| USAA Mutual Funds Trust | Schedule of Portfolio Investments | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.5%) | ||||||||
| Communication Services (8.2%): | ||||||||
| Activision Blizzard, Inc. | 199,951 | $ | 14,864 | |||||
| Alphabet, Inc. Class A (a) | 1,630,344 | 155,942 | ||||||
| Alphabet, Inc. Class C (a) | 1,457,905 | 140,178 | ||||||
| AT&T, Inc. | 1,937,598 | 29,723 | ||||||
| Charter Communications, Inc. Class A (a) | 30,141 | 9,143 | ||||||
| Comcast Corp. Class A | 1,185,441 | 34,769 | ||||||
| Electronic Arts, Inc. | 71,066 | 8,223 | ||||||
| Endeavor Group Holdings, Inc. Class A (a) | 48,952 | 992 | ||||||
| Fox Corp. Class A | 81,642 | 2,505 | ||||||
| Fox Corp. Class B | 37,595 | 1,071 | ||||||
| Liberty Media Corp.-Liberty SiriusXM Class A (a) | 25,598 | 975 | ||||||
| Liberty Media Corp.-Liberty SiriusXM Class C (a) | 53,530 | 2,019 | ||||||
| Live Nation Entertainment, Inc. (a) | 38,769 | 2,948 | ||||||
| Match Group, Inc. (a) | 76,946 | 3,674 | ||||||
| Meta Platforms, Inc. Class A (a) | 613,924 | 83,297 | ||||||
| Netflix, Inc. (a) | 118,499 | 27,899 | ||||||
| Omnicom Group, Inc. | 55,141 | 3,479 | ||||||
| Paramount Global Class A | 2,546 | 55 | ||||||
| Paramount Global Class B (b) | 157,157 | 2,992 | ||||||
| Pinterest, Inc. Class A (a) | 156,865 | 3,655 | ||||||
| ROBLOX Corp. Class A (a) | 102,318 | 3,667 | ||||||
| Sirius XM Holdings, Inc. (b) | 180,006 | 1,028 | ||||||
| Snap, Inc. Class A (a) | 280,628 | 2,756 | ||||||
| Take-Two Interactive Software, Inc. (a) | 41,698 | 4,545 | ||||||
| The Trade Desk, Inc. Class A (a) | 119,514 | 7,141 | ||||||
| The Walt Disney Co. (a) | 495,686 | 46,758 | ||||||
| T-Mobile U.S., Inc. (a) | 150,031 | 20,130 | ||||||
| Twitter, Inc. (a) | 172,702 | 7,571 | ||||||
| Verizon Communications, Inc. | 1,141,923 | 43,359 | ||||||
| Warner Bros Discovery, Inc. (a) | 600,492 | 6,906 | ||||||
| Warner Music Group Corp. Class A | 31,334 | 727 | ||||||
| ZoomInfo Technologies, Inc. (a) | 80,078 | 3,336 | ||||||
| 676,327 | ||||||||
| Communications Equipment (0.8%): | ||||||||
| Arista Networks, Inc. (a) | 63,706 | 7,192 | ||||||
| Cisco Systems, Inc. | 1,125,950 | 45,038 | ||||||
| Motorola Solutions, Inc. | 45,376 | 10,163 | ||||||
| Ubiquiti, Inc. | 1,150 | 337 | ||||||
| 62,730 | ||||||||
| Consumer Discretionary (11.3%): | ||||||||
| Airbnb, Inc. Class A (a) | 103,084 | 10,828 | ||||||
| Amazon.com, Inc. (a) | 2,409,944 | 272,324 | ||||||
| AutoZone, Inc. (a) | 5,299 | 11,350 | ||||||
| Best Buy Co., Inc. | 54,490 | 3,451 | ||||||
| Booking Holdings, Inc. (a) | 10,935 | 17,968 | ||||||
| CarMax, Inc. (a) | 43,278 | 2,857 | ||||||
| Chewy, Inc. Class A (a)(b) | 25,167 | 773 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 7,474 | 11,232 | ||||||
| D.R. Horton, Inc. | 84,089 | 5,663 | ||||||
| Darden Restaurants, Inc. | 33,914 | 4,284 | ||||||
| Dollar General Corp. | 61,333 | 14,711 | ||||||
| Dollar Tree, Inc. (a) | 60,281 | 8,204 | ||||||
| Domino's Pizza, Inc. | 9,660 | 2,997 | ||||||
| DoorDash, Inc. Class A (a) | 69,088 | 3,416 | ||||||
| DraftKings, Inc. (a)(b) | 103,668 | 1,570 | ||||||
| eBay, Inc. | 149,376 | 5,499 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Etsy, Inc. (a) | 34,081 | $ | 3,413 | |||||
| Expedia Group, Inc. (a) | 40,926 | 3,834 | ||||||
| Ford Motor Co. | 1,073,859 | 12,027 | ||||||
| General Motors Co. | 396,445 | 12,722 | ||||||
| Genuine Parts Co. | 37,687 | 5,627 | ||||||
| Hilton Worldwide Holdings, Inc. | 73,088 | 8,816 | ||||||
| Las Vegas Sands Corp. (a) | 89,345 | 3,352 | ||||||
| Lennar Corp. Class A | 67,945 | 5,065 | ||||||
| Lennar Corp. Class B | 3,959 | 236 | ||||||
| LKQ Corp. | 73,840 | 3,482 | ||||||
| Lowe's Cos., Inc. | 168,772 | 31,697 | ||||||
| Lucid Group, Inc. (a)(b) | 145,550 | 2,033 | ||||||
| Marriott International, Inc. Class A | 75,893 | 10,636 | ||||||
| McDonald's Corp. | 200,042 | 46,158 | ||||||
| MGM Resorts International | 88,716 | 2,637 | ||||||
| NIKE, Inc. Class B | 340,158 | 28,274 | ||||||
| NVR, Inc. (a) | 839 | 3,345 | ||||||
| O'Reilly Automotive, Inc. (a) | 17,044 | 11,988 | ||||||
| Pool Corp. | 10,442 | 3,323 | ||||||
| Rivian Automotive, Inc. Class A (a) | 138,287 | 4,551 | ||||||
| Ross Stores, Inc. | 91,536 | 7,714 | ||||||
| Starbucks Corp. | 302,625 | 25,499 | ||||||
| Target Corp. | 125,148 | 18,571 | ||||||
| Tesla, Inc. (a) | 707,166 | 187,576 | ||||||
| The Home Depot, Inc. | 278,357 | 76,810 | ||||||
| The TJX Cos., Inc. | 315,697 | 19,611 | ||||||
| Tractor Supply Co. | 29,880 | 5,554 | ||||||
| Ulta Beauty, Inc. (a) | 13,788 | 5,532 | ||||||
| VF Corp. | 100,347 | 3,001 | ||||||
| Yum! Brands, Inc. | 77,367 | 8,227 | ||||||
| 938,438 | ||||||||
| Consumer Staples (6.9%): | ||||||||
| Albertsons Cos., Inc. Class A | 41,929 | 1,042 | ||||||
| Altria Group, Inc. | 489,654 | 19,772 | ||||||
| Archer-Daniels-Midland Co. | 150,892 | 12,139 | ||||||
| Brown-Forman Corp. Class B | 82,582 | 5,498 | ||||||
| Bunge Ltd. | 40,888 | 3,376 | ||||||
| Campbell Soup Co. | 53,925 | 2,541 | ||||||
| Church & Dwight Co., Inc. | 66,048 | 4,718 | ||||||
| Colgate-Palmolive Co. | 227,840 | 16,006 | ||||||
| Conagra Brands, Inc. | 129,374 | 4,221 | ||||||
| Constellation Brands, Inc. Class A | 41,590 | 9,552 | ||||||
| Costco Wholesale Corp. | 120,443 | 56,882 | ||||||
| General Mills, Inc. | 162,369 | 12,439 | ||||||
| Hormel Foods Corp. | 78,712 | 3,577 | ||||||
| Kellogg Co. | 91,546 | 6,377 | ||||||
| Keurig Dr Pepper, Inc. | 231,029 | 8,275 | ||||||
| Kimberly-Clark Corp. | 91,801 | 10,331 | ||||||
| McCormick & Co., Inc. | 68,101 | 4,854 | ||||||
| Mondelez International, Inc. Class A | 372,664 | 20,433 | ||||||
| Monster Beverage Corp. (a) | 100,284 | 8,721 | ||||||
| PepsiCo, Inc. | 375,252 | 61,264 | ||||||
| Philip Morris International, Inc. | 421,498 | 34,989 | ||||||
| Sysco Corp. | 137,614 | 9,731 | ||||||
| The Clorox Co. | 33,489 | 4,300 | ||||||
| The Coca-Cola Co. | 1,164,126 | 65,214 | ||||||
| The Estee Lauder Cos., Inc. | 62,906 | 13,581 | ||||||
| The Hershey Co. | 39,934 | 8,804 | ||||||
| The J.M. Smucker Co. | 28,104 | 3,862 | ||||||
| The Kraft Heinz Co. | 299,856 | 10,000 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| The Kroger Co. | 192,615 | $ | 8,427 | |||||
| The Procter & Gamble Co. | 649,732 | 82,029 | ||||||
| Tyson Foods, Inc. Class A | 76,383 | 5,036 | ||||||
| Walgreens Boots Alliance, Inc. | 195,047 | 6,124 | ||||||
| Walmart, Inc. | 383,768 | 49,775 | ||||||
| 573,890 | ||||||||
| Electronic Equipment, Instruments & Components (0.5%): | ||||||||
| Amphenol Corp. Class A | 160,117 | 10,721 | ||||||
| CDW Corp. | 36,773 | 5,740 | ||||||
| Corning, Inc. | 206,862 | 6,003 | ||||||
| Keysight Technologies, Inc. (a) | 48,130 | 7,574 | ||||||
| Teledyne Technologies, Inc. (a) | 12,615 | 4,257 | ||||||
| Trimble, Inc. (a) | 67,339 | 3,654 | ||||||
| Zebra Technologies Corp. (a) | 13,941 | 3,653 | ||||||
| 41,602 | ||||||||
| Energy (5.0%): | ||||||||
| APA Corp. | 88,759 | 3,035 | ||||||
| Baker Hughes Co. | 272,326 | 5,708 | ||||||
| Cheniere Energy, Inc. | 67,238 | 11,155 | ||||||
| Chesapeake Energy Corp. | 26,937 | 2,538 | ||||||
| Chevron Corp. | 532,237 | 76,466 | ||||||
| ConocoPhillips | 346,145 | 35,424 | ||||||
| Continental Resources, Inc. | 37,497 | 2,505 | ||||||
| Coterra Energy, Inc. | 211,992 | 5,537 | ||||||
| Devon Energy Corp. | 176,263 | 10,599 | ||||||
| Diamondback Energy, Inc. | 45,938 | 5,534 | ||||||
| EOG Resources, Inc. | 159,343 | 17,803 | ||||||
| EQT Corp. | 95,535 | 3,893 | ||||||
| Exxon Mobil Corp. | 1,133,201 | 98,940 | ||||||
| Halliburton Co. | 246,598 | 6,071 | ||||||
| Hess Corp. | 75,766 | 8,258 | ||||||
| Kinder Morgan, Inc. | 532,965 | 8,869 | ||||||
| Marathon Oil Corp. | 184,237 | 4,160 | ||||||
| Marathon Petroleum Corp. | 135,579 | 13,467 | ||||||
| Occidental Petroleum Corp. | 253,271 | 15,564 | ||||||
| ONEOK, Inc. | 120,289 | 6,164 | ||||||
| Ovintiv, Inc. | 68,433 | 3,148 | ||||||
| Phillips 66 | 130,798 | 10,558 | ||||||
| Pioneer Natural Resources Co. | 62,948 | 13,630 | ||||||
| Schlumberger NV | 384,580 | 13,806 | ||||||
| Targa Resources Corp. | 60,370 | 3,643 | ||||||
| Texas Pacific Land Corp. | 2,099 | 3,730 | ||||||
| The Williams Cos., Inc. | 331,325 | 9,486 | ||||||
| Valero Energy Corp. | 107,123 | 11,446 | ||||||
| 411,137 | ||||||||
| Financials (10.9%): | ||||||||
| Aflac, Inc. | 156,358 | 8,787 | ||||||
| American Express Co. | 203,852 | 27,502 | ||||||
| American International Group, Inc. | 206,761 | 9,817 | ||||||
| Ameriprise Financial, Inc. | 29,411 | 7,410 | ||||||
| Apollo Global Management, Inc. | 116,441 | 5,415 | ||||||
| Arch Capital Group Ltd. (a) | 97,358 | 4,434 | ||||||
| Ares Management Corp. Class A | 36,941 | 2,289 | ||||||
| Arthur J. Gallagher & Co. | 56,620 | 9,694 | ||||||
| Bank of America Corp. | 2,184,782 | 65,980 | ||||||
| Berkshire Hathaway, Inc. Class A (a) | 97 | 39,428 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 353,783 | 94,467 | ||||||
| BlackRock, Inc. | 40,371 | 22,215 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Blackstone, Inc. | 188,881 | $ | 15,809 | |||||
| Brown & Brown, Inc. | 63,745 | 3,855 | ||||||
| Capital One Financial Corp. | 103,318 | 9,523 | ||||||
| Cincinnati Financial Corp. | 42,421 | 3,800 | ||||||
| Citigroup, Inc. | 528,018 | 22,003 | ||||||
| Citizens Financial Group, Inc. | 133,419 | 4,584 | ||||||
| CME Group, Inc. | 97,726 | 17,310 | ||||||
| Coinbase Global, Inc. Class A (a)(b) | 41,351 | 2,667 | ||||||
| Discover Financial Services | 74,276 | 6,753 | ||||||
| FactSet Research Systems, Inc. | 10,327 | 4,132 | ||||||
| Fifth Third Bancorp | 184,710 | 5,903 | ||||||
| First Citizens BancShares, Inc. Class A | 3,139 | 2,503 | ||||||
| First Republic Bank | 48,835 | 6,375 | ||||||
| Franklin Resources, Inc. | 77,238 | 1,662 | ||||||
| Huntington Bancshares, Inc. | 388,219 | 5,117 | ||||||
| Intercontinental Exchange, Inc. | 150,329 | 13,582 | ||||||
| JPMorgan Chase & Co. | 789,408 | 82,493 | ||||||
| KeyCorp | 253,588 | 4,063 | ||||||
| Loews Corp. | 54,377 | 2,710 | ||||||
| LPL Financial Holdings, Inc. | 21,473 | 4,691 | ||||||
| M&T Bank Corp. | 47,273 | 8,335 | ||||||
| Markel Corp. (a) | 3,615 | 3,919 | ||||||
| Marsh & McLennan Cos., Inc. | 135,686 | 20,257 | ||||||
| MetLife, Inc. | 182,176 | 11,073 | ||||||
| Moody's Corp. | 49,894 | 12,130 | ||||||
| Morgan Stanley | 364,115 | 28,769 | ||||||
| MSCI, Inc. | 21,233 | 8,956 | ||||||
| Nasdaq, Inc. | 92,161 | 5,224 | ||||||
| Northern Trust Corp. | 55,528 | 4,751 | ||||||
| Principal Financial Group, Inc. | 67,089 | 4,840 | ||||||
| Prudential Financial, Inc. | 101,149 | 8,677 | ||||||
| Raymond James Financial, Inc. | 52,816 | 5,219 | ||||||
| Regions Financial Corp. | 254,067 | 5,099 | ||||||
| Rocket Cos., Inc. Class A (b) | 27,945 | 177 | ||||||
| S&P Global, Inc. | 90,680 | 27,689 | ||||||
| State Street Corp. | 99,958 | 6,078 | ||||||
| SVB Financial Group (a) | 15,904 | 5,340 | ||||||
| Synchrony Financial | 129,679 | 3,656 | ||||||
| T. Rowe Price Group, Inc. | 60,567 | 6,360 | ||||||
| The Allstate Corp. | 72,760 | 9,061 | ||||||
| The Bank of New York Mellon Corp. | 219,726 | 8,464 | ||||||
| The Charles Schwab Corp. | 459,669 | 33,036 | ||||||
| The Goldman Sachs Group, Inc. | 92,451 | 27,093 | ||||||
| The Hartford Financial Services Group, Inc. | 87,863 | 5,442 | ||||||
| The PNC Financial Services Group, Inc. | 111,515 | 16,663 | ||||||
| The Progressive Corp. | 159,042 | 18,482 | ||||||
| The Travelers Cos., Inc. | 64,527 | 9,886 | ||||||
| Tradeweb Markets, Inc. Class A | 28,929 | 1,632 | ||||||
| Truist Financial Corp. | 360,654 | 15,703 | ||||||
| U.S. Bancorp | 403,989 | 16,289 | ||||||
| W.R. Berkley Corp. | 56,982 | 3,680 | ||||||
| Wells Fargo & Co. | 1,031,351 | 41,481 | ||||||
| 900,434 | ||||||||
| Health Care (14.7%): | ||||||||
| Abbott Laboratories | 471,404 | 45,613 | ||||||
| AbbVie, Inc. | 480,755 | 64,522 | ||||||
| Agilent Technologies, Inc. | 80,494 | 9,784 | ||||||
| Align Technology, Inc. (a) | 19,964 | 4,135 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 32,307 | 6,467 | ||||||
| AmerisourceBergen Corp. | 41,702 | 5,644 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Amgen, Inc. | 145,451 | $ | 32,785 | |||||
| Avantor, Inc. (a) | 177,774 | 3,484 | ||||||
| Baxter International, Inc. | 136,933 | 7,375 | ||||||
| Becton Dickinson & Co. | 77,546 | 17,280 | ||||||
| Biogen, Inc. (a) | 39,456 | 10,535 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 49,421 | 4,189 | ||||||
| Bio-Rad Laboratories, Inc. Class A (a) | 5,814 | 2,425 | ||||||
| Bio-Techne Corp. | 10,555 | 2,998 | ||||||
| Boston Scientific Corp. (a) | 385,371 | 14,925 | ||||||
| Bristol-Myers Squibb Co. | 580,587 | 41,274 | ||||||
| Cardinal Health, Inc. | 73,356 | 4,891 | ||||||
| Catalent, Inc. (a) | 45,978 | 3,327 | ||||||
| Centene Corp. (a) | 152,306 | 11,851 | ||||||
| Cigna Corp. | 81,303 | 22,559 | ||||||
| CVS Health Corp. | 356,961 | 34,043 | ||||||
| Danaher Corp. | 178,017 | 45,980 | ||||||
| Dexcom, Inc. (a) | 105,678 | 8,511 | ||||||
| Edwards Lifesciences Corp. (a) | 166,880 | 13,789 | ||||||
| Elevance Health, Inc. | 65,257 | 29,642 | ||||||
| Eli Lilly & Co. | 214,437 | 69,338 | ||||||
| Gilead Sciences, Inc. | 340,788 | 21,023 | ||||||
| HCA Healthcare, Inc. | 58,533 | 10,758 | ||||||
| Hologic, Inc. (a) | 67,200 | 4,336 | ||||||
| Horizon Therapeutics PLC (a) | 61,390 | 3,799 | ||||||
| Humana, Inc. | 34,066 | 16,529 | ||||||
| IDEXX Laboratories, Inc. (a) | 22,410 | 7,301 | ||||||
| Illumina, Inc. (a) | 42,770 | 8,160 | ||||||
| Incyte Corp. (a) | 59,875 | 3,990 | ||||||
| Insulet Corp. (a) | 18,681 | 4,285 | ||||||
| Intuitive Surgical, Inc. (a) | 96,129 | 18,018 | ||||||
| IQVIA Holdings, Inc. (a) | 50,205 | 9,094 | ||||||
| Johnson & Johnson | 714,885 | 116,784 | ||||||
| Laboratory Corp. of America Holdings | 24,580 | 5,034 | ||||||
| McKesson Corp. | 39,081 | 13,283 | ||||||
| Merck & Co., Inc. | 688,812 | 59,321 | ||||||
| Mettler-Toledo International, Inc. (a) | 6,058 | 6,568 | ||||||
| Moderna, Inc. (a) | 91,478 | 10,817 | ||||||
| Molina Healthcare, Inc. (a) | 15,639 | 5,158 | ||||||
| PerkinElmer, Inc. | 34,319 | 4,130 | ||||||
| Pfizer, Inc. | 1,526,029 | 66,779 | ||||||
| Quest Diagnostics, Inc. | 31,389 | 3,851 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 27,977 | 19,273 | ||||||
| ResMed, Inc. | 39,415 | 8,604 | ||||||
| Royalty Pharma PLC Class A | 97,037 | 3,899 | ||||||
| Seagen, Inc. (a) | 49,648 | 6,793 | ||||||
| Stryker Corp. | 95,667 | 19,376 | ||||||
| The Cooper Cos., Inc. | 13,283 | 3,505 | ||||||
| Thermo Fisher Scientific, Inc. | 106,530 | 54,031 | ||||||
| UnitedHealth Group, Inc. | 254,336 | 128,450 | ||||||
| Veeva Systems, Inc. Class A (a) | 37,822 | 6,236 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 69,733 | 20,191 | ||||||
| Waters Corp. (a) | 16,280 | 4,388 | ||||||
| West Pharmaceutical Services, Inc. | 19,932 | 4,905 | ||||||
| Zimmer Biomet Holdings, Inc. | 57,050 | 5,965 | ||||||
| Zoetis, Inc. | 127,289 | 18,876 | ||||||
| 1,220,876 | ||||||||
| Industrials (7.8%): | ||||||||
| 3M Co. | 154,878 | 17,114 | ||||||
| AMETEK, Inc. | 61,799 | 7,009 | ||||||
| Booz Allen Hamilton Holding Corp. | 35,251 | 3,255 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| C.H. Robinson Worldwide, Inc. | 33,338 | $ | 3,211 | |||||
| Carlisle Cos., Inc. | 13,919 | 3,903 | ||||||
| Carrier Global Corp. | 228,818 | 8,137 | ||||||
| Caterpillar, Inc. | 143,541 | 23,552 | ||||||
| Cintas Corp. | 23,387 | 9,079 | ||||||
| Copart, Inc. (a) | 58,162 | 6,188 | ||||||
| CoStar Group, Inc. (a) | 106,584 | 7,424 | ||||||
| CSX Corp. | 582,204 | 15,510 | ||||||
| Cummins, Inc. | 37,570 | 7,646 | ||||||
| Deere & Co. | 76,322 | 25,483 | ||||||
| Delta Air Lines, Inc. (a) | 174,343 | 4,892 | ||||||
| Dover Corp. | 38,642 | 4,505 | ||||||
| Eaton Corp. PLC | 108,300 | 14,443 | ||||||
| Emerson Electric Co. | 159,170 | 11,654 | ||||||
| Equifax, Inc. | 33,281 | 5,705 | ||||||
| Expeditors International of Washington, Inc. | 44,038 | 3,889 | ||||||
| Fastenal Co. | 156,258 | 7,194 | ||||||
| FedEx Corp. | 65,001 | 9,651 | ||||||
| Fortive Corp. | 95,749 | 5,582 | ||||||
| Generac Holdings, Inc. (a) | 17,009 | 3,030 | ||||||
| General Dynamics Corp. | 73,822 | 15,663 | ||||||
| General Electric Co. | 295,169 | 18,274 | ||||||
| HEICO Corp. | 9,928 | 1,429 | ||||||
| HEICO Corp. Class A | 20,080 | 2,302 | ||||||
| Honeywell International, Inc. | 183,181 | 30,586 | ||||||
| Howmet Aerospace, Inc. | 111,821 | 3,459 | ||||||
| IDEX Corp. | 20,522 | 4,101 | ||||||
| Illinois Tool Works, Inc. | 84,186 | 15,208 | ||||||
| Ingersoll Rand, Inc. | 109,623 | 4,742 | ||||||
| J.B. Hunt Transport Services, Inc. | 22,300 | 3,488 | ||||||
| Jacobs Solutions, Inc. | 34,349 | 3,727 | ||||||
| Johnson Controls International PLC | 185,418 | 9,126 | ||||||
| L3Harris Technologies, Inc. | 52,030 | 10,813 | ||||||
| Leidos Holdings, Inc. | 34,899 | 3,053 | ||||||
| Lockheed Martin Corp. | 72,096 | 27,850 | ||||||
| Nordson Corp. | 14,307 | 3,037 | ||||||
| Norfolk Southern Corp. | 63,863 | 13,389 | ||||||
| Northrop Grumman Corp. | 42,067 | 19,785 | ||||||
| Old Dominion Freight Line, Inc. | 26,137 | 6,502 | ||||||
| Otis Worldwide Corp. | 114,960 | 7,334 | ||||||
| PACCAR, Inc. | 92,656 | 7,754 | ||||||
| Parker-Hannifin Corp. | 34,564 | 8,375 | ||||||
| Plug Power, Inc. (a)(b) | 140,042 | 2,942 | ||||||
| Quanta Services, Inc. | 38,500 | 4,905 | ||||||
| Raytheon Technologies Corp. | 401,472 | 32,864 | ||||||
| Republic Services, Inc. | 55,838 | 7,596 | ||||||
| Rockwell Automation, Inc. | 31,388 | 6,752 | ||||||
| Rollins, Inc. | 64,268 | 2,229 | ||||||
| Southwest Airlines Co. (a) | 161,334 | 4,976 | ||||||
| Stanley Black & Decker, Inc. | 39,790 | 2,993 | ||||||
| Textron, Inc. | 56,939 | 3,317 | ||||||
| The Boeing Co. (a) | 161,460 | 19,550 | ||||||
| TransDigm Group, Inc. | 14,304 | 7,507 | ||||||
| TransUnion | 52,341 | 3,114 | ||||||
| Uber Technologies, Inc. (a) | 511,433 | 13,553 | ||||||
| Union Pacific Corp. | 169,799 | 33,080 | ||||||
| United Parcel Service, Inc. Class B | 198,992 | 32,145 | ||||||
| United Rentals, Inc. (a) | 18,839 | 5,089 | ||||||
| Verisk Analytics, Inc. | 42,251 | 7,205 | ||||||
| W.W. Grainger, Inc. | 12,311 | 6,022 | ||||||
| Waste Management, Inc. | 107,893 | 17,286 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Westinghouse Air Brake Technologies Corp. | 47,676 | $ | 3,878 | |||||
| Xylem, Inc. | 48,992 | 4,280 | ||||||
| 649,336 | ||||||||
| IT Services (4.2%): | ||||||||
| Akamai Technologies, Inc. (a) | 42,357 | 3,402 | ||||||
| Automatic Data Processing, Inc. | 111,851 | 25,300 | ||||||
| Block, Inc. (a) | 142,531 | 7,838 | ||||||
| Broadridge Financial Solutions, Inc. | 31,576 | 4,557 | ||||||
| Cloudflare, Inc. Class A (a) | 75,397 | 4,170 | ||||||
| Cognizant Technology Solutions Corp. Class A | 140,788 | 8,087 | ||||||
| EPAM Systems, Inc. (a) | 15,126 | 5,478 | ||||||
| Fidelity National Information Services, Inc. | 163,660 | 12,368 | ||||||
| Fiserv, Inc. (a) | 163,472 | 15,296 | ||||||
| FleetCor Technologies, Inc. (a) | 19,785 | 3,485 | ||||||
| Gartner, Inc. (a) | 19,355 | 5,355 | ||||||
| Global Payments, Inc. | 75,787 | 8,189 | ||||||
| International Business Machines Corp. | 245,580 | 29,177 | ||||||
| Jack Henry & Associates, Inc. | 19,619 | 3,576 | ||||||
| Mastercard, Inc. Class A | 231,996 | 65,966 | ||||||
| MongoDB, Inc. (a) | 17,933 | 3,561 | ||||||
| Okta, Inc. (a) | 40,043 | 2,277 | ||||||
| Paychex, Inc. | 87,096 | 9,773 | ||||||
| PayPal Holdings, Inc. (a) | 311,307 | 26,794 | ||||||
| Snowflake, Inc. Class A (a) | 74,809 | 12,715 | ||||||
| SS&C Technologies Holdings, Inc. | 60,328 | 2,881 | ||||||
| VeriSign, Inc. (a) | 28,878 | 5,016 | ||||||
| Visa, Inc. Class A | 444,569 | 78,978 | ||||||
| 344,239 | ||||||||
| Materials (1.9%): | ||||||||
| Air Products and Chemicals, Inc. | 59,102 | 13,755 | ||||||
| Albemarle Corp. | 31,848 | 8,422 | ||||||
| Avery Dennison Corp. | 21,652 | 3,523 | ||||||
| Ball Corp. | 84,606 | 4,088 | ||||||
| CF Industries Holdings, Inc. | 53,637 | 5,163 | ||||||
| Corteva, Inc. | 195,391 | 11,167 | ||||||
| Dow, Inc. | 195,274 | 8,578 | ||||||
| DuPont de Nemours, Inc. | 136,198 | 6,864 | ||||||
| Ecolab, Inc. | 68,966 | 9,960 | ||||||
| FMC Corp. | 33,906 | 3,584 | ||||||
| Freeport-McMoRan, Inc. | 384,736 | 10,515 | ||||||
| International Flavors & Fragrances, Inc. | 69,321 | 6,296 | ||||||
| International Paper Co. | 97,449 | 3,089 | ||||||
| Martin Marietta Materials, Inc. | 16,790 | 5,408 | ||||||
| Newmont Corp. | 215,806 | 9,070 | ||||||
| Nucor Corp. | 70,466 | 7,539 | ||||||
| Packaging Corp. of America | 24,971 | 2,804 | ||||||
| PPG Industries, Inc. | 63,897 | 7,073 | ||||||
| Southern Copper Corp. | 23,123 | 1,037 | ||||||
| Steel Dynamics, Inc. | 46,660 | 3,310 | ||||||
| The Mosaic Co. | 93,879 | 4,537 | ||||||
| The Sherwin-Williams Co. | 64,835 | 13,275 | ||||||
| Vulcan Materials Co. | 36,136 | 5,699 | ||||||
| Westlake Corp. | 9,044 | 786 | ||||||
| 155,542 | ||||||||
| Real Estate (2.8%): | ||||||||
| Alexandria Real Estate Equities, Inc. | 43,923 | 6,157 | ||||||
| American Tower Corp. | 125,330 | 26,908 | ||||||
| AvalonBay Communities, Inc. | 38,021 | 7,003 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Camden Property Trust | 28,386 | $ | 3,391 | |||||
| CBRE Group, Inc. Class A (a) | 86,455 | 5,837 | ||||||
| Crown Castle, Inc. | 116,568 | 16,850 | ||||||
| Digital Realty Trust, Inc. | 78,148 | 7,751 | ||||||
| Duke Realty Corp. | 104,682 | 5,046 | ||||||
| Equinix, Inc. | 24,764 | 14,087 | ||||||
| Equity LifeStyle Properties, Inc. | 48,052 | 3,020 | ||||||
| Equity Residential | 100,223 | 6,737 | ||||||
| Essex Property Trust, Inc. | 17,531 | 4,246 | ||||||
| Extra Space Storage, Inc. | 35,683 | 6,163 | ||||||
| Healthpeak Properties, Inc. | 146,715 | 3,363 | ||||||
| Host Hotels & Resorts, Inc. | 192,383 | 3,055 | ||||||
| Invitation Homes, Inc. | 165,960 | 5,604 | ||||||
| Iron Mountain, Inc. | 78,246 | 3,440 | ||||||
| Kimco Realty Corp. | 164,805 | 3,034 | ||||||
| Mid-America Apartment Communities, Inc. | 31,075 | 4,819 | ||||||
| Prologis, Inc. | 199,300 | 20,249 | ||||||
| Public Storage | 42,003 | 12,299 | ||||||
| Realty Income Corp. | 167,922 | 9,773 | ||||||
| SBA Communications Corp. | 29,039 | 8,266 | ||||||
| Simon Property Group, Inc. | 88,119 | 7,909 | ||||||
| Sun Communities, Inc. | 32,862 | 4,447 | ||||||
| UDR, Inc. | 87,465 | 3,648 | ||||||
| Ventas, Inc. | 107,597 | 4,322 | ||||||
| VICI Properties, Inc. | 261,870 | 7,817 | ||||||
| Welltower, Inc. | 125,993 | 8,104 | ||||||
| Weyerhaeuser Co. | 201,292 | 5,749 | ||||||
| WP Carey, Inc. | 51,928 | 3,624 | ||||||
| 232,718 | ||||||||
| Semiconductors & Semiconductor Equipment (4.7%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 434,553 | 27,533 | ||||||
| Analog Devices, Inc. | 139,852 | 19,487 | ||||||
| Applied Materials, Inc. | 233,923 | 19,165 | ||||||
| Broadcom, Inc. | 107,914 | 47,915 | ||||||
| Enphase Energy, Inc. (a) | 35,727 | 9,913 | ||||||
| Entegris, Inc. | 40,098 | 3,329 | ||||||
| First Solar, Inc. (a) | 27,237 | 3,603 | ||||||
| GLOBALFOUNDRIES, Inc. (a)(b) | 19,078 | 922 | ||||||
| Intel Corp. | 1,116,443 | 28,771 | ||||||
| KLA Corp. | 38,557 | 11,668 | ||||||
| Lam Research Corp. | 36,875 | 13,496 | ||||||
| Marvell Technology, Inc. | 229,503 | 9,848 | ||||||
| Microchip Technology, Inc. | 147,219 | 8,985 | ||||||
| Micron Technology, Inc. | 299,951 | 15,028 | ||||||
| Monolithic Power Systems, Inc. | 11,959 | 4,346 | ||||||
| NVIDIA Corp. | 649,963 | 78,899 | ||||||
| ON Semiconductor Corp. (a) | 116,619 | 7,269 | ||||||
| QUALCOMM, Inc. | 305,350 | 34,498 | ||||||
| Skyworks Solutions, Inc. | 43,626 | 3,720 | ||||||
| Teradyne, Inc. | 42,629 | 3,204 | ||||||
| Texas Instruments, Inc. | 248,442 | 38,454 | ||||||
| Wolfspeed, Inc. (a) | 33,396 | 3,452 | ||||||
| 393,505 | ||||||||
| Software (9.2%): | ||||||||
| Adobe, Inc. (a) | 125,979 | 34,669 | ||||||
| ANSYS, Inc. (a) | 23,674 | 5,249 | ||||||
| Aspen Technology, Inc. (a) | 17,939 | 4,273 | ||||||
| Autodesk, Inc. (a) | 58,693 | 10,964 | ||||||
| Bill.com Holdings, Inc. (a) | 26,796 | 3,547 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Cadence Design Systems, Inc. (a) | 73,722 | $ | 12,048 | |||||
| Citrix Systems, Inc. | 34,146 | 3,551 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 57,246 | 9,435 | ||||||
| Datadog, Inc. Class A (a) | 69,567 | 6,176 | ||||||
| Fortinet, Inc. (a) | 177,954 | 8,743 | ||||||
| HubSpot, Inc. (a) | 12,404 | 3,351 | ||||||
| Intuit, Inc. | 74,342 | 28,794 | ||||||
| Microsoft Corp. | 1,987,284 | 462,838 | ||||||
| NortonLifeLock, Inc. | 179,152 | 3,608 | ||||||
| Oracle Corp. | 417,789 | 25,514 | ||||||
| Palantir Technologies, Inc. Class A (a) | 464,443 | 3,776 | ||||||
| Palo Alto Networks, Inc. (a) | 79,731 | 13,059 | ||||||
| Paycom Software, Inc. (a) | 13,873 | 4,578 | ||||||
| Paylocity Holding Corp. (a) | 10,969 | 2,650 | ||||||
| PTC, Inc. (a) | 29,057 | 3,039 | ||||||
| Roper Technologies, Inc. | 28,824 | 10,366 | ||||||
| Salesforce, Inc. (a) | 263,748 | 37,938 | ||||||
| ServiceNow, Inc. (a) | 54,376 | 20,533 | ||||||
| Splunk, Inc. (a) | 40,257 | 3,027 | ||||||
| Synopsys, Inc. (a) | 41,161 | 12,575 | ||||||
| Tyler Technologies, Inc. (a) | 11,193 | 3,890 | ||||||
| Unity Software, Inc. (a)(b) | 51,470 | 1,640 | ||||||
| VMware, Inc. Class A | 60,959 | 6,490 | ||||||
| Workday, Inc. Class A (a) | 54,099 | 8,235 | ||||||
| Zoom Video Communications, Inc. Class A (a) | 56,626 | 4,167 | ||||||
| Zscaler, Inc. (a) | 22,758 | 3,741 | ||||||
| 762,464 | ||||||||
| Technology Hardware, Storage & Peripherals (7.5%): | ||||||||
| Apple, Inc. | 4,369,724 | 603,896 | ||||||
| Dell Technologies, Inc. Class C | 68,342 | 2,335 | ||||||
| Hewlett Packard Enterprise Co. | 349,861 | 4,191 | ||||||
| HP, Inc. | 273,520 | 6,816 | ||||||
| NetApp, Inc. | 59,100 | 3,656 | ||||||
| Western Digital Corp. (a) | 83,802 | 2,728 | ||||||
| 623,622 | ||||||||
| Utilities (3.1%): | ||||||||
| Alliant Energy Corp. | 68,228 | 3,615 | ||||||
| Ameren Corp. | 69,548 | 5,602 | ||||||
| American Electric Power Co., Inc. | 139,687 | 12,076 | ||||||
| American Water Works Co., Inc. | 49,429 | 6,434 | ||||||
| Atmos Energy Corp. | 37,657 | 3,835 | ||||||
| Avangrid, Inc. | 18,923 | 789 | ||||||
| CenterPoint Energy, Inc. | 171,162 | 4,823 | ||||||
| CMS Energy Corp. | 78,904 | 4,595 | ||||||
| Consolidated Edison, Inc. | 96,413 | 8,268 | ||||||
| Constellation Energy Corp. | 87,981 | 7,319 | ||||||
| Dominion Energy, Inc. | 225,858 | 15,609 | ||||||
| DTE Energy Co. | 52,151 | 6,000 | ||||||
| Duke Energy Corp. | 209,340 | 19,473 | ||||||
| Edison International | 103,712 | 5,868 | ||||||
| Entergy Corp. | 55,309 | 5,566 | ||||||
| Essential Utilities, Inc. | 71,265 | 2,949 | ||||||
| Evergy, Inc. | 61,784 | 3,670 | ||||||
| Eversource Energy | 94,200 | 7,344 | ||||||
| Exelon Corp. | 269,659 | 10,102 | ||||||
| FirstEnergy Corp. | 155,365 | 5,749 | ||||||
| NextEra Energy, Inc. | 540,117 | 42,351 | ||||||
| PG&E Corp. (a) | 421,557 | 5,270 | ||||||
| PPL Corp. | 200,173 | 5,074 | ||||||
| Public Service Enterprise Group, Inc. | 135,643 | 7,627 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA 500 Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Sempra Energy | 85,460 | $ | 12,814 | |||||
| The AES Corp. | 181,608 | 4,104 | ||||||
| The Southern Co. | 295,900 | 20,121 | ||||||
| WEC Energy Group, Inc. | 85,768 | 7,670 | ||||||
| Xcel Energy, Inc. | 148,730 | 9,519 | ||||||
| 254,236 | ||||||||
| Total Common Stocks (Cost $3,209,343) | 8,241,096 | |||||||
| Collateral for Securities Loaned (0.2%)^ | ||||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (c) | 12,763,817 | 12,764 | ||||||
| Total Collateral for Securities Loaned (Cost $12,764) | 12,764 | |||||||
| Total Investments (Cost $3,222,107) — 99.7% | 8,253,860 | |||||||
| Other assets in excess of liabilities — 0.3% | 28,781 | |||||||
| NET ASSETS - 100.00% | $ | 8,282,641 | ||||||
| ^ | 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) | Rate disclosed is the daily yield on September 30, 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 | 199 | 12/16/22 | $ | 39,714,537 | $ | 35,834,925 | $ | (3,879,612 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (3,879,612 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (3,879,612 | ) | |||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (98.7%) | ||||||||
| Communication Services (3.8%): | ||||||||
| AdTheorent Holding Co., Inc. (a) | 2,650 | $ | 6 | |||||
| Advantage Solutions, Inc. (a) | 9,040 | 19 | ||||||
| Altice USA, Inc. Class A (a) | 23,327 | 136 | ||||||
| AMC Entertainment Holdings, Inc. (a)(b) | 58,682 | 409 | ||||||
| AMC Networks, Inc. Class A (a) | 3,141 | 64 | ||||||
| Angi, Inc. Class A (a) | 8,673 | 26 | ||||||
| Anterix, Inc. (a) | 2,086 | 75 | ||||||
| Arena Group Holdings, Inc. The (a) | 1,621 | 21 | ||||||
| Atn International, Inc. | 1,218 | 47 | ||||||
| Ballantyne Strong, Inc. (a) | 1,853 | 4 | ||||||
| Bandwidth, Inc. Class A (a) | 2,094 | 25 | ||||||
| Boston Omaha Corp. Class A (a) | 3,155 | 73 | ||||||
| Bumble, Inc. Class A (a) | 9,270 | 199 | ||||||
| BuzzFeed, Inc. (a) | 2,704 | 4 | ||||||
| Cable One, Inc. | 528 | 450 | ||||||
| Cardlytics, Inc. (a) | 3,623 | 34 | ||||||
| Cargurus, Inc. (a) | 10,028 | 142 | ||||||
| Cars.com, Inc. (a) | 7,012 | 81 | ||||||
| Cinedigm Corp. Class A (a) | 17,307 | 7 | ||||||
| Cinemark Holdings, Inc. (a) | 12,321 | 149 | ||||||
| Clear Channel Outdoor Holdings, Inc. (a) | 52,984 | 73 | ||||||
| Cogent Communications Holdings, Inc. | 4,852 | 253 | ||||||
| comScore, Inc. (a) | 8,146 | 13 | ||||||
| Consolidated Communications Holdings, Inc. (a) | 8,253 | 34 | ||||||
| CuriosityStream, Inc. (a) | 3,175 | 5 | ||||||
| DallasNews Corp. | 510 | 2 | ||||||
| DHI Group, Inc. (a) | 4,735 | 26 | ||||||
| Dolphin Entertainment, Inc. (a) | 924 | 2 | ||||||
| EchoStar Corp. Class A (a) | 3,748 | 62 | ||||||
| Emerald Holding, Inc. (a) | 2,431 | 8 | ||||||
| Endeavor Group Holdings, Inc. Class A (a) | 20,447 | 414 | ||||||
| Entercom Communications Corp. (a) | 13,153 | 5 | ||||||
| Entravision Communications Corp. Class A | 6,559 | 26 | ||||||
| Eventbrite, Inc. Class A (a) | 8,786 | 53 | ||||||
| EverQuote, Inc. Class A (a) | 2,174 | 15 | ||||||
| FaZe Holdings, Inc. (a)(b) | 2,964 | 29 | ||||||
| Frontier Communications Parent, Inc. (a) | 25,035 | 587 | ||||||
| Gaia, Inc. (a) | 1,469 | 4 | ||||||
| Gannett Co., Inc. (a) | 15,655 | 24 | ||||||
| Getty Images Holdings, Inc. (a) | 14,125 | 96 | ||||||
| Globalstar, Inc. (a)(b) | 83,844 | 133 | ||||||
| Gogo, Inc. (a) | 7,452 | 90 | ||||||
| Gray Television, Inc. | 8,448 | 121 | ||||||
| Harte-Hanks, Inc. (a) | 495 | 6 | ||||||
| IAC, Inc. (a) | 8,902 | 493 | ||||||
| IDT Corp. Class B (a) | 1,961 | 49 | ||||||
| iHeartMedia, Inc. Class A (a) | 13,388 | 98 | ||||||
| Innovid Corp. (a)(b) | 7,067 | 19 | ||||||
| Integral Ad Science Holding Corp. (a) | 3,536 | 26 | ||||||
| Iridium Communications, Inc. (a) | 12,831 | 569 | ||||||
| IZEA Worldwide, Inc. (a) | 6,715 | 5 | ||||||
| John Wiley & Sons, Inc. Class A | 4,876 | 183 | ||||||
| KORE Group Holdings, Inc. (a) | 4,587 | 9 | ||||||
| Leafly Holdings, Inc. (a) | 2,986 | 2 | ||||||
| Lee Enterprises, Inc. (a) | 509 | 9 | ||||||
| Liberty Broadband Corp. Class A (a) | 2,050 | 153 | ||||||
| Liberty Broadband Corp. Class C (a) | 13,921 | 1,027 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Liberty Media Corp.-Liberty Braves Class A (a) | 1,113 | $ | 31 | |||||
| Liberty Media Corp.-Liberty Braves Class C (a) | 4,248 | 117 | ||||||
| Liberty Media Corp.-Liberty Formula One Class A (a) | 2,531 | 133 | ||||||
| Liberty Media Corp.-Liberty Formula One Class C (a) | 22,505 | 1,317 | ||||||
| Liberty Media Corp.-Liberty SiriusXM Class A (a) | 10,692 | 407 | ||||||
| Liberty Media Corp.-Liberty SiriusXM Class C (a) | 22,360 | 843 | ||||||
| Liberty TripAdvisor Holdings, Inc. Class A (a) | 8,146 | 9 | ||||||
| Lions Gate Entertainment Corp. Class A (a) | 6,243 | 46 | ||||||
| Lions Gate Entertainment Corp. Class B (a) | 13,519 | 94 | ||||||
| LiveOne, Inc. (a) | 8,516 | 6 | ||||||
| Loyalty Ventures, Inc. (a) | 2,206 | 3 | ||||||
| Madison Square Garden Entertainment Corp. (a) | 2,891 | 127 | ||||||
| Madison Square Garden Sports Corp. (a) | 1,745 | 238 | ||||||
| Magnite, Inc. (a) | 12,981 | 85 | ||||||
| MediaAlpha, Inc. Class A (a) | 2,582 | 23 | ||||||
| Mediaco Holding, Inc. (a) | 1,746 | 3 | ||||||
| National CineMedia, Inc. | 8,366 | 5 | ||||||
| Nexstar Media Group, Inc. Class A | 4,185 | 698 | ||||||
| Nextdoor Holdings, Inc. (a) | 11,852 | 33 | ||||||
| NextPlay Technologies, Inc. (a) | 8,701 | 2 | ||||||
| Ooma, Inc. (a) | 2,483 | 31 | ||||||
| Outbrain, Inc. (a)(b) | 3,164 | 12 | ||||||
| Paramount Global Class A | 1,063 | 23 | ||||||
| Pinterest, Inc. Class A (a) | 65,522 | 1,527 | ||||||
| PubMatic, Inc. Class A (a) | 4,361 | 73 | ||||||
| QuinStreet, Inc. (a) | 5,031 | 53 | ||||||
| Reading International, Inc. Class A (a) | 1,896 | 6 | ||||||
| Reservoir Media, Inc. (a) | 3,580 | 17 | ||||||
| ROBLOX Corp. Class A (a) | 42,733 | 1,532 | ||||||
| Roku, Inc. (a) | 13,709 | 773 | ||||||
| Saga Communications, Inc. Class A | 456 | 12 | ||||||
| Salem Media Group, Inc. (a) | 1,327 | 2 | ||||||
| Scholastic Corp. | 3,210 | 99 | ||||||
| Sciplay Corp. Class A (a) | 2,602 | 31 | ||||||
| Shenandoah Telecommunications Co. | 5,459 | 93 | ||||||
| Shutterstock, Inc. | 2,695 | 135 | ||||||
| Sinclair Broadcast Group, Inc. Class A | 4,814 | 87 | ||||||
| Sirius XM Holdings, Inc. (b) | 75,169 | 429 | ||||||
| Skillz, Inc. (a)(b) | 28,251 | 29 | ||||||
| Snap, Inc. Class A (a) | 117,190 | 1,151 | ||||||
| Society Pass, Inc. (a) | 1,959 | 3 | ||||||
| Spok Holdings, Inc. | 2,011 | 15 | ||||||
| Stagwell, Inc. (a) | 11,552 | 80 | ||||||
| Starry Group Holdings, Inc. Class A (a)(b) | 9,838 | 15 | ||||||
| Super League Gaming, Inc. (a) | 3,907 | 3 | ||||||
| System1, Inc. (a)(b) | 1,748 | 11 | ||||||
| TechTarget, Inc. (a) | 3,049 | 181 | ||||||
| TEGNA, Inc. | 25,081 | 519 | ||||||
| Telephone & Data Systems, Inc. | 11,249 | 156 | ||||||
| The EW Scripps Co. Class A (a) | 6,575 | 74 | ||||||
| The Marcus Corp. (b) | 2,465 | 34 | ||||||
| The New York Times Co. Class A | 18,412 | 529 | ||||||
| The Trade Desk, Inc. Class A (a) | 49,913 | 2,982 | ||||||
| Townsquare Media, Inc. Class A (a) | 1,111 | 8 | ||||||
| Travelzoo (a) | 850 | 4 | ||||||
| TripAdvisor, Inc. (a) | 11,107 | 245 | ||||||
| Troika Media Group, Inc. (a)(b) | 3,787 | 1 | ||||||
| TrueCar, Inc. (a) | 8,232 | 12 | ||||||
| United States Cellular Corp. (a) | 1,672 | 44 | ||||||
| Urban One, Inc. (a) | 1,013 | 5 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Urban One, Inc. (a) | 2,247 | $ | 10 | |||||
| Vimeo, Inc. (a) | 16,042 | 64 | ||||||
| Vinco Ventures, Inc. (a)(b) | 25,147 | 23 | ||||||
| Warner Music Group Corp. Class A | 13,086 | 304 | ||||||
| WideOpenWest, Inc. (a) | 5,978 | 73 | ||||||
| World Wrestling Entertainment, Inc. Class A | 4,818 | 338 | ||||||
| Yelp, Inc. (a) | 7,421 | 252 | ||||||
| Zedge, Inc. Class B (a) | 1,432 | 3 | ||||||
| Ziff Davis, Inc. (a) | 5,198 | 356 | ||||||
| ZipRecruiter, Inc. (a) | 4,552 | 75 | ||||||
| ZoomInfo Technologies, Inc. (a) | 33,441 | 1,393 | ||||||
| 24,841 | ||||||||
| Consumer Discretionary (9.9%): | ||||||||
| 1-800-Flowers.com, Inc. Class A (a) | 3,217 | 21 | ||||||
| 1stdibs.com, Inc. (a) | 1,752 | 11 | ||||||
| 2U, Inc. (a) | 8,357 | 52 | ||||||
| Abercrombie & Fitch Co. (a) | 5,279 | 82 | ||||||
| Academy Sports & Outdoors, Inc. | 8,963 | 378 | ||||||
| Accel Entertainment, Inc. (a) | 6,856 | 54 | ||||||
| Acushnet Holdings Corp. | 3,636 | 158 | ||||||
| ADT, Inc. (b) | 20,428 | 153 | ||||||
| Adtalem Global Education, Inc. (a) | 4,979 | 181 | ||||||
| Airbnb, Inc. Class A (a) | 43,058 | 4,523 | ||||||
| aka Brands Holding Corp. (a) | 1,753 | 3 | ||||||
| Allbirds, Inc. Class A (a)(b) | 10,523 | 32 | ||||||
| American Axle & Manufacturing Holdings, Inc. (a) | 12,355 | 84 | ||||||
| American Eagle Outfitters, Inc. (b) | 19,144 | 186 | ||||||
| American Outdoor Brands, Inc. (a) | 1,435 | 13 | ||||||
| American Public Education, Inc. (a) | 2,013 | 18 | ||||||
| America's Car-Mart, Inc. (a) | 658 | 40 | ||||||
| Aramark | 28,971 | 904 | ||||||
| Arcimoto, Inc. (a) | 4,178 | 6 | ||||||
| Arhaus, Inc. (a) | 2,284 | 16 | ||||||
| Ark Restaurants Corp. | 181 | 3 | ||||||
| Arko Corp. | 7,499 | 70 | ||||||
| Asbury Automotive Group, Inc. (a) | 2,487 | 376 | ||||||
| Aspen Group, Inc. (a) | 2,233 | 1 | ||||||
| Aterian, Inc. (a)(b) | 7,257 | 9 | ||||||
| Autoliv, Inc. | 9,890 | 659 | ||||||
| AutoNation, Inc. (a) | 4,068 | 414 | ||||||
| AYRO, Inc. (a) | 3,613 | 2 | ||||||
| Bally's Corp. (a) | 4,297 | 85 | ||||||
| BARK, Inc. (a) | 10,207 | 19 | ||||||
| Barnes & Noble Education, Inc. (a) | 3,447 | 8 | ||||||
| Bassett Furniture Industries, Inc. (b) | 977 | 15 | ||||||
| Beazer Homes USA, Inc. (a) | 3,302 | 32 | ||||||
| Bed Bath & Beyond, Inc. (a)(b) | 8,625 | 53 | ||||||
| Big 5 Sporting Goods Corp. (b) | 2,341 | 25 | ||||||
| Big Lots, Inc. (b) | 3,023 | 47 | ||||||
| Biglari Holdings, Inc. Class B (a) | 235 | 27 | ||||||
| BJ's Restaurants, Inc. (a) | 2,583 | 62 | ||||||
| Bloomin' Brands, Inc. | 9,734 | 178 | ||||||
| Bluegreen Vacations Holding Corp. | 1,261 | 21 | ||||||
| Boot Barn Holdings, Inc. (a) | 3,351 | 196 | ||||||
| Bowlero Corp. (a)(b) | 10,983 | 135 | ||||||
| Boxed, Inc. (a) | 5,431 | 5 | ||||||
| Boyd Gaming Corp. | 9,099 | 434 | ||||||
| Bright Horizons Family Solutions, Inc. (a) | 6,498 | 375 | ||||||
| Brilliant Earth Group, Inc. (a) | 1,205 | 7 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Brinker International, Inc. (a) | 4,884 | $ | 122 | |||||
| Brunswick Corp. | 8,360 | 547 | ||||||
| Build-A-Bear Workshop, Inc. | 1,460 | 19 | ||||||
| BurgerFi International, Inc. (a) | 1,541 | 4 | ||||||
| Burlington Stores, Inc. (a) | 7,443 | 833 | ||||||
| Caleres, Inc. | 3,934 | 95 | ||||||
| Camping World Holdings, Inc. Class A | 4,277 | 108 | ||||||
| Canoo, Inc. (a)(b) | 17,979 | 34 | ||||||
| CarLotz, Inc. Class A (a) | 8,725 | 3 | ||||||
| CarParts.com, Inc. (a) | 5,441 | 28 | ||||||
| Carriage Services, Inc. | 1,452 | 47 | ||||||
| Carrols Restaurant Group, Inc. (a) | 3,870 | 6 | ||||||
| Carter's, Inc. | 4,295 | 281 | ||||||
| Carvana Co. (a)(b) | 10,812 | 219 | ||||||
| Cavco Industries, Inc. (a) | 939 | 193 | ||||||
| Cedar Fair, LP | 5,829 | 240 | ||||||
| Century Casinos, Inc. (a) | 3,017 | 20 | ||||||
| Century Communities, Inc. | 3,225 | 138 | ||||||
| Charles & Colvard Ltd. (a) | 2,874 | 3 | ||||||
| Chegg, Inc. (a) | 13,922 | 293 | ||||||
| Chewy, Inc. Class A (a)(b) | 10,510 | 323 | ||||||
| Chico's FAS, Inc. (a) | 13,635 | 66 | ||||||
| Choice Hotels International, Inc. | 4,053 | 444 | ||||||
| Churchill Downs, Inc. | 3,766 | 694 | ||||||
| Chuy's Holdings, Inc. (a) | 2,118 | 49 | ||||||
| Citi Trends, Inc. (a) | 914 | 14 | ||||||
| Clarus Corp. (b) | 2,843 | 38 | ||||||
| Columbia Sportswear Co. | 3,666 | 247 | ||||||
| Conn's, Inc. (a) | 1,438 | 10 | ||||||
| Contextlogic, Inc. Class A (a)(b) | 53,244 | 39 | ||||||
| Coursera, Inc. (a) | 10,427 | 112 | ||||||
| Cracker Barrel Old Country Store, Inc. | 2,535 | 235 | ||||||
| Cricut, Inc. Class A (a)(b) | 4,316 | 40 | ||||||
| Crocs, Inc. (a) | 6,720 | 461 | ||||||
| Crown Crafts, Inc. | 1,017 | 6 | ||||||
| Culp, Inc. | 1,239 | 5 | ||||||
| Dana, Inc. | 16,115 | 184 | ||||||
| Dave & Buster's Entertainment, Inc. (a) | 5,313 | 165 | ||||||
| Deckers Outdoor Corp. (a) | 2,982 | 932 | ||||||
| Delta Apparel, Inc. (a) | 659 | 9 | ||||||
| Denny's Corp. (a) | 6,248 | 59 | ||||||
| Designer Brands, Inc. Class A | 5,775 | 88 | ||||||
| Destination XL Group, Inc. (a) | 6,590 | 36 | ||||||
| Dick's Sporting Goods, Inc. (b) | 5,999 | 628 | ||||||
| Dillard's, Inc. Class A (b) | 1,045 | 285 | ||||||
| Dine Brands Global, Inc. | 1,656 | 105 | ||||||
| DoorDash, Inc. Class A (a) | 28,858 | 1,427 | ||||||
| Dorman Products, Inc. (a) | 2,498 | 205 | ||||||
| DraftKings, Inc. (a)(b) | 43,291 | 655 | ||||||
| Dream Finders Homes, Inc. Class A (a) | 2,353 | 25 | ||||||
| Drive Shack, Inc. (a) | 9,020 | 6 | ||||||
| Duluth Holdings, Inc. Class B (a)(b) | 2,385 | 17 | ||||||
| Duolingo, Inc. (a) | 2,919 | 278 | ||||||
| Dutch Bros, Inc. Class A (a)(b) | 3,908 | 122 | ||||||
| EBET, Inc. (a)(b) | 1,269 | 2 | ||||||
| Educational Development Corp. | 721 | 2 | ||||||
| El Pollo Loco Holdings, Inc. (a) | 2,225 | 20 | ||||||
| Envela Corp. (a) | 825 | 4 | ||||||
| Envirotech Vehicles, Inc. (a) | 1,686 | 8 | ||||||
| Escalade, Inc. | 1,003 | 10 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Ethan Allen Interiors, Inc. | 2,588 | $ | 55 | |||||
| European Wax Center, Inc. Class A (b) | 2,961 | 55 | ||||||
| Everi Holdings, Inc. (a) | 9,897 | 161 | ||||||
| EVgo, Inc. (a)(b) | 7,686 | 61 | ||||||
| Express, Inc. (a)(b) | 7,361 | 8 | ||||||
| F45 Training Holdings, Inc. (a)(b) | 5,258 | 16 | ||||||
| Faraday Future Intelligent Electric, Inc. (a)(b) | 16,480 | 10 | ||||||
| FAT Brands, Inc. (b) | 412 | 3 | ||||||
| Fiesta Restaurant Group, Inc. (a) | 2,714 | 17 | ||||||
| First Watch Restaurant Group, Inc. (a) | 1,342 | 19 | ||||||
| Fisker, Inc. (a)(b) | 18,509 | 140 | ||||||
| Five Below, Inc. (a) | 6,176 | 850 | ||||||
| Flexsteel Industries, Inc. | 445 | 7 | ||||||
| Floor & Decor Holdings, Inc. Class A (a) | 11,559 | 812 | ||||||
| Foot Locker, Inc. | 9,006 | 280 | ||||||
| Fossil Group, Inc. (a) | 5,296 | 18 | ||||||
| Fox Factory Holding Corp. (a) | 4,751 | 376 | ||||||
| Franchise Group, Inc. | 3,116 | 76 | ||||||
| Frontdoor, Inc. (a) | 9,253 | 189 | ||||||
| Full House Resorts, Inc. (a) | 3,708 | 21 | ||||||
| Funko, Inc. Class A (a) | 3,138 | 63 | ||||||
| GameStop Corp. Class A (a)(b) | 29,046 | 730 | ||||||
| Genesco, Inc. (a) | 1,396 | 55 | ||||||
| Gentex Corp. | 26,698 | 636 | ||||||
| Gentherm, Inc. (a) | 3,728 | 185 | ||||||
| G-III Apparel Group Ltd. (a) | 4,691 | 70 | ||||||
| Global Business Travel Group I (a) | 2,520 | 14 | ||||||
| Golden Entertainment, Inc. (a) | 2,200 | 77 | ||||||
| GoPro, Inc. Class A (a) | 14,406 | 71 | ||||||
| Graham Holdings Co. Class B | 423 | 228 | ||||||
| Grand Canyon Education, Inc. (a) | 3,557 | 293 | ||||||
| Green Brick Partners, Inc. (a) | 4,914 | 105 | ||||||
| Group 1 Automotive, Inc. | 1,704 | 243 | ||||||
| Groupon, Inc. (a)(b) | 2,199 | 18 | ||||||
| Grove Collaborative Holdings (a)(b) | 1,859 | 4 | ||||||
| GrowGeneration Corp. (a)(b) | 6,557 | 23 | ||||||
| Guess?, Inc. (b) | 3,462 | 51 | ||||||
| H&R Block, Inc. | 17,981 | 765 | ||||||
| Hall of Fame Resort & Entertainment Co. (a) | 8,814 | 5 | ||||||
| Hamilton Beach Brands Holding Co. Class A | 727 | 8 | ||||||
| Hanesbrands, Inc. | 39,224 | 273 | ||||||
| Harley-Davidson, Inc. | 16,431 | 573 | ||||||
| Haverty Furniture Cos., Inc. | 1,521 | 38 | ||||||
| Helen of Troy Ltd. (a) | 2,694 | 260 | ||||||
| Hibbett, Inc. | 1,338 | 67 | ||||||
| Hilton Grand Vacations, Inc. (a) | 9,489 | 312 | ||||||
| Holley, Inc. (a)(b) | 6,699 | 27 | ||||||
| Hooker Furniture Corp. | 1,288 | 17 | ||||||
| Horizon Global Corp. (a) | 2,387 | 3 | ||||||
| Hovnanian Enterprises, Inc. Class A (a) | 562 | 20 | ||||||
| Hyatt Hotels Corp. Class A (a) | 5,577 | 452 | ||||||
| imedia Brands, Inc. (a) | 1,912 | 1 | ||||||
| Inspired Entertainment, Inc. (a) | 2,766 | 24 | ||||||
| Installed Building Products, Inc. | 2,644 | 214 | ||||||
| iRobot Corp. (a)(b) | 2,999 | 169 | ||||||
| J. Jill, Inc. (a) | 496 | 8 | ||||||
| Jack in the Box, Inc. | 2,367 | 175 | ||||||
| JAKKS Pacific, Inc. (a) | 806 | 16 | ||||||
| Jerash Holdings US, Inc. | 602 | 3 | ||||||
| JOANN, Inc. | 1,296 | 9 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Johnson Outdoors, Inc. Class A | 936 | $ | 48 | |||||
| KB Home | 9,601 | 249 | ||||||
| Kirkland's, Inc. (a)(b) | 1,259 | 4 | ||||||
| Kohl's Corp. | 12,979 | 326 | ||||||
| Kontoor Brands, Inc. | 6,163 | 207 | ||||||
| Koss Corp. (a)(b) | 456 | 3 | ||||||
| Krispy Kreme, Inc. (b) | 7,414 | 85 | ||||||
| Kura Sushi USA, Inc. Class A (a) | 466 | 34 | ||||||
| Lakeland Industries, Inc. (a) | 820 | 9 | ||||||
| Lands' End, Inc. (a) | 1,504 | 12 | ||||||
| Landsea Homes Corp. (a) | 1,068 | 5 | ||||||
| Latham Group, Inc. (a) | 4,521 | 16 | ||||||
| Laureate Education, Inc. Class A | 11,218 | 118 | ||||||
| La-Z-Boy, Inc. | 4,838 | 109 | ||||||
| Lazydays Holdings, Inc. (a)(b) | 1,082 | 15 | ||||||
| LCI Industries | 2,772 | 281 | ||||||
| Lear Corp. | 6,741 | 807 | ||||||
| Legacy Housing Corp. (a) | 1,053 | 18 | ||||||
| Leggett & Platt, Inc. | 14,907 | 495 | ||||||
| Lennar Corp. Class B | 1,654 | 98 | ||||||
| Leslie's, Inc. (a) | 18,081 | 266 | ||||||
| Levi Strauss & Co. Class A | 10,562 | 153 | ||||||
| LGI Homes, Inc. (a) | 2,298 | 187 | ||||||
| Life Time Group Holdings, Inc. (a) | 5,063 | 49 | ||||||
| Lifetime Brands, Inc. | 1,352 | 9 | ||||||
| Light & Wonder, Inc. (a) | 10,603 | 455 | ||||||
| Lincoln Educational Services Corp. (a) | 2,587 | 14 | ||||||
| Liquidity Services, Inc. (a) | 3,071 | 50 | ||||||
| Lithia Motors, Inc. | 3,063 | 657 | ||||||
| Lordstown Motors Corp. Class A (a)(b) | 18,933 | 35 | ||||||
| Luby S Incorpo (a)(c)(d) | 2,351 | 4 | ||||||
| Lucid Group, Inc. (a)(b) | 60,782 | 849 | ||||||
| Lumber Liquidators Holdings, Inc. (a) | 3,197 | 22 | ||||||
| Luminar Technologies, Inc. (a)(b) | 23,985 | 175 | ||||||
| M/I Homes, Inc. (a) | 3,058 | 111 | ||||||
| Macy's, Inc. | 30,770 | 482 | ||||||
| Malibu Boats, Inc. Class A (a) | 2,281 | 109 | ||||||
| Marine Products Corp. | 971 | 8 | ||||||
| MarineMax, Inc. (a) | 2,395 | 71 | ||||||
| Marriott Vacations Worldwide Corp. | 4,104 | 500 | ||||||
| MasterCraft Boat Holdings, Inc. (a) | 2,008 | 38 | ||||||
| Mattel, Inc. (a) | 39,710 | 752 | ||||||
| MDC Holdings, Inc. | 6,464 | 177 | ||||||
| Membership Collective Group, Inc. (a)(b) | 4,046 | 19 | ||||||
| Meritage Homes Corp. (a) | 4,069 | 286 | ||||||
| Mister Car Wash, Inc. (a) | 8,637 | 74 | ||||||
| Modine Manufacturing Co. (a) | 5,610 | 73 | ||||||
| Monarch Casino & Resort, Inc. (a) | 1,502 | 84 | ||||||
| Monro, Inc. | 3,546 | 154 | ||||||
| Motorcar Parts of America, Inc. (a) | 2,117 | 32 | ||||||
| Movado Group, Inc. | 1,750 | 49 | ||||||
| Mullen Automotive, Inc. (a) | 54,357 | 18 | ||||||
| Murphy USA, Inc. | 2,439 | 671 | ||||||
| Nathan's Famous, Inc. | 315 | 20 | ||||||
| National Vision Holdings, Inc. (a) | 8,868 | 290 | ||||||
| Nautilus, Inc. (a) | 3,445 | 6 | ||||||
| Nerdy, Inc. (a) | 5,711 | 12 | ||||||
| Noodles & Co. (a) | 3,995 | 19 | ||||||
| Nordstrom, Inc. (b) | 12,648 | 212 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 6,111 | 315 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| OneWater Marine, Inc. (a) | 1,220 | $ | 37 | |||||
| Overstock.com, Inc. (a) | 5,137 | 125 | ||||||
| Oxford Industries, Inc. | 1,753 | 157 | ||||||
| Papa John's International, Inc. | 3,934 | 275 | ||||||
| Party City Holdco, Inc. (a) | 12,059 | 19 | ||||||
| Patrick Industries, Inc. | 2,466 | 108 | ||||||
| Peloton Interactive, Inc. Class A (a)(b) | 32,565 | 226 | ||||||
| Penn Entertainment, Inc. (a) | 17,645 | 485 | ||||||
| Penske Automotive Group, Inc. | 2,865 | 282 | ||||||
| Perdoceo Education Corp. (a) | 7,385 | 76 | ||||||
| Petco Health & Wellness Co., Inc. (a)(b) | 17,081 | 191 | ||||||
| PetMed Express, Inc. (b) | 2,242 | 44 | ||||||
| Planet Fitness, Inc. Class A (a) | 9,279 | 535 | ||||||
| PlayAGS, Inc. (a) | 3,206 | 17 | ||||||
| PLBY Group, Inc. (a)(b) | 3,366 | 14 | ||||||
| Polaris, Inc. | 6,356 | 608 | ||||||
| Polished.com, Inc. (a)(b) | 11,481 | 6 | ||||||
| Porch Group, Inc. (a) | 9,288 | 21 | ||||||
| Portillo's, Inc. Class A (a) | 3,395 | 67 | ||||||
| Poshmark, Inc. Class A (a) | 4,834 | 76 | ||||||
| Potbelly Corp. (a) | 2,085 | 9 | ||||||
| PowerSchool Holdings, Inc. (a) | 7,548 | 126 | ||||||
| Purple Innovation, Inc. (a)(b) | 9,303 | 38 | ||||||
| PVH Corp. | 7,527 | 337 | ||||||
| QuantumScape Corp. (a)(b) | 27,001 | 227 | ||||||
| Quotient Technology, Inc. (a) | 9,740 | 23 | ||||||
| Qurate Retail, Inc. Class A | 38,616 | 78 | ||||||
| RCI Hospitality Holdings, Inc. | 914 | 60 | ||||||
| Red Robin Gourmet Burgers, Inc. (a)(b) | 1,750 | 12 | ||||||
| Red Rock Resorts, Inc. Class A | 5,575 | 191 | ||||||
| Regis Corp. (a)(b) | 3,977 | 4 | ||||||
| Remark Holdings, Inc. (a)(b) | 10,625 | 3 | ||||||
| Rent the Runway, Inc. Class A (a)(b) | 4,226 | 9 | ||||||
| Rent-A-Center, Inc. | 5,983 | 105 | ||||||
| Revolve Group, Inc. (a) | 4,578 | 99 | ||||||
| RH (a) | 2,343 | 577 | ||||||
| Rivian Automotive, Inc. Class A (a) | 57,760 | 1,901 | ||||||
| Rocky Brands, Inc. | 772 | 15 | ||||||
| Rover Group, Inc. (a)(b) | 9,339 | 31 | ||||||
| RumbleON, Inc. Class B (a)(b) | 1,123 | 19 | ||||||
| Rush Street Interactive, Inc. (a) | 6,254 | 23 | ||||||
| Ruth's Hospitality Group, Inc. | 3,568 | 60 | ||||||
| Sally Beauty Holdings, Inc. (a) | 12,030 | 152 | ||||||
| SeaWorld Entertainment, Inc. (a) | 7,524 | 342 | ||||||
| Service Corp. International | 17,367 | 1,003 | ||||||
| Shake Shack, Inc. Class A (a) | 4,237 | 191 | ||||||
| Shift Technologies, Inc. (a) | 6,183 | 4 | ||||||
| Shoe Carnival, Inc. | 1,882 | 40 | ||||||
| Signet Jewelers Ltd. | 4,936 | 282 | ||||||
| Six Flags Entertainment Corp. (a) | 9,154 | 162 | ||||||
| Skechers USA, Inc. Class A (a) | 15,005 | 476 | ||||||
| Skyline Champion Corp. (a) | 6,330 | 335 | ||||||
| Sleep Number Corp. (a) | 2,369 | 80 | ||||||
| Smith & Wesson Brands, Inc. | 5,042 | 52 | ||||||
| Snap One Holdings Corp. (a) | 1,982 | 20 | ||||||
| Solid Power, Inc. (a)(b) | 11,296 | 59 | ||||||
| Solo Brands, Inc. Class A (a) | 2,449 | 9 | ||||||
| Sonder Holdings, Inc. (a) | 14,320 | 24 | ||||||
| Sonic Automotive, Inc. Class A | 2,072 | 90 | ||||||
| Sonos, Inc. (a) | 14,304 | 199 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Sportsman's Warehouse Holdings, Inc. (a) | 4,280 | $ | 36 | |||||
| Standard Motor Products, Inc. | 2,156 | 70 | ||||||
| Steven Madden Ltd. | 8,433 | 225 | ||||||
| Stitch Fix, Inc. Class A (a) | 8,645 | 34 | ||||||
| StoneMor, Inc. (a) | 12,809 | 44 | ||||||
| Stoneridge, Inc. (a) | 2,948 | 50 | ||||||
| Strategic Education, Inc. | 2,713 | 167 | ||||||
| Strattec Strategy Corp. (a) | 419 | 9 | ||||||
| Stride, Inc. (a) | 4,565 | 192 | ||||||
| Sturm Ruger & Co., Inc. | 1,967 | 100 | ||||||
| Superior Group of Cos., Inc. | 1,278 | 11 | ||||||
| Superior Industries International, Inc. (a) | 2,391 | 7 | ||||||
| Sweetgreen, Inc. Class A (a)(b) | 9,112 | 169 | ||||||
| Sypris Solutions, Inc. (a) | 1,331 | 2 | ||||||
| Target Hospitality Corp. (a) | 3,091 | 39 | ||||||
| Taylor Morrison Home Corp. (a) | 12,132 | 283 | ||||||
| Tempur Sealy International, Inc. | 18,966 | 458 | ||||||
| Tenneco, Inc. Class A (a) | 9,185 | 160 | ||||||
| Terminix Global Holdings, Inc. (a) | 13,802 | 528 | ||||||
| Texas Roadhouse, Inc. | 7,515 | 656 | ||||||
| The Aaron's Co., Inc. | 3,389 | 33 | ||||||
| The Beachbody Co., Inc. (a)(b) | 16,045 | 16 | ||||||
| The Buckle, Inc. | 3,413 | 108 | ||||||
| The Cato Corp. Class A | 1,984 | 19 | ||||||
| The Cheesecake Factory, Inc. (b) | 5,515 | 161 | ||||||
| The Children's Place, Inc. (a) | 1,391 | 43 | ||||||
| The Container Store Group, Inc. (a) | 3,802 | 19 | ||||||
| The Gap, Inc. | 22,712 | 186 | ||||||
| The Goodyear Tire & Rubber Co. (a) | 32,112 | 324 | ||||||
| The Lovesac Co. (a) | 1,483 | 30 | ||||||
| The ODP Corp. (a) | 5,357 | 188 | ||||||
| The RealReal, Inc. (a) | 9,112 | 14 | ||||||
| The Wendy's Co. | 22,230 | 415 | ||||||
| Thor Industries, Inc. | 5,883 | 412 | ||||||
| ThredUp, Inc. Class A (a) | 7,149 | 13 | ||||||
| Tilly's, Inc. Class A | 2,536 | 18 | ||||||
| Toll Brothers, Inc. | 11,967 | 503 | ||||||
| TopBuild Corp. (a) | 3,640 | 600 | ||||||
| Topgolf Callaway Brands Corp. (a) | 15,735 | 303 | ||||||
| Torrid Holdings, Inc. (a)(b) | 705 | 3 | ||||||
| Traeger, Inc. (a) | 5,773 | 16 | ||||||
| Travel + Leisure Co. | 9,232 | 315 | ||||||
| TravelCenters of America, Inc. (a) | 1,485 | 80 | ||||||
| Tri Pointe Homes, Inc. (a) | 11,310 | 171 | ||||||
| Tupperware Brands Corp. (a) | 4,593 | 30 | ||||||
| Udemy, Inc. (a) | 6,075 | 73 | ||||||
| Under Armour, Inc. Class A (a) | 21,424 | 142 | ||||||
| Under Armour, Inc. Class C (a) | 22,136 | 132 | ||||||
| Unifi, Inc. (a) | 1,779 | 17 | ||||||
| Universal Electronics, Inc. (a) | 1,365 | 27 | ||||||
| Universal Technical Institute, Inc. (a) | 3,679 | 20 | ||||||
| Urban Outfitters, Inc. (a) | 5,862 | 115 | ||||||
| Vacasa, Inc. Class A (a)(b) | 9,011 | 28 | ||||||
| Vail Resorts, Inc. | 4,525 | 976 | ||||||
| Vera Bradley, Inc. (a) | 2,541 | 8 | ||||||
| Victoria's Secret & Co. (a) | 8,395 | 244 | ||||||
| Vince Holding Corp. (a) | 335 | 2 | ||||||
| Vista Outdoor, Inc. (a) | 6,291 | 153 | ||||||
| Visteon Corp. (a) | 3,161 | 335 | ||||||
| Vivid Seats, Inc. Class A (b) | 4,936 | 38 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Vivint Smart Home, Inc. (a) | 3,381 | $ | 22 | |||||
| Vizio Holding Corp. Class A (a) | 5,693 | 50 | ||||||
| Volcon, Inc. (a) | 1,962 | 4 | ||||||
| Volta, Inc. (a)(b) | 11,476 | 14 | ||||||
| VOXX International Corp. (a) | 1,525 | 12 | ||||||
| Vroom, Inc. (a)(b) | 14,583 | 17 | ||||||
| Wag! Group Co. (a)(b) | 2,194 | 5 | ||||||
| Waitr Holdings, Inc. (a) | 20,143 | 3 | ||||||
| Warby Parker, Inc. Class A (a)(b) | 9,353 | 125 | ||||||
| Wayfair, Inc. Class A (a)(b) | 8,045 | 262 | ||||||
| Weber, Inc. Class A | 1,928 | 13 | ||||||
| Weyco Group, Inc. | 577 | 12 | ||||||
| Williams-Sonoma, Inc. | 7,499 | 884 | ||||||
| Wingstop, Inc. | 3,363 | 422 | ||||||
| Winmark Corp. | 313 | 68 | ||||||
| Winnebago Industries, Inc. | 3,462 | 184 | ||||||
| Wolverine World Wide, Inc. | 8,672 | 133 | ||||||
| WW International, Inc. (a) | 7,752 | 30 | ||||||
| Wyndham Hotels & Resorts, Inc. | 10,052 | 617 | ||||||
| XL Fleet Corp. (a) | 11,162 | 10 | ||||||
| Xometry, Inc. Class A (a)(b) | 2,987 | 170 | ||||||
| Xponential Fitness, Inc. Class A (a) | 1,809 | 33 | ||||||
| XpresSpa Group, Inc. (a) | 10,488 | 8 | ||||||
| YETI Holdings, Inc. (a) | 9,590 | 274 | ||||||
| Zumiez, Inc. (a) | 1,769 | 38 | ||||||
| 65,202 | ||||||||
| Consumer Staples (2.7%): | ||||||||
| 22nd Century Group, Inc. (a) | 23,654 | 22 | ||||||
| Albertsons Cos., Inc. Class A | 17,515 | 435 | ||||||
| Alico, Inc. | 517 | 15 | ||||||
| AppHarvest, Inc. (a)(b) | 9,017 | 18 | ||||||
| Arcadia Biosciences, Inc. (a) | 2,656 | 1 | ||||||
| B&G Foods, Inc. (b) | 7,975 | 132 | ||||||
| BellRing Brands, Inc. (a) | 14,851 | 306 | ||||||
| Benson Hill, Inc. (a) | 17,747 | 49 | ||||||
| Better Choice Co., Inc. (a) | 2,132 | 2 | ||||||
| Beyond Meat, Inc. (a)(b) | 6,434 | 91 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 15,183 | 1,105 | ||||||
| Blue Apron Holdings, Inc. Class A (a)(b) | 1,975 | 11 | ||||||
| BRC, Inc. Class A (a)(b) | 5,914 | 46 | ||||||
| Bunge Ltd. | 17,075 | 1,410 | ||||||
| Calavo Growers, Inc. | 1,933 | 61 | ||||||
| Cal-Maine Foods, Inc. | 4,260 | 237 | ||||||
| Casey's General Stores, Inc. | 4,231 | 857 | ||||||
| Celsius Holdings, Inc. (a) | 4,466 | 405 | ||||||
| Central Garden & Pet Co. (a) | 1,054 | 38 | ||||||
| Central Garden & Pet Co. Class A (a) | 4,519 | 154 | ||||||
| Coca-Cola Consolidated, Inc. | 533 | 219 | ||||||
| Coty, Inc. Class A (a) | 37,158 | 235 | ||||||
| Darling Ingredients, Inc. (a) | 18,028 | 1,193 | ||||||
| e.l.f. Beauty, Inc. (a) | 5,536 | 208 | ||||||
| Edgewell Personal Care Co. | 5,826 | 218 | ||||||
| Energizer Holdings, Inc. | 7,524 | 189 | ||||||
| Farmer Brothers Co. (a) | 1,581 | 7 | ||||||
| Flowers Foods, Inc. | 22,369 | 552 | ||||||
| Fresh Del Monte Produce, Inc. | 4,237 | 98 | ||||||
| Freshpet, Inc. (a) | 5,267 | 264 | ||||||
| Grocery Outlet Holding Corp. (a) | 10,125 | 337 | ||||||
| Herbalife Nutrition Ltd. (a) | 12,002 | 239 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| HF Foods Group, Inc. Class A (a) | 4,268 | $ | 17 | |||||
| Honest Co., Inc. (a) | 5,351 | 19 | ||||||
| Hostess Brands, Inc. (a) | 15,034 | 349 | ||||||
| Ingles Markets, Inc. Class A | 1,632 | 129 | ||||||
| Ingredion, Inc. | 7,218 | 581 | ||||||
| Inter Parfums, Inc. | 2,025 | 153 | ||||||
| J & J Snack Foods Corp. | 1,679 | 217 | ||||||
| John B Sanfilippo & Son, Inc. | 994 | 75 | ||||||
| Lancaster Colony Corp. | 2,094 | 315 | ||||||
| Landec Corp. (a) | 3,279 | 29 | ||||||
| Lifevantage Corp. | 1,268 | 5 | ||||||
| Lifeway Foods, Inc. (a) | 438 | 3 | ||||||
| Limoneira Co. | 1,650 | 22 | ||||||
| Local Bounti Corp. (a)(b) | 3,101 | 9 | ||||||
| Mannatech, Inc. | 122 | 3 | ||||||
| Medifast, Inc. | 1,226 | 133 | ||||||
| MGP Ingredients, Inc. | 1,499 | 159 | ||||||
| Mission Produce, Inc. (a) | 4,654 | 67 | ||||||
| National Beverage Corp. | 2,649 | 102 | ||||||
| Natural Alternatives International, Inc. (a) | 524 | 5 | ||||||
| Natural Grocers by Vitamin Cottage, Inc. | 1,082 | 12 | ||||||
| Nature's Sunshine Products, Inc. (a) | 1,724 | 14 | ||||||
| NewAge, Inc. (a) | 13,817 | — | (e) | |||||
| Nu Skin Enterprises, Inc. Class A | 5,607 | 187 | ||||||
| Oil-Dri Corp. of America | 549 | 13 | ||||||
| Olaplex Holdings, Inc. (a) | 14,003 | 134 | ||||||
| Performance Food Group Co. (a) | 17,103 | 735 | ||||||
| Pilgrim's Pride Corp. (a) | 4,886 | 112 | ||||||
| Post Holdings, Inc. (a) | 6,106 | 500 | ||||||
| PriceSmart, Inc. | 2,845 | 164 | ||||||
| Reed's, Inc. (a) | 11,646 | 1 | ||||||
| Revlon, Inc. Class A (a)(b) | 862 | 4 | ||||||
| Reynolds Consumer Products, Inc. | 6,195 | 161 | ||||||
| Rite Aid Corp. (a)(b) | 6,062 | 30 | ||||||
| Seaboard Corp. | 28 | 95 | ||||||
| Seneca Foods Corp. Class A (a) | 622 | 31 | ||||||
| Sovos Brands, Inc. (a) | 3,781 | 54 | ||||||
| SpartanNash Co. | 3,938 | 114 | ||||||
| Spectrum Brands Holdings, Inc. | 4,537 | 177 | ||||||
| Sprouts Farmers Market, Inc. (a) | 12,079 | 335 | ||||||
| Tattooed Chef, Inc. (a)(b) | 5,430 | 27 | ||||||
| The Andersons, Inc. | 3,614 | 112 | ||||||
| The Beauty Health Co. (a) | 11,478 | 135 | ||||||
| The Boston Beer Co., Inc. Class A (a) | 1,080 | 350 | ||||||
| The Chefs' Warehouse, Inc. (a) | 3,823 | 111 | ||||||
| The Duckhorn Portfolio, Inc. (a) | 4,839 | 70 | ||||||
| The Hain Celestial Group, Inc. (a) | 10,039 | 169 | ||||||
| The Real Good Food Co., Inc. (a) | 566 | 4 | ||||||
| The Simply Good Foods Co. (a) | 9,688 | 310 | ||||||
| The Vita Coco Co., Inc. (a)(b) | 2,717 | 31 | ||||||
| Thorne HealthTech, Inc. (a)(b) | 1,197 | 6 | ||||||
| Tootsie Roll Industries, Inc. | 1,697 | 56 | ||||||
| TreeHouse Foods, Inc. (a) | 6,299 | 267 | ||||||
| Turning Point Brands, Inc. | 1,945 | 41 | ||||||
| U.S. Foods Holding Corp. (a) | 24,476 | 647 | ||||||
| United Natural Foods, Inc. (a) | 6,553 | 225 | ||||||
| United-Guardian, Inc. | 329 | 4 | ||||||
| Universal Corp. | 2,709 | 125 | ||||||
| Upexi, Inc. (a) | 916 | 4 | ||||||
| USANA Health Sciences, Inc. (a) | 1,265 | 71 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Vector Group Ltd. | 14,939 | $ | 132 | |||||
| Veru, Inc. (a) | 7,371 | 85 | ||||||
| Village Super Market, Inc. Class A | 928 | 18 | ||||||
| Vintage Wine Estates, Inc. (a) | 3,459 | 10 | ||||||
| Vital Farms, Inc. (a) | 2,817 | 34 | ||||||
| WD-40 Co. | 1,532 | 269 | ||||||
| Weis Markets, Inc. | 1,710 | 122 | ||||||
| Willamette Valley Vineyards, Inc. (a) | 434 | 3 | ||||||
| Zevia PBC Class A (a)(b) | 4,052 | 18 | ||||||
| 17,875 | ||||||||
| Energy (6.7%): | ||||||||
| Adams Resources & Energy, Inc. | 273 | 8 | ||||||
| Aemetis, Inc. (a) | 3,337 | 20 | ||||||
| Alliance Resource Partners, LP | 8,811 | 202 | ||||||
| Alto Ingredients, Inc. (a) | 8,001 | 29 | ||||||
| Amplify Energy Corp. (a) | 4,276 | 28 | ||||||
| Antero Midstream Corp. | 36,400 | 334 | ||||||
| Antero Resources Corp. (a) | 30,587 | 934 | ||||||
| Arch Resources, Inc. | 2,001 | 237 | ||||||
| Archaea Energy, Inc. (a) | 8,982 | 162 | ||||||
| Archrock, Inc. | 15,372 | 99 | ||||||
| Battalion Oil Corp. (a) | 1,577 | 19 | ||||||
| Black Stone Minerals, LP | 19,260 | 301 | ||||||
| BP Prudhoe Bay Royalty Trust | 2,429 | 29 | ||||||
| Brigham Minerals, Inc. | 5,968 | 147 | ||||||
| Bristow Group, Inc. (a) | 3,076 | 72 | ||||||
| Cactus, Inc. Class A | 6,813 | 262 | ||||||
| California Resources Corp. | 7,532 | 289 | ||||||
| Callon Petroleum Co. (a) | 5,606 | 196 | ||||||
| Calumet Specialty Products Partners, LP (a) | 6,740 | 86 | ||||||
| Camber Energy, Inc. (a) | 53,215 | 10 | ||||||
| Centrus Energy Corp. Class A (a) | 1,314 | 54 | ||||||
| ChampionX Corp. | 22,812 | 446 | ||||||
| Cheniere Energy, Inc. | 28,078 | 4,658 | ||||||
| Chesapeake Energy Corp. | 11,252 | 1,060 | ||||||
| Chord Energy Corp. | 4,425 | 605 | ||||||
| Civitas Resources, Inc. | 8,207 | 471 | ||||||
| Clean Energy Fuels Corp. (a) | 18,923 | 101 | ||||||
| CNX Resources Corp. (a) | 21,082 | 327 | ||||||
| Comstock Resources, Inc. (a) | 9,002 | 156 | ||||||
| CONSOL Energy, Inc. | 3,841 | 247 | ||||||
| Continental Resources, Inc. | 15,662 | 1,046 | ||||||
| Crescent Energy, Inc. Class A (b) | 3,621 | 49 | ||||||
| Crestwood Equity Partners, LP | 10,295 | 286 | ||||||
| Cross Timbers Royalty Trust | 681 | 13 | ||||||
| CrossAmerica Partners, LP | 2,497 | 47 | ||||||
| CSI Compressco, LP | 13,307 | 15 | ||||||
| CVR Energy, Inc. | 11,415 | 331 | ||||||
| DCP Midstream, LP | 9,938 | 373 | ||||||
| Delek Logistics Partners, LP | 988 | 50 | ||||||
| Delek U.S. Holdings, Inc. | 7,905 | 215 | ||||||
| Denbury, Inc. (a) | 5,364 | 463 | ||||||
| DMC Global, Inc. (a) | 1,775 | 28 | ||||||
| Dorchester Minerals, LP | 3,880 | 97 | ||||||
| Dorian LPG Ltd. | 3,828 | 52 | ||||||
| Dril-Quip, Inc. (a) | 3,825 | 75 | ||||||
| DT Midstream, Inc. | 10,983 | 570 | ||||||
| Energy Transfer, LP | 276,780 | 3,053 | ||||||
| ENGlobal Corp. (a) | 2,885 | 4 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| EnLink Midstream LLC | 28,277 | $ | 251 | |||||
| Enterprise Products Partners, LP | 158,367 | 3,766 | ||||||
| Enviva, Inc. | 4,096 | 246 | ||||||
| Equitrans Midstream Corp. | 49,140 | 368 | ||||||
| Evolution Petroleum Corp. | 3,485 | 24 | ||||||
| Excelerate Energy, Inc. Class A (b) | 2,980 | 70 | ||||||
| Exterran Corp. (a) | 3,630 | 15 | ||||||
| Forum Energy Technologies, Inc. (a) | 565 | 12 | ||||||
| Genesis Energy, LP | 10,157 | 93 | ||||||
| Geospace Technologies Corp. (a) | 1,389 | 6 | ||||||
| Gevo, Inc. (a)(b) | 25,900 | 59 | ||||||
| Global Partners, LP | 3,243 | 80 | ||||||
| Green Plains Partners, LP | 2,534 | 31 | ||||||
| Green Plains, Inc. (a) | 6,332 | 184 | ||||||
| Gulf Island Fabrication, Inc. (a) | 1,645 | 7 | ||||||
| Gulfport Energy Corp. (a) | 2,191 | 193 | ||||||
| Hallador Energy Co. (a) | 2,508 | 14 | ||||||
| Helix Energy Solutions Group, Inc. (a) | 16,194 | 63 | ||||||
| Helmerich & Payne, Inc. | 11,596 | 429 | ||||||
| Hess Midstream, LP Class A (b) | 4,846 | 124 | ||||||
| HF Sinclair Corp. | 18,466 | 994 | ||||||
| HighPeak Energy, Inc. | 1,117 | 24 | ||||||
| Holly Energy Partners, LP | 5,025 | 82 | ||||||
| International Seaways, Inc. | 4,402 | 155 | ||||||
| Kimbell Royalty Partners, LP | 5,273 | 90 | ||||||
| KLX Energy Services Holdings, Inc. (a) | 1,236 | 10 | ||||||
| Kosmos Energy Ltd. (a) | 50,723 | 262 | ||||||
| Laredo Petroleum, Inc. (a) | 1,806 | 114 | ||||||
| Liberty Oilfield Services, Inc. Class A (a) | 17,187 | 218 | ||||||
| Magellan Midstream Partners, LP | 23,110 | 1,098 | ||||||
| Magnolia Oil & Gas Corp. Class A | 19,084 | 378 | ||||||
| Mammoth Energy Services, Inc. (a) | 4,017 | 14 | ||||||
| Martin Midstream Partners, LP | 3,264 | 11 | ||||||
| Matador Resources Co. | 12,340 | 604 | ||||||
| MPLX, LP | 36,779 | 1,104 | ||||||
| Murphy Oil Corp. | 16,769 | 590 | ||||||
| Nabors Industries Ltd. (a) | 1,016 | 103 | ||||||
| NACCO Industries, Inc. Class A | 400 | 19 | ||||||
| National Energy Services Reunited Corp. (a) | 8,768 | 52 | ||||||
| Natural Gas Services Group, Inc. (a) | 1,204 | 12 | ||||||
| Natural Resource Partners, LP | 895 | 40 | ||||||
| NCS Multistage Holdings, Inc. (a) | 68 | 2 | ||||||
| New Fortress Energy, Inc. | 8,484 | 371 | ||||||
| Newpark Resources, Inc. (a) | 9,285 | 23 | ||||||
| Nextdecade Corp. (a) | 13,005 | 78 | ||||||
| NexTier Oilfield Solutions, Inc. (a) | 21,345 | 158 | ||||||
| Nine Energy Service, Inc. (a) | 2,840 | 8 | ||||||
| Northern Oil and Gas, Inc. | 7,616 | 209 | ||||||
| NOV, Inc. | 44,155 | 714 | ||||||
| NuStar Energy, LP | 10,896 | 147 | ||||||
| Oceaneering International, Inc. (a) | 11,156 | 89 | ||||||
| Oil States International, Inc. (a) | 6,891 | 27 | ||||||
| OPAL Fuels, Inc. (a) | 1,369 | 11 | ||||||
| Overseas Shipholding Group, Inc. Class A (a) | 7,707 | 23 | ||||||
| Ovintiv, Inc. | 28,586 | 1,315 | ||||||
| Patterson-UTI Energy, Inc. | 24,127 | 282 | ||||||
| PBF Energy, Inc. Class A (a) | 12,322 | 433 | ||||||
| PBF Logistics, LP | 2,850 | 54 | ||||||
| PDC Energy, Inc. | 10,716 | 619 | ||||||
| Peabody Energy Corp. (a) | 16,176 | 402 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Permian Resources Corp. (a) | 15,536 | $ | 106 | |||||
| Permianville Royalty Trust (b) | 2,547 | 8 | ||||||
| PHX Minerals, Inc. | 3,101 | 10 | ||||||
| Plains All American Pipeline, LP | 49,927 | 525 | ||||||
| Plains GP Holdings, LP Class A | 21,393 | 233 | ||||||
| ProFrac Holding Corp. Class A (a) | 1,593 | 24 | ||||||
| ProPetro Holding Corp. (a) | 9,240 | 74 | ||||||
| Range Resources Corp. | 28,954 | 731 | ||||||
| Ranger Energy Services, Inc. (a) | 958 | 9 | ||||||
| Ranger Oil Corp. | 2,379 | 75 | ||||||
| REX American Resources Corp. (a) | 1,763 | 49 | ||||||
| Riley Exploration Permian, Inc. (b) | 622 | 12 | ||||||
| RPC, Inc. | 9,102 | 63 | ||||||
| SandRidge Energy, Inc. (a) | 4,088 | 67 | ||||||
| SEACOR Marine Holdings, Inc. (a) | 2,394 | 13 | ||||||
| Select Energy Services, Inc. Class A (a) | 8,689 | 61 | ||||||
| SFL Corp. Ltd. | 11,956 | 109 | ||||||
| Shell Midstream Partners, LP | 12,950 | 205 | ||||||
| SilverBow Resources, Inc. (a)(b) | 912 | 25 | ||||||
| Sitio Royalties Corp. (b) | 1,299 | 29 | ||||||
| SM Energy Co. | 13,642 | 513 | ||||||
| Smart Sand, Inc. (a) | 2,930 | 5 | ||||||
| Solaris Oilfield Infrastructure, Inc. Class A | 3,213 | 30 | ||||||
| Southwestern Energy Co. (a) | 111,342 | 681 | ||||||
| Sprague Resources, LP | 477 | 9 | ||||||
| Stabilis Solutions, Inc. (a) | 290 | 2 | ||||||
| Summit Midstream Partners, LP (a) | 1,109 | 17 | ||||||
| Sunoco, LP | 6,087 | 237 | ||||||
| Talos Energy, Inc. (a) | 6,373 | 106 | ||||||
| Targa Resources Corp. | 25,211 | 1,521 | ||||||
| Teekay Corp. (a) | 7,980 | 29 | ||||||
| Tellurian, Inc. (a)(b) | 57,725 | 138 | ||||||
| TETRA Technologies, Inc. (a) | 12,960 | 47 | ||||||
| Texas Pacific Land Corp. | 877 | 1,559 | ||||||
| Tidewater, Inc. (a) | 4,879 | 106 | ||||||
| U.S. Energy Corp. Wyoming | 877 | 3 | ||||||
| Uranium Energy Corp. (a)(b) | 37,255 | 130 | ||||||
| US Well Services, Inc. (a) | 1,005 | 5 | ||||||
| USA Compression Partners, LP (b) | 10,898 | 190 | ||||||
| USD Partners, LP | 2,196 | 9 | ||||||
| VAALCO Energy, Inc. (b) | 6,452 | 28 | ||||||
| Vertex Energy, Inc. (a)(b) | 6,695 | 42 | ||||||
| Viper Energy Partners, LP | 6,917 | 198 | ||||||
| Voc Energy Trust | 1,234 | 8 | ||||||
| W&T Offshore, Inc. (a) | 10,565 | 62 | ||||||
| Western Midstream Partners, LP | 21,941 | 552 | ||||||
| World Fuel Services Corp. | 6,819 | 160 | ||||||
| Zion Oil & Gas, Inc. (a) | 49,104 | 9 | ||||||
| 44,154 | ||||||||
| Financials (18.3%): | ||||||||
| 1st Source Corp. | 2,015 | 93 | ||||||
| Acacia Research Corp. (a) | 4,045 | 16 | ||||||
| Acres Commercial Realty Corp. (a) | 902 | 7 | ||||||
| AFC Gamma, Inc. | 1,602 | 25 | ||||||
| Affiliated Managers Group, Inc. | 4,297 | 481 | ||||||
| AG Mortgage Investment Trust, Inc. | 2,444 | 10 | ||||||
| AGNC Investment Corp. | 58,760 | 495 | ||||||
| Alerus Financial Corp. | 1,998 | 44 | ||||||
| Alleghany Corp. (a) | 1,483 | 1,245 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Allegiance Bancshares, Inc. | 2,130 | $ | 89 | |||||
| AllianceBernstein Holding, LP | 10,971 | 385 | ||||||
| Ally Financial, Inc. | 34,682 | 965 | ||||||
| Amalgamated Financial Corp. | 1,882 | 42 | ||||||
| Amerant Bancorp, Inc. | 2,607 | 65 | ||||||
| American Equity Investment Life Holding Co. | 9,752 | 364 | ||||||
| American Financial Group, Inc. | 8,993 | 1,106 | ||||||
| American National Bankshares, Inc. | 1,163 | 37 | ||||||
| Ameris Bancorp | 7,403 | 331 | ||||||
| AMERISAFE, Inc. | 2,145 | 100 | ||||||
| Ames National Corp. | 1,001 | 22 | ||||||
| Angel Oak Mortgage, Inc. (b) | 2,746 | 33 | ||||||
| Annaly Capital Management, Inc. | 48,947 | 840 | ||||||
| Apollo Commercial Real Estate Finance, Inc. | 15,805 | 131 | ||||||
| Apollo Global Management, Inc. | 48,626 | 2,261 | ||||||
| Arbor Realty Trust, Inc. | 18,564 | 214 | ||||||
| Arch Capital Group Ltd. (a) | 40,657 | 1,852 | ||||||
| Ares Capital Corp. (b) | 56,818 | 959 | ||||||
| Ares Commercial Real Estate Corp. | 5,810 | 61 | ||||||
| Ares Management Corp. Class A | 15,427 | 956 | ||||||
| Argo Group International Holdings Ltd. | 3,698 | 71 | ||||||
| Arlington Asset Investment Corp. Class A (a) | 2,918 | 8 | ||||||
| ARMOUR Residential REIT, Inc. | 12,886 | 63 | ||||||
| Arrow Financial Corp. | 1,800 | 52 | ||||||
| Artisan Partners Asset Management, Inc. Class A | 7,425 | 200 | ||||||
| Ashford, Inc. (a) | 198 | 3 | ||||||
| AssetMark Financial Holdings, Inc. (a) | 2,431 | 44 | ||||||
| Associated Banc-Corp. | 16,555 | 332 | ||||||
| Associated Capital Group, Inc. Class A | 340 | 13 | ||||||
| Assured Guaranty Ltd. | 6,611 | 320 | ||||||
| Atlantic Union Bankshares Corp. | 8,398 | 255 | ||||||
| Atlanticus Holdings Corp. (a) | 493 | 13 | ||||||
| Axis Capital Holdings Ltd. | 8,651 | 425 | ||||||
| Axos Financial, Inc. (a) | 6,060 | 207 | ||||||
| Bain Capital Specialty Finance, Inc. | 7,258 | 87 | ||||||
| Banc of California, Inc. | 6,215 | 99 | ||||||
| BancFirst Corp. | 2,010 | 180 | ||||||
| Bank of Hawaii Corp. | 4,471 | 340 | ||||||
| Bank of Marin Bancorp | 1,618 | 48 | ||||||
| Bank OZK | 12,977 | 513 | ||||||
| Bank7 Corp. | 424 | 9 | ||||||
| Bankfinancial Corp. | 1,328 | 13 | ||||||
| BankUnited, Inc. | 8,759 | 299 | ||||||
| Bankwell Financial Group, Inc. | 634 | 18 | ||||||
| Banner Corp. | 3,804 | 225 | ||||||
| Bar Harbor Bankshares | 1,674 | 44 | ||||||
| Barings BDC, Inc. (b) | 12,402 | 103 | ||||||
| BayCom Corp. | 1,439 | 25 | ||||||
| Bayfirst Financial Corp. | 394 | 7 | ||||||
| BCB Bancorp, Inc. | 1,736 | 29 | ||||||
| Berkshire Hathaway, Inc. Class A (a) | 41 | 16,665 | ||||||
| Berkshire Hills Bancorp, Inc. | 5,030 | 137 | ||||||
| BGC Partners, Inc. Class A | 33,085 | 104 | ||||||
| BlackRock Capital Investment Corp. | 8,228 | 28 | ||||||
| BlackRock TCP Capital Corp. | 6,493 | 71 | ||||||
| Blackstone Mortgage Trust, Inc. Class A | 18,370 | 429 | ||||||
| Blackstone, Inc. | 78,876 | 6,602 | ||||||
| Blucora, Inc. (a) | 5,205 | 101 | ||||||
| Blue Foundry Bancorp (a) | 2,872 | 32 | ||||||
| Blue Owl Capital, Inc. | 45,366 | 419 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Blue Ridge Bankshares, Inc. | 1,751 | $ | 22 | |||||
| BOK Financial Corp. | 3,310 | 294 | ||||||
| Bread Financial Holdings, Inc. | 5,604 | 176 | ||||||
| Bridge Investment Group Holdings, Inc. Class A (b) | 3,075 | 45 | ||||||
| Bridgewater Bancshares, Inc. (a) | 2,254 | 37 | ||||||
| Bright Health Group, Inc. (a)(b) | 23,594 | 25 | ||||||
| Brighthouse Financial, Inc. (a) | 8,073 | 351 | ||||||
| Brightsphere Investment Group, Inc. | 4,658 | 69 | ||||||
| BrightSpire Capital, Inc. | 10,395 | 66 | ||||||
| Broadmark Realty Capital, Inc. (b) | 14,482 | 74 | ||||||
| Broadway Financial Corp. (a) | 3,561 | 4 | ||||||
| Brookline Bancorp, Inc. | 8,446 | 98 | ||||||
| BRP Group, Inc. Class A (a) | 6,703 | 177 | ||||||
| Business First Bancshares, Inc. | 2,384 | 51 | ||||||
| Byline Bancorp, Inc. | 2,512 | 51 | ||||||
| C&F Financial Corp. | 376 | 20 | ||||||
| Cadence Bank | 20,935 | 532 | ||||||
| Cambridge Bancorp Class A | 772 | 62 | ||||||
| Camden National Corp. | 1,611 | 69 | ||||||
| Cannae Holdings, Inc. (a) | 8,463 | 175 | ||||||
| Capital Bancorp, Inc. | 988 | 23 | ||||||
| Capital City Bank Group, Inc. | 1,464 | 46 | ||||||
| Capital Southwest Corp. | 2,907 | 49 | ||||||
| Capitol Federal Financial, Inc. | 14,662 | 122 | ||||||
| Capstar Financial Holdings, Inc. | 2,093 | 39 | ||||||
| Carter Bankshares, Inc. (a) | 2,679 | 43 | ||||||
| Catalyst Bancorp, Inc. (a) | 535 | 7 | ||||||
| Cathay General Bancorp | 8,033 | 309 | ||||||
| CBTX, Inc. Class A | 2,060 | 60 | ||||||
| Central Pacific Financial Corp. | 3,016 | 62 | ||||||
| Central Valley Community Bancorp | 1,119 | 20 | ||||||
| CFSB Bancorp, Inc. (a) | 318 | 3 | ||||||
| Cherry Hill Mortgage Investment Corp. (b) | 2,207 | 11 | ||||||
| Chicago Atlantic Real Estate Finance, Inc. | 1,304 | 19 | ||||||
| Chimera Investment Corp. | 25,788 | 135 | ||||||
| CION Investment Corp. | 6,467 | 55 | ||||||
| Citizens & Northern Corp. | 1,672 | 40 | ||||||
| Citizens, Inc. (a) | 5,124 | 17 | ||||||
| City Holding Co. | 1,619 | 144 | ||||||
| Civista Bancshares, Inc. | 1,664 | 35 | ||||||
| Claros Mortgage Trust, Inc. (b) | 14,728 | 173 | ||||||
| CNA Financial Corp. | 3,080 | 114 | ||||||
| CNB Financial Corp. Class A | 1,857 | 44 | ||||||
| CNO Financial Group, Inc. | 12,730 | 229 | ||||||
| Coastal Financial Corp. (a) | 1,177 | 47 | ||||||
| Codorus Valley Bancorp, Inc. | 964 | 18 | ||||||
| Cohen & Co., Inc. | 104 | 1 | ||||||
| Cohen & Steers, Inc. | 2,820 | 177 | ||||||
| Coinbase Global, Inc. Class A (a)(b) | 17,268 | 1,114 | ||||||
| Colony Bankcorp, Inc. | 1,785 | 23 | ||||||
| Columbia Banking System, Inc. | 8,838 | 255 | ||||||
| Columbia Financial, Inc. (a) | 4,392 | 93 | ||||||
| Commerce Bancshares, Inc. | 13,205 | 874 | ||||||
| Community Bank System, Inc. | 6,040 | 363 | ||||||
| Community Trust Bancorp, Inc. | 1,972 | 80 | ||||||
| ConnectOne Bancorp, Inc. | 3,965 | 91 | ||||||
| Consumer Portfolio Services, Inc. (a) | 1,042 | 8 | ||||||
| Cowen, Inc. Class A | 2,888 | 112 | ||||||
| Crawford & Co. Class A | 1,588 | 9 | ||||||
| Crawford & Co. Class B | 765 | 4 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Credit Acceptance Corp. (a)(b) | 866 | $ | 379 | |||||
| Crescent Capital BDC, Inc. (b) | 2,630 | 40 | ||||||
| Crossfirst Bankshares, Inc. (a) | 5,151 | 67 | ||||||
| Cullen/Frost Bankers, Inc. | 6,772 | 895 | ||||||
| Curo Group Holdings Corp. | 2,251 | 9 | ||||||
| Customers Bancorp, Inc. (a) | 3,354 | 99 | ||||||
| CVB Financial Corp. | 14,921 | 378 | ||||||
| Diamond Hill Investment Group, Inc. | 338 | 56 | ||||||
| Dime Community Bancshares, Inc. | 4,032 | 118 | ||||||
| Donegal Group, Inc. Class A | 1,640 | 22 | ||||||
| Donnelley Financial Solutions, Inc. (a) | 3,171 | 117 | ||||||
| Dynex Capital, Inc. (b) | 4,954 | 58 | ||||||
| Eagle Bancorp Montana, Inc. | 830 | 16 | ||||||
| Eagle Bancorp, Inc. | 3,569 | 160 | ||||||
| East West Bancorp, Inc. | 15,841 | 1,064 | ||||||
| Eastern Bankshares, Inc. | 18,225 | 358 | ||||||
| ECB Bancorp, Inc. (a) | 1,001 | 14 | ||||||
| eHealth, Inc. (a) | 2,877 | 11 | ||||||
| Elevate Credit, Inc. (a) | 2,783 | 3 | ||||||
| Ellington Financial, Inc. (b) | 6,740 | 77 | ||||||
| Ellington Residential Mortgage REIT (b) | 1,455 | 9 | ||||||
| Employers Holdings, Inc. | 2,976 | 103 | ||||||
| Enact Holdings, Inc. (b) | 3,328 | 74 | ||||||
| Encore Capital Group, Inc. (a) | 2,630 | 120 | ||||||
| Enova International, Inc. (a) | 3,453 | 101 | ||||||
| Enstar Group Ltd. (a) | 1,433 | 243 | ||||||
| Enterprise Bancorp, Inc. | 1,045 | 31 | ||||||
| Enterprise Financial Services Corp. | 3,972 | 175 | ||||||
| Equitable Holdings, Inc. | 42,651 | 1,124 | ||||||
| Equity Bancshares, Inc. Class A | 1,590 | 47 | ||||||
| Erie Indemnity Co. Class A | 2,832 | 630 | ||||||
| Esquire Financial Holdings, Inc. | 762 | 29 | ||||||
| Evans Bancorp, Inc. | 594 | 22 | ||||||
| Evercore, Inc. | 4,000 | 329 | ||||||
| EZCORP, Inc. Class A (a) | 5,912 | 46 | ||||||
| FB Financial Corp. | 3,993 | 153 | ||||||
| Federal Agricultural Mortgage Corp. Class C | 1,031 | 102 | ||||||
| Federal Home Loan Mortgage Corp. (a)(b) | 73,810 | 39 | ||||||
| Federal National Mortgage Association (a)(b) | 131,495 | 68 | ||||||
| Federated Hermes, Inc. | 9,513 | 315 | ||||||
| Fidelity National Financial, Inc. | 29,493 | 1,068 | ||||||
| Fidus Investment Corp. | 2,747 | 47 | ||||||
| Financial Institutions, Inc. | 1,707 | 41 | ||||||
| Finward Bancorp | 468 | 16 | ||||||
| First American Financial Corp. | 11,236 | 518 | ||||||
| First Bancorp, Inc. | 1,065 | 29 | ||||||
| First BanCorp/Puerto Rico | 20,705 | 283 | ||||||
| First Bancorp/Southern Pines NC | 3,970 | 145 | ||||||
| First Busey Corp. | 5,769 | 127 | ||||||
| First Citizens BancShares, Inc. Class A | 1,312 | 1,046 | ||||||
| First Commonwealth Financial Corp. | 10,390 | 133 | ||||||
| First Community Bankshares, Inc. | 1,621 | 52 | ||||||
| First Eagle Alternative Capital BDC, Inc. | 3,090 | 9 | ||||||
| First Financial Bancorp | 10,557 | 223 | ||||||
| First Financial Bankshares, Inc. | 14,567 | 609 | ||||||
| First Financial Corp. Class A | 1,284 | 58 | ||||||
| First Financial Northwest, Inc. | 784 | 12 | ||||||
| First Hawaiian, Inc. | 14,355 | 354 | ||||||
| First Horizon Corp. | 59,712 | 1,367 | ||||||
| First Internet Bancorp | 983 | 33 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| First Interstate BancSystem, Inc. Class A | 9,825 | $ | 396 | |||||
| First Merchants Corp. | 6,619 | 256 | ||||||
| First United Corp. | 711 | 12 | ||||||
| First Western Financial, Inc. (a) | 851 | 21 | ||||||
| FirstCash Holdings, Inc. | 4,272 | 313 | ||||||
| Five Star Bancorp | 1,038 | 29 | ||||||
| Flagstar Bancorp, Inc. | 5,874 | 196 | ||||||
| Flushing Financial Corp. | 3,200 | 62 | ||||||
| FNB Corp. | 39,028 | 453 | ||||||
| Focus Financial Partners, Inc. Class A (a) | 6,539 | 206 | ||||||
| Forge Global Holdings, Inc. (a)(b) | 12,457 | 22 | ||||||
| Franklin BSP Realty Trust, Inc. (b) | 9,512 | 102 | ||||||
| FS KKR Capital Corp. | 31,927 | 541 | ||||||
| Fulton Financial Corp. | 18,812 | 297 | ||||||
| FVCBankcorp, Inc. (a) | 1,253 | 24 | ||||||
| GAMCO Investors, Inc. Class A | 517 | 9 | ||||||
| GCM Grosvenor, Inc. Class A | 4,678 | 37 | ||||||
| Genworth Financial, Inc. (a) | 56,050 | 196 | ||||||
| German American Bancorp, Inc. | 3,147 | 112 | ||||||
| Glacier Bancorp, Inc. | 12,577 | 618 | ||||||
| Gladstone Capital Corp. (b) | 3,739 | 32 | ||||||
| Gladstone Investment Corp. | 3,658 | 44 | ||||||
| Global Indemnity Group LLC Class A | 882 | 19 | ||||||
| GoHealth, Inc. Class A (a) | 12,904 | 5 | ||||||
| Goldman Sachs BDC, Inc. | 11,461 | 166 | ||||||
| Golub Capital BDC, Inc. (b) | 18,822 | 233 | ||||||
| Goosehead Insurance, Inc. Class A (a) | 2,286 | 81 | ||||||
| Granite Point Mortgage Trust, Inc. | 5,825 | 38 | ||||||
| Great Ajax Corp. | 2,374 | 18 | ||||||
| Great Southern Bancorp, Inc. Class A | 1,063 | 61 | ||||||
| Green Dot Corp. Class A (a) | 5,860 | 111 | ||||||
| Greenhill & Co., Inc. | 1,381 | 8 | ||||||
| Guaranty Bancshares, Inc. | 946 | 33 | ||||||
| Guild Holdings Co. Class A | 1,307 | 12 | ||||||
| Hagerty, Inc. Class A (a)(b) | 8,239 | 74 | ||||||
| Hallmark Financial Services, Inc. (a) | 1,485 | 2 | ||||||
| Hamilton Lane, Inc. Class A | 3,939 | 235 | ||||||
| Hancock Whitney Corp. | 9,636 | 441 | ||||||
| Hanmi Financial Corp. | 3,427 | 81 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 9,751 | 292 | ||||||
| Hanover Bancorp, Inc. | 563 | 11 | ||||||
| HarborOne Bancorp, Inc. | 5,014 | 67 | ||||||
| HBT Financial, Inc. | 1,079 | 20 | ||||||
| HCI Group, Inc. | 822 | 32 | ||||||
| Heartland Financial USA, Inc. | 4,434 | 192 | ||||||
| Hercules Capital, Inc. (b) | 14,302 | 166 | ||||||
| Heritage Commerce Corp. | 6,613 | 75 | ||||||
| Heritage Financial Corp. | 3,906 | 103 | ||||||
| Heritage Insurance Holdings, Inc. | 2,291 | 5 | ||||||
| Hilltop Holdings, Inc. | 5,133 | 128 | ||||||
| Hippo Holdings, Inc. (a)(b) | 1,196 | 22 | ||||||
| Home Bancorp, Inc. | 812 | 32 | ||||||
| Home BancShares, Inc. | 21,655 | 487 | ||||||
| Home Point Capital, Inc. | 942 | 1 | ||||||
| HomeStreet, Inc. | 2,018 | 58 | ||||||
| Hope Bancorp, Inc. | 12,888 | 163 | ||||||
| Horace Mann Educators Corp. | 4,598 | 162 | ||||||
| Horizon Bancorp, Inc. | 4,156 | 75 | ||||||
| Horizon Technology Finance Corp. | 2,824 | 28 | ||||||
| Houlihan Lokey, Inc. | 5,639 | 425 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Independent Bank Corp. | 5,160 | $ | 385 | |||||
| Independent Bank Corp. | 2,294 | 44 | ||||||
| Independent Bank Group, Inc. | 4,020 | 247 | ||||||
| Interactive Brokers Group, Inc. | 11,093 | 709 | ||||||
| International Bancshares Corp. | 5,937 | 252 | ||||||
| Invesco Mortgage Capital, Inc. (b) | 3,750 | 42 | ||||||
| Investar Holding Corp. | 1,035 | 21 | ||||||
| Investcorp Credit Management BDC, Inc. | 1,355 | 5 | ||||||
| Investors Title Co. | 159 | 22 | ||||||
| Jackson Financial, Inc. Class A | 7,227 | 201 | ||||||
| Jefferies Financial Group, Inc. | 20,851 | 615 | ||||||
| Katapult Holdings, Inc. (a) | 4,914 | 5 | ||||||
| Kearny Financial Corp. | 6,817 | 72 | ||||||
| Kemper Corp. | 6,887 | 284 | ||||||
| Kinsale Capital Group, Inc. | 2,444 | 624 | ||||||
| KKR & Co., Inc. | 83,963 | 3,610 | ||||||
| KKR Real Estate Finance Trust, Inc. | 7,391 | 120 | ||||||
| Ladder Capital Corp. | 12,818 | 115 | ||||||
| Lakeland Bancorp, Inc. | 6,990 | 112 | ||||||
| Lakeland Financial Corp. | 2,763 | 201 | ||||||
| Lazard Ltd. Class A | 12,292 | 391 | ||||||
| Lemonade, Inc. (a)(b) | 5,323 | 113 | ||||||
| LendingTree, Inc. (a) | 1,234 | 29 | ||||||
| Live Oak Bancshares, Inc. | 3,686 | 113 | ||||||
| Logan Ridge Finance Corp. (a) | 280 | 5 | ||||||
| LPL Financial Holdings, Inc. | 8,967 | 1,959 | ||||||
| Lument Finance Trust, Inc. | 4,150 | 9 | ||||||
| Luther Burbank Corp. | 2,783 | 32 | ||||||
| Macatawa Bank Corp. | 3,149 | 29 | ||||||
| Magyar Bancorp, Inc. | 702 | 9 | ||||||
| Maiden Holdings Ltd. (a) | 7,125 | 15 | ||||||
| Main Street Capital Corp. (b) | 8,098 | 272 | ||||||
| Manning & Napier, Inc. | 1,759 | 22 | ||||||
| Markel Corp. (a) | 1,511 | 1,638 | ||||||
| MBIA, Inc. (a) | 5,423 | 50 | ||||||
| Medallion Financial Corp. | 2,035 | 14 | ||||||
| Mercantile Bank Corp. | 1,657 | 49 | ||||||
| Merchants Bancorp | 1,713 | 40 | ||||||
| Mercury General Corp. | 3,018 | 86 | ||||||
| Metropolitan Bank Holding Corp. (a) | 1,129 | 73 | ||||||
| MFA Financial, Inc. | 10,287 | 80 | ||||||
| MGIC Investment Corp. | 34,110 | 437 | ||||||
| MidCap Financial Investment Corp. | 6,852 | 70 | ||||||
| Midland States Bancorp, Inc. | 2,380 | 56 | ||||||
| Midwest Holding, Inc. (a) | 327 | 4 | ||||||
| MidWestOne Financial Group, Inc. | 1,614 | 44 | ||||||
| Moelis & Co. Class A | 7,202 | 244 | ||||||
| Moneylion, Inc. (a) | 9,370 | 8 | ||||||
| Monroe Capital Corp. | 2,385 | 17 | ||||||
| Morningstar, Inc. | 2,846 | 604 | ||||||
| MVB Financial Corp. | 1,236 | 34 | ||||||
| National Bank Holdings Corp. Class A | 3,313 | 123 | ||||||
| National Bankshares, Inc. | 659 | 22 | ||||||
| National Western Life Group, Inc. Class A | 253 | 43 | ||||||
| Navient Corp. | 15,465 | 227 | ||||||
| NBT Bancorp, Inc. | 4,719 | 179 | ||||||
| Nelnet, Inc. Class A | 1,477 | 117 | ||||||
| NerdWallet, Inc. Class A (a)(b) | 3,150 | 28 | ||||||
| New Mountain Finance Corp. | 9,950 | 115 | ||||||
| New York Community Bancorp, Inc. (b) | 51,341 | 438 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| New York Mortgage Trust, Inc. (b) | 42,459 | $ | 99 | |||||
| Newtek Business Services Corp. | 2,627 | 43 | ||||||
| Nexpoint Real Estate Finance, Inc. | 1,630 | 24 | ||||||
| NI Holdings, Inc. (a) | 914 | 12 | ||||||
| Nicholas Financial, Inc. (a) | 753 | 4 | ||||||
| NMI Holdings, Inc. Class A (a) | 9,425 | 192 | ||||||
| Northeast Community Bancorp, Inc. | 1,651 | 20 | ||||||
| Northfield Bancorp, Inc. | 4,837 | 69 | ||||||
| Northrim Bancorp, Inc. | 626 | 26 | ||||||
| Northwest Bancshares, Inc. | 13,687 | 185 | ||||||
| Norwood Financial Corp. | 826 | 22 | ||||||
| Oaktree Specialty Lending Corp. | 19,155 | 115 | ||||||
| OceanFirst Financial Corp. | 6,512 | 121 | ||||||
| Ocwen Financial Corp. (a) | 853 | 20 | ||||||
| OFG Bancorp | 5,292 | 133 | ||||||
| OFS Capital Corp. | 1,510 | 12 | ||||||
| Old National Bancorp | 32,924 | 542 | ||||||
| Old Republic International Corp. | 32,624 | 683 | ||||||
| Old Second Bancorp, Inc. | 4,655 | 61 | ||||||
| OneMain Holdings, Inc. | 13,933 | 411 | ||||||
| OP Bancorp | 1,328 | 15 | ||||||
| Open Lending Corp. Class A (a) | 11,895 | 96 | ||||||
| Oportun Financial Corp. (a) | 2,579 | 11 | ||||||
| Oppenheimer Holdings, Inc. Class A | 830 | 26 | ||||||
| OppFi, Inc. (a)(b) | 1,426 | 3 | ||||||
| Orchid Island Capital, Inc. (b) | 3,923 | 32 | ||||||
| Origin Bancorp, Inc. | 2,405 | 93 | ||||||
| Oscar Health, Inc. Class A (a) | 12,465 | 62 | ||||||
| Owl Rock Capital Corp. | 42,929 | 445 | ||||||
| Oxford Square Capital Corp. | 5,085 | 15 | ||||||
| P10, Inc. Class A | 4,214 | 44 | ||||||
| Pacific Premier Bancorp, Inc. | 10,351 | 320 | ||||||
| PacWest Bancorp | 12,972 | 293 | ||||||
| Palomar Holdings, Inc. (a) | 2,752 | 230 | ||||||
| Park National Corp. | 1,791 | 223 | ||||||
| Parke Bancorp, Inc. | 1,150 | 24 | ||||||
| Partners Bancorp | 1,121 | 10 | ||||||
| Pathward Financial, Inc. | 3,233 | 107 | ||||||
| Patriot National Bancorp, Inc. (a) | 377 | 4 | ||||||
| PB Bankshares, Inc. (a) | 271 | 3 | ||||||
| PCB Bancorp | 1,359 | 25 | ||||||
| PCSB Financial Corp. | 1,498 | 27 | ||||||
| Peapack-Gladstone Financial Corp. | 1,839 | 62 | ||||||
| PennantPark Floating Rate Capital Ltd. | 5,046 | 48 | ||||||
| Pennantpark Investment Corp. | 7,203 | 39 | ||||||
| PennyMac Financial Services, Inc. | 5,183 | 222 | ||||||
| Pennymac Mortgage Investment Trust | 10,181 | 120 | ||||||
| Peoples Bancorp, Inc. | 3,149 | 91 | ||||||
| Perella Weinberg Partners | 4,210 | 27 | ||||||
| Phenixfin Corp. | 182 | 6 | ||||||
| Pinnacle Financial Partners, Inc. | 8,417 | 683 | ||||||
| Pioneer Bancorp, Inc. (a) | 1,297 | 12 | ||||||
| Piper Sandler Cos. | 1,902 | 199 | ||||||
| Plumas Bancorp | 551 | 16 | ||||||
| Ponce Financial Group, Inc. (a) | 898 | 8 | ||||||
| Popular, Inc. | 8,347 | 601 | ||||||
| Portman Ridge Finance Corp. | 1,068 | 22 | ||||||
| PRA Group, Inc. (a) | 4,293 | 141 | ||||||
| Preferred Bank | 1,557 | 102 | ||||||
| Premier Financial Corp. | 3,957 | 102 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Primerica, Inc. | 4,210 | $ | 520 | |||||
| Primis Financial Corp. | 2,379 | 29 | ||||||
| ProAssurance Corp. | 6,066 | 118 | ||||||
| PROG Holdings, Inc. (a) | 5,616 | 84 | ||||||
| Prospect Capital Corp. (b) | 32,059 | 199 | ||||||
| Prosperity Bancshares, Inc. | 9,943 | 663 | ||||||
| Provident Bancorp, Inc. | 1,650 | 24 | ||||||
| Provident Financial Holdings, Inc. | 668 | 9 | ||||||
| Provident Financial Services, Inc. | 7,778 | 152 | ||||||
| Pzena Investment Management, Inc. Class A | 1,862 | 18 | ||||||
| QCR Holdings, Inc. | 1,861 | 95 | ||||||
| Radian Group, Inc. | 18,167 | 350 | ||||||
| Randolph Bancorp, Inc. | 432 | 12 | ||||||
| RBB Bancorp | 1,772 | 37 | ||||||
| Ready Capital Corp. | 12,860 | 130 | ||||||
| Red River Bancshares, Inc. | 538 | 27 | ||||||
| Redwood Trust, Inc. (b) | 13,125 | 75 | ||||||
| Regional Management Corp. | 1,001 | 28 | ||||||
| Reinsurance Group of America, Inc. | 7,608 | 957 | ||||||
| RenaissanceRe Holdings Ltd. | 4,863 | 683 | ||||||
| Renasant Corp. | 6,162 | 193 | ||||||
| Republic Bancorp, Inc. Class A | 958 | 37 | ||||||
| Republic First Bancorp, Inc. (a) | 4,994 | 14 | ||||||
| Rithm Capital Corp. | 52,479 | 384 | ||||||
| Riverview Bancorp, Inc. | 2,421 | 15 | ||||||
| RLI Corp. | 4,534 | 464 | ||||||
| Robinhood Markets, Inc. Class A (a) | 47,841 | 483 | ||||||
| Rocket Cos., Inc. Class A (b) | 11,668 | 74 | ||||||
| Root, Inc. Class A (a) | 437 | 3 | ||||||
| Runway Growth Finance Corp. | 4,304 | 49 | ||||||
| Ryan Specialty Holdings, Inc. (a) | 9,514 | 386 | ||||||
| S&T Bancorp, Inc. | 4,374 | 128 | ||||||
| Sachem Capital Corp. | 4,155 | 14 | ||||||
| Safeguard Scientifics, Inc. (a) | 1,618 | 6 | ||||||
| Safety Insurance Group, Inc. | 1,591 | 130 | ||||||
| Salisbury Bancorp, Inc. | 591 | 14 | ||||||
| Sandy Spring Bancorp, Inc. | 4,918 | 173 | ||||||
| Saratoga Investment Corp. | 1,008 | 21 | ||||||
| SB Financial Group, Inc. | 719 | 12 | ||||||
| Sculptor Capital Management, Inc. | 1,834 | 16 | ||||||
| Seacoast Banking Corp. of Florida | 6,834 | 207 | ||||||
| Security National Financial Corp. Class A (a) | 1,296 | 8 | ||||||
| SEI Investments Co. | 12,616 | 619 | ||||||
| Selective Insurance Group, Inc. | 6,713 | 546 | ||||||
| Selectquote, Inc. (a) | 14,376 | 11 | ||||||
| ServisFirst Bancshares, Inc. | 5,550 | 444 | ||||||
| Seven Hills Realty Trust | 1,529 | 14 | ||||||
| Shore Bancshares, Inc. | 2,073 | 36 | ||||||
| Siebert Financial Corp. (a) | 1,471 | 2 | ||||||
| Sierra Bancorp | 1,542 | 30 | ||||||
| Silvercrest Asset Management Group, Inc. Class A | 1,115 | 18 | ||||||
| Silvergate Capital Corp. Class A (a) | 3,486 | 263 | ||||||
| Simmons First National Corp. Class A | 14,538 | 317 | ||||||
| SiriusPoint Ltd. (a) | 762 | 7 | ||||||
| Sixth Street Specialty Lending, Inc. | 9,197 | 150 | ||||||
| SLM Corp. | 27,973 | 391 | ||||||
| SoFi Technologies, Inc. (a)(b) | 80,643 | 394 | ||||||
| Solar Capital Ltd. | 5,908 | 73 | ||||||
| South Plains Financial, Inc. | 1,164 | 32 | ||||||
| Southern First Bancshares, Inc. (a) | 853 | 36 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Southern Missouri Bancorp, Inc. | 870 | $ | 44 | |||||
| Southern States Bancshares, Inc. | 701 | 19 | ||||||
| Southside Bancshares, Inc. | 3,463 | 122 | ||||||
| SouthState Corp. | 8,506 | 673 | ||||||
| Starwood Property Trust, Inc. | 33,108 | 603 | ||||||
| Stellus Capital Investment Corp. | 2,086 | 25 | ||||||
| StepStone Group, Inc. Class A | 5,438 | 133 | ||||||
| Sterling Bancorp (a) | 1,789 | 11 | ||||||
| Stewart Information Services Corp. | 3,016 | 132 | ||||||
| Stifel Financial Corp. | 11,691 | 607 | ||||||
| Stock Yards Bancorp, Inc. | 3,187 | 217 | ||||||
| StoneX Group, Inc. (a) | 1,956 | 162 | ||||||
| Summit Financial Group, Inc. | 1,175 | 32 | ||||||
| Sunlight Financial Holdings, Inc. (a) | 4,539 | 6 | ||||||
| Suro Capital Corp. | 3,270 | 13 | ||||||
| Synovus Financial Corp. | 16,341 | 613 | ||||||
| TC Bancshares, Inc. | 495 | 7 | ||||||
| TCG BDC, Inc. | 5,240 | 60 | ||||||
| Territorial Bancorp, Inc. | 869 | 16 | ||||||
| Texas Capital Bancshares, Inc. (a) | 5,608 | 331 | ||||||
| TFS Financial Corp. | 5,735 | 75 | ||||||
| The Bancorp, Inc. (a) | 5,652 | 124 | ||||||
| The Bank of Princeton | 648 | 18 | ||||||
| The Carlyle Group, Inc. | 21,745 | 562 | ||||||
| The First of Long Island Corp. | 2,490 | 43 | ||||||
| The Hanover Insurance Group, Inc. | 4,006 | 513 | ||||||
| Third Coast Bancshares, Inc. (a) | 1,365 | 23 | ||||||
| Tompkins Financial Corp. | 1,431 | 104 | ||||||
| Towne Bank | 7,597 | 204 | ||||||
| TPG RE Finance Trust, Inc. | 6,854 | 48 | ||||||
| TPG, Inc. | 6,931 | 193 | ||||||
| Tradeweb Markets, Inc. Class A | 12,083 | 682 | ||||||
| Trean Insurance Group, Inc. (a) | 2,033 | 7 | ||||||
| TriCo Bancshares | 3,483 | 156 | ||||||
| Trinity Capital, Inc. | 3,695 | 46 | ||||||
| TriplePoint Venture Growth BDC Corp. | 3,915 | 43 | ||||||
| Triumph Bancorp, Inc. (a) | 2,611 | 142 | ||||||
| Trupanion, Inc. (a)(b) | 3,794 | 225 | ||||||
| TrustCo Bank Corp. | 2,106 | 66 | ||||||
| Trustmark Corp. | 6,323 | 194 | ||||||
| Two Harbors Investment Corp. | 38,718 | 129 | ||||||
| U.S. Global Investors, Inc. Class A | 1,389 | 4 | ||||||
| UMB Financial Corp. | 5,102 | 430 | ||||||
| Umpqua Holdings Corp. | 24,399 | 417 | ||||||
| United Bankshares, Inc. | 14,976 | 535 | ||||||
| United Community Banks, Inc. | 11,923 | 395 | ||||||
| United Fire Group, Inc. | 2,745 | 79 | ||||||
| United Insurance Holdings Corp. | 2,260 | 1 | ||||||
| Unity Bancorp, Inc. | 835 | 21 | ||||||
| Universal Insurance Holdings, Inc. | 3,139 | 31 | ||||||
| Univest Financial Corp. | 3,267 | 77 | ||||||
| Unum Group | 22,482 | 872 | ||||||
| Upstart Holdings, Inc. (a)(b) | 7,852 | 163 | ||||||
| USCB Financial Holdings, Inc. (a) | 1,249 | 16 | ||||||
| UWM Holdings Corp. | 9,355 | 27 | ||||||
| Valley National Bancorp | 48,295 | 522 | ||||||
| Value Line, Inc. (d) | 97 | 4 | ||||||
| Veritex Holdings, Inc. | 5,945 | 158 | ||||||
| Victory Capital Holdings, Inc. Class A (g) | 3,031 | 71 | ||||||
| Virtu Financial, Inc. Class A | 11,232 | 233 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Virtus Investment Partners, Inc. | 768 | $ | 123 | |||||
| Voya Financial, Inc. (b) | 11,007 | 666 | ||||||
| Walker & Dunlop, Inc. | 3,488 | 292 | ||||||
| Washington Federal, Inc. | 7,268 | 218 | ||||||
| Washington Trust Bancorp, Inc. | 1,911 | 89 | ||||||
| Webster Financial Corp. | 19,765 | 893 | ||||||
| WesBanco, Inc. | 6,576 | 219 | ||||||
| West Bancorp, Inc. | 1,682 | 35 | ||||||
| Westamerica Bancorp | 2,933 | 153 | ||||||
| Western Alliance Bancorp | 11,926 | 784 | ||||||
| Western Asset Mortgage Capital Corp. | 672 | 8 | ||||||
| Western New England Bancorp, Inc. | 2,202 | 18 | ||||||
| Westwood Holdings Group, Inc. | 788 | 8 | ||||||
| White Mountains Insurance Group Ltd. | 320 | 417 | ||||||
| WhiteHorse Finance, Inc. | 1,954 | 22 | ||||||
| William Penn Bancorp | 1,448 | 16 | ||||||
| Wintrust Financial Corp. | 6,758 | 551 | ||||||
| WisdomTree Investments, Inc. | 12,482 | 58 | ||||||
| World Acceptance Corp. (a) | 607 | 59 | ||||||
| WSFS Financial Corp. | 7,140 | 332 | ||||||
| 121,130 | ||||||||
| Health Care (13.0%): | ||||||||
| 10X Genomics, Inc. Class A (a) | 9,713 | 277 | ||||||
| 1Life Healthcare, Inc. (a) | 18,173 | 312 | ||||||
| 2seventy bio, Inc. (a) | 3,956 | 58 | ||||||
| 4D Molecular Therapeutics, Inc. (a) | 3,235 | 26 | ||||||
| 89bio, Inc. (a) | 3,992 | 23 | ||||||
| 9 Meters Biopharma, Inc. (a) | 28,830 | 6 | ||||||
| Aadi Bioscience, Inc. (a) | 1,336 | 19 | ||||||
| Abeona Therapeutics, Inc. (a) | 614 | 2 | ||||||
| Absci Corp. (a)(b) | 6,640 | 21 | ||||||
| Acadia Healthcare Co., Inc. (a) | 10,108 | 790 | ||||||
| ACADIA Pharmaceuticals, Inc. (a) | 18,009 | 295 | ||||||
| Accelerate Diagnostics, Inc. (a) | 7,985 | 12 | ||||||
| Accolade, Inc. (a) | 7,196 | 82 | ||||||
| Accuray, Inc. (a) | 10,085 | 21 | ||||||
| AcelRx Pharmaceuticals, Inc. (a) | 16,393 | 3 | ||||||
| Acer Therapeutics, Inc. (a) | 1,556 | 2 | ||||||
| Achieve Life Sciences, Inc. (a) | 1,099 | 4 | ||||||
| Aclaris Therapeutics, Inc. (a) | 5,905 | 93 | ||||||
| Acumen Pharmaceuticals, Inc. (a)(b) | 2,758 | 28 | ||||||
| Acurx Pharmaceuticals, Inc. (a) | 1,036 | 3 | ||||||
| Acutus Medical, Inc. (a) | 2,607 | 2 | ||||||
| Adamis Pharmaceuticals Corp. (a) | 16,858 | 3 | ||||||
| AdaptHealth Corp. (a) | 8,400 | 158 | ||||||
| Adaptive Biotechnologies Corp. (a) | 15,897 | 113 | ||||||
| Addus HomeCare Corp. (a) | 1,790 | 170 | ||||||
| Adicet Bio, Inc. (a) | 2,864 | 41 | ||||||
| Adverum Biotechnologies, Inc. (a) | 10,262 | 10 | ||||||
| Aeglea BioTherapeutics, Inc. (a) | 5,694 | 3 | ||||||
| Aerie Pharmaceuticals, Inc. (a) | 5,437 | 82 | ||||||
| Aerovate Therapeutics, Inc. (a)(b) | 1,889 | 31 | ||||||
| Agenus, Inc. (a) | 28,936 | 59 | ||||||
| Agilon Health, Inc. (a) | 23,797 | 557 | ||||||
| Agios Pharmaceuticals, Inc. (a) | 6,162 | 174 | ||||||
| Aikido Pharma, Inc. (a) | 565 | 4 | ||||||
| AIM ImmunoTech, Inc. (a) | 5,400 | 3 | ||||||
| AirSculpt Technologies, Inc. | 757 | 5 | ||||||
| Akebia Therapeutics, Inc. (a) | 19,830 | 6 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Akero Therapeutics, Inc. (a) | 2,645 | $ | 90 | |||||
| Akili, Inc. (a) | 8,915 | 20 | ||||||
| Akouos, Inc. (a) | 2,387 | 16 | ||||||
| Albireo Pharma, Inc. (a)(b) | 2,071 | 40 | ||||||
| Aldeyra Therapeutics, Inc. (a) | 6,356 | 34 | ||||||
| Alector, Inc. (a) | 6,843 | 65 | ||||||
| Alignment Healthcare, Inc. (a) | 9,356 | 111 | ||||||
| Aligos Therapeutics, Inc. (a) | 2,569 | 3 | ||||||
| Alimera Sciences, Inc. (a) | 603 | 3 | ||||||
| Alkermes PLC (a) | 18,464 | 412 | ||||||
| Allakos, Inc. (a)(b) | 3,798 | 23 | ||||||
| Allogene Therapeutics, Inc. (a) | 8,981 | 97 | ||||||
| Allovir, Inc. (a)(b) | 3,380 | 27 | ||||||
| Allscripts Healthcare Solutions, Inc. (a) | 12,203 | 186 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 13,493 | 2,701 | ||||||
| Alpha Teknova, Inc. (a) | 797 | 3 | ||||||
| Alphatec Holdings, Inc. (a) | 7,248 | 63 | ||||||
| Alpine Immune Sciences, Inc. (a) | 1,518 | 11 | ||||||
| Altimmune, Inc. (a)(b) | 5,456 | 70 | ||||||
| ALX Oncology Holdings, Inc. (a)(b) | 2,082 | 20 | ||||||
| Alzamend Neuro, Inc. (a) | 3,901 | 5 | ||||||
| Amedisys, Inc. (a) | 3,610 | 349 | ||||||
| American Well Corp. Class A (a) | 22,949 | 82 | ||||||
| Amicus Therapeutics, Inc. (a) | 30,894 | 323 | ||||||
| AMN Healthcare Services, Inc. (a) | 4,864 | 515 | ||||||
| Amneal Pharmaceuticals, Inc. (a) | 11,001 | 22 | ||||||
| Amphastar Pharmaceuticals, Inc. (a) | 4,230 | 119 | ||||||
| Ampio Pharmaceuticals, Inc. (a) | 23,635 | 1 | ||||||
| Amylyx Pharmaceuticals, Inc. (a)(b) | 3,456 | 97 | ||||||
| An2 Therapeutics, Inc. (a) | 1,299 | 23 | ||||||
| AnaptysBio, Inc. (a) | 2,821 | 72 | ||||||
| Anebulo Pharmaceuticals, Inc. (a) | 264 | 1 | ||||||
| AngioDynamics, Inc. (a) | 4,292 | 88 | ||||||
| Angion Biomedica Corp. (a) | 1,947 | 2 | ||||||
| ANI Pharmaceuticals, Inc. (a) | 1,425 | 46 | ||||||
| Anika Therapeutics, Inc. (a) | 1,625 | 39 | ||||||
| Anixa Biosciences, Inc. (a) | 3,306 | 16 | ||||||
| Annexon, Inc. (a) | 4,054 | 25 | ||||||
| Annovis Bio, Inc. (a) | 639 | 9 | ||||||
| Apellis Pharmaceuticals, Inc. (a) | 10,354 | 707 | ||||||
| Apexigen, Inc. (a) | 2,191 | 6 | ||||||
| Apollo Endosurgery, Inc. (a) | 3,649 | 20 | ||||||
| Apollo Medical Holdings, Inc. (a)(b) | 4,295 | 167 | ||||||
| Applied Genetic Technologies Corp. (a) | 7,356 | 2 | ||||||
| Applied Molecular Transport, Inc. (a) | 2,869 | 3 | ||||||
| Applied Therapeutics, Inc. (a) | 3,814 | 4 | ||||||
| Aprea Therapeutics, Inc. (a) | 2,229 | 1 | ||||||
| Aptevo Therapeutics, Inc. (a) | 536 | 2 | ||||||
| Aptinyx, Inc. (a) | 4,457 | 2 | ||||||
| Apyx Medical Corp. (a) | 3,414 | 15 | ||||||
| AquaBounty Technologies, Inc. (a) | 7,346 | 6 | ||||||
| Aquestive Therapeutics, Inc. (a) | 5,753 | 7 | ||||||
| ARCA biopharma, Inc. (a)(b) | 1,619 | 3 | ||||||
| Arcellx, Inc. (a) | 2,436 | 46 | ||||||
| Arcus Biosciences, Inc. (a) | 5,080 | 133 | ||||||
| Arcutis Biotherapeutics, Inc. (a) | 4,716 | 90 | ||||||
| Ardelyx, Inc. (a) | 16,855 | 20 | ||||||
| Aridis Pharmaceuticals, Inc. (a) | 1,487 | 1 | ||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 11,538 | 381 | ||||||
| Artivion, Inc. (a) | 4,349 | 60 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Arvinas, Inc. (a) | 5,196 | $ | 231 | |||||
| Asensus Surgical, Inc. (a) | 26,339 | 12 | ||||||
| Aspira Women's Health, Inc. (a) | 7,760 | 3 | ||||||
| Assembly Biosciences, Inc. (a) | 5,169 | 8 | ||||||
| Assertio Holdings, Inc. (a) | 5,306 | 12 | ||||||
| Astria Therapeutics, Inc. (a) | 1,329 | 12 | ||||||
| Atara Biotherapeutics, Inc. (a) | 10,285 | 39 | ||||||
| Atea Pharmaceuticals, Inc. (a) | 8,319 | 47 | ||||||
| Athenex, Inc. (a) | 14,979 | 4 | ||||||
| Athersys, Inc. (a) | 1,289 | 2 | ||||||
| Athira Pharma, Inc. (a) | 4,078 | 12 | ||||||
| ATI Physical Therapy, Inc. (a) | 8,231 | 8 | ||||||
| Atossa Therapeutics, Inc. (a) | 14,376 | 12 | ||||||
| Atreca, Inc. Class A (a) | 3,220 | 5 | ||||||
| AtriCure, Inc. (a) | 5,114 | 200 | ||||||
| Atrion Corp. | 154 | 87 | ||||||
| aTyr Pharma, Inc. (a) | 2,989 | 9 | ||||||
| Aura Biosciences, Inc. (a) | 2,027 | 37 | ||||||
| Avalo Therapeutics, Inc. (a) | 972 | 3 | ||||||
| Avanos Medical, Inc. (a) | 5,173 | 113 | ||||||
| Avantor, Inc. (a) | 74,239 | 1,455 | ||||||
| Aveanna Healthcare Holdings, Inc. (a) | 5,488 | 8 | ||||||
| AVEO Pharmaceuticals, Inc. (a)(b) | 3,458 | 28 | ||||||
| Avid Bioservices, Inc. (a) | 6,988 | 134 | ||||||
| Avidity Biosciences, Inc. (a) | 5,327 | 87 | ||||||
| Avrobio, Inc. (a) | 4,166 | 3 | ||||||
| Axcella Health, Inc. (a) | 2,450 | 4 | ||||||
| Axogen, Inc. (a) | 4,561 | 54 | ||||||
| Axonics, Inc. (a) | 5,493 | 387 | ||||||
| Axsome Therapeutics, Inc. (a)(b) | 3,661 | 163 | ||||||
| Azenta, Inc. | 8,348 | 358 | ||||||
| Beam Therapeutics, Inc. (a)(b) | 6,231 | 297 | ||||||
| Berkeley Lights, Inc. (a) | 6,201 | 18 | ||||||
| Better Therapeutics, Inc. (a) | 889 | 2 | ||||||
| Beyond Air, Inc. (a) | 2,850 | 21 | ||||||
| BioAtla, Inc. (a)(b) | 3,462 | 27 | ||||||
| Biocept, Inc. (a) | 1,920 | 2 | ||||||
| BioCryst Pharmaceuticals, Inc. (a) | 20,692 | 261 | ||||||
| Biodesix, Inc. (a) | 1,452 | 2 | ||||||
| Biohaven Pharmaceutical Holding Co. Ltd. (a) | 7,150 | 1,081 | ||||||
| Biolase, Inc. (a) | 762 | 2 | ||||||
| BioLife Solutions, Inc. (a) | 4,450 | 101 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 20,639 | 1,750 | ||||||
| Biomea Fusion, Inc. (a) | 2,627 | 26 | ||||||
| Biomerica, Inc. (a) | 1,261 | 5 | ||||||
| BioNano Genomics, Inc. (a)(b) | 32,285 | 59 | ||||||
| Biote Corp. (a) | 811 | 3 | ||||||
| Bioventus, Inc. Class A (a) | 3,289 | 23 | ||||||
| Bioxcel Therapeutics, Inc. (a)(b) | 2,163 | 26 | ||||||
| Black Diamond Therapeutics, Inc. (a) | 2,598 | 4 | ||||||
| bluebird bio, Inc. (a) | 8,581 | 54 | ||||||
| Blueprint Medicines Corp. (a) | 6,578 | 433 | ||||||
| Bolt Biotherapeutics, Inc. (a)(b) | 2,392 | 4 | ||||||
| Bridgebio Pharma, Inc. (a) | 11,951 | 119 | ||||||
| Bright Green Corp. (a)(b) | 4,899 | 5 | ||||||
| Brookdale Senior Living, Inc. (a) | 20,572 | 88 | ||||||
| Bruker Corp. | 11,269 | 598 | ||||||
| Butterfly Network, Inc. (a)(b) | 16,118 | 76 | ||||||
| C4 Therapeutics, Inc. (a) | 4,332 | 38 | ||||||
| Cabaletta Bio, Inc. (a) | 2,614 | 2 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Calithera Biosciences, Inc. (a) | 530 | $ | 2 | |||||
| Candel Therapeutics, Inc. (a) | 1,115 | 3 | ||||||
| Capital Senior Living Corp. (a) | 650 | 11 | ||||||
| Capricor Therapeutics, Inc. (a) | 2,681 | 16 | ||||||
| Cara Therapeutics, Inc. (a) | 4,757 | 45 | ||||||
| Cardiff Oncology, Inc. (a)(b) | 4,575 | 7 | ||||||
| Cardiovascular Systems, Inc. (a) | 4,512 | 63 | ||||||
| CareCloud, Inc. (a) | 1,095 | 5 | ||||||
| CareDx, Inc. (a) | 5,949 | 101 | ||||||
| CareMax, Inc. (a) | 7,839 | 56 | ||||||
| Caribou Biosciences, Inc. (a)(b) | 5,734 | 60 | ||||||
| CASI Pharmaceuticals, Inc. (a) | 1,189 | 3 | ||||||
| Cassava Sciences, Inc. (a)(b) | 4,280 | 179 | ||||||
| Castle Biosciences, Inc. (a) | 2,687 | 70 | ||||||
| Catalyst Biosciences, Inc. | 2,608 | 1 | ||||||
| Catalyst Pharmaceuticals, Inc. (a) | 10,737 | 138 | ||||||
| cbdMD, Inc. (a) | 4,192 | 1 | ||||||
| Celcuity, Inc. (a) | 745 | 7 | ||||||
| Celldex Therapeutics, Inc. (a) | 5,099 | 143 | ||||||
| Cellectar Biosciences, Inc. (a) | 644 | 2 | ||||||
| CEL-SCI Corp. (a) | 4,727 | 15 | ||||||
| Celularity, Inc. (a) | 4,041 | 9 | ||||||
| Century Therapeutics, Inc. (a) | 2,741 | 27 | ||||||
| Cerevel Therapeutics Holdings, Inc. (a) | 7,604 | 215 | ||||||
| Certara, Inc. (a) | 11,438 | 152 | ||||||
| Cerus Corp. (a) | 19,504 | 70 | ||||||
| Champions Oncology, Inc. (a) | 706 | 5 | ||||||
| Change Healthcare, Inc. (a) | 30,195 | 830 | ||||||
| Checkpoint Therapeutics, Inc. (a)(b) | 8,346 | 9 | ||||||
| Chembio Diagnostics, Inc. (a) | 3,224 | 1 | ||||||
| Chemed Corp. | 1,666 | 727 | ||||||
| ChemoCentryx, Inc. (a) | 6,644 | 343 | ||||||
| Chimerix, Inc. (a) | 8,356 | 16 | ||||||
| Chinook Therapeutics, Inc. (a) | 5,071 | 100 | ||||||
| Cidara Therapeutics, Inc. (a) | 6,681 | 4 | ||||||
| CinCor Pharma, Inc. (a) | 1,743 | 57 | ||||||
| ClearPoint Neuro, Inc. (a) | 2,418 | 25 | ||||||
| Clearside Biomedical, Inc. (a) | 5,466 | 6 | ||||||
| Clever Leaves Holdings, Inc. (a) | 4,021 | 2 | ||||||
| Clover Health Investments Corp. (a) | 37,859 | 64 | ||||||
| Clovis Oncology, Inc. (a)(b) | 16,075 | 19 | ||||||
| Cocrystal Pharma, Inc. (a) | 9,074 | 3 | ||||||
| Codexis, Inc. (a) | 7,212 | 44 | ||||||
| Co-Diagnostics, Inc. (a)(b) | 3,835 | 12 | ||||||
| Codiak Biosciences, Inc. (a) | 1,748 | 1 | ||||||
| Cogent Biosciences, Inc. (a) | 6,196 | 92 | ||||||
| Cognition Therapeutics, Inc. (a) | 1,520 | 3 | ||||||
| Coherus Biosciences, Inc. (a) | 8,295 | 80 | ||||||
| Collegium Pharmaceutical, Inc. (a) | 3,720 | 60 | ||||||
| Comera Life Sciences Holdings, Inc. (a) | 1,646 | 3 | ||||||
| Community Health Systems, Inc. (a) | 14,224 | 31 | ||||||
| Computer Programs and Systems, Inc. (a) | 1,585 | 44 | ||||||
| Concert Pharmaceuticals, Inc. (a) | 5,170 | 35 | ||||||
| Conformis, Inc. (a) | 20,491 | 4 | ||||||
| CONMED Corp. | 3,425 | 275 | ||||||
| Convey Holding Parent, Inc. (a)(b) | 1,746 | 18 | ||||||
| Corcept Therapeutics, Inc. (a) | 10,459 | 268 | ||||||
| CorVel Corp. (a) | 1,047 | 145 | ||||||
| Corvus Pharmaceuticals, Inc. (a)(b) | 3,910 | 3 | ||||||
| Covetrus, Inc. (a) | 11,920 | 249 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Crinetics Pharmaceuticals, Inc. (a) | 4,883 | $ | 96 | |||||
| Cross Country Healthcare, Inc. (a) | 4,080 | 116 | ||||||
| CryoPort, Inc. (a) | 5,341 | 130 | ||||||
| CTI BioPharma Corp. (a) | 11,688 | 68 | ||||||
| Cue BioPharma, Inc. (a) | 3,775 | 8 | ||||||
| Cue Health, Inc. (a) | 9,919 | 30 | ||||||
| Cullinan Oncology, Inc. (a) | 3,263 | 42 | ||||||
| Cumberland Pharmaceuticals, Inc. (a) | 915 | 2 | ||||||
| Curis, Inc. (a)(b) | 9,902 | 7 | ||||||
| Cutera, Inc. (a) | 2,133 | 97 | ||||||
| CVRx, Inc. (a) | 1,027 | 10 | ||||||
| Cyclerion Therapeutics, Inc. (a) | 4,590 | 4 | ||||||
| Cyteir Therapeutics, Inc. (a) | 1,849 | 4 | ||||||
| Cytek Biosciences, Inc. (a)(b) | 8,408 | 124 | ||||||
| Cytokinetics, Inc. (a) | 10,049 | 487 | ||||||
| CytomX Therapeutics, Inc. (a) | 7,113 | 10 | ||||||
| CytoSorbents Corp. (a) | 4,353 | 6 | ||||||
| Dare Bioscience, Inc. (a) | 9,437 | 9 | ||||||
| Day One Biopharmaceuticals, Inc. (a) | 3,586 | 72 | ||||||
| Decibel Therapeutics, Inc. (a)(b) | 1,133 | 4 | ||||||
| Deciphera Pharmaceuticals, Inc. (a) | 5,312 | 98 | ||||||
| Definitive Healthcare Corp. (a) | 3,538 | 55 | ||||||
| Delcath Systems, Inc. (a) | 956 | 3 | ||||||
| Denali Therapeutics, Inc. (a) | 11,625 | 357 | ||||||
| Design Therapeutics, Inc. (a)(b) | 3,549 | 59 | ||||||
| DICE Therapeutics, Inc. (a)(b) | 3,297 | 67 | ||||||
| DocGo, Inc. (a) | 8,832 | 88 | ||||||
| Doximity, Inc. Class A (a)(b) | 10,536 | 318 | ||||||
| Durect Corp. (a) | 25,343 | 15 | ||||||
| Dynavax Technologies Corp. (a) | 13,643 | 142 | ||||||
| Dyne Therapeutics, Inc. (a) | 3,115 | 40 | ||||||
| Eagle Pharmaceuticals, Inc. (a) | 1,313 | 35 | ||||||
| Eargo, Inc. (a) | 2,681 | 3 | ||||||
| Edgewise Therapeutics, Inc. (a) | 3,166 | 31 | ||||||
| Editas Medicine, Inc. (a) | 7,727 | 95 | ||||||
| Eiger Biopharmaceuticals, Inc. (a) | 4,642 | 35 | ||||||
| Ekso Bionics Holdings, Inc. (a) | 1,316 | 2 | ||||||
| Elanco Animal Health, Inc. (a) | 53,835 | 668 | ||||||
| Electrocore, Inc. (a) | 6,862 | 3 | ||||||
| Electromed, Inc. (a) | 693 | 7 | ||||||
| Eledon Pharmaceuticals, Inc. (a) | 1,561 | 4 | ||||||
| Eliem Therapeutics, Inc. (a) | 2,019 | 7 | ||||||
| Eloxx Pharmaceuticals, Inc. (a) | 6,000 | 1 | ||||||
| Embecta Corp. | 6,501 | 187 | ||||||
| Emergent BioSolutions, Inc. (a) | 4,642 | 97 | ||||||
| Enanta Pharmaceuticals, Inc. (a) | 2,189 | 114 | ||||||
| Encompass Health Corp. | 11,102 | 502 | ||||||
| Enhabit, Inc. (a) | 5,578 | 78 | ||||||
| Enovis Corp. (a) | 5,409 | 249 | ||||||
| Entrada Therapeutics, Inc. (a) | 1,889 | 30 | ||||||
| Envista Holdings Corp. (a) | 18,367 | 603 | ||||||
| enVVeno Medical Corp. (a) | 1,031 | 6 | ||||||
| Enzo Biochem, Inc. (a) | 4,204 | 9 | ||||||
| EQRx, Inc. (a)(b) | 21,371 | 106 | ||||||
| Equillium, Inc. (a) | 1,989 | 4 | ||||||
| Erasca, Inc. (a)(b) | 7,350 | 57 | ||||||
| Esperion Therapeutics, Inc. (a) | 7,480 | 50 | ||||||
| Establishment Labs Holdings, Inc. (a) | 2,370 | 129 | ||||||
| Eton Pharmaceuticals, Inc. (a) | 2,497 | 5 | ||||||
| Evelo Biosciences, Inc. (a)(b) | 6,130 | 13 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Evolent Health, Inc. Class A (a) | 9,889 | $ | 355 | |||||
| Evolus, Inc. (a) | 4,140 | 33 | ||||||
| Exact Sciences Corp. (a) | 19,892 | 646 | ||||||
| Exagen, Inc. (a) | 1,051 | 3 | ||||||
| Exelixis, Inc. (a) | 35,812 | 562 | ||||||
| Eyenovia, Inc. (a) | 2,680 | 5 | ||||||
| EyePoint Pharmaceuticals, Inc. (a)(b) | 2,939 | 23 | ||||||
| Fate Therapeutics, Inc. (a) | 10,353 | 232 | ||||||
| Fennec Pharmaceuticals, Inc. (a) | 2,426 | 20 | ||||||
| FibroGen, Inc. (a) | 9,793 | 127 | ||||||
| Figs, Inc. Class A (a) | 14,244 | 118 | ||||||
| Finch Therapeutics Group, Inc. (a) | 1,732 | 3 | ||||||
| Five Star Senior Living, Inc. (a) | 2,406 | 2 | ||||||
| Fluidigm Corp. (a) | 8,751 | 10 | ||||||
| Foghorn Therapeutics, Inc. (a)(b) | 2,031 | 17 | ||||||
| FONAR Corp. (a) | 715 | 10 | ||||||
| Forian, Inc. (a) | 1,964 | 7 | ||||||
| Forma Therapeutics Holdings, Inc. (a) | 4,728 | 94 | ||||||
| Forte Biosciences, Inc. (a) | 1,962 | 2 | ||||||
| Fortress Biotech, Inc. (a) | 10,395 | 9 | ||||||
| Frequency Therapeutics, Inc. (a) | 3,682 | 7 | ||||||
| F-Star Therapeutics, Inc. (a) | 2,057 | 11 | ||||||
| Fulcrum Therapeutics, Inc. (a) | 4,711 | 38 | ||||||
| Fulgent Genetics, Inc. (a) | 2,336 | 89 | ||||||
| G1 Therapeutics, Inc. (a)(b) | 3,980 | 50 | ||||||
| Gain Therapeutics, Inc. (a) | 876 | 3 | ||||||
| Galectin Therapeutics, Inc. (a) | 4,855 | 8 | ||||||
| Galera Therapeutics, Inc. (a) | 2,070 | 4 | ||||||
| Gelesis Holdings, Inc. (a) | 2,483 | 3 | ||||||
| Gemini Therapeutics, Inc. (a) | 2,306 | 4 | ||||||
| Generation Bio Co. (a) | 5,426 | 29 | ||||||
| Genprex, Inc. (a) | 5,124 | 7 | ||||||
| Geron Corp. (a) | 37,752 | 88 | ||||||
| Glaukos Corp. (a) | 5,189 | 276 | ||||||
| Global Blood Therapeutics, Inc. (a) | 7,200 | 490 | ||||||
| Globus Medical, Inc. (a) | 11,186 | 666 | ||||||
| GlycoMimetics, Inc. (a) | 4,760 | 3 | ||||||
| GoodRx Holdings, Inc. Class A (a) | 7,665 | 36 | ||||||
| Gossamer Bio, Inc. (a) | 8,215 | 98 | ||||||
| Graphite Bio, Inc. (a) | 3,039 | 10 | ||||||
| Great Elm Group, Inc. (a) | 2,814 | 6 | ||||||
| Greenlight Biosciences Holdings PBC (a)(b) | 5,758 | 13 | ||||||
| Greenwich Lifesciences, Inc. (a) | 130 | 1 | ||||||
| Gritstone bio, Inc. (a) | 6,962 | 18 | ||||||
| Guardant Health, Inc. (a) | 10,910 | 587 | ||||||
| Haemonetics Corp. (a) | 5,769 | 427 | ||||||
| Halozyme Therapeutics, Inc. (a) | 15,488 | 612 | ||||||
| Hanger, Inc. (a) | 4,176 | 78 | ||||||
| Harmony Biosciences Holdings, Inc. (a) | 3,561 | 158 | ||||||
| Harpoon Therapeutics, Inc. (a) | 1,992 | 2 | ||||||
| Harrow Health, Inc. (a) | 2,765 | 33 | ||||||
| Harvard Bioscience, Inc. (a) | 4,112 | 11 | ||||||
| HCW Biologics, Inc. (a) | 1,708 | 4 | ||||||
| Health Catalyst, Inc. (a) | 6,028 | 58 | ||||||
| HealthEquity, Inc. (a) | 9,311 | 625 | ||||||
| HealthStream, Inc. (a) | 2,742 | 58 | ||||||
| Heat Biologics, Inc. (a)(b) | 2,767 | 5 | ||||||
| Heron Therapeutics, Inc. (a) | 11,653 | 49 | ||||||
| Heska Corp. (a) | 1,155 | 84 | ||||||
| HilleVax, Inc. (a) | 1,632 | 28 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Homology Medicines, Inc. (a) | 4,627 | $ | 7 | |||||
| Hookipa Pharma, Inc. (a) | 4,809 | 6 | ||||||
| Horizon Therapeutics PLC (a) | 25,636 | 1,587 | ||||||
| Humacyte, Inc. (a) | 5,730 | 19 | ||||||
| Hyperfine, Inc. (a) | 5,032 | 4 | ||||||
| iCAD, Inc. (a) | 2,674 | 6 | ||||||
| Icosavax, Inc. (a) | 2,852 | 9 | ||||||
| ICU Medical, Inc. (a) | 2,279 | 343 | ||||||
| Ideaya Biosciences, Inc. (a) | 3,481 | 52 | ||||||
| Idera Pharmaceuticals, Inc. (a) | 4,576 | 2 | ||||||
| IGM Biosciences, Inc. (a)(b) | 1,974 | 45 | ||||||
| Ikena Oncology, Inc. (a) | 2,716 | 10 | ||||||
| Imago Biosciences, Inc. (a)(b) | 2,260 | 34 | ||||||
| IMARA, Inc. (a) | 1,790 | 4 | ||||||
| ImmuCell Corp. (a) | 624 | 5 | ||||||
| Immuneering Corp. Class A (a) | 2,188 | 31 | ||||||
| Immunic, Inc. (a) | 2,741 | 9 | ||||||
| ImmunityBio, Inc. (a)(b) | 9,544 | 47 | ||||||
| ImmunoGen, Inc. (a) | 24,810 | 119 | ||||||
| Immunome, Inc. (a) | 1,087 | 5 | ||||||
| Immunovant, Inc. (a) | 4,500 | 25 | ||||||
| Impel Neuropharma, Inc. (a)(b) | 1,158 | 6 | ||||||
| Imunon, Inc. (a) | 797 | 1 | ||||||
| IN8bio, Inc. (a) | 1,001 | 2 | ||||||
| Inari Medical, Inc. (a) | 5,153 | 374 | ||||||
| Infinity Pharmaceuticals, Inc. (a) | 9,933 | 12 | ||||||
| Infusystem Holdings, Inc. (a) | 2,067 | 14 | ||||||
| Inhibikase Therapeutics, Inc. (a) | 2,031 | 2 | ||||||
| Inhibrx, Inc. (a) | 2,882 | 52 | ||||||
| Inmune Bio, Inc. (a) | 1,323 | 8 | ||||||
| Innovage Holding Corp. (a) | 2,000 | 12 | ||||||
| Innoviva, Inc. (a) | 7,836 | 91 | ||||||
| Inogen, Inc. (a) | 2,467 | 60 | ||||||
| Inotiv, Inc. (a)(b) | 2,179 | 37 | ||||||
| Inovio Pharmaceuticals, Inc. (a) | 27,752 | 48 | ||||||
| Inozyme Pharma, Inc. (a) | 2,643 | 7 | ||||||
| Insmed, Inc. (a) | 13,351 | 288 | ||||||
| Inspire Medical Systems, Inc. (a) | 3,186 | 565 | ||||||
| Instil Bio, Inc. (a)(b) | 7,068 | 34 | ||||||
| Insulet Corp. (a) | 7,802 | 1,790 | ||||||
| Integer Holdings Corp. (a) | 3,723 | 232 | ||||||
| Integra LifeSciences Holdings Corp. (a) | 8,249 | 349 | ||||||
| Intellia Therapeutics, Inc. (a) | 8,027 | 449 | ||||||
| Intercept Pharmaceuticals, Inc. (a)(b) | 2,706 | 38 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 9,755 | 454 | ||||||
| Invacare Corp. (a)(b) | 3,522 | 3 | ||||||
| Invitae Corp. (a)(b) | 26,178 | 64 | ||||||
| Invivyd, Inc. (a) | 4,077 | 13 | ||||||
| Ionis Pharmaceuticals, Inc. (a) | 15,795 | 699 | ||||||
| Iovance Biotherapeutics, Inc. (a) | 16,305 | 156 | ||||||
| iRadimed Corp. | 814 | 24 | ||||||
| iRhythm Technologies, Inc. (a) | 3,341 | 419 | ||||||
| IRIDEX Corp. (a) | 1,451 | 3 | ||||||
| Ironwood Pharmaceuticals, Inc. (a) | 16,877 | 175 | ||||||
| IsoPlexis Corp. (a) | 1,476 | 3 | ||||||
| IsoRay, Inc. (a) | 15,965 | 4 | ||||||
| iTeos Therapeutics, Inc. (a) | 3,271 | 62 | ||||||
| IVERIC bio, Inc. (a) | 12,201 | 219 | ||||||
| Janux Therapeutics, Inc. (a)(b) | 2,507 | 34 | ||||||
| Jounce Therapeutics, Inc. (a) | 3,873 | 9 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Kala Pharmaceuticals, Inc. (a) | 6,814 | $ | 2 | |||||
| KalVista Pharmaceuticals, Inc. (a) | 2,374 | 34 | ||||||
| Karuna Therapeutics, Inc. (a) | 2,885 | 649 | ||||||
| Keros Therapeutics, Inc. (a) | 1,872 | 70 | ||||||
| Kezar Life Sciences, Inc. (a) | 6,597 | 57 | ||||||
| Kiniksa Pharmaceuticals Ltd. Class A (a) | 3,757 | 48 | ||||||
| Kinnate Biopharma, Inc. (a) | 2,005 | 24 | ||||||
| Kodiak Sciences, Inc. (a) | 5,554 | 43 | ||||||
| Kronos Bio, Inc. (a) | 4,446 | 15 | ||||||
| Krystal Biotech, Inc. (a) | 2,214 | 154 | ||||||
| Kura Oncology, Inc. (a) | 7,216 | 99 | ||||||
| Kymera Therapeutics, Inc. (a) | 4,783 | 104 | ||||||
| Lannett Co., Inc. (a) | 3,705 | 2 | ||||||
| Lantern Pharma, Inc. (a) | 897 | 4 | ||||||
| Lantheus Holdings, Inc. (a) | 7,571 | 532 | ||||||
| Larimar Therapeutics, Inc. (a) | 1,930 | 6 | ||||||
| Leap Therapeutics, Inc. (a) | 9,106 | 8 | ||||||
| LeMaitre Vascular, Inc. | 2,194 | 111 | ||||||
| LENSAR, Inc. (a) | 1,163 | 6 | ||||||
| Lexicon Pharmaceuticals, Inc. (a) | 20,433 | 49 | ||||||
| LHC Group, Inc. (a) | 3,347 | 548 | ||||||
| LifeStance Health Group, Inc. (a)(b) | 7,687 | 51 | ||||||
| Ligand Pharmaceuticals, Inc. (a) | 1,821 | 157 | ||||||
| Lineage Cell Therapeutics, Inc. (a)(b) | 19,080 | 22 | ||||||
| Liquidia Technologies, Inc. (a)(b) | 6,430 | 35 | ||||||
| Lisata Therapeutics, Inc. (a) | 454 | 2 | ||||||
| Longboard Pharmaceuticals, Inc. (a) | 1,032 | 4 | ||||||
| Lucid Diagnostics, Inc. (a) | 831 | 1 | ||||||
| Lucira Health, Inc. (a) | 3,368 | 4 | ||||||
| Lumos Pharma, Inc. (a)(b) | 561 | 5 | ||||||
| Lyell Immunopharma, Inc. (a)(b) | 9,004 | 66 | ||||||
| Lyra Therapeutics, Inc. (a)(b) | 2,565 | 13 | ||||||
| MacroGenics, Inc. (a) | 6,768 | 23 | ||||||
| Madrigal Pharmaceuticals, Inc. (a) | 1,399 | 91 | ||||||
| Magenta Therapeutics, Inc. (a)(b) | 4,212 | 6 | ||||||
| MannKind Corp. (a)(b) | 27,465 | 85 | ||||||
| Maravai LifeSciences Holdings, Inc. Class A (a) | 12,397 | 316 | ||||||
| Marinus Pharmaceuticals, Inc. (a) | 3,673 | 24 | ||||||
| Marker Therapeutics, Inc. (a) | 6,453 | 2 | ||||||
| Masimo Corp. (a) | 5,488 | 775 | ||||||
| Matinas BioPharma Holdings, Inc. (a) | 23,638 | 15 | ||||||
| Medpace Holdings, Inc. (a) | 2,780 | 437 | ||||||
| MEI Pharma, Inc. (a) | 13,768 | 5 | ||||||
| MeiraGTx Holdings PLC (a) | 3,908 | 33 | ||||||
| Meridian Bioscience, Inc. (a) | 4,868 | 153 | ||||||
| Merit Medical Systems, Inc. (a) | 6,316 | 357 | ||||||
| Merrimack Pharmaceuticals, Inc. (a) | 1,477 | 6 | ||||||
| Mersana Therapeutics, Inc. (a) | 8,826 | 60 | ||||||
| Mesa Laboratories, Inc. | 580 | 82 | ||||||
| Metacrine, Inc. (a) | 4,107 | 2 | ||||||
| Microbot Medical, Inc. (a) | 710 | 3 | ||||||
| Minerva Neurosciences, Inc. (a) | 515 | 5 | ||||||
| Mirati Therapeutics, Inc. (a) | 5,873 | 410 | ||||||
| Miromatrix Medical, Inc. (a) | 1,590 | 7 | ||||||
| Mirum Pharmaceuticals, Inc. (a) | 2,550 | 54 | ||||||
| ModivCare, Inc. (a) | 1,564 | 156 | ||||||
| Molecular Templates, Inc. (a) | 4,733 | 4 | ||||||
| Moleculin Biotech, Inc. (a) | 3,182 | 3 | ||||||
| Monte Rosa Therapeutics, Inc. (a)(b) | 3,393 | 28 | ||||||
| Morphic Holding, Inc. (a) | 3,189 | 90 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Multiplan Corp. (a)(b) | 29,751 | $ | 85 | |||||
| Mustang Bio, Inc. (a) | 9,915 | 5 | ||||||
| MyMD Pharmaceuticals, Inc. (a) | 3,674 | 10 | ||||||
| Myriad Genetics, Inc. (a) | 8,790 | 168 | ||||||
| NanoString Technologies, Inc. (a) | 5,226 | 67 | ||||||
| Natera, Inc. (a) | 9,908 | 434 | ||||||
| National HealthCare Corp. | 1,424 | 90 | ||||||
| National Research Corp. | 1,575 | 63 | ||||||
| Nektar Therapeutics (a) | 20,853 | 67 | ||||||
| Neogen Corp. (a) | 24,538 | 343 | ||||||
| NeoGenomics, Inc. (a) | 13,426 | 116 | ||||||
| Neoleukin Therapeutics, Inc. (a)(b) | 3,818 | 2 | ||||||
| Neurocrine Biosciences, Inc. (a) | 10,642 | 1,130 | ||||||
| NeuroMetrix, Inc. (a) | 793 | 2 | ||||||
| Neuronetics, Inc. (a) | 2,761 | 9 | ||||||
| NeuroPace, Inc. (a) | 338 | 1 | ||||||
| Nevro Corp. (a) | 3,777 | 176 | ||||||
| NexImmune, Inc. (a) | 1,754 | 1 | ||||||
| NextCure, Inc. (a) | 1,858 | 5 | ||||||
| NextGen Healthcare, Inc. (a) | 6,256 | 111 | ||||||
| NGM Biopharmaceuticals, Inc. (a) | 3,650 | 48 | ||||||
| Nkarta, Inc. (a)(b) | 3,756 | 49 | ||||||
| Northwest Biotherapeutics, Inc. (a)(b) | 114,240 | 82 | ||||||
| Novan, Inc. (a) | 2,364 | 4 | ||||||
| Novavax, Inc. (a)(b) | 8,881 | 162 | ||||||
| Nurix Therapeutics, Inc. (a) | 4,434 | 58 | ||||||
| Nutex Health, Inc. (a) | 34,675 | 52 | ||||||
| Nuvalent, Inc. Class A (a)(b) | 4,050 | 79 | ||||||
| NuVasive, Inc. (a) | 5,853 | 256 | ||||||
| Nuvation Bio, Inc. (a) | 15,540 | 35 | ||||||
| Oak Street Health, Inc. (a) | 12,883 | 316 | ||||||
| Ocugen, Inc. (a)(b) | 24,098 | 43 | ||||||
| Ocular Therapeutix, Inc. (a) | 8,651 | 36 | ||||||
| Ocuphire Pharma, Inc. (a) | 2,101 | 4 | ||||||
| Olema Pharmaceuticals, Inc. (a) | 3,900 | 11 | ||||||
| Omega Therapeutics, Inc. (a) | 2,010 | 11 | ||||||
| Omeros Corp. (a)(b) | 6,837 | 22 | ||||||
| Omnicell, Inc. (a) | 4,928 | 429 | ||||||
| Oncocyte Corp. (a) | 12,523 | 9 | ||||||
| Onconova Therapeutics, Inc. (a) | 2,347 | 2 | ||||||
| Oncternal Therapeutics, Inc. (a) | 5,436 | 5 | ||||||
| OpGen, Inc. (a) | 5,486 | 2 | ||||||
| Opiant Pharmaceuticals, Inc. (a) | 533 | 6 | ||||||
| OPKO Health, Inc. (a) | 47,332 | 89 | ||||||
| Optinose, Inc. (a) | 5,673 | 21 | ||||||
| Option Care Health, Inc. (a) | 17,553 | 552 | ||||||
| Oragenics, Inc. (a) | 12,818 | 3 | ||||||
| Oramed Pharmaceuticals, Inc. (a)(b) | 4,187 | 27 | ||||||
| OraSure Technologies, Inc. (a) | 7,915 | 30 | ||||||
| Organogenesis Holdings, Inc. (a) | 7,281 | 24 | ||||||
| Orgenesis, Inc. (a) | 2,581 | 4 | ||||||
| ORIC Pharmaceuticals, Inc. (a) | 3,460 | 11 | ||||||
| Orthofix Medical, Inc. (a) | 2,157 | 41 | ||||||
| OrthoPediatrics Corp. (a) | 1,612 | 74 | ||||||
| Osmotica Pharmaceuticals PLC (a) | 5,291 | 11 | ||||||
| Otonomy, Inc. (a) | 6,209 | 2 | ||||||
| Outlook Therapeutics, Inc. (a)(b) | 15,148 | 18 | ||||||
| Outset Medical, Inc. (a) | 5,233 | 83 | ||||||
| Ovid Therapeutics, Inc. (a) | 6,315 | 12 | ||||||
| Owens & Minor, Inc. | 8,312 | 200 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Owlet, Inc. (a) | 7,401 | $ | 8 | |||||
| Oyster Point Pharma, Inc. (a)(b) | 1,431 | 8 | ||||||
| P3 Health Partners, Inc. (a)(b) | 2,831 | 13 | ||||||
| Pacific Biosciences of California, Inc. (a)(b) | 22,975 | 133 | ||||||
| Pacira BioSciences, Inc. (a) | 5,047 | 268 | ||||||
| Palatin Technologies, Inc. (a) | 1,010 | 6 | ||||||
| Paragon 28, Inc. (a)(b) | 2,789 | 50 | ||||||
| Paratek Pharmaceuticals, Inc. (a) | 4,671 | 12 | ||||||
| Pardes Biosciences, Inc. (a) | 3,325 | 6 | ||||||
| Passage Bio, Inc. (a) | 3,153 | 4 | ||||||
| Patterson Cos., Inc. | 9,793 | 235 | ||||||
| PAVmed, Inc. (a) | 9,401 | 8 | ||||||
| PDL BioPharma, Inc. (a)(b)(c)(d) | 17,605 | 26 | ||||||
| PDS Biotechnology Corp. (a) | 2,649 | 8 | ||||||
| Pear Therapeutics, Inc. (a) | 6,932 | 14 | ||||||
| Pediatrix Medical Group, Inc. (a) | 9,291 | 153 | ||||||
| Penumbra, Inc. (a) | 4,087 | 775 | ||||||
| PepGen, Inc. (a) | 2,172 | 20 | ||||||
| Personalis, Inc. (a) | 4,118 | 12 | ||||||
| PetIQ, Inc. (a) | 2,794 | 19 | ||||||
| PhaseBio Pharmaceuticals, Inc. (a)(b) | 4,018 | 1 | ||||||
| Phathom Pharmaceuticals, Inc. (a) | 2,180 | 24 | ||||||
| Phibro Animal Health Corp. Class A | 2,286 | 30 | ||||||
| Phreesia, Inc. (a) | 5,608 | 143 | ||||||
| Pieris Pharmaceuticals, Inc. (a) | 7,180 | 8 | ||||||
| Pliant Therapeutics, Inc. (a) | 4,256 | 89 | ||||||
| PLx Pharma, Inc. (a) | 2,813 | 2 | ||||||
| PMV Pharmaceuticals, Inc. (a) | 3,470 | 41 | ||||||
| Point Biopharma Global, Inc. (a)(b) | 7,674 | 59 | ||||||
| Poseida Therapeutics, Inc. (a) | 6,232 | 22 | ||||||
| Praxis Precision Medicines, Inc. (a) | 4,243 | 10 | ||||||
| Precigen, Inc. (a)(b) | 11,344 | 24 | ||||||
| Precipio, Inc. (a) | 2,476 | 2 | ||||||
| Precision BioSciences, Inc. (a) | 9,814 | 13 | ||||||
| Predictive Oncology, Inc. (a) | 8,542 | 3 | ||||||
| Prelude Therapeutics, Inc. (a)(b) | 2,936 | 19 | ||||||
| Premier, Inc. Class A | 13,272 | 450 | ||||||
| Prestige Consumer Healthcare, Inc. (a) | 5,595 | 279 | ||||||
| Privia Health Group, Inc. (a) | 9,250 | 315 | ||||||
| PROCEPT BioRobotics Corp. (a)(b) | 4,658 | 193 | ||||||
| Pro-Dex, Inc. (a) | 279 | 5 | ||||||
| Progenity, Inc. (a) | 18,858 | 9 | ||||||
| Progyny, Inc. (a) | 8,260 | 306 | ||||||
| ProKidney Corp. (a) | 5,170 | 47 | ||||||
| Prometheus Biosciences, Inc. (a) | 2,879 | 170 | ||||||
| ProPhase Labs, Inc. | 1,454 | 16 | ||||||
| Protagonist Therapeutics, Inc. (a) | 4,959 | 42 | ||||||
| Protalix BioTherapeutics, Inc. (a)(b) | 4,631 | 5 | ||||||
| Protara Therapeutics, Inc. (a) | 946 | 3 | ||||||
| Provention Bio, Inc. (a) | 8,426 | 38 | ||||||
| Psychemedics Corp. | 478 | 3 | ||||||
| PTC Therapeutics, Inc. (a) | 7,879 | 396 | ||||||
| Pulmonx Corp. (a) | 3,555 | 59 | ||||||
| Pulse Biosciences, Inc. (a)(b) | 1,770 | 4 | ||||||
| Puma Biotechnology, Inc. (a) | 4,396 | 10 | ||||||
| Pyxis Oncology, Inc. (a) | 2,572 | 5 | ||||||
| Quanterix Corp. (a) | 3,779 | 42 | ||||||
| Quantum-Si, Inc. (a) | 10,441 | 29 | ||||||
| QuidelOrtho Corp. (a) | 5,626 | 402 | ||||||
| Quince Therapeutics, Inc. (a)(b) | 3,156 | 4 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| R1 RCM, Inc. (a) | 36,561 | $ | 677 | |||||
| RadNet, Inc. (a) | 5,597 | 114 | ||||||
| Rain Therapeutics, Inc. (a) | 1,604 | 8 | ||||||
| Rallybio Corp. (a) | 1,423 | 21 | ||||||
| Rani Therapeutics Holdings, Inc. (a) | 1,891 | 18 | ||||||
| Rapid Micro Biosystems, Inc. Class A (a)(b) | 1,610 | 5 | ||||||
| RAPT Therapeutics, Inc. (a) | 2,525 | 61 | ||||||
| Reata Pharmaceuticals, Inc. Class A (a) | 3,264 | 82 | ||||||
| Recro Pharma, Inc. (a) | 5,275 | 9 | ||||||
| Recursion Pharmaceuticals, Inc. Class A (a)(b) | 9,564 | 102 | ||||||
| REGENXBIO, Inc. (a) | 4,418 | 117 | ||||||
| Regulus Therapeutics, Inc. (a) | 1,424 | 2 | ||||||
| Relay Therapeutics, Inc. (a) | 8,409 | 188 | ||||||
| Relmada Therapeutics, Inc. (a) | 3,003 | 111 | ||||||
| Reneo Pharmaceuticals, Inc. (a) | 1,222 | 4 | ||||||
| Renovacor, Inc. (a) | 1,156 | 3 | ||||||
| Repligen Corp. (a) | 5,860 | 1,096 | ||||||
| Replimune Group, Inc. (a) | 3,527 | 61 | ||||||
| Retractable Technologies, Inc. (a) | 1,795 | 4 | ||||||
| Revance Therapeutics, Inc. (a) | 7,720 | 208 | ||||||
| REVOLUTION Medicines, Inc. (a) | 7,468 | 147 | ||||||
| Rhythm Pharmaceuticals, Inc. (a) | 4,896 | 120 | ||||||
| Rigel Pharmaceuticals, Inc. (a) | 19,427 | 23 | ||||||
| Rocket Pharmaceuticals, Inc. (a) | 6,974 | 111 | ||||||
| Royalty Pharma PLC Class A | 40,532 | 1,629 | ||||||
| Rubius Therapeutics, Inc. (a) | 5,230 | 2 | ||||||
| RxSight, Inc. (a) | 1,726 | 21 | ||||||
| SAB Biotherapeutics, Inc. (a) | 3,223 | 2 | ||||||
| Sage Therapeutics, Inc. (a) | 5,804 | 227 | ||||||
| Sana Biotechnology, Inc. (a)(b) | 9,071 | 54 | ||||||
| Sangamo Therapeutics, Inc. (a) | 14,931 | 73 | ||||||
| Sarepta Therapeutics, Inc. (a) | 9,446 | 1,044 | ||||||
| Satsuma Pharmaceuticals, Inc. (a) | 2,509 | 15 | ||||||
| Savara, Inc. (a) | 8,028 | 12 | ||||||
| Scholar Rock Holding Corp. (a) | 4,339 | 30 | ||||||
| Schrodinger, Inc. (a) | 6,550 | 164 | ||||||
| Science 37 Holdings, Inc. (a) | 8,850 | 14 | ||||||
| scPharmaceuticals, Inc. (a) | 1,524 | 10 | ||||||
| SCYNEXIS, Inc. (a) | 3,595 | 9 | ||||||
| Seagen, Inc. (a) | 20,732 | 2,837 | ||||||
| Seaspine Holdings Corp. (a) | 3,715 | 21 | ||||||
| Seelos Therapeutics, Inc. (a) | 11,749 | 12 | ||||||
| Seer, Inc. (a) | 4,654 | 36 | ||||||
| Select Medical Holdings Corp. | 11,581 | 256 | ||||||
| Selecta Biosciences, Inc. (a)(b) | 11,963 | 20 | ||||||
| Sellas Life Sciences Group, Inc. (a) | 2,309 | 5 | ||||||
| Sema4 Holdings Corp. (a) | 18,582 | 16 | ||||||
| Sensei Biotherapeutics, Inc. (a) | 1,953 | 3 | ||||||
| Senseonics Holdings, Inc. (a)(b) | 42,279 | 56 | ||||||
| Sensus Healthcare, Inc. (a) | 1,354 | 17 | ||||||
| Senti Biosciences, Inc. (a) | 3,842 | 8 | ||||||
| Seres Therapeutics, Inc. (a) | 10,565 | 68 | ||||||
| Sesen Bio, Inc. (a)(b) | 22,419 | 10 | ||||||
| Sharecare, Inc. (a)(b) | 32,010 | 61 | ||||||
| Shattuck Labs, Inc. (a) | 3,608 | 10 | ||||||
| Shockwave Medical, Inc. (a) | 3,998 | 1,112 | ||||||
| Shuttle Pharmaceuticals Holdings, Inc. (a) | 572 | 3 | ||||||
| SI-BONE, Inc. (a) | 3,311 | 58 | ||||||
| Sientra, Inc. (a) | 6,341 | 4 | ||||||
| SIGA Technologies, Inc. | 4,643 | 48 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Sight Sciences, Inc. (a) | 3,203 | $ | 20 | |||||
| Signify Health, Inc. Class A (a) | 8,031 | 234 | ||||||
| Silk Road Medical, Inc. (a) | 3,842 | 173 | ||||||
| Silverback Therapeutics, Inc. (a) | 2,738 | 14 | ||||||
| Simulations Plus, Inc. | 1,815 | 88 | ||||||
| Singular Genomics Systems, Inc. (a)(b) | 4,041 | 10 | ||||||
| SmileDirectClub, Inc. (a) | 13,209 | 12 | ||||||
| Solid Biosciences, Inc. (a) | 9,749 | 5 | ||||||
| SomaLogic, Inc. (a) | 12,915 | 37 | ||||||
| Sonendo, Inc. (a) | 1,510 | 2 | ||||||
| Sorrento Therapeutics, Inc. (a) | 50,579 | 79 | ||||||
| Sotera Health Co. (a) | 9,959 | 68 | ||||||
| Spectrum Pharmaceuticals, Inc. (a) | 19,013 | 8 | ||||||
| Spero Therapeutics, Inc. (a)(b) | 3,103 | 6 | ||||||
| SpringWorks Therapeutics, Inc. (a) | 4,323 | 123 | ||||||
| Spruce Biosciences, Inc. (a) | 1,364 | 2 | ||||||
| SQZ Biotechnologies Co. (a) | 2,456 | 6 | ||||||
| STAAR Surgical Co. (a) | 5,401 | 381 | ||||||
| Stereotaxis, Inc. (a) | 7,132 | 13 | ||||||
| Stoke Therapeutics, Inc. (a) | 2,237 | 29 | ||||||
| Strata Skin Sciences, Inc. (a) | 2,245 | 2 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 5,831 | 197 | ||||||
| Surface Oncology, Inc. (a) | 5,533 | 6 | ||||||
| Surgalign Holdings, Inc. (a) | 581 | 2 | ||||||
| Surgery Partners, Inc. (a) | 4,493 | 105 | ||||||
| Surmodics, Inc. (a) | 1,543 | 47 | ||||||
| Sutro Biopharma, Inc. (a) | 5,152 | 29 | ||||||
| Syndax Pharmaceuticals, Inc. (a) | 5,396 | 130 | ||||||
| Syneos Health, Inc. (a) | 11,656 | 550 | ||||||
| Synlogic, Inc. (a) | 5,660 | 5 | ||||||
| Synthetic Biologics, Inc. (a) | 1,763 | 2 | ||||||
| Syros Pharmaceuticals, Inc. (a)(b) | 825 | 5 | ||||||
| T2 Biosystems, Inc. (a) | 39,627 | 4 | ||||||
| Tabula Rasa Healthcare, Inc. (a)(b) | 2,711 | 13 | ||||||
| Tactile Systems Technology, Inc. (a) | 2,147 | 17 | ||||||
| Talaris Therapeutics, Inc. (a) | 2,272 | 6 | ||||||
| Talkspace, Inc. (a) | 10,775 | 11 | ||||||
| Tandem Diabetes Care, Inc. (a) | 7,219 | 345 | ||||||
| Tango Therapeutics, Inc. (a) | 5,098 | 18 | ||||||
| Tarsus Pharmaceuticals, Inc. (a) | 1,907 | 33 | ||||||
| Taysha Gene Therapies, Inc. (a) | 2,659 | 5 | ||||||
| TCR2 Therapeutics, Inc. (a) | 3,506 | 6 | ||||||
| Tela Bio, Inc. (a) | 1,130 | 10 | ||||||
| Teladoc Health, Inc. (a) | 17,622 | 447 | ||||||
| Tempest Therapeutics, Inc. (a) | 508 | 1 | ||||||
| Tenaya Therapeutics, Inc. (a) | 3,192 | 9 | ||||||
| Tenet Healthcare Corp. (a) | 12,006 | 619 | ||||||
| Terns Pharmaceuticals, Inc. (a) | 1,879 | 11 | ||||||
| TFF Pharmaceuticals, Inc. (a) | 2,368 | 10 | ||||||
| TG Therapeutics, Inc. (a) | 15,174 | 90 | ||||||
| The Ensign Group, Inc. | 5,965 | 474 | ||||||
| The Joint Corp. (a) | 1,597 | 25 | ||||||
| The Oncology Institute, Inc. (a)(b) | 2,783 | 13 | ||||||
| The Pennant Group, Inc. (a) | 3,086 | 32 | ||||||
| TherapeuticsMD, Inc. (a) | 951 | 6 | ||||||
| Theseus Pharmaceuticals, Inc. (a)(b) | 1,318 | 8 | ||||||
| Tilray, Inc. Class 2 (a)(b) | 63,222 | 174 | ||||||
| Timber Pharmaceuticals, Inc. (a) | 14,584 | 2 | ||||||
| Tonix Pharmaceuticals Holding Corp. (a)(b) | 5,085 | 3 | ||||||
| Tracon Pharmaceuticals, Inc. (a) | 2,017 | 3 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| TransMedics Group, Inc. (a) | 3,310 | $ | 138 | |||||
| Travere Therapeutics, Inc. (a) | 6,826 | 168 | ||||||
| Treace Medical Concepts, Inc. (a) | 3,585 | 79 | ||||||
| Trevena, Inc. (a) | 19,127 | 3 | ||||||
| Tricida, Inc. (a)(b) | 2,844 | 30 | ||||||
| TScan Therapeutics, Inc. (a) | 1,031 | 3 | ||||||
| Twist Bioscience Corp. (a) | 6,143 | 216 | ||||||
| Tyra Biosciences, Inc. (a)(b) | 2,191 | 19 | ||||||
| U.S. Physical Therapy, Inc. | 1,447 | 110 | ||||||
| UFP Technologies, Inc. (a) | 773 | 66 | ||||||
| Ultragenyx Pharmaceutical, Inc. (a) | 7,395 | 306 | ||||||
| United Therapeutics Corp. (a) | 5,065 | 1,061 | ||||||
| UNITY Biotechnology, Inc. (a) | 14,010 | 6 | ||||||
| UpHealth, Inc. (a) | 6,350 | 3 | ||||||
| UroGen Pharma Ltd. (a) | 2,193 | 18 | ||||||
| Utah Medical Products, Inc. | 389 | 33 | ||||||
| Vaccinex, Inc. (a) | 2,420 | 1 | ||||||
| Vanda Pharmaceuticals, Inc. (a) | 6,156 | 61 | ||||||
| Vapotherm, Inc. (a) | 2,576 | 4 | ||||||
| Varex Imaging Corp. (a) | 4,485 | 95 | ||||||
| Vaxart, Inc. (a)(b) | 14,219 | 31 | ||||||
| Vaxcyte, Inc. (a) | 4,445 | 107 | ||||||
| Vaxxinity, Inc. Class A (a) | 4,074 | 8 | ||||||
| Veeva Systems, Inc. Class A (a) | 15,795 | 2,604 | ||||||
| Ventyx Biosciences, Inc. (a) | 2,486 | 87 | ||||||
| Vera Therapeutics, Inc. (a) | 1,382 | 29 | ||||||
| Veracyte, Inc. (a) | 7,964 | 132 | ||||||
| Verastem, Inc. (a) | 20,683 | 18 | ||||||
| Vericel Corp. (a) | 5,304 | 123 | ||||||
| Verrica Pharmaceuticals, Inc. (a) | 2,752 | 8 | ||||||
| Verve Therapeutics, Inc. (a)(b) | 4,084 | 140 | ||||||
| Vicarious Surgical, Inc. (a) | 4,052 | 14 | ||||||
| Viemed Healthcare, Inc. (a) | 3,818 | 23 | ||||||
| Vigil Neuroscience, Inc. (a) | 1,494 | 14 | ||||||
| Viking Therapeutics, Inc. (a) | 7,749 | 21 | ||||||
| Vir Biotechnology, Inc. (a) | 8,735 | 168 | ||||||
| Viracta Therapeutics, Inc. (a) | 2,898 | 12 | ||||||
| Viridian Therapeutics, Inc. (a)(b) | 3,813 | 78 | ||||||
| Virios Therapeutics, Inc. (a) | 633 | — | (e) | |||||
| Vivani Medical, Inc. (a) | 1,073 | 2 | ||||||
| Vivos Therapeutics, Inc. (a) | 2,036 | 1 | ||||||
| Vor BioPharma, Inc. (a) | 2,937 | 12 | ||||||
| Voyager Therapeutics, Inc. (a) | 3,114 | 18 | ||||||
| Vyant Bio, Inc. (a) | 2,830 | 2 | ||||||
| Vyne Therapeutics, Inc. (a) | 6,515 | 1 | ||||||
| Werewolf Therapeutics, Inc. (a) | 1,709 | 8 | ||||||
| X4 Pharmaceuticals, Inc. (a) | 6,155 | 11 | ||||||
| XBiotech, Inc. (a) | 1,831 | 7 | ||||||
| Xencor, Inc. (a) | 6,643 | 173 | ||||||
| Xeris Biopharma Holdings, Inc. (a) | 14,510 | 23 | ||||||
| Xilio Therapeutics, Inc. (a) | 1,122 | 3 | ||||||
| XOMA Corp. (a) | 1,288 | 23 | ||||||
| Y-mAbs Therapeutics, Inc. (a) | 4,021 | 58 | ||||||
| Zentalis Pharmaceuticals, Inc. (a) | 5,759 | 125 | ||||||
| Zimvie, Inc. (a) | 2,281 | 23 | ||||||
| ZIOPHARM Oncology, Inc. (a)(b) | 22,092 | 38 | ||||||
| Zomedica Corp. (a)(b) | 109,043 | 23 | ||||||
| Zynerba Pharmaceuticals, Inc. (a) | 5,037 | 4 | ||||||
| 86,281 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (13.8%): | ||||||||
| 374Water, Inc. (a)(b) | 5,897 | $ | 17 | |||||
| 3D Systems Corp. (a) | 14,348 | 114 | ||||||
| AAON, Inc. | 4,761 | 257 | ||||||
| AAR Corp. (a) | 3,820 | 137 | ||||||
| ABM Industries, Inc. | 7,436 | 284 | ||||||
| ACCO Brands Corp. | 10,274 | 50 | ||||||
| Acme United Corp. | 348 | 8 | ||||||
| Acuity Brands, Inc. | 3,677 | 579 | ||||||
| ACV Auctions, Inc. Class A (a) | 12,556 | 90 | ||||||
| Advanced Drainage Systems, Inc. | 8,445 | 1,050 | ||||||
| Advent Technologies Holdings, Inc. (a) | 2,930 | 9 | ||||||
| AECOM | 15,856 | 1,084 | ||||||
| Aerojet Rocketdyne Holdings, Inc. (a) | 8,586 | 343 | ||||||
| AeroVironment, Inc. (a) | 2,667 | 222 | ||||||
| AerSale Corp. (a) | 1,704 | 32 | ||||||
| AGCO Corp. | 6,946 | 668 | ||||||
| Agrify Corp. (a)(b) | 2,745 | 1 | ||||||
| Air Industries Group (a) | 2,754 | 2 | ||||||
| Air Lease Corp. | 11,710 | 363 | ||||||
| Air T, Inc. | 169 | 3 | ||||||
| Air Transport Services Group, Inc. (a) | 6,586 | 159 | ||||||
| Alamo Group, Inc. | 1,332 | 163 | ||||||
| Albany International Corp. | 3,496 | 276 | ||||||
| Alight, Inc. Class A (a) | 25,913 | 190 | ||||||
| Allegiant Travel Co. (a) | 1,776 | 130 | ||||||
| Allied Motion Technologies, Inc. | 1,507 | 43 | ||||||
| Allison Transmission Holdings, Inc. | 10,819 | 365 | ||||||
| Alta Equipment Group, Inc. | 2,651 | 29 | ||||||
| Altra Industrial Motion Corp. | 7,314 | 246 | ||||||
| AMERCO, Inc. | 1,002 | 510 | ||||||
| Ameresco, Inc. Class A (a) | 3,572 | 237 | ||||||
| American Superconductor Corp. (a) | 3,113 | 14 | ||||||
| American Woodmark Corp. (a) | 1,850 | 81 | ||||||
| API Group Corp. (a) | 24,686 | 328 | ||||||
| Apogee Enterprises, Inc. | 2,415 | 92 | ||||||
| Applied Industrial Technologies, Inc. | 4,283 | 440 | ||||||
| Aqua Metals, Inc. (a) | 8,211 | 6 | ||||||
| ARC Document Solutions, Inc. | 4,100 | 9 | ||||||
| ArcBest Corp. | 2,701 | 196 | ||||||
| Archer Aviation, Inc. Class A (a)(b) | 13,860 | 36 | ||||||
| Arcosa, Inc. | 5,382 | 308 | ||||||
| Argan, Inc. | 1,498 | 48 | ||||||
| Aris Water Solution, Inc. Class A | 2,751 | 35 | ||||||
| Armstrong World Industries, Inc. | 5,216 | 413 | ||||||
| Array Technologies, Inc. (a) | 15,874 | 263 | ||||||
| ASGN, Inc. (a) | 5,529 | 500 | ||||||
| Astec Industries, Inc. | 2,544 | 79 | ||||||
| Astra Space, Inc. (a)(b) | 18,983 | 12 | ||||||
| Astronics Corp. (a) | 2,855 | 22 | ||||||
| Astrotech Corp. (a) | 5,104 | 2 | ||||||
| Atkore, Inc. (a) | 4,645 | 361 | ||||||
| Atlas Air Worldwide Holdings, Inc. (a) | 2,990 | 286 | ||||||
| Atlas Technical Consultants, Inc. (a) | 3,965 | 26 | ||||||
| Aurora Innovation, Inc. (a)(b) | 30,417 | 67 | ||||||
| Avis Budget Group, Inc. (a) | 5,349 | 794 | ||||||
| Axon Enterprise, Inc. (a) | 7,667 | 887 | ||||||
| AZZ, Inc. | 2,758 | 101 | ||||||
| Babcock & Wilcox Enterprises, Inc. (a) | 9,601 | 61 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Barnes Group, Inc. | 5,450 | $ | 157 | |||||
| Barrett Business Services, Inc. | 765 | 60 | ||||||
| Beacon Roofing Supply, Inc. (a) | 5,684 | 311 | ||||||
| Berkshire Grey, Inc. (a) | 4,672 | 8 | ||||||
| BGSF, Inc. | 1,096 | 12 | ||||||
| Bird Global, Inc. Class A (a)(b) | 10,242 | 4 | ||||||
| BitNile Holdings, Inc. (a) | 32,693 | 6 | ||||||
| BlackSky Technology, Inc. (a) | 6,866 | 10 | ||||||
| Blade Air Mobility, Inc. (a) | 5,271 | 21 | ||||||
| Blink Charging Co. (a)(b) | 4,677 | 83 | ||||||
| Bloom Energy Corp. Class A (a) | 19,217 | 384 | ||||||
| BlueLinx Holdings, Inc. (a) | 1,023 | 64 | ||||||
| Boise Cascade Co. | 4,390 | 261 | ||||||
| Booz Allen Hamilton Holding Corp. | 14,725 | 1,360 | ||||||
| Bowman Consulting Group Ltd. (a) | 1,013 | 15 | ||||||
| Brady Corp. Class A | 5,161 | 215 | ||||||
| BrightView Holdings, Inc. (a) | 4,329 | 34 | ||||||
| Broadwind, Inc. (a) | 2,113 | 6 | ||||||
| Builders FirstSource, Inc. (a) | 17,368 | 1,023 | ||||||
| BWX Technologies, Inc. | 10,357 | 522 | ||||||
| CACI International, Inc. Class A (a) | 2,632 | 687 | ||||||
| Cadre Holdings, Inc. (b) | 1,823 | 44 | ||||||
| Capstone Green Energy Corp. (a) | 1,989 | 4 | ||||||
| Carlisle Cos., Inc. | 5,814 | 1,630 | ||||||
| Casella Waste Systems, Inc. (a) | 5,641 | 431 | ||||||
| CBIZ, Inc. (a) | 5,547 | 237 | ||||||
| CECO Environmental Corp. (a) | 3,289 | 29 | ||||||
| Charah Solutions, Inc. (a) | 1,914 | 4 | ||||||
| ChargePoint Holdings, Inc. (a) | 20,067 | 296 | ||||||
| Chart Industries, Inc. (a) | 4,117 | 759 | ||||||
| Chicago Rivet & Machine Co. | 89 | 2 | ||||||
| CIRCOR International, Inc. (a) | 2,265 | 37 | ||||||
| Civeo Corp. (a) | 1,514 | 38 | ||||||
| Clean Harbors, Inc. (a) | 5,713 | 628 | ||||||
| Columbus McKinnon Corp. | 3,150 | 82 | ||||||
| Comfort Systems USA, Inc. | 3,981 | 387 | ||||||
| Commercial Vehicle Group, Inc. (a) | 3,185 | 14 | ||||||
| Concrete Pumping Holdings, Inc. (a) | 2,955 | 19 | ||||||
| Construction Partners, Inc. Class A (a) | 4,491 | 118 | ||||||
| Core & Main, Inc. Class A (a) | 6,873 | 156 | ||||||
| CoreCivic, Inc. (a) | 13,088 | 116 | ||||||
| Covenant Logistics Group, Inc. Class A | 1,086 | 31 | ||||||
| CRA International, Inc. | 781 | 69 | ||||||
| Crane Holdings Co. | 5,414 | 474 | ||||||
| CSW Industrials, Inc. | 1,734 | 208 | ||||||
| Curtiss-Wright Corp. | 4,316 | 601 | ||||||
| Daseke, Inc. (a) | 4,614 | 25 | ||||||
| Deluxe Corp. | 4,843 | 81 | ||||||
| Desktop Metal, Inc. Class A (a)(b) | 24,724 | 64 | ||||||
| DLH Holdings Corp. (a) | 1,251 | 15 | ||||||
| Donaldson Co., Inc. | 13,890 | 681 | ||||||
| Douglas Dynamics, Inc. | 2,520 | 71 | ||||||
| Driven Brands Holdings, Inc. (a) | 10,269 | 287 | ||||||
| DSS, Inc. (a) | 2,784 | 1 | ||||||
| Ducommun, Inc. (a) | 1,261 | 50 | ||||||
| Dun & Bradstreet Holdings, Inc. | 23,643 | 293 | ||||||
| DXP Enterprises, Inc. (a) | 1,798 | 43 | ||||||
| Dycom Industries, Inc. (a) | 3,221 | 308 | ||||||
| Eagle Bulk Shipping, Inc. | 1,446 | 62 | ||||||
| EMCOR Group, Inc. | 5,492 | 634 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Encore Wire Corp. | 2,085 | $ | 241 | |||||
| Energous Corp. (a)(b) | 8,444 | 9 | ||||||
| Energy Recovery, Inc. (a) | 5,131 | 112 | ||||||
| Energy Vault Holdings, Inc. (a) | 6,534 | 35 | ||||||
| Enerpac Tool Group Corp. | 6,470 | 115 | ||||||
| EnerSys | 4,525 | 263 | ||||||
| Ennis, Inc. | 2,784 | 56 | ||||||
| Enovix Corp. (a) | 12,134 | 222 | ||||||
| EnPro Industries, Inc. | 2,338 | 199 | ||||||
| Eos Energy Enterprises, Inc. (a) | 5,893 | 10 | ||||||
| Esab Corp. | 5,727 | 191 | ||||||
| ESCO Technologies, Inc. | 2,877 | 211 | ||||||
| Espey Manufacturing & Electronics Corp. (a) | 175 | 2 | ||||||
| ESS Tech, Inc. (a) | 5,395 | 22 | ||||||
| Eve Holding, Inc. (a)(b) | 2,400 | 22 | ||||||
| EVI Industries, Inc. (a) | 597 | 11 | ||||||
| Evoqua Water Technologies Corp. (a) | 13,519 | 447 | ||||||
| Exponent, Inc. | 5,746 | 504 | ||||||
| Fast Radius, Inc. (a) | 3,691 | 1 | ||||||
| Fathom Digital Manufacturing C (a)(b) | 1,538 | 3 | ||||||
| Federal Signal Corp. | 6,746 | 252 | ||||||
| First Advantage Corp. (a) | 5,742 | 74 | ||||||
| FiscalNote Holdings, Inc. (a)(b) | 7,583 | 48 | ||||||
| Flowserve Corp. | 14,840 | 361 | ||||||
| Fluence Energy, Inc. (a)(b) | 4,153 | 61 | ||||||
| Fluor Corp. (a) | 15,810 | 394 | ||||||
| Forrester Research, Inc. (a) | 1,272 | 46 | ||||||
| Fortress Transportation and Infrastructure Investors LLC Class A | 11,059 | 166 | ||||||
| Forward Air Corp. | 3,018 | 272 | ||||||
| Franklin Covey Co. (a) | 1,353 | 61 | ||||||
| Franklin Electric Co., Inc. | 4,363 | 357 | ||||||
| FreightCar America, Inc. (a) | 1,251 | 5 | ||||||
| Frontier Group Holdings, Inc. (a) | 4,202 | 41 | ||||||
| FTAI Infrastructure, Inc. (a) | 11,284 | 27 | ||||||
| FTC Solar, Inc. (a) | 3,928 | 12 | ||||||
| FTI Consulting, Inc. (a) | 3,804 | 630 | ||||||
| Fuel Tech, Inc. (a) | 2,648 | 3 | ||||||
| FuelCell Energy, Inc. (a)(b) | 46,050 | 157 | ||||||
| Gates Industrial Corp. PLC (a) | 11,539 | 113 | ||||||
| GATX Corp. | 3,968 | 338 | ||||||
| GEE Group, Inc. (a) | 12,176 | 8 | ||||||
| Gencor Industries, Inc. (a) | 1,176 | 11 | ||||||
| Gibraltar Industries, Inc. (a) | 3,556 | 146 | ||||||
| Global Industrial Co. | 819 | 22 | ||||||
| GMS, Inc. (a) | 4,767 | 191 | ||||||
| Graco, Inc. | 19,010 | 1,140 | ||||||
| GrafTech International Ltd. | 21,851 | 94 | ||||||
| Graham Corp. | 1,121 | 10 | ||||||
| Granite Construction, Inc. | 4,956 | 126 | ||||||
| Great Lakes Dredge & Dock Corp. (a) | 7,277 | 55 | ||||||
| Griffon Corp. | 5,378 | 159 | ||||||
| GXO Logistics, Inc. (a) | 13,200 | 463 | ||||||
| H&E Equipment Services, Inc. | 3,572 | 101 | ||||||
| Harsco Corp. (a) | 8,838 | 33 | ||||||
| Hawaiian Holdings, Inc. (a) | 5,660 | 74 | ||||||
| Hayward Holdings, Inc. (a) | 19,369 | 172 | ||||||
| Healthcare Services Group | 8,325 | 101 | ||||||
| Heartland Express, Inc. | 5,289 | 76 | ||||||
| HEICO Corp. | 4,147 | 597 | ||||||
| HEICO Corp. Class A | 8,388 | 961 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Heidrick & Struggles International, Inc. | 2,195 | $ | 57 | |||||
| Heliogen, Inc. (a) | 15,561 | 29 | ||||||
| Helios Technologies, Inc. | 3,658 | 185 | ||||||
| Herc Holdings, Inc. | 3,363 | 349 | ||||||
| Heritage-Crystal Clean, Inc. (a) | 1,785 | 53 | ||||||
| Hexcel Corp. | 9,454 | 489 | ||||||
| Hillenbrand, Inc. | 7,808 | 287 | ||||||
| Hillman Solutions Corp. (a) | 12,581 | 95 | ||||||
| HireQuest, Inc. | 580 | 7 | ||||||
| HireRight Holdings Corp. (a) | 2,255 | 34 | ||||||
| HNI Corp. | 4,600 | 122 | ||||||
| Hub Group, Inc. Class A (a) | 3,744 | 258 | ||||||
| Hubbell, Inc. | 6,033 | 1,345 | ||||||
| Hudson Global, Inc. (a) | 259 | 9 | ||||||
| Hudson Technologies, Inc. (a) | 4,242 | 31 | ||||||
| Hurco Cos., Inc. | 701 | 16 | ||||||
| Huron Consulting Group, Inc. (a) | 2,289 | 152 | ||||||
| Hydrofarm Holdings Group, Inc. (a)(b) | 4,403 | 9 | ||||||
| Hyliion Holdings Corp. (a) | 12,250 | 35 | ||||||
| HyreCar, Inc. (a) | 2,319 | 2 | ||||||
| Hyster-Yale Materials Handling, Inc. | 641 | 14 | ||||||
| Hyzon Motors, Inc. (a)(b) | 8,162 | 14 | ||||||
| IAA, Inc. (a) | 15,035 | 479 | ||||||
| Icahn Enterprises, LP | 36,648 | 1,820 | ||||||
| ICF International, Inc. | 2,048 | 223 | ||||||
| Ideal Power, Inc. (a) | 590 | 6 | ||||||
| Ideanomics, Inc. (a) | 52,559 | 14 | ||||||
| IES Holdings, Inc. (a) | 2,237 | 62 | ||||||
| Infrastructure And Energy Alternatives, Inc. Class A (a) | 5,193 | 70 | ||||||
| INNOVATE Corp. (a)(b) | 5,521 | 4 | ||||||
| Innovative Solutions & Support, Inc. (a) | 1,333 | 12 | ||||||
| Insperity, Inc. | 4,058 | 414 | ||||||
| Insteel Industries, Inc. | 2,103 | 56 | ||||||
| Interface, Inc. | 6,472 | 58 | ||||||
| iSun, Inc. (a) | 816 | 2 | ||||||
| ITT, Inc. | 9,297 | 607 | ||||||
| Janus International Group, Inc. (a) | 8,491 | 76 | ||||||
| JELD-WEN Holding, Inc. (a) | 8,994 | 79 | ||||||
| JetBlue Airways Corp. (a) | 36,772 | 244 | ||||||
| Joby Aviation, Inc. (a)(b) | 34,492 | 149 | ||||||
| John Bean Technologies Corp. | 3,546 | 305 | ||||||
| Kadant, Inc. | 1,312 | 219 | ||||||
| Kaman Corp. | 3,149 | 88 | ||||||
| KAR Auction Services, Inc. (a) | 12,890 | 144 | ||||||
| Karat Packaging, Inc. (a) | 653 | 10 | ||||||
| KBR, Inc. | 15,630 | 676 | ||||||
| Kelly Services, Inc. Class A | 3,810 | 52 | ||||||
| Kennametal, Inc. | 8,774 | 181 | ||||||
| Kforce, Inc. | 2,260 | 133 | ||||||
| Kimball International, Inc. Class B | 4,030 | 25 | ||||||
| Kirby Corp. (a) | 6,733 | 409 | ||||||
| Knightscope, Inc. Class A (a) | 2,997 | 7 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 16,966 | 830 | ||||||
| Korn Ferry | 5,940 | 279 | ||||||
| Kratos Defense & Security Solutions, Inc. (a) | 14,015 | 142 | ||||||
| KULR Technology Group, Inc. (a) | 7,793 | 10 | ||||||
| Landstar System, Inc. | 4,095 | 591 | ||||||
| Lawson Products, Inc. (a) | 2,163 | 61 | ||||||
| LB Foster Co. Class A (a) | 1,118 | 11 | ||||||
| Legalzoom.com, Inc. (a)(b) | 8,615 | 74 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Lennox International, Inc. | 3,621 | $ | 806 | |||||
| Lightning eMotors, Inc. (a) | 3,964 | 6 | ||||||
| Limbach Holdings, Inc. (a) | 1,008 | 8 | ||||||
| Lincoln Electric Holdings, Inc. | 6,510 | 818 | ||||||
| Lindsay Corp. | 1,234 | 177 | ||||||
| LSI Industries, Inc. | 2,685 | 21 | ||||||
| Lyft, Inc. Class A (a) | 33,997 | 448 | ||||||
| ManpowerGroup, Inc. | 5,816 | 376 | ||||||
| Markforged Holding Corp. (a)(b) | 9,648 | 19 | ||||||
| Marten Transport Ltd. | 6,531 | 125 | ||||||
| MasTec, Inc. (a) | 6,604 | 419 | ||||||
| Mastech Digital, Inc. (a) | 369 | 5 | ||||||
| Matrix Service Co. (a) | 2,888 | 12 | ||||||
| Matson, Inc. | 4,338 | 267 | ||||||
| Matthews International Corp. Class A | 3,163 | 71 | ||||||
| Maxar Technologies, Inc. | 8,173 | 153 | ||||||
| Mayville Engineering Co., Inc. (a) | 1,095 | 7 | ||||||
| McGrath RentCorp | 2,712 | 227 | ||||||
| MDU Resources Group, Inc. | 22,166 | 606 | ||||||
| Mercury Systems, Inc. (a) | 6,352 | 258 | ||||||
| Mesa Air Group, Inc. (a) | 3,955 | 7 | ||||||
| Microvast Holdings, Inc. (a)(b) | 14,084 | 25 | ||||||
| Miller Industries, Inc. | 1,245 | 27 | ||||||
| MillerKnoll, Inc. | 8,526 | 133 | ||||||
| Mistras Group, Inc. (a) | 2,029 | 9 | ||||||
| Momentus, Inc. (a) | 5,957 | 8 | ||||||
| Montrose Environmental Group, Inc. (a) | 2,932 | 99 | ||||||
| Moog, Inc. Class A | 3,223 | 227 | ||||||
| MRC Global, Inc. (a) | 9,018 | 65 | ||||||
| MSA Safety, Inc. | 4,132 | 452 | ||||||
| MSC Industrial Direct Co., Inc. | 5,214 | 380 | ||||||
| Mueller Industries, Inc. | 6,243 | 371 | ||||||
| Mueller Water Products, Inc. Class A | 17,432 | 179 | ||||||
| MYR Group, Inc. (a) | 1,854 | 157 | ||||||
| National Presto Industries, Inc. | 593 | 39 | ||||||
| Nikola Corp. (a)(b) | 31,007 | 109 | ||||||
| Nl Industries, Inc. | 941 | 7 | ||||||
| NN, Inc. (a) | 4,783 | 8 | ||||||
| Northwest Pipe Co. (a) | 1,094 | 31 | ||||||
| NOW, Inc. (a) | 12,461 | 125 | ||||||
| NuScale Power Corp. (a)(b) | 2,364 | 28 | ||||||
| nVent Electric PLC | 18,526 | 586 | ||||||
| Ocean Power Technologies, Inc. (a) | 6,348 | 5 | ||||||
| Odyssey Marine Exploration, Inc. (a) | 1,902 | 6 | ||||||
| Omega Flex, Inc. | 378 | 35 | ||||||
| Orbital Infrastructure Group, Inc. (a) | 11,144 | 5 | ||||||
| Orion Energy Systems, Inc. (a) | 3,121 | 5 | ||||||
| Orion Group Holdings, Inc. (a) | 3,228 | 9 | ||||||
| Oshkosh Corp. | 7,349 | 517 | ||||||
| Owens Corning | 10,818 | 850 | ||||||
| PAM Transportation Services, Inc. (a) | 733 | 23 | ||||||
| Park Aerospace Corp. | 2,253 | 25 | ||||||
| Park-Ohio Holdings Corp. | 975 | 11 | ||||||
| Parsons Corp. (a) | 11,642 | 456 | ||||||
| Performant Financial Corp. (a) | 6,788 | 13 | ||||||
| Perma-Fix Environmental Services (a) | 1,177 | 5 | ||||||
| Perma-Pipe International Holdings, Inc. (a) | 853 | 8 | ||||||
| PGT Innovations, Inc. (a) | 6,466 | 136 | ||||||
| Pitney Bowes, Inc. | 18,360 | 43 | ||||||
| Planet Labs PBC (a)(b) | 20,050 | 109 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Plug Power, Inc. (a)(b) | 58,481 | $ | 1,229 | |||||
| Polar Power, Inc. (a) | 813 | 2 | ||||||
| Powell Industries, Inc. | 1,017 | 21 | ||||||
| Preformed Line Products Co. | 314 | 22 | ||||||
| Primoris Services Corp. | 5,921 | 96 | ||||||
| Proto Labs, Inc. (a) | 3,091 | 113 | ||||||
| Quad/Graphics, Inc. (a) | 3,597 | 9 | ||||||
| Quanex Building Products Corp. | 3,686 | 67 | ||||||
| Quest Resource Holding Corp. (a) | 1,671 | 14 | ||||||
| RBC Bearings, Inc. (a) | 3,219 | 669 | ||||||
| RCM Technologies, Inc. (a) | 881 | 15 | ||||||
| Red Violet, Inc. (a) | 966 | 17 | ||||||
| Redwire Corp. (a)(b) | 2,082 | 5 | ||||||
| Regal Rexnord Corp. | 7,549 | 1,060 | ||||||
| Resideo Technologies, Inc. (a) | 16,377 | 312 | ||||||
| Resources Connection, Inc. | 3,571 | 65 | ||||||
| REV Group, Inc. | 3,503 | 39 | ||||||
| Rocket Lab USA, Inc. (a) | 28,225 | 115 | ||||||
| Romeo Power, Inc. (a)(b) | 19,841 | 8 | ||||||
| Rush Enterprises, Inc. Class A | 4,821 | 211 | ||||||
| Rush Enterprises, Inc. Class B | 633 | 30 | ||||||
| Ryder System, Inc. | 5,698 | 430 | ||||||
| Saia, Inc. (a) | 2,998 | 570 | ||||||
| Sarcos Technology and Robotics Corp. (a)(b) | 7,733 | 17 | ||||||
| Schneider National, Inc. Class B | 6,039 | 123 | ||||||
| Science Applications International Corp. | 6,196 | 548 | ||||||
| SES AI Corp. (a)(b) | 25,229 | 123 | ||||||
| SG Blocks, Inc. (a) | 1,108 | 2 | ||||||
| Shapeways Holdings, Inc. (a)(b) | 2,736 | 2 | ||||||
| Shoals Technologies Group, Inc. Class A (a) | 11,897 | 256 | ||||||
| Simpson Manufacturing Co., Inc. | 4,852 | 380 | ||||||
| Sino-Global Shipping America Ltd. (a)(b) | 2,220 | 6 | ||||||
| SiteOne Landscape Supply, Inc. (a) | 5,012 | 522 | ||||||
| Skillsoft Corp. (a) | 9,708 | 18 | ||||||
| SkyWest, Inc. (a) | 5,514 | 90 | ||||||
| SP Plus Corp. (a) | 2,537 | 79 | ||||||
| Spire Global, Inc. (a)(b) | 11,435 | 12 | ||||||
| Spirit AeroSystems Holdings, Inc. Class A | 11,819 | 259 | ||||||
| Spirit Airlines, Inc. (a) | 12,237 | 230 | ||||||
| SPX Technologies, Inc. (a) | 4,928 | 272 | ||||||
| Standex International Corp. | 1,331 | 109 | ||||||
| Steelcase, Inc. Class A | 9,743 | 64 | ||||||
| Stem, Inc. (a) | 14,885 | 199 | ||||||
| Stericycle, Inc. (a) | 10,467 | 441 | ||||||
| Sterling Check Corp. (a) | 9,410 | 166 | ||||||
| Sterling Infrastructure, Inc. (a) | 3,268 | 70 | ||||||
| Sun Country Airlines Holdings, Inc. (a) | 3,763 | 51 | ||||||
| SunPower Corp. (a)(b) | 9,687 | 223 | ||||||
| Sunrun, Inc. (a) | 23,362 | 645 | ||||||
| Sunworks, Inc. (a)(b) | 3,664 | 10 | ||||||
| Symbotic, Inc. (a) | 880 | 10 | ||||||
| Taylor Devices, Inc. (a) | 338 | 3 | ||||||
| Tennant Co. | 2,090 | 118 | ||||||
| Terex Corp. | 7,467 | 222 | ||||||
| Terran Orbital Corp. (a) | 7,985 | 14 | ||||||
| Tetra Tech, Inc. | 5,995 | 771 | ||||||
| Textainer Group Holdings Ltd. | 4,872 | 131 | ||||||
| The AZEK Co., Inc. (a) | 16,757 | 279 | ||||||
| The Brink's Co. | 5,257 | 255 | ||||||
| The Eastern Co. | 664 | 12 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| The GEO Group, Inc. (a) | 13,385 | $ | 103 | |||||
| The Gorman-Rupp Co. | 2,549 | 61 | ||||||
| The Greenbrier Cos., Inc. | 3,553 | 86 | ||||||
| The LS Starrett Co. Class A (a) | 645 | 6 | ||||||
| The Manitowoc Co., Inc. (a) | 3,873 | 30 | ||||||
| The Middleby Corp. (a) | 5,812 | 745 | ||||||
| The Shyft Group, Inc. | 3,624 | 74 | ||||||
| The Timken Co. | 7,339 | 433 | ||||||
| The Toro Co. | 11,873 | 1,027 | ||||||
| Thermon Group Holdings, Inc. (a) | 3,725 | 57 | ||||||
| Titan International, Inc. (a) | 5,777 | 70 | ||||||
| Titan Machinery, Inc. (a) | 2,281 | 64 | ||||||
| TPI Composites, Inc. (a) | 4,149 | 47 | ||||||
| TransUnion | 21,858 | 1,300 | ||||||
| Trex Co., Inc. (a) | 12,395 | 545 | ||||||
| TriNet Group, Inc. (a) | 6,560 | 467 | ||||||
| Trinity Industries, Inc. | 9,219 | 197 | ||||||
| Triumph Group, Inc. (a) | 7,230 | 62 | ||||||
| TrueBlue, Inc. (a) | 3,600 | 69 | ||||||
| TuSimple Holdings, Inc. Class A (a)(b) | 13,430 | 102 | ||||||
| Tutor Perini Corp. (a) | 4,723 | 26 | ||||||
| Twin Disc, Inc. (a) | 1,190 | 14 | ||||||
| Uber Technologies, Inc. (a) | 213,574 | 5,660 | ||||||
| UFP Industries, Inc. | 6,786 | 490 | ||||||
| Ultralife Corp. (a) | 1,099 | 5 | ||||||
| UniFirst Corp. | 1,697 | 285 | ||||||
| Univar Solutions, Inc. (a) | 18,749 | 426 | ||||||
| Universal Logistics Holdings, Inc. | 717 | 23 | ||||||
| Upwork, Inc. (a) | 12,895 | 176 | ||||||
| V2X, Inc. (a) | 1,314 | 47 | ||||||
| Valmont Industries, Inc. | 2,376 | 638 | ||||||
| Velo3D, Inc. (a)(b) | 9,660 | 38 | ||||||
| Veritiv Corp. (a) | 1,475 | 144 | ||||||
| Vertiv Holdings Co. | 34,678 | 337 | ||||||
| Viad Corp. (a) | 2,271 | 72 | ||||||
| Vicor Corp. (a) | 2,524 | 149 | ||||||
| View, Inc. (a)(b) | 15,931 | 21 | ||||||
| Virgin Galactic Holdings, Inc. (a)(b) | 22,324 | 105 | ||||||
| Virgin Orbit Holdings, Inc. (a) | 1,521 | 5 | ||||||
| VirTra, Inc. (a) | 1,173 | 6 | ||||||
| Vivakor, Inc. (a) | 1,230 | 1 | ||||||
| VSE Corp. | 1,192 | 42 | ||||||
| Wabash National Corp. | 5,348 | 83 | ||||||
| Watsco, Inc. | 3,733 | 961 | ||||||
| Watts Water Technologies, Inc. Class A | 3,070 | 386 | ||||||
| Werner Enterprises, Inc. | 6,193 | 233 | ||||||
| WESCO International, Inc. (a) | 4,961 | 592 | ||||||
| Westwater Resources, Inc. (a) | 5,253 | 6 | ||||||
| Wheels Up Experience, Inc. (a) | 18,597 | 21 | ||||||
| Willdan Group, Inc. (a) | 1,373 | 20 | ||||||
| Williams Industrial Services Group, Inc. (a) | 2,682 | 4 | ||||||
| Willis Lease Finance Corp. (a) | 263 | 9 | ||||||
| WillScot Mobile Mini Holdings Corp. (a) | 23,779 | 959 | ||||||
| Woodward, Inc. | 6,403 | 514 | ||||||
| Xos, Inc. (a)(b) | 5,657 | 7 | ||||||
| XPO Logistics, Inc. (a) | 12,802 | 570 | ||||||
| Yellow Corp. (a) | 3,634 | 18 | ||||||
| Zurn Elkay Water Solutions Corp. | 16,752 | 410 | ||||||
| 91,309 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Information Technology (18.2%): | ||||||||
| 8x8, Inc. (a) | 12,939 | $ | 45 | |||||
| 908 Devices, Inc. (a)(b) | 2,546 | 42 | ||||||
| A10 Networks, Inc. | 6,919 | 92 | ||||||
| ACI Worldwide, Inc. (a) | 12,691 | 265 | ||||||
| ACM Research, Inc. Class A (a) | 5,045 | 63 | ||||||
| ADTRAN Holdings, Inc. | 7,912 | 155 | ||||||
| Advanced Energy Industries, Inc. | 4,157 | 322 | ||||||
| Aehr Test Systems (a)(b) | 2,794 | 39 | ||||||
| Aeva Technologies, Inc. (a) | 12,117 | 23 | ||||||
| AEye, Inc. (a) | 11,756 | 13 | ||||||
| Affirm Holdings, Inc. (a)(b) | 22,358 | 419 | ||||||
| AgileThought, Inc. (a)(b) | 2,789 | 11 | ||||||
| Agilysys, Inc. (a) | 2,700 | 149 | ||||||
| Airgain, Inc. (a) | 1,077 | 8 | ||||||
| Airspan Networks Holdings, Inc. (a)(b) | 1,642 | 3 | ||||||
| Akoustis Technologies, Inc. (a)(b) | 6,169 | 18 | ||||||
| Alarm.com Holdings, Inc. (a) | 5,366 | 348 | ||||||
| Alkami Technology, Inc. (a)(b) | 3,928 | 59 | ||||||
| Allegro MicroSystems, Inc. (a) | 7,384 | 161 | ||||||
| Alpha & Omega Semiconductor Ltd. (a) | 2,486 | 76 | ||||||
| Altair Engineering, Inc. Class A (a) | 5,809 | 257 | ||||||
| Alteryx, Inc. Class A (a) | 6,623 | 370 | ||||||
| Ambarella, Inc. (a) | 4,100 | 230 | ||||||
| American Software, Inc. Class A | 3,577 | 55 | ||||||
| American Virtual Cloud Technologies, Inc. (a)(b) | 8,914 | 2 | ||||||
| Amkor Technology, Inc. | 6,115 | 104 | ||||||
| Amplitude, Inc. Class A (a) | 5,039 | 78 | ||||||
| Amtech Systems, Inc. (a) | 1,277 | 11 | ||||||
| Appfolio, Inc. Class A (a) | 2,038 | 213 | ||||||
| Appian Corp. (a)(b) | 4,511 | 184 | ||||||
| Applied Blockchain, Inc. (a) | 7,489 | 13 | ||||||
| Applied Optoelectronics, Inc. (a)(b) | 2,879 | 8 | ||||||
| AppLovin Corp. Class A (a)(b) | 11,602 | 226 | ||||||
| Arlo Technologies, Inc. (a) | 9,552 | 44 | ||||||
| Arrow Electronics, Inc. (a) | 7,213 | 665 | ||||||
| Arteris, Inc. (a) | 1,781 | 12 | ||||||
| Asana, Inc. Class A (a)(b) | 8,446 | 188 | ||||||
| Aspen Technology, Inc. (a) | 7,493 | 1,785 | ||||||
| AstroNova, Inc. (a) | 684 | 8 | ||||||
| Asure Software, Inc. (a) | 2,034 | 12 | ||||||
| Atomera, Inc. (a)(b) | 2,548 | 26 | ||||||
| Autoscope Technologies Corp. | 459 | 2 | ||||||
| Avalara, Inc. (a) | 9,722 | 892 | ||||||
| Avaya Holdings Corp. (a)(b) | 8,089 | 13 | ||||||
| AvePoint, Inc. (a) | 12,209 | 49 | ||||||
| Aviat Networks, Inc. (a) | 1,205 | 33 | ||||||
| Avid Technology, Inc. (a) | 4,663 | 108 | ||||||
| AvidXchange Holdings, Inc. (a) | 14,394 | 121 | ||||||
| Avnet, Inc. | 10,641 | 384 | ||||||
| Aware, Inc. (a) | 1,529 | 3 | ||||||
| Axcelis Technologies, Inc. (a) | 3,639 | 220 | ||||||
| AXT, Inc. (a) | 4,595 | 31 | ||||||
| Backblaze, Inc. Class A (a) | 1,373 | 7 | ||||||
| Badger Meter, Inc. | 3,290 | 304 | ||||||
| Bel Fuse, Inc. Class A | 197 | 6 | ||||||
| Bel Fuse, Inc. Class B | 1,139 | 29 | ||||||
| Belden, Inc. | 4,843 | 291 | ||||||
| Benchmark Electronics, Inc. | 3,872 | 96 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Benefitfocus, Inc. (a) | 3,186 | $ | 20 | |||||
| Bentley Systems, Inc. Class B | 22,312 | 683 | ||||||
| BigBear.ai Holdings, Inc. (a)(b) | 1,290 | 2 | ||||||
| BigCommerce Holdings, Inc. Class 1 (a) | 6,832 | 101 | ||||||
| Bill.com Holdings, Inc. (a) | 11,190 | 1,481 | ||||||
| BK Technologies Corp. | 1,635 | 4 | ||||||
| Black Knight, Inc. (a) | 17,187 | 1,113 | ||||||
| Blackbaud, Inc. (a) | 4,636 | 204 | ||||||
| Blackline, Inc. (a) | 5,552 | 333 | ||||||
| Blend Labs, Inc. Class A (a)(b) | 16,484 | 36 | ||||||
| Block, Inc. (a) | 59,526 | 3,273 | ||||||
| BM Technologies, Inc. (a)(b) | 1,264 | 8 | ||||||
| Box, Inc. Class A (a) | 15,514 | 378 | ||||||
| Boxlight Corp. Class A (a) | 7,437 | 5 | ||||||
| Braze, Inc. Class A (a)(b) | 4,343 | 151 | ||||||
| Brightcove, Inc. (a) | 4,519 | 28 | ||||||
| BSQUARE Corp. (a) | 2,159 | 3 | ||||||
| BTRS Holdings, Inc. (a) | 9,115 | 84 | ||||||
| C3.ai, Inc. Class A (a)(b) | 9,179 | 115 | ||||||
| CalAmp Corp. (a) | 3,941 | 15 | ||||||
| Calix, Inc. (a) | 6,518 | 399 | ||||||
| Cambium Networks Corp. (a) | 1,286 | 22 | ||||||
| Casa Systems, Inc. (a)(b) | 3,537 | 11 | ||||||
| Cass Information Systems, Inc. | 1,396 | 48 | ||||||
| CCC Intelligent Solutions Holdings, Inc. (a)(b) | 12,600 | 115 | ||||||
| Cepton, Inc. (a) | 4,593 | 9 | ||||||
| Cerence, Inc. (a) | 4,382 | 69 | ||||||
| CEVA, Inc. (a) | 2,559 | 67 | ||||||
| ChannelAdvisor Corp. (a) | 3,131 | 71 | ||||||
| Ciena Corp. (a) | 16,653 | 673 | ||||||
| Cipher Mining, Inc. (a) | 4,496 | 6 | ||||||
| Cirrus Logic, Inc. (a) | 6,288 | 433 | ||||||
| Clear Secure, Inc. Class A (a)(b) | 6,748 | 154 | ||||||
| Clearfield, Inc. (a) | 1,315 | 138 | ||||||
| ClearSign Technologies Corp. (a) | 3,446 | 3 | ||||||
| Clearwater Analytics Holdings, Inc. Class A (a) | 5,894 | 99 | ||||||
| Cloudflare, Inc. Class A (a) | 31,493 | 1,742 | ||||||
| Coda Octopus Group, Inc. (a) | 541 | 3 | ||||||
| Cognex Corp. | 19,098 | 792 | ||||||
| Coherent Corp. (a) | 14,563 | 508 | ||||||
| Cohu, Inc. (a) | 5,367 | 138 | ||||||
| CommScope Holding Co., Inc. (a) | 22,930 | 211 | ||||||
| CommVault Systems, Inc. (a) | 4,986 | 264 | ||||||
| CompoSecure, Inc. (a) | 943 | 5 | ||||||
| Computer Task Group, Inc. (a) | 1,568 | 11 | ||||||
| Comtech Telecommunications Corp. | 2,998 | 30 | ||||||
| Concentrix Corp. | 4,905 | 548 | ||||||
| Conduent, Inc. (a) | 22,296 | 74 | ||||||
| Confluent, Inc. Class A (a) | 15,069 | 358 | ||||||
| Consensus Cloud Solutions, Inc. (a) | 1,982 | 94 | ||||||
| Core Scientific, Inc. (a)(b) | 26,369 | 34 | ||||||
| Corsair Gaming, Inc. (a)(b) | 4,350 | 49 | ||||||
| Couchbase, Inc. (a) | 2,746 | 39 | ||||||
| Coupa Software, Inc. (a) | 8,536 | 502 | ||||||
| CPI Card Group, Inc. (a) | 486 | 8 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 23,906 | 3,940 | ||||||
| CS Disco, Inc. (a)(b) | 1,733 | 17 | ||||||
| CSG Systems International, Inc. | 3,497 | 185 | ||||||
| CSP, Inc. | 382 | 3 | ||||||
| CTS Corp. | 3,510 | 146 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| CVD Equipment Corp. (a) | 557 | $ | 3 | |||||
| Cvent Holding Corp. (a)(b) | 4,384 | 23 | ||||||
| Cyberoptics Corp. (a) | 801 | 43 | ||||||
| Cyxtera Technologies, Inc. (a)(b) | 8,312 | 34 | ||||||
| Daktronics, Inc. (a) | 4,192 | 11 | ||||||
| Data I/O Corp. (a) | 870 | 2 | ||||||
| Datadog, Inc. Class A (a) | 29,059 | 2,580 | ||||||
| Dave, Inc. (a) | 19,620 | 7 | ||||||
| Dell Technologies, Inc. Class C | 28,540 | 975 | ||||||
| Diebold Nixdorf, Inc. (a) | 8,258 | 20 | ||||||
| Digi International, Inc. (a) | 3,847 | 133 | ||||||
| Digimarc Corp. (a) | 1,542 | 21 | ||||||
| Digital Ally, Inc. (a) | 5,049 | 2 | ||||||
| Digital Turbine, Inc. (a) | 9,652 | 139 | ||||||
| DigitalOcean Holdings, Inc. (a)(b) | 5,565 | 201 | ||||||
| Diodes, Inc. (a) | 5,010 | 325 | ||||||
| DocuSign, Inc. (a) | 22,342 | 1,195 | ||||||
| Dolby Laboratories, Inc. Class A | 6,923 | 451 | ||||||
| Domo, Inc. Class B (a) | 3,344 | 60 | ||||||
| DoubleVerify Holdings, Inc. (a) | 7,451 | 204 | ||||||
| Dropbox, Inc. Class A (a) | 29,695 | 615 | ||||||
| Duck Creek Technologies, Inc. (a) | 8,580 | 102 | ||||||
| Dynatrace, Inc. (a) | 21,860 | 761 | ||||||
| DZS, Inc. (a) | 1,996 | 23 | ||||||
| E2open Parent Holdings, Inc. (a) | 26,054 | 158 | ||||||
| Eastman Kodak Co. (a)(b) | 6,012 | 28 | ||||||
| Ebix, Inc. | 2,737 | 52 | ||||||
| eGain Corp. (a) | 2,465 | 18 | ||||||
| eMagin Corp. (a) | 8,182 | 5 | ||||||
| Embark Technology, Inc. (a) | 1,272 | 9 | ||||||
| EMCORE Corp. (a) | 3,922 | 7 | ||||||
| Enfusion, Inc. Class A (a)(b) | 3,195 | 39 | ||||||
| EngageSmart, Inc. (a) | 2,046 | 42 | ||||||
| Entegris, Inc. | 16,745 | 1,390 | ||||||
| Envestnet, Inc. (a) | 5,955 | 264 | ||||||
| ePlus, Inc. (a) | 2,992 | 124 | ||||||
| Euronet Worldwide, Inc. (a) | 5,453 | 413 | ||||||
| Everbridge, Inc. (a) | 4,310 | 133 | ||||||
| EverCommerce, Inc. (a)(b) | 3,093 | 34 | ||||||
| Everspin Technologies, Inc. (a) | 1,854 | 11 | ||||||
| Evo Payments, Inc. Class A (a) | 5,336 | 178 | ||||||
| Evolv Technologies Holdings, Inc. (a) | 6,710 | 14 | ||||||
| Exela Technologies, Inc. (a)(b) | 7,301 | 3 | ||||||
| ExlService Holdings, Inc. (a) | 3,604 | 531 | ||||||
| Expensify, Inc. Class A (a) | 4,262 | 63 | ||||||
| Extreme Networks, Inc. (a) | 14,594 | 191 | ||||||
| Fair Isaac Corp. (a) | 2,810 | 1,158 | ||||||
| FARO Technologies, Inc. (a) | 2,054 | 56 | ||||||
| Fastly, Inc. Class A (a) | 12,466 | 114 | ||||||
| First Solar, Inc. (a) | 11,377 | 1,505 | ||||||
| Five9, Inc. (a) | 7,801 | 585 | ||||||
| Flywire Corp. (a) | 8,942 | 205 | ||||||
| ForgeRock, Inc. Class A (a)(b) | 3,179 | 46 | ||||||
| FormFactor, Inc. (a) | 8,671 | 217 | ||||||
| Frequency Electronics, Inc. (a) | 930 | 5 | ||||||
| Freshworks, Inc. Class A (a)(b) | 15,518 | 201 | ||||||
| Genasys, Inc. (a) | 4,030 | 11 | ||||||
| Genpact Ltd. | 19,168 | 839 | ||||||
| Gitlab, Inc. Class A (a) | 7,508 | 385 | ||||||
| GLOBALFOUNDRIES, Inc. (a)(b) | 7,967 | 385 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| GoDaddy, Inc. Class A (a) | 17,756 | $ | 1,259 | |||||
| Greenidge Generation Holdings, Inc. (a) | 912 | 2 | ||||||
| Grid Dynamics Holdings, Inc. (a) | 5,223 | 98 | ||||||
| GSE Systems, Inc. (a) | 2,097 | 2 | ||||||
| Guidewire Software, Inc. (a) | 9,517 | 586 | ||||||
| Harmonic, Inc. (a) | 11,571 | 151 | ||||||
| HashiCorp., Inc. Class A (a) | 7,954 | 256 | ||||||
| HubSpot, Inc. (a) | 5,180 | 1,399 | ||||||
| I3 Verticals, Inc. Class A (a) | 2,477 | 50 | ||||||
| IBEX Ltd. (a) | 439 | 8 | ||||||
| Ichor Holdings Ltd. (a) | 3,198 | 77 | ||||||
| Identiv, Inc. (a) | 2,448 | 31 | ||||||
| Immersion Corp. (a) | 3,614 | 20 | ||||||
| Impinj, Inc. (a) | 2,761 | 221 | ||||||
| Infinera Corp. (a)(b) | 24,139 | 117 | ||||||
| Informatica, Inc. Class A (a) | 12,381 | 248 | ||||||
| Information Services Group, Inc. | 3,632 | 17 | ||||||
| Innodata, Inc. (a) | 2,820 | 9 | ||||||
| Inpixon (a) | 18,022 | 2 | ||||||
| Inseego Corp. (a)(b) | 12,102 | 25 | ||||||
| Insight Enterprises, Inc. (a) | 3,905 | 322 | ||||||
| Instructure Holdings, Inc. (a)(b) | 1,611 | 36 | ||||||
| Intapp, Inc. (a) | 4,218 | 79 | ||||||
| Intellicheck, Inc. (a) | 2,040 | 5 | ||||||
| Intelligent Systems Corp. (a) | 652 | 14 | ||||||
| InterDigital, Inc. | 3,267 | 132 | ||||||
| International Money Express, Inc. (a) | 3,828 | 87 | ||||||
| inTEST Corp. (a) | 1,176 | 9 | ||||||
| Intevac, Inc. (a) | 2,390 | 11 | ||||||
| Inuvo, Inc. (a) | 11,729 | 5 | ||||||
| IonQ, Inc. (a)(b) | 14,475 | 73 | ||||||
| IPG Photonics Corp. (a) | 3,649 | 308 | ||||||
| IronNet, Inc. (a) | 4,936 | 3 | ||||||
| Issuer Direct Corp. (a) | 299 | 6 | ||||||
| Iteris, Inc. (a) | 4,785 | 14 | ||||||
| Itron, Inc. (a) | 5,074 | 214 | ||||||
| Jabil, Inc. | 14,994 | 865 | ||||||
| Jamf Holding Corp. (a) | 4,797 | 106 | ||||||
| JFrog Ltd. (a) | 6,201 | 137 | ||||||
| Kaleyra, Inc. (a) | 3,121 | 3 | ||||||
| Kaltura, Inc. (a)(b) | 5,810 | 13 | ||||||
| Key Tronic Corp. (a) | 1,135 | 5 | ||||||
| Kimball Electronics, Inc. (a) | 2,656 | 46 | ||||||
| KnowBe4, Inc. Class A (a) | 7,961 | 166 | ||||||
| Knowles Corp. (a) | 10,197 | 124 | ||||||
| Kopin Corp. (a) | 9,461 | 10 | ||||||
| Kulicke & Soffa Industries, Inc. | 6,395 | 246 | ||||||
| KVH Industries, Inc. (a) | 1,429 | 13 | ||||||
| Kyndryl Holdings, Inc. (a) | 22,916 | 190 | ||||||
| Lantronix, Inc. (a)(b) | 3,190 | 15 | ||||||
| Latch, Inc. (a) | 11,509 | 11 | ||||||
| Lattice Semiconductor Corp. (a) | 15,436 | 760 | ||||||
| LightPath Technologies, Inc. Class A (a) | 2,578 | 3 | ||||||
| Limelight Networks, Inc. (a) | 14,718 | 41 | ||||||
| Littelfuse, Inc. | 2,755 | 547 | ||||||
| LivePerson, Inc. (a) | 7,921 | 75 | ||||||
| LiveRamp Holdings, Inc. (a) | 7,395 | 134 | ||||||
| LiveVox Holdings, Inc. (a) | 2,267 | 7 | ||||||
| Lumentum Holdings, Inc. (a) | 7,500 | 514 | ||||||
| Luna Innovations, Inc. (a) | 3,538 | 16 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 5,882 | $ | 305 | |||||
| Manhattan Associates, Inc. (a) | 7,050 | 938 | ||||||
| Marathon Digital Holdings, Inc. (a)(b) | 12,203 | 131 | ||||||
| Marin Software, Inc. (a) | 1,721 | 2 | ||||||
| Marqeta, Inc. Class A (a) | 44,532 | 317 | ||||||
| Marvell Technology, Inc. | 95,843 | 4,113 | ||||||
| Matterport, Inc. (a)(b) | 25,455 | 96 | ||||||
| Maximus, Inc. | 6,806 | 394 | ||||||
| MaxLinear, Inc. (a) | 8,183 | 267 | ||||||
| MeridianLink, Inc. (a) | 1,927 | 31 | ||||||
| Meta Materials, Inc. (a)(b) | 35,644 | 23 | ||||||
| Methode Electronics, Inc. | 3,946 | 147 | ||||||
| MicroStrategy, Inc. (a)(b) | 1,061 | 225 | ||||||
| MicroVision, Inc. (a)(b) | 18,606 | 67 | ||||||
| MICT, Inc. (a) | 12,503 | 9 | ||||||
| Mirion Technologies, Inc. (a)(b) | 19,763 | 148 | ||||||
| Mitek Systems, Inc. (a) | 4,889 | 45 | ||||||
| MKS Instruments, Inc. | 6,568 | 543 | ||||||
| Model N, Inc. (a) | 3,996 | 137 | ||||||
| Momentive Global, Inc. (a) | 14,413 | 84 | ||||||
| MoneyGram International, Inc. (a) | 9,737 | 101 | ||||||
| MongoDB, Inc. (a) | 7,489 | 1,487 | ||||||
| N-able, Inc. (a) | 6,342 | 59 | ||||||
| Napco Security Technologies, Inc. (a) | 3,295 | 96 | ||||||
| National Instruments Corp. | 14,874 | 561 | ||||||
| nCino, Inc. (a)(b) | 7,552 | 258 | ||||||
| NCR Corp. (a) | 14,767 | 281 | ||||||
| NETGEAR, Inc. (a) | 3,099 | 62 | ||||||
| Netlist, Inc. (a)(b) | 25,507 | 66 | ||||||
| NetScout Systems, Inc. (a) | 7,792 | 244 | ||||||
| NetSol Technologies, Inc. (a) | 1,047 | 3 | ||||||
| New Relic, Inc. (a) | 6,878 | 395 | ||||||
| NextNav, Inc. (a) | 1,841 | 5 | ||||||
| nLight, Inc. (a) | 4,865 | 46 | ||||||
| Novanta, Inc. (a) | 3,926 | 454 | ||||||
| Nutanix, Inc. Class A (a) | 25,214 | 525 | ||||||
| NVE Corp. | 537 | 25 | ||||||
| Okta, Inc. (a) | 16,726 | 951 | ||||||
| Olo, Inc. Class A (a) | 11,150 | 88 | ||||||
| ON24, Inc. (a) | 3,989 | 35 | ||||||
| One Stop Systems, Inc. (a) | 1,705 | 5 | ||||||
| OneSpan, Inc. (a) | 3,911 | 34 | ||||||
| Onto Innovation, Inc. (a) | 5,585 | 358 | ||||||
| Optical Cable Corp. (a) | 573 | 2 | ||||||
| OSI Systems, Inc. (a) | 1,748 | 126 | ||||||
| PagerDuty, Inc. (a) | 9,011 | 208 | ||||||
| Palantir Technologies, Inc. Class A (a) | 193,996 | 1,577 | ||||||
| Palo Alto Networks, Inc. (a) | 33,296 | 5,454 | ||||||
| PAR Technology Corp. (a)(b) | 2,941 | 87 | ||||||
| Paya Holdings, Inc. (a) | 9,747 | 60 | ||||||
| Paycor HCM, Inc. (a) | 5,385 | 159 | ||||||
| Paylocity Holding Corp. (a) | 4,582 | 1,107 | ||||||
| Paymentus Holdings, Inc. Class A (a)(b) | 1,753 | 17 | ||||||
| Payoneer Global, Inc. (a) | 23,208 | 140 | ||||||
| Paysign, Inc. (a) | 3,611 | 9 | ||||||
| PC Connection, Inc. | 477 | 22 | ||||||
| PC-Telephone, Inc. | 1,929 | 9 | ||||||
| PDF Solutions, Inc. (a) | 3,315 | 81 | ||||||
| Pegasystems, Inc. | 4,373 | 141 | ||||||
| Peraso, Inc. (a) | 2,379 | 4 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Perficient, Inc. (a) | 3,851 | $ | 250 | |||||
| PFSweb, Inc. (a) | 1,902 | 18 | ||||||
| Photronics, Inc. (a) | 6,794 | 99 | ||||||
| Ping Identity Holding Corp. (a) | 8,000 | 225 | ||||||
| Pixelworks, Inc. (a) | 5,799 | 9 | ||||||
| Plexus Corp. (a) | 3,083 | 270 | ||||||
| Power Integrations, Inc. | 6,363 | 409 | ||||||
| Powerfleet, Inc. (a) | 3,657 | 11 | ||||||
| Priority Technology Holdings, Inc. (a) | 1,393 | 6 | ||||||
| Procore Technologies, Inc. (a) | 12,738 | 630 | ||||||
| Progress Software Corp. | 4,836 | 206 | ||||||
| PROS Holdings, Inc. (a) | 4,579 | 113 | ||||||
| Pure Storage, Inc. Class A (a) | 31,260 | 856 | ||||||
| Q2 Holdings, Inc. (a) | 6,182 | 199 | ||||||
| Qualtrics International, Inc. Class A (a) | 10,510 | 107 | ||||||
| Qualys, Inc. (a) | 3,877 | 540 | ||||||
| Quicklogic Corp. (a) | 1,386 | 9 | ||||||
| Rackspace Technology, Inc. (a)(b) | 5,738 | 23 | ||||||
| Rambus, Inc. (a) | 12,425 | 316 | ||||||
| Rapid7, Inc. (a) | 6,465 | 277 | ||||||
| RealNetworks, Inc. (a) | 3,383 | 2 | ||||||
| Rekor Systems, Inc. (a)(b) | 5,049 | 5 | ||||||
| Remitly Global, Inc. (a) | 9,731 | 108 | ||||||
| Research Frontiers, Inc. (a) | 2,981 | 6 | ||||||
| RF Industries Ltd. (a) | 911 | 5 | ||||||
| Ribbon Communications, Inc. (a) | 13,496 | 30 | ||||||
| Richardson Electronics Ltd. | 1,196 | 18 | ||||||
| Rimini Street, Inc. (a) | 5,268 | 25 | ||||||
| RingCentral, Inc. Class A (a) | 9,432 | 377 | ||||||
| Riot Blockchain, Inc. (a)(b) | 17,196 | 121 | ||||||
| Rogers Corp. (a) | 2,114 | 511 | ||||||
| Rubicon Technologies, Inc. (a) | 4,783 | 10 | ||||||
| Sabre Corp. (a) | 34,282 | 177 | ||||||
| Samsara, Inc. Class A (a)(b) | 8,550 | 103 | ||||||
| Sanmina Corp. (a) | 6,366 | 293 | ||||||
| ScanSource, Inc. (a) | 2,802 | 74 | ||||||
| Seachange International, Inc. (a) | 4,261 | 2 | ||||||
| SecureWorks Corp. Class A (a) | 1,155 | 9 | ||||||
| SEMrush Holdings, Inc. Class A (a) | 3,148 | 35 | ||||||
| Semtech Corp. (a) | 7,140 | 210 | ||||||
| SentinelOne, Inc. Class A (a) | 21,027 | 537 | ||||||
| Shift4 Payments, Inc. Class A (a) | 5,686 | 254 | ||||||
| ShotSpotter, Inc. (a) | 966 | 28 | ||||||
| SigmaTron International, Inc. (a)(b) | 585 | 3 | ||||||
| Silicon Laboratories, Inc. (a) | 3,808 | 470 | ||||||
| SiTime Corp. (a) | 1,765 | 139 | ||||||
| SkyWater Technology, Inc. (a) | 1,010 | 8 | ||||||
| SMART Global Holdings, Inc. (a) | 5,336 | 85 | ||||||
| SmartRent, Inc. (a) | 11,450 | 26 | ||||||
| Smartsheet, Inc. Class A (a) | 14,088 | 484 | ||||||
| Smith Micro Software, Inc. (a) | 5,556 | 13 | ||||||
| Snowflake, Inc. Class A (a) | 31,248 | 5,311 | ||||||
| Socket Mobile, Inc. (a) | 632 | 1 | ||||||
| SolarWinds Corp. (a) | 4,202 | 33 | ||||||
| Splunk, Inc. (a) | 16,812 | 1,264 | ||||||
| Sprinklr, Inc. Class A (a) | 7,973 | 74 | ||||||
| Sprout Social, Inc. Class A (a) | 5,164 | 313 | ||||||
| SPS Commerce, Inc. (a) | 4,048 | 503 | ||||||
| Squarespace, Inc. Class A (a) | 3,834 | 82 | ||||||
| SRAX, Inc. (a) | 2,374 | 4 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| SS&C Technologies Holdings, Inc. | 25,194 | $ | 1,203 | |||||
| StarTek, Inc. (a) | 1,236 | 4 | ||||||
| Steel Connect, Inc. (a) | 4,260 | 6 | ||||||
| Sumo Logic, Inc. (a) | 9,152 | 69 | ||||||
| Switch, Inc. Class A | 15,846 | 534 | ||||||
| Synaptics, Inc. (a) | 4,411 | 437 | ||||||
| Synchronoss Technologies, Inc. (a) | 8,385 | 10 | ||||||
| TaskUS, Inc. Class A (a) | 3,133 | 50 | ||||||
| TD SYNNEX Corp. | 4,789 | 389 | ||||||
| Telos Corp. (a) | 5,296 | 47 | ||||||
| Tenable Holdings, Inc. (a) | 12,043 | 419 | ||||||
| Teradata Corp. (a) | 11,322 | 352 | ||||||
| Terawulf, Inc. (a) | 4,359 | 5 | ||||||
| TESSCO Technologies, Inc. (a) | 580 | 2 | ||||||
| The Glimpse Group, Inc. (a) | 926 | 5 | ||||||
| The Hackett Group, Inc. | 2,914 | 52 | ||||||
| The Western Union Co. | 43,363 | 585 | ||||||
| Thoughtworks Holding, Inc. (a) | 9,539 | 100 | ||||||
| Toast, Inc. Class A (a) | 29,782 | 498 | ||||||
| TransAct Technologies, Inc. (a) | 1,080 | 4 | ||||||
| TTEC Holdings, Inc. | 2,144 | 95 | ||||||
| TTM Technologies, Inc. (a) | 10,676 | 141 | ||||||
| Turtle Beach Corp. (a) | 1,744 | 12 | ||||||
| Twilio, Inc. Class A (a) | 19,481 | 1,347 | ||||||
| Ubiquiti, Inc. (b) | 480 | 141 | ||||||
| UiPath, Inc. Class A (a) | 35,540 | 448 | ||||||
| Ultra Clean Holdings, Inc. (a) | 5,004 | 129 | ||||||
| Unisys Corp. (a) | 7,464 | 56 | ||||||
| Unity Software, Inc. (a)(b) | 21,495 | 685 | ||||||
| Universal Display Corp. | 4,934 | 466 | ||||||
| Upland Software, Inc. (a) | 3,052 | 25 | ||||||
| UserTesting, Inc. (a)(b) | 4,413 | 17 | ||||||
| Varonis Systems, Inc. (a) | 12,104 | 321 | ||||||
| Veeco Instruments, Inc. (a) | 5,722 | 105 | ||||||
| Velodyne Lidar, Inc. (a)(b) | 20,455 | 19 | ||||||
| Verint Systems, Inc. (a) | 7,256 | 244 | ||||||
| Veritone, Inc. (a)(b) | 3,568 | 20 | ||||||
| Verra Mobility Corp. (a) | 16,698 | 257 | ||||||
| Vertex, Inc. Class A (a) | 3,959 | 54 | ||||||
| Viant Technology, Inc. Class A (a) | 1,472 | 6 | ||||||
| Viasat, Inc. (a) | 8,149 | 246 | ||||||
| Viavi Solutions, Inc. (a) | 25,434 | 332 | ||||||
| VirnetX Holding Corp. (a) | 7,136 | 8 | ||||||
| Vishay Intertechnology, Inc. | 14,689 | 261 | ||||||
| Vishay Precision Group, Inc. (a) | 1,348 | 40 | ||||||
| Vislink Technologies, Inc. (a) | 4,575 | 2 | ||||||
| VMware, Inc. Class A | 25,458 | 2,710 | ||||||
| Vontier Corp. | 17,755 | 297 | ||||||
| Wayside Technology Group, Inc. | 422 | 11 | ||||||
| Weave Communications, Inc. (a) | 2,508 | 13 | ||||||
| WEX, Inc. (a) | 4,916 | 624 | ||||||
| WidePoint Corp. (a) | 882 | 2 | ||||||
| Wireless Telecom Group, Inc. (a) | 2,238 | 3 | ||||||
| Wolfspeed, Inc. (a) | 13,951 | 1,442 | ||||||
| Workday, Inc. Class A (a) | 22,594 | 3,439 | ||||||
| Workiva, Inc. (a) | 5,227 | 407 | ||||||
| Xerox Holdings Corp. | 16,605 | 217 | ||||||
| Xperi Holding Corp. | 11,476 | 162 | ||||||
| Yext, Inc. (a) | 11,352 | 51 | ||||||
| Zendesk, Inc. (a) | 13,876 | 1,056 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| ZeroFox Holdings, Inc. (a) | 13,187 | $ | 80 | |||||
| Zeta Global Holdings Corp. Class A (a)(b) | 14,200 | 94 | ||||||
| Zoom Video Communications, Inc. Class A (a) | 23,653 | 1,741 | ||||||
| Zscaler, Inc. (a) | 9,505 | 1,562 | ||||||
| Zuora, Inc. Class A (a) | 13,916 | 103 | ||||||
| 120,690 | ||||||||
| Materials (4.0%): | ||||||||
| 5E Advanced Materials, Inc. (a) | 4,371 | 44 | ||||||
| Advanced Emissions Solutions, Inc. (a) | 2,123 | 6 | ||||||
| AdvanSix, Inc. | 3,053 | 98 | ||||||
| Alcoa Corp. | 20,226 | 681 | ||||||
| Alpha Metallurgical Resources, Inc. | 1,673 | 229 | ||||||
| American Vanguard Corp. | 3,294 | 62 | ||||||
| Amyris, Inc. (a)(b) | 21,668 | 63 | ||||||
| AptarGroup, Inc. | 7,345 | 698 | ||||||
| Arconic Corp. (a) | 11,424 | 195 | ||||||
| Arras Minerals Corp. (a) | 4,451 | 1 | ||||||
| Ascent Industries Co. (a) | 1,048 | 15 | ||||||
| Ashland, Inc. | 6,147 | 584 | ||||||
| Aspen Aerogels, Inc. (a) | 4,317 | 40 | ||||||
| ATI, Inc. (a) | 14,602 | 389 | ||||||
| Avient Corp. | 9,707 | 294 | ||||||
| Axalta Coating Systems Ltd. (a) | 25,043 | 527 | ||||||
| Balchem Corp. | 3,611 | 439 | ||||||
| Berry Global Group, Inc. (a) | 14,204 | 661 | ||||||
| Cabot Corp. | 6,328 | 404 | ||||||
| Carpenter Technology Corp. | 5,376 | 167 | ||||||
| Century Aluminum Co. (a) | 5,705 | 30 | ||||||
| Chase Corp. | 796 | 67 | ||||||
| Clearwater Paper Corp. (a) | 1,825 | 69 | ||||||
| Cleveland-Cliffs, Inc. (a) | 57,563 | 775 | ||||||
| Coeur Mining, Inc. (a) | 31,253 | 107 | ||||||
| Commercial Metals Co. | 13,545 | 481 | ||||||
| Compass Minerals International, Inc. | 3,840 | 148 | ||||||
| Core Molding Technologies, Inc. (a) | 861 | 9 | ||||||
| Crown Holdings, Inc. | 13,484 | 1,093 | ||||||
| Cryptyde, Inc. (a) | 3,369 | 2 | ||||||
| Dakota Gold Corp. (a) | 5,967 | 18 | ||||||
| Danimer Scientific, Inc. (a)(b) | 9,995 | 29 | ||||||
| Diversey Holdings Ltd. (a) | 8,835 | 43 | ||||||
| Eagle Materials, Inc. | 4,237 | 454 | ||||||
| Ecovyst, Inc. (a) | 8,538 | 72 | ||||||
| Element Solutions, Inc. | 25,628 | 417 | ||||||
| Flotek Industries, Inc. (a) | 7,913 | 8 | ||||||
| Friedman Industries, Inc. | 711 | 5 | ||||||
| FutureFuel Corp. | 2,880 | 17 | ||||||
| Gatos Silver, Inc. (a) | 5,259 | 14 | ||||||
| Ginkgo Bioworks Holdings, Inc. (a)(b) | 88,655 | 277 | ||||||
| Glatfelter Corp. | 4,930 | 15 | ||||||
| Gold Resource Corp. | 9,933 | 16 | ||||||
| Golden Minerals Co. (a)(b) | 14,446 | 4 | ||||||
| Graphic Packaging Holding Co. | 34,603 | 683 | ||||||
| Greif, Inc. Class A | 2,791 | 166 | ||||||
| Greif, Inc. Class B | 100 | 6 | ||||||
| H.B. Fuller Co. | 5,675 | 341 | ||||||
| Hawkins, Inc. | 2,170 | 85 | ||||||
| Haynes International, Inc. | 1,373 | 48 | ||||||
| Hecla Mining Co. | 66,141 | 261 | ||||||
| Huntsman Corp. | 21,498 | 528 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Hycroft Mining Holding Corp. (a) | 17,913 | $ | 11 | |||||
| Ingevity Corp. (a) | 4,277 | 259 | ||||||
| Innospec, Inc. | 2,786 | 239 | ||||||
| Intrepid Potash, Inc. (a) | 1,051 | 42 | ||||||
| Kaiser Aluminum Corp. | 1,774 | 109 | ||||||
| Koppers Holdings, Inc. | 2,278 | 47 | ||||||
| Kronos Worldwide, Inc. | 2,490 | 23 | ||||||
| Livent Corp. (a) | 20,152 | 618 | ||||||
| Louisiana-Pacific Corp. | 8,221 | 421 | ||||||
| LSB Industries, Inc. (a) | 7,052 | 100 | ||||||
| Materion Corp. | 2,306 | 184 | ||||||
| Mativ Holdings, Inc. | 6,110 | 135 | ||||||
| Minerals Technologies, Inc. | 3,663 | 181 | ||||||
| MP Materials Corp. (a) | 15,320 | 418 | ||||||
| Myers Industries, Inc. | 4,100 | 68 | ||||||
| Nanophase Technologies Corp. (a) | 892 | 2 | ||||||
| NewMarket Corp. | 739 | 222 | ||||||
| Northern Technologies International Corp. | 870 | 12 | ||||||
| O-I Glass, Inc. (a) | 17,327 | 224 | ||||||
| Olin Corp. | 16,316 | 700 | ||||||
| Olympic Steel, Inc. | 1,100 | 25 | ||||||
| Origin Materials, Inc. (a)(b) | 11,628 | 60 | ||||||
| Pactiv Evergreen, Inc. | 4,438 | 39 | ||||||
| Piedmont Lithium, Inc. (a) | 1,938 | 104 | ||||||
| PureCycle Technologies, Inc. (a)(b) | 12,067 | 97 | ||||||
| Quaker Chemical Corp. | 1,568 | 226 | ||||||
| Ramaco Resources, Inc. | 2,752 | 25 | ||||||
| Ranpak Holdings Corp. (a) | 8,257 | 28 | ||||||
| Rayonier Advanced Materials, Inc. (a) | 6,972 | 22 | ||||||
| Reliance Steel & Aluminum Co. | 6,778 | 1,182 | ||||||
| Royal Gold, Inc. | 7,453 | 699 | ||||||
| RPM International, Inc. | 14,501 | 1,208 | ||||||
| Ryerson Holding Corp. | 2,272 | 58 | ||||||
| Schnitzer Steel Industries, Inc. | 2,908 | 83 | ||||||
| Sensient Technologies Corp. | 4,726 | 328 | ||||||
| Silgan Holdings, Inc. | 9,512 | 400 | ||||||
| Sisecam Resources, LP | 585 | 11 | ||||||
| Solitario Zinc Corp. (a) | 6,249 | 3 | ||||||
| Sonoco Products Co. | 10,961 | 622 | ||||||
| Southern Copper Corp. | 9,656 | 433 | ||||||
| Steel Dynamics, Inc. | 19,490 | 1,383 | ||||||
| Stepan Co. | 2,405 | 225 | ||||||
| Summit Materials, Inc. Class A (a) | 13,299 | 319 | ||||||
| SunCoke Energy, Inc. | 9,374 | 54 | ||||||
| Sylvamo Corp. | 3,708 | 126 | ||||||
| The Chemours Co. | 17,263 | 426 | ||||||
| The Scotts Miracle-Gro Co. | 4,530 | 194 | ||||||
| TimkenSteel Corp. (a) | 4,304 | 65 | ||||||
| Tredegar Corp. | 2,777 | 26 | ||||||
| TriMas Corp. | 4,722 | 118 | ||||||
| Trinseo PLC | 3,891 | 71 | ||||||
| U.S. Antimony Corp. (a) | 10,372 | 4 | ||||||
| U.S. Gold Corp. (a) | 833 | 3 | ||||||
| United States Lime & Minerals, Inc. | 232 | 24 | ||||||
| United States Steel Corp. | 26,667 | 483 | ||||||
| Universal Stainless & Alloy Products, Inc. (a) | 947 | 7 | ||||||
| Valhi, Inc. | 257 | 6 | ||||||
| Valvoline, Inc. | 20,100 | 509 | ||||||
| Vista Gold Corp. (a) | 12,875 | 7 | ||||||
| Warrior Met Coal, Inc. | 5,806 | 165 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Westlake Chemical Partners, LP | 2,359 | $ | 51 | |||||
| Westlake Corp. | 3,777 | 328 | ||||||
| Worthington Industries, Inc. | 3,430 | 131 | ||||||
| Zymergen, Inc. (a) | 6,855 | 19 | ||||||
| 26,297 | ||||||||
| Real Estate (6.1%): | ||||||||
| Acadia Realty Trust | 10,671 | 135 | ||||||
| Agree Realty Corp. | 7,343 | 496 | ||||||
| Alexander & Baldwin, Inc. | 8,092 | 134 | ||||||
| Alexander's, Inc. | 244 | 51 | ||||||
| Alpine Income Property Trust, Inc. | 1,240 | 20 | ||||||
| American Assets Trust, Inc. | 5,499 | 141 | ||||||
| American Finance Trust, Inc. | 14,979 | 88 | ||||||
| American Homes 4 Rent Class A | 34,351 | 1,127 | ||||||
| American Realty Investors, Inc. (a) | 165 | 3 | ||||||
| Americold Realty Trust, Inc. | 30,585 | 752 | ||||||
| AMREP Corp. (a) | 323 | 4 | ||||||
| Anywhere Real Estate, Inc. (a) | 12,597 | 102 | ||||||
| Apartment Income REIT Corp. | 17,508 | 676 | ||||||
| Apartment Investment and Management Co. | 16,065 | 117 | ||||||
| Apple Hospitality REIT, Inc. | 24,169 | 340 | ||||||
| Armada Hoffler Properties, Inc. | 7,537 | 78 | ||||||
| Ashford Hospitality Trust, Inc. (a)(b) | 3,877 | 26 | ||||||
| Bluerock Residential Growth REIT, Inc. | 3,360 | 90 | ||||||
| Braemar Hotels & Resorts, Inc. | 6,571 | 28 | ||||||
| Brandywine Realty Trust | 19,090 | 129 | ||||||
| Brixmor Property Group, Inc. | 33,687 | 622 | ||||||
| Broadstone Net Lease, Inc. | 19,264 | 299 | ||||||
| BRT Apartments Corp. | 1,308 | 27 | ||||||
| CareTrust REIT, Inc. | 10,796 | 196 | ||||||
| CBL & Associates Properties, Inc. (b) | 2,637 | 68 | ||||||
| Centerspace | 1,728 | 116 | ||||||
| Chatham Lodging Trust (a) | 5,376 | 53 | ||||||
| CIM Commercial Trust Corp. | 1,458 | 9 | ||||||
| Clipper Realty, Inc. | 1,495 | 10 | ||||||
| Community Healthcare Trust, Inc. | 2,621 | 86 | ||||||
| Compass, Inc. Class A (a) | 28,950 | 67 | ||||||
| Comstock Holding Cos., Inc. (a) | 318 | 1 | ||||||
| CorEnergy Infrastructure Trust, Inc. (b) | 1,624 | 3 | ||||||
| Corporate Office Properties Trust | 12,765 | 297 | ||||||
| Cousins Properties, Inc. | 17,023 | 397 | ||||||
| CTO Realty Growth, Inc. (b) | 1,831 | 34 | ||||||
| CubeSmart | 25,231 | 1,011 | ||||||
| DiamondRock Hospitality Co. | 23,469 | 176 | ||||||
| DigitalBridge Group, Inc. | 18,238 | 228 | ||||||
| Diversified Healthcare Trust | 26,879 | 27 | ||||||
| Doma Holdings, Inc. (a) | 7,795 | 3 | ||||||
| Douglas Elliman, Inc. | 7,658 | 31 | ||||||
| Douglas Emmett, Inc. | 18,962 | 340 | ||||||
| Easterly Government Properties, Inc. | 9,900 | 156 | ||||||
| EastGroup Properties, Inc. | 4,898 | 707 | ||||||
| Empire State Realty Trust, Inc. | 14,956 | 98 | ||||||
| EPR Properties | 8,433 | 302 | ||||||
| Equity Commonwealth | 12,252 | 298 | ||||||
| Equity LifeStyle Properties, Inc. | 20,072 | 1,261 | ||||||
| Essential Properties Realty Trust, Inc. | 15,875 | 309 | ||||||
| eXp World Holdings, Inc. (b) | 8,445 | 95 | ||||||
| Farmland Partners, Inc. | 4,994 | 63 | ||||||
| Fathom Holdings, Inc. (a) | 910 | 5 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| First Industrial Realty Trust, Inc. | 14,846 | $ | 665 | |||||
| Five Point Holdings LLC Class A (a) | 7,292 | 19 | ||||||
| Forestar Group, Inc. (a) | 2,033 | 23 | ||||||
| Four Corners Property Trust, Inc. | 9,157 | 222 | ||||||
| Franklin Street Properties Corp. | 11,135 | 29 | ||||||
| FRP Holdings, Inc. (a) | 676 | 37 | ||||||
| Gaming and Leisure Properties, Inc. | 27,682 | 1,225 | ||||||
| Getty Realty Corp. | 4,776 | 128 | ||||||
| Gladstone Commercial Corp. | 4,399 | 68 | ||||||
| Gladstone Land Corp. | 3,612 | 65 | ||||||
| Global Medical REIT, Inc. | 6,992 | 60 | ||||||
| Global Net Lease, Inc. | 11,773 | 125 | ||||||
| Healthcare Realty Trust, Inc. | 42,777 | 892 | ||||||
| Hersha Hospitality Trust | 3,776 | 30 | ||||||
| Highwoods Properties, Inc. | 11,824 | 319 | ||||||
| Hudson Pacific Properties, Inc. | 15,602 | 171 | ||||||
| Independence Realty Trust, Inc. | 24,963 | 418 | ||||||
| Indus Realty Trust, Inc. | 891 | 47 | ||||||
| Industrial Logistics Properties Trust | 7,279 | 40 | ||||||
| Innovative Industrial Properties, Inc. | 3,145 | 278 | ||||||
| iStar, Inc. | 9,307 | 86 | ||||||
| JBG SMITH Properties | 12,859 | 239 | ||||||
| Jones Lang LaSalle, Inc. (a) | 5,387 | 814 | ||||||
| Kennedy-Wilson Holdings, Inc. | 13,300 | 206 | ||||||
| Kilroy Realty Corp. | 13,006 | 548 | ||||||
| Kite Realty Group Trust | 24,632 | 424 | ||||||
| Lamar Advertising Co. Class A | 9,794 | 808 | ||||||
| Life Storage, Inc. | 9,486 | 1,051 | ||||||
| LTC Properties, Inc. | 4,508 | 169 | ||||||
| LXP Industrial Trust | 30,827 | 282 | ||||||
| Marcus & Millichap, Inc. | 2,813 | 92 | ||||||
| Medical Properties Trust, Inc. | 67,335 | 799 | ||||||
| National Health Investors, Inc. | 4,818 | 272 | ||||||
| National Retail Properties, Inc. | 19,909 | 794 | ||||||
| National Storage Affiliates Trust | 9,691 | 403 | ||||||
| NETSTREIT Corp. | 6,738 | 120 | ||||||
| New York City REIT, Inc. Class A | 1,301 | 4 | ||||||
| Newmark Group, Inc. Class A | 16,485 | 133 | ||||||
| NexPoint Residential Trust, Inc. | 2,591 | 120 | ||||||
| Offerpad Solutions, Inc. (a)(b) | 5,535 | 7 | ||||||
| Office Properties Income Trust | 5,282 | 74 | ||||||
| Omega Healthcare Investors, Inc. | 26,583 | 784 | ||||||
| One Liberty Properties, Inc. | 1,823 | 38 | ||||||
| Opendoor Technologies, Inc. (a) | 52,841 | 164 | ||||||
| Orion Office REIT, Inc. | 6,108 | 53 | ||||||
| Outfront Media, Inc. | 16,019 | 243 | ||||||
| Paramount Group, Inc. | 21,237 | 132 | ||||||
| Park Hotels & Resorts, Inc. | 25,020 | 282 | ||||||
| Pebblebrook Hotel Trust | 14,627 | 212 | ||||||
| Pennsylvania Real Estate Investment Trust (a) | 518 | 2 | ||||||
| Phillips Edison & Co., Inc. | 13,251 | 372 | ||||||
| Physicians Realty Trust | 25,185 | 379 | ||||||
| Piedmont Office Realty Trust, Inc. Class A | 13,872 | 146 | ||||||
| Plymouth Industrial REIT, Inc. | 4,511 | 76 | ||||||
| Postal Realty Trust, Inc. Class A | 1,985 | 29 | ||||||
| PotlatchDeltic Corp. | 8,889 | 365 | ||||||
| Power REIT (a) | 312 | 3 | ||||||
| Presidio Property Trust, Inc. Class A | 1,292 | 2 | ||||||
| Rafael Holdings, Inc. Class B (a)(b)(d) | 1,272 | 2 | ||||||
| Rayonier, Inc. | 16,459 | 493 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| RE/MAX Holdings, Inc. | 2,024 | $ | 38 | |||||
| Redfin Corp. (a)(b) | 11,945 | 70 | ||||||
| Retail Opportunity Investments Corp. | 13,717 | 189 | ||||||
| Rexford Industrial Realty, Inc. | 19,424 | 1,010 | ||||||
| RLJ Lodging Trust | 18,109 | 183 | ||||||
| RPT Realty | 9,477 | 72 | ||||||
| Ryman Hospitality Properties, Inc. | 6,075 | 447 | ||||||
| Sabra Health Care REIT, Inc. | 25,702 | 337 | ||||||
| Safehold, Inc. (b) | 1,978 | 52 | ||||||
| Saul Centers, Inc. | 1,492 | 56 | ||||||
| Seritage Growth Properties Class A (a)(b) | 4,072 | 37 | ||||||
| Service Properties Trust | 18,375 | 95 | ||||||
| SITE Centers Corp. | 20,902 | 224 | ||||||
| SL Green Realty Corp. | 7,301 | 293 | ||||||
| Sotherly Hotels, Inc. (a) | 1,735 | 3 | ||||||
| Spirit Realty Capital, Inc. | 15,326 | 554 | ||||||
| STAG Industrial, Inc. | 20,349 | 579 | ||||||
| STORE Capital Corp. | 31,777 | 996 | ||||||
| Summit Hotel Properties, Inc. | 11,773 | 79 | ||||||
| Sun Communities, Inc. | 13,723 | 1,857 | ||||||
| Sunstone Hotel Investors, Inc. | 23,626 | 223 | ||||||
| Tanger Factory Outlet Centers, Inc. | 11,495 | 157 | ||||||
| Tejon Ranch Co. (a) | 2,797 | 40 | ||||||
| Terreno Realty Corp. | 8,321 | 441 | ||||||
| The Howard Hughes Corp. (a) | 5,611 | 311 | ||||||
| The InterGroup Corp. (a) | 79 | 4 | ||||||
| The Macerich Co. | 24,143 | 192 | ||||||
| The RMR Group, Inc. Class A | 1,602 | 38 | ||||||
| The St. Joe Co. | 6,487 | 208 | ||||||
| UMH Properties, Inc. | 5,627 | 91 | ||||||
| Uniti Group, Inc. | 26,130 | 182 | ||||||
| Universal Health Realty Income Trust | 1,442 | 62 | ||||||
| Urban Edge Properties | 12,935 | 173 | ||||||
| Urstadt Biddle Properties, Inc. | 291 | 5 | ||||||
| Urstadt Biddle Properties, Inc. Class A | 3,322 | 52 | ||||||
| Veris Residential, Inc. (a) | 10,134 | 115 | ||||||
| Washington Real Estate Investment Trust | 9,825 | 173 | ||||||
| WeWork, Inc. Class A (a)(b) | 24,163 | 64 | ||||||
| Whitestone REIT | 5,213 | 44 | ||||||
| WP Carey, Inc. | 21,686 | 1,514 | ||||||
| Xenia Hotels & Resorts, Inc. | 12,855 | 177 | ||||||
| Zillow Group, Inc. Class A (a) | 6,494 | 186 | ||||||
| Zillow Group, Inc. Class C (a) | 17,984 | 515 | ||||||
| 40,153 | ||||||||
| Utilities (2.2%): | ||||||||
| ALLETE, Inc. | 6,415 | 321 | ||||||
| Altus Power, Inc. (a) | 6,676 | 74 | ||||||
| American States Water Co. | 4,154 | 324 | ||||||
| Artesian Resources Corp. Class A | 935 | 45 | ||||||
| Avangrid, Inc. | 7,902 | 330 | ||||||
| Avista Corp. | 8,204 | 304 | ||||||
| Black Hills Corp. | 7,316 | 496 | ||||||
| Cadiz, Inc. (a) | 3,344 | 6 | ||||||
| California Water Service Group | 6,109 | 322 | ||||||
| Chesapeake Utilities Corp. | 1,954 | 225 | ||||||
| Clearway Energy, Inc. Class A | 3,654 | 106 | ||||||
| Clearway Energy, Inc. Class C | 9,147 | 291 | ||||||
| Essential Utilities, Inc. | 29,769 | 1,232 | ||||||
| Genie Energy Ltd. Class B | 1,821 | 17 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Global Water Resources, Inc. | 1,247 | $ | 15 | |||||
| Hawaiian Electric Industries, Inc. | 12,302 | 426 | ||||||
| IDACORP, Inc. | 5,684 | 563 | ||||||
| MGE Energy, Inc. | 4,106 | 269 | ||||||
| Middlesex Water Co. | 1,960 | 151 | ||||||
| Montauk Renewables, Inc. (a)(b) | 4,892 | 85 | ||||||
| National Fuel Gas Co. | 9,972 | 614 | ||||||
| New Jersey Resources Corp. | 10,926 | 423 | ||||||
| NextEra Energy Partners, LP | 9,337 | 675 | ||||||
| Northwest Natural Holding Co. | 3,914 | 170 | ||||||
| NorthWestern Corp. | 6,311 | 311 | ||||||
| OGE Energy Corp. | 22,732 | 829 | ||||||
| ONE Gas, Inc. | 6,024 | 424 | ||||||
| Ormat Technologies, Inc. | 6,351 | 547 | ||||||
| Otter Tail Corp. | 4,254 | 262 | ||||||
| PNM Resources, Inc. | 9,649 | 441 | ||||||
| Portland General Electric Co. | 10,032 | 436 | ||||||
| Pure Cycle Corp. (a) | 2,613 | 22 | ||||||
| RGC Resources, Inc. | 880 | 19 | ||||||
| SJW Group | 3,022 | 174 | ||||||
| South Jersey Industries, Inc. | 13,767 | 460 | ||||||
| Southwest Gas Holdings, Inc. | 7,532 | 525 | ||||||
| Spire, Inc. | 5,782 | 360 | ||||||
| Star Group, LP | 3,547 | 29 | ||||||
| Suburban Propane Partners, LP | 6,222 | 94 | ||||||
| Sunnova Energy International, Inc. (a) | 11,196 | 247 | ||||||
| The York Water Co. | 1,605 | 62 | ||||||
| UGI Corp. | 23,537 | 761 | ||||||
| Unitil Corp. | 1,785 | 83 | ||||||
| Via Renewables, Inc. (b) | 1,368 | 9 | ||||||
| Vistra Corp. | 45,385 | 953 | ||||||
| 14,532 | ||||||||
| Total Common Stocks (Cost $491,978) | 652,464 | |||||||
| Preferred Stocks (0.0%)(f) | ||||||||
| Communication Services (0.0%): | ||||||||
| SRAX, Inc. (a)(c)(d) | 3,374 | – | (e) | |||||
| Total Preferred Stocks (Cost $--(e)) | — | (e) | ||||||
| Rights (0.0%)(a)(f) | ||||||||
| Health Care (0.0%): | ||||||||
| Achillion Pharmaceuticals, CVR (c)(d) | 22,837 | 5 | ||||||
| Epizyme, Inc., CVR (c)(d) | 15,309 | 1 | ||||||
| Flexion Therapeutics, Inc., CVR (b)(c)(d) | 6,526 | — | (e) | |||||
| F-Star Therapeutics, CVR (c)(d) | 1,298 | — | ||||||
| Miragen Therapeutics, Inc., CVR (c)(d) | 7,890 | — | ||||||
| Ocuphire Pharma, CVR (c)(d) | 168 | — | (e) | |||||
| Oncternal Therapeutics, Inc., CVR (c)(d) | 254 | — | ||||||
| Palisade Bio, Inc., CVR (c)(d) | 2,758 | 1 | ||||||
| Prevail Therapeutics, Inc., CVR (c)(d) | 4,938 | 2 | ||||||
| Progenics Pharmaceuticals, Inc., CVR (c)(d) | 10,103 | 3 | ||||||
| Tetraphase Pharmaceutical, CVR (c)(d) | 1,178 | — | (e) | |||||
| Unum Therapeutics, Inc., CVR (c)(d) | 2,673 | — | ||||||
| Xeris Biopharma Holdings, Inc., CVR (c)(d) | 8,140 | 1 | ||||||
| Zogenix, Inc., CVR (c)(d) | 6,844 | 5 | ||||||
| 18 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Extended Market Index Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares or Principal Amount | Value | ||||||
| Industrials (0.0%): | ||||||||
| Communications Systems I, CVR (c)(d) | 259 | $ | — | |||||
| Information Technology (0.0%): | ||||||||
| Zagg, Inc., CVR (c)(d) | 4,570 | — | (e) | |||||
| Total Rights (Cost $8) | 18 | |||||||
| Warrants (0.0%)(f) | ||||||||
| Health Care (0.0%): | ||||||||
| Galectin Therapeutics, Inc. Class B (a)(c)(d) | 7,552 | — | ||||||
| Total Warrants (Cost $–) | — | |||||||
| Mutual Funds (0.0%)(f) | ||||||||
| 180 Degree Capital Corp. (a) | 1,071 | 6 | ||||||
| OFS Credit Co., Inc. | 857 | 8 | ||||||
| Total Mutual Funds (Cost $17) | 14 | |||||||
| Collateral for Securities Loaned (4.5%)^ | ||||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (h) | 29,790,126 | 29,790 | ||||||
| Total Collateral for Securities Loaned (Cost $29,790) | 29,790 | |||||||
| Total Investments (Cost $521,793) — 103.2% | 682,286 | |||||||
| Liabilities in excess of other assets — (3.2)% | (21,067 | ) | ||||||
| NET ASSETS - 100.00% | $ | 661,219 | ||||||
| ^ | 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) | Security was fair valued based using significant unobservable inputs as of September 30, 2022. |
| (d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At September 30, 2022, illiquid securities were less than 0.05% of the Fund's net assets. |
| (e) | Rounds to less than $1 thousand. |
| (f) | Amount represents less than 0.05% of net assets. |
| (g) | Affiliated security. |
| (h) | Rate disclosed is the daily yield on September 30, 2022. |
CVR — Contingent Value Right
LLC—Limited Liability Company
LP—Limited Partnership
PLC—Public Limited Company
REIT—Real Estate Investment Trust
Futures Contracts Purchased
(Amounts not in thousands)
| Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| E-Mini Russell 2000 Index Futures | 54 | 12/16/22 | $ | 5,016,931 | $ | 4,508,460 | $ | (508,471 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (508,471 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (508,471 | ) | |||||||||||||
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 | 9/30/22 | Income | ||||||||||||||||||||||||
| Victory Capital Holdings Inc. | $ | 65 | $ | 36 | $ | (2 | ) | $ | 1 | $ | - | $ | (29 | ) | $ | 71 | $ | 1 | ||||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.1%) | ||||||||
| Australia (2.8%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Wesfarmers Ltd. | 78,544 | $ | 2,147 | |||||
| Consumer Staples (0.7%): | ||||||||
| Coles Group Ltd. | 108,537 | 1,144 | ||||||
| Woolworths Group Ltd. | 83,361 | 1,811 | ||||||
| 2,955 | ||||||||
| Health Care (0.3%): | ||||||||
| CSL Ltd. | 8,786 | 1,597 | ||||||
| Materials (1.3%): | ||||||||
| BHP Group Ltd. | 128,636 | 3,197 | ||||||
| Fortescue Metals Group Ltd. | 81,622 | 876 | ||||||
| Rio Tinto Ltd. | 27,475 | 1,662 | ||||||
| 5,735 | ||||||||
| 12,434 | ||||||||
| Belgium (0.2%): | ||||||||
| Financials (0.2%): | ||||||||
| KBC Group NV | 21,171 | 1,004 | ||||||
| Brazil (0.8%): | ||||||||
| Energy (0.0%):(a) | ||||||||
| Petroleo Brasileiro SA Preference Shares | 15,600 | 86 | ||||||
| Financials (0.3%): | ||||||||
| BB Seguridade Participacoes SA | 264,800 | 1,304 | ||||||
| Itau Unibanco Holding SA Preference Shares | 35,445 | 185 | ||||||
| 1,489 | ||||||||
| Materials (0.5%): | ||||||||
| Vale SA | 159,897 | 2,136 | ||||||
| 3,711 | ||||||||
| Canada (3.8%): | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Dollarama, Inc. | 20,710 | 1,189 | ||||||
| Lululemon Athletica, Inc. (b) | 5,321 | 1,487 | ||||||
| Magna International, Inc. | 10,116 | 480 | ||||||
| 3,156 | ||||||||
| Consumer Staples (0.5%): | ||||||||
| Alimentation Couche-Tard, Inc. | 48,402 | 1,949 | ||||||
| Loblaw Cos. Ltd. | 3,632 | 287 | ||||||
| 2,236 | ||||||||
| Financials (1.8%): | ||||||||
| iA Financial Corp., Inc. | 5,040 | 256 | ||||||
| Manulife Financial Corp. | 118,084 | 1,854 | ||||||
| Power Corp. of Canada | 38,954 | 878 | ||||||
| Sun Life Financial, Inc. | 49,786 | 1,980 | ||||||
| The Toronto-Dominion Bank | 49,856 | 3,058 | ||||||
| 8,026 | ||||||||
| Information Technology (0.8%): | ||||||||
| CGI, Inc. (b) | 16,304 | 1,228 | ||||||
| Constellation Software, Inc. | 1,403 | 1,952 | ||||||
| 3,180 | ||||||||
| 16,598 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| China (1.9%): | ||||||||
| Communication Services (0.2%): | ||||||||
| NetEase, Inc., ADR | 8,040 | $ | 608 | |||||
| Tencent Holdings Ltd. | 14,000 | 473 | ||||||
| 1,081 | ||||||||
| Consumer Discretionary (0.7%): | ||||||||
| Alibaba Group Holding Ltd. (b) | 113,500 | 1,133 | ||||||
| ANTA Sports Products Ltd. | 88,428 | 928 | ||||||
| BYD Co. Ltd. Class H | 4,500 | 111 | ||||||
| China Meidong Auto Holdings Ltd. | 268,000 | 424 | ||||||
| Li Ning Co. Ltd. | 13,000 | 99 | ||||||
| Shenzhou International Group Holdings Ltd. | 58,800 | 454 | ||||||
| Topsports International Holdings Ltd. (c) | 211,000 | 147 | ||||||
| 3,296 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Nongfu Spring Co., Ltd. Class H (c) | 135,400 | 783 | ||||||
| Energy (0.1%): | ||||||||
| China Shenhua Energy Co. Ltd. Class H | 92,000 | 274 | ||||||
| Financials (0.4%): | ||||||||
| Bank of China Ltd. Class H | 881,000 | 288 | ||||||
| China Life Insurance Co. Ltd. Class H | 522,000 | 668 | ||||||
| China Merchants Bank Co. Ltd. Class H | 29,261 | 135 | ||||||
| China Pacific Insurance Group Co. Ltd. Class H | 193,800 | 356 | ||||||
| Industrial & Commercial Bank of China Ltd. Class H | 563,000 | 264 | ||||||
| 1,711 | ||||||||
| Information Technology (0.1%): | ||||||||
| Sunny Optical Technology Group Co. Ltd. | 49,600 | 471 | ||||||
| Utilities (0.2%): | ||||||||
| ENN Energy Holdings Ltd. | 57,301 | 764 | ||||||
| 8,380 | ||||||||
| Denmark (1.2%): | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| Pandora A/S | 12,146 | 568 | ||||||
| Consumer Staples (0.0%):(a) | ||||||||
| Carlsberg AS Class B | 927 | 108 | ||||||
| Health Care (0.9%): | ||||||||
| Coloplast A/S Class B | 9,117 | 926 | ||||||
| Novo Nordisk A/S Class B | 27,738 | 2,764 | ||||||
| 3,690 | ||||||||
| Industrials (0.0%):(a) | ||||||||
| AP Moller - Maersk A/S Class B | 41 | 75 | ||||||
| Materials (0.2%): | ||||||||
| Novozymes A/S B Shares | 15,639 | 786 | ||||||
| 5,227 | ||||||||
| Finland (0.4%): | ||||||||
| Energy (0.1%): | ||||||||
| Neste Oyj | 14,780 | 644 | ||||||
| Industrials (0.3%): | ||||||||
| Kone Oyj Class B | 34,678 | 1,336 | ||||||
| 1,980 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| France (1.3%): | ||||||||
| Consumer Discretionary (0.5%): | ||||||||
| Hermes International | 757 | $ | 890 | |||||
| LVMH Moet Hennessy Louis Vuitton SE | 2,110 | 1,244 | ||||||
| 2,134 | ||||||||
| Consumer Staples (0.5%): | ||||||||
| L'Oreal SA | 7,301 | 2,334 | ||||||
| Energy (0.1%): | ||||||||
| TotalEnergies SE (d) | 3,665 | 172 | ||||||
| Financials (0.0%):(a) | ||||||||
| Wendel Se | 2,283 | 163 | ||||||
| Industrials (0.1%): | ||||||||
| Cie de Saint-Gobain | 3,641 | 130 | ||||||
| Schneider Electric SE | 1,397 | 158 | ||||||
| Thales SA | 1,468 | 162 | ||||||
| 450 | ||||||||
| Information Technology (0.1%): | ||||||||
| Capgemini SE | 1,744 | 279 | ||||||
| Utilities (0.0%):(a) | ||||||||
| Veolia Environnement SA | 7,331 | 140 | ||||||
| 5,672 | ||||||||
| Germany (1.1%): | ||||||||
| Consumer Discretionary (0.2%): | ||||||||
| adidas AG | 6,468 | 744 | ||||||
| Mercedes-Benz Group AG | 3,290 | 166 | ||||||
| 910 | ||||||||
| Financials (0.5%): | ||||||||
| Allianz SE Registered Shares | 14,068 | 2,216 | ||||||
| Industrials (0.4%): | ||||||||
| Deutsche Post AG Registered Shares | 57,340 | 1,728 | ||||||
| Utilities (0.0%):(a) | ||||||||
| RWE AG | 2,122 | 78 | ||||||
| 4,932 | ||||||||
| Hong Kong (0.7%): | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| Chow Tai Fook Jewellery Group Ltd. | 103,000 | 194 | ||||||
| Consumer Staples (0.0%):(a) | ||||||||
| WH Group Ltd. (c) | 278,000 | 175 | ||||||
| Financials (0.2%): | ||||||||
| Hong Kong Exchanges & Clearing Ltd. | 23,200 | 793 | ||||||
| Health Care (0.2%): | ||||||||
| CSPC Pharmaceutical Group Ltd. | 658,000 | 652 | ||||||
| Sino Biopharmaceutical Ltd. | 788,000 | 369 | ||||||
| 1,021 | ||||||||
| Industrials (0.1%): | ||||||||
| SITC International Holdings Co. Ltd. | 253,000 | 464 | ||||||
| Information Technology (0.1%): | ||||||||
| Lenovo Group Ltd. | 548,000 | 379 | ||||||
| 3,026 | ||||||||
| India (1.0%): | ||||||||
| Financials (0.6%): | ||||||||
| ICICI Bank Ltd. | 194,277 | 2,040 | ||||||
| SBI Life Insurance Co. Ltd. (c) | 29,704 | 454 | ||||||
| 2,494 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Information Technology (0.4%): | ||||||||
| HCL Technologies Ltd. | 16,887 | $ | 192 | |||||
| Infosys Ltd. | 71,819 | 1,231 | ||||||
| Tata Consultancy Services Ltd. | 9,969 | 365 | ||||||
| Wipro Ltd. | 11,811 | 57 | ||||||
| 1,845 | ||||||||
| 4,339 | ||||||||
| Indonesia (0.8%): | ||||||||
| Communication Services (0.3%): | ||||||||
| PT Telkom Indonesia Persero Tbk | 3,587,700 | 1,046 | ||||||
| Financials (0.5%): | ||||||||
| PT Bank Central Asia Tbk | 4,205,500 | 2,348 | ||||||
| 3,394 | ||||||||
| Ireland (0.4%): | ||||||||
| Information Technology (0.4%): | ||||||||
| Accenture PLC Class A | 7,701 | 1,981 | ||||||
| Israel (0.2%): | ||||||||
| Information Technology (0.2%): | ||||||||
| Check Point Software Technologies Ltd. (b) | 7,742 | 867 | ||||||
| Japan (5.3%): | ||||||||
| Communication Services (1.8%): | ||||||||
| KDDI Corp. | 102,300 | 2,991 | ||||||
| Nintendo Co. Ltd. | 21,000 | 847 | ||||||
| Nippon Telegraph & Telephone Corp. | 71,000 | 1,916 | ||||||
| Softbank Corp. | 214,100 | 2,138 | ||||||
| 7,892 | ||||||||
| Consumer Discretionary (0.6%): | ||||||||
| Fast Retailing Co. Ltd. | 3,300 | 1,749 | ||||||
| Honda Motor Co. Ltd. | 14,600 | 317 | ||||||
| Sony Group Corp. | 3,200 | 207 | ||||||
| Yamaha Motor Co. Ltd. | 9,400 | 176 | ||||||
| 2,449 | ||||||||
| Consumer Staples (0.2%): | ||||||||
| Kao Corp. | 18,800 | 765 | ||||||
| Financials (0.6%): | ||||||||
| Tokio Marine Holdings, Inc. | 158,700 | 2,821 | ||||||
| Health Care (1.1%): | ||||||||
| Astellas Pharma, Inc. | 139,927 | 1,854 | ||||||
| Hoya Corp. | 13,700 | 1,321 | ||||||
| Olympus Corp. | 90,600 | 1,743 | ||||||
| 4,918 | ||||||||
| Industrials (0.5%): | ||||||||
| Hitachi Ltd. | 5,173 | 220 | ||||||
| ITOCHU Corp. | 14,122 | 341 | ||||||
| Recruit Holdings Co. Ltd. | 51,600 | 1,487 | ||||||
| Taisei Corp. | 10,800 | 299 | ||||||
| 2,347 | ||||||||
| Information Technology (0.5%): | ||||||||
| FUJIFILM Holdings Corp. | 2,900 | 132 | ||||||
| Fujitsu Ltd. | 11,300 | 1,239 | ||||||
| Nomura Research Institute Ltd. | 23,400 | 572 | ||||||
| Tokyo Electron Ltd. | 300 | 74 | ||||||
| 2,017 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Utilities (0.0%):(a) | ||||||||
| Tokyo Electric Power Co. Holdings, Inc. (b) | 29,800 | $ | 95 | |||||
| 23,304 | ||||||||
| Korea, Republic Of (0.9%): | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| F&F Co. Ltd. | 5,962 | 565 | ||||||
| Kia Corp. | 2,268 | 113 | ||||||
| 678 | ||||||||
| Financials (0.1%): | ||||||||
| KB Financial Group, Inc. | 2,859 | 86 | ||||||
| Shinhan Financial Group Co. Ltd. | 8,840 | 206 | ||||||
| 292 | ||||||||
| Information Technology (0.7%): | ||||||||
| Samsung Electronics Co. Ltd. | 87,822 | 3,225 | ||||||
| 4,195 | ||||||||
| Mexico (0.9%): | ||||||||
| Communication Services (0.6%): | ||||||||
| America Movil SAB de CV Class L | 2,854,362 | 2,357 | ||||||
| Sitios Latinoamerica SAB de CV (b) | 142,718 | 64 | ||||||
| 2,421 | ||||||||
| Consumer Staples (0.3%): | ||||||||
| Wal-Mart de Mexico SAB de CV | 429,960 | 1,513 | ||||||
| Financials (0.0%):(a) | ||||||||
| Grupo Financiero Banorte SAB de CV Class O | 26,924 | 173 | ||||||
| 4,107 | ||||||||
| Netherlands (1.4%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Koninklijke KPN NV | 239,868 | 649 | ||||||
| Consumer Staples (0.5%): | ||||||||
| Koninklijke Ahold Delhaize NV | 87,284 | 2,223 | ||||||
| Industrials (0.4%): | ||||||||
| Wolters Kluwer NV | 19,663 | 1,914 | ||||||
| Information Technology (0.3%): | ||||||||
| ASML Holding NV | 2,986 | 1,237 | ||||||
| STMicroelectronics NV | 5,919 | 184 | ||||||
| 1,421 | ||||||||
| Materials (0.0%):(a) | ||||||||
| LyondellBasell Industries NV Class A | 2,410 | 182 | ||||||
| 6,389 | ||||||||
| Norway (0.7%): | ||||||||
| Energy (0.6%): | ||||||||
| Aker BP ASA | 4,244 | 122 | ||||||
| Equinor ASA | 78,244 | 2,582 | ||||||
| 2,704 | ||||||||
| Materials (0.1%): | ||||||||
| Norsk Hydro ASA | 32,783 | 176 | ||||||
| 2,880 | ||||||||
| Russian Federation (0.0%):(a) | ||||||||
| Communication Services (0.0%): | ||||||||
| Mobile TeleSystems PJSC (e)(f) | 480,728 | 19 | ||||||
| Consumer Staples (0.0%): | ||||||||
| X5 Retail Group NV, GDR (e)(f)(g)(h) | 18,705 | 3 |
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (0.0%): | ||||||||
| LUKOIL PJSC (e)(f)(g)(h) | 34,009 | $ | 6 | |||||
| Tatneft PJSC (e)(f) | 90,761 | 6 | ||||||
| 12 | ||||||||
| Financials (0.0%): | ||||||||
| Sberbank of Russia PJSC (b)(e)(f)(g)(h) | 409,312 | 1 | ||||||
| Materials (0.0%): | ||||||||
| MMC Norilsk Nickel PJSC (e)(f) | 5,249 | 18 | ||||||
| 53 | ||||||||
| Singapore (0.1%): | ||||||||
| Financials (0.1%): | ||||||||
| DBS Group Holdings Ltd. | 11,722 | 271 | ||||||
| South Africa (1.0%): | ||||||||
| Communication Services (0.2%): | ||||||||
| MTN Group Ltd. | 98,821 | 653 | ||||||
| MultiChoice Group | 67,850 | 432 | ||||||
| 1,085 | ||||||||
| Financials (0.4%): | ||||||||
| Capitec Bank Holdings Ltd. | 18,418 | 1,579 | ||||||
| FirstRand Ltd. | 54,746 | 183 | ||||||
| Standard Bank Group Ltd. | 20,414 | 161 | ||||||
| 1,923 | ||||||||
| Materials (0.4%): | ||||||||
| Anglo American Platinum Ltd. | 10,378 | 736 | ||||||
| Kumba Iron Ore Ltd. | 23,425 | 497 | ||||||
| Sibanye Stillwater Ltd. | 160,145 | 368 | ||||||
| 1,601 | ||||||||
| 4,609 | ||||||||
| Spain (0.8%): | ||||||||
| Communication Services (0.0%):(a) | ||||||||
| Telefonica SA | 45,392 | 150 | ||||||
| Consumer Discretionary (0.4%): | ||||||||
| Industria de Diseno Textil SA | 78,615 | 1,622 | ||||||
| Financials (0.4%): | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 370,830 | 1,663 | ||||||
| 3,435 | ||||||||
| Sweden (0.4%): | ||||||||
| Consumer Discretionary (0.1%): | ||||||||
| H & M Hennes & Mauritz AB Class B (d) | 53,798 | 497 | ||||||
| Industrials (0.1%): | ||||||||
| Atlas Copco AB Class A (b) | 17,077 | 159 | ||||||
| Volvo AB Class B | 9,051 | 128 | ||||||
| 287 | ||||||||
| Information Technology (0.2%): | ||||||||
| Telefonaktiebolaget LM Ericsson Class B (d) | 164,278 | 961 | ||||||
| 1,745 | ||||||||
| Switzerland (3.8%): | ||||||||
| Communication Services (0.1%): | ||||||||
| Swisscom AG Registered Shares | 751 | 352 | ||||||
| Consumer Staples (1.0%): | ||||||||
| Nestle SA Registered Shares | 40,472 | 4,378 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Financials (0.0%):(a) | ||||||||
| Partners Group Holding AG | 301 | $ | 242 | |||||
| Health Care (1.9%): | ||||||||
| Novartis AG Registered Shares | 50,031 | 3,815 | ||||||
| Roche Holding AG | 13,923 | 4,533 | ||||||
| 8,348 | ||||||||
| Industrials (0.7%): | ||||||||
| Geberit AG Registered Shares | 2,803 | 1,202 | ||||||
| Kuehne + Nagel International AG Class R | 4,124 | 840 | ||||||
| SGS SA Registered Shares | 440 | 942 | ||||||
| 2,984 | ||||||||
| Information Technology (0.0%):(a) | ||||||||
| TE Connectivity Ltd. | 1,052 | 116 | ||||||
| Materials (0.1%): | ||||||||
| Sika AG Registered Shares | 1,917 | 386 | ||||||
| 16,806 | ||||||||
| Taiwan (2.1%): | ||||||||
| Communication Services (0.2%): | ||||||||
| Chunghwa Telecom Co. Ltd. | 272,000 | 974 | ||||||
| Consumer Staples (0.2%): | ||||||||
| Uni-President Enterprises Corp. | 491,730 | 1,040 | ||||||
| Financials (0.1%): | ||||||||
| Cathay Financial Holding Co. Ltd. | 96,000 | 120 | ||||||
| CTBC Financial Holding Co. Ltd. | 302,000 | 188 | ||||||
| 308 | ||||||||
| Information Technology (1.6%): | ||||||||
| Delta Electronics, Inc. | 142,000 | 1,128 | ||||||
| eMemory Technology, Inc. | 17,000 | 602 | ||||||
| Novatek Microelectronics Corp. | 39,000 | 267 | ||||||
| Realtek Semiconductor Corp. | 80,000 | 675 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 25,000 | 332 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 55,897 | 3,832 | ||||||
| 6,836 | ||||||||
| 9,158 | ||||||||
| United Kingdom (3.1%): | ||||||||
| Communication Services (0.0%):(a) | ||||||||
| WPP PLC | 14,371 | 119 | ||||||
| Consumer Discretionary (0.3%): | ||||||||
| Burberry Group PLC | 9,799 | 196 | ||||||
| InterContinental Hotels Group PLC | 12,467 | 600 | ||||||
| Next PLC | 9,760 | 518 | ||||||
| Persimmon PLC | 6,801 | 93 | ||||||
| 1,407 | ||||||||
| Consumer Staples (0.9%): | ||||||||
| Imperial Brands PLC | 79,108 | 1,626 | ||||||
| Unilever PLC | 56,174 | 2,468 | ||||||
| 4,094 | ||||||||
| Energy (0.1%): | ||||||||
| Shell PLC | 13,284 | 329 | ||||||
| Financials (0.3%): | ||||||||
| Aon PLC Class A | 4,636 | 1,242 | ||||||
| Health Care (0.4%): | ||||||||
| GSK PLC | 134,043 | 1,936 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (0.7%): | ||||||||
| Ferguson PLC | 2,016 | $ | 209 | |||||
| Intertek Group PLC | 11,935 | 489 | ||||||
| RELX PLC | 91,967 | 2,247 | ||||||
| 2,945 | ||||||||
| Materials (0.4%): | ||||||||
| Anglo American PLC | 3,649 | 109 | ||||||
| Rio Tinto PLC | 28,924 | 1,565 | ||||||
| 1,674 | ||||||||
| 13,746 | ||||||||
| United States (62.0%): | ||||||||
| Communication Services (5.1%): | ||||||||
| Alphabet, Inc. Class C (b) | 118,114 | 11,357 | ||||||
| Charter Communications, Inc. Class A (b) | 1,302 | 395 | ||||||
| Comcast Corp. Class A | 7,896 | 231 | ||||||
| Fox Corp. Class A | 5,651 | 173 | ||||||
| Lumen Technologies, Inc. | 13,614 | 99 | ||||||
| Match Group, Inc. (b) | 19,854 | 948 | ||||||
| Meta Platforms, Inc. Class A (b) | 28,698 | 3,894 | ||||||
| Omnicom Group, Inc. | 22,126 | 1,396 | ||||||
| Sirius XM Holdings, Inc. (d) | 542,721 | 3,099 | ||||||
| The Interpublic Group of Cos., Inc. | 29,586 | 757 | ||||||
| Verizon Communications, Inc. | 5,945 | 226 | ||||||
| 22,575 | ||||||||
| Consumer Discretionary (5.5%): | ||||||||
| AutoZone, Inc. (b) | 489 | 1,047 | ||||||
| Bath & Body Works, Inc. | 2,695 | 88 | ||||||
| Best Buy Co., Inc. | 15,351 | 972 | ||||||
| Booking Holdings, Inc. (b) | 466 | 766 | ||||||
| Chipotle Mexican Grill, Inc. (b) | 472 | 709 | ||||||
| Domino's Pizza, Inc. | 5,843 | 1,813 | ||||||
| eBay, Inc. | 28,405 | 1,046 | ||||||
| Lowe's Cos., Inc. | 2,342 | 440 | ||||||
| NVR, Inc. (b) | 47 | 187 | ||||||
| O'Reilly Automotive, Inc. (b) | 1,512 | 1,063 | ||||||
| Starbucks Corp. | 29,721 | 2,504 | ||||||
| Target Corp. | 11,973 | 1,777 | ||||||
| Tesla, Inc. (b) | 14,145 | 3,752 | ||||||
| The Home Depot, Inc. | 6,858 | 1,892 | ||||||
| Tractor Supply Co. | 1,115 | 207 | ||||||
| Ulta Beauty, Inc. (b) | 2,350 | 943 | ||||||
| Yum! Brands, Inc. | 47,250 | 5,025 | ||||||
| 24,231 | ||||||||
| Consumer Staples (7.0%): | ||||||||
| Altria Group, Inc. | 115,089 | 4,647 | ||||||
| Colgate-Palmolive Co. | 66,941 | 4,703 | ||||||
| Costco Wholesale Corp. | 2,298 | 1,085 | ||||||
| General Mills, Inc. | 3,401 | 261 | ||||||
| Kimberly-Clark Corp. | 13,131 | 1,478 | ||||||
| Philip Morris International, Inc. | 63,884 | 5,303 | ||||||
| The Clorox Co. | 34,013 | 4,367 | ||||||
| The Hershey Co. | 12,494 | 2,755 | ||||||
| The Kroger Co. | 16,738 | 732 | ||||||
| The Procter & Gamble Co. | 36,550 | 4,614 | ||||||
| Tyson Foods, Inc. Class A | 2,267 | 149 | ||||||
| Walmart, Inc. | 5,402 | 701 | ||||||
| 30,795 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Energy (2.2%): | ||||||||
| ConocoPhillips | 4,119 | $ | 422 | |||||
| Devon Energy Corp. | 18,581 | 1,117 | ||||||
| EOG Resources, Inc. | 37,851 | 4,229 | ||||||
| Exxon Mobil Corp. | 5,069 | 443 | ||||||
| Pioneer Natural Resources Co. | 12,555 | 2,718 | ||||||
| Targa Resources Corp. | 12,257 | 740 | ||||||
| 9,669 | ||||||||
| Financials (6.3%): | ||||||||
| Aflac, Inc. | 7,955 | 447 | ||||||
| Ameriprise Financial, Inc. | 1,284 | 323 | ||||||
| Capital One Financial Corp. | 2,212 | 204 | ||||||
| Discover Financial Services | 27,076 | 2,462 | ||||||
| Erie Indemnity Co. Class A | 4,554 | 1,012 | ||||||
| FactSet Research Systems, Inc. | 4,868 | 1,948 | ||||||
| LPL Financial Holdings, Inc. | 1,036 | 226 | ||||||
| MarketAxess Holdings, Inc. | 3,274 | 728 | ||||||
| MSCI, Inc. | 4,025 | 1,698 | ||||||
| Raymond James Financial, Inc. | 2,505 | 248 | ||||||
| Regions Financial Corp. | 101,667 | 2,040 | ||||||
| S&P Global, Inc. | 310 | 95 | ||||||
| SEI Investments Co. | 83,414 | 4,091 | ||||||
| Signature Bank | 965 | 146 | ||||||
| SVB Financial Group (b) | 310 | 104 | ||||||
| Synchrony Financial | 37,102 | 1,046 | ||||||
| T. Rowe Price Group, Inc. | 45,258 | 4,753 | ||||||
| The Progressive Corp. | 53,559 | 6,224 | ||||||
| 27,795 | ||||||||
| Health Care (11.2%): | ||||||||
| AbbVie, Inc. | 21,009 | 2,820 | ||||||
| Align Technology, Inc. (b) | 2,287 | 474 | ||||||
| AmerisourceBergen Corp. | 1,860 | 252 | ||||||
| Amgen, Inc. | 23,723 | 5,347 | ||||||
| Biogen, Inc. (b) | 7,561 | 2,019 | ||||||
| Cigna Corp. | 862 | 239 | ||||||
| CVS Health Corp. | 3,219 | 307 | ||||||
| Elevance Health, Inc. | 932 | 423 | ||||||
| Eli Lilly & Co. | 11,667 | 3,772 | ||||||
| Gilead Sciences, Inc. | 16,028 | 989 | ||||||
| HCA Healthcare, Inc. | 3,867 | 711 | ||||||
| Hologic, Inc. (b) | 20,002 | 1,290 | ||||||
| IDEXX Laboratories, Inc. (b) | 3,339 | 1,088 | ||||||
| Johnson & Johnson | 50,138 | 8,190 | ||||||
| Laboratory Corp. of America Holdings | 719 | 147 | ||||||
| McKesson Corp. | 4,914 | 1,670 | ||||||
| Merck & Co., Inc. | 40,300 | 3,471 | ||||||
| Mettler-Toledo International, Inc. (b) | 1,487 | 1,612 | ||||||
| Moderna, Inc. (b) | 4,725 | 559 | ||||||
| Molina Healthcare, Inc. (b) | 3,229 | 1,065 | ||||||
| Pfizer, Inc. | 10,424 | 456 | ||||||
| Quest Diagnostics, Inc. | 1,335 | 164 | ||||||
| Regeneron Pharmaceuticals, Inc. (b) | 1,192 | 821 | ||||||
| UnitedHealth Group, Inc. | 12,462 | 6,294 | ||||||
| Veeva Systems, Inc. Class A (b) | 14,432 | 2,380 | ||||||
| Waters Corp. (b) | 4,547 | 1,226 | ||||||
| Zoetis, Inc. | 11,238 | 1,666 | ||||||
| 49,452 |
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Industrials (7.6%): | ||||||||
| 3M Co. | 30,054 | $ | 3,321 | |||||
| Booz Allen Hamilton Holding Corp. | 13,818 | 1,276 | ||||||
| Cintas Corp. | 5,789 | 2,247 | ||||||
| Cummins, Inc. | 9,971 | 2,029 | ||||||
| Dover Corp. | 1,393 | 162 | ||||||
| Emerson Electric Co. | 24,858 | 1,820 | ||||||
| Fastenal Co. | 46,882 | 2,159 | ||||||
| Illinois Tool Works, Inc. | 13,625 | 2,461 | ||||||
| Leidos Holdings, Inc. | 1,221 | 107 | ||||||
| Lockheed Martin Corp. | 16,669 | 6,439 | ||||||
| Masco Corp. | 2,534 | 118 | ||||||
| Northrop Grumman Corp. | 691 | 325 | ||||||
| Old Dominion Freight Line, Inc. | 8,810 | 2,192 | ||||||
| Otis Worldwide Corp. | 31,746 | 2,025 | ||||||
| Owens Corning | 1,353 | 106 | ||||||
| Robert Half International, Inc. | 12,692 | 971 | ||||||
| Rockwell Automation, Inc. | 5,401 | 1,162 | ||||||
| Union Pacific Corp. | 7,261 | 1,415 | ||||||
| United Parcel Service, Inc. Class B | 13,812 | 2,231 | ||||||
| United Rentals, Inc. (b) | 450 | 122 | ||||||
| W.W. Grainger, Inc. | 1,938 | 948 | ||||||
| 33,636 | ||||||||
| Information Technology (16.0%): | ||||||||
| Adobe, Inc. (b) | 7,619 | 2,097 | ||||||
| Apple, Inc. | 158,547 | 21,911 | ||||||
| Applied Materials, Inc. | 2,763 | 226 | ||||||
| Autodesk, Inc. (b) | 9,047 | 1,690 | ||||||
| Automatic Data Processing, Inc. | 1,290 | 292 | ||||||
| Broadcom, Inc. | 1,049 | 466 | ||||||
| Cadence Design Systems, Inc. (b) | 17,163 | 2,805 | ||||||
| CDW Corp. | 9,464 | 1,477 | ||||||
| Cisco Systems, Inc. | 62,422 | 2,497 | ||||||
| Fair Isaac Corp. (b) | 6,180 | 2,546 | ||||||
| Fortinet, Inc. (b) | 24,245 | 1,191 | ||||||
| Gartner, Inc. (b) | 408 | 113 | ||||||
| HP, Inc. | 28,235 | 704 | ||||||
| International Business Machines Corp. | 2,629 | 312 | ||||||
| Jack Henry & Associates, Inc. | 897 | 164 | ||||||
| KLA Corp. | 2,085 | 631 | ||||||
| Lam Research Corp. | 1,053 | 385 | ||||||
| Mastercard, Inc. Class A | 6,307 | 1,793 | ||||||
| Microsoft Corp. | 68,191 | 15,882 | ||||||
| Motorola Solutions, Inc. | 978 | 219 | ||||||
| NetApp, Inc. | 7,511 | 465 | ||||||
| NVIDIA Corp. | 4,444 | 539 | ||||||
| Oracle Corp. | 10,389 | 634 | ||||||
| Parade Technologies Ltd. | 35,000 | 643 | ||||||
| Qorvo, Inc. (b) | 5,324 | 423 | ||||||
| QUALCOMM, Inc. | 14,171 | 1,601 | ||||||
| Seagate Technology Holdings PLC | 2,211 | 118 | ||||||
| Teradyne, Inc. | 11,498 | 864 | ||||||
| Texas Instruments, Inc. | 23,011 | 3,562 | ||||||
| The Western Union Co. | 103,967 | 1,404 | ||||||
| VeriSign, Inc. (b) | 7,467 | 1,297 | ||||||
| Visa, Inc. Class A | 5,712 | 1,015 | ||||||
| Zebra Technologies Corp. (b) | 3,181 | 833 | ||||||
| 70,799 | ||||||||
| Materials (0.8%): | ||||||||
| Celanese Corp. | 1,241 | 112 | ||||||
| CF Industries Holdings, Inc. | 1,439 | 139 | ||||||
| Dow, Inc. | 13,436 | 590 | ||||||
| Nucor Corp. | 6,031 | 645 | ||||||
| Steel Dynamics, Inc. | 1,155 | 82 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
| USAA Global Managed Volatility Fund | September 30, 2022 | |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| The Sherwin-Williams Co. | 10,801 | $ | 2,212 | |||||
| 3,780 | ||||||||
| Real Estate (0.2%): | ||||||||
| American Tower Corp. | 2,198 | 472 | ||||||
| Crown Castle, Inc. | 1,138 | 165 | ||||||
| Equinix, Inc. | 259 | 147 | ||||||
| Prologis, Inc. | 3,420 | 347 | ||||||
| 1,131 | ||||||||
| Utilities (0.1%): | ||||||||
| Evergy, Inc. | 2,544 | 151 | ||||||
| FirstEnergy Corp. | 2,931 | 108 | ||||||
| NRG Energy, Inc. | 4,521 | 173 | ||||||
| Vistra Corp. | 8,128 | 171 | ||||||
| 603 | ||||||||
| 274,466 | ||||||||
| Total Common Stocks (Cost $495,042) | 438,709 | |||||||
| Preferred Stocks (0.1%) | ||||||||
| Brazil (0.1%): | ||||||||
| Financials (0.1%): | ||||||||
| Banco Bradesco SA | 61,400 | 226 | ||||||
| Total Preferred Stocks (Cost $203) | 226 | |||||||
| Collateral for Securities Loaned (1.1%)^ | ||||||||
| United States (1.1%): | ||||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (i) | 4,879,631 | 4,880 | ||||||
| Total Collateral for Securities Loaned (Cost $4,880) | 4,880 | |||||||
| Total Investments (Cost $500,125) — 100.3% | 443,815 | |||||||
| Liabilities in excess of other assets — (0.3)% | (1,297 | ) | ||||||
| NET ASSETS - 100.00% | $ | 442,518 | ||||||
| ^ | 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 September 30, 2022, the fair value of these securities was $1,559 thousands and amounted to 0.4% 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 September 30, 2022. |
| (f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At September 30, 2022, illiquid securities were less than 0.05% of the Fund's net assets. |
| (g) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
| (h) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022 (amount in thousand): |
| Security Name | Acquisition Date | Cost | ||||
| LUKOIL PJSC, ADR | 4/22/2020 | $ | 2,312 | |||
| Sberbank of Russia PJSC | 4/22/2020 | 1,393 | ||||
| X5 Retail Group NV, GDR | 11/11/2021 | 638 | ||||
| (i) | Rate disclosed is the daily yield on September 30, 2022. |
| 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 | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Common Stocks (99.6%) | ||||||||
| Communication Services (15.8%): | ||||||||
| Activision Blizzard, Inc. | 276,319 | $ | 20,541 | |||||
| Alphabet, Inc. Class A (a) | 1,276,528 | 122,100 | ||||||
| Alphabet, Inc. Class C (a) | 1,312,082 | 126,157 | ||||||
| Baidu, Inc., ADR (a) | 64,292 | 7,554 | ||||||
| Charter Communications, Inc. Class A (a) | 56,745 | 17,213 | ||||||
| Comcast Corp. Class A | 1,555,467 | 45,622 | ||||||
| Electronic Arts, Inc. | 98,209 | 11,364 | ||||||
| Match Group, Inc. (a) | 99,954 | 4,773 | ||||||
| Meta Platforms, Inc. Class A (a) | 727,055 | 98,647 | ||||||
| NetEase, Inc., ADR | 57,361 | 4,336 | ||||||
| Netflix, Inc. (a) | 157,075 | 36,982 | ||||||
| Sirius XM Holdings, Inc. (b) | 1,375,480 | 7,854 | ||||||
| T-Mobile U.S., Inc. (a) | 442,940 | 59,429 | ||||||
| 562,572 | ||||||||
| Communications Equipment (1.6%): | ||||||||
| Cisco Systems, Inc. | 1,462,631 | 58,505 | ||||||
| Consumer Discretionary (17.0%): | ||||||||
| Airbnb, Inc. Class A (a) | 140,989 | 14,810 | ||||||
| Amazon.com, Inc. (a) | 2,168,895 | 245,085 | ||||||
| Booking Holdings, Inc. (a) | 14,025 | 23,046 | ||||||
| Dollar Tree, Inc. (a) | 79,097 | 10,765 | ||||||
| eBay, Inc. | 194,043 | 7,143 | ||||||
| JD.com, Inc., ADR | 178,241 | 8,966 | ||||||
| Lucid Group, Inc. (a)(b) | 592,626 | 8,279 | ||||||
| Lululemon Athletica, Inc. (a) | 43,208 | 12,079 | ||||||
| Marriott International, Inc. Class A | 114,635 | 16,065 | ||||||
| MercadoLibre, Inc. (a) | 17,780 | 14,718 | ||||||
| O'Reilly Automotive, Inc. (a) | 22,365 | 15,730 | ||||||
| Pinduoduo, Inc., ADR (a) | 165,329 | 10,346 | ||||||
| Ross Stores, Inc. | 123,598 | 10,416 | ||||||
| Starbucks Corp. | 405,274 | 34,148 | ||||||
| Tesla, Inc. (a) | 661,689 | 175,513 | ||||||
| 607,109 | ||||||||
| Consumer Staples (6.7%): | ||||||||
| Costco Wholesale Corp. | 156,459 | 73,891 | ||||||
| Keurig Dr Pepper, Inc. | 500,185 | 17,917 | ||||||
| Mondelez International, Inc. Class A | 484,098 | 26,543 | ||||||
| Monster Beverage Corp. (a) | 186,102 | 16,183 | ||||||
| PepsiCo, Inc. | 487,397 | 79,573 | ||||||
| The Kraft Heinz Co. | 432,838 | 14,435 | ||||||
| Walgreens Boots Alliance, Inc. | 305,264 | 9,585 | ||||||
| 238,127 | ||||||||
| Health Care (6.5%): | ||||||||
| Align Technology, Inc. (a) | 27,589 | 5,714 | ||||||
| Amgen, Inc. | 188,943 | 42,588 | ||||||
| AstraZeneca PLC, ADR | 209,046 | 11,464 | ||||||
| Biogen, Inc. (a) | 51,255 | 13,685 | ||||||
| Dexcom, Inc. (a) | 138,664 | 11,168 | ||||||
| Gilead Sciences, Inc. | 442,702 | 27,310 | ||||||
| IDEXX Laboratories, Inc. (a) | 29,406 | 9,581 | ||||||
| Illumina, Inc. (a) | 55,560 | 10,600 | ||||||
| Intuitive Surgical, Inc. (a) | 126,135 | 23,643 | ||||||
| Moderna, Inc. (a) | 138,176 | 16,339 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 37,861 | 26,081 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Nasdaq-100 Index Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Seagen, Inc. (a) | 65,144 | $ | 8,914 | |||||
| Vertex Pharmaceuticals, Inc. (a) | 90,584 | 26,228 | ||||||
| 233,315 | ||||||||
| Industrials (3.4%): | ||||||||
| Cintas Corp. | 36,043 | 13,992 | ||||||
| Copart, Inc. (a) | 83,948 | 8,932 | ||||||
| CSX Corp. | 756,309 | 20,148 | ||||||
| Fastenal Co. | 202,983 | 9,345 | ||||||
| Honeywell International, Inc. | 237,955 | 39,731 | ||||||
| Old Dominion Freight Line, Inc. | 39,480 | 9,821 | ||||||
| PACCAR, Inc. | 122,818 | 10,279 | ||||||
| Verisk Analytics, Inc. | 55,440 | 9,454 | ||||||
| 121,702 | ||||||||
| IT Services (3.5%): | ||||||||
| Automatic Data Processing, Inc. | 146,765 | 33,197 | ||||||
| Cognizant Technology Solutions Corp. Class A | 182,887 | 10,505 | ||||||
| Fiserv, Inc. (a) | 225,908 | 21,138 | ||||||
| Okta, Inc. (a) | 53,265 | 3,029 | ||||||
| Paychex, Inc. | 127,123 | 14,265 | ||||||
| PayPal Holdings, Inc. (a) | 408,479 | 35,158 | ||||||
| VeriSign, Inc. (a) | 37,894 | 6,582 | ||||||
| 123,874 | ||||||||
| Semiconductors & Semiconductor Equipment (13.5%): | ||||||||
| Advanced Micro Devices, Inc. (a) | 570,195 | 36,128 | ||||||
| Analog Devices, Inc. | 181,671 | 25,314 | ||||||
| Applied Materials, Inc. | 303,870 | 24,896 | ||||||
| ASML Holding NV, NYS | 30,410 | 12,631 | ||||||
| Broadcom, Inc. | 143,043 | 63,512 | ||||||
| Intel Corp. | 1,450,281 | 37,374 | ||||||
| KLA Corp. | 50,087 | 15,158 | ||||||
| Lam Research Corp. | 48,386 | 17,709 | ||||||
| Marvell Technology, Inc. | 301,147 | 12,922 | ||||||
| Microchip Technology, Inc. | 195,143 | 11,910 | ||||||
| Micron Technology, Inc. | 389,643 | 19,521 | ||||||
| NVIDIA Corp. | 746,040 | 90,562 | ||||||
| NXP Semiconductors NV | 92,752 | 13,682 | ||||||
| QUALCOMM, Inc. | 396,655 | 44,814 | ||||||
| Skyworks Solutions, Inc. | 56,671 | 4,832 | ||||||
| Texas Instruments, Inc. | 322,731 | 49,952 | ||||||
| 480,917 | ||||||||
| Software (16.9%): | ||||||||
| Adobe, Inc. (a) | 165,303 | 45,491 | ||||||
| ANSYS, Inc. (a) | 30,754 | 6,818 | ||||||
| Atlassian Corp. PLC Class A (a) | 51,177 | 10,777 | ||||||
| Autodesk, Inc. (a) | 76,244 | 14,242 | ||||||
| Cadence Design Systems, Inc. (a) | 96,734 | 15,809 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 75,881 | 12,506 | ||||||
| Datadog, Inc. Class A (a) | 102,719 | 9,119 | ||||||
| DocuSign, Inc. (a) | 70,622 | 3,776 | ||||||
| Fortinet, Inc. (a) | 278,514 | 13,683 | ||||||
| Intuit, Inc. | 99,633 | 38,590 | ||||||
| Microsoft Corp. | 1,587,760 | 369,789 | ||||||
| Palo Alto Networks, Inc. (a) | 105,577 | 17,293 | ||||||
| Splunk, Inc. (a) | 57,467 | 4,322 | ||||||
| Synopsys, Inc. (a) | 54,010 | 16,501 | ||||||
| Workday, Inc. Class A (a) | 70,995 | 10,807 | ||||||
| Zoom Video Communications, Inc. Class A (a) | 88,647 | 6,524 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Nasdaq-100 Index Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Zscaler, Inc. (a) | 50,107 | $ | 8,236 | |||||
| 604,283 | ||||||||
| Technology Hardware, Storage & Peripherals (13.3%): | ||||||||
| Apple, Inc. | 3,421,410 | 472,839 | ||||||
| Utilities (1.4%): | ||||||||
| American Electric Power Co., Inc. | 181,456 | 15,687 | ||||||
| Constellation Energy Corp. | 115,368 | 9,597 | ||||||
| Exelon Corp. | 350,897 | 13,145 | ||||||
| Xcel Energy, Inc. | 193,203 | 12,365 | ||||||
| 50,794 | ||||||||
| Total Common Stocks (Cost $1,989,264) | 3,554,037 | |||||||
| Collateral for Securities Loaned (0.4%)^ | ||||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (c) | 14,917,502 | 14,918 | ||||||
| Total Collateral for Securities Loaned (Cost $14,918) | 14,918 | |||||||
| Total Investments (Cost $2,004,182) — 100.0% | 3,568,955 | |||||||
| Liabilities in excess of other assets — 0.0%(d) | (621 | ) | ||||||
| NET ASSETS - 100.00% | $ | 3,568,334 | ||||||
| ^ | 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) | Rate disclosed is the daily yield on September 30, 2022. |
| (d) | 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 | 41 | 12/16/22 | $ | 9,921,742 | $ | 9,049,110 | $ | (872,632 | ) | |||||||
| Total unrealized appreciation | $ | – | ||||||||||||||
| Total unrealized depreciation | (872,632 | ) | ||||||||||||||
| Total net unrealized appreciation (depreciation) | $ | (872,632 | ) | |||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments |
| USAA Target Retirement Income Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Affiliated Exchange-Traded Funds (19.0%) | ||||||||
| VictoryShares Dividend Accelerator ETF | 153,677 | $ | 6,071 | |||||
| VictoryShares ESG Corporate Bond ETF | 1,899,203 | 37,268 | ||||||
| VictoryShares International Volatility Wtd ETF | 179,768 | 5,772 | ||||||
| VictoryShares NASDAQ Next 50 ETF | 149,092 | 3,341 | ||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 141,668 | 4,894 | ||||||
| VictoryShares USAA Core Short-Term Bond ETF | 443,598 | 21,481 | ||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 305,717 | 10,935 | ||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 440,876 | 15,706 | ||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 86,772 | 5,010 | ||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 201,590 | 11,443 | ||||||
| Total Affiliated Exchange-Traded Funds (Cost $134,194) | 121,921 | |||||||
| Affiliated Mutual Funds (80.4%) | ||||||||
| USAA 500 Index Fund Reward Shares | 338,789 | 15,761 | ||||||
| USAA Global Managed Volatility Fund Institutional Shares | 4,325,424 | 35,988 | ||||||
| USAA Government Securities Fund Institutional Shares | 17,630,704 | 154,092 | ||||||
| USAA Growth Fund Institutional Shares | 358,287 | 8,491 | ||||||
| USAA High Income Fund Institutional Shares | 5,142,918 | 32,915 | ||||||
| USAA Income Stock Fund Institutional Shares | 215,789 | 3,599 | ||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 3,917,766 | 34,829 | ||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 138,699 | 1,917 | ||||||
| USAA Short-Term Bond Fund Institutional Shares | 12,821,587 | 111,163 | ||||||
| USAA Small Cap Stock Fund Institutional Shares | 672,871 | 7,637 | ||||||
| USAA Target Managed Allocation Fund | 3,832,756 | 31,659 | ||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 299,022 | 6,124 | ||||||
| Victory Market Neutral Income Fund Class I | 3,525,347 | 31,376 | ||||||
| Victory RS International Fund Class R6 | 2,450,930 | 21,323 | ||||||
| Victory Sophus Emerging Markets Fund Class R6 | 273,655 | 4,545 | ||||||
| Victory Trivalent International Core Equity Fund Class R6 | 2,266,070 | 13,415 | ||||||
| Total Affiliated Mutual Funds (Cost $554,740) | 514,834 | |||||||
| Total Investments (Cost $688,934) — 99.4% | 636,755 | |||||||
| Other assets in excess of liabilities — 0.6% | 3,942 | |||||||
| NET ASSETS - 100.00% | $ | 640,697 | ||||||
At September 30, 2022, the Fund's investments in foreign securities were 11.2% of net assets.
| ETF—Exchange-Traded Fund |
Affiliated Holdings
| Fair Value | Purchases | Proceeds from | Realized | Capital Gain | Net
Change in Unrealized Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| USAA Target Retirement Income Fund | 12/31/2021 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 3,002 | $ | 16,390 | $ | - | $ | - | $ | - | $ | (3,632 | ) | $ | 15,760 | $ | 152 | |||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 48,853 | - | (1,254 | ) | (98 | ) | - | (11,513 | ) | 35,988 | - | |||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 229,062 | 2,597 | (56,010 | ) | (4,929 | ) | - | (16,628 | ) | 154,092 | 2,918 | |||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 15,236 | - | (2,156 | ) | 976 | - | (5,565 | ) | 8,491 | - | ||||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 34,674 | 5,161 | - | - | - | (6,920 | ) | 32,915 | 1,397 | |||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 20,833 | 79 | (19,768 | ) | 2,286 | - | (3,430 | ) | - | 79 | ||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 9,506 | 60 | (5,150 | ) | 758 | - | (1,575 | ) | 3,599 | 60 | ||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 14,271 | 24,650 | - | - | - | (4,094 | ) | 34,827 | 483 | |||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 2,645 | - | - | - | - | (728 | ) | 1,917 | - | |||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 123,244 | 1,625 | (7,053 | ) | (76 | ) | - | (6,577 | ) | 111,163 | 1,855 | |||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 6,303 | 3,193 | - | - | - | (1,859 | ) | 7,637 | - | |||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 43,496 | 1,376 | (2,663 | ) | (11 | ) | - | (10,539 | ) | 31,659 | - | |||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 6,053 | 1,167 | - | - | - | (1,095 | ) | 6,125 | - | |||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 32,841 | 949 | - | - | - | (2,414 | ) | 31,376 | 950 | |||||||||||||||||||||||
| Victory RS International Fund Class R6 | 27,363 | 2,436 | (736 | ) | (121 | ) | - | (7,619 | ) | 21,323 | - | |||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 3,533 | 2,687 | - | - | - | (1,675 | ) | 4,545 | - | |||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 16,222 | 2,342 | - | - | - | (5,149 | ) | 13,415 | - | |||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 11,350 | (3,799 | ) | 941 | - | (2,421 | ) | 6,071 | 85 | |||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 44,104 | 2,996 | - | - | - | (9,832 | ) | 37,268 | 629 | |||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 8,097 | - | - | - | - | (2,325 | ) | 5,772 | 137 | |||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 5,077 | - | - | - | - | (1,735 | ) | 3,342 | 22 | |||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 6,705 | - | (741 | ) | 182 | - | (1,252 | ) | 4,894 | 74 | ||||||||||||||||||||||
| VictoryShares USAA Core Short-Term Bond ETF | 22,770 | - | - | - | - | (1,289 | ) | 21,481 | 310 | |||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 21,864 | - | (5,962 | ) | (1,466 | ) | - | (3,501 | ) | 10,935 | 515 | |||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 22,487 | - | (789 | ) | (37 | ) | - | (5,955 | ) | 15,706 | 422 | |||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 6,388 | - | - | - | - | (1,378 | ) | 5,010 | 45 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 18,204 | - | (3,727 | ) | 859 | - | (3,892 | ) | 11,444 | 158 | ||||||||||||||||||||||
| $ | 804,183 | $ | 67,708 | $ | (109,808 | ) | $ | (736 | ) | $ | - | $ | (124,592 | ) | $ | 636,755 | $ | 10,291 | ||||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments |
| USAA Target Retirement 2030 Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Affiliated Exchange-Traded Funds (24.6%) | ||||||||
| VictoryShares Dividend Accelerator ETF | 547,344 | $ | 21,624 | |||||
| VictoryShares ESG Corporate Bond ETF | 1,767,524 | 34,684 | ||||||
| VictoryShares International Volatility Wtd ETF | 493,863 | 15,858 | ||||||
| VictoryShares NASDAQ Next 50 ETF | 696,279 | 15,604 | ||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 264,132 | 9,124 | ||||||
| VictoryShares USAA Core Short-Term Bond ETF | 834,703 | 40,420 | ||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 657,114 | 23,503 | ||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 1,255,084 | 44,713 | ||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 343,892 | 19,855 | ||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 691,787 | 39,269 | ||||||
| Total Affiliated Exchange-Traded Funds (Cost $287,179) | 264,654 | |||||||
| Affiliated Mutual Funds (75.0%) | ||||||||
| USAA 500 Index Fund Reward Shares | 1,243,966 | 57,869 | ||||||
| USAA Global Managed Volatility Fund Institutional Shares | 12,937,147 | 107,637 | ||||||
| USAA Government Securities Fund Institutional Shares | 20,696,455 | 180,887 | ||||||
| USAA Growth Fund Institutional Shares | 1,413,785 | 33,507 | ||||||
| USAA High Income Fund Institutional Shares | 6,582,265 | 42,126 | ||||||
| USAA Income Stock Fund Institutional Shares | 776,703 | 12,955 | ||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 5,897,057 | 52,425 | ||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 252,515 | 3,490 | ||||||
| USAA Short-Term Bond Fund Institutional Shares | 6,670,650 | 57,835 | ||||||
| USAA Small Cap Stock Fund Institutional Shares | 1,909,956 | 21,678 | ||||||
| USAA Target Managed Allocation Fund | 11,482,978 | 94,849 | ||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 1,145,180 | 23,453 | ||||||
| Victory Market Neutral Income Fund Class I | 2,422,353 | 21,559 | ||||||
| Victory RS International Fund Class R6 | 5,625,356 | 48,941 | ||||||
| Victory Sophus Emerging Markets Fund Class R6 | 498,565 | 8,281 | ||||||
| Victory Trivalent International Core Equity Fund Class R6 | 6,397,082 | 37,871 | ||||||
| Total Affiliated Mutual Funds (Cost $882,883) | 805,363 | |||||||
| Total Investments (Cost $1,170,062) — 99.6% | 1,070,017 | |||||||
| Other assets in excess of liabilities — 0.4% | 4,313 | |||||||
| NET ASSETS - 100.00% | $ | 1,074,330 | ||||||
At September 30, 2022, the Fund's investments in foreign securities were 16.7% of net assets.
| ETF—Exchange-Traded Fund |
Affiliated Holdings
| Fair Value | Purchases | Proceeds from | Realized | Capital Gain | Net Change in Unrealized Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| Target 2030 | 12/31/2021 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 19,595 | $ | 54,036 | $ | - | $ | - | $ | - | $ | (15,762 | ) | $ | 57,869 | $ | 603 | |||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 150,749 | - | (8,398 | ) | (254 | ) | - | (34,460 | ) | 107,637 | - | |||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 202,603 | 4,957 | (5,469 | ) | (680 | ) | - | (20,524 | ) | 180,887 | 2,842 | |||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 61,543 | - | (9,853 | ) | 505 | - | (18,688 | ) | 33,507 | - | ||||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 55,362 | 5,801 | (9,213 | ) | (265 | ) | - | (9,559 | ) | 42,126 | 1,981 | |||||||||||||||||||||
| USAA Income Fund Institutional Shares | 19,232 | 150 | (18,087 | ) | 2,013 | - | (3,308 | ) | - | 150 | ||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 31,911 | 243 | (16,288 | ) | 1,101 | - | (4,012 | ) | 12,955 | 243 | ||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 48,542 | 12,619 | - | - | - | (8,736 | ) | 52,425 | 1,038 | |||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 4,816 | - | - | - | - | (1,326 | ) | 3,490 | - | |||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 60,433 | 842 | - | - | - | (3,440 | ) | 57,835 | 961 | |||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 24,732 | 3,452 | - | - | - | (6,506 | ) | 21,678 | - | |||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 133,282 | - | (5,905 | ) | (38 | ) | - | (32,490 | ) | 94,849 | - | |||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 35,801 | - | (7,674 | ) | 1,457 | - | (6,131 | ) | 23,453 | - | ||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 22,566 | 652 | - | - | - | (1,659 | ) | 21,559 | 652 | |||||||||||||||||||||||
| Victory RS International Fund Class R6 | 67,849 | 1,191 | (1,332 | ) | (92 | ) | - | (18,675 | ) | 48,941 | - | |||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 8,400 | 3,174 | - | - | - | (3,293 | ) | 8,281 | - | |||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 52,648 | - | - | - | - | (14,777 | ) | 37,871 | - | |||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 35,538 | - | (8,959 | ) | 2,241 | - | (7,196 | ) | 21,624 | 304 | ||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 36,753 | 6,946 | - | - | - | (9,015 | ) | 34,684 | 586 | |||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 23,623 | - | (1,374 | ) | 156 | - | (6,547 | ) | 15,858 | 376 | ||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 23,708 | - | - | - | - | (8,104 | ) | 15,604 | 105 | |||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 13,705 | - | (2,435 | ) | 488 | - | (2,634 | ) | 9,124 | 148 | ||||||||||||||||||||||
| VictoryShares USAA Core Short-Term Bond ETF | 42,845 | - | - | - | - | (2,425 | ) | 40,420 | 583 | |||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 43,138 | - | (9,486 | ) | (3,047 | ) | - | (7,102 | ) | 23,503 | 1,034 | |||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 64,472 | - | (2,709 | ) | (218 | ) | - | (16,832 | ) | 44,713 | 1,201 | |||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 22,453 | 2,291 | - | - | - | (4,889 | ) | 19,855 | 164 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 61,712 | - | (12,364 | ) | 3,056 | - | (13,135 | ) | 39,269 | 534 | ||||||||||||||||||||||
| $ | 1,368,011 | $ | 96,354 | $ | (119,546 | ) | $ | 6,423 | $ | - | $ | (281,225 | ) | $ | 1,070,017 | $ | 13,505 | |||||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments |
| USAA Target Retirement 2040 Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Affiliated Exchange-Traded Funds (27.3%) | ||||||||
| VictoryShares Dividend Accelerator ETF | 856,899 | $ | 33,854 | |||||
| VictoryShares ESG Corporate Bond ETF | 873,088 | 17,132 | ||||||
| VictoryShares International Volatility Wtd ETF | 704,196 | 22,612 | ||||||
| VictoryShares NASDAQ Next 50 ETF | 1,164,047 | 26,086 | ||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 428,496 | 14,802 | ||||||
| VictoryShares USAA Core Short-Term Bond ETF | 493,169 | 23,882 | ||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 1,198,998 | 42,884 | ||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 1,857,236 | 66,165 | ||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 453,628 | 26,190 | ||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 1,119,579 | 63,553 | ||||||
| Total Affiliated Exchange-Traded Funds (Cost $365,820) | 337,160 | |||||||
| Affiliated Mutual Funds (72.4%) | ||||||||
| USAA 500 Index Fund Reward Shares | 2,009,564 | 93,485 | ||||||
| USAA Global Managed Volatility Fund Institutional Shares | 19,637,531 | 163,384 | ||||||
| USAA Government Securities Fund Institutional Shares | 10,611,318 | 92,743 | ||||||
| USAA Growth Fund Institutional Shares | 2,259,468 | 53,549 | ||||||
| USAA High Income Fund Institutional Shares | 6,935,265 | 44,386 | ||||||
| USAA Income Stock Fund Institutional Shares | 1,263,165 | 21,070 | ||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 3,632,233 | 32,290 | ||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 280,840 | 3,881 | ||||||
| USAA Short-Term Bond Fund Institutional Shares | 2,448,059 | 21,225 | ||||||
| USAA Small Cap Stock Fund Institutional Shares | 2,525,841 | 28,668 | ||||||
| USAA Target Managed Allocation Fund | 17,558,999 | 145,037 | ||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 1,832,499 | 37,530 | ||||||
| Victory Market Neutral Income Fund Class I | 1,497,034 | 13,324 | ||||||
| Victory RS International Fund Class R6 | 8,734,582 | 75,991 | ||||||
| Victory Sophus Emerging Markets Fund Class R6 | 827,072 | 13,738 | ||||||
| Victory Trivalent International Core Equity Fund Class R6 | 9,253,792 | 54,782 | ||||||
| Total Affiliated Mutual Funds (Cost $988,498) | 895,083 | |||||||
| Total Investments (Cost $1,354,318) — 99.7% | 1,232,243 | |||||||
| Other assets in excess of liabilities — 0.3% | 4,135 | |||||||
| NET ASSETS - 100.00% | $ | 1,236,378 | ||||||
At September 30, 2022, the Fund's investments in foreign securities were 22.3% of net assets.
| ETF—Exchange-Traded Fund |
Affiliated Holdings
| Fair Value | Purchases | Proceeds from | Realized | Capital Gain | Net Change in Unrealized Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| Target 2040 | 12/31/2021 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 48,446 | $ | 71,885 | $ | - | $ | - | $ | - | $ | (26,846 | ) | $ | 93,485 | $ | 991 | |||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 224,953 | - | (8,425 | ) | (857 | ) | - | (52,287 | ) | 163,384 | - | |||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 101,182 | 3,300 | (998 | ) | (158 | ) | - | (10,584 | ) | 92,742 | 1,439 | |||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 95,737 | - | (13,269 | ) | (678 | ) | - | (28,241 | ) | 53,549 | - | |||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 50,434 | 5,783 | (2,373 | ) | 82 | - | (9,540 | ) | 44,386 | 1,905 | ||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 8,743 | 24 | (8,419 | ) | 1,164 | - | (1,512 | ) | - | 24 | ||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 46,170 | 390 | (20,845 | ) | 1,258 | - | (5,903 | ) | 21,070 | 390 | ||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 38,930 | 662 | (998 | ) | (245 | ) | - | (6,058 | ) | 32,291 | 760 | |||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 5,355 | - | - | - | - | (1,474 | ) | 3,881 | - | |||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 22,178 | 310 | - | - | - | (1,263 | ) | 21,225 | 353 | |||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 33,348 | 4,109 | - | - | - | (8,789 | ) | 28,668 | - | |||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 204,213 | - | (9,379 | ) | (107 | ) | - | (49,689 | ) | 145,038 | - | |||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 50,790 | - | (5,836 | ) | 625 | - | (8,049 | ) | 37,530 | - | ||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 13,946 | 403 | - | - | - | (1,025 | ) | 13,324 | 403 | |||||||||||||||||||||||
| Victory RS International Fund Class R6 | 103,448 | 2,891 | (1,578 | ) | (115 | ) | - | (28,655 | ) | 75,991 | - | |||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 13,829 | 5,178 | - | - | - | (5,269 | ) | 13,738 | - | |||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 76,159 | - | - | - | - | (21,377 | ) | 54,782 | - | |||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 53,451 | - | (12,077 | ) | 3,107 | - | (10,627 | ) | 33,854 | 474 | ||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 16,649 | 4,900 | - | - | - | (4,417 | ) | 17,132 | 289 | |||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 33,348 | - | (1,624 | ) | 184 | - | (9,296 | ) | 22,612 | 537 | ||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 37,822 | 1,592 | - | - | - | (13,328 | ) | 26,086 | 175 | |||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 22,618 | - | (4,398 | ) | 951 | - | (4,369 | ) | 14,802 | 238 | ||||||||||||||||||||||
| VictoryShares USAA Core Short-Term Bond ETF | 25,314 | - | - | - | - | (1,433 | ) | 23,881 | 344 | |||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 61,291 | - | (2,810 | ) | (902 | ) | - | (14,695 | ) | 42,884 | 1,497 | |||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 94,603 | - | (3,196 | ) | (282 | ) | - | (24,960 | ) | 66,165 | 1,776 | |||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 30,080 | 2,652 | - | - | - | (6,542 | ) | 26,190 | 219 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 100,547 | - | (20,672 | ) | 5,093 | - | (21,415 | ) | 63,553 | 856 | ||||||||||||||||||||||
| $ | 1,613,584 | $ | 104,079 | $ | (116,897 | ) | $ | 9,120 | $ | - | $ | (377,643 | ) | $ | 1,232,243 | $ | 12,670 | |||||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments |
| USAA Target Retirement 2050 Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Affiliated Exchange-Traded Funds (27.9%) | ||||||||
| VictoryShares Dividend Accelerator ETF | 595,129 | $ | 23,512 | |||||
| VictoryShares ESG Corporate Bond ETF | 418,613 | 8,214 | ||||||
| VictoryShares International Volatility Wtd ETF | 467,748 | 15,019 | ||||||
| VictoryShares NASDAQ Next 50 ETF | 793,323 | 17,778 | ||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 310,087 | 10,712 | ||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 771,524 | 27,595 | ||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 1,233,843 | 43,956 | ||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF (a) | 279,194 | 16,120 | ||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 765,465 | 43,452 | ||||||
| Total Affiliated Exchange-Traded Funds (Cost $222,260) | 206,358 | |||||||
| Affiliated Mutual Funds (71.2%) | ||||||||
| USAA 500 Index Fund Reward Shares | 1,442,384 | 67,100 | ||||||
| USAA Global Managed Volatility Fund Institutional Shares | 13,396,221 | 111,457 | ||||||
| USAA Government Securities Fund Institutional Shares | 2,486,051 | 21,728 | ||||||
| USAA Growth Fund Institutional Shares | 1,451,563 | 34,402 | ||||||
| USAA High Income Fund Institutional Shares | 1,413,837 | 9,049 | ||||||
| USAA Income Stock Fund Institutional Shares | 880,321 | 14,684 | ||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 1,578,202 | 14,030 | ||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 157,779 | 2,180 | ||||||
| USAA Short-Term Bond Fund Institutional Shares | 317,301 | 2,751 | ||||||
| USAA Small Cap Stock Fund Institutional Shares | 1,756,045 | 19,931 | ||||||
| USAA Target Managed Allocation Fund | 11,934,928 | 98,582 | ||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 1,242,214 | 25,440 | ||||||
| Victory Market Neutral Income Fund Class I | 703,321 | 6,260 | ||||||
| Victory RS International Fund Class R6 | 6,099,748 | 53,068 | ||||||
| Victory Sophus Emerging Markets Fund Class R6 | 591,283 | 9,821 | ||||||
| Victory Trivalent International Core Equity Fund Class R6 | 6,310,465 | 37,358 | ||||||
| Total Affiliated Mutual Funds (Cost $590,884) | 527,841 | |||||||
| Collateral for Securities Loaned (0.0%)^(b) | ||||||||
| HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 59,250 | 59 | ||||||
| Total Collateral for Securities Loaned (Cost $59) | 59 | |||||||
| Total Investments (Cost $813,203) — 99.1% | 734,258 | |||||||
| Other assets in excess of liabilities — 0.9% | 6,651 | |||||||
| NET ASSETS - 100.00% | $ | 740,909 | ||||||
At September 30, 2022, the Fund's investments in foreign securities were 25.2% 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 September 30, 2022. |
| ETF—Exchange-Traded Fund |
Affiliated Holdings
| Fair Value | Purchases | Proceeds from | Realized | Capital Gain | Net
Change in Unrealized Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| Target 2050 | 12/31/2021 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 41,487 | $ | 45,342 | $ | - | $ | - | $ | - | $ | (19,729 | ) | $ | 67,100 | $ | 720 | |||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 148,680 | - | (1,490 | ) | (90 | ) | - | (35,643 | ) | 111,457 | - | |||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 21,845 | 2,269 | - | - | - | (2,386 | ) | 21,728 | 313 | |||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 61,420 | - | (8,444 | ) | (96 | ) | - | (18,478 | ) | 34,402 | - | |||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 10,632 | 394 | - | - | - | (1,977 | ) | 9,049 | 393 | |||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 3,560 | 16 | (3,366 | ) | (6 | ) | - | (204 | ) | - | 15 | |||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 31,299 | 268 | (13,685 | ) | 949 | - | (4,147 | ) | 14,684 | 268 | ||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 16,408 | 279 | - | - | - | (2,657 | ) | 14,030 | 320 | |||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 3,009 | - | - | - | - | (828 | ) | 2,181 | - | |||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 2,875 | 40 | - | - | - | (164 | ) | 2,751 | 46 | |||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 23,821 | 2,463 | - | - | - | (6,353 | ) | 19,931 | - | |||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 137,247 | - | (4,792 | ) | (130 | ) | - | (33,742 | ) | 98,583 | - | |||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 34,873 | - | (4,432 | ) | 569 | - | (5,569 | ) | 25,441 | - | ||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 6,552 | 189 | - | - | - | (482 | ) | 6,259 | 189 | |||||||||||||||||||||||
| Victory RS International Fund Class R6 | 71,191 | 3,675 | (1,892 | ) | (168 | ) | - | (19,738 | ) | 53,068 | - | |||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 10,871 | 2,831 | - | - | - | (3,881 | ) | 9,821 | - | |||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 51,935 | - | - | - | - | (14,577 | ) | 37,358 | - | |||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 35,850 | - | (7,166 | ) | 1,760 | - | (6,932 | ) | 23,512 | 333 | ||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 7,093 | 3,062 | - | - | - | (1,941 | ) | 8,214 | 132 | |||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 21,068 | - | - | - | - | (6,049 | ) | 15,019 | 357 | |||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 23,743 | 2,887 | - | - | - | (8,852 | ) | 17,778 | 120 | |||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 14,902 | - | (1,847 | ) | 453 | - | (2,796 | ) | 10,712 | 162 | ||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 40,331 | - | (2,560 | ) | (819 | ) | - | (9,357 | ) | 27,595 | 982 | |||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 60,755 | - | - | - | - | (16,799 | ) | 43,956 | 1,179 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 18,568 | 1,588 | - | - | - | (4,037 | ) | 16,119 | 135 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 66,197 | - | (11,593 | ) | 2,808 | - | (13,961 | ) | 43,451 | 588 | ||||||||||||||||||||||
| $ | 966,212 | $ | 65,303 | $ | (61,267 | ) | $ | 5,230 | $ | - | $ | (241,279 | ) | $ | 734,199 | $ | 6,252 | |||||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments |
| USAA Target Retirement 2060 Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares | Value | ||||||
| Affiliated Exchange-Traded Funds (27.6%) | ||||||||
| VictoryShares Dividend Accelerator ETF | 82,555 | $ | 3,262 | |||||
| VictoryShares ESG Corporate Bond ETF | 43,422 | 852 | ||||||
| VictoryShares International Volatility Wtd ETF | 75,768 | 2,433 | ||||||
| VictoryShares NASDAQ Next 50 ETF | 112,009 | 2,510 | ||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 43,625 | 1,507 | ||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 108,347 | 3,875 | ||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 177,196 | 6,313 | ||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 42,403 | 2,448 | ||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 107,786 | 6,118 | ||||||
| Total Affiliated Exchange-Traded Funds (Cost $31,351) | 29,318 | |||||||
| Affiliated Mutual Funds (71.4%) | ||||||||
| USAA 500 Index Fund Reward Shares | 212,304 | 9,876 | ||||||
| USAA Global Managed Volatility Fund Institutional Shares | 1,901,972 | 15,824 | ||||||
| USAA Government Securities Fund Institutional Shares | 500,828 | 4,377 | ||||||
| USAA Growth Fund Institutional Shares | 203,685 | 4,827 | ||||||
| USAA Income Stock Fund Institutional Shares | 121,823 | 2,032 | ||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 337,614 | 3,001 | ||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 19,609 | 271 | ||||||
| USAA Short-Term Bond Fund Institutional Shares | 117 | 1 | ||||||
| USAA Small Cap Stock Fund Institutional Shares | 262,426 | 2,979 | ||||||
| USAA Target Managed Allocation Fund | 1,730,922 | 14,298 | ||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 180,947 | 3,706 | ||||||
| Victory RS International Fund Class R6 | 895,698 | 7,793 | ||||||
| Victory Sophus Emerging Markets Fund Class R6 | 99,232 | 1,648 | ||||||
| Victory Trivalent International Core Equity Fund Class R6 | 918,026 | 5,435 | ||||||
| Total Affiliated Mutual Funds (Cost $88,794) | 76,068 | |||||||
| Total Investments (Cost $120,145) — 99.0% | 105,386 | |||||||
| Other assets in excess of liabilities — 1.0% | 1,116 | |||||||
| NET ASSETS - 100.00% | $ | 106,502 | ||||||
At September 30, 2022, the Fund's investments in foreign securities were 25.8% of net assets.
| ETF—Exchange-Traded Fund |
Affiliated Holdings
| Fair Value | Purchases | Proceeds from | Realized | Capital Gain | Net
Change in Unrealized Appreciation/ | Fair Value | Dividend | |||||||||||||||||||||||||
| Target 2060 | 12/31/2021 | at Cost | Sales | Gains(Losses) | Distribution | Depreciation | 9/30/22 | Income | ||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 9,517 | $ | 3,354 | $ | - | $ | - | $ | - | $ | (2,995 | ) | $ | 9,876 | $ | 105 | |||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 20,884 | - | - | - | - | (5,059 | ) | 15,825 | - | |||||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 4,822 | 58 | - | - | - | (503 | ) | 4,377 | 67 | |||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 6,822 | 439 | - | - | - | (2,434 | ) | 4,827 | - | |||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 448 | 2 | (423 | ) | (1 | ) | - | (26 | ) | - | 2 | |||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 3,372 | 38 | (947 | ) | 74 | - | (505 | ) | 2,032 | 38 | ||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 2,341 | 1,039 | - | - | - | (379 | ) | 3,001 | 46 | |||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 374 | - | - | - | - | (103 | ) | 271 | - | |||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 1 | - | - | - | - | - | * | 1 | - | |||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 3,341 | 574 | - | - | - | (936 | ) | 2,979 | - | |||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 19,308 | 124 | (268 | ) | (8 | ) | - | (4,859 | ) | 14,297 | - | |||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 4,804 | - | (365 | ) | (24 | ) | - | (709 | ) | 3,706 | - | |||||||||||||||||||||
| Victory RS International Fund Class R6 | 10,146 | 822 | (268 | ) | (28 | ) | - | (2,879 | ) | 7,793 | - | |||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 1,753 | 798 | (249 | ) | (106 | ) | - | (548 | ) | 1,648 | - | |||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 7,272 | 271 | - | - | - | (2,108 | ) | 5,435 | - | |||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 5,000 | - | (1,018 | ) | 260 | - | (980 | ) | 3,262 | 46 | ||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 665 | 383 | - | - | - | (196 | ) | 852 | 14 | |||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 3,413 | - | - | - | - | (980 | ) | 2,433 | 58 | |||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 3,354 | 406 | - | - | - | (1,250 | ) | 2,510 | 17 | |||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 1,966 | - | (130 | ) | 32 | - | (361 | ) | 1,507 | 22 | ||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 5,819 | - | (491 | ) | (155 | ) | - | (1,298 | ) | 3,875 | 141 | |||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 8,725 | - | - | - | - | (2,412 | ) | 6,313 | 168 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 2,837 | 228 | - | - | - | (617 | ) | 2,448 | 21 | |||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 8,182 | - | (524 | ) | 124 | - | (1,664 | ) | 6,118 | 82 | ||||||||||||||||||||||
| $ | 135,166 | $ | 8,536 | $ | (4,683 | ) | $ | 168 | $ | - | $ | (33,801 | ) | $ | 105,386 | $ | 827 | |||||||||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Asset-Backed Securities (18.3%) | ||||||||
| Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) | $ | 1,500 | $ | 1,288 | ||||
| American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 10/13/23 @ 100 (a) | 1,000 | 967 | ||||||
| American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 3/13/24 @ 100 (a) | 500 | 475 | ||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) | 405 | 365 | ||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 6/20/25 @ 100 (a) | 536 | 511 | ||||||
| Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 4/20/26 @ 100 (a) | 600 | 596 | ||||||
| ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, Callable 5/15/24 @ 100 (a) | 500 | 491 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class B, 4.27%, 3/20/25, Callable 3/20/24 @ 100 (a) | 615 | 603 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, 9/20/24, Callable 9/20/23 @ 100 (a) | 1,000 | 988 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, 3/20/24, Callable 3/20/23 @ 100 (a) | 1,565 | 1,560 | ||||||
| Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a) | 1,000 | 984 | ||||||
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class C, 3.75%, 7/21/25, Callable 1/19/23 @ 100 (a) | 550 | 549 | ||||||
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class B, 3.16%, 10/21/24, Callable 1/19/23 @ 100 (a) | 500 | 498 | ||||||
| CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a) | 500 | 467 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 4/10/25 @ 100 | 331 | 315 | ||||||
| Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 7/15/23 @ 100 (a) | 862 | 856 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.07%, 3/10/28, Callable 7/10/25 @ 100 | 270 | 259 | ||||||
| Carvana Auto Receivables Trust, Series 2021-N4, Class A1, 0.83%, 9/11/28, Callable 1/10/24 @ 100 | 378 | 368 | ||||||
| CCG Receivables Trust, Series 2019-1, Class C, 3.57%, 9/14/26, Callable 10/14/22 @ 100 (a) | 750 | 738 | ||||||
| CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 10/14/22 @ 100 (a) | 623 | 620 | ||||||
| Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, Callable 8/25/23 @ 100 (a) | 106 | 104 | ||||||
| Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 10/15/22 @ 100 (a) | 46 | 46 | ||||||
| Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) | 500 | 501 | ||||||
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88%, 6/15/26, Callable 6/15/24 @ 100 (a) | 815 | 803 | ||||||
| CPS Auto Receivables Trust, Series 2022-A, Class A, 0.98%, 4/16/29, Callable 8/15/23 @ 100 (a) | 561 | 551 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 4/15/23 @ 100 (a) | 493 | 491 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 2/15/30, Callable 7/15/24 @ 100 (a) | 500 | 477 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, Callable 7/15/24 @ 100 (a) | 218 | 208 | ||||||
| Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.73%, 11/15/29, Callable 2/15/24 @ 100 (a) | 1,000 | 957 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 3/20/23 @ 100 (a) | $ | 66 | $ | 66 | ||||
| Dell Equipment Finance Trust, Series 2020-1, Class D, 5.92%, 3/23/26, Callable 10/22/22 @ 100 (a) | 1,000 | 1,001 | ||||||
| Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, Callable 1/15/24 @ 100 | 500 | 477 | ||||||
| Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11%, 5/15/26, Callable 8/15/23 @ 100 | 500 | 486 | ||||||
| DT Auto Owner Trust, Series 2022-1A, Class B, 2.43%, 9/15/26, Callable 2/15/24 @ 100 (a) | 750 | 717 | ||||||
| DT Auto Owner Trust, Series 2022-1A, Class C, 2.96%, 11/15/27, Callable 8/15/24 @ 100 (a) | 500 | 474 | ||||||
| DT Auto Owner Trust, Series 2021-4A, Class C, 1.50%, 9/15/27, Callable 12/15/24 @ 100 (a) | 250 | 231 | ||||||
| DT Auto Owner Trust, Series 2021-4A, Class B, 1.02%, 5/15/26, Callable 3/15/24 @ 100 (a) | 500 | 474 | ||||||
| Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) | 500 | 489 | ||||||
| Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 12/15/22 @ 100 (a) | 148 | 147 | ||||||
| Exeter Automobile Receivables Trust, Series 2022-1A, Class A3, 1.54%, 7/15/25, Callable 4/15/23 @ 100 | 500 | 492 | ||||||
| Exeter Automobile Receivables Trust, Series 2022-1A, Class B, 2.18%, 6/15/26, Callable 10/15/23 @ 100 | 500 | 480 | ||||||
| Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.50%, 2/18/25, Callable 10/15/22 @ 100 | 114 | 113 | ||||||
| Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 11/15/23 @ 100 | 750 | 723 | ||||||
| Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, Callable 2/15/24 @ 100 | 500 | 475 | ||||||
| Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (a) | 250 | 213 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A2, 1.15%, 9/15/25, Callable 8/15/23 @ 100 (a) | 806 | 794 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class A3, 0.64%, 7/15/25, Callable 1/15/23 @ 100 (a) | 192 | 191 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 7/15/23 @ 100 (a) | 469 | 456 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-2, Class B, 1.31%, 7/15/27, Callable 11/15/23 @ 100 (a) | 821 | 787 | ||||||
| Foursight Capital Automobile Receivables Trust, Series 2022-2, Class A2, 4.49%, 3/16/26, Callable 7/15/24 @ 100 (a) | 500 | 497 | ||||||
| GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C, 1.11%, 9/15/26, Callable 5/15/24 @ 100 (a) | 722 | 673 | ||||||
| GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 1/15/23 @ 100 (a) | 149 | 149 | ||||||
| GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.08%, 6/15/26, Callable 12/15/23 @ 100 (a) | 457 | 438 | ||||||
| Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/25 (a) | 1,500 | 1,374 | ||||||
| Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/25 (a) | 500 | 457 | ||||||
| HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 3/20/23 @ 100 (a) | 885 | 877 | ||||||
| HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, Callable 3/20/24 @ 100 (a) | 721 | 676 | ||||||
| HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 1/20/24 @ 100 (a) | 750 | 705 | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/24 @ 100 (a) | 130 | 125 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 6/25/24 @ 100 (a) | $ | 343 | $ | 329 | ||||
| JPMorgan Chase Bank NA, Series 2021-1, Class C, 1.02%, 9/25/28, Callable 5/25/24 @ 100 (a) | 438 | 422 | ||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class D, 1.49%, 2/25/28, Callable 11/25/23 @ 100 (a) | 182 | 178 | ||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 11/25/23 @ 100 (a) | 55 | 54 | ||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, Callable 11/25/23 @ 100 (a) | 111 | 108 | ||||||
| JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.17%, 9/25/28, Callable 5/25/24 @ 100 (a) | 219 | 211 | ||||||
| JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 5/25/24 @ 100 (a) | 219 | 212 | ||||||
| JPMorgan Chase Bank NA, Series 2021-3, Class C, 0.86%, 2/26/29, Callable 1/25/25 @ 100 (a) | 301 | 288 | ||||||
| LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 6/15/27, Callable 6/15/25 @ 100 (a) | 678 | 665 | ||||||
| Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a) | 550 | 548 | ||||||
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a) | 293 | 245 | ||||||
| NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 618 | 551 | ||||||
| NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47 (a) | 159 | 150 | ||||||
| Oscar U.S. Funding XII LLC, Series 1A, Class A3, 0.70%, 4/10/25, Callable 3/10/24 @ 100 (a) | 1,000 | 962 | ||||||
| Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A2, 1.60%, 3/10/25, Callable 2/10/24 @ 100 (a) | 878 | 859 | ||||||
| Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, Callable 7/15/23 @ 100 (a) | 82 | 81 | ||||||
| Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 12/15/24 @ 100 (a) | 246 | 236 | ||||||
| Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 12/15/22 @ 100 (a) | 430 | 430 | ||||||
| Progress Residential Trust, Series 2021-SFR5, Class B, 1.66%, 7/17/38 (a) | 600 | 512 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class D, 6.79%, 8/16/32, Callable 9/15/24 @ 100 (a) | 500 | 501 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 11/15/24 @ 100 (a) | 614 | 603 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class B, 5.72%, 8/16/32, Callable 9/15/24 @ 100 (a) | 750 | 751 | ||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 9/15/24 @ 100 (a) | 462 | 463 | ||||||
| Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 7/15/24 @ 100 (a) | 297 | 286 | ||||||
| Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/23 @ 100 (a) | 500 | 496 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 12/15/23 @ 100 | 500 | 479 | ||||||
| Santander Drive Auto Receivables Trust, Series 2022-1, Class A2, 1.36%, 12/16/24, Callable 2/15/23 @ 100 | 275 | 274 | ||||||
| Santander Drive Auto Receivables Trust, Series 2022-1, Class A3, 1.94%, 11/17/25, Callable 8/15/23 @ 100 | 500 | 490 | ||||||
| SCF Equipment Leasing LLC, Series 1A, Class A3, 0.83%, 8/21/28, Callable 12/20/24 @ 100 (a) | 920 | 876 | ||||||
| SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 1/20/24 @ 100 (a) | 364 | 355 | ||||||
| SCF Equipment Leasing LLC, Series 2022-1A, Class A2, 2.06%, 2/22/28, Callable 2/20/24 @ 100 (a) | 901 | 872 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Synchrony Credit Card Master Note Trust, Series 2017-2, Class C, 3.01%, 10/15/25 | $ | 1,000 | $ | 999 | ||||
| United Auto Credit Securitization Trust, Series 2022-1, Class B, 2.10%, 3/10/25, Callable 7/10/23 @ 100 (a) | 1,000 | 976 | ||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 11/10/23 @ 100 (a) | 500 | 482 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, Callable 2/15/25 @ 100 (a) | 400 | 390 | ||||||
| Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 6/15/24 @ 100 (a) | 750 | 704 | ||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A3, 3.75%, 4/15/26, Callable 10/15/24 @ 100 (a) | 500 | 493 | ||||||
| Total Asset-Backed Securities (Cost $52,348) | 50,424 | |||||||
| Collateralized Mortgage Obligations (17.2%) | ||||||||
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 4.07% (LIBOR01M+125bps), 9/15/32 (a)(b) | 1,000 | 962 | ||||||
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class C, 4.27% (LIBOR01M+145bps), 9/15/32 (a)(b) | 1,000 | 967 | ||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class B, 5.36% (LIBOR01M+254bps), 10/15/37 (a)(b) | 300 | 293 | ||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class C, 6.46% (LIBOR01M+364bps), 10/15/37 (a)(b) | 1,220 | 1,193 | ||||||
| BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 4.13% (LIBOR01M+131bps), 11/15/34 (a)(b) | 1,000 | 956 | ||||||
| BPR Trust, Series 2022-OANA, Class B, 5.29% (TSFR1M+245bps), 4/15/37 (a)(b) | 1,000 | 983 | ||||||
| BX Commercial Mortgage Trust, Series 2021-VINO, Class B, 3.67% (LIBOR01M+85bps), 5/15/38 (a)(b) | 1,000 | 945 | ||||||
| BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 4.09% (LIBOR01M+127bps), 12/15/38 (a)(b) | 500 | 480 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.27% (LIBOR01M+145bps), 10/15/36 (a)(b) | 489 | 478 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class C, 4.07% (LIBOR01M+125bps), 10/15/36 (a)(b) | 850 | 832 | ||||||
| BX Commercial Mortgage Trust, Series 2021-CIP, Class C, 4.29% (LIBOR01M+147bps), 12/15/38 (a)(b) | 1,000 | 943 | ||||||
| BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 4.02% (LIBOR01M+120bps), 10/15/38 (a)(b) | 933 | 880 | ||||||
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 3.92% (LIBOR01M+110bps), 9/15/36 (a)(b) | 750 | 713 | ||||||
| BX Mortgage Trust, Series 2021-PAC, Class C, 3.92% (LIBOR01M+110bps), 10/15/36 (a)(b) | 1,000 | 931 | ||||||
| BX Trust, Series 2022-LBA6, Class C, 4.45% (TSFR1M+160bps), 1/15/39 (a)(b) | 1,000 | 936 | ||||||
| BX Trust, Series 2021-RISE, Class B, 4.07% (LIBOR01M+125bps), 11/15/36 (a)(b) | 500 | 476 | ||||||
| BX Trust, Series 2021-SOAR, Class C, 3.92% (LIBOR01M+110bps), 6/15/38 (a)(b) | 496 | 467 | ||||||
| BX Trust, Series 2021-SOAR, Class B, 3.69% (LIBOR01M+87bps), 6/15/38 (a)(b) | 496 | 471 | ||||||
| BX Trust, Series 2022-LBA6, Class B, 4.15% (SOFR30A+130bps), 1/15/39 (a)(b) | 500 | 469 | ||||||
| CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class B, 4.18% (TSFR1M+134bps), 2/15/39 (a)(b) | 1,000 | 919 | ||||||
| CIFC Funding Ltd., Series 2012-2RA, Class A1, 3.51% (LIBOR03M+80bps), 1/20/28, Callable 10/20/22 @ 100 (a)(b) | 616 | 608 | ||||||
| CIFC Funding Ltd., Series 2017-4A, Class A1R, 3.73% (LIBOR03M+95bps), 10/24/30, Callable 10/24/22 @ 100 (a)(b) | 700 | 684 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 2/10/37, Callable 2/10/25 @ 100 (a) | $ | 1,000 | $ | 912 | ||||
| COMM Mortgage Trust, Series 2014-277P, Class A, 3.73%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) | 250 | 236 | ||||||
| COMM Mortgage Trust, Series 2019-521F, Class B, 3.92% (LIBOR01M+110bps), 6/15/34 (a)(b) | 1,500 | 1,448 | ||||||
| Extended Stay America Trust, Series 2021-ESH, Class B, 4.20% (LIBOR01M+138bps), 7/15/38 (a)(b) | 387 | 371 | ||||||
| FREMF Mortgage Trust, Series 2017-K724, Class B, 3.61%, 12/25/49, Callable 12/25/23 @ 100 (a)(c) | 1,000 | 981 | ||||||
| Golub Capital Partners CLO 40A Ltd., Series 2019-40A, Class AR, 3.87% (LIBOR03M+109bps), 1/25/32, Callable 10/25/22 @ 100 (a)(b) | 1,000 | 963 | ||||||
| GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a) | 1,000 | 950 | ||||||
| GS Mortgage Securities Trust, Series 2011-GC3, Class X, 3/10/44, Callable 12/10/22 @ 100 (a)(c)(d)(e) | 826 | — | (f) | |||||
| Hospitality Mortgage Trust, Series 2019-HIT, Class A, 3.82% (LIBOR01M+100bps), 11/15/36 (a)(b) | 804 | 782 | ||||||
| Hospitality Mortgage Trust, Series 2019-HIT, Class B, 4.17% (LIBOR01M+135bps), 11/15/36 (a)(b) | 1,149 | 1,102 | ||||||
| Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 750 | 694 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2021-MHC, Class A, 3.62% (LIBOR01M+80bps), 4/15/38 (a)(b) | 945 | 915 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 3/15/23 @ 100 (c) | 1,500 | 1,484 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.21%, 1/15/46, Callable 7/15/23 @ 100 (c) | 2,000 | 1,975 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XA, 0.79%, 4/15/47, Callable 1/15/25 @ 100 (c)(d) | 4,476 | 26 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 3.77% (LIBOR01M+95bps), 5/15/36 (a)(b) | 1,000 | 986 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class B, 3.70% (LIBOR01M+88bps), 3/15/38 (a)(b) | 983 | 936 | ||||||
| Med Trust, Series 2021-MDLN, Class B, 4.27% (LIBOR01M+145bps), 11/15/38 (a)(b) | 1,000 | 960 | ||||||
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 3.92% (LIBOR01M+110bps), 4/15/38 (a)(b) | 1,000 | 957 | ||||||
| Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 3.52% (LIBOR01M+70bps), 11/15/34 (a)(b) | 2,000 | 1,993 | ||||||
| Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 4.12% (LIBOR01M+130bps), 12/15/36 (a)(b) | 1,154 | 1,088 | ||||||
| Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, 3.91% (LIBOR03M+100bps), 2/14/31, Callable 11/14/22 @ 100 (a)(b) | 750 | 728 | ||||||
| ONE Mortgage Trust, Series 2021-PARK, Class B, 3.77% (LIBOR01M+95bps), 3/15/36 (a)(b) | 1,000 | 951 | ||||||
| One New York Plaza Trust, Series 2020-1NYP, Class A, 3.77% (LIBOR01M+95bps), 1/15/36 (a)(b) | 875 | 840 | ||||||
| Palmer Square Loan Funding Ltd., Series 2022-1A, Class A2, 3.93% (TSFR3M+160bps), 4/15/30, Callable 4/15/23 @ 100 (a)(b) | 1,000 | 951 | ||||||
| Palmer Square Loan Funding Ltd., Series 2021-2A, Class A2, 4.23% (LIBOR03M+125bps), 5/20/29, Callable 11/20/22 @ 100 (a)(b) | 500 | 475 | ||||||
| Palmer Square Loan Funding Ltd., Series 2021-2A, Class A1, 3.78% (LIBOR03M+80bps), 5/20/29, Callable 11/20/22 @ 100 (a)(b) | 717 | 704 | ||||||
| Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, 4.11% (LIBOR03M+140bps), 7/20/29, Callable 10/20/22 @ 100 (a)(b) | 1,000 | 949 | ||||||
| Palmer Square Loan Funding Ltd., Series 2021-1A, Class A1, 3.61% (LIBOR03M+90bps), 4/20/29, Callable 10/20/22 @ 100 (a)(b) | 305 | 300 | ||||||
| Palmer Square Loan Funding Ltd., Series 2022-5A, Class A1, 4.08% (TSFR3M+156bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) | 750 | 741 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| SMRT, Series 2022-MINI, Class B, 4.20% (TSFR1M+135bps), 1/15/39 (a)(b) | $ | 1,000 | $ | 957 | ||||
| Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class AR, 3.59% (LIBOR03M+108bps), 4/15/30, Callable 10/15/22 @ 100 (a)(b) | 1,500 | 1,456 | ||||||
| Stratus CLO Ltd., Series 2021-1A, Class B, 4.11% (LIBOR03M+140bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 1,000 | 942 | ||||||
| Stratus CLO Ltd., Series 2021-3A, Class B, 4.26% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 822 | 778 | ||||||
| TTAN, Series 2021-MHC, Class B, 3.92% (LIBOR01M+115bps), 3/15/38 (a)(b) | 370 | 353 | ||||||
| Total Collateralized Mortgage Obligations (Cost $49,376) | 47,470 | |||||||
| Senior Secured Loans (3.6%) | ||||||||
| Berry Global, Inc., Term Z Loans, First Lien, 4.18% (LIBOR03M+175bps), 7/1/26 (b) | 1,250 | 1,209 | ||||||
| Calpine Corp., Term Loans, First Lien, 4.53% (LIBOR01M+200bps), 4/1/26 (b) | 992 | 952 | ||||||
| Charter Communications Operating LLC, Term B1, First Lien, 4.28% (LIBOR01M+175bps), 4/30/25 (b) | 995 | 975 | ||||||
| Delos Finance S.A.R.L., Loans, First Lien, 4.00% (LIBOR03M+175bps), 10/6/23 (b) | 1,500 | 1,497 | ||||||
| Go Daddy Operating Co. LLC, Term Loan, First Lien, 4.27% (LIBOR01M+175bps), 2/15/24 (b) | 979 | 967 | ||||||
| Gray Television, Inc., Term B-2 Loan, First Lien, 5.06% (LIBOR01M+250bps), 2/7/24 (b) | 748 | 745 | ||||||
| Quintiles IMS, Inc., Term B-2 Dollar Loans, First Lien, 4.27% (LIBOR01M+175bps), 1/1/25 (b) | 1,100 | 1,091 | ||||||
| Vistra Operations Co. LLC, 2018 Incremental Term Loans, First Lien, 4.74% (LIBOR01M+175bps), 12/31/25 (b) | 1,483 | 1,430 | ||||||
| XPO Logistics, Inc., Term Loan B, First Lien, 4.38% (LIBOR01M+175bps), 2/23/25 (b) | 1,000 | 972 | ||||||
| Total Senior Secured Loans (Cost $9,992) | 9,838 | |||||||
| Corporate Bonds (26.1%) | ||||||||
| Communication Services (1.4%): | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.43% (LIBOR03M+165bps), 2/1/24, Callable 1/1/24 @ 100 (b) | 1,000 | 1,005 | ||||||
| Magallanes, Inc. | ||||||||
| 3.43%, 3/15/24 (a)(g) | 500 | 483 | ||||||
| 4.75% (SOFRINDX+178bps), 3/15/24 (a)(b) | 1,000 | 998 | ||||||
| Verizon Communications, 3.78% (SOFR+79bps), 3/20/26 (b) | 1,500 | 1,470 | ||||||
| 3,956 | ||||||||
| Consumer Discretionary (2.4%): | ||||||||
| American Honda Finance Corp., 3.28% (LIBOR03M+37bps), 5/10/23, MTN (b) | 360 | 361 | ||||||
| Association of American Medical Colleges, 2.12%, 10/1/24 | 1,000 | 933 | ||||||
| BMW US Capital LLC, 3.06% (SOFR+38bps), 8/12/24 (a)(b) | 500 | 496 | ||||||
| Daimler Finance North America LLC, 3.65% (LIBOR03M+84bps), 5/4/23 (b) | 1,150 | 1,151 | ||||||
| General Motors Financial Co., Inc., 3.67% (SOFR+76bps), 3/8/24 (b) | 1,000 | 985 | ||||||
| Howard University | ||||||||
| 2.74%, 10/1/22 | 600 | 600 | ||||||
| 2.80%, 10/1/23 | 250 | 243 | ||||||
| Nordstrom, Inc., 2.30%, 4/8/24, Callable 10/27/22 @ 100 | 1,000 | 933 | ||||||
| ZF North America Capital, Inc., 4.75%, 4/29/25 (a) | 1,000 | 911 | ||||||
| 6,613 | ||||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Consumer Staples (0.4%): | ||||||||
| Albertsons Cos., Inc./ Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 2/15/23, Callable 12/15/22 @ 100 (a) | $ | 1,000 | $ | 991 | ||||
| Energy (4.0%): | ||||||||
| Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 | 2,000 | 1,973 | ||||||
| DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100 | 1,000 | 990 | ||||||
| EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100 | 875 | 818 | ||||||
| Gray Oak Pipeline LLC, 2.60%, 10/15/25, Callable 9/15/25 @ 100 (a) | 1,500 | 1,347 | ||||||
| HF Sinclair Corp., 2.63%, 10/1/23 (a) | 1,250 | 1,206 | ||||||
| Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100 (a) | 1,000 | 966 | ||||||
| Murphy Oil Corp., 5.75%, 8/15/25, Callable 11/14/22 @ 101.44 | 1,000 | 974 | ||||||
| PDC Energy, Inc., 5.75%, 5/15/26, Callable 11/14/22 @ 102.88 | 1,500 | 1,388 | ||||||
| Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 325 | 324 | ||||||
| Western Midstream Operating LP, 3.56% (LIBOR03M+185bps), 1/13/23 (b) | 977 | 970 | ||||||
| 10,956 | ||||||||
| Financials (10.4%): | ||||||||
| Antares Holdings LP, 6.00%, 8/15/23, Callable 7/15/23 @ 100 (a) | 1,107 | 1,096 | ||||||
| Ares Capital Corp., 3.50%, 2/10/23, Callable 1/10/23 @ 100 | 500 | 497 | ||||||
| Athene Global Funding, 4.56% (LIBOR03M+73bps), 1/8/24 (a)(b) | 1,500 | 1,477 | ||||||
| Aviation Capital Group LLC, 4.38%, 1/30/24, Callable 12/30/23 @ 100 (a) | 1,280 | 1,237 | ||||||
| Bank of America Corp. | ||||||||
| 3.95% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (b) | 1,000 | 997 | ||||||
| 3.18% (SOFR+69bps), 4/22/25, Callable 4/22/24 @ 100 (b) | 500 | 492 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 1.75%, 9/15/24 | 1,000 | 911 | ||||||
| 2.35%, 11/22/24 | 500 | 456 | ||||||
| Brighthouse Financial Global Funding, 3.00% (SOFR+76bps), 4/12/24 (a)(b) | 1,000 | 987 | ||||||
| Citigroup, Inc. | ||||||||
| 3.28% (SOFR+67bps), 5/1/25, Callable 5/1/24 @ 100 (b) | 500 | 492 | ||||||
| 3.16% (SOFR+69bps), 1/25/26, Callable 1/25/25 @ 100 (b) | 1,000 | 974 | ||||||
| DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a) | 1,500 | 1,371 | ||||||
| Ford Motor Credit Co. LLC, 2.30%, 2/10/25, Callable 1/10/25 @ 100 | 1,000 | 892 | ||||||
| FS KKR Capital Corp. | ||||||||
| 1.65%, 10/12/24 | 857 | 782 | ||||||
| 4.13%, 2/1/25, Callable 1/1/25 @ 100 | 1,000 | 940 | ||||||
| GA Global Funding Trust | ||||||||
| 3.43% (SOFR+50bps), 9/13/24 (a)(b) | 1,000 | 971 | ||||||
| 3.85%, 4/11/25 (a) | 500 | 476 | ||||||
| Goldman Sachs Group, Inc., 3.43% (SOFR+50bps), 9/10/24, Callable 9/10/23 @ 100 (b) | 500 | 493 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 3.39% (SOFR+54bps), 6/1/25, Callable 6/1/24 @ 100 (b) | 500 | 492 | ||||||
| 3.79% (SOFR+77bps), 9/22/27, Callable 9/22/26 @ 100 (b)(g) | 1,000 | 954 | ||||||
| Main Street Capital Corp., 4.50%, 12/1/22 | 1,000 | 998 | ||||||
| New York Life Global Funding | ||||||||
| 2.82% (SOFR+22bps), 2/2/23 (a)(b) | 1,000 | 999 | ||||||
| 2.80% (SOFR+31bps), 4/26/24 (a)(b) | 500 | 496 | ||||||
| Owl Rock Capital Corp., 3.75%, 7/22/25, Callable 6/22/25 @ 100 | 1,000 | 919 | ||||||
| Owl Rock Core Income Corp., 3.13%, 9/23/26, Callable 8/23/26 @ 100 | 1,500 | 1,260 | ||||||
| Principal Life Global Funding II, 3.17% (SOFR+38bps), 8/23/24 (a)(b) | 1,000 | 986 | ||||||
| Santander Holdings USA, Inc., 5.81% (SOFR+233bps), 9/9/26, Callable 9/9/25 @ 100 (b) | 1,000 | 978 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Starwood Property Trust, Inc., 3.75%, 12/31/24, Callable 9/30/24 @ 100 (a) | $ | 1,550 | $ | 1,410 | ||||
| Synchrony Financial, 4.88%, 6/13/25, Callable 5/13/25 @ 100 | 750 | 725 | ||||||
| The Charles Schwab Corp., 3.21% (SOFR+52bps), 5/13/26, Callable 4/13/26 @ 100 (b) | 1,000 | 972 | ||||||
| The Goldman Sachs Group, Inc., 2.92% (SOFR+49bps), 10/21/24, Callable 10/21/23 @ 100 (b) | 1,000 | 989 | ||||||
| United Financial Bancorp, Inc., 5.75%, 10/1/24 | 1,000 | 974 | ||||||
| 28,693 | ||||||||
| Health Care (0.4%): | ||||||||
| Hikma Finance USA LLC, 3.25%, 7/9/25 | 500 | 465 | ||||||
| Little Co. of Mary Hospital of Indiana, Inc., 1.97%, 11/1/25 | 670 | 602 | ||||||
| 1,067 | ||||||||
| Industrials (2.6%): | ||||||||
| American Airlines Pass Through Trust | ||||||||
| 4.95%, 1/15/23 | 151 | 149 | ||||||
| 4.38%, 6/15/24 (a) | 758 | 703 | ||||||
| Daimler Trucks Finance North America LLC, 4.05% (SOFR+100bps), 4/5/24 (a)(b) | 1,000 | 997 | ||||||
| EnerSys, 5.00%, 4/30/23, Callable 1/30/23 @ 100 (a) | 1,000 | 996 | ||||||
| L3Harris Technologies, Inc., 3.99% (LIBOR03M+75bps), 3/10/23 (b) | 500 | 500 | ||||||
| Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100 | 1,500 | 1,462 | ||||||
| Spirit Airlines Pass Through Trust, 4.45%, 4/1/24 | 2,094 | 1,956 | ||||||
| United Airlines Pass Through Trust, 4.88%, 1/15/26 | 603 | 554 | ||||||
| 7,317 | ||||||||
| Materials (0.6%): | ||||||||
| Celanese US Holdings LLC | ||||||||
| 5.90%, 7/5/24 | 500 | 493 | ||||||
| 6.05%, 3/15/25 | 500 | 489 | ||||||
| Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100 | 700 | 696 | ||||||
| 1,678 | ||||||||
| Real Estate (1.0%): | ||||||||
| Alexander Funding Trust, 1.84%, 11/15/23 (a) | 1,000 | 942 | ||||||
| GLP Capital LP GLP Financing II, Inc., 3.35%, 9/1/24, Callable 8/1/24 @ 100 | 1,000 | 949 | ||||||
| VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 11/14/22 @ 101.75 (a) | 1,000 | 925 | ||||||
| 2,816 | ||||||||
| Utilities (2.9%): | ||||||||
| Atmos Energy Corp., 3.57% (LIBOR03M+38bps), 3/9/23, Callable 11/14/22 @ 100 (b) | 1,500 | 1,496 | ||||||
| Black Hills Corp., 1.04%, 8/23/24, Callable 10/27/22 @ 100 | 1,000 | 926 | ||||||
| CenterPoint Energy, Inc., 3.34% (SOFR+65bps), 5/13/24, Callable 10/27/22 @ 100 (b) | 1,500 | 1,483 | ||||||
| CentrePoint Energy Resources Corp., 3.60% (LIBOR03M+50bps), 3/2/23, Callable 11/14/22 @ 100 (b) | 718 | 717 | ||||||
| Entergy Louisiana LLC, 0.95%, 10/1/24, Callable 11/14/22 @ 100 | 500 | 463 | ||||||
| Metropolitan Edison Co., 4.00%, 4/15/25 (a)(g) | 1,500 | 1,425 | ||||||
| NextEra Energy Capital Holdings, Inc., 3.39% (SOFR+54bps), 3/1/23 (b) | 1,000 | 999 | ||||||
| NRG Energy, Inc., 3.75%, 6/15/24, Callable 5/15/24 @ 100 (a) | 500 | 480 | ||||||
| 7,989 | ||||||||
| Total Corporate Bonds (Cost $75,117) | 72,076 | |||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Yankee Dollars (17.6%) | ||||||||
| Communication Services (0.4%): | ||||||||
| Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a) | $ | 1,000 | $ | 997 | ||||
| Consumer Discretionary (0.3%): | ||||||||
| International Game Technology PLC, 4.13%, 4/15/26, Callable 4/15/23 @ 102.06 (a) | 1,030 | 941 | ||||||
| Energy (0.6%): | ||||||||
| Harvest Operations Corp., 1.00%, 4/26/24, Callable 11/14/22 @ 100 (a) | 714 | 672 | ||||||
| Petroleos Mexicanos, 4.25%, 1/15/25 (g) | 1,000 | 920 | ||||||
| 1,592 | ||||||||
| Financials (14.4%): | ||||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 5.13%, 10/1/23, Callable 9/1/23 @ 100 (a) | 500 | 494 | ||||||
| 2.88%, 2/15/25, Callable 1/15/25 @ 100 (a) | 1,000 | 905 | ||||||
| Banco Santander SA | ||||||||
| 4.05% (LIBOR03M+109bps), 2/23/23 (b) | 1,000 | 1,000 | ||||||
| 3.54% (LIBOR03M+112bps), 4/12/23 (b) | 1,000 | 1,000 | ||||||
| Bank of Montreal, 3.59% (SOFR+62bps), 9/15/26, MTN (b) | 1,500 | 1,441 | ||||||
| BBVA Bancomer SA, 1.88%, 9/18/25 (a) | 500 | 448 | ||||||
| Commonwealth Bank of Australia, 3.49% (SOFR+52bps), 6/15/26 (a)(b)(g) | 1,500 | 1,468 | ||||||
| Cooperatieve Rabobank UA, 4.31% (LIBOR03M+48bps), 1/10/23 (b) | 1,500 | 1,500 | ||||||
| Credit Agricole SA, 3.80% (LIBOR03M+102bps), 4/24/23 (a)(b) | 2,000 | 2,002 | ||||||
| Credit Suisse AG, 2.99% (SOFR+39bps), 2/2/24 (b) | 1,500 | 1,471 | ||||||
| Danske Bank A/S, 0.98%, 9/10/25, Callable 9/10/24 @ 100 (a) | 1,000 | 906 | ||||||
| Deutsche Bank AG | ||||||||
| 4.27% (LIBOR03M+123bps), 2/27/23 (b) | 816 | 815 | ||||||
| 4.50%, 4/1/25 | 1,000 | 931 | ||||||
| HSBC Holdings PLC | ||||||||
| 3.32% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100 (b) | 1,000 | 972 | ||||||
| 4.31% (SOFR+143bps), 3/10/26, Callable 3/10/25 @ 100 (b) | 1,000 | 982 | ||||||
| ING Groep NV | ||||||||
| 4.69% (SOFRINDX+164bps), 3/28/26, Callable 3/28/25 @ 100 (b) | 500 | 494 | ||||||
| 3.87% (SOFR+164bps), 3/28/26, Callable 3/28/25 @ 100 (b) | 750 | 711 | ||||||
| Lloyds Banking Group PLC, 3.51% (H15T1Y+160bps), 3/18/26, Callable 3/18/25 @ 100 (b) | 750 | 703 | ||||||
| Macquarie Group Ltd., 3.02% (SOFR+71bps), 10/14/25, Callable 10/14/24 @ 100 (a)(b) | 1,000 | 980 | ||||||
| Mizuho Financial Group, Inc., 3.69% (SOFR+96bps), 5/22/26, Callable 5/22/25 @ 100 (b) | 1,000 | 975 | ||||||
| National Australia Bank Ltd., 2.89% (SOFR+65bps), 1/12/27 (a)(b) | 1,250 | 1,223 | ||||||
| NatWest Markets PLC | ||||||||
| 4.48% (SOFR+145bps), 3/22/25 (a)(b) | 500 | 498 | ||||||
| 3.81% (SOFR+76bps), 9/29/26 (a)(b) | 1,000 | 955 | ||||||
| Nippon Life Insurance Co., 5.00% (LIBOR03M+424bps), 10/18/42, Callable 10/18/22 @ 100 (a)(b) | 1,000 | 999 | ||||||
| Nordea Bank Abp, 3.98% (LIBOR03M+94bps), 8/30/23 (a)(b) | 1,000 | 1,001 | ||||||
| Park Aerospace Holdings Ltd., 4.50%, 3/15/23, Callable 2/15/23 @ 100 (a) | 750 | 745 | ||||||
| Royal Bank of Canada | ||||||||
| 2.92% (SOFR+36bps), 7/29/24 (b) | 1,000 | 984 | ||||||
| 3.19% (SOFR+59bps), 11/2/26, MTN (b) | 500 | 478 | ||||||
| Santander UK Group Holdings PLC, 1.09% (SOFR+79bps), 3/15/25, Callable 3/15/24 @ 100 (b) | 1,000 | 923 | ||||||
| Skandinaviska Enskilda Banken AB, 3.88% (LIBOR03M+65bps), 12/12/22 (a)(b) | 2,000 | 1,999 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| Societe Generale SA, 3.48% (SOFR+105bps), 1/21/26, Callable 1/21/25 @ 100 (a)(b) | $ | 1,700 | $ | 1,645 | ||||
| Sompo International Holdings Ltd., 4.70%, 10/15/22 | 500 | 499 | ||||||
| Standard Chartered PLC, 3.56% (SOFR+125bps), 10/14/23, Callable 10/14/22 @ 100 (a)(b)(g) | 1,500 | 1,501 | ||||||
| Sumitomo Mitsui Trust Bank Ltd., 3.40% (SOFR+44bps), 9/16/24 (a)(b) | 1,000 | 990 | ||||||
| The Bank of Nova Scotia, 3.40% (SOFR+55bps), 3/2/26 (b) | 1,250 | 1,207 | ||||||
| The Toronto-Dominion Bank, 3.52% (SOFR+59bps), 9/10/26 (b) | 1,500 | 1,449 | ||||||
| UBS AG | ||||||||
| 3.17% (SOFR+32bps), 6/1/23 (a)(b) | 500 | 499 | ||||||
| 3.01% (SOFR+36bps), 2/9/24 (a)(b) | 500 | 497 | ||||||
| Westpac Banking Corp., 3.38% (SOFR+52bps), 6/3/26 (b) | 1,500 | 1,471 | ||||||
| 39,761 | ||||||||
| Industrials (0.6%): | ||||||||
| Aircastle Ltd. | ||||||||
| 4.40%, 9/25/23, Callable 8/25/23 @ 100 | 251 | 247 | ||||||
| 4.13%, 5/1/24, Callable 2/1/24 @ 100 | 750 | 722 | ||||||
| The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a) | 900 | 757 | ||||||
| 1,726 | ||||||||
| Materials (1.3%): | ||||||||
| NOVA Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100 (a) | 943 | 887 | ||||||
| OCI NV, 4.63%, 10/15/25, Callable 11/11/22 @ 102.31 (a) | 1,504 | 1,397 | ||||||
| POSCO Holdings, Inc., 2.50%, 1/17/25 (a)(g) | 510 | 479 | ||||||
| Syngenta Finance NV, 4.89%, 4/24/25, Callable 2/24/25 @ 100 (a) | 1,000 | 970 | ||||||
| 3,733 | ||||||||
| Total Yankee Dollars (Cost $50,453) | 48,750 | |||||||
| Municipal Bonds (4.2%) | ||||||||
| California (0.6%): | ||||||||
| California Statewide Communities Development Authority Revenue, 1.31%, 4/1/25 | 500 | 460 | ||||||
| City of El Cajon CA Revenue, 0.93%, 4/1/24 | 640 | 606 | ||||||
| Golden State Tobacco Securitization Corp. Revenue, Series B, 0.99%, 6/1/24 | 500 | 470 | ||||||
| 1,536 | ||||||||
| Florida (0.3%): | ||||||||
| City of Gainesville Florida Revenue, 1.00%, 10/1/24 | 800 | 740 | ||||||
| Guam (0.1%): | ||||||||
| Antonio B Won Pat International Airport Authority Revenue, Series A, 2.50%, 10/1/25 | 300 | 271 | ||||||
| Indiana (0.1%): | ||||||||
| Indiana Finance Authority Revenue, 1.72%, 11/15/23 | 300 | 288 | ||||||
| Kentucky (0.4%): | ||||||||
| County of Meade Revenue, Series B, 2.90%, 8/1/61, Continuously Callable @100(h) | 1,200 | 1,200 | ||||||
| Michigan (0.4%): | ||||||||
| Michigan Finance Authority Revenue, 2.14%, 12/1/22 | 1,000 | 997 | ||||||
| New Jersey (0.3%): | ||||||||
| New Jersey Economic Development Authority Revenue, Series NNN, 2.88%, 6/15/24 | 320 | 309 | ||||||
| South Jersey Transportation Authority Revenue, Series B, 2.10%, 11/1/24 | 500 | 465 | ||||||
| 774 | ||||||||
| New York (0.4%): | ||||||||
| New York Transportation Development Corp. Revenue, 1.61%, 12/1/22 | 1,200 | 1,194 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Principal Amount | Value | ||||||
| North Carolina (0.3%): | ||||||||
| North Carolina Capital Facilities Finance Agency Revenue, Series B, 1.05%, 10/1/23 | $ | 825 | $ | 792 | ||||
| Pennsylvania (0.7%): | ||||||||
| Allegheny County IDA Revenue (LOC-PNC Financial Services Group), 3.14%, 11/1/27, Callable 11/1/22 @ 100(h) | 1,500 | 1,500 | ||||||
| State Public School Building Authority Revenue, 2.62%, 4/1/23 | 450 | 446 | ||||||
| 1,946 | ||||||||
| Texas (0.2%): | ||||||||
| Central Texas Regional Mobility Authority Revenue, Series C, 1.35%, 1/1/24 | 350 | 336 | ||||||
| San Antonio Education Facilities Corp. Revenue, 1.74%, 4/1/25 | 255 | 231 | ||||||
| 567 | ||||||||
| Virginia (0.4%): | ||||||||
| Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22)(a)(i) | 1,250 | 1,245 | ||||||
| Total Municipal Bonds (Cost $11,890) | 11,550 | |||||||
| U.S. Treasury Obligations (1.3%)(j) | ||||||||
| U.S. Treasury Bills | ||||||||
| 5.02%, 10/6/22 | 1,500 | 1,500 | ||||||
| 2.69%, 10/18/22 | 1,000 | 999 | ||||||
| 3.52%, 12/15/22 | 1,000 | 994 | ||||||
| Total U.S. Treasury Obligations (Cost $3,492) | 3,493 | |||||||
| Commercial Paper (11.5%)(j) | ||||||||
| Arrow Electronics, Inc., 3.73%, 10/3/22 (a) | 1,000 | 1,000 | ||||||
| Aviation Capital Group LLC, 3.18%, 10/3/22 (a) | 1,500 | 1,500 | ||||||
| ConAgra Brands, Inc., 3.70%, 10/3/22 (a) | 2,700 | 2,699 | ||||||
| Constellation Brands, Inc., 3.64%, 10/5/22 (a) | 1,000 | 1,000 | ||||||
| Crown Castle, Inc. | ||||||||
| 3.62%, 10/4/22 (a) | 1,500 | 1,499 | ||||||
| 3.66%, 10/11/22 (a) | 500 | 500 | ||||||
| 3.70%, 10/18/22 (a) | 1,000 | 998 | ||||||
| Energy Transfer LP, 3.62%, 10/3/22 | 2,700 | 2,699 | ||||||
| FMC Corp., 3.62%, 10/3/22 (a) | 2,500 | 2,499 | ||||||
| Fortune Brands Home Security, Inc. | ||||||||
| 3.49%, 10/3/22 (a) | 1,000 | 1,000 | ||||||
| 3.49%, 10/4/22 (a) | 1,500 | 1,499 | ||||||
| Jabil, Inc. | ||||||||
| 3.82%, 10/3/22 (a) | 750 | 750 | ||||||
| 3.82%, 10/4/22 (a) | 2,000 | 1,999 | ||||||
| Molson Coors Brewing Co., 3.33%, 10/4/22 (a) | 500 | 500 | ||||||
| Old Line Funding LLC, 3.13%, 10/26/22 (a) | 1,000 | 998 | ||||||
| Ovintiv, Inc., 3.39%, 10/24/22 | 1,000 | 998 | ||||||
| Quanta Services, Inc. | ||||||||
| 3.68%, 10/6/22 (a) | 500 | 500 | ||||||
| 3.71%, 10/11/22 (a) | 1,500 | 1,498 | ||||||
| 3.74%, 10/14/22 (a) | 500 | 499 | ||||||
| Ridgefield Funding Co. LLC | ||||||||
| 3.09%, 10/3/22 (a) | 1,300 | 1,299 | ||||||
| 3.10%, 10/6/22 (a) | 500 | 500 | ||||||
| Targa Resources Corp. | ||||||||
| 3.04%, 10/5/22 (a) | 2,000 | 1,999 | ||||||
| 3.09%, 10/12/22 (a) | 800 | 799 | ||||||
| Viatris, Inc. | ||||||||
| 3.62%, 10/3/22 (a) | 1,550 | 1,549 | ||||||
| USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
| USAA Ultra Short-Term Bond Fund | September 30, 2022 |
| (Amounts in Thousands, Except for Shares) | (Unaudited) |
| Security Description | Shares
or Principal Amount | Value | ||||||
| 3.62%, 10/4/22 (a) | $ | 1,000 | $ | 1,000 | ||||
| Total Commercial Paper (Cost $31,783) | 31,781 | |||||||
| Collateral for Securities Loaned (0.5%)^ | ||||||||
| HSBC U.S. Government Money Market Fund I Shares, 2.91% (k) | 1,514,217 | 1,514 | ||||||
| Total Collateral for Securities Loaned (Cost $1,514) | 1,514 | |||||||
| Total Investments (Cost $285,965) — 100.3% | 276,896 | |||||||
| Liabilities in excess of other assets — (0.3)% | (821 | ) | ||||||
| NET ASSETS - 100.00% | $ | 276,075 | ||||||
At September 30, 2022, the Fund's investments in foreign securities were 22.8% 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 September 30, 2022, the fair value of these securities was $169,535 thousands and amounted to 61.4% of net assets. |
| (b) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
| (c) | 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 September 30, 2022. |
| (d) | Security is interest only. |
| (e) | Zero-coupon bond. |
| (f) | Rounds to less than $1 thousand. |
| (g) | All or a portion of this security is on loan. |
| (h) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (i) | Put Bond. |
| (j) | Rate represents the effective yield at September 30, 2022. |
| (k) | Rate disclosed is the daily yield on September 30, 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. |
| H15T1Y—1 Year Treasury Constant Maturity Rate |
| IDA—Industrial Development Authority |
| LIBOR—London Interbank Offered Rate |
| LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
| LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 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 SOFR, rate disclosed as of September 30, 2022. |
| 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 September 30, 2022. |
| TSFR3M—3 month Term SOFR, rate disclosed as of September 30, 2022. |
| 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. | |
| LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. |