Corp. (a)   9,750    11 
Embark Technology, Inc. (a)(b)   46,966    277 
EMCORE Corp. (a)   4,949    18 
Enfusion, Inc. Class A (a)   2,237    28 
EngageSmart, Inc. (a)   4,115    88 
Entegris, Inc.   17,029    2,235 
Envestnet, Inc. (a)   7,044    524 
ePlus, Inc. (a)   3,191    179 
Euronet Worldwide, Inc. (a)   6,719    874 
Everbridge, Inc. (a)   5,290    231 
EverCommerce, Inc. (a)   4,691    62 
Everspin Technologies, Inc. (a)   2,106    18 
Evo Payments, Inc. Class A (a)   2,121    49 
Evolv Technologies Holdings, Inc. (a)   9,855    26 
Exela Technologies, Inc. (a)   46,691    19 
ExlService Holdings, Inc. (a)   4,044    579 
Expensify, Inc. Class A (a)(b)   5,153    90 
Extreme Networks, Inc. (a)   14,777    180 
Fair Isaac Corp. (a)   3,378    1,576 
FARO Technologies, Inc. (a)   2,187    114 
Fastly, Inc. Class A (a)   1,661    29 
First Solar, Inc. (a)   12,611    1,056 
Five9, Inc. (a)   9,128    1,008 
Flywire Corp. (a)   1,480    45 
ForgeRock, Inc. Class A (a)(b)   1,621    36 
FormFactor, Inc. (a)   9,512    400 
Frequency Electronics, Inc. (a)   957    8 
Freshworks, Inc. Class A (a)   3,861    69 
Genasys, Inc. (a)   4,777    13 
Genpact Ltd.   19,609    853 
Gitlab, Inc. Class A (a)(b)   1,430    78 
GLOBALFOUNDRIES, Inc. (a)(b)   8,305    518 
GoDaddy, Inc. Class A (a)   8,973    751 
Greenidge Generation Holdings, Inc. (a)   1,380    12 
GSE Systems, Inc. (a)   2,569    5 
GSI Technology, Inc. (a)   2,594    10 
Guidewire Software, Inc. (a)   10,352    980 
Harmonic, Inc. (a)   10,031    93 
HashiCorp., Inc. Class A (a)(b)   2,275    123 
HubSpot, Inc. (a)   5,643    2,680 
I3 Verticals, Inc. Class A (a)   913    25 
Ichor Holdings Ltd. (a)   3,171    113 
Identiv, Inc. (a)   2,479    40 
II-VI, Inc. (a)(b)   13,512    979 
Immersion Corp. (a)   4,432    25 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Impinj, Inc. (a)   2,764   $176 
Infinera Corp. (a)   24,036    208 
Informatica, Inc. Class A (a)   4,323    85 
Information Services Group, Inc.   5,396    37 
Innodata, Inc. (a)   3,605    25 
Inpixon (a)   21,313    6 
Inseego Corp. (a)   11,875    48 
Insight Enterprises, Inc. (a)   3,549    381 
Instructure Holdings, Inc. (a)   2,585    52 
Intapp, Inc. (a)   1,650    40 
Integral Ad Science Holding Corp. (a)   5,217    72 
Intellicheck, Inc. (a)   2,357    6 
Intelligent Systems Corp. (a)   800    22 
InterDigital, Inc.   3,684    235 
inTEST Corp. (a)   1,445    16 
Intevac, Inc. (a)   2,809    15 
Inuvo, Inc. (a)   15,424    8 
IonQ, Inc. (a)(b)   19,839    253 
IronNet, Inc. (a)(b)   7,016    27 
Issuer Direct Corp. (a)   366    11 
Iteris, Inc. (a)   5,331    16 
Itron, Inc. (a)   5,021    265 
Jabil, Inc.   14,789    913 
Jamf Holding Corp. (a)(b)   6,388    222 
JFrog Ltd. (a)   9,076    245 
Kaltura, Inc. (a)   8,792    16 
Key Tronic Corp. (a)   1,157    7 
Kimball Electronics, Inc. (a)   3,334    67 
KnowBe4, Inc. Class A (a)   1,454    33 
Knowles Corp. (a)   10,890    234 
Kopin Corp. (a)(b)   12,236    31 
Kulicke & Soffa Industries, Inc.   6,511    365 
KVH Industries, Inc. (a)   2,083    19 
Kyndryl Holdings, Inc. (a)(c)   29,429    386 
Lantronix, Inc. (a)   4,111    27 
Lattice Semiconductor Corp. (a)   14,580    889 
LightPath Technologies, Inc. Class A (a)   3,322    7 
Limelight Networks, Inc. (a)   16,977    89 
Littelfuse, Inc.   2,965    740 
LivePerson, Inc. (a)   7,584    185 
LiveRamp Holdings, Inc. (a)   8,568    320 
Lumentum Holdings, Inc. (a)   9,380    915 
Luna Innovations, Inc. (a)   4,245    33 
MACOM Technology Solutions Holdings, Inc. (a)   7,282    436 
Mandiant, Inc. (a)   28,800    643 
Manhattan Associates, Inc. (a)   7,223    1,002 
Marin Software, Inc. (a)(b)   2,108    6 
Marqeta, Inc. Class A (a)   6,865    76 
Marvell Technology, Inc.   102,447    7,346 
Matterport, Inc. (a)(b)   33,567    273 
MAXIMUS, Inc.   7,870    590 
MaxLinear, Inc. (a)   9,433    550 
MeridianLink, Inc. (a)   3,184    58 
Meta Materials, Inc. (a)(b)   29,782    50 
Methode Electronics, Inc.   4,158    180 
MicroStrategy, Inc. (a)(b)   1,042    507 
MicroVision, Inc. (a)(b)   23,169    108 
Mirion Technologies, Inc. (a)   19,096    154 
Mitek Systems, Inc. (a)   5,880    86 
MKS Instruments, Inc.   6,500    975 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Model N, Inc. (a)   3,705   $100 
Momentive Global, Inc. (a)   15,088    245 
MoneyGram International, Inc. (a)   12,042    127 
Moneylion, Inc. (a)   15,870    40 
MongoDB, Inc. (a)   6,787    3,011 
Movano, Inc. (a)   3,657    10 
Mullen Automotive, Inc. (a)(b)   3,011    9 
N-able, Inc. (a)   7,077    64 
Napco Security Technologies, Inc. (a)   3,891    80 
National Instruments Corp.   14,540    590 
nCino, Inc. (a)(b)   7,378    302 
NCR Corp. (a)   17,653    709 
NeoPhotonics Corp. (a)   7,049    107 
NETGEAR, Inc. (a)   3,484    86 
Netlist, Inc. (a)(b)   30,450    165 
NetScout Systems, Inc. (a)   8,861    284 
NetSol Technologies, Inc. (a)   1,399    5 
New Relic, Inc. (a)   7,569    506 
NextNav, Inc. (a)(b)   9,572    72 
nLight, Inc. (a)   5,459    95 
Novanta, Inc. (a)   4,425    630 
Nutanix, Inc. Class A (a)   12,559    337 
NVE Corp.   561    31 
NXT-ID, Inc. (a)   1,107    2 
Okta, Inc. (a)   5,050    762 
Olo, Inc. Class A (a)   2,786    37 
ON Semiconductor Corp. (a)   55,564    3,479 
ON24, Inc. (a)   3,897    51 
One Stop Systems, Inc. (a)(b)   1,926    7 
OneSpan, Inc. (a)   4,350    63 
Onto Innovation, Inc. (a)   5,995    521 
Optical Cable Corp. (a)   858    4 
OSI Systems, Inc. (a)   2,098    179 
PagerDuty, Inc. (a)   9,956    340 
Palantir Technologies, Inc. Class A (a)   40,073    550 
Palo Alto Networks, Inc. (a)(c)   12,793    7,964 
PAR Technology Corp. (a)(b)   2,732    110 
Paycor HCM, Inc. (a)   4,694    137 
Paylocity Holding Corp. (a)   4,515    929 
Paymentus Holdings, Inc. Class A (a)   1,535    32 
Payoneer Global, Inc. (a)   30,632    137 
Paysign, Inc. (a)   4,672    9 
PC Connection, Inc.   1,112    58 
PC-Telephone, Inc.   2,191    10 
PDF Solutions, Inc. (a)   3,429    96 
Pegasystems, Inc.   5,188    418 
Peraso, Inc. (a)   2,707    6 
Perficient, Inc. (a)   4,199    462 
PFSweb, Inc. (a)   2,596    30 
Photronics, Inc. (a)   7,399    126 
Pineapple Holdings, Inc.   259    2 
Ping Identity Holding Corp. (a)   9,323    256 
Pixelworks, Inc. (a)   6,690    20 
Plantronics, Inc. (a)   3,928    155 
Plexus Corp. (a)   3,056    250 
Power Integrations, Inc.   7,435    689 
Powerfleet, Inc. (a)   4,570    14 
Procore Technologies, Inc. (a)   10,998    637 
Progress Software Corp.   5,241    247 
PROS Holdings, Inc. (a)   4,276    142 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Pure Storage, Inc. Class A (a)   11,825   $418 
Q2 Holdings, Inc. (a)   6,833    421 
Qualtrics International, Inc. Class A (a)   7,388    211 
Qualys, Inc. (a)   3,804    542 
Quicklogic Corp. (a)   1,619    9 
Qumu Corp. (a)   2,343    4 
Rackspace Technology, Inc. (a)   8,897    99 
Rambus, Inc. (a)   13,274    423 
Rapid7, Inc. (a)   7,709    858 
RealNetworks, Inc. (a)   4,271    2 
Remitly Global, Inc. (a)(b)   10,428    103 
Research Frontiers, Inc. (a)   4,202    8 
RF Industries Ltd. (a)   1,237    9 
Ribbon Communications, Inc. (a)   17,417    54 
Richardson Electronics Ltd.   1,330    17 
Rimini Street, Inc. (a)   6,261    36 
RingCentral, Inc. Class A (a)   8,812    1,033 
Riot Blockchain, Inc. (a)(b)   12,346    261 
Rogers Corp. (a)   2,285    621 
Rubicon Technology, Inc. (a)   306    3 
Sabre Corp. (a)   38,823    444 
Sailpoint Technologies Holdings, Inc. (a)   11,720    600 
Samsara, Inc. Class A (a)(b)   4,947    79 
Sanmina Corp. (a)   7,629    308 
ScanSource, Inc. (a)   2,749    96 
Seachange International, Inc. (a)   4,256    5 
SecureWorks Corp. Class A (a)   10,700    142 
SEMrush Holdings, Inc. Class A (a)   1,351    16 
Semtech Corp. (a)   7,734    536 
SentinelOne, Inc. Class A (a)   5,069    196 
ServiceSource International, Inc. (a)   7,838    10 
Shift4 Payments, Inc. Class A (a)(b)   2,343    145 
ShotSpotter, Inc. (a)   1,238    34 
SigmaTron International, Inc. (a)(b)   762    5 
Silicon Laboratories, Inc. (a)   3,939    592 
SiTime Corp. (a)   1,795    445 
SkyWater Technology, Inc. (a)(b)   1,633    18 
SMART Global Holdings, Inc. (a)   5,719    148 
SmartRent, Inc. (a)(b)   13,412    68 
Smartsheet, Inc. Class A (a)   1,965    108 
Smith Micro Software, Inc. (a)   7,012    26 
Snowflake, Inc. Class A (a)   4,321    990 
Socket Mobile, Inc. (a)   853    3 
SolarWinds Corp.   6,798    90 
Spire Global, Inc. (a)   14,213    30 
Splunk, Inc. (a)   21,073    3,132 
Sprinklr, Inc. Class A (a)   2,527    30 
Sprout Social, Inc. Class A (a)   1,225    98 
SPS Commerce, Inc. (a)   4,068    534 
Squarespace, Inc. Class A (a)(b)   16,270    417 
SS&C Technologies Holdings, Inc.   31,855    2,390 
StarTek, Inc. (a)   1,730    8 
Steel Connect, Inc. (a)   5,974    8 
Stronghold Digital Mining, Inc. Class A (a)   955    6 
Summit Wireless Technologies, Inc. (a)   2,010    3 
Sumo Logic, Inc. (a)   14,707    172 
SunPower Corp. (a)(b)   10,022    215 
Switch, Inc. Class A   716    22 
Synaptics, Inc. (a)   4,187    835 
Synchronoss Technologies, Inc. (a)   9,979    17 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
TaskUS, Inc. Class A (a)(b)   1,925   $74 
TD SYNNEX Corp.   11,569    1,194 
Telos Corp. (a)   5,186    52 
Tenable Holdings, Inc. (a)   13,640    788 
Teradata Corp. (a)   14,094    695 
Terawulf, Inc. (a)   8,188    69 
TESSCO Technologies, Inc. (a)   940    6 
The Glimpse Group, Inc. (a)   1,248    8 
The Hackett Group, Inc.   3,156    73 
The Trade Desk, Inc. Class A (a)   40,951    2,836 
The Western Union Co.   45,558    854 
Thoughtworks Holding, Inc. (a)   8,617    179 
Toast, Inc. Class A (a)   2,865    62 
TransAct Technologies, Inc. (a)   1,390    10 
TTEC Holdings, Inc.   2,324    192 
TTM Technologies, Inc. (a)   9,873    146 
Turtle Beach Corp. (a)(b)   2,132    45 
Twilio, Inc. Class A (a)   9,938    1,638 
Ubiquiti, Inc. (b)   784    228 
UiPath, Inc. Class A (a)   3,706    80 
Ultra Clean Holdings, Inc. (a)   5,453    231 
Unisys Corp. (a)   6,930    150 
Unity Software, Inc. (a)   24,083    2,389 
Universal Display Corp.   5,959    995 
Upland Software, Inc. (a)   3,518    62 
UserTesting, Inc. (a)(b)   2,985    32 
Varonis Systems, Inc. (a)   14,118    671 
Veeco Instruments, Inc. (a)   5,580    152 
Velo3D, Inc. (a)(b)   9,052    84 
Verint Systems, Inc. (a)   7,979    413 
Veritone, Inc. (a)(b)   4,002    73 
Verra Mobility Corp. (a)   19,611    319 
Vertex, Inc. Class A (a)   3,149    48 
Viant Technology, Inc. Class A (a)   1,457    10 
Viasat, Inc. (a)   8,929    436 
Viavi Solutions, Inc. (a)   27,603    444 
VirnetX Holding Corp. (a)(b)   8,349    14 
Vishay Intertechnology, Inc.   14,241    279 
Vishay Precision Group, Inc. (a)   1,657    53 
Vislink Technologies, Inc. (a)   6,148    7 
Vizio Holding Corp. Class A (a)   1,853    16 
VMware, Inc. Class A   23,652    2,693 
Vonage Holdings Corp. (a)   31,564    640 
Vontier Corp.   20,939    532 
Wayside Technology Group, Inc.   479    16 
Weave Communications, Inc. (a)   2,722    16 
WEX, Inc. (a)   5,823    1,039 
WidePoint Corp. (a)   1,292    5 
Wireless Telecom Group, Inc. (a)   2,978    5 
Wolfspeed, Inc. (a)   12,388    1,411 
Workday, Inc. Class A (a)   13,108    3,139 
Workiva, Inc. (a)   3,660    432 
Xerox Holdings Corp.   19,206    387 
Xperi Holding Corp.   12,395    215 
Yext, Inc. (a)   14,101    97 
Zendesk, Inc. (a)   15,142    1,821 
Zeta Global Holdings Corp. Class A (a)(b)   3,096    39 
Zoom Video Communications, Inc. Class A (a)   3,319    389 
Zscaler, Inc. (a)   12,066    2,911 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Zuora, Inc. Class A (a)   1,965   $29 
         161,327 
Materials (4.5%):          
Advanced Emissions Solutions, Inc. (a)   2,506    16 
AdvanSix, Inc.   3,379    173 
Alcoa Corp.   23,912    2,153 
Allegheny Technologies, Inc. (a)   13,475    362 
Alpha Metallurgical Resources, Inc. (a)   2,418    319 
American Vanguard Corp.   3,233    66 
Ampco-Pittsburgh Corp. (a)   2,105    13 
AptarGroup, Inc.   7,870    925 
Arconic Corp. (a)   12,605    323 
Arras Minerals Corp. Com (a)(e)(f)   4,451    1 
Ashland Global Holdings, Inc.   7,476    736 
Avient Corp.   11,511    553 
Axalta Coating Systems Ltd. (a)   29,481    725 
Balchem Corp.   3,522    481 
Berry Global Group, Inc. (a)   16,811    974 
Cabot Corp.   7,192    492 
Carpenter Technology Corp.   5,454    229 
Century Aluminum Co. (a)   6,313    166 
Chase Corp.   1,017    88 
Clearwater Paper Corp. (a)   1,675    47 
Cleveland-Cliffs, Inc. (a)   63,792    2,055 
Coeur Mining, Inc. (a)   34,083    152 
Commercial Metals Co.   14,408    600 
Compass Minerals International, Inc.   4,330    272 
Core Molding Technologies, Inc. (a)   1,171    13 
Crown Holdings, Inc.   16,918    2,116 
Diversey Holdings Ltd. (a)   9,861    75 
Eagle Materials, Inc.   4,742    609 
Ecovyst, Inc.   8,516    98 
Ferro Corp. (a)   10,048    218 
Flotek Industries, Inc. (a)(b)   10,135    13 
Friedman Industries, Inc.   970    9 
FutureFuel Corp.   3,091    30 
Gatos Silver, Inc. (a)(b)   8,005    35 
GCP Applied Technologies, Inc. (a)   7,517    236 
Ginkgo Bioworks Holdings, Inc. (a)   159,517    643 
Glatfelter Corp.   5,357    66 
Gold Resource Corp. (b)   11,719    26 
Golden Minerals Co. (a)(b)   17,700    9 
Graphic Packaging Holding Co.   41,189    825 
Greif, Inc. Class A   2,288    149 
Greif, Inc. Class B   593    38 
H.B. Fuller Co.   5,915    391 
Hawkins, Inc.   2,238    103 
Haynes International, Inc.   1,145    49 
Hecla Mining Co.   70,683    464 
Huntsman Corp.   28,774    1,079 
Ingevity Corp. (a)   4,957    318 
Innospec, Inc.   2,975    275 
Intrepid Potash, Inc. (a)   1,255    103 
Kaiser Aluminum Corp.   1,793    169 
Koppers Holdings, Inc.   2,378    65 
Kronos Bio, Inc. (a)   5,729    41 
Kronos Worldwide, Inc.   3,102    48 
Livent Corp. (a)   19,618    511 
Louisiana-Pacific Corp.   11,153    693 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
LSB Industries, Inc. (a)   4,893   $107 
Marrone Bio Innovations, Inc. (a)   23,761    26 
Materion Corp.   2,455    210 
Minerals Technologies, Inc.   3,698    245 
MP Materials Corp. (a)   20,845    1,195 
Myers Industries, Inc.   3,890    84 
Nanophase Technologies Corp. (a)   2,616    10 
Neenah, Inc.   1,851    73 
NewMarket Corp.   849    275 
Northern Technologies International Corp.   950    11 
O-I Glass, Inc. (a)   15,820    209 
Olin Corp.   18,511    968 
Olympic Steel, Inc.   1,086    42 
Origin Materials, Inc. (a)(b)   14,100    93 
Pactiv Evergreen, Inc.   6,007    60 
Paramount Gold Nevada Corp. (a)   5,131    3 
Quaker Chemical Corp.   1,468    254 
Ramaco Resources, Inc.   2,056    32 
Rare Element Resources Ltd. (a)   21,769    25 
Rayonier Advanced Materials, Inc. (a)   7,650    50 
Reliance Steel & Aluminum Co.   8,017    1,470 
Royal Gold, Inc.   7,413    1,047 
RPM International, Inc.   13,915    1,133 
Ryerson Holding Corp.   2,441    85 
Schnitzer Steel Industries, Inc.   3,199    166 
Schweitzer-Mauduit International, Inc.   3,510    97 
Sensient Technologies Corp.   4,273    359 
Silgan Holdings, Inc.   11,069    512 
Solitario Zinc Corp. (a)   8,235    7 
Sonoco Products Co.   12,495    782 
Southern Copper Corp.   12,007    911 
Steel Dynamics, Inc.   25,497    2,127 
Stepan Co.   2,407    238 
Summit Materials, Inc. Class A (a)   13,576    422 
SunCoke Energy, Inc.   9,856    88 
Sylvamo Corp. (a)(c)   4,983    166 
Synalloy Corp. (a)   1,236    20 
The Chemours Co.   18,978    597 
The Scotts Miracle-Gro Co.   4,631    569 
TimkenSteel Corp. (a)   4,972    109 
Trecora Resources (a)   3,002    25 
Tredegar Corp.   3,289    39 
TriMas Corp.   4,782    153 
U.S. Antimony Corp. (a)   13,934    9 
U.S. Gold Corp. (a)   1,005    7 
UFP Technologies, Inc. (a)   852    56 
United States Lime & Minerals, Inc.   257    30 
United States Steel Corp.   33,892    1,279 
Universal Stainless & Alloy Products, Inc. (a)   1,163    10 
Valhi, Inc.   361    11 
Valvoline, Inc.   21,525    679 
Vista Gold Corp. (a)(b)   15,885    17 
Warrior Met Coal, Inc.   6,328    235 
Westlake Corp.   4,878    602 
Worthington Industries, Inc.   4,245    218 
Zymergen, Inc. (a)   9,254    27 
         39,712 
Real Estate (8.8%):          
Acadia Realty Trust   12,609    273 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Agree Realty Corp.   7,147   $474 
Alexander & Baldwin, Inc.   8,621    200 
Alexander's, Inc.   340    87 
Alpine Income Property Trust, Inc.   1,435    27 
American Assets Trust, Inc.   8,546    324 
American Campus Communities, Inc.   19,877    1,113 
American Finance Trust, Inc.   7,515    59 
American Homes 4 Rent Class A   43,678    1,748 
American Realty Investors, Inc. (a)   299    5 
Americold Realty Trust   32,767    914 
AMREP Corp. (a)   457    6 
Apartment Income REIT Corp.   22,164    1,185 
Apartment Investment and Mgmt Co. (a)   15,046    110 
Apple Hospitality REIT, Inc.   32,225    579 
Armada Hoffler Properties, Inc.   8,175    119 
Ashford Hospitality Trust, Inc. (a)   4,871    50 
Bluerock Residential Growth REIT, Inc.   3,926    104 
Braemar Hotels & Resorts, Inc.   8,288    51 
Brandywine Realty Trust   24,197    342 
Brixmor Property Group, Inc.   42,049    1,085 
Broadstone Net Lease, Inc.   17,769    387 
BRT Apartments Corp.   2,164    52 
Camden Property Trust   14,603    2,427 
CareTrust REIT, Inc.   11,510    222 
CatchMark Timber Trust, Inc. Class A   5,799    48 
CBL & Associates Properties, Inc. (a)   4,244    140 
Cedar Realty Trust, Inc.   1,468    41 
Centerspace   2,018    198 
Chatham Lodging Trust (a)   6,887    95 
CIM Commercial Trust Corp.   2,114    16 
Clipper Realty, Inc.   1,930    18 
Community Healthcare Trust, Inc.   3,010    127 
Compass, Inc. Class A (a)   3,525    28 
Comstock Holding Cos., Inc. (a)   918    5 
CoreCivic, Inc. (a)   12,059    135 
CorEnergy Infrastructure Trust, Inc. (b)   1,954    6 
Corporate Office Properties Trust   15,859    453 
Cousins Properties, Inc.   20,993    846 
CTO Realty Growth, Inc.   786    52 
CubeSmart   31,613    1,645 
DiamondRock Hospitality Co. (a)   29,754    301 
DigitalBridge Group, Inc. (a)   75,589    544 
Diversified Healthcare Trust   33,741    108 
Doma Holdings, Inc. (a)   17,804    39 
Douglas Elliman, Inc.   9,109    66 
Douglas Emmett, Inc.   24,809    829 
Easterly Government Properties, Inc.   12,163    257 
EastGroup Properties, Inc.   5,825    1,184 
Empire State Realty Trust, Inc.   15,052    148 
EPR Properties   8,786    481 
Equity Commonwealth (a)   15,968    450 
Equity LifeStyle Properties, Inc.   26,251    2,008 
Essential Properties Realty Trust, Inc.   17,734    449 
eXp World Holdings, Inc. (b)   11,132    236 
Farmland Partners, Inc.   5,630    77 
Fathom Holdings, Inc. (a)   1,145    12 
First Industrial Realty Trust, Inc.   18,606    1,152 
Forestar Group, Inc. (a)   2,597    46 
Four Corners Property Trust, Inc.   8,851    239 
Franklin Street Properties Corp.   14,684    87 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
FRP Holdings, Inc. (a)   800   $46 
Gaming and Leisure Properties, Inc.   29,707    1,394 
Getty Realty Corp.   5,278    151 
Gladstone Commercial Corp.   5,018    110 
Gladstone Land Corp.   4,204    153 
Global Medical REIT, Inc.   7,978    130 
Global Net Lease, Inc.   14,670    231 
Healthcare Realty Trust, Inc.   21,342    586 
Healthcare Trust of America, Inc. Class A   32,334    1,013 
Hersha Hospitality Trust (a)   5,553    50 
Highwoods Properties, Inc.   14,810    677 
Hudson Pacific Properties, Inc.   20,067    557 
Independence Realty Trust, Inc.   28,701    759 
Indus Realty Trust, Inc.   1,065    78 
Industrial Logistics Properties Trust   9,235    209 
Innovative Industrial Properties, Inc.   3,619    743 
Invitation Homes, Inc.   85,786    3,447 
iStar, Inc. (b)   6,671    156 
JBG SMITH Properties   16,208    474 
Jones Lang LaSalle, Inc. (a)   6,556    1,570 
Kennedy-Wilson Holdings, Inc.   17,714    432 
Kilroy Realty Corp.   15,161    1,159 
Kite Realty Group Trust   30,912    704 
Lamar Advertising Co. Class A   8,438    980 
Life Storage, Inc.   11,816    1,659 
LTC Properties, Inc.   4,671    180 
LXP Industrial Trust   27,827    437 
Marcus & Millichap, Inc.   3,532    186 
Medical Properties Trust, Inc.   75,831    1,603 
National Health Investors, Inc.   6,475    382 
National Retail Properties, Inc.   22,566    1,014 
National Storage Affiliates Trust   12,905    810 
NETSTREIT Corp. (b)   5,873    132 
New York City REIT, Inc. Class A   1,708    23 
Newmark Group, Inc. Class A   21,274    339 
NexPoint Residential Trust, Inc.   3,321    300 
Offerpad Solutions, Inc. (a)   13,167    66 
Office Properties Income Trust   6,838    176 
Omega Healthcare Investors, Inc.   33,758    1,052 
One Liberty Properties, Inc.   2,512    77 
Opendoor Technologies, Inc. (a)   73,541    636 
Orion Office REIT, Inc.   7,516    105 
Outfront Media, Inc.   19,203    546 
Paramount Group, Inc.   24,438    267 
Park Hotels & Resorts, Inc.   28,379    554 
Pebblebrook Hotel Trust   18,565    454 
Pennsylvania Real Estate Invesment Trust (a)   10,192    6 
Phillips Edison & Co., Inc.   2,400    83 
Physicians Realty Trust   27,369    480 
Piedmont Office Realty Trust, Inc. Class A   17,404    300 
Plymouth Industrial REIT, Inc.   4,026    109 
Postal Realty Trust, Inc. Class A   2,099    35 
PotlatchDeltic Corp.   8,682    458 
Power REIT (a)   274    11 
Preferred Apartment Communities, Inc. Class A   6,964    174 
Presidio Property Trust, Inc. Class A   1,510    6 
PS Business Parks, Inc.   2,884    485 
Rafael Holdings, Inc. Class B (a)(b)(f)   1,843    5 
Rayonier, Inc.   13,957    574 
RE/MAX Holdings, Inc.   1,869    52 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Redfin Corp. (a)   13,370   $241 
Retail Opportunity Investments Corp.   17,338    336 
Retail Value, Inc.   2,267    7 
Rexford Industrial Realty, Inc.   22,666    1,691 
RLJ Lodging Trust   23,505    331 
RPT Realty   11,974    165 
Ryman Hospitality Properties, Inc. (a)   7,776    721 
Sabra Health Care REIT, Inc.   32,599    485 
Safehold, Inc.   2,160    120 
Saul Centers, Inc.   1,883    99 
Seritage Growth Properties Class A (a)(b)   3,082    39 
Service Properties Trust   23,309    206 
SITE Centers Corp.   27,139    453 
SL Green Realty Corp.   9,146    742 
Sotherly Hotels, Inc. (a)   2,173    4 
Spirit Realty Capital, Inc.   15,512    714 
STAG Industrial, Inc.   25,124    1,039 
STORE Capital Corp.   30,152    881 
Summit Hotel Properties, Inc. (a)   15,015    150 
Sun Communities, Inc.   16,374    2,870 
Sunstone Hotel Investors, Inc. (a)   30,967    365 
Tanger Factory Outlet Centers, Inc.   14,696    253 
Tejon Ranch Co. (a)   3,537    65 
Terreno Realty Corp.   10,660    789 
The GEO Group, Inc. (a)(b)   17,301    114 
The Howard Hughes Corp. (a)   7,317    758 
The InterGroup Corp. (a)   111    6 
The Macerich Co.   30,077    470 
The RMR Group, Inc. Class A   1,024    32 
The St. Joe Co.   3,577    212 
UMH Properties, Inc.   6,907    170 
Uniti Group, Inc.   28,694    395 
Universal Health Realty Income Trust   1,832    107 
Urban Edge Properties   16,575    317 
Urstadt Biddle Properties, Inc.   277    5 
Urstadt Biddle Properties, Inc. Class A   4,168    78 
Veris Residential, Inc. (a)   12,071    210 
VICI Properties, Inc.   105,655    3,007 
Washington Real Estate Investment Trust   12,343    315 
Whitestone REIT   5,965    79 
WP Carey, Inc.   26,928    2,177 
Xenia Hotels & Resorts, Inc. (a)   13,545    261 
Zillow Group, Inc. Class A (a)   6,429    310 
Zillow Group, Inc. Class C (a)(b)   23,757    1,171 
         77,054 
Utilities (2.3%):          
ALLETE, Inc.   6,767    453 
Altus Power, Inc. (a)(b)   10,728    80 
American States Water Co.   4,435    395 
Artesian Resources Corp. Class A   1,197    58 
Avangrid, Inc. (b)   9,825    459 
Avista Corp.   7,883    356 
Black Hills Corp.   7,954    613 
Cadiz, Inc. (a)   4,008    8 
California Water Service Group   6,447    382 
Chesapeake Utilities Corp.   1,822    251 
Clearway Energy, Inc. Class A   4,887    163 
Clearway Energy, Inc. Class C   11,572    423 
Essential Utilities, Inc.   29,974    1,533 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Genie Energy Ltd. Class B   3,167   $21 
Global Water Resources, Inc.   1,569    26 
Hawaiian Electric Industries, Inc.   14,199    601 
IDACORP, Inc.   5,993    691 
MDU Resources Group, Inc.   26,413    704 
MGE Energy, Inc.   4,495    359 
Middlesex Water Co.   1,933    203 
National Fuel Gas Co.   11,233    772 
New Jersey Resources Corp.   11,800    541 
Northwest Natural Holding Co.   3,741    193 
NorthWestern Corp.   6,186    374 
OGE Energy Corp.   25,438    1,037 
ONE Gas, Inc.   6,362    561 
Ormat Technologies, Inc. (b)   5,384    441 
Otter Tail Corp. (c)   5,523    345 
PG&E Corp. (a)   185,927    2,220 
PNM Resources, Inc.   10,787    514 
Portland General Electric Co. (c)   11,616    641 
Pure Cycle Corp. (a)   3,179    38 
RGC Resources, Inc.   1,216    26 
SJW Group   2,686    187 
South Jersey Industries, Inc.   13,496    466 
Southwest Gas Holdings, Inc.   6,907    541 
Spire, Inc.   6,577    472 
Sunnova Energy International, Inc. (a)   11,097    256 
The York Water Co.   1,723    77 
UGI Corp.   26,956    976 
Unitil Corp. (c)   1,897    95 
Via Renewables, Inc.   1,106    9 
Vistra Corp.   60,193    1,400 
         19,961 
Total Common Stocks (Cost $501,922)        868,972 
           
Preferred Stocks (0.0%)(g)          
Communication Services (0.0%):          
SRAX, Inc. (a)(e)(f)   3,374    (h)
Total Preferred Stocks (Cost $-)        (h)
           
Rights (0.0%)(g)          
Consumer Discretionary (0.0%):          
Zagg, Inc. (a)(e)(f)   4,570    (h)
Financials (0.0%):          
Sirius International (a)(f)   762    7 
Health Care (0.0%):          
Achillion Pharmaceuticals (a)(e)(f)   22,837    5 
Chinook Therapeutics (a)(e)(f)   1,625     
Flexion Therapeutics, Inc. (a)(e)(f)   6,526    4 
F-Star Therapeutics (a)(e)(f)   1,298     
Miragen Therapeutics, Inc. (a)(e)(f)   7,890     
Ocuphire Pharma (a)(e)(f)   168    (h)
Oncternal Therapeutics, Inc. (a)(e)(f)   254     
Palisade Bio, Inc. (a)(e)(f)   2,758    1 
Prevail Therapeutics, Inc. (a)(e)(f)   4,938    2 
Progenics Pharmaceuticals, Inc. (a)(e)(f)   10,103    3 
Qualigen Therapeutics, Inc. (a)(e)(f)   7,487     
Tetraphase Pharmaceutical (a)(e)(f)   1,178    (h)

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares or Principal
Amount
   Value 
Unum Therapeutics, Inc. (a)(e)(f)   2,673   $ 
Xeris Biopharma Holdings, Inc. (a)(e)(f)   8,140    1 
Zogenix, Inc. (a)(e)(f)   6,844    5 
         21 
Total Rights (Cost $8)        28 
           
Warrants (0.0%)(g)          
Health Care (0.0%):          
Galectin Therapeutics, Inc. Class B (e)(f)   7,552     
Total Warrants (Cost $–)         
           
Corporate Bonds (0.0%)(g)          
Financials (0.0%):          
GAMCO Investors, Inc., 4.00%, 6/15/23, Callable 5/13/22 @ 100  $(h)   (h)
Total Corporate Bonds (Cost $-)        (h)
           
Mutual Funds (0.0%)(g)          
180 Degree Capital Corp. (a)   1,305    9 
OFS Credit Co., Inc.   912    11 
Total Mutual Funds (Cost $20)        20 
           
Collateral for Securities Loaned (4.6%)^          
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (i)   30,340,668    30,341 
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.26% (i)   6,361,400    6,361 
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (i)   3,364,993    3,365 
Total Collateral for Securities Loaned (Cost $40,067)        40,067 
Total Investments (Cost $542,017) — 103.6%        909,087 
Liabilities in excess of other assets — (3.6)%        (31,444)
NET ASSETS - 100.00%       $877,643 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) All or a portion of this security has been segregated as collateral for derivative instruments.
(d) Affiliated security.
(e) Security was fair valued based using significant unobservable inputs as of March 31, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At March 31, 2022, illiquid securities were less than 0.05% of the Fund's net assets.
(g) Amount represents less than 0.05% of net assets.
(h) Rounds to less than $1 thousand.
(i) Rate disclosed is the daily yield on March 31, 2022.

 

PLC—Public Limited Company
REIT—Real Estate Investment Trust

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Extended Market Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Futures Contracts Purchased

(Amounts not in thousands)

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized
Appreciation/
(Depreciation)
 
E-Mini Russell 2000 Index Futures  78  6/20/22  $7,897,515   $8,058,960   $161,445 
                      
   Total unrealized appreciation        $161,445 
   Total unrealized depreciation          
   Total net unrealized appreciation (depreciation)        $161,445 

 

Affiliated Holdings

 

                       Net Change         
           Proceeds       Capital   in Unrealized         
   Fair Value   Purchases   from   Realized   Gain   Appreciation/   Fair Value   Dividend 
USAA Extended Market Index Fund  12/31/2021   at Cost   Sales   Gains(Losses)   Distribution   Depreciation   3/31/2022   Income 
Victory Capital Holdings Inc.  $65   $-   $(2)  $1   $-   $(14)  $50   $-*

 

* Round to less than $1 thousand.

 

 

USAA Mutual Funds Trust    Schedule of Portfolio Investments
USAA Global Managed Volatility Fund    March 31, 2022
(Amounts in Thousands, Except for Shares)  (Unaudited)  

 

Security Description   Shares     Value  
Common Stocks (99.6%)                
Australia (3.1%):      
Consumer Discretionary (0.6%):                
Wesfarmers Ltd.     82,890     $ 3,110  
                 
Consumer Staples (0.7%):                
Coles Group Ltd.     108,537       1,450  
Woolworths Group Ltd.     83,361       2,314  
              3,764  
Health Care (0.3%):                
CSL Ltd.     8,786       1,754  
                 
Materials (1.5%):                
BHP Group Ltd.     128,636       4,957  
Fortescue Metals Group Ltd.     74,224       1,141  
Rio Tinto Ltd.     27,475       2,455  
              8,553  
              17,181  
Belgium (0.3%):                
Financials (0.3%):                
KBC Group NV     21,171       1,519  
                 
Brazil (0.7%):                
Energy (0.0%):(a)                
Petroleo Brasileiro SA Preference Shares     15,600       110  
                 
Financials (0.1%):                
Itau Unibanco Holding SA Preference Shares     35,445       205  
                 
Materials (0.6%):                
Vale SA     163,797       3,289  
              3,604  
Canada (3.7%):                
Consumer Discretionary (0.7%):                
Dollarama, Inc.     20,710       1,175  
Lululemon Athletica, Inc. (b)     5,321       1,943  
Magna International, Inc.     10,116       650  
              3,768  
Consumer Staples (0.5%):                
Alimentation Couche-Tard, Inc.     48,402       2,181  
Loblaw Cos. Ltd.     5,237       470  
              2,651  
Financials (1.9%):                
Manulife Financial Corp.     118,084       2,519  
Power Corp. of Canada     38,954       1,206  
Sun Life Financial, Inc.     50,023       2,793  
The Toronto-Dominion Bank     49,856       3,956  
              10,474  
Information Technology (0.6%):                
CGI, Inc. (b)     16,304       1,299  
Constellation Software, Inc.     1,403       2,398  
              3,697  
              20,590  
China (2.5%):                
Communication Services (0.5%):                
NetEase, Inc., ADR     8,040       721  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares     Value  
Tencent Holdings Ltd.     46,900     $ 2,162  
              2,883  
Consumer Discretionary (0.8%):                
Alibaba Group Holding Ltd. (b)     119,000       1,624  
ANTA Sports Products Ltd.     88,428       1,097  
JD.com, Inc. Class A (b)     28,728       816  
Li Ning Co. Ltd.     13,000       111  
Shenzhou International Group Holdings Ltd.     58,800       776  
              4,424  
Consumer Staples (0.1%):                
Nongfu Spring Co., Ltd. Class H (c)(d)     135,400       714  
                 
Energy (0.1%):                
China Shenhua Energy Co. Ltd. Class H     112,500       358  
                 
Financials (0.6%):                
China Life Insurance Co. Ltd. Class H     522,000       795  
China Merchants Bank Co. Ltd. Class H     29,261       228  
China Pacific Insurance Group Co. Ltd. Class H     193,800       469  
Ping An Insurance Group Co. of China Ltd.     284,500       1,989  
              3,481  
Information Technology (0.2%):                
Sunny Optical Technology Group Co. Ltd.     52,600       835  
                 
Utilities (0.2%):                
ENN Energy Holdings Ltd.     57,301       856  
              13,551  
Denmark (1.1%):                
Consumer Staples (0.0%):(a)                
Carlsberg AS Class B     1,375       169  
                 
Health Care (0.8%):                
Coloplast A/S Class B     9,117       1,381  
Novo Nordisk A/S Class B     27,738       3,077  
              4,458  
Industrials (0.1%):                
AP Moller - Maersk A/S Class B     131       394  
                 
Materials (0.2%):                
Novozymes A/S B Shares     15,639       1,072  
              6,093  
Finland (0.4%):                
Energy (0.1%):                
Neste Oyj     14,780       674  
                 
Industrials (0.3%):                
Kone Oyj Class B     25,272       1,322  
              1,996  
France (1.7%):                
Consumer Discretionary (0.8%):                
Cie Generale des Etablissements Michelin SCA     12,638       1,713  
Hermes International     757       1,071  
LVMH Moet Hennessy Louis Vuitton SE     2,110       1,506  
              4,290  
Consumer Staples (0.5%):                
L'Oreal SA     7,301       2,916  
                 
Energy (0.1%):                
TotalEnergies SE     14,203       718  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description     Shares     Value  
Financials (0.0%):(a)                
Credit Agricole SA     17,066     $ 204  
                 
Industrials (0.2%):                
Cie de Saint-Gobain     6,002       357  
Schneider Electric SE     2,928       492  
              849  
Information Technology (0.1%):                
Capgemini SE     1,744       387  
                 
Utilities (0.0%):(a)                
Veolia Environnement SA     7,331       235  
              9,599  
Germany (1.5%):                
Consumer Discretionary (0.3%):                
adidas AG     6,468       1,507  
Mercedes-Benz Group AG     3,290       231  
              1,738  
Financials (0.6%):                
Allianz SE Registered Shares     14,605       3,487  
                 
Industrials (0.6%):                
Brenntag SE     3,019       243  
Deutsche Post AG Registered Shares     57,340       2,738  
              2,981  
Utilities (0.0%):(a)                
RWE AG     2,122       93  
              8,299  
Hong Kong (0.6%):                
Consumer Discretionary (0.0%):(a)                
Chow Tai Fook Jewellery Group Ltd.     54,400       98  
                 
Financials (0.2%):                
Hong Kong Exchanges & Clearing Ltd.     25,000       1,172  
                 
Health Care (0.2%):                
CSPC Pharmaceutical Group Ltd.     658,000       754  
Sino Biopharmaceutical Ltd.     788,000       489  
              1,243  
Industrials (0.1%):                
SITC International Holdings Co. Ltd.     55,000       192  
Techtronic Industries Co. Ltd.     6,824       110  
              302  
Information Technology (0.1%):                
Lenovo Group Ltd.     548,000       594  
              3,409  
India (0.8%):                
Financials (0.4%):                
ICICI Bank Ltd.     194,277       1,853  
SBI Life Insurance Co. Ltd. (c)     29,704       438  
              2,291  
Information Technology (0.4%):                
HCL Technologies Ltd. (h)     16,887       258  
Infosys Ltd.     73,500       1,841  
Wipro Ltd.     36,206       281  
              2,380  
              4,671  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares     Value  
Indonesia (0.7%):                
Communication Services (0.2%):                
PT Telkom Indonesia Persero Tbk     3,859,100     $ 1,228  
                 
Financials (0.5%):                
PT Bank Central Asia Tbk     4,287,400       2,384  
              3,612  
Ireland (0.5%):                
Industrials (0.0%):(a)                
Eaton Corp. PLC     513       78  
                 
Information Technology (0.5%):                
Accenture PLC Class A     7,701       2,597  
Seagate Technology Holdings PLC     2,211       199  
              2,796  
              2,874  
Israel (0.2%):                
Information Technology (0.2%):                
Check Point Software Technologies Ltd. (b)     7,742       1,070  
                 
Japan (5.0%):                
Communication Services (1.7%):                
KDDI Corp.     116,600       3,824  
Nintendo Co. Ltd.     2,100       1,060  
Nippon Telegraph & Telephone Corp.     71,000       2,063  
Softbank Corp.     214,100       2,497  
              9,444  
Consumer Discretionary (0.4%):                
Fast Retailing Co. Ltd.     3,300       1,692  
Sony Group Corp.     3,200       329  
Suzuki Motor Corp.     2,440       84  
Yamaha Motor Co. Ltd.     9,400       211  
              2,316  
Consumer Staples (0.3%):                
Kao Corp.     35,000       1,429  
                 
Financials (0.6%):                
Tokio Marine Holdings, Inc.     54,800       3,189  
                 
Health Care (1.0%):                
Astellas Pharma, Inc.     139,927       2,187  
Hoya Corp.     13,700       1,562  
Olympus Corp.     90,600       1,717  
              5,466  
Industrials (0.5%):                
Hitachi Ltd.     5,173       259  
ITOCHU Corp.     14,122       478  
Recruit Holdings Co. Ltd.     51,600       2,242  
              2,979  
Information Technology (0.5%):                
FUJIFILM Holdings Corp.     2,900       177  
Fujitsu Ltd.     10,200       1,528  
Nomura Research Institute Ltd.     23,400       764  
              2,469  
              27,292  
Korea, Republic Of (1.0%):                
Consumer Discretionary (0.0%):(a)                
Kia Corp.     3,696       224  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description     Shares     Value  
Financials (0.1%):                
Shinhan Financial Group Co. Ltd.     8,840     $ 300  
                 
Information Technology (0.9%):                
Samsung Electronics Co. Ltd.     87,822       5,026  
              5,550  
Mexico (1.0%):                
Communication Services (0.6%):                
America Movil SAB de CV Class L     2,914,232       3,095  
                 
Consumer Staples (0.4%):                
Wal-Mart de Mexico SAB de CV     468,900       1,932  
                 
Financials (0.0%):(a)                
Grupo Financiero Banorte SAB de CV Class O     35,836       269  
              5,296  
Netherlands (1.5%):                
Communication Services (0.2%):                
Koninklijke KPN NV     239,868       832  
                 
Consumer Staples (0.5%):                
Koninklijke Ahold Delhaize NV     89,397       2,875  
                 
Industrials (0.4%):                
Wolters Kluwer NV     19,663       2,096  
                 
Information Technology (0.4%):                
ASML Holding NV     3,365       2,248  
                 
Materials (0.0%):(a)                
LyondellBasell Industries NV Class A     2,410       248  
              8,299  
Norway (0.5%):                
Communication Services (0.0%):(a)                
Telenor ASA     6,415       92  
                 
Energy (0.5%):                
Equinor ASA     74,000       2,764  
              2,856  
Russian Federation (0.0%):(a)                
Communication Services (0.0%):                
Mobile TeleSystems PJSC, ADR (e)(f)     240,364       54  
                 
Consumer Staples (0.0%):                
X5 Retail Group NV, GDR (e)(f)     18,705       6  
                 
Energy (0.0%):                
LUKOIL PJSC (e)(f)     34,009       15  
Tatneft PJSC (e)(f)     90,761       17  
              32  
Financials (0.0%):                
Sberbank of Russia PJSC (e)(f)     409,312       4  
                 
Materials (0.0%):                
MMC Norilsk Nickel PJSC (e)(f)     5,249       54  
              150  
Singapore (0.1%):                
Financials (0.1%):                
DBS Group Holdings Ltd.     11,722       307  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description     Shares     Value  
South Africa (0.5%):                
Communication Services (0.3%):                
MTN Group Ltd.     98,821     $ 1,279  
                 
Financials (0.2%):                
Capitec Bank Holdings Ltd.     5,993       955  
FirstRand Ltd.     54,746       289  
              1,244  
              2,523  
Spain (1.0%):                
Communication Services (0.3%):                
Telefonica SA     367,977       1,783  
                 
Consumer Discretionary (0.3%):                
Industria de Diseno Textil SA     78,615       1,714  
                 
Financials (0.4%):                
Banco Bilbao Vizcaya Argentaria SA     370,830       2,117  
              5,614  
Sweden (0.6%):                
Consumer Discretionary (0.1%):                
H & M Hennes & Mauritz AB Class B (d)     53,798       723  
                 
Industrials (0.2%):                
Atlas Copco AB Class A     7,223       375  
Sandvik AB     12,962       275  
Volvo AB Class B     9,051       169  
              819  
Information Technology (0.3%):                
Telefonaktiebolaget LM Ericsson Class B     164,278       1,498  
              3,040  
Switzerland (4.1%):                
Communication Services (0.1%):                
Swisscom AG Registered Shares (d)     751       451  
                 
Consumer Staples (1.1%):                
Nestle SA Registered Shares     45,557       5,924  
                 
Financials (0.1%):                
Partners Group Holding AG     301       373  
                 
Health Care (2.0%):                
Novartis AG Registered Shares     55,332       4,858  
Roche Holding AG     14,800       5,857  
              10,715  
Industrials (0.7%):                
Geberit AG Registered Shares     2,803       1,728  
Kuehne + Nagel International AG Class R     4,124       1,171  
SGS SA Registered Shares     440       1,224  
              4,123  
Information Technology (0.0%):(a)                
TE Connectivity Ltd.     1,052       138  
                 
Materials (0.1%):                
Sika AG Registered Shares     1,917       634  
              22,358  
Taiwan (2.4%):                
Communication Services (0.2%):                
Chunghwa Telecom Co. Ltd.     272,000       1,205  
                 
Consumer Staples (0.2%):                
Uni-President Enterprises Corp.     496,730       1,134  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares     Value  
Financials (0.4%):                
Cathay Financial Holding Co. Ltd.     134,000     $ 299  
CTBC Financial Holding Co. Ltd.     1,641,000       1,673  
              1,972  
Industrials (0.0%):(a)                
Evergreen Marine Corp. Ltd.     16,000       74  
                 
Information Technology (1.6%):                
Delta Electronics, Inc.     142,000       1,317  
Novatek Microelectronics Corp.     39,000       573  
Realtek Semiconductor Corp.     34,000       505  
Taiwan Semiconductor Manufacturing Co. Ltd., ADR     55,897       5,828  
Taiwan Semiconductor Manufacturing Co. Ltd.     25,000       513  
United Microelectronics Corp.     57,000       105  
              8,841  
              13,226  
United Kingdom (3.3%):                
Communication Services (0.0%):(a)                
WPP PLC     14,371       188  
                 
Consumer Discretionary (0.3%):                
InterContinental Hotels Group PLC     12,467       843  
Next PLC     9,760       767  
Persimmon PLC     6,801       191  
              1,801  
Consumer Staples (0.8%):                
Imperial Brands PLC     79,108       1,666  
Unilever PLC     56,174       2,550  
              4,216  
Energy (0.1%):                
Shell PLC     15,450       423  
                 
Financials (0.3%):                
Aon PLC Class A     4,636       1,510  
                 
Health Care (0.7%):                
GlaxoSmithKline PLC     171,631       3,713  
                 
Industrials (0.7%):                
Ferguson PLC     2,475       335  
Intertek Group PLC     11,935       814  
RELX PLC     91,967       2,862  
              4,011  
Materials (0.4%):                
Rio Tinto PLC     28,924       2,312  
              18,174  
United States (60.8%):                
Communication Services (5.3%):                
Alphabet, Inc. Class C (b)     5,193       14,504  
Comcast Corp. Class A     7,896       369  
Fox Corp. Class A     5,651       223  
Lumen Technologies, Inc.     15,330       173  
Match Group, Inc. (b)     19,854       2,159  
Meta Platforms, Inc. Class A (b)     20,295       4,513  
Omnicom Group, Inc.     28,050       2,381  
Sirius XM Holdings, Inc. (d)     478,014       3,164  
The Interpublic Group of Cos., Inc.     29,586       1,049  
Verizon Communications, Inc.     5,945       303  
              28,838  
Consumer Discretionary (6.1%):                
Amazon.com, Inc. (b)     2,380       7,759  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description     Shares       Value  
AutoZone, Inc. (b)     516     $ 1,055  
Bath & Body Works, Inc.     2,695       129  
Best Buy Co., Inc.     15,351       1,395  
Booking Holdings, Inc. (b)     781       1,834  
Domino's Pizza, Inc.     5,843       2,378  
eBay, Inc.     30,109       1,724  
Etsy, Inc. (b)     2,392       297  
Lowe's Cos., Inc.     2,342       473  
NVR, Inc. (b)     47       210  
O'Reilly Automotive, Inc. (b)     1,512       1,036  
Ross Stores, Inc.     12,294       1,112  
Starbucks Corp.     26,609       2,421  
Target Corp.     12,815       2,720  
The Home Depot, Inc.     6,858       2,053  
Tractor Supply Co.     1,115       260  
Ulta Beauty, Inc. (b)     2,350       936  
Yum! Brands, Inc.     47,250       5,600  
              33,392  
Consumer Staples (6.5%):                
Altria Group, Inc.     95,086       4,968  
Colgate-Palmolive Co.     66,941       5,076  
Costco Wholesale Corp.     3,252       1,873  
General Mills, Inc.     3,401       230  
Kimberly-Clark Corp.     13,131       1,617  
Philip Morris International, Inc.     66,355       6,233  
The Clorox Co.     34,013       4,729  
The Hershey Co.     12,494       2,707  
The Kroger Co.     30,375       1,743  
The Procter & Gamble Co.     36,550       5,585  
Tyson Foods, Inc. Class A     2,267       203  
Walmart, Inc.     5,402       804  
              35,768  
Energy (1.8%):                
ConocoPhillips     4,119       412  
Coterra Energy, Inc.     164,086       4,425  
EOG Resources, Inc.     26,355       3,142  
Halliburton Co.     37,431       1,418  
Schlumberger NV     15,508       641  
              10,038  
Financials (7.0%):                
Aflac, Inc.     7,955       512  
Ameriprise Financial, Inc.     1,284       386  
Capital One Financial Corp.     2,212       290  
Discover Financial Services     27,076       2,984  
Erie Indemnity Co. Class A     4,554       802  
FactSet Research Systems, Inc.     4,868       2,113  
MarketAxess Holdings, Inc.     3,274       1,114  
MSCI, Inc.     4,025       2,024  
Regions Financial Corp.     133,221       2,966  
S&P Global, Inc.     9,962       4,086  
SEI Investments Co.     83,414       5,022  
SVB Financial Group (b)     310       173  
Synchrony Financial     60,085       2,092  
T. Rowe Price Group, Inc.     45,258       6,843  
The Progressive Corp.     59,317       6,762  
Wells Fargo & Co.     8,345       404  
              38,573  
Health Care (9.5%):                
AbbVie, Inc.     22,051       3,575  
Align Technology, Inc. (b)     2,742       1,195  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description     Shares     Value  
AmerisourceBergen Corp.     1,860     $ 288  
Amgen, Inc.     22,720       5,494  
Anthem, Inc.     932       458  
Biogen, Inc. (b)     11,612       2,445  
CVS Health Corp.     3,219       326  
Eli Lilly & Co.     11,667       3,341  
Gilead Sciences, Inc.     3,953       235  
HCA Healthcare, Inc.     1,239       310  
Humana, Inc.     1,950       849  
IDEXX Laboratories, Inc. (b)     3,339       1,827  
Johnson & Johnson     52,362       9,280  
Laboratory Corp. of America Holdings (b)     719       190  
McKesson Corp.     5,151       1,577  
Merck & Co., Inc.     40,300       3,307  
Mettler-Toledo International, Inc. (b)     1,487       2,042  
Moderna, Inc. (b)     2,627       452  
Molina Healthcare, Inc. (b)     3,229       1,077  
Pfizer, Inc.     10,424       540  
Quest Diagnostics, Inc.     1,335       183  
UnitedHealth Group, Inc.     13,189       6,726  
Veeva Systems, Inc. Class A (b)     14,432       3,066  
Waters Corp. (b)     4,730       1,468  
Zoetis, Inc.     11,238       2,119  
              52,370  
Industrials (7.5%):                
3M Co.     26,929       4,009  
Booz Allen Hamilton Holding Corp.     12,029       1,057  
Cintas Corp.     5,789       2,463  
Cummins, Inc.     9,971       2,045  
Dover Corp.     1,393       219  
Emerson Electric Co.     23,631       2,317  
Fastenal Co.     46,882       2,785  
Generac Holdings, Inc. (b)     2,020       600  
Huntington Ingalls Industries, Inc.     10,548       2,104  
Illinois Tool Works, Inc.     13,625       2,853  
Lockheed Martin Corp.     17,496       7,723  
Masco Corp.     2,534       129  
Northrop Grumman Corp.     913       408  
Old Dominion Freight Line, Inc.     8,810       2,631  
Otis Worldwide Corp.     25,561       1,967  
Robert Half International, Inc.     12,692       1,449  
Rockwell Automation, Inc.     5,401       1,512  
Union Pacific Corp.     6,119       1,672  
United Parcel Service, Inc. Class B     9,384       2,012  
United Rentals, Inc. (b)     450       160  
W.W. Grainger, Inc.     1,938       1,000  
              41,115  
Information Technology (16.1%):                
Adobe, Inc. (b)     7,619       3,471  
Advanced Micro Devices, Inc. (b)     4,889       535  
Apple, Inc.     140,040       24,452  
Applied Materials, Inc.     2,763       364  
Autodesk, Inc. (b)     2,221       476  
Automatic Data Processing, Inc.     1,290       294  
Broadcom, Inc.     1,049       661  
Cadence Design Systems, Inc. (b)     16,362       2,691  
CDW Corp.     9,464       1,693  
Cisco Systems, Inc.     58,919       3,285  
Fair Isaac Corp. (b)     6,180       2,883  
Fortinet, Inc. (b)     4,849       1,657  
Gartner, Inc. (b)     408       121  

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Global Managed Volatility Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description     Shares       Value  
HP, Inc.     29,890     $ 1,085  
Intel Corp.     39,303       1,948  
International Business Machines Corp.     2,629       342  
KLA Corp.     648       237  
Lam Research Corp.     1,053       566  
Mastercard, Inc. Class A     6,307       2,254  
Microsoft Corp.     69,653       21,475  
Motorola Solutions, Inc.     978       237  
NetApp, Inc.     2,105       175  
NVIDIA Corp.     9,808       2,676  
Oracle Corp.     16,399       1,357  
QUALCOMM, Inc.     12,532       1,915  
Teradyne, Inc.     8,703       1,029  
Texas Instruments, Inc.     23,011       4,222  
The Western Union Co.     103,967       1,948  
VeriSign, Inc. (b)     7,467       1,661  
VMware, Inc. Class A     6,116       697  
Zebra Technologies Corp. (b)     3,181       1,316  
Zoom Video Communications, Inc. Class A (b)     3,441       403  
              88,126  
Materials (0.6%):                
Celanese Corp.     1,241       177  
International Paper Co.     2,255       104  
Nucor Corp.     2,122       316  
The Sherwin-Williams Co.     10,801       2,696  
              3,293  
Real Estate (0.3%):                
American Tower Corp.     2,198       552  
Crown Castle International Corp.     1,138       210  
Equinix, Inc.     259       192  
Prologis, Inc.     2,499       404  
              1,358  
Utilities (0.1%):                
Evergy, Inc.     2,544       174  
FirstEnergy Corp.     6,996       321  
NRG Energy, Inc.     4,521       173  
              668  
              333,539  
Total Common Stocks (Cost $494,886)             546,292  
                 
Collateral for Securities Loaned (0.8%)^                
United States (0.8%):                
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (g)     2,857,909       2,858  
Goldman Sachs Financial Square Government Fund, Institutional Shares, 0.26% (g)     1,625,711       1,626  
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (g)     194,534       195  
Total Collateral for Securities Loaned (Cost $4,679)             4,679  
                 
Total Investments (Cost $499,565) — 100.4%             550,971  
Liabilities in excess of other assets — (0.4)%             (2,172 )
NET ASSETS - 100.00%           $ 548,799  

  

^ Purchased with cash collateral from securities on loan.
(a) Amount represents less than 0.05% of net assets.
(b) Non-income producing security.
(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 March 31, 2022, the fair value of these securities was $1,152 (thousands) and amounted to 0.2% of net assets.
(d) All or a portion of this security is on loan.
(e) Security was fair valued based using significant unobservable inputs as of March 31, 2022.
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At March 31, 2022, illiquid securities were less than 0.05% of the Fund's net assets.
(g) Rate disclosed is the daily yield on March 31, 2022.
(h) Issuer filed for bankruptcy.

 

ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PLC—Public Limited Company

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Nasdaq-100 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)
         

Security Description  Shares   Value 
         
Common Stocks (99.5%)
Communication Services (16.9%):          
Activision Blizzard, Inc.   236,395   $18,938 
Alphabet, Inc. Class A (a)   54,994    152,958 
Alphabet, Inc. Class C (a)   57,716    161,200 
Baidu, Inc., ADR (a)   73,340    9,703 
Charter Communications, Inc. Class A (a)   52,404    28,587 
Comcast Corp. Class A   1,372,373    64,254 
Electronic Arts, Inc.   85,314    10,793 
Match Group, Inc. (a)   86,505    9,407 
Meta Platforms, Inc. Class A (a)   632,237    140,584 
NetEase, Inc., ADR   63,549    5,700 
Netflix, Inc. (a)   134,684    50,451 
Sirius XM Holdings, Inc. (b)   1,197,676    7,929 
T-Mobile U.S., Inc. (a)   378,995    48,644 
         709,148 
Communications Equipment (1.7%):          
Cisco Systems, Inc.   1,260,243    70,271 
           
Consumer Discretionary (17.0%):          
Airbnb, Inc. Class A (a)   112,600    19,340 
Amazon.com, Inc. (a)   93,044    303,319 
Booking Holdings, Inc. (a)   12,404    29,130 
Dollar Tree, Inc. (a)   68,245    10,930 
eBay, Inc.   178,238    10,206 
JD.com, Inc., ADR (a)   180,940    10,471 
Lucid Group, Inc. (a)(b)   501,546    12,739 
Lululemon Athletica, Inc. (a)   37,451    13,678 
Marriott International, Inc. Class A (a)   98,992    17,398 
MercadoLibre, Inc. (a)   15,296    18,194 
O'Reilly Automotive, Inc. (a)   20,205    13,840 
Pinduoduo, Inc., ADR (a)   134,245    5,385 
Ross Stores, Inc.   107,189    9,696 
Starbucks Corp.   348,965    31,745 
Tesla, Inc. (a)   188,981    203,646 
         709,717 
Consumer Staples (5.5%):          
Costco Wholesale Corp.   134,523    77,465 
Keurig Dr Pepper, Inc.   430,224    16,306 
Mondelez International, Inc. Class A   421,175    26,441 
Monster Beverage Corp. (a)   160,591    12,831 
PepsiCo, Inc.   419,695    70,249 
The Kraft Heinz Co.   371,244    14,623 
Walgreens Boots Alliance, Inc.   261,889    11,725 
         229,640 
Health Care (5.8%):          
Align Technology, Inc. (a)   23,904    10,422 
Amgen, Inc.   168,985    40,864 
AstraZeneca PLC, ADR   173,059    11,481 
Biogen, Inc. (a)   44,584    9,389 
Dexcom, Inc. (a)   29,447    15,065 
Gilead Sciences, Inc. (c)   380,389    22,614 
IDEXX Laboratories, Inc. (a)   25,559    13,982 
Illumina, Inc. (a)   47,629    16,642 
Intuitive Surgical, Inc. (a)   108,528    32,741 
Moderna, Inc. (a)   122,219    21,053 
Regeneron Pharmaceuticals, Inc. (a)   32,374    22,611 

 

  

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Nasdaq-100 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

  

Security Description  Shares   Value 
Seagen, Inc. (a)   55,706   $8,024 
Vertex Pharmaceuticals, Inc. (a)   77,230    20,155 
         245,043 
Industrials (3.1%):          
Cintas Corp.   31,469    13,387 
Copart, Inc. (a)   71,955    9,028 
CSX Corp.   665,405    24,919 
Fastenal Co.   174,605    10,372 
Honeywell International, Inc.   208,056    40,484 
Old Dominion Freight Line, Inc.   34,846    10,408 
PACCAR, Inc.   105,442    9,286 
Verisk Analytics, Inc.   48,928    10,501 
         128,385 
IT Services (3.2%):          
Automatic Data Processing, Inc.   127,428    28,995 
Cognizant Technology Solutions Corp. Class A   159,127    14,269 
Fiserv, Inc. (a)   197,856    20,063 
Okta, Inc. (a)   45,059    6,802 
Paychex, Inc.   109,442    14,935 
PayPal Holdings, Inc. (a)   353,426    40,874 
VeriSign, Inc. (a)   33,421    7,435 
         133,373 
Semiconductors & Semiconductor Equipment (16.0%):          
Advanced Micro Devices, Inc. (a)   493,691    53,980 
Analog Devices, Inc.   158,757    26,223 
Applied Materials, Inc.   267,994    35,322 
ASML Holding NV, NYS   25,154    16,801 
Broadcom, Inc.   124,264    78,247 
Intel Corp.   1,235,316    61,222 
KLA Corp.   45,722    16,737 
Lam Research Corp.   42,320    22,752 
Marvell Technology, Inc.   255,982    18,356 
Microchip Technology, Inc.   168,670    12,674 
Micron Technology, Inc.   339,705    26,460 
NVIDIA Corp.   643,338    175,541 
NXP Semiconductors NV   79,646    14,741 
QUALCOMM, Inc.   341,896    52,249 
Skyworks Solutions, Inc.   49,754    6,631 
Texas Instruments, Inc.   280,175    51,406 
         669,342 
Software (16.8%):          
Adobe, Inc. (a)   143,295    65,288 
ANSYS, Inc. (a)   26,463    8,406 
Atlassian Corp. PLC Class A (a)   42,822    12,582 
Autodesk, Inc. (a)   66,733    14,304 
Cadence Design Systems, Inc. (a)   84,135    13,837 
Crowdstrike Holdings, Inc. Class A (a)   63,163    14,343 
Datadog, Inc. Class A (a)   80,177    12,144 
DocuSign, Inc. (a)   60,029    6,430 
Fortinet, Inc. (a)   48,786    16,672 
Intuit, Inc.   85,904    41,306 
Microsoft Corp. (c)   1,370,835    422,642 
Palo Alto Networks, Inc. (a)(c)   29,877    18,599 
Splunk, Inc. (a)   48,171    7,159 
Synopsys, Inc. (a)   46,445    15,479 
Workday, Inc. Class A (a)   59,460    14,238 
Zoom Video Communications, Inc. Class A (a)   73,488    8,615 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Nasdaq-100 Index Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares   Value 
Zscaler, Inc. (a)   42,496   $10,254 
         702,298 
Technology Hardware, Storage & Peripherals (12.4%):          
Apple, Inc.   2,984,081    521,050 
           
Utilities (1.1%):          
American Electric Power Co., Inc. (c)   152,962    15,261 
Constellation Energy Corp.   99,033    5,571 
Exelon Corp.   297,342    14,162 
Xcel Energy, Inc. (c)   165,097    11,915 
         46,909 
Total Common Stocks (Cost $1,442,293)        4,165,176 
           
Collateral for Securities Loaned (0.5%)^          
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (d)   7,936,837    7,937 
Goldman Sachs Financial Square Government Fund, Institutional Shares, 0.26% (d)   11,981,620    11,982 
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (d)   1,619,328    1,619 
Total Collateral for Securities Loaned (Cost $21,538)        21,538 
Total Investments (Cost $1,463,831) — 100.0%        4,186,714 
Liabilities in excess of other assets — 0.0%(e)        (1,754)
NET ASSETS - 100.00%       $4,184,960 

 

^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) All or a portion of this security has been segregated as collateral for derivative instruments.
(d) Rate disclosed is the daily yield on March 31, 2022.
(e) Amount represents less than 0.05% of net assets.

 

ADR—American Depositary Receipt
NYS—New York Registered Shares
PLC—Public Limited Company

  

Futures Contracts Purchased

(Amounts not in thousands)

 

   Number of
Contracts
  Expiration
Date
  Notional
Amount
   Value   Unrealized Appreciation/ (Depreciation) 
NASDAQ 100 E-Mini Futures  60  6/20/22  $16,648,249   $17,842,500   $1,194,251 
                      
   Total unrealized appreciation               $1,194,251 
   Total unrealized depreciation                 
   Total net unrealized appreciation (depreciation)        $1,194,251 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Target Retirement Income Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)
         

Security Description  Shares   Value 
Affiliated Exchange-Traded Funds (20.4%)          
VictoryShares Dividend Accelerator ETF   169,578   $7,843 
VictoryShares ESG Corporate Bond ETF   1,899,203    43,339 
VictoryShares International Volatility Wtd ETF   179,768    7,565 
VictoryShares NASDAQ Next 50 ETF   149,092    4,315 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   159,383    6,632 
VictoryShares USAA Core Short-Term Bond ETF   443,598    22,119 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   452,395    21,197 
VictoryShares USAA MSCI International Value Momentum ETF   440,876    20,710 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   86,772    6,102 
VictoryShares USAA MSCI USA Value Momentum ETF   212,361    14,733 
Total Affiliated Exchange-Traded Funds (Cost $143,273)        154,555 
           
Affiliated Mutual Funds (79.0%)          
USAA 500 Index Fund Reward Shares   244,169    14,406 
USAA Global Managed Volatility Fund Institutional Shares   4,379,987    44,764 
USAA Government Securities Fund Institutional Shares   22,764,461    212,620 
USAA Growth Fund Institutional Shares   358,287    11,497 
USAA High Income Fund Institutional Shares   5,003,427    36,875 
USAA Income Fund Institutional Shares   241,249    2,984 
USAA Income Stock Fund Institutional Shares   213,340    4,199 
USAA Intermediate-Term Bond Fund Institutional Shares   2,106,611    20,919 
USAA Precious Metals and Minerals Fund Institutional Shares   138,699    3,050 
USAA Short-Term Bond Fund Institutional Shares   12,679,533    113,228 
USAA Small Cap Stock Fund Institutional Shares   412,504    5,825 
USAA Target Managed Allocation Fund   3,679,904    39,596 
Victory Integrity Mid-Cap Value Fund Class R6   299,022    7,505 
Victory Market Neutral Income Fund Class I   3,441,873    33,111 
Victory RS International Fund Class R6   2,267,066    25,028 
Victory Sophus Emerging Markets Fund Class R6   220,637    4,757 
Victory Trivalent International Core Equity Fund Class R6   2,266,070    17,517 
Total Affiliated Mutual Funds (Cost $576,605)        597,881 
Total Investments (Cost $719,878) — 99.4%        752,436 
Other assets in excess of liabilities — 0.6%        4,216 
NET ASSETS - 100.00%       $756,652 

 

At March 31, 2022, the Fund's investments in foreign securities were 12.8% of net assets.

  

ETF—Exchange-Traded Fund

 

Affiliated Holdings

                       Net Change         
           Proceeds       Capital   in Unrealized         
USAA Target  Fair Value   Purchases   from   Realized   Gain   Appreciation/   Fair Value   Dividend 
Retirement Income Fund  12/31/2021   at Cost   Sales   Gains(Losses)   Distribution   Depreciation   3/31/2022   Income 
USAA 500 Index Fund Reward Shares   $3,002   $11,393   $-   $-   $           -   $11   $14,406   $40 
USAA Global Managed Volatility Fund Institutional Shares   48,853    -    (707)   (49)   -    (3,333)   44,764    - 
USAA Government Securities Fund Institutional Shares   229,062    662    (7,518)   (444)   -    (9,142)   212,620    967 
USAA Growth Fund Institutional Shares   15,236    -    (2,156)   976    -    (2,559)   11,497    - 
USAA High Income Fund Institutional Shares   34,674    4,208    -    -    -    (2,007)   36,875    445 
USAA Income Fund Institutional Shares   20,833    72    (16,908)   2,027    -    (3,040)   2,984    72 
USAA Income Stock Fund Institutional Shares   9,506    18    (5,150)   758    -    (933)   4,199    17 
USAA Intermediate-Term Bond Fund Institutional Shares   14,271    7,577    -    -    -    (929)   20,919    88 
USAA Precious Metals and Minerals Fund Institutional Shares   2,645    -    -    -    -    405    3,050    - 
USAA Short-Term Bond Fund Institutional Shares   123,244    369    (7,052)   (76)   -    (3,257)   113,228    566 
USAA Small Cap Stock Fund Institutional Shares   6,303    1    -    -    -    (479)   5,825    - 
USAA Target Managed Allocation Fund   43,496    -    (2,663)   (11)   -    (1,226)   39,596    - 
Victory Integrity Mid-Cap Value Fund Class R6   6,053    1,167    -    (1)   -    286    7,505    -*
Victory Market Neutral Income Fund Class I   32,841    168    -    -    -    102    33,111    168 
Victory RS International Fund Class R6   27,363    -    -    -    -    (2,335)   25,028    - 
Victory Sophus Emerging Markets Fund Class R6   3,533    1,569    -    -    -    (345)   4,757    - 
Victory Trivalent International Core Equity Fund Class R6   16,222    2,342    -    -    -    (1,047)   17,517    - 
VictoryShares Dividend Accelerator ETF   11,350    -    (3,058)   736    -    (1,185)   7,843    23 
VictoryShares ESG Corporate Bond ETF   44,104    2,996    -    -    -    (3,761)   43,339    101 
VictoryShares International Volatility Wtd ETF   8,097    -    -    -    -    (532)   7,565    13 
VictoryShares Nasdaq Next 50 ETF   5,077    -    -    -    -    (762)   4,315    1 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   6,705    -    (1)   -    -    (72)   6,632    22 
VictoryShares USAA Core Short-Term Bond ETF   22,770    -    -    -    -    (651)   22,119    68 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   21,864    2    -    -    -    (669)   21,197    - 
VictoryShares USAA MSCI International Value Momentum ETF   22,487    -    (790)   (36)   -    (951)   20,710    36 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   6,388    -    -    -    -    (286)   6,102    17 
VictoryShares USAA MSCI USA Value Momentum ETF   18,204    -    (2,987)   674    -    (1,158)   14,733    45 
   $804,183   $32,544   $(48,990)  $4,554   $-   $(39,855)  $752,436   $2,689 

 

 * Round to less than $1 thousand.

 

  

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Target Retirement 2030 Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)
         

Security Description  Shares   Value 
Affiliated Exchange-Traded Funds (25.7%)          
VictoryShares Dividend Accelerator ETF   601,473   $27,819 
VictoryShares ESG Corporate Bond ETF   1,767,524    40,334 
VictoryShares International Volatility Wtd ETF   493,863    20,782 
VictoryShares NASDAQ Next 50 ETF (a)   696,279    20,150 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   325,796    13,557 
VictoryShares USAA Core Short-Term Bond ETF   834,703    41,621 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   892,548    41,820 
VictoryShares USAA MSCI International Value Momentum ETF   1,255,084    58,959 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   304,982    21,446 
VictoryShares USAA MSCI USA Value Momentum ETF   691,787    47,995 
Total Affiliated Exchange-Traded Funds (Cost $301,192)        334,483 
           
Affiliated Mutual Funds (72.9%)          
USAA 500 Index Fund Reward Shares   1,077,739    63,587 
USAA Global Managed Volatility Fund Institutional Shares   12,937,147    132,218 
USAA Government Securities Fund Institutional Shares   21,098,920    197,064 
USAA Growth Fund Institutional Shares   1,413,785    45,368 
USAA High Income Fund Institutional Shares   7,072,039    52,121 
USAA Income Fund Institutional Shares   576,443    7,130 
USAA Income Stock Fund Institutional Shares   895,865    17,631 
USAA Intermediate-Term Bond Fund Institutional Shares   4,855,434    48,214 
USAA Precious Metals and Minerals Fund Institutional Shares   252,515    5,553 
USAA Short-Term Bond Fund Institutional Shares   6,596,744    58,909 
USAA Small Cap Stock Fund Institutional Shares   1,618,609    22,855 
USAA Target Managed Allocation Fund   11,482,978    123,557 
Victory Integrity Mid-Cap Value Fund Class R6   1,251,243    31,406 
Victory Market Neutral Income Fund Class I   2,364,996    22,751 
Victory RS International Fund Class R6   5,507,128    60,799 
Victory Sophus Emerging Markets Fund Class R6   498,565    10,749 
Victory Trivalent International Core Equity Fund Class R6   6,397,082    49,449 
Total Affiliated Mutual Funds (Cost $876,479)        949,361 
           
Collateral for Securities Loaned (0.0%)^(b)          
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (c)   151,250    151 
Total Collateral for Securities Loaned (Cost $151)        151 
Total Investments (Cost $1,177,822) — 98.6%        1,283,995 
Other assets in excess of liabilities — 1.4%        18,529 
NET ASSETS - 100.00%       $1,302,524 

 

At March 31, 2022, the Fund's investments in foreign securities were 18.6% of net assets.

   

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Amount represents less than 0.05% of net assets.
(c) Rate disclosed is the daily yield on March 31, 2022.

  

ETF—Exchange-Traded Fund

 

Affiliated Holdings

 

                                  Net Change              
                Proceeds           Capital     in Unrealized              
USAA Target Retirement   Fair Value     Purchases     from     Realized     Gain     Appreciation/     Fair Value     Dividend  
2030 Fund   12/31/2021     at Cost     Sales     Gains(Losses)     Distribution     Depreciation     3/31/2022     Income  
USAA 500 Index Fund Reward Shares   $ 19,595     $ 45,151     $ -     $ -     $ -     $ (1,159 )   $ 63,587     $ 170  
USAA Global Managed Volatility Fund Institutional Shares     150,749       -       (8,398 )     (254 )     -       (9,879 )     132,218       -  
USAA Government Securities Fund Institutional Shares     202,603       3,071       -       -       -       (8,610 )     197,064       867  
USAA Growth Fund Institutional Shares     61,543       -       (9,854 )     505       -       (6,826 )     45,368       -  
USAA High Income Fund Institutional Shares     55,362       4,483       (4,661 )     152       -       (3,215 )     52,121       663  
USAA Income Fund Institutional Shares     19,232       79       (11,261 )     1,478       -       (2,398 )     7,130       79  
USAA Income Stock Fund Institutional Shares     31,911       73       (13,954 )     1,042       -       (1,441 )     17,631       72  
USAA Intermediate-Term Bond Fund Institutional Shares     48,542       2,818       -       -       -       (3,146 )     48,214       282  
USAA Precious Metals and Minerals Fund Institutional Shares     4,816       -       -       -       -       737       5,553       -  
USAA Short-Term Bond Fund Institutional Shares     60,433       189       -       -       -       (1,713 )     58,909       290  
USAA Small Cap Stock Fund Institutional Shares     24,732       1       -       -       -       (1,878 )     22,855       -  
USAA Target Managed Allocation Fund     133,282       -       (5,905 )     (38 )     -       (3,782 )     123,557       -  
Victory Integrity Mid-Cap Value Fund Class R6     35,801       -       (5,285 )     946       -       (56 )     31,406       -  
Victory Market Neutral Income Fund Class I     22,566       115       -       -       -       70       22,751       115  
Victory RS International Fund Class R6     67,849       -       (1,332 )     (92 )     -       (5,626 )     60,799       -  
Victory Sophus Emerging Markets Fund Class R6     8,400       3,174       -       -       -       (825 )     10,749       -  
Victory Trivalent International Core Equity Fund Class R6     52,648       -       -       -       -       (3,199 )     49,449       -  
VictoryShares Dividend Accelerator ETF     35,538       -       (6,495 )     1,601       -       (2,825 )     27,819       78  
VictoryShares ESG Corporate Bond ETF     36,753       6,946       -       -       -       (3,365 )     40,334       94  
VictoryShares International Volatility Wtd ETF     23,623       -       (1,373 )     155       -       (1,623 )     20,782       36  
VictoryShares Nasdaq Next 50 ETF     23,708       -       -       -       -       (3,558 )     20,150       7  
VictoryShares U.S. Multi-Factor Minimum Volatility ETF     13,705       -       -       -       -       (148 )     13,557       45  
VictoryShares USAA Core Short-Term Bond ETF     42,845       -       -       -       -       (1,224 )     41,621       127  
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF     43,138       -       -       -       -       (1,318 )     41,820       -  
VictoryShares USAA MSCI International Value Momentum ETF     64,472       -       (2,709 )     (218 )     -       (2,586 )     58,959       103  
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF     22,453       -       -       -       -       (1,007 )     21,446       60  
VictoryShares USAA MSCI USA Value Momentum ETF     61,712       -       (12,363 )     3,056       -       (4,410 )     47,995       150  
    $ 1,368,011     $ 66,100     $ (83,590 )   $ 8,333     $ -     $ (75,010 )   $ 1,283,844     $ 3,238  

 

  

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Target Retirement 2040 Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)
         

Security Description  Shares   Value 
Affiliated Exchange-Traded Funds (27.5%)          
VictoryShares Dividend Accelerator ETF   920,457   $42,573 
VictoryShares ESG Corporate Bond ETF (a)   873,088    19,923 
VictoryShares International Volatility Wtd ETF   704,196    29,633 
VictoryShares NASDAQ Next 50 ETF   1,164,047    33,687 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   500,496    20,827 
VictoryShares USAA Core Short-Term Bond ETF   493,169    24,591 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   1,268,160    59,419 
VictoryShares USAA MSCI International Value Momentum ETF   1,857,236    87,246 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   408,583    28,732 
VictoryShares USAA MSCI USA Value Momentum ETF   1,119,579    77,674 
Total Affiliated Exchange-Traded Funds (Cost $371,296)        424,305 
           
Affiliated Mutual Funds (70.7%)          
USAA 500 Index Fund Reward Shares   1,812,404    106,932 
USAA Global Managed Volatility Fund Institutional Shares   19,967,784    204,071 
USAA Government Securities Fund Institutional Shares   10,621,222    99,202 
USAA Growth Fund Institutional Shares   2,259,468    72,506 
USAA High Income Fund Institutional Shares   6,747,160    49,726 
USAA Income Stock Fund Institutional Shares   1,476,260    29,053 
USAA Intermediate-Term Bond Fund Institutional Shares   3,689,619    36,638 
USAA Precious Metals and Minerals Fund Institutional Shares   280,840    6,176 
USAA Short-Term Bond Fund Institutional Shares   2,420,936    21,619 
USAA Small Cap Stock Fund Institutional Shares   2,182,464    30,816 
USAA Target Managed Allocation Fund   17,558,999    188,935 
Victory Integrity Mid-Cap Value Fund Class R6   1,958,135    49,149 
Victory Market Neutral Income Fund Class I   1,461,587    14,060 
Victory RS International Fund Class R6   8,434,926    93,122 
Victory Sophus Emerging Markets Fund Class R6   755,245    16,283 
Victory Trivalent International Core Equity Fund Class R6   9,253,792    71,532 
Total Affiliated Mutual Funds (Cost $978,236)        1,089,820 
           
Collateral for Securities Loaned (0.0%)^(b)          
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   48,300    48 
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (c)   1,050    1 
Total Collateral for Securities Loaned (Cost $49)        49 
Total Investments (Cost $1,349,581) — 98.2%        1,514,174 
Other assets in excess of liabilities — 1.8%        28,198 
NET ASSETS - 100.00%       $1,542,372 

 

At March 31, 2022, the Fund's investments in foreign securities were 23.2% of net assets.

  

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Amount represents less than 0.05% of net assets.
(c) Rate disclosed is the daily yield on March 31, 2022.

  

ETF—Exchange-Traded Fund

 

Affiliated Holdings

 

                                  Net Change              
                Proceeds           Capital     in Unrealized              
USAA Target Retirement    Fair Value     Purchases     from     Realized     Gain     Appreciation/     Fair Value     Dividend  
2040 Fund   12/31/2021     at Cost     Sales     Gains(Losses)     Distribution     Depreciation     3/31/2022     Income  
USAA 500 Index Fund Reward Shares   $ 48,446     $ 61,360     $ -     $ -     $ -     $ (2,874 )   $ 106,932     $ 281  
USAA Global Managed Volatility Fund Institutional Shares     224,953       -       (5,487 )     (188 )     -       (15,207 )     204,071       -  
USAA Government Securities Fund Institutional Shares     101,182       2,344       -       -       -       (4,324 )     99,202       436  
USAA Growth Fund Institutional Shares     95,737       -       (13,268 )     (678 )     -       (9,285 )     72,506       -  
USAA High Income Fund Institutional Shares     50,434       4,499       (2,374 )     82       -       (2,915 )     49,726       621  
USAA Income Fund Institutional Shares     8,743       23       (8,418 )     1,164       -       (1,512 )     -       24  
USAA Income Stock Fund Institutional Shares     46,170       119       (16,606 )     1,080       -       (1,710 )     29,053       119  
USAA Intermediate-Term Bond Fund Institutional Shares     38,930       139       -       -       -       (2,431 )     36,638       218  
USAA Precious Metals and Minerals Fund Institutional Shares     5,355       1       -       -       -       820       6,176       -  
USAA Short-Term Bond Fund Institutional Shares     22,178       70       -       -       -       (629 )     21,619       107  
USAA Small Cap Stock Fund Institutional Shares     33,348       -       -       -       -       (2,532 )     30,816       -  
USAA Target Managed Allocation Fund     204,213       -       (9,380 )     (107 )     -       (5,791 )     188,935       -  
Victory Integrity Mid-Cap Value Fund Class R6     50,790       -       (3,079 )     184       -       1,254       49,149       -  
Victory Market Neutral Income Fund Class I     13,946       72       -       -       -       42       14,060       71  
Victory RS International Fund Class R6     103,448       -       (1,578 )     (116 )     -       (8,632 )     93,122       -  
Victory Sophus Emerging Markets Fund Class R6     13,829       3,663       -       -       -       (1,209 )     16,283       -  
Victory Trivalent International Core Equity Fund Class R6     76,159       -       -       -       -       (4,627 )     71,532       -  
VictoryShares Dividend Accelerator ETF     53,451       -       (9,183 )     2,355       -       (4,050 )     42,573       124  
VictoryShares ESG Corporate Bond ETF     16,649       4,900       -       -       -       (1,626 )     19,923       46  
VictoryShares International Volatility Wtd ETF     33,348       -       (1,623 )     184       -       (2,276 )     29,633       51  
VictoryShares Nasdaq Next 50 ETF     37,822       1,592       -       -       -       (5,727 )     33,687       12  
VictoryShares U.S. Multi-Factor Minimum Volatility ETF     22,618       -       (1,553 )     379       -       (617 )     20,827       74  
VictoryShares USAA Core Short-Term Bond ETF     25,314       1       -       -       -       (724 )     24,591       75  
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF     61,291       -       -       -       -       (1,872 )     59,419       -  
VictoryShares USAA MSCI International Value Momentum ETF     94,603       -       (3,196 )     (282 )     -       (3,879 )     87,246       151  
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF     30,080       -       -       -       -       (1,348 )     28,732       80  
VictoryShares USAA MSCI USA Value Momentum ETF     100,547       -       (20,672 )     5,093       -       (7,294 )     77,674       235  
    $ 1,613,584     $ 78,783     $ (96,417 )   $ 9,150     $ -     $ (90,975 )   $ 1,514,125     $ 2,725  

  

 

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Target Retirement 2050 Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)
         

Security Description  Shares   Value 
Affiliated Exchange-Traded Funds (28.5%)          
VictoryShares Dividend Accelerator ETF   652,254   $30,168 
VictoryShares ESG Corporate Bond ETF   418,613    9,553 
VictoryShares International Volatility Wtd ETF   467,748    19,683 
VictoryShares NASDAQ Next 50 ETF   793,323    22,959 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   331,824    13,808 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   834,485    39,099 
VictoryShares USAA MSCI International Value Momentum ETF   1,233,843    57,961 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF (a)   252,213    17,736 
VictoryShares USAA MSCI USA Value Momentum ETF   778,681    54,023 
Total Affiliated Exchange-Traded Funds (Cost $227,350)        264,990 
           
Affiliated Mutual Funds (69.9%)          
USAA 500 Index Fund Reward Shares   1,305,721    77,037 
USAA Global Managed Volatility Fund Institutional Shares   13,396,221    136,909 
USAA Government Securities Fund Institutional Shares   2,247,098    20,988 
USAA Growth Fund Institutional Shares   1,451,563    46,581 
USAA High Income Fund Institutional Shares   1,375,490    10,137 
USAA Income Stock Fund Institutional Shares   1,006,990    19,818 
USAA Intermediate-Term Bond Fund Institutional Shares   1,555,085    15,442 
USAA Precious Metals and Minerals Fund Institutional Shares   157,779    3,470 
USAA Short-Term Bond Fund Institutional Shares   313,786    2,802 
USAA Small Cap Stock Fund Institutional Shares   1,558,929    22,012 
USAA Target Managed Allocation Fund   11,934,928    128,420 
Victory Integrity Mid-Cap Value Fund Class R6   1,317,526    33,070 
Victory Market Neutral Income Fund Class I   686,667    6,606 
Victory RS International Fund Class R6   5,933,604    65,507 
Victory Sophus Emerging Markets Fund Class R6   591,283    12,748 
Victory Trivalent International Core Equity Fund Class R6   6,310,465    48,780 
Total Affiliated Mutual Funds (Cost $580,062)        650,327 
           
Collateral for Securities Loaned (0.0%)^(b)          
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.16% (c)   161,575    161 
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (c)   5,750    6 
Total Collateral for Securities Loaned (Cost $167)        167 
Total Investments (Cost $807,579) — 98.4%        915,484 
Other assets in excess of liabilities — 1.6%        15,328 
NET ASSETS - 100.00%       $930,812 

 

At March 31, 2022, the Fund's investments in foreign securities were 26.2% of net assets.

  

^ Purchased with cash collateral from securities on loan.
(a) All or a portion of this security is on loan.
(b) Amount represents less than 0.05% of net assets.
(c) Rate disclosed is the daily yield on March 31, 2022.

  

ETF—Exchange-Traded Fund

 

Affiliated Holdings

 

                       Net Change         
           Proceeds       Capital   in Unrealized         
USAA Target  Fair Value   Purchases   from   Realized   Gain   Appreciation/   Fair Value   Dividend 
Retirement 2050 Fund  12/31/2021   at Cost   Sales   Gains(Losses)   Distribution   Depreciation   3/31/2022   Income 
USAA 500 Index Fund Reward Shares  $41,487   $37,888   $-   $-   $-   $(2,338)  $77,037   $204 
USAA Global Managed Volatility Fund Institutional Shares   148,680    -    (1,491)   (90)   -    (10,190)   136,909    - 
USAA Government Securities Fund Institutional Shares   21,845    63    -    -    -    (920)   20,988    93 
USAA Growth Fund Institutional Shares   61,420    -    (8,443)   (96)   -    (6,300)   46,581    - 
USAA High Income Fund Institutional Shares   10,632    132    -    -    -    (627)   10,137    132 
USAA Income Fund Institutional Shares   3,560    15    (3,366)   (6)   -    (203)   -    15 
USAA Income Stock Fund Institutional Shares   31,299    81    (11,137)   841    -    (1,266)   19,818    81 
USAA Intermediate-Term Bond Fund Institutional Shares   16,408    59    -    -    -    (1,025)   15,442    92 
USAA Precious Metals and Minerals Fund Institutional Shares   3,009    -    -    -    -    461    3,470    - 
USAA Short-Term Bond Fund Institutional Shares   2,875    8    -    -    -    (81)   2,802    14 
USAA Small Cap Stock Fund Institutional Shares   23,821    -    -    -    -    (1,809)   22,012    - 
USAA Target Managed Allocation Fund   137,247    -    (4,792)   (131)   -    (3,904)   128,420    - 
Victory Integrity Mid-Cap Value Fund Class R6   34,873    -    (2,780)   309    -    668    33,070    - 
Victory Market Neutral Income Fund Class I   6,552    34    -    -    -    20    6,606    33 
Victory RS International Fund Class R6   71,191    2,000    (1,892)   (168)   -    (5,624)   65,507    - 
Victory Sophus Emerging Markets Fund Class R6   10,871    2,831    -    -    -    (954)   12,748    - 
Victory Trivalent International Core Equity Fund Class R6   51,935    -    -    -    -    (3,155)   48,780    - 
VictoryShares Dividend Accelerator ETF   35,850    -    (4,584)   1,103    -    (2,201)   30,168    86 
VictoryShares ESG Corporate Bond ETF   7,093    3,063    -    -    -    (603)   9,553    15 
VictoryShares International Volatility Wtd ETF   21,068    -    -    -    -    (1,385)   19,683    34 
VictoryShares Nasdaq Next 50 ETF   23,743    2,888    -    -    -    (3,672)   22,959    8 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   14,902    -    (937)   229    -    (386)   13,808    49 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   40,331    -    -    -    -    (1,232)   39,099    - 
VictoryShares USAA MSCI International Value Momentum ETF   60,755    -    -    -    -    (2,794)   57,961    99 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   18,568    -    -    -    -    (832)   17,736    50 
VictoryShares USAA MSCI USA Value Momentum ETF   66,197    -    (10,685)   2,589    -    (4,078)   54,023    162 
   $966,212   $49,062   $(50,107)  $4,580   $-   $(54,430)  $915,317   $1,167 

  

 

USAA Mutual Funds Trust  Schedule of Portfolio Investments 
USAA Target Retirement 2060 Fund  March 31, 2022 
(Amounts in Thousands, Except for Shares)  (Unaudited) 
     
Security Description  Shares   Value 
Affiliated Exchange-Traded Funds (28.5%)          
VictoryShares Dividend Accelerator ETF   90,723   $4,196 
VictoryShares ESG Corporate Bond ETF   43,422    991 
VictoryShares International Volatility Wtd ETF   75,768    3,188 
VictoryShares NASDAQ Next 50 ETF   112,009    3,242 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   46,728    1,944 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   120,391    5,641 
VictoryShares USAA MSCI International Value Momentum ETF   177,196    8,324 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   38,536    2,710 
VictoryShares USAA MSCI USA Value Momentum ETF   109,673    7,609 
Total Affiliated Exchange-Traded Funds (Cost $32,240)        37,845 
           
Affiliated Mutual Funds (69.2%)          
USAA 500 Index Fund Reward Shares   186,044    10,977 
USAA Global Managed Volatility Fund Institutional Shares   1,901,972    19,438 
USAA Government Securities Fund Institutional Shares   495,960    4,632 
USAA Growth Fund Institutional Shares   194,586    6,244 
USAA Income Stock Fund Institutional Shares   146,466    2,883 
USAA Intermediate-Term Bond Fund Institutional Shares   221,830    2,203 
USAA Precious Metals and Minerals Fund Institutional Shares   19,609    431 
USAA Short-Term Bond Fund Institutional Shares   116    1 
USAA Small Cap Stock Fund Institutional Shares   218,655    3,087 
USAA Target Managed Allocation Fund   1,718,025    18,486 
Victory Integrity Mid-Cap Value Fund Class R6   191,723    4,812 
Victory RS International Fund Class R6   841,717    9,293 
Victory Sophus Emerging Markets Fund Class R6   99,782    2,151 
Victory Trivalent International Core Equity Fund Class R6   918,026    7,096 
Total Affiliated Mutual Funds (Cost $85,573)        91,734 
Total Investments (Cost $117,813) — 97.7%        129,579 
Other assets in excess of liabilities — 2.3%        2,995 
NET ASSETS - 100.00%       $132,574 

 

At March 31, 2022, the Fund's investments in foreign securities were 26.9% of net assets.

 

ETF—Exchange-Traded Fund

   

Affiliated Holdings

  

                       Net Change         
           Proceeds       Capital   in Unrealized         
USAA Target  Fair Value   Purchases   from   Realized   Gain   Appreciation/   Fair Value   Dividend 
Retirement 2060 Fund  12/31/2021   at Cost   Sales   Gains(Losses)   Distribution   Depreciation   3/31/2022   Income 
USAA 500 Index Fund Reward Shares  $9,517   $1,915   $-   $-   $-   $(455)  $10,977   $30 
USAA Global Managed Volatility Fund Institutional Shares   20,884    -    -    -    -    (1,446)   19,438    - 
USAA Government Securities Fund Institutional Shares   4,822    13    -    -    -    (203)   4,632    20 
USAA Growth Fund Institutional Shares   6,822    204    -    -    -    (782)   6,244    - 
USAA Income Fund Institutional Shares   448    2    (423)   (1)   -    (26)   -    2 
USAA Income Stock Fund Institutional Shares   3,372    12    (452)   40    -    (89)   2,883    12 
USAA Intermediate-Term Bond Fund Institutional Shares   2,341    8    -    -    -    (146)   2,203    13 
USAA Precious Metals and Minerals Fund Institutional Shares   374    -    -    -    -    57    431    - 
USAA Short-Term Bond Fund Institutional Shares   1    -    -    -    -    -*   1    -*
USAA Small Cap Stock Fund Institutional Shares   3,341    -    -    -    -    (254)   3,087    - 
USAA Target Managed Allocation Fund   19,308    -    (268)   (8)   -    (546)   18,486    - 
Victory Integrity Mid-Cap Value Fund Class R6   4,804    -    (129)   (8)   -    145    4,812    - 
Victory RS International Fund Class R6   10,146    271    (268)   (28)   -    (828)   9,293    - 
Victory Sophus Emerging Markets Fund Class R6   1,753    535    -    -    -    (137)   2,151    - 
Victory Trivalent International Core Equity Fund Class R6   7,272    270    -    -    -    (446)   7,096    - 
VictoryShares Dividend Accelerator ETF   5,000    -    (649)   166    -    (321)   4,196    12 
VictoryShares ESG Corporate Bond ETF   665    383    -    -    -    (57)   991    1 
VictoryShares International Volatility Wtd ETF   3,413    -    -    -    -    (225)   3,188    6 
VictoryShares Nasdaq Next 50 ETF   3,354    407    -    -    -    (519)   3,242    1 
VictoryShares U.S. Multi-Factor Minimum Volatility ETF   1,966    -    -    -    -    (22)   1,944    6 
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF   5,819    -    -    -    -    (178)   5,641    - 
VictoryShares USAA MSCI International Value Momentum ETF   8,725    -    -    -    -    (401)   8,324    14 
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF   2,837    -    -    -    -    (127)   2,710    8 
VictoryShares USAA MSCI USA Value Momentum ETF   8,182    -    (393)   93    -    (273)   7,609    22 
   $135,166   $4,020   $(2,582)  $254   $-   $(7,279)  $129,579   $147 

 

 * Round to less than $1 thousand.

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Asset-Backed Securities (16.1%)          
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a)  $1,500   $1,380 
American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 9/13/25 @ 100 (a)   1,000    969 
American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 9/13/25 @ 100 (a)   500    479 
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15%, 8/13/24, Callable 7/13/23 @ 100 (a)   257    257 
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 11/20/25 @ 100 (a)   405    387 
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 11/20/25 @ 100 (a)   594    579 
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a)   1,000    998 
Bank of The West Auto Trust, Series 2019-1, Class A3, 2.43%, 4/15/24, Callable 7/15/23 @ 100 (a)   263    264 
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a)   250    250 
CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a)   500    477 
Carvana Auto Receivables Trust, Series 2021-N4, Class A1, 0.83%, 9/11/28, Callable 3/10/25 @ 100   747    734 
Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.07%, 3/10/28, Callable 10/10/24 @ 100   375    363 
Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 6/10/24 @ 100   750    738 
Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 9/15/24 @ 100 (a)   1,060    1,065 
CCG Receivables Trust, Series 2019-1, Class C, 3.57%, 9/14/26, Callable 9/14/22 @ 100 (a)   750    755 
CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 9/14/22 @ 100 (a)   1,000    1,005 
Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, Callable 5/25/24 @ 100 (a)   186    184 
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 4/15/22 @ 100 (a)   350    350 
CPS Auto Receivables Trust, Series 2020-C, Class B, 1.01%, 1/15/25, Callable 1/15/24 @ 100 (a)   123    122 
CPS Auto Receivables Trust, Series 2022-A, Class A, 0.98%, 4/16/29, Callable 3/15/27 @ 100 (a)   916    907 
Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.73%, 11/15/29, Callable 1/15/24 @ 100 (a)   1,000    984 
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 2/15/30, Callable 12/15/24 @ 100 (a)   500    484 
Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 8/15/23 @ 100 (a)   500    499 
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, Callable 11/15/24 @ 100 (a)   218    210 
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24 (a)   139    138 
Dell Equipment Finance Trust, Series 2019-2, Class B, 2.06%, 10/22/24, Callable 6/22/22 @ 100 (a)   356    356 
Dell Equipment Finance Trust, Series 2020-1, Class D, 5.92%, 3/23/26, Callable 10/22/22 @ 100 (a)   1,000    1,018 
Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, Callable 11/15/24 @ 100   500    477 
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11%, 5/15/26, Callable 11/15/24 @ 100   500    481 
Drive Auto Receivables Trust, Series 2018-1, Class D, 3.81%, 5/15/24, Callable 5/15/22 @ 100   29    29 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
DT Auto Owner Trust, Series 2021-4A, Class B, 1.02%, 5/15/26, Callable 8/15/25 @ 100 (a)  $500   $480 
DT Auto Owner Trust, Series 2021-4A, Class C, 1.50%, 9/15/27, Callable 8/15/25 @ 100 (a)   250    237 
DT Auto Owner Trust, Series 2022-1A, Class C, 2.96%, 11/15/27, Callable 11/15/25 @ 100 (a)   500    489 
DT Auto Owner Trust, Series 2022-1A, Class B, 2.43%, 9/15/26, Callable 11/15/25 @ 100 (a)   750    736 
Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 12/15/23 @ 100 (a)   528    529 
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 6/15/24 @ 100   750    730 
Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.50%, 2/18/25, Callable 4/15/24 @ 100   1,191    1,187 
Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, Callable 2/15/25 @ 100   500    473 
Exeter Automobile Receivables Trust, Series 2022-1A, Class B, 2.18%, 6/15/26   500    489 
Exeter Automobile Receivables Trust, Series 2022-1A, Class A3, 1.54%, 7/15/25   500    494 
First Investors Auto Owner Trust, Series 2020-1A, Class B, 1.85%, 2/17/26, Callable 6/15/23 @ 100 (a)   750    750 
Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (a)   250    236 
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 7/15/23 @ 100 (a)   469    453 
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A2, 1.15%, 9/15/25, Callable 8/15/25 @ 100 (a)   1,000    988 
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class A3, 0.64%, 7/15/25, Callable 7/15/23 @ 100 (a)   429    424 
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class B, 1.31%, 7/15/27, Callable 2/15/24 @ 100 (a)   821    776 
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 12/15/23 @ 100 (a)   473    474 
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C, 1.11%, 9/15/26, Callable 1/15/25 @ 100 (a)   722    681 
GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.08%, 6/15/26, Callable 7/15/24 @ 100 (a)   457    437 
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/25 (a)   1,500    1,416 
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/25 (a)   500    473 
HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, Callable 7/20/24 @ 100 (a)   721    686 
HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 4/20/23 @ 100 (a)   885    880 
HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 3/20/24 @ 100 (a)   750    715 
Hyundai Auto Receivables Trust, Series 2018-A, Class B, 3.14%, 6/17/24, Callable 6/15/22 @ 100   449    449 
JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 3/25/25 @ 100 (a)   315    310 
JPMorgan Chase Bank NA, Series 1, Class D, 1.17%, 9/25/28, Callable 3/25/25 @ 100 (a)   315    309 
JPMorgan Chase Bank NA, Series 2021-1, Class C, 1.02%, 9/25/28, Callable 3/25/25 @ 100 (a)   630    619 
JPMorgan Chase Bank NA, Series 2020-2, Class D, 1.49%, 2/25/28, Callable 10/25/24 @ 100 (a)   286    283 
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 3/25/25 @ 100 (a)   488    479 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
JPMorgan Chase Bank NA, Series 2021-3, Class C, 0.86%, 2/26/29, Callable 4/25/25 @ 100 (a)  $396   $385 
JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, Callable 10/25/24 @ 100 (a)   174    171 
JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 10/25/24 @ 100 (a)   87    86 
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (a)   184    181 
Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a)   550    555 
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a)   293    276 
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a)   692    630 
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 4/20/22 @ 100 (a)   172    170 
Oscar U.S. Funding XII LLC, Series 1A, Class A3, 0.70%, 4/10/25, Callable 1/10/25 @ 100 (a)   1,000    971 
Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A2, 1.60%, 3/10/25 (a)   1,000    989 
Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 9/15/25 @ 100 (a)   273    264 
Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, Callable 1/15/24 @ 100 (a)   154    153 
Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 6/15/23 @ 100 (a)   500    496 
Prestige Auto Receivables Trust, Series 2018-1A, Class C, 3.75%, 10/15/24, Callable 9/15/22 @ 100 (a)   274    275 
Progress Residential Trust, Series 2021-SFR5, Class B, 1.66%, 7/16/26 (a)   600    550 
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 2/15/25 @ 100 (a)   197    194 
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 2/15/24 @ 100 (a)   500    513 
Santander Drive Auto Receivables Trust, Series 2022-1, Class A2, 1.36%, 12/16/24   500    496 
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (b)   500    477 
Santander Drive Auto Receivables Trust, Series 2022-1, Class A3, 1.94%, 11/17/25   500    493 
Santander Retail Auto Lease Trust, Series 2019-B, Class C, 2.77%, 8/21/23, Callable 9/20/22 @ 100 (a)   1,085    1,087 
SCF Equipment Leasing LLC, Series 1A, Class A3, 0.83%, 8/21/28, Callable 4/20/25 @ 100 (a)   920    895 
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a)   499    494 
SCF Equipment Leasing LLC, Series 2022-1A, Class A2, 2.06%, 2/22/28, Callable 5/20/25 @ 100 (a)   1,000    985 
Synchrony Credit Card Master Note Trust, Series 2017-2, Class C, 3.01%, 10/15/25   1,000    1,004 
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 4/10/25 @ 100 (a)(b)   500    492 
United Auto Credit Securitization Trust, Series  2022-1, Class B, 2.10%, 3/10/25 (a)   1,000    986 
Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/23, Callable 7/15/22 @ 100 (a)   126    126 
Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 3/15/25 @ 100 (a)   750    721 
Total Asset-Backed Securities (Cost $51,039)        49,736 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Collateralized Mortgage Obligations (15.5%)          
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1.65% (LIBOR01M+125bps), 9/15/32 (a)(c)  $1,000   $985 
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class C, 1.85% (LIBOR01M+145bps), 9/15/32 (a)(c)   1,000    980 
BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 1.71% (LIBOR01M+131bps), 11/25/34 (a)(c)   1,000    980 
BBCMS Mortgage Trust, Series 2020-BID, Class C, 4.04% (LIBOR01M+364bps), 10/15/37 (a)(c)   1,220    1,214 
BBCMS Mortgage Trust, Series 2020-BID, Class B, 2.94% (LIBOR01M+254bps), 10/15/37 (a)(c)   300    300 
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 1.85% (LIBOR01M+145bps), 10/15/36 (a)(c)   489    484 
BX Commercial Mortgage Trust, Series 2021-CIP, Class C, 1.87% (US0001M+147bps), 12/15/28 (a)(c)   1,000    976 
BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 1.67% (US0001M+127bps), 12/15/28 (a)(c)   500    491 
BX Commercial Mortgage Trust, Series 2021-VINO, Class B, 1.25% (LIBOR01M+85bps), 5/15/38 (a)(c)   1,000    966 
BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 1.59% (US0001M+120bps), 10/15/36 (a)(c)   976    952 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 1.50% (US0001M+110bps), 9/15/23 (a)(c)   750    720 
BX Commercial Mortgage Trust, Series 2019-XL, Class C, 1.65% (LIBOR01M+125bps), 10/15/36 (a)(c)   850    843 
BX Mortgage Trust, Series 2021-PAC, Class C, 1.50% (US0001M+110bps), 10/15/36 (a)(c)   1,000    960 
BX Trust, Series 2021-RISE, Class B, 1.65% (LIBOR01M+125bps), 11/15/36 (a)(c)   500    487 
BX Trust, Series 2021-SOAR, Class C, 1.50% (LIBOR01M+110bps), 6/15/38 (a)(c)   500    485 
BX Trust, Series 2021-SOAR, Class B, 1.27% (LIBOR01M+87bps), 6/15/38 (a)(c)   500    486 
BX Trust, Series 2022-LBA6, Class B, 1.60% (SOFR30A+130bps), 1/15/39 (a)(c)   500    487 
BX Trust, Series 2022-LBA6, Class C, 1.90% (SOFR30A+160bps), 1/15/39 (a)(c)   1,000    970 
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class B, 1.64% (TSFR1M+134bps), 2/15/39 (a)(c)   1,000    975 
CHT Mortgage Trust, Series 2017-CSMO, Class C, 1.90% (LIBOR01M+150bps), 11/15/36 (a)(c)   1,500    1,493 
CIFC Funding Ltd., Series 2012-2RA, Class A1, 1.05% (LIBOR03M+80bps), 1/20/28, Callable 4/20/22 @ 100 (a)(c)   683    681 
CIFC Funding Ltd., Series 2017-4A, Class A1R, 1.21% (US0003M+95bps), 10/24/30, Callable 4/24/22 @ 100 (a)(c)   700    695 
COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 11/13/39, Callable 2/10/25 @ 100 (a)   1,000    957 
COMM Mortgage Trust, Series 2019-521F, Class B, 1.50% (LIBOR01M+110bps), 6/15/34 (a)(c)   1,500    1,475 
Extended Stay America Trust, Series 2021-ESH, Class B, 1.78% (LIBOR01M+138bps), 7/15/38 (a)(c)   387    381 
FREMF Mortgage Trust, Series 2017-K724, Class B, 3.53%, 11/25/23 (a)(d)   1,000    1,001 
Golub Capital Partners CLO 40A Ltd., Series 2019-40A, Class AR, 1.35% (US0003M+109bps), 1/25/32, Callable 10/25/22 @ 100 (a)(c)   1,000    990 
GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class A, 3.55%, 4/10/34 (a)   1,000    1,000 
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a)   1,000    998 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
GS Mortgage Securities Trust, Series 2011-GC3, Class X, 0.29%, 3/10/44, Callable 4/10/22 @ 100 (a)(d)(e)  $1,034   $(f)
Hospitality Mortgage Trust, Series 2019-HIT, Class A, 1.40% (LIBOR01M+100bps), 11/15/36 (a)(c)   829    818 
Hospitality Mortgage Trust, Series 2019-HIT, Class B, 1.75% (LIBOR01M+135bps), 11/15/36 (a)(c)   1,185    1,166 
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2021-MHC, Class A, 1.20% (LIBOR01M+80bps), 4/15/38 (a)(c)   945    930 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.08%, 1/15/46, Callable 6/15/23 @ 100 (b)(d)   2,000    2,025 
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XA, 0.65%, 4/15/47, Callable 4/15/24 @ 100 (d)(e)   4,687    43 
KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 1.35% (LIBOR01M+95bps), 5/15/36 (a)(c)   1,000    996 
Life Mortgage Trust, Series 2021-BMR, Class B, 1.28% (LIBOR01M+88bps), 3/15/38 (a)(c)   983    951 
Med Trust, Series 2021-MDLN, Class B, 1.85% (US0001M+145bps), 11/15/26 (a)(c)   1,000    984 
MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 1.50% (LIBOR01M+110bps), 4/15/26 (a)(c)   1,000    983 
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 1.10% (LIBOR01M+70bps), 11/15/34 (a)(c)   2,000    1,991 
Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 2.80% (LIBOR01M+130bps), 12/15/36 (a)(c)   1,154    1,147 
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, 1.39% (US0003M+100bps), 2/14/31, Callable 5/14/22 @ 100 (a)(c)   750    742 
ONE Mortgage Trust, Series 2021-PARK, Class B, 1.35% (LIBOR01M+95bps), 3/15/36 (a)(c)   1,000    965 
One New York Plaza Trust, Series 2020-1NYP, Class A, 1.35% (LIBOR01M+95bps), 1/15/26 (a)(c)   875    861 
Palmer Square Loan Funding Ltd., Series 2019-3, Class B, 2.58% (LIBOR03M+210bps), 8/20/27, Callable 5/20/22 @ 100 (a)(c)   500    501 
Palmer Square Loan Funding Ltd., Series 2019-4A, Class A1, 1.16% (LIBOR03M+90bps), 10/24/27, Callable 4/24/22 @ 100 (a)(c)   324    324 
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, 1.65% (LIBOR03M+140bps), 7/20/29, Callable 10/20/22 @ 100 (a)(c)   1,000    991 
Palmer Square Loan Funding Ltd., Series 2021-2A, Class A1, 1.28% (LIBOR03M+80bps), 5/20/29, Callable 5/20/22 @ 100 (a)(c)   774    773 
Palmer Square Loan Funding Ltd., Series 2021-2A, Class A2, 1.73% (LIBOR03M+125bps), 5/20/29, Callable 5/20/22 @ 100 (a)(c)   500    494 
Palmer Square Loan Funding Ltd., Series 2022-1A, Class A2, 1.83% (TSFR3M+160bps), 4/15/30, Callable 4/15/23 @ 100 (a)(c)   1,000    993 
Palmer Square Loan Funding Ltd., Series 2021-1A, Class A1, 1.15% (LIBOR03M+90bps), 4/20/29, Callable 4/20/22 @ 100 (a)(c)   347    346 
SMRT, Series 2022-MINI, Class B, 1.65% (SOFR30A+135bps), 1/15/24 (a)(c)   1,000    981 
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class AR, 1.32% (LIBOR03M+108bps), 4/15/30, Callable 4/15/22 @ 100 (a)(c)   1,500    1,491 
Stratus CLO Ltd., Series 2021-1A, Class B, 1.49% (LIBOR03M+140bps), 12/29/29 (a)(c)   1,000    987 
Stratus CLO Ltd., Series 2021-3A, Class B, 1.64% (LIBOR03M+155bps), 12/29/29 (a)(c)   822    815 
TTAN, Series 2021-MHC, Class B, 1.50% (LIBOR01M+115bps), 3/15/38 (a)(c)   371    364 
Total Collateralized Mortgage Obligations (Cost $48,802)        48,074 
           
Senior Secured Loans (4.1%)          
Berry Global, Inc., Term Z Loans, First Lien, 2.07% (LIBOR01M+175bps), 7/1/26 (c)   1,250    1,231 
Calpine Corp., Term Loans, First Lien, 4/1/26 (g)(h)   1,000    985 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Clark Equipment Co., Term Loan, First Lien, 2.47% (LIBOR03M+225bps), 5/18/24 (c)  $992   $989 
Delos Finance S.A.R.L., Loans, First Lien, 1.97% (LIBOR03M+175bps), 10/6/23 (c)   1,500    1,487 
Go Daddy Operating Co. LLC, Term Loan, First Lien, 1.96% (LIBOR01M+175bps), 2/15/24 (c)   986    978 
Gray Television, Inc., Term B-2 Loan, First Lien, 2/7/24 (g)(h)   1,000    991 
JBS USA Lux SA, New Term Loans, First Lien, 2.80% (LIBOR06M+200bps), 5/1/26 (c)   995    985 
Nexstar Broadcasting, Inc., New Term B-3 Loan, First Lien, 2.46% (LIBOR01M+225bps), 1/17/24 (c)   921    915 
Ortho-Clinical Diagnostics, Inc., Term Loan B New, First Lien (LIBOR01M+300bps), 6/30/25 (c)(g)   500    498 
Quintiles IMS Incorporated, Term B-2 Dollar Loans, First Lien, 1.96% (LIBOR01M+175bps), 1/1/25 (c)   1,100    1,090 
Vistra Operations Co. LLC, 2018 Incremental Term Loans, First Lien, 2.19% (LIBOR01M+175bps), 12/31/25 (c)   1,492    1,475 
XPO Logistics, Inc., Term Loan B, First Lien, 1.99% (LIBOR01M+175bps), 2/23/25 (c)   1,000    990 
Total Senior Secured Loans (Cost $12,685)        12,614 
           
Corporate Bonds (26.1%)          
Communication Services (1.2%):          
Charter Communications Operating LLC/Charter Communications Operating Capital, 1.97% (LIBOR03M+165bps), 2/1/24, Callable 1/1/24 @ 100 (b)(c)   2,000    2,039 
Verizon Communications, 1.07% (SOFR+79bps), 3/20/26 (c)   1,500    1,495 
         3,534 
Consumer Discretionary (3.2%):          
Association of American Medical Colleges, 2.12%, 10/1/24   1,000    956 
Daimler Finance North America LLC, 1.15% (LIBOR03M+84bps), 5/4/23 (c)   1,150    1,154 
Daimler Trucks Finance North America LLC, 1.30% (SOFR+100bps), 4/7/24 (a)(c)   1,000    1,000 
Howard University          
2.74%, 10/1/22   600    601 
2.80%, 10/1/23   250    247 
Little Co. of Mary Hospital of Indiana, Inc., 1.97%, 11/1/25   670    635 
Macy's Retail Holdings LLC, 2.88%, 2/15/23   200    202 
Magallanes, Inc.          
3.43%, 3/15/24 (a)   500    503 
1.83% (SOFRINDX+178bps), 3/15/24 (a)(c)   1,000    1,009 
Nissan Motor Acceptance Corp.          
0.89% (LIBOR03M+65bps), 7/13/22 (a)(c)   1,000    1,000 
1.66% (LIBOR03M+69bps), 9/28/22 (a)(c)   500    500 
Nordstrom, Inc., 2.30%, 4/8/24, Callable 4/28/22 @ 100   1,000    976 
ZF North America Capital, Inc., 4.75%, 4/29/25 (a)   1,000    1,003 
         9,786 
Energy (4.5%):          
Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 (b)   2,000    2,007 
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100   1,000    1,000 
EnLink Midstream Partners LP, 4.40%, 4/1/24, Callable 1/1/24 @ 100   1,250    1,267 
EQM Midstream Partners LP          
4.75%, 7/15/23, Callable 6/15/23 @ 100 (b)   500    504 
4.00%, 8/1/24, Callable 5/1/24 @ 100   1,000    986 
Gray Oak Pipeline LLC, 2.60%, 10/15/25, Callable 9/15/25 @ 100 (a)   1,500    1,439 
HollyFrontier Corp., 2.63%, 10/1/23 (b)   1,250    1,239 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Midwest Connector Capital Co. LLC          
3.63%, 4/1/22, Callable 3/1/22 @ – (a)(b)  $1,000   $1,000 
3.90%, 4/1/24, Callable 3/1/24 @ 100 (a)   1,000    1,003 
Murphy Oil Corp., 5.75%, 8/15/25, Callable 5/13/22 @ 102.88   1,000    1,020 
PDC Energy, Inc., 5.75%, 5/15/26, Callable 5/13/22 @ 104.31   1,000    1,014 
Western Midstream Operating LP          
4.00%, 7/1/22   535    535 
1.84% (LIBOR03M+185bps), 1/13/23 (c)(i)   977    973 
         13,987 
Financials (10.5%):          
Alexander Funding Trust, 1.84%, 11/15/23 (a)   1,000    969 
American Honda Finance Corp., 0.74% (LIBOR03M+37bps), 5/10/23, MTN (c)   1,360    1,361 
Ares Capital Corp., 3.50%, 2/10/23, Callable 1/10/23 @ 100   1,500    1,508 
Athene Global Funding, 0.96% (LIBOR03M+73bps), 1/8/24 (a)(c)   1,500    1,480 
Bank of America Corp.          
1.37% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (c)   1,000    1,002 
0.80% (SOFR+69bps), 4/22/25, Callable 4/22/24 @ 100 (c)   500    497 
Blackstone Private Credit Fund          
1.75%, 9/15/24 (a)   1,000    939 
2.35%, 11/22/24 (a)   500    474 
BMW US Capital LLC          
0.61% (SOFR+53bps), 4/1/24 (a)(c)   1,000    998 
0.50% (SOFR+38bps), 8/12/24 (a)(c)   500    497 
Brighthouse Financial Global Funding, 0.85% (SOFR+76bps), 4/12/24 (a)(c)   1,000    1,002 
Capital One NA, 1.16% (LIBOR03M+82bps), 8/8/22, Callable 7/8/22 @ 100 (c)   1,800    1,802 
Citigroup, Inc.          
0.79% (SOFR+67bps), 5/1/25, Callable 5/1/24 @ 100 (c)   500    494 
0.74% (SOFR+69bps), 1/25/26, Callable 1/25/25 @ 100 (c)   1,000    987 
DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a)   1,500    1,415 
Ford Motor Credit Co. LLC, 2.30%, 2/10/25, Callable 1/10/25 @ 100   1,000    950 
FS KKR Capital Corp.          
1.65%, 10/12/24   857    811 
4.13%, 2/1/25, Callable 1/1/25 @ 100 (i)   1,000    997 
GA Global Funding Trust, 0.71% (SOFR+50bps), 9/13/24 (a)(c)   1,000    985 
General Motors Financial Co., Inc., 0.94% (SOFR+76bps), 3/8/24 (c)   1,000    994 
Goldman Sachs Group, Inc., 0.70% (SOFR+50bps), 9/10/24, Callable 9/10/23 @ 100 (c)   500    494 
JPMorgan Chase & Co.          
0.69% (SOFR+54bps), 6/1/25, Callable 6/1/24 @ 100 (c)   500    495 
1.05% (SOFR+77bps), 9/22/27, Callable 9/22/26 @ 100 (c)(i)   1,000    979 
Main Street Capital Corp., 4.50%, 12/1/22   1,000    1,015 
New York Life Global Funding          
0.33% (SOFR+22bps), 2/2/23 (a)(c)   1,000    998 
0.41% (SOFR+31bps), 4/27/24 (a)(c)   500    498 
Owl Rock Capital Corp.          
4.00%, 3/30/25, Callable 2/28/25 @ 100 (i)   393    387 
3.75%, 7/22/25, Callable 6/22/25 @ 100   1,000    969 
OWL Rock Core Income Corp., 3.13%, 9/23/26, Callable 8/23/26 @ 100 (a)   1,000    906 
Principal Life Global Funding II, 0.53% (SOFR+38bps), 8/23/24 (a)(c)   1,000    993 
Starwood Property Trust, Inc., 3.75%, 12/31/24, Callable 9/30/24 @ 100 (a)   1,550    1,507 
The Charles Schwab Corp., 0.64% (SOFR+52bps), 5/13/26, Callable 4/13/26 @ 100 (c)   1,000    987 
The Goldman Sachs Group, Inc., 0.59% (SOFR+49bps), 10/21/24, Callable 10/21/23 @ 100 (c)   1,000    983 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
United Financial Bancorp, Inc., 5.75%, 10/1/24  $1,000   $1,008 
         32,381 
           
Industrials (2.0%):          
American Airlines Pass Through Trust, 4.38%, 12/15/25 (a)   825    783 
Aviation Capital Group LLC, 4.38%, 1/30/24, Callable 12/30/23 @ 100 (a)   1,001    1,007 
EnerSys, 5.00%, 4/30/23, Callable 1/30/23 @ 100 (a)   1,000    1,006 
L3Harris Technologies, Inc., 1.45% (LIBOR03M+75bps), 3/10/23 (c)   500    502 
Spirit Airlines Pass Through Trust, 4.45%, 10/1/25   1,619    1,580 
United Airlines Pass Through Trust          
4.63%, 3/3/24   581    580 
4.88%, 7/15/27   654    642 
         6,100 
Materials (0.5%):          
Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100   700    707 
Ingevity Corp., 4.50%, 2/1/26, Callable 4/27/22 @ 101.13 (a)   1,000    966 
         1,673 
Real Estate (0.3%):          
VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 5/13/22 @ 101.75 (a)   1,000    985 
           
Utilities (3.9%):          
Atmos Energy Corp., 1.02% (LIBOR03M+38bps), 3/9/23, Callable 5/13/22 @ 100 (c)   1,500    1,498 
Black Hills Corp., 1.04%, 8/23/24, Callable 4/28/22 @ 100   1,000    955 
CenterPoint Energy, Inc., 0.77% (SOFR+65bps), 5/13/24, Callable 5/13/22 @ 100 (c)   1,500    1,488 
CentrePoint Energy Resources Corp., 1.00% (LIBOR03M+50bps), 3/2/23, Callable 5/13/22 @ 100 (c)   718    718 
Cleco Power LLC, 1.33% (US0003M+50bps), 6/15/23, Callable 5/13/22 @ 100 (a)(c)   1,000    998 
Entergy Louisiana LLC, 0.95%, 10/1/24, Callable 10/1/22 @ 100   500    478 
Metropolitan Edison Co., 4.00%, 4/15/25 (a)   1,500    1,507 
NextEra Energy Capital Holdings, Inc., 0.69% (SOFR+54bps), 3/1/23 (c)   1,000    998 
NRG Energy, Inc., 3.75%, 6/15/24, Callable 5/15/24 @ 100 (a)   500    498 
ONE Gas, Inc., 1.36% (LIBOR03M+61bps), 3/11/23, Callable 5/13/22 @ 100 (c)   772    772 
Puget Energy, Inc., 5.63%, 7/15/22, Callable 4/28/22 @ 100   733    735 
Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100   1,500    1,501 
         12,146 
Total Corporate Bonds (Cost $81,821)        80,592 
           
Yankee Dollars (16.2%)          
Communication Services (0.9%):          
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a)   1,000    1,035 
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)   1,622    1,624 
         2,659 
Consumer Discretionary (0.3%):          
International Game Technology PLC, 4.13%, 4/15/26, Callable 4/15/23 @ 102.06 (a)   1,030    1,017 
           
Energy (0.5%):          
Harvest Operations Corp., 1.00%, 4/26/24, Callable 5/13/22 @ 100 (a)   714    687 
Petroleos Mexicanos, 4.25%, 1/15/25   1,000    986 
         1,673 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
         
Financials (12.7%):    
Banco Santander SA          
1.55% (LIBOR03M+109bps), 2/23/23 (c)  $1,000   $1,006 
1.36% (LIBOR03M+112bps), 4/12/23 (c)   1,000    1,005 
Bank of Montreal, 0.84% (SOFR+62bps), 9/15/26, MTN (c)   1,500    1,485 
BBVA Bancomer SA          
6.75%, 9/30/22 (a)   1,000    1,017 
1.88%, 9/18/25 (a)   500    475 
Commonwealth Bank of Australia, 0.57% (SOFR+52bps), 6/15/26 (a)(c)   1,500    1,485 
Cooperatieve Rabobank UA, 0.71% (LIBOR03M+48bps), 1/10/23 (c)   1,500    1,502 
Credit Agricole SA, 1.28% (LIBOR03M+102bps), 4/24/23 (a)(b)(c)   2,000    2,009 
Credit Suisse AG, 0.50% (SOFR+39bps), 2/2/24 (c)   1,500    1,488 
Danske Bank A/S, 0.98%, 9/10/25, Callable 9/10/24 @ 100 (a)   1,000    937 
Deutsche Bank AG          
1.74% (LIBOR03M+123bps), 2/27/23 (c)   816    820 
4.50%, 4/1/25   1,000    1,003 
HSBC Holdings PLC          
0.71% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100 (c)   1,000    991 
1.48% (SOFR+143bps), 3/10/26, Callable 3/10/25 @ 100 (c)   1,000    1,002 
ING Groep NV          
3.87%, 3/28/26, Callable 3/28/25 @ 100   750    754 
1.91% (SOFRINDX+164bps), 3/28/26, Callable 3/28/25 @ 100 (c)   500    503 
Lloyds Banking Group PLC, 3.51%, 3/18/26, Callable 3/18/25 @ 100 (i)   750    747 
Macquarie Group Ltd., 0.76% (SOFR+71bps), 10/14/25, Callable 10/14/24 @ 100 (a)(c)   1,000    997 
Mizuho Financial Group, Inc., 2.65%, 5/22/26, Callable 5/22/25 @ 100 (i)   1,000    974 
National Australia Bank Ltd., 0.70% (SOFR+65bps), 1/12/27 (a)(c)(i)   1,250    1,240 
NatWest Markets PLC          
1.75% (SOFR+145bps), 3/22/25 (a)(c)   500    501 
1.04% (SOFR+76bps), 9/29/26 (a)(c)   1,000    990 
Nordea Bank Abp, 1.45% (LIBOR03M+94bps), 8/30/23 (a)(c)   1,000    1,007 
Royal Bank of Canada          
0.46% (SOFR+36bps), 7/29/24 (c)   1,000    993 
0.70% (SOFR+59bps), 11/2/26, MTN (c)   500    493 
Santander UK Group Holdings PLC, 1.09% (SOFR+79bps), 3/15/25, Callable 3/15/24 @ 100 (c)   1,000    951 
Skandinaviska Enskilda Banken AB, 1.45% (LIBOR03M+65bps), 12/12/22 (a)(c)   2,000    2,005 
Societe Generale SA, 1.10% (SOFR+105bps), 1/21/26, Callable 1/21/25 @ 100 (a)(c)   1,700    1,674 
Sompo International Holdings Ltd., 4.70%, 10/15/22   500    504 
Standard Chartered PLC, 1.34% (SOFR+125bps), 10/14/23, Callable 10/14/22 @ 100 (a)(c)(i)   1,500    1,505 
Sumitomo Mitsui Trust Bank Ltd., 0.64% (SOFR+44bps), 9/16/24 (a)(c)   1,000    995 
The Bank of Nova Scotia, 0.71% (SOFR+55bps), 3/2/26 (c)   1,250    1,235 
The Toronto-Dominion Bank, 0.79% (SOFR+59bps), 9/10/26 (c)   1,500    1,481 
UBS AG          
0.47% (SOFR+32bps), 6/1/23 (a)(c)   500    498 
0.48% (SOFR+36bps), 2/9/24 (a)(c)   500    497 
UBS Group Funding Switzerland AG, 1.46% (LIBOR03M+95bps), 8/15/23, Callable 8/15/22 @ 100 (a)(c)   1,000    1,002 
Westpac Banking Corp., 0.68% (SOFR+52bps), 6/3/26 (c)   1,500    1,493 
         39,264 
Industrials (0.8%):          
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100   251    252 
Avolon Holdings Funding Ltd.          
5.13%, 10/1/23, Callable 9/1/23 @ 100 (a)   500    511 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
2.88%, 2/15/25, Callable 1/15/25 @ 100 (a)  $1,000   $960 
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a)   750    704 
         2,427 
Materials (1.0%):          
Braskem Netherlands Finance BV, 3.50%, 1/10/23, Callable 12/10/22 @ 100 (a)   1,000    1,010 
OCI NV, 4.63%, 10/15/25, Callable 10/15/22 @ 102.31 (a)   1,400    1,414 
POSCO Holdings, Inc., 2.50%, 1/17/25 (a)   510    499 
         2,923 
Total Yankee Dollars (Cost $50,473)        49,963 
           
Municipal Bonds (15.0%)          
Alabama (1.0%):          
Columbia Industrial Development Board Revenue, 0.41%, 6/1/28 (j)   900    900 
Industrial Development Board of the City of Mobile Alabama Revenue, Series B, 0.42%, 9/1/31, Continuously Callable @100 (j)   510    510 
West Jefferson Industrial Development Board Revenue, 0.42%, 12/1/38, Continuously Callable @100 (j)   1,610    1,610 
         3,020 
Arizona (0.5%):          
City of Phoenix Civic Improvement Corp. Revenue          
0.56%, 7/1/22   580    580 
Series C, 2.20%, 7/1/23   1,000    996 
         1,576 
California (0.7%):          
California Statewide Communities Development Authority Revenue, 1.31%, 4/1/25   500    465 
City of El Cajon CA Revenue          
0.45%, 4/1/22   650    650 
0.93%, 4/1/24   640    618 
Golden State Tobacco Securitization Corp. Revenue, Series B, 0.99%, 6/1/24   500    480 
         2,213 
Florida (1.2%):          
City of Gainesville Florida Revenue, 1.00%, 10/1/24   800    764 
County of Broward Revenue, Series B, 0.45%, 12/1/48 (b)(j)   2,930    2,930 
         3,694 
Georgia (0.6%):          
Appling County Development Authority Revenue, 0.56%, 9/1/29, Continuously Callable @100 (j)   1,000    1,000 
Development Authority of Heard County Revenue, 0.57%, 9/1/26, Continuously Callable @100 (j)   1,000    1,000 
         2,000 
Guam (0.1%):          
Antonio B Won Pat International Airport Authority Revenue, Series A, 2.50%, 10/1/25   300    285 
           
Illinois (0.5%):          
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series B, 1.71%, 12/1/22   500    500 
County of Will Revenue, 0.40%, 4/1/26, Continuously Callable @100 (j)   1,000    1,000 
         1,500 
Indiana (0.1%):          
Indiana Finance Authority Revenue, 1.72%, 11/15/23   300    288 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal Amount   Value 
Kansas (0.1%):          
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series B, 0.79%, 9/1/22  $200   $199 
           
Kentucky (1.6%):          
County of Meade Revenue, Series B, 0.52%, 8/1/61, Continuously Callable @100 (j)   2,800    2,800 
County of Warren Revenue, 0.47%, 4/1/22   1,000    1,000 
Louisville Regional Airport Authority Revenue, Series C, 0.42%, 1/1/29, Callable 5/2/22 @ 100 (j)   1,000    1,000 
         4,800 
Louisiana (1.0%):          
Parish of St Charles LA Revenue, Series A, 0.40%, 10/1/22, Continuously Callable @100 (j)   2,600    2,600 
Terrebonne Levee & Conservation District Sales Tax Revenue          
Series A, 0.97%, 6/1/22   200    200 
Series A, 1.13%, 6/1/23   300    295 
         3,095 
Michigan (0.3%):          
Michigan Finance Authority Revenue, 2.14%, 12/1/22   1,000    1,003 
           
Mississippi (1.1%):          
Mississippi Business Finance Corp. Revenue          
0.48%, 7/1/25, Continuously Callable @100 (j)   1,000    1,000 
0.48%, 5/1/28, Continuously Callable @100 (j)   2,000    2,000 
Mississippi Business Finance Corp. Revenue (LOC - Regions Bank), 0.66%, 3/1/33, Continuously Callable @100 (j)   440    440 
         3,440 
Missouri (0.2%):          
Missouri Development Finance Board Revenue (LOC - U.S. Bancorp), 0.59%, 12/1/49, Continuously Callable @100 (j)   740    740 
           
New Jersey (0.9%):          
New Jersey Economic Development Authority Revenue          
Series NNN, 2.61%, 6/15/22   500    501 
Series NNN, 2.78%, 6/15/23   408    409 
Series NNN, 2.88%, 6/15/24   320    318 
New Jersey Transportation Trust Fund Authority Revenue, 2.55%, 6/15/23   850    852 
South Jersey Transportation Authority Revenue, Series B, 2.10%, 11/1/24   500    485 
         2,565 
New York (0.7%):          
City of New York, GO, Series D, 0.43%, 8/1/22   1,000    998 
New York Transportation Development Corp. Revenue, 1.61%, 12/1/22   1,200    1,196 
         2,194 
North Carolina (0.3%):          
North Carolina Capital Facilities Finance Agency Revenue, Series B, 1.05%, 10/1/23   825    801 
           
Ohio (0.3%):          
Buckeye Tobacco Settlement Financing Authority Revenue, Series A-1, 1.63%, 6/1/22   1,000    1,001 
           
Oklahoma (0.3%):          
Garfield County Industrial Authority Revenue, Series A, 0.64%, 1/1/25, Callable 5/4/22 @ 100 (b)(j)   1,000    1,000 
           
Pennsylvania (0.3%):          
Pennsylvania Economic Development Financing Authority Revenue (LIQ - PNC Financial Services Group), Series C, 0.60%, 12/1/26, Continuously Callable @100 (j)   550    550 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Principal
Amount
   Value 
State Public School Building Authority Revenue, 2.62%, 4/1/23  $450   $451 
         1,001 
Texas (2.8%):          
Calhoun Port Authority Revenue, 0.60%, 1/1/24, Callable 5/2/22 @ 100 (j)   2,000    2,000 
Central Texas Regional Mobility Authority Revenue, Series C, 1.35%, 1/1/24   350    342 
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 8/15/22) (k)   1,000    1,000 
Gulf Coast Authority Revenue, Series B, 0.40%, 6/1/25, Continuously Callable @100 (j)   1,400    1,400 
Harris County TX Cultural Education Facilities Finance Corp. Revenue, 1.45%, 11/15/22   600    599 
Lower Neches Valley Authority Industrial Development Corp. Revenue, Series B, 0.40%, 3/1/33, Continuously Callable @100 (j)   500    500 
Port of Port Arthur Navigation District Revenue, Series B, 0.51%, 4/1/40, Continuously Callable @100 (j)   1,000    1,000 
San Antonio Education Facilities Corp. Revenue, 1.74%, 4/1/25   255    238 
United Parcel Service, Inc. Revenue, 0.42%, 5/1/32, Callable 5/2/22 @ 100 (j)   1,500    1,500 
         8,579 
Virginia (0.4%):          
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a)(k)   1,250    1,246 
Total Municipal Bonds (Cost $46,458)        46,240 
           
Commercial Paper (7.6%)(l)          
Albemarle Corp., 0.59%, 4/4/22 (a)   1,000    1,000 
Aviation Capital Group          
0.43%, 4/4/22 (a)   1,000    1,000 
0.43%, 4/5/22 (a)   1,000    1,000 
Canadian Natural Resources Ltd.          
0.84%, 4/11/22 (a)   1,000    1,000 
0.86%, 4/13/22 (a)   1,500    1,499 
Crown Castle International Corp.          
0.71%, 4/5/22 (a)   500    500 
0.80%, 4/12/22 (a)   1,000    1,000 
0.82%, 4/13/22 (a)   1,000    999 
0.90%, 4/19/22 (a)   500    500 
Dairy Farmers of America, Inc., 0.53%, 4/1/22 (a)   3,000    3,000 
Energy Transfer Part, LP          
0.70%, 4/1/22 (a)   2,000    2,000 
0.72%, 4/6/22 (a)   1,000    1,000 
FMC Corp.          
0.83%, 4/1/22 (a)   2,000    2,000 
0.94%, 4/11/22 (a)   1,000    999 
Jabil, Inc.          
0.85%, 4/1/22 (a)   1,000    1,000 
0.87%, 4/4/22 (a)   1,000    1,000 
0.88%, 4/7/22 (a)   1,000    1,000 
Plains Midstream Canada, 0.52%, 4/6/22 (a)   1,000    1,000 
Union Electric Co., 0.50%, 4/1/22 (a)   1,000    1,000 
Viatris, Inc., 0.70%, 4/1/22 (a)   1,000    1,000 
Total Commercial Paper (Cost $23,497)        23,497 

 

 

USAA Mutual Funds Trust Schedule of Portfolio Investments — continued
USAA Ultra Short-Term Bond Fund March 31, 2022
(Amounts in Thousands, Except for Shares) (Unaudited)

 

Security Description  Shares    Value 
Collateral for Securities Loaned (1.3%)^          
HSBC U.S. Government Money Market Fund, I Shares, 0.28% (m)   3,897,470   $3,897 
Total Collateral for Securities Loaned (Cost $3,897)        3,897 
Total Investments (Cost $318,672) — 101.9%        314,613 
Liabilities in excess of other assets — (1.9)%        (5,747)
NET ASSETS - 100.00%       $308,866 

 

At March 31, 2022, the Fund's investments in foreign securities were 21.4% of net assets.

 

^ Purchased with cash collateral from securities on loan.
(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 March 31, 2022, the fair value of these securities was $169,534 (thousands) and amounted to 54.9% of net assets.
(b) All or a portion of this security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(c) Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2022.
(d) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at March 31, 2022.
(e) Security is interest only.
(f) Rounds to less than $1 thousand.
(g) Security or portion of security purchased on a delayed-delivery and/or when-issued basis.
(h) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.
(i) All or a portion of this security is on loan.
(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) Put Bond.
(l) Rate represents the effective yield at March 31, 2022.
(m) Rate disclosed is the daily yield on March 31, 2022.

 

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
LIBOR—London InterBank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LOC—Letter of Credit
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
SOFR30A—30-day Average of Secured Overnight Financing Rate
SOFRINDX—SOFR Index measures the cumulative impact of compounding the SOFR each business day
TSFR—Term SOFR  
TSFR1M—1 Month Term SOFR, rate disclosed as of March 31, 2022
TSFR3M—3 Month Term SOFR, rate disclosed as of March 31, 2022
US0001M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security
US0003M—3 Month US Dollar LIBOR, rate disclosed as of March 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.

 

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.