# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001104659-23-030388
**Filing Date:** 2023-3
**Character Count:** 1049821
**Document Hash:** d80be20e40b986622863a5fafd93a129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030388.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001104659-23-030388

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 23718545

**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

### Nasdaq-100 Index Fund (Series ID: S000012907)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000034876 | Nasdaq-100 Index Fund Shares               | USNQX           |
| C000179381 | Nasdaq-100 Index Fund R6 Shares            | URNQX           |
| C000220618 | Nasdaq-100 Index Fund Class A              | UANQX           |
| C000220619 | Nasdaq-100 Index Fund Institutional Shares | UINQX           |
| C000220620 | Nasdaq-100 Index Fund Class C              | UCNQX           |

### 500 Index Fund (Series ID: S000012915)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000034884 | 500 Index Fund-Member Shares | USSPX           |
| C000034885 | 500 Index Fund-Reward Shares | USPRX           |

### Extended Market Index Fund (Series ID: S000012941)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000034943 | Extended Market Index Fund | USMIX           |

### Global Managed Volatility Fund (Series ID: S000022882)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000066372 | Global Managed Volatility Fund Institutional Shares | UGOFX           |
| C000129296 | Global Managed Volatility Fund Shares               | UGMVX           |

### Target Retirement Income Fund (Series ID: S000022883)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000066373 | Target Retirement Income Fund | URINX           |

### Target Retirement 2030 Fund (Series ID: S000022885)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000066375 | Target Retirement 2030 Fund | URTRX           |

### Target Retirement 2040 Fund (Series ID: S000022886)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000066376 | Target Retirement 2040 Fund | URFRX           |

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

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

### Ultra Short-Term Bond Fund (Series ID: S000030169)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000092834 | Ultra Short-Term Bond Fund Shares               | UUSTX           |
| C000130753 | Ultra Short-Term Bond Fund Institutional Shares | UUSIX           |
| C000179382 | Ultra Short-Term Bond Fund R6 Shares            | URUSX           |
| C000220636 | Ultra Short-Term Bond Fund Class A              | USBAX           |

### Target Retirement 2060 Fund (Series ID: S000041439)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000128656 | Target Retirement 2060 Fund | URSIX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: 811-07852

USAA Mutual Funds Trust

(Exact name of registrant as specified in charter)

<u>15935 La Cantera Pkwy, San Antonio, Texas</u> <u>78256</u> <br> (Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, Ohio 43219

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-235-8396</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

**Item 1. Reports to Stockholders.**

![](j2325532_aa001.jpg)

DECEMBER 31, 2022

Annual Report

USAA Target Retirement Income Fund

USAA Target Retirement 2030 Fund

USAA Target Retirement 2040 Fund

USAA Target Retirement 2050 Fund

USAA Target Retirement 2060 Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

------

vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open.

------

*USAA Mutual Funds Trust*

***TABLE OF CONTENTS***

---

| | |
|:---|:---|
| **Shareholder Letter (Unaudited)** | **2** |
| **Managers' Commentary (Unaudited)** | **4** |
| **Investment Overview (Unaudited)** | **6** |
| **Investment Objective & Portfolio <br>Holdings (Unaudited)** | **11** |
| **Schedules of Portfolio Investments** | **16** |
| **Financial Statements** | **Financial Statements** |
| *Statements of Assets and Liabilities* | **23** |
| *Statements of Operations* | **25** |
| *Statements of Changes in Net Assets* | **27** |
| *Financial Highlights* | **29** |
| **Notes to Financial Statements** | **34** |
| **Report of Independent <br>Registered Public Accounting Firm** | **51** |
| **Supplemental Information (Unaudited)** | **52** |
| *Trustee and Officer Information* | **52** |
| *Proxy Voting and Portfolio Holdings Information* | **58** |
| *Expense Examples* | **58** |
| *Additional Federal Income Tax Information* | **59** |
| *Advisory Contract Approval* | **60** |
| *Privacy Policy (inside back cover)* |  |

---

*This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.*

**IRA DISTRIBUTION WITHHOLDING DISCLOSURE**

*We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.*

*If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.*

*For more specific information, please consult your tax adviser.*

***• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE***

------

*(Unaudited)*

Dear Shareholder,

Our most recent annual reporting period ending December 31, 2022, was filled with epic challenges. Even the most seasoned investors who have been through more than one economic cycle have not witnessed financial markets like this in a long time, if ever.

Consider what transpired and how the investing backdrop changed so abruptly. The year began well enough with ample liquidity and an encouraging outlook for corporate profits. But that optimism faded early and was punctuated by the start of a terrible war in Eastern Europe. This fueled rising energy prices and intensified an inflation problem that was proving to be more than "transitory."

The inflation data was particularly troublesome and surprised many with some of the highest readings since the 1970s. In response, the U.S. Federal Reserve (the "Fed") pivoted to a far more restrictive monetary policy than anyone anticipated. Over the course of 2022, the Fed boosted the Fed funds interest rate on seven different occasions by a total of 4.5 percentage points. And if that wasn't enough, zero-Covid policies in China further exacerbated supply chain issues and dampened the outlook for global growth.

As one might expect, all of these obstacles ratcheted up volatility across financial markets. Broad market stock indices pulled back substantially around the world. The S&P 500<sup>®</sup> Index, the bell-weather proxy for our domestic stock market, delivered a negative total return of more than 18% for our annual reporting period.

Perhaps what made 2022 even more difficult was the performance of fixed income markets, which normally are considered a safe haven in times of equity turmoil. But not this past year. In fact, the Bloomberg US Aggregate Bond Index—a proxy for a diversified fixed income portfolio and one that many investors and institutions follow closely—delivered a negative total return of approximately 13%, its worst annual performance since the 1970s. That's not exactly the offset to equity performance that many investors were expecting from bonds.

It was a tough year, and we fully acknowledge that the steady drumbeat of bad news and bouts of stomach-churning volatility can take a toll on investors' psyche. Nobody likes opening their account statements during declining markets; and even when markets snap back sharply (as happened this past July and October), investors often wonder if they have missed an opportunity.

Through all of the challenges in our most recent annual reporting period, we are reminded of two enduring realities: 1) financial markets are dynamic and apt to change abruptly; 2) it's vital that we remain calm and rational whenever faced with those inevitable bouts of turmoil.

Fortunately, we think that investors can take comfort knowing that all of our independent investment franchises have experience managing portfolios through a wide variety of market environments. Our investment professionals remain calm during turbulent financial markets, and we think it's imperative that investors do the same.

------

We still believe that a long-term plan, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are the key ingredients for staying the course and progressing on investment goals. Moreover, all our investment professionals continually monitor the environment and work hard to position portfolios opportunistically no matter what the markets bring. Remember, turmoil can also create opportunity.

On the following pages, you will find information relating to your USAA Mutual Funds, brought to you by Victory Capital. If you have any questions, we encourage you to contact our Member Service Representatives. Call 800-235-8396, or visit our website at vcm.com.

From all of us here at Victory Capital, thank you for your ongoing confidence and for letting us help you work toward your investment goals.

![](j2325532_ba002.jpg)

**Christopher K. Dyer, CFA**

*President,<br>USAA Mutual Funds Trust*

------

USAA Target Retirement Series

**Managers' Commentary**

(Unaudited)

**• What were the market conditions over the reporting period?**

At the beginning of the reporting period, the Russian invasion of Ukraine in February of 2022 added significant volatility to both equity and bond markets that were already concerned with elevated levels of inflation, a hawkish U.S. Federal Reserve (the "Fed"), and rising interest rates. In the first quarter of 2022, the combination of widening credit spreads and rising interest rates led to the worst quarter for the Bloomberg US Aggregate Bond Index in 40 years. Equity markets did not fare any better as the bellwether S&P 500<sup>®</sup> Index also posted a negative return during the quarter. With the Fed now embarking on a tightening cycle, the markets remained focused on the Fed and whether it can engineer a soft landing amidst the highest inflation readings in 40 years.

The second quarter of 2022 saw continued pressure on stocks and bonds. The Fed's hawkish pivot, which started in the fourth quarter of 2021 continued to put pressure on equity multiples, especially for long-duration growth stocks. With inflation readings hitting four-decade highs, the Fed now faced an increasingly difficult task of implementing policy strong enough to tame inflation and provide a "soft landing" for the economy, while not being too aggressive and tilting the economy into recession. This risk contributed to the heightened stock market volatility, in addition to mounting COVID-19 related lockdowns in China, rising oil prices, and the ongoing conflict between Russia and the Ukraine.

In the third quarter, global equities declined, continuing the downward trend from the first half of 2022. The quarter began with a rally that continued into mid-August, on hopes that the Fed would pivot toward a more accommodative policy. However, messaging from the Fed Chairman, Jerome Powell, and a stronger-than-expected inflation report in early September dampened investor optimism over the central bank's trajectory and the odds of avoiding a recession. The Fed went on to hike rates aggressively by 75 basis points ("bps") twice during the quarter, bringing the benchmark fed funds rate target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the beginning of the year. (A basis point is 1/100th of a percentage point.) For its part, the European Central Bank raised its reference rate by 50 bps in July, followed by another 75 bps in September. Other factors that weighed on sentiment during the quarter included the ongoing Russia-Ukraine war, an energy crisis in Europe, and the resumption of COVID-19 lockdowns in China.

Global Equities rebounded in the fourth quarter, trimming full year losses. Gains in October and November were sparked by signs of peaking inflation alongside less hawkish commentary from the Fed Chairman Powell raising hope that the central bank would end its interest rate hiking cycle sometime in early 2023. Indeed, both the Fed and the European Central Bank raised their benchmark overnight lending rates by a more modest 50 bps in mid-December. Also supporting sentiment, the Chinese government began to ease their zero-COVID-19 policy that had weighed on global economic growth for much of 2022. However, stocks retreated into year-end as investors shifted their focus to the potential impact higher rates might have on economic growth and corporate earnings in the coming year.

------

USAA Target Retirement Series

**Managers' Commentary** (continued)

**• How did the USAA Target Retirement Funds (the "Funds") perform during the reporting period?**

Each Fund's investment objective is to provide capital appreciation and current income consistent with its current investment allocation. For the year ended December 31, 2022, the total return for each of the Funds is shown below, along with the return(s) of the relevant benchmark index(es):

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Target<br>Retirement Funds** | **S&P Target<br>Date Indices** | **MSCI All<br>Country<br>World Index** |
| USAA Target Retirement Income Fund | –10.64% | –11.17% |  |
| USAA Target Retirement 2030 Fund | –13.53% | –13.96% |  |
| USAA Target Retirement 2040 Fund | –15.15% | –15.56% |  |
| USAA Target Retirement 2050 Fund | –16.00% | –15.97% | –18.36% |
| USAA Target Retirement 2060 Fund | –16.12% | –16.01% | –18.36% |

---

**• What strategies did you employ during the reporting period?**

In an unprecedented year, all five of the USAA Target Retirement Funds performed as expected, with returns in between those of stocks and bonds. The larger losses for the longer-dated portfolios reflect the progressively higher weighting in equities as the target dates of the five funds increase.

The results of the Funds' underlying drivers mirrored the overall investment backdrop. The equity portfolio experienced losses across all equity regions. In aggregate, the fixed income portfolio experienced losses, with shorter duration investment grade credit and high yield credit performing better than longer duration fixed income.

We maintained a steady approach through the past year. As always, we sought to provide broad exposure to the global financial markets, but we also overweighted (took larger relative positions) or underweighted (took smaller relative positions) in certain asset classes based on valuations and fundamentals. In this vein, we continued to tilt the portfolios toward the international markets — both developed and emerging — versus the United States. We believe this positioning is warranted from a longer-term standpoint due to what we view as more attractive valuations and greater latitude for better-than-expected economic growth outside of the United States. Our equity investments, with an emphasis on improving fundamentals and strong balance sheets, performed well over the time period. The Funds' overweight to shorter duration fixed income contributed positively over the time period. Exposure within alternatives to commodities, such as oil, added value to the Funds' overall performance.

We will continue to remain true to our longstanding strategy of using fundamentals and valuations to construct portfolios designed to deliver favorable results over a full market cycle.

Thank you for allowing us to assist you with your investment needs.

------

USAA Target Retirement Income Fund

**Investment Overview**<br> (Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Fund Shares** | |
| **INCEPTION DATE** | *7/31/08* |  |
|  | **Net Asset Value** | **S&P Target Date Retirement Income Index<sup>1</sup>** |
| *One Year* | *–10.64%* | *–11.17%* |
| *Five Year* | *2.31%* | *2.33%* |
| *Ten Year* | *3.32%* | *3.59%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Target Retirement Income Fund — Growth of $10,000**

![](j2325532_ba003.jpg)

*<sup>1</sup>The S&P Target Date Index series reflects the market consensus on asset allocations across different target date horizons. Each index represents the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

------

USAA Target Retirement 2030 Fund

**Investment Overview**<br> (Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Fund Shares** | |
| **INCEPTION DATE** | *7/31/08* |  |
|  | **Net Asset Value** | **S&P Target Date 2030 Index<sup>1</sup>** |
| *One Year* | *–13.53%* | *–13.96%* |
| *Five Year* | *2.93%* | *4.17%* |
| *Ten Year* | *5.24%* | *6.84%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Target Retirement 2030 Fund — Growth of $10,000**

![](j2325532_ba004.jpg)

*<sup>1</sup>The S&P Target Date Index series reflects the market consensus on asset allocations across different target date horizons. Each index represents the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

------

USAA Target Retirement 2040 Fund

**Investment Overview**<br> (Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Fund Shares** | |
| **INCEPTION DATE** | *7/31/08* |  |
|  | **Net Asset Value** | **S&P Target Date 2040 Index<sup>1</sup>** |
| *One Year* | *–15.15%* | *–15.56%* |
| *Five Year* | *3.27%* | *4.97%* |
| *Ten Year* | *5.97%* | *7.84%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Target Retirement 2040 Fund — Growth of $10,000**

![](j2325532_ba005.jpg)

*<sup>1</sup>The S&P Target Date Index series reflects the market consensus on asset allocations across different target date horizons. Each index represents the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

------

USAA Target Retirement 2050 Fund

**Investment Overview**<br> (Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | **Fund Shares** | | |
| **INCEPTION DATE** | *7/31/08* |  |  |
|  | **Net Asset Value** | **S&P Target Date 2050 Index<sup>1</sup>** | **MSCI All Country World Index<sup>2</sup>** |
| *One Year* | *–16.00%* | *–15.97%* | *–18.36%* |
| *Five Year* | *3.62%* | *5.26%* | *5.23%* |
| *Ten Year* | *6.38%* | *8.33%* | *7.98%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Target Retirement 2050 Fund — Growth of $10,000**

![](j2325532_ba006.jpg)

*<sup>1</sup>The S&P Target Date Index series reflects the market consensus on asset allocations across different target date horizons. Each index represents the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*<sup>2</sup>The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

------

USAA Target Retirement 2060 Fund

**Investment Overview**<br> (Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | **Fund Shares** | | |
| **INCEPTION DATE** | *7/12/13* |  |  |
|  | **Net Asset Value** | **S&P Target Date 2060 Index<sup>1</sup>** | **MSCI All Country World Index<sup>2</sup>** |
| *One Year* | *–16.12%* | *–16.01%* | *–18.36%* |
| *Five Year* | *3.48%* | *5.35%* | *5.23%* |
| *Since Inception* | *5.75%* | *N/A* | *7.31%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Target Retirement 2060 Fund — Growth of $10,000**

![](j2325532_ba007.jpg)

*<sup>1</sup>The S&P Target Date Index series reflects the market consensus on asset allocations across different target date horizons. Each index represents the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*<sup>2</sup>The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement Income Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund provides capital appreciation and current income consistent with its current investment allocation.

**Top 10 Holdings\*:**

*December 31, 2022*

*(% of Net Assets)*

---

| | |
|:---|:---|
| *USAA Government Securities Fund Institutional Shares* | *23.1%* |
| *USAA Short-Term Bond Fund Institutional Shares* | *16.6%* |
| *USAA Global Managed Volatility Fund Institutional Shares* | *5.9%* |
| *VictoryShares ESG Corporate Bond ETF* | *5.8%* |
| *USAA Intermediate-Term Bond Fund Institutional Shares* | *5.4%* |
| *USAA High Income Fund Institutional Shares* | *5.2%* |
| *USAA Target Managed Allocation Fund* | *4.9%* |
| *Victory Market Neutral Income Fund Class I* | *4.9%* |
| *Victory RS International Fund Class R6* | *3.4%* |
| *VictoryShares USAA Core Short-Term Bond ETF* | *3.3%* |

---

**Asset Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325532_ba008.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2030 Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund provides capital appreciation and current income consistent with its current investment allocation.

**Top 10 Holdings\*:**

*December 31, 2022*

*(% of Net Assets)*

---

| | |
|:---|:---|
| *USAA Government Securities Fund Institutional Shares* | *15.9%* |
| *USAA Global Managed Volatility Fund Institutional Shares* | *10.2%* |
| *USAA Target Managed Allocation Fund* | *8.9%* |
| *USAA 500 Index Fund Reward Shares* | *5.5%* |
| *USAA Short-Term Bond Fund Institutional Shares* | *5.2%* |
| *USAA Intermediate-Term Bond Fund Institutional Shares* | *4.7%* |
| *Victory RS International Fund Class R6* | *4.7%* |
| *VictoryShares International Value Momentum ETF* | *4.4%* |
| *USAA High Income Fund Institutional Shares* | *3.9%* |
| *Victory Trivalent International Core Equity Fund Class R6* | *3.6%* |

---

**Asset Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325532_ba009.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2040 Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund provides capital appreciation and current income consistent with its current investment allocation.

**Top 10 Holdings\*:**

*December 31, 2022*

*(% of Net Assets)*

---

| | |
|:---|:---|
| *USAA Global Managed Volatility Fund Institutional Shares* | *13.3%* |
| *USAA Target Managed Allocation Fund* | *11.6%* |
| *USAA 500 Index Fund Reward Shares* | *7.4%* |
| *USAA Government Securities Fund Institutional Shares* | *7.0%* |
| *Victory RS International Fund Class R6* | *6.5%* |
| *VictoryShares International Value Momentum ETF* | *5.6%* |
| *VictoryShares US Value Momentum ETF* | *4.8%* |
| *Victory Trivalent International Core Equity Fund Class R6* | *4.7%* |
| *VictoryShares Westend U.S. Sector ETF* | *3.8%* |
| *USAA High Income Fund Institutional Shares* | *3.5%* |

---

**Asset Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325532_ba010.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2050 Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund provides capital appreciation and current income consistent with its current investment allocation.

**Top 10 Holdings\*:**

*December 31, 2022*

*(% of Net Assets)*

---

| | |
|:---|:---|
| *USAA Global Managed Volatility Fund Institutional Shares* | *15.1%* |
| *USAA Target Managed Allocation Fund* | *13.0%* |
| *USAA 500 Index Fund Reward Shares* | *8.7%* |
| *Victory RS International Fund Class R6* | *7.1%* |
| *VictoryShares International Value Momentum ETF* | *6.3%* |
| *VictoryShares US Value Momentum ETF* | *5.4%* |
| *Victory Trivalent International Core Equity Fund Class R6* | *5.3%* |
| *VictoryShares Westend US Sector ETF* | *4.5%* |
| *VictoryShares Emerging Markets Value Momentum ETF* | *3.7%* |
| *Victory Integrity Mid-Cap Value Fund Class R6* | *3.5%* |

---

**Asset Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325532_ba011.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2060 Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund provides capital appreciation and current income consistent with its current investment allocation.

**Top 10 Holdings\*:**

*December 31, 2022*

*(% of Net Assets)*

---

| | |
|:---|:---|
| *USAA Global Managed Volatility Fund Institutional Shares* | *15.1%* |
| *USAA Target Managed Allocation Fund* | *13.0%* |
| *USAA 500 Index Fund Reward Shares* | *8.8%* |
| *Victory RS International Fund Class R6* | *7.4%* |
| *VictoryShares International Value Momentum ETF* | *6.3%* |
| *Victory Trivalent International Core Equity Fund Class R6* | *5.4%* |
| *VictoryShares US Value Momentum ETF* | *5.2%* |
| *VictoryShares Westend U.S. Sector ETF* | *4.7%* |
| *USAA Government Securities Fund Institutional Shares* | *3.8%* |
| *VictoryShares Emerging Markets Value Momentum ETF* | *3.7%* |

---

**Asset Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325532_ba012.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement Income Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Affiliated Exchange-Traded Funds (19.9%)** | **Affiliated Exchange-Traded Funds (19.9%)** | **Affiliated Exchange-Traded Funds (19.9%)** |
| VictoryShares Emerging Markets Value Momentum ETF | 288452 | $11506 |
| VictoryShares ESG Corporate Bond ETF | 1899203 | 38297 |
| VictoryShares International Value Momentum ETF | 440876 | 18266 |
| VictoryShares International Volatility Wtd ETF | 179768 | 6645 |
| VictoryShares NASDAQ Next 50 ETF | 149092 | 3583 |
| VictoryShares US Multi-Factor Minimum Volatility ETF | 141668 | 5406 |
| VictoryShares US Small Mid Cap Value Momentum ETF | 86772 | 5467 |
| VictoryShares US Value Momentum ETF | 189914 | 12014 |
| VictoryShares USAA Core Short-Term Bond ETF | 443598 | 21576 |
| VictoryShares WestEnd U.S. Sector ETF | 302776 | 8051 |
| **Total Affiliated Exchange-Traded Funds (Cost $135,996)** | **Total Affiliated Exchange-Traded Funds (Cost $135,996)** | 130811 |
| **Affiliated Mutual Funds (79.6%)** | **Affiliated Mutual Funds (79.6%)** | **Affiliated Mutual Funds (79.6%)** |
| USAA 500 Index Fund Reward Shares | 344734 | 16851 |
| USAA Global Managed Volatility Fund Institutional Shares | 4572691 | 39051 |
| USAA Government Securities Fund Institutional Shares | 17329892 | 151983 |
| USAA Growth Fund Institutional Shares | 309412 | 7092 |
| USAA High Income Fund Institutional Shares | 5233251 | 34487 |
| USAA Income Stock Fund Institutional Shares | 233759 | 4056 |
| USAA Intermediate-Term Bond Fund Institutional Shares | 3968434 | 35597 |
| USAA Nasdaq-100 Index Fund R6 Shares | 33509 | 937 |
| USAA Precious Metals and Minerals Fund Institutional Shares | 140247 | 2336 |
| USAA Short-Term Bond Fund Institutional Shares | 12494481 | 108827 |
| USAA Small Cap Stock Fund Institutional Shares | 712259 | 8234 |
| USAA Target Managed Allocation Fund | 3846587 | 32504 |
| Victory Integrity Mid-Cap Value Fund Class R6 | 317024 | 6810 |
| Victory Market Neutral Income Fund Class I | 3836961 | 32000 |
| Victory RS International Fund Class R6 | 2252632 | 22323 |
| Victory Sophus Emerging Markets Fund Class R6 | 243826 | 4242 |
| Victory Trivalent International Core Equity Fund Class R6 | 2328144 | 15436 |
| **Total Affiliated Mutual Funds (Cost $553,377)** | **Total Affiliated Mutual Funds (Cost $553,377)** | 522766 |
| **Total Investments (Cost $689,373) — 99.5%** | **Total Investments (Cost $689,373) — 99.5%** | 653577 |
| **Other assets in excess of liabilities — 0.5%** | **Other assets in excess of liabilities — 0.5%** | 3421 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $656998 |

---

At December 31, 2022, the Fund's investments in foreign securities were 11.9% of net assets.

ETF — Exchange-Traded Fund

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2030 Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Affiliated Exchange-Traded Funds (25.6%)** | **Affiliated Exchange-Traded Funds (25.6%)** | **Affiliated Exchange-Traded Funds (25.6%)** |
| VictoryShares Emerging Markets Value Momentum ETF | 657114 | $26212 |
| VictoryShares ESG Corporate Bond ETF | 1767524 | 35642 |
| VictoryShares International Value Momentum ETF | 1206751 | 49997 |
| VictoryShares International Volatility Wtd ETF | 493863 | 18255 |
| VictoryShares NASDAQ Next 50 ETF | 696279 | 16732 |
| VictoryShares US Multi-Factor Minimum Volatility ETF | 264132 | 10079 |
| VictoryShares US Small Mid Cap Value Momentum ETF | 343892 | 21666 |
| VictoryShares US Value Momentum ETF | 636526 | 40266 |
| VictoryShares USAA Core Short-Term Bond ETF | 834703 | 40600 |
| VictoryShares WestEnd U.S. Sector ETF | 1154053 | 30688 |
| **Total Affiliated Exchange-Traded Funds (Cost $293,575)** | **Total Affiliated Exchange-Traded Funds (Cost $293,575)** | 290137 |
| **Affiliated Mutual Funds (73.9%)** | **Affiliated Mutual Funds (73.9%)** | **Affiliated Mutual Funds (73.9%)** |
| USAA 500 Index Fund Reward Shares | 1265796 | 61872 |
| USAA Global Managed Volatility Fund Institutional Shares | 13502381 | 115310 |
| USAA Government Securities Fund Institutional Shares | 20622006 | 180855 |
| USAA Growth Fund Institutional Shares | 1074458 | 24626 |
| USAA High Income Fund Institutional Shares | 6697879 | 44139 |
| USAA Income Stock Fund Institutional Shares | 841385 | 14598 |
| USAA Intermediate-Term Bond Fund Institutional Shares | 5972981 | 53578 |
| USAA Nasdaq-100 Index Fund R6 Shares | 208996 | 5846 |
| USAA Precious Metals and Minerals Fund Institutional Shares | 255335 | 4254 |
| USAA Short-Term Bond Fund Institutional Shares | 6739575 | 58702 |
| USAA Small Cap Stock Fund Institutional Shares | 1925695 | 22261 |
| USAA Target Managed Allocation Fund | 11982361 | 101251 |
| Victory Integrity Mid-Cap Value Fund Class R6 | 1214125 | 26079 |
| Victory Market Neutral Income Fund Class I | 2636470 | 21988 |
| Victory RS International Fund Class R6 | 5398823 | 53502 |
| Victory Sophus Emerging Markets Fund Class R6 | 515437 | 8969 |
| Victory Trivalent International Core Equity Fund Class R6 | 6237553 | 41355 |
| **Total Affiliated Mutual Funds (Cost $894,802)** | **Total Affiliated Mutual Funds (Cost $894,802)** | 839185 |
| **Total Investments (Cost $1,188,377) — 99.5%** | **Total Investments (Cost $1,188,377) — 99.5%** | 1129322 |
| **Other assets in excess of liabilities — 0.5%** | **Other assets in excess of liabilities — 0.5%** | 5335 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $1134657 |

---

At December 31, 2022, the Fund's investments in foreign securities were 17.5% of net assets.

ETF — Exchange-Traded Fund

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2040 Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Affiliated Exchange-Traded Funds (28.0%)** | **Affiliated Exchange-Traded Funds (28.0%)** | **Affiliated Exchange-Traded Funds (28.0%)** |
| VictoryShares Emerging Markets Value Momentum ETF | 1095183 | $43687 |
| VictoryShares ESG Corporate Bond ETF | 873088 | 17606 |
| VictoryShares International Value Momentum ETF | 1808903 | 74945 |
| VictoryShares International Volatility Wtd ETF | 704196 | 26030 |
| VictoryShares NASDAQ Next 50 ETF | 1164047 | 27972 |
| VictoryShares US Multi-Factor Minimum Volatility ETF | 428496 | 16350 |
| VictoryShares US Small Mid Cap Value Momentum ETF | 453628 | 28579 |
| VictoryShares US Value Momentum ETF | 1004216 | 63526 |
| VictoryShares USAA Core Short-Term Bond ETF | 493169 | 23988 |
| VictoryShares WestEnd U.S. Sector ETF (a) | 1928537 | 51283 |
| **Total Affiliated Exchange-Traded Funds (Cost $373,102)** | **Total Affiliated Exchange-Traded Funds (Cost $373,102)** | 373966 |
| **Affiliated Mutual Funds (71.3%)** | **Affiliated Mutual Funds (71.3%)** | **Affiliated Mutual Funds (71.3%)** |
| USAA 500 Index Fund Reward Shares | 2024853 | 98975 |
| USAA Global Managed Volatility Fund Institutional Shares | 20780440 | 177465 |
| USAA Government Securities Fund Institutional Shares | 10701180 | 93849 |
| USAA Growth Fund Institutional Shares | 1758788 | 40311 |
| USAA High Income Fund Institutional Shares | 7057079 | 46506 |
| USAA Income Stock Fund Institutional Shares | 1368357 | 23741 |
| USAA Intermediate-Term Bond Fund Institutional Shares | 3679567 | 33006 |
| USAA Nasdaq-100 Index Fund R6 Shares | 379064 | 10603 |
| USAA Precious Metals and Minerals Fund Institutional Shares | 283976 | 4731 |
| USAA Short-Term Bond Fund Institutional Shares | 2473354 | 21543 |
| USAA Small Cap Stock Fund Institutional Shares | 2673699 | 30908 |
| USAA Target Managed Allocation Fund | 18322621 | 154826 |
| Victory Integrity Mid-Cap Value Fund Class R6 | 1942825 | 41732 |
| Victory Market Neutral Income Fund Class I | 1629361 | 13589 |
| Victory RS International Fund Class R6 | 8730578 | 86520 |
| Victory Sophus Emerging Markets Fund Class R6 | 732649 | 12748 |
| Victory Trivalent International Core Equity Fund Class R6 | 9507279 | 63033 |
| **Total Affiliated Mutual Funds (Cost $1,011,562)** | **Total Affiliated Mutual Funds (Cost $1,011,562)** | 954086 |
| **Collateral for Securities Loaned (0.0%)^(b)** | **Collateral for Securities Loaned (0.0%)^(b)** | **Collateral for Securities Loaned (0.0%)^(b)** |
| Goldman Sachs Financial Square Government Fund, Institutional <br>Shares, 4.14% (c) | 34806 | 35 |
| HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c) | 34806 | 34 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) | 34806 | 35 |
| Morgan Stanley Institutional Liquidity Government Portfolio, <br>Institutional Shares, 4.08% (c) | 34806 | 35 |
| **Total Collateral for Securities Loaned (Cost $139)** | **Total Collateral for Securities Loaned (Cost $139)** | 139 |
| **Total Investments (Cost $1,384,803) — 99.3%** | **Total Investments (Cost $1,384,803) — 99.3%** | 1328191 |
| **Other assets in excess of liabilities — 0.7%** | **Other assets in excess of liabilities — 0.7%** | 9088 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $1337279 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2040 Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

At December 31, 2022, the Fund's investments in foreign securities were 23.0% 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 December 31, 2022.

ETF — Exchange-Traded Fund

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2050 Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Affiliated Exchange-Traded Funds (29.1%)** | **Affiliated Exchange-Traded Funds (29.1%)** | **Affiliated Exchange-Traded Funds (29.1%)** |
| VictoryShares Emerging Markets Value Momentum ETF | 746226 | $29767 |
| VictoryShares ESG Corporate Bond ETF | 418613 | 8441 |
| VictoryShares International Value Momentum ETF | 1233843 | 51119 |
| VictoryShares International Volatility Wtd ETF | 467748 | 17290 |
| VictoryShares NASDAQ Next 50 ETF | 793323 | 19064 |
| VictoryShares US Multi-Factor Minimum Volatility ETF | 310087 | 11832 |
| VictoryShares US Small Mid Cap Value Momentum ETF (a) | 279194 | 17590 |
| VictoryShares US Value Momentum ETF | 685383 | 43357 |
| VictoryShares WestEnd U.S. Sector ETF | 1380725 | 36716 |
| **Total Affiliated Exchange-Traded Funds (Cost $232,878)** | **Total Affiliated Exchange-Traded Funds (Cost $232,878)** | 235176 |
| **Affiliated Mutual Funds (69.8%)** | **Affiliated Mutual Funds (69.8%)** | **Affiliated Mutual Funds (69.8%)** |
| USAA 500 Index Fund Reward Shares | 1447720 | 70765 |
| USAA Global Managed Volatility Fund Institutional Shares | 14302491 | 122143 |
| USAA Government Securities Fund Institutional Shares | 2507047 | 21987 |
| USAA Growth Fund Institutional Shares | 1093432 | 25061 |
| USAA High Income Fund Institutional Shares | 1438671 | 9481 |
| USAA Income Stock Fund Institutional Shares | 953631 | 16546 |
| USAA Intermediate-Term Bond Fund Institutional Shares | 1598612 | 14339 |
| USAA Nasdaq-100 Index Fund R6 Shares | 240369 | 6723 |
| USAA Precious Metals and Minerals Fund Institutional Shares | 159541 | 2658 |
| USAA Short-Term Bond Fund Institutional Shares | 320580 | 2792 |
| USAA Small Cap Stock Fund Institutional Shares | 1858841 | 21488 |
| USAA Target Managed Allocation Fund | 12462948 | 105312 |
| Victory Integrity Mid-Cap Value Fund Class R6 | 1317001 | 28289 |
| Victory Market Neutral Income Fund, Class I | 765489 | 6384 |
| Victory RS International Fund Class R6 | 5808312 | 57560 |
| Victory Sophus Emerging Markets Fund Class R6 | 611293 | 10636 |
| Victory Trivalent International Core Equity Fund Class R6 | 6483327 | 42984 |
| **Total Affiliated Mutual Funds (Cost $603,971)** | **Total Affiliated Mutual Funds (Cost $603,971)** | 565148 |
| **Collateral for Securities Loaned (0.0%)^(b)** | **Collateral for Securities Loaned (0.0%)^(b)** | **Collateral for Securities Loaned (0.0%)^(b)** |
| Goldman Sachs Financial Square Government Fund, Institutional <br>Shares, 4.14% (c) | 29138 | 29 |
| HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c) | 29138 | 30 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) | 29138 | 29 |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional <br>Shares, 4.08% (c) | 29138 | 29 |
| **Total Collateral for Securities Loaned (Cost $117)** | **Total Collateral for Securities Loaned (Cost $117)** | 117 |
| **Total Investments (Cost $836,966) — 98.9%** | **Total Investments (Cost $836,966) — 98.9%** | 800441 |
| **Other assets in excess of liabilities — 1.1%** | **Other assets in excess of liabilities — 1.1%** | 8497 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $808938 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2050 Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

At December 31, 2022, the Fund's investments in foreign securities were 25.9% 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 December 31, 2022.

ETF — Exchange-Traded Fund

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Target Retirement 2060 Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Affiliated Exchange-Traded Funds (29.1%)** | **Affiliated Exchange-Traded Funds (29.1%)** | **Affiliated Exchange-Traded Funds (29.1%)** |
| VictoryShares Emerging Markets Value Momentum ETF | 108347 | $4322 |
| VictoryShares ESG Corporate Bond ETF | 43422 | 876 |
| VictoryShares International Value Momentum ETF | 177196 | 7341 |
| VictoryShares International Volatility Wtd ETF | 75768 | 2801 |
| VictoryShares NASDAQ Next 50 ETF | 112009 | 2692 |
| VictoryShares US Multi-Factor Minimum Volatility ETF | 43625 | 1665 |
| VictoryShares US Small Mid Cap Value Momentum ETF | 42403 | 2671 |
| VictoryShares US Value Momentum ETF | 96343 | 6095 |
| VictoryShares WestEnd U.S. Sector ETF | 207979 | 5530 |
| **Total Affiliated Exchange-Traded Funds (Cost $33,457)** | **Total Affiliated Exchange-Traded Funds (Cost $33,457)** | 33993 |
| **Affiliated Mutual Funds (70.2%)** | **Affiliated Mutual Funds (70.2%)** | **Affiliated Mutual Funds (70.2%)** |
| USAA 500 Index Fund Reward Shares | 211035 | 10316 |
| USAA Global Managed Volatility Fund Institutional Shares | 2061566 | 17606 |
| USAA Government Securities Fund Institutional Shares | 505058 | 4429 |
| USAA Growth Fund Institutional Shares | 165095 | 3784 |
| USAA Income Stock Fund Institutional Shares | 131968 | 2290 |
| USAA Intermediate-Term Bond Fund Institutional Shares | 341619 | 3064 |
| USAA Nasdaq-100 Index Fund R6 Shares | 41821 | 1170 |
| USAA Precious Metals and Minerals Fund Institutional Shares | 19828 | 330 |
| USAA Short-Term Bond Fund Institutional Shares | 118 | 1 |
| USAA Small Cap Stock Fund Institutional Shares | 277788 | 3211 |
| USAA Target Managed Allocation Fund | 1793301 | 15153 |
| Victory Integrity Mid-Cap Value Fund Class R6 | 191841 | 4121 |
| Victory RS International Fund Class R6 | 871199 | 8634 |
| Victory Sophus Emerging Markets Fund Class R6 | 88932 | 1547 |
| Victory Trivalent International Core Equity Fund Class R6 | 943173 | 6253 |
| **Total Affiliated Mutual Funds (Cost $90,942)** | **Total Affiliated Mutual Funds (Cost $90,942)** | 81909 |
| **Total Investments (Cost $124,399) — 99.3%** | **Total Investments (Cost $124,399) — 99.3%** | 115902 |
| **Other assets in excess of liabilities — 0.7%** | **Other assets in excess of liabilities — 0.7%** | 796 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $116698 |

---

At December 31, 2022, the Fund's investments in foreign securities were 26.5% of net assets.

ETF — Exchange-Traded Fund

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)* 

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Target<br>Retirement Income<br>Fund** | **USAA Target<br>Retirement 2030<br>Fund** | **USAA Target<br>Retirement 2040<br>Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Affiliated investments, at value (Cost $689,373, <br>$1,188,377 and $1,384,664) | $653577 | $1129322 | $1328052<br> (a) |
| Unaffiliated investments, at value <br>(Cost $—, $— and $139) |  |  | 139 |
| Cash | 3701 | 5614 | 9085 |
| Receivables: | Receivables: | Receivables: | Receivables: |
| Interest |  | 1 | —<br> (b) |
| Capital shares issued | 122 | 554 | 368 |
| From Adviser |  |  | 14 |
| Prepaid expenses | 9 | 14 | 14 |
| Total Assets | 657409 | 1135505 | 1337672 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payables: | Payables: | Payables: | Payables: |
| Collateral received on loaned securities |  |  | 139 |
| Capital shares redeemed | 383 | 811 | 211 |
| Accrued expenses and other payables: | Accrued expenses and other payables: | Accrued expenses and other payables: | Accrued expenses and other payables: |
| Custodian fees | 2 | 2 | 3 |
| Compliance fees | 1 | 1 | 1 |
| Trustees' fees | —<br> (b) |  |  |
| Other accrued expenses | 25 | 34 | 39 |
| Total Liabilities | 411 | 848 | 393 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Capital | 692177 | 1182132 | 1379595 |
| Total accumulated earnings/(loss) | (35179) | (47475) | (42316) |
| Net Assets | $656998 | $1134657 | $1337279 |
| Shares (unlimited number of shares <br>authorized with no par value): | 67088 | 105923 | 124896 |
| Net asset value, offering and redemption price <br>per share: (c) | $9.79 | $10.71 | $10.71 |

---

(a) Includes $136 thousand of securities on loan.

(b) Rounds to less than $1 thousand.

(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)* 

---

| | | |
|:---|:---|:---|
| | **USAA Target<br>Retirement 2050<br>Fund** | **USAA Target<br>Retirement 2060<br>Fund** |
| **Assets:** | **Assets:** | **Assets:** |
| Affiliated investments, at value (Cost $836,849 and $124,399) | $800324<br> (a) | $115902 |
| Unaffiliated investments, at value (Cost $117 and $—) | 117 |  |
| Cash | 8737 | 837 |
| Receivables: | Receivables: | Receivables: |
| Interest | 1 |  |
| Capital shares issued | 279 | 31 |
| From Adviser |  | 9 |
| Prepaid expenses | 14 | 7 |
| Total Assets | 809472 | 116786 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payables: | Payables: | Payables: |
| Collateral received on loaned securities | 117 |  |
| Capital shares redeemed | 384 | 65 |
| Accrued expenses and other payables: | Accrued expenses and other payables: | Accrued expenses and other payables: |
| Custodian fees | 2 | 1 |
| Compliance fees | 1 | —<br> (b) |
| Trustees' fees | —<br> (b) | —<br> (b) |
| Other accrued expenses | 30 | 22 |
| Total Liabilities | 534 | 88 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Capital | 834838 | 123773 |
| Total accumulated earnings/(loss) | (25900) | (7075) |
| Net Assets | $808938 | $116698 |
| Shares (unlimited number of shares authorized with no <br>par value): | 73986 | 10683 |
| Net asset value, offering and redemption price per share: (c) | $10.93 | $10.92 |

---

(a) Includes $113 thousand of securities on loan.

(b) Rounds to less than $1 thousand.

(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)* 

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Target<br>Retirement Income<br>Fund** | **USAA Target<br>Retirement 2030<br>Fund** | **USAA Target<br>Retirement 2040<br>Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Income distributions from affiliated funds | $19771 | $31144 | $35493 |
| Interest from unaffiliated investments | 7 | 27 | 49 |
| Securities lending (net of fees) | 5 | 2 | 10 |
| Total Income | 19783 | 31173 | 35552 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Sub-Administration fees | 19 | 19 | 19 |
| Custodian fees | 12 | 19 | 21 |
| Transfer agent fees | 32 | 55 | 64 |
| Trustees' fees | 47 | 47 | 47 |
| Compliance fees | 6 | 10 | 12 |
| Printing fees | 23 | 36 | 41 |
| Legal and audit fees | 64 | 54 | 54 |
| State registration and filing fees | 36 | 38 | 37 |
| Other expenses | 29 | 40 | 49 |
| Recoupment of prior expenses <br>waived/reimbursed by Adviser |  | 1 |  |
| Total Expenses | 268 | 319 | 344 |
| Expenses waived/reimbursed by Adviser | (2) |  | (61) |
| Net Expenses | 266 | 319 | 283 |
| Net Investment Income (Loss) | 19517 | 30854 | 35269 |
| **Realized/Unrealized Gains (Losses) <br>from Investments:** | **Realized/Unrealized Gains (Losses) <br>from Investments:** | **Realized/Unrealized Gains (Losses) <br>from Investments:** | **Realized/Unrealized Gains (Losses) <br>from Investments:** |
| Net realized gains (losses) from sales of <br>affiliated funds | (104) | 11347 | 11855 |
| Capital gain distributions received from <br>affiliated funds | 4830 | 12807 | 19193 |
| Net change in unrealized appreciation/<br>depreciation on affiliated funds | (108209) | (240236) | (312180) |
| Net realized/unrealized gains (losses) <br>on investments | (103483) | (216082) | (281132) |
| Change in net assets resulting from <br>operations | $(83966) | $(185228) | $(245863) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)* 

---

| | | |
|:---|:---|:---|
| | **USAA Target<br>Retirement 2050<br>Fund** | **USAA Target<br>Retirement 2060<br>Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Income distributions from affiliated funds | $20756 | $2867 |
| Interest from unaffiliated investments | 47 | 9 |
| Securities lending (net of fees) | 4 | 1 |
| Total Income | 20807 | 2877 |
| **Expenses:** | **Expenses:** | **Expenses:** |
| Sub-Administration fees | 19 | 19 |
| Custodian fees | 14 | 5 |
| Transfer agent fees | 39 | 6 |
| Trustees' fees | 47 | 47 |
| Compliance fees | 7 | 1 |
| Printing fees | 29 | 9 |
| Legal and audit fees | 53 | 52 |
| State registration and filing fees | 33 | 23 |
| Other expenses | 34 | 13 |
| Total Expenses | 275 | 175 |
| Expenses waived/reimbursed by Adviser | (1) | (53) |
| Net Expenses | 274 | 122 |
| Net Investment Income (Loss) | 20533 | 2755 |
| **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** |
| Net realized gains (losses) from sales of affiliated funds | 8379 | 489 |
| Capital gain distributions received from affiliated funds | 12913 | 1843 |
| Net change in unrealized appreciation/depreciation on <br>affiliated funds | (198859) | (27539) |
| Net realized/unrealized gains (losses) on investments | (177567) | (25207) |
| Change in net assets resulting from operations | $(157034) | $(22452) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **USAA Target Retirement <br>Income Fund** | **USAA Target Retirement <br>Income Fund** | **USAA Target Retirement <br>2030 Fund** | **USAA Target Retirement <br>2030 Fund** | **USAA Target Retirement<br>2040 Fund** | **USAA Target Retirement<br>2040 Fund** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** | **From Investments:** | **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $19517 | $25732 | $30854 | $51944 | $35269 | $67012 |
| Net realized gains (losses) | 4726 | 42645 | 24154 | 94192 | 31048 | 120413 |
| Net change in unrealized <br>appreciation/depreciation | (108209) | (16329) | (240236) | 11103 | (312180) | 46214 |
| Change in net assets resulting <br>from operations | (83966) | 52048 | (185228) | 157239 | (245863) | 233639 |
| Change in net assets resulting from <br>distributions to shareholders | (42353) | (52029) | (101184) | (100538) | (132290) | (120954) |
| Change in net assets resulting from <br>capital transactions | (24319) | (19630) | 33547 | 120 | 71180 | 247 |
| Change in net assets | (150638) | (19611) | (252865) | 56821 | (306973) | 112932 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 807636 | 827247 | 1387522 | 1330701 | 1644252 | 1531320 |
| End of period | $656998 | $807636 | $1134657 | $1387522 | $1337279 | $1644252 |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| Proceeds from shares issued | $42001 | $82627 | $81144 | $133480 | $102220 | $163473 |
| Distributions reinvested | 42091 | 51747 | 100969 | 100394 | 132158 | 120782 |
| Cost of shares redeemed | (108411) | (154004) | (148566) | (233754) | (163198) | (284008) |
| Change in net assets resulting from <br>capital transactions | $(24319) | $(19630) | $33547 | $120 | $71180 | $247 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| Issued | 3901 | 6852 | 6606 | 9600 | 8216 | 11582 |
| Reinvested | 4192 | 4396 | 9250 | 7376 | 12143 | 8638 |
| Redeemed | (10144) | (12778) | (12204) | (16842) | (13106) | (20168) |
| Change in Shares | (2051) | (1530) | 3652 | 134 | 7253 | 52 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **USAA Target Retirement <br>2050 Fund** | **USAA Target Retirement <br>2050 Fund** | **USAA Target Retirement <br>2060 Fund** | **USAA Target Retirement <br>2060 Fund** |
| | **Year<br>Ended <br>December 31, <br>2022** | **Year<br>Ended <br>December 31, <br>2021** | **Year<br>Ended <br>December 31, <br>2022** | **Year<br>Ended <br>December 31, <br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $20533 | $41965 | $2755 | $5766 |
| Net realized gains (losses) | 21292 | 78287 | 2332 | 10443 |
| Net change in unrealized <br>appreciation/depreciation | (198859) | 33126 | (27539) | 4736 |
| Change in net assets resulting from <br>operations | (157034) | 153378 | (22452) | 20945 |
| Change in net assets resulting from <br>distributions to shareholders | (84813) | (75540) | (11801) | (9243) |
| Change in net assets resulting from <br>capital transactions | 64708 | 14305 | 12901 | 5341 |
| Change in net assets | (177139) | 92143 | (21352) | 17043 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 986077 | 893934 | 138050 | 121007 |
| End of period | $808938 | $986077 | $116698 | $138050 |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| Proceeds from shares issued | $76507 | $117938 | $16023 | $22008 |
| Distributions reinvested | 84765 | 75478 | 11782 | 9235 |
| Cost of shares redeemed | (96564) | (179111) | (14904) | (25902) |
| Change in net assets resulting from <br>capital transactions | $64708 | $14305 | $12901 | $5341 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| Issued | 5943 | 8090 | 1246 | 1531 |
| Reinvested | 7639 | 5206 | 1064 | 640 |
| Redeemed | (7538) | (12331) | (1173) | (1814) |
| Change in Shares | 6044 | 965 | 1137 | 357 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $11.68 | $11.71 | $11.22 | $10.69 | $11.69 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.29<br> (a) | 0.38<br> (a) | 0.38<br> (a) | 0.31<br> (a) | 0.29 |
| Net realized and unrealized gains <br>(losses) | (1.53) | 0.37 | 0.58 | 0.93 | (0.64) |
| Total from Investment <br>Activities | (1.24) | 0.75 | 0.96 | 1.24 | (0.35) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.29) | (0.38) | (0.30) | (0.31) | (0.29) |
| Net realized gains from investments | (0.36) | (0.40) | (0.17) | (0.40) | (0.36) |
| Total Distributions | (0.65) | (0.78) | (0.47) | (0.71) | (0.65) |
| **Net Asset Value, End of Period** | $9.79 | $11.68 | $11.71 | $11.22 | $10.69 |
| Total Return (b) | (10.64)% | 6.48% | 8.73% | 11.72% | (3.01)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.04% | 0.03% | 0.06% | 0.07% | 0.07% |
| Net Investment Income (Loss) | 2.75% | 3.13% | 3.40% | 2.75% | 2.53% |
| Gross Expenses (d) | 0.04% | 0.03% | 0.06% | 0.07% | 0.07% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $656998 | $807636 | $827247 | $337633 | $318796 |
| Portfolio Turnover | 13% | 16% | 15<br> %(e) | 16% | 29% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported returns.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in the Note 4 of the accompanying Notes to the Financial statements.

(d) Does not include acquired fund fees and expenses, if any.

(e) For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $78,972, and sold of $170,937 thousand, respectively, in connection with the Fund's acquisition of USAA Target Retirement 2020 Fund.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $13.57 | $13.03 | $12.47 | $11.87 | $13.84 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.31<br> (a) | 0.53<br> (a) | 0.29<br> (a) | 0.33<br> (a) | 0.30 |
| Net realized and unrealized gains <br>(losses) | (2.15) | 1.05 | 0.86 | 1.70 | (1.25) |
| Total from Investment <br>Activities | (1.84) | 1.58 | 1.15 | 2.03 | (0.95) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.29) | (0.59) | (0.25) | (0.31) | (0.30) |
| Net realized gains from investments | (0.73) | (0.45) | (0.34) | (1.12) | (0.72) |
| Total Distributions | (1.02) | (1.04) | (0.59) | (1.43) | (1.02) |
| **Net Asset Value, End of Period** | $10.71 | $13.57 | $13.03 | $12.47 | $11.87 |
| Total Return (b) | (13.53)% | 12.24% | 9.25% | 17.13% | (6.99)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.03% | 0.02% | 0.02% | 0.03% | 0.03% |
| Net Investment Income (Loss) | 2.55% | 3.79% | 2.41% | 2.53% | 2.25% |
| Gross Expenses (d) | 0.03% | 0.02% | 0.02% | 0.03% | 0.03% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $1134657 | $1387522 | $1330701 | $1368343 | $1183564 |
| Portfolio Turnover | 13% | 18% | 19% | 24% | 36% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported returns.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in the Note 4 of the accompanying Notes to the Financial statements.

(d) Does not include acquired fund fees and expenses, if any.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $13.98 | $13.02 | $12.58 | $11.87 | $14.25 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.31<br> (a) | 0.60<br> (a) | 0.28<br> (a) | 0.32<br> (a) | 0.27 |
| Net realized and unrealized gains <br>(losses) | (2.43) | 1.45 | 0.88 | 1.99 | (1.46) |
| Total from Investment <br>Activities | (2.12) | 2.05 | 1.16 | 2.31 | (1.19) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.29) | (0.67) | (0.22) | (0.29) | (0.28) |
| Net realized gains from investments | (0.86) | (0.42) | (0.50) | (1.31) | (0.91) |
| Total Distributions | (1.15) | (1.09) | (0.72) | (1.60) | (1.19) |
| **Net Asset Value, End of Period** | $10.71 | $13.98 | $13.02 | $12.58 | $11.87 |
| Total Return (b) | (15.15)% | 15.88% | 9.22% | 19.57% | (8.53)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Net Investment Income (Loss) | 2.49% | 4.18% | 2.30% | 2.41% | 2.08% |
| Gross Expenses (d) | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $1337279 | $1644252 | $1531320 | $1551552 | $1310328 |
| Portfolio Turnover | 14% | 16% | 20% | 29% | 35% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported returns.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in the Note 4 of the accompanying Notes to the Financial statements.

(d) Does not include acquired fund fees and expenses, if any.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $14.51 | $13.35 | $12.84 | $11.95 | $14.45 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.30<br> (a) | 0.65<br> (a) | 0.28<br> (a) | 0.31<br> (a) | 0.26 |
| Net realized and unrealized gains <br>(losses) | (2.63) | 1.69 | 1.07 | 2.09 | (1.54) |
| Total from Investment <br>Activities | (2.33) | 2.34 | 1.35 | 2.40 | (1.28) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.28) | (0.69) | (0.24) | (0.28) | (0.26) |
| Net realized gains from investments | (0.97) | (0.49) | (0.60) | (1.23) | (0.96) |
| Total Distributions | (1.25) | (1.18) | (0.84) | (1.51) | (1.22) |
| **Net Asset Value, End of Period** | $10.93 | $14.51 | $13.35 | $12.84 | $11.95 |
| Total Return (b) | (16.00)% | 17.71% | 10.52% | 20.16% | (9.02)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.03% | 0.03% | 0.03% | 0.04% | 0.04% |
| Net Investment Income (Loss) | 2.41% | 4.43% | 2.26% | 2.32% | 1.96% |
| Gross Expenses (d) | 0.03% | 0.03% | 0.03% | 0.04% | 0.04% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $808938 | $986077 | $893934 | $893030 | $741449 |
| Portfolio Turnover | 13% | 17% | 21% | 30% | 36% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported returns.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in the Note 4 of the accompanying Notes to the Financial statements.

(d) Does not include acquired fund fees and expenses, if any.

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

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*For a Share Outstanding Throughout Each Period*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br> 2018** |
| **Net Asset Value, Beginning of Period** | $14.46 | $13.17 | $12.53 | $11.05 | $12.74 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.29<br> (a) | 0.64<br> (a) | 0.26<br> (a) | 0.28<br> (a) | 0.23 |
| Net realized and unrealized gains <br>(losses) | (2.63) | 1.67 | 1.01 | 1.94 | (1.39) |
| Total from Investment <br>Activities | (2.34) | 2.31 | 1.27 | 2.22 | (1.16) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.26) | (0.69) | (0.20) | (0.27) | (0.23) |
| Net realized gains from investments | (0.94) | (0.33) | (0.43) | (0.47) | (0.30) |
| Total Distributions | (1.20) | (1.02) | (0.63) | (0.74) | (0.53) |
| **Net Asset Value, End of Period** | $10.92 | $14.46 | $13.17 | $12.53 | $11.05 |
| Total Return (b) | (16.12)% | 17.69% | 10.17% | 20.09% | (9.18)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net Investment Income (Loss) | 2.27% | 4.41% | 2.17% | 2.30% | 2.00% |
| Gross Expenses (d) | 0.14% | 0.13% | 0.16% | 0.22% | 0.23% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $116698 | $138050 | $121007 | $116493 | $87403 |
| Portfolio Turnover | 9% | 18% | 28% | 29% | 36% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported returns.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in the Note 4 of the accompanying Notes to the Financial statements.

(d) Does not include acquired fund fees and expenses, if any.

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements**<br> December 31, 2022 |

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**1. Organization:**

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the following five Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

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| | |
|:---|:---|
| **Funds (Legal Name)** | **Funds (Short Name)** |
| USAA Target Retirement Income Fund | Target Income Fund |
| USAA Target Retirement 2030 Fund | Target 2030 Fund |
| USAA Target Retirement 2040 Fund | Target 2040 Fund |
| USAA Target Retirement 2050 Fund | Target 2050 Fund |
| USAA Target Retirement 2060 Fund | Target 2060 Fund |

---

Each Fund is a "fund of funds" in that it invests in a selection of affiliated mutual funds and exchange-traded funds managed by the Funds' Adviser, Victory Capital Management Inc. ("VCM" or the "Adviser"), an affiliate of the Funds. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Each Fund may rely on various exemptions contained in the 1940 Act and in exemptive rules or orders thereunder issued by the Securities and Exchange Commission ("SEC") that permit funds, subject to certain conditions, to invest in one or more Exchange-Traded Funds ("ETFs") and certain other types of investment companies in amounts that exceed limits set forth in the 1940 Act that would otherwise be applicable.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

**2. Significant Accounting Policies:**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

**Investment Valuation:**

The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices (unadjusted) in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.)

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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• Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risks associated with entering into those investments.

The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including ETFs, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in the underlying affiliated funds and other open-end investment companies, other than ETFs, are valued at their net asset value ("NAV") at the end of each business day and are typically categorized as Level 1 in the fair value hierarchy.

The underlying affiliated funds have specific valuation procedures. In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause a Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** | **USAA Target Retirement Income Fund** |
| Affiliated Exchange-Traded Funds | $130811 | $— | $— | $130811 |
| Affiliated Mutual Funds | 522766 |  |  | 522766 |
| Total | $653577 | $— | $— | $653577 |
| **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** | **USAA Target Retirement 2030 Fund** |
| Affiliated Exchange-Traded Funds | $290137 | $— | $— | $290137 |
| Affiliated Mutual Funds | 839185 |  |  | 839185 |
| Total | $1129322 | $— | $— | $1129322 |
| **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** | **USAA Target Retirement 2040 Fund** |
| Affiliated Exchange-Traded Funds | $373966 | $— | $— | $373966 |
| Affiliated Mutual Funds | 954086 |  |  | 954086 |
| Collateral for Securities Loaned | 139 |  |  | 139 |
| Total | $1328191 | $— | $— | $1328191 |
| **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** | **USAA Target Retirement 2050 Fund** |
| Affiliated Exchange-Traded Funds | $235176 | $— | $— | $235176 |
| Affiliated Mutual Funds | 565148 |  |  | 565148 |
| Collateral for Securities Loaned | 117 |  |  | 117 |
| Total | $800441 | $— | $— | $800441 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** | **USAA Target Retirement 2060 Fund** |
| Affiliated Exchange-Traded Funds | $33993 | $— | $— | $33993 |
| Affiliated Mutual Funds | 81909 |  |  | 81909 |
| Total | $115902 | $— | $— | $115902 |

---

As of December 31, 2022, there were no transfers into/out of Level 3.

**Investment Companies:**

Exchange-Traded Funds:

The Funds may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities often designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

**Investment Transactions and Related Income:**

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

**Securities Lending:**

The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by SEC guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Funds' securities lending transactions as of December 31, 2022 (amounts in thousands).

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| | | | |
|:---|:---|:---|:---|
| | **Value of<br>Securities on Loan** | **Non-Cash<br>Collateral** | **Cash<br>Collateral** |
| Target 2040 Fund | $136 | $— | $139 |
| Target 2050 Fund | 113 |  | 117 |

---

**Federal Income Taxes:**

Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of December 31.

For the year ended December 31, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Allocations:**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

**3. Purchases and Sales:**

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2022, were as follows for the Funds (amounts in thousands):

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| | | |
|:---|:---|:---|
| | **Excluding<br>U.S. Government Securities** | **Excluding<br>U.S. Government Securities** |
| | **Purchases** | **Sales** |
| Target Income Fund | $90372 | $132665 |
| Target 2030 Fund | 161306 | 171106 |
| Target 2040 Fund | 205125 | 190332 |
| Target 2050 Fund | 135971 | 111379 |
| Target 2060 Fund | 18861 | 11075 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**4. Fees and Transactions with Affiliates and Related Parties:**

**Investment Advisory Fees:**

Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser does not receive any fees from the Funds for these services.

**Administration and Servicing Fees:**

VCM also serves as the Funds' administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM does not receive any fees from the Funds for these services.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the year ended December 31, 2022, are reflected on the Statements of Operations as Sub-Administration fees.

The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees.

**Transfer Agency Fees:**

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Funds. VCTA does not receive any fees from the Funds for these services.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Funds pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

**Distributor/Underwriting Services:**

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust, and receives no fee or other compensation for these services.

**Other Fees:**

Citibank serves as the Funds' custodian. Funds pay Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statements of Operations as Custodian fees.

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Funds. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limits for the Funds. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Funds' business are excluded

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) were as follows:

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| | |
|:---|:---|
| | **In Effect Until<br>June 30. 2023** |
| Target Income Fund | 0.07% |
| Target 2030 Fund | 0.03% |
| Target 2040 Fund | 0.02% |
| Target 2050 Fund | 0.04% |
| Target 2060 Fund | 0.10% |

---

Under the terms of the expense limitation agreement, the Adviser has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Expires<br>2023** | **Expires<br>2024** | **Expires<br>2025** | **Total** |
| Target 2040 Fund | $— | $— | $61 | $61 |
| Target 2060 Fund | 69 | 43 | 53 | 165 |

---

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. For the year ended December 31, 2022, the Adviser voluntarily waived fees of $2 thousand, $1 thousand, and less than $1 thousand for the Target Retirement Income Fund, Target 2050 Fund, and Target 2060 Fund, respectively.

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

**5. Risks:**

The Funds may be subject to other risks in addition to these identified risks.

**<u>Affiliated Funds Risk</u>** — The risks of the Funds directly correspond to the risks of the underlying affiliated funds in which the Funds invest. By investing in the underlying affiliated funds, the Funds have exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Funds varies according to each Fund's asset allocation. For instance, the more a Fund is allocated to stock funds, the greater the risk associated with equity securities. The Funds also are subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).

**<u>High-Yield/Junk Bond Risk</u>** — The Funds may invest in underlying affiliated funds that invest in fixed income securities that are rated below investment grade. Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short and longer periods of time.

**<u>Market Risk</u>** — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**<u>Equity Risk</u>** — The Funds may invest in underlying affiliated funds that invest in equity securities. The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods.

**<u>Debt Securities Risk</u>** — The Funds may invest in underlying affiliated funds that invest in debt securities or other income-producing securities. The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.

**6. Borrowing and Interfund Lending:**

**Line of Credit:**

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through December 31, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Funds had no borrowings under the Line of Credit agreement during the year ended December 31, 2022.

**Interfund Lending:**

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows each Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

and the current bank loan rate. As a Borrower, interest charged to each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, interest earned by each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending.

The Funds did not utilize or participate in the Facility during the year ended December 31, 2022.

**7. Federal Income Tax Information:**

Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

---

| | | |
|:---|:---|:---|
| | **Declared** | **Paid** |
| Target Income Fund | Quarterly | Quarterly |
| Target 2030 Fund | Annually | Annually |
| Target 2040 Fund | Annually | Annually |
| Target 2050 Fund | Annually | Annually |
| Target 2060 Fund | Annually | Annually |

---

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

As of December 31, 2022, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Total<br>Accumulated<br>Earnings/(Loss)** | **Capital** |
| Target Income Fund | $(395) | $395 |
| Target 2030 Fund | (1109) | 1109 |
| Target 2040 Fund | (1031) | 1031 |
| Target 2050 Fund | (541) | 541 |
| Target 2060 Fund | (59) | 59 |

---

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Distributions <br>Paid From:** | **Distributions <br>Paid From:** | | **Distributions<br>Paid From:** | **Distributions<br>Paid From:** | |
|  | **Ordinary<br>Income** | **Net<br>Long-Term <br>Capital<br>Gains** |<br>**Total<br>Distributions<br>Paid** | **Ordinary<br>Income** | **Net <br>Long-Term <br>Capital <br>Gains** |<br>**Total<br>Distributions<br>Paid** |
| Target Income Fund | $19510 | $22843 | $42353 | $26171 | $25858 | $52029 |
| Target 2030 Fund | 30908 | 70276 | 101184 | 58650 | 41888 | 100538 |
| Target 2040 Fund | 35204 | 97086 | 132290 | 75571 | 45383 | 120954 |
| Target 2050 Fund | 20383 | 64430 | 84813 | 45588 | 29952 | 75540 |
| Target 2060 Fund | 2802 | 8999 | 11801 | 6415 | 2828 | 9243 |

---

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

As of December 31, 2022, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed <br>Ordinary <br>Income** | **Undistributed <br>Long-Term <br>Capital Gains** | **Accumulated <br>Earnings** | **Unrealized <br>Appreciation <br>(Depreciation)\*** | **Total <br>Accumulated <br>Earnings <br>(Loss)** |
| Target Income Fund | $147 | $4710 | $4857 | $(40036) | $(35179) |
| Target 2030 Fund | 186 | 14286 | 14472 | (61947) | (47475) |
| Target 2040 Fund | 226 | 17010 | 17236 | (59552) | (42316) |
| Target 2050 Fund | 150 | 12568 | 12718 | (38618) | (25900) |
| Target 2060 Fund | 23 | 1597 | 1620 | (8695) | (7075) |

---

\* The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales.

As of December 31, 2022, the Funds had no capital loss carryforwards for federal income tax purposes.

As of December 31, 2022, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of <br>Investments <br>for Federal <br>Tax Purposes** | **Net Gross <br>Unrealized <br>Appreciation** | **Gross <br>Unrealized <br>Depreciation** | **Net <br>Unrealized <br>Appreciation <br>(Depreciation)** |
| Target Income Fund | $693613 | $14788 | $(54824) | $(40036) |
| Target 2030 Fund | 1191269 | 40086 | (102033) | (61947) |
| Target 2040 Fund | 1387743 | 58180 | (117732) | (59552) |
| Target 2050 Fund | 839059 | 38167 | (76785) | (38618) |
| Target 2060 Fund | 124597 | 3499 | (12194) | (8695) |

---

**8. Affiliated Securities:**

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on the Fund's Schedule of Portfolio Investments. The financial statements of the underlying funds can be found in shareholder reports filed with the SEC by each such underlying fund semi-annually on Form N-CSR and are available for download from both the SEC's as well as each respective underlying fund's website. Transactions in affiliated securities during the year ended December 31, 2022, were as follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| **Target Income Fund** | **Target Income Fund** | **Target Income Fund** | **Target Income Fund** | **Target Income Fund** | **Target Income Fund** | **Target Income Fund** | **Target Income Fund** | **Target Income Fund** |
| USAA 500 Index Fund <br>Reward Shares | $3002 | $16692 | $— | $— | $222 | $(2843) | $16851 | $231 |
| USAA NASDAQ-100 Index <br>Fund R6 Shares |  | 1039 |  |  | 33 | (102) | 937 | 6 |
| USAA Global Managed Volatility <br>Fund Institutional Shares | 48853 | 3150 | (2251) | (267) | 1769 | (10434) | 39051 | 1381 |
| USAA Government Securities <br>Fund Institutional Shares | 229062 | 3902 | (59956) | (5425) |  | (15600) | 151983 | 3902 |
| USAA Growth Fund <br>Institutional Shares | 15236 | 466 | (3893) | 2022 | 465 | (6739) | 7092 |  |

---

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| USAA High Income Fund <br>Institutional Shares | $34674 | $5753 | $— | $— | $— | $(5940) | $34487 | $1990 |
| USAA Income Fund <br>Institutional Shares | 20833 | 79 | (19769) | 2286 |  | (3429) |  | 79 |
| USAA Income Stock Fund <br>Institutional Shares | 9506 | 382 | (5150) | 758 | 266 | (1440) | 4056 | 116 |
| USAA Intermediate-Term Bond <br>Fund Institutional Shares | 14271 | 25104 |  |  |  | (3778) | 35597 | 831 |
| USAA Precious Metals and <br>Minerals Fund Institutional <br>Shares | 2645 | 26 |  |  |  | (335) | 2336 | 26 |
| USAA Short-Term Bond Fund <br>Institutional Shares | 123244 | 2767 | (11056) | (305) |  | (5823) | 108827 | 2766 |
| USAA Small Cap Stock Fund <br>Institutional Shares | 6303 | 3665 |  |  | 471 | (1734) | 8234 |  |
| USAA Target Managed <br>Allocation Fund | 43496 | 2825 | (3951) | (385) | 207 | (9481) | 32504 | 1243 |
| Victory Integrity Mid-Cap Value <br>Fund Class R6 | 6053 | 1564 |  |  | 286 | (807) | 6810 | 112 |
| Victory Market Neutral Income <br>Fund Class I | 32841 | 3553 |  |  | 1058 | (4394) | 32000 | 2497 |
| Victory RS International Fund <br>Class R6 | 27363 | 3057 | (3357) | (530) | 53 | (4210) | 22323 | 568 |
| Victory Sophus Emerging <br>Markets Fund Class R6 | 3533 | 2826 | (652) | (381) |  | (1084) | 4242 | 140 |
| Victory Trivalent International <br>Fund — Core Equity Class R6 | 16222 | 2757 |  |  |  | (3543) | 15436 | 414 |
| VictoryShares Dividend <br>Accelerator ETF |  | 11350 | (10008) | 2573 |  | (3915) |  | 96 |
| VictoryShares ESG Corporate <br>Bond ETF | 44104 | 2996 |  |  |  | (8803) | 38297 | 1040 |
| VictoryShares WestEnd US <br>Sector ETF |  | 7769 |  |  |  | 282 | 8051 | 32 |
| VictoryShares International <br>Volatility Wtd ETF | 8097 |  |  |  |  | (1452) | 6645 | 160 |
| VictoryShares Nasdaq Next <br>50 ETF | 5077 |  |  |  |  | (1494) | 3583 | 32 |
| VictoryShares US Multi-Factor <br>Minimum Volatility ETF | 6705 |  | (742) | 182 |  | (739) | 5406 | 110 |
| VictoryShares USAA Core <br>Short-Term Bond ETF | 22770 |  |  |  |  | (1194) | 21576 | 549 |
| VictoryShares Emerging <br>Markets Value <br>Momentum ETF | 21864 |  | (6613) | (1609) |  | (2136) | 11506 | 573 |
| VictoryShares International <br>Value Momentum ETF | 22487 |  | (788) | (37) |  | (3396) | 18266 | 553 |

---

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| VictoryShares US Small <br>Mid Cap Value <br>Momentum ETF | $6388 | $— | $— | $— | $— | $(921) | $5467 | $78 |
| VictoryShares US Value <br>Momentum ETF | 18204 |  | (4479) | 1014 |  | (2725) | 12014 | 246 |
|  | $**804183** | $**90372** | $**(132665)** | $**(104)** | $**4830** | $**(108209)** | $**653577** | $**19771** |
| **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** | **Target 2030 Fund** |
| USAA 500 Index Fund <br>Reward Shares | $19595 | $55142 | $— | $— | $816 | $(12865) | $61872 | $894 |
| USAA Global Managed Volatility <br>Fund Institutional Shares | 150749 | 9332 | (12790) | (1142) | 5248 | (30839) | 115310 | 4084 |
| USAA Government Securities <br>Fund Institutional Shares | 202603 | 6479 | (7618) | (1007) |  | (19602) | 180855 | 3998 |
| USAA Growth Fund <br>Institutional Shares | 61543 | 1874 | (19926) | 3820 | 1875 | (22685) | 24626 |  |
| USAA High Income Fund <br>Institutional Shares | 55362 | 6561 | (9213) | (265) |  | (8306) | 44139 | 2740 |
| USAA Income Fund <br>Institutional Shares | 19232 | 150 | (18088) | 2013 |  | (3307) |  | 150 |
| USAA Income Stock Fund <br>Institutional Shares | 31911<br> \* | 1399 | (16287) | 1101 | 957 | (3526) | 14598 | 442 |
| USAA Intermediate-Term Bond <br>Fund Institutional Shares | 48542 | 13296 |  |  |  | (8260) | 53578 | 1563 |
| USAA Precious Metals and <br>Minerals Fund Institutional <br>Shares | 4816 | 47 |  |  |  | (609) | 4254 | 47 |
| USAA Short-Term Bond Fund <br>Institutional Shares | 60433 | 1441 |  |  |  | (3172) | 58702 | 1440 |
| USAA Small Cap Stock Fund <br>Institutional Shares | 24732 | 4728 | (1113) | (231) | 1275 | (5855) | 22261 |  |
| USAA Target Managed <br>Allocation Fund | 133282 | 4343 | (5905) | (38) | 619 | (30431) | 101251 | 3724 |
| Victory Integrity Mid-Cap Value <br>Fund Class R6 | 35801 | 1522 | (7674) | 1457 | 1095 | (5027) | 26079 | 428 |
| Victory Market Neutral Income <br>Fund Class I | 22566 | 2441 |  |  | 727 | (3019) | 21988 | 1715 |
| Victory RS International Fund <br>Class R6 | 67849 | 2683 | (5010) | (979) | 130 | (11041) | 53502 | 1362 |
| Victory Sophus Emerging <br>Markets Fund Class R6 | 8400 | 3470 |  |  |  | (2901) | 8969 | 295 |
| Victory Trivalent International <br>Fund — Core Equity <br>Class R6 | 52648 | 1109 | (2141) | (505) |  | (9756) | 41355 | 1109 |
| VictoryShares Dividend <br>Accelerator ETF | 35538 |  | (31458) | 6648 |  | (10728) |  | 344 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| VictoryShares ESG Corporate <br>Bond ETF | $36753 | $6946 | $— | $— | $— | $(8057) | $35642 | $968 |
| USAA NASDAQ-100 Index <br>Fund R6 Shares |  | 6088 |  |  | 65 | (242) | 5846 | 22 |
| VictoryShares International <br>Volatility Wtd ETF | 23623 |  | (1373) | 156 |  | (4151) | 18255 | 439 |
| VictoryShares Nasdaq <br>Next 50 ETF | 23708 |  |  |  |  | (6976) | 16732 | 151 |
| VictoryShares WestEnd <br>U.S. Sector ETF |  | 29964 |  |  |  | 724 | 30688 | 121 |
| VictoryShares US Multi-Factor <br>Minimum Volatility ETF | 13705 |  | (2434) | 488 |  | (1680) | 10079 | 215 |
| VictoryShares USAA Core <br>Short-Term Bond ETF | 42845 |  |  |  |  | (2245) | 40600 | 1033 |
| VictoryShares Emerging <br>Markets Value <br>Momentum ETF | 43138 |  | (9486) | (3047) |  | (4393) | 26212 | 1161 |
| VictoryShares International <br>Value Momentum ETF | 64472 |  | (4705) | (826) |  | (8944) | 49997 | 1576 |
| VictoryShares US Small <br>Mid Cap Value <br>Momentum ETF | 22453 | 2291 |  |  |  | (3078) | 21666 | 294 |
| VictoryShares US Value <br>Momentum ETF | 61712 |  | (15885) | 3704 |  | (9265) | 40266 | 829 |
|  | $**1368011** | $**161306** | $**(171106)** | $**11347** | $**12807** | $**(240236)** | $**1129322** | $**31144** |
| **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** | **Target 2040 Fund** |
| USAA 500 Index Fund Reward <br>Shares | $48446 | $73655 | $(1015) | $(215) | $1306 | $(21896) | $98975 | $1455 |
| USAA Global Managed <br>Volatility Fund Institutional <br>Shares | 224953 | 14313 | (12665) | (1703) | 8038 | (47433) | 177465 | 6275 |
| USAA Government Securities <br>Fund Institutional Shares | 101182 | 4086 | (997) | (158) |  | (10264) | 93849 | 2038 |
| USAA Growth Fund <br>Institutional Shares | 95737 | 2971 | (28286) | (916) | 2971 | (29195) | 40311 |  |
| USAA High Income Fund <br>Institutional Shares | 50434 | 6582 | (2373) | 82 |  | (8219) | 46506 | 2704 |
| USAA Income Fund <br>Institutional Shares | 8743 | 23 | (8418) | 1164 |  | (1512) |  | 24 |
| USAA Income Stock Fund <br>Institutional Shares | 46170 | 2269 | (20845) | 1258 | 1556 | (5111) | 23741 | 713 |
| USAA Intermediate-Term Bond <br>Fund Institutional Shares | 38930 | 1083 | (997) | (245) |  | (5765) | 33006 | 1083 |
| USAA NASDAQ-100 Index <br>Fund R6 Shares |  | 11244 |  |  | 196 | (641) | 10603 | 48 |
| USAA Precious Metals and <br>Minerals Fund Institutional <br>Shares | 5355 | 53 |  |  |  | (677) | 4731 | 52 |

---

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| USAA Short-Term Bond Fund <br>Institutional Shares | $22178 | $529 | $— | $— | $— | $(1164) | $21543 | $529 |
| USAA Small Cap Stock Fund <br>Institutional Shares | 33348 | 5880 |  |  | 1769 | (8320) | 30908 |  |
| USAA Target Managed <br>Allocation Fund | 204213 | 6640 | (9378) | (108) | 947 | (46541) | 154826 | 5694 |
| Victory Integrity Mid-Cap Value <br>Fund Class R6 | 50790 | 2438 | (5837) | 625 | 1752 | (6284) | 41732 | 686 |
| Victory Market Neutral Income <br>Fund Class I | 13946 | 1509 |  |  | 449 | (1866) | 13589 | 1060 |
| Victory RS International Fund <br>Class R6 | 103448 | 5302 | (4088) | (612) | 209 | (17530) | 86520 | 2202 |
| Victory Sophus Emerging <br>Markets Fund Class R6 | 13829 | 5598 | (1966) | (1325) |  | (3388) | 12748 | 419 |
| Victory Trivalent International <br>Fund — Core Equity <br>Class R6 | 76159 | 1690 |  |  |  | (14816) | 63033 | 1691 |
| VictoryShares Dividend <br>Accelerator ETF | 53451 |  | (47456) | 9830 |  | (15825) |  | 537 |
| VictoryShares ESG Corporate <br>Bond ETF | 16649 | 4901 |  |  |  | (3944) | 17606 | 478 |
| VictoryShares WestEnd <br>U.S. Sector ETF |  | 50114 |  |  |  | 1169 | 51283 | 202 |
| VictoryShares International <br>Volatility Wtd ETF | 33348 |  | (1624) | 184 |  | (5878) | 26030 | 626 |
| VictoryShares Nasdaq <br>Next 50 ETF | 37822 | 1593 |  |  |  | (11443) | 27972 | 253 |
| VictoryShares US Multi-Factor <br>Minimum Volatility ETF | 22618 |  | (4398) | 951 |  | (2821) | 16350 | 347 |
| VictoryShares USAA Core <br>Short-Term Bond ETF | 25314 |  |  |  |  | (1326) | 23988 | 610 |
| VictoryShares Emerging <br>Markets Value <br>Momentum ETF | 61291 |  | (6815) | (2468) |  | (8321) | 43687 | 1721 |
| VictoryShares International <br>Value Momentum ETF | 94603 |  | (5193) | (893) |  | (13572) | 74945 | 2331 |
| VictoryShares US Small <br>Mid Cap Value <br>Momentum ETF | 30080 | 2652 |  |  |  | (4153) | 28579 | 391 |
| VictoryShares US Value <br>Momentum ETF | 100547 |  | (27981) | 6404 |  | (15444) | 63526 | 1324 |
|  | $**1613584** | $**205125** | $**(190332)** | $**11855** | $**19193** | $**(312180)** | $**1328052** | $**35493** |
| **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** | **Target 2050 Fund** |
| USAA 500 Index Fund <br>Reward Shares | $41487 | $46608 | $(1015) | $(215) | $934 | $(16100) | $70765 | $1051 |
| USAA Global Managed <br>Volatility Fund Institutional <br>Shares | 148680 | 9851 | (3185) | (590) | 5532 | (32613) | 122143 | 4319 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| USAA Government Securities <br>Fund Institutional Shares | $21845 | $2453 | $— | $— | $— | $(2311) | $21987 | $453 |
| USAA Growth Fund <br>Institutional Shares | 61420 | 1773 | (18978) | (123) | 1773 | (19031) | 25061 |  |
| USAA High Income Fund <br>Institutional Shares | 10632 | 557 |  |  |  | (1708) | 9481 | 556 |
| USAA Income Fund <br>Institutional Shares | 3560 | 16 | (3366) | (6) |  | (204) |  | 15 |
| USAA Income Stock Fund <br>Institutional Shares | 31299 | 1578 | (13685) | 949 | 1085 | (3595) | 16546 | 494 |
| USAA Intermediate-Term <br>Bond Fund Institutional <br>Shares | 16408 | 461 |  |  |  | (2530) | 14339 | 461 |
| USAA NASDAQ-100 Index Fund <br>R6 Shares |  | 7308 |  |  | 166 | (585) | 6723 | 42 |
| USAA Precious Metals and <br>Minerals Fund Institutional <br>Shares | 3009 | 30 |  |  |  | (381) | 2658 | 30 |
| USAA Short-Term Bond Fund <br>Institutional Shares | 2875 | 68 |  |  |  | (151) | 2792 | 69 |
| USAA Small Cap Stock Fund <br>Institutional Shares | 23821 | 3693 |  |  | 1230 | (6026) | 21488 |  |
| USAA Target Managed <br>Allocation Fund | 137247 | 6292 | (6540) | (630) | 655 | (31057) | 105312 | 3937 |
| Victory Integrity Mid-Cap Value <br>Fund Class R6 | 34873 | 1652 | (4433) | 569 | 1187 | (4372) | 28289 | 465 |
| Victory Market Neutral Income <br>Fund Class I | 6552 | 709 |  |  | 211 | (877) | 6384 | 498 |
| Victory RS International Fund <br>Class R6 | 71191 | 5280 | (6512) | (1126) | 140 | (11273) | 57560 | 1465 |
| Victory Sophus Emerging <br>Markets Fund Class R6 | 10871 | 3181 |  |  |  | (3416) | 10636 | 350 |
| Victory Trivalent International <br>Fund — Core Equity <br>Class R6 | 51935 | 1153 |  |  |  | (10104) | 42984 | 1153 |
| VictoryShares Dividend <br>Accelerator ETF | 35850 |  | (31602) | 6568 |  | (10816) |  | 376 |
| VictoryShares ESG Corporate <br>Bond ETF | 7093 | 3062 |  |  |  | (1714) | 8441 | 222 |
| VictoryShares International <br>Volatility Wtd ETF | 21068 |  |  |  |  | (3778) | 17290 | 416 |
| VictoryShares Nasdaq <br>Next 50 ETF | 23743 | 2888 |  |  |  | (7567) | 19064 | 172 |
| VictoryShares WestEnd <br>U.S. Sector ETF |  | 35769 |  |  |  | 947 | 36716 | 144 |
| VictoryShares US Multi-Factor <br>Minimum Volatility ETF | 14902 |  | (1847) | 453 |  | (1676) | 11832 | 242 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| VictoryShares Emerging <br>Markets Value <br>Momentum ETF | $40331 | $— | $(3558) | $(1179) | $— | $(5827) | $29767 | $1130 |
| VictoryShares International <br>Value Momentum ETF | 60755 |  |  |  |  | (9636) | 51119 | 1548 |
| VictoryShares US Small <br>Mid Cap Value <br>Momentum ETF | 18568 | 1589 |  |  |  | (2567) | 17590 | 241 |
| VictoryShares US Value <br>Momentum ETF | 66197 |  | (16658) | 3709 |  | (9891) | 43357 | 907 |
|  | $**966212** | $**135971** | $**(111379)** | $**8379** | $**12913** | $**(198859)** | $**800324** | $**20756** |
| **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** | **Target 2060 Fund** |
| USAA 500 Index Fund Reward <br>Shares | $9517 | $3540 | $(254) | $(54) | $136 | $(2433) | $10316 | $153 |
| USAA NASDAQ-100 Index <br>Fund R6 Shares |  | 1299 |  |  | 41 | (129) | 1170 | 8 |
| USAA Global Managed <br>Volatility Fund Institutional <br>Shares | 20884 | 1420 |  |  | 797 | (4698) | 17606 | 623 |
| USAA Government Securities <br>Fund Institutional Shares | 4822 | 95 |  |  |  | (488) | 4429 | 95 |
| USAA Growth Fund <br>Institutional Shares | 6822 | 687 | (1216) | (173) | 248 | (2336) | 3784 |  |
| USAA Income Fund <br>Institutional Shares | 448 | 2 | (423) | (1) |  | (26) |  | 2 |
| USAA Income Stock Fund <br>Institutional Shares | 3372 | 219 | (947) | 74 | 150 | (428) | 2290 | 69 |
| USAA Intermediate-Term Bond <br>Fund Institutional Shares | 2341 | 1074 |  |  |  | (351) | 3064 | 76 |
| VictoryShares WestEnd <br>U.S. Sector ETF |  | 5379 |  |  |  | 151 | 5530 | 22 |
| USAA Precious Metals and <br>Minerals Fund Institutional <br>Shares | 374 | 3 |  |  |  | (47) | 330 | 4 |
| USAA Short-Term Bond Fund <br>Institutional Shares | 1 |  |  |  |  | —<br> \* | 1 |  |
| USAA Small Cap Stock Fund <br>Institutional Shares | 3341 | 757 |  |  | 184 | (887) | 3211 |  |
| USAA Target Managed Allocation <br>Fund | 19308 | 779 | (377) | (43) | 93 | (4514) | 15153 | 561 |
| Victory Integrity Mid-Cap Value <br>Fund Class R6 | 4804 | 241 | (365) | (24) | 173 | (535) | 4121 | 68 |
| Victory RS International Fund <br>Class R6 | 10146 | 1062 | (769) | (133) | 21 | (1672) | 8634 | 220 |
| Victory Sophus Emerging <br>Markets Fund Class R6 | 1753 | 848 | (476) | (231) |  | (347) | 1547 | 51 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair <br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net<br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| Victory Trivalent International <br>Fund — Core Equity <br>Class R6 | $7272 | $438 | $— | $— | $— | $(1457) | $6253 | $168 |
| VictoryShares Dividend <br>Accelerator ETF | 5000 |  | (4380) | 943 |  | (1563) |  | 52 |
| VictoryShares ESG Corporate <br>Bond ETF | 665 | 384 |  |  |  | (173) | 876 | 23 |
| VictoryShares International <br>Volatility Wtd ETF | 3413 |  |  |  |  | (612) | 2801 | 67 |
| VictoryShares Nasdaq <br>Next 50 ETF | 3354 | 407 |  |  |  | (1069) | 2692 | 24 |
| VictoryShares US Multi-Factor <br>Minimum Volatility ETF | 1966 |  | (130) | 32 |  | (203) | 1665 | 34 |
| VictoryShares Emerging <br>Markets Value <br>Momentum ETF | 5819 |  | (490) | (155) |  | (852) | 4322 | 162 |
| VictoryShares International <br>Value Momentum ETF | 8725 |  |  |  |  | (1384) | 7341 | 221 |
| VictoryShares US Small <br>Mid Cap Value <br>Momentum ETF | 2837 | 227 |  |  |  | (393) | 2671 | 37 |
| VictoryShares US Value <br>Momentum ETF | 8182 |  | (1248) | 254 |  | (1093) | 6095 | 127 |
|  | $**135166** | $**18861** | $**(11075)** | $**489** | $**1843** | $**(27539)** | $**115902** | $**2867** |

---

\* Rounds to less than $1 thousand.

**9. Subsequent Event**

On June 29, 2022, the Board approved a change to the Funds' fiscal year-end from December 31 to April 30, with an effective date of April 30, 2023

The Board, upon recommendation of the Adviser, has approved a change in the name of the Trust and each individual fund within the Trust. On February 23, 2023, an initial filing was made with the SEC to commence the process to effectuate the following changes.

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current names of the Funds in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

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| | |
|:---|:---|
| **Old Name** | **New Name** |
| USAA Target Retirement Income Fund | Victory Target Retirement Income Fund |
| USAA Target Retirement 2030 Fund | Victory Target Retirement 2030 Fund |
| USAA Target Retirement 2040 Fund | Victory Target Retirement 2040 Fund |
| USAA Target Retirement 2050 Fund | Victory Target Retirement 2050 Fund |
| USAA Target Retirement 2060 Fund | Victory Target Retirement 2060 Fund |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of USAA Target Retirement Income Fund, USAA Target Retirement 2030 Fund, USAA Target Retirement 2040 Fund, USAA Target Retirement 2050 Fund and USAA Target Retirement 2060 Fund and the Board of Trustees of USAA Mutual Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of USAA Target Retirement Income Fund, USAA Target Retirement 2030 Fund, USAA Target Retirement 2040 Fund, USAA Target Retirement 2050 Fund and USAA Target Retirement 2060 Fund (collectively referred to as the "Funds") (five of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedules of portfolio investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the funds constituting USAA Mutual Funds Trust) at December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2325532_ja013.jpg)

We have served as the auditor of one or more Victory Capital investment companies since 1995.

San Antonio, Texas<br>February 28, 2023

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information**<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Trustee and Officer Information**

**Board of Trustees:**

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, their positions with the Trust, their commencement of service, their principal occupations during the past five years, and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 45 portfolios in the Trust. Each Trustee's address is c/o Fund Administration, 15935 La Cantera Pkwy, San Antonio, TX 78256.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jefferson C. Boyce <br>(September 1957) | Independent Chair | Trustee since September 2013, Independent Chair since January 2021 | Retired. | 45 | Westhab, Inc., New York Theological Seminary, American Filtration Corp. |
| Dawn M. Hawley<br>(February 1954) | Trustee | Trustee since April 2014 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Daniel S. McNamara<br>(June 1966) | Trustee | Trustee since January 2012 | Trustee, President, and Vice Chairman of USAA ETF Trust (06/17-06/19); President of Financial Advice & Solutions Group (FASG), USAA (02/13-03/21); Director of USAA Asset Management Company (AMCO), (08/11-06/19); Chairman of Board of AMCO (04/13-06/19); Director of USAA Investment Services Company (ISCO) (formerly USAA Investment Management Company) (09/09-03/21); Chairman of Board of ISCO (04/13-12/20); President and Director of USAA Shareholder Account Services (SAS) (10/09-06/19); Chairman of Board of SAS (04/13-06/19); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (04/11-03/21); Director and Vice Chairman of FPS (12/13-03/21); President and Director of USAA Investment Corporation (ICORP) (03/10-03/21); Chairman of Board of ICORP (12/13-03/21); Director of USAA Financial Advisors, Inc. (FAI) (12/13-03/21); Chairman of Board of FAI (03/15-03/21). | 45 |  |
| Paul L. McNamara<br>(July 1948) | Trustee | Trustee since January 2012 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Richard Y. Newton, III (January 1956) | Trustee | Trustee since March 2017 | Director, Elta North America (01/18-08/19), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (12/15-present). | 45 | Terran Orbital Corp., American Made Filtration Corp. |
| Barbara B. Ostdiek, Ph.D.<br>(March 1964) | Trustee | Trustee since January 2008 | Senior Associate Dean of Degree programs at Jesse H. Jones Graduate School of Business at Rice University (07/13-present); Associate Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/01-07/21); Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/21-present). | 45 |  |
| John C. Walters<br>(February 1962) | Trustee | Trustee since July 2019 | Retired. | 45 | Guardian Variable Products Trust (16 series) |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Fund** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) Held <br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David C. Brown<br>(May 1972) | Trustee | Trustee since July 2019 | Chairman and Chief Executive Officer (2013-present), Victory Capital Management Inc.; Chief Executive Officer and Chairman (2013-present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013-present); Director, Victory Capital Transfer Agency, Inc. (2019-present). | 45 portfolios within the Trust; 40 portfolios within the Victory Portfolios, 25 series within the Victory Portfolios II, and 6 series within the Victory Variable Insurance Funds |  |

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The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Officers:**

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Pkwy, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** |
| Christopher K. Dyer<br>(February 1962) | President | July 2019 | Director of Mutual Fund Administration, Victory Capital Management Inc. (2004-present). Chief Operating Officer, Victory Capital Services, Inc. (2020-present). Vice President, Victory Capital Transfer Agency, Inc. (2019-present). |
| Scott Stahorsky<br>(July 1969) | Vice President | July 2019 | Manager, Fund Administration, Victory Capital Management Inc. (2015-present). |
| Thomas Dusenberry<br>(July 1977) | Secretary | June 2022 | Manager, Fund Administration, Victory Capital Management Inc. (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund, and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019). |
| James K. De Vries<br>(April 1969) | Treasurer | March 2018 | Executive Director, Victory Capital Management Inc. (07/01/19-present); Executive Director, Investment and Financial Administration, USAA (2012-06/30/19); Assistant Treasurer, USAA Mutual Funds Trust (2013-2018). Mr. De Vries also serves as the Funds' Principal Financial Officer. |
| Allan Shaer<br>(March 1965) | Assistant Treasurer | July 2019 | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2016-present); Vice President, Mutual Fund Administration, JP Morgan Chase Bank (2011-2016). |
| Carol D. Trevino<br>(October 1965) | Assistant Treasurer | September 2018 | Director, Accounting and Finance, Victory Capital Management Inc. (07/01/19-present); Accounting/ Financial Director, USAA (12/13-06/30/19). |
| Charles Booth<br>(April 1960) | Anti-Money Laundering Compliance Officer and Identity Theft Officer | July 2019 | Director, Regulatory Administration and CCO Support Services, City Fund Services Ohio, Inc. (2007-present). |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| Sean Fox<br>(September 1976) | Chief Compliance Officer | June 2022 | Deputy Chief Compliance Officer (July 2021-June 2022), Senior Compliance Officer, the Adviser (2019-2021), Compliance Officer, the Adviser (2015-2019). |

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&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on April 27, 2022, Erin Wagner resigned as the Secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on June 10, 2022, Colin Kinney resigned as the Chief Compliance Officer of the Trust.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Proxy Voting and Portfolio Holdings Information**

**Proxy Voting:**

Information regarding the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 235-8396. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov.

**Availability of Schedules of Portfolio Investments:**

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at sec.gov.

**Expense Examples**

As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022.

The **Actual Expense** figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The **Hypothetical Expense** figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>Account<br>Value<br>7/1/22** | **Actual<br>Ending<br>Account<br>Value<br>12/31/22** | **Hypothetical<br>Ending<br>Account<br>Value<br>12/31/22** | **Actual<br>Expenses Paid <br>During Period<br>7/1/22-<br>12/31/22\*** | **Hypothetical<br>Expenses Paid<br>During Period<br>7/1/22-<br>12/31/22\*** | **Annualized<br>Expense Ratio<br>During Period<br>7/1/22-<br>12/31/22** |
| Target Income Fund | $1000.00 | $1001.90 | $1025.00 | $0.20 | $0.20 | 0.04% |
| Target 2030 Fund | 1000.00 | 1012.50 | 1025.05 | 0.15 | 0.15 | 0.03% |
| Target 2040 Fund | 1000.00 | 1021.80 | 1025.10 | 0.10 | 0.10 | 0.02% |
| Target 2050 Fund | 1000.00 | 1024.20 | 1025.05 | 0.15 | 0.15 | 0.03% |
| Target 2060 Fund | 1000.00 | 1023.50 | 1024.70 | 0.51 | 0.51 | 0.10% |

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\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Additional Federal Income Tax Information**

The following federal tax information related to the Fund's fiscal year ended December 31, 2022, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2023.

With respect to distributions paid, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2022 (amounts in thousands):

For the year ended December 31, 2022, the following Funds paid qualified dividend income for the purposes of reduced individual federal income tax rates of:

---

| | |
|:---|:---|
|  | **Percent** |
| Target Income Fund | 26% |
| Target 2030 Fund | 39% |
| Target 2040 Fund | 50% |
| Target 2050 Fund | 58% |
| Target 2060 Fund | 59% |

---

For the year ended December 31, 2022, dividends qualified for corporate dividends received deductions of:

---

| | |
|:---|:---|
|  | **Percent** |
| Target Income Fund | 9% |
| Target 2030 Fund | 16% |
| Target 2040 Fund | 21% |
| Target 2050 Fund | 24% |
| Target 2060 Fund | 23% |

---

For the year ended December 31, 2022, the following Funds designated short-term capital gain distributions (in thousands):

---

| | |
|:---|:---|
|  | **Amount** |
| Target Income Fund | $33 |
| Target 2030 Fund | 190 |
| Target 2040 Fund | 148 |
| Target 2060 Fund | 69 |

---

For the year ended December 31, 2022, the following Funds designated long-term capital gain distributions (in thousands):

---

| | |
|:---|:---|
|  | **Amount** |
| Target Income Fund | $23237 |
| Target 2030 Fund | 71384 |
| Target 2040 Fund | 98117 |
| Target 2050 Fund | 64971 |
| Target 2060 Fund | 9058 |

---

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign<br>Source<br>Income** | **Foreign<br>Source<br>Income** | **Foreign <br>Tax <br>Expense** | **Foreign <br>Tax <br>Expense** |
| Target Income Fund |  | 0.04  |  | 0.01  |
| Target 2030 Fund |  | 0.06  |  | 0.01  |
| Target 2040 Fund |  | 0.07  |  | 0.01  |
| Target 2050 Fund |  | 0.08  |  | 0.01  |
| Target 2060 Fund |  | 0.08  |  | 0.01  |

---

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Considerations of the Board in Continuing the Investment Advisory Agreement**

**USAA Target Retirement Funds**

At a meeting of the Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") held on December 8-9, 2022, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to each of the Target Retirement Income Fund, Target Retirement 2030 Fund, Target Retirement 2040 Fund, Target Retirement 2050 Fund and Target Retirement 2060 Fund (each, a "Fund" and together, the "Funds"). Prior to the December 8-9, 2022 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 21, 2022.

In advance of the foregoing meetings, the Trustees received and considered a variety of information relating to the Advisory Agreement and the Adviser, and were given the opportunity to ask questions and request additional information from management. The information provided to the Board included, among other things: (i) a separate report prepared by an independent third party of mutual fund data, which provided a statistical analysis comparing the Funds' investment performance, expenses, and fees to comparable investment companies; (ii) information concerning the services rendered to the Funds, as well as information regarding the Adviser's revenues and costs of providing services to the Funds and compensation paid to affiliates of the Adviser; and (iii) information about the Adviser's operations and personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Advisory Agreement with management and with experienced independent counsel retained by the Independent Trustees ("Independent Counsel") and received materials from such Independent Counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement with respect to each Fund. The Independent Trustees also reviewed the proposed continuation of the Advisory Agreement with respect to each Fund in private sessions with Independent Counsel at which no representatives of management were present.

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Funds' performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Funds. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings. The Board also recognized that the contractual arrangements for each Fund have been reviewed by the Board and discussed with the Adviser in prior years and that the Board's conclusions may be based, in part, on its consideration of these same arrangements in prior years.

**Advisory Agreement**

After full consideration of a variety of factors, the Board, including the Independent Trustees, voted to approve the Advisory Agreement with respect to each Fund. In approving the Advisory Agreement, the Trustees did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Throughout their deliberations, the Independent Trustees were represented and assisted by Independent Counsel.

**<u>Nature, Extent, and Quality of Services</u>** — In considering the nature, extent, and quality of the services provided by the Adviser under the Advisory Agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel. The Board also took into account its knowledge of the Adviser's management and the quality of the performance of the Adviser's duties through Board meetings, discussions, and reports during the preceding year. The Board considered the fees paid to the Adviser and the services provided to the Funds by the Adviser under the Advisory Agreement, as well as other services provided by the Adviser and its

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

affiliates under other agreements, and the personnel who provide these services. In addition to the investment advisory services provided to the Funds, the Adviser and its affiliates provide administrative services, shareholder services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust.

The Board considered the scope of services provided by, and the undertakings required of, the Adviser in connection with those services, including, among other things, maintaining (i) its own and the Funds' compliance programs, (ii) risk management programs, (iii) liquidity risk management program, (iv) derivatives risk management program, and (v) cybersecurity programs, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including investment, operational, enterprise, litigation, regulatory and compliance risks.

The Board considered the Adviser's management style and the performance of the Adviser's duties under the Advisory Agreement. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of its senior and investment personnel, as well as current staffing levels. The Adviser's role in coordinating the activities of the Funds' other service providers was also considered. The Board also considered the Adviser's risk management processes. The Board considered the Adviser's financial condition and that it had the financial wherewithal to continue to provide the same scope and high quality of services under the Advisory Agreement. In reviewing the Advisory Agreement, the Board focused on the experience, resources, and strengths of the Adviser and its affiliates in managing the Funds, as well as the other funds in the Trust.

The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting. The Trustees, guided also by information obtained from their experiences as Trustees of the Trust, also focused on the quality of the Adviser's compliance and administrative staff.

**<u>Expenses and Performance</u>** — In connection with its consideration of the Advisory Agreement, the Board evaluated each Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Funds as determined by the independent third party in its report. Each Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). The Board noted that the Adviser does not receive a management fee from the Funds. The data indicated that each Fund's total expenses, which included underlying fund expenses, and after fee waivers and reimbursements, if applicable, were below the median of its respective expense group and its respective expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for each Fund. The Board took into account the various other services provided to the Funds by the Adviser and its affiliates, and noted the high quality of services received by the Funds.

In considering the Funds' performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds' performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Funds' average annual total returns relative to their Lipper indexes and other mutual funds deemed to be in their peer groups by the independent third party in its report (the "performance universe"). Each Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the performance of the Target Retirement Income Fund was above the average of its performance universe for the one-, three-, five- and ten-year periods ended June 30, 2022, and was above its Lipper index for the one-, three- and ten-year periods ended June 30, 2022, and was below its Lipper index for the five-year period ended June 30, 2022; the performance of each of the Target Retirement 2030 Fund, Target Retirement 2040 Fund and Target Retirement 2050 Fund was above the average of its respective performance universe and its respective Lipper index for the one-year period ended June 30, 2022, and was below the average of its respective performance universe and

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

its respective Lipper index for the three-, five- and ten-year periods ended June 30, 2022; and the performance of the Target Retirement 2060 Fund was above the average of its performance universe and its Lipper index for the one-year period ended June 30, 2022, and was below the average of its performance universe and its Lipper index for the three- and five-year periods ended June 30, 2022. The Board took into account management's discussion of the Funds' performance, including the more recent improved performance for each of the Target Retirement 2030 Fund, Target Retirement 2040 Fund, Target Retirement 2050 Fund and Target Retirement 2060 Fund, as well as the reasons for the Funds' underperformance for certain periods.

**<u>Compensation and Profitability</u>** — The Board took into consideration that the Adviser does not receive a management fee from the Funds. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the revenues from the Funds. This information included a review of the methodology used in the allocation of certain costs to the Funds. In considering the profitability data with respect to the Funds, the Trustees noted that the Adviser reimbursed or waived a portion of its management fees to certain Fund(s). The Trustees reviewed the profitability of the Adviser's relationship with the Funds before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of each Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also took into account the Adviser's receipt of management fees from the underlying funds in which the Funds invest. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Funds. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Funds and the entrepreneurial and other risks that it assumes as Adviser.

**<u>Economies of Scale</u>** — With respect to the consideration of any economies of scale to be realized by the Funds, the Board took into account that the Adviser does not receive any management fees under the Advisory Agreement. The Board took into account management's discussion of the Funds' current management fee structure. The Board also considered the expense reimbursement arrangement by the Adviser. The Board also considered the effect of each Fund's change in size, if any, on its performance and fees, noting that each Fund may realize other economies of scale if assets increase proportionally more than expenses. The Board determined that the current investment management fee structure was reasonable.

**<u>Conclusions</u>** — The Board reached the following conclusions regarding the Advisory Agreement with the Adviser with respect to each Fund: (i) the Adviser has demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (ii) the Adviser maintains an appropriate compliance program; (iii) the overall performance of each Fund is reasonable in relation to the performance of funds with similar investment objectives and to relevant indices in view of the Fund's investment approach and the Adviser is appropriately monitoring the Fund's performance; (iv) each Fund's advisory expenses are reasonable in relation to those of similar funds and to the services to be provided by the Adviser; and (v) the Adviser's and its affiliates' level of profitability from their relationship with each Fund is reasonable in light of the nature and high quality of services provided by the Adviser and its affiliates and the type of funds. Based on its conclusions, the Board determined that continuation of the Advisory Agreement would be in the best interests of each Fund and its shareholders.

------

**Privacy Policy**

**Protecting the Privacy of Information**

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\*

\* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

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15935 La Cantera Pkwy<br>Building Two<br>San Antonio, Texas 78256

![](j2325532_za014.jpg)

Visit our website at: Call <br> vcm.com (800) 235-8396

88214-0223

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![](j2325533_aa001.jpg)

DECEMBER 31, 2022

Annual Report

USAA 500 Index Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

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vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open.

------

*USAA Mutual Funds Trust*

***TABLE OF CONTENTS***

---

| | |
|:---|:---|
| **Shareholder Letter (Unaudited)** | **2** |
| **Manager's Commentary (Unaudited)** | **4** |
| **Investment Overview (Unaudited)** | **6** |
| **Investment Objective & Portfolio <br>Holdings (Unaudited)** | **7** |
| **Schedule of Portfolio Investments** | **8** |
| **Financial Statements** | **Financial Statements** |
| *Statement of Assets and Liabilities* | **20** |
| *Statement of Operations* | **21** |
| *Statements of Changes in Net Assets* | **22** |
| *Financial Highlights* | **23** |
| **Notes to Financial Statements** | **25** |
| **Report of Independent <br>Registered Public Accounting Firm** | **35** |
| **Supplemental Information (Unaudited)** | **36** |
| *Trustee and Officer Information* | **36** |
| *Proxy Voting and Portfolio Holdings Information* | **42** |
| *Expense Examples* | **42** |
| *Additional Federal Income Tax Information* | **43** |
| *Advisory Contract Approval* | **44** |
| *Privacy Policy (inside back cover)* |  |

---

*This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.*

**IRA DISTRIBUTION WITHHOLDING DISCLOSURE**

*We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.*

*If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.*

*For more specific information, please consult your tax adviser.*

***• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE***

------

*(Unaudited)*

Dear Shareholder,

Our most recent annual reporting period ending December 31, 2022, was filled with epic challenges. Even the most seasoned investors who have been through more than one economic cycle have not witnessed financial markets like this in a long time, if ever.

Consider what transpired and how the investing backdrop changed so abruptly. The year began well enough with ample liquidity and an encouraging outlook for corporate profits. But that optimism faded early and was punctuated by the start of a terrible war in Eastern Europe. This fueled rising energy prices and intensified an inflation problem that was proving to be more than "transitory."

The inflation data was particularly troublesome and surprised many with some of the highest readings since the 1970s. In response, the U.S. Federal Reserve (the "Fed") pivoted to a far more restrictive monetary policy than anyone anticipated. Over the course of 2022, the Fed boosted the Fed funds interest rate on seven different occasions by a total of 4.5 percentage points. And if that wasn't enough, zero-Covid policies in China further exacerbated supply chain issues and dampened the outlook for global growth.

As one might expect, all of these obstacles ratcheted up volatility across financial markets. Broad market stock indices pulled back substantially around the world. The S&P 500<sup>®</sup> Index, the bell-weather proxy for our domestic stock market, delivered a negative total return of more than 18% for our annual reporting period.

Perhaps what made 2022 even more difficult was the performance of fixed income markets, which normally are considered a safe haven in times of equity turmoil. But not this past year. In fact, the Bloomberg US Aggregate Bond Index—a proxy for a diversified fixed income portfolio and one that many investors and institutions follow closely—delivered a negative total return of approximately 13%, its worst annual performance since the 1970s. That's not exactly the offset to equity performance that many investors were expecting from bonds.

It was a tough year, and we fully acknowledge that the steady drumbeat of bad news and bouts of stomach-churning volatility can take a toll on investors' psyche. Nobody likes opening their account statements during declining markets; and even when markets snap back sharply (as happened this past July and October), investors often wonder if they have missed an opportunity.

Through all of the challenges in our most recent annual reporting period, we are reminded of two enduring realities: 1) financial markets are dynamic and apt to change abruptly; 2) it's vital that we remain calm and rational whenever faced with those inevitable bouts of turmoil.

Fortunately, we think that investors can take comfort knowing that all of our independent investment franchises have experience managing portfolios through a wide variety of market environments. Our investment professionals remain calm during turbulent financial markets, and we think it's imperative that investors do the same.

------

We still believe that a long-term plan, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are the key ingredients for staying the course and progressing on investment goals. Moreover, all our investment professionals continually monitor the environment and work hard to position portfolios opportunistically no matter what the markets bring. Remember, turmoil can also create opportunity.

On the following pages, you will find information relating to your USAA Mutual Funds, brought to you by Victory Capital. If you have any questions, we encourage you to contact our Member Service Representatives. Call 800-235-8396, or visit our website at vcm.com.

From all of us here at Victory Capital, thank you for your ongoing confidence and for letting us help you work toward your investment goals.

![](j2325533_ba002.jpg)

**Christopher K. Dyer, CFA**

*President,<br>USAA Mutual Funds Trust*

------

USAA 500 Index Fund

**Manager's Commentary**

(Unaudited)

**• What were the market conditions over the reporting period?**

At the beginning of the reporting period, the Russian invasion of Ukraine in February of 2022 added significant volatility to both equity and bond markets that were already concerned with elevated levels of inflation, a hawkish U.S. Federal Reserve (the "Fed"), and rising interest rates. In the first quarter of 2022, the combination of widening credit spreads and rising interest rates led to the worst quarter for the Bloomberg US Aggregate Bond Index in 40 years. Equity markets did not fare any better as the bellwether S&P 500<sup>®</sup> Index also posted a negative return during the quarter. With the Fed now embarking on a tightening cycle, the markets remained focused on the Fed and whether it can engineer a soft landing amidst the highest inflation readings in 40 years.

The second quarter of 2022 saw continued pressure on stocks and bonds. The Fed's hawkish pivot, which started in the fourth quarter of 2021 continued to put pressure on equity multiples, especially for long-duration growth stocks. With inflation readings hitting four-decade highs, the Fed now faced an increasingly difficult task of implementing policy strong enough to tame inflation and provide a "soft landing" for the economy, while not being too aggressive and tilting the economy into recession. This risk contributed to the heightened stock market volatility, in addition to mounting COVID-19 related lockdowns in China, rising oil prices, and the ongoing conflict between Russia and the Ukraine.

In the third quarter, global equities declined, continuing the downward trend from the first half of 2022. The quarter began with a rally that continued into mid-August, on hopes that the Fed would pivot toward a more accommodative policy. However, messaging from the Fed Chairman, Jerome Powell, and a stronger-than-expected inflation report in early September dampened investor optimism over the central bank's trajectory and the odds of avoiding a recession. The Fed went on to hike rates aggressively by 75 basis points ("bps") twice during the quarter, bringing the benchmark fed funds rate target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the beginning of the year. (A basis point is 1/100<sup>th</sup> of a percentage point.) For its part, the European Central Bank raised its reference rate by 50 bps in July, followed by another 75 bps in September. Other factors that weighed on sentiment during the quarter included the ongoing Russia-Ukraine war, an energy crisis in Europe, and the resumption of COVID-19 lockdowns in China.

Global Equities rebounded in the fourth quarter, trimming full year losses. Gains in October and November were sparked by signs of peaking inflation alongside less hawkish commentary from the Fed Chairman Powell raising hope that the central bank would end its interest rate hiking cycle sometime in early 2023. Indeed, both the Fed and the European Central Bank raised their benchmark overnight lending rates by a more modest 50 bps in mid-December. Also supporting sentiment, the Chinese government began to ease their zero-COVID-19 policy that had weighed on global economic growth for much of 2022. However, stocks retreated into year-end as investors shifted their focus to the potential impact higher rates might have on economic growth and corporate earnings in the coming year.

------

USAA 500 Index Fund

**Manager's Commentary** (continued)

**• How did the USAA 500 Index Fund (the "Fund") perform during the reporting period?**

The Fund has two share classes: Member Shares and Reward Shares. For the reporting period ended December 31, 2022, the Fund closely tracked its benchmark, the Victory US Large Cap 500 Index (the "Index"), with the Member Shares and Reward Shares returning -19.38% and -19.31%, respectively, versus the Index, which returned -19.15%. The Index emphasizes large U.S. company stocks and is not available for direct investment.

**• Please describe sector performance during the reporting period.**

During the year, the Fund's positive absolute returns in the energy and utilities sectors were not enough to offset the negative performance in the other 9 sectors. The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

Thank you for allowing us to assist you with your investment needs.

------

USAA 500 Index Fund

**Investment Overview**

(Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Member Shares** | **Reward Shares** | | |
| **INCEPTION DATE** | *5/1/96* | *5/1/02* |  |  |
|  | **Net Asset Value** | **Net Asset Value** | **Victory US Large Cap<br>500 Index<sup>1</sup>** | **S&P 500<sup>®</sup> <br>Index<sup>2</sup>** |
| *One Year* | *–19.38%* | *–19.31%* | *–19.15%* | *–18.10%* |
| *Five Year* | *9.28%* | *9.39%* | *9.63%* | *9.42%* |
| *Ten Year* | *12.35%* | *12.46%* | *12.69%* | *12.55%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA 500 Index Fund — Growth of $10,000**

![](j2325533_ca003.jpg)

*<sup>1</sup>The Victory US Large Cap 500 Index emphasizes stocks of large U.S. companies. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*<sup>2</sup>The S&P 500<sup>®</sup> Index is an unmanaged index comprised of 500 domestically traded common stocks, is weighted according to the market value of each common stock in the index, and includes reinvestment of dividends. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

***Past performance is not indicative of future results.***

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 Index (the "Index"). The Index emphasizes stocks of large U.S. companies.

**Sector Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325533_ca004.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (99.6%)** | **Common Stocks (99.6%)** | **Common Stocks (99.6%)** |
| **Communication Services (7.4%):** | **Communication Services (7.4%):** | **Communication Services (7.4%):** |
| Activision Blizzard, Inc. | 202052 | $15467 |
| Alphabet, Inc. Class A (a) | 1647480 | 145357 |
| Alphabet, Inc. Class C (a) | 1473228 | 130720 |
| AT&T, Inc. | 1957962 | 36046 |
| Charter Communications, Inc. Class A (a) | 30458 | 10328 |
| Comcast Corp. Class A | 1197900 | 41891 |
| Electronic Arts, Inc. | 71813 | 8774 |
| Endeavor Group Holdings, Inc. Class A (a) | 49479 | 1115 |
| Fox Corp. Class A | 82524 | 2506 |
| Fox Corp. Class B | 38001 | 1081 |
| Liberty Media Corp.-Liberty SiriusXM Class A (a) | 25875 | 1017 |
| Liberty Media Corp.-Liberty SiriusXM Class C (a) | 54108 | 2117 |
| Live Nation Entertainment, Inc. (a) | 39176 | 2732 |
| Match Group, Inc. (a) | 77754 | 3226 |
| Meta Platforms, Inc. Class A (a) | 620378 | 74656 |
| Netflix, Inc. (a) | 119745 | 35310 |
| Omnicom Group, Inc. | 55720 | 4545 |
| Paramount Global Class A | 2572 | 50 |
| Paramount Global Class B (b) | 158813 | 2681 |
| Pinterest, Inc. Class A (a) | 158552 | 3850 |
| ROBLOX Corp. Class A (a) | 114651 | 3263 |
| Sirius XM Holdings, Inc. (b) | 181898 | 1062 |
| Snap, Inc. Class A (a) | 283577 | 2538 |
| Take-Two Interactive Software, Inc. (a) | 42136 | 4388 |
| The Trade Desk, Inc. Class A (a) | 120780 | 5415 |
| The Walt Disney Co. (a) | 500909 | 43519 |
| T-Mobile U.S., Inc. (a) | 151608 | 21225 |
| Verizon Communications, Inc. | 1153927 | 45465 |
| Warner Bros Discovery, Inc. (a) | 606982 | 5754 |
| Warner Music Group Corp. Class A | 31666 | 1109 |
| ZoomInfo Technologies, Inc. (a) | 80921 | 2437 |
|  |  | 659644 |
| **Communications Equipment (0.8%):** | **Communications Equipment (0.8%):** | **Communications Equipment (0.8%):** |
| Arista Networks, Inc. (a) | 64376 | 7812 |
| Cisco Systems, Inc. | 1137784 | 54204 |
| Motorola Solutions, Inc. | 45854 | 11817 |
| Ubiquiti, Inc. | 1162 | 318 |
|  |  | 74151 |
| **Consumer Discretionary (9.4%):** | **Consumer Discretionary (9.4%):** | **Consumer Discretionary (9.4%):** |
| Airbnb, Inc. Class A (a) | 104193 | 8908 |
| Amazon.com, Inc. (a) | 2435273 | 204563 |
| AutoZone, Inc. (a) | 5354 | 13204 |
| Best Buy Co., Inc. | 55062 | 4416 |
| Booking Holdings, Inc. (a) | 11050 | 22269 |
| CarMax, Inc. (a) | 43733 | 2663 |
| Chewy, Inc. Class A (a) | 25434 | 943 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Chipotle Mexican Grill, Inc. (a) | 7552 | $| 10478 |
| D.R. Horton, Inc. | 84973 |  | 7574 |
| Darden Restaurants, Inc. | 34272 |  | 4741 |
| Dollar General Corp. | 61979 |  | 15262 |
| Dollar Tree, Inc. (a) | 60914 |  | 8616 |
| Domino's Pizza, Inc. | 9761 |  | 3381 |
| DoorDash, Inc. Class A (a) | 69831 |  | 3409 |
| DraftKings, Inc. (a) (b) | 104757 |  | 1193 |
| eBay, Inc. | 150946 |  | 6260 |
| Etsy, Inc. (a) | 34440 |  | 4125 |
| Expedia Group, Inc. (a) | 41356 |  | 3623 |
| Ford Motor Co. | 1085146 |  | 12620 |
| General Motors Co. | 400618 |  | 13477 |
| Genuine Parts Co. | 38083 |  | 6608 |
| Hilton Worldwide Holdings, Inc. | 73857 |  | 9333 |
| Las Vegas Sands Corp. (a) | 90284 |  | 4340 |
| Lennar Corp. Class A | 68660 |  | 6214 |
| Lennar Corp. Class B | 4000 |  | 299 |
| LKQ Corp. | 74638 |  | 3986 |
| Lowe's Cos., Inc. | 170546 |  | 33980 |
| Lucid Group, Inc. (a) (b) | 147080 |  | 1005 |
| Marriott International, Inc. Class A | 76690 |  | 11418 |
| McDonald's Corp. | 202148 |  | 53272 |
| MGM Resorts International | 89648 |  | 3006 |
| NIKE, Inc. Class B | 343733 |  | 40220 |
| NVR, Inc. (a) | 848 |  | 3911 |
| O'Reilly Automotive, Inc. (a) | 17224 |  | 14538 |
| Pool Corp. | 10552 |  | 3190 |
| Rivian Automotive, Inc. Class A (a) | 139768 |  | 2576 |
| Ross Stores, Inc. | 92499 |  | 10736 |
| Starbucks Corp. | 305805 |  | 30336 |
| Target Corp. | 126463 |  | 18848 |
| Tesla, Inc. (a) | 714598 |  | 88024 |
| The Home Depot, Inc. | 281282 |  | 88846 |
| The TJX Cos., Inc. | 319015 |  | 25394 |
| Tractor Supply Co. | 30194 |  | 6793 |
| Ulta Beauty, Inc. (a) | 13933 |  | 6536 |
| VF Corp. | 101407 |  | 2800 |
| Yum! Brands, Inc. | 78182 |  | 10014 |
|  |  |  | 837948 |
| **Consumer Staples (7.3%):** | **Consumer Staples (7.3%):** | **Consumer Staples (7.3%):** | **Consumer Staples (7.3%):** |
| Albertsons Cos., Inc. Class A | 47008 |  | 975 |
| Altria Group, Inc. | 494800 |  | 22617 |
| Archer-Daniels-Midland Co. | 152481 |  | 14158 |
| Brown-Forman Corp. Class B | 83453 |  | 5481 |
| Bunge Ltd. | 41319 |  | 4122 |
| Campbell Soup Co. | 54507 |  | 3093 |
| Church & Dwight Co., Inc. | 66743 |  | 5380 |
| Colgate-Palmolive Co. | 230236 |  | 18140 |
| Conagra Brands, Inc. | 130738 |  | 5060 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Constellation Brands, Inc. Class A | 46593 | $| 10798 |
| Costco Wholesale Corp. | 121710 |  | 55561 |
| General Mills, Inc. | 164077 |  | 13758 |
| Hormel Foods Corp. | 79540 |  | 3623 |
| Kellogg Co. | 92516 |  | 6591 |
| Keurig Dr Pepper, Inc. | 233457 |  | 8325 |
| Kimberly-Clark Corp. | 92766 |  | 12593 |
| McCormick & Co., Inc. | 68820 |  | 5705 |
| Mondelez International, Inc. Class A | 376581 |  | 25099 |
| Monster Beverage Corp. (a) | 101338 |  | 10289 |
| PepsiCo, Inc. | 379196 |  | 68506 |
| Philip Morris International, Inc. | 425928 |  | 43108 |
| Sysco Corp. | 139060 |  | 10631 |
| The Clorox Co. | 33841 |  | 4749 |
| The Coca-Cola Co. | 1176366 |  | 74829 |
| The Estee Lauder Cos., Inc. | 63570 |  | 15772 |
| The Hershey Co. | 40354 |  | 9345 |
| The J.M. Smucker Co. | 28400 |  | 4500 |
| The Kraft Heinz Co. | 303035 |  | 12337 |
| The Kroger Co. | 194644 |  | 8677 |
| The Procter & Gamble Co. | 656561 |  | 99508 |
| Tyson Foods, Inc. Class A | 77189 |  | 4805 |
| Walgreens Boots Alliance, Inc. | 197097 |  | 7364 |
| Walmart, Inc. | 387802 |  | 54986 |
|  |  |  | 650485 |
| **Electronic Equipment, Instruments & Components (0.5%):** | **Electronic Equipment, Instruments & Components (0.5%):** | **Electronic Equipment, Instruments & Components (0.5%):** | **Electronic Equipment, Instruments & Components (0.5%):** |
| Amphenol Corp. Class A | 161802 |  | 12320 |
| CDW Corp. | 37160 |  | 6636 |
| Corning, Inc. | 209036 |  | 6677 |
| Keysight Technologies, Inc. (a) | 48635 |  | 8320 |
| Teledyne Technologies, Inc. (a) | 12748 |  | 5098 |
| Trimble, Inc. (a) | 68047 |  | 3440 |
| Zebra Technologies Corp. (a) | 14088 |  | 3612 |
|  |  |  | 46103 |
| **Energy (5.6%):** | **Energy (5.6%):** | **Energy (5.6%):** | **Energy (5.6%):** |
| APA Corp. | 89718 |  | 4188 |
| Baker Hughes Co. | 275213 |  | 8127 |
| Cheniere Energy, Inc. | 67945 |  | 10189 |
| Chesapeake Energy Corp. | 30891 |  | 2915 |
| Chevron Corp. | 537831 |  | 96535 |
| ConocoPhillips | 349783 |  | 41274 |
| Coterra Energy, Inc. | 214228 |  | 5264 |
| Devon Energy Corp. | 178116 |  | 10956 |
| Diamondback Energy, Inc. | 46421 |  | 6349 |
| EOG Resources, Inc. | 161023 |  | 20856 |
| EQT Corp. | 96568 |  | 3267 |
| Exxon Mobil Corp. | 1145113 |  | 126306 |
| Halliburton Co. | 249195 |  | 9806 |
| Hess Corp. | 76564 |  | 10858 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Kinder Morgan, Inc. | 538566 | $| 9737 |
| Marathon Oil Corp. | 186175 |  | 5040 |
| Marathon Petroleum Corp. | 137004 |  | 15946 |
| Occidental Petroleum Corp. | 255940 |  | 16122 |
| ONEOK, Inc. | 121553 |  | 7986 |
| Ovintiv, Inc. | 69173 |  | 3508 |
| Phillips 66 | 132175 |  | 13757 |
| Pioneer Natural Resources Co. | 63610 |  | 14528 |
| Schlumberger Ltd. | 388622 |  | 20776 |
| Targa Resources Corp. | 61005 |  | 4484 |
| Texas Pacific Land Corp. | 2122 |  | 4974 |
| The Williams Cos., Inc. | 334807 |  | 11015 |
| Valero Energy Corp. | 108249 |  | 13732 |
|  |  |  | 498495 |
| **Financials (11.5%):** | **Financials (11.5%):** | **Financials (11.5%):** | **Financials (11.5%):** |
| Aflac, Inc. | 158001 |  | 11367 |
| American Express Co. | 206003 |  | 30437 |
| American International Group, Inc. | 208934 |  | 13213 |
| Ameriprise Financial, Inc. | 29720 |  | 9254 |
| Apollo Global Management, Inc. | 117665 |  | 7506 |
| Arch Capital Group Ltd. (a) | 98383 |  | 6176 |
| Ares Management Corp. Class A | 37330 |  | 2555 |
| Arthur J. Gallagher & Co. | 57215 |  | 10787 |
| Bank of America Corp. | 2207787 |  | 73122 |
| Berkshire Hathaway, Inc. Class A (a) | 98 |  | 45934 |
| Berkshire Hathaway, Inc. Class B (a) | 357502 |  | 110432 |
| BlackRock, Inc. | 40795 |  | 28909 |
| Blackstone, Inc. | 190866 |  | 14160 |
| Brown & Brown, Inc. | 64415 |  | 3670 |
| Capital One Financial Corp. | 104404 |  | 9705 |
| Cincinnati Financial Corp. | 42867 |  | 4389 |
| Citigroup, Inc. | 533568 |  | 24133 |
| Citizens Financial Group, Inc. | 134823 |  | 5308 |
| CME Group, Inc. | 98759 |  | 16607 |
| Coinbase Global, Inc. Class A (a) (b) | 41785 |  | 1479 |
| Discover Financial Services | 75057 |  | 7343 |
| FactSet Research Systems, Inc. | 10435 |  | 4187 |
| Fifth Third Bancorp | 186654 |  | 6124 |
| First Citizens BancShares, Inc. Class A | 2745 |  | 2082 |
| First Republic Bank | 49348 |  | 6015 |
| Franklin Resources, Inc. (b) | 78050 |  | 2059 |
| Huntington Bancshares, Inc. | 392299 |  | 5531 |
| Intercontinental Exchange, Inc. | 151909 |  | 15584 |
| JPMorgan Chase & Co. | 797705 |  | 106972 |
| KeyCorp | 256260 |  | 4464 |
| Loews Corp. | 54949 |  | 3205 |
| LPL Financial Holdings, Inc. | 21699 |  | 4691 |
| M&T Bank Corp. | 47770 |  | 6930 |
| Markel Corp. (a) | 3653 |  | 4813 |
| Marsh & McLennan Cos., Inc. | 137112 |  | 22689 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| MetLife, Inc. | 184090 | $| 13323 |
| Moody's Corp. | 50419 |  | 14048 |
| Morgan Stanley | 367942 |  | 31282 |
| MSCI, Inc. | 21456 |  | 9981 |
| Nasdaq, Inc. | 93130 |  | 5714 |
| Northern Trust Corp. | 56112 |  | 4965 |
| Principal Financial Group, Inc. | 67796 |  | 5689 |
| Prudential Financial, Inc. | 102212 |  | 10166 |
| Raymond James Financial, Inc. | 53371 |  | 5703 |
| Regions Financial Corp. | 256738 |  | 5535 |
| Rocket Cos., Inc. Class A (b) | 28239 |  | 198 |
| S&P Global, Inc. | 91634 |  | 30692 |
| State Street Corp. | 101008 |  | 7835 |
| SVB Financial Group (a) | 16071 |  | 3699 |
| Synchrony Financial | 131046 |  | 4306 |
| T. Rowe Price Group, Inc. | 61204 |  | 6675 |
| The Allstate Corp. | 73525 |  | 9970 |
| The Bank of New York Mellon Corp. | 222037 |  | 10107 |
| The Charles Schwab Corp. | 464500 |  | 38674 |
| The Goldman Sachs Group, Inc. | 93423 |  | 32080 |
| The Hartford Financial Services Group, Inc. | 88788 |  | 6733 |
| The PNC Financial Services Group, Inc. | 112687 |  | 17798 |
| The Progressive Corp. | 160713 |  | 20846 |
| The Travelers Cos., Inc. | 65205 |  | 12225 |
| Tradeweb Markets, Inc. Class A | 29238 |  | 1898 |
| Truist Financial Corp. | 364444 |  | 15682 |
| U.S. Bancorp | 408239 |  | 17803 |
| W.R. Berkley Corp. | 57581 |  | 4179 |
| Wells Fargo & Co. | 1042190 |  | 43032 |
|  |  |  | 1022670 |
| **Health Care (15.7%):** | **Health Care (15.7%):** | **Health Care (15.7%):** | **Health Care (15.7%):** |
| Abbott Laboratories | 476359 |  | 52300 |
| AbbVie, Inc. | 485808 |  | 78511 |
| Agilent Technologies, Inc. | 81341 |  | 12173 |
| Align Technology, Inc. (a) | 20174 |  | 4255 |
| Alnylam Pharmaceuticals, Inc. (a) | 32649 |  | 7759 |
| AmerisourceBergen Corp. | 42141 |  | 6983 |
| Amgen, Inc. | 146979 |  | 38603 |
| Avantor, Inc. (a) | 179644 |  | 3789 |
| Baxter International, Inc. | 138374 |  | 7053 |
| Becton Dickinson and Co. | 78361 |  | 19927 |
| Biogen, Inc. (a) | 39872 |  | 11041 |
| BioMarin Pharmaceutical, Inc. (a) | 49942 |  | 5169 |
| Bio-Rad Laboratories, Inc. Class A (a) | 5875 |  | 2470 |
| Bio-Techne Corp. | 42665 |  | 3536 |
| Boston Scientific Corp. (a) | 389421 |  | 18019 |
| Bristol-Myers Squibb Co. | 586689 |  | 42212 |
| Cardinal Health, Inc. | 74128 |  | 5698 |
| Catalent, Inc. (a) | 46463 |  | 2091 |
| Centene Corp. (a) | 153908 |  | 12622 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Cigna Corp. | 82158 | $| 27222 |
| CVS Health Corp. | 360717 |  | 33615 |
| Danaher Corp. | 179888 |  | 47746 |
| Dexcom, Inc. (a) | 106788 |  | 12093 |
| Edwards Lifesciences Corp. (a) | 168634 |  | 12582 |
| Elevance Health, Inc. | 65943 |  | 33827 |
| Eli Lilly & Co. | 241192 |  | 88238 |
| Gilead Sciences, Inc. | 344379 |  | 29565 |
| HCA Healthcare, Inc. | 59148 |  | 14193 |
| Hologic, Inc. (a) | 67910 |  | 5080 |
| Horizon Therapeutics PLC (a) | 62035 |  | 7060 |
| Humana, Inc. | 34425 |  | 17632 |
| IDEXX Laboratories, Inc. (a) | 22646 |  | 9239 |
| Illumina, Inc. (a) | 43220 |  | 8739 |
| Incyte Corp. (a) | 60505 |  | 4860 |
| Insulet Corp. (a) | 18879 |  | 5558 |
| Intuitive Surgical, Inc. (a) | 97140 |  | 25776 |
| IQVIA Holdings, Inc. (a) | 50733 |  | 10395 |
| Johnson & Johnson | 722402 |  | 127612 |
| Laboratory Corp. of America Holdings | 24839 |  | 5849 |
| McKesson Corp. | 39492 |  | 14814 |
| Merck & Co., Inc. | 696052 |  | 77227 |
| Mettler-Toledo International, Inc. (a) | 6122 |  | 8849 |
| Moderna, Inc. (a) | 92439 |  | 16604 |
| Molina Healthcare, Inc. (a) | 15804 |  | 5219 |
| PerkinElmer, Inc. | 34682 |  | 4863 |
| Pfizer, Inc. | 1542067 |  | 79016 |
| Quest Diagnostics, Inc. | 31719 |  | 4962 |
| Regeneron Pharmaceuticals, Inc. (a) | 28274 |  | 20399 |
| ResMed, Inc. | 39830 |  | 8290 |
| Royalty Pharma PLC Class A | 98079 |  | 3876 |
| Seagen, Inc. (a) | 50169 |  | 6447 |
| Stryker Corp. | 96672 |  | 23635 |
| The Cooper Cos., Inc. | 13423 |  | 4439 |
| Thermo Fisher Scientific, Inc. | 107649 |  | 59281 |
| UnitedHealth Group, Inc. | 257009 |  | 136261 |
| Veeva Systems, Inc. Class A (a) | 38223 |  | 6168 |
| Vertex Pharmaceuticals, Inc. (a) | 70466 |  | 20349 |
| Waters Corp. (a) | 16452 |  | 5636 |
| West Pharmaceutical Services, Inc. | 20142 |  | 4740 |
| Zimmer Biomet Holdings, Inc. | 57651 |  | 7351 |
| Zoetis, Inc. | 128627 |  | 18850 |
|  |  |  | 1398368 |
| **Industrials (8.7%):** | **Industrials (8.7%):** | **Industrials (8.7%):** | **Industrials (8.7%):** |
| 3M Co. | 156506 |  | 18768 |
| AMETEK, Inc. | 62449 |  | 8725 |
| Booz Allen Hamilton Holding Corp. | 35632 |  | 3724 |
| C.H. Robinson Worldwide, Inc. | 33698 |  | 3085 |
| Carlisle Cos., Inc. | 14070 |  | 3316 |
| Carrier Global Corp. | 231236 |  | 9538 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Caterpillar, Inc. | 145050 | $34748 |
| Cintas Corp. | 23632 | 10673 |
| Copart, Inc. (a) | 117547 | 7157 |
| CoStar Group, Inc. (a) | 107704 | 8323 |
| CSX Corp. | 588334 | 18227 |
| Cummins, Inc. | 37965 | 9199 |
| Deere & Co. | 77124 | 33068 |
| Delta Air Lines, Inc. (a) | 176178 | 5789 |
| Dover Corp. | 39048 | 5287 |
| Eaton Corp. PLC | 109438 | 17176 |
| Emerson Electric Co. | 160843 | 15451 |
| Equifax, Inc. | 33631 | 6537 |
| Expeditors International of Washington, Inc. | 44501 | 4625 |
| Fastenal Co. | 157901 | 7472 |
| FedEx Corp. | 65684 | 11376 |
| Fortive Corp. | 96755 | 6217 |
| Generac Holdings, Inc. (a) | 17188 | 1730 |
| General Dynamics Corp. | 74599 | 18509 |
| General Electric Co. | 298279 | 24993 |
| HEICO Corp. | 11521 | 1770 |
| HEICO Corp. Class A | 20297 | 2433 |
| Honeywell International, Inc. | 185106 | 39668 |
| Howmet Aerospace, Inc. | 112996 | 4453 |
| IDEX Corp. | 20738 | 4735 |
| Illinois Tool Works, Inc. | 85073 | 18742 |
| Ingersoll Rand, Inc. | 110779 | 5788 |
| J.B. Hunt Transport Services, Inc. | 22534 | 3929 |
| Jacobs Solutions, Inc. | 34711 | 4168 |
| Johnson Controls International PLC | 187367 | 11991 |
| L3Harris Technologies, Inc. | 52577 | 10947 |
| Leidos Holdings, Inc. | 35265 | 3710 |
| Lockheed Martin Corp. | 72854 | 35443 |
| Nordson Corp. | 14462 | 3438 |
| Norfolk Southern Corp. | 64535 | 15903 |
| Northrop Grumman Corp. | 42509 | 23193 |
| Old Dominion Freight Line, Inc. | 26412 | 7495 |
| Otis Worldwide Corp. | 116168 | 9097 |
| PACCAR, Inc. | 93629 | 9266 |
| Parker-Hannifin Corp. | 34928 | 10164 |
| Plug Power, Inc. (a) (b) | 141514 | 1751 |
| Quanta Services, Inc. | 38904 | 5544 |
| Raytheon Technologies Corp. | 405692 | 40942 |
| Republic Services, Inc. | 56424 | 7278 |
| Rockwell Automation, Inc. | 31717 | 8169 |
| Rollins, Inc. | 64943 | 2373 |
| Southwest Airlines Co. (a) | 163031 | 5489 |
| Stanley Black & Decker, Inc. | 40208 | 3020 |
| Textron, Inc. | 57540 | 4074 |
| The Boeing Co. (a) | 163157 | 31080 |
| TransDigm Group, Inc. | 14455 | 9102 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| TransUnion | 52892 | $| 3002 |
| Uber Technologies, Inc. (a) | 516808 |  | 12781 |
| Union Pacific Corp. | 171584 |  | 35530 |
| United Parcel Service, Inc. Class B | 201087 |  | 34957 |
| United Rentals, Inc. (a) | 19037 |  | 6766 |
| Verisk Analytics, Inc. | 42696 |  | 7532 |
| W.W. Grainger, Inc. | 12440 |  | 6920 |
| Waste Management, Inc. | 109027 |  | 17104 |
| Westinghouse Air Brake Technologies Corp. | 48177 |  | 4809 |
| Xylem, Inc. | 49507 |  | 5474 |
|  |  |  | 773743 |
| **IT Services (4.3%):** | **IT Services (4.3%):** | **IT Services (4.3%):** | **IT Services (4.3%):** |
| Akamai Technologies, Inc. (a) | 42802 |  | 3608 |
| Automatic Data Processing, Inc. | 113027 |  | 26998 |
| Block, Inc. (a) | 144042 |  | 9052 |
| Broadridge Financial Solutions, Inc. | 31908 |  | 4280 |
| Cloudflare, Inc. Class A (a) | 76208 |  | 3445 |
| Cognizant Technology Solutions Corp. Class A | 142268 |  | 8136 |
| EPAM Systems, Inc. (a) | 15290 |  | 5011 |
| Fidelity National Information Services, Inc. | 165380 |  | 11221 |
| Fiserv, Inc. (a) | 165190 |  | 16696 |
| FleetCor Technologies, Inc. (a) | 19993 |  | 3672 |
| Gartner, Inc. (a) | 19559 |  | 6575 |
| Global Payments, Inc. | 76583 |  | 7606 |
| International Business Machines Corp. | 248161 |  | 34963 |
| Jack Henry & Associates, Inc. | 19831 |  | 3482 |
| Mastercard, Inc. Class A | 234434 |  | 81520 |
| MongoDB, Inc. (a) | 18123 |  | 3567 |
| Okta, Inc. (a) | 40472 |  | 2765 |
| Paychex, Inc. | 88011 |  | 10171 |
| PayPal Holdings, Inc. (a) | 314579 |  | 22404 |
| Snowflake, Inc. Class A (a) | 75615 |  | 10854 |
| SS&C Technologies Holdings, Inc. | 60962 |  | 3174 |
| VeriSign, Inc. (a) | 29183 |  | 5995 |
| Visa, Inc. Class A | 449242 |  | 93335 |
|  |  |  | 378530 |
| **Materials (2.0%):** | **Materials (2.0%):** | **Materials (2.0%):** | **Materials (2.0%):** |
| Air Products and Chemicals, Inc. | 59723 |  | 18410 |
| Albemarle Corp. | 32183 |  | 6979 |
| Avery Dennison Corp. | 21880 |  | 3960 |
| Ball Corp. | 85496 |  | 4372 |
| CF Industries Holdings, Inc. | 54202 |  | 4618 |
| Corteva, Inc. | 197445 |  | 11606 |
| Dow, Inc. | 197326 |  | 9943 |
| DuPont de Nemours, Inc. | 137629 |  | 9446 |
| Ecolab, Inc. | 69691 |  | 10144 |
| FMC Corp. | 34263 |  | 4276 |
| Freeport-McMoRan, Inc. | 388784 |  | 14774 |
| International Flavors & Fragrances, Inc. | 70050 |  | 7344 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| International Paper Co. | 98474 | $| 3410 |
| Martin Marietta Materials, Inc. | 16967 |  | 5735 |
| Newmont Corp. | 218074 |  | 10293 |
| Nucor Corp. | 71210 |  | 9386 |
| Packaging Corp. of America | 25241 |  | 3229 |
| PPG Industries, Inc. | 64569 |  | 8119 |
| Southern Copper Corp. | 23366 |  | 1411 |
| Steel Dynamics, Inc. | 47164 |  | 4608 |
| The Mosaic Co. | 94867 |  | 4162 |
| The Sherwin-Williams Co. | 65517 |  | 15549 |
| Vulcan Materials Co. | 36516 |  | 6394 |
| Westlake Corp. | 9141 |  | 937 |
|  |  |  | 179105 |
| **Real Estate (2.7%):** | **Real Estate (2.7%):** | **Real Estate (2.7%):** | **Real Estate (2.7%):** |
| Alexandria Real Estate Equities, Inc. | 44384 |  | 6465 |
| American Tower Corp. | 126647 |  | 26831 |
| AvalonBay Communities, Inc. | 38420 |  | 6206 |
| Camden Property Trust | 28685 |  | 3209 |
| CBRE Group, Inc. Class A (a) | 87364 |  | 6723 |
| Crown Castle, Inc. | 117793 |  | 15977 |
| Digital Realty Trust, Inc. | 78969 |  | 7918 |
| Equinix, Inc. | 25024 |  | 16391 |
| Equity LifeStyle Properties, Inc. | 48571 |  | 3138 |
| Equity Residential | 101277 |  | 5975 |
| Essex Property Trust, Inc. | 17715 |  | 3754 |
| Extra Space Storage, Inc. | 36058 |  | 5307 |
| Healthpeak Properties, Inc. | 148257 |  | 3717 |
| Host Hotels & Resorts, Inc. | 194462 |  | 3121 |
| Invitation Homes, Inc. | 167704 |  | 4971 |
| Iron Mountain, Inc. | 79071 |  | 3942 |
| Kimco Realty Corp. | 166537 |  | 3527 |
| Mid-America Apartment Communities, Inc. | 31401 |  | 4930 |
| Prologis, Inc. | 251138 |  | 28311 |
| Public Storage | 42445 |  | 11893 |
| Realty Income Corp. | 169688 |  | 10763 |
| SBA Communications Corp. | 29345 |  | 8226 |
| Simon Property Group, Inc. | 89045 |  | 10461 |
| Sun Communities, Inc. | 33207 |  | 4749 |
| UDR, Inc. | 88384 |  | 3423 |
| Ventas, Inc. | 108728 |  | 4898 |
| VICI Properties, Inc. | 264623 |  | 8574 |
| Welltower, Inc. | 127317 |  | 8346 |
| Weyerhaeuser Co. | 203411 |  | 6306 |
| WP Carey, Inc. | 52474 |  | 4101 |
|  |  |  | 242153 |
| **Semiconductors & Semiconductor Equipment (5.0%):** | **Semiconductors & Semiconductor Equipment (5.0%):** | **Semiconductors & Semiconductor Equipment (5.0%):** | **Semiconductors & Semiconductor Equipment (5.0%):** |
| Advanced Micro Devices, Inc. (a) | 439120 |  | 28442 |
| Analog Devices, Inc. | 141322 |  | 23181 |
| Applied Materials, Inc. | 236381 |  | 23019 |
| Broadcom, Inc. | 109054 |  | 60975 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Enphase Energy, Inc. (a) | 36102 | $| 9566 |
| Entegris, Inc. | 40521 |  | 2658 |
| First Solar, Inc. (a) | 27531 |  | 4124 |
| GlobalFoundries, Inc. (a) (b) | 19279 |  | 1039 |
| Intel Corp. | 1128177 |  | 29818 |
| KLA Corp. | 38962 |  | 14690 |
| Lam Research Corp. | 37263 |  | 15662 |
| Marvell Technology, Inc. | 231920 |  | 8590 |
| Microchip Technology, Inc. | 148766 |  | 10451 |
| Micron Technology, Inc. | 303104 |  | 15149 |
| Monolithic Power Systems, Inc. | 12085 |  | 4273 |
| NVIDIA Corp. | 656794 |  | 95984 |
| ON Semiconductor Corp. (a) | 117847 |  | 7350 |
| QUALCOMM, Inc. | 308559 |  | 33923 |
| Skyworks Solutions, Inc. | 44085 |  | 4017 |
| Teradyne, Inc. | 43078 |  | 3763 |
| Texas Instruments, Inc. | 251053 |  | 41479 |
| Wolfspeed, Inc. (a) | 33757 |  | 2330 |
|  |  |  | 440483 |
| **Software (8.9%):** | **Software (8.9%):** | **Software (8.9%):** | **Software (8.9%):** |
| Adobe, Inc. (a) | 127303 |  | 42841 |
| ANSYS, Inc. (a) | 23923 |  | 5780 |
| Aspen Technology, Inc. (a) | 7625 |  | 1566 |
| Autodesk, Inc. (a) | 59310 |  | 11083 |
| Bill.com Holdings, Inc. (a) | 27078 |  | 2950 |
| Cadence Design Systems, Inc. (a) | 74497 |  | 11967 |
| Crowdstrike Holdings, Inc. Class A (a) | 57848 |  | 6091 |
| Datadog, Inc. Class A (a) | 70317 |  | 5168 |
| Fortinet, Inc. (a) | 179825 |  | 8792 |
| Gen Digital, Inc. | 162862 |  | 3490 |
| HubSpot, Inc. (a) | 12534 |  | 3624 |
| Intuit, Inc. | 75124 |  | 29240 |
| Microsoft Corp. | 2008171 |  | 481600 |
| Oracle Corp. | 422180 |  | 34509 |
| Palantir Technologies, Inc. Class A (a) | 469438 |  | 3014 |
| Palo Alto Networks, Inc. (a) | 80569 |  | 11243 |
| Paycom Software, Inc. (a) | 14019 |  | 4350 |
| Paylocity Holding Corp. (a) | 11087 |  | 2154 |
| PTC, Inc. (a) | 29371 |  | 3526 |
| Roper Technologies, Inc. | 29128 |  | 12586 |
| Salesforce, Inc. (a) | 266520 |  | 35338 |
| ServiceNow, Inc. (a) | 54947 |  | 21334 |
| Splunk, Inc. (a) | 40681 |  | 3502 |
| Synopsys, Inc. (a) | 41594 |  | 13281 |
| Tyler Technologies, Inc. (a) | 11311 |  | 3647 |
| Unity Software, Inc. (a) (b) | 71365 |  | 2040 |
| VMware, Inc. Class A (a) | 61603 |  | 7562 |
| Workday, Inc. Class A (a) | 54675 |  | 9149 |
| Zoom Video Communications, Inc. Class A (a) | 57236 |  | 3877 |
| Zscaler, Inc. (a) | 22997 |  | 2573 |
|  |  |  | 787877 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals (6.7%):** | **Technology Hardware, Storage & Peripherals (6.7%):** | **Technology Hardware, Storage & Peripherals (6.7%):** |
| Apple, Inc. | 4415650 | $573725 |
| Dell Technologies, Inc. Class C | 69063 | 2778 |
| Hewlett Packard Enterprise Co. | 353538 | 5642 |
| HP, Inc. | 276395 | 7427 |
| NetApp, Inc. | 59724 | 3587 |
| Western Digital Corp. (a) | 84683 | 2672 |
|  |  | 595831 |
| **Utilities (3.1%):** | **Utilities (3.1%):** | **Utilities (3.1%):** |
| Alliant Energy Corp. | 68945 | 3806 |
| Ameren Corp. | 70281 | 6249 |
| American Electric Power Co., Inc. | 141155 | 13403 |
| American Water Works Co., Inc. | 49948 | 7613 |
| Atmos Energy Corp. | 38053 | 4265 |
| Avangrid, Inc. | 19121 | 822 |
| CenterPoint Energy, Inc. | 172964 | 5187 |
| CMS Energy Corp. | 79735 | 5050 |
| Consolidated Edison, Inc. | 97426 | 9286 |
| Constellation Energy Corp. | 88907 | 7665 |
| Dominion Energy, Inc. | 228232 | 13995 |
| DTE Energy Co. | 52700 | 6194 |
| Duke Energy Corp. | 211540 | 21786 |
| Edison International | 104803 | 6668 |
| Entergy Corp. | 55892 | 6288 |
| Essential Utilities, Inc. | 72035 | 3438 |
| Evergy, Inc. | 62434 | 3929 |
| Eversource Energy | 95190 | 7981 |
| Exelon Corp. | 272498 | 11780 |
| FirstEnergy Corp. | 156998 | 6584 |
| NextEra Energy, Inc. | 545794 | 45628 |
| PG&E Corp. (a) | 425988 | 6927 |
| PPL Corp. | 202276 | 5911 |
| Public Service Enterprise Group, Inc. | 137068 | 8398 |
| Sempra Energy | 86361 | 13346 |
| The AES Corp. | 183524 | 5278 |
| The Southern Co. | 299011 | 21352 |
| WEC Energy Group, Inc. | 86670 | 8126 |
| Xcel Energy, Inc. | 150293 | 10537 |
|  |  | 277492 |
| **Total Common Stocks (Cost $3,285,909)** | **Total Common Stocks (Cost $3,285,909)** | 8863078 |
| **Collateral for Securities Loaned (0.1%)^** | **Collateral for Securities Loaned (0.1%)^** | **Collateral for Securities Loaned (0.1%)^** |
| Goldman Sachs Financial Square Government Fund Institutional <br>Shares, 4.14% (c) | 2823109 | 2823 |
| HSBC U.S. Government Money Market Fund Institutional Shares, 4.13% (c) | 2823109 | 2823 |
| Invesco Government & Agency Portfolio Institutional Shares, 4.22% (c) | 2823109 | 2823 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA 500 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)* 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Government Portfolio Institutional <br>Shares, 4.08% (c) | 2823109 | $2823 |
| **Total Collateral for Securities Loaned (Cost $11,292)** | **Total Collateral for Securities Loaned (Cost $11,292)** | 11292 |
| **Total Investments (Cost $3,297,201) — 99.7%** | **Total Investments (Cost $3,297,201) — 99.7%** | 8874370 |
| **Other assets in excess of liabilities — 0.3%** | **Other assets in excess of liabilities — 0.3%** | 29763 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $8904133 |

---

^ 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 December 31, 2022.

PLC — Public Limited Company

**Futures Contracts Purchased**

*(Amounts not in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
| E-Mini S&P 500 Futures | 168 | 3/17/23 | $32695361 | $32432400 | $(262961) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $— |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (262961) |
| Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | $(262961) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)*

---

| | |
|:---|:---|
| | **USAA 500 <br>Index Fund** |
| **Assets:** | **Assets:** |
| Investments, at value (Cost $3,297,201) | $8874370<br> (a) |
| Cash | 26189 |
| Deposit with broker for futures contracts | 5969 |
| Receivables: | Receivables: |
| Interest and dividends | 7532 |
| Capital shares issued | 5502 |
| Variation margin on open futures contracts | 7 |
| From Adviser | 387 |
| Prepaid expenses | 91 |
| Total Assets | 8920047 |
| **Liabilities:** | **Liabilities:** |
| Payables: | Payables: |
| Collateral received on loaned securities | 11292 |
| Capital shares redeemed | 2877 |
| Variation margin on open futures contracts | 87 |
| Accrued expenses and other payables: | Accrued expenses and other payables: |
| Investment advisory fees | 774 |
| Administration fees | 464 |
| Custodian fees | 59 |
| Transfer agent fees | 230 |
| Compliance fees | 8 |
| Other accrued expenses | 123 |
| Total Liabilities | 15914 |
| **Net Assets:** | **Net Assets:** |
| Capital | 3353006 |
| Total accumulated earnings/(loss) | 5551127 |
| Net Assets | $8904133 |
| Net Assets | Net Assets |
| Member Shares | $3423615 |
| Reward Shares | 5480518 |
| Total | $8904133 |
| Shares (unlimited number of shares authorized with no par value): | Shares (unlimited number of shares authorized with no par value): |
| Member Shares | 70085 |
| Reward Shares | 112116 |
| Total | 182201 |
| Net asset value, offering and redemption price per share: (b) | Net asset value, offering and redemption price per share: (b) |
| Member Shares | $48.85 |
| Reward Shares | 48.88 |

---

(a) Includes $10,952 thousand of securities on loan.

(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)*

---

| | |
|:---|:---|
| | **USAA 500 <br>Index Fund** |
| **Investment Income:** | **Investment Income:** |
| Dividends | $146422 |
| Interest | 263 |
| Securities lending (net of fees) | 493 |
| Total Income | 147178 |
| **Expenses:** | **Expenses:** |
| Investment advisory fees | 9513 |
| Administration fees — Member Shares | 2231 |
| Administration fees — Reward Shares | 3476 |
| Sub-Administration fees | 25 |
| Custodian fees | 391 |
| Transfer agent fees — Member Shares | 2392 |
| Transfer agent fees — Reward Shares | 479 |
| Trustees' fees | 56 |
| Compliance fees | 82 |
| Legal and audit fees | 79 |
| State registration and filing fees | 171 |
| Other expenses | 847 |
| Total Expenses | 19742 |
| Expenses waived/reimbursed by Adviser | (2034) |
| Net Expenses | 17708 |
| Net Investment Income (Loss) | 129470 |
| **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** |
| Net realized gains (losses) from investment securities | 47500 |
| Net realized gains (losses) from futures contracts | (7833) |
| Net change in unrealized appreciation/depreciation on investment securities | (2311427) |
| Net change in unrealized appreciation/depreciation on futures contracts | (1292) |
| Net realized/unrealized gains (losses) on investments | (2273052) |
| Change in net assets resulting from operations | $(2143582) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)* 

---

| | | |
|:---|:---|:---|
| | **USAA 500 Index Fund** | **USAA 500 Index Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31, <br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $129470 | $113874 |
| Net realized gains (losses) | 39667 | 466012 |
| Net change in unrealized appreciation/depreciation | (2312719) | 1845265 |
| Change in net assets resulting from operations | (2143582) | 2425151 |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| Member Shares | (95207) | (214272) |
| Reward Shares | (155895) | (320176) |
| Change in net assets resulting from distributions to shareholders | (251102) | (534448) |
| Change in net assets resulting from capital transactions | 250500 | 149584 |
| Change in net assets | (2144184) | 2040287 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 11048317 | 9008030 |
| End of period | $8904133 | $11048317 |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| **Member Shares** | **Member Shares** | **Member Shares** |
| Proceeds from shares issued | $381036 | $613301 |
| Distributions reinvested | 94556 | 212842 |
| Cost of shares redeemed | (520566) | (1218360) |
| Total Member Shares | $(44974) | $(392217) |
| **Reward Shares** | **Reward Shares** | **Reward Shares** |
| Proceeds from shares issued | $606186 | $835906 |
| Distributions reinvested | 149076 | 306440 |
| Cost of shares redeemed | (459788) | (600545) |
| Total Reward Shares | $295474 | $541801 |
| Change in net assets resulting from capital transactions | $250500 | $149584 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| **Member Shares** | **Member Shares** | **Member Shares** |
| Issued | 7031 | 10815 |
| Reinvested | 1848 | 3522 |
| Redeemed | (9664) | (21347) |
| Total Member Shares | (785) | (7010) |
| **Reward Shares** | **Reward Shares** | **Reward Shares** |
| Issued | 11230 | 14458 |
| Reinvested | 2912 | 5064 |
| Redeemed | (8628) | (10476) |
| Total Reward Shares | 5514 | 9046 |
| Change in Shares | 4729 | 2036 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA 500 Index Fund** | **USAA 500 Index Fund** | **USAA 500 Index Fund** | **USAA 500 Index Fund** | **USAA 500 Index Fund** |
| | **Member Shares** | **Member Shares** | **Member Shares** | **Member Shares** | **Member Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $62.23 | $51.33 | $43.93 | $35.22 | $38.00 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.69<br> (a) | 0.63<br> (a) | 0.65<br> (a) | 0.71<br> (a) | 0.68 |
| Net realized and unrealized gains <br>(losses) | (12.70) | 13.37 | 8.48 | 10.19 | (2.40) |
| Total from Investment Activities | (12.01) | 14.00 | 9.13 | 10.90 | (1.72) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.70) | (0.63) | (0.66) | (0.72) | (0.66) |
| Net realized gains from investments | (0.67) | (2.47) | (1.07) | (1.47) | (0.40) |
| Total Distributions | (1.37) | (3.10) | (1.73) | (2.19) | (1.06) |
| **Net Asset Value, End of Period** | $48.85 | $62.23 | $51.33 | $43.93 | $35.22 |
| Total Return (b) | (19.38)% | 27.50% | 21.22% | 31.19% | (4.65)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.24% | 0.24% | 0.25% | 0.25% | 0.25% |
| Net Investment Income (Loss) | 1.30% | 1.09% | 1.47% | 1.73% | 1.75% |
| Gross Expenses (d) | 0.24% | 0.24% | 0.25% | 0.26% | 0.26% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $3423615 | $4410258 | $3997663 | $3603465 | $2957995 |
| Portfolio Turnover (e) | 7% | 8% | 5% | 13% | 4% |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA 500 Index Fund** | **USAA 500 Index Fund** | **USAA 500 Index Fund** | **USAA 500 Index Fund** | **USAA 500 Index Fund** |
| | **Reward Shares** | **Reward Shares** | **Reward Shares** | **Reward Shares** | **Reward Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $62.27 | $51.36 | $43.95 | $35.24 | $38.01 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.74<br> (a) | 0.68<br> (a) | 0.70<br> (a) | 0.75<br> (a) | 0.71 |
| Net realized and unrealized gains <br>(losses) | (12.71) | 13.38 | 8.49 | 10.19 | (2.38) |
| Total from Investment Activities | (11.97) | 14.06 | 9.19 | 10.94 | (1.67) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.75) | (0.68) | (0.71) | (0.76) | (0.70) |
| Net realized gains from investments | (0.67) | (2.47) | (1.07) | (1.47) | (0.40) |
| Total Distributions | (1.42) | (3.15) | (1.78) | (2.23) | (1.10) |
| **Net Asset Value, End of Period** | $48.88 | $62.27 | $51.36 | $43.95 | $35.24 |
| Total Return (b) | (19.31)% | 27.62% | 21.35% | 31.29% | (4.53)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| Net Investment Income (Loss) | 1.40% | 1.17% | 1.58% | 1.83% | 1.85% |
| Gross Expenses (d) | 0.19% | 0.18% | 0.18% | 0.18% | 0.18% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $5480518 | $6638059 | $5010367 | $4546094 | $3606745 |
| Portfolio Turnover (e) | 7% | 8% | 5% | 13% | 4% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 5 of the accompanying Notes to Financial Statements.

(d) Does not include acquired fund fees and expenses, if any.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements**<br> December 31, 2022 |

---

**1. Organization:**

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA 500 Index Fund (the "Fund"). The Fund offers two classes of shares: Member Shares and Reward Shares. The Fund is classified as diversified under the 1940 Act.

Each class of shares of the Fund has substantially identical rights and privileges, except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

Victory Capital Management ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**2. Significant Accounting Policies:**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

**Investment Valuation:**

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices (unadjusted) in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risks associated with entering into those investments.

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs") are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $8863078 | $— | $— | $8863078 |
| Collateral for Securities Loaned | 11292 |  |  | 11292 |
| Total | $8874370 | $— | $— | $8874370 |
| **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** |
| Liabilities: | Liabilities: | Liabilities: | Liabilities: | Liabilities: |
| Futures Contracts | $(263) | $— | $— | $(263) |
| Total | $(263) | $— | $— | $(263) |

---

\* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

As of December 31, 2022, there were no transfers into/out of Level 3.

**Real Estate Investment Trusts ("REITs"):**

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

**Investment Companies:**

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

**Derivative Instruments:**

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the year ended December 31, 2022, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

**Summary of Derivative Instruments:**

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022 (amounts in thousands):

---

| | |
|:---|:---|
|  | **Liabilities** |
| | **Variation Margin<br>Payable on Open<br>Futures Contracts\*** |
| **Equity Risk Exposure** | $263 |

---

\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statement of Assets and Liabilities.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022 (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **Net Realized Gains (Losses)<br>on Derivatives<br>Recognized as a<br>Result of Operations** | **Net Change in Unrealized<br>Appreciation/Depreciation<br>on Derivatives Recognized<br>as a Result of Operations** |
| | **Net Realized Gains (Losses)<br>from Futures Contracts** | **Net Change in Unrealized<br>Appreciation/Depreciation<br>on Futures Contracts** |
| **Equity Risk Exposure** | $(7833) | $(1292) |

---

All open derivative positions at year end are reflected on the Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to the Fund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year.

**Investment Transactions and Related Income:**

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

**Securities Lending:**

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Value of <br>Securities on Loan** | **Non-Cash <br>Collateral** | **Cash <br>Collateral** |
| $10952 | $— | $11292 |

---

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

**Federal Income Taxes:**

The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

For the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Allocations:**

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

**3. Purchases and Sales:**

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2022, were as follows for the Fund (amounts in thousands):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** |
| **Purchases** | **Sales** |
| $829204 | $698389 |

---

**4. Affiliated Fund Ownership:**

The Fund offers shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Fund as follows:

---

| | |
|:---|:---|
| **Affiliated USAA Mutual Funds** | **Ownership %** |
| USAA Cornerstone Conservative Fund | 0.1 |
| USAA Cornerstone Equity Fund | 0.4 |
| USAA Target Retirement Income Fund | 0.2 |
| USAA Target Retirement 2030 Fund | 0.7 |
| USAA Target Retirement 2040 Fund | 1.1 |
| USAA Target Retirement 2050 Fund | 0.8 |
| USAA Target Retirement 2060 Fund | 0.1 |

---

**5. Fees and Transactions with Affiliates and Related Parties:**

**Investment Advisory Fees:**

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.10% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2022, the Fund had no subadvisers.

**Administration and Servicing Fees:**

VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.06% and 0.06%, which is based on the Fund's average daily net assets of the Member Shares and Reward Shares, respectively. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Compliance fees.

**Transfer Agency Fees:**

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Member Shares and Reward Shares based on an annual charge of $20 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the year ended December 31, 2022, are reflected on the Statement of Operations as Transfer agent fees.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

**Distributor/Underwriting Services:**

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

**Other Fees:**

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Custodian fees.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) were 0.25% and 0.15% for Member Shares and Reward Shares, respectively.

Under the terms of the expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Expires<br>2023** | **Expires<br>2024** | **Expires<br>2025** | **Total** |
| $1427 | $1849 | $2034 | $5310 |

---

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2022.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

**6. Risks:**

The Fund may be subject to other risks in addition to these identified risks.

**<u>Market Risk</u>** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**<u>Equity Risk</u>** — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.

**<u>Large-Capitalization Stock Risk</u>** — The Fund invests in large-capitalization companies. Such investments may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-capitalization companies may be unable to respond

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.

**<u>Derivatives Risk</u>** — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.

**7. Borrowing and Interfund Lending:**

**Line of Credit:**

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through December 31, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. The Fund did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2022.

**Interfund Lending:**

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the year ended December 31, 2022.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**8. Federal Income Tax Information:**

The Fund intends to distribute any net investment income quarterly. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of December 31, 2022, on the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

---

| | |
|:---|:---|
| **Total Accumulated<br>Earnings/(Loss)** | **Capital** |
| $(828) | $828 |

---

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Distributions<br>paid from** | **Distributions<br>paid from** | | | **Distributions<br>paid from** | **Distributions<br>paid from** | | |
| **<br>Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**<br>Total<br>Taxable<br>Distributions** | **** <br>**<br>Total<br>Distributions<br>Paid** | **<br>Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**Total<br>Taxable<br>Distributions** | **** <br>**Total<br>Distributions<br>Paid** |
| $133177 | $117925 | $251102 | $251102 | $129496 | $404952 | $534448 | $534448 |

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As of December 31, 2022, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed <br>Long-Term <br>Capital Gains** | **Accumulated <br>Earnings** | **Qualified <br>Late-Year <br>Losses\*** | **Unrealized <br>Appreciation <br>(Depreciation)\*\*** | **Total<br>Accumulated<br>Earnings<br>(Loss)** |
| $1666 | $1666 | $(88) | $5549549 | $5551127 |

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\* Qualified late-year losses are comprised of certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31 and specified losses incurred after October 31. These losses are deemed to arise on the first day of the Fund's next taxable year.

\*\* The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, REIT adjustments and derivatives.

As of December 31, 2022, the Fund had no capital loss carryforwards for federal income tax purposes.

As of December 31, 2022, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Cost of<br>Investments<br>for Federal<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation <br>(Depreciation)** |
| $3324821 | $5808144 | $(258595) | $5549549 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**9. Subsequent Event**

On June 29, 2022, the Board approved a change to the Fund's fiscal year-end from December 31 to April 30, with an effective date of April 30, 2023.

The Board, upon recommendation of the Adviser, has approved a change in the name of the Trust and each individual fund within the Trust. On February 23, 2023, an initial filing was made with the SEC to commence the process to effectuate the following changes.

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current name of the Fund in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

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| | |
|:---|:---|
| **Old Name** | **New Name** |
| USAA 500 Index Fund | Victory 500 Index Fund |

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In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Trustees of USAA 500 Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of USAA 500 Index Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting USAA Mutual Funds Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2325533_ha005.jpg)

We have served as the auditor of one or more Victory Capital investment companies since 1995.

San Antonio, Texas<br>February 28, 2023

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information**<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Trustee and Officer Information**

**Board of Trustees:**

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, their positions with the Trust, their commencement of service, their principal occupations during the past five years, and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 45 portfolios in the Trust. Each Trustee's address is c/o Fund Administration, 15935 La Cantera Pkwy, San Antonio, TX 78256.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jefferson C. Boyce <br>(September 1957) | Independent Chair | Trustee since September 2013, Independent Chair since January 2021 | Retired. | 45 | Westhab, Inc., New York Theological Seminary, American Filtration Corp. |
| Dawn M. Hawley<br>(February 1954) | Trustee | Trustee since April 2014 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Daniel S. McNamara<br>(June 1966) | Trustee | Trustee since January 2012 | Trustee, President, and Vice Chairman of USAA ETF Trust (06/17-06/19); President of Financial Advice & Solutions Group (FASG), USAA (02/13-03/21); Director of USAA Asset Management Company (AMCO), (08/11-06/19); Chairman of Board of AMCO (04/13-06/19); Director of USAA Investment Services Company (ISCO) (formerly USAA Investment Management Company) (09/09-03/21); Chairman of Board of ISCO (04/13-12/20); President and Director of USAA Shareholder Account Services (SAS) (10/09-06/19); Chairman of Board of SAS (04/13-06/19); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (04/11-03/21); Director and Vice Chairman of FPS (12/13-03/21); President and Director of USAA Investment Corporation (ICORP) (03/10-03/21); Chairman of Board of ICORP (12/13-03/21); Director of USAA Financial Advisors, Inc. (FAI) (12/13-03/21); Chairman of Board of FAI (03/15-03/21). | 45 |  |
| Paul L. McNamara<br>(July 1948) | Trustee | Trustee since January 2012 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Richard Y. Newton, III (January 1956) | Trustee | Trustee since March 2017 | Director, Elta North America (01/18-08/19), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (12/15-present). | 45 | Terran Orbital Corp., American Made Filtration Corp. |
| Barbara B. Ostdiek, Ph.D.<br>(March 1964) | Trustee | Trustee since January 2008 | Senior Associate Dean of Degree programs at Jesse H. Jones Graduate School of Business at Rice University (07/13-present); Associate Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/01-07/21); Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/21-present). | 45 |  |
| John C. Walters<br>(February 1962) | Trustee | Trustee since July 2019 | Retired. | 45 | Guardian Variable Products Trust (16 series) |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Fund** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) Held <br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David C. Brown<br>(May 1972) | Trustee | Trustee since July 2019 | Chairman and Chief Executive Officer (2013-present), Victory Capital Management Inc.; Chief Executive Officer and Chairman (2013-present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013-present); Director, Victory Capital Transfer Agency, Inc. (2019-present). | 45 portfolios within the Trust; 40 portfolios within the Victory Portfolios, 25 series within the Victory Portfolios II, and 6 series within the Victory Variable Insurance Funds |  |

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The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Officers:**

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Pkwy, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** |
| Christopher K. Dyer<br>(February 1962) | President | July 2019 | Director of Mutual Fund Administration, Victory Capital Management Inc. (2004-present). Chief Operating Officer, Victory Capital Services, Inc. (2020-present). Vice President, Victory Capital Transfer Agency, Inc. (2019-present). |
| Scott Stahorsky<br>(July 1969) | Vice President | July 2019 | Manager, Fund Administration, Victory Capital Management Inc. (2015-present). |
| Thomas Dusenberry<br>(July 1977) | Secretary | June 2022 | Manager, Fund Administration, Victory Capital Management Inc. (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund, and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019). |
| James K. De Vries<br>(April 1969) | Treasurer | March 2018 | Executive Director, Victory Capital Management Inc. (07/01/19-present); Executive Director, Investment and Financial Administration, USAA (2012-06/30/19); Assistant Treasurer, USAA Mutual Funds Trust (2013-2018). Mr. De Vries also serves as the Funds' Principal Financial Officer. |
| Allan Shaer<br>(March 1965) | Assistant Treasurer | July 2019 | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2016-present); Vice President, Mutual Fund Administration, JP Morgan Chase Bank (2011-2016). |
| Carol D. Trevino<br>(October 1965) | Assistant Treasurer | September 2018 | Director, Accounting and Finance, Victory Capital Management Inc. (07/01/19-present); Accounting/ Financial Director, USAA (12/13-06/30/19). |
| Charles Booth<br>(April 1960) | Anti-Money Laundering Compliance Officer and Identity Theft Officer | July 2019 | Director, Regulatory Administration and CCO Support Services, City Fund Services Ohio, Inc. (2007-present). |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| Sean Fox<br>(September 1976) | Chief Compliance Officer | June 2022 | Deputy Chief Compliance Officer (July 2021-June 2022), Senior Compliance Officer, the Adviser (2019-2021), Compliance Officer, the Adviser (2015-2019). |

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&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on April 27, 2022, Erin Wagner resigned as the Secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on June 10, 2022, Colin Kinney resigned as the Chief Compliance Officer of the Trust.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Proxy Voting and Portfolio Holdings Information**

**Proxy Voting:**

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 235-8396. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov.

**Availability of Schedules of Portfolio Investments:**

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at sec.gov.

**Expense Examples**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including account maintenance fees, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022.

The **Actual Expense** figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Actual expenses in the table below do not reflect the effect of the annual $10.00 account maintenance fee that is assessed on Member Share accounts with balances of less than $10,000, at a rate of $2.50 per quarter. To include the effect of this fee on the expenses that you paid, add $5.00 ($2.50 for two quarters) to your calculated estimated expenses. If you are currently assessed this fee, your ending account value reflects the quarterly deduction from your account.)

The **Hypothetical Expense** figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>Account<br>Value<br>7/1/22** | **Actual<br>Ending<br>Account<br>Value<br>12/31/22** | **Hypothetical<br>Ending<br>Account<br>Value<br>12/31/22** | **Actual<br>Expenses<br>Paid During<br>Period<br>7/1/22-<br>12/31/22\*** | **Hypothetical<br>Expenses Paid <br>During Period<br>7/1/22-<br>12/31/22\*** | **Annualized<br>Expense Ratio<br>During Period<br>7/1/22-<br>12/31/22** |
| Member Shares | $1000.00 | $1019.40 | $1023.95 | $1.27 | $1.28 | 0.25% |
| Reward Shares | 1000.00 | 1019.90 | 1024.45 | 0.76 | 0.77 | 0.15% |

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\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Additional Federal Income Tax Information**

The following federal tax information related to the Fund's fiscal year ended December 31, 2022, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2023.

With respect to distributions paid, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2022 (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Dividends<br>Received<br>Deduction<br>(corporate<br>shareholders)** | **Qualified<br>Dividend<br>Income<br>(non-corporate<br>shareholders)** | **Short-Term<br>Capital Gain<br>Distributions** | **Long-Term<br>Capital Gain<br>Distributions** |
| 100% | 100% | $2915 | $118799 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Considerations of the Board in Continuing the Investment Advisory Agreement**

**USAA 500 Index Fund (the "Fund")**

At a meeting of the Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") held on December 8-9, 2022, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 8-9, 2022 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 21, 2022.

In advance of the foregoing meetings, the Trustees received and considered a variety of information relating to the Advisory Agreement and the Adviser, and were given the opportunity to ask questions and request additional information from management. The information provided to the Board included, among other things: (i) a separate report prepared by an independent third party of mutual fund data, which provided a statistical analysis comparing the Fund's investment performance, expenses, and fees to comparable investment companies; (ii) information concerning the services rendered to the Fund, as well as information regarding the Adviser's revenues and costs of providing services to the Fund and compensation paid to affiliates of the Adviser; and (iii) information about the Adviser's operations and personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Advisory Agreement with management and with experienced independent counsel retained by the Independent Trustees ("Independent Counsel") and received materials from such Independent Counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement with respect to the Fund. The Independent Trustees also reviewed the proposed continuation of the Advisory Agreement with respect to the Fund in private sessions with Independent Counsel at which no representatives of management were present.

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Fund's performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Fund. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings. The Board also recognized that the contractual arrangements for the Fund have been reviewed by the Board and discussed with the Adviser in prior years and that the Board's conclusions may be based, in part, on its consideration of these same arrangements in prior years.

**Advisory Agreement**

After full consideration of a variety of factors, the Board, including the Independent Trustees, voted to approve the Advisory Agreement. In approving the Advisory Agreement, the Trustees did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Throughout their deliberations, the Independent Trustees were represented and assisted by Independent Counsel.

**<u>Nature, Extent, and Quality of Services</u>** — In considering the nature, extent, and quality of the services provided by the Adviser under the Advisory Agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel. The Board also took into account its knowledge of the Adviser's management and the quality of the performance of the Adviser's duties through Board meetings, discussions, and reports during the preceding year. The Board considered the fees paid to the Adviser and the services provided to the Fund by the Adviser under the Advisory Agreement, as well as other services provided by the Adviser and its affiliates under other agreements, and the personnel who provide these services. In addition to the investment advisory services provided to the Fund, the Adviser and its affiliates provide administrative services, shareholder services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Fund and the Trust.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

The Board considered the scope of services provided by, and the undertakings required of, the Adviser in connection with those services, including, among other things, maintaining (i) its own and the Fund's compliance programs, (ii) risk management programs, (iii) liquidity risk management program, (iv) derivatives risk management program, and (v) cybersecurity programs, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, litigation, regulatory and compliance risks.

The Board considered the Adviser's management style and the performance of the Adviser's duties under the Advisory Agreement. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of its senior and investment personnel, as well as current staffing levels. The allocation of the Fund's brokerage, including the Adviser's process for monitoring "best execution," also was considered. The Adviser's role in coordinating the activities of the Fund's other service providers was also considered. The Board also considered the Adviser's risk management processes. The Board considered the Adviser's financial condition and that it had the financial wherewithal to continue to provide the same scope and high quality of services under the Advisory Agreement. In reviewing the Advisory Agreement, the Board focused on the experience, resources, and strengths of the Adviser and its affiliates in managing the Fund, as well as the other funds in the Trust.

The Board also reviewed the compliance and administrative services provided to the Fund by the Adviser and its affiliates, including the Adviser's oversight of the Fund's day-to-day operations and oversight of Fund accounting. The Trustees, guided also by information obtained from their experiences as Trustees of the Trust, also focused on the quality of the Adviser's compliance and administrative staff.

**<u>Expenses and Performance</u>** — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's net management fee rate — which includes advisory and administrative services as well as any fee waivers and reimbursements — was above the medians of its expense group and expense universe for Member Shares and below the medians of its expense group and expense universe for Reward Shares. The data indicated that the Fund's total expenses, including after any reimbursements, were below the medians of its expense group and its expense universe for Member Shares and Reward Shares. The Board also took into account the Adviser's current undertakings to maintain expense limitations for the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund. The Board also noted the high level of correlation between the Fund and the S&P 500 Index and the relatively low tracking error between the Fund and the S&P 500 Index, and noted that it reviews such information on a periodic basis.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the performance of the Fund's Member Shares and Reward Shares was below the average of its performance universe and its Lipper index for the one-year period ended June 30, 2022, and was above the average of its performance universe and its Lipper index for the three-, five- and ten-year periods ended June 30, 2022. The Board took into account management's discussion of the Fund's performance, including the reasons for the Fund's recent underperformance.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**<u>Compensation and Profitability</u>** — The Board took into consideration the level and method of computing the management fee. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the management revenues from the Fund. This information included a review of the methodology used in the allocation of certain costs to the Fund. In considering the profitability data with respect to the Fund, the Trustees noted that the Adviser reimbursed or waived a portion of its management fees to the Fund. The Trustees reviewed the profitability of the Adviser's relationship with the Fund before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

**<u>Economies of Scale</u>** — The Board considered whether there should be changes in the management fee rate or structure in order to enable the Fund to participate in any economies of scale. The Board also considered the fee waiver and expense reimbursement arrangements by the Adviser. The Board took into account management's discussion of the Fund's current advisory fee structure. The Board also considered the effect of the change in size, if any, of each of the Fund's classes on its performance and fees, noting that the Fund may realize other economies of scale if assets increase proportionally more than expenses. The Board determined that the current investment management fee structure was reasonable.

**<u>Conclusions</u>** — The Board reached the following conclusions regarding the Fund's Advisory Agreement with the Adviser: (i) the Adviser has demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (ii) the Adviser maintains an appropriate compliance program; (iii) the overall performance of the Fund is reasonable in relation to the performance of funds with similar investment objectives and to relevant indices and in view of the Fund's investment objective of seeking to track its designated index; (iv) the Fund's advisory expenses are reasonable in relation to those of similar funds and to the services to be provided by the Adviser; and (v) the Adviser's and its affiliates' level of profitability from their relationship with the Fund is reasonable in light of the nature and high quality of services provided by the Adviser and its affiliates and the type of fund. Based on its conclusions, the Board determined that continuation of the Advisory Agreement would be in the best interests of the Fund and its shareholders.

------

**Privacy Policy**

**Protecting the Privacy of Information**

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\*

\* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

------

P.O. Box 182593<br>Columbus, Ohio 43218-2593

![](j2325533_za006.jpg)

Visit our website at: Call <br> vcm.com (800) 235-8396

29237-0223

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![](j2325534_aa001.jpg)

DECEMBER 31, 2022

Annual Report

USAA Global Managed Volatility Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

------

vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open.

------

*USAA Mutual Funds Trust*

***TABLE OF CONTENTS***

---

| | |
|:---|:---|
| **Shareholder Letter (Unaudited)** | **2** |
| **Manager's Commentary (Unaudited)** | **4** |
| **Investment Overview (Unaudited)** | **6** |
| **Investment Objective & Portfolio <br>Holdings (Unaudited)** | **7** |
| **Schedule of Portfolio Investments** | **8** |
| **Financial Statements** | **Financial Statements** |
| *Statement of Assets and Liabilities* | **23** |
| *Statement of Operations* | **24** |
| *Statements of Changes in Net Assets* | **25** |
| *Financial Highlights* | **26** |
| **Notes to Financial Statements** | **28** |
| **Report of Independent <br>Registered Public Accounting Firm** | **39** |
| **Supplemental Information (Unaudited)** | **40** |
| *Trustee and Officer Information* | **40** |
| *Proxy Voting and Portfolio Holdings Information* | **46** |
| *Expense Examples* | **46** |
| *Additional Federal Income Tax Information* | **47** |
| *Advisory Contract Approval* | **48** |
| *Privacy Policy (inside back cover)* |  |

---

*This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.*

**IRA DISTRIBUTION WITHHOLDING DISCLOSURE**

*We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.*

*If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.*

*For more specific information, please consult your tax adviser.*

***• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE***

------

*(Unaudited)*

Dear Shareholder,

Our most recent annual reporting period ending December 31, 2022, was filled with epic challenges. Even the most seasoned investors who have been through more than one economic cycle have not witnessed financial markets like this in a long time, if ever.

Consider what transpired and how the investing backdrop changed so abruptly. The year began well enough with ample liquidity and an encouraging outlook for corporate profits. But that optimism faded early and was punctuated by the start of a terrible war in Eastern Europe. This fueled rising energy prices and intensified an inflation problem that was proving to be more than "transitory."

The inflation data was particularly troublesome and surprised many with some of the highest readings since the 1970s. In response, the U.S. Federal Reserve (the "Fed") pivoted to a far more restrictive monetary policy than anyone anticipated. Over the course of 2022, the Fed boosted the Fed funds interest rate on seven different occasions by a total of 4.5 percentage points. And if that wasn't enough, zero-Covid policies in China further exacerbated supply chain issues and dampened the outlook for global growth.

As one might expect, all of these obstacles ratcheted up volatility across financial markets. Broad market stock indices pulled back substantially around the world. The S&P 500<sup>®</sup> Index, the bell-weather proxy for our domestic stock market, delivered a negative total return of more than 18% for our annual reporting period.

Perhaps what made 2022 even more difficult was the performance of fixed income markets, which normally are considered a safe haven in times of equity turmoil. But not this past year. In fact, the Bloomberg US Aggregate Bond Index—a proxy for a diversified fixed income portfolio and one that many investors and institutions follow closely—delivered a negative total return of approximately 13%, its worst annual performance since the 1970s. That's not exactly the offset to equity performance that many investors were expecting from bonds.

It was a tough year, and we fully acknowledge that the steady drumbeat of bad news and bouts of stomach-churning volatility can take a toll on investors' psyche. Nobody likes opening their account statements during declining markets; and even when markets snap back sharply (as happened this past July and October), investors often wonder if they have missed an opportunity.

Through all of the challenges in our most recent annual reporting period, we are reminded of two enduring realities: 1) financial markets are dynamic and apt to change abruptly; 2) it's vital that we remain calm and rational whenever faced with those inevitable bouts of turmoil.

Fortunately, we think that investors can take comfort knowing that all of our independent investment franchises have experience managing portfolios through a wide variety of market environments. Our investment professionals remain calm during turbulent financial markets, and we think it's imperative that investors do the same.

------

We still believe that a long-term plan, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are the key ingredients for staying the course and progressing on investment goals. Moreover, all our investment professionals continually monitor the environment and work hard to position portfolios opportunistically no matter what the markets bring. Remember, turmoil can also create opportunity.

On the following pages, you will find information relating to your USAA Mutual Funds, brought to you by Victory Capital. If you have any questions, we encourage you to contact our Member Service Representatives. Call 800-235-8396, or visit our website at vcm.com.

From all of us here at Victory Capital, thank you for your ongoing confidence and for letting us help you work toward your investment goals.

![](j2325534_ba002.jpg)

**Christopher K. Dyer, CFA**

*President,<br>USAA Mutual Funds Trust*

------

USAA Global Managed Volatility Fund

**Manager's Commentary**<br> (Unaudited)

**• What were the market conditions over the reporting period?**

At the beginning of the reporting period, the Russian invasion of Ukraine in February of 2022 added significant volatility to both equity and bond markets that were already concerned with elevated levels of inflation, a hawkish U.S. Federal Reserve (the "Fed"), and rising interest rates. In the first quarter of 2022, the combination of widening credit spreads and rising interest rates led to the worst quarter for the Bloomberg US Aggregate Bond Index in 40 years. Equity markets did not fare any better as the bellwether S&P 500<sup>®</sup> Index also posted a negative return during the quarter. With the Fed now embarking on a tightening cycle, the markets remained focused on the Fed and whether it can engineer a soft landing amidst the highest inflation readings in 40 years.

The second quarter of 2022 saw continued pressure on stocks and bonds. The Fed's hawkish pivot, which started in the fourth quarter of 2021 continued to put pressure on equity multiples, especially for long-duration growth stocks. With inflation readings hitting four-decade highs, the Fed now faced an increasingly difficult task of implementing policy strong enough to tame inflation and provide a "soft landing" for the economy, while not being too aggressive and tilting the economy into recession. This risk contributed to the heightened stock market volatility, in addition to mounting COVID-19 related lockdowns in China, rising oil prices, and the ongoing conflict between Russia and the Ukraine.

In the third quarter, global equities declined, continuing the downward trend from the first half of 2022. The quarter began with a rally that continued into mid-August, on hopes that the Fed would pivot toward a more accommodative policy. However, messaging from the Fed Chairman, Jerome Powell, and a stronger-than-expected inflation report in early September dampened investor optimism over the central bank's trajectory and the odds of avoiding a recession. The Fed went on to hike rates aggressively by 75 basis points ("bps") twice during the quarter, bringing the benchmark fed funds rate target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the beginning of the year. (A basis point is 1/100th of a percentage point.) For its part, the European Central Bank raised its reference rate by 50 bps in July, followed by another 75 bps in September. Other factors that weighed on sentiment during the quarter included the ongoing Russia-Ukraine war, an energy crisis in Europe, and the resumption of COVID-19 lockdowns in China.

Global Equities rebounded in the fourth quarter, trimming full year losses. Gains in October and November were sparked by signs of peaking inflation alongside less hawkish commentary from the Fed Chairman Powell raising hope that the central bank would end its interest rate hiking cycle sometime in early 2023. Indeed, both the Fed and the European Central Bank raised their benchmark overnight lending rates by a more modest 50 bps in mid-December. Also supporting sentiment, the Chinese government began to ease their zero-COVID-19 policy that had weighed on global economic growth for much of 2022. However, stocks retreated into year-end as investors shifted their focus to the potential impact higher rates might have on economic growth and corporate earnings in the coming year.

------

USAA Global Managed Volatility Fund

**Manager's Commentary** (continued)

**• How did the USAA Global Managed Volatility Fund (the "Fund") perform during the reporting period?**

The Fund has two share classes: Fund Shares and Institutional Shares. For the reporting period ended December 31, 2022, the Fund Shares and Institutional Shares had total returns of -15.78% and -15.70%, respectively. This compares to total returns of -18.36% for the MSCI All Country World Index, the Fund's benchmark index, and -12.29% for the Global Managed Volatility Composite Index.

**• What strategies did you employ during the reporting period?**

The Fund seeks to provide diversified exposure to global equities. We strive to construct a portfolio that can participate in equities' longer-term performance while also managing the risk of large market downturns.

The Fund performed as expected in 2022, outperforming the Fund's benchmark when global markets were down. The Fund's emphasis on constructing a portfolio with lower volatility than the benchmark was a tailwind as global markets experienced heightened volatility over 2022. Our focus on companies with high levels of profitability and stable balance sheets also contributed positively over the year. The Fund had a small allocation to Russian securities that negatively impacted performance over the period.

Thank you for allowing us to assist you with your investment needs.

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USAA Global Managed Volatility Fund

**Investment Overview**<br> (Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund Shares** | **Institutional Shares** | | |
| **INCEPTION DATE** | *7/12/13* | *7/31/08* |  |  |
|  | **Net Asset Value** | **Net Asset Value**  | **MSCI All Country<br>World Index<sup>1+</sup>** | **Global Managed Volatility<br>Composite Index<sup>2+</sup>** |
| *One Year* | *–15.78%* | *–15.70%* | *–18.36%* | *–12.29%* |
| *Five Year* | *3.75%* | *3.95%* | *5.23%* | *4.38%* |
| *Ten Year* | *N/A* | *5.30%* | *N/A* | *N/A* |
| *Since Inception* | *4.83%* | *N/A* | *7.31%* | *5.72%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

*+The since inception performance of the MSCI All Country World Index and Global Managed Volatility Composite Index are calculated from July 12, 2013 through December 31, 2022.*

**USAA Global Managed Volatility Fund — Growth of $10,000**

![](j2325534_bc003.jpg)

*<sup>1</sup>The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*<sup>2</sup>The Global Managed Volatility Composite Index is a combination of indexes representing the Fund's model allocation, and consists of the MSCI All Country World Index (70%) and the Bloomberg U.S. Treasury — Bills (1-3M) (30%). This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

*\*The performance of the MSCI All Country World Index and the Global Managed Volatility Composite Index are calculated from the end of the month, July 31, 2013, while the inception date of the USAA Global Managed Volatility Fund Shares is July 12, 2013. There may be slight variation of performance numbers because of this difference.*

**Past performance is not indicative of future results.**

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---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund seeks to attain long-term capital appreciation while attempting to reduce volatility during unfavorable market conditions.

**Top 10 Holdings\*:**

*December 31, 2022*

*(% of Net Assets)*

---

| | |
|:---|:---|
| *Apple, Inc.* | *4.2%* |
| *Microsoft Corp.* | *3.1%* |
| *Alphabet, Inc.* | *2.2%* |
| *Johnson & Johnson* | *1.9%* |
| *Lockheed Martin Corp.* | *1.7%* |
| *The Progressive Corp.* | *1.5%* |
| *UnitedHealth Group, Inc.* | *1.4%* |
| *Philip Morris International, Inc.* | *1.4%* |
| *Yum! Brands, Inc.* | *1.3%* |
| *Amgen, Inc.* | *1.3%* |

---

**Sector Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325534_bc004.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (99.8%)** | **Common Stocks (99.8%)** | **Common Stocks (99.8%)** |
| **Australia (3.0%):** | **Australia (3.0%):** | **Australia (3.0%):** |
| **Consumer Discretionary (0.5%):** | **Consumer Discretionary (0.5%):** | **Consumer Discretionary (0.5%):** |
| Wesfarmers Ltd. | 78544 | $2449 |
| **Consumer Staples (0.7%):** | **Consumer Staples (0.7%):** | **Consumer Staples (0.7%):** |
| Coles Group Ltd. | 108537 | 1230 |
| Woolworths Group Ltd. | 83361 | 1903 |
|  |  | 3133 |
| **Financials (0.3%):** | **Financials (0.3%):** | **Financials (0.3%):** |
| Medibank Pvt. Ltd. | 662482 | 1321 |
| **Materials (1.5%):** | **Materials (1.5%):** | **Materials (1.5%):** |
| BHP Group Ltd. | 132877 | 4115 |
| Fortescue Metals Group Ltd. | 81622 | 1141 |
| Rio Tinto Ltd. | 27475 | 2168 |
|  |  | 7424 |
|  |  | 14327 |
| **Belgium (0.3%):** | **Belgium (0.3%):** | **Belgium (0.3%):** |
| **Financials (0.3%):** | **Financials (0.3%):** | **Financials (0.3%):** |
| KBC Group NV | 21171 | 1363 |
| **Brazil (1.3%):** | **Brazil (1.3%):** | **Brazil (1.3%):** |
| **Energy (0.4%):** | **Energy (0.4%):** | **Energy (0.4%):** |
| Petroleo Brasileiro SA Preference Shares | 295400 | 1371 |
| Petroleo Brasileiro SA | 50700 | 269 |
|  |  | 1640 |
| **Financials (0.4%):** | **Financials (0.4%):** | **Financials (0.4%):** |
| Banco Bradesco SA Preference Shares | 61400 | 175 |
| BB Seguridade Participacoes SA | 264800 | 1686 |
| Itau Unibanco Holding SA Preference Shares | 35445 | 168 |
|  |  | 2029 |
| **Materials (0.5%):** | **Materials (0.5%):** | **Materials (0.5%):** |
| Vale SA | 152497 | 2584 |
|  |  | 6253 |
| **Canada (3.4%):** | **Canada (3.4%):** | **Canada (3.4%):** |
| **Consumer Discretionary (0.9%):** | **Consumer Discretionary (0.9%):** | **Consumer Discretionary (0.9%):** |
| Dollarama, Inc. | 41067 | 2402 |
| Lululemon Athletica, Inc. (a) | 5321 | 1705 |
| Magna International, Inc. | 2600 | 146 |
|  |  | 4253 |
| **Consumer Staples (0.5%):** | **Consumer Staples (0.5%):** | **Consumer Staples (0.5%):** |
| Alimentation Couche-Tard, Inc. | 47858 | 2103 |
| Loblaw Cos. Ltd. | 2870 | 254 |
|  |  | 2357 |

---

*See notes to financial statements.*

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Financials (1.3%):** | **Financials (1.3%):** | **Financials (1.3%):** |
| iA Financial Corp., Inc. | 4632 | $271 |
| Power Corp. (b) | 16734 | 394 |
| Sun Life Financial, Inc. | 49786 | 2311 |
| The Toronto-Dominion Bank | 47618 | 3084 |
|  |  | 6060 |
| **Information Technology (0.7%):** | **Information Technology (0.7%):** | **Information Technology (0.7%):** |
| CGI, Inc. (a) | 16304 | 1405 |
| Constellation Software, Inc. | 1403 | 2191 |
|  |  | 3596 |
| **Materials (0.0%): (c)** | **Materials (0.0%): (c)** | **Materials (0.0%): (c)** |
| Nutrien Ltd. | 1356 | 99 |
|  |  | 16365 |
| **China (1.6%):** | **China (1.6%):** | **China (1.6%):** |
| **Communication Services (0.1%):** | **Communication Services (0.1%):** | **Communication Services (0.1%):** |
| NetEase, Inc., ADR | 8040 | 584 |
| **Consumer Discretionary (0.5%):** | **Consumer Discretionary (0.5%):** | **Consumer Discretionary (0.5%):** |
| ANTA Sports Products Ltd. | 86028 | 1119 |
| BYD Co. Ltd. Class H | 3500 | 86 |
| China Meidong Auto Holdings Ltd. | 268000 | 547 |
| Topsports International Holdings Ltd. (d) | 518000 | 408 |
| Vipshop Holdings Ltd., ADR (a) | 8117 | 111 |
|  |  | 2271 |
| **Consumer Staples (0.2%):** | **Consumer Staples (0.2%):** | **Consumer Staples (0.2%):** |
| Nongfu Spring Co., Ltd. Class H (d) | 135400 | 763 |
| **Energy (0.0%): (c)** | **Energy (0.0%): (c)** | **Energy (0.0%): (c)** |
| China Shenhua Energy Co. Ltd. Class H | 64500 | 186 |
| **Financials (0.4%):** | **Financials (0.4%):** | **Financials (0.4%):** |
| 360 DigiTech, Inc., ADR | 4803 | 98 |
| Bank of China Ltd. Class H | 779000 | 282 |
| China Life Insurance Co. Ltd. Class H | 461000 | 787 |
| China Merchants Bank Co. Ltd. Class H | 23261 | 129 |
| China Pacific Insurance Group Co. Ltd. Class H | 193800 | 428 |
| Industrial & Commercial Bank of China Ltd. Class H | 434000 | 222 |
|  |  | 1946 |
| **Health Care (0.1%):** | **Health Care (0.1%):** | **Health Care (0.1%):** |
| CSPC Pharmaceutical Group Ltd. | 658000 | 685 |
| **Information Technology (0.1%):** | **Information Technology (0.1%):** | **Information Technology (0.1%):** |
| Sunny Optical Technology Group Co. Ltd. | 49600 | 585 |
| **Utilities (0.2%):** | **Utilities (0.2%):** | **Utilities (0.2%):** |
| ENN Energy Holdings Ltd. | 57301 | 800 |
|  |  | 7820 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Denmark (1.5%):** | **Denmark (1.5%):** | **Denmark (1.5%):** |
| **Consumer Discretionary (0.3%):** | **Consumer Discretionary (0.3%):** | **Consumer Discretionary (0.3%):** |
| Pandora A/S | 21023 | $1486 |
| **Consumer Staples (0.0%): (c)** | **Consumer Staples (0.0%): (c)** | **Consumer Staples (0.0%): (c)** |
| Carlsberg AS Class B | 927 | 123 |
| **Health Care (1.0%):** | **Health Care (1.0%):** | **Health Care (1.0%):** |
| Coloplast A/S Class B | 9117 | 1068 |
| Novo Nordisk A/S Class B | 26759 | 3635 |
|  |  | 4703 |
| **Industrials (0.0%): (c)** | **Industrials (0.0%): (c)** | **Industrials (0.0%): (c)** |
| AP Moller — Maersk A/S Class B | 41 | 92 |
| **Materials (0.2%):** | **Materials (0.2%):** | **Materials (0.2%):** |
| Novozymes A/S B Shares | 15639 | 794 |
|  |  | 7198 |
| **Finland (0.9%):** | **Finland (0.9%):** | **Finland (0.9%):** |
| **Energy (0.1%):** | **Energy (0.1%):** | **Energy (0.1%):** |
| Neste Oyj | 14780 | 681 |
| **Health Care (0.2%):** | **Health Care (0.2%):** | **Health Care (0.2%):** |
| Orion Oyj Class B | 13334 | 731 |
| **Industrials (0.6%):** | **Industrials (0.6%):** | **Industrials (0.6%):** |
| Kone Oyj Class B | 53377 | 2763 |
|  |  | 4175 |
| **France (1.5%):** | **France (1.5%):** | **France (1.5%):** |
| **Consumer Discretionary (0.6%):** | **Consumer Discretionary (0.6%):** | **Consumer Discretionary (0.6%):** |
| Hermes International | 757 | 1172 |
| La Francaise des Jeux SAEM (d) | 7936 | 319 |
| LVMH Moet Hennessy Louis Vuitton SE | 2110 | 1535 |
|  |  | 3026 |
| **Consumer Staples (0.5%):** | **Consumer Staples (0.5%):** | **Consumer Staples (0.5%):** |
| L'Oreal SA | 7301 | 2614 |
| **Energy (0.1%):** | **Energy (0.1%):** | **Energy (0.1%):** |
| TotalEnergies SE (b) | 3665 | 230 |
| **Financials (0.1%):** | **Financials (0.1%):** | **Financials (0.1%):** |
| Wendel Se | 2283 | 213 |
| **Industrials (0.1%):** | **Industrials (0.1%):** | **Industrials (0.1%):** |
| Cie de Saint-Gobain | 3641 | 178 |
| Schneider Electric SE | 1048 | 147 |
| Thales SA | 1468 | 188 |
|  |  | 513 |
| **Information Technology (0.1%):** | **Information Technology (0.1%):** | **Information Technology (0.1%):** |
| Capgemini SE | 1544 | 258 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Utilities (0.0%): (c)** | **Utilities (0.0%): (c)** | **Utilities (0.0%): (c)** |
| Veolia Environnement SA | 4542 | $117 |
|  |  | 6971 |
| **Germany (0.7%):** | **Germany (0.7%):** | **Germany (0.7%):** |
| **Consumer Discretionary (0.2%):** | **Consumer Discretionary (0.2%):** | **Consumer Discretionary (0.2%):** |
| adidas AG | 6468 | 876 |
| Mercedes-Benz Group AG | 3290 | 215 |
|  |  | 1091 |
| **Industrials (0.5%):** | **Industrials (0.5%):** | **Industrials (0.5%):** |
| Deutsche Post AG Registered Shares | 57340 | 2146 |
| **Utilities (0.0%): (c)** | **Utilities (0.0%): (c)** | **Utilities (0.0%): (c)** |
| RWE AG | 2122 | 94 |
|  |  | 3331 |
| **Hong Kong (1.0%):** | **Hong Kong (1.0%):** | **Hong Kong (1.0%):** |
| **Consumer Discretionary (0.1%):** | **Consumer Discretionary (0.1%):** | **Consumer Discretionary (0.1%):** |
| Chow Tai Fook Jewellery Group Ltd. | 293400 | 596 |
| **Consumer Staples (0.0%): (c)** | **Consumer Staples (0.0%): (c)** | **Consumer Staples (0.0%): (c)** |
| WH Group Ltd. (d) | 278000 | 162 |
| **Financials (0.2%):** | **Financials (0.2%):** | **Financials (0.2%):** |
| Futu Holdings Ltd., ADR (a) | 1910 | 78 |
| Hong Kong Exchanges & Clearing Ltd. | 23200 | 997 |
|  |  | 1075 |
| **Health Care (0.1%):** | **Health Care (0.1%):** | **Health Care (0.1%):** |
| Sino Biopharmaceutical Ltd. | 788000 | 459 |
| **Industrials (0.3%):** | **Industrials (0.3%):** | **Industrials (0.3%):** |
| Orient Overseas International Ltd. | 11500 | 207 |
| SITC International Holdings Co. Ltd. | 432000 | 958 |
|  |  | 1165 |
| **Information Technology (0.3%):** | **Information Technology (0.3%):** | **Information Technology (0.3%):** |
| Lenovo Group Ltd. | 1462000 | 1191 |
|  |  | 4648 |
| **India (1.1%):** | **India (1.1%):** | **India (1.1%):** |
| **Financials (0.5%):** | **Financials (0.5%):** | **Financials (0.5%):** |
| ICICI Bank Ltd. | 194277 | 2090 |
| SBI Life Insurance Co. Ltd. (d) | 29704 | 441 |
|  |  | 2531 |
| **Industrials (0.0%): (c)** | **Industrials (0.0%): (c)** | **Industrials (0.0%): (c)** |
| Bharat Electronics Ltd. | 55034 | 66 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Information Technology (0.6%):** | **Information Technology (0.6%):** | **Information Technology (0.6%):** |
| HCL Technologies Ltd. | 16887 | $212 |
| Infosys Ltd. | 93989 | 1714 |
| Tata Consultancy Services Ltd. | 21312 | 838 |
| Wipro Ltd. | 11811 | 56 |
|  |  | 2820 |
|  |  | 5417 |
| **Indonesia (0.7%):** | **Indonesia (0.7%):** | **Indonesia (0.7%):** |
| **Communication Services (0.2%):** | **Communication Services (0.2%):** | **Communication Services (0.2%):** |
| PT Telkom Indonesia Persero Tbk | 3587700 | 864 |
| **Financials (0.5%):** | **Financials (0.5%):** | **Financials (0.5%):** |
| PT Bank Central Asia Tbk | 4205500 | 2307 |
|  |  | 3171 |
| **Ireland (0.4%):** | **Ireland (0.4%):** | **Ireland (0.4%):** |
| **Information Technology (0.4%):** | **Information Technology (0.4%):** | **Information Technology (0.4%):** |
| Accenture PLC Class A | 8083 | 2157 |
| **Israel (0.5%):** | **Israel (0.5%):** | **Israel (0.5%):** |
| **Communication Services (0.1%):** | **Communication Services (0.1%):** | **Communication Services (0.1%):** |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 233036 | 400 |
| **Industrials (0.0%): (c)** | **Industrials (0.0%): (c)** | **Industrials (0.0%): (c)** |
| ZIM Integrated Shipping Services Ltd. (b) | 6205 | 107 |
| **Information Technology (0.4%):** | **Information Technology (0.4%):** | **Information Technology (0.4%):** |
| Check Point Software Technologies Ltd. (a) | 14003 | 1767 |
|  |  | 2274 |
| **Japan (5.4%):** | **Japan (5.4%):** | **Japan (5.4%):** |
| **Communication Services (1.8%):** | **Communication Services (1.8%):** | **Communication Services (1.8%):** |
| KDDI Corp. | 102300 | 3103 |
| Nintendo Co. Ltd. | 22500 | 946 |
| Nippon Telegraph & Telephone Corp. | 73000 | 2082 |
| Softbank Corp. | 214100 | 2423 |
|  |  | 8554 |
| **Consumer Discretionary (0.8%):** | **Consumer Discretionary (0.8%):** | **Consumer Discretionary (0.8%):** |
| Fast Retailing Co. Ltd. | 3300 | 2008 |
| Honda Motor Co. Ltd. | 14600 | 333 |
| Sony Group Corp. | 1100 | 84 |
| Yamaha Motor Co. Ltd. | 8300 | 188 |
| ZOZO, Inc. | 44900 | 1109 |
|  |  | 3722 |
| **Financials (0.7%):** | **Financials (0.7%):** | **Financials (0.7%):** |
| Tokio Marine Holdings, Inc. | 154800 | 3307 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Health Care (1.0%):** | **Health Care (1.0%):** | **Health Care (1.0%):** |
| Astellas Pharma, Inc. | 139927 | $2128 |
| Hoya Corp. | 13700 | 1313 |
| Olympus Corp. | 93200 | 1644 |
|  |  | 5085 |
| **Industrials (0.5%):** | **Industrials (0.5%):** | **Industrials (0.5%):** |
| Hitachi Ltd. | 4573 | 230 |
| ITOCHU Corp. | 12622 | 396 |
| Recruit Holdings Co. Ltd. | 51600 | 1616 |
| Taisei Corp. | 10800 | 348 |
|  |  | 2590 |
| **Information Technology (0.6%):** | **Information Technology (0.6%):** | **Information Technology (0.6%):** |
| FUJIFILM Holdings Corp. | 2300 | 115 |
| Fujitsu Ltd. | 11300 | 1507 |
| Nomura Research Institute Ltd. | 23400 | 556 |
| Oracle Corp. | 7000 | 455 |
| Tokyo Electron Ltd. | 200 | 59 |
|  |  | 2692 |
|  |  | 25950 |
| **Korea, Republic Of (0.4%):** | **Korea, Republic Of (0.4%):** | **Korea, Republic Of (0.4%):** |
| **Consumer Discretionary (0.3%):** | **Consumer Discretionary (0.3%):** | **Consumer Discretionary (0.3%):** |
| F&F Co. Ltd. | 10578 | 1216 |
| Kia Corp. | 2268 | 106 |
|  |  | 1322 |
| **Financials (0.0%): (c)** | **Financials (0.0%): (c)** | **Financials (0.0%): (c)** |
| KB Financial Group, Inc. | 2140 | 82 |
| Shinhan Financial Group Co. Ltd. | 5854 | 163 |
|  |  | 245 |
| **Information Technology (0.1%):** | **Information Technology (0.1%):** | **Information Technology (0.1%):** |
| LG Innotek Co. Ltd. | 482 | 97 |
| Samsung Electronics Co. Ltd. | 7438 | 327 |
|  |  | 424 |
|  |  | 1991 |
| **Mexico (0.8%):** | **Mexico (0.8%):** | **Mexico (0.8%):** |
| **Communication Services (0.5%):** | **Communication Services (0.5%):** | **Communication Services (0.5%):** |
| America Movil SAB de CV Class L | 2719797 | 2468 |
| Sitios Latinoamerica SAB de CV | 14356 | 7 |
|  |  | 2475 |
| **Consumer Staples (0.3%):** | **Consumer Staples (0.3%):** | **Consumer Staples (0.3%):** |
| Wal-Mart de Mexico SAB de CV | 407936 | 1436 |
| **Financials (0.0%): (c)** | **Financials (0.0%): (c)** | **Financials (0.0%): (c)** |
| Grupo Financiero Banorte SAB de CV Class O | 16246 | 117 |
|  |  | 4028 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Netherlands (1.5%):** | **Netherlands (1.5%):** | **Netherlands (1.5%):** |
| **Communication Services (0.2%):** | **Communication Services (0.2%):** | **Communication Services (0.2%):** |
| Koninklijke KPN NV | 239868 | $742 |
| **Consumer Staples (0.5%):** | **Consumer Staples (0.5%):** | **Consumer Staples (0.5%):** |
| Koninklijke Ahold Delhaize NV | 85605 | 2461 |
| **Industrials (0.4%):** | **Industrials (0.4%):** | **Industrials (0.4%):** |
| Wolters Kluwer NV | 19663 | 2057 |
| **Information Technology (0.4%):** | **Information Technology (0.4%):** | **Information Technology (0.4%):** |
| ASML Holding NV | 2886 | 1574 |
| STMicroelectronics NV | 5919 | 210 |
|  |  | 1784 |
| **Materials (0.0%): (c)** | **Materials (0.0%): (c)** | **Materials (0.0%): (c)** |
| LyondellBasell Industries NV Class A | 2410 | 200 |
|  |  | 7244 |
| **Norway (0.6%):** | **Norway (0.6%):** | **Norway (0.6%):** |
| **Energy (0.6%):** | **Energy (0.6%):** | **Energy (0.6%):** |
| Aker BP ASA | 4244 | 132 |
| Equinor ASA | 77501 | 2789 |
|  |  | 2921 |
| **Materials (0.0%): (c)** | **Materials (0.0%): (c)** | **Materials (0.0%): (c)** |
| Norsk Hydro ASA | 24127 | 180 |
|  |  | 3101 |
| **Russian Federation (0.0%): (c)** | **Russian Federation (0.0%): (c)** | **Russian Federation (0.0%): (c)** |
| **Communication Services (0.0%): (c)** | **Communication Services (0.0%): (c)** | **Communication Services (0.0%): (c)** |
| Mobile TeleSystems PJSC (e) (f) (g) (h) | 480728 | 16 |
| **Consumer Staples (0.0%): (c)** | **Consumer Staples (0.0%): (c)** | **Consumer Staples (0.0%): (c)** |
| X5 Retail Group NV, GDR (e) (f) (g) (h) | 18705 | 2 |
| **Energy (0.0%): (c)** | **Energy (0.0%): (c)** | **Energy (0.0%): (c)** |
| LUKOIL PJSC (e) (f) (g) (h) | 34009 | 5 |
| Tatneft PJSC (e) (f) (g) (h) | 90761 | 5 |
|  |  | 10 |
| **Financials (0.0%): (c)** | **Financials (0.0%): (c)** | **Financials (0.0%): (c)** |
| Sberbank of Russia PJSC (a) (e) (f) (g) (h) | 409312 | 1 |
| **Materials (0.0%): (c)** | **Materials (0.0%): (c)** | **Materials (0.0%): (c)** |
| MMC Norilsk Nickel PJSC (e) (f) (g) (h) | 5249 | 14 |
|  |  | 43 |
| **Singapore (0.1%):** | **Singapore (0.1%):** | **Singapore (0.1%):** |
| **Financials (0.1%):** | **Financials (0.1%):** | **Financials (0.1%):** |
| DBS Group Holdings Ltd. | 11722 | 297 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **South Africa (1.2%):** | **South Africa (1.2%):** | **South Africa (1.2%):** |
| **Communication Services (0.3%):** | **Communication Services (0.3%):** | **Communication Services (0.3%):** |
| MTN Group Ltd. | 98821 | $738 |
| MultiChoice Group | 109118 | 753 |
|  |  | 1491 |
| **Financials (0.5%):** | **Financials (0.5%):** | **Financials (0.5%):** |
| Capitec Bank Holdings Ltd. | 18418 | 2006 |
| FirstRand Ltd. | 48643 | 177 |
| Standard Bank Group Ltd. | 17591 | 174 |
|  |  | 2357 |
| **Materials (0.4%):** | **Materials (0.4%):** | **Materials (0.4%):** |
| Anglo American Platinum Ltd. | 10378 | 867 |
| Kumba Iron Ore Ltd. | 23425 | 677 |
| Sibanye Stillwater Ltd. | 160145 | 425 |
|  |  | 1969 |
|  |  | 5817 |
| **Spain (0.9%):** | **Spain (0.9%):** | **Spain (0.9%):** |
| **Communication Services (0.0%): (c)** | **Communication Services (0.0%): (c)** | **Communication Services (0.0%): (c)** |
| Telefonica SA | 45392 | 164 |
| **Consumer Discretionary (0.4%):** | **Consumer Discretionary (0.4%):** | **Consumer Discretionary (0.4%):** |
| Industria de Diseno Textil SA | 78615 | 2088 |
| **Financials (0.5%):** | **Financials (0.5%):** | **Financials (0.5%):** |
| Banco Bilbao Vizcaya Argentaria SA | 370830 | 2233 |
|  |  | 4485 |
| **Sweden (0.4%):** | **Sweden (0.4%):** | **Sweden (0.4%):** |
| **Consumer Discretionary (0.1%):** | **Consumer Discretionary (0.1%):** | **Consumer Discretionary (0.1%):** |
| H & M Hennes & Mauritz AB Class B (b) | 53798 | 580 |
| **Industrials (0.1%):** | **Industrials (0.1%):** | **Industrials (0.1%):** |
| Atlas Copco AB Class A | 17077 | 202 |
| Volvo AB Class B | 9051 | 164 |
|  |  | 366 |
| **Information Technology (0.2%):** | **Information Technology (0.2%):** | **Information Technology (0.2%):** |
| Telefonaktiebolaget LM Ericsson Class B | 164278 | 963 |
|  |  | 1909 |
| **Switzerland (3.9%):** | **Switzerland (3.9%):** | **Switzerland (3.9%):** |
| **Communication Services (0.1%):** | **Communication Services (0.1%):** | **Communication Services (0.1%):** |
| Swisscom AG Registered Shares | 530 | 290 |
| **Consumer Staples (1.0%):** | **Consumer Staples (1.0%):** | **Consumer Staples (1.0%):** |
| Nestle SA Registered Shares | 40472 | 4676 |
| **Financials (0.0%): (c)** | **Financials (0.0%): (c)** | **Financials (0.0%): (c)** |
| Partners Group Holding AG | 301 | 267 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Health Care (2.0%):** | **Health Care (2.0%):** | **Health Care (2.0%):** |
| Novartis AG Registered Shares | 50031 | $4529 |
| Roche Holding AG | 13731 | 4316 |
| Roche Holding AG Class BR | 1646 | 638 |
|  |  | 9483 |
| **Industrials (0.7%):** | **Industrials (0.7%):** | **Industrials (0.7%):** |
| Geberit AG Registered Shares | 2803 | 1324 |
| Kuehne + Nagel International AG Class R | 4124 | 959 |
| SGS SA Registered Shares | 440 | 1025 |
|  |  | 3308 |
| **Information Technology (0.0%): (c)** | **Information Technology (0.0%): (c)** | **Information Technology (0.0%): (c)** |
| TE Connectivity Ltd. | 1052 | 121 |
| **Materials (0.1%):** | **Materials (0.1%):** | **Materials (0.1%):** |
| Sika AG Registered Shares | 1917 | 461 |
|  |  | 18606 |
| **Taiwan (2.2%):** | **Taiwan (2.2%):** | **Taiwan (2.2%):** |
| **Consumer Discretionary (0.1%):** | **Consumer Discretionary (0.1%):** | **Consumer Discretionary (0.1%):** |
| Feng TAY Enterprise Co. Ltd. | 47000 | 315 |
| **Consumer Staples (0.2%):** | **Consumer Staples (0.2%):** | **Consumer Staples (0.2%):** |
| Uni-President Enterprises Corp. | 491730 | 1065 |
| **Financials (0.0%): (c)** | **Financials (0.0%): (c)** | **Financials (0.0%): (c)** |
| Cathay Financial Holding Co. Ltd. | 68000 | 88 |
| CTBC Financial Holding Co. Ltd. | 302000 | 217 |
|  |  | 305 |
| **Industrials (0.1%):** | **Industrials (0.1%):** | **Industrials (0.1%):** |
| Voltronic Power Technology Corp. | 7000 | 351 |
| **Information Technology (1.8%):** | **Information Technology (1.8%):** | **Information Technology (1.8%):** |
| Delta Electronics, Inc. | 142000 | 1317 |
| eMemory Technology, Inc. | 17000 | 734 |
| Novatek Microelectronics Corp. | 72000 | 736 |
| Realtek Semiconductor Corp. | 131000 | 1191 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 25000 | 363 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 55897 | 4164 |
|  |  | 8505 |
|  |  | 10541 |
| **United Kingdom (2.9%):** | **United Kingdom (2.9%):** | **United Kingdom (2.9%):** |
| **Communication Services (0.0%): (c)** | **Communication Services (0.0%): (c)** | **Communication Services (0.0%): (c)** |
| WPP PLC | 5234 | 52 |
| **Consumer Discretionary (0.2%):** | **Consumer Discretionary (0.2%):** | **Consumer Discretionary (0.2%):** |
| Burberry Group PLC | 9799 | 238 |
| Next PLC | 9760 | 684 |
| Persimmon PLC | 6801 | 100 |
|  |  | 1022 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Consumer Staples (1.0%):** | **Consumer Staples (1.0%):** | **Consumer Staples (1.0%):** |
| Imperial Brands PLC | 79108 | $1970 |
| Unilever PLC | 56174 | 2836 |
|  |  | 4806 |
| **Energy (0.1%):** | **Energy (0.1%):** | **Energy (0.1%):** |
| Shell PLC | 13284 | 374 |
| **Health Care (0.5%):** | **Health Care (0.5%):** | **Health Care (0.5%):** |
| GSK PLC | 134043 | 2316 |
| **Industrials (0.7%):** | **Industrials (0.7%):** | **Industrials (0.7%):** |
| Ferguson PLC | 1796 | 225 |
| Intertek Group PLC | 11935 | 581 |
| RELX PLC | 91967 | 2542 |
|  |  | 3348 |
| **Materials (0.4%):** | **Materials (0.4%):** | **Materials (0.4%):** |
| Anglo American PLC | 3649 | 143 |
| Rio Tinto PLC | 26901 | 1893 |
|  |  | 2036 |
|  |  | 13954 |
| **United States (61.6%):** | **United States (61.6%):** | **United States (61.6%):** |
| **Communication Services (4.6%):** | **Communication Services (4.6%):** | **Communication Services (4.6%):** |
| Alphabet, Inc. Class C (a) | 118114 | 10480 |
| AT&T, Inc. | 11499 | 212 |
| Comcast Corp. Class A | 7896 | 276 |
| Electronic Arts, Inc. | 1202 | 147 |
| Lumen Technologies, Inc. | 13614 | 71 |
| Match Group, Inc. (a) | 19854 | 824 |
| Meta Platforms, Inc. Class A (a) | 28698 | 3454 |
| Omnicom Group, Inc. | 26149 | 2133 |
| Sirius XM Holdings, Inc. (b) | 585555 | 3420 |
| The Interpublic Group of Cos., Inc. | 29586 | 985 |
| Verizon Communications, Inc. | 5945 | 234 |
|  |  | 22236 |
| **Consumer Discretionary (5.5%):** | **Consumer Discretionary (5.5%):** | **Consumer Discretionary (5.5%):** |
| AutoZone, Inc. (a) | 489 | 1206 |
| Bath & Body Works, Inc. | 2695 | 114 |
| Best Buy Co., Inc. | 15351 | 1231 |
| Booking Holdings, Inc. (a) | 466 | 939 |
| Chipotle Mexican Grill, Inc. (a) | 472 | 655 |
| Domino's Pizza, Inc. | 5843 | 2024 |
| eBay, Inc. | 28405 | 1178 |
| Lowe's Cos., Inc. | 1790 | 357 |
| NVR, Inc. (a) | 47 | 217 |
| O'Reilly Automotive, Inc. (a) | 1818 | 1534 |
| Starbucks Corp. | 33482 | 3321 |
| Target Corp. | 13655 | 2035 |
| Tesla, Inc. (a) | 14145 | 1742 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| The Home Depot, Inc. | 6483 | $| 2048 |
| Tractor Supply Co. | 635 |  | 143 |
| Ulta Beauty, Inc. (a) | 2948 |  | 1383 |
| Yum! Brands, Inc. | 49684 |  | 6363 |
|  |  |  | 26490 |
| **Consumer Staples (6.3%):** | **Consumer Staples (6.3%):** | **Consumer Staples (6.3%):** | **Consumer Staples (6.3%):** |
| Altria Group, Inc. | 113986 |  | 5210 |
| Colgate-Palmolive Co. | 66941 |  | 5274 |
| Costco Wholesale Corp. | 2298 |  | 1049 |
| General Mills, Inc. | 3401 |  | 285 |
| Kimberly-Clark Corp. | 13131 |  | 1783 |
| Philip Morris International, Inc. | 65933 |  | 6673 |
| The Hershey Co. | 12494 |  | 2893 |
| The Kroger Co. | 16738 |  | 746 |
| The Procter & Gamble Co. | 34791 |  | 5273 |
| Walmart, Inc. | 8818 |  | 1251 |
|  |  |  | 30437 |
| **Energy (2.4%):** | **Energy (2.4%):** | **Energy (2.4%):** | **Energy (2.4%):** |
| ConocoPhillips | 3169 |  | 374 |
| Devon Energy Corp. | 18581 |  | 1143 |
| EOG Resources, Inc. | 37261 |  | 4826 |
| Exxon Mobil Corp. | 5069 |  | 559 |
| Pioneer Natural Resources Co. | 13673 |  | 3123 |
| Targa Resources Corp. | 17002 |  | 1250 |
| Valero Energy Corp. | 1132 |  | 143 |
|  |  |  | 11418 |
| **Financials (5.8%):** | **Financials (5.8%):** | **Financials (5.8%):** | **Financials (5.8%):** |
| Aflac, Inc. | 4033 |  | 290 |
| Ameriprise Financial, Inc. | 1065 |  | 332 |
| Aon PLC Class A | 5585 |  | 1676 |
| Capital One Financial Corp. | 1589 |  | 148 |
| Discover Financial Services | 27076 |  | 2649 |
| Erie Indemnity Co. Class A | 4554 |  | 1133 |
| FactSet Research Systems, Inc. | 4868 |  | 1953 |
| LPL Financial Holdings, Inc. | 1036 |  | 224 |
| MarketAxess Holdings, Inc. | 3274 |  | 913 |
| MSCI, Inc. | 4025 |  | 1872 |
| Raymond James Financial, Inc. | 2158 |  | 231 |
| Regions Financial Corp. | 111159 |  | 2397 |
| SEI Investments Co. | 86733 |  | 5056 |
| Signature Bank | 965 |  | 111 |
| Synchrony Financial | 44288 |  | 1455 |
| The Progressive Corp. | 55892 |  | 7250 |
|  |  |  | 27690 |
| **Health Care (12.0%):** | **Health Care (12.0%):** | **Health Care (12.0%):** | **Health Care (12.0%):** |
| AbbVie, Inc. | 19480 |  | 3148 |
| AmerisourceBergen Corp. | 1568 |  | 260 |
| Amgen, Inc. | 23723 |  | 6231 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Biogen, Inc. (a) | 7561 | $| 2094 |
| Cigna Corp. | 862 |  | 286 |
| CVS Health Corp. | 2769 |  | 258 |
| Elevance Health, Inc. | 663 |  | 340 |
| Eli Lilly & Co. | 11667 |  | 4268 |
| Gilead Sciences, Inc. | 16028 |  | 1376 |
| HCA Healthcare, Inc. | 3440 |  | 825 |
| Hologic, Inc. (a) | 20002 |  | 1496 |
| Humana, Inc. | 299 |  | 153 |
| IDEXX Laboratories, Inc. (a) | 3339 |  | 1362 |
| Johnson & Johnson | 50791 |  | 8972 |
| McKesson Corp. | 5291 |  | 1985 |
| Merck & Co., Inc. | 41910 |  | 4650 |
| Mettler-Toledo International, Inc. (a) | 1719 |  | 2485 |
| Moderna, Inc. (a) | 4725 |  | 849 |
| Molina Healthcare, Inc. (a) | 4256 |  | 1405 |
| Pfizer, Inc. | 9316 |  | 477 |
| Quest Diagnostics, Inc. | 1335 |  | 209 |
| Regeneron Pharmaceuticals, Inc. (a) | 1772 |  | 1279 |
| UnitedHealth Group, Inc. | 12671 |  | 6718 |
| Veeva Systems, Inc. Class A (a) | 15935 |  | 2572 |
| Vertex Pharmaceuticals, Inc. (a) | 472 |  | 136 |
| Waters Corp. (a) | 5258 |  | 1801 |
| Zoetis, Inc. | 13619 |  | 1996 |
|  |  |  | 57631 |
| **Industrials (8.0%):** | **Industrials (8.0%):** | **Industrials (8.0%):** | **Industrials (8.0%):** |
| 3M Co. | 31557 |  | 3784 |
| Booz Allen Hamilton Holding Corp. | 13818 |  | 1444 |
| Cintas Corp. | 5789 |  | 2614 |
| Cummins, Inc. | 9971 |  | 2416 |
| Dover Corp. | 928 |  | 126 |
| Emerson Electric Co. | 911 |  | 88 |
| Fastenal Co. | 46882 |  | 2219 |
| Illinois Tool Works, Inc. | 13625 |  | 3002 |
| Leidos Holdings, Inc. | 1221 |  | 128 |
| Lockheed Martin Corp. | 16669 |  | 8109 |
| Masco Corp. | 2534 |  | 118 |
| Northrop Grumman Corp. | 483 |  | 264 |
| Old Dominion Freight Line, Inc. | 9592 |  | 2722 |
| Otis Worldwide Corp. | 34727 |  | 2720 |
| Owens Corning | 1353 |  | 115 |
| Robert Half International, Inc. | 15555 |  | 1148 |
| Rockwell Automation, Inc. | 6266 |  | 1614 |
| Union Pacific Corp. | 8337 |  | 1726 |
| United Parcel Service, Inc. Class B | 15095 |  | 2624 |
| United Rentals, Inc. (a) | 450 |  | 160 |
| W.W. Grainger, Inc. | 1938 |  | 1078 |
|  |  |  | 38219 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Information Technology (15.6%):** | **Information Technology (15.6%):** | **Information Technology (15.6%):** |
| Adobe, Inc. (a) | 7619 | $2564 |
| Apple, Inc. | 155488 | 20203 |
| Applied Materials, Inc. | 2454 | 239 |
| Autodesk, Inc. (a) | 9047 | 1691 |
| Automatic Data Processing, Inc. | 1290 | 308 |
| Broadcom, Inc. | 1049 | 587 |
| Cadence Design Systems, Inc. (a) | 17163 | 2757 |
| CDW Corp. | 9464 | 1690 |
| Cisco Systems, Inc. | 62422 | 2974 |
| Enphase Energy, Inc. (a) | 654 | 173 |
| Fair Isaac Corp. (a) | 6478 | 3878 |
| FleetCor Technologies, Inc. (a) | 879 | 161 |
| Fortinet, Inc. (a) | 24245 | 1185 |
| Gartner, Inc. (a) | 408 | 137 |
| HP, Inc. | 28235 | 759 |
| International Business Machines Corp. | 2629 | 370 |
| Jack Henry & Associates, Inc. | 897 | 158 |
| KLA Corp. | 2085 | 786 |
| Lam Research Corp. | 1053 | 443 |
| Mastercard, Inc. Class A | 7060 | 2455 |
| Microsoft Corp. | 61142 | 14663 |
| Motorola Solutions, Inc. | 978 | 252 |
| NetApp, Inc. | 11087 | 666 |
| ON Semiconductor Corp. (a) | 1722 | 107 |
| Oracle Corp. | 14121 | 1154 |
| Parade Technologies Ltd. | 31000 | 777 |
| Qorvo, Inc. (a) | 9117 | 826 |
| QUALCOMM, Inc. | 17054 | 1875 |
| Teradyne, Inc. | 11498 | 1004 |
| Texas Instruments, Inc. | 24826 | 4102 |
| The Western Union Co. | 119583 | 1647 |
| VeriSign, Inc. (a) | 9129 | 1875 |
| Visa, Inc. Class A | 6771 | 1407 |
| Zebra Technologies Corp. (a) | 4322 | 1108 |
|  |  | 74981 |
| **Materials (1.0%):** | **Materials (1.0%):** | **Materials (1.0%):** |
| CF Industries Holdings, Inc. | 1439 | 123 |
| Dow, Inc. | 13436 | 677 |
| Nucor Corp. | 7694 | 1014 |
| Steel Dynamics, Inc. | 1155 | 113 |
| The Mosaic Co. | 2412 | 106 |
| The Sherwin-Williams Co. | 12035 | 2856 |
|  |  | 4889 |
| **Real Estate (0.3%):** | **Real Estate (0.3%):** | **Real Estate (0.3%):** |
| American Tower Corp. | 2695 | 571 |
| Crown Castle, Inc. | 1395 | 189 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Equinix, Inc. | 317 | $207 |
| Prologis, Inc. | 4193 | 473 |
|  |  | 1440 |
| **Utilities (0.1%):** | **Utilities (0.1%):** | **Utilities (0.1%):** |
| Evergy, Inc. | 2544 | 160 |
| FirstEnergy Corp. | 2931 | 123 |
| Vistra Corp. | 8128 | 189 |
|  |  | 472 |
|  |  | 295903 |
| **Total Common Stocks (Cost $478,439)** | **Total Common Stocks (Cost $478,439)** | 479339 |
| **Collateral for Securities Loaned (0.8%)^** | **Collateral for Securities Loaned (0.8%)^** | **Collateral for Securities Loaned (0.8%)^** |
| **United States (0.8%):** | **United States (0.8%):** | **United States (0.8%):** |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 4.14% (i) | 1103078 | 1103 |
| HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (i) | 1103078 | 1103 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (i) | 1103078 | 1103 |
| Morgan Stanley Institutional Liquidity Government Portfolio, <br>Institutional Shares, 4.08% (i) | 1103078 | 1103 |
| **Total Collateral for Securities Loaned (Cost $4,412)** | **Total Collateral for Securities Loaned (Cost $4,412)** | 4412 |
| **Total Investments (Cost $482,851) — 100.6%** | **Total Investments (Cost $482,851) — 100.6%** | 483751 |
| **Liabilities in excess of other assets — (0.6)%** | **Liabilities in excess of other assets — (0.6)%** | (3118) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $480633 |

---

At December 31, 2022, the Fund's investments in foreign securities were 38.2% of net assets.

^ 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) Amount represents less than 0.05% of net assets.

(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $2,093 thousands and amounted to 0.4% of net assets.

(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At December 31, 2022, illiquid securities were 0.01% of the Fund's net assets.

(f) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.01% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Global Managed Volatility Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

(g) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022 (amount in thousands):

---

| | | |
|:---|:---|:---|
| **Security Name** | **Acquisition Date** | **Cost** |
| LUKOIL PJSC | 4/22/2020 | $2312 |
| MMC Norilsk Nickel PJSC | 09/30/2019 | 1604 |
| Mobile TeleSystems PJSC | 11/11/2021 | 2034 |
| Sberbank of Russia PJSC | 4/22/2020 | 1393 |
| Tatneft PJSC | 12/21/2020 | 608 |
| X5 Retail Group NV, GDR | 11/11/2021 | 637 |

---

(h) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government.

(i) Rate disclosed is the daily yield on December 31, 2022.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)*

---

| | |
|:---|:---|
| | **USAA<br>Global Managed<br>Volatility Fund** |
| **Assets:** | **Assets:** |
| Investments, at value (Cost $482,851) | $483751<br> (a) |
| Foreign currency, at value (Cost $73) | 74 |
| Cash | 503 |
| Deposit with broker for futures contracts | 5 |
| Receivables: | Receivables: |
| Interest and dividends | 614 |
| Reclaims | 452 |
| From Adviser | 68 |
| Prepaid expenses | 12 |
| Total Assets | 485479 |
| **Liabilities:** | **Liabilities:** |
| Payables: | Payables: |
| Collateral received on loaned securities | 4412 |
| Capital shares redeemed | 5 |
| Accrued foreign capital gains taxes | 69 |
| Accrued expenses and other payables: | Accrued expenses and other payables: |
| Investment advisory fees | 249 |
| Administration fees | 22 |
| Custodian fees | 13 |
| Transfer agent fees | 21 |
| Compliance fees | —<br> (b) |
| Trustees' fees | —<br> (b) |
| Other accrued expenses | 55 |
| Total Liabilities | 4846 |
| **Net Assets:** | **Net Assets:** |
| Capital | 489869 |
| Total accumulated earnings/(loss) | (9236) |
| Net Assets | $480633 |
| Net Assets | Net Assets |
| Fund Shares | $9065 |
| Institutional Shares | 471568 |
| Total | $480633 |
| Shares (unlimited number of shares authorized with no par value): | Shares (unlimited number of shares authorized with no par value): |
| Fund Shares | 1082 |
| Institutional Shares | 55220 |
| Total | 56302 |
| Net asset value, offering and redemption price per share: (c) | Net asset value, offering and redemption price per share: (c) |
| Fund Shares | $8.38 |
| Institutional Shares | $8.54 |

---

(a) Includes $4,269 thousand of securities on loan.

(b) Rounds to less than $1 thousand.

(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)*

---

| | |
|:---|:---|
| | **USAA<br>Global Managed<br>Volatility Fund** |
| **Investment Income:** | **Investment Income:** |
| Interest | $4 |
| Dividends | 13736 |
| Non-cash dividends | 691 |
| Securities lending (net of fees) | 210 |
| Foreign tax withholding | (1103) |
| Total Income | 13538 |
| **Expenses:** | **Expenses:** |
| Investment advisory fees | 3052 |
| Administration fees — Fund Shares | 15 |
| Administration fees — Institutional Shares | 249 |
| Sub-Administration fees | 56 |
| Custodian fees | 82 |
| Transfer agent fees — Fund Shares | 13 |
| Transfer agent fees — Institutional Shares | 249 |
| Trustees' fees | 47 |
| Compliance fees | 4 |
| Legal and audit fees | 90 |
| State registration and filing fees | 36 |
| Other expenses | 89 |
| Total Expenses | 3982 |
| Expenses waived/reimbursed by Adviser | (405) |
| Net Expenses | 3577 |
| Net Investment Income (Loss) | 9961 |
| **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** |
| Net realized gains (losses) from investment securities and foreign currency <br>transactions | (2754) |
| Foreign taxes on realized gains | (8) |
| Net change in unrealized appreciation/depreciation on investment securities <br>and foreign currency translations | (100860) |
| Net change in accrued foreign taxes on unrealized gains | 54 |
| Net realized/unrealized gains (losses) on investments | (103568) |
| Change in net assets resulting from operations | $(93607) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)* 

---

| | | |
|:---|:---|:---|
| | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** |
| | **Year<br>Ended <br>December 31,<br>2022** | **Year<br>Ended<br>December 31, <br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $9961 | $8944 |
| Net realized gains (losses) | (2762) | 94962 |
| Net change in unrealized appreciation/depreciation | (100806) | 16818 |
| Change in net assets resulting from operations | (93607) | 120724 |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| Fund Shares | (732) | (2473) |
| Institutional Shares | (38065) | (119748) |
| Change in net assets resulting from distributions to shareholders | (38797) | (122221) |
| Change in net assets resulting from capital transactions | 6690 | (127774) |
| Change in net assets | (125714) | (129271) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 606347 | 735618 |
| End of period | $480633 | $606347 |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| **Fund Shares** | **Fund Shares** | **Fund Shares** |
| Proceeds from shares issued | $1403 | $1421 |
| Distributions reinvested | 727 | 2461 |
| Cost of shares redeemed | (2582) | (1783) |
| Total Fund Shares | $(452) | $2099 |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| Proceeds from shares issued | $— | $172 |
| Distributions reinvested | 38066 | 119748 |
| Cost of shares redeemed | (30924) | (249793) |
| Total Institutional Shares | $7142 | $(129873) |
| Change in net assets resulting from capital transactions | $6690 | $(127774) |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| **Fund Shares** | **Fund Shares** | **Fund Shares** |
| Issued | 146 | 117 |
| Reinvested | 83 | 230 |
| Redeemed | (277) | (147) |
| Total Fund Shares | (48) | 200 |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| Issued |  | 13 |
| Reinvested | 4278 | 10972 |
| Redeemed | (3170) | (20743) |
| Total Institutional Shares | 1108 | (9758) |
| Change in Shares | 1060 | (9558) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** |
| | **Fund Shares** | **Fund Shares** | **Fund Shares** | **Fund Shares** | **Fund Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $10.78 | $11.20 | $10.97 | $9.39 | $10.73 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.17<br> (a) | 0.15<br> (a) | 0.12<br> (a) | 0.19<br> (a) | 0.25 |
| Net realized and unrealized gains <br>(losses) | (1.85) | 2.15 | 0.56 | 1.85 | (1.18) |
| Total from Investment Activities | (1.68) | 2.30 | 0.68 | 2.04 | (0.93) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.20) | (0.11) | (0.15) | (0.22) | (0.15) |
| Net realized gains from investments | (0.52) | (2.61) | (0.30) | (0.24) | (0.26) |
| Total Distributions | (0.72) | (2.72) | (0.45) | (0.46) | (0.41) |
| **Net Asset Value, End of Period** | $8.38 | $10.78 | $11.20 | $10.97 | $9.39 |
| Total Return (b) | (15.78)% | 21.00% | 6.25% | 21.69% | (8.78)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Net Investment Income (Loss) | 1.77% | 1.26% | 1.14% | 1.81% | 1.57% |
| Gross Expenses (d) | 1.13% | 1.05% | 1.15% | 1.09% | 1.18% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $9065 | $12183 | $10414 | $11921 | $10229 |
| Portfolio Turnover (e) | 26% | 40% | 86% | 53% | 35% |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** | **USAA Global Managed Volatility Fund** |
| | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $10.98 | $11.35 | $11.11 | $9.49 | $10.84 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.19<br> (a) | 0.18<br> (a) | 0.14<br> (a) | 0.21<br> (a) | 0.16 |
| Net realized and unrealized gains <br>(losses) | (1.90) | 2.19 | 0.57 | 1.88 | (1.08) |
| Total from Investment Activities | (1.71) | 2.37 | 0.71 | 2.09 | (0.92) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.21) | (0.13) | (0.17) | (0.23) | (0.17) |
| Net realized gains from investments | (0.52) | (2.61) | (0.30) | (0.24) | (0.26) |
| Total Distributions | (0.73) | (2.74) | (0.47) | (0.47) | (0.43) |
| **Net Asset Value, End of Period** | $8.54 | $10.98 | $11.35 | $11.11 | $9.49 |
| Total Return (b) | (15.70)% | 21.34% | 6.44% | 21.97% | (8.61)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Net Investment Income (Loss) | 1.96% | 1.45% | 1.34% | 1.97% | 1.87% |
| Gross Expenses (d) | 0.78% | 0.77% | 0.74% | 0.75% | 0.74% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $471568 | $594164 | $725204 | $1005270 | $922210 |
| Portfolio Turnover (e) | 26% | 40% | 86% | 53% | 35% |

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(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 5 of the accompanying Notes to Financial Statements.

(d) Does not include acquired fund fees and expenses, if any.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

*See notes to financial statements.*

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements**<br> December 31, 2022 |

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**1. Organization:**

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA Global Managed Volatility Fund (the "Fund"). The Fund offers two classes of shares: Fund Shares and Institutional Shares. The Fund is classified as diversified under the 1940 Act.

Each class of shares of the Fund has substantially identical rights and privileges, except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

Victory Capital Management ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**2. Significant Accounting Policies:**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

**Investment Valuation:**

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices (unadjusted) in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risks associated with entering into those investments.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Fund's NAV is calculated. The Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. The valuations are categorized as Level 2 in the fair value hierarchy.

A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $324905 | $154391 | $43 | $479339 |
| Collateral for Securities Loaned | 4412 |  |  | 4412 |
| Total | $329317 | $154391 | $43 | $483751 |

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As of December 31, 2022, there were no significant transfers into/out of Level 3.

**Real Estate Investment Trusts ("REITs"):**

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

**Investment Companies:**

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Derivative Instruments:**

Foreign Exchange Currency Contracts:

The Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by the Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Fund does not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Fund's foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2022, the Fund had no open forward foreign exchange currency contracts.

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

The Fund did not hold futures contracts as of December 31, 2022.

**Options:**

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options on underlying instruments, namely, equity securities, ETFs, and equity indexes, to gain exposure to, or hedge against, changes in the value of equity securities, ETFs, or equity indexes. A call option gives the purchaser the right to buy, and the writer the obligation to sell, the underlying instrument at a specified price during a specified period. Conversely, a put option gives the purchaser

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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the right to sell, and the writer the obligation to buy, the underlying instrument at a specified price during a specified period. The purchaser of the option pays a premium to the writer of the option.

Premiums paid for purchased options are included on the Fund's Statement of Assets and Liabilities as an investment. If a purchased option expires unexercised, the premium paid is recognized as a realized loss. If a purchased call option on a security is exercised, the cost of the security acquired includes the exercise price and the premium paid. If a purchased put option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium paid. The risk associated with purchasing a call or put option is limited to the premium paid.

Premiums received from writing options are included on the Fund's Statement of Assets and Liabilities as a liability. If a written option expires unexercised, the premium received is recognized as a realized gain. If a written call option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium received. If a written put option on a security is exercised, the cost of the security acquired is the exercise price paid less the premium received. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

In an attempt to reduce the Fund's volatility over time, the Fund may implement a strategy that involves purchasing and selling options on indexes or ETFs that represent the Fund's exposure against a highly correlated stock portfolio. The combination of the diversified stock portfolio with index or ETF options is designed to provide the Fund with consistent returns over a wide range of equity market environments. This strategy may not fully protect the Fund against declines in the portfolio's value, and the Fund could experience a loss. Options on ETFs are similar to options on individual securities in that the holder of the ETF call (or put) has the right to receive (or sell) shares of the underlying ETF at the strike price on or before exercise date. Options on securities indexes are different from options on individual securities in that the holder of the index option has the right to receive an amount of cash equal to the difference between the exercise price and the settlement value of the underlying index as defined by the exchange. If an index option is exercised, the realized gain or loss is determined by the exercise price, the settlement value, and the premium amount paid or received.

As of December 31, 2022, the Fund had no open options.

**Investment Transactions and Related Income:**

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

**Securities Lending:**

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2022.

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| | | |
|:---|:---|:---|
| **Value of<br>Securities on Loan** | **Non-Cash<br>Collateral** | **Cash<br>Collateral** |
| $4269 | $— | $4412 |

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**Foreign Currency Translations:**

The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statement of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statement of Operations.

**Foreign Taxes:**

The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**Federal Income Taxes:**

The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

For the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Allocations:**

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

**3. Purchases and Sales:**

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2022, were as follows for the Fund (amounts in thousands):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Excluding <br>U.S. Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Excluding <br>U.S. Government Securities** |
| **Purchases** | **Sales** |
| $132002 | $153606 |

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**4. Affiliated Fund Ownership:**

The Fund offers shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Fund as follows:

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| | |
|:---|:---|
| **Affiliated USAA Mutual Funds** | **Ownership %** |
| USAA Target Retirement Income Fund | 8.1 |
| USAA Target Retirement 2030 Fund | 24.0 |
| USAA Target Retirement 2040 Fund | 36.9 |
| USAA Target Retirement 2050 Fund | 25.4 |
| USAA Target Retirement 2060 Fund | 3.7 |

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**5. Fees and Transactions with Affiliates and Related Parties:**

**Investment Advisory Fees:**

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.60% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2022, the Fund had no subadvisers.

**Administration and Servicing Fees:**

VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15% and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares and Institutional Shares, respectively. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Administration fees.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Compliance fees.

**Transfer Agency Fees:**

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent fees for the Institutional Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.05% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the year ended December 31, 2022, are reflected on the Statement of Operations as Transfer agent fees.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

**Distributor/Underwriting Services:**

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

**Other Fees:**

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Custodian fees.

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) were 0.90% and 0.70% for Fund Shares and Institutional Shares, respectively..

Under the terms of the expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Expires <br>2023** | **Expires<br>2024** | **Expires<br>2025** | **Total** |
| $356 | $424 | $405 | $1185 |

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The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2022.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

**6. Risks:**

The Fund may be subject to other risks in addition to these identified risks.

**<u>Market Risk</u>** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**<u>Equity Risk</u>** — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.

**<u>Foreign Securities Risk</u>** — Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.

**<u>Derivatives Risk</u>** — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.

**<u>Emerging Markets Risk</u>** — Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable.

**7. Borrowing and Interfund Lending:**

**Line of Credit:**

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through December 31, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. The Fund did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2022.

**Interfund Lending:**

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the year ended December 31, 2022.

**8. Federal Income Tax Information:**

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of December 31, 2022, on the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

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| | |
|:---|:---|
| **Total Accumulated<br>Earnings/(Loss)** | **Capital** |
| $(8674) | $8674 |

---

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Distributions<br>paid from** | **Distributions<br>paid from** | | | **<br>Distributions<br>paid from** | **<br>Distributions<br>paid from** | | |
| **<br>Ordinary <br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**<br>Total<br>Taxable<br>Distributions** | **** <br>**<br>Total<br>Distributions<br>Paid** | **<br>Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**Total<br>Taxable<br>Distributions** | **** <br>**Total<br>Distributions<br>Paid** |
| $16737 | $22060 | $38797 | $38797 | $35478 | $86743 | $122221 | $122221 |

---

As of December 31, 2022, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
| **Qualified <br>Late-Year <br>Losses\*** | **Unrealized<br>Appreciation<br>(Depreciation)\*\*** | **Total<br>Accumulated<br>Earnings<br>(Loss)** |
| $(9172) | $(64) | $(9236) |

---

\* Qualified late-year losses are comprised of post-October capital losses incurred after October 31 and certain late-year ordinary losses. These losses are deemed to arise on the first day of the Fund's next taxable year.

\*\* The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, and passive foreign investment companies.

As of December 31, 2022, the Fund had no loss carryforwards for federal income tax purposes.

As of December 31, 2022, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Cost of<br>Investments<br>for Federal<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| $483744 | $53554 | $(53547) | $7 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**9. Subsequent Event**

On June 29, 2022, the Board approved a change to the Fund's fiscal year-end from December 31 to April 30, with an effective date of April 30, 2023.

The Board, upon recommendation of the Adviser, has approved a change in the name of the Trust and each individual fund within the Trust. On February 23, 2023, an initial filing was made with the SEC to commence the process to effectuate the following changes.

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current name of the Fund in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

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| | |
|:---|:---|
| **Old Name** | **New Name** |
| USAA Global Managed Volatility Fund | Victory Global Managed Volatility Fund |

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In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Trustees of USAA Global Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of USAA Global Managed Volatility Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting USAA Mutual Funds Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2325534_ja005.jpg)

We have served as the auditor of one or more Victory Capital investment companies since 1995.

San Antonio, Texas<br>February 28, 2023

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information**<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Trustee and Officer Information**

**Board of Trustees:**

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, their positions with the Trust, their commencement of service, their principal occupations during the past five years, and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 45 portfolios in the Trust. Each Trustee's address is c/o Fund Administration, 15935 La Cantera Pkwy, San Antonio, TX 78256.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held with<br>Funds** | **Term of<br>Office and<br>Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen<br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jefferson C. Boyce <br>(September 1957) | Independent Chair | Trustee since September 2013, Independent Chair since January 2021 | Retired. | 45 | Westhab, Inc., New York Theological Seminary, American Filtration Corp. |
| Dawn M. Hawley<br>(February 1954) | Trustee | Trustee since April 2014 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Daniel S. McNamara<br>(June 1966) | Trustee | Trustee since January 2012 | Trustee, President, and Vice Chairman of USAA ETF Trust (06/17-06/19); President of Financial Advice & Solutions Group (FASG), USAA (02/13-03/21); Director of USAA Asset Management Company (AMCO), (08/11-06/19); Chairman of Board of AMCO (04/13-06/19); Director of USAA Investment Services Company (ISCO) (formerly USAA Investment Management Company) (09/09-03/21); Chairman of Board of ISCO (04/13-12/20); President and Director of USAA Shareholder Account Services (SAS) (10/09-06/19); Chairman of Board of SAS (04/13-06/19); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (04/11-03/21); Director and Vice Chairman of FPS (12/13-03/21); President and Director of USAA Investment Corporation (ICORP) (03/10-03/21); Chairman of Board of ICORP (12/13-03/21); Director of USAA Financial Advisors, Inc. (FAI) (12/13-03/21); Chairman of Board of FAI (03/15-03/21). | 45 |  |
| Paul L. McNamara<br>(July 1948) | Trustee | Trustee since January 2012 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Richard Y. Newton, III (January 1956) | Trustee | Trustee since March 2017 | Director, Elta North America (01/18-08/19), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (12/15-present). | 45 | Terran Orbital Corp., American Made Filtration Corp. |
| Barbara B. Ostdiek, Ph.D.<br>(March 1964) | Trustee | Trustee since January 2008 | Senior Associate Dean of Degree programs at Jesse H. Jones Graduate School of Business at Rice University (07/13-present); Associate Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/01-07/21); Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/21-present). | 45 |  |
| John C. Walters<br>(February 1962) | Trustee | Trustee since July 2019 | Retired. | 45 | Guardian Variable Products Trust (16 series) |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Fund** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) Held <br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David C. Brown<br>(May 1972) | Trustee | Trustee since July 2019 | Chairman and Chief Executive Officer (2013-present), Victory Capital Management Inc.; Chief Executive Officer and Chairman (2013-present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013-present); Director, Victory Capital Transfer Agency, Inc. (2019-present). | 45 portfolios within the Trust; 40 portfolios within the Victory Portfolios, 25 series within the Victory Portfolios II, and 6 series within the Victory Variable Insurance Funds |  |

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The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Officers:**

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Pkwy, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** |
| Christopher K. Dyer<br>(February 1962) | President | July 2019 | Director of Mutual Fund Administration, Victory Capital Management Inc. (2004-present). Chief Operating Officer, Victory Capital Services, Inc. (2020-present). Vice President, Victory Capital Transfer Agency, Inc. (2019-present). |
| Scott Stahorsky<br>(July 1969) | Vice President | July 2019 | Manager, Fund Administration, Victory Capital Management Inc. (2015-present). |
| Thomas Dusenberry<br>(July 1977) | Secretary | June 2022 | Manager, Fund Administration, Victory Capital Management Inc. (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund, and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019). |
| James K. De Vries<br>(April 1969) | Treasurer | March 2018 | Executive Director, Victory Capital Management Inc. (07/01/19-present); Executive Director, Investment and Financial Administration, USAA (2012-06/30/19); Assistant Treasurer, USAA Mutual Funds Trust (2013-2018). Mr. De Vries also serves as the Funds' Principal Financial Officer. |
| Allan Shaer<br>(March 1965) | Assistant Treasurer | July 2019 | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2016-present); Vice President, Mutual Fund Administration, JP Morgan Chase Bank (2011-2016). |
| Carol D. Trevino<br>(October 1965) | Assistant Treasurer | September 2018 | Director, Accounting and Finance, Victory Capital Management Inc. (07/01/19-present); Accounting/ Financial Director, USAA (12/13-06/30/19). |
| Charles Booth<br>(April 1960) | Anti-Money Laundering Compliance Officer and Identity Theft Officer | July 2019 | Director, Regulatory Administration and CCO Support Services, City Fund Services Ohio, Inc. (2007-present). |

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| Sean Fox<br>(September 1976) | Chief Compliance Officer | June 2022 | Deputy Chief Compliance Officer (July 2021-June 2022), Senior Compliance Officer, the Adviser (2019-2021), Compliance Officer, the Adviser (2015-2019). |

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&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on April 27, 2022, Erin Wagner resigned as the Secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on June 10, 2022, Colin Kinney resigned as the Chief Compliance Officer of the Trust.

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Proxy Voting and Portfolio Holdings Information**

**Proxy Voting:**

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 235-8396. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov.

**Availability of Schedules of Portfolio Investments:**

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at sec.gov.

**Expense Examples**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022.

The **Actual Expense** figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The **Hypothetical Expense** figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>Account<br>Value<br>7/1/22** | **Actual<br>Ending<br>Account<br>Value<br>12/31/22** | **Hypothetical<br>Ending<br>Account<br>Value<br>12/31/22** | **Actual<br>Expenses Paid<br>During Period<br>7/1/22-<br>12/31/22\*** | **Hypothetical<br>Expenses Paid<br>During Period<br>7/1/22-<br>12/31/22\*** | **Annualized<br>Expense Ratio<br>During Period<br>7/1/22-<br>12/31/22** |
| Fund Shares | $1000.00 | $1034.00 | $1020.67 | $4.61 | $4.58 | 0.90% |
| Institutional Shares | 1000.00 | 1034.30 | 1021.68 | 3.59 | 3.57 | 0.70% |

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\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Additional Federal Income Tax Information**

The following federal tax information related to the Fund's fiscal year ended December 31, 2022, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2023.

With respect to distributions paid, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2022 (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Dividend<br>Received <br>Deduction<br>(corporate<br>shareholders)** | **Qualified<br>Dividend<br>Income<br>(non-corporate<br>shareholders)** | **Short-Term<br>Capital Gain<br>Distributions** | **Long-Term<br>Capital Gain<br>Distributions** |
| 40% | 73% | $5488 | $22060 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Considerations of the Board in Continuing the Investment Advisory Agreement**

**USAA Global Managed Volatility Fund (the "Fund")**

At a meeting of the Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") held on December 8-9, 2022, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 8-9, 2022 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 21, 2022.

In advance of the foregoing meetings, the Trustees received and considered a variety of information relating to the Advisory Agreement and the Adviser, and were given the opportunity to ask questions and request additional information from management. The information provided to the Board included, among other things: (i) a separate report prepared by an independent third party of mutual fund data, which provided a statistical analysis comparing the Fund's investment performance, expenses, and fees to comparable investment companies; (ii) information concerning the services rendered to the Fund, as well as information regarding the Adviser's revenues and costs of providing services to the Fund and compensation paid to affiliates of the Adviser; and (iii) information about the Adviser's operations and personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Advisory Agreement with management and with experienced independent counsel retained by the Independent Trustees ("Independent Counsel") and received materials from such Independent Counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement with respect to the Fund. The Independent Trustees also reviewed the proposed continuation of the Advisory Agreement with respect to the Fund in private sessions with Independent Counsel at which no representatives of management were present.

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Fund's performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Fund. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings. The Board also recognized that the contractual arrangements for the Fund have been reviewed by the Board and discussed with the Adviser in prior years and that the Board's conclusions may be based, in part, on its consideration of these same arrangements in prior years.

**Advisory Agreement**

After full consideration of a variety of factors, the Board, including the Independent Trustees, voted to approve the Advisory Agreement. In approving the Advisory Agreement, the Trustees did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Throughout their deliberations, the Independent Trustees were represented and assisted by Independent Counsel.

**<u>Nature, Extent, and Quality of Services</u>** — In considering the nature, extent, and quality of the services provided by the Adviser under the Advisory Agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel. The Board also took into account its knowledge of the Adviser's management and the quality of the performance of the Adviser's duties through Board meetings, discussions, and reports during the preceding year. The Board considered the fees paid to the Adviser and the services provided to the Fund by the Adviser under the Advisory Agreement, as well as other services provided by the Adviser and its affiliates under other agreements, and the personnel who provide these services. In addition to the investment advisory services provided to the Fund, the Adviser and its affiliates provide administrative services, shareholder services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Fund and the Trust.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

The Board considered the scope of services provided by, and the undertakings required of, the Adviser in connection with those services, including, among other things, maintaining (i) its own and the Fund's compliance programs, (ii) risk management programs, (iii) liquidity risk management program, (iv) derivatives risk management program, and (v) cybersecurity programs, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, litigation, regulatory and compliance risks.

The Board considered the Adviser's management style and the performance of the Adviser's duties under the Advisory Agreement. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of its senior and investment personnel, as well as current staffing levels. The allocation of the Fund's brokerage, including the Adviser's process for monitoring "best execution," also was considered. The Adviser's role in coordinating the activities of the Fund's other service providers was also considered. The Board also considered the Adviser's risk management processes. The Board considered the Adviser's financial condition and that it had the financial wherewithal to continue to provide the same scope and high quality of services under the Advisory Agreement. In reviewing the Advisory Agreement, the Board focused on the experience, resources, and strengths of the Adviser and its affiliates in managing the Fund, as well as the other funds in the Trust.

The Board also reviewed the compliance and administrative services provided to the Fund by the Adviser and its affiliates, including the Adviser's oversight of the Fund's day-to-day operations and oversight of Fund accounting. The Trustees, guided also by information obtained from their experiences as Trustees of the Trust, also focused on the quality of the Adviser's compliance and administrative staff.

**<u>Expenses and Performance</u>** — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's net management fee rate — which includes advisory and administrative services as well as any fee waivers and reimbursements — was below the medians of its expense group and its expense universe. The data indicated that the Fund's total expenses, including underlying fund expenses and after any reimbursements, were above the median of its expense group and equal to the median of its expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was below the average of its performance universe and above its Lipper index for the one-year period ended June 30, 2022, and was above the average of its performance universe and below its Lipper index for the three- and five-year periods ended June 30, 2022. The Board took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance for certain periods.

**<u>Compensation and Profitability</u>** — The Board took into consideration the level and method of computing the management fee. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the management revenues from the Fund. This information included a review of the methodology used in the

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

allocation of certain costs to the Fund. In considering the profitability data with respect to the Fund, the Trustees noted that the Adviser reimbursed or waived a portion of its management fees to the Fund. The Trustees reviewed the profitability of the Adviser's relationship with the Fund before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

**<u>Economies of Scale</u>** — The Board considered whether there should be changes in the management fee rate or structure in order to enable the Fund to participate in any economies of scale. The Board also considered the fee waiver and expense reimbursement arrangements by the Adviser. The Board took into account management's discussion of the Fund's current advisory fee structure. The Board also considered the effect of the change in size, if any, of each of the Fund's classes on its performance and fees, noting that the Fund may realize other economies of scale if assets increase proportionally more than some expenses. The Board determined that the current investment management fee structure was reasonable.

**<u>Conclusions</u>** — The Board reached the following conclusions regarding the Fund's Advisory Agreement with the Adviser: (i) the Adviser has demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (ii) the Adviser maintains an appropriate compliance program; (iii) the overall performance of the Fund is reasonable in relation to the performance of funds with similar investment objectives and to relevant indices; (iv) the Fund's advisory expenses are reasonable in relation to those of similar funds and to the services to be provided by the Adviser; and (v) the Adviser's and its affiliates' level of profitability from their relationship with the Fund is reasonable in light of the nature and high quality of services provided by the Adviser and its affiliates and the type of fund. Based on its conclusions, the Board determined that continuation of the Advisory Agreement would be in the best interests of the Fund and its shareholders.

------

**Privacy Policy**

**Protecting the Privacy of Information**

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\*

\* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

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P.O. Box 182593<br>Columbus, Ohio 43218-2593

![](j2325534_za006.jpg)

Visit our website at: Call <br> vcm.com (800) 235-8396

88394-0223

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![](j2325535_aa001.jpg)

DECEMBER 31, 2022

Annual Report

USAA Extended Market Index Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

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vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open.

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*USAA Mutual Funds Trust*

***TABLE OF CONTENTS***

---

| | |
|:---|:---|
| **Shareholder Letter (Unaudited)** | **2** |
| **Manager's Commentary (Unaudited)** | **4** |
| **Investment Overview (Unaudited)** | **6** |
| **Investment Objective & Portfolio <br>Holdings (Unaudited)** | **7** |
| **Schedule of Portfolio Investments** | **8** |
| **Financial Statements** | **Financial Statements** |
| *Statement of Assets and Liabilities* | **72** |
| *Statement of Operations* | **73** |
| *Statements of Changes in Net Assets* | **74** |
| *Financial Highlights* | **75** |
| **Notes to Financial Statements** | **76** |
| **Report of Independent <br>Registered Public Accounting Firm** | **86** |
| **Supplemental Information (Unaudited)** | **87** |
| *Trustee and Officer Information* | **87** |
| *Proxy Voting and Portfolio Holdings Information* | **93** |
| *Expense Example* | **93** |
| *Additional Federal Income Tax Information* | **94** |
| *Advisory Contract Approval* | **95** |
| *Privacy Policy (inside back cover)* |  |

---

*This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.*

**IRA DISTRIBUTION WITHHOLDING DISCLOSURE**

*We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.*

*If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.*

*For more specific information, please consult your tax adviser.*

***• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE***

------

*(Unaudited)*

Dear Shareholder,

Our most recent annual reporting period ending December 31, 2022, was filled with epic challenges. Even the most seasoned investors who have been through more than one economic cycle have not witnessed financial markets like this in a long time, if ever.

Consider what transpired and how the investing backdrop changed so abruptly. The year began well enough with ample liquidity and an encouraging outlook for corporate profits. But that optimism faded early and was punctuated by the start of a terrible war in Eastern Europe. This fueled rising energy prices and intensified an inflation problem that was proving to be more than "transitory."

The inflation data was particularly troublesome and surprised many with some of the highest readings since the 1970s. In response, the U.S. Federal Reserve (the "Fed") pivoted to a far more restrictive monetary policy than anyone anticipated. Over the course of 2022, the Fed boosted the Fed funds interest rate on seven different occasions by a total of 4.5 percentage points. And if that wasn't enough, zero-Covid policies in China further exacerbated supply chain issues and dampened the outlook for global growth.

As one might expect, all of these obstacles ratcheted up volatility across financial markets. Broad market stock indices pulled back substantially around the world. The S&P 500<sup>®</sup> Index, the bell-weather proxy for our domestic stock market, delivered a negative total return of more than 18% for our annual reporting period.

Perhaps what made 2022 even more difficult was the performance of fixed income markets, which normally are considered a safe haven in times of equity turmoil. But not this past year. In fact, the Bloomberg US Aggregate Bond Index—a proxy for a diversified fixed income portfolio and one that many investors and institutions follow closely—delivered a negative total return of approximately 13%, its worst annual performance since the 1970s. That's not exactly the offset to equity performance that many investors were expecting from bonds.

It was a tough year, and we fully acknowledge that the steady drumbeat of bad news and bouts of stomach-churning volatility can take a toll on investors' psyche. Nobody likes opening their account statements during declining markets; and even when markets snap back sharply (as happened this past July and October), investors often wonder if they have missed an opportunity.

Through all of the challenges in our most recent annual reporting period, we are reminded of two enduring realities: 1) financial markets are dynamic and apt to change abruptly; 2) it's vital that we remain calm and rational whenever faced with those inevitable bouts of turmoil.

Fortunately, we think that investors can take comfort knowing that all of our independent investment franchises have experience managing portfolios through a wide variety of market environments. Our investment professionals remain calm during turbulent financial markets, and we think it's imperative that investors do the same.

------

We still believe that a long-term plan, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are the key ingredients for staying the course and progressing on investment goals. Moreover, all our investment professionals continually monitor the environment and work hard to position portfolios opportunistically no matter what the markets bring. Remember, turmoil can also create opportunity.

On the following pages, you will find information relating to your USAA Mutual Funds, brought to you by Victory Capital. If you have any questions, we encourage you to contact our Member Service Representatives. Call 800-235-8396, or visit our website at vcm.com.

From all of us here at Victory Capital, thank you for your ongoing confidence and for letting us help you work toward your investment goals.

![](j2325535_ba002.jpg)

**Christopher K. Dyer, CFA**

*President,<br>USAA Mutual Funds Trust*

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USAA Extended Market Index Fund

**Manager's Commentary**

(Unaudited)

**• What were the market conditions over the reporting period?**

At the beginning of the reporting period, the Russian invasion of Ukraine in February of 2022 added significant volatility to both equity and bond markets that were already concerned with elevated levels of inflation, a hawkish U.S. Federal Reserve (the "Fed"), and rising interest rates. In the first quarter of 2022, the combination of widening credit spreads and rising interest rates led to the worst quarter for the Bloomberg US Aggregate Bond Index in 40 years. Equity markets did not fare any better as the bellwether S&P 500<sup>®</sup> Index also posted a negative return during the quarter. With the Fed now embarking on a tightening cycle, the markets remained focused on the Fed and whether it can engineer a soft landing amidst the highest inflation readings in 40 years.

The second quarter of 2022 saw continued pressure on stocks and bonds. The Fed's hawkish pivot, which started in the fourth quarter of 2021 continued to put pressure on equity multiples, especially for long-duration growth stocks. With inflation readings hitting four-decade highs, the Fed now faced an increasingly difficult task of implementing policy strong enough to tame inflation and provide a "soft landing" for the economy, while not being too aggressive and tilting the economy into recession. This risk contributed to the heightened stock market volatility, in addition to mounting COVID-19 related lockdowns in China, rising oil prices, and the ongoing conflict between Russia and the Ukraine.

In the third quarter, global equities declined, continuing the downward trend from the first half of 2022. The quarter began with a rally that continued into mid-August, on hopes that the Fed would pivot toward a more accommodative policy. However, messaging from the Fed Chairman, Jerome Powell, and a stronger-than-expected inflation report in early September dampened investor optimism over the central bank's trajectory and the odds of avoiding a recession. The Fed went on to hike rates aggressively by 75 basis points ("bps") twice during the quarter, bringing the benchmark fed funds rate target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the beginning of the year. (A basis point is 1/100th of a percentage point.) For its part, the European Central Bank raised its reference rate by 50 bps in July, followed by another 75 bps in September. Other factors that weighed on sentiment during the quarter included the ongoing Russia-Ukraine war, an energy crisis in Europe, and the resumption of COVID-19 lockdowns in China.

Global Equities rebounded in the fourth quarter, trimming full year losses. Gains in October and November were sparked by signs of peaking inflation alongside less hawkish commentary from the Fed Chairman Powell raising hope that the central bank would end its interest rate hiking cycle sometime in early 2023. Indeed, both the Fed and the European Central Bank raised their benchmark overnight lending rates by a more modest 50 bps in mid-December. Also supporting sentiment, the Chinese government began to ease their zero-COVID-19 policy that had weighed on global economic growth for much of 2022. However, stocks retreated into year-end as investors shifted their focus to the potential impact higher rates might have on economic growth and corporate earnings in the coming year.

------

USAA Extended Market Index Fund

**Manager's Commentary** (continued)

**• How did the USAA Extended Market Index Fund (the "Fund") perform during the reporting period?**

The Fund posted a total return of -24.03% for the reporting period ended December 31, 2022, while its benchmark index, the Wilshire 4500 Completion Index, posted a return of -23.86%.

**• Please describe sector performance during the reporting period.**

During the year, the Fund had a negative absolute return. Only the energy and utilities sectors were positive. The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

Thank you for allowing us to assist you with your investment needs.

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USAA Extended Market Index Fund

**Investment Overview**

(Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Fund Shares** | |
| **INCEPTION DATE** | *10/27/00* |  |
|  | **Net Asset Value** | **Wilshire 4500 Completion Index<sup>1</sup>** |
| *One Year* | *–24.03%* | *–23.86%* |
| *Five Year* | *5.89%* | *6.20%* |
| *Ten Year* | *9.86%* | *10.62%* |

---

***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Extended Market Index Fund — Growth of $10,000**

![](j2325535_bc003.jpg)

*<sup>1</sup>The Wilshire 4500 Completion Index is a market cap-weighted index consisting of the small and mid-cap companies in the U.S. equity market. The index consists of securities within the Wilshire 5000 Total Market Index (Parent Index) after eliminating the companies included in the S&P 500 Index. The Parent Index measures performance of all U.S. equity securities with readily available price data. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund seeks to match, before fees and expenses, the performance of all small- and mid-cap stocks as measured by the Wilshire 4500 Completion Index<sup>SM</sup> (the "Index").

**Sector Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325535_bc004.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
| **Communication Services (3.5%):** | **Communication Services (3.5%):** | **Communication Services (3.5%):** |
| AdTheorent Holding Co., Inc. (a) | 2650 | $4 |
| Advantage Solutions, Inc. (a) | 9037 | 19 |
| Altice USA, Inc. Class A (a) | 23317 | 107 |
| AMC Entertainment Holdings, Inc. (a) (b) | 58655 | 239 |
| AMC Networks, Inc. Class A (a) | 3139 | 49 |
| Angi, Inc. Class A (a) | 8670 | 20 |
| Anterix, Inc. (a) | 2086 | 67 |
| Arena Group Holdings, Inc. The (a) | 1620 | 17 |
| Atn International, Inc. | 1217 | 55 |
| Bandwidth, Inc. Class A (a) | 2386 | 55 |
| Boston Omaha Corp. Class A (a) | 3153 | 84 |
| Bumble, Inc. Class A (a) | 9265 | 195 |
| BuzzFeed, Inc. (a) | 2705 | 2 |
| Cable One, Inc. | 527 | 375 |
| Cardlytics, Inc. (a) | 3621 | 21 |
| Cargurus, Inc. (a) | 10023 | 140 |
| Cars.com, Inc. (a) | 7009 | 97 |
| Cinedigm Corp. Class A (a) | 17300 | 7 |
| Cinemark Holdings, Inc. (a) | 12314 | 107 |
| Clear Channel Outdoor Holdings, Inc. (a) | 52959 | 56 |
| Cogent Communications Holdings, Inc. | 4850 | 277 |
| comScore, Inc. (a) | 8143 | 9 |
| Consolidated Communications Holdings, Inc. (a) | 8251 | 30 |
| CuriosityStream, Inc. (a) | 3175 | 4 |
| DallasNews Corp. | 511 | 2 |
| DHI Group, Inc. (a) | 4734 | 25 |
| Dolphin Entertainment, Inc. (a) | 924 | 2 |
| EchoStar Corp. Class A (a) | 3745 | 62 |
| Emerald Holding, Inc. (a) | 2432 | 9 |
| Endeavor Group Holdings, Inc. Class A (a) | 20437 | 461 |
| Entercom Communications Corp. (a) | 13149 | 3 |
| Entravision Communications Corp. Class A | 6557 | 31 |
| Eventbrite, Inc. Class A (a) | 8782 | 51 |
| EverQuote, Inc. Class A (a) | 2174 | 32 |
| FaZe Holdings, Inc. (a) (b) | 2962 | 5 |
| FG Group Holdings, Inc. (a) | 1853 | 5 |
| Frontier Communications Parent, Inc. (a) | 25023 | 638 |
| Gaia, Inc. (a) | 1469 | 4 |
| Gannett Co., Inc. (a) | 15648 | 32 |
| Getty Images Holdings, Inc. (a) (b) | 22850 | 127 |
| Globalstar, Inc. (a) | 83804 | 111 |
| Gogo, Inc. (a) | 7449 | 110 |
| Gray Television, Inc. | 8444 | 95 |
| Harte-Hanks, Inc. (a) | 639 | 7 |
| IAC, Inc. (a) | 8897 | 395 |
| IDT Corp. Class B (a) | 1960 | 55 |
| iHeartMedia, Inc. Class A (a) | 13381 | 82 |
| Innovid Corp. (a) (b) | 7065 | 12 |

---

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

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*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Integral Ad Science Holding Corp. (a) | 4015 | $35 |
| Iridium Communications, Inc. (a) | 12825 | 659 |
| IZEA Worldwide, Inc. (a) | 6714 | 4 |
| John Wiley & Sons, Inc. Class A | 4873 | 195 |
| KORE Group Holdings, Inc. (a) (b) | 4586 | 6 |
| Leafly Holdings, Inc. (a) | 2988 | 2 |
| Lee Enterprises, Inc. (a) | 509 | 9 |
| Liberty Broadband Corp. Class A (a) | 2049 | 155 |
| Liberty Broadband Corp. Class C (a) | 13914 | 1061 |
| Liberty Media Corp.-Liberty Braves Class A (a) | 1112 | 36 |
| Liberty Media Corp.-Liberty Braves Class C (a) | 4246 | 137 |
| Liberty Media Corp.-Liberty Formula One Class A (a) | 2530 | 135 |
| Liberty Media Corp.-Liberty Formula One Class C (a) | 22494 | 1345 |
| Liberty Media Corp.-Liberty SiriusXM Class A (a) | 10688 | 420 |
| Liberty Media Corp.-Liberty SiriusXM Class C (a) | 22350 | 875 |
| Liberty TripAdvisor Holdings, Inc. Class A (a) | 8144 | 5 |
| Lions Gate Entertainment Corp. Class A (a) | 6240 | 36 |
| Lions Gate Entertainment Corp. Class B (a) | 13513 | 73 |
| LiveOne, Inc. (a) | 8514 | 5 |
| Loyalty Ventures, Inc. (a) | 2207 | 5 |
| Madison Square Garden Entertainment Corp. (a) | 2890 | 130 |
| Madison Square Garden Sports Corp. | 1744 | 320 |
| Magnite, Inc. (a) | 12975 | 137 |
| MediaAlpha, Inc. Class A (a) | 2582 | 26 |
| National CineMedia, Inc. | 8364 | 2 |
| Nexstar Media Group, Inc. | 4183 | 732 |
| Nextdoor Holdings, Inc. (a) | 11847 | 24 |
| Ooma, Inc. (a) | 2482 | 34 |
| Outbrain, Inc. (a) | 2803 | 10 |
| Paramount Global Class A | 1063 | 21 |
| Pinterest, Inc. Class A (a) | 65491 | 1590 |
| PubMatic, Inc. Class A (a) | 4359 | 56 |
| QuinStreet, Inc. (a) | 5029 | 72 |
| Reading International, Inc. Class A (a) | 1895 | 5 |
| Reservoir Media, Inc. (a) | 3580 | 21 |
| ROBLOX Corp. Class A (a) | 47395 | 1349 |
| Roku, Inc. (a) | 13702 | 558 |
| Saga Communications, Inc. Class A | 563 | 13 |
| Salem Media Group, Inc. (a) | 1328 | 1 |
| Scholastic Corp. | 3209 | 127 |
| Sciplay Corp. Class A (a) | 2601 | 42 |
| Shenandoah Telecommunications Co. | 5456 | 87 |
| Shutterstock, Inc. | 2694 | 142 |
| Sinclair Broadcast Group, Inc. Class A | 4811 | 75 |
| Sirius XM Holdings, Inc. (b) | 75134 | 439 |
| Skillz, Inc. (a) (b) | 28240 | 14 |
| Snap, Inc. Class A (a) | 117133 | 1048 |
| Society Pass, Inc. (a) | 1958 | 2 |
| Spok Holdings, Inc. | 2012 | 16 |
| Stagwell, Inc. (a) | 11547 | 72 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Super League Gaming, Inc. (a) | 3907 | $| 1 |
| System1, Inc. (a) | 1972 |  | 9 |
| TechTarget, Inc. (a) | 3047 |  | 134 |
| TEGNA, Inc. | 25068 |  | 531 |
| Telephone and Data Systems, Inc. | 11244 |  | 118 |
| The E.W. Scripps Co. Class A (a) | 7553 |  | 100 |
| The Marcus Corp. | 2464 |  | 35 |
| The New York Times Co. Class A | 18404 |  | 597 |
| The Trade Desk, Inc. Class A (a) | 49889 |  | 2237 |
| Townsquare Media, Inc. Class A (a) | 1111 |  | 8 |
| Travelzoo (a) | 851 |  | 4 |
| TripAdvisor, Inc. (a) | 11102 |  | 200 |
| TrueCar, Inc. (a) | 7300 |  | 18 |
| United States Cellular Corp. (a) | 1670 |  | 35 |
| Urban One, Inc. (a) | 1013 |  | 5 |
| Urban One, Inc. (a) | 1755 |  | 7 |
| Vimeo, Inc. (a) | 16035 |  | 55 |
| Vinco Ventures, Inc. (a) (b) | 25137 |  | 12 |
| Warner Music Group Corp. Class A | 13080 |  | 458 |
| WideOpenWest, Inc. (a) | 5974 |  | 54 |
| World Wrestling Entertainment, Inc. Class A | 4816 |  | 330 |
| Yelp, Inc. (a) | 7417 |  | 203 |
| Zedge, Inc. Class B (a) | 1432 |  | 3 |
| Ziff Davis, Inc. (a) | 5195 |  | 411 |
| ZipRecruiter, Inc. (a) | 4550 |  | 75 |
| ZoomInfo Technologies, Inc. (a) | 33425 |  | 1006 |
|  |  |  | 23401 |
| **Consumer Discretionary (10.2%):** | **Consumer Discretionary (10.2%):** | **Consumer Discretionary (10.2%):** | **Consumer Discretionary (10.2%):** |
| 1-800-Flowers.com, Inc. Class A (a) | 3217 |  | 31 |
| 1stdibs.com, Inc. (a) | 1752 |  | 9 |
| 2U, Inc. (a) | 8354 |  | 52 |
| Abercrombie & Fitch Co. (a) | 5276 |  | 121 |
| Academy Sports & Outdoors, Inc. | 8959 |  | 471 |
| Accel Entertainment, Inc. (a) | 6853 |  | 53 |
| Acushnet Holdings Corp. | 3634 |  | 154 |
| ADT, Inc. | 36060 |  | 327 |
| Adtalem Global Education, Inc. (a) | 4976 |  | 177 |
| Airbnb, Inc. Class A (a) | 43037 |  | 3680 |
| aka Brands Holding Corp. (a) | 1608 |  | 2 |
| Allbirds, Inc. Class A (a) | 10519 |  | 25 |
| American Axle & Manufacturing Holdings, Inc. (a) | 12351 |  | 97 |
| American Eagle Outfitters, Inc. | 19135 |  | 267 |
| American Outdoor Brands, Inc. (a) | 1435 |  | 14 |
| American Public Education, Inc. (a) | 2014 |  | 25 |
| America's Car-Mart, Inc. (a) | 658 |  | 48 |
| Aramark | 28956 |  | 1197 |
| Arhaus, Inc. (a) | 2283 |  | 22 |
| Ark Restaurants Corp. | 181 |  | 3 |
| Arko Corp. | 7495 |  | 65 |
| Asbury Automotive Group, Inc. (a) | 2487 |  | 446 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Aterian, Inc. (a) (b) | 8536 | $7 |
| Autoliv, Inc. | 9884 | 757 |
| AutoNation, Inc. (a) | 3432 | 368 |
| AYRO, Inc. (a) | 3613 | 1 |
| Bally's Corp. (a) | 4295 | 83 |
| BARK, Inc. (a) | 10203 | 15 |
| Barnes & Noble Education, Inc. (a) | 3446 | 6 |
| Bassett Furniture Industries, Inc. | 976 | 17 |
| Beazer Homes USA, Inc. (a) | 3301 | 42 |
| Bed Bath & Beyond, Inc. (a) (b) | 8621 | 22 |
| Big 5 Sporting Goods Corp. | 2341 | 21 |
| Big Lots, Inc. (b) | 3022 | 44 |
| Biglari Holdings, Inc. Class B (a) | 235 | 33 |
| BJ's Restaurants, Inc. (a) | 2582 | 68 |
| Bloomin' Brands, Inc. | 9729 | 196 |
| Bluegreen Vacations Holding Corp. (b) | 1260 | 31 |
| Boot Barn Holdings, Inc. (a) | 3349 | 209 |
| Bowlero Corp. (a) (b) | 10978 | 148 |
| Boxed, Inc. (a) | 5430 | 1 |
| Boyd Gaming Corp. | 9094 | 496 |
| Bright Horizons Family Solutions, Inc. (a) | 6495 | 410 |
| Brilliant Earth Group, Inc. (a) | 1205 | 5 |
| Brinker International, Inc. (a) | 4882 | 156 |
| Brunswick Corp. | 8356 | 602 |
| Build-A-Bear Workshop, Inc. (a) | 1459 | 35 |
| BurgerFi International, Inc. (a) | 1263 | 2 |
| Burlington Stores, Inc. (a) | 7439 | 1508 |
| Caleres, Inc. | 3931 | 88 |
| Camping World Holdings, Inc. Class A (b) | 4275 | 95 |
| Canoo, Inc. (a) (b) | 24048 | 30 |
| CarParts.com, Inc. (a) | 5439 | 34 |
| Carriage Services, Inc. | 1451 | 40 |
| Carrols Restaurant Group, Inc. (a) | 3870 | 5 |
| Carter's, Inc. | 4293 | 320 |
| Carvana Co. (a) (b) | 10807 | 51 |
| Cavco Industries, Inc. (a) | 939 | 212 |
| Cedar Fair, LP | 5826 | 241 |
| Century Casinos, Inc. (a) | 3017 | 21 |
| Century Communities, Inc. | 3223 | 161 |
| Charles & Colvard Ltd. (a) | 2875 | 2 |
| Chegg, Inc. (a) | 13915 | 352 |
| Chewy, Inc. Class A (a) (b) | 10506 | 390 |
| Chico's FAS, Inc. (a) | 13629 | 67 |
| Choice Hotels International, Inc. | 4052 | 456 |
| Churchill Downs, Inc. | 3765 | 796 |
| Chuy's Holdings, Inc. (a) | 2117 | 60 |
| Citi Trends, Inc. (a) | 913 | 24 |
| Clarus Corp. | 2842 | 22 |
| Columbia Sportswear Co. | 3664 | 321 |
| Conn's, Inc. (a) | 1438 | 10 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Contextlogic, Inc. Class A (a) | 62236 | $30 |
| Coursera, Inc. (a) | 10422 | 123 |
| Cracker Barrel Old Country Store, Inc. | 2535 | 240 |
| Cricut, Inc. Class A (a) (b) | 4314 | 40 |
| Crocs, Inc. (a) | 6717 | 728 |
| Crown Crafts, Inc. | 1017 | 5 |
| Culp, Inc. | 1240 | 6 |
| Dana, Inc. | 16107 | 244 |
| Dave & Buster's Entertainment, Inc. (a) | 5310 | 188 |
| Deckers Outdoor Corp. (a) | 2981 | 1190 |
| Delta Apparel, Inc. (a) | 659 | 7 |
| Denny's Corp. (a) | 6246 | 58 |
| Designer Brands, Inc. Class A | 5771 | 56 |
| Destination XL Group, Inc. (a) | 6588 | 45 |
| Dick's Sporting Goods, Inc. | 5995 | 721 |
| Dillard's, Inc. Class A | 1045 | 338 |
| Dine Brands Global, Inc. | 1655 | 107 |
| DoorDash, Inc. Class A (a) | 28844 | 1408 |
| Dorman Products, Inc. | 2960 | 239 |
| DraftKings, Inc. (a) | 43270 | 493 |
| Dream Finders Homes, Inc. Class A (a) (b) | 2352 | 20 |
| Drive Shack, Inc. (a) | 9017 | 2 |
| Duluth Holdings, Inc. Class B (a) | 1433 | 9 |
| Duolingo, Inc. (a) | 2918 | 208 |
| Dutch Bros, Inc. Class A (a) (b) | 4600 | 130 |
| Educational Development Corp. | 721 | 2 |
| El Pollo Loco Holdings, Inc. | 2226 | 22 |
| Envela Corp. (a) | 825 | 4 |
| Envirotech Vehicles, Inc. (a) | 1685 | 4 |
| Escalade, Inc. | 1002 | 10 |
| Ethan Allen Interiors, Inc. | 2588 | 68 |
| European Wax Center, Inc. Class A | 3596 | 45 |
| Everi Holdings, Inc. (a) | 9891 | 142 |
| EVgo, Inc. (a) (b) | 7683 | 34 |
| Express, Inc. (a) (b) | 7358 | 8 |
| F45 Training Holdings, Inc. (a) (b) | 5256 | 15 |
| Faraday Future Intelligent Electric, Inc. (a) (b) | 27179 | 8 |
| FAT Brands, Inc. (b) | 412 | 2 |
| Fiesta Restaurant Group, Inc. (a) | 2714 | 20 |
| First Watch Restaurant Group, Inc. (a) | 1881 | 25 |
| Fisker, Inc. (a) (b) | 18502 | 135 |
| Five Below, Inc. (a) | 6174 | 1092 |
| Flexsteel Industries, Inc. | 445 | 7 |
| Floor & Decor Holdings, Inc. Class A (a) | 11553 | 804 |
| Foot Locker, Inc. | 9001 | 340 |
| Fossil Group, Inc. (a) | 5294 | 23 |
| Fox Factory Holding Corp. (a) | 4749 | 433 |
| Franchise Group, Inc. (b) | 3115 | 74 |
| Frontdoor, Inc. (a) | 9248 | 192 |
| Full House Resorts, Inc. (a) | 3707 | 28 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Funko, Inc. Class A (a) | 3534 | $39 |
| GameStop Corp. Class A (a) (b) | 29032 | 536 |
| Genesco, Inc. (a) | 1394 | 64 |
| Gentex Corp. | 26685 | 728 |
| Gentherm, Inc. (a) | 3726 | 243 |
| G-III Apparel Group Ltd. (a) | 4689 | 64 |
| Global Business Travel Group I (a) (b) | 3383 | 23 |
| Golden Entertainment, Inc. (a) | 2200 | 82 |
| GoPro, Inc. Class A (a) | 14401 | 72 |
| Graham Holdings Co. Class B | 422 | 255 |
| Grand Canyon Education, Inc. (a) | 3555 | 376 |
| Green Brick Partners, Inc. (a) | 4912 | 119 |
| Group 1 Automotive, Inc. | 1702 | 307 |
| Groupon, Inc. (a) (b) | 2199 | 19 |
| Grove Collaborative Holdings (a) (b) | 6077 | 2 |
| GrowGeneration Corp. (a) | 6555 | 26 |
| Guess?, Inc. (b) | 3460 | 72 |
| H&R Block, Inc. | 17971 | 656 |
| Hall of Fame Resort & Entertainment Co. (a) | 400 | 3 |
| Hamilton Beach Brands Holding Co. Class A | 726 | 9 |
| Hanesbrands, Inc. | 39206 | 249 |
| Harley-Davidson, Inc. | 16422 | 683 |
| Haverty Furniture Cos., Inc. | 1520 | 45 |
| Helen of Troy Ltd. (a) | 2693 | 299 |
| Hibbett, Inc. | 1337 | 91 |
| Hilton Grand Vacations, Inc. (a) | 9484 | 366 |
| Holley, Inc. (a) | 6698 | 14 |
| Hooker Furniture Corp. | 1287 | 24 |
| Hovnanian Enterprises, Inc. Class A (a) | 562 | 24 |
| Hyatt Hotels Corp. Class A (a) | 5574 | 504 |
| Inspired Entertainment, Inc. (a) | 2765 | 35 |
| Installed Building Products, Inc. | 2643 | 226 |
| iRobot Corp. (a) (b) | 2998 | 144 |
| J. Jill, Inc. (a) | 495 | 12 |
| Jack in the Box, Inc. | 2366 | 161 |
| JAKKS Pacific, Inc. (a) | 806 | 14 |
| Jerash Holdings US, Inc. | 602 | 2 |
| JOANN, Inc. (b) | 1296 | 4 |
| Johnson Outdoors, Inc. Class A | 936 | 62 |
| KB Home | 9596 | 306 |
| Kirkland's, Inc. (a) (b) | 1259 | 4 |
| Kohl's Corp. | 12973 | 328 |
| Kontoor Brands, Inc. | 6160 | 246 |
| Koss Corp. (a) | 457 | 2 |
| Krispy Kreme, Inc. | 7411 | 77 |
| Kura Sushi USA, Inc. Class A (a) | 466 | 22 |
| Lakeland Industries, Inc. (a) | 819 | 11 |
| Lands' End, Inc. (a) | 1503 | 11 |
| Landsea Homes Corp. (a) | 1068 | 6 |
| Latham Group, Inc. (a) | 4519 | 15 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Laureate Education, Inc. Class A | 11213 | $108 |
| La-Z-Boy, Inc. | 4835 | 110 |
| Lazydays Holdings, Inc. (a) (b) | 1082 | 13 |
| LCI Industries | 2771 | 256 |
| Lear Corp. | 6738 | 836 |
| Legacy Housing Corp. (a) | 1053 | 20 |
| Leggett & Platt, Inc. | 14901 | 480 |
| Lennar Corp. Class B | 1652 | 124 |
| Leslie's, Inc. (a) | 18072 | 221 |
| Levi Strauss & Co. Class A | 10557 | 164 |
| LGI Homes, Inc. (a) | 2298 | 213 |
| Life Time Group Holdings, Inc. (a) | 5061 | 61 |
| Lifetime Brands, Inc. | 1352 | 10 |
| Light & Wonder, Inc. (a) | 10599 | 621 |
| Lincoln Educational Services Corp. (a) | 2587 | 15 |
| Liquidity Services, Inc. (a) | 3069 | 43 |
| Lithia Motors, Inc. | 3062 | 627 |
| Lordstown Motors Corp. Class A (a) (b) | 18925 | 22 |
| Lucid Group, Inc. (a) (b) | 60752 | 415 |
| Lumber Liquidators Holdings, Inc. (a) | 3196 | 18 |
| Luminar Technologies, Inc. (a) (b) | 23974 | 119 |
| M/I Homes, Inc. (a) | 3056 | 141 |
| Macy's, Inc. | 30755 | 635 |
| Malibu Boats, Inc. Class A (a) | 2280 | 122 |
| Marine Products Corp. | 1204 | 14 |
| MarineMax, Inc. (a) | 2395 | 75 |
| Marriott Vacations Worldwide Corp. | 4102 | 552 |
| MasterCraft Boat Holdings, Inc. (a) | 2007 | 52 |
| Mattel, Inc. (a) | 39691 | 708 |
| MDC Holdings, Inc. | 6461 | 204 |
| Membership Collective Group, Inc. (a) (b) | 4044 | 15 |
| Meritage Homes Corp. (a) | 4067 | 375 |
| Mister Car Wash, Inc. (a) (b) | 8634 | 80 |
| Modine Manufacturing Co. (a) | 5608 | 111 |
| Monarch Casino & Resort, Inc. (a) | 1501 | 115 |
| Monro, Inc. | 3545 | 160 |
| Motorcar Parts of America, Inc. (a) | 2117 | 25 |
| Movado Group, Inc. | 1749 | 56 |
| Mullen Automotive, Inc. (a) (b) | 44507 | 13 |
| Murphy USA, Inc. | 2051 | 573 |
| Nathan's Famous, Inc. | 315 | 21 |
| National Vision Holdings, Inc. (a) | 8864 | 344 |
| Nautilus, Inc. (a) | 3444 | 5 |
| Nerdy, Inc. (a) | 5710 | 13 |
| Noodles & Co. (a) | 3994 | 22 |
| Nordstrom, Inc. | 10901 | 176 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 6109 | 286 |
| OneWater Marine, Inc. (a) | 1219 | 35 |
| Overstock.com, Inc. (a) | 5134 | 99 |
| Oxford Industries, Inc. | 1752 | 163 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Papa John's International, Inc. | 3931 | $324 |
| Party City Holdco, Inc. (a) | 12055 | 4 |
| Patrick Industries, Inc. | 2465 | 149 |
| Peloton Interactive, Inc. Class A (a) | 32551 | 258 |
| Penn Entertainment, Inc. (a) | 17636 | 524 |
| Penske Automotive Group, Inc. | 2590 | 298 |
| Perdoceo Education Corp. (a) | 7382 | 103 |
| Petco Health & Wellness Co., Inc. (a) | 17072 | 162 |
| PetMed Express, Inc. | 2242 | 40 |
| Planet Fitness, Inc. Class A (a) | 9274 | 731 |
| PlayAGS, Inc. (a) | 3206 | 16 |
| PLBY Group, Inc. (a) (b) | 3366 | 9 |
| Polaris, Inc. | 6354 | 642 |
| Polished.com, Inc. (a) | 11478 | 7 |
| Porch Group, Inc. (a) (b) | 9284 | 17 |
| Portillo's, Inc. Class A (a) | 3393 | 55 |
| Poshmark, Inc. Class A (a) | 4832 | 86 |
| Potbelly Corp. (a) | 2085 | 12 |
| PowerSchool Holdings, Inc. (a) | 9506 | 219 |
| Purple Innovation, Inc. (a) (b) | 10267 | 49 |
| PVH Corp. | 7523 | 531 |
| QuantumScape Corp. (a) (b) | 26989 | 153 |
| Quotient Technology, Inc. (a) | 9736 | 33 |
| Qurate Retail, Inc. Class A (a) | 38598 | 63 |
| RCI Hospitality Holdings, Inc. | 913 | 85 |
| Red Robin Gourmet Burgers, Inc. (a) (b) | 1750 | 10 |
| Red Rock Resorts, Inc. Class A | 5572 | 223 |
| Regis Corp. (a) (b) | 3977 | 5 |
| Remark Holdings, Inc. (a) | 1062 | 1 |
| Rent the Runway, Inc. Class A (a) (b) | 4225 | 13 |
| Rent-A-Center, Inc. | 5980 | 135 |
| Revolve Group, Inc. (a) (b) | 4576 | 102 |
| RH (a) | 2343 | 626 |
| Rivian Automotive, Inc. Class A (a) | 57732 | 1064 |
| Rocky Brands, Inc. | 772 | 18 |
| Rover Group, Inc. (a) (b) | 10427 | 38 |
| RumbleON, Inc. Class B (a) | 1123 | 7 |
| Rush Street Interactive, Inc. (a) | 6252 | 22 |
| Ruth's Hospitality Group, Inc. | 3567 | 55 |
| Sally Beauty Holdings, Inc. (a) | 12024 | 151 |
| SeaWorld Entertainment, Inc. (a) | 7521 | 402 |
| Service Corp. International | 17358 | 1200 |
| Shake Shack, Inc. Class A (a) | 4235 | 176 |
| Shift Technologies, Inc. (a) (b) | 14003 | 2 |
| Shoe Carnival, Inc. | 1880 | 45 |
| Signet Jewelers Ltd. | 4934 | 336 |
| Six Flags Entertainment Corp. (a) | 9149 | 213 |
| Skechers USA, Inc. Class A (a) | 14998 | 629 |
| Skyline Champion Corp. (a) | 6327 | 326 |
| Sleep Number Corp. (a) | 2368 | 62 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Smith & Wesson Brands, Inc. | 5039 | $44 |
| Snap One Holdings Corp. (a) (b) | 1980 | 15 |
| Solid Power, Inc. (a) (b) | 11291 | 29 |
| Solo Brands, Inc. Class A (a) | 2449 | 9 |
| Sonder Holdings, Inc. (a) (b) | 15839 | 20 |
| Sonic Automotive, Inc. Class A | 1755 | 87 |
| Sonos, Inc. (a) | 14298 | 242 |
| Sportsman's Warehouse Holdings, Inc. (a) | 4279 | 40 |
| Spruce Power Holding Corp. (a) | 11159 | 10 |
| Standard Motor Products, Inc. | 2155 | 75 |
| Steven Madden Ltd. | 8428 | 269 |
| Stitch Fix, Inc. Class A (a) | 8642 | 27 |
| Stoneridge, Inc. (a) | 2946 | 64 |
| Strategic Education, Inc. | 2712 | 212 |
| Strattec Strategy Corp. (a) | 418 | 9 |
| Stride, Inc. (a) | 4563 | 143 |
| Sturm Ruger & Co., Inc. | 1965 | 99 |
| Superior Group of Cos., Inc. | 1278 | 13 |
| Superior Industries International, Inc. (a) | 2392 | 10 |
| Sweetgreen, Inc. Class A (a) (b) | 9107 | 78 |
| Sypris Solutions, Inc. (a) | 1331 | 3 |
| Target Hospitality Corp. (a) | 3090 | 47 |
| Taylor Morrison Home Corp. (a) | 12125 | 368 |
| Tempur Sealy International, Inc. | 18956 | 651 |
| Texas Roadhouse, Inc. | 7511 | 683 |
| The Aaron's Co., Inc. | 3388 | 41 |
| The Beachbody Co., Inc. (a) (b) | 16039 | 8 |
| The Buckle, Inc. | 3411 | 155 |
| The Cato Corp. Class A | 1983 | 19 |
| The Cheesecake Factory, Inc. (b) | 5513 | 175 |
| The Children's Place, Inc. (a) | 1390 | 51 |
| The Container Store Group, Inc. (a) | 3802 | 16 |
| The Gap, Inc. | 22702 | 256 |
| The Goodyear Tire & Rubber Co. (a) | 32096 | 326 |
| The Lovesac Co. (a) | 1482 | 33 |
| The ODP Corp. (a) | 5354 | 244 |
| The RealReal, Inc. (a) | 9108 | 11 |
| The Wendy's Co. | 22219 | 503 |
| Thor Industries, Inc. | 5879 | 444 |
| ThredUp, Inc. Class A (a) (b) | 7147 | 9 |
| Tilly's, Inc. Class A (a) | 2536 | 23 |
| Toll Brothers, Inc. | 11962 | 597 |
| TopBuild Corp. (a) | 3638 | 569 |
| Topgolf Callaway Brands Corp. (a) | 15727 | 311 |
| Torrid Holdings, Inc. (a) (b) | 588 | 2 |
| Traeger, Inc. (a) (b) | 5770 | 16 |
| Travel + Leisure Co. | 9228 | 336 |
| TravelCenters of America, Inc. (a) | 1484 | 66 |
| Tri Pointe Homes, Inc. (a) | 11304 | 210 |
| Tupperware Brands Corp. (a) | 4592 | 19 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Udemy, Inc. (a) | 6072 | $| 64 |
| Under Armour, Inc. Class A (a) | 21415 |  | 218 |
| Under Armour, Inc. Class C (a) | 22127 |  | 197 |
| Unifi, Inc. (a) | 1777 |  | 15 |
| Universal Electronics, Inc. (a) | 1364 |  | 28 |
| Universal Technical Institute, Inc. (a) | 3679 |  | 25 |
| Urban Outfitters, Inc. (a) | 5858 |  | 140 |
| Vacasa, Inc. Class A (a) (b) | 10910 |  | 14 |
| Vail Resorts, Inc. | 4522 |  | 1078 |
| Vera Bradley, Inc. (a) | 2541 |  | 12 |
| Victoria's Secret & Co. (a) | 8391 |  | 300 |
| Vince Holding Corp. (a) | 377 |  | 3 |
| Vista Outdoor, Inc. (a) | 6287 |  | 153 |
| Visteon Corp. (a) | 3160 |  | 413 |
| Vivid Seats, Inc. Class A (a) (b) | 8581 |  | 63 |
| Vivint Smart Home, Inc. (a) | 3381 |  | 40 |
| Vizio Holding Corp. Class A (a) | 7209 |  | 53 |
| Volcon, Inc. (a) | 1962 |  | 2 |
| Volta, Inc. (a) (b) | 11472 |  | 4 |
| VOXX International Corp. (a) | 1525 |  | 13 |
| Vroom, Inc. (a) (b) | 14577 |  | 15 |
| Wag! Group Co. (a) | 2195 |  | 7 |
| Warby Parker, Inc. Class A (a) | 9348 |  | 126 |
| Wayfair, Inc. Class A (a) | 8041 |  | 264 |
| Weber, Inc. Class A (b) | 1928 |  | 16 |
| Weyco Group, Inc. | 577 |  | 12 |
| Williams-Sonoma, Inc. | 7496 |  | 861 |
| Wingstop, Inc. | 3361 |  | 463 |
| Winmark Corp. | 312 |  | 74 |
| Winnebago Industries, Inc. | 3460 |  | 182 |
| Wolverine World Wide, Inc. | 8668 |  | 95 |
| WW International, Inc. (a) | 7748 |  | 30 |
| Wyndham Hotels & Resorts, Inc. | 10046 |  | 716 |
| Xometry, Inc. Class A (a) | 3963 |  | 128 |
| Xponential Fitness, Inc. Class A (a) | 1808 |  | 41 |
| XWELL, Inc. (a) (b) | 9257 |  | 3 |
| YETI Holdings, Inc. (a) | 9585 |  | 396 |
| Zumiez, Inc. (a) | 1768 |  | 38 |
|  |  |  | 68327 |
| **Consumer Staples (2.9%):** | **Consumer Staples (2.9%):** | **Consumer Staples (2.9%):** | **Consumer Staples (2.9%):** |
| 22nd Century Group, Inc. (a) (b) | 23645 |  | 22 |
| Albertsons Cos., Inc. Class A | 19432 |  | 403 |
| Alico, Inc. | 517 |  | 12 |
| AppHarvest, Inc. (a) (b) | 9013 |  | 5 |
| B&G Foods, Inc. (b) | 7971 |  | 89 |
| BellRing Brands, Inc. (a) | 14844 |  | 381 |
| Benson Hill, Inc. (a) (b) | 17739 |  | 45 |
| Beyond Meat, Inc. (a) (b) | 6431 |  | 79 |
| BJ's Wholesale Club Holdings, Inc. (a) | 15176 |  | 1004 |
| BRC, Inc. Class A (a) (b) | 5912 |  | 36 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Bunge Ltd. | 17067 | $1703 |
| Calavo Growers, Inc. | 1932 | 57 |
| Cal-Maine Foods, Inc. | 4258 | 232 |
| Casey's General Stores, Inc. | 4228 | 949 |
| Celsius Holdings, Inc. (a) | 4464 | 464 |
| Central Garden & Pet Co. (a) | 1053 | 39 |
| Central Garden & Pet Co. Class A (a) | 4516 | 162 |
| Coca-Cola Consolidated, Inc. | 532 | 273 |
| Coty, Inc. Class A (a) | 37141 | 318 |
| Darling Ingredients, Inc. (a) | 18019 | 1128 |
| e.l.f. Beauty, Inc. (a) | 5533 | 306 |
| Edgewell Personal Care Co. | 5823 | 224 |
| Energizer Holdings, Inc. | 7521 | 252 |
| Farmer Brothers Co. (a) | 1581 | 7 |
| Flowers Foods, Inc. | 22358 | 643 |
| Fresh Del Monte Produce, Inc. | 4234 | 111 |
| Freshpet, Inc. (a) | 5264 | 278 |
| Grocery Outlet Holding Corp. (a) | 10121 | 295 |
| Herbalife Nutrition Ltd. (a) | 11997 | 179 |
| HF Foods Group, Inc. Class A (a) | 5120 | 21 |
| Honest Co., Inc. (a) | 5349 | 16 |
| Hostess Brands, Inc. (a) | 15027 | 337 |
| Ingles Markets, Inc. Class A | 1631 | 157 |
| Ingredion, Inc. | 7215 | 707 |
| Inter Parfums, Inc. | 2025 | 196 |
| J & J Snack Foods Corp. | 1677 | 251 |
| John B Sanfilippo & Son, Inc. | 993 | 81 |
| Lancaster Colony Corp. | 2093 | 413 |
| Lifecore Biomedical, Inc. (a) | 3279 | 21 |
| Lifevantage Corp. | 1268 | 5 |
| Lifeway Foods, Inc. (a) | 528 | 3 |
| Limoneira Co. | 1649 | 20 |
| Local Bounti Corp. (a) (b) | 3883 | 5 |
| Mannatech, Inc. | 122 | 2 |
| Medifast, Inc. | 1225 | 141 |
| MGP Ingredients, Inc. | 1498 | 159 |
| Mission Produce, Inc. (a) | 4652 | 54 |
| National Beverage Corp. (a) | 2648 | 123 |
| Natural Alternatives International, Inc. (a) | 524 | 4 |
| Natural Grocers by Vitamin Cottage, Inc. | 1082 | 10 |
| Nature's Sunshine Products, Inc. (a) | 1724 | 14 |
| Nu Skin Enterprises, Inc. Class A | 5603 | 236 |
| Oil-Dri Corp. of America | 549 | 18 |
| Olaplex Holdings, Inc. (a) | 13997 | 73 |
| Performance Food Group Co. (a) | 17094 | 998 |
| Pilgrim's Pride Corp. (a) | 4883 | 116 |
| Post Holdings, Inc. (a) | 6104 | 551 |
| PriceSmart, Inc. | 2843 | 173 |
| Reynolds Consumer Products, Inc. | 6193 | 186 |
| Rite Aid Corp. (a) (b) | 6061 | 20 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Seaboard Corp. | 29 | $| 110 |
| Seneca Foods Corp. Class A (a) | 622 |  | 38 |
| Sovos Brands, Inc. (a) | 3779 |  | 54 |
| SpartanNash Co. | 3935 |  | 119 |
| Spectrum Brands Holdings, Inc. | 4535 |  | 276 |
| Sprouts Farmers Market, Inc. (a) | 12073 |  | 391 |
| Tattooed Chef, Inc. (a) (b) | 5428 |  | 7 |
| The Andersons, Inc. | 3612 |  | 126 |
| The Beauty Health Co. (a) (b) | 11473 |  | 104 |
| The Boston Beer Co., Inc. Class A (a) | 1079 |  | 356 |
| The Chefs' Warehouse, Inc. (a) | 3821 |  | 127 |
| The Duckhorn Portfolio, Inc. (a) | 4837 |  | 80 |
| The Hain Celestial Group, Inc. (a) | 10033 |  | 162 |
| The Real Good Food Co., Inc. (a) | 567 |  | 4 |
| The Simply Good Foods Co. (a) | 11010 |  | 419 |
| The Vita Coco Co., Inc. (a) (b) | 2716 |  | 38 |
| Thorne HealthTech, Inc. (a) | 1197 |  | 4 |
| Tootsie Roll Industries, Inc. | 1696 |  | 72 |
| TreeHouse Foods, Inc. (a) | 6297 |  | 311 |
| Turning Point Brands, Inc. | 1943 |  | 42 |
| U.S. Foods Holding Corp. (a) | 24464 |  | 832 |
| United Natural Foods, Inc. (a) | 6550 |  | 254 |
| United-Guardian, Inc. | 328 |  | 3 |
| Universal Corp. | 2708 |  | 143 |
| Upexi, Inc. (a) | 1040 |  | 3 |
| USANA Health Sciences, Inc. (a) | 1264 |  | 67 |
| Vector Group Ltd. | 14933 |  | 177 |
| Veru, Inc. (a) (b) | 7368 |  | 39 |
| Village Super Market, Inc. Class A | 928 |  | 22 |
| Vintage Wine Estates, Inc. (a) | 3458 |  | 11 |
| Vital Farms, Inc. (a) | 2816 |  | 42 |
| WD-40 Co. | 1531 |  | 247 |
| Weis Markets, Inc. | 1710 |  | 141 |
| Willamette Valley Vineyards, Inc. (a) | 434 |  | 3 |
| Zevia PBC Class A (a) (b) | 4051 |  | 17 |
|  |  |  | 19648 |
| **Energy (6.6%):** | **Energy (6.6%):** | **Energy (6.6%):** | **Energy (6.6%):** |
| Adams Resources & Energy, Inc. | 86 |  | 3 |
| Aemetis, Inc. (a) (b) | 3336 |  | 13 |
| Alliance Resource Partners, LP | 8806 |  | 179 |
| Alto Ingredients, Inc. (a) | 7998 |  | 23 |
| Amplify Energy Corp. (a) | 4275 |  | 38 |
| Antero Midstream Corp. | 36382 |  | 393 |
| Antero Resources Corp. (a) | 30573 |  | 947 |
| Arch Resources, Inc. | 2000 |  | 286 |
| Archrock, Inc. | 15366 |  | 138 |
| Battalion Oil Corp. (a) | 1576 |  | 15 |
| Black Stone Minerals, LP | 19250 |  | 325 |
| BP Prudhoe Bay Royalty Trust (b) | 2429 |  | 28 |
| Bristow Group, Inc. (a) | 3075 |  | 83 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Cactus, Inc. Class A | 6811 | $342 |
| California Resources Corp. | 7528 | 328 |
| Callon Petroleum Co. (a) | 5603 | 208 |
| Calumet Specialty Products Partners, LP (a) | 6737 | 114 |
| Camber Energy, Inc. (a) | 1536 | 3 |
| Centrus Energy Corp. Class A (a) | 1313 | 43 |
| ChampionX Corp. | 22801 | 661 |
| Cheniere Energy, Inc. | 28065 | 4209 |
| Chesapeake Energy Corp. | 12772 | 1205 |
| Chord Energy Corp. | 4422 | 605 |
| Civitas Resources, Inc. | 8203 | 475 |
| Clean Energy Fuels Corp. (a) | 18915 | 98 |
| CNX Resources Corp. (a) | 21071 | 355 |
| Comstock Resources, Inc. | 8997 | 123 |
| CONSOL Energy, Inc. | 3838 | 249 |
| Crescent Energy, Inc. Class A (b) | 4329 | 52 |
| Crestwood Equity Partners, LP | 9264 | 243 |
| Cross Timbers Royalty Trust (b) | 681 | 17 |
| CrossAmerica Partners, LP | 2497 | 50 |
| CVR Energy, Inc. | 11409 | 358 |
| DCP Midstream, LP | 9933 | 385 |
| Delek Logistics Partners, LP | 987 | 45 |
| Delek U.S. Holdings, Inc. | 7901 | 213 |
| Denbury, Inc. (a) | 5361 | 466 |
| DMC Global, Inc. (a) | 1773 | 34 |
| Dorchester Minerals, LP | 3879 | 116 |
| Dorian LPG Ltd. | 3826 | 72 |
| Dril-Quip, Inc. (a) | 3823 | 104 |
| DT Midstream, Inc. | 10979 | 607 |
| Energy Transfer, LP | 276645 | 3284 |
| ENGlobal Corp. (a) | 2885 | 2 |
| EnLink Midstream LLC | 28265 | 348 |
| Enterprise Products Partners LP | 158290 | 3818 |
| Enviva, Inc. | 4094 | 217 |
| Equitrans Midstream Corp. | 49117 | 329 |
| Evolution Petroleum Corp. | 3485 | 26 |
| Excelerate Energy, Inc. Class A | 2980 | 75 |
| Forum Energy Technologies, Inc. (a) | 565 | 17 |
| Genesis Energy, LP | 10152 | 104 |
| Geospace Technologies Corp. (a) | 1389 | 6 |
| Gevo, Inc. (a) (b) | 25889 | 49 |
| Global Partners, LP | 3241 | 113 |
| Green Plains Partners, LP | 2533 | 33 |
| Green Plains, Inc. (a) | 6329 | 193 |
| Gulf Island Fabrication, Inc. (a) | 1645 | 8 |
| Gulfport Energy Corp. (a) | 2190 | 161 |
| Hallador Energy Co. (a) | 2508 | 25 |
| Helix Energy Solutions Group, Inc. (a) | 16187 | 119 |
| Helmerich & Payne, Inc. | 11591 | 575 |
| Hess Midstream, LP Class A (b) | 4844 | 145 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| HF Sinclair Corp. | 18458 | $958 |
| HighPeak Energy, Inc. (b) | 1541 | 35 |
| Holly Energy Partners, LP | 5022 | 91 |
| International Seaways, Inc. | 3843 | 142 |
| Kimbell Royalty Partners, LP | 6038 | 101 |
| KLX Energy Services Holdings, Inc. (a) | 1237 | 21 |
| Kosmos Energy Ltd. (a) | 50700 | 322 |
| Laredo Petroleum, Inc. (a) | 1805 | 93 |
| Liberty Oilfield Services, Inc. Class A | 17178 | 275 |
| Magellan Midstream Partners, LP | 23099 | 1160 |
| Magnolia Oil & Gas Corp. Class A | 19076 | 447 |
| Mammoth Energy Services, Inc. (a) | 4016 | 35 |
| Martin Midstream Partners, LP | 3263 | 10 |
| Matador Resources Co. | 12333 | 706 |
| MPLX, LP | 36761 | 1207 |
| Murphy Oil Corp. | 16761 | 721 |
| Nabors Industries Ltd. (a) | 1015 | 157 |
| NACCO Industries, Inc. Class A | 399 | 15 |
| National Energy Services Reunited Corp. (a) | 8764 | 61 |
| Natural Gas Services Group, Inc. (a) | 1204 | 14 |
| Natural Resource Partners, LP | 894 | 49 |
| NCS Multistage Holdings, Inc. (a) | 68 | 2 |
| New Fortress Energy, Inc. | 8480 | 360 |
| Newpark Resources, Inc. (a) | 9281 | 39 |
| Nextdecade Corp. (a) (b) | 12999 | 64 |
| NexTier Oilfield Solutions, Inc. (a) | 21335 | 197 |
| Nine Energy Service, Inc. (a) | 2839 | 41 |
| Northern Oil and Gas, Inc. | 7613 | 235 |
| NOV, Inc. | 44134 | 922 |
| NuStar Energy, LP | 10892 | 174 |
| Oceaneering International, Inc. (a) | 11151 | 195 |
| Oil States International, Inc. (a) | 6890 | 51 |
| OPAL Fuels, Inc. (a) | 1369 | 10 |
| Overseas Shipholding Group, Inc. Class A (a) | 7704 | 22 |
| Ovintiv, Inc. | 28572 | 1449 |
| Patterson-UTI Energy, Inc. | 24115 | 406 |
| PBF Energy, Inc. Class A | 14026 | 572 |
| PDC Energy, Inc. | 10711 | 680 |
| Peabody Energy Corp. (a) | 16168 | 427 |
| Permian Resources Corp. | 23902 | 225 |
| Permianville Royalty Trust (b) | 2547 | 9 |
| PHX Minerals, Inc. | 3101 | 12 |
| Plains All American Pipeline, LP | 49903 | 587 |
| Plains GP Holdings, LP Class A | 21382 | 266 |
| ProFrac Holding Corp. Class A (a) | 2572 | 65 |
| ProPetro Holding Corp. (a) | 9237 | 96 |
| Range Resources Corp. | 28940 | 724 |
| Ranger Energy Services, Inc. (a) | 1355 | 15 |
| Ranger Oil Corp. | 2378 | 96 |
| REX American Resources Corp. (a) | 1762 | 56 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Riley Exploration Permian, Inc. | 709 | $| 21 |
| RPC, Inc. | 10326 |  | 92 |
| SandRidge Energy, Inc. (a) | 4087 |  | 70 |
| SEACOR Marine Holdings, Inc. (a) | 2394 |  | 22 |
| Select Energy Services, Inc. Class A | 8685 |  | 80 |
| SFL Corp. Ltd. | 11951 |  | 110 |
| SilverBow Resources, Inc. (a) (b) | 911 |  | 26 |
| Sitio Royalties Corp. Class A (b) | 8054 |  | 232 |
| SM Energy Co. | 13635 |  | 475 |
| Smart Sand, Inc. (a) | 2930 |  | 5 |
| Solaris Oilfield Infrastructure, Inc. Class A | 3211 |  | 32 |
| Southwestern Energy Co. (a) | 111289 |  | 651 |
| Stabilis Solutions, Inc. (a) | 290 |  | 1 |
| Summit Midstream Partners, LP (a) | 1108 |  | 18 |
| Sunoco, LP | 6084 |  | 262 |
| Talos Energy, Inc. (a) | 7684 |  | 145 |
| Teekay Corp. (a) | 7978 |  | 36 |
| Tellurian, Inc. (a) | 57697 |  | 97 |
| TETRA Technologies, Inc. (a) | 12955 |  | 45 |
| Texas Pacific Land Corp. | 876 |  | 2054 |
| Tidewater, Inc. (a) | 4876 |  | 180 |
| Uranium Energy Corp. (a) (b) | 37238 |  | 144 |
| USA Compression Partners, LP | 10893 |  | 213 |
| USD Partners, LP | 1553 |  | 5 |
| VAALCO Energy, Inc. | 11760 |  | 54 |
| Vertex Energy, Inc. (a) (b) | 6693 |  | 41 |
| Viper Energy Partners, LP | 6914 |  | 220 |
| Voc Energy Trust | 1235 |  | 13 |
| W&T Offshore, Inc. (a) | 10560 |  | 59 |
| Western Midstream Partners, LP | 21930 |  | 589 |
| World Fuel Services Corp. | 6816 |  | 186 |
| Zion Oil & Gas, Inc. (a) | 49081 |  | 3 |
|  |  |  | 44696 |
| **Financials (18.7%):** | **Financials (18.7%):** | **Financials (18.7%):** | **Financials (18.7%):** |
| 1st Source Corp. | 2015 |  | 107 |
| Acacia Research Corp. (a) | 4744 |  | 20 |
| Acres Commercial Realty Corp. (a) | 902 |  | 7 |
| AFC Gamma, Inc. | 1826 |  | 29 |
| Affiliated Managers Group, Inc. | 4295 |  | 680 |
| AG Mortgage Investment Trust, Inc. | 2444 |  | 13 |
| AGNC Investment Corp. (b) | 58732 |  | 608 |
| Alerus Financial Corp. | 1996 |  | 47 |
| AllianceBernstein Holding, LP | 10966 |  | 377 |
| Ally Financial, Inc. | 34666 |  | 848 |
| Amalgamated Financial Corp. | 1881 |  | 43 |
| Amerant Bancorp, Inc. | 2607 |  | 70 |
| American Equity Investment Life Holding Co. | 9747 |  | 445 |
| American Financial Group, Inc. | 8989 |  | 1234 |
| American National Bankshares, Inc. | 1162 |  | 43 |
| Ameris Bancorp | 7400 |  | 349 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| AMERISAFE, Inc. | 2145 | $111 |
| Ames National Corp. | 1000 | 24 |
| Angel Oak Mortgage, Inc. (b) | 2745 | 13 |
| Annaly Capital Management, Inc. | 48924 | 1031 |
| Apollo Commercial Real Estate Finance, Inc. | 15797 | 170 |
| Apollo Global Management, Inc. | 48602 | 3100 |
| Arbor Realty Trust, Inc. | 18555 | 245 |
| Ares Capital Corp. (b) | 56790 | 1049 |
| Ares Commercial Real Estate Corp. | 5808 | 60 |
| Ares Management Corp. Class A | 15419 | 1055 |
| Argo Group International Holdings Ltd. | 3696 | 96 |
| Arlington Asset Investment Corp. Class A (a) | 2918 | 9 |
| ARMOUR Residential REIT, Inc. (b) | 14847 | 84 |
| Arrow Financial Corp. | 1799 | 61 |
| Artisan Partners Asset Management, Inc. Class A | 7421 | 220 |
| Ashford, Inc. (a) | 198 | 3 |
| AssetMark Financial Holdings, Inc. (a) | 2430 | 56 |
| Associated Banc-Corp. | 16547 | 382 |
| Associated Capital Group, Inc. Class A | 339 | 14 |
| Assured Guaranty Ltd. | 6608 | 411 |
| Atlantic Union Bankshares Corp. | 8393 | 295 |
| Atlanticus Holdings Corp. (a) | 493 | 13 |
| Axis Capital Holdings Ltd. | 8647 | 468 |
| Axos Financial, Inc. (a) | 6058 | 232 |
| Bain Capital Specialty Finance, Inc. | 7254 | 86 |
| Banc of California, Inc. | 6213 | 99 |
| BancFirst Corp. | 2009 | 177 |
| Bank of Hawaii Corp. | 4469 | 347 |
| Bank of Marin Bancorp | 1618 | 53 |
| Bank OZK | 12970 | 520 |
| Bank7 Corp. | 423 | 11 |
| Bankfinancial Corp. | 1329 | 14 |
| BankUnited, Inc. | 8755 | 297 |
| Bankwell Financial Group, Inc. | 634 | 19 |
| Banner Corp. | 3803 | 240 |
| Bar Harbor Bankshares | 1673 | 54 |
| Barings BDC, Inc. (b) | 12396 | 101 |
| BayCom Corp. | 1438 | 27 |
| Bayfirst Financial Corp. | 393 | 7 |
| BCB Bancorp, Inc. | 1735 | 31 |
| Berkshire Hathaway, Inc. Class A (a) | 40 | 18748 |
| Berkshire Hills Bancorp, Inc. | 5028 | 150 |
| BGC Partners, Inc. Class A | 33069 | 125 |
| BlackRock Capital Investment Corp. | 8224 | 30 |
| BlackRock TCP Capital Corp. | 6491 | 84 |
| Blackstone Mortgage Trust, Inc. Class A | 18361 | 389 |
| Blackstone, Inc. | 78838 | 5849 |
| Blucora, Inc. (a) | 5202 | 133 |
| Blue Foundry Bancorp (a) | 2870 | 37 |
| Blue Owl Capital, Inc. | 45344 | 481 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Blue Ridge Bankshares, Inc. | 1749 | $22 |
| BOK Financial Corp. | 3309 | 343 |
| Bread Financial Holdings, Inc. | 5601 | 211 |
| Bridge Investment Group Holdings, Inc. Class A | 3075 | 37 |
| Bridgewater Bancshares, Inc. (a) | 2254 | 40 |
| Bright Health Group, Inc. (a) | 7866 | 5 |
| Brighthouse Financial, Inc. (a) | 8069 | 414 |
| Brightsphere Investment Group, Inc. | 4655 | 96 |
| BrightSpire Capital, Inc. | 10392 | 65 |
| Broadmark Realty Capital, Inc. | 14476 | 52 |
| Broadway Financial Corp. (a) | 4146 | 4 |
| Brookline Bancorp, Inc. | 8442 | 119 |
| BRP Group, Inc. Class A (a) | 6701 | 168 |
| Business First Bancshares, Inc. | 2678 | 59 |
| Byline Bancorp, Inc. | 2511 | 58 |
| C&F Financial Corp. | 375 | 22 |
| Cadence Bank | 20925 | 516 |
| Cambridge Bancorp Class A | 858 | 71 |
| Camden National Corp. | 1610 | 67 |
| Cannae Holdings, Inc. (a) | 8459 | 175 |
| Capital Bancorp, Inc. | 988 | 23 |
| Capital City Bank Group, Inc. | 1463 | 48 |
| Capital Southwest Corp. | 3415 | 58 |
| Capitol Federal Financial, Inc. | 14656 | 127 |
| Capstar Financial Holdings, Inc. | 2092 | 37 |
| Carter Bankshares, Inc. (a) | 2678 | 44 |
| Catalyst Bancorp, Inc. (a) | 534 | 7 |
| Cathay General Bancorp | 8029 | 327 |
| Central Pacific Financial Corp. | 3014 | 61 |
| Central Valley Community Bancorp | 1117 | 24 |
| CFSB Bancorp, Inc. (a) | 318 | 3 |
| Cherry Hill Mortgage Investment Corp. (b) | 2208 | 13 |
| Chicago Atlantic Real Estate Finance, Inc. (b) | 1303 | 20 |
| Chimera Investment Corp. (b) | 25776 | 142 |
| CION Investment Corp. (b) | 6464 | 63 |
| Citizens & Northern Corp. | 1670 | 38 |
| Citizens, Inc. (a) (b) | 5123 | 11 |
| City Holding Co. | 1619 | 151 |
| Civista Bancshares, Inc. | 1662 | 37 |
| Claros Mortgage Trust, Inc. (b) | 14721 | 217 |
| CNA Financial Corp. | 3079 | 130 |
| CNB Financial Corp. Class A | 2325 | 55 |
| CNO Financial Group, Inc. | 12724 | 291 |
| Coastal Financial Corp. (a) | 1176 | 56 |
| Codorus Valley Bancorp, Inc. | 964 | 23 |
| Cohen & Steers, Inc. | 2819 | 182 |
| Coinbase Global, Inc. Class A (a) (b) | 17260 | 611 |
| Colony Bankcorp, Inc. | 1783 | 23 |
| Columbia Banking System, Inc. | 8834 | 266 |
| Columbia Financial, Inc. (a) | 3606 | 78 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Commerce Bancshares, Inc. | 13857 | $943 |
| Community Bank System, Inc. | 6037 | 380 |
| Community Trust Bancorp, Inc. | 1971 | 90 |
| ConnectOne Bancorp, Inc. | 3964 | 96 |
| Consumer Portfolio Services, Inc. (a) (b) | 1042 | 9 |
| Corebridge Financial, Inc. | 8784 | 176 |
| Cowen, Inc. Class A | 2887 | 111 |
| Crawford & Co. Class A | 1588 | 9 |
| Crawford & Co. Class B | 766 | 4 |
| Credit Acceptance Corp. (a) (b) | 865 | 410 |
| Crescent Capital BDC, Inc. (b) | 3120 | 40 |
| Crossfirst Bankshares, Inc. (a) | 5149 | 64 |
| Cullen/Frost Bankers, Inc. | 6769 | 905 |
| Curo Group Holdings Corp. | 2251 | 8 |
| Customers Bancorp, Inc. (a) | 3352 | 95 |
| CVB Financial Corp. | 14914 | 384 |
| Diamond Hill Investment Group, Inc. | 338 | 63 |
| Dime Community Bancshares, Inc. | 4030 | 128 |
| Donegal Group, Inc. Class A | 1639 | 23 |
| Donnelley Financial Solutions, Inc. (a) | 3170 | 122 |
| Dynex Capital, Inc. | 4951 | 63 |
| Eagle Bancorp Montana, Inc. | 830 | 13 |
| Eagle Bancorp, Inc. | 3568 | 157 |
| East West Bancorp, Inc. | 15833 | 1043 |
| Eastern Bankshares, Inc. | 18217 | 314 |
| ECB Bancorp, Inc. (a) | 1000 | 16 |
| eHealth, Inc. (a) | 2877 | 14 |
| Elevate Credit, Inc. (a) | 3085 | 5 |
| Ellington Financial, Inc. | 6737 | 83 |
| Ellington Residential Mortgage REIT (b) | 1455 | 10 |
| Employers Holdings, Inc. | 2975 | 128 |
| Enact Holdings, Inc. | 3327 | 80 |
| Encore Capital Group, Inc. (a) | 2629 | 126 |
| Enova International, Inc. (a) | 3451 | 132 |
| Enstar Group Ltd. (a) | 1433 | 331 |
| Enterprise Bancorp, Inc. | 1045 | 37 |
| Enterprise Financial Services Corp. | 3971 | 194 |
| Equitable Holdings, Inc. | 42630 | 1223 |
| Equity Bancshares, Inc. Class A | 1589 | 52 |
| Erie Indemnity Co. Class A | 2831 | 704 |
| Esquire Financial Holdings, Inc. | 761 | 33 |
| Evans Bancorp, Inc. | 594 | 22 |
| Evercore, Inc. | 3998 | 436 |
| EZCORP, Inc. Class A (a) | 5910 | 48 |
| F&G Annuities & Life, Inc. (a) | 13335 | 267 |
| FB Financial Corp. | 3991 | 144 |
| Federal Agricultural Mortgage Corp. Class C | 1030 | 116 |
| Federal Home Loan Mortgage Corp. (a) | 73777 | 26 |
| Federal National Mortgage Association (a) | 131434 | 46 |
| Federated Hermes, Inc. | 9509 | 345 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Fidelity National Financial, Inc. | 29478 | $1109 |
| Fidus Investment Corp. | 2746 | 52 |
| Financial Institutions, Inc. | 1705 | 42 |
| Finward Bancorp | 468 | 17 |
| First American Financial Corp. | 11230 | 588 |
| First Bancorp, Inc. | 1064 | 32 |
| First Bancorp/Puerto Rico | 20695 | 263 |
| First Bancorp/Southern Pines NC | 3969 | 170 |
| First Busey Corp. | 5765 | 142 |
| First Citizens BancShares, Inc. Class A | 1134 | 860 |
| First Commonwealth Financial Corp. | 10386 | 145 |
| First Community Bankshares, Inc. | 1621 | 55 |
| First Eagle Alternative Capital BDC, Inc. | 3090 | 13 |
| First Financial Bancorp | 10552 | 256 |
| First Financial Bankshares, Inc. | 14560 | 501 |
| First Financial Corp. Class A | 1283 | 59 |
| First Hawaiian, Inc. | 14348 | 374 |
| First Horizon Corp. | 59683 | 1462 |
| First Internet Bancorp | 982 | 24 |
| First Interstate BancSystem, Inc. Class A | 9820 | 380 |
| First Merchants Corp. | 6617 | 272 |
| First United Corp. | 710 | 14 |
| First Western Financial, Inc. (a) | 851 | 24 |
| FirstCash Holdings, Inc. | 4271 | 371 |
| Five Star Bancorp | 1037 | 28 |
| Flushing Financial Corp. | 3199 | 62 |
| FNB Corp. | 39010 | 509 |
| Focus Financial Partners, Inc. Class A (a) | 6537 | 244 |
| Forge Global Holdings, Inc. (a) (b) | 12452 | 22 |
| Franklin BSP Realty Trust, Inc. (b) | 9508 | 123 |
| FS KKR Capital Corp. | 31911 | 558 |
| Fulton Financial Corp. | 18804 | 316 |
| FVCBankcorp, Inc. (a) | 1253 | 24 |
| GCM Grosvenor, Inc. Class A (b) | 4676 | 36 |
| Genworth Financial, Inc. (a) | 56024 | 296 |
| German American Bancorp, Inc. | 3145 | 117 |
| Glacier Bancorp, Inc. | 12571 | 621 |
| Gladstone Capital Corp. (b) | 3738 | 36 |
| Gladstone Investment Corp. (b) | 3655 | 47 |
| Global Indemnity Group LLC Class A | 882 | 21 |
| GoHealth, Inc. Class A (a) (b) | 860 | 9 |
| Goldman Sachs BDC, Inc. | 11455 | 157 |
| Golub Capital BDC, Inc. | 18813 | 248 |
| Goosehead Insurance, Inc. Class A (a) | 2285 | 78 |
| Granite Point Mortgage Trust, Inc. | 5823 | 31 |
| Great Ajax Corp. | 2374 | 17 |
| Great Southern Bancorp, Inc. Class A | 1063 | 63 |
| Green Dot Corp. Class A (a) | 5856 | 93 |
| Greenhill & Co., Inc. | 1381 | 14 |
| Guaranty Bancshares, Inc. | 946 | 33 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Guild Holdings Co. Class A (a) | 1306 | $13 |
| Hagerty, Inc. Class A (a) (b) | 8235 | 69 |
| Hamilton Lane, Inc. Class A | 3936 | 251 |
| Hancock Whitney Corp. | 9631 | 466 |
| Hanmi Financial Corp. | 3425 | 85 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 9746 | 282 |
| HarborOne Bancorp, Inc. | 5011 | 70 |
| HBT Financial, Inc. | 1078 | 21 |
| HCI Group, Inc. (b) | 821 | 32 |
| Heartland Financial USA, Inc. | 4431 | 207 |
| Hercules Capital, Inc. (b) | 14296 | 189 |
| Heritage Commerce Corp. | 6610 | 86 |
| Heritage Financial Corp. | 3904 | 120 |
| Heritage Insurance Holdings, Inc. | 2292 | 4 |
| Hilltop Holdings, Inc. | 5130 | 154 |
| Hippo Holdings, Inc. (a) (b) | 1309 | 18 |
| Home Bancorp, Inc. | 811 | 32 |
| Home BancShares, Inc. | 21644 | 493 |
| HomeStreet, Inc. | 2018 | 56 |
| Hope Bancorp, Inc. | 12882 | 165 |
| Horace Mann Educators Corp. | 4595 | 172 |
| Horizon Bancorp, Inc. | 4154 | 63 |
| Horizon Technology Finance Corp. | 2823 | 33 |
| Houlihan Lokey, Inc. | 5636 | 491 |
| Independent Bank Corp. | 5157 | 435 |
| Independent Bank Corp. | 2294 | 55 |
| Independent Bank Group, Inc. | 4018 | 241 |
| Interactive Brokers Group, Inc. | 11088 | 802 |
| International Bancshares Corp. | 5934 | 272 |
| Invesco Mortgage Capital, Inc. | 3748 | 48 |
| Investar Holding Corp. | 1035 | 22 |
| Investcorp Credit Management BDC, Inc. | 1355 | 5 |
| Investors Title Co. | 159 | 23 |
| Jackson Financial, Inc. Class A | 7224 | 251 |
| Jefferies Financial Group, Inc. | 20841 | 714 |
| Katapult Holdings, Inc. (a) | 4913 | 5 |
| Kearny Financial Corp. | 6814 | 69 |
| Kemper Corp. | 6884 | 339 |
| Kinsale Capital Group, Inc. | 2443 | 639 |
| KKR & Co., Inc. | 73297 | 3402 |
| KKR Real Estate Finance Trust, Inc. | 7388 | 103 |
| Ladder Capital Corp. | 12811 | 129 |
| Lakeland Bancorp, Inc. | 6987 | 123 |
| Lakeland Financial Corp. | 2762 | 202 |
| Lazard Ltd. Class A | 12286 | 426 |
| Lemonade, Inc. (a) (b) | 5321 | 73 |
| LendingTree, Inc. (a) | 1233 | 26 |
| Live Oak Bancshares, Inc. | 3685 | 111 |
| Logan Ridge Finance Corp. (a) | 280 | 6 |
| LPL Financial Holdings, Inc. | 8963 | 1938 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Lument Finance Trust, Inc. | 4149 | $8 |
| Luther Burbank Corp. | 2782 | 31 |
| Macatawa Bank Corp. | 3149 | 35 |
| Magyar Bancorp, Inc. | 701 | 9 |
| Maiden Holdings Ltd. (a) | 8508 | 18 |
| Main Street Capital Corp. (b) | 8094 | 299 |
| Markel Corp. (a) | 1509 | 1988 |
| MBIA, Inc. (a) | 5421 | 70 |
| Medallion Financial Corp. | 2036 | 15 |
| Mercantile Bank Corp. | 1656 | 55 |
| Merchants Bancorp | 1712 | 42 |
| Mercury General Corp. | 3016 | 103 |
| Metropolitan Bank Holding Corp. (a) | 1129 | 66 |
| MFA Financial, Inc. | 10282 | 101 |
| MGIC Investment Corp. | 34094 | 443 |
| MidCap Financial Investment Corp. | 6848 | 78 |
| Midland States Bancorp, Inc. | 2379 | 63 |
| Midwest Holding, Inc. (a) | 327 | 4 |
| MidWestOne Financial Group, Inc. | 1613 | 51 |
| Moelis & Co. Class A | 7199 | 276 |
| Moneylion, Inc. (a) | 10647 | 7 |
| Monroe Capital Corp. | 2385 | 20 |
| Morningstar, Inc. | 2845 | 616 |
| MVB Financial Corp. | 1235 | 27 |
| National Bank Holdings Corp. Class A | 4181 | 176 |
| National Bankshares, Inc. | 658 | 26 |
| National Western Life Group, Inc. Class A | 253 | 71 |
| Navient Corp. | 15458 | 254 |
| NBT Bancorp, Inc. | 4716 | 205 |
| Nelnet, Inc. Class A | 1476 | 134 |
| NerdWallet, Inc. Class A (a) (b) | 3149 | 30 |
| New Mountain Finance Corp. | 9945 | 123 |
| New York Community Bancorp, Inc. | 74890 | 644 |
| New York Mortgage Trust, Inc. | 42440 | 109 |
| Newtek Business Services Corp. | 2626 | 43 |
| Nexpoint Real Estate Finance, Inc. | 1629 | 26 |
| NI Holdings, Inc. (a) | 815 | 11 |
| Nicholas Financial, Inc. (a) | 754 | 5 |
| NMI Holdings, Inc. Class A (a) | 9421 | 197 |
| Northeast Community Bancorp, Inc. | 1650 | 25 |
| Northfield Bancorp, Inc. | 4835 | 76 |
| Northrim Bancorp, Inc. | 625 | 34 |
| Northwest Bancshares, Inc. | 13679 | 191 |
| Norwood Financial Corp. | 825 | 28 |
| Oaktree Specialty Lending Corp. | 19147 | 132 |
| OceanFirst Financial Corp. | 6509 | 138 |
| Ocwen Financial Corp. (a) | 749 | 23 |
| OFG Bancorp | 5289 | 146 |
| OFS Capital Corp. | 1509 | 15 |
| Old National Bancorp | 32909 | 592 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Old Republic International Corp. | 32608 | $787 |
| Old Second Bancorp, Inc. | 4653 | 75 |
| OneMain Holdings, Inc. | 13926 | 464 |
| OP Bancorp | 1327 | 15 |
| Open Lending Corp. Class A (a) | 11890 | 80 |
| Oportun Financial Corp. (a) | 2579 | 14 |
| Oppenheimer Holdings, Inc. Class A | 830 | 35 |
| OppFi, Inc. (a) (b) | 1427 | 3 |
| Orchid Island Capital, Inc. (b) | 3921 | 41 |
| Origin Bancorp, Inc. | 3203 | 118 |
| Oscar Health, Inc. Class A (a) | 12460 | 31 |
| Owl Rock Capital Corp. (b) | 42908 | 496 |
| Oxford Square Capital Corp. | 5083 | 16 |
| P10, Inc. Class A | 4212 | 45 |
| Pacific Premier Bancorp, Inc. | 10346 | 326 |
| PacWest Bancorp | 12965 | 298 |
| Palomar Holdings, Inc. (a) | 2751 | 124 |
| Park National Corp. | 1789 | 252 |
| Parke Bancorp, Inc. | 1149 | 24 |
| Partners Bancorp | 1121 | 10 |
| Pathward Financial, Inc. | 3231 | 139 |
| Patriot National Bancorp, Inc. (a) | 377 | 4 |
| PB Bankshares, Inc. (a) | 271 | 4 |
| PCB Bancorp | 1358 | 24 |
| PCSB Financial Corp. | 1497 | 28 |
| Peapack-Gladstone Financial Corp. | 1837 | 68 |
| PennantPark Floating Rate Capital Ltd. | 5043 | 55 |
| Pennantpark Investment Corp. | 7201 | 41 |
| PennyMac Financial Services, Inc. | 5180 | 293 |
| Pennymac Mortgage Investment Trust (b) | 10176 | 126 |
| Peoples Bancorp, Inc. | 3147 | 89 |
| Perella Weinberg Partners | 4209 | 41 |
| Phenixfin Corp. | 182 | 6 |
| Pinnacle Financial Partners, Inc. | 8413 | 617 |
| Pioneer Bancorp, Inc. (a) | 1297 | 15 |
| Piper Sandler Cos. | 1900 | 247 |
| Plumas Bancorp | 551 | 20 |
| Ponce Financial Group, Inc. (a) | 898 | 8 |
| Popular, Inc. | 8343 | 553 |
| Portman Ridge Finance Corp. | 1068 | 25 |
| PRA Group, Inc. (a) | 4291 | 145 |
| Preferred Bank | 1556 | 116 |
| Premier Financial Corp. | 3956 | 107 |
| Primerica, Inc. | 4208 | 597 |
| Primis Financial Corp. | 2378 | 28 |
| ProAssurance Corp. | 6063 | 106 |
| PROG Holdings, Inc. (a) | 5613 | 95 |
| Prospect Capital Corp. (b) | 32044 | 224 |
| Prosperity Bancshares, Inc. | 9938 | 722 |
| Provident Bancorp, Inc. | 1649 | 12 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Provident Financial Holdings, Inc. | 668 | $9 |
| Provident Financial Services, Inc. | 7774 | 166 |
| QCR Holdings, Inc. | 1860 | 92 |
| Radian Group, Inc. | 18158 | 346 |
| RBB Bancorp | 1770 | 37 |
| Ready Capital Corp. | 12854 | 143 |
| Red River Bancshares, Inc. | 538 | 27 |
| Redwood Trust, Inc. | 13119 | 89 |
| Regional Management Corp. | 1000 | 28 |
| Reinsurance Group of America, Inc. | 7605 | 1081 |
| RenaissanceRe Holdings Ltd. | 4861 | 896 |
| Renasant Corp. | 6159 | 231 |
| Republic Bancorp, Inc. Class A | 958 | 39 |
| Republic First Bancorp, Inc. (a) | 4993 | 11 |
| Rithm Capital Corp. | 52455 | 429 |
| RLI Corp. | 4531 | 595 |
| Robinhood Markets, Inc. Class A (a) | 47818 | 389 |
| Rocket Cos., Inc. Class A (b) | 11664 | 82 |
| Root, Inc. Class A (a) (b) | 651 | 3 |
| Runway Growth Finance Corp. | 4302 | 50 |
| Ryan Specialty Holdings, Inc. (a) | 9509 | 395 |
| S&T Bancorp, Inc. | 4372 | 149 |
| Sachem Capital Corp. (b) | 4154 | 14 |
| Safeguard Scientifics, Inc. (a) | 1618 | 5 |
| Safety Insurance Group, Inc. | 1589 | 134 |
| Salisbury Bancorp, Inc. | 591 | 19 |
| Sandy Spring Bancorp, Inc. | 4915 | 173 |
| Saratoga Investment Corp. | 1007 | 26 |
| Sculptor Capital Management, Inc. | 1834 | 16 |
| Seacoast Banking Corp. of Florida | 6831 | 213 |
| Security National Financial Corp. Class A (a) | 1296 | 9 |
| SEI Investments Co. | 12609 | 735 |
| Selective Insurance Group, Inc. | 6710 | 595 |
| Selectquote, Inc. (a) | 14371 | 10 |
| ServisFirst Bancshares, Inc. | 5547 | 382 |
| Seven Hills Realty Trust | 1528 | 14 |
| Shore Bancshares, Inc. | 2073 | 36 |
| Siebert Financial Corp. (a) | 1322 | 2 |
| Sierra Bancorp | 1541 | 33 |
| Silvercrest Asset Management Group, Inc. Class A | 1114 | 21 |
| Silvergate Capital Corp. Class A (a) (b) | 3485 | 61 |
| Simmons First National Corp. Class A | 14532 | 314 |
| SiriusPoint Ltd. (a) | 762 | 7 |
| Sixth Street Specialty Lending, Inc. | 9192 | 164 |
| SLM Corp. | 27960 | 464 |
| SoFi Technologies, Inc. (a) (b) | 80606 | 372 |
| Solar Capital Ltd. | 5905 | 82 |
| South Plains Financial, Inc. | 1163 | 32 |
| Southern First Bancshares, Inc. (a) | 853 | 39 |
| Southern Missouri Bancorp, Inc. | 869 | 40 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Southern States Bancshares, Inc. | 700 | $20 |
| Southside Bancshares, Inc. | 3461 | 125 |
| SouthState Corp. | 8502 | 649 |
| Starwood Property Trust, Inc. | 33091 | 607 |
| Stellar Bancorp, Inc. | 5045 | 149 |
| Stellus Capital Investment Corp. | 2085 | 28 |
| StepStone Group, Inc. Class A | 5435 | 137 |
| Sterling Bancorp (a) | 1788 | 11 |
| Stewart Information Services Corp. | 3015 | 129 |
| Stifel Financial Corp. | 11685 | 682 |
| Stock Yards Bancorp, Inc. | 3186 | 207 |
| StoneX Group, Inc. (a) | 1955 | 186 |
| Summit Financial Group, Inc. | 1175 | 29 |
| Sunlight Financial Holdings, Inc. (a) (b) | 3910 | 5 |
| Suro Capital Corp. | 3270 | 12 |
| Synovus Financial Corp. | 16333 | 613 |
| TC Bancshares, Inc. | 495 | 7 |
| TCG BDC, Inc. | 5238 | 75 |
| Territorial Bancorp, Inc. | 869 | 21 |
| Texas Capital Bancshares, Inc. (a) | 5605 | 338 |
| TFS Financial Corp. | 5732 | 83 |
| The Bancorp, Inc. (a) | 5648 | 160 |
| The Bank of Princeton | 648 | 21 |
| The Carlyle Group, Inc. | 21734 | 649 |
| The First of Long Island Corp. | 2490 | 45 |
| The Hanover Insurance Group, Inc. | 4004 | 541 |
| Third Coast Bancshares, Inc. (a) | 1229 | 23 |
| Tompkins Financial Corp. | 1431 | 111 |
| Towne Bank | 7593 | 234 |
| TPG RE Finance Trust, Inc. | 6852 | 46 |
| TPG, Inc. (b) | 6928 | 193 |
| Tradeweb Markets, Inc. Class A | 12077 | 784 |
| Trean Insurance Group, Inc. (a) | 2034 | 12 |
| TriCo Bancshares | 3482 | 178 |
| Trinity Capital, Inc. (b) | 3693 | 40 |
| TriplePoint Venture Growth BDC Corp. | 3913 | 41 |
| Triumph Financial, Inc. (a) | 2610 | 128 |
| Trupanion, Inc. (a) (b) | 3792 | 180 |
| TrustCo Bank Corp. | 2106 | 79 |
| Trustmark Corp. | 6321 | 221 |
| Two Harbors Investment Corp. (b) | 9675 | 153 |
| U.S. Global Investors, Inc. Class A | 1389 | 4 |
| UMB Financial Corp. | 5099 | 426 |
| Umpqua Holdings Corp. | 24387 | 435 |
| United Bankshares, Inc. | 14970 | 606 |
| United Community Banks, Inc. | 11917 | 403 |
| United Fire Group, Inc. | 2744 | 75 |
| Unity Bancorp, Inc. | 835 | 23 |
| Universal Insurance Holdings, Inc. | 3137 | 33 |
| Univest Financial Corp. | 3265 | 85 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Unum Group | 22471 | $| 922 |
| Upstart Holdings, Inc. (a) (b) | 7848 |  | 104 |
| USCB Financial Holdings, Inc. (a) | 1248 |  | 15 |
| UWM Holdings Corp. (b) | 9351 |  | 31 |
| Valley National Bancorp | 48271 |  | 546 |
| Value Line, Inc. | 97 |  | 5 |
| Veritex Holdings, Inc. | 5942 |  | 167 |
| Victory Capital Holdings, Inc. Class A (c) | 3343 |  | 90 |
| Virtu Financial, Inc. Class A | 11227 |  | 229 |
| Virtus Investment Partners, Inc. | 768 |  | 147 |
| Voya Financial, Inc. | 11002 |  | 676 |
| Walker & Dunlop, Inc. | 3486 |  | 274 |
| Washington Federal, Inc. | 7266 |  | 244 |
| Washington Trust Bancorp, Inc. | 1910 |  | 90 |
| Webster Financial Corp. | 19756 |  | 935 |
| WesBanco, Inc. | 6573 |  | 243 |
| West Bancorp, Inc. | 1681 |  | 43 |
| Westamerica Bancorp | 2932 |  | 173 |
| Western Alliance Bancorp | 11920 |  | 710 |
| Western Asset Mortgage Capital Corp. | 672 |  | 6 |
| Western New England Bancorp, Inc. | 2203 |  | 21 |
| Westwood Holdings Group, Inc. | 787 |  | 9 |
| White Mountains Insurance Group Ltd. | 284 |  | 402 |
| WhiteHorse Finance, Inc. | 1952 |  | 25 |
| William Penn Bancorp | 1447 |  | 18 |
| Wintrust Financial Corp. | 6755 |  | 571 |
| WisdomTree, Inc. | 12477 |  | 68 |
| World Acceptance Corp. (a) | 606 |  | 40 |
| WSFS Financial Corp. | 7136 |  | 324 |
|  |  |  | 125425 |
| **Health Care (12.8%):** | **Health Care (12.8%):** | **Health Care (12.8%):** | **Health Care (12.8%):** |
| 10X Genomics, Inc. Class A (a) | 9708 |  | 354 |
| 1Life Healthcare, Inc. (a) | 19945 |  | 333 |
| 2seventy bio, Inc. (a) | 3954 |  | 37 |
| 4D Molecular Therapeutics, Inc. (a) | 3234 |  | 72 |
| 89bio, Inc. (a) (b) | 4437 |  | 57 |
| 9 Meters BioPharma, Inc. (a) | 1441 |  | 2 |
| Aadi Bioscience, Inc. (a) | 1910 |  | 25 |
| Abeona Therapeutics, Inc. (a) | 1891 |  | 6 |
| Absci Corp. (a) (b) | 6638 |  | 14 |
| Acadia Healthcare Co., Inc. (a) | 10104 |  | 832 |
| ACADIA Pharmaceuticals, Inc. (a) | 18001 |  | 287 |
| Accelerate Diagnostics, Inc. (a) | 7982 |  | 6 |
| Accolade, Inc. (a) | 7193 |  | 56 |
| Accuray, Inc. (a) (b) | 10081 |  | 21 |
| AcelRx Pharmaceuticals, Inc. (a) (b) | 819 |  | 2 |
| Acer Therapeutics, Inc. (a) | 1556 |  | 4 |
| Achieve Life Sciences, Inc. (a) | 694 |  | 2 |
| Aclaris Therapeutics, Inc. (a) | 5902 |  | 93 |
| Acrivon Therapeutics, Inc. (a) | 1515 |  | 17 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Acumen Pharmaceuticals, Inc. (a) (b) | 2758 | $15 |
| Acurx Pharmaceuticals, Inc. (a) | 1037 | 4 |
| Acutus Medical, Inc. (a) | 2906 | 3 |
| Adamis Pharmaceuticals Corp. (a) | 16852 | 3 |
| AdaptHealth Corp. (a) | 8396 | 161 |
| Adaptive Biotechnologies Corp. (a) | 15891 | 121 |
| Addus HomeCare Corp. (a) | 1788 | 178 |
| Adicet Bio, Inc. (a) | 3307 | 30 |
| Adverum Biotechnologies, Inc. (a) | 10259 | 6 |
| Aeglea BioTherapeutics, Inc. (a) | 5693 | 3 |
| Aerovate Therapeutics, Inc. (a) (b) | 1887 | 55 |
| Agenus, Inc. (a) | 28923 | 69 |
| Agilon Health, Inc. (a) | 23785 | 384 |
| Agios Pharmaceuticals, Inc. (a) | 6159 | 173 |
| AIM ImmunoTech, Inc. (a) | 5399 | 2 |
| AirSculpt Technologies, Inc. | 758 | 3 |
| Akebia Therapeutics, Inc. (a) (b) | 19822 | 11 |
| Akero Therapeutics, Inc. (a) | 4087 | 224 |
| Akili, Inc. (a) (b) | 4421 | 5 |
| Albireo Pharma, Inc. (a) | 2070 | 45 |
| Aldeyra Therapeutics, Inc. (a) | 6354 | 44 |
| Alector, Inc. (a) | 6840 | 63 |
| Alignment Healthcare, Inc. (a) | 10626 | 125 |
| Aligos Therapeutics, Inc. (a) | 3066 | 3 |
| Alimera Sciences, Inc. (a) | 603 | 2 |
| Alkermes PLC (a) | 18455 | 482 |
| Allakos, Inc. (a) | 5318 | 45 |
| Allogene Therapeutics, Inc. (a) | 8977 | 56 |
| Allovir, Inc. (a) | 4124 | 21 |
| Alnylam Pharmaceuticals, Inc. (a) | 13486 | 3205 |
| Alpha Teknova, Inc. (a) | 797 | 5 |
| Alphatec Holdings, Inc. (a) | 7245 | 89 |
| Alpine Immune Sciences, Inc. (a) | 3074 | 23 |
| Altimmune, Inc. (a) (b) | 5453 | 90 |
| ALX Oncology Holdings, Inc. (a) | 2081 | 23 |
| Alzamend Neuro, Inc. (a) | 3359 | 2 |
| Amedisys, Inc. (a) | 3608 | 301 |
| American Well Corp. Class A (a) | 22939 | 65 |
| Amicus Therapeutics, Inc. (a) | 30879 | 377 |
| AMN Healthcare Services, Inc. (a) | 4862 | 500 |
| Amneal Pharmaceuticals, Inc. (a) | 10998 | 22 |
| Amphastar Pharmaceuticals, Inc. (a) | 4228 | 118 |
| Amylyx Pharmaceuticals, Inc. (a) | 4662 | 172 |
| An2 Therapeutics, Inc. (a) (b) | 1299 | 12 |
| AnaptysBio, Inc. (a) | 2820 | 87 |
| AngioDynamics, Inc. (a) | 4290 | 59 |
| Angion Biomedica Corp. (a) | 2256 | 2 |
| ANI Pharmaceuticals, Inc. (a) | 1424 | 57 |
| Anika Therapeutics, Inc. (a) | 1624 | 48 |
| Anixa Biosciences, Inc. (a) | 3306 | 14 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Annexon, Inc. (a) | 4053 | $21 |
| Annovis Bio, Inc. (a) (b) | 639 | 9 |
| Apellis Pharmaceuticals, Inc. (a) | 10349 | 535 |
| Apexigen, Inc. (a) | 2191 | 2 |
| Apollo Endosurgery, Inc. (a) | 4111 | 41 |
| Apollo Medical Holdings, Inc. (a) | 4764 | 141 |
| Applied Molecular Transport, Inc. (a) | 2870 | 1 |
| Applied Therapeutics, Inc. (a) | 3814 | 3 |
| Aprea Therapeutics, Inc. (a) | 5594 | 2 |
| Apyx Medical Corp. (a) | 3414 | 8 |
| AquaBounty Technologies, Inc. (a) | 7344 | 6 |
| Aquestive Therapeutics, Inc. (a) | 5752 | 5 |
| ARCA biopharma, Inc. (a) (b) | 1619 | 4 |
| Arcellx, Inc. (a) | 2435 | 75 |
| Arcus Biosciences, Inc. (a) | 5078 | 105 |
| Arcutis Biotherapeutics, Inc. (a) | 4713 | 70 |
| Ardelyx, Inc. (a) | 20424 | 58 |
| Aridis Pharmaceuticals, Inc. (a) | 2078 | 2 |
| Arrowhead Pharmaceuticals, Inc. (a) | 11533 | 468 |
| ARS Pharmaceuticals, Inc. (a) | 3601 | 31 |
| Artivion, Inc. (a) | 4347 | 53 |
| Arvinas, Inc. (a) | 5193 | 178 |
| Asensus Surgical, Inc. (a) (b) | 26328 | 9 |
| Aspira Women's Health, Inc. (a) | 7759 | 3 |
| Assembly Biosciences, Inc. (a) | 5167 | 7 |
| Assertio Holdings, Inc. (a) | 5304 | 23 |
| Astria Therapeutics, Inc. (a) | 1780 | 27 |
| Atara Biotherapeutics, Inc. (a) | 10281 | 34 |
| Atea Pharmaceuticals, Inc. (a) | 8315 | 40 |
| Athenex, Inc. (a) | 16972 | 3 |
| Athira Pharma, Inc. (a) | 4077 | 13 |
| ATI Physical Therapy, Inc. (a) | 8228 | 3 |
| Atossa Therapeutics, Inc. (a) | 14371 | 8 |
| Atreca, Inc. Class A (a) | 3220 | 3 |
| AtriCure, Inc. (a) | 5111 | 227 |
| Atrion Corp. | 154 | 86 |
| aTyr Pharma, Inc. (a) | 2989 | 7 |
| Aura Biosciences, Inc. (a) | 2495 | 26 |
| Avalo Therapeutics, Inc. (a) | 972 | 5 |
| Avanos Medical, Inc. (a) | 5170 | 140 |
| Avantor, Inc. (a) | 74203 | 1565 |
| Aveanna Healthcare Holdings, Inc. (a) | 5486 | 4 |
| AVEO Pharmaceuticals, Inc. (a) | 3457 | 52 |
| Avid Bioservices, Inc. (a) | 6985 | 96 |
| Avidity Biosciences, Inc. (a) | 5324 | 118 |
| Avrobio, Inc. (a) | 4166 | 3 |
| Axcella Health, Inc. (a) | 3256 | 1 |
| Axogen, Inc. (a) | 4559 | 46 |
| Axonics, Inc. (a) | 5490 | 343 |
| Axsome Therapeutics, Inc. (a) | 3659 | 282 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Azenta, Inc. (a) | 8344 | $486 |
| Beam Therapeutics, Inc. (a) | 6228 | 244 |
| Berkeley Lights, Inc. (a) | 6200 | 17 |
| Beyond Air, Inc. (a) (b) | 2849 | 19 |
| BioAtla, Inc. (a) (b) | 4242 | 35 |
| BioCryst Pharmaceuticals, Inc. (a) | 20681 | 237 |
| Biodesix, Inc. (a) | 2890 | 7 |
| Biohaven Ltd (a) | 6575 | 91 |
| BioLife Solutions, Inc. (a) | 4449 | 81 |
| BioMarin Pharmaceutical, Inc. (a) | 20629 | 2135 |
| Biomea Fusion, Inc. (a) (b) | 2626 | 22 |
| Biomerica, Inc. (a) | 1261 | 4 |
| BioNano Genomics, Inc. (a) (b) | 32270 | 47 |
| Biote Corp. (a) | 975 | 4 |
| Bioventus, Inc. Class A (a) | 3289 | 9 |
| Bioxcel Therapeutics, Inc. (a) (b) | 2163 | 46 |
| Black Diamond Therapeutics, Inc. (a) | 2598 | 5 |
| bluebird bio, Inc. (a) | 8578 | 59 |
| Blueprint Medicines Corp. (a) | 6574 | 288 |
| Bolt Biotherapeutics, Inc. (a) (b) | 2392 | 3 |
| Bridgebio Pharma, Inc. (a) | 11946 | 91 |
| Bright Green Corp. (a) | 5958 | 3 |
| Brookdale Senior Living, Inc. (a) | 20563 | 56 |
| Bruker Corp. | 11264 | 770 |
| Butterfly Network, Inc. (a) (b) | 16111 | 40 |
| C4 Therapeutics, Inc. (a) | 4330 | 26 |
| Cabaletta Bio, Inc. (a) (b) | 3062 | 28 |
| Candel Therapeutics, Inc. (a) | 1115 | 2 |
| Capital Senior Living Corp. (a) | 650 | 8 |
| Capricor Therapeutics, Inc. (a) | 2680 | 10 |
| Cara Therapeutics, Inc. (a) | 4756 | 51 |
| Cardiff Oncology, Inc. (a) | 4574 | 6 |
| Cardiovascular Systems, Inc. (a) | 4510 | 61 |
| CareCloud, Inc. (a) | 1095 | 3 |
| CareDx, Inc. (a) | 5946 | 68 |
| CareMax, Inc. (a) | 4860 | 18 |
| Caribou Biosciences, Inc. (a) | 5731 | 36 |
| CASI Pharmaceuticals, Inc. (a) | 1482 | 3 |
| Cassava Sciences, Inc. (a) (b) | 4278 | 126 |
| Castle Biosciences, Inc. (a) | 2686 | 63 |
| Catalyst Pharmaceuticals, Inc. (a) | 10732 | 200 |
| Celcuity, Inc. (a) | 746 | 10 |
| Celldex Therapeutics, Inc. (a) | 5096 | 227 |
| Cellectar Biosciences, Inc. (a) | 1012 | 2 |
| CEL-SCI Corp. (a) (b) | 4725 | 11 |
| Celularity, Inc. (a) (b) | 6254 | 8 |
| Century Therapeutics, Inc. (a) (b) | 2740 | 14 |
| Cerevel Therapeutics Holdings, Inc. (a) | 7601 | 240 |
| Certara, Inc. (a) | 11433 | 184 |
| Cerus Corp. (a) | 19495 | 71 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Champions Oncology, Inc. (a) | 614 | $3 |
| Checkpoint Therapeutics, Inc. (a) | 834 | 4 |
| Chemed Corp. | 1665 | 850 |
| Chimerix, Inc. (a) | 8353 | 16 |
| Chinook Therapeutics, Inc. (a) | 5068 | 133 |
| Cidara Therapeutics, Inc. (a) | 7478 | 6 |
| CinCor Pharma, Inc. (a) (b) | 1987 | 24 |
| ClearPoint Neuro, Inc. (a) | 2418 | 20 |
| Clearside Biomedical, Inc. (a) | 5465 | 6 |
| Clever Leaves Holdings, Inc. (a) | 4020 | 1 |
| Clover Health Investments Corp. (a) | 37841 | 35 |
| Cocrystal Pharma, Inc. (a) | 878 | 2 |
| Codexis, Inc. (a) | 7210 | 34 |
| Co-Diagnostics, Inc. (a) (b) | 3834 | 10 |
| Codiak Biosciences, Inc. (a) | 2717 | 1 |
| Cogent Biosciences, Inc. (a) | 6194 | 72 |
| Cognition Therapeutics, Inc. (a) | 2071 | 4 |
| Coherus Biosciences, Inc. (a) | 8292 | 66 |
| Collegium Pharmaceutical, Inc. (a) | 3718 | 86 |
| Community Health Systems, Inc. | 14219 | 61 |
| Computer Programs and Systems, Inc. (a) | 1584 | 43 |
| Concert Pharmaceuticals, Inc. (a) | 5168 | 30 |
| Conformis, Inc. (a) | 819 | 3 |
| CONMED Corp. | 3423 | 303 |
| Corcept Therapeutics, Inc. (a) | 10454 | 212 |
| CorVel Corp. (a) | 1047 | 152 |
| Corvus Pharmaceuticals, Inc. (a) (b) | 3910 | 3 |
| Crinetics Pharmaceuticals, Inc. (a) | 4880 | 89 |
| Cross Country Healthcare, Inc. (a) | 4079 | 108 |
| CryoPort, Inc. (a) | 5338 | 93 |
| CTI BioPharma Corp. (a) (b) | 13537 | 81 |
| Cue BioPharma, Inc. (a) | 3775 | 11 |
| Cue Health, Inc. (a) (b) | 9915 | 21 |
| Cullinan Oncology, Inc. (a) | 3261 | 34 |
| Cumberland Pharmaceuticals, Inc. (a) | 915 | 2 |
| Curis, Inc. (a) | 9899 | 5 |
| Cutera, Inc. (a) | 2133 | 94 |
| CVRx, Inc. (a) | 1028 | 19 |
| Cyclerion Therapeutics, Inc. (a) | 4589 | 3 |
| Cyteir Therapeutics, Inc. (a) | 1849 | 3 |
| Cytek Biosciences, Inc. (a) | 9642 | 98 |
| Cytokinetics, Inc. (a) | 10044 | 460 |
| CytomX Therapeutics, Inc. (a) | 7111 | 11 |
| CytoSorbents Corp. (a) | 4352 | 7 |
| Dare Bioscience, Inc. (a) | 9434 | 8 |
| Day One Biopharmaceuticals, Inc. (a) | 4508 | 97 |
| Decibel Therapeutics, Inc. (a) (b) | 1388 | 3 |
| Deciphera Pharmaceuticals, Inc. (a) | 5309 | 87 |
| Definitive Healthcare Corp. (a) | 3936 | 43 |
| Delcath Systems, Inc. (a) | 956 | 3 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Denali Therapeutics, Inc. (a) | 13256 | $369 |
| Design Therapeutics, Inc. (a) | 3547 | 36 |
| DICE Therapeutics, Inc. (a) (b) | 4328 | 135 |
| Disc Medicine, Inc. (a) | 231 | 5 |
| DocGo, Inc. (a) | 8828 | 62 |
| Dominari Holdings, Inc. (a) (b) | 566 | 2 |
| Doximity, Inc. Class A (a) | 10532 | 353 |
| Durect Corp. (a) | 2533 | 9 |
| Dynavax Technologies Corp. (a) | 13636 | 145 |
| Dyne Therapeutics, Inc. (a) | 3114 | 36 |
| Eagle Pharmaceuticals, Inc. (a) | 1312 | 38 |
| Eargo, Inc. (a) | 28486 | 16 |
| Edgewise Therapeutics, Inc. (a) | 4592 | 41 |
| Editas Medicine, Inc. (a) | 7723 | 69 |
| Eiger Biopharmaceuticals, Inc. (a) | 4641 | 5 |
| Elanco Animal Health, Inc. (a) | 53808 | 658 |
| Electrocore, Inc. (a) | 6861 | 2 |
| Electromed, Inc. (a) | 693 | 7 |
| Eledon Pharmaceuticals, Inc. (a) | 1561 | 4 |
| Embecta Corp. | 6498 | 164 |
| Emergent BioSolutions, Inc. (a) | 4640 | 55 |
| Enanta Pharmaceuticals, Inc. (a) | 2187 | 102 |
| Encompass Health Corp. | 11097 | 664 |
| Enhabit, Inc. (a) | 5575 | 73 |
| Enovis Corp. (a) | 5406 | 289 |
| Entrada Therapeutics, Inc. (a) (b) | 1887 | 26 |
| Envista Holdings Corp. (a) | 18358 | 618 |
| enVVeno Medical Corp. (a) | 1032 | 5 |
| Enzo Biochem, Inc. (a) | 4202 | 6 |
| EQRx, Inc. (a) (b) | 26054 | 64 |
| Equillium, Inc. (a) | 1988 | 2 |
| Erasca, Inc. (a) | 7347 | 32 |
| Esperion Therapeutics, Inc. (a) | 8279 | 52 |
| Establishment Labs Holdings, Inc. (a) | 2369 | 156 |
| Eton Pharmaceuticals, Inc. (a) | 2498 | 7 |
| Evelo Biosciences, Inc. (a) (b) | 6128 | 10 |
| Evolent Health, Inc. Class A (a) | 10910 | 306 |
| Evolus, Inc. (a) | 4138 | 31 |
| Exact Sciences Corp. (a) | 19883 | 984 |
| Exagen, Inc. (a) | 1052 | 3 |
| Exelixis, Inc. (a) | 35795 | 574 |
| Eyenovia, Inc. (a) | 2951 | 5 |
| EyePoint Pharmaceuticals, Inc. (a) (b) | 2939 | 10 |
| Fate Therapeutics, Inc. (a) | 10348 | 104 |
| Fennec Pharmaceuticals, Inc. (a) | 2426 | 23 |
| FibroGen, Inc. (a) | 9788 | 157 |
| Figs, Inc. Class A (a) | 14239 | 96 |
| Five Star Senior Living, Inc. (a) | 3590 | 2 |
| Fluidigm Corp. (a) | 8748 | 10 |
| Foghorn Therapeutics, Inc. (a) | 2032 | 13 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| FONAR Corp. (a) | 714 | $12 |
| Forian, Inc. (a) | 2254 | 6 |
| Forte Biosciences, Inc. (a) | 1962 | 2 |
| Fortress Biotech, Inc. (a) | 9122 | 6 |
| Frequency Therapeutics, Inc. (a) | 3682 | 14 |
| F-Star Therapeutics, Inc. (a) | 2058 | 13 |
| Fulcrum Therapeutics, Inc. (a) | 4709 | 34 |
| Fulgent Genetics, Inc. (a) | 2336 | 70 |
| G1 Therapeutics, Inc. (a) (b) | 4882 | 27 |
| Gain Therapeutics, Inc. (a) | 1227 | 4 |
| Galectin Therapeutics, Inc. (a) | 4853 | 6 |
| Galera Therapeutics, Inc. (a) | 2070 | 3 |
| Generation Bio Co. (a) | 5425 | 21 |
| Genprex, Inc. (a) (b) | 5123 | 7 |
| Geron Corp. (a) | 37734 | 91 |
| Glaukos Corp. (a) | 5186 | 227 |
| Globus Medical, Inc. (a) | 8697 | 646 |
| GlycoMimetics, Inc. (a) | 4760 | 14 |
| GoodRx Holdings, Inc. Class A (a) | 7663 | 36 |
| Gossamer Bio, Inc. (a) (b) | 8211 | 18 |
| Graphite Bio, Inc. (a) | 3039 | 10 |
| Great Elm Group, Inc. (a) | 2815 | 6 |
| Greenlight Biosciences Holdings PBC (a) (b) | 9460 | 11 |
| Greenwich Lifesciences, Inc. (a) | 408 | 6 |
| Gritstone bio, Inc. (a) | 8137 | 28 |
| Guardant Health, Inc. (a) | 10905 | 297 |
| Haemonetics Corp. (a) | 5766 | 454 |
| Halozyme Therapeutics, Inc. (a) | 15481 | 881 |
| Harmony Biosciences Holdings, Inc. (a) | 3559 | 196 |
| Harrow Health, Inc. (a) | 2765 | 41 |
| Harvard Bioscience, Inc. (a) | 4111 | 11 |
| HCW Biologics, Inc. (a) | 1708 | 3 |
| Health Catalyst, Inc. (a) | 6024 | 64 |
| HealthEquity, Inc. (a) | 9306 | 574 |
| HealthStream, Inc. (a) | 2741 | 68 |
| Heat Biologics, Inc. (a) | 2767 | 2 |
| Heron Therapeutics, Inc. (a) (b) | 13358 | 33 |
| Heska Corp. (a) | 1154 | 72 |
| HilleVax, Inc. (a) (b) | 1631 | 27 |
| Homology Medicines, Inc. (a) | 4625 | 6 |
| Hookipa Pharma, Inc. (a) | 4807 | 4 |
| Horizon Therapeutics PLC (a) | 25624 | 2916 |
| Humacyte, Inc. (a) (b) | 5728 | 12 |
| Hyperfine, Inc. (a) (b) | 5030 | 4 |
| iCAD, Inc. (a) | 2674 | 5 |
| Icosavax, Inc. (a) | 2852 | 23 |
| ICU Medical, Inc. (a) | 2278 | 359 |
| Ideaya Biosciences, Inc. (a) | 4587 | 83 |
| IGM Biosciences, Inc. (a) (b) | 1973 | 34 |
| Ikena Oncology, Inc. (a) | 2222 | 6 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Imago Biosciences, Inc. (a) | 2259 | $81 |
| IMARA, Inc. (a) (b) | 1789 | 7 |
| ImmuCell Corp. (a) | 624 | 4 |
| Immuneering Corp. Class A (a) (b) | 2187 | 11 |
| Immunic, Inc. (a) (b) | 3565 | 5 |
| ImmunityBio, Inc. (a) (b) | 9541 | 48 |
| ImmunoGen, Inc. (a) | 24799 | 123 |
| Immunome, Inc. (a) | 1087 | 2 |
| Immunovant, Inc. (a) | 5864 | 104 |
| Impel Neuropharma, Inc. (a) | 1158 | 4 |
| IN8bio, Inc. (a) | 1001 | 2 |
| Inari Medical, Inc. (a) | 5150 | 327 |
| Infinity Pharmaceuticals, Inc. (a) | 9930 | 6 |
| Infusystem Holdings, Inc. (a) | 2067 | 18 |
| Inhibrx, Inc. (a) | 3410 | 84 |
| Inmune Bio, Inc. (a) | 1324 | 8 |
| Innovage Holding Corp. (a) | 2000 | 14 |
| Innoviva, Inc. (a) | 7832 | 104 |
| Inogen, Inc. (a) | 2465 | 49 |
| Inotiv, Inc. (a) | 2178 | 11 |
| Inovio Pharmaceuticals, Inc. (a) | 27739 | 43 |
| Inozyme Pharma, Inc. (a) | 2643 | 3 |
| Insmed, Inc. (a) | 15068 | 301 |
| Inspire Medical Systems, Inc. (a) | 3185 | 802 |
| Instil Bio, Inc. (a) | 7065 | 4 |
| Insulet Corp. (a) | 7798 | 2296 |
| Integer Holdings Corp. (a) | 3722 | 255 |
| Integra LifeSciences Holdings Corp. (a) | 8245 | 462 |
| Intellia Therapeutics, Inc. (a) | 8996 | 314 |
| Intercept Pharmaceuticals, Inc. (a) | 3995 | 49 |
| Intra-Cellular Therapies, Inc. (a) | 9750 | 516 |
| Invitae Corp. (a) (b) | 26167 | 49 |
| Invivyd, Inc. (a) (b) | 4076 | 6 |
| Ionis Pharmaceuticals, Inc. (a) | 15787 | 596 |
| Iovance Biotherapeutics, Inc. (a) | 16297 | 104 |
| iRadimed Corp. | 813 | 23 |
| iRhythm Technologies, Inc. (a) | 3340 | 313 |
| IRIDEX Corp. (a) | 1651 | 3 |
| Ironwood Pharmaceuticals, Inc. (a) | 16869 | 209 |
| IsoPlexis Corp. (a) | 1476 | 2 |
| IsoRay, Inc. (a) | 15959 | 4 |
| iTeos Therapeutics, Inc. (a) | 3270 | 64 |
| IVERIC bio, Inc. (a) | 14608 | 313 |
| Janux Therapeutics, Inc. (a) (b) | 2506 | 33 |
| Jounce Therapeutics, Inc. (a) | 4517 | 5 |
| KalVista Pharmaceuticals, Inc. (a) | 2373 | 16 |
| Karuna Therapeutics, Inc. (a) | 2884 | 567 |
| Keros Therapeutics, Inc. (a) | 2094 | 101 |
| Kezar Life Sciences, Inc. (a) | 6595 | 46 |
| Kiniksa Pharmaceuticals Ltd. Class A (a) | 3756 | 56 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Kinnate Biopharma, Inc. (a) (b) | 2456 | $15 |
| Kodiak Sciences, Inc. (a) | 5552 | 40 |
| Kronos Bio, Inc. (a) | 4446 | 7 |
| Krystal Biotech, Inc. (a) | 2214 | 175 |
| Kura Oncology, Inc. (a) | 7212 | 90 |
| Kymera Therapeutics, Inc. (a) | 4781 | 119 |
| Lannett Co., Inc. (a) | 3705 | 2 |
| Lantern Pharma, Inc. (a) | 897 | 5 |
| Lantheus Holdings, Inc. (a) | 7568 | 386 |
| Larimar Therapeutics, Inc. (a) | 4812 | 20 |
| Leap Therapeutics, Inc. (a) | 9103 | 4 |
| LeMaitre Vascular, Inc. | 2193 | 101 |
| LENSAR, Inc. (a) | 1163 | 3 |
| Lexicon Pharmaceuticals, Inc. (a) | 20423 | 39 |
| LHC Group, Inc. (a) | 3345 | 541 |
| LifeStance Health Group, Inc. (a) (b) | 7685 | 38 |
| Ligand Pharmaceuticals, Inc. (a) | 1820 | 122 |
| Lineage Cell Therapeutics, Inc. (a) (b) | 19073 | 22 |
| Liquidia Technologies, Inc. (a) (b) | 6428 | 41 |
| Lisata Therapeutics, Inc. (a) | 874 | 2 |
| Longboard Pharmaceuticals, Inc. (a) | 1033 | 3 |
| Lumos Pharma, Inc. (a) | 562 | 2 |
| Lyell Immunopharma, Inc. (a) (b) | 9000 | 31 |
| Lyra Therapeutics, Inc. (a) (b) | 2565 | 8 |
| MacroGenics, Inc. (a) | 6766 | 45 |
| Madrigal Pharmaceuticals, Inc. (a) | 1398 | 406 |
| Magenta Therapeutics, Inc. (a) | 4211 | 2 |
| MannKind Corp. (a) (b) | 27454 | 145 |
| Maravai LifeSciences Holdings, Inc. Class A (a) | 12391 | 177 |
| Marinus Pharmaceuticals, Inc. (a) | 4875 | 19 |
| Marker Therapeutics, Inc. (a) | 6452 | 2 |
| Masimo Corp. (a) | 5485 | 812 |
| Matinas BioPharma Holdings, Inc. (a) | 23628 | 12 |
| Medpace Holdings, Inc. (a) | 2779 | 590 |
| MEI Pharma, Inc. (a) | 13763 | 3 |
| MeiraGTx Holdings PLC (a) | 3907 | 25 |
| Meridian Bioscience, Inc. (a) | 4866 | 162 |
| Merit Medical Systems, Inc. (a) | 6313 | 446 |
| Merrimack Pharmaceuticals, Inc. (a) | 1476 | 17 |
| Mersana Therapeutics, Inc. (a) | 8822 | 52 |
| Mesa Laboratories, Inc. | 579 | 96 |
| Microbot Medical, Inc. (a) | 797 | 2 |
| Minerva Neurosciences, Inc. (a) | 515 | 1 |
| Mirati Therapeutics, Inc. (a) | 5869 | 266 |
| Miromatrix Medical, Inc. (a) | 1589 | 5 |
| Mirum Pharmaceuticals, Inc. (a) | 2549 | 50 |
| ModivCare, Inc. (a) | 1563 | 140 |
| Molecular Templates, Inc. (a) | 4733 | 2 |
| Moleculin Biotech, Inc. (a) | 3182 | 3 |
| Monte Rosa Therapeutics, Inc. (a) (b) | 3393 | 26 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Morphic Holding, Inc. (a) | 3188 | $85 |
| Multiplan Corp. (a) | 29737 | 34 |
| Mustang Bio, Inc. (a) | 9912 | 4 |
| MyMD Pharmaceuticals, Inc. (a) | 3673 | 4 |
| Myriad Genetics, Inc. (a) | 8785 | 127 |
| NanoString Technologies, Inc. (a) | 5224 | 42 |
| Natera, Inc. (a) | 11261 | 452 |
| National HealthCare Corp. | 1424 | 85 |
| National Research Corp. | 2158 | 81 |
| Nektar Therapeutics (a) | 20844 | 47 |
| Neogen Corp. (a) | 24527 | 374 |
| NeoGenomics, Inc. (a) | 13420 | 124 |
| Neoleukin Therapeutics, Inc. (a) (b) | 3818 | 2 |
| Neurocrine Biosciences, Inc. (a) | 10637 | 1271 |
| Neuronetics, Inc. (a) | 2760 | 19 |
| Nevro Corp. (a) | 3775 | 150 |
| NextCure, Inc. (a) | 1858 | 3 |
| NextGen Healthcare, Inc. (a) | 6253 | 117 |
| NGM Biopharmaceuticals, Inc. (a) | 4452 | 22 |
| Nkarta, Inc. (a) (b) | 4155 | 25 |
| Northwest Biotherapeutics, Inc. (a) (b) | 114186 | 90 |
| Novan, Inc. (a) | 2721 | 4 |
| Novavax, Inc. (a) (b) | 8877 | 91 |
| Nurix Therapeutics, Inc. (a) | 4431 | 49 |
| Nutex Health, Inc. (a) (b) | 34660 | 66 |
| Nuvalent, Inc. Class A (a) | 4978 | 148 |
| NuVasive, Inc. (a) | 5849 | 241 |
| Nuvation Bio, Inc. (a) (b) | 15533 | 30 |
| Oak Street Health, Inc. (a) | 12876 | 277 |
| Ocugen, Inc. (a) (b) | 24087 | 31 |
| Ocular Therapeutix, Inc. (a) | 8648 | 24 |
| Ocuphire Pharma, Inc. (a) | 2102 | 7 |
| Olema Pharmaceuticals, Inc. (a) | 3899 | 10 |
| Omega Therapeutics, Inc. (a) | 2009 | 11 |
| Omeros Corp. (a) (b) | 6835 | 15 |
| Omniab, Inc. (a) (d) (e) | 697 |  |
| Omniab, Inc. (a) | 10686 | 38 |
| Omniab, Inc. (a) (d) (e) | 697 |  |
| Omnicell, Inc. (a) | 4926 | 248 |
| Oncocyte Corp. (a) | 12519 | 4 |
| Onconova Therapeutics, Inc. (a) | 2348 | 2 |
| Oncternal Therapeutics, Inc. (a) | 5435 | 5 |
| Opiant Pharmaceuticals, Inc. (a) | 533 | 11 |
| OPKO Health, Inc. (a) | 47310 | 59 |
| Optinose, Inc. (a) | 7978 | 15 |
| Option Care Health, Inc. (a) | 17544 | 528 |
| Oragenics, Inc. (a) | 12814 | 1 |
| Oramed Pharmaceuticals, Inc. (a) (b) | 4186 | 50 |
| OraSure Technologies, Inc. (a) | 7912 | 38 |
| Organogenesis Holdings, Inc. (a) | 7279 | 20 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Orgenesis, Inc. (a) | 2580 | $5 |
| ORIC Pharmaceuticals, Inc. (a) | 3459 | 20 |
| Orthofix Medical, Inc. (a) | 2157 | 44 |
| OrthoPediatrics Corp. (a) | 1611 | 64 |
| Osmotica Pharmaceuticals PLC (a) | 5289 | 6 |
| Outlook Therapeutics, Inc. (a) (b) | 15143 | 16 |
| Outset Medical, Inc. (a) | 5231 | 135 |
| Ovid Therapeutics, Inc. (a) | 6314 | 12 |
| Owens & Minor, Inc. (a) | 8307 | 162 |
| Owlet, Inc. (a) | 7399 | 4 |
| Oyster Point Pharma, Inc. (a) | 1431 | 16 |
| P3 Health Partners, Inc. (a) (b) | 2831 | 5 |
| Pacific Biosciences of California, Inc. (a) | 22966 | 188 |
| Pacira BioSciences, Inc. (a) | 5045 | 195 |
| Palatin Technologies, Inc. (a) | 1177 | 3 |
| Paragon 28, Inc. (a) | 2788 | 53 |
| Paratek Pharmaceuticals, Inc. (a) | 4670 | 9 |
| Pardes Biosciences, Inc. (a) | 3324 | 6 |
| Passage Bio, Inc. (a) | 3152 | 4 |
| Patterson Cos., Inc. | 9788 | 274 |
| PAVmed, Inc. (a) | 9398 | 5 |
| PDL BioPharma, Inc. (a) (b) (d) (e) | 17605 | 22 |
| PDS Biotechnology Corp. (a) (b) | 2648 | 35 |
| Pear Therapeutics, Inc. (a) (b) | 6930 | 8 |
| Pediatrix Medical Group, Inc. (a) | 9286 | 138 |
| Penumbra, Inc. (a) | 4085 | 909 |
| PepGen, Inc. (a) (b) | 2172 | 29 |
| Personalis, Inc. (a) | 4117 | 8 |
| PetIQ, Inc. (a) | 2794 | 26 |
| Phathom Pharmaceuticals, Inc. (a) | 2179 | 24 |
| Phibro Animal Health Corp. Class A | 2285 | 31 |
| Phreesia, Inc. (a) | 5604 | 181 |
| Pieris Pharmaceuticals, Inc. (a) | 7178 | 7 |
| Pliant Therapeutics, Inc. (a) | 4254 | 82 |
| PMV Pharmaceuticals, Inc. (a) | 3469 | 30 |
| Point Biopharma Global, Inc. (a) (b) | 9592 | 70 |
| Poseida Therapeutics, Inc. (a) | 6230 | 33 |
| Praxis Precision Medicines, Inc. (a) | 4241 | 10 |
| Precigen, Inc. (a) | 11339 | 17 |
| Precipio, Inc. (a) | 2477 | 1 |
| Precision BioSciences, Inc. (a) | 9810 | 12 |
| Predictive Oncology, Inc. (a) | 8540 | 3 |
| Prelude Therapeutics, Inc. (a) (b) | 1944 | 12 |
| Premier, Inc. Class A | 13266 | 464 |
| Prestige Consumer Healthcare, Inc. (a) | 5591 | 350 |
| Prime Medicine, Inc. (a) (b) | 3089 | 57 |
| Privia Health Group, Inc. (a) | 9245 | 210 |
| PROCEPT BioRobotics Corp. (a) (b) | 4656 | 193 |
| Pro-Dex, Inc. (a) | 279 | 4 |
| Progenity, Inc. (a) (b) | 18850 | 3 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Progyny, Inc. (a) | 9171 | $286 |
| ProKidney Corp. (a) (b) | 5168 | 35 |
| Prometheus Biosciences, Inc. (a) | 3522 | 387 |
| ProPhase Labs, Inc. (b) | 1453 | 14 |
| Protagonist Therapeutics, Inc. (a) | 4958 | 54 |
| Protalix BioTherapeutics, Inc. (a) (b) | 4630 | 6 |
| Protara Therapeutics, Inc. (a) | 946 | 3 |
| Provention Bio, Inc. (a) (b) | 8422 | 89 |
| Psychemedics Corp. | 479 | 2 |
| PTC Therapeutics, Inc. (a) | 7876 | 301 |
| Pulmonx Corp. (a) | 3553 | 30 |
| Pulse Biosciences, Inc. (a) | 1770 | 5 |
| Puma Biotechnology, Inc. (a) | 4395 | 19 |
| Pyxis Oncology, Inc. (a) | 2571 | 3 |
| Quanterix Corp. (a) | 3778 | 52 |
| Quantum-Si, Inc. (a) (b) | 10437 | 19 |
| QuidelOrtho Corp. (a) | 5623 | 482 |
| Quince Therapeutics, Inc. (a) (b) | 3155 | 2 |
| R1 RCM, Inc. (a) | 17490 | 192 |
| RadNet, Inc. (a) | 5594 | 105 |
| Rain Oncology, Inc. (a) (b) | 1886 | 15 |
| Rallybio Corp. (a) | 1975 | 13 |
| Rani Therapeutics Holdings, Inc. (a) | 1890 | 11 |
| Rapid Micro Biosystems, Inc. Class A (a) | 1611 | 2 |
| RAPT Therapeutics, Inc. (a) | 3005 | 60 |
| Reata Pharmaceuticals, Inc. Class A (a) | 3262 | 124 |
| Recro Pharma, Inc. (a) | 5273 | 8 |
| Recursion Pharmaceuticals, Inc. Class A (a) | 13197 | 102 |
| REGENXBIO, Inc. (a) | 4416 | 100 |
| Regulus Therapeutics, Inc. (a) | 1682 | 2 |
| Relay Therapeutics, Inc. (a) | 9604 | 144 |
| Relmada Therapeutics, Inc. (a) | 3002 | 10 |
| Reneo Pharmaceuticals, Inc. (a) | 1222 | 3 |
| Repligen Corp. (a) | 5857 | 992 |
| Replimune Group, Inc. (a) | 3525 | 96 |
| Retractable Technologies, Inc. (a) | 1794 | 3 |
| Revance Therapeutics, Inc. (a) | 8777 | 162 |
| REVOLUTION Medicines, Inc. (a) | 7465 | 178 |
| Rhythm Pharmaceuticals, Inc. (a) | 5500 | 160 |
| Rigel Pharmaceuticals, Inc. (a) | 19419 | 29 |
| Rocket Pharmaceuticals, Inc. (a) | 8301 | 162 |
| Royalty Pharma PLC Class A | 40512 | 1601 |
| RxSight, Inc. (a) | 1725 | 22 |
| SAB Biotherapeutics, Inc. (a) | 3223 | 2 |
| Sage Therapeutics, Inc. (a) | 5800 | 221 |
| Sana Biotechnology, Inc. (a) (b) | 9068 | 36 |
| Sangamo Therapeutics, Inc. (a) | 14925 | 47 |
| Sarepta Therapeutics, Inc. (a) | 9441 | 1223 |
| Satsuma Pharmaceuticals, Inc. (a) | 2509 | 2 |
| Savara, Inc. (a) | 8025 | 12 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Scholar Rock Holding Corp. (a) | 4337 | $39 |
| Schrodinger, Inc. (a) | 6547 | 122 |
| Science 37 Holdings, Inc. (a) | 8847 | 4 |
| scPharmaceuticals, Inc. (a) | 2396 | 17 |
| SCYNEXIS, Inc. (a) | 3595 | 6 |
| Seagen, Inc. (a) | 20723 | 2663 |
| Seaspine Holdings Corp. (a) | 3714 | 31 |
| Seelos Therapeutics, Inc. (a) | 11745 | 8 |
| Seer, Inc. (a) | 4653 | 27 |
| Select Medical Holdings Corp. | 11575 | 287 |
| Selecta Biosciences, Inc. (a) (b) | 11959 | 14 |
| Sellas Life Sciences Group, Inc. (a) (b) | 2309 | 5 |
| Sema4 Holdings Corp. (a) | 18576 | 5 |
| Sensei Biotherapeutics, Inc. (a) | 1952 | 3 |
| Senseonics Holdings, Inc. (a) (b) | 49936 | 51 |
| Sensus Healthcare, Inc. (a) | 1353 | 10 |
| Senti Biosciences, Inc. (a) | 3841 | 5 |
| Seres Therapeutics, Inc. (a) | 10561 | 59 |
| Sesen Bio, Inc. (a) | 22411 | 14 |
| Sharecare, Inc. (a) | 31995 | 51 |
| Shattuck Labs, Inc. (a) | 3608 | 8 |
| Shockwave Medical, Inc. (a) | 3996 | 822 |
| SI-BONE, Inc. (a) | 3309 | 45 |
| Sientra, Inc. (a) | 10087 | 2 |
| SIGA Technologies, Inc. (b) | 4641 | 34 |
| Sight Sciences, Inc. (a) | 3202 | 39 |
| Signify Health, Inc. Class A (a) | 8027 | 230 |
| Silk Road Medical, Inc. (a) | 3839 | 203 |
| Simulations Plus, Inc. | 1814 | 66 |
| Singular Genomics Systems, Inc. (a) (b) | 4619 | 9 |
| SmileDirectClub, Inc. (a) (b) | 13204 | 5 |
| Solid Biosciences, Inc. (a) | 718 | 4 |
| SomaLogic, Inc. (a) | 14685 | 37 |
| Sonendo, Inc. (a) (b) | 4461 | 13 |
| Sorrento Therapeutics, Inc. (a) | 50555 | 45 |
| Sotera Health Co. (a) | 11206 | 93 |
| Spectrum Pharmaceuticals, Inc. (a) (b) | 19006 | 7 |
| Spero Therapeutics, Inc. (a) | 4290 | 7 |
| SpringWorks Therapeutics, Inc. (a) | 5027 | 131 |
| SQZ Biotechnologies Co. (a) | 2456 | 2 |
| STAAR Surgical Co. (a) | 5397 | 262 |
| Stereotaxis, Inc. (a) | 7130 | 15 |
| Stoke Therapeutics, Inc. (a) | 2506 | 23 |
| Strata Skin Sciences, Inc. (a) | 3626 | 3 |
| Supernus Pharmaceuticals, Inc. (a) | 5828 | 208 |
| Surface Oncology, Inc. (a) | 5533 | 5 |
| Surgery Partners, Inc. (a) | 5840 | 163 |
| Surmodics, Inc. (a) | 1542 | 53 |
| Sutro Biopharma, Inc. (a) | 5740 | 46 |
| Syndax Pharmaceuticals, Inc. (a) | 5393 | 137 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Syneos Health, Inc. (a) | 11650 | $427 |
| Synlogic, Inc. (a) | 6403 | 5 |
| Syros Pharmaceuticals, Inc. (a) (b) | 1813 | 7 |
| Tabula Rasa Healthcare, Inc. (a) (b) | 2711 | 13 |
| Tactile Systems Technology, Inc. (a) | 2148 | 25 |
| Talaris Therapeutics, Inc. (a) | 2272 | 2 |
| Talkspace, Inc. (a) | 10771 | 7 |
| Tandem Diabetes Care, Inc. (a) | 7216 | 324 |
| Tango Therapeutics, Inc. (a) (b) | 5096 | 37 |
| Tarsus Pharmaceuticals, Inc. (a) | 1906 | 28 |
| Taysha Gene Therapies, Inc. (a) | 4039 | 9 |
| TCR2 Therapeutics, Inc. (a) | 3505 | 4 |
| Tela Bio, Inc. (a) | 1305 | 15 |
| Teladoc Health, Inc. (a) | 17613 | 417 |
| Tenaya Therapeutics, Inc. (a) | 5664 | 11 |
| Tenet Healthcare Corp. (a) | 12000 | 585 |
| Terns Pharmaceuticals, Inc. (a) | 1665 | 17 |
| TFF Pharmaceuticals, Inc. (a) | 2027 | 2 |
| TG Therapeutics, Inc. (a) | 15168 | 179 |
| The Ensign Group, Inc. | 5961 | 564 |
| The Joint Corp. (a) | 1596 | 22 |
| The Oncology Institute, Inc. (a) | 2784 | 5 |
| The Pennant Group, Inc. (a) | 3085 | 34 |
| TherapeuticsMD, Inc. (a) | 952 | 5 |
| Theseus Pharmaceuticals, Inc. (a) (b) | 1318 | 7 |
| Third Harmonic Bio, Inc. (a) (b) | 1337 | 6 |
| Tilray, Inc. Class 2 (a) (b) | 63193 | 170 |
| Tonix Pharmaceuticals Holding Corp. (a) | 6530 | 3 |
| Tracon Pharmaceuticals, Inc. (a) | 2269 | 3 |
| TransMedics Group, Inc. (a) | 3308 | 204 |
| Travere Therapeutics, Inc. (a) | 6823 | 144 |
| Treace Medical Concepts, Inc. (a) | 3584 | 82 |
| Trevena, Inc. (a) | 849 | 1 |
| TScan Therapeutics, Inc. (a) | 1031 | 2 |
| Twist Bioscience Corp. (a) | 6141 | 146 |
| Tyra Biosciences, Inc. (a) (b) | 2191 | 17 |
| U.S. Physical Therapy, Inc. | 1446 | 117 |
| UFP Technologies, Inc. (a) | 773 | 91 |
| Ultragenyx Pharmaceutical, Inc. (a) | 7392 | 342 |
| United Therapeutics Corp. (a) | 5062 | 1408 |
| UNITY Biotechnology, Inc. (a) (b) | 1400 | 4 |
| UpHealth, Inc. (a) | 718 | 1 |
| UroGen Pharma Ltd. (a) | 2194 | 19 |
| Utah Medical Products, Inc. | 389 | 39 |
| Vanda Pharmaceuticals, Inc. (a) | 6155 | 46 |
| Vapotherm, Inc. (a) | 2575 | 7 |
| Varex Imaging Corp. (a) | 4483 | 91 |
| Vaxart, Inc. (a) (b) | 14214 | 14 |
| Vaxcyte, Inc. (a) | 6812 | 327 |
| Vaxxinity, Inc. Class A (a) | 4073 | 6 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Veeva Systems, Inc. Class A (a) | 15788 | $| 2548 |
| Ventyx Biosciences, Inc. (a) | 3278 |  | 108 |
| Vera Therapeutics, Inc. (a) (b) | 1381 |  | 27 |
| Veracyte, Inc. (a) | 7961 |  | 189 |
| Veradigm, Inc. (a) | 12197 |  | 215 |
| Verastem, Inc. (a) | 20675 |  | 8 |
| Vericel Corp. (a) | 5301 |  | 140 |
| Verrica Pharmaceuticals, Inc. (a) | 2752 |  | 8 |
| Verve Therapeutics, Inc. (a) | 4082 |  | 79 |
| Vicarious Surgical, Inc. (a) (b) | 4052 |  | 8 |
| Viemed Healthcare, Inc. (a) | 3817 |  | 29 |
| Vigil Neuroscience, Inc. (a) (b) | 1493 |  | 19 |
| Viking Therapeutics, Inc. (a) | 7746 |  | 73 |
| Vir Biotechnology, Inc. (a) | 8731 |  | 221 |
| Viracta Therapeutics, Inc. (a) | 2899 |  | 4 |
| Viridian Therapeutics, Inc. (a) (b) | 3812 |  | 111 |
| Vivani Medical, Inc. (a) | 5182 |  | 4 |
| Vor BioPharma, Inc. (a) | 2937 |  | 20 |
| Voyager Therapeutics, Inc. (a) | 3114 |  | 19 |
| Werewolf Therapeutics, Inc. (a) | 2198 |  | 5 |
| X4 Pharmaceuticals, Inc. (a) | 5422 |  | 5 |
| XBiotech, Inc. (a) | 1831 |  | 6 |
| Xencor, Inc. (a) | 6640 |  | 173 |
| Xeris Biopharma Holdings, Inc. (a) (b) | 14504 |  | 19 |
| Xilio Therapeutics, Inc. (a) | 1122 |  | 3 |
| XOMA Corp. (a) (b) | 1287 |  | 24 |
| Y-mAbs Therapeutics, Inc. (a) | 4019 |  | 20 |
| Zentalis Pharmaceuticals, Inc. (a) | 5756 |  | 116 |
| Zimvie, Inc. (a) | 2279 |  | 21 |
| ZIOPHARM Oncology, Inc. (a) (b) | 24556 |  | 16 |
| Zomedica Corp. (a) (b) | 108992 |  | 18 |
| Zynerba Pharmaceuticals, Inc. (a) | 5037 |  | 3 |
|  |  |  | 86113 |
| **Industrials (14.9%):** | **Industrials (14.9%):** | **Industrials (14.9%):** | **Industrials (14.9%):** |
| 374Water, Inc. (a) (b) | 5895 |  | 17 |
| 3D Systems Corp. (a) | 14342 |  | 106 |
| AAON, Inc. | 4758 |  | 358 |
| AAR Corp. (a) | 3819 |  | 171 |
| ABM Industries, Inc. | 7433 |  | 330 |
| ACCO Brands Corp. | 10270 |  | 57 |
| Acme United Corp. | 348 |  | 8 |
| Acuity Brands, Inc. | 3676 |  | 609 |
| ACV Auctions, Inc. Class A (a) | 12551 |  | 103 |
| Advanced Drainage Systems, Inc. | 8441 |  | 692 |
| Advent Technologies Holdings, Inc. (a) (b) | 2930 |  | 5 |
| AECOM | 15849 |  | 1346 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 8581 |  | 480 |
| AeroVironment, Inc. (a) | 2666 |  | 228 |
| AerSale Corp. (a) | 1702 |  | 28 |
| AGCO Corp. | 6942 |  | 963 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Air Lease Corp. | 11704 | $450 |
| Air T, Inc. | 169 | 4 |
| Air Transport Services Group, Inc. (a) | 6583 | 171 |
| Alamo Group, Inc. | 1331 | 188 |
| Albany International Corp. | 3494 | 344 |
| Alight, Inc. Class A (a) | 25901 | 217 |
| Allegiant Travel Co. (a) | 1775 | 121 |
| Allied Motion Technologies, Inc. | 1505 | 52 |
| Allison Transmission Holdings, Inc. | 10814 | 450 |
| Alta Equipment Group, Inc. | 2650 | 35 |
| Altra Industrial Motion Corp. | 7311 | 437 |
| Ameresco, Inc. Class A (a) | 3571 | 204 |
| American Superconductor Corp. (a) | 3112 | 11 |
| American Woodmark Corp. (a) | 1849 | 90 |
| Amprius Technologies, Inc. (a) (b) | 1055 | 8 |
| API Group Corp. (a) | 24674 | 464 |
| Apogee Enterprises, Inc. | 2414 | 107 |
| Applied Industrial Technologies, Inc. | 4281 | 540 |
| Aqua Metals, Inc. (a) | 8209 | 10 |
| ARC Document Solutions, Inc. | 4099 | 12 |
| ArcBest Corp. | 2700 | 189 |
| Archer Aviation, Inc. Class A (a) | 13854 | 26 |
| Arcosa, Inc. | 5378 | 292 |
| Argan, Inc. | 1497 | 55 |
| Aris Water Solution, Inc. Class A | 2750 | 40 |
| Armstrong World Industries, Inc. | 5212 | 357 |
| Array Technologies, Inc. (a) | 15867 | 307 |
| ASGN, Inc. (a) | 5526 | 450 |
| Astec Industries, Inc. | 2543 | 103 |
| Astra Space, Inc. (a) (b) | 18976 | 8 |
| Astronics Corp. (a) | 2854 | 29 |
| Atkore, Inc. (a) | 4643 | 527 |
| Atlas Air Worldwide Holdings, Inc. (a) | 2989 | 301 |
| Atlas Technical Consultants, Inc. (a) | 3082 | 16 |
| Atlis Motor Vehicles, Inc. (a) | 1102 | 4 |
| Ault Alliance, Inc. (a) | 32679 | 4 |
| Aurora Innovation, Inc. (a) (b) | 30404 | 37 |
| Avis Budget Group, Inc. (a) | 4612 | 756 |
| Axon Enterprise, Inc. (a) | 7663 | 1272 |
| AZZ, Inc. | 2757 | 111 |
| Babcock & Wilcox Enterprises, Inc. (a) | 9597 | 55 |
| Barnes Group, Inc. | 5447 | 223 |
| Barrett Business Services, Inc. | 764 | 71 |
| Beacon Roofing Supply, Inc. (a) | 5680 | 300 |
| Berkshire Grey, Inc. (a) | 5295 | 3 |
| BGSF, Inc. | 1094 | 17 |
| Bird Global, Inc. Class A (a) (b) | 10239 | 2 |
| BlackSky Technology, Inc. (a) (b) | 6863 | 11 |
| Blade Air Mobility, Inc. (a) | 5270 | 19 |
| Blink Charging Co. (a) (b) | 4674 | 51 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Bloom Energy Corp. Class A (a) | 19208 | $367 |
| BlueLinx Holdings, Inc. (a) | 1022 | 73 |
| Boise Cascade Co. | 4387 | 301 |
| Booz Allen Hamilton Holding Corp. | 14718 | 1538 |
| Bowman Consulting Group Ltd. (a) | 1011 | 22 |
| Brady Corp. Class A | 5159 | 243 |
| BrightView Holdings, Inc. (a) | 4327 | 30 |
| Broadwind, Inc. (a) | 2114 | 4 |
| Builders FirstSource, Inc. (a) | 17359 | 1126 |
| BWX Technologies, Inc. | 10352 | 601 |
| CACI International, Inc. Class A (a) | 2631 | 791 |
| Cadre Holdings, Inc. (b) | 1822 | 37 |
| Capstone Green Energy Corp. (a) | 1988 | 3 |
| Carlisle Cos., Inc. | 5812 | 1370 |
| Casella Waste Systems, Inc. (a) | 5638 | 447 |
| CBIZ, Inc. (a) | 5544 | 260 |
| CECO Environmental Corp. (a) | 3289 | 38 |
| ChargePoint Holdings, Inc. (a) (b) | 20058 | 191 |
| Chart Industries, Inc. (a) | 4115 | 474 |
| Chicago Rivet & Machine Co. | 89 | 3 |
| CIRCOR International, Inc. (a) | 2265 | 54 |
| Civeo Corp. (a) | 1514 | 47 |
| Clean Harbors, Inc. (a) | 5710 | 652 |
| Columbus McKinnon Corp. | 3148 | 102 |
| Comfort Systems USA, Inc. | 3979 | 458 |
| Commercial Vehicle Group, Inc. (a) | 3185 | 22 |
| Concrete Pumping Holdings, Inc. (a) | 2955 | 17 |
| Construction Partners, Inc. Class A (a) | 4488 | 120 |
| Core & Main, Inc. Class A (a) | 8211 | 159 |
| CoreCivic, Inc. (a) | 13082 | 151 |
| Covenant Logistics Group, Inc. Class A | 961 | 33 |
| CRA International, Inc. | 781 | 96 |
| Crane Holdings Co. | 5412 | 544 |
| CSW Industrials, Inc. | 1733 | 201 |
| Curtiss-Wright Corp. | 4314 | 720 |
| Daseke, Inc. (a) | 6558 | 37 |
| Deluxe Corp. | 4841 | 82 |
| Desktop Metal, Inc. Class A (a) (b) | 24712 | 34 |
| DLH Holdings Corp. (a) | 1250 | 15 |
| Donaldson Co., Inc. | 13883 | 817 |
| Douglas Dynamics, Inc. | 2520 | 91 |
| Driven Brands Holdings, Inc. (a) | 7030 | 192 |
| DSS, Inc. (a) | 8993 | 1 |
| Ducommun, Inc. (a) | 1261 | 63 |
| Dun & Bradstreet Holdings, Inc. | 23632 | 290 |
| DXP Enterprises, Inc. (a) | 1797 | 50 |
| Dycom Industries, Inc. (a) | 3220 | 301 |
| Eagle Bulk Shipping, Inc. | 1445 | 72 |
| EMCOR Group, Inc. | 5489 | 813 |
| Encore Wire Corp. | 2084 | 287 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Energous Corp. (a) | 8442 | $7 |
| Energy Recovery, Inc. (a) | 5720 | 117 |
| Energy Vault Holdings, Inc. (a) | 7532 | 24 |
| Enerpac Tool Group Corp. | 6467 | 165 |
| EnerSys | 4522 | 334 |
| Ennis, Inc. | 2783 | 62 |
| Enovix Corp. (a) | 12128 | 151 |
| EnPro Industries, Inc. | 2337 | 254 |
| Eos Energy Enterprises, Inc. (a) (b) | 7905 | 12 |
| Esab Corp. | 6409 | 301 |
| ESCO Technologies, Inc. | 2875 | 252 |
| Espey Manufacturing & Electronics Corp. (a) | 175 | 2 |
| ESS Tech, Inc. (a) (b) | 5392 | 13 |
| Eve Holding, Inc. (a) (b) | 2400 | 17 |
| EVI Industries, Inc. (a) | 597 | 14 |
| Evoqua Water Technologies Corp. (a) | 13512 | 535 |
| Exponent, Inc. | 5743 | 569 |
| Fathom Digital Manufacturing C (a) | 1859 | 2 |
| Federal Signal Corp. | 6743 | 313 |
| First Advantage Corp. (a) | 5739 | 75 |
| FiscalNote Holdings, Inc. (a) (b) | 11576 | 73 |
| Flowserve Corp. | 14833 | 455 |
| Fluence Energy, Inc. (a) (b) | 4151 | 71 |
| Fluor Corp. (a) | 15803 | 548 |
| Forrester Research, Inc. (a) | 1271 | 45 |
| Fortune Brands Innovations, Inc. | 14676 | 838 |
| Forward Air Corp. | 3017 | 316 |
| Franklin Covey Co. (a) | 1353 | 63 |
| Franklin Electric Co., Inc. | 4361 | 348 |
| FreightCar America, Inc. (a) | 1251 | 4 |
| Frontier Group Holdings, Inc. (a) | 4200 | 43 |
| FTAI Infrastructure, Inc. | 11280 | 33 |
| FTC Solar, Inc. (a) | 5392 | 14 |
| FTI Consulting, Inc. (a) | 3802 | 604 |
| Fuel Tech, Inc. (a) | 3129 | 4 |
| FuelCell Energy, Inc. (a) (b) | 46028 | 128 |
| Gates Industrial Corp. PLC (a) | 11533 | 132 |
| GATX Corp. | 3966 | 422 |
| GEE Group, Inc. (a) | 12173 | 6 |
| Gencor Industries, Inc. (a) | 1176 | 12 |
| Gibraltar Industries, Inc. (a) | 3554 | 163 |
| Global Industrial Co. | 818 | 19 |
| GMS, Inc. (a) | 4765 | 237 |
| Graco, Inc. | 19001 | 1278 |
| GrafTech International Ltd. | 21841 | 104 |
| Graham Corp. (a) | 1121 | 11 |
| Granite Construction, Inc. | 4953 | 174 |
| Great Lakes Dredge & Dock Corp. (a) | 7275 | 43 |
| Griffon Corp. | 5375 | 192 |
| GXO Logistics, Inc. (a) | 13193 | 563 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| H&E Equipment Services, Inc. | 3570 | $162 |
| Harsco Corp. (a) | 8835 | 56 |
| Hawaiian Holdings, Inc. (a) | 5657 | 58 |
| Hayward Holdings, Inc. (a) | 19361 | 182 |
| Healthcare Services Group, Inc. | 8320 | 100 |
| Heartland Express, Inc. | 5286 | 81 |
| HEICO Corp. | 4764 | 732 |
| HEICO Corp. Class A | 8384 | 1005 |
| Heidrick & Struggles International, Inc. | 2195 | 61 |
| Heliogen, Inc. (a) | 15555 | 11 |
| Helios Technologies, Inc. | 3657 | 199 |
| Herc Holdings, Inc. | 3361 | 442 |
| Heritage-Crystal Clean, Inc. (a) | 1783 | 58 |
| Hexcel Corp. | 9450 | 556 |
| Hillenbrand, Inc. | 7804 | 333 |
| Hillman Solutions Corp. (a) | 15229 | 110 |
| HireQuest, Inc. | 580 | 9 |
| HireRight Holdings Corp. (a) | 2254 | 27 |
| HNI Corp. | 4597 | 131 |
| Hub Group, Inc. Class A (a) | 3742 | 297 |
| Hubbell, Inc. | 6031 | 1415 |
| Hudson Global, Inc. (a) | 259 | 6 |
| Hudson Technologies, Inc. (a) | 4241 | 43 |
| Hurco Cos., Inc. | 701 | 18 |
| Huron Consulting Group, Inc. (a) | 2288 | 166 |
| Hydrofarm Holdings Group, Inc. (a) | 4401 | 7 |
| Hyliion Holdings Corp. (a) (b) | 12246 | 29 |
| HyreCar, Inc. (a) | 3210 | 1 |
| Hyster-Yale Materials Handling, Inc. | 641 | 16 |
| Hyzon Motors, Inc. (a) (b) | 9003 | 14 |
| IAA, Inc. (a) | 15027 | 601 |
| Icahn Enterprises, LP | 36630 | 1855 |
| ICF International, Inc. | 2048 | 203 |
| Ideal Power, Inc. (a) | 590 | 6 |
| Ideanomics, Inc. (a) (b) | 60766 | 10 |
| IES Holdings, Inc. (a) | 2236 | 80 |
| INNOVATE Corp. (a) (b) | 5519 | 10 |
| Innovative Solutions & Support, Inc. | 1137 | 9 |
| Insperity, Inc. | 4057 | 461 |
| Insteel Industries, Inc. | 2103 | 58 |
| Interface, Inc. | 6469 | 64 |
| ITT, Inc. | 9292 | 754 |
| Janus International Group, Inc. (a) | 8488 | 81 |
| JELD-WEN Holding, Inc. (a) | 8989 | 87 |
| JetBlue Airways Corp. (a) | 36755 | 238 |
| Joby Aviation, Inc. (a) (b) | 34477 | 116 |
| John Bean Technologies Corp. | 3544 | 324 |
| Kadant, Inc. | 1310 | 233 |
| Kaman Corp. | 3147 | 70 |
| KAR Auction Services, Inc. (a) | 12883 | 168 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Karat Packaging, Inc. | 653 | $9 |
| KBR, Inc. | 15623 | 825 |
| Kelly Services, Inc. Class A | 3808 | 64 |
| Kennametal, Inc. | 8770 | 211 |
| Kforce, Inc. | 2259 | 124 |
| Kimball International, Inc. Class B | 4029 | 26 |
| Kirby Corp. (a) | 6730 | 433 |
| Knightscope, Inc. Class A (a) (b) | 2997 | 6 |
| Knight-Swift Transportation Holdings, Inc. | 16958 | 889 |
| Korn Ferry | 5937 | 301 |
| Kratos Defense & Security Solutions, Inc. (a) | 14008 | 145 |
| KULR Technology Group, Inc. (a) (b) | 7790 | 9 |
| Landstar System, Inc. | 4093 | 667 |
| Lawson Products, Inc. (a) | 2163 | 80 |
| LB Foster Co. Class A (a) | 1116 | 11 |
| Legalzoom.com, Inc. (a) (b) | 8612 | 67 |
| Lennox International, Inc. | 3619 | 866 |
| Lightning eMotors, Inc. (a) | 3963 | 1 |
| Limbach Holdings, Inc. (a) | 1008 | 10 |
| Lincoln Electric Holdings, Inc. | 6508 | 940 |
| Lindsay Corp. | 1234 | 201 |
| LSI Industries, Inc. | 2685 | 33 |
| Lyft, Inc. Class A (a) | 33980 | 374 |
| ManpowerGroup, Inc. | 5814 | 484 |
| Markforged Holding Corp. (a) | 9644 | 11 |
| Marten Transport Ltd. | 6528 | 129 |
| MasTec, Inc. (a) | 6807 | 581 |
| Mastech Digital, Inc. (a) | 369 | 4 |
| Masterbrand, Inc. (a) | 14676 | 111 |
| Matrix Service Co. (a) | 2888 | 18 |
| Matson, Inc. | 4336 | 271 |
| Matthews International Corp. Class A | 3161 | 96 |
| Maxar Technologies, Inc. | 8169 | 423 |
| Mayville Engineering Co., Inc. (a) | 1095 | 14 |
| McGrath RentCorp | 2711 | 268 |
| MDU Resources Group, Inc. | 22156 | 672 |
| Mercury Systems, Inc. (a) | 6349 | 284 |
| Mesa Air Group, Inc. (a) | 3954 | 6 |
| Microvast Holdings, Inc. (a) | 14078 | 22 |
| Miller Industries, Inc. | 1244 | 33 |
| MillerKnoll, Inc. | 8522 | 179 |
| Mistras Group, Inc. (a) | 2030 | 10 |
| Momentus, Inc. (a) | 5954 | 5 |
| Montrose Environmental Group, Inc. (a) | 2931 | 130 |
| Moog, Inc. Class A | 3221 | 283 |
| MRC Global, Inc. (a) | 9014 | 104 |
| MSA Safety, Inc. | 4130 | 596 |
| MSC Industrial Direct Co., Inc. | 5210 | 426 |
| Mueller Industries, Inc. | 6240 | 368 |
| Mueller Water Products, Inc. Class A | 17423 | 187 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| MYR Group, Inc. (a) | 1853 | $171 |
| National Presto Industries, Inc. | 593 | 41 |
| Nikola Corp. (a) (b) | 36412 | 79 |
| Nl Industries, Inc. | 942 | 6 |
| NN, Inc. (a) (b) | 4781 | 7 |
| Northwest Pipe Co. (a) | 1093 | 37 |
| NOW, Inc. (a) | 12455 | 158 |
| NuScale Power Corp. (a) (b) | 2363 | 24 |
| nVent Electric PLC | 18517 | 712 |
| Ocean Power Technologies, Inc. (a) | 6347 | 3 |
| Odyssey Marine Exploration, Inc. (a) | 1902 | 7 |
| Omega Flex, Inc. | 378 | 35 |
| Orbital Infrastructure Group, Inc. (a) | 14199 | 3 |
| Orion Energy Systems, Inc. (a) | 3121 | 6 |
| Orion Group Holdings, Inc. (a) | 3228 | 8 |
| Oshkosh Corp. | 7345 | 648 |
| Owens Corning | 10813 | 922 |
| PAM Transportation Services, Inc. | 733 | 19 |
| Park Aerospace Corp. | 2252 | 30 |
| Park-Ohio Holdings Corp. | 975 | 12 |
| Parsons Corp. (a) | 11636 | 538 |
| Performant Financial Corp. (a) | 6786 | 25 |
| Perma-Fix Environmental Services (a) | 1177 | 4 |
| PGT Innovations, Inc. (a) | 6463 | 116 |
| Pitney Bowes, Inc. | 18352 | 70 |
| Planet Labs PBC (a) (b) | 20042 | 87 |
| Plug Power, Inc. (a) (b) | 58453 | 723 |
| Polar Power, Inc. (a) | 813 | 1 |
| Powell Industries, Inc. | 1016 | 36 |
| Preformed Line Products Co. | 314 | 26 |
| Primoris Services Corp. | 5918 | 130 |
| Proto Labs, Inc. (a) | 3090 | 79 |
| Quad/Graphics, Inc. (a) | 3597 | 15 |
| Quanex Building Products Corp. | 3685 | 87 |
| Quest Resource Holding Corp. (a) | 1671 | 10 |
| RBC Bearings, Inc. (a) | 3218 | 674 |
| RCM Technologies, Inc. (a) | 880 | 11 |
| Red Violet, Inc. (a) (b) | 965 | 22 |
| Redwire Corp. (a) | 2082 | 4 |
| Regal Rexnord Corp. | 7545 | 905 |
| Resideo Technologies, Inc. (a) | 16369 | 269 |
| Resources Connection, Inc. | 3569 | 66 |
| REV Group, Inc. | 3501 | 44 |
| Rocket Lab USA, Inc. (a) | 28212 | 106 |
| Rush Enterprises, Inc. Class A | 4818 | 252 |
| Rush Enterprises, Inc. Class B | 467 | 26 |
| RXO, Inc. (a) | 12795 | 220 |
| Ryder System, Inc. | 5694 | 476 |
| Saia, Inc. (a) | 2998 | 629 |
| Sarcos Technology and Robotics Corp. (a) (b) | 7730 | 4 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Schneider National, Inc. Class B | 6037 | $141 |
| Science Applications International Corp. | 6194 | 687 |
| SES AI Corp. (a) (b) | 20486 | 65 |
| Shoals Technologies Group, Inc. Class A (a) | 11892 | 293 |
| Simpson Manufacturing Co., Inc. | 4850 | 430 |
| SiteOne Landscape Supply, Inc. (a) | 5009 | 588 |
| Skillsoft Corp. (a) | 9704 | 13 |
| SkyWest, Inc. (a) | 5512 | 91 |
| SP Plus Corp. (a) | 2197 | 76 |
| Spire Global, Inc. (a) (b) | 11431 | 11 |
| Spirit AeroSystems Holdings, Inc. Class A | 11813 | 350 |
| Spirit Airlines, Inc. | 12230 | 238 |
| SPX Technologies, Inc. (a) | 4926 | 323 |
| Standex International Corp. | 1331 | 136 |
| Steelcase, Inc. Class A | 9738 | 69 |
| Stem, Inc. (a) | 14878 | 133 |
| Stericycle, Inc. (a) | 10462 | 522 |
| Sterling Check Corp. (a) | 9405 | 146 |
| Sterling Infrastructure, Inc. (a) | 3267 | 107 |
| Sun Country Airlines Holdings, Inc. (a) | 3761 | 60 |
| SunPower Corp. (a) | 9682 | 175 |
| Sunrun, Inc. (a) | 23350 | 561 |
| Sunworks, Inc. (a) (b) | 3664 | 6 |
| Symbotic, Inc. (a) (b) | 1179 | 14 |
| Taylor Devices, Inc. (a) | 338 | 5 |
| Tennant Co. | 2089 | 129 |
| Terex Corp. | 7464 | 319 |
| Terran Orbital Corp. (a) (b) | 9857 | 16 |
| Tetra Tech, Inc. | 5991 | 870 |
| Textainer Group Holdings Ltd. | 4870 | 151 |
| The AZEK Co., Inc. (a) | 16749 | 340 |
| The Brink's Co. | 5254 | 282 |
| The Eastern Co. | 663 | 13 |
| The GEO Group, Inc. (a) | 13379 | 147 |
| The Gorman-Rupp Co. | 2548 | 65 |
| The Greenbrier Cos., Inc. | 3551 | 119 |
| The LS Starrett Co. Class A (a) | 646 | 5 |
| The Manitowoc Co., Inc. (a) | 3873 | 35 |
| The Middleby Corp. (a) | 5810 | 778 |
| The Shyft Group, Inc. | 3622 | 90 |
| The Timken Co. | 7335 | 518 |
| The Toro Co. | 11868 | 1343 |
| Thermon Group Holdings, Inc. (a) | 3723 | 75 |
| Titan International, Inc. (a) | 5774 | 88 |
| Titan Machinery, Inc. (a) | 2280 | 91 |
| TPI Composites, Inc. (a) | 4666 | 47 |
| TransUnion | 21847 | 1240 |
| Trex Co., Inc. (a) | 12389 | 524 |
| TriNet Group, Inc. (a) | 6557 | 445 |
| Trinity Industries, Inc. | 9214 | 272 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Triumph Group, Inc. (a) | 7226 | $| 76 |
| TrueBlue, Inc. (a) | 3598 |  | 70 |
| TuSimple Holdings, Inc. Class A (a) | 13425 |  | 22 |
| Tutor Perini Corp. (a) | 4721 |  | 36 |
| Twin Disc, Inc. (a) | 1189 |  | 12 |
| Uber Technologies, Inc. (a) | 213470 |  | 5279 |
| UFP Industries, Inc. | 6784 |  | 538 |
| U-Haul Holding Co. | 11416 |  | 628 |
| U-Haul Holding Co. | 890 |  | 54 |
| Ultralife Corp. (a) | 1099 |  | 4 |
| UniFirst Corp. | 1696 |  | 327 |
| Univar Solutions, Inc. (a) | 18741 |  | 596 |
| Universal Logistics Holdings, Inc. | 716 |  | 24 |
| Upwork, Inc. (a) | 12888 |  | 135 |
| V2X, Inc. (a) | 1313 |  | 54 |
| Valmont Industries, Inc. | 2375 |  | 785 |
| Velo3D, Inc. (a) (b) | 9656 |  | 17 |
| Veritiv Corp. | 1474 |  | 179 |
| Vertiv Holdings Co. | 34661 |  | 473 |
| Viad Corp. (a) | 2270 |  | 55 |
| Vicor Corp. (a) | 2524 |  | 136 |
| View, Inc. (a) (b) | 15924 |  | 15 |
| Virgin Galactic Holdings, Inc. (a) (b) | 22315 |  | 78 |
| Virgin Orbit Holdings, Inc. (a) | 1912 |  | 4 |
| VirTra, Inc. (a) | 1173 |  | 5 |
| VSE Corp. | 1191 |  | 56 |
| Wabash National Corp. | 5345 |  | 121 |
| Watsco, Inc. | 3731 |  | 931 |
| Watts Water Technologies, Inc. Class A | 3068 |  | 449 |
| Werner Enterprises, Inc. | 6190 |  | 249 |
| WESCO International, Inc. (a) | 4958 |  | 621 |
| Westwater Resources, Inc. (a) | 5252 |  | 4 |
| Wheels Up Experience, Inc. (a) | 18590 |  | 19 |
| Willdan Group, Inc. (a) | 1372 |  | 24 |
| Williams Industrial Services Group, Inc. (a) | 2683 |  | 3 |
| Willis Lease Finance Corp. (a) | 215 |  | 13 |
| WillScot Mobile Mini Holdings Corp. (a) | 23768 |  | 1074 |
| Woodward, Inc. | 6401 |  | 618 |
| Xos, Inc. (a) | 5655 |  | 3 |
| XPO, Inc. (a) | 12795 |  | 426 |
| Yellow Corp. (a) | 3633 |  | 9 |
| Zurn Elkay Water Solutions Corp. | 16743 |  | 354 |
|  |  |  | 99815 |
| **Information Technology (16.9%):** | **Information Technology (16.9%):** | **Information Technology (16.9%):** | **Information Technology (16.9%):** |
| 8x8, Inc. (a) | 12934 |  | 56 |
| 908 Devices, Inc. (a) (b) | 2546 |  | 19 |
| A10 Networks, Inc. | 6916 |  | 115 |
| ACI Worldwide, Inc. (a) | 12685 |  | 292 |
| ACM Research, Inc. Class A (a) | 5042 |  | 39 |
| Adeia, Inc. | 11471 |  | 109 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ADTRAN Holdings, Inc. | 7908 | $149 |
| Advanced Energy Industries, Inc. | 4155 | 356 |
| Aehr Test Systems (a) (b) | 2793 | 56 |
| Aeva Technologies, Inc. (a) | 12112 | 16 |
| AEye, Inc. (a) | 11752 | 6 |
| Affirm Holdings, Inc. (a) (b) | 22347 | 216 |
| Agilysys, Inc. (a) | 2699 | 214 |
| Airgain, Inc. (a) | 1077 | 7 |
| Airspan Networks Holdings, Inc. (a) | 1846 | 2 |
| Akoustis Technologies, Inc. (a) | 6168 | 17 |
| Alarm.com Holdings, Inc. (a) | 5363 | 265 |
| Alkami Technology, Inc. (a) (b) | 3926 | 57 |
| Allegro MicroSystems, Inc. (a) | 7381 | 222 |
| Alpha & Omega Semiconductor Ltd. (a) | 2485 | 71 |
| Altair Engineering, Inc. Class A (a) | 5806 | 264 |
| Alteryx, Inc. Class A (a) | 6620 | 335 |
| Ambarella, Inc. (a) | 4098 | 337 |
| American Software, Inc. Class A | 3576 | 52 |
| American Virtual Cloud Technologies, Inc. (a) | 3390 | 4 |
| Amkor Technology, Inc. | 6113 | 147 |
| Amplitude, Inc. Class A (a) | 5036 | 61 |
| Amtech Systems, Inc. (a) | 1277 | 10 |
| Appfolio, Inc. Class A (a) | 2038 | 215 |
| Appian Corp. (a) | 4508 | 147 |
| Applied Digital Corp. (a) (b) | 7487 | 14 |
| Applied Optoelectronics, Inc. (a) (b) | 2880 | 5 |
| AppLovin Corp. Class A (a) (b) | 13303 | 140 |
| Arlo Technologies, Inc. (a) | 9548 | 34 |
| Arrow Electronics, Inc. (a) | 7210 | 754 |
| Arteris, Inc. (a) | 1780 | 8 |
| Asana, Inc. Class A (a) | 7656 | 105 |
| Aspen Technology, Inc. (a) | 3150 | 647 |
| Astrotech Corp. (a) (b) | 170 | 2 |
| Asure Software, Inc. (a) | 2034 | 19 |
| Atomera, Inc. (a) (b) | 2547 | 16 |
| Autoscope Technologies Corp. | 460 | 2 |
| Avaya Holdings Corp. (a) (b) | 8086 | 2 |
| AvePoint, Inc. (a) | 12204 | 50 |
| Aviat Networks, Inc. (a) | 1204 | 38 |
| Avid Technology, Inc. (a) | 4661 | 124 |
| AvidXchange Holdings, Inc. (a) | 14389 | 143 |
| Avnet, Inc. | 10637 | 442 |
| Aware, Inc. (a) | 1794 | 3 |
| Axcelis Technologies, Inc. (a) | 3637 | 289 |
| AXT, Inc. (a) | 4594 | 20 |
| Backblaze, Inc. Class A (a) | 1563 | 10 |
| Badger Meter, Inc. | 3289 | 359 |
| Bel Fuse, Inc. Class A | 197 | 7 |
| Bel Fuse, Inc. Class B | 1139 | 37 |
| Belden, Inc. | 4841 | 348 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Benchmark Electronics, Inc. | 3871 | $103 |
| Benefitfocus, Inc. (a) | 3186 | 33 |
| Bentley Systems, Inc. Class B | 22302 | 824 |
| BigCommerce Holdings, Inc. Class 1 (a) | 6829 | 60 |
| Bill.com Holdings, Inc. (a) | 11185 | 1219 |
| BK Technologies Corp. | 1635 | 5 |
| Black Knight, Inc. (a) | 17178 | 1061 |
| Blackbaud, Inc. (a) | 4634 | 273 |
| Blackline, Inc. (a) | 5549 | 373 |
| Blend Labs, Inc. Class A (a) | 16477 | 24 |
| Block, Inc. (a) | 59497 | 3739 |
| BM Technologies, Inc. (a) (b) | 972 | 5 |
| Box, Inc. Class A (a) | 15506 | 483 |
| Boxlight Corp. Class A (a) | 7435 | 2 |
| Braze, Inc. Class A (a) | 4342 | 118 |
| Brightcove, Inc. (a) | 4517 | 24 |
| BSQUARE Corp. (a) | 2160 | 2 |
| C3.ai, Inc. Class A (a) | 9174 | 103 |
| CalAmp Corp. (a) | 3939 | 18 |
| Calix, Inc. (a) | 6516 | 446 |
| Cambium Networks Corp. (a) | 1285 | 28 |
| Casa Systems, Inc. (a) | 3973 | 11 |
| Cass Information Systems, Inc. | 1395 | 64 |
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 14089 | 123 |
| Cepton, Inc. (a) | 4592 | 6 |
| Cerence, Inc. (a) | 4380 | 81 |
| CEVA, Inc. (a) | 2558 | 65 |
| Ciena Corp. (a) | 16645 | 849 |
| Cipher Mining, Inc. (a) | 4495 | 3 |
| Cirrus Logic, Inc. (a) | 6285 | 468 |
| Clear Secure, Inc. Class A | 6745 | 185 |
| Clearfield, Inc. (a) | 1313 | 124 |
| ClearSign Technologies Corp. (a) | 3446 | 2 |
| Clearwater Analytics Holdings, Inc. Class A (a) | 5891 | 110 |
| Climb Global Solutions, Inc. | 421 | 13 |
| Cloudflare, Inc. Class A (a) | 31478 | 1423 |
| Coda Octopus Group, Inc. (a) | 542 | 4 |
| Cognex Corp. | 19089 | 899 |
| Coherent Corp. (a) | 14556 | 511 |
| Cohu, Inc. (a) | 5364 | 172 |
| CommScope Holding Co., Inc. (a) | 22919 | 168 |
| CommVault Systems, Inc. (a) | 4983 | 313 |
| CompoSecure, Inc. (a) | 1073 | 5 |
| Computer Task Group, Inc. (a) | 1568 | 12 |
| Comtech Telecommunications Corp. | 2997 | 36 |
| Concentrix Corp. | 4903 | 653 |
| Conduent, Inc. (a) | 22287 | 90 |
| Confluent, Inc. Class A (a) | 15062 | 335 |
| Consensus Cloud Solutions, Inc. (a) | 1980 | 106 |
| Corsair Gaming, Inc. (a) | 4349 | 59 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Couchbase, Inc. (a) | 2745 | $36 |
| Coupa Software, Inc. (a) | 8531 | 675 |
| CPI Card Group, Inc. (a) (b) | 486 | 18 |
| Crowdstrike Holdings, Inc. Class A (a) | 23894 | 2516 |
| CS Disco, Inc. (a) | 2077 | 13 |
| CSG Systems International, Inc. | 3496 | 200 |
| CSP, Inc. | 383 | 4 |
| CTS Corp. | 3508 | 138 |
| CVD Equipment Corp. (a) | 557 | 3 |
| Cvent Holding Corp. (a) (b) | 4383 | 24 |
| Cyxtera Technologies, Inc. (a) (b) | 8309 | 16 |
| Daktronics, Inc. (a) | 4191 | 12 |
| Data I/O Corp. (a) | 870 | 3 |
| Datadog, Inc. Class A (a) | 29045 | 2135 |
| Dave, Inc. (a) (b) | 19612 | 6 |
| Dell Technologies, Inc. Class C | 28527 | 1147 |
| Diebold Nixdorf, Inc. (a) | 8255 | 12 |
| Digi International, Inc. (a) | 3845 | 141 |
| Digimarc Corp. (a) | 1541 | 28 |
| Digital Ally, Inc. (a) | 5751 | 1 |
| Digital Turbine, Inc. (a) | 9647 | 147 |
| DigitalOcean Holdings, Inc. (a) | 6557 | 167 |
| Diodes, Inc. (a) | 5007 | 381 |
| DocuSign, Inc. (a) | 22331 | 1238 |
| Dolby Laboratories, Inc. Class A | 6920 | 488 |
| Domo, Inc. Class B (a) | 3343 | 48 |
| DoubleVerify Holdings, Inc. (a) | 7447 | 164 |
| Dropbox, Inc. Class A (a) | 29680 | 664 |
| Duck Creek Technologies, Inc. (a) | 8576 | 103 |
| Dynatrace, Inc. (a) | 21849 | 837 |
| DZS, Inc. (a) | 2420 | 31 |
| E2open Parent Holdings, Inc. (a) | 26042 | 153 |
| Eastman Kodak Co. (a) (b) | 6733 | 21 |
| Ebix, Inc. | 2736 | 55 |
| eGain Corp. (a) | 2465 | 22 |
| eMagin Corp. (a) | 8180 | 7 |
| Embark Technology, Inc. (a) | 1272 | 4 |
| EMCORE Corp. (a) | 3921 | 4 |
| Enfusion, Inc. Class A (a) | 3194 | 31 |
| EngageSmart, Inc. (a) | 2254 | 40 |
| Entegris, Inc. | 16737 | 1098 |
| Envestnet, Inc. (a) | 5951 | 367 |
| ePlus, Inc. (a) | 2991 | 132 |
| Euronet Worldwide, Inc. (a) | 5450 | 514 |
| Everbridge, Inc. (a) | 4308 | 127 |
| EverCommerce, Inc. (a) | 3092 | 23 |
| Everspin Technologies, Inc. (a) | 1854 | 10 |
| Evo Payments, Inc. Class A (a) | 5334 | 180 |
| Evolv Technologies Holdings, Inc. (a) | 6708 | 17 |
| Exela Technologies, Inc. (a) (b) | 13730 | 1 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| ExlService Holdings, Inc. (a) | 3602 | $610 |
| Expensify, Inc. Class A (a) | 4260 | 38 |
| Extreme Networks, Inc. (a) | 14588 | 267 |
| Fair Isaac Corp. (a) | 2809 | 1681 |
| FARO Technologies, Inc. (a) | 2054 | 60 |
| Fastly, Inc. Class A (a) | 12461 | 102 |
| Five9, Inc. (a) | 7797 | 529 |
| Flywire Corp. (a) | 9952 | 244 |
| ForgeRock, Inc. Class A (a) | 4274 | 97 |
| FormFactor, Inc. (a) | 8666 | 193 |
| Frequency Electronics, Inc. | 930 | 7 |
| Freshworks, Inc. Class A (a) (b) | 15510 | 228 |
| Genasys, Inc. (a) | 3364 | 12 |
| Genpact Ltd. | 19158 | 887 |
| Gitlab, Inc. Class A (a) | 7504 | 341 |
| GlobalFoundries, Inc. (a) (b) | 7963 | 429 |
| GoDaddy, Inc. Class A (a) | 17746 | 1328 |
| Grid Dynamics Holdings, Inc. (a) | 5220 | 59 |
| Guidewire Software, Inc. (a) | 9512 | 595 |
| Harmonic, Inc. (a) | 11566 | 152 |
| HashiCorp., Inc. Class A (a) | 7950 | 217 |
| HubSpot, Inc. (a) | 5177 | 1497 |
| I3 Verticals, Inc. Class A (a) | 2476 | 60 |
| IBEX Ltd. (a) | 439 | 11 |
| Ichor Holdings Ltd. (a) | 3196 | 86 |
| Identiv, Inc. (a) | 2447 | 18 |
| Immersion Corp. (a) | 3613 | 25 |
| Impinj, Inc. (a) | 2760 | 301 |
| Infinera Corp. (a) | 24128 | 163 |
| Informatica, Inc. Class A (a) (b) | 12375 | 202 |
| Information Services Group, Inc. | 3631 | 17 |
| Innodata, Inc. (a) | 2820 | 8 |
| Inseego Corp. (a) | 12097 | 10 |
| Insight Enterprises, Inc. (a) | 3903 | 391 |
| Instructure Holdings, Inc. (a) (b) | 1611 | 38 |
| Intapp, Inc. (a) | 4216 | 105 |
| Intellicheck, Inc. (a) | 2041 | 4 |
| Intelligent Systems Corp. (a) | 651 | 19 |
| InterDigital, Inc. | 3265 | 162 |
| International Money Express, Inc. (a) | 3826 | 93 |
| inTEST Corp. (a) | 1176 | 12 |
| Intevac, Inc. (a) | 2391 | 15 |
| Inuvo, Inc. (a) | 11726 | 3 |
| IonQ, Inc. (a) (b) | 14469 | 50 |
| IPG Photonics Corp. | 3647 | 345 |
| IronNet, Inc. (a) | 4936 | 1 |
| Issuer Direct Corp. (a) | 299 | 7 |
| Iteris, Inc. (a) | 4784 | 15 |
| Itron, Inc. (a) | 5072 | 257 |
| Jabil, Inc. | 14987 | 1022 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Jamf Holding Corp. (a) | 4794 | $102 |
| JFrog Ltd. (a) | 6199 | 132 |
| Kaleyra, Inc. (a) | 3120 | 2 |
| Kaltura, Inc. (a) (b) | 5808 | 10 |
| Key Tronic Corp. (a) | 1136 | 5 |
| Kimball Electronics, Inc. (a) | 2655 | 60 |
| KnowBe4, Inc. Class A (a) | 9369 | 232 |
| Knowles Corp. (a) | 10192 | 167 |
| Kopin Corp. (a) | 9458 | 12 |
| Kulicke & Soffa Industries, Inc. | 6393 | 283 |
| KVH Industries, Inc. (a) | 1429 | 15 |
| Kyndryl Holdings, Inc. (a) | 22905 | 255 |
| Lantronix, Inc. (a) | 3190 | 14 |
| Latch, Inc. (a) | 11505 | 8 |
| Lattice Semiconductor Corp. (a) | 15429 | 1001 |
| LightPath Technologies, Inc. Class A (a) | 2578 | 3 |
| Limelight Networks, Inc. (a) | 14712 | 17 |
| Littelfuse, Inc. | 2753 | 606 |
| LivePerson, Inc. (a) | 7917 | 80 |
| LiveRamp Holdings, Inc. (a) | 7392 | 173 |
| LiveVox Holdings, Inc. (a) | 1365 | 4 |
| Lumentum Holdings, Inc. (a) | 7497 | 391 |
| Luna Innovations, Inc. (a) | 3537 | 31 |
| MACOM Technology Solutions Holdings, Inc. (a) | 5879 | 370 |
| Manhattan Associates, Inc. (a) | 7047 | 856 |
| Marathon Digital Holdings, Inc. (a) (b) | 12196 | 42 |
| Marin Software, Inc. (a) | 1721 | 2 |
| Marqeta, Inc. Class A (a) | 44512 | 272 |
| Marvell Technology, Inc. | 95796 | 3548 |
| Matterport, Inc. (a) (b) | 25443 | 71 |
| Maximus, Inc. | 6803 | 499 |
| MaxLinear, Inc. (a) | 8179 | 278 |
| MeridianLink, Inc. (a) | 2480 | 34 |
| Meta Materials, Inc. (a) (b) | 35628 | 42 |
| Methode Electronics, Inc. | 3943 | 175 |
| MicroStrategy, Inc. (a) (b) | 1060 | 150 |
| MicroVision, Inc. (a) (b) | 18598 | 44 |
| MICT, Inc. (a) (b) | 12499 | 10 |
| Mirion Technologies, Inc. (a) (b) | 19754 | 131 |
| Mitek Systems, Inc. (a) | 4887 | 47 |
| MKS Instruments, Inc. | 6565 | 556 |
| Model N, Inc. (a) | 3994 | 162 |
| Momentive Global, Inc. (a) | 14408 | 101 |
| MoneyGram International, Inc. (a) | 9732 | 106 |
| MongoDB, Inc. (a) | 7486 | 1474 |
| N-able, Inc. (a) | 6340 | 65 |
| Napco Security Technologies, Inc. (a) | 3294 | 91 |
| National Instruments Corp. | 14867 | 549 |
| nCino, Inc. (a) | 7548 | 200 |
| NCR Corp. (a) | 14760 | 346 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| NETGEAR, Inc. (a) | 3098 | $56 |
| Netlist, Inc. (a) | 25494 | 29 |
| NetScout Systems, Inc. (a) | 7788 | 253 |
| NetSol Technologies, Inc. (a) | 1047 | 3 |
| New Relic, Inc. (a) | 6876 | 388 |
| NextNav, Inc. (a) | 3260 | 10 |
| nLight, Inc. (a) | 4862 | 49 |
| Novanta, Inc. (a) | 3924 | 533 |
| Nutanix, Inc. Class A (a) | 25201 | 656 |
| NVE Corp. | 537 | 35 |
| Okta, Inc. (a) | 16717 | 1142 |
| Olo, Inc. Class A (a) | 11145 | 70 |
| ON24, Inc. (a) | 3988 | 34 |
| One Stop Systems, Inc. (a) | 1704 | 5 |
| OneSpan, Inc. (a) | 3910 | 44 |
| Onto Innovation, Inc. (a) | 5582 | 380 |
| OSI Systems, Inc. (a) | 1747 | 139 |
| PagerDuty, Inc. (a) | 9006 | 239 |
| Palantir Technologies, Inc. Class A (a) | 193903 | 1245 |
| Palo Alto Networks, Inc. (a) | 33279 | 4644 |
| PAR Technology Corp. (a) | 2940 | 77 |
| Paya Holdings, Inc. (a) | 9743 | 77 |
| Paycor HCM, Inc. (a) | 6187 | 151 |
| Paylocity Holding Corp. (a) | 4580 | 890 |
| Paymentus Holdings, Inc. Class A (a) | 1751 | 14 |
| Payoneer Global, Inc. (a) | 23198 | 127 |
| Paysign, Inc. (a) | 3610 | 9 |
| PC Connection, Inc. | 477 | 22 |
| PC-Telephone, Inc. | 1929 | 8 |
| PDF Solutions, Inc. (a) | 3313 | 94 |
| Pegasystems, Inc. | 4371 | 150 |
| Peraso, Inc. (a) | 1533 | 1 |
| Perficient, Inc. (a) | 3849 | 269 |
| PFSweb, Inc. | 1902 | 12 |
| Photronics, Inc. (a) | 6791 | 114 |
| Pixelworks, Inc. (a) | 5796 | 10 |
| Plexus Corp. (a) | 3082 | 317 |
| Power Integrations, Inc. | 6360 | 456 |
| Powerfleet, Inc. (a) | 3655 | 10 |
| Priority Technology Holdings, Inc. (a) | 1393 | 7 |
| Procore Technologies, Inc. (a) | 12732 | 601 |
| Progress Software Corp. | 4834 | 244 |
| PROS Holdings, Inc. (a) | 4576 | 111 |
| Pure Storage, Inc. Class A (a) | 31244 | 836 |
| Q2 Holdings, Inc. (a) | 6179 | 166 |
| Qualtrics International, Inc. Class A (a) | 10506 | 109 |
| Qualys, Inc. (a) | 3875 | 435 |
| Quicklogic Corp. (a) | 1386 | 7 |
| Rackspace Technology, Inc. (a) | 5736 | 17 |
| Rambus, Inc. (a) | 12419 | 445 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Rapid7, Inc. (a) | 6462 | $220 |
| Rekor Systems, Inc. (a) (b) | 5048 | 6 |
| Remitly Global, Inc. (a) | 9726 | 111 |
| Research Frontiers, Inc. (a) | 3273 | 6 |
| RF Industries Ltd. (a) | 911 | 5 |
| Ribbon Communications, Inc. (a) | 15646 | 44 |
| Richardson Electronics Ltd. | 1195 | 25 |
| Rimini Street, Inc. (a) | 5266 | 20 |
| RingCentral, Inc. Class A (a) | 9427 | 334 |
| Riot Blockchain, Inc. (a) (b) | 17188 | 58 |
| Rogers Corp. (a) | 2114 | 252 |
| Rubicon Technologies, Inc. (a) (b) | 3160 | 6 |
| Sabre Corp. (a) | 34267 | 212 |
| Samsara, Inc. Class A (a) | 8546 | 106 |
| Sanmina Corp. (a) | 6364 | 365 |
| ScanSource, Inc. (a) | 2801 | 82 |
| Seachange International, Inc. (a) | 4261 | 2 |
| SecureWorks Corp. Class A (a) | 1155 | 7 |
| SEMrush Holdings, Inc. Class A (a) | 3147 | 26 |
| Semtech Corp. (a) | 7137 | 205 |
| SentinelOne, Inc. Class A (a) | 21017 | 307 |
| Shift4 Payments, Inc. Class A (a) | 5683 | 318 |
| ShotSpotter, Inc. (a) | 966 | 33 |
| SigmaTron International, Inc. (a) (b) | 586 | 2 |
| Silicon Laboratories, Inc. (a) | 3806 | 516 |
| SiTime Corp. (a) | 1764 | 179 |
| SkyWater Technology, Inc. (a) | 1474 | 10 |
| SMART Global Holdings, Inc. (a) | 5333 | 79 |
| SmartRent, Inc. (a) (b) | 15533 | 38 |
| Smartsheet, Inc. Class A (a) | 14081 | 554 |
| Smith Micro Software, Inc. (a) | 5554 | 12 |
| Snowflake, Inc. Class A (a) | 31233 | 4483 |
| SolarWinds Corp. (a) | 4200 | 39 |
| Splunk, Inc. (a) | 16803 | 1447 |
| Sprinklr, Inc. Class A (a) | 7969 | 65 |
| Sprout Social, Inc. Class A (a) | 5161 | 291 |
| SPS Commerce, Inc. (a) | 4047 | 520 |
| Squarespace, Inc. Class A (a) | 3832 | 85 |
| SRAX, Inc. (a) | 2374 | 4 |
| SS&C Technologies Holdings, Inc. | 25181 | 1311 |
| StarTek, Inc. (a) | 1236 | 5 |
| Steel Connect, Inc. (a) | 4259 | 6 |
| Sumo Logic, Inc. (a) | 10225 | 83 |
| Synaptics, Inc. (a) | 4408 | 419 |
| Synchronoss Technologies, Inc. (a) | 8382 | 5 |
| TaskUS, Inc. Class A (a) | 3132 | 53 |
| TD SYNNEX Corp. | 4786 | 453 |
| Telos Corp. (a) | 5293 | 27 |
| Tenable Holdings, Inc. (a) | 12037 | 459 |
| Teradata Corp. (a) | 11317 | 381 |
| Terawulf, Inc. (a) | 5390 | 4 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| TESSCO Technologies, Inc. (a) | 580 | $3 |
| The Glimpse Group, Inc. (a) | 1018 | 3 |
| The Hackett Group, Inc. | 2913 | 59 |
| The Western Union Co. | 43342 | 597 |
| Thoughtworks Holding, Inc. (a) | 9534 | 97 |
| Toast, Inc. Class A (a) | 33021 | 595 |
| TransAct Technologies, Inc. (a) | 1080 | 7 |
| TTEC Holdings, Inc. | 2143 | 95 |
| TTM Technologies, Inc. (a) | 10670 | 161 |
| Turtle Beach Corp. (a) | 1744 | 12 |
| Twilio, Inc. Class A (a) | 19472 | 953 |
| Ubiquiti, Inc. | 480 | 131 |
| UiPath, Inc. Class A (a) | 41354 | 526 |
| Ultra Clean Holdings, Inc. (a) | 5001 | 166 |
| Unisys Corp. (a) | 7462 | 38 |
| Unity Software, Inc. (a) (b) | 29544 | 845 |
| Universal Display Corp. | 4931 | 533 |
| Upland Software, Inc. (a) | 3052 | 22 |
| UserTesting, Inc. (a) (b) | 4412 | 33 |
| Varonis Systems, Inc. (a) | 12098 | 290 |
| Veeco Instruments, Inc. (a) | 5720 | 106 |
| Velodyne Lidar, Inc. (a) | 20448 | 15 |
| Verint Systems, Inc. (a) | 7253 | 263 |
| Veritone, Inc. (a) (b) | 3568 | 19 |
| Verra Mobility Corp. (a) | 16690 | 231 |
| Vertex, Inc. Class A (a) | 3958 | 57 |
| Viant Technology, Inc. Class A (a) | 1472 | 6 |
| Viasat, Inc. (a) | 8146 | 258 |
| Viavi Solutions, Inc. (a) | 25422 | 267 |
| VirnetX Holding Corp. (a) | 7133 | 9 |
| Vishay Intertechnology, Inc. | 14683 | 317 |
| Vishay Precision Group, Inc. (a) | 1348 | 52 |
| VMware, Inc. Class A (a) | 25445 | 3124 |
| Vontier Corp. | 17746 | 343 |
| Weave Communications, Inc. (a) (b) | 3647 | 17 |
| WEX, Inc. (a) | 4913 | 804 |
| WidePoint Corp. (a) | 882 | 2 |
| Wireless Telecom Group, Inc. (a) | 2239 | 4 |
| Wolfspeed, Inc. (a) | 13944 | 963 |
| Workday, Inc. Class A (a) | 22584 | 3779 |
| Workiva, Inc. (a) | 5224 | 439 |
| Xerox Holdings Corp. | 16597 | 242 |
| Xperi, Inc. (a) | 4588 | 39 |
| Yext, Inc. (a) | 11347 | 74 |
| ZeroFox Holdings, Inc. (a) | 9791 | 49 |
| Zeta Global Holdings Corp. Class A (a) (b) | 14195 | 116 |
| Zoom Video Communications, Inc. Class A (a) | 23641 | 1601 |
| Zscaler, Inc. (a) | 9499 | 1063 |
| Zuora, Inc. Class A (a) | 13910 | 88 |
|  |  | 113879 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Materials (4.3%):** | **Materials (4.3%):** | **Materials (4.3%):** |
| 5E Advanced Materials, Inc. (a) (b) | 4369 | $34 |
| Advanced Emissions Solutions, Inc. (a) | 2124 | 5 |
| AdvanSix, Inc. | 3051 | 116 |
| Alcoa Corp. | 20216 | 919 |
| Alpha Metallurgical Resources, Inc. | 1671 | 245 |
| American Vanguard Corp. | 3293 | 71 |
| Amyris, Inc. (a) (b) | 25096 | 38 |
| AptarGroup, Inc. | 7341 | 807 |
| Arconic Corp. (a) | 11419 | 242 |
| Arras Minerals Corp. (a) | 4451 | 1 |
| Ascent Industries Co. (a) | 1048 | 9 |
| Ashland, Inc. | 6144 | 661 |
| ASP Isotopes, Inc. (a) | 1368 | 2 |
| Aspen Aerogels, Inc. (a) | 4314 | 51 |
| ATI, Inc. (a) | 14595 | 436 |
| Avient Corp. | 9701 | 328 |
| Axalta Coating Systems Ltd. (a) | 25030 | 638 |
| Balchem Corp. | 3609 | 441 |
| Berry Global Group, Inc. | 14198 | 858 |
| Cabot Corp. | 6326 | 423 |
| Carpenter Technology Corp. | 5373 | 198 |
| Century Aluminum Co. (a) | 5703 | 47 |
| Chase Corp. | 795 | 69 |
| Clearwater Paper Corp. (a) | 1824 | 69 |
| Cleveland-Cliffs, Inc. (a) | 57535 | 927 |
| Coeur Mining, Inc. (a) | 31239 | 105 |
| Commercial Metals Co. | 13538 | 654 |
| Compass Minerals International, Inc. | 4607 | 189 |
| Core Molding Technologies, Inc. (a) | 861 | 11 |
| Crown Holdings, Inc. | 13476 | 1108 |
| Dakota Gold Corp. (a) (b) | 5965 | 18 |
| Danimer Scientific, Inc. (a) (b) | 9990 | 18 |
| Diversey Holdings Ltd. (a) | 8832 | 38 |
| Eagle Materials, Inc. | 4234 | 562 |
| Ecovyst, Inc. (a) | 8535 | 76 |
| Element Solutions, Inc. | 25616 | 466 |
| Flotek Industries, Inc. (a) (b) | 7911 | 9 |
| Friedman Industries, Inc. | 711 | 7 |
| FutureFuel Corp. | 2881 | 23 |
| Gatos Silver, Inc. (a) | 5257 | 21 |
| Ginkgo Bioworks Holdings, Inc. (a) (b) | 109156 | 184 |
| Glatfelter Corp. | 4929 | 14 |
| Gold Resource Corp. | 9929 | 15 |
| Golden Minerals Co. (a) | 14441 | 4 |
| Graphic Packaging Holding Co. | 34587 | 770 |
| Greif, Inc. Class A | 2790 | 187 |
| Greif, Inc. Class B | 125 | 10 |
| H.B. Fuller Co. | 5672 | 406 |
| Hawkins, Inc. | 2170 | 84 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Haynes International, Inc. | 1372 | $63 |
| Hecla Mining Co. | 66110 | 368 |
| Huntsman Corp. | 21487 | 590 |
| Hycroft Mining Holding Corp. (a) (b) | 17906 | 10 |
| Ingevity Corp. (a) | 4275 | 301 |
| Innospec, Inc. | 2785 | 286 |
| Intrepid Potash, Inc. (a) | 1050 | 30 |
| Kaiser Aluminum Corp. | 1773 | 135 |
| Koppers Holdings, Inc. | 2277 | 64 |
| Kronos Worldwide, Inc. | 2490 | 23 |
| Livent Corp. (a) | 20142 | 400 |
| Louisiana-Pacific Corp. | 8216 | 486 |
| LSB Industries, Inc. (a) | 6328 | 84 |
| Materion Corp. | 2306 | 202 |
| Mativ Holdings, Inc. | 6108 | 128 |
| Minerals Technologies, Inc. | 3662 | 222 |
| MP Materials Corp. (a) | 15313 | 372 |
| Myers Industries, Inc. | 4097 | 91 |
| NewMarket Corp. | 739 | 230 |
| Northern Technologies International Corp. | 870 | 12 |
| O-I Glass, Inc. (a) | 17319 | 287 |
| Olin Corp. | 16308 | 863 |
| Olympic Steel, Inc. | 1099 | 37 |
| Origin Materials, Inc. (a) | 11624 | 54 |
| Pactiv Evergreen, Inc. | 4438 | 50 |
| Piedmont Lithium, Inc. (a) | 1937 | 85 |
| PureCycle Technologies, Inc. (a) (b) | 12062 | 82 |
| Quaker Chemical Corp. | 1567 | 262 |
| Ramaco Resources, Inc. | 2752 | 24 |
| Ranpak Holdings Corp. (a) | 8254 | 48 |
| Rayonier Advanced Materials, Inc. (a) | 6970 | 67 |
| Reliance Steel & Aluminum Co. | 6774 | 1371 |
| Royal Gold, Inc. | 7450 | 840 |
| RPM International, Inc. | 14495 | 1413 |
| Ryerson Holding Corp. | 2271 | 69 |
| Schnitzer Steel Industries, Inc. | 2907 | 89 |
| Sensient Technologies Corp. | 4723 | 344 |
| Silgan Holdings, Inc. | 9507 | 493 |
| Sisecam Resources, LP | 584 | 12 |
| Solitario Zinc Corp. (a) | 6248 | 4 |
| Sonoco Products Co. | 10956 | 665 |
| Southern Copper Corp. | 9651 | 583 |
| Stepan Co. | 2405 | 256 |
| Summit Materials, Inc. Class A (a) | 13518 | 384 |
| SunCoke Energy, Inc. | 9370 | 81 |
| Sylvamo Corp. | 4257 | 207 |
| The Chemours Co. | 17255 | 528 |
| The Scotts Miracle-Gro Co. | 4527 | 220 |
| TimkenSteel Corp. (a) | 4302 | 78 |
| Tredegar Corp. | 2777 | 28 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| TriMas Corp. | 4719 | $| 131 |
| Trinseo PLC | 3890 |  | 88 |
| U.S. Antimony Corp. (a) | 10369 |  | 5 |
| U.S. Gold Corp. (a) | 834 |  | 4 |
| United States Lime & Minerals, Inc. | 232 |  | 33 |
| United States Steel Corp. | 26654 |  | 668 |
| Universal Stainless & Alloy Products, Inc. (a) | 947 |  | 7 |
| Valhi, Inc. | 257 |  | 6 |
| Valvoline, Inc. | 20090 |  | 656 |
| Vista Gold Corp. (a) | 12870 |  | 6 |
| Warrior Met Coal, Inc. | 5804 |  | 201 |
| Westlake Chemical Partners, LP | 2358 |  | 55 |
| Westlake Corp. | 3776 |  | 387 |
| Worthington Industries, Inc. | 3429 |  | 170 |
|  |  |  | 28652 |
| **Real Estate (6.3%):** | **Real Estate (6.3%):** | **Real Estate (6.3%):** | **Real Estate (6.3%):** |
| Acadia Realty Trust | 10666 |  | 153 |
| Agree Realty Corp. | 9851 |  | 699 |
| Alexander & Baldwin, Inc. | 8088 |  | 152 |
| Alexander's, Inc. | 243 |  | 53 |
| Alpine Income Property Trust, Inc. | 1239 |  | 24 |
| American Assets Trust, Inc. | 5496 |  | 146 |
| American Finance Trust, Inc. | 14974 |  | 89 |
| American Homes 4 Rent Class A | 34335 |  | 1035 |
| American Realty Investors, Inc. (a) | 165 |  | 4 |
| Americold Realty Trust, Inc. | 30571 |  | 865 |
| AMREP Corp. (a) | 322 |  | 4 |
| Anywhere Real Estate, Inc. (a) | 12591 |  | 80 |
| Apartment Income REIT Corp. | 17499 |  | 600 |
| Apartment Investment and Management Co. | 16059 |  | 114 |
| Apple Hospitality REIT, Inc. | 24158 |  | 381 |
| Armada Hoffler Properties, Inc. | 7533 |  | 87 |
| Ashford Hospitality Trust, Inc. (a) | 3876 |  | 17 |
| Bluerock Homes Trust, Inc. (a) | 339 |  | 7 |
| Braemar Hotels & Resorts, Inc. | 6569 |  | 27 |
| Brandywine Realty Trust | 19082 |  | 117 |
| Brixmor Property Group, Inc. | 33670 |  | 763 |
| Broadstone Net Lease, Inc. | 19254 |  | 312 |
| BRT Apartments Corp. | 1306 |  | 26 |
| CareTrust REIT, Inc. | 10792 |  | 201 |
| CBL & Associates Properties, Inc. (b) | 3143 |  | 73 |
| Centerspace | 1727 |  | 101 |
| Chatham Lodging Trust | 5373 |  | 66 |
| CIM Commercial Trust Corp. | 1239 |  | 6 |
| Clipper Realty, Inc. | 1495 |  | 10 |
| Community Healthcare Trust, Inc. | 2621 |  | 94 |
| Compass, Inc. Class A (a) | 28937 |  | 67 |
| CorEnergy Infrastructure Trust, Inc. (b) | 1624 |  | 3 |
| Corporate Office Properties Trust | 12759 |  | 331 |
| Cousins Properties, Inc. | 17015 |  | 430 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| CTO Realty Growth, Inc. | 2262 | $41 |
| CubeSmart | 25219 | 1015 |
| DiamondRock Hospitality Co. | 23459 | 192 |
| DigitalBridge Group, Inc. | 18229 | 199 |
| Diversified Healthcare Trust | 26867 | 17 |
| Doma Holdings, Inc. (a) | 7794 | 4 |
| Douglas Elliman, Inc. | 7656 | 31 |
| Douglas Emmett, Inc. | 18953 | 297 |
| Easterly Government Properties, Inc. | 9895 | 141 |
| EastGroup Properties, Inc. | 4895 | 725 |
| Elme Communities | 9820 | 175 |
| Empire State Realty Trust, Inc. | 14949 | 101 |
| EPR Properties | 8428 | 318 |
| Equity Commonwealth | 12246 | 306 |
| Equity LifeStyle Properties, Inc. | 20062 | 1296 |
| Essential Properties Realty Trust, Inc. | 15867 | 372 |
| eXp World Holdings, Inc. (b) | 8442 | 94 |
| Farmland Partners, Inc. | 5699 | 71 |
| Fathom Holdings, Inc. (a) (b) | 910 | 4 |
| First Industrial Realty Trust, Inc. | 14839 | 716 |
| Five Point Holdings LLC Class A (a) | 7290 | 17 |
| Forestar Group, Inc. (a) | 2033 | 31 |
| Four Corners Property Trust, Inc. | 9153 | 237 |
| Franklin Street Properties Corp. | 11131 | 30 |
| FRP Holdings, Inc. (a) | 676 | 36 |
| Gaming and Leisure Properties, Inc. | 27669 | 1441 |
| Getty Realty Corp. | 4773 | 162 |
| Gladstone Commercial Corp. | 4397 | 81 |
| Gladstone Land Corp. | 3611 | 66 |
| Global Medical REIT, Inc. | 6990 | 66 |
| Global Net Lease, Inc. | 11768 | 148 |
| Healthcare Realty Trust, Inc. | 42757 | 824 |
| Hersha Hospitality Trust | 3775 | 32 |
| Highwoods Properties, Inc. | 11818 | 331 |
| Hudson Pacific Properties, Inc. | 15595 | 152 |
| Independence Realty Trust, Inc. | 24951 | 421 |
| Indus Realty Trust, Inc. | 891 | 57 |
| Industrial Logistics Properties Trust | 7277 | 24 |
| Innovative Industrial Properties, Inc. | 3143 | 319 |
| iStar, Inc. | 9302 | 71 |
| JBG SMITH Properties | 12853 | 244 |
| Jones Lang LaSalle, Inc. (a) | 5384 | 858 |
| Kennedy-Wilson Holdings, Inc. | 13292 | 209 |
| Kilroy Realty Corp. | 12999 | 503 |
| Kite Realty Group Trust | 24619 | 518 |
| Lamar Advertising Co. Class A | 9788 | 924 |
| Life Storage, Inc. | 9481 | 934 |
| LTC Properties, Inc. | 4505 | 160 |
| LXP Industrial Trust | 30813 | 309 |
| Marcus & Millichap, Inc. | 2812 | 97 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Medical Properties Trust, Inc. | 67302 | $750 |
| National Health Investors, Inc. | 4815 | 251 |
| National Retail Properties, Inc. | 19900 | 911 |
| National Storage Affiliates Trust | 9685 | 350 |
| NETSTREIT Corp. | 6735 | 123 |
| New York City REIT, Inc. Class A | 997 | 2 |
| Newmark Group, Inc. Class A | 16477 | 131 |
| NexPoint Residential Trust, Inc. | 2591 | 113 |
| Offerpad Solutions, Inc. (a) | 5533 | 3 |
| Office Properties Income Trust | 5279 | 70 |
| Omega Healthcare Investors, Inc. | 26570 | 743 |
| One Liberty Properties, Inc. | 1822 | 41 |
| Opendoor Technologies, Inc. (a) | 52817 | 61 |
| Orion Office REIT, Inc. | 6106 | 52 |
| Outfront Media, Inc. | 16011 | 265 |
| Paramount Group, Inc. | 21228 | 126 |
| Park Hotels & Resorts, Inc. | 25008 | 295 |
| Pebblebrook Hotel Trust | 14620 | 196 |
| Phillips Edison & Co., Inc. | 13245 | 422 |
| Physicians Realty Trust | 25172 | 364 |
| Piedmont Office Realty Trust, Inc. Class A | 13864 | 127 |
| Plymouth Industrial REIT, Inc. | 4509 | 86 |
| Postal Realty Trust, Inc. Class A | 1983 | 29 |
| PotlatchDeltic Corp. | 8885 | 391 |
| Rafael Holdings, Inc. Class B (a) (b) (e) | 1272 | 2 |
| Rayonier, Inc. | 16452 | 542 |
| RE/MAX Holdings, Inc. | 2024 | 38 |
| Redfin Corp. (a) | 11939 | 51 |
| Retail Opportunity Investments Corp. | 13710 | 206 |
| Rexford Industrial Realty, Inc. | 19415 | 1061 |
| RLJ Lodging Trust | 18101 | 192 |
| RPT Realty | 9473 | 95 |
| Ryman Hospitality Properties, Inc. | 6072 | 497 |
| Sabra Health Care REIT, Inc. | 25689 | 319 |
| Safehold, Inc. | 2184 | 63 |
| Saul Centers, Inc. | 1491 | 61 |
| Seritage Growth Properties Class A (a) (b) | 4070 | 48 |
| Service Properties Trust | 18367 | 134 |
| SITE Centers Corp. | 20891 | 285 |
| SL Green Realty Corp. | 7298 | 246 |
| Sotherly Hotels, Inc. (a) | 1735 | 3 |
| Spirit Realty Capital, Inc. | 15319 | 612 |
| STAG Industrial, Inc. | 20340 | 657 |
| STORE Capital Corp. | 31762 | 1018 |
| Summit Hotel Properties, Inc. | 11768 | 85 |
| Sun Communities, Inc. | 13716 | 1961 |
| Sunstone Hotel Investors, Inc. | 23614 | 228 |
| Tanger Factory Outlet Centers, Inc. | 11490 | 206 |
| Tejon Ranch Co. (a) | 2796 | 53 |
| Terreno Realty Corp. | 8317 | 473 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| The Howard Hughes Corp. (a) | 5608 | $| 429 |
| The InterGroup Corp. (a) | 79 |  | 4 |
| The Macerich Co. | 24132 |  | 272 |
| The RMR Group, Inc. Class A | 1601 |  | 45 |
| The St. Joe Co. | 6485 |  | 251 |
| UMH Properties, Inc. | 5624 |  | 91 |
| Uniti Group, Inc. | 26118 |  | 144 |
| Universal Health Realty Income Trust | 1441 |  | 69 |
| Urban Edge Properties | 12929 |  | 182 |
| Urstadt Biddle Properties, Inc. | 291 |  | 5 |
| Urstadt Biddle Properties, Inc. Class A | 3320 |  | 63 |
| Veris Residential, Inc. (a) | 10130 |  | 161 |
| WeWork, Inc. Class A (a) (b) | 24152 |  | 35 |
| Whitestone REIT | 5211 |  | 50 |
| WP Carey, Inc. | 21675 |  | 1694 |
| Xenia Hotels & Resorts, Inc. | 12848 |  | 169 |
| Zillow Group, Inc. Class A (a) | 6492 |  | 203 |
| Zillow Group, Inc. Class C (a) | 17975 |  | 579 |
|  |  |  | 42038 |
| **Utilities (2.3%):** | **Utilities (2.3%):** | **Utilities (2.3%):** | **Utilities (2.3%):** |
| ALLETE, Inc. | 6412 |  | 414 |
| Altus Power, Inc. (a) (b) | 6673 |  | 43 |
| American States Water Co. | 4152 |  | 384 |
| Artesian Resources Corp. Class A | 935 |  | 55 |
| Avangrid, Inc. | 7898 |  | 339 |
| Avista Corp. | 8200 |  | 364 |
| Black Hills Corp. | 7312 |  | 514 |
| Cadiz, Inc. (a) | 3738 |  | 9 |
| California Water Service Group | 6107 |  | 370 |
| Chesapeake Utilities Corp. | 1953 |  | 231 |
| Clearway Energy, Inc. Class A | 3652 |  | 109 |
| Clearway Energy, Inc. Class C | 9142 |  | 291 |
| Essential Utilities, Inc. | 29754 |  | 1420 |
| Genie Energy Ltd. Class B | 1821 |  | 19 |
| Global Water Resources, Inc. | 1029 |  | 14 |
| Hawaiian Electric Industries, Inc. | 12295 |  | 515 |
| IDACORP, Inc. | 5681 |  | 613 |
| MGE Energy, Inc. | 4104 |  | 289 |
| Middlesex Water Co. | 1959 |  | 154 |
| Montauk Renewables, Inc. (a) | 4889 |  | 54 |
| National Fuel Gas Co. | 9967 |  | 631 |
| New Jersey Resources Corp. | 10921 |  | 542 |
| NextEra Energy Partners, LP | 9332 |  | 654 |
| Northwest Natural Holding Co. | 3912 |  | 186 |
| NorthWestern Corp. | 6309 |  | 374 |
| OGE Energy Corp. | 22721 |  | 899 |
| ONE Gas, Inc. | 6021 |  | 456 |
| Ormat Technologies, Inc. | 6348 |  | 549 |
| Otter Tail Corp. | 4252 |  | 250 |
| PNM Resources, Inc. | 9644 |  | 471 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| Portland General Electric Co. | 10027 | $| 491 |
| Pure Cycle Corp. (a) | 2613 |  | 27 |
| RGC Resources, Inc. | 879 |  | 19 |
| SJW Group | 3021 |  | 245 |
| South Jersey Industries, Inc. | 13760 |  | 489 |
| Southwest Gas Holdings, Inc. | 7529 |  | 466 |
| Spire, Inc. | 5779 |  | 398 |
| Star Group, LP | 3546 |  | 43 |
| Suburban Propane Partners, LP | 6845 |  | 104 |
| Sunnova Energy International, Inc. (a) | 11191 |  | 202 |
| The York Water Co. | 1603 |  | 72 |
| UGI Corp. | 23526 |  | 872 |
| Unitil Corp. | 1783 |  | 92 |
| Via Renewables, Inc. | 1368 |  | 7 |
| Vistra Corp. | 45362 |  | 1052 |
|  |  |  | 15792 |
| **Total Common Stocks (Cost $478,739)** | **Total Common Stocks (Cost $478,739)** |  | 667786 |
| **Preferred Stocks (0.0%) (f)** | **Preferred Stocks (0.0%) (f)** | **Preferred Stocks (0.0%) (f)** | **Preferred Stocks (0.0%) (f)** |
| **Communication Services (0.0%):** | **Communication Services (0.0%):** | **Communication Services (0.0%):** | **Communication Services (0.0%):** |
| SRAX, Inc. (a) (d) (e) | 3374 |  | —<br> (g) |
| **Total Preferred Stocks (Cost $—) (g)** | **Total Preferred Stocks (Cost $—) (g)** |  | —<br> (g) |
| **Rights (0.0%) (f)** | **Rights (0.0%) (f)** | **Rights (0.0%) (f)** | **Rights (0.0%) (f)** |
| **Health Care (0.0%):** | **Health Care (0.0%):** | **Health Care (0.0%):** | **Health Care (0.0%):** |
| Achillion Pharmaceuticals (a) (d) (e) | 22837 |  | 5 |
| Akouos, Inc. (a) (d) (e) | 2413 |  | 2 |
| Applied Genetics (a) (d) (e) | 7439 |  | 1 |
| Epizyme, Inc. (a) (d) (e) | 15309 |  | —<br> (g) |
| Flexion Therapeutics, Inc. (a) (b) (d) (e) | 6526 |  | —<br> (g) |
| F-Star Therapeutics (a) (d) (e) | 1298 |  |  |
| Gemini Therapeutics (a) (d) (e) | 2307 |  |  |
| Miragen Therapeutics, Inc. (a) (d) (e) | 7890 |  |  |
| Ocuphire Pharma (a) (d) (e) | 168 |  | —<br> (g) |
| Palisade Bio, Inc. (a) (d) (e) | 2758 |  | 1 |
| Prevail Therapeutics, Inc. (a) (d) (e) | 4938 |  | 2 |
| Progenics Pharmaceuticals, Inc. (a) (d) (e) | 10103 |  | 3 |
| Tetraphase Pharmaceutical (a) (d) (e) | 1178 |  | —<br> (g) |
| Unum Therapeutics, Inc. (a) (d) (e) | 2673 |  |  |
| Xeris Biopharma Holdings, Inc. (a) (d) (e) | 8140 |  | 1 |
| Zogenix, Inc. (a) (d) (e) | 6844 |  | 5 |
|  |  |  | 20 |
| **Industrials (0.0%):** | **Industrials (0.0%):** | **Industrials (0.0%):** | **Industrials (0.0%):** |
| Communications Systems I (d) (e) | 259 |  |  |
| **Information Technology (0.0%):** | **Information Technology (0.0%):** | **Information Technology (0.0%):** | **Information Technology (0.0%):** |
| Zagg, Inc. (d) (e) | 4570 |  | —<br> (g) |
| **Total Rights (Cost $7)** | **Total Rights (Cost $7)** |  | 20 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Warrants (0.0%) (f)** | **Warrants (0.0%) (f)** | **Warrants (0.0%) (f)** |
| **Health Care (0.0%):** | **Health Care (0.0%):** | **Health Care (0.0%):** |
| Galectin Therapeutics, Inc. Class B (a) (d) (e) | 7552 | $— |
| **Industrials (0.0%):** | **Industrials (0.0%):** | **Industrials (0.0%):** |
| Triumph Group, Inc. (a) | 2192 | 1 |
| **Total Warrants (Cost $—)** | **Total Warrants (Cost $—)** | 1 |
| **Mutual Funds (0.0%) (f)** | **Mutual Funds (0.0%) (f)** | **Mutual Funds (0.0%) (f)** |
| 180 Degree Capital Corp. (a) | 1071 | 6 |
| OFS Credit Co., Inc. | 857 | 7 |
| **Total Mutual Funds (Cost $16)** | **Total Mutual Funds (Cost $16)** | 13 |
| **Collateral for Securities Loaned (3.0%)^** | **Collateral for Securities Loaned (3.0%)^** | **Collateral for Securities Loaned (3.0%)^** |
| Goldman Sachs Financial Square Government Fund Institutional Shares, <br>4.14% (h) | 5104720 | 5105 |
| HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (h) | 5104720 | 5104 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (h) | 5104720 | 5105 |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional <br>Shares, 4.08% (h) | 5104720 | 5105 |
| **Total Collateral for Securities Loaned (Cost $20,419)** | **Total Collateral for Securities Loaned (Cost $20,419)** | 20419 |
| **Total Investments (Cost $499,181) — 102.4%** | **Total Investments (Cost $499,181) — 102.4%** | 688239 |
| **Liabilities in excess of other assets — (2.4)%** | **Liabilities in excess of other assets — (2.4)%** | (16313) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $671926 |

---

^ 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) Affiliated security. (See Note 8 in the Notes to Financial Statements)

(d) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.01% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At December 31, 2022, illiquid securities were 0.01% of the Fund's net assets.

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

(g) Rounds to less than $1 thousand.

(h) Rate disclosed is the daily yield on December 31, 2022.

LLC — Limited Liability Company

LP — Limited Partnership

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Extended Market Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

PLC — Public Limited Company

REIT — Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** |
| *(Amounts not in thousands)* | *(Amounts not in thousands)* | *(Amounts not in thousands)* | *(Amounts not in thousands)* | *(Amounts not in thousands)* | *(Amounts not in thousands)* |
|  | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| E-Mini Russell 2000 Index Futures | 42 | 3/17/23 | $3734859 | $3718890 | $(15969) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $— |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (15969) |
| Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | $(15969) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)*

---

| | |
|:---|:---|
| | **USAA Extended <br>Market Index Fund** |
| **Assets:** | **Assets:** |
| Affiliated investments, at value (Cost $82) | $90 |
| Unaffiliated investments, at value (Cost $499,099) | 688149<br> (a) |
| Cash | 2350 |
| Deposit with broker for futures contracts | 1366 |
| Receivables: | Receivables: |
| Interest and dividends | 936 |
| Capital shares issued | 170 |
| Variation margin on open futures contracts | 1 |
| Prepaid expenses | 12 |
| Total Assets | 693074 |
| **Liabilities:** | **Liabilities:** |
| Payables: | Payables: |
| Collateral received on loaned securities | 20419 |
| Capital shares redeemed | 470 |
| Variation margin on open futures contracts | 16 |
| Accrued expenses and other payables: | Accrued expenses and other payables: |
| Investment advisory fees | 59 |
| Administration fees | 88 |
| Custodian fees | 5 |
| Transfer agent fees | 42 |
| Compliance fees | 1 |
| Trustees' fees | —<br> (b) |
| Other accrued expenses | 48 |
| Total Liabilities | 21148 |
| **Net Assets:** | **Net Assets:** |
| Capital | 492275 |
| Total accumulated earnings/(loss) | 179651 |
| Net Assets | $671926 |
| Shares (unlimited number of shares authorized with no par value): | 38780 |
| Net asset value, offering and redemption price per share: (c) | $17.33 |

---

(a) Includes $19,136 thousand of securities on loan.

(b) Rounds to less than $1 thousand.

(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)* 

---

| | |
|:---|:---|
| | **USAA Extended <br>Market Index Fund** |
| **Investment Income:** | **Investment Income:** |
| Dividends from affiliated investments | $2 |
| Dividends from unaffiliated investments | 10572 |
| Interest from unaffiliated investments | 50 |
| Securities lending (net of fees) | 1385 |
| Foreign tax withholding | (4) |
| Total Income | 12005 |
| **Expenses:** | **Expenses:** |
| Investment advisory fees | 770 |
| Administration fees | 1156 |
| Sub-Administration fees | 29 |
| Custodian fees | 36 |
| Transfer agent fees | 517 |
| Trustees' fees | 47 |
| Compliance fees | 7 |
| Legal and audit fees | 66 |
| State registration and filing fees | 29 |
| Interfund lending fees | —<br> (a) |
| Other expenses | 134 |
| Total Expenses | 2791 |
| Net Investment Income (Loss) | 9214 |
| **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** |
| Net realized gains (losses) from affiliated investment securities | 1 |
| Net realized gains (losses) from unaffiliated investment securities | 32015 |
| Net realized gains (losses) from futures contracts | (520) |
| Net change in unrealized appreciation/depreciation on affiliated <br>investment securities | (19) |
| Net change in unrealized appreciation/depreciation on unaffiliated <br>investment securities | (268439) |
| Net change in unrealized appreciation/depreciation on futures contracts | (438) |
| Net realized/unrealized gains (losses) on investments | (237400) |
| Change in net assets resulting from operations | $(228186) |

---

(a) Rounds to less than $1 thousand.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)* 

---

| | | |
|:---|:---|:---|
| | **USAA Extended Market Index <br>Fund** | **USAA Extended Market Index <br>Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $9214 | $7676 |
| Net realized gains (losses) | 31496 | 84431 |
| Net change in unrealized appreciation/depreciation | (268896) | 47480 |
| Change in net assets resulting from operations | (228186) | 139587 |
| Change in net assets resulting from distributions to shareholders | (55787) | (150843) |
| Change in net assets resulting from capital transactions | (14006) | 75050 |
| Change in net assets | (297979) | 63794 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 969905 | 906111 |
| End of period | $671926 | $969905 |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| Proceeds from shares issued | $33788 | $86369 |
| Distributions reinvested | 54118 | 146754 |
| Cost of shares redeemed | (101912) | (158073) |
| Change in net assets resulting from capital transactions | $(14006) | $75050 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| Issued | 1626 | 3073 |
| Reinvested | 2987 | 6095 |
| Redeemed | (5027) | (5646) |
| Change in Shares | (414) | 3522 |

---

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

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*For a Share Outstanding Throughout Each Period*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Extended Market Index Fund** | **USAA Extended Market Index Fund** | **USAA Extended Market Index Fund** | **USAA Extended Market Index Fund** | **USAA Extended Market Index Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31,<br>2020** | **Year<br>Ended<br>December 31,<br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $24.75 | $25.40 | $20.01 | $16.14 | $18.98 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.24<br> (a) | 0.22<br> (a) | 0.18<br> (a) | 0.20<br> (a) | 0.17 |
| Net realized and unrealized gains <br>(losses) | (6.14) | 3.58 | 6.05 | 4.31 | (1.96) |
| Total from Investment Activities | (5.90) | 3.80 | 6.23 | 4.51 | (1.79) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.25) | (0.23) | (0.21) | (0.26) | (0.17) |
| Net realized gains from investments | (1.27) | (4.22) | (0.63) | (0.38) | (0.88) |
| Total Distributions | (1.52) | (4.45) | (0.84) | (0.64) | (1.05) |
| **Net Asset Value, End of Period** | $17.33 | $24.75 | $25.40 | $20.01 | $16.14 |
| Total Return (b) | (24.03)% | 15.61% | 31.20% | 27.94% | (9.70)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.36% | 0.34% | 0.38% | 0.41% | 0.43<br> %(e) |
| Net Investment Income (Loss) | 1.20% | 0.77% | 0.91% | 1.06% | 0.90<br> %(e) |
| Gross Expenses (d) | 0.36% | 0.34% | 0.38% | 0.41% | 0.43<br> %(e) |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $671926 | $969905 | $906111 | $788664 | $656406 |
| Portfolio Turnover | 21% | 24% | 31% | 24% | 12<br> %(f) |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in the Note 4 of the accompanying Notes to the Financial statements.

(d) Does not include acquired fund fees and expenses, if any.

(e) Prior to February 24, 2018, the Fund was a feeder fund in a master-feeder structure investing in Master Extended Market Index Series ("the Series") before converting to a stand-alone fund. Expenses include expenses allocated to the Fund by the Series prior to the conversion.

(f) Reflects the period of February 24, 2018 to December 31, 2018, after the Fund converted to a stand-alone fund.

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements**<br> December 31, 2022 |

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**1. Organization:**

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA Extended Market Index Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.

Victory Capital Management ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**2. Significant Accounting Policies:**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

**Investment Valuation:**

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices (unadjusted) in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risks associated with entering into those investments.

The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), American Depositary Receipts ("ADRs"), and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $667764 | $— | $22 | $667786 |
| Preferred Stocks |  |  | —<br> (a) |  |
| Rights |  |  | 20 | 20 |
| Warrants | 1 |  |  | 1 |
| Mutual Funds | 13 |  |  | 13 |
| Collateral for Securities Loaned | 20419 |  |  | 20419 |
| Total | $688197 | $— | $42 | $688239 |
| **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** |
| Liabilities: | Liabilities: | Liabilities: | Liabilities: | Liabilities: |
| Futures Contracts | $(16) | $— | $— | $(16) |
| Total | $(16) | $— | $— | $(16) |

---

\* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

(a) Amount is less than $1 thousand.

As of December 31, 2022, there were no transfers into/out of Level 3.

**Real Estate Investment Trusts ("REITs"):**

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

**Investment Companies:**

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Derivative Instruments:**

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the year ended December 31, 2022, the Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

**Summary of Derivative Instruments:**

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022 (amounts in thousands):

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| | |
|:---|:---|
|  | **Liabilities** |
| | **Variation Margin<br>Payable on Open<br>Futures Contracts\*** |
| **Equity Risk Exposure** | $16 |

---

\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statement of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022 (amounts in thousands):

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| | | |
|:---|:---|:---|
| | **Net Realized Gains (Losses) on<br>Derivatives Recognized as <br>a Result of Operations** | **Net Change in Unrealized<br>Appreciation/Depreciation<br>on Derivatives Recognized<br>as a Result of Operations** |
| | **Net Realized Gains (Losses)<br>from Futures Contracts** | **Net Change in Unrealized<br>Appreciation/Depreciation<br>on Futures Contracts** |
| **Equity Risk Exposure** | $(520) | $(438) |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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All open derivative positions at year end are reflected on the Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to the Fund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year.

**Investment Transactions and Related Income:**

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

**Securities Lending:**

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2022.

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| | | |
|:---|:---|:---|
| **Value of<br>Securities on Loan** | **Non-Cash<br>Collateral** | **Cash<br>Collateral** |
| $19136 | $— | $20419 |

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**Foreign Taxes:**

The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**Federal Income Taxes:**

The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

For the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Allocations:**

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

**3. Purchases and Sales:**

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2022, were as follows for the Fund (amounts in thousands):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** |
| **Purchases** | **Sales** |
| $160127 | $214007 |

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**4. Fees and Transactions with Affiliates and Related Parties:**

**Investment Advisory Fees:**

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.10% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2022, the Fund had no subadvisers.

**Administration and Servicing Fees:**

VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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daily and paid monthly at an annualized rate of 0.15%, which is based on the Fund's average daily net assets. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Compliance fees.

**Transfer Agency Fees:**

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the year ended December 31, 2022, are reflected on the Statement of Operations as Transfer agent fees.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

**Distributor/Underwriting Services:**

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.

**Other Fees:**

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Custodian fees.

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limit (excluding voluntary waivers) was 0.43%.

Under the terms of the expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months)

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2022, there are no amounts available to be repaid to the Adviser.

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2022.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

**5. Risks:**

The Fund may be subject to other risks in addition to these identified risks.

**<u>Market Risk</u>** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**<u>Equity Risk</u>** — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.

**<u>Small-Capitalization and Mid-Capitalization Stock Risk</u>** — The Fund invests in small- and mid-capitalization companies, which may be more vulnerable than larger companies to adverse business or economic conditions. Securities of small- and mid-capitalization companies may be less liquid and more volatile than securities of larger companies or the market in general and, therefore, may involve greater risk than investing in securities of larger companies.

**<u>Derivatives Risk</u>** — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**6. Borrowing and Interfund Lending:**

**Line of Credit:**

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through December 31, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. The Fund did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2022.

**Interfund Lending:**

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.

The average borrowing or lending for the days outstanding and average interest rate for the Fund that utilized this Facility during the year ended December 31, 2022, were as follows (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Borrower or <br>Lender** | **Amount<br>Outstanding at <br>December 31, 2022** | **Average<br>Borrowing\*** | **Days<br>Borrowing<br>Outstanding** | **Average<br>Interest<br>Rate\*** | **Maximum<br>Borrowing<br>During the<br>Period** |
| Borrower | $— | $1449 | 1 | 0.58% | $1449 |

---

\* For the year ended December 31, 2022, based on the number of days borrowings were outstanding.

**7. Federal Income Tax Information:**

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of December 31, 2022, on the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

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| | |
|:---|:---|
| **Total <br>Accumulated<br>Earnings/(Loss)** | **Capital** |
| $(1352) | $1352 |

---

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Distributions<br>paid from** | **Distributions<br>paid from** | | | **Distributions <br>paid from** | **Distributions <br>paid from** | | |
| **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**Total<br>Taxable<br>Distributions** | **** <br>**Total<br>Distributions<br>Paid** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**Total<br>Taxable<br>Distributions** | **** <br>**Total<br>Distributions<br>Paid** |
| $9315 | $46472 | $55787 | $55787 | $13860 | $136983 | $150843 | $150843 |

---

As of December 31, 2022, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

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| | | |
|:---|:---|:---|
| **Qualified<br>Late-Year<br>Losses\*** | **Unrealized<br>Appreciation<br>(Depreciation)\*\*** | **Total<br>Accumulated<br>Earnings<br>(Loss)** |
| $(23) | $179674 | $179651 |

---

\* Qualified late-year losses are comprised of certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31 and specified losses incurred after October 31. These losses are deemed to arise on the first day of the Fund's next taxable year.

\*\* The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, passive foreign investment companies, REIT adjustments and derivatives.

As of December 31, 2022, the Fund had no capital loss carryforwards for federal income tax purposes.

As of December 31, 2022, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Cost of<br>Investments<br>for Federal<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| $508565 | $276772 | $(97098) | $179674 |

---

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

**8. Affiliated Securities:**

An affiliated security is a security in which a Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM as of the year ended December 31, 2022. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund's Schedule of Portfolio Investments.

Section 12(d)(3) of the 1940 Act, and Rule 12d3-1(c) under the 1940 Act, generally prohibit a fund from purchasing the securities issued by, among other entities, a fund's investment adviser. When a fund's investment objective is to track the performance of an unaffiliated index by investing in the stocks that comprise that index, the staff of the SEC has taken the position that, subject to certain conditions, the fund may establish and maintain a position in the common stock of an affiliate of the fund's investment adviser in an amount approximately in proportion to the percentage that the stock is represented in the index. In seeking to provide investment results that closely correspond to its respective unaffiliated index, one or more Funds may hold the securities of Victory Capital Holdings, Inc., the parent company of VCM and other Fund service providers.

Transactions in affiliated securities during the year ended December 31, 2022, were as follows (amounts in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair<br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from<br>Sales** | **Net<br>Realized<br>Gains<br>(Losses)** | **Capital<br>Gain<br>Distributions** | **Net <br>Change in<br>Unrealized<br>Appreciation/<br>Depreciation** | **Fair Value<br>12/31/2022** | **Dividend<br>Income** |
| Victory Capial Holdings Inc. | $65 | $45 | $(2) | $1 | $— | $(19) | $90 | $2 |

---

**9. Subsequent Event**

On June 29, 2022, the Board approved a change to the Fund's fiscal year-end from December 31 to April 30, with an effective date of April 30, 2023.

The Board, upon recommendation of the Adviser, has approved a change in the name of the Trust and each individual fund within the Trust. On February 23, 2023, an initial filing was made with the SEC to commence the process to effectuate the following changes.

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current name of the Fund in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

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| | |
|:---|:---|
| **Old Name** | **New Name** |
| USAA Extended Market Index Fund | Victory Extended Market Index Fund |

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In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Trustees of USAA Extended Market Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of USAA Extended Market Index Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting USAA Mutual Funds Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2325535_ja005.jpg)

We have served as the auditor of one or more Victory Capital investment companies since 1995.

San Antonio, Texas<br>February 28, 2023

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information**<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Trustee and Officer Information**

**Board of Trustees:**

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, their positions with the Trust, their commencement of service, their principal occupations during the past five years, and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 45 portfolios in the Trust. Each Trustee's address is c/o Fund Administration, 15935 La Cantera Pkwy, San Antonio, TX 78256.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jefferson C. Boyce <br>(September 1957) | Independent Chair | Trustee since September 2013, Independent Chair since January 2021 | Retired. | 45 | Westhab, Inc., New York Theological Seminary, American Filtration Corp. |
| Dawn M. Hawley<br>(February 1954) | Trustee | Trustee since April 2014 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Daniel S. McNamara<br>(June 1966) | Trustee | Trustee since January 2012 | Trustee, President, and Vice Chairman of USAA ETF Trust (06/17-06/19); President of Financial Advice & Solutions Group (FASG), USAA (02/13-03/21); Director of USAA Asset Management Company (AMCO), (08/11-06/19); Chairman of Board of AMCO (04/13-06/19); Director of USAA Investment Services Company (ISCO) (formerly USAA Investment Management Company) (09/09-03/21); Chairman of Board of ISCO (04/13-12/20); President and Director of USAA Shareholder Account Services (SAS) (10/09-06/19); Chairman of Board of SAS (04/13-06/19); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (04/11-03/21); Director and Vice Chairman of FPS (12/13-03/21); President and Director of USAA Investment Corporation (ICORP) (03/10-03/21); Chairman of Board of ICORP (12/13-03/21); Director of USAA Financial Advisors, Inc. (FAI) (12/13-03/21); Chairman of Board of FAI (03/15-03/21). | 45 |  |
| Paul L. McNamara<br>(July 1948) | Trustee | Trustee since January 2012 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Richard Y. Newton, III (January 1956) | Trustee | Trustee since March 2017 | Director, Elta North America (01/18-08/19), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (12/15-present). | 45 | Terran Orbital Corp., American Made Filtration Corp. |
| Barbara B. Ostdiek, Ph.D.<br>(March 1964) | Trustee | Trustee since January 2008 | Senior Associate Dean of Degree programs at Jesse H. Jones Graduate School of Business at Rice University (07/13-present); Associate Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/01-07/21); Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/21-present). | 45 |  |
| John C. Walters<br>(February 1962) | Trustee | Trustee since July 2019 | Retired. | 45 | Guardian Variable Products Trust (16 series) |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Fund** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) Held <br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David C. Brown<br>(May 1972) | Trustee | Trustee since July 2019 | Chairman and Chief Executive Officer (2013-present), Victory Capital Management Inc.; Chief Executive Officer and Chairman (2013-present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013-present); Director, Victory Capital Transfer Agency, Inc. (2019-present). | 45 portfolios within the Trust; 40 portfolios within the Victory Portfolios, 25 series within the Victory Portfolios II, and 6 series within the Victory Variable Insurance Funds |  |

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The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Officers:**

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Pkwy, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** |
| Christopher K. Dyer<br>(February 1962) | President | July 2019 | Director of Mutual Fund Administration, Victory Capital Management Inc. (2004-present). Chief Operating Officer, Victory Capital Services, Inc. (2020-present). Vice President, Victory Capital Transfer Agency, Inc. (2019-present). |
| Scott Stahorsky<br>(July 1969) | Vice President | July 2019 | Manager, Fund Administration, Victory Capital Management Inc. (2015-present). |
| Thomas Dusenberry<br>(July 1977) | Secretary | June 2022 | Manager, Fund Administration, Victory Capital Management Inc. (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund, and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019). |
| James K. De Vries<br>(April 1969) | Treasurer | March 2018 | Executive Director, Victory Capital Management Inc. (07/01/19-present); Executive Director, Investment and Financial Administration, USAA (2012-06/30/19); Assistant Treasurer, USAA Mutual Funds Trust (2013-2018). Mr. De Vries also serves as the Funds' Principal Financial Officer. |
| Allan Shaer<br>(March 1965) | Assistant Treasurer | July 2019 | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2016-present); Vice President, Mutual Fund Administration, JP Morgan Chase Bank (2011-2016). |
| Carol D. Trevino<br>(October 1965) | Assistant Treasurer | September 2018 | Director, Accounting and Finance, Victory Capital Management Inc. (07/01/19-present); Accounting/ Financial Director, USAA (12/13-06/30/19). |
| Charles Booth<br>(April 1960) | Anti-Money Laundering Compliance Officer and Identity Theft Officer | July 2019 | Director, Regulatory Administration and CCO Support Services, City Fund Services Ohio, Inc. (2007-present). |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| Sean Fox<br>(September 1976) | Chief Compliance Officer | June 2022 | Deputy Chief Compliance Officer (July 2021-June 2022), Senior Compliance Officer, the Adviser (2019-2021), Compliance Officer, the Adviser (2015-2019). |

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&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on April 27, 2022, Erin Wagner resigned as the Secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on June 10, 2022, Colin Kinney resigned as the Chief Compliance Officer of the Trust.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Proxy Voting and Portfolio Holdings Information**

**Proxy Voting:**

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 235-8396. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov.

**Availability of Schedules of Portfolio Investments:**

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at sec.gov.

**Expense Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022.

The **Actual Expense** figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The **Hypothetical Expense** figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Beginning<br>Account Value<br>7/1/22** | **Actual<br>Ending<br>Account Value<br>12/31/22** | **Hypothetical<br>Ending<br>Account Value<br>12/31/22** | **Actual<br>Expenses Paid<br>During Period<br>7/1/22-12/31/22\*** | **Hypothetical<br>Expenses Paid<br>During Period<br>7/1/22-12/31/22\*** | **Annualized<br>Expense Ratio<br>During Period<br>7/1/22-12/31/22** |
| $1000.00 | $1026.30 | $1023.34 | $1.89 | $1.89 | 0.37% |

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\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Additional Federal Income Tax Information**

The following federal tax information related to the Fund's fiscal year ended December 31, 2022, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2023.

With respect to distributions paid, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2022 (amounts in thousands):

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| | | |
|:---|:---|:---|
| **Dividend<br>Received<br>Deduction<br>(corporate<br>shareholders)** | **Qualified<br>Dividend<br>Income<br>(non-corporate<br>shareholders)** | **Long-Term<br>Capital Gain<br>Distributions** |
| 78% | 80% | $47888 |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Considerations of the Board in Continuing the Investment Advisory Agreement**

**USAA Extended Market Index Fund (the "Fund")**

At a meeting of the Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") held on December 8-9, 2022, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 8-9, 2022 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 21, 2022.

In advance of the foregoing meetings, the Trustees received and considered a variety of information relating to the Advisory Agreement and the Adviser, and were given the opportunity to ask questions and request additional information from management. The information provided to the Board included, among other things: (i) a separate report prepared by an independent third party of mutual fund data, which provided a statistical analysis comparing the Fund's investment performance, expenses, and fees to comparable investment companies; (ii) information concerning the services rendered to the Fund, as well as information regarding the Adviser's revenues and costs of providing services to the Fund and compensation paid to affiliates of the Adviser; and (iii) information about the Adviser's operations and personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Advisory Agreement with management and with experienced independent counsel retained by the Independent Trustees ("Independent Counsel") and received materials from such Independent Counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement with respect to the Fund. The Independent Trustees also reviewed the proposed continuation of the Advisory Agreement with respect to the Fund in private sessions with Independent Counsel at which no representatives of management were present.

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Fund's performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Fund. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings. The Board also recognized that the contractual arrangements for the Fund have been reviewed by the Board and discussed with the Adviser in prior years and that the Board's conclusions may be based, in part, on its consideration of these same arrangements in prior years.

**Advisory Agreement**

After full consideration of a variety of factors, the Board, including the Independent Trustees, voted to approve the Advisory Agreement. In approving the Advisory Agreement, the Trustees did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Throughout their deliberations, the Independent Trustees were represented and assisted by Independent Counsel.

**<u>Nature, Extent, and Quality of Services</u>** — In considering the nature, extent, and quality of the services provided by the Adviser under the Advisory Agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel. The Board also took into account its knowledge of the Adviser's management and the quality of the performance of the Adviser's duties through Board meetings, discussions, and reports during the preceding year. The Board considered the fees paid to the Adviser and the services provided to the Fund by the Adviser under the Advisory Agreement, as well as other services provided by the Adviser and its affiliates under other agreements, and the personnel who provide these services. In addition to the investment advisory services provided to the Fund, the Adviser and its affiliates provide administrative services, shareholder

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Fund and the Trust.

The Board considered the scope of services provided by, and the undertakings required of, the Adviser in connection with those services, including, among other things, maintaining (i) its own and the Fund's compliance programs, (ii) risk management programs, (iii) liquidity risk management program, (iv) derivatives risk management program, and (v) cybersecurity program, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, litigation, regulatory and compliance risks.

The Board considered the Adviser's management style and the performance of the Adviser's duties under the Advisory Agreement. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of its senior and investment personnel, as well as current staffing levels. The allocation of the Fund's brokerage, including the Adviser's process for monitoring "best execution," also was considered. The Adviser's role in coordinating the activities of the Fund's other service providers was also considered. The Board also considered the Adviser's risk management processes. The Board considered the Adviser's financial condition and that it had the financial wherewithal to continue to provide the same scope and high quality of services under the Advisory Agreement. In reviewing the Advisory Agreement, the Board focused on the experience, resources, and strengths of the Adviser and its affiliates in managing the Fund, as well as the other funds in the Trust.

The Board also reviewed the compliance and administrative services provided to the Fund by the Adviser and its affiliates, including the Adviser's oversight of the Fund's day-to-day operations and oversight of Fund accounting. The Trustees, guided also by information obtained from their experiences as Trustees of the Trust, also focused on the quality of the Adviser's compliance and administrative staff.

**<u>Expenses and Performance</u>** — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's net management fee rate, which includes advisory and administrative services, was below the median of its expense group and its expense universe. The data indicated that the Fund's total expenses were below the median of its expense group and its expense universe. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund. The Board also noted the high level of correlation between the Fund and its benchmark index and the relatively low tracking error between the Fund and its benchmark index, and noted that it reviews such information on a periodic basis.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was above the average of its performance universe and its Lipper index for the one- and three-year periods ended June 30, 2022, was below the average of its performance universe and its Lipper index for the five-year period ended June 30, 2022, and was above the average of its performance universe and below its Lipper index for the ten-year period ended June 30, 2022. The Board took into account management's discussion of the Fund's performance, including, the reasons for the Fund's underperformance for certain periods, the Fund's more recent improved performance, and the extent to which the Fund met its investment objective of seeking to track its designated index.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**<u>Compensation and Profitability</u>** — The Board took into consideration the level and method of computing the management fee. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the management revenues from the Fund. This information included a review of the methodology used in the allocation of certain costs to the Fund. The Trustees reviewed the profitability of the Adviser's relationship with the Fund before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

**<u>Economies of Scale</u>** — The Board considered whether there should be changes in the management fee rate or structure in order to enable the Fund to participate in any economies of scale. The Board also considered the fee waiver and expense reimbursement arrangements by the Adviser. The Board took into account management's discussion of the Fund's current advisory fee structure. The Board also considered the effect of the Fund's change in size, if any, on its performance and fees, noting that the Fund may realize other economies of scale if assets increase proportionally more than expenses. The Board determined that the current investment management fee structure was reasonable.

**<u>Conclusions</u>** — The Board reached the following conclusions regarding the Fund's Advisory Agreement with the Adviser: (i) the Adviser has demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (ii) the Adviser maintains an appropriate compliance program; (iii) the overall performance of the Fund is reasonable in relation to the performance of funds with similar investment objectives and to relevant indices and in view of the Fund's investment objective of seeking to track its designated index; (iv) the Fund's advisory expenses are reasonable in relation to those of similar funds and to the services to be provided by the Adviser; and (v) the Adviser's and its affiliates' level of profitability from their relationship with the Fund is reasonable in light of the nature and high quality of services provided by the Adviser and its affiliates and the type of fund. Based on its conclusions, the Board determined that continuation of the Advisory Agreement would be in the best interests of the Fund and its shareholders.

------

**Privacy Policy**

**Protecting the Privacy of Information**

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\*

\* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

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P.O. Box 182593<br>Columbus, Ohio 43218-2593

![](j2325535_za006.jpg)

Visit our website at: Call <br> vcm.com (800) 235-8396

37733-0223

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![](j2325536_aa001.jpg)

DECEMBER 31, 2022

Annual Report

USAA Nasdaq-100 Index Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

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vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open.

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*USAA Mutual Funds Trust*

***TABLE OF CONTENTS***

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| | |
|:---|:---|
| **Shareholder Letter (Unaudited)** | **2** |
| **Manager's Commentary (Unaudited)** | **4** |
| **Investment Overview (Unaudited)** | **6** |
| **Investment Objective & Portfolio <br>Holdings (Unaudited)** | **7** |
| **Schedule of Portfolio Investments** | **8** |
| **Financial Statements** | **Financial Statements** |
| *Statement of Assets and Liabilities* | **12** |
| *Statement of Operations* | **13** |
| *Statements of Changes in Net Assets* | **14** |
| *Financial Highlights* | **17** |
| **Notes to Financial Statements** | **22** |
| **Report of Independent <br>Registered Public Accounting Firm** | **33** |
| **Supplemental Information (Unaudited)** | **34** |
| *Trustee and Officer Information* | **34** |
| *Proxy Voting and Portfolio Holdings Information* | **40** |
| *Expense Examples* | **40** |
| *Additional Federal Income Tax Information* | **41** |
| *Advisory Contract Approval* | **42** |
| *Privacy Policy (inside back cover)* |  |

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*This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.*

**IRA DISTRIBUTION WITHHOLDING DISCLOSURE**

*We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.*

*If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.*

*For more specific information, please consult your tax adviser.*

***• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE***

------

*(Unaudited)*

Dear Shareholder,

Our most recent annual reporting period ending December 31, 2022, was filled with epic challenges. Even the most seasoned investors who have been through more than one economic cycle have not witnessed financial markets like this in a long time, if ever.

Consider what transpired and how the investing backdrop changed so abruptly. The year began well enough with ample liquidity and an encouraging outlook for corporate profits. But that optimism faded early and was punctuated by the start of a terrible war in Eastern Europe. This fueled rising energy prices and intensified an inflation problem that was proving to be more than "transitory."

The inflation data was particularly troublesome and surprised many with some of the highest readings since the 1970s. In response, the U.S. Federal Reserve (the "Fed") pivoted to a far more restrictive monetary policy than anyone anticipated. Over the course of 2022, the Fed boosted the Fed funds interest rate on seven different occasions by a total of 4.5 percentage points. And if that wasn't enough, zero-Covid policies in China further exacerbated supply chain issues and dampened the outlook for global growth.

As one might expect, all of these obstacles ratcheted up volatility across financial markets. Broad market stock indices pulled back substantially around the world. The S&P 500<sup>®</sup> Index, the bell-weather proxy for our domestic stock market, delivered a negative total return of more than 18% for our annual reporting period.

Perhaps what made 2022 even more difficult was the performance of fixed income markets, which normally are considered a safe haven in times of equity turmoil. But not this past year. In fact, the Bloomberg US Aggregate Bond Index—a proxy for a diversified fixed income portfolio and one that many investors and institutions follow closely—delivered a negative total return of approximately 13%, its worst annual performance since the 1970s. That's not exactly the offset to equity performance that many investors were expecting from bonds.

It was a tough year, and we fully acknowledge that the steady drumbeat of bad news and bouts of stomach-churning volatility can take a toll on investors' psyche. Nobody likes opening their account statements during declining markets; and even when markets snap back sharply (as happened this past July and October), investors often wonder if they have missed an opportunity.

Through all of the challenges in our most recent annual reporting period, we are reminded of two enduring realities: 1) financial markets are dynamic and apt to change abruptly; 2) it's vital that we remain calm and rational whenever faced with those inevitable bouts of turmoil.

Fortunately, we think that investors can take comfort knowing that all of our independent investment franchises have experience managing portfolios through a wide variety of market environments. Our investment professionals remain calm during turbulent financial markets, and we think it's imperative that investors do the same.

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We still believe that a long-term plan, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are the key ingredients for staying the course and progressing on investment goals. Moreover, all our investment professionals continually monitor the environment and work hard to position portfolios opportunistically no matter what the markets bring. Remember, turmoil can also create opportunity.

On the following pages, you will find information relating to your USAA Mutual Funds, brought to you by Victory Capital. If you have any questions, we encourage you to contact our Member Service Representatives. Call 800-235-8396, or visit our website at vcm.com.

From all of us here at Victory Capital, thank you for your ongoing confidence and for letting us help you work toward your investment goals.

![](j2325536_ba002.jpg)

**Christopher K. Dyer, CFA**

*President,<br>USAA Mutual Funds Trust*

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USAA Nasdaq-100 Index Fund

**Manager's Commentary**<br> (Unaudited)

**• What were the market conditions over the reporting period?**

At the beginning of the reporting period, the Russian invasion of Ukraine in February of 2022 added significant volatility to both equity and bond markets that were already concerned with elevated levels of inflation, a hawkish U.S. Federal Reserve (the "Fed"), and rising interest rates. In the first quarter of 2022, the combination of widening credit spreads and rising interest rates led to the worst quarter for the Bloomberg US Aggregate Bond Index in 40 years. Equity markets did not fare any better as the bellwether S&P 500<sup>®</sup> Index also posted a negative return during the quarter. With the Fed now embarking on a tightening cycle, the markets remained focused on the Fed and whether it can engineer a soft landing amidst the highest inflation readings in 40 years.

The second quarter of 2022 saw continued pressure on stocks and bonds. The Fed's hawkish pivot, which started in the fourth quarter of 2021 continued to put pressure on equity multiples, especially for long-duration growth stocks. With inflation readings hitting four-decade highs, the Fed now faced an increasingly difficult task of implementing policy strong enough to tame inflation and provide a "soft landing" for the economy, while not being too aggressive and tilting the economy into recession. This risk contributed to the heightened stock market volatility, in addition to mounting COVID-19 related lockdowns in China, rising oil prices, and the ongoing conflict between Russia and the Ukraine.

In the third quarter, global equities declined, continuing the downward trend from the first half of 2022. The quarter began with a rally that continued into mid-August, on hopes that the Fed would pivot toward a more accommodative policy. However, messaging from the Fed Chairman, Jerome Powell, and a stronger-than-expected inflation report in early September dampened investor optimism over the central bank's trajectory and the odds of avoiding a recession. The Fed went on to hike rates aggressively by 75 basis points ("bps") twice during the quarter, bringing the benchmark fed funds rate target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the beginning of the year. (A basis point is 1/100th of a percentage point.) For its part, the European Central Bank raised its reference rate by 50 bps in July, followed by another 75 bps in September. Other factors that weighed on sentiment during the quarter included the ongoing Russia-Ukraine war, an energy crisis in Europe, and the resumption of COVID-19 lockdowns in China.

Global Equities rebounded in the fourth quarter, trimming full year losses. Gains in October and November were sparked by signs of peaking inflation alongside less hawkish commentary from the Fed Chairman Powell raising hope that the central bank would end its interest rate hiking cycle sometime in early 2023. Indeed, both the Fed and the European Central Bank raised their benchmark overnight lending rates by a more modest 50 bps in mid-December. Also supporting sentiment, the Chinese government began to ease their zero-COVID-19 policy that had weighed on global economic growth for much of 2022. However, stocks retreated into year-end as investors shifted their focus to the potential impact higher rates might have on economic growth and corporate earnings in the coming year.

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USAA Nasdaq-100 Index Fund

**Manager's Commentary** (continued)

**• How did the USAA Nasdaq-100 Index Fund (the "Fund") perform during the reporting period?**

The Fund has five share classes: Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares. The Fund closely tracked its benchmark, the broad-based Nasdaq-100 Index (the "Index"), during the reporting period ended December 31, 2022. The Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares had total returns of -32.69%, -32.70%, -32.87%, -33.37%, and -32.62%, respectively. This compares to the total return of -32.38% for the Index. The Index represents 100 of the largest nonfinancial companies listed on The Nasdaq Stock Market<sup>®</sup> and is not available for direct investment.

**• Please describe sector performance during the reporting period.**

During the year, the Fund had a negative absolute return. The three largest sectors, information technology, communication services, and consumer discretionary, which account for nearly 80% of the Fund, were negative. The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

Thank you for allowing us to assist you with your investment needs.

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USAA Nasdaq-100 Index Fund

**Investment Overview**<br>(Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fund <br>Shares** | **Institutional <br>Shares** | **<br>Class A** | **<br>Class A** | **Class C** | **Class C** | **R6 <br>Shares** | | |
| **INCEPTION DATE** | *10/27/00* | *6/29/20* | *6/29/20* | *6/29/20* | *6/29/20* | *6/29/20* | *3/1/17* |  |  |
|  | **Net Asset<br>Value** | **Net Asset <br>Value** | **Net Asset <br>Value** | **Maximum<br>Offering <br>Price** | **Net Asset <br>Value** | **Contingent <br>Deferred<br>Charges** | **Net Asset <br>Value** | **Nasdaq-100<br>Index<sup>1</sup>** | **Russell 1000<sup>®</sup>Growth Index<sup>2</sup>** |
| *One Year* | *–32.69%* | *–32.70%* | *–32.87%* | *–34.38%* | *–33.37%* | *–34.02%* | *–32.62%* | *–32.38%* | *–29.14%* |
| *Five Year* | *11.87%* | *N/A* | *N/A* | *N/A* | *N/A* | *N/A* | *11.99%* | *12.36%* | *10.96%* |
| *Ten Year* | *15.85%* | *N/A* | *N/A* | *N/A* | *N/A* | *N/A* | *N/A* | *16.45%* | *14.10%* |
| *Since Inception* | *N/A* | *4.14%* | *3.88%* | *2.95%* | *3.11%* | *3.11%* | *13.57%* | *N/A* | *N/A* |

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***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*The maximum offering price figures reflect a maximum sales charge of 2.25% for Class A. Class C is not subject to an initial sales charge, but is subject to a deferred sales charge of 1.00% on shares redeemed within one year of purchase. Net Asset Value does not reflect sales charges.*

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Nasdaq-100 Index Fund — Growth of $10,000**

![](j2325536_ca003.jpg)

*<sup>1</sup>The Nasdaq-100 Index is an unmanaged index composed of 100 of the largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*<sup>2</sup>The Russell 1000<sup>®</sup> Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Nasdaq-100 Index Fund** | December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund seeks to match, before fees and expenses, the performance of the stocks composing the Nasdaq-100 Index. The Nasdaq-100 Index (the "Index") represents 100 of the largest nonfinancial stocks traded on The Nasdaq Stock Market<sup>®</sup>.

**Sector Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325536_ca004.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Nasdaq-100 Index Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

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*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Communication Services (16.0%):** | **Communication Services (16.0%):** | **Communication Services (16.0%):** |
| Activision Blizzard, Inc. | 255423 | $19553 |
| Alphabet, Inc. Class A (a) | 1531548 | 135129 |
| Alphabet, Inc. Class C (a) | 1531077 | 135853 |
| Charter Communications, Inc. Class A (a) | 50806 | 17228 |
| Comcast Corp. Class A | 1407934 | 49235 |
| Electronic Arts, Inc. | 90103 | 11009 |
| Meta Platforms, Inc. Class A (a) | 733892 | 88317 |
| Netflix, Inc. (a) | 145240 | 42828 |
| Sirius XM Holdings, Inc. (b) | 1269415 | 7413 |
| T-Mobile U.S., Inc. (a) | 406050 | 56847 |
| Warner Bros Discovery, Inc. (a) | 792547 | 7513 |
|  |  | 570925 |
| **Communications Equipment (1.8%):** | **Communications Equipment (1.8%):** | **Communications Equipment (1.8%):** |
| Cisco Systems, Inc. | 1340748 | 63873 |
| **Consumer Discretionary (14.2%):** | **Consumer Discretionary (14.2%):** | **Consumer Discretionary (14.2%):** |
| Airbnb, Inc. Class A (a) | 129974 | 11113 |
| Amazon.com, Inc. (a) | 2566466 | 215583 |
| Booking Holdings, Inc. (a) | 12660 | 25513 |
| Dollar Tree, Inc. (a) | 72187 | 10210 |
| eBay, Inc. | 177106 | 7345 |
| JD.com, Inc., ADR | 158547 | 8899 |
| Lucid Group, Inc. (a) (b) | 548437 | 3746 |
| Lululemon Athletica, Inc. (a) | 39916 | 12788 |
| Marriott International, Inc. Class A | 103308 | 15382 |
| MercadoLibre, Inc. (a) | 16415 | 13891 |
| O'Reilly Automotive, Inc. (a) | 20423 | 17238 |
| Pinduoduo, Inc., ADR (a) | 152765 | 12458 |
| Rivian Automotive, Inc. Class A (a) | 298015 | 5492 |
| Ross Stores, Inc. | 113270 | 13147 |
| Starbucks Corp. | 374604 | 37161 |
| Tesla, Inc. (a) | 794407 | 97855 |
|  |  | 507821 |
| **Consumer Staples (6.6%):** | **Consumer Staples (6.6%):** | **Consumer Staples (6.6%):** |
| Costco Wholesale Corp. | 144451 | 65942 |
| Keurig Dr Pepper, Inc. | 462217 | 16483 |
| Mondelez International, Inc. Class A | 445692 | 29705 |
| Monster Beverage Corp. (a) | 170280 | 17288 |
| PepsiCo, Inc. | 449638 | 81232 |
| The Kraft Heinz Co. | 399776 | 16275 |
| Walgreens Boots Alliance, Inc. | 282246 | 10545 |
|  |  | 237470 |
| **Energy (0.5%):** | **Energy (0.5%):** | **Energy (0.5%):** |
| Baker Hughes Co. | 326846 | 9652 |
| Diamondback Energy, Inc. | 57440 | 7856 |
|  |  | 17508 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Nasdaq-100 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Health Care (7.2%):** | **Health Care (7.2%):** | **Health Care (7.2%):** |
| Align Technology, Inc. (a) | 25493 | $5376 |
| Amgen, Inc. | 174142 | 45737 |
| AstraZeneca PLC, ADR | 199383 | 13518 |
| Biogen, Inc. (a) | 46997 | 13014 |
| Dexcom, Inc. (a) | 126062 | 14275 |
| Gilead Sciences, Inc. | 409343 | 35142 |
| IDEXX Laboratories, Inc. (a) | 27029 | 11027 |
| Illumina, Inc. (a) | 51337 | 10380 |
| Intuitive Surgical, Inc. (a) | 115333 | 30604 |
| Moderna, Inc. (a) | 125384 | 22522 |
| Regeneron Pharmaceuticals, Inc. (a) | 34949 | 25215 |
| Seagen, Inc. (a) | 60595 | 7787 |
| Vertex Pharmaceuticals, Inc. (a) | 83776 | 24193 |
|  |  | 258790 |
| **Industrials (4.0%):** | **Industrials (4.0%):** | **Industrials (4.0%):** |
| Cintas Corp. | 33141 | 14967 |
| Copart, Inc. (a) | 155448 | 9465 |
| CoStar Group, Inc. (a) | 132730 | 10257 |
| CSX Corp. | 686156 | 21257 |
| Fastenal Co. | 186930 | 8846 |
| Honeywell International, Inc. | 219424 | 47023 |
| Old Dominion Freight Line, Inc. | 36058 | 10233 |
| PACCAR, Inc. | 113500 | 11233 |
| Verisk Analytics, Inc. | 51040 | 9004 |
|  |  | 142285 |
| **IT Services (2.9%):** | **IT Services (2.9%):** | **IT Services (2.9%):** |
| Automatic Data Processing, Inc. | 135386 | 32338 |
| Cognizant Technology Solutions Corp. Class A | 167727 | 9592 |
| Fiserv, Inc. (a) | 207252 | 20947 |
| Paychex, Inc. | 117623 | 13593 |
| PayPal Holdings, Inc. (a) | 372067 | 26499 |
|  |  | 102969 |
| **Semiconductors & Semiconductor Equipment (14.9%):** | **Semiconductors & Semiconductor Equipment (14.9%):** | **Semiconductors & Semiconductor Equipment (14.9%):** |
| Advanced Micro Devices, Inc. (a) | 526219 | 34083 |
| Analog Devices, Inc. | 166217 | 27265 |
| Applied Materials, Inc. | 280776 | 27342 |
| ASML Holding NV, NYS | 28833 | 15754 |
| Broadcom, Inc. | 132179 | 73905 |
| Enphase Energy, Inc. (a) | 44361 | 11754 |
| GlobalFoundries, Inc. (a) (b) | 177894 | 9587 |
| Intel Corp. | 1346915 | 35599 |
| KLA Corp. | 46252 | 17439 |
| Lam Research Corp. | 44510 | 18708 |
| Marvell Technology, Inc. | 278260 | 10307 |
| Microchip Technology, Inc. | 179505 | 12610 |
| Micron Technology, Inc. | 354816 | 17734 |
| NVIDIA Corp. | 802862 | 117330 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Nasdaq-100 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| NXP Semiconductors NV | 84573 | $13365 |
| QUALCOMM, Inc. | 365857 | 40222 |
| Texas Instruments, Inc. | 296201 | 48938 |
|  |  | 531942 |
| **Software (18.3%):** | **Software (18.3%):** | **Software (18.3%):** |
| Adobe, Inc. (a) | 151728 | 51061 |
| ANSYS, Inc. (a) | 28431 | 6869 |
| Atlassian Corp. Class A (a) | 48391 | 6227 |
| Autodesk, Inc. (a) | 70449 | 13165 |
| Cadence Design Systems, Inc. (a) | 89528 | 14382 |
| Crowdstrike Holdings, Inc. Class A (a) | 71240 | 7501 |
| Datadog, Inc. Class A (a) | 95315 | 7006 |
| Fortinet, Inc. (a) | 254969 | 12465 |
| Intuit, Inc. | 91685 | 35685 |
| Microsoft Corp. | 1867544 | 447874 |
| Palo Alto Networks, Inc. (a) | 98679 | 13770 |
| Synopsys, Inc. (a) | 49905 | 15934 |
| Workday, Inc. Class A (a) | 65926 | 11031 |
| Zoom Video Communications, Inc. Class A (a) | 80173 | 5431 |
| Zscaler, Inc. (a) | 47066 | 5267 |
|  |  | 653668 |
| **Technology Hardware, Storage & Peripherals (11.7%):** | **Technology Hardware, Storage & Peripherals (11.7%):** | **Technology Hardware, Storage & Peripherals (11.7%):** |
| Apple, Inc. | 3218862 | 418227 |
| **Utilities (1.4%):** | **Utilities (1.4%):** | **Utilities (1.4%):** |
| American Electric Power Co., Inc. | 167708 | 15924 |
| Constellation Energy Corp. | 106728 | 9201 |
| Exelon Corp. | 324324 | 14020 |
| Xcel Energy, Inc. | 178604 | 12522 |
|  |  | 51667 |
| **Total Common Stocks (Cost $1,925,574)** | **Total Common Stocks (Cost $1,925,574)** | 3557145 |
| **Collateral for Securities Loaned (0.6%)^** | **Collateral for Securities Loaned (0.6%)^** | **Collateral for Securities Loaned (0.6%)^** |
| Goldman Sachs Financial Square Government Fund Institutional <br>Shares, 4.14% (c) | 5234444 | 5234 |
| HSBC U.S. Government Money Market Fund Institutional Shares, 4.13% (c) | 5234444 | 5235 |
| Invesco Government & Agency Portfolio Institutional Shares, 4.22% (c) | 5234444 | 5235 |
| Morgan Stanley Institutional Liquidity Government Portfolio Institutional <br>Shares, 4.08% (c) | 5234444 | 5234 |
| **Total Collateral for Securities Loaned (Cost $20,938)** | **Total Collateral for Securities Loaned (Cost $20,938)** | 20938 |
| **Total Investments (Cost $1,946,512) — 100.1%** | **Total Investments (Cost $1,946,512) — 100.1%** | 3578083 |
| **Liabilities in excess of other assets — (0.1)%** | **Liabilities in excess of other assets — (0.1)%** | (2250) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $3575833 |

---

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Nasdaq-100 Index Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

(b) All or a portion of this security is on loan.

(c) Rate disclosed is the daily yield on December 31, 2022.

ADR — American Depositary Receipt

NYS — New York Registered Shares

PLC — Public Limited Company

**Futures Contracts Purchased**

*(Amounts not in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
| NASDAQ 100 E-Mini Futures | 88 | 3/17/23 | $20280238 | $19399160 | $(881078) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $— |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (881078) |
| Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | $(881078) |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)*

---

| | |
|:---|:---|
| | **USAA Nasdaq-100 <br>Index Fund** |
| **Assets:** | **Assets:** |
| Investments, at value (Cost $1,946,512) | $3578083<br> (a) |
| Cash | 17245 |
| Deposit with broker for futures contracts | 1779 |
| Receivables: | Receivables: |
| Interest and dividends | 1622 |
| Capital shares issued | 2413 |
| Variation margin on open futures contracts | 6 |
| From Adviser | 7 |
| Prepaid expenses | 45 |
| Total Assets | 3601200 |
| **Liabilities:** | **Liabilities:** |
| Payables: | Payables: |
| Collateral received on loaned securities | 20938 |
| Capital shares redeemed | 2971 |
| Variation margin on open futures contracts | 18 |
| Accrued expenses and other payables: | Accrued expenses and other payables: |
| Investment advisory fees | 630 |
| Administration fees | 442 |
| Custodian fees | 26 |
| Transfer agent fees | 232 |
| Compliance fees | 3 |
| 12b-1 fees | 3 |
| Other accrued expenses | 104 |
| Total Liabilities | 25367 |
| **Net Assets:** | **Net Assets:** |
| Capital | 2046005 |
| Total accumulated earnings/(loss) | 1529828 |
| Net Assets | $3575833 |
| Net Assets | Net Assets |
| Fund Shares | $2904735 |
| Institutional Shares | 579072 |
| Class A | 17660 |
| Class C | 3134 |
| R6 Shares | 71232 |
| Total | $3575833 |
| Shares (unlimited number of shares authorized with no par value): | Shares (unlimited number of shares authorized with no par value): |
| Fund Shares | 103863 |
| Institutional Shares | 20686 |
| Class A | 633 |
| Class C | 114 |
| R6 Shares | 2547 |
| Total | 127843 |
| Net asset value, offering and redemption price per share: (b) | Net asset value, offering and redemption price per share: (b) |
| Fund Shares | $27.97 |
| Institutional Shares | 27.99 |
| Class A | 27.91 |
| Class C (c) | 27.47 |
| R6 Shares | 27.97 |
| Maximum Sales Charge — Class A | 2.25% |
| Maximum offering price<br>(100%/(100%-maximum sales charge) of net asset value adjusted to the <br>nearest cent) per share — Class A | $28.55 |

---

(a) Includes $20,498 thousand of securities on loan.

(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price per share varies by the length of time shares are held.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)*

---

| | |
|:---|:---|
| | **USAA Nasdaq-100 <br>Index Fund** |
| **Investment Income:** | **Investment Income:** |
| Dividends | $33189 |
| Interest | 130 |
| Securities lending (net of fees) | 1266 |
| Foreign tax withholding | (44) |
| Total Income | 34541 |
| **Expenses:** | **Expenses:** |
| Investment advisory fees | 7531 |
| Administration fees — Fund Shares | 5176 |
| Administration fees — Institutional Shares | 250 |
| Administration fees — Class A | 25 |
| Administration fees — Class C | 4 |
| Administration fees — R6 Shares | 22 |
| Sub-Administration fees | 24 |
| 12b-1 fees — Class A | 42 |
| 12b-1 fees — Class C | 29 |
| Custodian fees | 167 |
| Transfer agent fees — Fund Shares | 2090 |
| Transfer agent fees — Institutional Shares | 250 |
| Transfer agent fees — Class A | 17 |
| Transfer agent fees — Class C | 3 |
| Transfer agent fees — R6 Shares | 4 |
| Trustees' fees | 50 |
| Compliance fees | 32 |
| Legal and audit fees | 64 |
| State registration and filing fees | 134 |
| Interfund lending fees | —<br> (a) |
| Other expenses | 624 |
| Recoupment of prior expenses waived/reimbursed by Adviser | 5 |
| Total Expenses | 16543 |
| Expenses waived/reimbursed by Adviser | (32) |
| Net Expenses | 16511 |
| Net Investment Income (Loss) | 18030 |
| **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** |
| Net realized gains (losses) from investment securities | (90268) |
| Net realized gains (losses) from futures contracts | (6258) |
| Net change in unrealized appreciation/depreciation on investment securities | (1510385) |
| Net change in unrealized appreciation/depreciation on futures contracts | (1002) |
| Net realized/unrealized gains (losses) on investments | (1607913) |
| Change in net assets resulting from operations | $(1589883) |

---

(a) Rounds to less than $1 thousand.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)* 

---

| | | |
|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31, <br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $18030 | $10782 |
| Net realized gains (losses) | (96526) | 207823 |
| Net change in unrealized appreciation/depreciation | (1511387) | 747873 |
| Change in net assets resulting from operations | (1589883) | 966478 |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| Fund Shares | (116585) | (190765) |
| Institutional Shares | (23561) | (3536) |
| Class A | (684) | (560) |
| Class C | (108) | (127) |
| R6 Shares | (2539) | (1858) |
| Change in net assets resulting from distributions to shareholders | (143477) | (196846) |
| Change in net assets resulting from capital transactions | 730324 | 132287 |
| Change in net assets | (1003036) | 901919 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 4578869 | 3676950 |
| End of period | $3575833 | $4578869 |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31, <br>2021** |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| **Fund Shares** | **Fund Shares** | **Fund Shares** |
| Proceeds from shares issued | $550521 | $656112 |
| Distributions reinvested | 112885 | 186400 |
| Cost of shares redeemed | (626996) | (737132) |
| Total Fund Shares | $36410 | $105380 |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| Proceeds from shares issued | $633831 | $28155 |
| Distributions reinvested | 23526 | 3479 |
| Cost of shares redeemed | (24292) | (20827) |
| Total Institutional Shares | $633065 | $10807 |
| **Class A** | **Class A** | **Class A** |
| Proceeds from shares issued | $16708 | $14542 |
| Distributions reinvested | 684 | 560 |
| Cost of shares redeemed | (6666) | (1480) |
| Total Class A | $10726 | $13622 |
| **Class C** | **Class C** | **Class C** |
| Proceeds from shares issued | $2120 | $2833 |
| Distributions reinvested | 108 | 127 |
| Cost of shares redeemed | (981) | (82) |
| Total Class C | $1247 | $2878 |
| **R6 Shares** | **R6 Shares** | **R6 Shares** |
| Proceeds from shares issued | $56485 | $23150 |
| Distributions reinvested | 2524 | 1838 |
| Cost of shares redeemed | (10133) | (25388) |
| Total R6 Shares | $48876 | $(400) |
| Change in net assets resulting from capital transactions | $730324 | $132287 |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31, <br>2021** |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| **Fund Shares** | **Fund Shares** | **Fund Shares** |
| Issued | 15752 | 16561 |
| Reinvested | 3763 | 4428 |
| Redeemed | (18436) | (18985) |
| Total Fund Shares | 1079 | 2004 |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| Issued | 18719 | 737 |
| Reinvested | 784 | 82 |
| Redeemed | (732) | (510) |
| Total Institutional Shares | 18771 | 309 |
| **Class A** | **Class A** | **Class A** |
| Issued | 479 | 343 |
| Reinvested | 23 | 13 |
| Redeemed | (195) | (35) |
| Total Class A | 307 | 321 |
| **Class C** | **Class C** | **Class C** |
| Issued | 65 | 69 |
| Reinvested | 4 | 3 |
| Redeemed | (30) | (2) |
| Total Class C | 39 | 70 |
| **R6 Shares** | **R6 Shares** | **R6 Shares** |
| Issued | 1785 | 595 |
| Reinvested | 84 | 44 |
| Redeemed | (304) | (655) |
| Total R6 Shares | 1565 | (16) |
| Change in Shares | 21761 | 2688 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Fund Shares** | **Fund Shares** | **Fund Shares** | **Fund Shares** | **Fund Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year<br>Ended<br>December 31, <br>2020** | **Year<br>Ended<br>December 31, <br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $43.16 | $35.56 | $24.35 | $17.69 | $17.89 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.16<br> (a) | 0.11<br> (a) | 0.13<br> (a) | 0.13<br> (a) | 0.11 |
| Net realized and unrealized gains <br>(losses) | (14.19) | 9.43 | 11.62 | 6.74 | (0.18) |
| Total from Investment Activities | (14.03) | 9.54 | 11.75 | 6.87 | (0.07) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.08) | (0.11) | (0.13) | (0.13) | (0.12) |
| Net realized gains | (1.08) | (1.83) | (0.41) | (0.08) | (0.01) |
| Total Distributions | (1.16) | (1.94) | (0.54) | (0.21) | (0.13) |
| **Net Asset Value, End of Period** | $27.97 | $43.16 | $35.56 | $24.35 | $17.69 |
| Total Return (b) | (32.69)% | 26.96% | 48.30% | 38.86% | (0.44)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.44% | 0.42% | 0.44% | 0.48% | 0.48% |
| Net Investment Income (Loss) | 0.48% | 0.27% | 0.46% | 0.63% | 0.64% |
| Gross Expenses (d) | 0.44% | 0.42% | 0.44% | 0.48% | 0.48% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $2904735 | $4436357 | $3583838 | $2442662 | $1750674 |
| Portfolio Turnover (e) | 12% | 10% | 17% | 9% | 5% |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31, <br>2021** | **June 29, <br>2020(f)<br>through<br>December 31, <br>2020** |
| **Net Asset Value, Beginning of Period** | $43.26 | $35.64 | $27.86 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.16<br> (a) | 0.10<br> (a) | 0.07<br> (a) |
| Net realized and unrealized gains (losses) | (14.23) | 9.45 | 8.17 |
| Total from Investment Activities | (14.07) | 9.55 | 8.24 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.12) | (0.10) | (0.05) |
| Net realized gains | (1.08) | (1.83) | (0.41) |
| Total Distributions | (1.20) | (1.93) | (0.46) |
| **Net Asset Value, End of Period** | $27.99 | $43.26 | $35.64 |
| Total Return (b) (g) | (32.70)% | 26.93% | 29.60% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (h) | 0.43% | 0.44% | 0.44% |
| Net Investment Income (Loss) (h) | 0.52% | 0.25% | 0.42% |
| Gross Expenses (d) (h) | 0.43% | 0.44% | 0.47% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $579072 | $82846 | $57240 |
| Portfolio Turnover (e) (g) | 12% | 10% | 17% |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Class A** | **Class A** | **Class A** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31, <br>2021** | **June 29, <br>2020(f)<br>through<br>December 31, <br>2020** |
| **Net Asset Value, Beginning of Period** | $43.11 | $35.64 | $27.86 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.08<br> (a) | (0.01)(a)(i) | 0.02<br> (a) |
| Net realized and unrealized gains (losses) | (14.18) | 9.44 | 8.18 |
| Total from Investment Activities | (14.10) | 9.43 | 8.20 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.02) | (0.13) | (0.01) |
| Net realized gains | (1.08) | (1.83) | (0.41) |
| Total Distributions | (1.10) | (1.96) | (0.42) |
| **Net Asset Value, End of Period** | $27.91 | $43.11 | $35.64 |
| Total Return (excludes sales charges) (b) (g) | (32.87)% | 26.60% | 29.46% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (h) | 0.70% | 0.70% | 0.70% |
| Net Investment Income (Loss) (h) | 0.23% | (0.02)% | 0.11% |
| Gross Expenses (d) (h) | 0.82% | 1.03% | 46.74% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $17660 | $14070 | $167 |
| Portfolio Turnover (e) (g) | 12% | 10% | 17% |

---

*(continues on next page)*

*See notes to financial statements.*

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **Class C** | **Class C** | **Class C** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31, <br>2021** | **June 29, <br>2020(f)<br>through<br>December 31, <br>2020** |
| **Net Asset Value, Beginning of Period** | $42.74 | $35.51 | $27.86 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | (0.17)(a) | (0.33)(a)(i) | (0.10)(a) |
| Net realized and unrealized gains (losses) | (14.02) | 9.39 | 8.16 |
| Total from Investment Activities | (14.19) | 9.06 | 8.06 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | —<br> (j) |  |  |
| Net realized gains | (1.08) | (1.83) | (0.41) |
| Total Distributions | (1.08) | (1.83) | (0.41) |
| **Net Asset Value, End of Period** | $27.47 | $42.74 | $35.51 |
| Total Return (excludes contingent deferred sales <br>charge) (b) (g) | (33.37)% | 25.67% | 28.95% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (h) | 1.45% | 1.45% | 1.45% |
| Net Investment Income (Loss) (h) | (0.53)% | (0.79)% | (0.61)% |
| Gross Expenses (d) (h) | 1.86% | 2.29% | 19.93% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $3134 | $3205 | $194 |
| Portfolio Turnover (e) (g) | 12% | 10% | 17% |

---

*(continues on next page)*

*See notes to financial statements.*

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** | **USAA Nasdaq-100 Index Fund** |
| | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31, <br>2021** | **Year<br>Ended<br>December 31, <br>2020** | **Year<br>Ended<br>December 31, <br>2019** | **Year<br>Ended<br>December 31, <br>2018** |
| **Net Asset Value, Beginning of Period** | $43.19 | $35.57 | $24.35 | $17.68 | $17.89 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.20<br> (a) | 0.15<br> (a) | 0.17<br> (a) | 0.15<br> (a) | 0.12 |
| Net realized and unrealized gains <br>(losses) | (14.21) | 9.45 | 11.63 | 6.74 | (0.18) |
| Total from Investment Activities | (14.01) | 9.60 | 11.80 | 6.89 | (0.06) |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.13) | (0.15) | (0.17) | (0.14) | (0.14) |
| Net realized gains | (1.08) | (1.83) | (0.41) | (0.08) | (0.01) |
| Total Distributions | (1.21) | (1.98) | (0.58) | (0.22) | (0.15) |
| **Net Asset Value, End of Period** | $27.97 | $43.19 | $35.57 | $24.35 | $17.68 |
| Total Return (b) | (32.62)% | 27.14% | 48.51% | 38.99% | (0.38)% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) | 0.32% | 0.30% | 0.31% | 0.39% | 0.40% |
| Net Investment Income (Loss) | 0.61% | 0.38% | 0.59% | 0.71% | 0.72% |
| Gross Expenses (d) | 0.32% | 0.30% | 0.31% | 0.42% | 0.45% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $71232 | $42391 | $35511 | $18877 | $12667 |
| Portfolio Turnover (e) | 12% | 10% | 17% | 9% | 5% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 5 of the accompanying Notes to Financial Statements.

(d) Does not include acquired fund fees and expenses, if any.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(f) Commencement of operations.

(g) Not annualized for periods less than one year.

(h) Annualized for periods less than one year.

(i) The amount shown reflects a net realized and unrealized loss per share, whereas the statement of operations reflected a net realized and unrealized gain for the period for the Fund in total. The difference in realized and unrealized gains and losses for the Fund versus the class is due to the timing of sales and repurchases of the class in relation to fluctuating market values during the period.

(j) Amount is less than $0.005 per share.

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements**<br> December 31, 2022 |

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**1. Organization:**

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA Nasdaq-100 Index Fund (the "Fund"). The Fund offers five classes of shares: Fund Shares, Institutional Shares, Class A, Class C and R6 Shares. The Fund is classified as non-diversified under the 1940 Act.

Each class of shares of the Fund has substantially identical rights and privileges, except with respect to sales charges, fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

Victory Capital Management ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**2. Significant Accounting Policies:**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

**Investment Valuation:**

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices (unadjusted) in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risks associated with entering into those investments.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3557145 | $— | $— | $3557145 |
| Collateral for Securities Loaned | 20938 |  |  | 20938 |
| Total | $3578083 | $— | $— | $3578083 |
| **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** | **Other Financial Investments\*** |
| Liabilities: | Liabilities: | Liabilities: | Liabilities: | Liabilities: |
| Futures Contracts | $(881) | $— | $— | $(881) |
| Total | $(881) | $— | $— | $(881) |

---

\* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

As of December 31, 2022, there were no transfers into/out of Level 3.

**Real Estate Investment Trusts ("REITs"):**

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Investment Companies:**

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

**Derivative Instruments:**

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the year ended December 31, 2022, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

**Summary of Derivative Instruments:**

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2022 (amounts in thousands):

---

| | |
|:---|:---|
|  | **Liabilities** |
| | **Variation Margin<br>Payable on Open<br>Futures Contracts\*** |
| **Equity Risk Exposure** | $881 |

---

\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statement of Assets and Liabilities.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2022 (amounts in thousands):

---

| | | |
|:---|:---|:---|
| | **Net Realized Gains (Losses) on<br>Derivatives Recognized as<br>a Result of Operations** | **Net Change in Unrealized<br>Appreciation/Depreciation<br>on Derivatives Recognized<br>as a Result of Operations** |
| | **Net Realized Gains (Losses)<br>from Futures Contracts** | **Net Change in Unrealized<br>Appreciation/Depreciation<br>on Futures Contracts** |
| **Equity Risk Exposure** | $(6258) | $(1002) |

---

All open derivative positions at year end are reflected on the Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to the Fund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year.

**Investment Transactions and Related Income:**

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

**Securities Lending:**

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Value of<br>Securities on Loan** | **Non-Cash <br>Collateral** | **Cash<br>Collateral** |
| $20498 | $— | $20938 |

---

**Foreign Taxes:**

The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**Federal Income Taxes:**

The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

For the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Allocations:**

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

**3. Purchases and Sales:**

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2022, were as follows for the Fund (amounts in thousands):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** |
| **Purchases** | **Sales** |
| $1058054 | $455695 |

---

**4. Affiliated Fund Ownership:**

The Fund offers shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Fund as follows:

---

| | |
|:---|:---|
| **Affiliated USAA Mutual Funds** | **Ownership %** |
| USAA Cornerstone Conservative Fund | 0.0<br> (a) |
| USAA Cornerstone Equity Fund | 0.2 |
| USAA Target Retirement Income Fund | 0.0<br> (a) |
| USAA Target Retirement 2030 Fund | 0.2 |
| USAA Target Retirement 2040 Fund | 0.3 |
| USAA Target Retirement 2050 Fund | 0.2 |
| USAA Target Retirement 2060 Fund | 0.0<br> (a) |

---

(a) Less than 0.05%

**5. Fees and Transactions with Affiliates and Related Parties:**

**Investment Advisory Fees:**

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.20% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2022, the Fund had no subadvisers.

**Administration and Servicing Fees:**

VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, 0.15%, 0.15%, and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares, respectively. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Compliance fees.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Transfer Agency Fees:**

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent fees for Institutional Shares, Class A, Class C, and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, 0.10%, and 0.01%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the year ended December 31, 2022, are reflected on the Statement of Operations as Transfer agent fees.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

**Distributor/Underwriting Services:**

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% and 1.00% of the average daily net assets of Class A and Class C, respectively. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A and Class C. Amounts incurred and paid to the Distributor for the year ended December 31, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the year ended December 31, 2022, the Distributor received $1 thousand from commissions earned in connection with sales of Class A.

**Other Fees:**

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Custodian fees.

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, 0.70%, 1.45% and 0.40% for Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares, respectively.

Under the terms of the expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Expires<br>2023** | **Expires<br>2024** | **Expires<br>2025** | **Total** |
| $17 | $22 | $32 | $71 |

---

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2022.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

**6. Risks:**

The Fund may be subject to other risks in addition to these identified risks.

**<u>Market Risk</u>** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**<u>Equity Risk</u>** — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.

**<u>Foreign Securities Risk</u>** — Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

**<u>Derivatives Risk</u>** — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

**7. Borrowing and Interfund Lending:**

**Line of Credit:**

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through December 31, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. The Fund did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2022.

**Interfund Lending:**

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.

The average borrowing or lending for the days outstanding and average interest rate for the Fund that utilized this Facility during the year ended December 31, 2022, were as follows (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Borrower <br>or Lender** | **Amount <br>Outstanding at <br>December 31, 2022** | **Average <br>Borrowing\*** | **Days <br>Borrowing <br>Outstanding** | **Average <br>Interest<br>Rate\*** | **Maximum<br>Borrowing<br>During<br>the Period** |
| Borrower | $— | $5192 | 3 | 0.74% | $6013 |

---

\* For the year ended December 31, 2022, based on the number of days borrowings were outstanding.

**8. Federal Income Tax Information:**

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

(e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of December 31, 2022, on the Statement of Assets and Liabilities, there were no permanent book-to-tax difference reclassification adjustments.

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Distributions<br>paid from** | **Distributions<br>paid from** | | | **Distributions <br>paid from** | **Distributions <br>paid from** | | |
| **<br>Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**<br>Total<br>Taxable<br>Distributions** | **** <br>**<br>Total<br>Distributions<br>Paid** | **<br>Ordinary<br>Income** | **Net<br>Long-Term<br>Capital<br>Gains** | **** <br>**Total<br>Taxable<br>Distributions** | **** <br>**Total<br>Distributions<br>Paid** |
| $19093 | $124384 | $143477 | $143477 | $34020 | $162826 | $196846 | $196846 |

---

As of December 31, 2022, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Accumulated<br>Earnings** | **Accumulated<br>Capital and<br>Other Losses** | **Unrealized<br>Appreciation<br>(Depreciation)\*** | **Total<br>Accumulated<br>Earnings<br>(Loss)** |
| $15545 | $15545 | $(71685) | $1585968 | $1529828 |

---

\* The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales, REIT adjustments and derivatives.

As of December 31, 2022, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

---

| | | |
|:---|:---|:---|
| **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total** |
| $38351 | $33334 | $71685 |

---

As of December 31, 2022, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Cost of <br>Investments <br>for Federal <br>Tax Purposes** | **Gross <br>Unrealized <br>Appreciation** | **Gross <br>Unrealized <br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| $1992115 | $1740879 | $(154911) | $1585968 |

---

**9. Subsequent Event**

On June 29, 2022, the Board approved a change to the Fund's fiscal year-end from December 31 to April 30, with an effective date of April 30, 2023.

The Board, upon recommendation of the Adviser, has approved a change in the name of the Trust and each individual fund within the Trust. On February 23, 2023, an initial filing was made with the SEC to commence the process to effectuate the following changes.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current name of the Fund in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

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| | |
|:---|:---|
| **Old Name** | **New Name** |
| USAA Nasdaq-100 Index Fund | Victory Nasdaq-100 Index Fund |

---

In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Trustees of USAA Nasdaq-100 Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of USAA Nasdaq-100 Index Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting USAA Mutual Funds Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2325536_ha005.jpg)

We have served as the auditor of one or more Victory Capital investment companies since 1995.

San Antonio, Texas<br>February 28, 2023

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information**<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Trustee and Officer Information**

**Board of Trustees:**

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, their positions with the Trust, their commencement of service, their principal occupations during the past five years, and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 45 portfolios in the Trust. Each Trustee's address is c/o Fund Administration, 15935 La Cantera Pkwy, San Antonio, TX 78256.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jefferson C. Boyce <br>(September 1957) | Independent Chair | Trustee since September 2013, Independent Chair since January 2021 | Retired. | 45 | Westhab, Inc., New York Theological Seminary, American Filtration Corp. |
| Dawn M. Hawley<br>(February 1954) | Trustee | Trustee since April 2014 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Daniel S. McNamara<br>(June 1966) | Trustee | Trustee since January 2012 | Trustee, President, and Vice Chairman of USAA ETF Trust (06/17-06/19); President of Financial Advice & Solutions Group (FASG), USAA (02/13-03/21); Director of USAA Asset Management Company (AMCO), (08/11-06/19); Chairman of Board of AMCO (04/13-06/19); Director of USAA Investment Services Company (ISCO) (formerly USAA Investment Management Company) (09/09-03/21); Chairman of Board of ISCO (04/13-12/20); President and Director of USAA Shareholder Account Services (SAS) (10/09-06/19); Chairman of Board of SAS (04/13-06/19); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (04/11-03/21); Director and Vice Chairman of FPS (12/13-03/21); President and Director of USAA Investment Corporation (ICORP) (03/10-03/21); Chairman of Board of ICORP (12/13-03/21); Director of USAA Financial Advisors, Inc. (FAI) (12/13-03/21); Chairman of Board of FAI (03/15-03/21). | 45 |  |
| Paul L. McNamara<br>(July 1948) | Trustee | Trustee since January 2012 | Retired. | 45 |  |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Richard Y. Newton, III (January 1956) | Trustee | Trustee since March 2017 | Director, Elta North America (01/18-08/19), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (12/15-present). | 45 | Terran Orbital Corp., American Made Filtration Corp. |
| Barbara B. Ostdiek, Ph.D.<br>(March 1964) | Trustee | Trustee since January 2008 | Senior Associate Dean of Degree programs at Jesse H. Jones Graduate School of Business at Rice University (07/13-present); Associate Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/01-07/21); Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/21-present). | 45 |  |
| John C. Walters<br>(February 1962) | Trustee | Trustee since July 2019 | Retired. | 45 | Guardian Variable Products Trust (16 series) |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Fund** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) Held <br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David C. Brown<br>(May 1972) | Trustee | Trustee since July 2019 | Chairman and Chief Executive Officer (2013-present), Victory Capital Management Inc.; Chief Executive Officer and Chairman (2013-present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013-present); Director, Victory Capital Transfer Agency, Inc. (2019-present). | 45 portfolios within the Trust; 40 portfolios within the Victory Portfolios, 25 series within the Victory Portfolios II, and 6 series within the Victory Variable Insurance Funds |  |

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The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Officers:**

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Pkwy, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** |
| Christopher K. Dyer<br>(February 1962) | President | July 2019 | Director of Mutual Fund Administration, Victory Capital Management Inc. (2004-present). Chief Operating Officer, Victory Capital Services, Inc. (2020-present). Vice President, Victory Capital Transfer Agency, Inc. (2019-present). |
| Scott Stahorsky<br>(July 1969) | Vice President | July 2019 | Manager, Fund Administration, Victory Capital Management Inc. (2015-present). |
| Thomas Dusenberry<br>(July 1977) | Secretary | June 2022 | Manager, Fund Administration, Victory Capital Management Inc. (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund, and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019). |
| James K. De Vries<br>(April 1969) | Treasurer | March 2018 | Executive Director, Victory Capital Management Inc. (07/01/19-present); Executive Director, Investment and Financial Administration, USAA (2012-06/30/19); Assistant Treasurer, USAA Mutual Funds Trust (2013-2018). Mr. De Vries also serves as the Funds' Principal Financial Officer. |
| Allan Shaer<br>(March 1965) | Assistant Treasurer | July 2019 | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2016-present); Vice President, Mutual Fund Administration, JP Morgan Chase Bank (2011-2016). |
| Carol D. Trevino<br>(October 1965) | Assistant Treasurer | September 2018 | Director, Accounting and Finance, Victory Capital Management Inc. (07/01/19-present); Accounting/ Financial Director, USAA (12/13-06/30/19). |
| Charles Booth<br>(April 1960) | Anti-Money Laundering Compliance Officer and Identity Theft Officer | July 2019 | Director, Regulatory Administration and CCO Support Services, City Fund Services Ohio, Inc. (2007-present). |

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| Sean Fox<br>(September 1976) | Chief Compliance Officer | June 2022 | Deputy Chief Compliance Officer (July 2021-June 2022), Senior Compliance Officer, the Adviser (2019-2021), Compliance Officer, the Adviser (2015-2019). |

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&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on April 27, 2022, Erin Wagner resigned as the Secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on June 10, 2022, Colin Kinney resigned as the Chief Compliance Officer of the Trust.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Proxy Voting and Portfolio Holdings Information**

**Proxy Voting:**

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 235-8396. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov.

**Availability of Schedules of Portfolio Investments:**

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at sec.gov.

**Expense Examples**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022.

The **Actual Expense** figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The **Hypothetical Expense** figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>Account<br>Value<br>7/1/22** | **Actual<br>Ending<br>Account<br>Value<br>12/31/22** | **Hypothetical<br>Ending<br>Account<br>Value<br>12/31/22** | **Actual<br>Expenses Paid<br>During Period<br>7/1/22-<br>12/31/22\*** | **Hypothetical<br>Expenses Paid <br>During Period<br>7/1/22-<br>12/31/22\*** | **Annualized<br>Expense Ratio<br>During Period<br>7/1/22-<br>12/31/22** |
| Fund Shares | $1000.00 | $953.10 | $1022.94 | $2.22 | $2.29 | 0.45% |
| Institutional Shares | 1000.00 | 952.70 | 1023.04 | 2.12 | 2.19 | 0.43% |
| Class A | 1000.00 | 951.60 | 1021.68 | 3.44 | 3.57 | 0.70% |
| Class C | 1000.00 | 947.90 | 1017.90 | 7.12 | 7.38 | 1.45% |
| R6 Shares | 1000.00 | 953.50 | 1023.59 | 1.58 | 1.63 | 0.32% |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Additional Federal Income Tax Information**

The following federal tax information related to the Fund's fiscal year ended December 31, 2022, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2023.

With respect to distributions paid, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2022 (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Dividend<br>Received<br>Deduction<br>(corporate<br>shareholders)** | **Qualified<br>Dividend<br>Income<br>(non-corporate<br>shareholders)** | **Short-Term<br>Capital Gain<br>Distributions** | **Long-Term<br>Capital Gain<br>Distributions** |
| 100% | 100% | $8161 | $124384 |

---

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Considerations of the Board in Continuing the Investment Advisory Agreement**

**USAA Nasdaq-100 Index Fund (the "Fund")**

At a meeting of the Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") held on December 8-9, 2022, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 8-9, 2022 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 21, 2022.

In advance of the foregoing meetings, the Trustees received and considered a variety of information relating to the Advisory Agreement and the Adviser, and were given the opportunity to ask questions and request additional information from management. The information provided to the Board included, among other things: (i) a separate report prepared by an independent third party of mutual fund data, which provided a statistical analysis comparing the Fund's investment performance, expenses, and fees to comparable investment companies; (ii) information concerning the services rendered to the Fund, as well as information regarding the Adviser's revenues and costs of providing services to the Fund and compensation paid to affiliates of the Adviser; and (iii) information about the Adviser's operations and personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Advisory Agreement with management and with experienced independent counsel retained by the Independent Trustees ("Independent Counsel") and received materials from such Independent Counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement with respect to the Fund. The Independent Trustees also reviewed the proposed continuation of the Advisory Agreement with respect to the Fund in private sessions with Independent Counsel at which no representatives of management were present.

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Fund's performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Fund. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings. The Board also recognized that the contractual arrangements for the Fund have been reviewed by the Board and discussed with the Adviser in prior years and that the Board's conclusions may be based, in part, on its consideration of these same arrangements in prior years.

**Advisory Agreement**

After full consideration of a variety of factors, the Board, including the Independent Trustees, voted to approve the Advisory Agreement. In approving the Advisory Agreement, the Trustees did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Throughout their deliberations, the Independent Trustees were represented and assisted by Independent Counsel.

**<u>Nature, Extent, and Quality of Services</u>** — In considering the nature, extent, and quality of the services provided by the Adviser under the Advisory Agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel. The Board also took into account its knowledge of the Adviser's management and the quality of the performance of the Adviser's duties through Board meetings, discussions, and reports during the preceding year. The Board considered the fees paid to the Adviser and the services provided to the Fund by the Adviser under the Advisory Agreement, as well as other services provided by the Adviser and its affiliates under other agreements, and the personnel who provide these services. In addition to the investment advisory services provided to the Fund, the Adviser and its affiliates provide administrative services, shareholder services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Fund and the Trust.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

The Board considered the scope of services provided by, and the undertakings required of, the Adviser in connection with those services, including, among other things, maintaining (i) its own and the Fund's compliance programs, (ii) risk management programs, (iii) liquidity risk management program, (iv) derivatives risk management program, and (v) cybersecurity program, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, litigation, regulatory and compliance risks.

The Board considered the Adviser's management style and the performance of the Adviser's duties under the Advisory Agreement. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of its senior and investment personnel, as well as current staffing levels. The allocation of the Fund's brokerage, including the Adviser's process for monitoring "best execution," also was considered. The Adviser's role in coordinating the activities of the Fund's other service providers was also considered. The Board also considered the Adviser's risk management processes. The Board considered the Adviser's financial condition and that it had the financial wherewithal to continue to provide the same scope and high quality of services under the Advisory Agreement. In reviewing the Advisory Agreement, the Board focused on the experience, resources, and strengths of the Adviser and its affiliates in managing the Fund, as well as the other funds in the Trust.

The Board also reviewed the compliance and administrative services provided to the Fund by the Adviser and its affiliates, including the Adviser's oversight of the Fund's day-to-day operations and oversight of Fund accounting. The Trustees, guided also by information obtained from their experiences as Trustees of the Trust, also focused on the quality of the Adviser's compliance and administrative staff.

**<u>Expenses and Performance</u>** — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's net management fee rate — which includes advisory and administrative services as well as any fee waivers and reimbursements — was below the median of its expense group and its expense universe. The data indicated that the Fund's total expenses, including after any reimbursements, were below the median of its expense group and its expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for certain share classes of the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund. The Board also noted the high level of correlation between the Fund and the Nasdaq-100 Index and the relatively low tracking error between the Fund and the Nasdaq-100 Index, and noted that it reviews such information on a periodic basis.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was above the average of its performance universe and its Lipper index for the one-, three-, five- and ten-year periods ended June 30, 2022.

**<u>Compensation and Profitability</u>** — The Board took into consideration the level and method of computing the management fee. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the management revenues from the Fund. This information included a review of the methodology used in the

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---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

allocation of certain costs to the Fund. In considering the profitability data with respect to the Fund, the Trustees noted that the Adviser reimbursed or waived a portion of its management fees to the Fund. The Trustees reviewed the profitability of the Adviser's relationship with the Fund before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

**<u>Economies of Scale</u>** — The Board considered whether there should be changes in the management fee rate or structure in order to enable the Fund to participate in any economies of scale. The Board also considered the fee waiver and expense reimbursement arrangements by the Adviser. The Board took into account management's discussion of the Fund's current advisory fee structure. The Board also considered the effect of the change in size, if any, of each of the Fund's share classes on its performance and fees, noting that the Fund may realize other economies of scale if assets increase proportionally more than expenses. The Board determined that the current investment management fee structure was reasonable.

**<u>Conclusions</u>** — The Board reached the following conclusions regarding the Fund's Advisory Agreement with the Adviser: (i) the Adviser has demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (ii) the Adviser maintains an appropriate compliance program; (iii) the overall performance of the Fund is reasonable in relation to the performance of funds with similar investment objectives and to relevant indices and in view of the Fund's investment objective of seeking to track its designated index; (iv) the Fund's advisory expenses are reasonable in relation to those of similar funds and to the services to be provided by the Adviser; and (v) the Adviser's and its affiliates' level of profitability from their relationship with the Fund is reasonable in light of the nature and high quality of services provided by the Adviser and its affiliates and the type of fund. Based on its conclusions, the Board determined that continuation of the Advisory Agreement would be in the best interests of the Fund and its shareholders.

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**Privacy Policy**

**Protecting the Privacy of Information**

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\*

\* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

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P.O. Box 182593<br>Columbus, Ohio 43218-2593

![](j2325536_za006.jpg)

Visit our website at: Call <br> vcm.com (800) 235-8396

37732-0223

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![](j2325537_aa001.jpg)

DECEMBER 31, 2022

Annual Report

USAA Ultra Short-Term Bond Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

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vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, vcm.com has what you seek. Visit us anytime. We're always open.

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*USAA Mutual Funds Trust*

***TABLE OF CONTENTS***

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| | |
|:---|:---|
| **Shareholder Letter (Unaudited)** | **2** |
| **Manager's Commentary (Unaudited)** | **4** |
| **Investment Overview (Unaudited)** | **6** |
| **Investment Objective & Portfolio <br>Holdings (Unaudited)** | **7** |
| **Schedule of Portfolio Investments** | **8** |
| **Financial Statements** | **Financial Statements** |
| *Statement of Assets and Liabilities* | **23** |
| *Statement of Operations* | **24** |
| *Statements of Changes in Net Assets* | **25** |
| *Financial Highlights* | **27** |
| **Notes to Financial Statements** | **31** |
| **Report of Independent <br>Registered Public Accounting Firm** | **42** |
| **Supplemental Information (Unaudited)** | **43** |
| *Trustee and Officer Information* | **43** |
| *Proxy Voting and Portfolio Holdings Information* | **49** |
| *Expense Examples* | **49** |
| *Advisory Contract Approval* | **50** |
| *Privacy Policy (inside back cover)* |  |

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*This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.*

**IRA DISTRIBUTION WITHHOLDING DISCLOSURE**

*We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.*

*If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.*

*For more specific information, please consult your tax adviser.*

***• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE***

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*(Unaudited)*

Dear Shareholder,

Our most recent annual reporting period ending December 31, 2022, was filled with epic challenges. Even the most seasoned investors who have been through more than one economic cycle have not witnessed financial markets like this in a long time, if ever.

Consider what transpired and how the investing backdrop changed so abruptly. The year began well enough with ample liquidity and an encouraging outlook for corporate profits. But that optimism faded early and was punctuated by the start of a terrible war in Eastern Europe. This fueled rising energy prices and intensified an inflation problem that was proving to be more than "transitory."

The inflation data was particularly troublesome and surprised many with some of the highest readings since the 1970s. In response, the U.S. Federal Reserve (the "Fed") pivoted to a far more restrictive monetary policy than anyone anticipated. Over the course of 2022, the Fed boosted the Fed funds interest rate on seven different occasions by a total of 4.5 percentage points. And if that wasn't enough, zero-Covid policies in China further exacerbated supply chain issues and dampened the outlook for global growth.

As one might expect, all of these obstacles ratcheted up volatility across financial markets. Broad market stock indices pulled back substantially around the world. The S&P 500<sup>®</sup> Index, the bell-weather proxy for our domestic stock market, delivered a negative total return of more than 18% for our annual reporting period.

Perhaps what made 2022 even more difficult was the performance of fixed income markets, which normally are considered a safe haven in times of equity turmoil. But not this past year. In fact, the Bloomberg US Aggregate Bond Index—a proxy for a diversified fixed income portfolio and one that many investors and institutions follow closely—delivered a negative total return of approximately 13%, its worst annual performance since the 1970s. That's not exactly the offset to equity performance that many investors were expecting from bonds.

It was a tough year, and we fully acknowledge that the steady drumbeat of bad news and bouts of stomach-churning volatility can take a toll on investors' psyche. Nobody likes opening their account statements during declining markets; and even when markets snap back sharply (as happened this past July and October), investors often wonder if they have missed an opportunity.

Through all of the challenges in our most recent annual reporting period, we are reminded of two enduring realities: 1) financial markets are dynamic and apt to change abruptly; 2) it's vital that we remain calm and rational whenever faced with those inevitable bouts of turmoil.

Fortunately, we think that investors can take comfort knowing that all of our independent investment franchises have experience managing portfolios through a wide variety of market environments. Our investment professionals remain calm during turbulent financial markets, and we think it's imperative that investors do the same.

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We still believe that a long-term plan, a well-diversified portfolio across asset classes and investment types, and a clear understanding of individual risk tolerances are the key ingredients for staying the course and progressing on investment goals. Moreover, all our investment professionals continually monitor the environment and work hard to position portfolios opportunistically no matter what the markets bring. Remember, turmoil can also create opportunity.

On the following pages, you will find information relating to your USAA Mutual Funds, brought to you by Victory Capital. If you have any questions, we encourage you to contact our Member Service Representatives. Call 800-235-8396, or visit our website at vcm.com.

From all of us here at Victory Capital, thank you for your ongoing confidence and for letting us help you work toward your investment goals.

![](j2325537_ba002.jpg)

**Christopher K. Dyer, CFA**

*President,<br>USAA Mutual Funds Trust*

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USAA Ultra Short-Term Bond Fund

**Manager's Commentary**<br> (Unaudited)

**• What were the market conditions over the reporting period?**

Entering 2022, the world was still wrestling with the aftereffects of COVID-19. Global supply chains that functioned so efficiently pre-COVID continued to be disrupted and did not fully normalize in 2022. Simultaneously, the continued rebound in demand for goods and services generally outpaced supply as consumers drew down excess savings while at the same time decreasing their savings rate, stoking inflation. To make matters worse, apart from the human tragedy itself, Russia's invasion of Ukraine in February 2022 added to the supply chain woes and caused a spike in the price of commodities like oil, natural gas, wheat, and fertilizer, to name but a few. That put additional upward pressure on already high inflation and added uncertainty to the financial markets.

During 2022, inflation progressively increased throughout the first half of the year before moderating in the back half. As measured by the Consumer Price Index, a widely recognized inflation yardstick, inflation peaked in June 2022 at 9.1%. Strong demand that overwhelmed a strained global logistics supply chain, a very tight labor market, and higher commodity prices all contributed to the runup in prices.

Entering 2022, the U.S. Federal Reserve Board (the "Fed") finally acknowledged that inflation was not transitory and announced a tapering of the monthly pace of its net asset purchases. However, the Fed continued to maintain an accommodative stance of monetary policy. In contrast, the bond market had already fully priced in six rate hikes. The degree of inflation and its persistence were severely underestimated by the Fed and led to immense pressure to respond quickly and forcefully. What was originally expected to be gradual 25 basis points ("bps") increases in the Fed Funds rate morphed into the fastest pace of rate hikes since 1994. (A basis point is 1/100th of a percentage point.) The Fed initially hiked rates by 25 bps in March, was forced into a larger increase of 50 bps in May, and extraordinary 75 bps hikes in each of the next four meetings — June, July, September and November. This slowed to 50 bps in December and culminated in the federal funds rate being up a total of 425 bps in 2022 after starting the year in a target range of 0 to 25 bps.

The events of 2022 combined to take their toll on the financial markets, with the S&P 500 down 18.1% for the year. The bond market did not escape the pain and fared even worse by historical standards as it buckled under the weight of rapid and significantly higher interest rates and wider credit spreads. The one-year total return for the period ending December 31, 2022, for the Bloomberg U.S. Aggregate Bond Index was -13.01%, by far the worst since initiation of the index in 1976. This year was historically bad for fixed income. We exit 2022 cautiously with a high degree of macroeconomic uncertainty as leading economic indicators have turned negative, and the Fed has vowed resolve to get inflation under control. The era of accommodative Fed policy, low interest rates, and tame inflation has ended for now.

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USAA Ultra Short-Term Bond Fund

**Manager's Commentary** (continued)

**• How did the USAA Ultra Short-Term Bond Fund (the "Fund") perform during the reporting period?**

The Fund has four share classes: Fund Shares, Institutional Shares, Class A, and R6 Shares. For the reporting period ended December 31, 2022, the Fund Shares, Institutional Shares, Class A, and R6 Shares had total returns of -0.68%, -0.62%, -0.91%, and -0.43%, respectively. This compares to total returns of 1.51% for the Bloomberg U.S. Treasury Bellwethers 3 Month Index and 0.02% for the Lipper Ultra Short Obligations Funds Index.

**• What strategies did you employ during the reporting period?**

In keeping with our disciplined investment approach, we sought attractive relative value opportunities among various sectors near the front end of the yield curve while maintaining adequate liquidity and diversification. The Fund also added select high yield bonds throughout the year to replace those that were called or matured. Our credit analysts review all securities considered for purchase and assign their own independent credit rating. We continue to work closely with our in-house team of credit analysts, who use independent credit research to continuously monitor Fund holdings for creditworthiness and relative value, and to identify and evaluate potential investments. We are committed to maintaining a portfolio diversified among multiple asset classes spread across a large number of issuers. To minimize the Fund's exposure to idiosyncratic risk, we limit position sizing in any one issuer.

Anticipating rising rates, the Fund entered 2022 with a high allocation towards non-interest rate sensitive floating rate bonds. However, the Fund generally maintains a longer duration than its benchmark, the Bloomberg U.S. Treasury Bellwethers 3 Month Index. At the end of the reporting period, for example, the option adjusted duration of the Fund was 0.64 versus 0.24 for the benchmark. In 2022, the magnitude of both the rate hikes and credit spread widening far exceeded expectations and detracted from performance. The Fund's allocation to credit, security selection, and longer duration resulted in overall underperformance for the year. A large allocation to cash and floating rate paper helped dampen underperformance. Throughout all types of interest rate and credit spread environments, we intend to seek out what we believe are the most compelling opportunities along the front end of the curve.

Thank you for allowing us to assist you with your investment needs.

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USAA Ultra Short-Term Bond Fund

**Investment Overview**

(Unaudited)

**Average Annual Total Return**

*Year Ended December 31, 2022*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fund Shares** | **Institutional Shares** | **Class A** | **R6 Shares** | | |
| **INCEPTION DATE** | *10/18/10* | *7/12/13* | *6/29/20* | *3/1/17* |  |  |
|  | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Bloomberg<br>U.S. Treasury <br>Bellwethers <br>3 Month Index<sup>1</sup>** | **Lipper <br>Ultra Short<br>Obligations <br>Funds Index<sup>2</sup>** |
| *One Year* | *–0.68%* | *–0.62%* | *–0.91%* | *–0.43%* | *1.51%* | *0.02%* |
| *Five Year* | *1.73%* | *1.79%* | *N/A* | *1.93%* | *1.28%* | *1.33%* |
| *Ten Year* | *1.41%* | *N/A* | *N/A* | *N/A* | *0.78%* | *1.08%* |
| *Since Inception* | *N/A* | *1.48%* | *1.05%* | *1.90%* | *N/A* | *N/A* |

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***The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month's end, please visit vcm.com.***

*Total return measures the price change in a share assuming the reinvestment of all net investment income and realized capital gain distributions, if any. The total returns quoted do not reflect adjustments made to the enclosed financial statements in accordance with U.S. Generally Accepted Accounting Principles or the deduction of taxes that a shareholder would pay on net investment income and realized capital gain distributions, including reinvested distributions, or redemptions of shares. The total return figures set forth above include all waivers of fees. Without such fee waivers, the total returns would have been lower.*

**USAA Ultra Short-Term Bond Fund — Growth of $10,000**

![](j2325537_ca003.jpg)

*<sup>1</sup>The Bloomberg U.S. Treasury Bellwethers 3 Month Index represents the total return received by investors of 3-month U.S. Treasury securities. This index does not include the effect of expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*<sup>2</sup>The Lipper Ultra Short Obligations Funds Index tracks the total return performance of the 30 largest funds within the Lipper Ultra Short Obligations Funds category. This index does not include the effect of sales charges, commissions, expenses, or taxes, is not representative of the Fund, and it is not possible to invest directly in an index.*

*The graph reflects investment growth of a hypothetical $10,000 investment in the Fund.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.*

**Past performance is not indicative of future results.**

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Investment Objective and Portfolio Holdings:**

The Fund seeks to provide high current income consistent with preservation of principal.

**Asset Allocation\*:**

*December 31, 2022*

*(% of Net Assets)*

![](j2325537_ca004.jpg)

\* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments**<br> December 31, 2022 |

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*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| **Asset-Backed Securities (19.2%)** | **Asset-Backed Securities (19.2%)** | **Asset-Backed Securities (19.2%)** |
| Aligned Data Centers Issuer LLC, Series 2021-1A, <br>Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) | $1500 | $1277 |
| American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, <br>3/13/28, Callable 10/13/24 @ 100 (a) | 500 | 470 |
| American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, <br>9/14/26, Callable 10/13/24 @ 100 (a) | 1000 | 974 |
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, <br>1/20/28, Callable 9/20/25 @ 100 (a) | 405 | 366 |
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, <br>10/20/27, Callable 9/20/25 @ 100 (a) | 478 | 454 |
| Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, <br>6/21/28, Callable 7/20/26 @ 100 (a) | 600 | 592 |
| ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, <br>Callable 4/15/25 @ 100 (a) | 500 | 491 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, <br>9/20/24, Callable 10/20/23 @ 100 (a) | 2000 | 1976 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class B, 4.27%, <br>3/20/25, Callable 4/20/24 @ 100 (a) | 615 | 602 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, <br>Class B, 7.09%, 4/20/27 (a) | 750 | 752 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, <br>3/20/24, Callable 4/20/23 @ 100 (a) | 782 | 780 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, <br>Class A, 6.12%, 4/20/27 (a) | 750 | 756 |
| Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, <br>Callable 8/15/23 @ 100 (a) | 1000 | 982 |
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class C, 3.75%, 7/21/25, <br>Callable 2/19/23 @ 100 (a) | 550 | 548 |
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class B, 3.16% <br>(SONIO/N+130bps), 10/21/24, Callable 2/19/23 @ 100 (a) | 500 | 499 |
| CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a) | 500 | 469 |
| Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25 (a) | 586 | 582 |
| Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.07%, 3/10/28, <br>Callable 6/10/26 @ 100 | 181 | 167 |
| Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, <br>Callable 1/10/26 @ 100 | 284 | 263 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class A1, 0.83%, 9/11/28, <br>Callable 9/10/26 @ 100 | 307 | 297 |
| Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, <br>Callable 6/25/24 @ 100 (a) | 74 | 73 |
| Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, <br>Callable 4/15/24 @ 100 (a) | 500 | 496 |
| Conn's Receivables Funding LLC, Series 2022-A, Class A, 5.87%, 12/15/26, <br>Callable 4/15/24 @ 100 (a) | 193 | 192 |
| CPS Auto Receivables Trust, Series 2022-D, Class A, 6.09%, 1/15/27 (a) | 687 | 689 |
| CPS Auto Receivables Trust, Series 2022-A, Class A, 0.98%, 4/16/29, <br>Callable 2/15/26 @ 100 (a) | 403 | 397 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88%, 6/15/26 (a) | 674 | 663 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| CPS Auto Receivables Trust, Series 2022-D, Class B, 6.84%, 1/16/29, <br>Callable 12/15/27 @ 100 (a) | $500 | $505 |
| Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, <br>Callable 11/15/24 @ 100 (a) | 218 | 208 |
| Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 2/15/30, <br>Callable 12/15/24 @ 100 (a) | 500 | 480 |
| Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.73%, 11/15/29, <br>Callable 1/15/24 @ 100 (a) | 1000 | 956 |
| Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, <br>Callable 3/15/23 @ 100 (a) | 134 | 134 |
| Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24 (a) | 36 | 36 |
| Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11%, 5/15/26, <br>Callable 11/15/24 @ 100 | 500 | 485 |
| Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, <br>Callable 11/15/24 @ 100 | 500 | 472 |
| DT Auto Owner Trust, Series 2022-1A, Class B, 2.43%, 9/15/26, <br>Callable 11/15/25 @ 100 (a) | 750 | 721 |
| DT Auto Owner Trust, Series 2022-1A, Class C, 2.96%, 11/15/27, <br>Callable 11/15/25 @ 100 (a) | 500 | 475 |
| DT Auto Owner Trust, Series 2021-4A, Class B, 1.02%, 5/15/26, <br>Callable 6/15/25 @ 100 (a) | 500 | 479 |
| DT Auto Owner Trust, Series 2021-4A, Class C, 1.50%, 9/15/27, <br>Callable 6/15/25 @ 100 (a) | 250 | 231 |
| Enterprise Fleet Financing LLC, Series 2022-2, Class A2, 4.65%, 5/21/29, <br>Callable 2/20/26 @ 100 (a) | 270 | 266 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, 10/22/29, <br>Callable 7/20/25 @ 100 (a) | 750 | 753 |
| Evergreen Credit Card Trust, Series 2022-CRT2, Class B, 6.56%, 11/15/26 (a) | 1000 | 998 |
| Evergreen Credit Card Trust, Series 2022-CRT2, Class C, 7.44%, 11/15/26 (a) | 500 | 495 |
| Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) | 500 | 489 |
| Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, <br>Callable 2/15/25 @ 100 | 500 | 473 |
| Exeter Automobile Receivables Trust, Series 2022-5A, Class A2, 5.29%, 1/15/25 | 500 | 500 |
| Exeter Automobile Receivables Trust, Series 2022-1A, Class A3, 1.54%, 7/15/25 | 500 | 497 |
| Exeter Automobile Receivables Trust, Series 2022-5A, Class A3, 5.43%, 4/15/26 | 500 | 498 |
| Exeter Automobile Receivables Trust, Series 2022-1A, Class B, 2.18%, 6/15/26, <br>Callable 10/15/25 @ 100 | 500 | 487 |
| Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, <br>Callable 12/15/24 @ 100 | 750 | 721 |
| Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, <br>Callable 11/15/26 @ 100 (a) | 250 | 214 |
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class A3, 0.64%, <br>7/15/25, Callable 7/15/24 @ 100 (a) | 68 | 67 |
| Foursight Capital Automobile Receivables Trust, Series 2022-2, Class A2, 4.49%, <br>3/16/26, Callable 11/15/25 @ 100 (a) | 500 | 496 |
| Foursight Capital Automobile Receivables Trust, Series 2021-2, Class B, 1.31%, <br>7/15/27, Callable 8/15/24 @ 100 (a) | 821 | 775 |
| Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A2, 1.15%, <br>9/15/25, Callable 8/15/25 @ 100 (a) | 591 | 583 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, <br>1/15/26, Callable 7/15/24 @ 100 (a) | $469 | $457 |
| GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, <br>Callable 5/15/24 @ 100 (a) | 31 | 31 |
| GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C, 1.11%, 9/15/26, <br>Callable 6/15/25 @ 100 (a) | 722 | 676 |
| GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.08%, 6/15/26, <br>Callable 6/15/25 @ 100 (a) | 457 | 433 |
| Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/25 (a) | 1500 | 1385 |
| Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/25 (a) | 500 | 458 |
| Hpefs Equipment Trust, Series 2022-3A, Class A2, 5.26%, 8/20/29, <br>Callable 4/20/26 @ 100 (a) | 500 | 498 |
| HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, <br>Callable 3/20/24 @ 100 (a) | 750 | 706 |
| HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, <br>Callable 5/20/23 @ 100 (a) | 795 | 791 |
| HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, <br>Callable 5/20/24 @ 100 (a) | 721 | 680 |
| JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, <br>Callable 6/25/25 @ 100 (a) | 285 | 272 |
| JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, <br>Callable 11/25/24 @ 100 (a) | 43 | 42 |
| JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, <br>Callable 11/25/24 @ 100 (a) | 85 | 83 |
| JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, <br>Callable 5/25/25 @ 100 (a) | 182 | 175 |
| JPMorgan Chase Bank NA, Series 2020-2, Class D, 1.49%, 2/25/28, <br>Callable 11/25/24 @ 100 (a) | 141 | 138 |
| JPMorgan Chase Bank NA, Series 2021-1, Class C, 1.02%, 9/25/28, <br>Callable 5/25/25 @ 100 (a) | 363 | 350 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C, 0.86%, 2/26/29, <br>Callable 5/25/25 @ 100 (a) | 261 | 246 |
| JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.17%, 9/25/28, <br>Callable 5/25/25 @ 100 (a) | 182 | 175 |
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, <br>Callable 6/25/25 @ 100 (a) | 108 | 103 |
| LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 6/15/27, <br>Callable 12/15/25 @ 100 (a) | 598 | 589 |
| Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a) | 550 | 549 |
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, <br>10/20/61, Callable 10/20/24 @ 100 (a) | 293 | 241 |
| NMEF Funding LLC, Series 2022-B, Class A2, 6.07%, 6/15/29, <br>Callable 11/15/26 @ 100 (a) | 1000 | 997 |
| NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47 (a) | 154 | 145 |
| NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 603 | 534 |
| Oscar U.S. Funding XII LLC, Series 1A, Class A3, 0.70%, 4/10/25, <br>Callable 2/10/25 @ 100 (a) | 1000 | 969 |
| Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A2, 1.60%, 3/10/25 (a) | 708 | 694 |
| Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, <br>Callable 3/15/24 @ 100 (a) | 54 | 53 |

---

*See notes to financial statements.*

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, <br>Callable 9/15/25 @ 100 (a) | $207 | $198 |
| Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, <br>Callable 2/15/23 @ 100 (a) | 330 | 330 |
| Progress Residential Trust, Series 2021-SFR5, Class B, 1.66%, 7/17/38 (a) | 600 | 522 |
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, <br>5/15/32, Callable 11/15/25 @ 100 (a) | 532 | 519 |
| Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class B, 6.45%, <br>12/15/32, Callable 9/15/26 @ 100 (a) | 1000 | 1000 |
| Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class C, 6.99%, <br>12/15/32, Callable 9/15/26 @ 100 (a) | 500 | 500 |
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class D, 6.79%, <br>8/16/32, Callable 2/15/26 @ 100 (a) | 427 | 425 |
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class B, 5.72%, <br>8/16/32, Callable 2/15/26 @ 100 (a) | 641 | 638 |
| Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, <br>8/16/32, Callable 2/15/26 @ 100 (a) | 395 | 393 |
| Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, <br>Callable 7/15/25 @ 100 (a) | 252 | 242 |
| Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, <br>4/15/26, Callable 9/15/24 @ 100 (a) | 500 | 493 |
| Santander Consumer Auto Receivables Trust, Series 2022-BA, Class E, 4.13%, <br>1/15/27, Callable 5/15/25 @ 100 (a) | 300 | 288 |
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, <br>Callable 1/15/25 @ 100 | 500 | 476 |
| Santander Drive Auto Receivables Trust, Series 2022-1, Class A2, 1.36%, <br>12/16/24 | 115 | 115 |
| Santander Drive Auto Receivables Trust, Series 2022-1, Class A3, 1.94%, <br>11/17/25, Callable 2/15/25 @ 100 | 500 | 492 |
| SCF Equipment Leasing LLC, Series 1A, Class A3, 0.83%, 8/21/28, <br>Callable 9/20/26 @ 100 (a) | 920 | 875 |
| SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, <br>Callable 3/20/25 @ 100 (a) | 251 | 247 |
| SCF Equipment Leasing LLC, Series 2022-1A, Class A2, 2.06%, 2/22/28, <br>Callable 9/20/26 @ 100 (a) | 734 | 710 |
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, <br>Callable 1/10/25 @ 100 (a) | 500 | 481 |
| United Auto Credit Securitization Trust, Series 2022-1, Class B, 2.10%, 3/10/25, <br>Callable 1/10/25 @ 100 (a) | 1000 | 981 |
| Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, <br>Callable 4/15/25 @ 100 (a) | 750 | 702 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, <br>Callable 2/15/26 @ 100 (a) | 400 | 389 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A3, 3.75%, 4/15/26, <br>Callable 2/15/26 @ 100 (a) | 500 | 487 |
| **Total Asset-Backed Securities (Cost $55,057)** | **Total Asset-Backed Securities (Cost $55,057)** | 53274 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

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| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (16.8%)** | **Collateralized Mortgage Obligations (16.8%)** | **Collateralized Mortgage Obligations (16.8%)** |
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 5.57% <br>(LIBOR01M+125bps), 9/15/32 (a) (b) | $1000 | $971 |
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class C, 5.77% <br>(LIBOR01M+145bps), 9/15/32 (a) (b) | 1000 | 968 |
| BBCMS Mortgage Trust, Series 2020-BID, Class C, 7.96% <br>(LIBOR01M+364bps), 10/15/37 (a) (b) | 1220 | 1195 |
| BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 5.63% <br>(LIBOR01M+131bps), 11/15/34 (a) (b) | 1000 | 945 |
| BBCMS Mortgage Trust, Series 2020-BID, Class B, 6.86% <br>(LIBOR01M+254bps), 10/15/37 (a) (b) | 300 | 293 |
| BPR Trust, Series 2022-OANA, Class B, 6.78% (TSFR1M+245bps), <br>4/15/37 (a) (b) | 1000 | 939 |
| BX Commercial Mortgage Trust, Series 2021-CIP, Class C, 5.79% <br>(LIBOR01M+147bps), 12/15/38 (a) (b) | 1000 | 952 |
| BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 5.59% <br>(LIBOR01M+127bps), 12/15/38 (a) (b) | 500 | 481 |
| BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 5.52% <br>(LIBOR01M+120bps), 10/15/38 (a) (b) | 927 | 877 |
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 5.42% <br>(LIBOR01M+110bps), 9/15/36 (a) (b) | 750 | 705 |
| BX Commercial Mortgage Trust, Series 2021-VINO, Class B, 5.17% <br>(LIBOR01M+85bps), 5/15/38 (a) (b) | 1000 | 950 |
| BX Commercial Mortgage Trust, Series 2019-XL, Class C, 5.70% <br>(LIBOR01M+125bps), 10/15/36 (a) (b) | 850 | 828 |
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, 5.90% <br>(LIBOR01M+145bps), 10/15/36 (a) (b) | 489 | 473 |
| BX Mortgage Trust, Series 2021-PAC, Class C, 5.42% (LIBOR01M+110bps), <br>10/15/36 (a) (b) | 1000 | 939 |
| BX Trust, Series 2021-SOAR, Class B, 5.19% (LIBOR01M+87bps), 6/15/38 (a) (b) | 496 | 472 |
| BX Trust, Series 2022-LBA6, Class B, 5.64% (SOFR30A+130bps), 1/15/39 (a) (b) | 500 | 478 |
| BX Trust, Series 2022-LBA6, Class C, 5.94% (TSFR1M+160bps), 1/15/39 (a) (b) | 1000 | 948 |
| BX Trust, Series 2021-SOAR, Class C, 5.42% (LIBOR01M+110bps), 6/15/38 (a) (b) | 496 | 469 |
| BX Trust, Series 2021-RISE, Class B, 5.57% (LIBOR01M+125bps), 11/15/36 (a) (b) | 500 | 478 |
| CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class B, 5.67% <br>(TSFR1M+134bps), 2/15/39 (a) (b) | 1000 | 925 |
| CIFC Funding Ltd., Series 2017-4A, Class A1R, 5.27% (LIBOR03M+95bps), <br>10/24/30, Callable 1/24/23 @ 100 (a) (b) | 700 | 691 |
| CIFC Funding Ltd., Series 2012-2RA, Class A1, 5.04% (LIBOR03M+80bps), <br>1/20/28, Callable 1/20/23 @ 100 (a) (b) | 570 | 565 |
| COMM Mortgage Trust, Series 2014- 277P, Class C, 3.61%, 8/10/49, <br>Callable 8/10/24 @ 100 (a) (c) | 334 | 306 |
| COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, <br>Callable 8/10/24 @ 100 (a) (c) | 1000 | 946 |
| COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 2/10/37, <br>Callable 2/10/25 @ 100 (a) | 1000 | 900 |
| COMM Mortgage Trust, Series 2019-521F, Class B, 5.42% (LIBOR01M+110bps), <br>6/15/34 (a) (b) | 1500 | 1435 |
| Extended Stay America Trust, Series 2021-ESH, Class B, 5.70% <br>(LIBOR01M+138bps), 7/15/38 (a) (b) | 380 | 364 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| FREMF Mortgage Trust, Series 2017-K724, Class B, 3.50%, 12/25/49, <br>Callable 12/25/23 @ 100 (a) (c) | $1000 | $977 |
| Golub Capital Partners CLO 40A Ltd., Series 2019-40A, Class AR, 5.45% <br>(LIBOR03M+109bps), 1/25/32, Callable 1/25/23 @ 100 (a) (b) | 1000 | 977 |
| GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, <br>5/10/34 (a) | 1000 | 945 |
| GS Mortgage Securities Trust, Series 2011-GC3, Class X, 3/10/44, <br>Callable 1/10/23 @ 100 (a) (c) (d) (e) | 823 | —<br> (f) |
| Hospitality Mortgage Trust, Series 2019-HIT, Class B, 5.67% (LIBOR01M+135bps), <br>11/15/36 (a) (b) | 1149 | 1107 |
| Hospitality Mortgage Trust, Series 2019-HIT, Class A, 5.32% (LIBOR01M+100bps), <br>11/15/36 (a) (b) | 804 | 783 |
| Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 750 | 689 |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2021-MHC, <br>Class A, 5.12% (LIBOR01M+80bps), 4/15/38 (a) (b) | 945 | 920 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, <br>Class B, 3.67%, 12/15/47 (c) | 1500 | 1479 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, <br>Class B, 4.12%, 1/15/46, Callable 7/15/23 @ 100 (c) | 2000 | 1965 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XA, 0.62%, <br>4/15/47, Callable 1/15/25 @ 100 (c) (d) | 4443 | 24 |
| KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 5.27% (LIBOR01M+95bps), <br>5/15/36 (a) (b) | 1000 | 982 |
| Life Mortgage Trust, Series 2021-BMR, Class B, 5.20% (LIBOR01M+88bps), <br>3/15/38 (a) (b) | 983 | 939 |
| Med Trust, Series 2021-MDLN, Class B, 5.77% (LIBOR01M+145bps), <br>11/15/38 (a) (b) | 1000 | 944 |
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 5.42% <br>(LIBOR01M+110bps), 4/15/38 (a) (b) | 1000 | 958 |
| Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 5.62% <br>(LIBOR01M+130bps), 12/15/36 (a) (b) | 1154 | 1054 |
| Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, 5.65% <br>(LIBOR03M+100bps), 2/14/31, Callable 2/14/23 @ 100 (a) (b) | 750 | 737 |
| ONE Mortgage Trust, Series 2021-PARK, Class B, 5.40% (LIBOR01M+95bps), <br>3/15/36 (a) (b) | 1000 | 939 |
| One New York Plaza Trust, Series 2020-1NYP, Class A, 5.27% (LIBOR01M+95bps), <br>1/15/36 (a) (b) | 875 | 831 |
| Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, 5.64% <br>(LIBOR03M+140bps), 7/20/29, Callable 1/20/23 @ 100 (a) (b) | 1000 | 970 |
| Palmer Square Loan Funding Ltd., Series 2021-1A, Class A1, 5.14% <br>(LIBOR03M+90bps), 4/20/29, Callable 1/20/23 @ 100 (a) (b) | 284 | 281 |
| Palmer Square Loan Funding Ltd., Series 2022-5A, Class A1, 4.94% <br>(TSFR3M+156bps), 1/15/31, Callable 10/15/23 @ 100 (a) (b) | 750 | 744 |
| Palmer Square Loan Funding Ltd., Series 2021-2A, Class A2, 5.93% <br>(LIBOR03M+125bps), 5/20/29, Callable 2/20/23 @ 100 (a) (b) | 500 | 486 |
| Palmer Square Loan Funding Ltd., Series 2021-2A, Class A1, 5.48% <br>(LIBOR03M+80bps), 5/20/29, Callable 2/20/23 @ 100 (a) (b) | 674 | 666 |
| Palmer Square Loan Funding Ltd., Series 2022-1A, Class A2, 5.46% <br>(TSFR3M+160bps), 4/15/30, Callable 4/15/23 @ 100 (a) (b) | 1000 | 967 |
| SMRT, Series 2022-MINI, Class B, 5.69% (TSFR1M+135bps), 1/15/39 (a) (b) | 1000 | 960 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class AR, 5.16% <br>(LIBOR03M+108bps), 4/15/30, Callable 1/15/23 @ 100 (a) (b) | $| 1500 | $| 1475 |
| Stratus CLO Ltd., Series 2021-1A, Class B, 5.64% (LIBOR03M+140bps), 12/29/29, <br>Callable 1/20/23 @ 100 (a) (b) |  | 1000 |  | 962 |
| Stratus CLO Ltd., Series 2021-3A, Class B, 5.79% (LIBOR03M+155bps), 12/29/29, <br>Callable 4/20/27 @ 100 (a) (b) |  | 822 |  | 794 |
| TTAN, Series 2021-MHC, Class B, 5.42% (LIBOR01M+115bps), 3/15/38 (a) (b) |  | 367 |  | 351 |
| **Total Collateralized Mortgage Obligations (Cost $48,260)** | **Total Collateralized Mortgage Obligations (Cost $48,260)** | **Total Collateralized Mortgage Obligations (Cost $48,260)** |  | 46399 |
| **Senior Secured Loans (3.7%)** | **Senior Secured Loans (3.7%)** | **Senior Secured Loans (3.7%)** | **Senior Secured Loans (3.7%)** | **Senior Secured Loans (3.7%)** |
| Berry Global, Inc., Term Z Loans, First Lien, 6.02% (LIBOR01M+175bps), <br>7/1/26 (b) |  | 1232 |  | 1221 |
| Calpine Corp., Term Loans, First Lien, 6.08% (LIBOR01M+200bps), 4/1/26 (b) |  | 990 |  | 976 |
| Charter Communications Operating LLC, Term B1, First Lien, 5.83% <br>(LIBOR01M+175bps), 4/30/25 (b) |  | 992 |  | 985 |
| Chemours Co. LLC, Term Loan, First Lien, 5.83% (LIBOR01M+175bps), 4/3/25 (b) |  | 1496 |  | 1465 |
| Delos Finance S.A.R.L., Loans, First Lien, 5.42% (LIBOR03M+175bps), 10/6/23 (b) |  | 1500 |  | 1497 |
| Gray Television, Inc., Term B-2 Loan, First Lien, 6.62% (LIBOR01M+250bps), <br>2/7/24 (b) |  | 496 |  | 495 |
| Quintiles IMS, Inc., Term B-2 Dollar Loans, First Lien, 5.82% <br>(LIBOR01M+175bps), 1/1/25 (b) |  | 1100 |  | 1096 |
| Vistra Operations Co. LLC, 2018 Incremental Term Loans, First Lien, 6.09% <br>(LIBOR01M+175bps), 12/31/25 (b) |  | 1479 |  | 1465 |
| XPO Logistics, Inc., Term Loan B, First Lien, 5.93% (LIBOR01M+175bps), <br>2/23/25 (b) |  | 1000 |  | 995 |
| **Total Senior Secured Loans (Cost $10,215)** | **Total Senior Secured Loans (Cost $10,215)** | **Total Senior Secured Loans (Cost $10,215)** |  | 10195 |
| **Corporate Bonds (25.8%)** | **Corporate Bonds (25.8%)** | **Corporate Bonds (25.8%)** | **Corporate Bonds (25.8%)** | **Corporate Bonds (25.8%)** |
| **Communication Services (1.4%):** | **Communication Services (1.4%):** | **Communication Services (1.4%):** | **Communication Services (1.4%):** | **Communication Services (1.4%):** |
| Charter Communications Operating LLC/Charter Communications <br>Operating Capital, 6.09% (LIBOR03M+165bps), 2/1/24, <br>Callable 1/1/24 @ 100 (b) |  | 1000 |  | 1005 |
| Magallanes, Inc.<br>3.43%, 3/15/24 (a) |  | 500 |  | 485 |
| 6.10% (SOFRINDX+178bps), 3/15/24 (a) (b) |  | 1000 |  | 997 |
| Verizon Communications, 5.12% (SOFR+79bps), 3/20/26 (b) (g) |  | 1500 |  | 1465 |
|  |  |  |  | 3952 |
| **Consumer Discretionary (2.6%):** | **Consumer Discretionary (2.6%):** | **Consumer Discretionary (2.6%):** | **Consumer Discretionary (2.6%):** | **Consumer Discretionary (2.6%):** |
| American Honda Finance Corp., 4.96% (LIBOR03M+37bps), 5/10/23, MTN (b) (g) |  | 360 |  | 360 |
| Association of American Medical Colleges, 2.12%, 10/1/24 |  | 1000 |  | 936 |
| BMW US Capital LLC, 4.51% (SOFR+38bps), 8/12/24 (a) (b) |  | 500 |  | 495 |
| Daimler Finance North America LLC, 5.35% (LIBOR03M+84bps), 5/4/23 (b) |  | 1150 |  | 1151 |
| General Motors Financial Co., Inc., 5.04% (SOFR+76bps), 3/8/24 (b) |  | 1500 |  | 1474 |
| Howard University, 2.80%, 10/1/23 |  | 250 |  | 244 |
| Nissan Motor Acceptance Co. LLC, 5.37% (LIBOR03M+64bps), 3/8/24 (a) (b) |  | 500 |  | 491 |
| Nordstrom, Inc., 2.30%, 4/8/24, Callable 1/23/23 @ 100 |  | 1000 |  | 937 |
| ZF North America Capital, Inc., 4.75%, 4/29/25 (a) |  | 1000 |  | 951 |
|  |  |  |  | 7039 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| **Energy (3.6%):** | **Energy (3.6%):** | **Energy (3.6%):** |
| Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 | $2000 | $1973 |
| DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 2/6/23 @ 100 | 1000 | 994 |
| EnLink Midstream Partners LP, 4.40%, 4/1/24, Callable 1/1/24 @ 100 | 948 | 922 |
| EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100 | 875 | 842 |
| Gray Oak Pipeline LLC, 2.60%, 10/15/25, Callable 9/15/25 @ 100 (a) | 1500 | 1362 |
| Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100 (a) | 1000 | 968 |
| Murphy Oil Corp., 5.75%, 8/15/25, Callable 2/6/23 @ 101.44 (g) | 554 | 550 |
| PDC Energy, Inc., 5.75%, 5/15/26, Callable 2/6/23 @ 102.88 | 1500 | 1427 |
| Western Midstream Operating LP, 5.04% (LIBOR03M+185bps), 1/13/23 (b) | 977 | 977 |
|  |  | 10015 |
| **Financials (11.1%):** | **Financials (11.1%):** | **Financials (11.1%):** |
| Antares Holdings LP, 6.00%, 8/15/23, Callable 7/15/23 @ 100 (a) | 1107 | 1088 |
| Ares Capital Corp.<br>3.50%, 2/10/23, Callable 2/6/23 @ 100 | 500 | 499 |
| 3.25%, 7/15/25, Callable 6/15/25 @ 100 | 500 | 460 |
| Athene Global Funding, 4.56% (LIBOR03M+73bps), 1/8/24 (a) (b) | 1500 | 1487 |
| Aviation Capital Group LLC, 4.38%, 1/30/24, Callable 12/30/23 @ 100 (a) (g) | 1280 | 1249 |
| Bank of America Corp.<br>5.56% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (b) | 1000 | 999 |
| 4.64% (SOFR+69bps), 4/22/25, Callable 4/22/24 @ 100 (b) | 500 | 493 |
| Blackstone Private Credit Fund<br>1.75%, 9/15/24 | 1000 | 920 |
| 2.35%, 11/22/24 | 500 | 457 |
| Brighthouse Financial Global Funding, 4.50% (SOFR+76bps), 4/12/24 (a) (b) | 1000 | 989 |
| Citigroup, Inc.<br>4.74% (SOFR+67bps), 5/1/25, Callable 5/1/24 @ 100 (b) | 500 | 491 |
| 4.62% (SOFR+69bps), 1/25/26, Callable 1/25/25 @ 100 (b) | 1000 | 972 |
| Citizens Bank NA, 6.06% (SOFR+145bps), 10/24/25, Callable 10/24/24 @ 100 (b) | 500 | 505 |
| DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a) | 1500 | 1398 |
| Equitable Financial Life Global Funding, 5.50%, 12/2/25 (a) | 750 | 749 |
| Fidelity & Guaranty Life Holdings, Inc., 5.50%, 5/1/25, Callable 2/1/25 @ 100 (a) | 750 | 740 |
| Fifth Third Bank NA, 5.85% (SOFR+123bps), 10/27/25, Callable 10/27/24 @ 100 (b) | 500 | 505 |
| Ford Motor Credit Co. LLC, 2.30%, 2/10/25, Callable 1/10/25 @ 100 | 1000 | 913 |
| FS KKR Capital Corp.<br>1.65%, 10/12/24 | 857 | 769 |
| 4.13%, 2/1/25, Callable 1/1/25 @ 100 (g) | 1000 | 940 |
| GA Global Funding Trust<br>4.80% (SOFR+50bps), 9/13/24 (a) (b) | 1000 | 974 |
| 3.85%, 4/11/25 (a) | 500 | 479 |
| Goldman Sachs Group, Inc., 4.79% (SOFR+50bps), 9/10/24, <br>Callable 9/10/23 @ 100 (b) | 500 | 492 |
| JPMorgan Chase & Co.<br>4.78% (SOFR+54bps), 6/1/25, Callable 6/1/24 @ 100 (b) | 500 | 491 |
| 5.10% (SOFR+77bps), 9/22/27, Callable 9/22/26 @ 100 (b) (g) | 1000 | 965 |
| New York Life Global Funding<br>4.27% (SOFR+22bps), 2/2/23 (a) (b) | 1000 | 1001 |
| 4.27% (SOFR+31bps), 4/26/24 (a) (b) | 500 | 496 |
| Owl Rock Capital Corp., 3.75%, 7/22/25, Callable 6/22/25 @ 100 | 1000 | 926 |
| Owl Rock Core Income Corp., 3.13%, 9/23/26, Callable 8/23/26 @ 100 | 1500 | 1284 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| Principal Life Global Funding II, 4.59% (SOFR+38bps), 8/23/24 (a) (b) | $| 1000 | $| 988 |
| Santander Holdings USA, Inc., 5.81% (SOFR+233bps), 9/9/26, <br>Callable 9/9/25 @ 100 (b) |  | 1000 |  | 991 |
| Starwood Property Trust, Inc., 3.75%, 12/31/24, Callable 9/30/24 @ 100 (a) |  | 1550 |  | 1467 |
| The Charles Schwab Corp., 4.65% (SOFR+52bps), 5/13/26, <br>Callable 4/13/26 @ 100 (b) |  | 1000 |  | 968 |
| The Goldman Sachs Group, Inc., 4.38% (SOFR+49bps), 10/21/24, <br>Callable 10/21/23 @ 100 (b) |  | 1000 |  | 983 |
| The Huntington National Bank, 5.70% (SOFR+122bps), 11/18/25, <br>Callable 11/18/24 @ 100 (b) |  | 750 |  | 752 |
| United Financial Bancorp, Inc., 5.75%, 10/1/24 |  | 1000 |  | 966 |
|  |  |  |  | 30846 |
| **Health Care (0.7%):** | **Health Care (0.7%):** | **Health Care (0.7%):** | **Health Care (0.7%):** | **Health Care (0.7%):** |
| Hikma Finance USA LLC, 3.25%, 7/9/25 |  | 500 |  | 464 |
| Illumina, Inc., 5.80%, 12/12/25, Callable 11/12/25 @ 100 |  | 750 |  | 756 |
| Little Co. of Mary Hospital of Indiana, Inc., 1.97%, 11/1/25 |  | 670 |  | 607 |
|  |  |  |  | 1827 |
| **Industrials (2.6%):** | **Industrials (2.6%):** | **Industrials (2.6%):** | **Industrials (2.6%):** | **Industrials (2.6%):** |
| American Airlines Pass Through Trust<br>4.95%, 1/15/23 |  | 383 |  | 381 |
| 4.38%, 6/15/24 (a) |  | 690 |  | 655 |
| Daimler Trucks Finance North America LLC, 5.33% (SOFR+100bps), 4/5/24 (a) (b) |  | 1000 |  | 996 |
| EnerSys, 5.00%, 4/30/23, Callable 2/6/23 @ 100 (a) |  | 700 |  | 698 |
| L3Harris Technologies, Inc., 5.49% (LIBOR03M+75bps), 3/10/23 (b) |  | 500 |  | 500 |
| Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100 |  | 1500 |  | 1469 |
| Spirit Airlines Pass Through Trust, 4.45%, 4/1/24 |  | 1933 |  | 1827 |
| United Airlines Pass Through Trust, 4.88%, 1/15/26 |  | 577 |  | 543 |
|  |  |  |  | 7069 |
| **Materials (0.6%):** | **Materials (0.6%):** | **Materials (0.6%):** | **Materials (0.6%):** | **Materials (0.6%):** |
| Celanese US Holdings LLC<br>5.90%, 7/5/24 |  | 500 |  | 500 |
| 6.05%, 3/15/25 |  | 500 |  | 498 |
| Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 2/6/23 @ 100 |  | 700 |  | 699 |
|  |  |  |  | 1697 |
| **Real Estate (1.2%):** | **Real Estate (1.2%):** | **Real Estate (1.2%):** | **Real Estate (1.2%):** | **Real Estate (1.2%):** |
| Alexander Funding Trust, 1.84%, 11/15/23 (a) |  | 1000 |  | 945 |
| GLP Capital LP GLP Financing II, Inc., 3.35%, 9/1/24, Callable 8/1/24 @ 100 |  | 1000 |  | 958 |
| Retail Opportunity Investments Partnership LP, 5.00%, 12/15/23, <br>Callable 9/15/23 @ 100 |  | 500 |  | 492 |
| VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, <br>Callable 2/6/23 @ 101.75 (a) |  | 1000 |  | 946 |
|  |  |  |  | 3341 |
| **Utilities (2.0%):** | **Utilities (2.0%):** | **Utilities (2.0%):** | **Utilities (2.0%):** | **Utilities (2.0%):** |
| Atmos Energy Corp., 5.10% (LIBOR03M+38bps), 3/9/23, Callable 2/6/23 @ 100 (b) |  | 1500 |  | 1499 |
| CenterPoint Energy, Inc., 4.78% (SOFR+65bps), 5/13/24, <br>Callable 1/23/23 @ 100 (b) |  | 1500 |  | 1482 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| CentrePoint Energy Resources Corp., 5.28% (LIBOR03M+50bps), 3/2/23, <br>Callable 2/6/23 @ 100 (b) | $| 718 | $| 718 |
| Metropolitan Edison Co., 4.00%, 4/15/25 (a) (g) |  | 1500 |  | 1434 |
| NRG Energy, Inc., 3.75%, 6/15/24, Callable 5/15/24 @ 100 (a) |  | 500 |  | 481 |
|  |  |  |  | 5614 |
| **Total Corporate Bonds (Cost $73,728)** | **Total Corporate Bonds (Cost $73,728)** | **Total Corporate Bonds (Cost $73,728)** |  | 71400 |
| **Yankee Dollars (17.3%)** | **Yankee Dollars (17.3%)** | **Yankee Dollars (17.3%)** | **Yankee Dollars (17.3%)** | **Yankee Dollars (17.3%)** |
| **Communication Services (0.4%):** | **Communication Services (0.4%):** | **Communication Services (0.4%):** | **Communication Services (0.4%):** | **Communication Services (0.4%):** |
| Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a) |  | 1000 |  | 994 |
| **Consumer Discretionary (0.6%):** | **Consumer Discretionary (0.6%):** | **Consumer Discretionary (0.6%):** | **Consumer Discretionary (0.6%):** | **Consumer Discretionary (0.6%):** |
| International Game Technology PLC, 4.13%, 4/15/26, <br>Callable 4/15/23 @ 102.06 (a) |  | 1030 |  | 964 |
| Nissan Motor Co. Ltd., 3.52%, 9/17/25, Callable 8/17/25 @ 100 (a) |  | 916 |  | 852 |
|  |  |  |  | 1816 |
| **Energy (0.6%):** | **Energy (0.6%):** | **Energy (0.6%):** | **Energy (0.6%):** | **Energy (0.6%):** |
| Harvest Operations Corp., 1.00%, 4/26/24, Callable 2/6/23 @ 100 (a) |  | 714 |  | 675 |
| Petroleos Mexicanos, 4.25%, 1/15/25 (g) |  | 1000 |  | 944 |
|  |  |  |  | 1619 |
| **Financials (13.3%):** | **Financials (13.3%):** | **Financials (13.3%):** | **Financials (13.3%):** | **Financials (13.3%):** |
| Avolon Holdings Funding Ltd.<br>5.13%, 10/1/23, Callable 9/1/23 @ 100 (a) |  | 500 |  | 495 |
| 2.88%, 2/15/25, Callable 1/15/25 @ 100 (a) |  | 1000 |  | 924 |
| Banco Santander SA<br>5.78% (LIBOR03M+109bps), 2/23/23 (b) |  | 1000 |  | 1000 |
| 5.04% (LIBOR03M+112bps), 4/12/23 (b) |  | 400 |  | 400 |
| Bank of Montreal, 4.94% (SOFR+62bps), 9/15/26, MTN (b) |  | 1500 |  | 1450 |
| Barclays PLC<br>4.34% (LIBOR03M+136bps), 5/16/24, Callable 5/16/23 @ 100 (b) |  | 1000 |  | 993 |
| 7.33% (H15T1Y+305bps), 11/2/26, Callable 11/2/25 @ 100 (b) |  | 500 |  | 518 |
| BBVA Bancomer SA, 1.88%, 9/18/25 (a) |  | 500 |  | 458 |
| Commonwealth Bank of Australia, 4.84% (SOFR+52bps), 6/15/26 (a) (b) |  | 1500 |  | 1468 |
| Cooperatieve Rabobank UA, 4.39% (LIBOR03M+48bps), 1/10/23 (b) |  | 500 |  | 500 |
| Credit Agricole SA, 5.34% (LIBOR03M+102bps), 4/24/23 (a) (b) |  | 2000 |  | 2002 |
| Credit Suisse AG, 4.44% (SOFR+39bps), 2/2/24 (b) |  | 1500 |  | 1429 |
| Danske Bank A/S, 0.98%, 9/10/25, Callable 9/10/24 @ 100 (a) |  | 1000 |  | 911 |
| Deutsche Bank AG<br>5.97% (LIBOR03M+123bps), 2/27/23 (b) |  | 816 |  | 816 |
| 4.50%, 4/1/25 |  | 1000 |  | 952 |
| HSBC Holdings PLC<br>4.75% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100 (b) |  | 1000 |  | 976 |
| 5.70% (SOFR+143bps), 3/10/26, Callable 3/10/25 @ 100 (b) |  | 1000 |  | 981 |
| ING Groep NV<br>5.97% (SOFRINDX+164bps), 3/28/26, Callable 3/28/25 @ 100 (b) |  | 500 |  | 498 |
| 3.87% (SOFR+164bps), 3/28/26, Callable 3/28/25 @ 100 (b) |  | 750 |  | 720 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| Lloyds Banking Group PLC<br>3.87% (H15T1Y+350bps), 7/9/25, Callable 7/9/24 @ 100 (b) | $| 250 | $| 242 |
| 3.51% (H15T1Y+160bps), 3/18/26, Callable 3/18/25 @ 100 (b) |  | 750 |  | 713 |
| Macquarie Group Ltd., 4.50% (SOFR+71bps), 10/14/25, <br>Callable 10/14/24 @ 100 (a) (b) |  | 1000 |  | 975 |
| Mizuho Financial Group, Inc., 5.12% (SOFR+96bps), 5/22/26, <br>Callable 5/22/25 @ 100 (b) |  | 1000 |  | 978 |
| National Australia Bank Ltd., 4.39% (SOFR+65bps), 1/12/27 (a) (b) |  | 1250 |  | 1223 |
| NatWest Markets PLC<br>5.78% (SOFR+145bps), 3/22/25 (a) (b) (g) |  | 500 |  | 495 |
| 5.09% (SOFR+76bps), 9/29/26 (a) (b) |  | 1000 |  | 953 |
| Nordea Bank Abp, 5.67% (LIBOR03M+94bps), 8/30/23 (a) (b) |  | 1000 |  | 1001 |
| Park Aerospace Holdings Ltd., 4.50%, 3/15/23, Callable 2/15/23 @ 100 (a) |  | 750 |  | 748 |
| Royal Bank of Canada<br>4.36% (SOFR+36bps), 7/29/24 (b) (g) |  | 1000 |  | 988 |
| 4.64% (SOFR+59bps), 11/2/26, MTN (b) |  | 500 |  | 481 |
| Santander UK Group Holdings PLC, 1.09% (SOFR+79bps), 3/15/25, <br>Callable 3/15/24 @ 100 (b) |  | 1000 |  | 936 |
| Societe Generale SA, 4.94% (SOFR+105bps), 1/21/26, <br>Callable 1/21/25 @ 100 (a) (b) |  | 1700 |  | 1637 |
| Standard Chartered PLC<br>3.89% (LIBOR03M+108bps), 3/15/24, Callable 3/15/23 @ 100 (a) (b) |  | 156 |  | 155 |
| 3.79% (LIBOR03M+156bps), 5/21/25, Callable 5/21/24 @ 100 (a) (b) |  | 851 |  | 822 |
| 7.78% (H15T1Y+310bps), 11/16/25, Callable 11/16/24 @ 100 (a) (b) |  | 750 |  | 774 |
| Sumitomo Mitsui Trust Bank Ltd., 4.75% (SOFR+44bps), 9/16/24 (a) (b) |  | 1000 |  | 993 |
| The Bank of Nova Scotia, 4.79% (SOFR+55bps), 3/2/26 (b) |  | 1250 |  | 1209 |
| The Toronto-Dominion Bank, 4.88% (SOFR+59bps), 9/10/26 (b) |  | 1500 |  | 1451 |
| UBS AG<br>4.56% (SOFR+32bps), 6/1/23 (a) (b) |  | 500 |  | 499 |
| 4.48% (SOFR+36bps), 2/9/24 (a) (b) |  | 500 |  | 497 |
| Westpac Banking Corp., 4.77% (SOFR+52bps), 6/3/26 (b) |  | 1500 |  | 1468 |
|  |  |  |  | 36729 |
| **Industrials (0.7%):** | **Industrials (0.7%):** | **Industrials (0.7%):** | **Industrials (0.7%):** | **Industrials (0.7%):** |
| Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
| 4.40%, 9/25/23, Callable 8/25/23 @ 100 |  | 451 |  | 446 |
| 4.13%, 5/1/24, Callable 2/1/24 @ 100 |  | 750 |  | 725 |
| The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a) |  | 900 |  | 802 |
|  |  |  |  | 1973 |
| **Materials (1.5%):** | **Materials (1.5%):** | **Materials (1.5%):** | **Materials (1.5%):** | **Materials (1.5%):** |
| NOVA Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100 (a) |  | 1312 |  | 1271 |
| OCI NV, 4.63%, 10/15/25, Callable 2/6/23 @ 102.31 (a) |  | 1504 |  | 1438 |
| POSCO Holdings, Inc., 2.50%, 1/17/25 (a) (g) |  | 510 |  | 476 |
| Syngenta Finance NV, 4.89%, 4/24/25, Callable 2/24/25 @ 100 (a) |  | 1000 |  | 970 |
|  |  |  |  | 4155 |
| **Utilities (0.2%):** | **Utilities (0.2%):** | **Utilities (0.2%):** | **Utilities (0.2%):** | **Utilities (0.2%):** |
| Enel Finance International NV, 6.80%, 10/14/25 (a) |  | 500 |  | 515 |
| **Total Yankee Dollars (Cost $49,156)** | **Total Yankee Dollars (Cost $49,156)** | **Total Yankee Dollars (Cost $49,156)** |  | 47801 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| **Municipal Bonds (5.0%)** | **Municipal Bonds (5.0%)** | **Municipal Bonds (5.0%)** |
| **Alabama (0.4%):** | **Alabama (0.4%):** | **Alabama (0.4%):** |
| Wilsonville Industrial Development Board Revenue, 3.13%, 12/1/30 (h) | $1200 | $1200 |
| **California (0.6%):** | **California (0.6%):** | **California (0.6%):** |
| California Statewide Communities Development Authority Revenue, 1.31%, <br>4/1/25 | 500 | 455 |
| City of El Cajon CA Revenue, 0.93%, 4/1/24 | 640 | 607 |
| Golden State Tobacco Securitization Corp. Revenue, Series B, 0.99%, 6/1/24 | 500 | 471 |
|  |  | 1533 |
| **Florida (0.3%):** | **Florida (0.3%):** | **Florida (0.3%):** |
| City of Gainesville Florida Revenue, 1.00%, 10/1/24 | 800 | 744 |
| **Guam (0.1%):** | **Guam (0.1%):** | **Guam (0.1%):** |
| Antonio B Won Pat International Airport Authority Revenue, Series A, 2.50%, <br>10/1/25 | 300 | 273 |
| **Indiana (0.1%):** | **Indiana (0.1%):** | **Indiana (0.1%):** |
| Indiana Finance Authority Revenue, 1.72%, 11/15/23 | 300 | 288 |
| **Kentucky (0.9%):** | **Kentucky (0.9%):** | **Kentucky (0.9%):** |
| County of Meade Revenue, Series B, 3.65%, 8/1/61, Continuously <br>Callable @100 (h) | 2500 | 2500 |
| **Mississippi (0.9%):** | **Mississippi (0.9%):** | **Mississippi (0.9%):** |
| Mississippi Business Finance Corp. Revenue, 3.35%, 7/1/25, Continuously <br>Callable @100 (h) | 2500 | 2500 |
| **New Jersey (0.3%):** | **New Jersey (0.3%):** | **New Jersey (0.3%):** |
| New Jersey Economic Development Authority Revenue, Series NNN, 2.88%, <br>6/15/24 | 320 | 310 |
| South Jersey Transportation Authority Revenue, Series B, 2.10%, 11/1/24 | 500 | 468 |
|  |  | 778 |
| **North Carolina (0.3%):** | **North Carolina (0.3%):** | **North Carolina (0.3%):** |
| North Carolina Capital Facilities Finance Agency Revenue, <br>Series B, 1.05%, 10/1/23 | 825 | 797 |
| **Pennsylvania (0.5%):** | **Pennsylvania (0.5%):** | **Pennsylvania (0.5%):** |
| Allegheny County IDA Revenue (LOC-PNC Financial Services Group), 4.45%, <br>11/1/27, Callable 2/1/23 @ 100 (h) | 1000 | 1000 |
| State Public School Building Authority Revenue, 2.62%, 4/1/23 | 450 | 447 |
|  |  | 1447 |
| **Texas (0.6%):** | **Texas (0.6%):** | **Texas (0.6%):** |
| Port of Port Arthur Navigation District Revenue, Series B, 3.75%, 4/1/40, <br>Continuously Callable @100 (h) | 1500 | 1500 |
| San Antonio Education Facilities Corp. Revenue, 1.74%, 4/1/25 | 255 | 233 |
|  |  | 1733 |
| **Total Municipal Bonds (Cost $14,090)** | **Total Municipal Bonds (Cost $14,090)** | 13793 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| **U.S. Treasury Obligations (1.3%)** | **U.S. Treasury Obligations (1.3%)** | **U.S. Treasury Obligations (1.3%)** |
| U.S. Treasury Bills<br>4.44%, 2/14/23 (i) | $1000 | $995 |
| 4.51%, 2/23/23 (i) | 1000 | 994 |
| 4.51%, 3/30/23 (i) | 750 | 743 |
| 4.56%, 4/11/23 (i) | 1000 | 988 |
| **Total U.S. Treasury Obligations (Cost $3,719)** | **Total U.S. Treasury Obligations (Cost $3,719)** | 3720 |
| **Commercial Paper (10.4%) (i)** | **Commercial Paper (10.4%) (i)** | **Commercial Paper (10.4%) (i)** |
| Arrow Electronics Pvt. Ltd., 5.43%, 1/12/23 (a) | 2000 | 1996 |
| Autonation, Inc., 6.46%, 1/3/23 (a) | 1000 | 999 |
| Aviation Capital Group, 5.91%, 1/3/23 (a) | 500 | 500 |
| Aviation Capital Group, 5.33%, 1/5/23 (a) | 1000 | 999 |
| Cabot Corp., 6.06%, 1/3/23 (a) | 1200 | 1199 |
| CenterPoint Energy, Inc., 6.06%, 1/3/23 (a) | 1000 | 1000 |
| ConAgra Brands, Inc., 6.33%, 1/3/23 (a) | 1000 | 999 |
| Constellation Brands, Inc., 6.46%, 1/3/23 (a) | 1000 | 999 |
| Crown Castle, Inc.<br>5.38%, 1/10/23 (a) | 1500 | 1498 |
| 5.35%, 1/11/23 (a) | 1000 | 998 |
| Energy Transfer LP<br>6.46%, 1/3/23 | 1000 | 999 |
| 5.84%, 1/5/23 | 500 | 500 |
| Enterprise Products Operating LLC, 6.06%, 1/3/23 (a) | 2000 | 1999 |
| FMC Corp., 6.46%, 1/3/23 (a) | 2500 | 2499 |
| Jabil, Inc.<br>6.73%, 1/3/23 (a) | 1000 | 1000 |
| 6.32%, 1/4/23 (a) | 1000 | 999 |
| 6.08%, 1/5/23 (a) | 750 | 749 |
| Newell Brands, Inc., 5.69%, 1/6/23 (a) | 2600 | 2598 |
| Ovintiv, Inc.<br>6.46%, 1/3/23 | 1805 | 1804 |
| 6.07%, 1/4/23 | 750 | 750 |
| Targa Resources Corp.<br>5.66%, 1/3/23 (a) | 750 | 750 |
| 5.32%, 1/4/23 (a) | 1000 | 999 |
| 4.99%, 1/6/23 (a) | 1000 | 999 |
| Tyco Electronics Group SA, 6.06%, 1/3/23 (a) | 1000 | 1000 |
| **Total Commercial Paper (Cost $28,839)** | **Total Commercial Paper (Cost $28,839)** | 28832 |
| **Collateral for Securities Loaned (1.4%)^** | **Collateral for Securities Loaned (1.4%)^** | **Collateral for Securities Loaned (1.4%)^** |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 4.14% (j) | 971421 | 971 |
| HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (j) | 971421 | 972 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (j) | 971421 | 972 |

---

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

*(Amounts in Thousands, Except for Shares)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional <br>Shares, 4.08% (j) | $| 971421 | $971 |
| **Total Collateral for Securities Loaned (Cost $3,886)** | **Total Collateral for Securities Loaned (Cost $3,886)** | **Total Collateral for Securities Loaned (Cost $3,886)** | 3886 |
| **Total Investments (Cost $286,950) — 100.9%** | **Total Investments (Cost $286,950) — 100.9%** | **Total Investments (Cost $286,950) — 100.9%** | 279300 |
| **Liabilities in excess of other assets — (0.9)%** | **Liabilities in excess of other assets — (0.9)%** | **Liabilities in excess of other assets — (0.9)%** | (2415) |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $276885 |

---

At December 31, 2022, the Fund's investments in foreign securities were 23.1% 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 December 31, 2022, the fair value of these securities was $166,037 thousands and amounted to 60.0% of net assets.

(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 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 December 31, 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) Rate represents the effective yield at December 31, 2022.

(j) Rate disclosed is the daily yield on December 31, 2022.

bps — Basis points

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

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 December 31, 2022, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security

LLC — Limited Liability Company

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust<br>**USAA Ultra Short-Term Bond Fund** | **Schedule of Portfolio Investments —** *continued*<br> December 31, 2022 |

---

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 December 31, 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 December 31, 2022.

TSFR3M — 3 month Term SOFR, rate disclosed as of December 31, 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.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Assets and Liabilities**<br> December 31, 2022 |

---

*(Amounts in Thousands, Except Per Share Amounts)* 

---

| | |
|:---|:---|
| | **USAA Ultra <br>Short-Term <br>Bond Fund** |
| **Assets:** | **Assets:** |
| Investments, at value (Cost $286,950) | $279300<br> (a) |
| Cash | 2983 |
| Receivables: | Receivables: |
| Interest | 1279 |
| Capital shares issued | 150 |
| From Adviser | 26 |
| Prepaid expenses | 52 |
| Total Assets | 283790 |
| **Liabilities:** | **Liabilities:** |
| Payables: | Payables: |
| Collateral received on loaned securities | 3886 |
| Distributions | 17 |
| Investments purchased | 2499 |
| Capital shares redeemed | 338 |
| Accrued expenses and other payables: | Accrued expenses and other payables: |
| Investment advisory fees | 66 |
| Administration fees | 31 |
| Custodian fees | 5 |
| Transfer agent fees | 22 |
| Compliance fees | —<br> (b) |
| Trustees' fees | —<br> (b) |
| 12b-1 fees | —<br> (b) |
| Other accrued expenses | 41 |
| Total Liabilities | 6905 |
| **Net Assets:** | **Net Assets:** |
| Capital | 286994 |
| Total accumulated earnings/(loss) | (10109) |
| Net Assets | $276885 |
| Net Assets | Net Assets |
| Fund Shares | $169400 |
| Institutional Shares | 102043 |
| Class A | 133 |
| R6 Shares | 5309 |
| Total | $276885 |
| Shares (unlimited number of shares authorized with no par value): | Shares (unlimited number of shares authorized with no par value): |
| Fund Shares | 17197 |
| Institutional Shares | 10356 |
| Class A | 14 |
| R6 Shares | 539 |
| Total | 28106 |
| Net asset value, offering and redemption price per share: (c) | Net asset value, offering and redemption price per share: (c) |
| Fund Shares | $9.85 |
| Institutional Shares | 9.85 |
| Class A | 9.85 |
| R6 Shares | 9.86 |

---

(a) Includes $3,749 thousand of securities on loan.

(b) Rounds to less than $1 thousand.

(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statement of Operations**<br> For the Year Ended December 31, 2022 |

---

*(Amounts in Thousands)* 

---

| | |
|:---|:---|
| | **USAA Ultra <br>Short-Term <br>Bond Fund** |
| **Investment Income:** | **Investment Income:** |
| Interest | $7646 |
| Securities lending (net of fees) | 20 |
| Total Income | 7666 |
| **Expenses:** | **Expenses:** |
| Investment advisory fees | 827 |
| Administration fees — Fund Shares | 282 |
| Administration fees — Institutional Shares | 103 |
| Administration fees — Class A | 1 |
| Administration fees — R6 Shares | 2 |
| Sub-Administration fees | 24 |
| 12b-1 fees — Class A | 1 |
| Custodian fees | 37 |
| Transfer agent fees — Fund Shares | 166 |
| Transfer agent fees — Institutional Shares | 103 |
| Transfer agent fees — Class A | 1 |
| Transfer agent fees — R6 Shares | —<br> (a) |
| Trustees' fees | 47 |
| Compliance fees | 2 |
| Legal and audit fees | 62 |
| State registration and filing fees | 172 |
| Other expenses | 78 |
| Recoupment of prior expenses waived/reimbursed by Adviser | 15 |
| Total Expenses | 1923 |
| Expenses waived/reimbursed by Adviser | (127) |
| Net Expenses | 1796 |
| Net Investment Income (Loss) | 5870 |
| **Realized/Unrealized Gains (Losses) from Investments:** | **Realized/Unrealized Gains (Losses) from Investments:** |
| Net realized gains (losses) from investment securities | (200) |
| Net change in unrealized appreciation/depreciation on investment securities | (7968) |
| Net realized/unrealized gains (losses) on investments | (8168) |
| Change in net assets resulting from operations | $(2298) |

---

(a) Rounds to less than $1 thousand.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands)* 

---

| | | |
|:---|:---|:---|
| | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended <br>December 31,<br>2021** |
| **From Investments:** | **From Investments:** | **From Investments:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $5870 | $2613 |
| Net realized gains (losses) | (200) | 615 |
| Net change in unrealized appreciation/depreciation | (7968) | (1069) |
| Change in net assets resulting from operations | (2298) | 2159 |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| Fund Shares | (3697) | (1931) |
| Institutional Shares | (2094) | (644) |
| Class A | (15) | (1) |
| R6 Shares | (82) | (43) |
| Change in net assets resulting from distributions to shareholders | (5888) | (2619) |
| Change in net assets resulting from capital transactions | (7704) | 17023 |
| Change in net assets | (15890) | 16563 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 292775 | 276212 |
| End of period | $276885 | $292775 |

---

*(continues on next page)*

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Statements of Changes in Net Assets** |

---

*(Amounts in Thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended <br>December 31,<br>2021** |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| **Fund Shares** | **Fund Shares** | **Fund Shares** |
| Proceeds from shares issued | $26263 | $59548 |
| Distributions reinvested | 3566 | 1867 |
| Cost of shares redeemed | (66006) | (62768) |
| Total Fund Shares | $(36177) | $(1353) |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| Proceeds from shares issued | $88727 | $86636 |
| Distributions reinvested | 2091 | 642 |
| Cost of shares redeemed | (65575) | (63509) |
| Total Institutional Shares | $25243 | $23769 |
| **Class A** | **Class A** | **Class A** |
| Proceeds from shares issued | $1934 | $200 |
| Distributions reinvested | 1 | 1 |
| Cost of shares redeemed | (1854) | (160) |
| Total Class A | $81 | $41 |
| **R6 Shares** | **R6 Shares** | **R6 Shares** |
| Proceeds from shares issued | $4293 | $1581 |
| Distributions reinvested | 82 | 27 |
| Cost of shares redeemed | (1226) | (7042) |
| Total R6 Shares | $3149 | $(5434) |
| Change in net assets resulting from capital transactions | $(7704) | $17023 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| **Fund Shares** | **Fund Shares** | **Fund Shares** |
| Issued | 2644 | 5864 |
| Reinvested | 361 | 184 |
| Redeemed | (6648) | (6183) |
| Total Fund Shares | (3643) | (135) |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| Issued | 8886 | 8536 |
| Reinvested | 212 | 63 |
| Redeemed | (6615) | (6256) |
| Total Institutional Shares | 2483 | 2343 |
| **Class A** | **Class A** | **Class A** |
| Issued | 196 | 20 |
| Reinvested | —<br> (a) | —<br> (a) |
| Redeemed | (188) | (16) |
| Total Class A | 8 | 4 |
| **R6 Shares** | **R6 Shares** | **R6 Shares** |
| Issued | 435 | 156 |
| Reinvested | 8 | 3 |
| Redeemed | (124) | (694) |
| Total R6 Shares | 319 | (535) |
| Change in Shares | (833) | 1677 |

---

(a) Rounds to less than 1 thousand shares.

*See notes to financial statements.*

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights** |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** |
| | **Fund Shares** | **Fund Shares** | **Fund Shares** | **Fund Shares** | **Fund Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year <br>Ended<br>December 31, <br>2020** | **Year <br>Ended<br>December 31, <br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $10.12 | $10.13 | $10.05 | $9.89 | $9.97 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.19<br> (a) | 0.09<br> (a) | 0.20<br> (a) | 0.27<br> (a) | 0.22 |
| Net realized and unrealized gains <br>(losses) | (0.26) | (0.01) | 0.08 | 0.16 | (0.08) |
| Total from Investment Activities | (0.07) | 0.08 | 0.28 | 0.43 | 0.14 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.20) | (0.09) | (0.20) | (0.27) | (0.22) |
| Total Distributions | (0.20) | (0.09) | (0.20) | (0.27) | (0.22) |
| **Net Asset Value, End of Period** | $9.85 | $10.12 | $10.13 | $10.05 | $9.89 |
| Total Return (b) | (0.68)% | 0.80% | 2.81% | 4.37% | 1.40% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (e) | 0.63% | 0.62% | 0.60% | 0.61% | 0.60% |
| Net Investment Income (Loss) | 1.96% | 0.89% | 2.01% | 2.69% | 2.19% |
| Gross Expenses (e) | 0.63% | 0.62% | 0.60% | 0.61% | 0.60% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $169400 | $210831 | $212503 | $275168 | $283769 |
| Portfolio Turnover (f) | 45% | 57% | 39% | 59% | 48% |

---

*(continues on next page)*

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** |
| | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year <br>Ended<br>December 31, <br>2020** | **Year <br>Ended<br>December 31, <br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $10.12 | $10.13 | $10.05 | $9.89 | $9.97 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.20<br> (a) | 0.10<br> (a) | 0.19<br> (a) | 0.27<br> (a) | 0.22 |
| Net realized and unrealized gains <br>(losses) | (0.26) | (0.01) | 0.09<br> (b) | 0.16 | (0.08) |
| Total from Investment Activities | (0.06) | 0.09 | 0.28 | 0.43 | 0.14 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net Investment Income | (0.21) | (0.10) | (0.20) | (0.27) | (0.22) |
| Total Distributions | (0.21) | (0.10) | (0.20) | (0.27) | (0.22) |
| **Net Asset Value, End of Period** | $9.85 | $10.12 | $10.13 | $10.05 | $9.89 |
| Total Return (b) | (0.62)% | 0.87% | 2.87% | 4.43% | 1.45% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (e) | 0.57% | 0.55% | 0.56% | 0.55% | 0.55% |
| Net Investment Income (Loss) | 2.03% | 0.96% | 1.86% | 2.75% | 2.25% |
| Gross Expenses (e) | 0.67% | 0.55% | 0.63% | 0.64% | 0.77% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $102043 | $79662 | $56042 | $9842 | $8433 |
| Portfolio Turnover (f) | 45% | 57% | 39% | 59% | 48% |

---

*(continues on next page)*

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | |
|:---|:---|:---|:---|
| | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** |
| | **Class A** | **Class A** | **Class A** |
| | **Year<br>Ended<br>December 31, <br>2022** | **Year<br>Ended<br>December 31, <br>2021** | **June 29, <br>2020(g)<br>through<br>December 31, <br>2020** |
| **Net Asset Value, Beginning of Period** | $10.12 | $10.13 | $9.90 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.27<br> (a) | 0.07<br> (a) | 0.07<br> (a) |
| Net realized and unrealized gains (losses) | (0.36) | (0.01) | 0.23<br> (b) |
| Total from Investment Activities | (0.09) | 0.06 | 0.30 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.18) | (0.07) | (0.07) |
| Total Distributions | (0.18) | (0.07) | (0.07) |
| **Net Asset Value, End of Period** | $9.85 | $10.12 | $10.13 |
| Total Return (b) (h) | (0.91)% | 0.57% | 3.02% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (e) (i) | 0.85% | 0.85% | 0.84% |
| Net Investment Income (Loss) (i) | 2.77% | 0.65% | 1.32% |
| Gross Expenses (e) (i) | 2.73% | 14.86% | 108.95% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $133 | $59 | $19 |
| Portfolio Turnover (f) (h) | 45% | 57% | 39% |

---

*(continues on next page)*

*See notes to financial statements.*

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Financial Highlights —** *continued* |

---

*For a Share Outstanding Throughout Each Period*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** | **USAA Ultra Short-Term Bond Fund** |
| | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** | **R6 Shares** |
| | **Year<br>Ended<br>December 31,<br>2022** | **Year<br>Ended<br>December 31,<br>2021** | **Year <br>Ended<br>December 31, <br>2020** | **Year <br>Ended<br>December 31, <br>2019** | **Year<br>Ended<br>December 31,<br>2018** |
| **Net Asset Value, Beginning of Period** | $10.12 | $10.13 | $10.05 | $9.88 | $9.97 |
| Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: | Investment Activities: |
| Net investment income (loss) | 0.25<br> (a) | 0.11<br> (a) | 0.21<br> (a) | 0.29<br> (a) | 0.24 |
| Net realized and unrealized gains <br>(losses) | (0.30) | (0.02) | 0.09 | 0.17 | (0.09) |
| Total from Investment Activities | (0.05) | 0.09 | 0.30 | 0.46 | 0.15 |
| Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: | Distributions to Shareholders From: |
| Net investment income | (0.21) | (0.10) | (0.22) | (0.29) | (0.24) |
| Total Distributions | (0.21) | (0.10) | (0.22) | (0.29) | (0.24) |
| **Net Asset Value, End of Period** | $9.86 | $10.12 | $10.13 | $10.05 | $9.88 |
| Total Return (b) | (0.43)% | 0.91% | 3.02% | 4.70% | 1.51% |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net Expenses (c) (d) (e) | 0.47% | 0.48% | 0.41% | 0.39% | 0.39% |
| Net Investment Income (Loss) | 2.56% | 1.09% | 2.15% | 2.92% | 2.41% |
| Gross Expenses (e) | 0.83% | 0.49% | 0.51% | 0.80% | 0.69% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net Assets at end of period (000's) | $5309 | $2223 | $7648 | $6518 | $4980 |
| Portfolio Turnover (f) | 45% | 57% | 39% | 59% | 48% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c) For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning June 29, 2020 for Class A, and July 1, 2019 for Fund Shares, Institutional Shares and R6 Shares, and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e) Does not include acquired fund fees and expenses, if any.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(g) Commencement of operations.

(h) Not annualized for periods less than one year.

(i) Annualized for periods less than one year

*See notes to financial statements.*

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements**<br> December 31, 2022 |

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**1. Organization:**

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA Ultra Short-Term Bond Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, and R6 Shares. The Fund is classified as diversified under the 1940 Act.

Each class of shares of the Fund has substantially identical rights and privileges, except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

Victory Capital Management ("VCM" or the "Adviser") is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**2. Significant Accounting Policies:**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

**Investment Valuation:**

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices (unadjusted) in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Adviser's assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risks associated with entering into those investments.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the "Board"), has established the Pricing and Liquidity Committee (the "Committee"), and subject to Board oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are valued each business day by a pricing service approved by the valuation designee and subject to the oversight of the Board. The pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of December 31, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset-Backed Securities | $— | $53274 | $— | $53274 |
| Collateralized Mortgage Obligations |  | 46399 |  | 46399 |
| Senior Secured Loans |  | 10195 |  | 10195 |
| Corporate Bonds |  | 71400 |  | 71400 |
| Yankee Dollars |  | 47801 |  | 47801 |
| Municipal Bonds |  | 13793 |  | 13793 |
| U.S. Treasury Obligations |  | 3720 |  | 3720 |
| Commercial Paper |  | 28832 |  | 28832 |
| Collateral for Securities Loaned | 3886 |  |  | 3886 |
| Total | $3886 | $275414 | $— | $279300 |

---

As of December 31, 2022, there were no transfers into/out of Level 3.

**Real Estate Investment Trusts ("REITs"):**

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Investment Companies:**

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

**Securities Purchased on a Delayed-Delivery or When-Issued Basis:**

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis, or for delayed draws on loans can generally take place within 35 days a month or more after the trade date. Securities that require more than 35 days to settle are considered a senior security and subject to Rule 18f-4. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payables for Investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

**Municipal Obligations:**

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payments of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

**Mortgage- and Asset-Backed Securities:**

The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

**Leveraged Loans:**

The Fund may invest in leveraged loans, a type of bank loan. Leveraged loans are adjustable-rate bank loans made to companies rated below investment grade. The interest rates on leveraged loans are reset periodically based upon the fluctuations of a base interest rate such as London Interbank Offered Rate ("LIBOR") and a "spread" above that base interest rate that represents a risk premium to the lending banks and/or other participating investors. Many bank loans bear an adjustable rate of interest; however, leveraged loans provide for a greater "spread" over the base interest rate than other bank loans because they are considered to represent a greater credit risk. Because they are perceived to

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

represent a greater credit risk, leveraged loans possess certain attributes that are similar to high-yield securities. However, because they are often secured by collateral of the borrower, leveraged loans possess certain attributes that are similar to other bank loans.

**Investment Transactions and Related Income:**

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statement of Operations.

The Fund may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statement of Operations.

**Securities Lending:**

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Value of<br>Securities on Loan** | **Non-Cash<br>Collateral**  | **Cash<br>Collateral** |
| $3749 | $— | $3886 |

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|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

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**Federal Income Taxes:**

The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

For the year ended December 31, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Allocations:**

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

**Cross-Trade Transactions:**

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser under specified conditions outlined in the valuation policies and procedures adopted by the Board. In addition, as defined under the valuation policies and procedures, each transaction must be effected at the independent current market price. For the year ended December 31, 2022, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** |
| $2000 | $2000 | $— |

---

**3. Purchases and Sales:**

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2022, were as follows for the Fund (amounts in thousands):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Excluding<br>U.S. Government Securities** |
| **Purchases** | **Sales** |
| $110000 | $109241 |

---

**4. Fees and Transactions with Affiliates and Related Parties:**

**Investment Advisory Fees:**

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

rate of 0.24% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective class' performance to that of the Lipper Ultra Short Obligations Funds Index. The Lipper Ultra Short Obligations Funds Index tracks the total return performance of the largest funds within the Lipper Ultra Short Obligations Funds category.

The performance period for each share class consists of the current month plus the previous 35 months. The following table is utilized to determine the extent of the performance adjustment:

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| | |
|:---|:---|
| **Over/Under Performance Relative to Index<br>(in basis points)<sup>(a)</sup>** | **Annual Adjustment Rate<br>(in basis points)** |
| +/- 20 to 50 | +/- 4 |
| +/- 51 to 100 | +/- 5 |
| +/- 101 and greater | +/- 6 |

---

(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Each class' annual performance adjustment rate is multiplied by the average daily net assets of the respective class over the entire performance period, which is then multiplied by a fraction, the numerator of which is the number of days in the month and the denominator of which is 365 (366 in leap years). The resulting amount is then added to (in the case of overperformance), or subtracted from (in the case of underperformance) the base fee.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Ultra Short Obligations Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period January 1, 2022, to December 31, 2022, performance adjustments were $97, $21, less than $1 and $2 for Fund Shares, Institutional Shares, Class A and R6 Shares, in thousands, respectively. Performance adjustments were 0.05%, 0.02%, less than 0.01% and 0.08% for Fund Shares, Institutional Shares, Class A and R6 Shares, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2022, the Fund had no subadvisers.

**Administration and Servicing Fees:**

VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, 0.15%, and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, Class A, and R6 Shares, respectively. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Compliance fees.

**Transfer Agency Fees:**

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $25.50 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent fees for Institutional Shares, Class A, and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, and 0.01%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the year ended December 31, 2022, are reflected on the Statement of Operations as Transfer agent fees.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

**Distributor/Underwriting Services:**

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A. Amounts incurred and paid to the Distributor for the year ended December 31, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the year ended December 31, 2022, the Distributor did not receive any commissions.

**Other Fees:**

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2022, are reflected on the Statement of Operations as Custodian fees.

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) were 0.60%, 0.55%, 0.85%, and 0.39% for Fund Shares, Institutional Shares, Class A, and R6 Shares, respectively.

------

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

Under the terms of the expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Expires<br>2023** | **Expires<br>2024** | **Expires<br>2025** | **Total** |
| $27 | $11 | $127 | $165 |

---

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2022.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

**5. Risks:**

The Fund may be subject to other risks in addition to these identified risks.

**<u>Credit Risk</u>** — The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor's return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.

**<u>Debt Securities Risk</u>** — The value of a debt security or other income-producing security changes in response to various factors including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

**<u>Management Risk</u>** — The Fund is actively managed, and the investment techniques and risk analyses used by the Fund's portfolio managers may not produce the desired results.

**<u>Market Risk</u>** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**<u>LIBOR Discontinuation Risk</u>** — The LIBOR discontinuation may adversely affect the financial markets generally and the Fund's operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Fund and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Fund and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

**6. Borrowing and Interfund Lending:**

**Line of Credit:**

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the year ended December 31, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, for the period June 28, 2022, through December 31, 2022, interest was based on the one-month SOFR plus 1.10 percent. The Fund did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2022.

**Interfund Lending:**

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the year ended December 31, 2022.

**7. Federal Income Tax Information:**

Distributions from the Fund's net investment income are accrued daily and distributed on the last business day of each month. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of December 31, 2022, on the Statement of Assets and Liabilities, there were no permanent book-to-tax difference reclassification adjustments.

The tax character of distributions paid during the tax years ended, as noted below, were as follows (total distributions paid may differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid) (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Distributions <br>paid from<br>Ordinary<br>Income** | **<br>Total<br>Taxable<br>Distributions** | **<br>Total<br>Distributions<br>Paid** | **Distributions<br>paid from<br>Ordinary<br>Income** | **<br>Total<br>Taxable<br>Distributions** | **<br>Total<br>Distributions<br>Paid** |
| $5888 | $5888 | $5888 | $2619 | $2619 | $2619 |

---

As of December 31, 2022, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Distributions <br>Payable** | **Accumulated <br>Earnings** | **Accumulated <br>Capital and <br>Other <br>Losses** | **Unrealized<br>Appreciation<br>(Depreciation)\*** | **Total<br>Accumulated<br>Earnings<br>(Loss)** |
| $950 | $(901) | $49 | $(2495) | $(7663) | $(10109) |

---

\* The difference between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales.

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| | |
|:---|:---|
| USAA Mutual Funds Trust | **Notes to Financial Statements —** *continued*<br> December 31, 2022 |

---

As of December 31, 2022, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

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| | | |
|:---|:---|:---|
| **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total** |
| $1950 | $545 | $2495 |

---

As of December 31, 2022, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Cost of<br>Investments<br>for Federal<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation <br>(Depreciation)** |
| $286963 | $214 | $(7877) | $(7663) |

---

**8. Subsequent Event**

On June 29, 2022, the Board approved a change to the Fund's fiscal year-end from December 31 to April 30, with an effective date of April 30, 2023.

The Board, upon recommendation of the Adviser, has approved a change in the name of the Trust and each individual fund within the Trust. On February 23, 2023, an initial filing was made with the SEC to commence the process to effectuate the following changes.

Effective at the start of business on April 24, 2023 (the "Effective Date"), the name of the Trust will change from USAA Mutual Funds Trust to Victory Portfolios III, and all references to USAA Mutual Funds Trust in the summary prospectuses, statutory prospectuses, and SAIs will be replaced by the new name.

Also on the Effective Date, references to the current name of the Fund in the summary prospectuses, statutory prospectuses, and SAIs will be replaced with the new names as follows:

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| | |
|:---|:---|
| **Old Name** | **New Name** |
| USAA Ultra Short-Term Bond Fund | Victory Ultra Short-Term Bond Fund |

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In addition, on the Effective Date, USAA Investments, a Victory Capital Management Inc. Investment Franchise, that currently manages the USAA Fixed Income Funds, will change its name to Victory Income Investors, and all references to USAA Investments in the summary prospectuses, statutory prospectuses, and SAIs, will be replaced.

Please note that there will be no changes in the management of the Funds or to the Funds' ticker symbols.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Trustees of USAA Ultra Short-Term Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of USAA Ultra Short-Term Bond Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting USAA Mutual Funds Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, agent banks, and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2325537_ha005.jpg)

We have served as the auditor of one or more Victory Capital investment companies since 1995.

San Antonio, Texas<br>February 28, 2023

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information**<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Trustee and Officer Information**

**Board of Trustees:**

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the State of Delaware. There are currently eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and one of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their date of birth, their positions with the Trust, their commencement of service, their principal occupations during the past five years, and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 45 portfolios in the Trust. Each Trustee's address is c/o Fund Administration, 15935 La Cantera Pkwy, San Antonio, TX 78256.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jefferson C. Boyce <br>(September 1957) | Independent Chair | Trustee since September 2013, Independent Chair since January 2021 | Retired. | 45 | Westhab, Inc., New York Theological Seminary, American Filtration Corp. |
| Dawn M. Hawley<br>(February 1954) | Trustee | Trustee since April 2014 | Retired. | 45 |  |

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Daniel S. McNamara<br>(June 1966) | Trustee | Trustee since January 2012 | Trustee, President, and Vice Chairman of USAA ETF Trust (06/17-06/19); President of Financial Advice & Solutions Group (FASG), USAA (02/13-03/21); Director of USAA Asset Management Company (AMCO), (08/11-06/19); Chairman of Board of AMCO (04/13-06/19); Director of USAA Investment Services Company (ISCO) (formerly USAA Investment Management Company) (09/09-03/21); Chairman of Board of ISCO (04/13-12/20); President and Director of USAA Shareholder Account Services (SAS) (10/09-06/19); Chairman of Board of SAS (04/13-06/19); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (04/11-03/21); Director and Vice Chairman of FPS (12/13-03/21); President and Director of USAA Investment Corporation (ICORP) (03/10-03/21); Chairman of Board of ICORP (12/13-03/21); Director of USAA Financial Advisors, Inc. (FAI) (12/13-03/21); Chairman of Board of FAI (03/15-03/21). | 45 |  |
| Paul L. McNamara<br>(July 1948) | Trustee | Trustee since January 2012 | Retired. | 45 |  |

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| Richard Y. Newton, III (January 1956) | Trustee | Trustee since March 2017 | Director, Elta North America (01/18-08/19), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (12/15-present). | 45 | Terran Orbital Corp., American Made Filtration Corp. |
| Barbara B. Ostdiek, Ph.D.<br>(March 1964) | Trustee | Trustee since January 2008 | Senior Associate Dean of Degree programs at Jesse H. Jones Graduate School of Business at Rice University (07/13-present); Associate Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/01-07/21); Professor of Finance at Jesse H. Jones Graduate School of Business at Rice University (07/21-present). | 45 |  |
| John C. Walters<br>(February 1962) | Trustee | Trustee since July 2019 | Retired. | 45 | Guardian Variable Products Trust (16 series) |

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s) <br>Held with <br>Fund** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) Held <br>During the Past Five Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships<br>Held During <br>the Past <br>Five Years** |
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| David C. Brown<br>(May 1972) | Trustee | Trustee since July 2019 | Chairman and Chief Executive Officer (2013-present), Victory Capital Management Inc.; Chief Executive Officer and Chairman (2013-present), Victory Capital Holdings, Inc.; Director, Victory Capital Services, Inc. (2013-present); Director, Victory Capital Transfer Agency, Inc. (2019-present). | 45 portfolios within the Trust; 40 portfolios within the Victory Portfolios, 25 series within the Victory Portfolios II, and 6 series within the Victory Variable Insurance Funds |  |

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The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling 800-539-3863.

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|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Officers:**

The officers of the Trust, their date of birth, their commencement of service, and their principal occupations during the past five years, are detailed in the following table. Each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Pkwy, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** | ***Officers of the Trust*** |
| Christopher K. Dyer<br>(February 1962) | President | July 2019 | Director of Mutual Fund Administration, Victory Capital Management Inc. (2004-present). Chief Operating Officer, Victory Capital Services, Inc. (2020-present). Vice President, Victory Capital Transfer Agency, Inc. (2019-present). |
| Scott Stahorsky<br>(July 1969) | Vice President | July 2019 | Manager, Fund Administration, Victory Capital Management Inc. (2015-present). |
| Thomas Dusenberry<br>(July 1977) | Secretary | June 2022 | Manager, Fund Administration, Victory Capital Management Inc. (since 2022); Treasurer and Principal Financial Officer (2020-2022), Assistant Treasurer (2019), Salient MF Trust, Salient Midstream, MLP Fund, and Forward Funds; Principal Financial Officer (2018-2021) and Treasurer (2020-2021), Salient Private Access Funds and Endowment PMF Funds; Senior Vice President of Fund Accounting and Operations, Salient Partners (2020-2022); Director of Fund Operations, Salient Partners (2016-2019). |
| James K. De Vries<br>(April 1969) | Treasurer | March 2018 | Executive Director, Victory Capital Management Inc. (07/01/19-present); Executive Director, Investment and Financial Administration, USAA (2012-06/30/19); Assistant Treasurer, USAA Mutual Funds Trust (2013-2018). Mr. De Vries also serves as the Funds' Principal Financial Officer. |
| Allan Shaer<br>(March 1965) | Assistant Treasurer | July 2019 | Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (2016-present); Vice President, Mutual Fund Administration, JP Morgan Chase Bank (2011-2016). |
| Carol D. Trevino<br>(October 1965) | Assistant Treasurer | September 2018 | Director, Accounting and Finance, Victory Capital Management Inc. (07/01/19-present); Accounting/ Financial Director, USAA (12/13-06/30/19). |
| Charles Booth<br>(April 1960) | Anti-Money Laundering Compliance Officer and Identity Theft Officer | July 2019 | Director, Regulatory Administration and CCO Support Services, City Fund Services Ohio, Inc. (2007-present). |

---

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Position(s)<br>Held<br>with Fund** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s) Held During the Past Five Years** |
| Sean Fox<br>(September 1976) | Chief Compliance Officer | June 2022 | Deputy Chief Compliance Officer (July 2021-June 2022), Senior Compliance Officer, the Adviser (2019-2021), Compliance Officer, the Adviser (2015-2019). |

---

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on April 27, 2022, Erin Wagner resigned as the Secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Effective at the close of business on June 10, 2022, Colin Kinney resigned as the Chief Compliance Officer of the Trust.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Proxy Voting and Portfolio Holdings Information**

**Proxy Voting:**

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 235-8396. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at sec.gov.

**Availability of Schedules of Portfolio Investments:**

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at sec.gov.

**Expense Examples**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022.

The **Actual Expense** figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The **Hypothetical Expense** figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>Account<br>Value<br>7/1/22** | **Actual<br>Ending<br>Account<br>Value<br>12/31/22** | **Hypothetical<br>Ending<br>Account<br>Value<br>12/31/22** | **Actual<br>Expenses Paid<br>During Period<br>7/1/22-12/31/22\*** | **Hypothetical<br>Expenses Paid<br>During Period<br>7/1/22-12/31/22\*** | **Annualized<br>Expense Ratio<br>During Period<br>7/1/22-12/31/22** |
| Fund Shares | $1000.00 | $1015.40 | $1021.98 | $3.25 | $3.26 | 0.64% |
| Institutional Shares | 1000.00 | 1014.80 | 1022.38 | 2.84 | 2.85 | 0.56 |
| Class A | 1000.00 | 1014.30 | 1020.92 | 4.32 | 4.33 | 0.85 |
| R6 Shares | 1000.00 | 1016.40 | 1022.99 | 2.24 | 2.24 | 0.44 |

---

\* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

**Considerations of the Board in Continuing the Investment Advisory Agreement**

**USAA Ultra Short-Term Bond Fund (the "Fund")**

At a meeting of the Board of Trustees (the "Board") of USAA Mutual Funds Trust (the "Trust") held on December 8-9, 2022, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 8-9, 2022 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 21, 2022.

In advance of the foregoing meetings, the Trustees received and considered a variety of information relating to the Advisory Agreement and the Adviser, and were given the opportunity to ask questions and request additional information from management. The information provided to the Board included, among other things: (i) a separate report prepared by an independent third party of mutual fund data, which provided a statistical analysis comparing the Fund's investment performance, expenses, and fees to comparable investment companies; (ii) information concerning the services rendered to the Fund, as well as information regarding the Adviser's revenues and costs of providing services to the Fund and compensation paid to affiliates of the Adviser; and (iii) information about the Adviser's operations and personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Advisory Agreement with management and with experienced independent counsel retained by the Independent Trustees ("Independent Counsel") and received materials from such Independent Counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement with respect to the Fund. The Independent Trustees also reviewed the proposed continuation of the Advisory Agreement with respect to the Fund in private sessions with Independent Counsel at which no representatives of management were present.

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Fund's performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Fund. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings. The Board also recognized that the contractual arrangements for the Fund have been reviewed by the Board and discussed with the Adviser in prior years and that the Board's conclusions may be based, in part, on its consideration of these same arrangements in prior years.

**Advisory Agreement**

After full consideration of a variety of factors, the Board, including the Independent Trustees, voted to approve the Advisory Agreement. In approving the Advisory Agreement, the Trustees did not identify any single factor as controlling, and each Trustee may have attributed different weights to various factors. Throughout their deliberations, the Independent Trustees were represented and assisted by Independent Counsel.

**<u>Nature, Extent, and Quality of Services</u>** — In considering the nature, extent, and quality of the services provided by the Adviser under the Advisory Agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel. The Board also took into account its knowledge of the Adviser's management and the quality of the performance of the Adviser's duties through Board meetings, discussions, and reports during the preceding year. The Board considered the fees paid to the Adviser and the services provided to the Fund by the Adviser under the Advisory Agreement, as well as other services provided by the Adviser and its affiliates under other agreements, and the personnel who provide these services. In addition to the investment advisory services provided to the Fund, the Adviser and its affiliates provide administrative services, shareholder services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Fund and the Trust.

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

The Board considered the scope of services provided by, and the undertakings required of, the Adviser in connection with those services, including, among other things, maintaining (i) its own and the Fund's compliance programs, (ii) risk management programs, (iii) liquidity risk management program, (iv) derivatives risk management program, and (v) cybersecurity programs, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, litigation, regulatory and compliance risks.

The Board considered the Adviser's management style and the performance of the Adviser's duties under the Advisory Agreement. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of its senior and investment personnel, as well as current staffing levels. The allocation of the Fund's brokerage, including the Adviser's process for monitoring "best execution," also was considered. The Adviser's role in coordinating the activities of the Fund's other service providers was also considered. The Board also considered the Adviser's risk management processes. The Board considered the Adviser's financial condition and that it had the financial wherewithal to continue to provide the same scope and high quality of services under the Advisory Agreement. In reviewing the Advisory Agreement, the Board focused on the experience, resources, and strengths of the Adviser and its affiliates in managing the Fund, as well as the other funds in the Trust.

The Board also reviewed the compliance and administrative services provided to the Fund by the Adviser and its affiliates, including the Adviser's oversight of the Fund's day-to-day operations and oversight of Fund accounting. The Trustees, guided also by information obtained from their experiences as Trustees of the Trust, also focused on the quality of the Adviser's compliance and administrative staff.

**<u>Expenses and Performance</u>** — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's net management fee rate — which includes advisory and administrative services and the effects of any performance adjustment, as well as any fee waivers and reimbursements — was above the median of its expense group and its expense universe. The data indicated that the Fund's total expenses, including after any reimbursements, were above the median of its expense group and its expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was below the average of its performance universe and its Lipper index for the one-year period ended June 30, 2022, and was above the average of its performance universe and its Lipper index for the three-, five- and ten-year periods ended June 30, 2022. The Board took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance for certain periods.

**<u>Compensation and Profitability</u>** — The Board took into consideration the level and method of computing the management fee. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the management revenues from the Fund. This information included a review of the methodology used in the

------

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Supplemental Information —** *continued*<br> December 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)*

allocation of certain costs to the Fund. In considering the profitability data with respect to the Fund, the Trustees noted that the Adviser reimbursed or waived a portion of its management fees to the Fund. The Trustees reviewed the profitability of the Adviser's relationship with the Fund before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

**<u>Economies of Scale</u>** — The Board considered whether there should be changes in the management fee rate or structure in order to enable the Fund to participate in any economies of scale. The Board also considered the fee waiver and expense reimbursement arrangements by the Adviser. The Board took into account management's discussion of the Fund's current advisory fee structure. The Board also considered the effect of the change in size, if any, of each of the Fund's classes on its performance and fees, noting that the Fund may realize other economies of scale if assets increase proportionally more than expenses. The Board determined that the current investment management fee structure was reasonable.

**<u>Conclusions</u>** — The Board reached the following conclusions regarding the Fund's Advisory Agreement with the Adviser: (i) the Adviser has demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (ii) the Adviser maintains an appropriate compliance program; (iii) the overall performance of the Fund is reasonable in relation to the performance of funds with similar investment objectives and to relevant indices; (iv) the Fund's advisory expenses are reasonable in relation to those of similar funds and to the services to be provided by the Adviser; and (v) the Adviser's and its affiliates' level of profitability from their relationship with the Fund is reasonable in light of the nature and high quality of services provided by the Adviser and its affiliates and the type of fund. Based on its conclusions, the Board determined that continuation of the Advisory Agreement would be in the best interests of the Fund and its shareholders.

------

**Privacy Policy**

**Protecting the Privacy of Information**

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.\*

\* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

------

P.O. Box 182593<br>Columbus, Ohio 43218-2593

![](j2325537_za006.jpg)

Visit our website at: Call <br> vcm.com (800) 235-8396

94420-0223

------

**Item 2. Code of Ethics.**

(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of
ethics in included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant's code of ethics that applies
to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions; on July 1, 2019, the Board of Trustees of USAA Mutual Funds Trust approved a Code of Ethics ("Sarbanes Code")
applicable solely to its senior financial officers, including its principal executive officer (President), as defined under the Sarbanes-Oxley
Act of 2002 and implementing regulations of the Securities and Exchange Commission. A copy of the Sarbanes Code is attached as an Exhibit to
this Form N-CSR.

No waivers (explicit or implicit) have been granted from a provision of the Sarbanes Code.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial experts are Dr. Barbara B. Ostdiek, Ph.D. and Dawn M. Hawley, who are "independent" for purposes of this Item 3 of Form N-CSR.

Dr. Ostdiek has served as an Associate Professor of Management at Rice University since 2001. Dr. Ostdiek also has served as an Academic Director at El Paso Corporation Finance Center since 2002. Ms. Hawley was Chief Financial Officer, Director of Financial Planning and Analysis for AIM Management Group Inc. from October 1987 through January 2006 and was Manager of Finance at Menil Foundation, Inc. from May 2007 through June 2011. Each of Dr. Ostdiek and Ms. Hawley is an independent trustee who serves as a member of the Audit and Compliance Committee, Investments Committee, Product Management and Distribution Committee, and the Corporate Governance Committee of the Board of Trustees of USAA Mutual Funds Trust.

**Item 4. Principal Accountant Fees and Services.**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| <u>(a) Audit Fees (1)</u> | $172290 | $163506 |
| <u>(b) Audit-Related Fees (2)</u> |  |  |
| <u>(c) Tax Fees (3)</u> | 11274 | 5421 |
| <u>(d) All Other Fees (4)</u> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit fees billed were for professional services provided by Ernst & Young LLP for statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the fiscal years ended December 31, 2022 and December 31, 2021, there were no audit-related fees billed by Ernst & Young LLP to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents the aggregate tax fee billed for professional services rendered by Ernst & Young LLP for assistance with foreign tax compliance services and tax consulting fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the fiscal years ended December 31, 2022 and December 31, 2021, there were no other fees billed by Ernst & Young LLP to the Registrant.

(e)(1) All audit and non-audit services to be performed for the Registrant by Ernst & Young LLP must be pre-approved by the Audit and Compliance Committee. The Audit and Compliance Committee Charter also permits the Chair of the Audit and Compliance Committee to pre-approve any permissible non-audit service that must be commenced prior to a scheduled meeting of the Audit and Compliance Committee. All non-audit services were pre-approved by the Audit and Compliance Committee or its Chair, consistent with the Audit and Compliance Committee's preapproval procedures.

(e)(2) There were no services performed under Rule 2.01 (c)(7)(i)(C).

(f) Not applicable.

(g) Aggregate non-audit fees for services rendered to the:

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| 2022.0 | $11274 | $142166 |
| 2021.0 | $5421 | $124184 |

---

(h) The aggregate non-audit fees related to fees billed by Ernst & Young LLP for services rendered to the Registrant; the investment adviser, and the Funds' transfer agent, Victory Capital Transfer Agency Inc., which includes aggregate fees accrued or paid to Ernst & Young LLP for professional services rendered related to the annual study of internal controls of the transfer agent for fiscal years listed above. All services were preapproved by the Audit Committee.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

 **Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

The Corporate Governance Committee selects and nominates candidates for membership on the Board as independent trustees. The Corporate Governance Committee has adopted procedures to consider Board candidates suggested by shareholders. The procedures are initiated by the receipt of nominations submitted by a fund shareholder sent to Board member(s) at the address specified in fund disclosure documents or as received by the Adviser or a fund officer. Any recommendations for a nomination by a shareholder, to be considered by the Board, must include at least the following information: name; date of birth; contact information; education; business profession and other expertise; affiliations; experience relating to serving on the Board; and references. The Corporate Governance Committee gives shareholder recommendations the same consideration as any other candidate.

**Item 11. Controls and Procedures.**

(a)The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Not applicable.

**Item 13. Exhibits.**

[(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](tm232553d1_ex99-codeeth.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.](tm232553d1_ex99-cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable

[(b) Certifications pursuant to Rule 30a-2(b) are attached hereto.](tm232553d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) USAA Mutual Fund Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ James K. De Vries |
|  | James K. De Vries, Principal Financial Officer |

---

Date <u>March 4, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Christopher K. Dyer |
|  | Christopher K. Dyer, Principal Executive Officer |

---

Date <u>March 2, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ James, K. De Vries |
|  | James K. De Vries, Principal Financial Officer |

---

Date <u>March 4, 2023</u>

## Ex-99.Code

**Exhibit 99.CODEETH**

**USAA MUTUAL FUNDS TRUST**

**CODE OF CONDUCT<br> FOR PRINCIPAL EXECUTIVE OFFICER<br> AND PRINCIPAL FINANCIAL OFFICER**

**I.** **Covered Officers/Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of USAA Mutual Funds Trust (the Trust or the Funds) as detailed in in Exhibit A, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits
to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with
the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or
a member of his family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trust already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust and its investment adviser's compliance program and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trust and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trust and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act. Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Obligations of Covered Officers.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather
than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director, governor, trustee,
part-time employment) other than his or her relationship to the Trust, the investment adviser and the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The receipt, as an officer of the Trust, of any gift in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The receipt of any entertainment from any company with which the Trust has current or prospective business dealings, unless
such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any
question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other
than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio
transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such
as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust file with, or submit to, the SEC and in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Responsibilities and conduct.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the appropriate
Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential
violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Compliance Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trust or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Enforcing the Code of Conduct.** The Trust will adhere to the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of appropriate courses
of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify
VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a monetary penalty against the
Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training
by the violator; or recommend modifications to the Trust's policies and procedures.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of conduct adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trust, the Trust's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trust, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trust's investment adviser, administrator or sub-administrator, counsel to the Trust or counsel to the Independent Trustees.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted: July 1, 2019 (USAA Funds) <br>Amended: N/A

**Exhibit A**

**<u>Persons Covered by this Code of Conduct</u>**

USAA Mutual Funds Trust

Principal Executive Officer: Christopher K. Dyer, President

Principal Financial Officer: James De Vries, Treasurer

As of July 1, 2019

**Exhibit B**

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by USAA Mutual Funds Trust (the Trust or the Funds), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

---

| | |
|:---|:---|
| Signature: | /s/ Christopher K. Dyer |
| Print Name: | Christopher K. Dyer |
| Date: | 08/25/2022 |

---

**Exhibit B**

**<u>Acknowledgement</u>**

Pursuant to the requirements of the Code of Conduct adopted by USAA Mutual Funds Trust (the Trust or the Funds), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

---

| | |
|:---|:---|
| Signature: | /s/ James De Vries |
| Print Name: | James De Vries |
| Date: | 08/25/2022 |

---

**Exhibit C**

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by USAA Mutual Funds Trust (the Trust or the Funds), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

---

| | |
|:---|:---|
| Signature: | /s/ Christopher K. Dyer |
| Print Name: | Christopher K. Dyer |
| Date: | 08/25/2022 |

---

**Exhibit C**

**<u>Annual Certification</u>**

Pursuant to the requirements of the Code of Conduct adopted by USAA Mutual Funds Trust (the Trust or the Funds), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

---

| | |
|:---|:---|
| Signature: | /s/ James De Vries |
| Print Name: | James De Vries |
| Date: | 08/25/2022 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Christopher K. Dyer, certify that:

1. I have reviewed this report on Form N-CSR of USAA Mutual
Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 2, 2023 | /s/ Christopher K. Dyer |
| Date | Christopher K. Dyer |
|  | Principal Executive Officer |

---

<u>CERTIFICATIONS</u>

I, James K. De Vries, certify that:

1. I have reviewed this report on Form N-CSR of USAA Mutual
Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| March 7, 2023 | /s/ James K. De Vries |
| Date | James K. De Vries |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of USAA Mutual Funds Trust (the "Registrant").

I, Christopher K. Dyer, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| |
|:---|
| March 2, 2023 |
| Date |
| /s/ Christopher K. Dyer |
| Christopher K. Dyer |
| Principal Executive Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of USAA Mutual Fund Trust (the "Registrant").

I, James K. De Vries, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| |
|:---|
| March 7, 2023 |
| Date |
| /s/ James K. De Vries |
| James K. De Vries |
| Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.