# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-23-041243
**Filing Date:** 2023-2
**Character Count:** 15042
**Document Hash:** d5f399eb83921c372a6db538af589289
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041243.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041243

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000908695
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 23671038

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Target Retirement 2050 Fund (Series ID: S000022887)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000066377 | Target Retirement 2050 Fund | URFFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Target Retirement 2050 Fund

- **b. EDGAR series identifier (if any):** S000022887

- **c. LEI of Series:** 5493004XIFVCVGSBGK17

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

- **a. Date of fiscal year-end:** 2022-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $809192916.64

**Total Liabilities:** $149882.92

**Net Assets:** $809043033.72

**Cash Not Reported:** $8737443.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066377 | 6.31%                | 7.37%                | -3.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4307876.50              | $41558621.94                               |
| Month 2  | $-530877.25              | $58100891.36                               |
| Month 3  | $12284678.82             | $-57237255.21                              |

### Schedule of Portfolio Investments

| Name                                                                                  | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND                                        | GLDMN SCHS FIN SQ GV-FST                       | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29138 | NS      | $29137.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares   | USAA GLOBAL MANAGED VOLATILITY FUND            | CUSIP: 903288710<br>LEI: N/A                  | Long             |  | RF                | US        |  14302491 | NS      | $122143271.26 | 15.10%            |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares             | USAA SMALL CAP STOCK FUND                      | CUSIP: 903288645<br>LEI: N/A                  | Long             |  | RF                | US        |   1858841 | NS      | $21488201.27  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory Sophus Emerging Markets Fund; Class R6 Shares             | VICTORY SOPHUS EMERGING MARKETS FUND           | CUSIP: 92647Q371<br>LEI: N/A                  | Long             |  | RF                | US        |    611293 | NS      | $10636498.37  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory RS International Fund; Class R6 Shares                    | VICTORY RS INTERNATIONAL R6                    | CUSIP: 92647Q264<br>LEI: N/A                  | Long             |  | RF                | US        |   5808312 | NS      | $57560375.49  | 7.11%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Target Managed Allocation Fund                               | USAA TARGET MANAGED ALLOCATION FUND            | CUSIP: 903287829<br>LEI: N/A                  | Long             |  | RF                | US        |  12462948 | NS      | $105311913.05 | 13.02%            |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF            | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |   1380725 | NS      | $36715963.06  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                          | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29138 | NS      | $29137.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares      | USAA INTERMEDIATE TERM BOND FUND               | CUSIP: 903288595<br>LEI: N/A                  | Long             |  | RF                | US        |   1593203 | NS      | $14291034.95  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares ESG Corporate Bond ETF                                                  | VICTORYSHARES ESG CORPORATE BOND ETF           | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |    418613 | NS      | $8441331.15   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Multi-Factor Minimum Vol ETF                                         | VICTORYSHARES US MULTI FACTOR MIN VOL WTD ETF  | CUSIP: 92647N691<br>LEI: 5493004HRSYZ4WW5CD82 | Long             |  | RF                | US        |    310087 | NS      | $11831989.66  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                 | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |   1233843 | NS      | $51119349.33  | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                       | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29138 | NS      | $29137.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Nasdaq Next 50 ETF                                                      | VICTORYSHARES NASDAQ NEXT 50 ETF               | CUSIP: 92647X806<br>LEI: N/A                  | Long             |  | RF                | US        |    793323 | NS      | $19063551.69  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: 500 Index Fund; Reward Shares                                | USAA S P 500 INDEX RWRD                        | CUSIP: 903288769<br>LEI: N/A                  | Long             |  | RF                | US        |   1447720 | NS      | $70764561.42  | 8.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory Trivalent International Fund-Core Equity; Class R6 Shares | VICTORY TRIVALENT INTL FUND C E R6             | CUSIP: 92646A120<br>LEI: N/A                  | Long             |  | RF                | US        |   6483327 | NS      | $42984455.36  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares  | USAA PRECIOUS METALS AND MINERALS FUND         | CUSIP: 903288561<br>LEI: N/A                  | Long             |  | RF                | US        |    159541 | NS      | $2657945.73   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares             | USAA SHORT TERM BOND FUND                      | CUSIP: 903288587<br>LEI: N/A                  | Long             |  | RF                | US        |    319447 | NS      | $2782380.41   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares             | VICTORY MARKET NEUTRAL INCOME FUND             | CUSIP: 92647P654<br>LEI: 549300K0CUZCEEMBX789 | Long             |  | RF                | US        |    765489 | NS      | $6384176.68   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                 | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    746226 | NS      | $29766955.14  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares       | USAA GOVERNMENT SECURITIES FUND                | CUSIP: 903287787<br>LEI: N/A                  | Long             |  | RF                | US        |   2501515 | NS      | $21938282.95  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                 | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |    685383 | NS      | $43356985.89  | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares                | USAA INCOME STOCK FUND                         | CUSIP: 903288660<br>LEI: N/A                  | Long             |  | RF                | US        |    953631 | NS      | $16545494.73  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares                       | USAA NASDAQ 100 INDEX FUND                     | CUSIP: 90291A700<br>LEI: N/A                  | Long             |  | RF                | US        |    240369 | NS      | $6723117.29   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares                 | USAA HIGH INCOME FUND                          | CUSIP: 903288579<br>LEI: N/A                  | Long             |  | RF                | US        |   1438671 | NS      | $9480839.91   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND                                                  | HSBC US GOVT MMKT-I                            | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29138 | NS      | $29137.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Volatility Wtd Idx ETF                                    | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |    467748 | NS      | $17290117.72  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares             | VICTORY INTEGRITY M C VAL R6                   | CUSIP: 92647K598<br>LEI: N/A                  | Long             |  | RF                | US        |   1317001 | NS      | $28289179.76  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares                      | USAA GROWTH FUND                               | CUSIP: 903288678<br>LEI: N/A                  | Long             |  | RF                | US        |   1093432 | NS      | $25061456.63  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Small Mid Cap Value Momentum ETF                                        | VICTORYSHARES US SMALL MID CAP                 | CUSIP: 92647N568<br>LEI: N/A                  | Long             |  | RF                | US        |    279194 | NS      | $17589529.11  | 2.17%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

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

**Signature:** James K. De Vries

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

**Title:** Treasurer