# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-23-040984
**Filing Date:** 2023-2
**Character Count:** 462674
**Document Hash:** f47bf6ce1ac9cbe1fe0d1e905285ee59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-040984.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-040984

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 23670745

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

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

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

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

## Series and Classes Contracts Data

### Target Managed Allocation Fund (Series ID: S000050251)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000158651 | Target Managed Allocation Fund | UTMAX           |

## Nport-Ex

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| <br>**Security Description**  | **Principal Amount** | **Value** |
| **Municipal Bonds (98.9%)** |  |  |
| **California (95.1%):** |  |  |
| Adelanto Public Utility Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 7/1/39, Continuously Callable @100 | $2000 | $2119 |
| Alameda Corridor Transportation Authority Revenue, 10/1/50, Continuously Callable @100(a) | 1250 | 604 |
| Albany Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/1/43, Continuously Callable @100 | 2000 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 8/1/46, Continuously Callable @100 | 1500 | 1449 |
| Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/46, Pre-refunded 5/1/24 @ 100 | 1500 | 1544 |
| Bay Area Toll Authority Revenue, 4.91% (MUNIPSA+125bps), 4/1/36, (Put Date 4/1/27)(b)(c) | 15000 | 15637 |
| Burbank Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/33, Continuously Callable @100 (d)(e) | 3085 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/34, Continuously Callable @100 (e)(f) | 3000 | 3107 |
| California Community Housing Agency Revenue, Series A, 5.00%, 8/1/50, Continuously Callable @100(g) | 2000 | 1772 |
| California County Tobacco Securitization Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/49, Continuously Callable @100 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/49, Continuously Callable @100 | 500 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/49, Continuously Callable @100 | 1000 | 873 |
| California Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/43, Continuously Callable @100 | 2000 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/48, Continuously Callable @100 | 2000 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/37, Continuously Callable @100 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/52, Continuously Callable @100 | 5500 | 5354 |
| California Enterprise Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/49, Continuously Callable @100 | 1900 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/50, Continuously Callable @100 | 680 | 574 |
| California Health Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Pre-refunded 7/1/23 @ 100 | 5000 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/1/39, Continuously Callable @100 | 7375 | 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/39, Continuously Callable @100 | 2100 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/42, Continuously Callable @100 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/45, Continuously Callable @100 | 1800 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/47, Continuously Callable @100 | 10000 | 9556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/49, Continuously Callable @100 | 1700 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/50, Continuously Callable @100 | 2000 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/15/41, Continuously Callable @100 | 14000 | 13506 |
| California Health Facilities Financing Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 | 1050 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44, Continuously Callable @100 | 2300 | 2354 |
| California Infrastructure & Economic Development Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24) (b)(c) | 2250 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/50, Continuously Callable @100 | 4000 | 3560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/56, Continuously Callable @100 | 1200 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/57, Continuously Callable @100 | 1300 | 1328 |
| California Municipal Finance Authority Certificate of Participation (INS - Assured Guaranty Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 11/1/36, Continuously Callable @100 | 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 11/1/52, Continuously Callable @100 | 500 | 523 |
| California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/43, Continuously Callable @100 | 2500 | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 965 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 6500 | 5978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/37, Continuously Callable @100 | 750 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/44, Continuously Callable @100 | 2000 | 1863 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **<br> **Security Description**  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/47, Continuously Callable @100 | $2000 | $2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/50, Continuously Callable @100 | 1000 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/52, Continuously Callable @103 | 750 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/56, Continuously Callable @103 | 1100 | 768 |
| California Municipal Finance Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 5/15/39, Continuously Callable @100 | 1900 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 5/15/46, Continuously Callable @100 | 2100 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 5/15/47, Continuously Callable @102 | 2500 | 2584 |
| California Pollution Control Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 (g) | 6000 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/21/45, Continuously Callable @100 (g) | 2000 | 1896 |
| California Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/37, Continuously Callable @100 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/47, Continuously Callable @100 | 3000 | 2955 |
| California Public Finance Authority Revenue (LOC - Barclays Bank PLC), Series B, 1.85%, 8/1/52, Continuously Callable @100(h) | 1465 | 1465 |
| California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/41, Continuously Callable @100 (g) | 1600 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/41, Pre-refunded 8/1/25 @ 100 (g) | 150 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/42, Continuously Callable @100 (g) | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/46, Continuously Callable @100 (g) | 2050 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/46, Pre-refunded 8/1/25 @ 100 (g) | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/52, Continuously Callable @100 (g) | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 (g) | 1370 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/49, Continuously Callable @100 (g) | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/54, Continuously Callable @100 (g) | 2150 | 2141 |
| California Statewide Communities Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/24 | 290 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/40, Continuously Callable @100 | 2750 | 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/46, Continuously Callable @100 | 2750 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/48, Continuously Callable @100 | 1995 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Continuously Callable @100 | 4000 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/25 | 2180 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/40, Continuously Callable @100 | 650 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/1/45, Continuously Callable @100 | 1500 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/46, Continuously Callable @100 | 2000 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/47, Continuously Callable @100 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/51, Continuously Callable @100 | 3000 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/53, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/57, Continuously Callable @100 | 2500 | 2569 |
| California Statewide Communities Development Authority Revenue (INS - Assured Guaranty Corp.), Series A, 5.25%, 8/15/52, Continuously Callable @100 | 1000 | 1034 |
| California Statewide Communities Development Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program), 4.00%, 11/1/46, Continuously Callable @100 | 4000 | 3766 |
| Centinela Valley Union High School District, GO, Series B, 4.00%, 8/1/50, Continuously Callable @100 | 9500 | 8931 |
| Chino Valley Unified School District, GO, Series B, 4.00%, 8/1/45, Continuously Callable @100 | 1000 | 970 |
| City & County of San Francisco CA Community Facilities District No 2014-1 Special Tax, Series A, 5.00%, 9/1/52, Continuously Callable @100 | 750 | 784 |
| City & County of San Francisco CA Community Facilities District Special Tax, 4.00%, 9/1/52, Callable 9/1/28 @ 103(g) | 1750 | 1419 |
| City & County of San Francisco CA Infrastructure & Revitalization Financing District No 1 Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/52, Continuously Callable @100 (g) | 1250 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/52, Continuously Callable @100 (g) | 640 | 611 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount** | **Value** |
| City of Atwater Wastewater Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 5/1/43, Continuously Callable @100 | $1300 | $1364 |
| City of Fillmore Wastewater Revenue, 5.00%, 5/1/47, Continuously Callable @100 | 2000 | 2094 |
| City of Sacramento CA Special Tax, 5.38%, 9/1/52, Continuously Callable @103(g) | 2000 | 1988 |
| City of San Mateo CA Special Tax (INS-Build America Mutual Assurance Co.), 5.25%, 9/1/44, Continuously Callable @100 | 4000 | 4223 |
| City of Tulare Sewer Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/41, Continuously Callable @100 | 5710 | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/44, Continuously Callable @100 | 5000 | 4963 |
| City of Upland Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/42, Continuously Callable @100 | 3000 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/47, Continuously Callable @100 | 2000 | 1947 |
| City of Vernon CA Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, 5.00%, 8/1/40, Continuously Callable @100 | 375 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, 5.00%, 8/1/41, Continuously Callable @100 | 120 | 124 |
| Corona-Norco Unified School District Special Tax, 5.00%, 9/1/32, Pre-refunded 9/1/23 @ 100 | 1350 | 1368 |
| County of Sacramento Airport System Revenue, Series B, 5.00%, 7/1/41, Continuously Callable @100 | 1100 | 1132 |
| East Bay Municipal Utility District Wastewater System Revenue, Series A-2, 5.00%, 6/1/38 | 9000 | 10305 |
| Elk Grove Finance Authority Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/38, Continuously Callable @100 | 1500 | 1561 |
| Foothill-Eastern Transportation Corridor Agency Revenue, Series B-2, 3.50%, 1/15/53, Continuously Callable @100 | 1500 | 1216 |
| Foothill-Eastern Transportation Corridor Agency Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/34 (e) | 15000 | 9878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/35 (e) | 7500 | 4697 |
| Fresno Joint Powers Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 4.00%, 4/1/46, Continuously Callable @100 | 1225 | 1153 |
| Golden State Tobacco Securitization Corp. Revenue, 5.00%, 6/1/51, Continuously Callable @100 | 1000 | 1027 |
| Grass Valley School District, GO (INS - Build America Mutual Assurance Co.), 5.00%, 8/1/45, Continuously Callable @100 | 2400 | 2495 |
| Hayward Unified School District, GO (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 8/1/44, Continuously Callable @100 | 3000 | 3181 |
| Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/31, Continuously Callable @100 | 2940 | 2945 |
| Inglewood Unified School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/1/38, Continuously Callable @100 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/37, Continuously Callable @100 | 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/39, Continuously Callable @100 | 450 | 450 |
| Inglewood Unified School District, GO (INS-Assured Guaranty Municipal Corp.), Series A, 4.00%, 8/1/46, Continuously Callable @100 | 3550 | 3392 |
| Irvine Unified School District Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/45, Continuously Callable @100 | 3000 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/39, Continuously Callable @100 | 1020 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/42, Continuously Callable @100 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/47, Continuously Callable @100 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 9/1/42, Continuously Callable @100 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 9/1/47, Continuously Callable @100 | 525 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 9/1/49, Continuously Callable @100 | 1000 | 1007 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount** | **Value** |
| Irvine Unified School District Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/56, Continuously Callable @100 | $6000 | $6194 |
| Irvine Unified School District Special Tax (INS-Build America Mutual Assurance Co.), Series A, 4.00%, 9/1/50, Continuously Callable @100 | 1800 | 1688 |
| Jurupa Public Financing Authority Special Tax, Series A, 5.00%, 9/1/42, Continuously Callable @100 | 1000 | 1021 |
| Local Public Schools Funding Authority School Improvement District No. 2016-1, GO (INS - Build America Mutual Assurance Co.), Series A, 4.00%, 8/1/52, Continuously Callable @100 | 1500 | 1393 |
| Long Beach Bond Finance Authority Revenue, Series A, 5.00%, 11/15/35 | 3875 | 4012 |
| Los Angeles County Facilities, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/51, Pre-refunded 12/1/28 @ 100 | 1560 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/51, Continuously Callable @100 | 2440 | 2538 |
| Los Angeles County Public Works Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/44, Continuously Callable @100 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 12/1/45, Continuously Callable @100 | 6000 | 6175 |
| March Joint Powers Redevelopment Agency Successor Agency Tax Allocation (INS - Build America Mutual Assurance Co.), Series A, 4.00%, 8/1/41, Continuously Callable @100 | 5790 | 5795 |
| Middle Fork Project Finance Authority Revenue, 5.00%, 4/1/33, Continuously Callable @100 | 2205 | 2386 |
| Monrovia Financing Authority Revenue, 5.00%, 12/1/45, Continuously Callable @100 | 3435 | 3536 |
| Monrovia Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 12/1/45, Continuously Callable @100 | 2345 | 2395 |
| Moreno Valley Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 5.00%, 8/1/47, Continuously Callable @100 | 6500 | 6875 |
| Mountain View School District/Los Angeles County, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/48, Continuously Callable @100 | 3315 | 3427 |
| Norwalk Redevelopment Agency Tax Allocation (INS - National Public Finance Guarantee Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30, Continuously Callable @100 | 5000 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 3500 | 3505 |
| Norwalk-La Mirada Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series C, 8/1/30(e) | 7500 | 5939 |
| Palomar Health, GO (INS - Assured Guaranty Municipal Corp.), Series A, 8/1/31(e) | 12230 | 8551 |
| Palomar Health, GO (INS - National Public Finance Guarantee Corp.), Series A, 8/1/26(e) | 5500 | 4874 |
| Perris Union High School District, GO (INS - Assured Guaranty Corp.), Series A, 4.00%, 9/1/48, Continuously Callable @100 | 5000 | 4818 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/29, Continuously Callable @100 | 2000 | 2137 |
| Pomona Unified School District, GO (INS - Build America Mutual Assurance Co.), Series F, 5.00%, 8/1/39, Continuously Callable @100 | 1500 | 1552 |
| Poway Unified School District Special Tax (INS - Assured Guaranty Municipal Corp.), 4.00%, 9/1/50, Continuously Callable @100 | 4750 | 4424 |
| Regents of the University of California Medical Center Pooled Revenue, Series L, 4.00%, 5/15/44, Continuously Callable @100 | 2000 | 1942 |
| Rio Elementary School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100 | 2800 | 2724 |
| River Islands Public Financing Authority (INS-Assured Guaranty Corp.), Series A-1, 5.25%, 9/1/52, Continuously Callable @103 | 1500 | 1629 |
| River Islands Public Financing Authority Special Tax, Series 2016-1, 5.25%, 9/1/52, Continuously Callable @103 | 2000 | 2151 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount**  | **Value** |
| Riverside County Public Financing Authority Tax Allocation (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/36, Continuously Callable @100 | $1250 | $1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/37, Continuously Callable @100 | 1625 | 1632 |
| Riverside County Redevelopment Successor Agency Tax Allocation (INS - Build America Mutual Assurance Co.), Series B, 4.00%, 10/1/37, Continuously Callable @100 | 2000 | 2014 |
| Riverside County Transportation Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 6/1/39, Pre-refunded 6/1/23 @ 100 | 2000 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 4.00%, 6/1/46, Continuously Callable @100 | 3000 | 2770 |
| RNR School Financing Authority Special Tax (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 9/1/41, Continuously Callable @100 | 2000 | 2068 |
| Sacramento Area Flood Control Agency Special Assessment, 5.00%, 10/1/44, Continuously Callable @100 | 2000 | 2025 |
| Sacramento City Unified School District CA, GO (INS-Build America Mutual Assurance Co.), Series A, 5.50%, 8/1/52, Continuously Callable @100 | 1500 | 1638 |
| Sacramento City Unified School District, GO (INS - Build America Mutual Assurance Co.), Series S, 5.00%, 7/1/38, Continuously Callable @100 | 1020 | 1032 |
| San Bruno Park Elementary School District, GO, Series A, 5.00%, 8/1/48, Continuously Callable @100 | 3000 | 3112 |
| San Diego County Regional Airport Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/49, Continuously Callable @100 | 2000 | 2087 |
| San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100 | 2500 | 2578 |
| San Francisco City & County Airport Comm-San Francisco International Airport Revenue, Series B, 4.00%, 5/1/52, Continuously Callable @100 | 3100 | 2833 |
| San Leandro Unified School District, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/43, Continuously Callable @100 | 2750 | 2920 |
| San Luis & Delta Mendota Water Authority Revenue (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 3/1/38, Pre-refunded 3/1/23 @ 100 | 1500 | 1505 |
| San Ramon Redevelopment Agency Successor Agency Tax Allocation (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 2/1/38, Continuously Callable @100 | 5000 | 5153 |
| Santa Clarita Community College District, GO, 4.00%, 8/1/46, Continuously Callable @100 | 5250 | 5117 |
| Santa Cruz County Redevelopment Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/35, Continuously Callable @100 | 6000 | 6347 |
| Santa Rosa High School District, GO (INS - Assured Guaranty Municipal Corp.), Series C, 5.00%, 8/1/43, Continuously Callable @100 | 1000 | 1049 |
| State of California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/47, Continuously Callable @100 | 19000 | 19803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/52, Continuously Callable @100 | 1000 | 1093 |
| Stockton Public Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/40, Continuously Callable @100 | 920 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/47, Continuously Callable @100 | 2760 | 2615 |
| Sweetwater Union High School District, GO, Series A1, 5.00%, 8/1/52, Continuously Callable @100 | 1000 | 1072 |
| Tahoe-Truckee Unified School District Certificate of Participation (INS - Build America Mutual Assurance Co.), 4.00%, 6/1/43, Continuously Callable @100 | 1000 | 989 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Principal Amount** | **Value** |
| Temecula Valley Unified School District Financing Authority Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/40, Continuously Callable @100 | $1575 | $1625 |
| Temecula Valley Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100 | 7500 | 7423 |
| Tobacco Securitization Authority of Southern California Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/48, Continuously Callable @100 | 880 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/48, Continuously Callable @100 | 2175 | 2196 |
| Transbay Joint Powers Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/49, Continuously Callable @100 | 800 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.40%, 10/1/49, Continuously Callable @100 | 160 | 156 |
| University of California Revenue, 5.00%, 5/15/52, Continuously Callable @100 | 2500 | 2718 |
| Vacaville Unified School District, GO, Series D, 4.00%, 8/1/45, Continuously Callable @100 | 1850 | 1799 |
| Val Verde Unified School District Certificate of Participation (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/34, Continuously Callable @100 | 1105 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/35, Continuously Callable @100 | 1530 | 1607 |
| Val Verde Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series C, 4.00%, 8/1/45, Continuously Callable @100 | 4475 | 4340 |
| Val Verde Unified School District, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/44, Pre-refunded 8/1/25 @ 100 | 4000 | 4245 |
| Victor Valley Union High School District, GO (INS - Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/37, Continuously Callable @100 | 5000 | 5050 |
| Washington Township Health Care District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/42, Continuously Callable @100 | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/51, Continuously Callable @100 | 3280 | 3054 |
| Western Placer Unified School District Certificate of Participation (INS - Assured Guaranty Municipal Corp.), 4.00%, 8/1/41, Continuously Callable @100 | 6000 | 5879 |
|  |  | 496943 |
| **Guam (3.2%):** |  |  |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100 | 4000 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/46, Continuously Callable @100 | 7000 | 6895 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @100 | 2800 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/41, Continuously Callable @100 | 2635 | 2710 |
|  |  | 16500 |
| **Virgin Islands (0.6%):** |  |  |
| Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/33, Continuously Callable @100(g) | 3000 | 3154 |
| **Total Municipal Bonds (Cost $534,061)** |  | 516597 |
| **Total Investments (Cost $534,061) — 98.9%** |  | 516597 |
| **Other assets in excess of liabilities — 1.1%** |  | 5817 |
| **NET ASSETS - 100.00%** |  | $522414 |

---

(a) Stepped-coupon
 security converts to coupon form on 10/1/37 with a rate of 5.40%

(b) Variable or Floating-Rate
 Security. Rate disclosed is as of December 31, 2022.

(c) Put Bond.

(d) Stepped-coupon
 security converts to coupon form on 8/1/23 with a rate of 4.30%

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA California Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

(e) Zero-coupon bond.

(f) Stepped-coupon
 security converts to coupon form on 8/1/23 with a rate of 4.35%

(g) 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 $28,453 thousands and amounted to 5.4% of net assets.

(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.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

LOC—Letter of Credit

MUNIPSA—Municipal Swap Index

PLC—Public Limited Company

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.

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (99.5%)** | **Common Stocks (99.5%)** | **Common Stocks (99.5%)** |
| **Australia (0.3%):** | | |
| **Consumer Staples (0.3%):** |  |  |
| Coles Group Ltd. | 13421 | $152 |
| **Austria (0.7%):** |  |  |
| **Energy (0.5%):** |  |  |
| OMV AG | 4748 | 244 |
| **Utilities (0.2%):** |  |  |
| Verbund AG | 1433 | 121 |
|  |  | 365 |
| **Belgium (0.1%):** |  |  |
| **Communication Services (0.1%):** |  |  |
| Telenet Group Holding NV | 4803 | 78 |
| **Canada (5.9%):** |  |  |
| **Consumer Discretionary (0.4%):** |  |  |
| Dollarama, Inc. | 3899 | 228 |
| **Consumer Staples (0.1%):** |  |  |
| Metro, Inc. | 1399 | 77 |
| **Energy (0.7%):** |  |  |
| Canadian Natural Resources Ltd. | 5789 | 322 |
| Tourmaline Oil Corp. | 1811 | 91 |
|  |  | 413 |
| **Financials (4.0%):** |  |  |
| Bank of Montreal | 5065 | 459 |
| Great-West Lifeco, Inc. | 12484 | 289 |
| IGM Financial, Inc. | 10340 | 289 |
| Manulife Financial Corp. | 13254 | 236 |
| Royal Bank of Canada | 771 | 72 |
| Sun Life Financial, Inc. | 6426 | 298 |
| The Bank of Nova Scotia | 4500 | 221 |
| The Toronto-Dominion Bank | 5611 | 363 |
|  |  | 2227 |
| **Materials (0.4%):** |  |  |
| West Fraser Timber Co. Ltd. | 3194 | 231 |
| **Utilities (0.3%):** |  |  |
| Canadian Utilities Ltd. Class A | 6500 | 176 |
|  |  | 3352 |
| **Denmark (1.4%):** |  |  |
| **Health Care (1.0%):** |  |  |
| Coloplast A/S Class B | 1119 | 131 |
| Novo Nordisk A/S Class B | 3439 | 467 |
|  |  | 598 |
| **Industrials (0.4%):** |  |  |
| AP Moller - Maersk A/S Class B | 95 | 213 |
|  |  | 811 |
| **Finland (0.1%):** |  |  |
| **Communication Services (0.1%):** |  |  |
| Elisa Oyj | 1132 | 60 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **France (1.3%):** | | |
| **Consumer Staples (0.4%):** |  |  |
| L'Oreal SA | 604 | $216 |
| **Health Care (0.4%):** |  |  |
| Sanofi | 2432 | 235 |
| **Industrials (0.5%):** |  |  |
| Bouygues SA | 8738 | 262 |
|  |  | 713 |
| **Germany (2.2%):** |  |  |
| **Consumer Discretionary (0.2%):** |  |  |
| Volkswagen AG Preference Shares | 947 | 117 |
| **Financials (0.9%):** |  |  |
| Allianz SE Registered Shares | 2330 | 498 |
| **Industrials (0.3%):** |  |  |
| Deutsche Post AG Registered Shares | 4390 | 164 |
| **Utilities (0.8%):** |  |  |
| E.ON SE | 22291 | 222 |
| RWE AG | 5078 | 224 |
|  |  | 446 |
|  |  | 1225 |
| **Hong Kong (0.6%):** |  |  |
| **Industrials (0.3%):** |  |  |
| SITC International Holdings Co. Ltd. | 66000 | 147 |
| **Utilities (0.3%):** |  |  |
| Power Assets Holdings Ltd. | 37000 | 202 |
|  |  | 349 |
| **Ireland (0.2%):** |  |  |
| **Health Care (0.2%):** |  |  |
| Medtronic PLC | 1251 | 97 |
| **Italy (0.5%):** |  |  |
| **Utilities (0.5%):** |  |  |
| Snam SpA | 28565 | 139 |
| Terna - Rete Elettrica Nazionale | 19120 | 141 |
|  |  | 280 |
| **Japan (8.1%):** |  |  |
| **Communication Services (1.3%):** |  |  |
| KDDI Corp. | 11200 | 340 |
| Nippon Telegraph & Telephone Corp. | 14000 | 399 |
|  |  | 739 |
| **Consumer Discretionary (0.8%):** |  |  |
| Iida Group Holdings Co. Ltd. | 10900 | 166 |
| Toyota Motor Corp. | 10800 | 147 |
| ZOZO, Inc. | 6800 | 168 |
|  |  | 481 |
| **Consumer Staples (0.3%):** |  |  |
| Seven & i Holdings Co. Ltd. | 3400 | 146 |
| **Energy (0.2%):** |  |  |
| ENEOS Holdings, Inc. | 38200 | 130 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Financials (1.9%):** |  |  |
| Japan Post Holdings Co. Ltd. | 24600 | $207 |
| ORIX Corp. | 9100 | 146 |
| Resona Holdings, Inc. | 29800 | 164 |
| Sumitomo Mitsui Financial Group, Inc. | 10000 | 402 |
| Tokio Marine Holdings, Inc. | 7100 | 152 |
|  |  | 1071 |
| **Health Care (0.2%):** |  |  |
| Hoya Corp. | 1100 | 105 |
| **Industrials (2.1%):** |  |  |
| ITOCHU Corp. | 8200 | 257 |
| Kajima Corp. | 13900 | 162 |
| Mitsubishi Corp. | 7200 | 234 |
| Mitsui & Co. Ltd. | 6700 | 195 |
| Mitsui Osk Lines Ltd. (a) | 12900 | 322 |
|  |  | 1170 |
| **Information Technology (0.9%):** |  |  |
| FUJIFILM Holdings Corp. | 2200 | 110 |
| Fujitsu Ltd. | 1100 | 147 |
| Nomura Research Institute Ltd. | 6800 | 162 |
| Seiko Epson Corp. | 5100 | 74 |
|  |  | 493 |
| **Materials (0.4%):** |  |  |
| Nissan Chemical Corp. | 1300 | 57 |
| Sumitomo Metal Mining Co. Ltd. | 5700 | 200 |
|  |  | 257 |
|  |  | 4592 |
| **Netherlands (2.4%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Koninklijke KPN NV | 56389 | 174 |
| **Consumer Staples (0.7%):** |  |  |
| Koninklijke Ahold Delhaize NV | 13938 | 401 |
| **Industrials (0.6%):** |  |  |
| Wolters Kluwer NV | 3057 | 320 |
| **Information Technology (0.4%):** |  |  |
| ASML Holding NV | 445 | 243 |
| **Materials (0.4%):** |  |  |
| LyondellBasell Industries NV Class A | 2763 | 229 |
|  |  | 1367 |
| **Norway (0.8%):** |  |  |
| **Materials (0.8%):** |  |  |
| Yara International ASA | 9897 | 435 |
| **Singapore (0.3%):** |  |  |
| **Financials (0.3%):** |  |  |
| Singapore Exchange Ltd. | 26400 | 177 |
| **Spain (0.2%):** |  |  |
| **Utilities (0.2%):** |  |  |
| Enagas SA | 6585 | 110 |
| **Switzerland (5.4%):** |  |  |
| **Communication Services (0.3%):** |  |  |
| Swisscom AG Registered Shares | 281 | 154 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Consumer Discretionary (0.3%):** |  |  |
| Garmin Ltd. | 1881 | $174 |
| **Consumer Staples (0.9%):** |  |  |
| Nestle SA Registered Shares | 4121 | 476 |
| **Financials (1.0%):** |  |  |
| Partners Group Holding AG | 207 | 183 |
| Zurich Insurance Group AG | 843 | 403 |
|  |  | 586 |
| **Health Care (1.9%):** |  |  |
| Novartis AG Registered Shares | 8016 | 726 |
| Roche Holding AG | 1109 | 348 |
|  |  | 1074 |
| **Industrials (0.8%):** |  |  |
| Geberit AG Registered Shares | 660 | 312 |
| SGS SA Registered Shares | 58 | 135 |
|  |  | 447 |
| **Materials (0.2%):** |  |  |
| Holcim AG | 2542 | 132 |
|  |  | 3043 |
| **United Kingdom (1.3%):** |  |  |
| **Consumer Staples (0.5%):** |  |  |
| British American Tobacco PLC | 6605 | 261 |
| **Health Care (0.2%):** |  |  |
| GSK PLC | 7672 | 133 |
| **Industrials (0.4%):** |  |  |
| RELX PLC | 8774 | 242 |
| **Information Technology (0.2%):** |  |  |
| The Sage Group PLC | 13234 | 119 |
|  |  | 755 |
| **United States (67.7%):** |  |  |
| **Communication Services (3.3%):** |  |  |
| AT&T, Inc. | 21428 | 395 |
| Omnicom Group, Inc. | 4862 | 397 |
| Sirius XM Holdings, Inc. (a) | 52800 | 308 |
| The Interpublic Group of Cos., Inc. | 6559 | 218 |
| Verizon Communications, Inc. | 14164 | 558 |
|  |  | 1876 |
| **Consumer Discretionary (6.4%):** |  |  |
| Best Buy Co., Inc. | 6512 | 522 |
| Genuine Parts Co. | 3134 | 544 |
| Lowe's Cos., Inc. | 2334 | 465 |
| McDonald's Corp. | 1375 | 362 |
| Starbucks Corp. | 1909 | 189 |
| Target Corp. | 2559 | 382 |
| The Home Depot, Inc. | 2478 | 783 |
| Tractor Supply Co. | 1085 | 244 |
| Whirlpool Corp. | 913 | 129 |
|  |  | 3620 |
| **Consumer Staples (5.9%):** |  |  |
| Campbell Soup Co. | 4710 | 267 |
| Colgate-Palmolive Co. | 3883 | 306 |
| General Mills, Inc. | 5218 | 438 |
| Kellogg Co. | 2072 | 148 |
| Kimberly-Clark Corp. | 745 | 101 |
| Philip Morris International, Inc. | 5392 | 546 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| The Coca-Cola Co. | 4366 | $278 |
| The Hershey Co. | 921 | 213 |
| The Kroger Co. | 4347 | 194 |
| The Procter & Gamble Co. | 3817 | 578 |
| Tyson Foods, Inc. Class A | 3145 | 196 |
| Walgreens Boots Alliance, Inc. | 2368 | 88 |
|  |  | 3353 |
| **Energy (3.4%):** |  |  |
| ConocoPhillips | 3019 | 356 |
| Coterra Energy, Inc. | 4931 | 121 |
| Devon Energy Corp. | 4799 | 295 |
| EOG Resources, Inc. | 3250 | 421 |
| Exxon Mobil Corp. | 1540 | 170 |
| Marathon Petroleum Corp. | 1899 | 221 |
| Valero Energy Corp. | 2426 | 308 |
|  |  | 1892 |
| **Financials (7.2%):** |  |  |
| Aflac, Inc. | 3700 | 266 |
| Ameriprise Financial, Inc. | 1027 | 320 |
| Aon PLC Class A | 528 | 158 |
| Comerica, Inc. | 1389 | 93 |
| Erie Indemnity Co. Class A | 1217 | 303 |
| Fifth Third Bancorp | 3438 | 113 |
| Huntington Bancshares, Inc. | 8192 | 116 |
| KeyCorp | 9947 | 173 |
| M&T Bank Corp. | 1552 | 225 |
| MetLife, Inc. | 4221 | 305 |
| Morgan Stanley | 3816 | 324 |
| MSCI, Inc. | 554 | 258 |
| Regions Financial Corp. | 21174 | 457 |
| The Allstate Corp. | 3932 | 533 |
| The Goldman Sachs Group, Inc. | 866 | 297 |
| The PNC Financial Services Group, Inc. | 943 | 149 |
|  |  | 4090 |
| **Health Care (11.1%):** |  |  |
| Abbott Laboratories | 1054 | 116 |
| AbbVie, Inc. | 2831 | 458 |
| AmerisourceBergen Corp. | 550 | 91 |
| Amgen, Inc. | 2732 | 718 |
| Bristol-Myers Squibb Co. | 3256 | 234 |
| Cardinal Health, Inc. | 6211 | 477 |
| Cigna Corp. | 918 | 304 |
| CVS Health Corp. | 2028 | 189 |
| Danaher Corp. | 534 | 142 |
| Elevance Health, Inc. | 784 | 402 |
| Eli Lilly & Co. | 1775 | 649 |
| Johnson & Johnson | 4762 | 841 |
| Pfizer, Inc. | 7704 | 395 |
| Quest Diagnostics, Inc. | 1116 | 175 |
| Stryker Corp. | 460 | 112 |
| Thermo Fisher Scientific, Inc. | 258 | 142 |
| UnitedHealth Group, Inc. | 1573 | 834 |
|  |  | 6279 |
| **Industrials (8.3%):** |  |  |
| 3M Co. | 3247 | 389 |
| C.H. Robinson Worldwide, Inc. | 858 | 79 |
| Cummins, Inc. | 1636 | 396 |
| Fastenal Co. | 5169 | 245 |
| Honeywell International, Inc. | 956 | 205 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Illinois Tool Works, Inc. | 1208 | $266 |
| Lockheed Martin Corp. | 1620 | 788 |
| Northrop Grumman Corp. | 452 | 247 |
| PACCAR, Inc. | 2348 | 232 |
| Republic Services, Inc. | 668 | 86 |
| Robert Half International, Inc. | 5626 | 415 |
| Rockwell Automation, Inc. | 522 | 134 |
| Snap-on, Inc. | 700 | 160 |
| Union Pacific Corp. | 547 | 113 |
| United Parcel Service, Inc. Class B | 2937 | 511 |
| W.W. Grainger, Inc. | 566 | 315 |
| Waste Management, Inc. | 482 | 76 |
|  |  | 4657 |
| **Information Technology (15.8%):** |  |  |
| Apple, Inc. | 17694 | 2300 |
| Broadcom, Inc. | 429 | 240 |
| Cisco Systems, Inc. | 15213 | 725 |
| Hewlett Packard Enterprise Co. | 12600 | 201 |
| HP, Inc. | 19588 | 526 |
| Intel Corp. | 4699 | 124 |
| Juniper Networks, Inc. | 4700 | 150 |
| Mastercard, Inc. Class A | 1954 | 679 |
| Microsoft Corp. | 6867 | 1647 |
| NetApp, Inc. | 3825 | 230 |
| Oracle Corp. | 2079 | 170 |
| Paychex, Inc. | 3287 | 380 |
| QUALCOMM, Inc. | 1417 | 156 |
| Texas Instruments, Inc. | 4024 | 665 |
| The Western Union Co. | 41976 | 578 |
| Visa, Inc. Class A | 758 | 157 |
|  |  | 8928 |
| **Materials (2.7%):** |  |  |
| Air Products and Chemicals, Inc. | 307 | 95 |
| CF Industries Holdings, Inc. | 4765 | 406 |
| Nucor Corp. | 3999 | 527 |
| Packaging Corp. | 1672 | 214 |
| RPM International, Inc. | 1083 | 106 |
| The Sherwin-Williams Co. | 747 | 177 |
|  |  | 1525 |
| **Utilities (3.6%):** |  |  |
| American Electric Power Co., Inc. | 3126 | 297 |
| Duke Energy Corp. | 4672 | 481 |
| OGE Energy Corp. | 6617 | 262 |
| Sempra Energy | 885 | 137 |
| The Southern Co. | 6817 | 487 |
| UGI Corp. | 10472 | 388 |
|  |  | 2052 |
|  |  | 38272 |
| **Total Common Stocks (Cost $47,574)** |  | 56233 |
| **Collateral for Securities Loaned (0.6%)^** |  |  |
| **United States (0.6%):** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (b) | 78386 | 78 |
| HSBC U.S. Government Money Market Fund, I Shares, 4.13% (b) | 78386 | 78 |
| Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (b) | 78386 | 78 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Global Equity Income Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (b) | 78386 | $78 |
| **Total Collateral for Securities Loaned (Cost $312)** |  | 312 |
| **Total Investments (Cost $47,886) — 100.1%** |  | 56545 |
| **Liabilities in excess of other assets — (0.1)%** |  | (39) |
| **NET ASSETS - 100.00%** |  | $56506 |

---

^ Purchased with cash collateral from securities on loan. <br> (a) All or a portion of this security is on loan. <br> (b) Rate disclosed is the daily yield on December 31, 2022.

PLC—Public Limited Company

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or Principal<br> Amount** | **Value** |
| **Other Equity Interests (0.0%)(a)** | **Other Equity Interests (0.0%)(a)** | **Other Equity Interests (0.0%)(a)** |
| **Utilities (0.0%):** |  |  |
| CMS Liquidating Trust (b)(c) | 200 | $10 |
| **Total Other Equity Interests (Cost $499)** |  | 10 |
| **Municipal Bonds (98.8%)** |  |  |
| **New York (93.7%):** |  |  |
| Albany Capital Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/49, Continuously Callable @100 | $1500 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/51, Continuously Callable @100 | 850 | 735 |
| Albany County Airport Authority Revenue, Series A, 5.00%, 12/15/48, Continuously Callable @100 | 1000 | 1033 |
| Allegany County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/52, Continuously Callable @100 | 1000 | 973 |
| Brookhaven Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/36, Continuously Callable @100 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/45, Continuously Callable @100 | 1000 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/1/55, Continuously Callable @102 | 1000 | 738 |
| Broome County Local Development Corp. Revenue, 4.00%, 1/1/47, Continuously Callable @103 | 500 | 368 |
| Buffalo & Erie County Industrial Land Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/40, Continuously Callable @100 | 2000 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/52, Continuously Callable @100 | 1000 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/35, Continuously Callable @103 | 1000 | 1019 |
| Build NYC Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/40, Continuously Callable @100 | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/41, Continuously Callable @100 | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/42, Continuously Callable @100 | 1000 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/43, Continuously Callable @100 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/45, Continuously Callable @100 | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | 2000 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/48, Continuously Callable @102 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/49, Continuously Callable @100 | 500 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/52, Continuously Callable @100 (d) | 750 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/56, Continuously Callable @100 | 500 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/62, Continuously Callable @100 (d) | 250 | 242 |
| Bushnell's Basin Fire Association, Inc. Revenue, 3.00%, 11/1/30 | 2220 | 1876 |
| City of Elmira, GO, 5.00%, 7/1/35, Continuously Callable @100 | 1575 | 1737 |
| City of Long Beach NY, GO (INS-Build America Mutual Assurance Co.), Series B, 4.63%, 7/15/52, Continuously Callable @100 | 2000 | 1941 |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.25%, 10/1/42, Continuously Callable @100 | 1000 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.25%, 10/1/47, Continuously Callable @100 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 3.75%, 10/1/46, Continuously Callable @100 (e) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 4.00%, 12/1/43, Continuously Callable @100 | 4000 | 3917 |
| City of Newburgh, GO, Series A, 5.00%, 6/15/23, Continuously Callable @100 | 825 | 826 |
| City of Poughkeepsie, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/27 | 235 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29 | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/30 | 135 | 137 |
| City of Yonkers, GO (INS - Assured Guaranty Municipal Corp.), Series A, 3.00%, 7/1/25, Continuously Callable @100 | 665 | 665 |
| County of Nassau, GO, Series A, 5.00%, 1/1/38, Continuously Callable @100 | 1000 | 1050 |
| County of Nassau, GO (INS - Assured Guaranty Municipal Corp.), Series C, 5.00%, 4/1/38, Continuously Callable @100 | 1000 | 1005 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Dutchess County Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | $600 | $602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/45, Continuously Callable @100 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/41, Continuously Callable @100 | 2000 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/49, Continuously Callable @100 | 1750 | 1452 |
| Genesee County Funding Corp. Revenue, Series A, 5.25%, 12/1/52, Continuously Callable @100 | 750 | 760 |
| Hempstead Town Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Continuously Callable @100 | 300 | 303 |
| Hudson Yards Infrastructure Corp. Revenue, Series A, 4.00%, 2/15/44, Continuously Callable @100 | 2000 | 1893 |
| Jefferson County Civic Facility Development Corp. Revenue, 4.00%, 11/1/47, Continuously Callable @100 | 1000 | 797 |
| Long Island Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/44, Continuously Callable @100 | 2000 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/41, Continuously Callable @100 | 1000 | 1033 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.25%, 11/15/56, Continuously Callable @100 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/15/50, Continuously Callable @100 | 1000 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00%, 11/15/34, Continuously Callable @100 | 3000 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-3, 4.00%, 11/15/49, Continuously Callable @100 | 2000 | 1603 |
| Monroe County Industrial Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/46, Continuously Callable @100 | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/46, Continuously Callable @100 | 2000 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/47, Continuously Callable @100 | 1000 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/59, Continuously Callable @100 (d) | 1000 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/37, Continuously Callable @100 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/42, Continuously Callable @100 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/43, Continuously Callable @100 | 1000 | 959 |
| Monroe County Industrial Development Corp. Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 1/15/38, Continuously Callable @100 | 500 | 511 |
| New York City Housing Development Corp. Revenue, Series K, 4.20%, 11/1/58, Continuously Callable @100 | 2990 | 2550 |
| New York City Industrial Development Agency Revenue, 4.00%, 3/1/45, Continuously Callable @100 | 1005 | 920 |
| New York City Industrial Development Agency Revenue (INS - Assured Guaranty Municipal Corp.), 2.25%, 10/1/29 | 1025 | 966 |
| New York City Municipal Water Finance Authority Revenue, Series DD, 3.75%, 6/15/33, Continuously Callable @100(e) | 4600 | 4600 |
| New York City Transitional Finance Authority Building Aid Revenue, Series S, 4.00%, 7/15/45, Continuously Callable @100 | 2000 | 1913 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/41, Continuously Callable @100 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/42, Continuously Callable @100 | 2000 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 8/1/41, Continuously Callable @100 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00%, 11/1/46, Continuously Callable @100 | 2000 | 2144 |
| New York City Trust for Cultural Resources Revenue, 4.00%, 7/1/46, Continuously Callable @100 | 1000 | 914 |
| New York Convention Center Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/45, Continuously Callable @100 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series S, 11/15/37 (f) | 1000 | 506 |
| New York Convention Center Development Corp. Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 11/15/48(f) | 2000 | 521 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/1/35 | 2500 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/1/37 | 560 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/44, Continuously Callable @100 (d) | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 1500 | 1345 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | $500 | $513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37, Continuously Callable @100 (d) | 1300 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/38, Continuously Callable @100 | 2000 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/40, Continuously Callable @100 (c)(d) | 3000 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/43, Continuously Callable @100 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/1/43, Continuously Callable @100 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/1/44, Continuously Callable @100 | 1000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Pre-refunded 7/1/28 @ 100 | 430 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/48, Continuously Callable @100 | 570 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/49, Continuously Callable @100 | 750 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51, Continuously Callable @100 | 725 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/57, Continuously Callable @100 | 1000 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/38, Continuously Callable @100 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/43, Continuously Callable @100 | 2000 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/44, Continuously Callable @100 | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/45, Continuously Callable @100 | 2250 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/48, Continuously Callable @100 | 3000 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/49, Continuously Callable @100 | 1500 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/50, Continuously Callable @100 | 500 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 7/1/45, Continuously Callable @100 | 3000 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/47, Continuously Callable @100 | 1000 | 960 |
| New York State Dormitory Authority Revenue (INS - AMBAC Assurance Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1, 5.50%, 7/1/40 | 2000 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 5/15/30 | 3275 | 3862 |
| New York State Dormitory Authority Revenue (NBGA - State of New York Mortgage Agency), 5.00%, 6/1/33, Continuously Callable @100 | 1990 | 1993 |
| New York State Thruway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/56, Continuously Callable @100 | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/50, Continuously Callable @100 | 1000 | 882 |
| Oneida County Local Development Corp. Revenue, 4.00%, 7/1/39, Continuously Callable @100 | 750 | 641 |
| Oneida County Local Development Corp. Revenue (INS-Assured Guaranty Corp.), 4.00%, 12/1/51, Continuously Callable @100 | 500 | 444 |
| Onondaga Civic Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/40, Continuously Callable @100 | 1000 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/43, Continuously Callable @100 | 740 | 749 |
| Onondaga County Trust for Cultural Resources Revenue, 5.00%, 5/1/40, Continuously Callable @100 | 800 | 810 |
| Southold Local Development Corp. Revenue, 5.00%, 12/1/45, Continuously Callable @100 | 1000 | 958 |
| St. Lawrence County Industrial Development Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/43, Continuously Callable @100 | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/47, Continuously Callable @100 | 1770 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/52, Continuously Callable @100 | 1000 | 1064 |
| State of New York Mortgage Agency Revenue, Series 211, 3.80%, 10/1/48, Continuously Callable @100 | 1370 | 1307 |
| Suffolk County Economic Development Corp. Revenue, Series C, 5.00%, 7/1/33, Continuously Callable @100 | 250 | 257 |
| Tompkins County Development Corp. Revenue, 5.00%, 7/1/44, Continuously Callable @100 | 1375 | 1334 |
| Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/52, Continuously Callable @100 | 3000 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 11/15/32 (f) | 1000 | 717 |
| TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 | 1000 | 1010 |
| Westchester County Healthcare Corp. Revenue, Series B, 6.00%, 11/1/30, Continuously Callable @100 | 125 | 125 |
| Westchester County Local Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/42, Continuously Callable @104 | 450 | 461 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA New York Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/46, Continuously Callable @100 | $1000 | $1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/47, Continuously Callable @100 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/51, Continuously Callable @103 | 1000 | 951 |
| Westchester Tobacco Asset Securitization Revenue, Series B, 5.00%, 6/1/41, Continuously Callable @100 | 500 | 511 |
|  |  | 148206 |
| **Guam (5.1%):** |  |  |
| Antonio B. Won Pat International Airport Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 5.75%, 10/1/43, Pre-refunded 10/1/23 @ 100 | 1000 | 1020 |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 500 | 504 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/37, Continuously Callable @100 | 1165 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/41, Continuously Callable @100 | 1250 | 1285 |
| Guam Power Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/39, Continuously Callable @100 | 500 | 513 |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/46, Continuously Callable @100 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/15/39, Continuously Callable @100 | 1000 | 1001 |
|  |  | 8041 |
| **Total Municipal Bonds (Cost $167,121)** |  | 156247 |
| **Total Investments (Cost $167,620) — 98.8%** |  | 156257 |
| **Other assets in excess of liabilities — 1.2%** |  | 1967 |
| **NET ASSETS - 100.00%** |  | $158224 |

---

(a) Amount
 represents less than 0.05% of net assets.

(b) Non-income producing
 security.

(c) 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 1.6% of the Fund's 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 $6,635 thousands and amounted to 4.2% of net assets.

(e) 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.

(f) Zero-coupon bond.

AMBAC—American Municipal Bond Assurance Corporation

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

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.

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stocks (83.9%)** |  |  |
| **Communication Services (5.3%):** |  |  |
| Alphabet, Inc. Class A (a) | 36160 | $3190 |
| Alphabet, Inc. Class C (a) | 66905 | 5936 |
| AT&T, Inc. | 88577 | 1631 |
| Cogent Communications Holdings, Inc. | 13890 | 793 |
| Comcast Corp. Class A | 66289 | 2318 |
| Meta Platforms, Inc. Class A (a) | 22375 | 2693 |
| Netflix, Inc. (a) | 5256 | 1550 |
| News Corp. Class A | 74340 | 1353 |
| Verizon Communications, Inc. | 58659 | 2311 |
| Yelp, Inc. (a) | 33198 | 908 |
|  |  | 22683 |
| **Consumer Discretionary (9.0%):** |  |  |
| Academy Sports & Outdoors, Inc. | 16498 | 867 |
| Amazon.com, Inc. (a) | 57542 | 4834 |
| Aptiv PLC (a) | 13932 | 1298 |
| Asbury Automotive Group, Inc. (a) | 5119 | 918 |
| Booking Holdings, Inc. (a) | 700 | 1411 |
| eBay, Inc. | 31988 | 1327 |
| General Motors Co. | 38524 | 1296 |
| Hilton Worldwide Holdings, Inc. | 15006 | 1896 |
| LGI Homes, Inc. (a) | 11592 | 1073 |
| Lowe's Cos., Inc. | 8888 | 1771 |
| McDonald's Corp. | 7549 | 1989 |
| MDC Holdings, Inc. | 29477 | 931 |
| Meritage Homes Corp. (a) | 14950 | 1378 |
| National Vision Holdings, Inc. (a) | 25418 | 985 |
| NIKE, Inc. Class B | 14534 | 1701 |
| Shake Shack, Inc. Class A (a) | 17706 | 735 |
| Signet Jewelers Ltd. | 9558 | 650 |
| Starbucks Corp. | 14762 | 1464 |
| Steven Madden Ltd. | 30813 | 985 |
| Target Corp. | 8858 | 1320 |
| Tesla, Inc. (a) | 29910 | 3684 |
| The Home Depot, Inc. | 10393 | 3283 |
| The TJX Cos., Inc. | 18862 | 1501 |
| Urban Outfitters, Inc. (a) | 39743 | 948 |
|  |  | 38245 |
| **Consumer Staples (5.5%):** |  |  |
| Altria Group, Inc. | 37828 | 1729 |
| Church & Dwight Co., Inc. | 19270 | 1553 |
| Costco Wholesale Corp. | 5636 | 2573 |
| e.l.f. Beauty, Inc. (a) | 15870 | 878 |
| Hostess Brands, Inc. (a) | 51035 | 1145 |
| Mondelez International, Inc. Class A | 32633 | 2175 |
| PepsiCo, Inc. | 13486 | 2436 |
| Philip Morris International, Inc. | 22557 | 2283 |
| The Coca-Cola Co. | 37423 | 2381 |
| The Procter & Gamble Co. | 22249 | 3372 |
| The Simply Good Foods Co. (a) | 24200 | 920 |
| Walmart, Inc. | 15141 | 2147 |
|  |  | 23592 |
| **Energy (4.2%):** |  |  |
| Chevron Corp. | 17255 | 3097 |
| ConocoPhillips | 18143 | 2141 |
| EOG Resources, Inc. | 13337 | 1727 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Exxon Mobil Corp. | 38012 | $4193 |
| Helmerich & Payne, Inc. | 22404 | 1111 |
| Marathon Oil Corp. | 46196 | 1251 |
| Patterson-UTI Energy, Inc. | 54925 | 925 |
| Schlumberger Ltd. | 24023 | 1284 |
| SM Energy Co. | 27197 | 947 |
| Targa Resources Corp. | 19074 | 1402 |
|  |  | 18078 |
| **Financials (10.4%):** |  |  |
| American Express Co. | 11415 | 1687 |
| ARMOUR Residential REIT, Inc. | 248101 | 1397 |
| Bank of America Corp. | 82900 | 2746 |
| BankUnited, Inc. | 23987 | 815 |
| Berkshire Hathaway, Inc. Class B (a) | 18522 | 5721 |
| BlackRock, Inc. | 2702 | 1915 |
| Columbia Banking System, Inc. | 45736 | 1378 |
| CVB Financial Corp. | 38235 | 985 |
| Fifth Third Bancorp | 60421 | 1982 |
| First Bancorp/Puerto Rico | 68721 | 874 |
| Huntington Bancshares, Inc. | 124196 | 1751 |
| JPMorgan Chase & Co. | 28884 | 3873 |
| KeyCorp | 112188 | 1954 |
| Loews Corp. | 32425 | 1891 |
| Mr. Cooper Group, Inc. (a) | 22332 | 896 |
| National Bank Holdings Corp. Class A | 20220 | 851 |
| Prudential Financial, Inc. | 21089 | 2098 |
| The Charles Schwab Corp. | 17106 | 1424 |
| The Goldman Sachs Group, Inc. | 6350 | 2181 |
| The Hartford Financial Services Group, Inc. | 26153 | 1983 |
| United Community Banks, Inc. | 27055 | 914 |
| Virtus Investment Partners, Inc. | 3583 | 686 |
| W.R. Berkley Corp. | 26153 | 1898 |
| Wells Fargo & Co. | 54600 | 2254 |
|  |  | 44154 |
| **Health Care (12.4%):** |  |  |
| Abbott Laboratories | 20054 | 2202 |
| AbbVie, Inc. | 16543 | 2674 |
| Amgen, Inc. | 6130 | 1610 |
| AMN Healthcare Services, Inc. (a) | 7765 | 798 |
| Bristol-Myers Squibb Co. | 25466 | 1832 |
| Cigna Corp. | 5092 | 1687 |
| CVS Health Corp. | 17537 | 1634 |
| Cytokinetics, Inc. (a) | 16292 | 747 |
| Danaher Corp. | 8574 | 2276 |
| Dexcom, Inc. (a) | 7116 | 806 |
| Elevance Health, Inc. | 3441 | 1765 |
| Eli Lilly & Co. | 7611 | 2785 |
| Gilead Sciences, Inc. | 16047 | 1378 |
| Integer Holdings Corp. (a) | 10373 | 710 |
| Intuitive Surgical, Inc. (a) | 5994 | 1591 |
| Johnson & Johnson | 22606 | 3993 |
| Medtronic PLC | 19084 | 1483 |
| Merck & Co., Inc. | 24780 | 2749 |
| Merit Medical Systems, Inc. (a) | 13130 | 927 |
| Moderna, Inc. (a) | 3958 | 711 |
| NuVasive, Inc. (a) | 22630 | 933 |
| Pfizer, Inc. | 54850 | 2811 |
| Prestige Consumer Healthcare, Inc. (a) | 12655 | 792 |
| Regeneron Pharmaceuticals, Inc. (a) | 1493 | 1077 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Select Medical Holdings Corp. | 29253 | $726 |
| Stryker Corp. | 6822 | 1668 |
| The Ensign Group, Inc. | 11838 | 1120 |
| Thermo Fisher Scientific, Inc. | 4393 | 2419 |
| UnitedHealth Group, Inc. | 8777 | 4653 |
| Veradigm, Inc. (a) | 44013 | 776 |
| Zoetis, Inc. | 9590 | 1406 |
|  |  | 52739 |
| **Industrials (9.3%):** |  |  |
| 3M Co. | 17947 | 2152 |
| ABM Industries, Inc. | 18294 | 813 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 22523 | 1260 |
| Alaska Air Group, Inc. (a) | 31040 | 1333 |
| AMETEK, Inc. | 11785 | 1647 |
| Applied Industrial Technologies, Inc. | 8961 | 1129 |
| Caterpillar, Inc. | 6315 | 1513 |
| Comfort Systems USA, Inc. | 10229 | 1177 |
| Copart, Inc. (a) | 27138 | 1652 |
| Deere & Co. | 3053 | 1309 |
| Dover Corp. | 13289 | 1799 |
| Exponent, Inc. | 8500 | 842 |
| Forward Air Corp. | 8910 | 935 |
| Griffon Corp. | 22142 | 792 |
| Hillenbrand, Inc. | 21375 | 912 |
| Honeywell International, Inc. | 14124 | 3027 |
| John Bean Technologies Corp. | 11033 | 1008 |
| Korn Ferry | 17343 | 878 |
| Lockheed Martin Corp. | 3360 | 1635 |
| Northrop Grumman Corp. | 2473 | 1349 |
| Parker-Hannifin Corp. | 7221 | 2101 |
| Raytheon Technologies Corp. | 20908 | 2110 |
| Resideo Technologies, Inc. (a) | 44670 | 735 |
| UFP Industries, Inc. | 12346 | 978 |
| UniFirst Corp. | 4475 | 864 |
| Union Pacific Corp. | 9484 | 1964 |
| United Parcel Service, Inc. Class B | 11705 | 2035 |
| United Rentals, Inc. (a) | 4497 | 1598 |
|  |  | 39547 |
| **Information Technology (19.6%):** |  |  |
| Accenture PLC Class A | 7692 | 2053 |
| Adobe, Inc. (a) | 5571 | 1875 |
| Advanced Energy Industries, Inc. | 9481 | 813 |
| Amphenol Corp. Class A | 27015 | 2057 |
| Apple, Inc. | 132790 | 17253 |
| Applied Materials, Inc. | 18150 | 1767 |
| Axcelis Technologies, Inc. (a) | 9797 | 778 |
| Broadcom, Inc. | 4144 | 2317 |
| Cisco Systems, Inc. | 45242 | 2155 |
| Diodes, Inc. (a) | 12991 | 989 |
| Extreme Networks, Inc. (a) | 41077 | 752 |
| Fabrinet (a) | 8191 | 1050 |
| Insight Enterprises, Inc. (a) | 12725 | 1276 |
| Intel Corp. | 52827 | 1396 |
| International Business Machines Corp. | 10263 | 1446 |
| Intuit, Inc. | 4668 | 1817 |
| Itron, Inc. (a) | 13822 | 700 |
| Knowles Corp. (a) | 43759 | 719 |
| LiveRamp Holdings, Inc. (a) | 34003 | 797 |
| Mastercard, Inc. Class A | 8415 | 2926 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| MaxLinear, Inc. (a) | 23676 | $804 |
| Microsoft Corp. | 66403 | 15925 |
| NVIDIA Corp. | 28165 | 4116 |
| Onto Innovation, Inc. (a) | 10793 | 735 |
| Oracle Corp. | 16823 | 1375 |
| PayPal Holdings, Inc. (a) | 17341 | 1235 |
| Perficient, Inc. (a) | 11051 | 772 |
| QUALCOMM, Inc. | 13488 | 1483 |
| Rambus, Inc. (a) | 30888 | 1106 |
| Salesforce, Inc. (a) | 13201 | 1750 |
| Sanmina Corp. (a) | 18535 | 1062 |
| ServiceNow, Inc. (a) | 3493 | 1356 |
| SPS Commerce, Inc. (a) | 6904 | 887 |
| Texas Instruments, Inc. | 11067 | 1828 |
| Viavi Solutions, Inc. (a) | 96638 | 1016 |
| Visa, Inc. Class A | 15301 | 3179 |
|  |  | 83565 |
| **Materials (2.4%):** |  |  |
| ATI, Inc. (a) | 31533 | 942 |
| DuPont de Nemours, Inc. | 22108 | 1517 |
| Eastman Chemical Co. | 19971 | 1627 |
| Freeport-McMoRan, Inc. | 36349 | 1381 |
| H.B. Fuller Co. | 17123 | 1226 |
| Linde PLC | 6503 | 2121 |
| Livent Corp. (a) | 33679 | 669 |
| O-I Glass, Inc. (a) | 53432 | 886 |
|  |  | 10369 |
| **Real Estate (3.6%):** |  |  |
| Agree Realty Corp. | 25743 | 1826 |
| American Tower Corp. | 7447 | 1578 |
| Brandywine Realty Trust | 119898 | 738 |
| Cushman & Wakefield PLC (a) | 90316 | 1125 |
| Essential Properties Realty Trust, Inc. | 45077 | 1058 |
| Hudson Pacific Properties, Inc. | 110076 | 1071 |
| LXP Industrial Trust | 112309 | 1125 |
| Mid-America Apartment Communities, Inc. | 12308 | 1932 |
| Outfront Media, Inc. | 68457 | 1135 |
| Prologis, Inc. | 14629 | 1649 |
| Retail Opportunity Investments Corp. | 50622 | 761 |
| SITE Centers Corp. | 89531 | 1223 |
|  |  | 15221 |
| **Utilities (2.2%):** |  |  |
| American Electric Power Co., Inc. | 23061 | 2190 |
| Avista Corp. | 32549 | 1443 |
| Eversource Energy | 24037 | 2015 |
| SJW Group | 21797 | 1770 |
| Xcel Energy, Inc. | 29630 | 2077 |
|  |  | 9495 |
| **Total Common Stocks (Cost $357,512)** |  | 357688 |
| **Exchange-Traded Funds (7.9%)** |  |  |
| Flexshares Morningstar Global Upstream Natural Resources Index Fund | 341011 | 14824 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Target Managed Allocation Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description**  | **Shares**  | **Value** |
| SPDR S&P Global Natural Resources ETF | 334113 | $19051 |
| **Total Exchange-Traded Funds (Cost $34,341)** |  | 33875 |
| **Total Investments (Cost $391,853) — 91.8%** |  | 391563 |
| **Other assets in excess of liabilities — 8.2%** |  | 35065 |
| **NET ASSETS - 100.00%** |  | $426628 |

---

(a) Non-income
 producing security.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

REIT—Real Estate Investment Trust

**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 Russell 2000 Index Futures | 419 | 3/17/23 | $38387436 | $37100355 | $(1287081) |
| FTSE 100 Index Futures | 455 | 3/17/23 | 41270673 | 41059661 | (211012) |
| S&P/Toronto Stock Exchange 60 Index Futures | 286 | 3/16/23 | 51259783 | 49429960 | (1829823) |
|  |  |  |  |  | $(3327916) |

---

**Futures Contracts Sold**

*(Amounts not in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| ASX SPI 200 Index Futures | 275 | 3/16/23 | 33665145 | 32721159 | 943986 |
| E-Mini MSCI Emerging Markets Index Futures | 351 | 3/17/23 | 17368530 | 16837470 | 531060 |
| Hang Seng Index Futures | 87 | 1/30/23 | 10826321 | 11099327 | (273006) |
| Swiss Market Index Futures | 425 | 3/17/23 | 49505201 | 48991779 | 513422 |
| Tokyo Price Index Futures | 134 | 3/09/23 | 19822215 | 19315729 | 506486 |
|  |  |  |  |  | 2221948 |
|  | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | $2494954 |
|  | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (3600922) |
|  | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) | Total net unrealized appreciation (depreciation) |  | $(1105968) |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (99.0%)** |  |  |
| **Alabama (1.3%):** |  |  |
| Black Belt Energy Gas District Revenue, Series C-1, 5.25%, 2/1/53, Callable 3/1/29 @ 100.15 | $12000 | $12483 |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue, 5.00%, 2/1/36, Continuously Callable @100 | 8000 | 8197 |
| Lower Alabama Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/28 | 7000 | 7314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/34 | 15000 | 15926 |
| The Health Care Authority of the City of Huntsville Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 4.00%, 6/1/39, Continuously Callable @100 | 2000 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 4.00%, 6/1/40, Continuously Callable @100 | 2555 | 2380 |
|  |  | 48182 |
| **Arizona (1.4%):** |  |  |
| Arizona IDA Revenue, 4.00%, 12/15/41, Continuously Callable @100(a) | 955 | 827 |
| City of Phoenix Civic Improvement Corp. Revenue (INS - National Public Finance Guarantee Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/24 | 3270 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/25 | 2115 | 2254 |
| Maricopa County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 (a) | 2000 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41, Continuously Callable @100 (a) | 1250 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.23% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (b)(c) | 2280 | 2262 |
| Tempe IDA Revenue, Series A, 4.00%, 12/1/38, Continuously Callable @102 | 2690 | 2136 |
| The City of Phoenix IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 7/1/24 | 2350 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 11100 | 11252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1675 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36, Continuously Callable @100 | 4250 | 4347 |
| The County of Pima IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/41, Continuously Callable @100 (a) | 3500 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.75%, 11/15/42, Continuously Callable @103 (a) | 3000 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B2, 5.63%, 11/15/30, Continuously Callable @100 (a) | 10000 | 9919 |
| The Pima County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 1000 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/41, Continuously Callable @100 | 1690 | 1554 |
| The Yavapai County IDA Revenue, 4.00%, 8/1/38, Continuously Callable @100 | 1000 | 927 |
|  |  | 52784 |
| **Arkansas (0.2%):** |  |  |
| Arkansas Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 2300 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/38, Continuously Callable @100 | 2000 | 2024 |
| University of Arkansas - Pulaski Technical College Revenue (INS - Build America Mutual Assurance Co.), 5.00%, 9/1/30, Continuously Callable @100 | 4290 | 4529 |
|  |  | 8891 |
| **California (3.7%):** |  |  |
| Anaheim Public Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/28, Pre-refunded 5/1/24 @ 100 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/29, Pre-refunded 5/1/24 @ 100 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/30, Pre-refunded 5/1/24 @ 100 | 1000 | 1029 |
| California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31, Continuously Callable @100 (a) | 450 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31, Pre-refunded 8/1/25 @ 100 (a) | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/36, Continuously Callable @100 (a) | 1450 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/36, Pre-refunded 8/1/25 @ 100 (a) | 150 | 159 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| California State Public Works Board Revenue, Series B, 5.00%, 10/1/31, Continuously Callable @100 | $11465 | $11924 |
| California State University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29, Pre-refunded 11/1/24 @ 100 | 165 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/33, Continuously Callable @100 | 10000 | 10656 |
| California Statewide Communities Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/32, Continuously Callable @100 | 1250 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/33, Continuously Callable @100 | 2000 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @100 | 1250 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/35, Continuously Callable @100 | 2000 | 2035 |
| Cerritos Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/25 (d) | 1510 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/27 (d) | 1000 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/28 (d) | 1000 | 851 |
| Chula Vista Municipal Financing Authority Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/27, Continuously Callable @100 | 1520 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/28, Continuously Callable @100 | 1700 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/29, Continuously Callable @100 | 1785 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/30, Continuously Callable @100 | 2635 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/31, Continuously Callable @100 | 2095 | 2191 |
| City of Irvine Special Assessment, 5.00%, 9/2/29, Callable 9/2/23 @ 100 | 1000 | 1012 |
| City of San Diego Tobacco Settlement Revenue Funding Corp. Revenue, Series C, 4.00%, 6/1/32, Continuously Callable @100 | 555 | 555 |
| City of Tulare Sewer Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32, Continuously Callable @100 | 1605 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33, Continuously Callable @100 | 1570 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34, Continuously Callable @100 | 3655 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35, Continuously Callable @100 | 2340 | 2483 |
| El Camino Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/26 (d) | 6810 | 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/27 (d) | 7665 | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/28 (d) | 5500 | 4657 |
| Foothill-Eastern Transportation Corridor Agency Revenue (INS - Assured Guaranty Municipal Corp.), 1/15/35(d) | 5500 | 3445 |
| Fresno Joint Powers Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/32, Continuously Callable @100 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/35, Continuously Callable @100 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/36, Continuously Callable @100 | 420 | 455 |
| Golden State Tobacco Securitization Corp. Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 6/1/25(d) | 46605 | 43443 |
| Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/27, Continuously Callable @100 | 3500 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/28, Continuously Callable @100 | 2640 | 2820 |
| San Diego Public Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/15/33, Continuously Callable @100 | 1635 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/15/34, Continuously Callable @100 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/15/35, Continuously Callable @100 | 1250 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/30, Continuously Callable @100 | 775 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/31, Continuously Callable @100 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/32, Continuously Callable @100 | 1000 | 1064 |
|  |  | 138839 |
| **Colorado (2.2%):** |  |  |
| Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28, Pre-refunded 6/1/23 @ 100 | 2750 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1500 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100 | 2310 | 2431 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100 | $2000 | $2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/33, Pre-refunded 6/1/25 @ 100 | 2470 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100 | 6385 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Pre-refunded 6/1/27 @ 100 | 4455 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100 | 3385 | 3563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Pre-refunded 6/1/27 @ 100 | 2000 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 4000 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/36, Pre-refunded 6/1/27 @ 100 | 4000 | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/41, Continuously Callable @100 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/38, Continuously Callable @100 | 1000 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/39, Continuously Callable @100 | 1250 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/39, Continuously Callable @100 | 3500 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/40, Continuously Callable @103 | 2000 | 1766 |
| Denver Health & Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/34, Continuously Callable @100 (a) | 7355 | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/37, Continuously Callable @100 | 1250 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/38, Continuously Callable @100 | 1250 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/39, Continuously Callable @100 | 1000 | 861 |
| Park Creek Metropolitan District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32, Continuously Callable @100 | 1250 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 1000 | 1036 |
| Regional Transportation District Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/29, Pre-refunded 6/1/23 @ 100 | 7585 | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Pre-refunded 6/1/23 @ 100 | 14175 | 14281 |
|  |  | 82581 |
| **Connecticut (4.6%):** |  |  |
| City of Bridgeport, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/27 | 4485 | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/27 | 180 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/27 | 335 | 368 |
| City of New Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/28 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/1/30, Continuously Callable @100 | 1000 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/1/32, Continuously Callable @100 | 1200 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 8/1/36, Continuously Callable @100 | 1810 | 1984 |
| City of New Haven, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/30, Continuously Callable @100 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/32, Continuously Callable @100 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/33, Continuously Callable @100 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/15/34, Continuously Callable @100 | 1350 | 1426 |
| City of West Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/36, Continuously Callable @100 | 1500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/32, Continuously Callable @100 | 400 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/37, Continuously Callable @100 | 350 | 362 |
| Connecticut State Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 1950 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 725 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Continuously Callable @100 | 1170 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1125 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 1275 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Continuously Callable @100 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Continuously Callable @100 | 2000 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Continuously Callable @100 | 7000 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/39, Continuously Callable @100 | 2000 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 7/1/34, Continuously Callable @100 | 10000 | 10207 |
| Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/30, Continuously Callable @100(a) | 10000 | 10275 |
| Metropolitan District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/33, Continuously Callable @100 | 750 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/34, Continuously Callable @100 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/35, Continuously Callable @100 | 750 | 821 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/36, Continuously Callable @100 | $1000 | $1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/37, Continuously Callable @100 | 1000 | 1008 |
| State of Connecticut Special Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/34, Continuously Callable @100 | 20000 | 21964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35, Continuously Callable @100 | 20000 | 21828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/37, Continuously Callable @100 | 6000 | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/38, Continuously Callable @100 | 4000 | 4273 |
| State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/33, Continuously Callable @100 | 5000 | 5504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/34, Continuously Callable @100 | 5575 | 6109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/35, Continuously Callable @100 | 5000 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 4/15/37, Continuously Callable @100 | 1825 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 6/15/33, Continuously Callable @100 | 1100 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 6/15/34, Continuously Callable @100 | 2625 | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 6/15/35, Continuously Callable @100 | 2500 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 9/15/35, Continuously Callable @100 | 2000 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 9/15/37, Continuously Callable @100 | 2000 | 2147 |
| Town of Hamden, GO (INS - Build America Mutual Assurance Co.), Series A, 5.00%, 8/15/30, Continuously Callable @100 | 1200 | 1291 |
| University of Connecticut Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/34, Continuously Callable @100 | 6805 | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/35, Continuously Callable @100 | 6500 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/36, Continuously Callable @100 | 11175 | 12082 |
|  |  | 174186 |
| **District of Columbia (0.2%):** |  |  |
| District of Columbia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/23 | 105 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/33, Pre-refunded 7/1/23 @ 100 | 1280 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/39, Continuously Callable @100 | 800 | 805 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/35, Continuously Callable @100 | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/36, Continuously Callable @100 | 1250 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/38, Continuously Callable @100 | 1000 | 931 |
| Washington Convention & Sports Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/38, Continuously Callable @100 | 1250 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/39, Continuously Callable @100 | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/40, Continuously Callable @100 | 750 | 719 |
|  |  | 8657 |
| **Florida (6.0%):** |  |  |
| Alachua County Health Facilities Authority Revenue, 4.00%, 10/1/40, Continuously Callable @103 | 700 | 576 |
| City of Cape Coral Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/35, Continuously Callable @100 | 1485 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/36, Continuously Callable @100 | 1400 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/37, Continuously Callable @100 | 3000 | 2981 |
| City of Pompano Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/35, Continuously Callable @103 | 3345 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40, Continuously Callable @103 | 2500 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/36, Continuously Callable @103 | 1050 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/41, Continuously Callable @103 | 1215 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.00%, 1/1/29 | 3300 | 2833 |
| City of Port St. Lucie Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/31, Continuously Callable @100 | 3195 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/32, Continuously Callable @100 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33, Continuously Callable @100 | 2785 | 2823 |
| City of Port St. Lucie Utility System Revenue, 4.00%, 9/1/31, Continuously Callable @100 | 1000 | 1028 |
| City of Tampa Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/36, Continuously Callable @80 (d) | 700 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/37, Continuously Callable @77 (d) | 700 | 362 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/38, Continuously Callable @74 (d) | $850 | $404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/39, Continuously Callable @71 (d) | 700 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 9/1/40, Continuously Callable @67 (d) | 850 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/38, Continuously Callable @100 | 350 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/39, Continuously Callable @100 | 700 | 649 |
| Cityplace Community Development District Special Assessment (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/1/33 (d)(e) | 3470 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5/1/38, Continuously Callable @100 (d)(f) | 7900 | 7200 |
| County of Broward FL Tourist Development Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/39, Continuously Callable @100 | 8535 | 8421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40, Continuously Callable @100 | 14740 | 14426 |
| County of Lee Airport Revenue, 5.00%, 10/1/33, Continuously Callable @100 | 4000 | 4198 |
| County of Lee Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/23 | 2500 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/24 | 2700 | 2802 |
| County of Lee Tourist Development Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 10/1/36, Continuously Callable @100 | 4685 | 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 10/1/37, Continuously Callable @100 | 4970 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 10/1/38, Continuously Callable @100 | 5230 | 5105 |
| County of Miami-Dade Florida Water & Sewer System Revenue, 4.00%, 10/1/41, Continuously Callable @100 | 1500 | 1453 |
| Escambia County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33, Continuously Callable @100 | 1400 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34, Continuously Callable @100 | 1240 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/40, Continuously Callable @100 | 2900 | 2942 |
| Florida Development Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/39, Continuously Callable @100 | 5260 | 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/35, Continuously Callable @100 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/40, Continuously Callable @100 | 1650 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/42, Continuously Callable @100 | 2250 | 2258 |
| Florida Higher Educational Facilities Financial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 1250 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/36, Continuously Callable @100 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/37, Continuously Callable @100 | 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/38, Continuously Callable @100 | 750 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/39, Continuously Callable @100 | 7055 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/39, Continuously Callable @100 | 800 | 710 |
| Halifax Hospital Medical Center Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100 | 2325 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/36, Continuously Callable @100 | 2750 | 2839 |
| Lake County School Board Certificate of Participation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/29, Pre-refunded 6/1/24 @ 100 | 1250 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Pre-refunded 6/1/24 @ 100 | 2225 | 2288 |
| Lee County IDA Revenue, 5.00%, 11/15/39, Continuously Callable @103 | 1500 | 1493 |
| Lee County School Board Certificate of Participation, Series A, 5.00%, 8/1/28, Continuously Callable @100 | 3750 | 3865 |
| Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/37, Continuously Callable @100 | 5000 | 4813 |
| Miami-Dade County Expressway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/28, Continuously Callable @100 | 10000 | 10009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 7000 | 7006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30, Continuously Callable @100 | 1610 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/31, Continuously Callable @100 | 1255 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/32, Continuously Callable @100 | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Continuously Callable @100 | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 2000 | 2040 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/30, Continuously Callable @100 | $2000 | $2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/31, Continuously Callable @100 | 2000 | 2040 |
| Miami-Dade County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/27, Pre-refunded 8/1/23 @ 100 | 4750 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/28, Pre-refunded 8/1/23 @ 100 | 4950 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/29, Pre-refunded 8/1/23 @ 100 | 5250 | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/30, Pre-refunded 8/1/23 @ 100 | 3500 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/31, Pre-refunded 8/1/23 @ 100 | 5780 | 5843 |
| Orange County Health Facilities Authority Revenue, Series A, 5.00%, 10/1/35, Continuously Callable @100 | 4000 | 4137 |
| Osceola County School Board Certificate of Participation, Series A, 5.00%, 6/1/28, Pre-refunded 6/1/23 @ 100 | 3055 | 3078 |
| Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/41, Continuously Callable @100 | 3695 | 3252 |
| Palm Beach County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/23, Continuously Callable @100 | 7595 | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/39, Continuously Callable @100 | 1150 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/42, Continuously Callable @100 | 850 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/15/41, Continuously Callable @103 | 250 | 213 |
| Pinellas County IDA Revenue, 5.00%, 7/1/29 | 900 | 913 |
| School District of Broward County Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 2000 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30, Continuously Callable @100 | 2000 | 2100 |
| Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/30, Continuously Callable @100(a) | 3195 | 3264 |
| St. Lucie County School Board Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/25, Continuously Callable @100 | 2045 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/26, Continuously Callable @100 | 1500 | 1514 |
| Volusia County Educational Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/28, Continuously Callable @100 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/29, Continuously Callable @100 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/30, Continuously Callable @100 | 1500 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/15/32, Continuously Callable @100 | 1560 | 1626 |
|  |  | 226018 |
| **Georgia (1.7%):** |  |  |
| Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29)(c) | 4975 | 4496 |
| George L Smith II Congress Center Authority Revenue, 4.00%, 1/1/36, Continuously Callable @100 | 1000 | 909 |
| Glynn-Brunswick Memorial Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/36, Continuously Callable @100 | 1840 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/37, Continuously Callable @100 | 1500 | 1388 |
| Main Street Natural Gas, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/36 | 2000 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/37 | 1500 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/38 | 2500 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/52 | 12000 | 12390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/48, (Put Date 12/1/23) (c) | 15000 | 14938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 5/1/52 | 12750 | 12460 |
| Savannah Hospital Authority Revenue, 4.00%, 7/1/39, Continuously Callable @100 | 2500 | 2428 |
| The Burke County Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 10/1/32, Continuously Callable @100 | 1850 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.50%, 1/1/40, (Put Date 2/3/25) (c) | 6500 | 6166 |
|  |  | 64577 |
| **Guam (0.6%):** |  |  |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28, Continuously Callable @100 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/33, Pre-refunded 7/1/23 @ 100 | 3000 | 3032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1250 | 1270 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | $1000 | $1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/23 | 750 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/24 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/25, Continuously Callable @100 | 750 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1000 | 1012 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/31, Continuously Callable @100 | 695 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/34, Continuously Callable @100 | 3500 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 2000 | 2127 |
| Guam Power Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/32, Continuously Callable @100 | 1000 | 1030 |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/30, Continuously Callable @100 | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/31, Continuously Callable @100 | 2000 | 2064 |
|  |  | 22748 |
| **Idaho (0.4%):** |  |  |
| Idaho Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/35, Continuously Callable @100 | 5805 | 6041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 7520 | 7772 |
| Idaho Housing & Finance Association Revenue, Series A, 4.00%, 7/15/38, Continuously Callable @100 | 3000 | 2951 |
|  |  | 16764 |
| **Illinois (16.5%):** |  |  |
| Champaign County Community Unit School District No. 4 Champaign, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/34, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/35, Continuously Callable @100 | 1290 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/36, Continuously Callable @100 | 1575 | 1582 |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/39, Continuously Callable @100 | 4700 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/1/25 (d) | 1600 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/1/26 (d) | 3700 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/43, Continuously Callable @100 | 7965 | 7716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/40, Continuously Callable @100 | 21900 | 19056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/41, Continuously Callable @100 | 8710 | 7472 |
| Chicago Midway International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/27, Continuously Callable @100 | 6525 | 6533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/29, Continuously Callable @100 | 11750 | 11957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/30, Continuously Callable @100 | 5175 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/31, Continuously Callable @100 | 8910 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/32, Continuously Callable @100 | 6000 | 6108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25%, 1/1/33, Continuously Callable @100 | 1635 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/34, Continuously Callable @100 | 3500 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/35, Continuously Callable @100 | 3000 | 2968 |
| Chicago O'Hare International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/33, Continuously Callable @100 | 11560 | 11995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/34, Continuously Callable @100 | 5675 | 5919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/36, Continuously Callable @100 | 2000 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/38, Continuously Callable @100 | 1000 | 973 |
| Chicago O'Hare International Airport Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/28, Continuously Callable @100 | 3620 | 3625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/29, Continuously Callable @100 | 1500 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/1/30, Continuously Callable @100 | 2150 | 2153 |
| Chicago Park District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 4.00%, 1/1/34, Continuously Callable @100 | 1200 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 4.00%, 1/1/36, Continuously Callable @100 | 1300 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/37, Continuously Callable @100 | 2000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 4.00%, 1/1/38, Continuously Callable @100 | 1750 | 1645 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/39, Continuously Callable @100 | $1500 | $1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/40, Continuously Callable @100 | 1125 | 1176 |
| City of Chicago Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04%, 12/1/28 (a) | 270 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/1/29 (a) | 325 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%, 12/1/30 (a) | 350 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/1/31 (a) | 375 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 12/1/32 (a) | 300 | 272 |
| City of Chicago Wastewater Transmission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/32, Continuously Callable @100 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/35, Continuously Callable @100 | 8000 | 8472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/33, Continuously Callable @100 | 3500 | 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/34, Continuously Callable @100 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/35, Continuously Callable @100 | 1250 | 1292 |
| City of Chicago Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28, Continuously Callable @100 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29, Continuously Callable @100 | 725 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30, Continuously Callable @100 | 2000 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31, Continuously Callable @100 | 2000 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/33, Continuously Callable @100 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36, Continuously Callable @100 | 2665 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/1/29, Continuously Callable @100 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/1/31, Continuously Callable @100 | 1000 | 1045 |
| City of Chicago Waterworks Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/34, Continuously Callable @100 | 2105 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/1/35, Continuously Callable @100 | 1635 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, 5.00%, 11/1/36, Continuously Callable @100 | 3145 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, 5.00%, 11/1/37, Continuously Callable @100 | 2500 | 2597 |
| City of Chicago, GO, Series A, 5.50%, 1/1/41, Continuously Callable @100(g) | 1500 | 1561 |
| City of Galesburg IL Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/36, Continuously Callable @100 | 1125 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/41, Continuously Callable @100 | 1475 | 1350 |
| City of Springfield Electric Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 3/1/34, Continuously Callable @100 | 3000 | 3127 |
| City of Springfield, GO, 5.00%, 12/1/30, Continuously Callable @100 | 8500 | 9021 |
| County of Cook Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/34, Continuously Callable @100 | 3750 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35, Continuously Callable @100 | 7000 | 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36, Continuously Callable @100 | 5000 | 5232 |
| County of Cook, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34, Continuously Callable @100 | 2000 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35, Continuously Callable @100 | 2000 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/31, Continuously Callable @100 | 2500 | 2670 |
| Illinois Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 11/1/36, Continuously Callable @102 | 4500 | 4592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/1/36, Continuously Callable @102 | 2220 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/36, Continuously Callable @102 | 9750 | 9668 |
| Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/27 (h)(i) | 7650 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 4/1/27, Continuously Callable @100 | 1435 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/27 | 3065 | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/28, Continuously Callable @100 | 8250 | 8318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 3/1/30, Continuously Callable @100 | 20000 | 20271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/30, Continuously Callable @100 | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/31, Continuously Callable @100 | 1875 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/32, Pre-refunded 8/15/26 @ 100 | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33, Pre-refunded 8/15/26 @ 100 | 1155 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34, Pre-refunded 8/15/26 @ 100 | 1000 | 1068 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | $3500 | $3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/35, Continuously Callable @100 | 1100 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/35, Continuously Callable @100 | 4000 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 600 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/35, Continuously Callable @100 | 5000 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/36, Continuously Callable @100 | 1400 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36, Continuously Callable @100 | 3000 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/37, Continuously Callable @100 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @100 | 700 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/39, Continuously Callable @100 | 700 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/1/39, (Put Date 10/1/29) (c) | 14000 | 12876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/40, Continuously Callable @100 | 1000 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/31, Continuously Callable @100 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/32, Continuously Callable @100 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/34, Pre-refunded 9/1/24 @ 100 | 3385 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/34, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/34, Continuously Callable @100 | 3700 | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/35, Continuously Callable @100 | 3000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/39, Continuously Callable @100 | 1850 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/40, Continuously Callable @100 | 3780 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/41, Continuously Callable @100 | 1935 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/43, Continuously Callable @100 | 2105 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/36, Continuously Callable @100 | 18000 | 18060 |
| Illinois Municipal Electric Agency Revenue, Series A, 4.00%, 2/1/33, Continuously Callable @100 | 14650 | 14930 |
| Illinois Sports Facilities Authority Revenue, 5.00%, 6/15/30, Continuously Callable @100 | 1025 | 1052 |
| Illinois Sports Facilities Authority Revenue (INS - Assured Guaranty Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/30, Continuously Callable @100 | 3000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/31, Continuously Callable @100 | 5000 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/32, Continuously Callable @100 | 5000 | 5116 |
| Illinois State Toll Highway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/32, Continuously Callable @100 | 5000 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 5870 | 6189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Continuously Callable @100 | 5600 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/36, Continuously Callable @100 | 7000 | 7372 |
| Kane Cook & DuPage Counties School District No. U-46 Elgin, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 1/1/32, Continuously Callable @100 | 2800 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 1/1/33, Continuously Callable @100 | 4000 | 4074 |
| Kendall Kane & Will Counties Community Unit School District No. 308, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/35, Continuously Callable @100 | 5000 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/36, Continuously Callable @100 | 6000 | 6355 |
| Madison County Community Unit School District No. 7 Edwardsville, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1210 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1250 | 1309 |
| Madison-Macoupin Etc Counties Community College District No. 536, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/31, Continuously Callable @100 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/32, Continuously Callable @100 | 2000 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/33, Continuously Callable @100 | 750 | 804 |
| Metropolitan Pier & Exposition Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/42, Continuously Callable @100 | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/42, Continuously Callable @100 | 8000 | 7048 |
| Metropolitan Pier & Exposition Authority Revenue (INS - Assured Guaranty Municipal Corp.), 6/15/26(d) | 5000 | 4396 |
| Northern Illinois Municipal Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/31, Continuously Callable @100 | 1800 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/32, Continuously Callable @100 | 2100 | 2145 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/33, Continuously Callable @100 | $4000 | $4067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/35, Continuously Callable @100 | 5000 | 5028 |
| Northern Illinois University Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/43, Continuously Callable @100 | 1300 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 4/1/35, Continuously Callable @100 | 1200 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 4/1/39, Continuously Callable @100 | 1375 | 1313 |
| Regional Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/34, Continuously Callable @100 | 23160 | 23862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/35, Continuously Callable @100 | 11650 | 11923 |
| Sales Tax Securitization Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/38, Continuously Callable @100 | 5060 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/39, Continuously Callable @100 | 1750 | 1635 |
| Sangamon County School District No. 186 Springfield, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/24 | 1040 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/25, Pre-refunded 2/1/24 @ 100 | 1435 | 1465 |
| Sangamon County School District No. 186 Springfield, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/24 | 2660 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/25, Continuously Callable @100 | 5765 | 5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/26, Continuously Callable @100 | 4215 | 4292 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 2/1/31, Continuously Callable @100 | 9000 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/25 | 11000 | 11295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/28 | 3000 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/32, Continuously Callable @100 | 10000 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/1/27 | 6705 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/1/28, Continuously Callable @100 | 5795 | 5979 |
| State of Illinois, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/30, Continuously Callable @100 | 7000 | 7022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/29, Continuously Callable @100 | 10000 | 10027 |
| University of Illinois Revenue, Series A, 4.00%, 4/1/33, Continuously Callable @100 | 12475 | 12600 |
| Village of Bolingbrook, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/29, Continuously Callable @100 | 1750 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/30, Continuously Callable @100 | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/31, Continuously Callable @100 | 2400 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32, Continuously Callable @100 | 2350 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/33, Continuously Callable @100 | 1450 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/38, Continuously Callable @100 | 1500 | 1545 |
| Village of Gilberts Special Tax (INS - Build America Mutual Assurance Co.), 5.00%, 3/1/30, Continuously Callable @100 | 5221 | 5445 |
| Village of Rosemont, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/25 | 2010 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/26 | 2110 | 2294 |
| Volo Village Special Service Area No. 3 & 6 Special Tax (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/34, Continuously Callable @100 | 2992 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/36, Continuously Callable @100 | 1250 | 1250 |
| Will County Community High School District No. 210 Lincoln-Way, GO, 4.00%, 1/1/34, Continuously Callable @100 | 650 | 656 |
| Williamson Jackson Etc Counties Community Unit School District No. 4, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1835 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1925 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/30, Continuously Callable @100 | 2025 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 6000 | 6359 |
|  |  | 628042 |
| **Indiana (2.3%):** |  |  |
| City of Rockport Revenue, Series A, 3.05%, 6/1/25 | 5750 | 5714 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Hammond Multi-School Building Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/33, Continuously Callable @100 | $1165 | $1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/34, Continuously Callable @100 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/35, Continuously Callable @100 | 1250 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/38, Continuously Callable @100 | 3000 | 3119 |
| Indiana Bond Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/30, Continuously Callable @97 (d) | 740 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/30, Continuously Callable @96 (d) | 750 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/31, Continuously Callable @93 (d) | 1490 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32, Continuously Callable @91 (d) | 1400 | 967 |
| Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 12/1/24 | 6000 | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 8/1/29, Continuously Callable @100 | 7000 | 6110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30, Continuously Callable @100 | 1250 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33, Continuously Callable @103 | 2000 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/35, Continuously Callable @100 | 1210 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/36, Continuously Callable @100 | 1255 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36, Continuously Callable @100 | 3660 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/37, Continuously Callable @100 | 1310 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/38, Continuously Callable @100 | 2045 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 4030 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/38, Continuously Callable @103 | 3000 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39, Continuously Callable @100 | 1625 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 3605 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 2215 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/41, Continuously Callable @100 | 2305 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/42, Continuously Callable @100 | 2400 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/43, Continuously Callable @100 | 1505 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/40, Continuously Callable @100 | 6240 | 6499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/41, Continuously Callable @103 | 8400 | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/42, Continuously Callable @100 | 7240 | 7508 |
| Richmond Hospital Authority Revenue, 5.00%, 1/1/35, Continuously Callable @100 | 6500 | 6667 |
|  |  | 87088 |
| **Iowa (0.6%):** |  |  |
| Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 8/15/35, Continuously Callable @100 | 5425 | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 8/15/36, Continuously Callable @100 | 15105 | 14824 |
| Iowa Higher Education Loan Authority Revenue, 4.75%, 10/1/42, Continuously Callable @100 | 1500 | 1471 |
| Iowa Tobacco Settlement Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 6/1/38, Continuously Callable @100 | 270 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 6/1/39, Continuously Callable @100 | 300 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 6/1/40, Continuously Callable @100 | 200 | 181 |
|  |  | 22406 |
| **Kansas (0.9%):** |  |  |
| City of Manhattan Revenue, Series A, 4.00%, 6/1/36, Continuously Callable @103 | 1640 | 1389 |
| City of Wichita Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 9/1/27, Continuously Callable @100 | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 9/1/33, Continuously Callable @100 | 10000 | 9779 |
| Wyandotte County-Kansas City Unified Government Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/1/35, Continuously Callable @103 (a) | 15000 | 13998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/1/41, Continuously Callable @103 (a) | 10000 | 9545 |
|  |  | 34835 |
| **Kentucky (3.5%):** |  |  |
| City of Ashland Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/35, Continuously Callable @100 | 470 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/36, Continuously Callable @100 | 2410 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/37, Continuously Callable @100 | 1115 | 1036 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| County of Trimble Revenue, 3.75%, 6/1/33, Continuously Callable @100 | $15000 | $15172 |
| Kentucky Economic Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/26 | 5530 | 5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/31, Continuously Callable @100 | 5205 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 10/1/24 (d) | 6130 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.06% (MUNIPSA+140bps), 2/1/46 (b) | 20000 | 20203 |
| Kentucky Municipal Power Agency Revenue, Series A, 3.45%, 9/1/42, (Put Date 3/1/26)(c) | 7000 | 6904 |
| Kentucky Public Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 8/1/52, Callable 5/1/30 @ 100.38 | 13000 | 12734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.09% (SOFR+120bps), 8/1/52, Callable 5/1/30 @ 100 (b) | 7500 | 6959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (c) | 14285 | 14219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-3, 4.71% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (b)(c) | 20000 | 19843 |
| Kentucky State Property & Building Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35, Continuously Callable @100 | 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/36, Continuously Callable @100 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/37, Continuously Callable @100 | 3000 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/32, Continuously Callable @100 | 2000 | 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/33, Continuously Callable @100 | 2250 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/35, Continuously Callable @100 | 565 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/36, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/37, Continuously Callable @100 | 750 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/38, Continuously Callable @100 | 500 | 494 |
| Louisville/Jefferson County Metropolitan Government Revenue, 1.75%, 2/1/35, (Put Date 7/1/26)(c) | 5000 | 4796 |
|  |  | 133039 |
| **Louisiana (3.1%):** |  |  |
| City of New Orleans Sewerage Service Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100 | 700 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100 | 1150 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100 | 1500 | 1578 |
| City of New Orleans Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33, Pre-refunded 12/1/25 @ 100 | 1500 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Pre-refunded 12/1/25 @ 100 | 1500 | 1595 |
| City of Shreveport Water & Sewer Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33, Continuously Callable @100 | 1515 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 1500 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 1510 | 1579 |
| City of Shreveport Water & Sewer Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/31, Continuously Callable @100 | 5330 | 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/32, Continuously Callable @100 | 5125 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 12/1/30, Continuously Callable @100 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 12/1/31, Continuously Callable @100 | 2000 | 2148 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100 | 18750 | 17479 |
| Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/32, Continuously Callable @100 | 2430 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/32, Pre-refunded 12/15/26 @ 100 | 305 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Pre-refunded 7/1/25 @ 100 | 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 8940 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @100 | 2975 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Pre-refunded 5/15/26 @ 100 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @100 | 2225 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Pre-refunded 7/1/25 @ 100 | 85 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 13465 | 13953 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/35, Continuously Callable @100 | $2000 | $2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/35, Pre-refunded 5/15/26 @ 100 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/35, Continuously Callable @100 | 3465 | 3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/36, Continuously Callable @100 | 1560 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/36, Pre-refunded 5/15/26 @ 100 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/36, Continuously Callable @100 | 1485 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/33, Continuously Callable @100 | 3095 | 3119 |
| Louisiana Public Facilities Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/1/36, Pre-refunded 6/1/25 @ 100 | 2000 | 2105 |
| Louisiana State University & Agricultural & Mechanical College Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/31, Continuously Callable @100 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/32, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/33, Continuously Callable @100 | 1000 | 1006 |
| New Orleans Aviation Board Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35, Continuously Callable @100 | 1840 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 1250 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37, Continuously Callable @100 | 1500 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @100 | 2000 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/38, Continuously Callable @100 | 1300 | 1361 |
| Parish of St. John the Baptist Revenue, 2.20%, 6/1/37, (Put Date 7/1/26)(c) | 6750 | 6199 |
| Tangipahoa Parish Hospital Service District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/38, Continuously Callable @100 | 2375 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/39, Continuously Callable @100 | 2330 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/41, Continuously Callable @100 | 1500 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/42, Continuously Callable @100 | 1500 | 1333 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 5/15/23 | 5000 | 5027 |
|  |  | 118194 |
| **Maine (0.1%):** |  |  |
| Maine Health & Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/24, Pre-refunded 7/1/23 @ 100 | 1635 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26, Pre-refunded 7/1/23 @ 100 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27, Pre-refunded 7/1/23 @ 100 | 1000 | 1010 |
|  |  | 3669 |
| **Maryland (1.3%):** |  |  |
| City of Gaithersburg Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/33, Continuously Callable @104 | 3000 | 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @104 | 1000 | 981 |
| Howard County Housing Commission Revenue, Series A, 1.60%, 6/1/29, Continuously Callable @100 | 3000 | 2684 |
| Maryland Economic Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Continuously Callable @100 | 1250 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/31, Continuously Callable @100 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/32, Continuously Callable @100 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/35, Continuously Callable @100 | 2000 | 2084 |
| Maryland Health & Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/29, Continuously Callable @100 | 1415 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/30, Continuously Callable @100 | 1750 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/31, Continuously Callable @100 | 1585 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/31, Continuously Callable @100 | 3190 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 6505 | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 3600 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 2500 | 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 2200 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/1/36, Continuously Callable @100 | 5000 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/38, Continuously Callable @100 | 865 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 1500 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 1585 | 1487 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/40, Continuously Callable @100 | $1645 | $1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/33, Continuously Callable @100 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 1310 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1020 |
|  |  | 51175 |
| **Massachusetts (1.7%):** |  |  |
| Massachusetts Clean Water Trust Revenue, Series 11, 4.75%, 8/1/25, Continuously Callable @100 | 110 | 110 |
| Massachusetts Development Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30, Continuously Callable @100 | 2000 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/31, Continuously Callable @100 | 1675 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 1250 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/32, Continuously Callable @105 (a) | 3600 | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/15/33, Continuously Callable @100 | 2155 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 1250 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 895 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 1215 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 800 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @105 (a) | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/38, Continuously Callable @100 | 335 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/38, Continuously Callable @100 | 600 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/41, Continuously Callable @100 | 1010 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/42, Continuously Callable @100 | 3500 | 3769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% (MUNIPSA+60bps), 7/1/49 (a)(b) | 2500 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/31, Continuously Callable @100 | 450 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32, Continuously Callable @100 | 645 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/33, Continuously Callable @100 | 535 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 700 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Continuously Callable @100 | 735 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/36, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/36, Continuously Callable @100 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/38, Continuously Callable @100 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/39, Continuously Callable @100 | 2250 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/35, Continuously Callable @100 | 2300 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/41, Continuously Callable @100 | 2750 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 7/1/36, Continuously Callable @100 | 2105 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/35, Continuously Callable @100 | 5375 | 5664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/36, Continuously Callable @100 | 4415 | 4622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/37, Continuously Callable @100 | 5285 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/38, Continuously Callable @100 | 5000 | 5182 |
|  |  | 66021 |
| **Michigan (1.7%):** |  |  |
| Detroit Downtown Development Authority Tax Allocation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/37, Continuously Callable @100 | 2000 | 2018 |
| Flint Hospital Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/32, Continuously Callable @100 | 2525 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33, Continuously Callable @100 | 2620 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/34, Continuously Callable @100 | 2730 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/35, Continuously Callable @100 | 1635 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 1855 | 1632 |
| Great Lakes Water Authority Water Supply System Revenue, Series D, 4.00%, 7/1/32, Continuously Callable @100 | 13560 | 13803 |
| Livonia Public Schools, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/32, Continuously Callable @100 | 2775 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/33, Continuously Callable @100 | 2875 | 3054 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/34, Continuously Callable @100 | $2965 | $3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35, Continuously Callable @100 | 3065 | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/36, Continuously Callable @100 | 2770 | 2929 |
| Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/34, Continuously Callable @100 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/35, Continuously Callable @100 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/35, Continuously Callable @100 | 6000 | 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36, Continuously Callable @100 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/37, Continuously Callable @100 | 1250 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 2375 | 2086 |
| Michigan Finance Authority Revenue (NBGA - Michigan School Bond Qualification and Loan Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/24 | 2000 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/25 | 1700 | 1782 |
| Michigan State Building Authority Revenue, Series I-A, 5.00%, 10/15/29, Continuously Callable @100 | 3000 | 3049 |
| Summit Academy North Revenue, 4.00%, 11/1/41, Continuously Callable @103 | 2870 | 2398 |
|  |  | 65452 |
| **Minnesota (0.2%):** |  |  |
| City of Minneapolis Revenue, Series A, 5.00%, 11/15/36, Continuously Callable @100 | 5000 | 5235 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29, Pre-refunded 11/15/25 @ 100 | 1750 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30, Pre-refunded 11/15/25 @ 100 | 1275 | 1349 |
|  |  | 8436 |
| **Mississippi (0.6%):** |  |  |
| Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100 | 6000 | 5753 |
| Mississippi Development Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/28, Continuously Callable @100 | 390 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/28, Pre-refunded 4/1/23 @ 100 | 920 | 924 |
| Mississippi Development Bank Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 9/1/30, Continuously Callable @100 | 5860 | 5879 |
| Mississippi Hospital Equipment & Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/36, Continuously Callable @100 | 2240 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @100 | 2260 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39, Continuously Callable @100 | 1850 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/40, Continuously Callable @100 | 2675 | 2496 |
|  |  | 21535 |
| **Missouri (1.3%):** |  |  |
| Cape Girardeau County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32, Continuously Callable @100 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/41, Continuously Callable @100 | 750 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 3/1/33, Continuously Callable @103 | 2075 | 2141 |
| Health & Educational Facilities Authority of the State of Missouri Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/29, Continuously Callable @104 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/30, Continuously Callable @100 | 2310 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/32, Continuously Callable @103 | 1555 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/1/33, Continuously Callable @100 | 2350 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/34, Continuously Callable @104 | 2000 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/36, Continuously Callable @103 | 4565 | 4116 |
| Missouri Development Finance Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Continuously Callable @100 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/31, Continuously Callable @100 | 4215 | 4246 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series A-R, 2.90%, 9/1/33, Continuously Callable @102 | $25000 | $23144 |
| St. Louis County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/23 | 305 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 9/1/33, Continuously Callable @100 | 2750 | 2751 |
| Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103 | 1865 | 1923 |
|  |  | 50668 |
| **Montana (0.2%):** |  |  |
| City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100 | 8500 | 8363 |
| **Nebraska (0.9%):** |  |  |
| Central Plains Energy Project Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/53 | 17000 | 17624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36 | 3550 | 3687 |
| Douglas County Hospital Authority No. 3 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28, Continuously Callable @100 | 1250 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30, Continuously Callable @100 | 1600 | 1675 |
| Nebraska Educational Health Cultural & Social Services Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/35, Continuously Callable @102 | 795 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/36, Continuously Callable @102 | 1240 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @102 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/38, Continuously Callable @102 | 1295 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39, Continuously Callable @102 | 1800 | 1803 |
| Public Power Generation Agency Revenue, 5.00%, 1/1/37, Continuously Callable @100 | 2400 | 2486 |
|  |  | 32970 |
| **Nevada (1.9%):** |  |  |
| City of Carson City Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/29, Continuously Callable @100 | 620 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/33, Continuously Callable @100 | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 1950 | 1982 |
| City of North Las Vegas, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/35, Continuously Callable @100 | 1870 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/37, Continuously Callable @100 | 7345 | 7345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/38, Continuously Callable @100 | 6135 | 6076 |
| City of Sparks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.50%, 6/15/24 (a) | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.75%, 6/15/28 (a) | 1500 | 1347 |
| County of Clark Department of Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | 3660 | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | 2220 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 7/1/32, Continuously Callable @100 | 20470 | 21136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 7/1/33, Continuously Callable @100 | 10845 | 11199 |
| Las Vegas Convention & Visitors Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/33, Continuously Callable @100 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/34, Continuously Callable @100 | 4560 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/35, Continuously Callable @100 | 5075 | 5098 |
|  |  | 72088 |
| **New Hampshire (0.4%):** |  |  |
| New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/41, Continuously Callable @103 | 5100 | 4311 |
| New Hampshire Health and Education Facilities Authority Act Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/34, Continuously Callable @100 | 2880 | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/35, Continuously Callable @100 | 2700 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/36, Continuously Callable @100 | 2000 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/37, Continuously Callable @100 | 1500 | 1554 |
|  |  | 13817 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **New Jersey (6.7%):** |  |  |
| Casino Reinvestment Development Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29, Continuously Callable @100 | $1000 | $1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30, Continuously Callable @100 | 1000 | 1033 |
| City of Atlantic City, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 3/1/32, Continuously Callable @100 | 1660 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 3/1/37, Continuously Callable @100 | 1250 | 1317 |
| City of Atlantic City, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/32, Continuously Callable @100 | 630 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/37, Continuously Callable @100 | 750 | 787 |
| City of Bayonne, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Pre-refunded 7/1/26 @ 100 | 1135 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Pre-refunded 7/1/26 @ 100 | 1000 | 1081 |
| City of Newark Mass Transit Access Tax Revenue (INS - Assured Guaranty Corp.), 5.00%, 11/15/42, Continuously Callable @100 | 1000 | 1054 |
| Essex County Improvement Authority Revenue, 4.00%, 6/15/38, Continuously Callable @100 | 550 | 511 |
| New Brunswick Parking Authority Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/35, Continuously Callable @100 | 1455 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36, Continuously Callable @100 | 2000 | 2134 |
| New Jersey Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100 | 400 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100 | 600 | 628 |
| New Jersey Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (MUNIPSA+155bps), 9/1/27, Callable 3/1/23 @ 100 (b) | 10000 | 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (b) | 10000 | 10093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/36, Continuously Callable @100 | 2000 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/38, Continuously Callable @100 | 1500 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/39, Continuously Callable @100 | 2000 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/25 | 5125 | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.13%, 7/1/29, Continuously Callable @100 | 665 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.38%, 7/1/30, Continuously Callable @100 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/15/36, Continuously Callable @100 | 16455 | 17255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/15/37, Continuously Callable @100 | 16280 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW, 5.25%, 6/15/33, Continuously Callable @100 | 9000 | 9333 |
| New Jersey Economic Development Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/15/25, Continuously Callable @100 | 10000 | 10255 |
| New Jersey Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/28, Continuously Callable @100 | 5740 | 6178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/29, Continuously Callable @100 | 4000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/30, Continuously Callable @100 | 3000 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/31, Continuously Callable @100 | 4590 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 9/1/32, Continuously Callable @100 | 8075 | 8638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/33, Continuously Callable @100 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/33, Pre-refunded 7/1/26 @ 100 | 350 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/34, Continuously Callable @100 | 260 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/34, Pre-refunded 7/1/26 @ 100 | 490 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/35, Continuously Callable @100 | 975 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 7/1/35, Pre-refunded 7/1/26 @ 100 | 275 | 288 |
| New Jersey Educational Facilities Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 3000 | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 3350 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/36, Continuously Callable @100 | 1800 | 1809 |
| New Jersey Health Care Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/33, Continuously Callable @100 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34, Continuously Callable @100 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 2620 | 2741 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| New Jersey Health Care Facilities Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/27, Continuously Callable @100 | $2000 | $2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30, Continuously Callable @100 | 1500 | 1540 |
| New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/30, Continuously Callable @100 | 3000 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/31, Continuously Callable @100 | 3000 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/42, Continuously Callable @100 | 9195 | 9558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/15/25 (d) | 20000 | 18014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/33, Continuously Callable @100 | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/35, Continuously Callable @100 | 1050 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12/15/38 (d) | 11405 | 5219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.25%, 6/15/33, Continuously Callable @100 | 2000 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.25%, 6/15/34, Continuously Callable @100 | 3000 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 4.00%, 6/15/36, Continuously Callable @100 | 2500 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 4.00%, 6/15/37, Continuously Callable @100 | 2250 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00%, 6/15/31, Continuously Callable @100 | 2500 | 2680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 5.00%, 6/15/34, Continuously Callable @100 | 10000 | 10575 |
| New Jersey Turnpike Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 10000 | 10324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Continuously Callable @100 | 4725 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/35, Continuously Callable @100 | 3500 | 3571 |
| Newark Housing Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/29, Continuously Callable @100 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/30, Continuously Callable @100 | 750 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/31, Continuously Callable @100 | 500 | 510 |
| South Jersey Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/1/42, Continuously Callable @100 | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/30, Continuously Callable @100 | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/31, Continuously Callable @100 | 750 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/34, Continuously Callable @100 | 1085 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/40, Continuously Callable @100 | 4300 | 3806 |
| State of New Jersey, GO, Series A, 4.00%, 6/1/31 | 3570 | 3847 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 6/1/36, Continuously Callable @100 | 5000 | 5149 |
|  |  | 252727 |
| **New Mexico (0.3%):** |  |  |
| City of Farmington Revenue, Series B, 2.15%, 4/1/33, Continuously Callable @101 | 10000 | 8114 |
| City of Santa Fe Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/34, Continuously Callable @103 | 625 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/39, Continuously Callable @103 | 480 | 442 |
| New Mexico Hospital Equipment Loan Council Revenue, 5.00%, 7/1/39, Continuously Callable @102 | 1075 | 956 |
| Village of Los Ranchos de Albuquerque Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/35, Continuously Callable @100 | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/40, Continuously Callable @100 | 1200 | 1111 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.00%, 5/1/33, Continuously Callable @103(a) | 600 | 527 |
| Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103(a) | 1000 | 826 |
|  |  | 12864 |
| **New York (5.1%):** |  |  |
| Allegany County Capital Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/32, Continuously Callable @100 | 1390 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/37, Continuously Callable @100 | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/42, Continuously Callable @100 | 1925 | 1929 |
| Build NYC Resource Corp. Revenue, Series A, 5.00%, 7/1/42, Continuously Callable @100 | 500 | 503 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| City of Newburgh, GO, Series B, 5.00%, 6/15/23, Continuously Callable @100 | $575 | $576 |
| County of Nassau, GO, Series A, 5.00%, 1/1/36, Continuously Callable @100 | 1150 | 1221 |
| Erie County Industrial Development Agency Revenue, 5.00%, 5/1/28, Continuously Callable @100 | 2000 | 2014 |
| Hudson Yards Infrastructure Corp. Revenue, Series A, 5.00%, 2/15/38, Continuously Callable @100 | 2500 | 2613 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/35, Continuously Callable @100 | 9040 | 8314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.68% (SOFR+80bps), 11/1/32 (b) | 3000 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c) | 7315 | 7771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/29, Continuously Callable @100 | 7030 | 7398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 4.00%, 11/15/32, Continuously Callable @100 | 9300 | 8940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/34, Continuously Callable @100 | 6295 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/36, Continuously Callable @100 | 3705 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1, 5.00%, 11/15/34, Continuously Callable @100 | 2000 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 11/15/34, Continuously Callable @100 | 2000 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 11/15/35, Continuously Callable @100 | 3000 | 3035 |
| Metropolitan Transportation Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A-1, 4.00%, 11/15/41, Continuously Callable @100 | 9820 | 9043 |
| Monroe County Industrial Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38, Continuously Callable @100 | 1200 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/39, Continuously Callable @100 | 1200 | 1087 |
| New York City Municipal Water Finance Authority Revenue, Series DD, 3.75%, 6/15/33, Continuously Callable @100(j) | 1590 | 1590 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/38, Continuously Callable @100 | 1250 | 1238 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 9/15/69, Continuously Callable @100 | 3350 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 15500 | 13893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.10%, 11/15/32, Continuously Callable @100 | 6730 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.20%, 11/15/33, Continuously Callable @100 | 9000 | 7360 |
| New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 (a) | 600 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/40, Continuously Callable @100 (a)(i) | 3480 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/23 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/23 | 735 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/24, Continuously Callable @100 | 735 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @ 100 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/25, Continuously Callable @100 | 1175 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/25, Pre-refunded 5/1/23 @ 100 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/26, Pre-refunded 5/1/23 @ 100 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/26, Continuously Callable @100 | 980 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/36, Continuously Callable @100 | 500 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/37, Continuously Callable @100 | 350 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/38, Continuously Callable @100 | 1250 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/40, Continuously Callable @100 | 750 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/41, Continuously Callable @100 | 21605 | 20924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/42, Continuously Callable @100 | 9250 | 8834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 7/1/40, Continuously Callable @100 | 4535 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/15/32, Pre-refunded 2/15/25 @ 100 | 5 | 5 |
| New York State Dormitory Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/27, Continuously Callable @100 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/28, Continuously Callable @100 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29, Continuously Callable @100 | 1300 | 1345 |
| New York State Urban Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/39, Continuously Callable @100 | 5000 | 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 3/15/39, Continuously Callable @100 | 5785 | 5673 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Niagara Falls City School District Certificate of Participation (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/23 | $1670 | $1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/24 | 1450 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/25, Continuously Callable @100 | 1670 | 1712 |
| Saratoga County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/28, Continuously Callable @100 | 790 | 804 |
| Town of Oyster Bay, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/24 | 5415 | 5477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/25 | 9750 | 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/26 | 3000 | 3113 |
| Village of Johnson City, GO, Series C, 5.25%, 9/29/23 | 1550 | 1556 |
| Westchester County Local Development Corp. Revenue, 5.00%, 1/1/28, Continuously Callable @100 | 1350 | 1350 |
|  |  | 193283 |
| **North Carolina (0.2%):** |  |  |
| North Carolina Medical Care Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | 935 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30, Continuously Callable @100 | 1850 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/40, Continuously Callable @103 | 1050 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/45, Continuously Callable @103 | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/40, Continuously Callable @100 | 3050 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/40, Continuously Callable @103 | 600 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @103 | 1800 | 1764 |
|  |  | 9474 |
| **North Dakota (0.3%):** |  |  |
| City of Grand Forks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36, Continuously Callable @100 | 2475 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38, Continuously Callable @100 | 1100 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/40, Continuously Callable @100 | 1700 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 1750 | 1558 |
| County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100 | 4500 | 4137 |
|  |  | 10563 |
| **Ohio (3.1%):** |  |  |
| Akron Bath Copley Joint Township Hospital District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 1000 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/37, Continuously Callable @100 | 800 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/38, Continuously Callable @100 | 500 | 454 |
| City of Centerville Revenue, 5.25%, 11/1/37, Continuously Callable @100 | 2250 | 2197 |
| County of Allen Hospital Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/40, Continuously Callable @100 | 7500 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/36, Continuously Callable @100 | 5000 | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/37, Continuously Callable @100 | 10800 | 10480 |
| County of Cuyahoga Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/29, Continuously Callable @100 | 7430 | 7378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/37, Continuously Callable @100 | 4000 | 4078 |
| County of Hamilton Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/31, Continuously Callable @100 | 1350 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 1400 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/39, Continuously Callable @100 | 1375 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/40, Continuously Callable @100 | 1100 | 1125 |
| County of Hamilton Sales Tax Revenue (INS - AMBAC Assurance Corp.), Series B, 12/1/25(d) | 4365 | 4014 |
| County of Hardi Revenue, 5.25%, 5/1/40, Continuously Callable @103 | 2000 | 1850 |
| County of Montgomery Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/36, Continuously Callable @100 | 7000 | 5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37, Continuously Callable @100 | 2200 | 2248 |
| County of Ross Revenue, 5.00%, 12/1/39, Continuously Callable @100 | 2405 | 2446 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Dayton City School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/28 | $2805 | $3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/29 | 3655 | 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | 3160 | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | 2000 | 2334 |
| Ohio Higher Educational Facility Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/31, Continuously Callable @100 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/33, Continuously Callable @100 | 500 | 519 |
| Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/29, Continuously Callable @100 | 2000 | 2005 |
| Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100 | 9535 | 9490 |
| Southeastern Ohio Port Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/29, Continuously Callable @100 | 750 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 750 | 716 |
| State of Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/34, Continuously Callable @100 | 7210 | 7458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/35, Continuously Callable @100 | 6000 | 6172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/36, Continuously Callable @100 | 3070 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 1260 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/38, Continuously Callable @100 | 1270 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/40, Continuously Callable @100 | 655 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/38, Continuously Callable @100 | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/40, Continuously Callable @100 | 1800 | 1697 |
| Village of Bluffton Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31, Continuously Callable @100 | 1500 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/32, Continuously Callable @100 | 1500 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/33, Continuously Callable @100 | 1600 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/34, Continuously Callable @100 | 1795 | 1755 |
|  |  | 116260 |
| **Oklahoma (0.2%):** |  |  |
| Oklahoma Development Finance Authority Revenue, Series B, 5.00%, 8/15/33, Continuously Callable @100 | 4100 | 3828 |
| Pontotoc County Educational Facilities Authority Revenue, 4.00%, 9/1/40, Continuously Callable @100 | 2000 | 1864 |
| Tulsa County Industrial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28, Continuously Callable @102 | 940 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30, Continuously Callable @102 | 1780 | 1804 |
|  |  | 8452 |
| **Oregon (0.1%):** |  |  |
| Clackamas County Hospital Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32, Continuously Callable @102 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37, Continuously Callable @102 | 500 | 504 |
| Oregon State Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 275 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @100 | 1750 | 1779 |
| Salem Hospital Facility Authority Revenue, 4.00%, 5/15/40, Continuously Callable @103 | 800 | 656 |
|  |  | 3734 |
| **Pennsylvania (8.1%):** |  |  |
| Allegheny County Hospital Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/35, Continuously Callable @100 | 7315 | 7699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/36, Continuously Callable @100 | 8000 | 8367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/38, Continuously Callable @100 | 1500 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/39, Continuously Callable @100 | 3495 | 3293 |
| Allegheny County Sanitary Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/33, Continuously Callable @100 | 1500 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/34, Continuously Callable @100 | 1475 | 1507 |
| Berks County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/33, Continuously Callable @100 | 1300 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/34, Continuously Callable @100 | 2000 | 1563 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/35, Continuously Callable @100 | $3000 | $2306 |
| Bucks County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30, Continuously Callable @103 | 325 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/31, Continuously Callable @103 | 450 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @103 | 2260 | 2242 |
| Butler County Hospital Authority Revenue, 5.00%, 7/1/35, Continuously Callable @100 | 1885 | 1908 |
| Chester County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34, Continuously Callable @100 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 10/15/42, Continuously Callable @100 (a) | 8875 | 8676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 10/15/37, Continuously Callable @100 | 2750 | 2610 |
| Commonwealth Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/33, Continuously Callable @100 | 1250 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Continuously Callable @100 | 2000 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/34, Continuously Callable @100 | 5000 | 5229 |
| Commonwealth of Pennsylvania Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/34, Continuously Callable @100 | 1350 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 750 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/37, Continuously Callable @100 | 800 | 858 |
| County of Beaver, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 | 695 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29, Pre-refunded 4/15/28 @ 100 | 600 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/30, Pre-refunded 4/15/28 @ 100 | 510 | 543 |
| County of Beaver, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 | 2195 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29, Continuously Callable @100 | 1900 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/30, Continuously Callable @100 | 4490 | 4649 |
| County of Lehigh Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37, Continuously Callable @100 | 2000 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/38, Continuously Callable @100 | 2000 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 2000 | 1860 |
| County of Luzerne, GO (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 11/15/29, Continuously Callable @100 | 5000 | 5258 |
| Cumberland County Municipal Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/36, Continuously Callable @100 | 1250 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/37, Continuously Callable @100 | 2130 | 2078 |
| Dauphin County General Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/30, Continuously Callable @100 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/31, Continuously Callable @100 | 1000 | 1024 |
| Delaware County Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 1200 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Continuously Callable @100 | 2220 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/39, Continuously Callable @100 | 2250 | 2237 |
| Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/34, Continuously Callable @100 | 3000 | 3251 |
| Lancaster Higher Education Authority Revenue, 5.00%, 10/1/42, Continuously Callable @100 | 3360 | 3381 |
| Latrobe IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/40, Continuously Callable @100 | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/41, Continuously Callable @100 | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/46, Continuously Callable @100 | 750 | 628 |
| Montgomery County Higher Education & Health Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/34, Continuously Callable @100 | 1750 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/35, Continuously Callable @100 | 1850 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/36, Continuously Callable @100 | 1100 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/37, Continuously Callable @100 | 1000 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 1750 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/38, Continuously Callable @100 | 900 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/39, Continuously Callable @100 | 1000 | 944 |
| Montour School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 4/1/33, Continuously Callable @100 | 1000 | 1056 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 4/1/34, Continuously Callable @100 | $1500 | $1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 4/1/35, Continuously Callable @100 | 1500 | 1578 |
| Northampton County General Purpose Authority Revenue, 4.10% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24)(b)(c) | 4645 | 4653 |
| Northeastern Pennsylvania Hospital & Education Authority Revenue, Series A, 5.00%, 3/1/37, Continuously Callable @100 | 1525 | 1540 |
| Pennsylvania Economic Development Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/33, Continuously Callable @103 | 1750 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41, Continuously Callable @103 | 1050 | 890 |
| Pennsylvania Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/25, Continuously Callable @100 | 1730 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/26, Pre-refunded 7/15/23 @ 100 | 2020 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/27, Pre-refunded 7/15/23 @ 100 | 2125 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/28, Pre-refunded 7/15/23 @ 100 | 2245 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/15/30, Pre-refunded 7/15/23 @ 100 | 2415 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100 | 1965 | 1988 |
| Pennsylvania Turnpike Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Continuously Callable @100 | 10655 | 11079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/36, Continuously Callable @100 | 8255 | 8531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/36, Continuously Callable @100 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/37, Continuously Callable @100 | 1500 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/38, Continuously Callable @100 | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/32, Continuously Callable @100 | 1500 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/33, Continuously Callable @100 | 4345 | 4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/34, Continuously Callable @100 | 3000 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/35, Continuously Callable @100 | 3320 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/36, Continuously Callable @100 | 3690 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/32, Continuously Callable @100 | 3500 | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/33, Continuously Callable @100 | 7145 | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/34, Continuously Callable @100 | 20000 | 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/34, Continuously Callable @100 | 6250 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/34, Continuously Callable @100 | 2000 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/35, Continuously Callable @100 | 5700 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/35, Continuously Callable @100 | 2000 | 2108 |
| Philadelphia IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/35, Continuously Callable @100 | 750 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/36, Continuously Callable @100 | 1500 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/38, Continuously Callable @100 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/40, Continuously Callable @100 (a) | 900 | 858 |
| Pittsburgh Water & Sewer Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/1/34, Continuously Callable @100 | 1750 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/1/35, Continuously Callable @100 | 300 | 300 |
| Reading School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 2000 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/37, Continuously Callable @100 | 1500 | 1578 |
| School District of Philadelphia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/34, Continuously Callable @100 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/35, Continuously Callable @100 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36, Continuously Callable @100 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/37, Continuously Callable @100 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/38, Continuously Callable @100 | 1700 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/39, Continuously Callable @100 | 1600 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/31, Continuously Callable @100 | 9895 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/32, Continuously Callable @100 | 5000 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/33, Continuously Callable @100 | 4000 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/34, Continuously Callable @100 | 5100 | 5371 |
| School District of the City of Erie, GO (INS - Assured Guaranty Municipal Corp.), Series A, 4.00%, 4/1/33, Continuously Callable @100 | 1150 | 1197 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Scranton School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 12/1/32, Continuously Callable @100 | $1000 | $1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 12/1/33, Continuously Callable @100 | 1600 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.00%, 12/1/35, Continuously Callable @100 | 750 | 803 |
| State Public School Building Authority Revenue, 5.00%, 6/1/29, Continuously Callable @100 | 10000 | 10529 |
| State Public School Building Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Continuously Callable @100 | 6100 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/31, Continuously Callable @100 | 13085 | 13364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/31, Pre-refunded 12/1/26 @ 100 | 2295 | 2409 |
| The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30)(c) | 3300 | 2813 |
| Westmoreland County IDA Revenue, Series A, 4.00%, 7/1/37, Continuously Callable @100 | 1400 | 1253 |
| Wilkes-Barre Finance Authority Revenue, 4.00%, 3/1/42, Continuously Callable @100 | 2600 | 2168 |
|  |  | 308271 |
| **Rhode Island (0.4%):** |  |  |
| Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100 | 2000 | 2039 |
| Rhode Island Turnpike & Bridge Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/33, Continuously Callable @100 | 1350 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/35, Continuously Callable @100 | 4345 | 4611 |
| Tobacco Settlement Financing Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/28, Continuously Callable @100 | 2000 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/29, Continuously Callable @100 | 2000 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/30, Continuously Callable @100 | 2500 | 2552 |
|  |  | 14724 |
| **South Carolina (1.0%):** |  |  |
| Lexington County Health Services District, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/31, Continuously Callable @100 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/32, Continuously Callable @100 | 1000 | 1002 |
| Patriots Energy Group Financing Agency Revenue, Series B, 3.79% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24)(b)(c) | 20000 | 20002 |
| South Carolina Public Service Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/34, Continuously Callable @100 | 9835 | 10223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/35, Continuously Callable @100 | 7000 | 7235 |
|  |  | 39467 |
| **Tennessee (0.8%):** |  |  |
| Greeneville Health & Educational Facilities Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Continuously Callable @100 | 2710 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 3000 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/37, Continuously Callable @100 | 3500 | 3621 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 5.00%, 7/1/40, Continuously Callable @100 | 5500 | 5635 |
| New Memphis Arena Public Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/32, Continuously Callable @98 (d) | 875 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/33, Continuously Callable @96 (d) | 875 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/34, Continuously Callable @94 (d) | 875 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4/1/35, Continuously Callable @92 (d) | 875 | 521 |
| Tennergy Corp. Revenue, Series A, 5.50%, 10/1/53 | 12500 | 13173 |
|  |  | 30631 |
| **Texas (9.6%):** |  |  |
| Austin Convention Enterprises, Inc. Revenue, 5.00%, 1/1/34, Continuously Callable @100 | 1105 | 1130 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | 2740 | 2781 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/27, Continuously Callable @100 | $2990 | $3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/28, Continuously Callable @100 | 1640 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/29, Continuously Callable @100 | 1600 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/30, Continuously Callable @100 | 1700 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/1/35, Continuously Callable @100 | 5150 | 5201 |
| Central Texas Regional Mobility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/24 (d) | 7000 | 6746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/1/26 (d) | 2535 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Pre-refunded 7/1/25 @ 100 | 1250 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/35, Pre-refunded 7/1/25 @ 100 | 1100 | 1159 |
| Central Texas Turnpike System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 8/15/33, Continuously Callable @100 | 10000 | 10271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 8/15/34, Continuously Callable @100 | 8500 | 8706 |
| City of Arlington Special Tax (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/34, Continuously Callable @100 | 1500 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/35, Continuously Callable @100 | 1500 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/36, Continuously Callable @100 | 3100 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/37, Continuously Callable @100 | 3305 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 2/15/38, Continuously Callable @100 | 4380 | 4592 |
| City of Corpus Christi Utility System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/32, Continuously Callable @100 | 1800 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/33, Continuously Callable @100 | 1100 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/34, Continuously Callable @100 | 1050 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/35, Continuously Callable @100 | 1000 | 1011 |
| City of Houston Hotel Occupancy Tax & Special Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/29, Continuously Callable @100 | 2300 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/32, Continuously Callable @100 | 5615 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/33, Continuously Callable @100 | 5345 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/34, Continuously Callable @100 | 2150 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/35, Continuously Callable @100 | 1575 | 1608 |
| City of Laredo Waterworks & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/32, Continuously Callable @100 | 740 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/33, Continuously Callable @100 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/34, Continuously Callable @100 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/36, Continuously Callable @100 | 1500 | 1516 |
| Clifton Higher Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/38, Continuously Callable @100 | 1085 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/39, Continuously Callable @100 | 1130 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/40, Continuously Callable @100 | 1180 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/41, Continuously Callable @100 | 1225 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/42, Continuously Callable @100 | 1035 | 943 |
| Clifton Higher Education Finance Corp. Revenue (NBGA - Texas Permanent School Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/33, Continuously Callable @100 | 2130 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/34, Continuously Callable @100 | 2275 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/35, Continuously Callable @100 | 2375 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/36, Continuously Callable @100 | 3710 | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/37, Continuously Callable @100 | 3860 | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/38, Continuously Callable @100 | 4015 | 3928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/39, Continuously Callable @100 | 4305 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/15/32, Continuously Callable @100 | 1300 | 1320 |
| Dallas/Fort Worth International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.25%, 11/1/28, Continuously Callable @100 | 2000 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.25%, 11/1/29, Continuously Callable @100 | 7500 | 7647 |
| Harris County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28, Continuously Callable @100 | 1400 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-2, 4.23% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (b)(c) | 3330 | 3357 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Harris County Municipal Utility District No. 165, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/30, Continuously Callable @100 | $750 | $776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/31, Continuously Callable @100 | 2030 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32, Continuously Callable @100 | 2500 | 2588 |
| Karnes County Hospital District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/29, Continuously Callable @100 | 4000 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/34, Continuously Callable @100 | 4000 | 4074 |
| Main Street Market Square Redevelopment Authority Tax Allocation (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/29, Continuously Callable @100 | 1215 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30, Continuously Callable @100 | 1380 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/32, Continuously Callable @100 | 1500 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/33, Continuously Callable @100 | 2680 | 2798 |
| Matagorda County Navigation District No. 1 Revenue, 4.00%, 6/1/30, Continuously Callable @100 | 5405 | 5359 |
| Mesquite Health Facilities Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/26 (h)(k) | 3100 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/35, Continuously Callable @100 (h)(k) | 1075 | 852 |
| New Hope Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/31, Continuously Callable @102 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/36, Continuously Callable @102 | 1475 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/30 (h) | 7500 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35 (h) | 9000 | 7200 |
| Newark Higher Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/32, Continuously Callable @100 | 1635 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/33, Continuously Callable @100 | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/34, Continuously Callable @100 | 4470 | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/35, Continuously Callable @100 | 1650 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/36, Continuously Callable @100 | 2150 | 2104 |
| North East Texas Regional Mobility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 7000 | 7074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/36, Continuously Callable @100 | 5485 | 5545 |
| North Texas Tollway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/44, Continuously Callable @100 | 1085 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32, Continuously Callable @100 | 8000 | 8350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/34, Continuously Callable @100 | 1515 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/39, Continuously Callable @100 | 13535 | 13266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/31, Continuously Callable @100 | 1500 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/34, Continuously Callable @100 | 7500 | 7801 |
| North Texas Tollway Authority Revenue (INS - Assured Guaranty Corp.), 1/1/29(d) | 20000 | 16012 |
| North Texas Tollway Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/35, Continuously Callable @100 | 2000 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/36, Continuously Callable @100 | 1695 | 1703 |
| Permanent University Fund - University of Texas System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/32, Continuously Callable @100 | 2230 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/33, Continuously Callable @100 | 3250 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/34, Continuously Callable @100 | 2500 | 2642 |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.75%, 4/1/40, Continuously Callable @100 (j) | 3020 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.77%, 4/1/40, Continuously Callable @100 (j) | 1010 | 1010 |
| San Antonio Education Facilities Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/38, Continuously Callable @100 | 160 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39, Continuously Callable @100 | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/41, Continuously Callable @100 | 895 | 766 |
| San Antonio Housing Trust Finance Corp. Revenue (NBGA - Federal Home Loan Mortgage Corp.), 3.50%, 4/1/43, (Put Date 10/1/28)(c) | 14935 | 15030 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30, Continuously Callable @100 | $2145 | $2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31, Continuously Callable @100 | 2250 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32, Continuously Callable @100 | 2365 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37, Continuously Callable @100 | 2175 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/37, Continuously Callable @100 | 18225 | 18942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/38, Continuously Callable @100 | 19115 | 19800 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/30 | 9835 | 10285 |
| Texas Private Activity Bond Surface Transportation Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/38, Continuously Callable @100 | 3300 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/38, Continuously Callable @100 | 3850 | 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/30/39, Continuously Callable @100 | 2150 | 1964 |
| Trophy Club Public Improvement District No. 1 Special Assessment (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/1/33, Continuously Callable @100 | 6960 | 7228 |
|  |  | 362571 |
| **Utah (0.2%):** |  |  |
| Jordanelle Special Service District Special Assessment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 12.00%, 8/1/30, Continuously Callable @100 (a) | 2784 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 12.00%, 8/1/30, Continuously Callable @100 (a) | 1524 | 1527 |
| Military Installation Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/36, Continuously Callable @103 | 1045 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 1000 | 789 |
|  |  | 5981 |
| **Vermont (0.3%):** |  |  |
| Vermont Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/33, Continuously Callable @103 | 3950 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/37, Continuously Callable @103 | 4190 | 3524 |
| Vermont Educational & Health Buildings Financing Agency Revenue, Series A, 5.00%, 12/1/36, Continuously Callable @100 | 2500 | 2574 |
|  |  | 9578 |
| **Virgin Islands (0.2%):** |  |  |
| Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/30, Continuously Callable @100(a) | 6500 | 6839 |
| **Virginia (0.6%):** |  |  |
| Chesapeake Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/36, Continuously Callable @100 | 1175 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37, Continuously Callable @100 | 1205 | 1166 |
| Stafford County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/33, Continuously Callable @100 | 750 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/34, Continuously Callable @100 | 2620 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/35, Continuously Callable @100 | 1930 | 1983 |
| Virginia College Building Authority Revenue, 4.00%, 2/1/36, Continuously Callable @100 | 3000 | 3063 |
| Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/37, Continuously Callable @103 | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/38, Continuously Callable @103 | 6000 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/39, Continuously Callable @103 | 7000 | 6496 |
|  |  | 23470 |
| **Washington (0.4%):** |  |  |
| Washington Health Care Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/35, Continuously Callable @100 | 2355 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/35, Continuously Callable @100 | 1775 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 2250 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/36, Continuously Callable @100 | 2500 | 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/37, Continuously Callable @100 | 3125 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/37, Continuously Callable @100 | 2400 | 2447 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Washington State Housing Finance Commission Revenue, Series A-1, 3.50%, 12/20/35 | $2638 | $2322 |
|  |  | 16925 |
| **West Virginia (0.4%):** |  |  |
| West Virginia Hospital Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/33, Continuously Callable @100 | 1850 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/34, Continuously Callable @100 | 2970 | 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/35, Continuously Callable @100 | 2920 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/35, Continuously Callable @100 | 2405 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/36, Continuously Callable @100 | 2065 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/38, Continuously Callable @100 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/39, Continuously Callable @100 | 1000 | 1011 |
|  |  | 14665 |
| **Wisconsin (1.5%):** |  |  |
| Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/1/25 (a) | 230 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/29 (a) | 890 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/29, Continuously Callable @100 (a) | 260 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/29, Continuously Callable @103 (a) | 1250 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/30 (a) | 950 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/34, Continuously Callable @100 (a) | 3520 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/37, Continuously Callable @102 (a) | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/39, Continuously Callable @100 (a) | 410 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/39, Continuously Callable @103 (a) | 2230 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/40, Continuously Callable @100 | 3500 | 3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/40, Continuously Callable @100 (a) | 1175 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/41, Continuously Callable @100 (a) | 675 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/42, Continuously Callable @103 | 1150 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/42, Continuously Callable @100 (a) | 900 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/43, Continuously Callable @100 | 4185 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/45, Continuously Callable @100 | 3275 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/1/38, Continuously Callable @100 | 3250 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/41, Continuously Callable @100 | 770 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/41, Continuously Callable @103 | 4480 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 4.05%, 11/1/30, Continuously Callable @100 | 1500 | 1482 |
| Wisconsin Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/27 | 360 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/28, Continuously Callable @103 | 370 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/29, Continuously Callable @103 | 390 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/30, Continuously Callable @103 | 405 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/34, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/36, Continuously Callable @103 | 530 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36, Continuously Callable @100 | 9830 | 9649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @103 | 1460 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/40, Continuously Callable @100 | 750 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/15/41, Continuously Callable @103 | 510 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 850 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 4/15/31, Pre-refunded 4/15/23 @ 100 | 5000 | 5031 |
| Wisconsin Health & Educational Facilities Authority Revenue (INS - Assured Guaranty Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/35, Continuously Callable @100 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/37, Continuously Callable @100 | 1000 | 983 |
|  |  | 55848 |
| **Total Municipal Bonds (Cost $3,881,268)** |  | 3758352 |
| **Total Investments (Cost $3,881,268) — 99.0%** |  | 3758352 |
| **Other assets in excess of liabilities — 1.0%** |  | 36749 |
| **NET ASSETS - 100.00%** |  | $3795101 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Intermediate-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

(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 $114,624 thousands and amounted to 3.0% of net assets.

(b) Variable or Floating-Rate
 Security. Rate disclosed is as of December 31, 2022.

(c) Put Bond.

(d) Zero-coupon bond.

(e) Stepped-coupon
 security converts to coupon form on 11/1/25 with a rate of 4.00%

(f) Stepped-coupon
 security converts to coupon form on 11/1/25 with a rate of 4.35%

(g) Security or portion
 of security purchased on a delayed-delivery and/or when-issued basis.

(h) Currently the
 issuer is in default with respect to interest and/or principal payments.

(i) 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 0.2% of the Fund's net assets.

(j) Variable Rate
 Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period.
 The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval
 to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(k) Issuer filed
 for bankruptcy.

AMBAC—American Municipal Bond Assurance Corporation

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

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

MUNIPSA—Municipal Swap Index

SOFR—Secured Overnight Financing Rate

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.<br>

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Corporate Bonds (0.1%)** | **Corporate Bonds (0.1%)** | **Corporate Bonds (0.1%)** |
| **Industrials (0.1%):** |  |  |
| Northwest Senior Housing Corp. - Edgemere Project, Promissory Note, DIP Loan, 10.00%, 12/31/23 (a)(b) | $992 | $992 |
| **Total Corporate Bonds (Cost $992)** |  | 992 |
| **Municipal Bonds (98.4%)** |  |  |
| **Alabama (0.6%):** |  |  |
| DCH Healthcare Authority Revenue, Series A, 4.00%, 6/1/51, Continuously Callable @100 | 4000 | 3465 |
| Homewood Educational Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/47, Continuously Callable @100 | 4500 | 4571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/51, Continuously Callable @100 | 3000 | 2542 |
|  |  | 10578 |
| **Alaska (0.1%):** |  |  |
| Northern Tobacco Securitization Corp. Revenue, Series A, 4.00%, 6/1/50, Continuously Callable @100 | 1000 | 855 |
| **Arizona (2.0%):** |  |  |
| Arizona IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1725 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/47, Continuously Callable @100 | 600 | 565 |
| City of Phoenix Civic Improvement Corp. Revenue (INS - National Public Finance Guarantee Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 7/1/29 | 1000 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.50%, 7/1/30 | 1500 | 1771 |
| Maricopa County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 1600 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/56, Continuously Callable @100 | 1000 | 833 |
| Pinal County Electric District No. 3 Revenue, 4.00%, 7/1/41, Continuously Callable @100 | 10000 | 9640 |
| Tempe IDA Revenue, 4.00%, 12/1/46, Continuously Callable @102 | 2500 | 1753 |
| The City of Phoenix IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/41, Continuously Callable @100 | 1200 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/42, Continuously Callable @100 | 1250 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44, Continuously Callable @100 | 6000 | 6006 |
| The Pima County IDA Revenue, Series A, 6.88%, 11/15/52, Continuously Callable @103(c) | 3750 | 3838 |
| The Pima County IDA Revenue, 4.00%, 6/15/51, Continuously Callable @100(c) | 2500 | 1834 |
| The Pima County IDA Revenue, 4.00%, 9/1/29, Continuously Callable @100 | 3000 | 2989 |
| The Yavapai County IDA Revenue, 4.00%, 8/1/43, Continuously Callable @100 | 1725 | 1575 |
|  |  | 37727 |
| **Arkansas (0.2%):** |  |  |
| Arkansas Development Finance Authority Revenue (INS - AMBAC Assurance Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/28 (d) | 1000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/29 (d) | 1165 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/30 (d) | 1150 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/1/36 (d) | 2500 | 1456 |
|  |  | 4091 |
| **California (5.1%):** |  |  |
| California Educational Facilities Authority Revenue, Series A, 5.00%, 10/1/52, Continuously Callable @100 | 3000 | 2920 |
| California Health Facilities Financing Authority Revenue, 5.00%, 11/15/56, Continuously Callable @100 | 1000 | 1026 |
| California State Public Works Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Continuously Callable @100 | 2950 | 2977 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/39, Continuously Callable @100 | $3500 | $3640 |
| Cerritos Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/31 (d) | 1000 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/32 (d) | 2500 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/33 (d) | 2175 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/34 (d) | 1000 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/35 (d) | 1500 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 8/1/36 (d) | 2200 | 1320 |
| Coachella Valley Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series D, 8/1/41(d) | 8500 | 3816 |
| El Camino Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/34 (d) | 3000 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 8/1/38 (d) | 3000 | 1591 |
| El Monte Union High School District, GO (INS - Assured Guaranty Municipal Corp.), 6/1/42 (d) | 10000 | 4315 |
| Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/30, Pre-refunded 6/1/23 @ 100 | 2000 | 2017 |
| Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/35, Continuously Callable @100 | 1440 | 1442 |
| Los Alamitos Unified School District Certificate of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/34, Continuously Callable @100 (e) | 1200 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/42, Continuously Callable @100 (f) | 4500 | 4623 |
| Paramount Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/34 (d) | 1860 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/35 (d) | 2000 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/36 (d) | 2750 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/1/37 (d) | 2750 | 1500 |
| Sacramento City Schools Joint Powers Financing Authority Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/36, Continuously Callable @100 | 2560 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/40, Continuously Callable @100 | 2000 | 2052 |
| San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100 | 2500 | 2578 |
| San Ysidro School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 8/1/36 (d) | 13605 | 7820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 8/1/37 (d) | 14285 | 7735 |
| Santa Ana Unified School District Certificate of Participation (INS - Assured Guaranty Municipal Corp.), 4/1/29(d) | 15000 | 11675 |
| State of California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/38, Continuously Callable @100 | 6750 | 6761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/47, Continuously Callable @100 | 5000 | 5211 |
| Stockton Unified School District, GO (INS - Assured Guaranty Municipal Corp.), Series D, 8/1/34(d) | 8885 | 5897 |
|  |  | 96726 |
| **Colorado (2.4%):** |  |  |
| Colorado Educational & Cultural Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/48, Continuously Callable @100 | 2500 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/52, Continuously Callable @100 | 675 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/53, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/62, Continuously Callable @100 | 795 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 4/1/43, Pre-refunded 4/1/23 @ 100 | 2500 | 2512 |
| Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/45, Pre-refunded 6/1/25 @ 100 | 6000 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/47, Pre-refunded 6/1/27 @ 100 | 1250 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/1/47, Continuously Callable @100 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/50, Continuously Callable @103 | 7250 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/44, Continuously Callable @100 | 2070 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/50, Continuously Callable @100 | 1500 | 1235 |
| Denver Health & Hospital Authority Revenue, Series A, 4.00%, 12/1/40, Continuously Callable @100 | 750 | 637 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| E-470 Public Highway Authority Revenue (INS - National Public Finance Guarantee Corp.), Series B, 9/1/35, Continuously Callable @64(d) | $10000 | $5470 |
| Park Creek Metropolitan District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/45, Continuously Callable @100 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/46, Continuously Callable @100 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/51, Continuously Callable @100 | 2000 | 2020 |
| Rampart Range Metropolitan District No. 1 Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 12/1/47, Continuously Callable @100 | 4000 | 4161 |
| Regional Transportation District Certificate of Participation, Series A, 5.00%, 6/1/44, Pre-refunded 6/1/23 @ 100 | 5000 | 5038 |
| Southlands Metropolitan District No. 1, GO, Series A-1, 5.00%, 12/1/47, Continuously Callable @100 | 1000 | 874 |
|  |  | 45785 |
| **Connecticut (0.7%):** |  |  |
| Connecticut State Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/49, Continuously Callable @100 | 3000 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series U, 4.00%, 7/1/52, Continuously Callable @100 | 3000 | 2564 |
| State of Connecticut, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/38, Continuously Callable @100 | 5500 | 5859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/15/39, Continuously Callable @100 | 1550 | 1664 |
|  |  | 12579 |
| **District of Columbia (0.3%):** |  |  |
| District of Columbia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/43, Pre-refunded 7/1/23 @ 100 | 1700 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/48, Pre-refunded 7/1/23 @ 100 | 1450 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/49, Continuously Callable @100 | 1275 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/54, Continuously Callable @100 | 1140 | 1079 |
|  |  | 5498 |
| **Florida (7.0%):** |  |  |
| Alachua County Health Facilities Authority Revenue, 4.00%, 10/1/46, Continuously Callable @103 | 700 | 547 |
| City of Atlantic Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/53, Continuously Callable @103 | 2000 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.63%, 11/15/43, Continuously Callable @100 | 7000 | 7014 |
| City of Jacksonville Revenue, 4.00%, 11/1/45, Continuously Callable @100 | 2500 | 2244 |
| City of Pompano Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/50, Continuously Callable @103 | 8000 | 6077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/51, Continuously Callable @103 | 2895 | 2186 |
| County of Miami-Dade Florida Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 3000 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serie B, 4.00%, 10/1/44, Continuously Callable @100 | 21500 | 20477 |
| County of Miami-Dade Rickenbacker Causeway Revenue, 5.00%, 10/1/43, Continuously Callable @100 | 1750 | 1767 |
| County of Miami-Dade Seaport Department Revenue, Series A-2, 4.00%, 10/1/49, Continuously Callable @100 | 4000 | 3683 |
| County of Polk Florida Utility System Revenue, 4.00%, 10/1/43, Continuously Callable @100 | 2000 | 1918 |
| Escambia County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/45, Continuously Callable @100 | 6265 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/50, Continuously Callable @100 | 5050 | 4289 |
| Florida Development Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45, Continuously Callable @100 | 600 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/52, Continuously Callable @100 | 4000 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/55, Continuously Callable @100 | 500 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/55, Continuously Callable @100 | 1500 | 1409 |
| Florida Higher Educational Facilities Financial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/44, Continuously Callable @100 | 4280 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/44, Continuously Callable @100 | 1400 | 1199 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/49, Continuously Callable @100 | $1250 | $1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/49, Continuously Callable @100 | 1150 | 949 |
| Halifax Hospital Medical Center Revenue, 5.00%, 6/1/46, Pre-refunded 6/1/25 @ 100 | 3000 | 3158 |
| Lee County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/49, Continuously Callable @103 | 12350 | 11886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/1/52, Continuously Callable @103 | 1000 | 871 |
| Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/49, Continuously Callable @100 | 4500 | 3975 |
| Miami Beach Health Facilities Authority Revenue, 4.00%, 11/15/51, Continuously Callable @100 | 2500 | 2093 |
| Miami-Dade County Expressway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/39, Continuously Callable @100 | 5000 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/40, Continuously Callable @100 | 5000 | 5003 |
| Miami-Dade County Health Facilities Authority Revenue, 4.00%, 8/1/47, Continuously Callable @100 | 2000 | 1741 |
| Orange County Health Facilities Authority Revenue, Series B, 4.00%, 10/1/45, Continuously Callable @100 | 1500 | 1369 |
| Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/51, Continuously Callable @100 | 2070 | 1694 |
| Palm Beach County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/45, Continuously Callable @103 | 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/47, Continuously Callable @100 | 5000 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/52, Continuously Callable @100 | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/15/42, Continuously Callable @103 | 1000 | 984 |
| Polk County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/49, Continuously Callable @103 | 1000 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/55, Continuously Callable @103 | 1000 | 885 |
| Sarasota County Health Facilities Authority Revenue, 5.00%, 5/15/48, Continuously Callable @103 | 1835 | 1707 |
| Sarasota County Public Hospital District Revenue, 4.00%, 7/1/52, Continuously Callable @100 | 5000 | 4414 |
| St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103 | 6000 | 5159 |
| Tampa Housing Authority Revenue, 4.85%, 7/1/36, Callable 2/1/23 @ 100 | 2200 | 2202 |
| Volusia County Educational Facility Authority Revenue, Series B, 5.00%, 10/15/45, Pre-refunded 4/15/25 @ 100 | 2000 | 2099 |
|  |  | 132522 |
| **Georgia (1.2%):** |  |  |
| Crisp County Hospital Authority Revenue, 4.00%, 7/1/51, Continuously Callable @100 | 3000 | 2697 |
| Gainesville & Hall County Hospital Authority Revenue, 4.00%, 2/15/45, Continuously Callable @100 | 15000 | 13849 |
| Glynn-Brunswick Memorial Hospital Authority Revenue, 5.00%, 8/1/43, Continuously Callable @100 | 1500 | 1507 |
| Main Street Natural Gas, Inc. Revenue, Series A, 5.00%, 5/15/49 | 3000 | 2948 |
| Municipal Electric Authority of Georgia Revenue, 4.00%, 1/1/51, Continuously Callable @100 | 1100 | 926 |
| Private Colleges & Universities Authority Revenue, 4.00%, 6/1/45, Continuously Callable @100 | 1700 | 1490 |
|  |  | 23417 |
| **Illinois (14.8%):** |  |  |
| Bureau County Township High School District No. 502, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/37, Pre-refunded 12/1/27 @ 100 | 1530 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/38, Pre-refunded 12/1/27 @ 100 | 1555 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/39, Pre-refunded 12/1/27 @ 100 | 1400 | 1533 |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/47, Continuously Callable @100 | 1800 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/47, Continuously Callable @100 | 8220 | 6670 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H, 5.00%, 12/1/36, Continuously Callable @100 | $5000 | $5025 |
| Chicago Midway International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/41, Continuously Callable @100 | 2500 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/46, Continuously Callable @100 | 3500 | 3508 |
| Chicago O'Hare International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/1/43, Continuously Callable @100 | 5000 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 1/1/38, Continuously Callable @100 | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/41, Continuously Callable @100 | 5000 | 5162 |
| Chicago Park District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/40, Continuously Callable @100 | 3000 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/40, Continuously Callable @100 | 1125 | 1176 |
| City of Chicago Wastewater Transmission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/44, Continuously Callable @100 | 4000 | 4014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/47, Continuously Callable @100 | 3000 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 1/1/39, Continuously Callable @100 | 3000 | 3054 |
| City of Chicago Waterworks Revenue, 5.00%, 11/1/44, Continuously Callable @100 | 3000 | 3008 |
| City of Galesburg Revenue, Series A, 4.00%, 10/1/46, Continuously Callable @100 | 4000 | 3551 |
| City of Springfield Electric Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 3/1/40, Continuously Callable @100 | 3000 | 3063 |
| Cook County Community College District No. 508, GO (INS - Build America Mutual Assurance Co.), 5.00%, 12/1/47, Continuously Callable @100 | 9500 | 9760 |
| Cook County Sales Tax Revenue, 5.00%, 11/15/38, Continuously Callable @100 | 7750 | 8070 |
| County of Will, GO, 4.00%, 11/15/47, Continuously Callable @100 | 2000 | 1961 |
| Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 3/1/30, Continuously Callable @100 | 14000 | 14190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/32, Continuously Callable @100 | 7065 | 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/33, Continuously Callable @100 | 6000 | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/37, Continuously Callable @100 | 700 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/38, Continuously Callable @100 | 2000 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/42, Continuously Callable @100 | 750 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/44, Pre-refunded 1/1/28 @ 100 | 10000 | 10960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/44, Continuously Callable @100 | 2000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/46, Continuously Callable @100 | 4500 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/47, Continuously Callable @100 | 1000 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/47, Continuously Callable @100 | 1155 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/47, Continuously Callable @100 | 750 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/47, Continuously Callable @100 | 2000 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/49, Continuously Callable @100 | 1250 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/50, Continuously Callable @100 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/51, Continuously Callable @100 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/52, Continuously Callable @100 | 1075 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/55, Continuously Callable @100 | 2000 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Pre-refunded 7/1/26 @ 100 | 5000 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/40, Continuously Callable @100 | 12395 | 11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 7/1/43, Continuously Callable @100 | 5000 | 5070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 8/1/51, Continuously Callable @100 | 3500 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100 | 485 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/41, Continuously Callable @100 | 10495 | 10135 |
| Illinois State Toll Highway Authority Revenue, Series A, 4.00%, 1/1/46, Continuously Callable @100 | 4000 | 3803 |
| Metropolitan Pier & Exposition Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/42, Continuously Callable @100 | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/50, Continuously Callable @100 | 7500 | 7341 |
| Northern Illinois Municipal Power Agency Revenue, Series A, 4.00%, 12/1/41, Continuously Callable @100 | 9000 | 8482 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Northern Illinois University Revenue (INS - Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/41, Continuously Callable @100 | $600 | $564 |
| Regional Transportation Authority Revenue (INS - National Public Finance Guarantee Corp.), 6.50%, 7/1/30 | 37550 | 44276 |
| Sangamon County Water Reclamation District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/49, Continuously Callable @100 | 15000 | 14083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 1/1/53, Continuously Callable @100 | 2000 | 2099 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 5/1/39, Continuously Callable @100 | 2275 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/33, Continuously Callable @100 | 2000 | 2061 |
| State of Illinois, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/31, Continuously Callable @100 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/32, Continuously Callable @100 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/29, Continuously Callable @100 | 8000 | 8022 |
| Village of Rosemont, GO (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/1/46, Continuously Callable @100 | 10000 | 10569 |
|  |  | 279307 |
| **Indiana (1.8%):** |  |  |
| Evansville Redevelopment Authority Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/38, Continuously Callable @100 | 5540 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/39, Continuously Callable @100 | 3605 | 3483 |
| Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/40, Continuously Callable @100 | 1495 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/43, Continuously Callable @103 | 1970 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/48, Continuously Callable @103 | 3895 | 3573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/51, Continuously Callable @100 | 1030 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 4/1/46, Continuously Callable @100 | 5000 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 7/1/52, Continuously Callable @100 | 4500 | 4759 |
| Richmond Hospital Authority Revenue, Series A, 5.00%, 1/1/39, Continuously Callable @100 | 7000 | 7078 |
|  |  | 33442 |
| **Iowa (0.6%):** |  |  |
| Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/43, Continuously Callable @100 | 6235 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/15/48, Continuously Callable @100 | 4000 | 4074 |
| Iowa Higher Education Loan Authority Revenue, 5.38%, 10/1/52, Continuously Callable @100 | 1000 | 1024 |
| Iowa Tobacco Settlement Authority Revenue, Series A-2, 4.00%, 6/1/49, Continuously Callable @100 | 1000 | 858 |
|  |  | 11319 |
| **Kansas (1.0%):** |  |  |
| City of Coffeyville Electric System Revenue (INS - National Public Finance Guarantee Corp.), Series B, 5.00%, 6/1/42, Pre-refunded 6/1/25 @ 100(c) | 2500 | 2634 |
| City of Lawrence Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 5000 | 5004 |
| City of Manhattan Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/46, Continuously Callable @103 | 1000 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/52, Continuously Callable @103 | 1500 | 1025 |
| Wyandotte County-Kansas City Unified Government Tax Allocation, 5.75%, 3/1/41, Continuously Callable @103(c) | 7600 | 7254 |
| Wyandotte County-Kansas City Unified Government Utility System Revenue, Series A, 5.00%, 9/1/45, Continuously Callable @100 | 2000 | 2030 |
|  |  | 18677 |
| **Kentucky (1.1%):** |  |  |
| City of Ashland Revenue, 5.00%, 2/1/40, Continuously Callable @100 | 1000 | 1008 |
| City of Hazard Revenue, 4.00%, 7/1/51, Continuously Callable @100 | 3000 | 2538 |
| Kentucky Bond Development Corp. Revenue, 4.00%, 6/1/51, Continuously Callable @100 | 1070 | 901 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Kentucky Economic Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/46, Continuously Callable @100 | $5500 | $4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/41, Continuously Callable @100 | 3000 | 3044 |
| Kentucky Economic Development Finance Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/41, Continuously Callable @100 | 500 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/45, Continuously Callable @100 | 2000 | 2019 |
| Louisville Jefferson County Metropolitan Government Revenue, Series A, 5.00%, 5/15/52, Continuously Callable @100 | 6000 | 5922 |
|  |  | 20110 |
| **Louisiana (3.9%):** |  |  |
| City of Shreveport Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/40, Continuously Callable @100 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/41, Continuously Callable @100 | 5500 | 5696 |
| City of Shreveport Water & Sewer Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 5.00%, 12/1/41, Continuously Callable @100 | 2100 | 2163 |
| City of Shreveport Water & Sewer Revenue (INS - Build America Mutual Assurance Co.), Series B, 4.00%, 12/1/37, Continuously Callable @100 | 1100 | 1081 |
| City of Shreveport Water & Sewer Revenue (INS - Assured Guaranty Corp.), Series B, 4.00%, 12/1/49, Continuously Callable @100 | 1000 | 818 |
| Jefferson Sales Tax District Revenue, Series B, 4.00%, 12/1/42, Continuously Callable @100 | 7000 | 6709 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100 | 6250 | 5826 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/39, Continuously Callable @100 | 1685 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/46, Continuously Callable @100 | 8210 | 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/48, Continuously Callable @100 | 5000 | 5090 |
| Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/41, Pre-refunded 5/15/26 @ 100 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/41, Continuously Callable @100 | 1235 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/45, Pre-refunded 11/1/25 @ 100 | 6000 | 6373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/46, Continuously Callable @100 | 5000 | 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/56, Continuously Callable @100 | 9000 | 7332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/57, Continuously Callable @100 | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/50, Pre-refunded 12/15/27 @ 100 | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/50, Continuously Callable @100 | 970 | 871 |
| Louisiana Public Facilities Authority Revenue (INS - Build America Mutual Assurance Co.), 5.25%, 6/1/51, Pre-refunded 6/1/25 @ 100 | 5000 | 5290 |
| State of Louisiana Gasoline & Fuels Tax Revenue, Series C, 5.00%, 5/1/45, Continuously Callable @100 | 6000 | 6204 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/35, Continuously Callable @100 | 1500 | 1512 |
|  |  | 73951 |
| **Maine (0.4%):** |  |  |
| Maine Health & Higher Educational Facilities Authority Revenue, Series A, 4.00%, 7/1/46, Continuously Callable @100 | 9000 | 7633 |
| **Massachusetts (1.7%):** |  |  |
| Massachusetts Development Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/15/40, Continuously Callable @100 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | 4000 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 2280 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/51, Continuously Callable @100 | 1000 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1500 | 1462 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 7/1/44, Continuously Callable @100 | $2000 | $1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/46, Continuously Callable @100 | 3370 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/49, Pre-refunded 6/1/29 @ 100 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 6/1/50, Continuously Callable @100 | 1700 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/50, Continuously Callable @100 | 975 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 10/1/45, Continuously Callable @100 | 1250 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 7/1/44, Continuously Callable @100 | 3000 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.00%, 7/1/38, Continuously Callable @100 | 1000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J2, 5.00%, 7/1/53, Continuously Callable @100 | 10000 | 10014 |
|  |  | 32538 |
| **Michigan (2.3%):** |  |  |
| County of Genesee, GO, Series B, 4.00%, 2/1/41, Continuously Callable @100 | 2000 | 1981 |
| County of Genesee, GO (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 2/1/46, Continuously Callable @100 | 2900 | 2984 |
| Downriver Utility Wastewater Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 4/1/43, Continuously Callable @100 | 2500 | 2619 |
| Flint Hospital Building Authority Revenue, 4.00%, 7/1/38, Continuously Callable @100 | 2500 | 2198 |
| Jackson Public Schools, GO (NBGA - Michigan School Bond Qualification and Loan Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/45, Continuously Callable @100 | 6000 | 6288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/48, Continuously Callable @100 | 3000 | 3124 |
| Karegnondi Water Authority Revenue, 5.00%, 11/1/45, Continuously Callable @100 | 2750 | 2806 |
| Livonia Public Schools, GO (INS - Assured Guaranty Municipal Corp.), 5.00%, 5/1/45, Continuously Callable @100 | 4000 | 4130 |
| Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/43, Continuously Callable @100 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/44, Continuously Callable @100 | 5000 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/47, Continuously Callable @100 | 1000 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/50, Continuously Callable @100 | 2000 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/50, Continuously Callable @100 | 1000 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/55, Continuously Callable @100 | 4000 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/15/50, Continuously Callable @100 | 3000 | 2679 |
| Michigan State Building Authority Revenue, 4.00%, 10/15/49, Continuously Callable @100 | 2500 | 2358 |
|  |  | 44079 |
| **Missouri (3.1%):** |  |  |
| Cape Girardeau County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/36, Continuously Callable @100 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 3/1/33, Continuously Callable @103 | 2080 | 2146 |
| Hannibal IDA Revenue, 5.00%, 10/1/47, Continuously Callable @100 | 3000 | 2982 |
| Health & Educational Facilities Authority of the State of Missouri Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/36, Continuously Callable @100 | 440 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/40, Continuously Callable @103 | 5510 | 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/41, Continuously Callable @100 | 410 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/48, Continuously Callable @100 | 10000 | 7652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/15/51, Continuously Callable @100 | 1000 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/1/42, Continuously Callable @104 | 3500 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/43, Continuously Callable @100 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 2/15/54, Continuously Callable @100 | 2500 | 2208 |
| Missouri Development Finance Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/46, Continuously Callable @100 | 17775 | 15663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/51, Continuously Callable @100 | 2000 | 1576 |
| St. Louis County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 9/1/43, Continuously Callable @100 | 5000 | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/48, Continuously Callable @100 | 2000 | 1684 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| St. Louis Municipal Finance Corp. Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 10/1/38, Continuously Callable @100 | $3065 | $3150 |
| St. Louis Municipal Finance Corp. Revenue (INS - Assured Guaranty Corp.), 5.00%, 10/1/45, Continuously Callable @100 | 3000 | 3088 |
| Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103 | 1875 | 1934 |
|  |  | 58439 |
| **Montana (0.3%):** |  |  |
| City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100 | 4000 | 3935 |
| Montana Facility Finance Authority Revenue, Series A, 4.00%, 6/1/45, Continuously Callable @100 | 1000 | 901 |
|  |  | 4836 |
| **Nebraska (1.3%):** |  |  |
| Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/42 | 13665 | 13768 |
| Douglas County Hospital Authority No. 3 Revenue, 5.00%, 11/1/48, Continuously Callable @100 | 3400 | 3422 |
| Nebraska Educational Health Cultural & Social Services Finance Authority Revenue, 4.00%, 1/1/49, Continuously Callable @102 | 7500 | 7035 |
|  |  | 24225 |
| **Nevada (1.0%):** |  |  |
| City of Carson City Revenue, 5.00%, 9/1/47, Continuously Callable @100 | 2775 | 2759 |
| Las Vegas Convention & Visitors Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/41, Continuously Callable @100 | 4400 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 7/1/46, Continuously Callable @100 | 12140 | 11048 |
|  |  | 17961 |
| **New Hampshire (0.1%):** |  |  |
| New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103 | 3000 | 2330 |
| **New Jersey (5.2%):** |  |  |
| City of Newark Mass Transit Access Tax Revenue (INS - Assured Guaranty Corp.), 5.38%, 11/15/52, Continuously Callable @100 | 1000 | 1057 |
| New Jersey Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (g) | 20000 | 20187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/40, Continuously Callable @100 | 8125 | 8177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/40, Pre-refunded 6/15/24 @ 100 | 1875 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/44, Continuously Callable @100 | 3000 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/49, Continuously Callable @100 | 4000 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/47, Continuously Callable @100 | 3000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/52, Continuously Callable @100 | 5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA, 5.00%, 6/15/41, Continuously Callable @100 | 4000 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/15/43, Continuously Callable @100 | 3500 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW, 5.25%, 6/15/40, Continuously Callable @100 | 2835 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW, 5.25%, 6/15/40, Pre-refunded 6/15/25 @ 100 | 165 | 175 |
| New Jersey Economic Development Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 6/1/42, Continuously Callable @100 | 1200 | 1223 |
| New Jersey Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/36, Continuously Callable @100 | 5000 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 7/1/47, Continuously Callable @100 | 3000 | 2626 |
| New Jersey Health Care Facilities Financing Authority Revenue, 5.00%, 10/1/38, Continuously Callable @100 | 2250 | 2330 |
| New Jersey Health Care Facilities Financing Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 7/1/46, Continuously Callable @100 | 1250 | 1263 |
| New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/43, Continuously Callable @100 | 4000 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/48, Continuously Callable @100 | 4000 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/36, Continuously Callable @100 | 2125 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.25%, 6/15/41, Continuously Callable @100 | 2000 | 2039 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB, 4.00%, 6/15/50, Continuously Callable @100 | $15000 | $12806 |
| The Camden County Improvement Authority Revenue, 6.00%, 6/15/52, Continuously Callable @100 | 1325 | 1367 |
| Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 6/1/46, Continuously Callable @100 | 3000 | 3006 |
|  |  | 98459 |
| **New Mexico (0.4%):** |  |  |
| New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102 | 8625 | 6908 |
| Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%, 5/1/40, Continuously Callable @103(c) | 670 | 554 |
|  |  | 7462 |
| **New York (2.7%):** |  |  |
| Allegany County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/52, Continuously Callable @100 | 4000 | 3894 |
| Build NVC Resource Corp. Revenue, 5.00%, 7/1/52, Continuously Callable @100 | 700 | 657 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 11/15/32 (d) | 5000 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (h) | 5490 | 5832 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/1/35 | 16130 | 17730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 1500 | 1345 |
| New York State Dormitory Authority Revenue, Series A, 4.00%, 9/1/50, Continuously Callable @100 | 3000 | 2429 |
| New York State Thruway Authority Revenue, Series A, 5.00%, 1/1/46, Continuously Callable @100 | 2000 | 2042 |
| New York State Urban Development Corp. Revenue, Series A, 4.00%, 3/15/45, Continuously Callable @100 | 5000 | 4653 |
| Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 11/15/31 (d) | 5000 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 11/15/32 (d) | 3000 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 11/15/32 (d) | 2500 | 1792 |
| TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100 | 1000 | 1010 |
|  |  | 50606 |
| **North Carolina (0.2%):** |  |  |
| North Carolina Medical Care Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/49, Continuously Callable @104 | 2725 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/50, Continuously Callable @103 | 1000 | 782 |
|  |  | 3405 |
| **North Dakota (0.5%):** |  |  |
| City of Grand Forks Revenue, 4.00%, 12/1/51, Continuously Callable @100 | 2375 | 1908 |
| County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100 | 7500 | 6895 |
| University of North Dakota Certificate of Participation (INS - Assured Guaranty Corp.), Series A, 4.00%, 6/1/51, Continuously Callable @100 | 1500 | 1338 |
|  |  | 10141 |
| **Ohio (2.6%):** |  |  |
| City of Centerville Revenue, 5.25%, 11/1/47, Continuously Callable @100 | 2700 | 2428 |
| City of Middleburg Heights Revenue, Series A, 4.00%, 8/1/47, Continuously Callable @100 | 2000 | 1761 |
| County of Cuyahoga Revenue, 4.75%, 2/15/47, Continuously Callable @100 | 9000 | 8501 |
| County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103 | 5000 | 4823 |
| County of Hamilton Revenue, 5.00%, 1/1/51, Continuously Callable @100 | 2500 | 2259 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| County of Lucas Revenue, 5.25%, 11/15/48, Continuously Callable @100 | $6000 | $5241 |
| County of Montgomery Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/42, Continuously Callable @100 | 2500 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/45, Continuously Callable @100 | 2000 | 1708 |
| County of Ross Revenue, 5.00%, 12/1/49, Continuously Callable @100 | 9100 | 8753 |
| Ohio Higher Educational Facility Commission Revenue, 6.00%, 9/1/47, Continuously Callable @100 | 4475 | 4701 |
| Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/33, Continuously Callable @100 | 2000 | 2005 |
| State of Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/40, Continuously Callable @100 | 655 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/50, Continuously Callable @100 | 5000 | 4301 |
|  |  | 49279 |
| **Oklahoma (1.0%):** |  |  |
| Norman Regional Hospital Authority Revenue, 4.00%, 9/1/45, Continuously Callable @100 | 4250 | 3688 |
| Oklahoma Development Finance Authority Revenue, Series B, 5.50%, 8/15/57, Continuously Callable @100 | 4250 | 3794 |
| Oklahoma Municipal Power Authority Revenue, Series A, 4.00%, 1/1/47, Continuously Callable @100 | 10000 | 9011 |
| Tulsa County Industrial Authority Revenue, 5.25%, 11/15/45, Continuously Callable @102 | 2000 | 1923 |
|  |  | 18416 |
| **Oregon (0.6%):** |  |  |
| City of Keizer Special Assessment, 5.20%, 6/1/31, Continuously Callable @100 | 690 | 691 |
| Deschutes County Hospital Facilities Authority Revenue, 4.00%, 1/1/46, Continuously Callable @100 | 2000 | 1784 |
| Medford Hospital Facilities Authority Revenue, Series A, 4.00%, 8/15/50, Continuously Callable @100 | 3800 | 3403 |
| Oregon State Facilities Authority Revenue, Series A, 4.00%, 10/1/51, Continuously Callable @100 | 1000 | 835 |
| Salem Hospital Facility Authority Revenue, 5.00%, 5/15/53, Continuously Callable @102 | 1000 | 908 |
| Union County Hospital Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 450 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1325 | 1261 |
| Yamhill County Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/51, Continuously Callable @102 | 1180 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 11/15/27, Continuously Callable @100 | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 1.75%, 11/15/26, Continuously Callable @100 | 680 | 624 |
|  |  | 11774 |
| **Pennsylvania (9.3%):** |  |  |
| Adams County General Authority Revenue, 4.00%, 8/15/45, Continuously Callable @100 | 7400 | 6752 |
| Allegheny County Hospital Development Authority Revenue, 5.00%, 4/1/47, Continuously Callable @100 | 6500 | 6589 |
| Allegheny County Sanitary Authority Revenue, 5.00%, 6/1/43, Continuously Callable @100 | 3170 | 3335 |
| Allentown Commercial & IDA Revenue, 6.25%, 7/1/47, Continuously Callable @100(c) | 5000 | 4708 |
| Altoona Area School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/45, Pre-refunded 12/1/25 @ 100 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/48, Pre-refunded 12/1/25 @ 100 | 300 | 319 |
| Armstrong School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/38, Continuously Callable @100 | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 3/15/41, Continuously Callable @100 | 2250 | 2193 |
| Berks County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/15/48, Continuously Callable @102 | 1000 | 916 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/50, Continuously Callable @100 | $8500 | $5477 |
| Bucks County IDA Revenue, 4.00%, 8/15/50, Continuously Callable @100 | 3000 | 2562 |
| CanonMcMillan School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/44, Continuously Callable @100 | 3500 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/48, Continuously Callable @100 | 1105 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/50, Continuously Callable @100 | 6065 | 5624 |
| Chester County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/52, Continuously Callable @100 (c) | 1775 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/15/47, Continuously Callable @100 | 3250 | 2934 |
| Commonwealth Financing Authority Revenue, 5.00%, 6/1/35, Continuously Callable @100 | 500 | 530 |
| Commonwealth of Pennsylvania Certificate of Participation, Series A, 5.00%, 7/1/43, Continuously Callable @100 | 1000 | 1050 |
| County of Lehigh Revenue, 4.00%, 7/1/49, Continuously Callable @100 | 11000 | 9673 |
| Delaware County Authority Revenue, 5.00%, 10/1/39, Continuously Callable @100 | 2250 | 2237 |
| Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/47, Continuously Callable @100 | 5000 | 5150 |
| Lancaster IDA Revenue, 4.00%, 7/1/51, Continuously Callable @103 | 1000 | 741 |
| Montgomery County Higher Education & Health Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/49, Continuously Callable @100 | 2500 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/51, Continuously Callable @100 | 3500 | 2929 |
| Montgomery County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/48, Continuously Callable @102 | 2000 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/49, Continuously Callable @103 | 2000 | 2030 |
| Northampton County General Purpose Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/40, Continuously Callable @100 | 4000 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/48, Continuously Callable @100 | 2440 | 2459 |
| Northeastern Pennsylvania Hospital & Education Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/44, Continuously Callable @100 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/49, Continuously Callable @100 | 1350 | 1338 |
| Pennsylvania Economic Development Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/46, Continuously Callable @103 | 1000 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/15/51, Continuously Callable @100 | 2320 | 1957 |
| Pennsylvania Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100 | 1970 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 7/15/38, Pre-refunded 7/15/23 @ 100 | 2750 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/15/46, Continuously Callable @100 | 2025 | 1718 |
| Pennsylvania Turnpike Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37, Continuously Callable @100 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/49, Continuously Callable @100 | 5000 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/46, Continuously Callable @100 | 3000 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 12/1/47, Continuously Callable @100 | 4000 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 12/1/33, Continuously Callable @100 | 1250 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 6/1/39, Continuously Callable @100 | 8000 | 8217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/43, Continuously Callable @100 | 5000 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25%, 12/1/44, Continuously Callable @100 | 10000 | 10161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/51, Continuously Callable @100 | 1500 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 12/1/51, Continuously Callable @100 | 8990 | 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 5.00%, 6/1/42, Continuously Callable @100 | 4000 | 4116 |
| Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100 | 10000 | 10464 |
| Pittsburgh Water & Sewer Authority Revenue (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/44, Continuously Callable @100 | 5000 | 5265 |
| Reading School District, GO (INS - Build America Mutual Assurance Co.), Series A, 4.00%, 4/1/44, Continuously Callable @100 | 1055 | 1000 |
| School District of Philadelphia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/43, Continuously Callable @100 | 2500 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/37, Continuously Callable @100 | 1000 | 1033 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Scranton School District, GO (INS - Build America Mutual Assurance Co.), Series E, 4.00%, 12/1/37, Continuously Callable @100 | $1025 | $1009 |
| The School District of Philadelphia, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/38, Pre-refunded 9/1/26 @ 100 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 9/1/38, Continuously Callable @100 | 1990 | 2057 |
| Wilkes-Barre Area School District, GO (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/49, Continuously Callable @100 | 750 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/15/59, Continuously Callable @100 | 3000 | 3066 |
|  |  | 174471 |
| **Rhode Island (0.1%):** |  |  |
| Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100 | 2000 | 2040 |
| Rhode Island Housing & Mortgage Finance Corp. Revenue, Series 15-A, 6.85%, 10/1/24, Continuously Callable @100 | 180 | 180 |
|  |  | 2220 |
| **South Carolina (0.4%):** |  |  |
| City of Rock Hill Combined Utility System Revenue, Series A, 4.00%, 1/1/49, Continuously Callable @100 | 2500 | 2258 |
| Patriots Energy Group Revenue, Series A, 4.00%, 6/1/51, Continuously Callable @100 | 2000 | 1767 |
| South Carolina Jobs-Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/47, Continuously Callable @103 | 1850 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/54, Continuously Callable @103 | 1000 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/54, Continuously Callable @103 | 1165 | 833 |
|  |  | 7498 |
| **South Dakota (0.0%):(i)** |  |  |
| Educational Enhancement Funding Corp. Revenue, Series B, 5.00%, 6/1/27, Pre-refunded 6/1/23 @ 100 | 500 | 504 |
| **Tennessee (0.8%):** |  |  |
| Greeneville Health & Educational Facilities Board Revenue, 5.00%, 7/1/44, Continuously Callable @100 | 2000 | 2021 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 4.00%, 10/1/51, Continuously Callable @100 | 1000 | 780 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/45, Continuously Callable @100 | 1500 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | 4000 | 4063 |
| Metropolitan Nashville Airport Authority Revenue, Series A, 4.00%, 7/1/54, Continuously Callable @100 | 2000 | 1772 |
| Tennergy Corp. Revenue, Series A, 5.50%, 10/1/53, (Put Date 12/1/30)(h) | 5000 | 5269 |
|  |  | 15309 |
| **Texas (16.1%):** |  |  |
| Arlington Higher Education Finance Corp. Revenue (NBGA - Texas Permanent School Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/43, Continuously Callable @100 | 10000 | 9835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/44, Continuously Callable @100 | 2170 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 2/15/41, Continuously Callable @100 | 3000 | 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/53, Continuously Callable @100 | 7200 | 7303 |
| Bexar County Health Facilities Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/42, Continuously Callable @105 | 600 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/45, Continuously Callable @100 | 8450 | 6422 |
| Central Texas Regional Mobility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/41, Continuously Callable @100 | 5000 | 4641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/42, Pre-refunded 1/1/23 @ 100 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/45, Pre-refunded 7/1/25 @ 100 | 3500 | 3691 |
| Central Texas Turnpike System Revenue, Series C, 5.00%, 8/15/42, Continuously Callable @100 | 6500 | 6600 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Central Texas Turnpike System Revenue (INS - AMBAC Assurance Corp.), Series A, 8/15/30(d) | $18530 | $14248 |
| City of Arlington Special Tax (INS - Assured Guaranty Municipal Corp.), Series A, 5.00%, 2/15/48, Continuously Callable @100 | 7500 | 7793 |
| City of Corpus Christi Utility System Revenue, 4.00%, 7/15/39, Continuously Callable @100 | 5900 | 5867 |
| City of Garland Texas Electric Utility System Revenue, Series A, 4.00%, 3/1/51, Continuously Callable @100 | 1000 | 879 |
| City of Houston Hotel Occupancy Tax & Special Revenue, 5.00%, 9/1/40, Continuously Callable @100 | 3715 | 3755 |
| City of Laredo Waterworks & Sewer System Revenue, 4.00%, 3/1/41, Continuously Callable @100 | 700 | 685 |
| Clifton Higher Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/33, Continuously Callable @100 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/43, Continuously Callable @100 | 2750 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/52, Continuously Callable @100 | 1500 | 1327 |
| Clifton Higher Education Finance Corp. Revenue (NBGA - Texas Permanent School Fund) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/39, Continuously Callable @100 | 4250 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/44, Continuously Callable @100 | 11000 | 10471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/48, Continuously Callable @100 | 10000 | 10483 |
| County of Bexar Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/44, Continuously Callable @100 | 500 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/15/49, Continuously Callable @100 | 1700 | 1411 |
| Del Mar College District, GO, Series A, 5.00%, 8/15/48, Continuously Callable @100 | 6500 | 6706 |
| Everman Independent School District, GO (NBGA - Texas Permanent School Fund), 4.00%, 2/15/50, Continuously Callable @100 | 4500 | 4219 |
| Grand Parkway Transportation Corp. Revenue, 4.00%, 10/1/49, Continuously Callable @100 | 2000 | 1808 |
| Greater Texas Cultural Education Facilities Finance Corp. Revenue, 4.00%, 3/1/50, Continuously Callable @100 | 2000 | 1767 |
| Harris County Cultural Education Facilities Finance Corp. Revenue, Series A, 5.00%, 6/1/38, Continuously Callable @100 | 6100 | 5602 |
| Harris County Hospital District Revenue, 4.00%, 2/15/42, Continuously Callable @100 | 15000 | 13939 |
| Karnes County Hospital District Revenue, 5.00%, 2/1/44, Continuously Callable @100 | 6000 | 6028 |
| Kerrville Health Facilities Development Corp. Revenue, 5.00%, 8/15/35, Continuously Callable @100 | 1900 | 1950 |
| Manor Independent School District, GO (NBGA - Texas Permanent School Fund), 5.00%, 8/1/52, Continuously Callable @100 | 15095 | 15775 |
| Matagorda County Navigation District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/30, Continuously Callable @100 | 9615 | 9530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/30, Continuously Callable @100 | 6000 | 5949 |
| Midlothian Independent School District, GO (NBGA - Texas Permanent School Fund), 5.00%, 2/15/47, Continuously Callable @100 | 15000 | 15566 |
| New Hope Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47 (j) | 6000 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/48, Pre-refunded 4/1/26 @ 100 | 1250 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/55, Continuously Callable @103 | 1250 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 7.50%, 11/15/37 | 410 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 7.50%, 11/15/36 | 2565 | 2232 |
| New Hope Cultural Education Facilities Finance Corp. Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 7/1/48, Continuously Callable @100 | 1000 | 1001 |
| New Hope Cultural Education Facilities Finance Corp. Revenue PIK, 2.00%, 11/15/61, Callable 11/15/26 @ 105, Continuously Callable @105(k) | 10514 | 2028 |
| North Texas Tollway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/48, Continuously Callable @100 | 3750 | 3893 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 9/1/37, Pre-refunded 9/1/31 @ 64.1040 (d) | $3000 | $1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/45, Continuously Callable @100 | 5000 | 5083 |
| North Texas Tollway Authority Revenue (INS - National Public Finance Guarantee Corp.), Series B, 5.00%, 1/1/48, Continuously Callable @100 | 5000 | 5156 |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.75%, 4/1/40, Continuously Callable @100 (l) | 440 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.77%, 4/1/40, Continuously Callable @100 (l) | 10170 | 10170 |
| Princeton Independent School District, GO (NBGA - Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100 | 7000 | 7307 |
| Red River Education Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/41, Continuously Callable @100 | 2000 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/1/46, Continuously Callable @100 | 3000 | 3045 |
| San Antonio Education Facilities Corp. Revenue, 4.00%, 4/1/54, Continuously Callable @100 | 1000 | 790 |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/46, Continuously Callable @100 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/15/45 (j)(m) | 4500 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/15/36 (j)(m) | 3600 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/15/46, Continuously Callable @100 | 7000 | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 7/1/48, Continuously Callable @100 | 10000 | 10188 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/32 | 2000 | 2082 |
| Texas Transportation Commission Revenue, 5.00%, 8/1/57, Continuously Callable @100 | 5000 | 4943 |
| Uptown Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/37, Continuously Callable @100 | 4365 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/40, Continuously Callable @100 | 2490 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/39, Continuously Callable @100 | 1645 | 1671 |
| Waco Educational Finance Corp. Revenue, 4.00%, 3/1/51, Continuously Callable @100 | 4000 | 3718 |
| West Harris County Regional Water Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/45, Continuously Callable @100 | 1600 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/49, Continuously Callable @100 | 3945 | 3489 |
| Ysleta Independent School District, GO (NBGA - Texas Permanent School Fund), 4.00%, 8/15/52, Continuously Callable @100 | 5000 | 4702 |
|  |  | 303375 |
| **Utah (0.2%):** |  |  |
| Military Installation Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/41, Continuously Callable @103 | 1500 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 6/1/52, Continuously Callable @103 | 1000 | 708 |
| Utah Charter School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 6/15/42, Continuously Callable @100 (c) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/15/51, Continuously Callable @100 | 1550 | 1317 |
|  |  | 3709 |
| **Vermont (0.4%):** |  |  |
| Vermont Economic Development Authority Revenue, 4.00%, 5/1/45, Continuously Callable @103 | 1350 | 1029 |
| Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100 | 7000 | 6694 |
|  |  | 7723 |
| **Virginia (0.5%):** |  |  |
| Alexandria IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/45, Pre-refunded 10/1/25 @ 100 | 2600 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/50, Pre-refunded 10/1/25 @ 100 | 2400 | 2552 |
| Lewistown Commerce Center Community Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 (j) | 2565 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 | 1623 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 6.05%, 3/1/54, Continuously Callable @100 | 6327 | 949 |
|  |  | 9312 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Washington (1.2%):** |  |  |
| King County Public Hospital District No. 1, GO, 5.00%, 12/1/43, Continuously Callable @100 | $9000 | $9384 |
| King County Public Hospital District No. 2, GO, Series A, 4.00%, 12/1/45, Continuously Callable @100 | 4000 | 3777 |
| Washington Health Care Facilities Authority Revenue, 4.00%, 7/1/42, Continuously Callable @100 | 5500 | 5001 |
| Washington Higher Education Facilities Authority Revenue, 4.00%, 5/1/50, Continuously Callable @100 | 1250 | 1090 |
| Washington State Housing Finance Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/43, Continuously Callable @102 (c) | 3055 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 3.50%, 12/20/35 | 977 | 860 |
|  |  | 23051 |
| **West Virginia (0.1%):** |  |  |
| West Virginia Hospital Finance Authority Revenue, 5.00%, 1/1/43, Continuously Callable @100 | 2000 | 2004 |
| **Wisconsin (3.1%):** |  |  |
| Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/42, Continuously Callable @102 (c) | 2200 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/44, Continuously Callable @100 | 6000 | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/44, Continuously Callable @103 | 455 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/45, Continuously Callable @100 | 1500 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47, Continuously Callable @100 | 1000 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/49, Continuously Callable @100 (c) | 520 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/49, Continuously Callable @100 | 1480 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/49, Continuously Callable @103 | 2400 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/51, Continuously Callable @100 | 1500 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/51, Continuously Callable @103 | 2185 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/52, Continuously Callable @103 | 2350 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 4/1/52, Continuously Callable @100 | 3000 | 2724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/52, Continuously Callable @100 | 1000 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/53, Continuously Callable @100 | 1000 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/54, Continuously Callable @100 (c) | 455 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 10/1/43, Continuously Callable @100 | 3090 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/47, Continuously Callable @100 | 4740 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/49, Continuously Callable @100 | 11000 | 9428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/51, Continuously Callable @100 | 1000 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/56, Continuously Callable @100 | 2250 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 7/1/51, Continuously Callable @100 (c) | 2870 | 2140 |
| Public Finance Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/54, Continuously Callable @100 | 1285 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/58, Continuously Callable @100 | 1500 | 1507 |
| Wisconsin Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/47, Continuously Callable @103 | 120 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/50, Continuously Callable @100 | 1175 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/51, Continuously Callable @100 | 500 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/57, Continuously Callable @103 | 3000 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/15/50, Pre-refunded 9/15/23 @ 100 | 5000 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/45, Continuously Callable @103 | 475 | 376 |
|  |  | 57870 |
| **Total Municipal Bonds (Cost $1,996,596)** |  | 1855213 |
| **Total Investments (Cost $1,997,588) — 98.5%** |  | 1856205 |
| **Other assets in excess of liabilities — 1.5%** |  | 28303 |
| **NET ASSETS - 100.00%** |  | $1884508 |

---

(a) Security
 was fair valued based using significant unobservable inputs as of December 31, 2022.

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Long-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

(b) 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 0.1% of the Fund's net assets.

(c) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $30,947 thousands and amounted to 1.6% of net assets.

(d) Zero-coupon bond.

(e) Stepped-coupon
 security converts to coupon form on 08/1/24 with a rate of 5.95%

(f) Stepped-coupon
 security converts to coupon form on 08/1/24 with a rate of 6.05%

(g) Variable or Floating-Rate
 Security. Rate disclosed is as of December 31, 2022.

(h) Put Bond.

(i) Amount represents
 less than 0.05% of net assets.

(j) Currently the
 issuer is in default with respect to interest and/or principal payments.

(k) Stepped-coupon
 security converts to coupon from 2% to 5% on 11/15/26.

(l) 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.

(m) Issuer filed
 for bankruptcy.

---

| |
|:---|
| AMBAC—American Municipal Bond Assurance Corporation |
| 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. |
| DIP—Debtor-In-Possession |
| GO—General Obligation |
| IDA—Industrial Development Authority |
| MUNIPSA—Municipal Swap Index |

---

PIK — Payment in-kind

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.

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from the name listed. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (92.2%)** |  |  |
| **Alabama (3.8%):** |  |  |
| Mobile County IDA Revenue (LOC - Swedbank AB), Series B, 3.73%, 7/1/40, Continuously Callable @100(a) | $15000 | $15000 |
| West Jefferson Industrial Development Board Revenue, 2.57%, 6/1/28, Continuously Callable @100(a) | 3190 | 3190 |
|  |  | 18190 |
| **Florida (1.8%):** |  |  |
| County of Escambia Revenue, 3.00%, 4/1/39, Continuously Callable @100(a) | 7000 | 7000 |
| County of St. Lucie Revenue, 2.25%, 9/1/28, Continuously Callable @100(a) | 1400 | 1400 |
|  |  | 8400 |
| **Georgia (3.5%):** |  |  |
| Development Authority of Appling County Revenue, 2.55%, 9/1/29, Continuously Callable @100(a) | 10800 | 10800 |
| The Development Authority of Burke County Revenue, Series 1, 2.40%, 7/1/49, Continuously Callable @100(a) | 5775 | 5775 |
|  |  | 16575 |
| **Illinois (7.4%):** |  |  |
| Illinois Educational Facilities Authority Revenue (LOC - Huntington National Bank), Series A, 3.77%, 10/1/32, Continuously Callable @100(a) | 13380 | 13380 |
| Illinois Finance Authority Revenue (LOC - PNC Financial Services Group), 3.67%, 4/1/37, Continuously Callable @100(a) | 13000 | 13000 |
| Metropolitan Pier & Exposition Authority Revenue (LOC - Barclays Bank PLC) (LIQ - Barclays Bank PLC), Series 2015-XF1045, 2.49%, 6/15/53, Callable 2/10/23 @ 100(a)(b) | 4355 | 4355 |
| Village of Channahon Revenue (LOC - U.S. Bancorp), 3.65%, 12/1/34, Continuously Callable @100(a) | 4540 | 4540 |
|  |  | 35275 |
| **Indiana (2.3%):** |  |  |
| City of Berne Revenue (LOC - Federal Home Loan Bank of Indianapolis), 2.61%, 10/1/33, Continuously Callable @100(a) | 3965 | 3965 |
| City of Evansville Revenue (LOC - Fifth Third Bank), 3.74%, 1/1/25, Callable 1/13/23 @ 100(a) | 1460 | 1460 |
| Indiana Finance Authority Revenue (LOC - Federal Home Loan Bank of Indianapolis), 3.84%, 7/1/29, Continuously Callable @100(a) | 5550 | 5550 |
|  |  | 10975 |
| **Iowa (4.2%):** |  |  |
| Iowa Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%, 6/1/39, Continuously Callable @100 (a) | 13600 | 13600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.50%, 9/1/36, Continuously Callable @100 (a) | 6763 | 6763 |
|  |  | 20363 |
| **Kansas (4.8%):** |  |  |
| City of Burlington Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24%, 9/1/35, Continuously Callable @100 (a) | 8250 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.24%, 9/1/35, Continuously Callable @100 (a) | 4200 | 4200 |
| City of St. Marys Revenue, 3.35%, 4/15/32, Continuously Callable @100(a) | 10500 | 10500 |
|  |  | 22950 |
| **Kentucky (4.3%):** |  |  |
| City of Georgetown Revenue (LOC - Fifth Third Bank), 3.74%, 11/15/29, Callable 1/15/23 @ 100(a) | 9935 | 9935 |
| Kentucky Economic Development Finance Authority Revenue, Series C, 2.60%, 5/1/34, Continuously Callable @100(a) | 9200 | 9200 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Lexington-Fayette Urban County Government Revenue (LOC - Federal Home Loan Bank of Cincinnati), 4.00%, 12/1/27, Callable 1/12/23 @ 100(a) | $1245 | $1245 |
|  |  | 20380 |
| **Louisiana (5.7%):** |  |  |
| Parish of St. James Revenue, Series B-1, 2.85%, 11/1/40, Continuously Callable @100(a) | 22650 | 22650 |
| St. Tammany Corp. Revenue (LOC - Federal Home Loan Bank of Dallas), 2.60%, 3/1/33, Continuously Callable @100(a) | 4490 | 4490 |
|  |  | 27140 |
| **Maryland (1.6%):** |  |  |
| Town of Williamsport Revenue, 2.52%, 11/1/37(a) | 7450 | 7450 |
| **Michigan (0.4%):** |  |  |
| Michigan Strategic Fund Revenue (LOC - Fifth Third Bank), 3.76%, 3/1/37, Continuously Callable @100(a) | 1800 | 1800 |
| **Mississippi (0.7%):** |  |  |
| Mississippi Business Finance Corp. Revenue (LOC - Federal Home Loan Bank of Dallas), 2.60%, 3/1/33, Continuously Callable @100(a) | 3170 | 3170 |
| **Missouri (4.2%):** |  |  |
| Jackson County IDA Revenue (LOC - Commerce Bank, N.A.), 3.75%, 7/1/25, Continuously Callable @100(a) | 20000 | 20000 |
| **New Hampshire (4.2%):** |  |  |
| New Hampshire Business Finance Authority Revenue (LOC - Landesbank Hessen-Thuringen), 2.52%, 9/1/30, Continuously Callable @100(a) | 19990 | 19990 |
| **New Mexico (1.0%):** |  |  |
| New Mexico Hospital Equipment Loan Council Revenue (LOC - Fifth Third Bank), 2.54%, 7/1/25, Continuously Callable @100(a) | 5000 | 5000 |
| **New York (11.9%):** |  |  |
| Binghamton City School District, GO, 1.00%, 1/20/23 | 4000 | 4001 |
| Build NYC Resource Corp. Revenue (LOC - Toronto-Dominion Bank), 2.62%, 12/1/45, Continuously Callable @100(a) | 5010 | 5010 |
| Guilderland Industrial Development Agency Revenue (LOC - Key Bank, N.A.), Series A, 3.80%, 7/1/32, Continuously Callable @100(a) | 2480 | 2480 |
| Metropolitan Transportation Authority Revenue (LOC - Barclays Bank PLC), Series E-1, 2.47%, 11/1/35, Callable 2/1/23 @ 100(a) | 18900 | 18900 |
| New York City Capital Resources Corp. Revenue (LOC - Manufacturers & Traders Trust Co.), 2.67%, 12/1/40, Continuously Callable @100(a) | 7500 | 7500 |
| New York State Energy Research & Development Authority Revenue (LOC - Mizuho Corporate Bank Ltd.), Series A-3, 3.20%, 5/1/39, Continuously Callable @100(a) | 4500 | 4500 |
| Onondaga County Industrial Development Agency Revenue (LOC - Manufacturers & Traders Trust Co.), 2.52%, 12/1/31, Continuously Callable @100(a) | 4315 | 4315 |
| Ramapo Housing Authority Revenue (LOC - Manufacturers & Traders Trust Co.), 2.52%, 12/1/29, Continuously Callable @100(a) | 8285 | 8285 |
| St. Lawrence County Industrial Development Agency Revenue (LOC - Citizens Financial Group), 2.65%, 7/1/37(a) | 1720 | 1720 |
|  |  | 56711 |
| **Ohio (0.2%):** |  |  |
| County of Hamilton Revenue (LOC - Fifth Third Bank), 3.74%, 12/1/24(a) | 1000 | 1000 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Oklahoma (5.6%):** |  |  |
| Edmond Economic Development Authority Revenue (LOC - Bank of Oklahoma, N.A.), Series A, 3.70%, 6/1/31, Callable 2/1/23 @ 100(a) | $4520 | $4520 |
| Garfield County Industrial Authority Revenue, Series A, 2.60%, 1/1/25, Callable 2/1/23 @ 100(a) | 20900 | 20900 |
| Muskogee Industrial Trust Revenue, Series A, 2.60%, 6/1/27, Continuously Callable @100(a) | 2000 | 2000 |
|  |  | 27420 |
| **Rhode Island (1.4%):** |  |  |
| Rhode Island Commerce Corp. Revenue (LOC - Citizens Financial Group), 2.48%, 3/1/38, Callable 2/1/23 @ 100(a) | 3210 | 3210 |
| Rhode Island Health and Educational Building Corp. Revenue (LOC - Citizens Financial Group), 3.15%, 6/1/35, Callable 2/1/23 @ 100(a) | 3500 | 3500 |
|  |  | 6710 |
| **South Carolina (3.6%):** |  |  |
| South Carolina Jobs-Economic Development Authority Revenue (LOC - Federal Home Loan Bank of Indianapolis), 2.48%, 5/1/61, Continuously Callable @100(a) | 17400 | 17400 |
| **Tennessee (3.9%):** |  |  |
| Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 3.45%, 5/1/39, Continuously Callable @100(a) | 14000 | 14000 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue (LOC - Fifth Third Bank), 3.74%, 12/1/24, Callable 1/13/23 @ 100(a) | 4465 | 4465 |
|  |  | 18465 |
| **Texas (8.1%):** |  |  |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 11/1/40, Continuously Callable @100 (a) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 4/1/40, Continuously Callable @100 (a) | 9850 | 9850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.52%, 12/1/40, Callable 2/1/23 @ 100 (a) | 16000 | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.00%, 4/1/40, Continuously Callable @100 (a) | 9000 | 9000 |
|  |  | 38850 |
| **Virginia (4.2%):** |  |  |
| Loudoun County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.07%, 2/15/38, Callable 2/1/23 @ 100 (a) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E-1, 3.07%, 2/15/38, Callable 2/1/23 @ 100 (a) | 10000 | 10000 |
|  |  | 20000 |
| **Washington (1.4%):** |  |  |
| Washington Higher Education Facilities Authority Revenue, 3.70%, 10/1/31, Callable 2/1/23 @ 100(a) | 6915 | 6915 |
| **West Virginia (2.0%):** |  |  |
| West Virginia Hospital Finance Authority Revenue (LOC - PNC Financial Services Group), Series D, 2.44%, 6/1/41, Continuously Callable @100(a) | 9700 | 9700 |
| **Total Municipal Bonds (Cost $440,829)** |  | 440829 |
| **Municipal Commercial Paper (7.1%)** |  |  |
| Houston Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 1/11/23 | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 1/19/23 | 3700 | 3700 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Money Market Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| University of Texas, 2.23%, 1/9/23 | $15000 | $15000 |
| **Total Municipal Commercial Paper (Cost $33,700)** |  | 33700 |
| **Total Investments (Cost $474,529) — 99.3%** |  | 474529 |
| **Other assets in excess of liabilities — 0.7%** |  | 3282 |
| **NET ASSETS - 100.00%** |  | $477811 |

---

(a) 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.

(b) 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 $4,355 thousands and amounted to 0.9% of net assets.

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

IDA—Industrial Development Authority

LOC—Letter of Credit

PLC—Public Limited Company

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.<br>

LIQ Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed. <br> LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (98.1%)** |  |  |
| **Alabama (3.7%):** |  |  |
| Birmingham Airport Authority Revenue, 5.00%, 7/1/30 | $1200 | $1342 |
| Black Belt Energy Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% (SOFR+140bps), 7/1/52, (Put Date 6/1/27) (a)(b) | 3300 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/52, (Put Date 12/1/26) (b) | 3000 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.84% (LIBOR01M+90bps), 12/1/48, (Put Date 12/1/23) (a)(b) | 10000 | 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.25%, 6/1/25 | 600 | 614 |
| Chatom Industrial Development Board Revenue, 5.00%, 8/1/30 | 1275 | 1409 |
| Prattville Industrial Development Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 450 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 425 | 409 |
| Selma Industrial Development Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 3650 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 5/1/34, (Put Date 6/16/25) (b) | 5875 | 5503 |
|  |  | 29354 |
| **Arizona (2.8%):** |  |  |
| Arizona IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-3, 3.00%, 12/15/31, Continuously Callable @100 (c) | 525 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 7/1/31 | 315 | 316 |
| Maricopa County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/29 (c) | 750 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/31 (c) | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.23% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (a)(b) | 2290 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.46% (MUNIPSA+80bps), 9/1/48, (Put Date 9/1/24) (a)(b) | 7735 | 7706 |
| Tempe IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/26 | 240 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/27 | 355 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/28 | 365 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/29 | 380 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/30, Continuously Callable @102 | 495 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/31, Continuously Callable @102 | 465 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 1.50%, 12/1/27, Continuously Callable @100 | 1965 | 1632 |
| The County of Pima IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 11/15/23 (c) | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 11/15/24 (c) | 420 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.75%, 11/15/25 (c) | 660 | 664 |
| The Yavapai County IDA Revenue, 2.90%, 4/1/29, (Put Date 9/1/22)(b) | 5000 | 5000 |
|  |  | 21931 |
| **Arkansas (0.8%):** |  |  |
| Arkansas Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | 1180 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 1200 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/44, (Put Date 9/1/27) (b) | 4000 | 4182 |
|  |  | 6720 |
| **California (1.4%):** |  |  |
| Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/24 | 250 | 257 |
| California County Tobacco Securitization Agency Revenue, Series A, 5.00%, 6/1/30 | 200 | 216 |
| California Infrastructure & Economic Development Bank Revenue, 4.01% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24)(a)(b) | 2000 | 1986 |
| California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/27, Continuously Callable @100 | 785 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 11/15/26, Continuously Callable @100 | 820 | 750 |
| Newman Crows Landing Unified School District, GO, 8/1/25(d) | 1000 | 933 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Sierra View Local Health Care District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | $315 | $335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 330 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 315 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 310 | 340 |
| Western Placer Unified School District Special Tax, 2.00%, 6/1/25, Continuously Callable @100 | 4750 | 4610 |
|  |  | 10849 |
| **Colorado (1.0%):** |  |  |
| Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/25 | 350 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/32, Continuously Callable @100 | 1950 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/29 | 500 | 539 |
| E-470 Public Highway Authority Revenue, Series B, 3.24% (SOFR+35bps), 9/1/39, (Put Date 9/1/24)(a)(b) | 4000 | 3967 |
| Southlands Metropolitan District No. 1, GO, Series A-1, 3.50%, 12/1/27 | 1000 | 957 |
|  |  | 7954 |
| **Connecticut (1.8%):** |  |  |
| City of Bridgeport, GO, Series B, 5.00%, 8/15/26 | 3450 | 3688 |
| City of New Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/24 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/25 | 580 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/26 | 580 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 8/1/27 | 1000 | 1082 |
| City of New Haven, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/27 | 600 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/28 | 525 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 2/1/29 | 550 | 604 |
| City of West Haven, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/23 | 800 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/24 | 815 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/27 | 650 | 688 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series B-2, 5.00%, 7/1/53, (Put Date 1/1/27)(b) | 3000 | 3169 |
|  |  | 14334 |
| **Florida (1.7%):** |  |  |
| Alachua County Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/23 | 1100 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/37, (Put Date 12/1/26) (b) | 3000 | 3175 |
| Capital Trust Agency, Inc. Revenue, 4.00%, 8/1/30 | 200 | 197 |
| City of Pompano Beach Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/30, Continuously Callable @103 | 3590 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.00%, 1/1/29 | 1000 | 858 |
| County of Escambia Revenue, 2.00%, 11/1/33, (Put Date 10/1/24)(b) | 775 | 746 |
| Florida Development Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/26 | 370 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/27 | 390 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/28, Continuously Callable @100 | 410 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/29, Continuously Callable @100 | 360 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/30, Continuously Callable @100 | 475 | 494 |
| Florida Higher Educational Facilities Financial Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/24 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | 445 | 459 |
| Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/23(c) | 1000 | 1003 |
|  |  | 13372 |
| **Georgia (6.4%):** |  |  |
| Appling County Development Authority Revenue, Series A, 1.50%, 1/1/38, (Put Date 2/3/25)(b) | 2000 | 1897 |
| Burke County Development Authority Revenue, 1.70%, 12/1/49, (Put Date 8/22/24)(b) | 7500 | 7257 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29)(b) | $5000 | $4519 |
| Development Authority of Heard County Revenue, 3.20%, 9/1/29, Continuously Callable @100(e) | 2900 | 2900 |
| George L Smith II Congress Center Authority Revenue, 2.38%, 1/1/31 | 1000 | 869 |
| Main Street Natural Gas, Inc. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/28 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/15/29 | 1775 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/52, (Put Date 6/1/29) (b) | 6000 | 6195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 8/1/48, (Put Date 12/1/23) (b) | 5000 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 5/1/52, (Put Date 12/1/28) (b) | 10000 | 9773 |
| Savannah Economic Development Authority Revenue, 2.00%, 11/1/33, (Put Date 10/1/24)(b) | 815 | 785 |
| The Development Authority of Burke County Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 12/1/49, (Put Date 8/19/25) (b) | 1775 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1, 3.15%, 7/1/49, Continuously Callable @100 (e) | 3800 | 3800 |
| The Monroe County Development Authority Revenue, Series A, 1.50%, 1/1/39, (Put Date 2/3/25)(b) | 3500 | 3320 |
|  |  | 50908 |
| **Guam (0.5%):** |  |  |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/23 | 1500 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/24 | 2000 | 2052 |
|  |  | 3572 |
| **Idaho (0.6%):** |  |  |
| County of Nez Perce Revenue, 2.75%, 10/1/24 | 5000 | 4877 |
| **Illinois (9.1%):** |  |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/27 | 1400 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/1/31, Continuously Callable @100 | 1000 | 1034 |
| Chicago Park District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/31, Continuously Callable @100 | 750 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/27 | 600 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/28 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/29 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/30 | 1305 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/31, Continuously Callable @100 | 2115 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-2, 5.00%, 1/1/32, Continuously Callable @100 | 1750 | 1896 |
| Chicago Transit Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/25 | 1720 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | 1000 | 1057 |
| City of Chicago Special Assessment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, 12/1/23 267 | 274 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 12/1/24 (c) | 315 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 12/1/25 (c) | 335 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 12/1/26 (c) | 305 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 12/1/27 (c) | 255 | 237 |
| City of Chicago Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/25 | 4000 | 4141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/1/25 | 2000 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 11/1/26 | 2500 | 2528 |
| Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/29 | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.36% (MUNIPSA+70bps), 5/1/42, (Put Date 5/1/26) (a)(b) | 2250 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.00%, 2/15/25 | 10000 | 10189 |
| Northern Illinois University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 325 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/31, Continuously Callable @100 | 450 | 485 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Northern Illinois University Revenue (INS - Build America Mutual Assurance Co.), Series B, 5.00%, 4/1/30 | $250 | $269 |
| Sales Tax Securitization Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/28 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/29 | 2500 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/30 | 2000 | 2185 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/23 | 3000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/25 | 5000 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 11/1/29, Continuously Callable @100 | 8985 | 9247 |
| The Illinois Sports Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/28 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/30 | 1500 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/31 | 575 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/32, Continuously Callable @100 | 480 | 493 |
| Village of Rosemont, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/23 | 1825 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/24 | 1915 | 1999 |
| Western Illinois University Revenue (INS - Build America Mutual Assurance Co.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/29 | 750 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/30 | 750 | 771 |
|  |  | 72299 |
| **Indiana (1.3%):** |  |  |
| City of Rockport Revenue, 3.13%, 7/1/25 | 1500 | 1471 |
| Indiana Bond Bank Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 (d) | 1280 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 (d) | 1100 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 (d) | 565 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/29, Continuously Callable @99 (d) | 730 | 574 |
| Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/23 | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/24 | 715 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/25 | 750 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | 790 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | 830 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | 870 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | 1180 | 1242 |
|  |  | 10575 |
| **Kansas (0.1%):** |  |  |
| City of Manhattan Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.88%, 6/1/28, Continuously Callable @100 | 375 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B2, 2.38%, 6/1/27, Continuously Callable @100 | 430 | 384 |
|  |  | 718 |
| **Kentucky (8.7%):** |  |  |
| City of Ashland Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/28 | 1775 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | 740 | 794 |
| County of Carroll Revenue, 1.55%, 9/1/42, (Put Date 9/1/26)(b) | 5000 | 4540 |
| County of Owen Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.45%, 6/1/39, (Put Date 10/1/29) (b) | 10000 | 9016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.45%, 9/1/39, (Put Date 10/1/29) (b) | 5000 | 4676 |
| Kentucky Economic Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/27, Continuously Callable @100 | 5000 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.06% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (a)(b) | 10000 | 10101 |
| Kentucky Public Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/50, (Put Date 2/1/28) (b) | 3370 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (b) | 5715 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (b) | 10000 | 9895 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-3, 4.71% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (a)(b) | $10000 | $9922 |
| Louisville/Jefferson County Metropolitan Government Revenue, 5.00%, 10/1/47, (Put Date 10/1/29)(b) | 4000 | 4329 |
|  |  | 69187 |
| **Louisiana (2.7%):** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 2.00%, 6/1/30, Continuously Callable @100 | 1000 | 884 |
| Louisiana Public Facilities Authority Revenue, 4.31% (MUNIPSA+65bps), 9/1/57, (Put Date 9/1/23)(a)(b) | 10000 | 10043 |
| Louisiana Stadium & Exposition District Revenue, 4.00%, 7/3/23, Continuously Callable @100 | 3325 | 3328 |
| Parish of St. John the Baptist Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 6/1/37, (Put Date 7/1/26) (b) | 1750 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B1, 2.13%, 6/1/37, (Put Date 7/1/24) (b) | 2000 | 1920 |
| Tangipahoa Parish Hospital Service District No. 1 Revenue, 5.00%, 2/1/32, Continuously Callable @100 | 3470 | 3711 |
|  |  | 21493 |
| **Maryland (1.6%):** |  |  |
| Maryland Economic Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/25 | 1500 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/26 | 2000 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/27 | 1340 | 1425 |
| Maryland Health & Higher Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 1910 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 1130 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 1000 | 1088 |
| Town of Chestertown Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/31 | 1475 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/32, Continuously Callable @100 | 1550 | 1719 |
|  |  | 12796 |
| **Massachusetts (1.2%):** |  |  |
| Massachusetts Development Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/25 | 1250 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/26 | 1500 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/26 (c) | 310 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/28 (c) | 340 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/30 (c) | 640 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% (MUNIPSA+60bps), 7/1/49, (Put Date 1/29/26), Continuously Callable @100 (a)(b)(c) | 2500 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/29, Continuously Callable @100 | 1425 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 10/1/30 | 975 | 1070 |
|  |  | 9212 |
| **Michigan (0.9%):** |  |  |
| Flint Hospital Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 1995 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | 2290 | 2359 |
| Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/27 | 185 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/32 | 285 | 274 |
| Summit Academy North Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/1/26 | 1080 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/31, Continuously Callable @103 | 1565 | 1470 |
|  |  | 7361 |
| **Minnesota (0.1%):** |  |  |
| Sanford Canby Community Hospital District No. 1 Revenue, 4.16%, 11/1/26, Continuously Callable @100(e) | 905 | 905 |
| **Mississippi (2.0%):** |  |  |
| County of Warren Revenue, 2.90%, 9/1/32, (Put Date 9/1/23)(b) | 2000 | 1978 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100 | $4000 | $3836 |
| Mississippi Hospital Equipment & Facilities Authority Revenue, 5.00%, 9/1/24 | 10000 | 10212 |
|  |  | 16026 |
| **Missouri (0.2%):** |  |  |
| Health & Educational Facilities Authority of the State of Missouri Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/24 | 155 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/26 | 205 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/28 | 415 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/30 | 295 | 276 |
| Missouri Development Finance Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/23 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/24 | 300 | 303 |
|  |  | 1525 |
| **Montana (1.1%):** |  |  |
| City of Forsyth Revenue, 2.00%, 8/1/23 | 6000 | 5938 |
| Montana State Board of Regents Revenue, Series F, 4.11% (MUNIPSA+45bps), 11/15/35, (Put Date 9/1/23)(a)(b) | 2785 | 2788 |
|  |  | 8726 |
| **Nebraska (1.8%):** |  |  |
| Central Plains Energy Project Revenue, 5.00%, 5/1/53, (Put Date 10/1/29)(b) | 6000 | 6220 |
| County of Douglas Revenue, 4.19% (MUNIPSA+53bps), 7/1/35, (Put Date 9/1/26)(a)(b) | 7925 | 7903 |
|  |  | 14123 |
| **New Hampshire (0.1%):** |  |  |
| New Hampshire Business Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/30, Continuously Callable @103 | 280 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/31, Continuously Callable @103 | 295 | 282 |
|  |  | 552 |
| **New Jersey (4.8%):** |  |  |
| Casino Reinvestment Development Authority Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 11/1/24 | 1000 | 1031 |
| City of Newark, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/17/23 | 5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.00%, 2/17/23 | 2375 | 2372 |
| New Jersey Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 6/15/23 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 6/15/23 | 600 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/24 | 1595 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/15/24 | 2405 | 2461 |
| New Jersey Economic Development Authority Revenue, Series BBB, 5.00%, 6/15/23 | 7000 | 7047 |
| New Jersey Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/23 | 4000 | 4041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/1/24 | 4730 | 4784 |
| New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/24 | 5095 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA, 5.00%, 6/15/23 | 3835 | 3861 |
| Tobacco Settlement Financing Corp. Revenue, Series B, 3.20%, 6/1/27 | 5 | 5 |
|  |  | 38472 |
| **New Mexico (1.2%):** |  |  |
| City of Farmington Revenue, Series A, 2.15%, 4/1/33, Continuously Callable @101 | 5000 | 4058 |
| New Mexico Hospital Equipment Loan Council Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | 770 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28 | 780 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | 835 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | 525 | 564 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31, Continuously Callable @100 | $690 | $741 |
| Village of Los Ranchos de Albuquerque Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/28 | 840 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/31, Continuously Callable @100 | 300 | 327 |
| Winrock Town Center Tax Increment Development District Tax Allocation, 3.75%, 5/1/28(c) | 750 | 721 |
|  |  | 9845 |
| **New York (14.3%):** |  |  |
| Build NYC Resource Corp. Revenue, Series A, 3.40%, 7/1/27 | 300 | 296 |
| City of Long Beach, GO, Series A, 2.00%, 2/17/23 | 10000 | 9972 |
| City of New York, GO, Series B-3, 3.75%, 10/1/46, Continuously Callable @100(e) | 3400 | 3400 |
| City of Poughkeepsie, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/23 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/24 | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/25 | 215 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/26 | 230 | 234 |
| County of Rockland, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/23 | 2500 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 3/1/24 | 1600 | 1636 |
| Long Island Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81% (US0001M+75bps), 5/1/33, (Put Date 10/1/23) (a)(b) | 1100 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11% (MUNIPSA+45bps), 9/1/38, (Put Date 9/1/25) (a)(b) | 10500 | 10270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 1.65%, 9/1/49, (Put Date 9/1/24) (b) | 4500 | 4407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.81% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (a)(b) | 5000 | 5004 |
| Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.68% (SOFR+80bps), 11/1/32, (Put Date 4/1/26) (a)(b) | 2000 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 2/1/23 | 8050 | 8056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (b) | 1830 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A3, 3.54% (SOFR+65bps), 11/15/42, (Put Date 4/1/26) (a)(b) | 10000 | 9483 |
| New York Liberty Development Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 9/15/69, Continuously Callable @100 | 14950 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 9/15/69, Continuously Callable @100 | 1650 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.90%, 11/15/31, Continuously Callable @100 | 2000 | 1591 |
| New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/24 (c) | 1200 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/25 (c) | 1200 | 1227 |
| Niagara Area Development Corp. Revenue, Series B, 3.50%, 11/1/24, Continuously Callable @100(c) | 500 | 488 |
| Troy Capital Resource Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/26, Continuously Callable @100 | 1050 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/27 | 1250 | 1339 |
| Village of Clayton, GO, 5.00%, 10/19/23, Continuously Callable @100 | 4539 | 4544 |
| Village of Johnson City, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BA, 4.00%, 9/29/23 | 12559 | 12572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.25%, 9/29/23 | 3000 | 3011 |
| Village of Malone, GO, 1.75%, 3/10/23, Continuously Callable @100 | 4210 | 4196 |
| Village of Valley Stream NY, GO, Series A, 3.50%, 5/11/23 | 7295 | 7286 |
|  |  | 114190 |
| **North Carolina (1.0%):** |  |  |
| Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 825 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/33, (Put Date 10/1/24) (b) | 825 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 1.38%, 5/1/34, (Put Date 6/16/25) (b) | 2000 | 1872 |
| North Carolina Medical Care Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/24, Continuously Callable @100 | 745 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 9/1/25, Continuously Callable @100 | 1250 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/1/26, Continuously Callable @100 | 650 | 607 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/27 | $600 | $590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.55%, 9/1/26, Continuously Callable @100 | 1575 | 1516 |
|  |  | 8079 |
| **North Dakota (0.3%):** |  |  |
| City of Grand Forks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | 1200 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32, Continuously Callable @100 | 1300 | 1416 |
|  |  | 2727 |
| **Ohio (2.7%):** |  |  |
| Akron Bath Copley Joint Township Hospital District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | 275 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | 350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31, Continuously Callable @100 | 300 | 322 |
| County of Allen Hospital Facilities Revenue, 5.00%, 12/1/30, Continuously Callable @100 | 2000 | 2240 |
| County of Hamilton Revenue, 5.00%, 9/15/29 | 1345 | 1476 |
| Ohio Air Quality Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 12/1/38, (Put Date 10/1/29) (b) | 3250 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 1.90%, 5/1/26, (Put Date 10/1/24) (b) | 3500 | 3368 |
| Ohio Higher Educational Facility Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 5/1/23 | 550 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 5/1/24 | 1000 | 1023 |
| Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100 | 4765 | 4742 |
| Southeastern Ohio Port Authority Revenue, 5.00%, 12/1/25, Continuously Callable @100 | 1000 | 1000 |
| State of Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | 425 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | 710 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31, Continuously Callable @100 | 465 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/15/30 | 1000 | 1083 |
|  |  | 21059 |
| **Oklahoma (1.1%):** |  |  |
| Muskogee Industrial Trust Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/28 | 2500 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/29 | 3010 | 3047 |
| Oklahoma Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/23 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/24 | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 8/15/25 | 550 | 544 |
| Oklahoma Municipal Power Authority Revenue, Series A, 4.05% (MUNIPSA+39bps), 1/1/23(a) | 1610 | 1610 |
|  |  | 8831 |
| **Oregon (0.2%):** |  |  |
| County of Yamhill Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/23 | 425 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/24 | 425 | 429 |
| Oregon State Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/28 | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29 | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30 | 300 | 323 |
|  |  | 1660 |
| **Pennsylvania (6.5%):** |  |  |
| Bethlehem Area School District Authority Revenue, Series A, 3.23% (SOFR+35bps), 1/1/30, (Put Date 11/1/25)(a)(b) | 1000 | 930 |
| Chester County IDA Revenue, 3.75%, 10/1/24 | 255 | 252 |
| Coatesville School District, GO, 5.00%, 6/30/23 | 4250 | 4238 |
| Coatesville School District, GO (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/24 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/25 | 800 | 843 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Commonwealth Financing Authority Revenue, 5.00%, 6/1/26 | $2000 | $2126 |
| County of Lehigh Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 1750 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | 2000 | 2181 |
| Delaware County Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/23 | 235 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/24 | 505 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/25 | 525 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | 1200 | 1260 |
| Geisinger Authority Revenue, 4.00% (LIBOR01M+107bps), 6/1/28, (Put Date 6/1/24)(a)(b) | 7000 | 7012 |
| General Authority of Southcentral Pennsylvania Revenue, Series B, 4.26% (MUNIPSA+60bps), 6/1/49, (Put Date 6/1/24)(a)(b) | 6000 | 5995 |
| Latrobe IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/28 | 135 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/29 | 175 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/30 | 150 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/31 | 175 | 187 |
| Luzerne County IDA Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 | 550 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26, Continuously Callable @100 | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/27, Continuously Callable @100 | 1000 | 1054 |
| Northampton County General Purpose Authority Revenue, 4.10% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24)(a)(b) | 1855 | 1858 |
| Philadelphia IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/28 (c) | 210 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/29, Continuously Callable @100 (c) | 220 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/30, Continuously Callable @100 (c) | 145 | 145 |
| Pittsburgh Water & Sewer Authority Revenue, Series C, 4.31% (MUNIPSA+65bps), 9/1/40, (Put Date 12/1/23)(a)(b) | 7500 | 7505 |
| Scranton School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82% (LIBOR01M+85bps), 4/1/31, (Put Date 6/1/23) (a)(b) | 6165 | 6118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 6/1/23 | 2435 | 2453 |
| The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30)(b) | 1700 | 1449 |
|  |  | 51846 |
| **South Carolina (1.5%):** |  |  |
| Patriots Energy Group Financing Agency Revenue, Series B, 3.79% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24)(a)(b) | 10000 | 10001 |
| Piedmont Municipal Power Agency Revenue, Series D, 4.00%, 1/1/32, Continuously Callable @100 | 2220 | 2240 |
|  |  | 12241 |
| **South Dakota (0.3%):** |  |  |
| South Dakota Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16%, 11/1/25, Continuously Callable @100 (e) | 945 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16%, 11/1/27, Continuously Callable @100 (e) | 1745 | 1745 |
|  |  | 2690 |
| **Tennessee (1.3%):** |  |  |
| Tennergy Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 12/1/24 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 12/1/25 | 550 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/51, (Put Date 9/1/28) (b) | 4130 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 10/1/53, (Put Date 12/1/30) (b) | 5000 | 5269 |
|  |  | 10368 |
| **Texas (3.5%):** |  |  |
| City of San Antonio Electric & Gas Systems Revenue, 4.53% (MUNIPSA+87bps), 2/1/48, (Put Date 12/1/25)(a)(b) | 5000 | 5088 |
| County of Wise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/23 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/29 | 880 | 949 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/31 | $680 | $744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/32, Continuously Callable @100 | 450 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/33, Continuously Callable @100 | 930 | 1009 |
| Decatur Hospital Authority Revenue, Series A, 5.00%, 9/1/24 | 780 | 784 |
| Harris County Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/49, (Put Date 12/1/26) (b) | 1400 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-2, 4.23% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (a)(b) | 1670 | 1683 |
| Harris County Municipal Utility District No. 165, GO (INS - Build America Mutual Assurance Co.), 3.00%, 3/1/23 | 520 | 519 |
| Irving Hospital Authority Revenue, 4.76% (MUNIPSA+110bps), 10/15/44, (Put Date 10/15/23)(a)(b) | 1485 | 1485 |
| Karnes County Hospital District Revenue, 5.00%, 2/1/24 | 1290 | 1302 |
| Martin County Hospital District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/23 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/27 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/29 | 405 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/32, Continuously Callable @100 | 350 | 355 |
| New Hope Cultural Education Facilities Finance Corp. Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/23 (f) | 1250 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/24 (f) | 2300 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/25 (f) | 2135 | 1708 |
| Port of Port Arthur Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.75%, 4/1/40, Continuously Callable @100 (e) | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.75%, 4/1/40, Continuously Callable @100 (e) | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.77%, 4/1/40, Continuously Callable @100 (e) | 155 | 155 |
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/27 | 2000 | 2073 |
| Texas Private Activity Bond Surface Transportation Corp. Revenue, 4.00%, 6/30/31, Continuously Callable @100 | 2355 | 2372 |
|  |  | 27440 |
| **Vermont (0.1%):** |  |  |
| Vermont Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/29, Continuously Callable @103 | 445 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/30, Continuously Callable @103 | 230 | 210 |
|  |  | 622 |
| **Virginia (2.4%):** |  |  |
| Chesapeake Bay Bridge & Tunnel District Revenue, 5.00%, 11/1/23 | 10140 | 10230 |
| Halifax County IDA Revenue, 1.65%, 12/1/41, (Put Date 5/31/24)(b) | 1500 | 1464 |
| James City County Economic Development Authority Revenue, 4.00%, 12/1/30, Continuously Callable @103 | 220 | 203 |
| Marquis Community Development Authority Revenue, 7.50%, 9/1/45(c) | 1074 | 516 |
| Marquis Community Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.10%, 9/1/36 (f) | 3506 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 9/1/41 (d)(f) | 5111 | 236 |
| Peninsula Ports Authority Revenue, 3.80%, 10/1/33, (Put Date 10/1/24)(b) | 1810 | 1799 |
| Prince William County IDA Revenue, 5.00%, 1/1/31, Continuously Callable @102 | 1700 | 1592 |
| Virginia Small Business Financing Authority Revenue, Series A, 5.00%, 1/1/31, Continuously Callable @103 | 1250 | 1345 |
|  |  | 19071 |
| **Washington (1.9%):** |  |  |
| Washington Health Care Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/26 | 2000 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/27 | 2175 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.06% (MUNIPSA+140bps), 1/1/35, (Put Date 1/1/25) (a)(b) | 10000 | 9966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 5.00%, 8/1/49, Callable 2/1/26 @ 100 | 1000 | 1045 |
|  |  | 15401 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Wisconsin (3.4%):** |  |  |
| Fort Atkinson School District Revenue, 4.00%, 6/22/23, Continuously Callable @100 | $2500 | $2507 |
| Monroe School District Revenue, 4.00%, 6/14/23, Continuously Callable @100 | 5000 | 5014 |
| Oconto Falls Public School District Revenue, 4.00%, 6/21/23, Continuously Callable @100 | 3000 | 2999 |
| Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/23 (c) | 955 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/24 (c) | 1010 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/24 (c) | 635 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/25 (c) | 1075 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/26 (c) | 1510 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/27 (c) | 795 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/28 (c) | 840 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/1/30 | 1795 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/30 (c) | 500 | 503 |
| Wisconsin Health & Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/23 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/24 | 160 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/25 | 205 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/26 | 345 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/30 | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31% (MUNIPSA+65bps), 8/15/54, (Put Date 7/31/24) (a)(b) | 1700 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.00%, 9/15/23 | 160 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/24 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/26 | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/27 | 140 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/28, Continuously Callable @103 | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/29, Continuously Callable @103 | 305 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/30, Continuously Callable @103 | 320 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 9/15/31, Continuously Callable @103 | 315 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.55%, 11/1/27, Continuously Callable @100 | 1450 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00%, 2/15/51, (Put Date 2/15/27) (b) | 2000 | 2093 |
|  |  | 27283 |
| **Total Municipal Bonds (Cost $813,576)** |  | 781194 |
| **Total Investments (Cost $813,576) — 98.1%** |  | 781194 |
| **Other assets in excess of liabilities — 1.9%** |  | 14871 |
| **NET ASSETS - 100.00%** |  | $796065 |

---

(a) Variable
 or Floating-Rate Security. Rate disclosed is as of December 31, 2022.

(b) Put Bond.

(c) Rule 144A security
 or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security
 to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December
 31, 2022, the fair value of these securities was $21,025 thousands and amounted to 2.6% of net assets.

(d) Zero-coupon bond.

(e) 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.

(f) Currently the
 issuer is in default with respect to interest and/or principal payments.

bps—Basis points

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

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

MUNIPSA—Municipal Swap Index

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Tax Exempt Short-Term Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

SOFR—Secured Overnight Financing Rate

US0001M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security

Credit Enhancements—Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.<br>

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **Municipal Bonds (97.1%)** |  |  |
| **Virginia (90.0%):** |  |  |
| Albemarle County Economic Development Authority Revenue, Series B, 2.80%, 10/1/48, Continuously Callable @100(a) | $1200 | $1200 |
| Alexandria IDA Revenue, Series C, 4.00%, 1/1/46, Continuously Callable @100 | 2400 | 2322 |
| Amherst IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/26, Continuously Callable @100 | 1105 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 9/1/30, Continuously Callable @100 | 2000 | 1946 |
| Arlington County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/43, Continuously Callable @100 | 1775 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/45, Continuously Callable @100 | 1585 | 1485 |
| Bristol Industrial Development Authority Revenue, 5.00%, 11/1/53, Continuously Callable @100 | 8030 | 8136 |
| Campbell County IDA Revenue, 4.00%, 6/1/44, Continuously Callable @100 | 4600 | 4260 |
| Capital Region Airport Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/36, Continuously Callable @100 | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/1/38, Continuously Callable @100 | 750 | 729 |
| Charles City County Economic Development Authority Revenue, Series A, 2.88%, 2/1/29, Continuously Callable @101 | 10000 | 9051 |
| Chesapeake Bay Bridge & Tunnel District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/25 | 5000 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/46, Continuously Callable @100 | 5805 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/51, Continuously Callable @100 | 3435 | 3389 |
| Chesapeake Bay Bridge & Tunnel District Revenue (INS - Assured Guaranty Municipal Corp.), 5.00%, 7/1/41, Continuously Callable @100 | 5000 | 5157 |
| Chesapeake Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/39, Continuously Callable @100 | 1000 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/43, Continuously Callable @100 | 4000 | 3692 |
| City of Chesapeake Expressway Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/32, Continuously Callable @100 (b) | 6520 | 6580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/40, Continuously Callable @100 (d) | 3000 | 2963 |
| City of Lynchburg, GO, 4.00%, 6/1/44, Continuously Callable @100 | 5000 | 5010 |
| City of Norfolk, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/37, Continuously Callable @100 | 2040 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 9/1/39, Continuously Callable @100 | 1535 | 1559 |
| City of Portsmouth, GO, 5.00%, 2/1/33, Pre-refunded 2/1/23 @ 100 | 120 | 120 |
| City of Richmond Public Utility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/40, Continuously Callable @100 | 6000 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/15/50, Continuously Callable @100 | 1730 | 1612 |
| City of Richmond, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 3/1/32 | 800 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 3/1/33 | 1000 | 1194 |
| County of Fairfax VA Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/15/46, Continuously Callable @100 | 10000 | 11028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/15/51, Continuously Callable @100 | 10000 | 9680 |
| Fairfax County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/47, Continuously Callable @100 | 4000 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/29, Pre-refunded 10/1/24 @ 100 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/30, Pre-refunded 10/1/24 @ 100 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/31, Pre-refunded 10/1/24 @ 100 | 2000 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/32, Pre-refunded 10/1/24 @ 100 | 1500 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/32, Pre-refunded 12/1/23 @ 100 | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/33, Pre-refunded 10/1/24 @ 100 | 2200 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/34, Pre-refunded 10/1/24 @ 100 | 2000 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/42, Pre-refunded 10/1/24 @ 102 | 2250 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/42, Pre-refunded 10/1/24 @ 102 | 2750 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/42, Pre-refunded 12/1/23 @ 100 | 2800 | 2852 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/35, Pre-refunded 10/1/27 @ 100 | $2620 | $2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 10/1/36, Pre-refunded 10/1/27 @ 100 | 2000 | 2219 |
| Fairfax County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/15/44, Continuously Callable @100 | 6900 | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/15/48, Continuously Callable @100 | 1500 | 1365 |
| Farmville Industrial Development Authority Revenue, 5.38%, 7/1/53, (Put Date 7/1/43)(e) | 6000 | 6366 |
| Front Royal & Warren County IDA Revenue, 4.00%, 1/1/50, Continuously Callable @103 | 7000 | 6287 |
| Greater Richmond Convention Center Authority Revenue, 5.00%, 6/15/32, Pre-refunded 6/15/25 @ 100 | 1500 | 1584 |
| Hampton Roads Sanitation District Revenue, Series A, 5.00%, 8/1/43, Pre-refunded 8/1/26 @ 100 | 4700 | 5091 |
| Hampton Roads Transportation Accountability Commission Revenue, Series A, 4.00%, 7/1/52, Continuously Callable @100 | 5000 | 4667 |
| Henrico County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/24, Continuously Callable @100 | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/1/26, Continuously Callable @100 | 140 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/37, Continuously Callable @103 | 2500 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/40, Continuously Callable @103 | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/45, Continuously Callable @103 | 725 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/50, Continuously Callable @103 | 1500 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/52, Continuously Callable @103 | 2200 | 2242 |
| James City County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/47, Continuously Callable @103 | 1000 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/1/50, Continuously Callable @103 | 9905 | 7361 |
| Lewistown Commerce Center Community Development Authority Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 (f) | 1053 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/1/44, Continuously Callable @103 | 665 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 6.05%, 3/1/54, Continuously Callable @100 | 2599 | 390 |
| Lexington IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/31, Continuously Callable @102 | 750 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/37, Continuously Callable @102 | 1000 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/48, Continuously Callable @100 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/42, Continuously Callable @103 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/48, Continuously Callable @103 | 1250 | 1288 |
| Loudoun County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/31, Continuously Callable @100 | 1135 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/32, Continuously Callable @100 | 800 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/33, Continuously Callable @100 | 775 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/34, Continuously Callable @100 | 805 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 10/1/52, Continuously Callable @100 | 2250 | 2129 |
| Lynchburg Economic Development Authority Revenue, 4.00%, 1/1/40, Continuously Callable @100 | 1100 | 1027 |
| Lynchburg Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/39, Continuously Callable @100 | 1320 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/43, Continuously Callable @100 | 3000 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/55, Continuously Callable @100 | 12920 | 10909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/47, Continuously Callable @100 | 2250 | 2271 |
| Lynchburg Economic Development Authority Revenue (LIQ - JPMorgan Chase & Co.), Series 2018-XL0075, 3.91%, 1/1/47(a)(g) | 3400 | 3400 |
| Lynchburg Economic Development Authority Revenue (LOC - Branch Banking & Trust Co.), Series A-3, 2.85%, 1/1/47, Continuously Callable @100(a) | 800 | 800 |
| Manassas Park Economic Development Authority Revenue, 4.00%, 12/15/52, Continuously Callable @100 | 4500 | 4014 |
| Marquis Community Development Authority of York County Virginia Tax Allocation, Series B, 5.63%, 9/1/41(f) | 3532 | 1699 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Marquis Community Development Authority Revenue, 7.50%, 9/1/45(f)(g) | $1093 | $526 |
| Marquis Community Development Authority Tax Allocation, Series C, 9/1/41(c) | 5389 | 248 |
| Montgomery County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/36, Continuously Callable @100 | 1125 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 6/1/39, Continuously Callable @100 | 1750 | 1753 |
| Norfolk Airport Authority Revenue, 5.00%, 7/1/43, Continuously Callable @100 | 2800 | 2922 |
| Norfolk Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/1/48, (Put Date 11/1/28) (e) | 1600 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.00%, 11/1/48, Continuously Callable @100 | 1100 | 1022 |
| Prince Edward County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/43, Continuously Callable @100 | 2250 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/48, Continuously Callable @100 | 2055 | 2139 |
| Prince Edward County IDA Revenue, 5.25%, 9/1/57, Continuously Callable @100 | 3000 | 3232 |
| Prince William County IDA Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/37, Continuously Callable @102 | 1000 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/46, Continuously Callable @102 | 4000 | 3277 |
| Radford IDA Revenue (NBGA - Fannie Mae), 3.50%, 9/15/29, Continuously Callable @100 | 4000 | 4000 |
| Rappahannock Regional Jail Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/34, Pre-refunded 10/1/25 @ 100 | 2340 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/35, Pre-refunded 10/1/25 @ 100 | 1165 | 1239 |
| Roanoke Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | 12250 | 13157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/51, Continuously Callable @100 | 5000 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/36, Continuously Callable @100 | 1640 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 9/1/43, Continuously Callable @100 | 4060 | 4118 |
| Rockingham County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/33, Continuously Callable @100 | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/39, Continuously Callable @100 | 4180 | 4116 |
| Salem Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/38, Continuously Callable @100 | 250 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/39, Continuously Callable @100 | 225 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/40, Continuously Callable @100 | 250 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/45, Continuously Callable @100 | 750 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/49, Continuously Callable @100 | 910 | 916 |
| Stafford County Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/36, Continuously Callable @100 | 5900 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/37, Continuously Callable @100 | 6495 | 6117 |
| Tobacco Settlement Financing Corp. Revenue, Series B-1, 5.00%, 6/1/47, Continuously Callable @100 | 10000 | 9299 |
| University of Virginia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/42, Continuously Callable @100 | 4000 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 4/1/47, Continuously Callable @100 | 5000 | 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.00%, 4/1/45, Continuously Callable @100 | 5000 | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 9/1/49, Continuously Callable @100 | 5000 | 5374 |
| Upper Occoquan Sewage Authority Revenue, 4.00%, 7/1/39, Pre-refunded 7/1/25 @ 100 | 2000 | 2066 |
| Virginia Beach Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/40, Continuously Callable @103 | 3250 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/44, Continuously Callable @103 | 4865 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 9/1/48, Continuously Callable @103 | 3755 | 2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 5/1/29, Continuously Callable @100 | 1795 | 1848 |
| Virginia College Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/23 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/24 | 225 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/25 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | 250 | 259 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | $275 | $287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/28 | 295 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | 325 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/31, Continuously Callable @100 | 10000 | 11074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/1/31 | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/32, Continuously Callable @100 | 4000 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/33, Continuously Callable @100 | 965 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/35, Continuously Callable @100 | 545 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/36, Continuously Callable @100 | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/36, Continuously Callable @100 | 925 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/15/43, Continuously Callable @100 | 1285 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/1/46, Continuously Callable @100 | 1000 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 2/1/35, Continuously Callable @100 | 8000 | 8116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 1/15/46, Continuously Callable @100 | 1000 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 1/15/51, Continuously Callable @100 | 1175 | 830 |
| Virginia Commonwealth Transportation Board Regional Fuels Tax Revenue, 4.00%, 5/15/46, Continuously Callable @100 | 5195 | 4966 |
| Virginia Commonwealth Transportation Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/32, Continuously Callable @100 | 3350 | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/32, Continuously Callable @100 | 9190 | 10085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/42, Continuously Callable @100 | 10000 | 10004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/15/36, Continuously Callable @100 | 2000 | 2046 |
| Virginia Commonwealth University Health System Authority Revenue, 5.00%, 7/1/46, Continuously Callable @100 | 5500 | 5631 |
| Virginia Commonwealth University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/37, Continuously Callable @100 | 750 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/38, Continuously Callable @100 | 350 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 5/1/48, Continuously Callable @100 | 2475 | 2266 |
| Virginia Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.60%, 5/1/46, Continuously Callable @100 | 7000 | 5874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 2.65%, 7/1/50, Continuously Callable @100 | 1640 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 10/1/52, Continuously Callable @100 | 5000 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.15%, 11/1/52, Continuously Callable @100 | 1750 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I, 2.45%, 11/1/45, Continuously Callable @100 | 1500 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K, 1.95%, 12/1/32, Continuously Callable @100 | 1500 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K, 2.05%, 12/1/33, Continuously Callable @100 | 665 | 553 |
| Virginia Public Building Authority Revenue, Series A, 4.00%, 8/1/30, Continuously Callable @100 | 4000 | 4194 |
| Virginia Public School Authority Revenue, 5.00%, 8/1/24 | 10000 | 10343 |
| Virginia Resources Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/32, Continuously Callable @100 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/1/49, Continuously Callable @100 | 6700 | 6529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/43, Continuously Callable @100 | 1445 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 11/1/47, Continuously Callable @100 | 1040 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.25%, 11/1/47, Continuously Callable @100 | 2330 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 11/1/52, Continuously Callable @100 | 750 | 791 |
| Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/42, Continuously Callable @100 | 5000 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/49, Continuously Callable @100 | 12800 | 11571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/1/51, Continuously Callable @103 | 4000 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/45, Continuously Callable @103 | 2800 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 1/1/51, Continuously Callable @103 | 16265 | 13667 |
| Western Regional Jail Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Continuously Callable @100 | 1540 | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/35, Pre-refunded 12/1/26 @ 100 | 1545 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/38, Continuously Callable @100 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/38, Pre-refunded 12/1/26 @ 100 | 1000 | 1084 |
| Winchester Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/44, Continuously Callable @100 | 3250 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series S, 5.00%, 1/1/44, Pre-refunded 1/1/24 @ 100 | 3250 | 3317 |

---

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| Wise County IDA Revenue, Series A, 0.75%, 10/1/40, (Put Date 9/2/25)(e) | $2500 | $2279 |
|  |  | 508058 |
| **District of Columbia (2.6%):** |  |  |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/53, Continuously Callable @100 | 1500 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/44, Continuously Callable @100 | 1500 | 1575 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 10/1/30(c) | 5500 | 4087 |
| Washington Metropolitan Area Transit Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/43, Continuously Callable @100 | 5000 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 7/15/45, Continuously Callable @100 | 2500 | 2427 |
|  |  | 14577 |
| **Guam (4.5%):** |  |  |
| Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/36, Continuously Callable @100 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/40, Continuously Callable @100 | 3250 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 7/1/35, Continuously Callable @100 | 2850 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/50, Continuously Callable @100 | 1000 | 989 |
| Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/31, Continuously Callable @100 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/40, Continuously Callable @100 | 4000 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/41, Continuously Callable @100 | 1500 | 1542 |
| Guam Power Authority Revenue (INS - Assured Guaranty Municipal Corp.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/39, Continuously Callable @100 | 750 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/1/44, Continuously Callable @100 | 1000 | 1018 |
| Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100 | 1500 | 1516 |
| Territory of Guam Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/27 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/28 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/29 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/30 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/1/35, Continuously Callable @100 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/1/46, Continuously Callable @100 | 1250 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 11/15/39, Continuously Callable @100 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 1/1/31 | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 1/1/42, Continuously Callable @100 | 1000 | 870 |
|  |  | 25245 |
| **Total Municipal Bonds (Cost $596,156)** |  | 547880 |
| **Total Investments (Cost $596,156) — 97.1%** |  | 547880 |
| **Other assets in excess of liabilities — 2.9%** |  | 16579 |
| **NET ASSETS - 100.00%** |  | $564459 |

---

(a) 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.

(b) Stepped-coupon
 security converts to coupon form on 07/15/23 with a rate of 4.75%

(c) Zero-coupon bond.

(d) Stepped-coupon
 security converts to coupon form on 07/15/23 with a rate of 4.88%

(e) Put Bond.

(f) Currently the
 issuer is in default with respect to interest and/or principal payments.

(g) 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 $3,926 thousands and amounted to 0.7% of net assets.

---

| | |
|:---|:---|
| USAA Mutual Funds Trust | **Schedule of Portfolio Investments — continued** |
| **USAA Virginia Bond Fund** | December 31, 2022 |
| *(Amounts in Thousands, Except for Shares)* | *(Unaudited)* |

---

Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.

GO—General Obligation

IDA—Industrial Development Authority

LOC—Letter of Credit

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.

---

| | |
|:---|:---|
| INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
| LIQ | Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed. |
| LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. |
| NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guaranteed agreement from the name listed. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Target Managed Allocation Fund

- **b. EDGAR series identifier (if any):** S000050251

- **c. LEI of Series:** 5493001Y7T79H1D82Q64

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $430588575.02

**Total Liabilities:** $3944084.60

**Net Assets:** $426644490.42

**Cash Not Reported:** $38102691.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158651 | 6.05%                | 5.59%                | -4.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12981121.96            | $32294344.04                               |
| Month 2  | $-3282604.12             | $31678985.10                               |
| Month 3  | $7861978.46              | $-28366666.49                              |

**Designated Index Information**

- **Index Name:** MSCI ALL WORLD COUNTRY INDEX

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                             | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HILLENBRAND, INC.                                | HILLENBRAND INC                                    | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     21375 | NS      | $912071.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                             | HOME DEPOT INC                                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10393 | NS      | $3282732.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                   | CONOCOPHILLIPS                                     | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     18143 | NS      | $2140874.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEGER HOLDINGS CORPORATION                     | INTEGER HOLDINGS CORP                              | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     10373 | NS      | $710135.58    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                  | UNITEDHEALTH GROUP INC                             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      8777 | NS      | $4653389.86   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                            | STARBUCKS CORP                                     | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     14762 | NS      | $1464390.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPONENT, INC.                                   | EXPONENT INC                                       | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      8500 | NS      | $842265.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                        | UNION PACIFIC CORP                                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      9484 | NS      | $1963851.88   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp                                    | FIRST BANCORP PUERTO RICO                          | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     68721 | NS      | $874131.12    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                     | COSTCO WHOLESALE CORP                              | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      5636 | NS      | $2572834.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                                 | XCEL ENERGY INC                                    | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     29630 | NS      | $2077359.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FTSE 100 INDEX FUTURE MAR23                      | FTSE 100 INDEX FUTURE MAR23                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |       455 | NC      | $-211011.85   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                    | NETFLIX INC                                        | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      5256 | NS      | $1549889.28   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                        | VISA INC CLASS A                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     15301 | NS      | $3178935.76   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITAGE HOMES CORPORATION                       | MERITAGE CORPORATION                               | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     14950 | NS      | $1378390.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT MEDIA INC.                              | OUTFRONT MEDIA INC                                 | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     68457 | NS      | $1135017.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                | MERCK CO INC                                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     24780 | NS      | $2749341.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                                  | DEERE CO                                           | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3053 | NS      | $1309004.28   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC.                             | VIAVI SOLUTIONS INC                                | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     96638 | NS      | $1015665.38   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INSIGHT ENTERPRISES, INC.                        | INSIGHT ENTERPRISES INC                            | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     12725 | NS      | $1275935.75   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                         | MASTERCARD INC CLASS A                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      8415 | NS      | $2926147.95   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                              | FIFTH THIRD BANCORP                                | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     60421 | NS      | $1982413.01   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB FINANCIAL CORP.                              | CVB FINANCIAL CORP                                 | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38235 | NS      | $984551.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL VISION HOLDINGS, INC.                   | NATIONAL VISION HOLDINGS INC                       | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     25418 | NS      | $985201.68    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK, INC.                                     | AMETEK INC                                         | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     11785 | NS      | $1646600.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                   | THE CHARLES SCHWAB CORP                            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     17106 | NS      | $1424245.56   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS MARKET INDEX FUTURE MAR23                  | SWISS MARKET INDEX FUTURE MAR23                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CH        |      -425 | NC      | $513421.54    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVEN MADDEN, LTD.                              | STEVEN MADDEN LTD                                  | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     30813 | NS      | $984783.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVENT CORPORATION                               | LIVENT CORP                                        | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |     33679 | NS      | $669201.73    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL COMPANY                         | EASTMAN CHEMICAL CO                                | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     19971 | NS      | $1626438.24   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                    | GOLDMAN SACHS GROUP INC                            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      6350 | NS      | $2180463.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                | JOHNSON JOHNSON                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     22606 | NS      | $3993349.90   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                            | GILEAD SCIENCES INC                                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     16047 | NS      | $1377634.95   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KNOWLES CORPORATION                              | KNOWLES CORP                                       | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     43759 | NS      | $718522.78    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                 | MEDTRONIC PLC                                      | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     19084 | NS      | $1483208.48   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APARTMENT COMMUNITIES, INC.          | MID AMERICA APARTMENT COMM                         | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     12308 | NS      | $1932232.92   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.            | APPLIED INDUSTRIAL TECHNOLOGIES INC                | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      8961 | NS      | $1129354.83   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWS CORPORATION                                 | NEWS CORP                                          | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |     74340 | NS      | $1352988.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                            | BOOKING HOLDINGS INC                               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       700 | NS      | $1410696.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                      | PFIZER INC                                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     54850 | NS      | $2810514.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                           | LOWE S COS INC                                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      8888 | NS      | $1770845.12   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                | RAYTHEON TECHNOLOGIES                              | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     20908 | NS      | $2110035.36   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                        | COMFORT SYSTEMS USA INC                            | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     10229 | NS      | $1177153.32   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                       | ADOBE INC                                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5571 | NS      | $1874808.63   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                     | PROCTER GAMBLE CO                                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     22249 | NS      | $3372058.44   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTUS INVESTMENT PARTNERS, INC.                 | VIRTUS INVESTMENT PARTNERS INC                     | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      3583 | NS      | $685929.52    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER-HANNIFIN CORPORATION                      | PARKER HANNIFIN CORP                               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      7221 | NS      | $2101311.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                      | ITRON INC                                          | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     13822 | NS      | $700084.30    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                | SCHLUMBERGER LTD                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     24023 | NS      | $1284269.58   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SANMINA CORPORATION                              | SANMINA CORP                                       | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     18535 | NS      | $1061870.15   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                           | GENERAL MOTORS CO                                  | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     38524 | NS      | $1295947.36   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HANG SENG INDEX FUTURE JAN23                     | HANG SENG INDEX FUTURE JAN23                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |       -97 | NC      | $-304385.46   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| MODERNA, INC.                                    | MODERNA INC                                        | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      3958 | NS      | $710935.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                               | NVIDIA CORP                                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     28165 | NS      | $4116033.10   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                            | COCA COLA CO                                       | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     37423 | NS      | $2380477.03   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                               | ORACLE CORP                                        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     16823 | NS      | $1375112.02   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX SPI 200 INDEX FUTURE MAR23                   | ASX SPI 200 INDEX FUTURE MAR23                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |      -286 | NC      | $981745.51    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION                           | MCDONALD S CORP                                    | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      7549 | NS      | $1989387.97   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| H.B. FULLER COMPANY                              | H B FULLER CO                                      | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     17123 | NS      | $1226349.26   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                      | RAMBUS INC                                         | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     30888 | NS      | $1106408.16   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                       | PRUDENTIAL FINANCIAL INC                           | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     21089 | NS      | $2097511.94   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                              | CISCO SYSTEMS INC                                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     45242 | NS      | $2155328.88   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCH & DWIGHT CO., INC.                        | CHURCH DWIGHT CO INC                               | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     19270 | NS      | $1553354.70   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK HOLDINGS CORPORATION               | NATIONAL BANK HOLDINGS CORP                        | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20220 | NS      | $850655.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES, INC.                             | UFP INDUSTRIES INC                                 | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     12346 | NS      | $978420.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                          | CUSHMAN WAKEFIELD PLC                              | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     90316 | NS      | $1125337.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                         | AMERICAN EXPRESS CO                                | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     11415 | NS      | $1686566.25   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                         | FABRINET                                           | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      8191 | NS      | $1050250.02   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                      | TESLA INC                                          | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     29910 | NS      | $3684313.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                     | BRISTOL MYERS SQUIBB CO                            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     25466 | NS      | $1832278.70   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                         | INTUITIVE SURGICAL INC                             | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      5994 | NS      | $1590507.90   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DOVER CORPORATION                                | DOVER CORP                                         | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |     13289 | NS      | $1799463.49   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC.                                      | ZOETIS INC                                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      9590 | NS      | $1405414.50   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MR. COOPER GROUP INC.                            | MR COOPER GROUP INC                                | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |     22332 | NS      | $896183.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD FINANCIAL SERVICES GROUP, INC.      | HARTFORD FINANCIAL SERVICES GROUP INC              | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     26153 | NS      | $1983181.99   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.            | AMERICAN ELECTRIC POWER CO INC                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     23061 | NS      | $2189641.95   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                           | CVS HEALTH CORP                                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     17537 | NS      | $1634273.03   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.                           | EXTREME NETWORKS INC                               | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     41077 | NS      | $752119.87    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                       | AMGEN INC                                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6130 | NS      | $1609983.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON-UTI ENERGY, INC.                       | PATTERSON UTI ENERGY INC                           | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     54925 | NS      | $924937.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MINI MSCI EMERGING MARKETS INDEX FUTURE MAR23    | MINI MSCI EMERGING MARKETS INDEX FUTURE MAR23      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -351 | NC      | $531059.79    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                            | ELI LILLY CO                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      7611 | NS      | $2784408.24   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                    | PEPSICO INC                                        | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     13486 | NS      | $2436380.76   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                | EVERSOURCE ENERGY                                  | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     24037 | NS      | $2015262.08   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                          | EXXON MOBIL CORP                                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     38012 | NS      | $4192723.60   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                             | AMPHENOL CORP CLASS A                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     27015 | NS      | $2056922.10   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| COGENT COMMUNICATIONS HOLDINGS, INC.             | COGENT COMMUNICATIONS HOLDINGS INC                 | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13890 | NS      | $792841.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                       | KORN FERRY                                         | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     17343 | NS      | $877902.66    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                      | UNITED PARCEL SERVICE INC                          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     11705 | NS      | $2034797.20   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                     | MONDELEZ INTERNATIONAL INC                         | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     32633 | NS      | $2174989.45   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GRIFFON CORPORATION                              | GRIFFON CORP                                       | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     22142 | NS      | $792462.18    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN HEALTHCARE SERVICES, INC.                    | AMN HEALTHCARE SERVICES INC                        | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |      7765 | NS      | $798397.30    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                            | PAYPAL HOLDINGS INC                                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     17341 | NS      | $1235026.02   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR RESIDENTIAL REIT, INC.                    | ARMOUR RESIDENTIAL REIT INC                        | CUSIP: 042315507<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |    248101 | NS      | $1396808.63   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                      | LOCKHEED MARTIN CORP                               | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3360 | NS      | $1634606.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM INDUSTRIES INCORPORATED                      | ABM INDUSTRIES INC                                 | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     18294 | NS      | $812619.48    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                           | ALASKA AIR GROUP INC                               | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     31040 | NS      | $1332857.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT MEDICAL SYSTEMS, INC.                      | MERIT MEDICAL SYSTEMS INC                          | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     13130 | NS      | $927240.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADEMY SPORTS AND OUTDOORS, INC.                | ACADEMY SPORTS OUTDOORS INC                        | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16498 | NS      | $866804.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION              | SELECT MEDICAL HOLDINGS CORP                       | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29253 | NS      | $726351.99    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                       | APPLE INC                                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    132790 | NS      | $17253404.70  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                       | AMERICAN TOWER CORP REIT                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      7447 | NS      | $1577721.42   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                  | REGENERON PHARMACEUTICALS INC                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1493 | NS      | $1077184.57   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FlexShs Morningstar Glbl Upsteam Ntrl Res Idx Fd | FLEXSHARES GLOBAL UPSTREAM NATURAL RESOURCES INDEX | CUSIP: 33939L407<br>LEI: N/A                  | Long             |  | RF                | US        |    341011 | NS      | $14823748.17  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                          | KEYCORP                                            | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    112188 | NS      | $1954314.96   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                      | VERIZON COMMUNICATIONS INC                         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     58659 | NS      | $2311164.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                              | ELF BEAUTY INC                                     | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     15870 | NS      | $877611.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| URBAN OUTFITTERS, INC.                           | URBAN OUTFITTERS INC                               | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     39743 | NS      | $947870.55    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                          | TJX COS INC                                        | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     18862 | NS      | $1501415.20   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN BEAN TECHNOLOGIES CORPORATION               | JOHN BEAN TECHNOLOGIES CORPORATION                 | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |     11033 | NS      | $1007643.89   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON OIL CORPORATION                         | MARATHON OIL CORP                                  | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     46196 | NS      | $1250525.72   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                              | ABBOTT LABORATORIES                                | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     20054 | NS      | $2201728.66   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFICIENT, INC.                                 | PERFICIENT INC                                     | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Long             | EC               | CORP              | US        |     11051 | NS      | $771691.33    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Global Natural Resources ETF            | SPDR S P GLOBAL NATURAL RESOURCES ETF              | CUSIP: 78463X541<br>LEI: N/A                  | Long             |  | RF                | US        |    334113 | NS      | $19051123.26  | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                              | CHEVRON CORP                                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17255 | NS      | $3097099.95   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW GROUP                                        | SJW GROUP                                          | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21797 | NS      | $1769698.43   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC.                    | THERMO FISHER SCIENTIFIC INC                       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      4393 | NS      | $2419181.17   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                             | UNITED RENTALS INC                                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      4497 | NS      | $1598323.74   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                     | DEXCOM INC                                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      7116 | NS      | $805815.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RESIDEO TECHNOLOGIES, INC.                       | RESIDEO TECHNOLOGIES INC                           | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     44670 | NS      | $734821.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROJET ROCKETDYNE HOLDINGS, INC.                | AEROJET ROCKETDYNE HOLDINGS INC                    | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     22523 | NS      | $1259711.39   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED COMMUNITY BANKS, INC.                     | UNITED COMMUNITY BANKS INC GA                      | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     27055 | NS      | $914459.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.            | ALLSCRIPTS HEALTHCARE SOLUTIONS INC                | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     44013 | NS      | $776389.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                            | QUALCOMM INC                                       | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     13488 | NS      | $1482870.72   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORPORATION                              | STRYKER CORP                                       | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      6822 | NS      | $1667910.78   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                 | PHILIP MORRIS INTERNATIONAL INC                    | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     22557 | NS      | $2282993.97   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PRESTIGE CONSUMER HEALTHCARE INC.                | PRESTIGE CONSUMER HEALTHCARE INC                   | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12655 | NS      | $792203.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                             | JPMORGAN CHASE CO                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     28884 | NS      | $3873344.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                             | LXP INDUSTRIAL TRUST                               | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    112309 | NS      | $1125336.18   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RUSSELL 2000 MINI INDEX FUTURE MAR23             | RUSSELL 2000 MINI INDEX FUTURE MAR23               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       419 | NC      | $-1287081.05  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                             | META PLATFORMS INC                                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     22375 | NS      | $2692607.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                       | NIKE INC CLASS B                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     14534 | NS      | $1700623.34   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| YELP INC.                                        | YELP INC                                           | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     33198 | NS      | $907633.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                               | TARGET CORP                                        | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8858 | NS      | $1320196.32   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK, INC.                                  | BLACKROCK INC                                      | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |      2702 | NS      | $1914718.26   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                        | APTIV PLC                                          | CUSIP: G6095L109<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     13932 | NS      | $1297487.16   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc.                                         | ATI INC                                            | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     31533 | NS      | $941575.38    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                            | FREEPORT MCMORAN INC                               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     36349 | NS      | $1381262.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                    | COLUMBIA BANKING SYSTEM INC                        | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45736 | NS      | $1378025.68   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                     | NORTHROP GRUMMAN CORP                              | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      2473 | NS      | $1349293.53   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES, INC.                  | HUDSON PACIFIC PROPERTIES INC                      | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110076 | NS      | $1071039.48   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SM ENERGY COMPANY                                | SM ENERGY CO                                       | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     27197 | NS      | $947271.51    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC CLASS C                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     66905 | NS      | $5936480.65   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                            | MICROSOFT CORP                                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     66403 | NS      | $15924767.46  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC                                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3441 | NS      | $1765129.77   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORPORATION                                | INTEL CORP                                         | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     52827 | NS      | $1396217.61   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                 | CATERPILLAR INC                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      6315 | NS      | $1512821.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVERAMP HOLDINGS, INC.                          | LIVERAMP HOLDINGS INC                              | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     34003 | NS      | $797030.32    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| S P TORONTO STOCK EXCHANGE 60 INDEX FUTURE MAR23 | S P TORONTO STOCK EXCHANGE 60 INDEX FUTURE MAR23   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |       286 | NC      | $-1829823.15  | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA CORPORATION                                | CIGNA CORP                                         | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      5092 | NS      | $1687183.28   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                   | TEXAS INSTRUMENTS INC                              | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     11067 | NS      | $1828489.74   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI HOMES, INC.                                  | LGI HOMES INC                                      | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     11592 | NS      | $1073419.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                        | AT T INC                                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     88577 | NS      | $1630702.57   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AXCELIS TECHNOLOGIES, INC.                       | AXCELIS TECHNOLOGIES INC                           | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      9797 | NS      | $777489.92    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNET JEWELERS LIMITED                          | SIGNET JEWELERS LTD                                | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |      9558 | NS      | $649944.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS, INC.                                  | O I GLASS INC                                      | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53432 | NS      | $885368.24    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HELMERICH & PAYNE, INC.                          | HELMERICH PAYNE INC                                | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     22404 | NS      | $1110566.28   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC.                                        | EBAY INC                                           | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     31988 | NS      | $1326542.36   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE REALTY TRUST                          | BRANDYWINE REALTY TRUST                            | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    119898 | NS      | $737372.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| M.D.C. HOLDINGS, INC.                            | MDC HOLDINGS INC                                   | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               | CORP              | US        |     29477 | NS      | $931473.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP.                            | TARGA RESOURCES CORP                               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     19074 | NS      | $1401939.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE CENTERS CORP.                               | SITE CENTERS CORP                                  | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     89531 | NS      | $1222993.46   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                              | COMCAST CORP CLASS A                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     66289 | NS      | $2318126.33   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS, INC.                          | DUPONT DE NEMOURS INC                              | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     22108 | NS      | $1517272.04   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                      | BANK OF AMERICA CORP                               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     82900 | NS      | $2745648.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                      | ABBVIE INC                                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     16543 | NS      | $2673514.23   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ONTO INNOVATION INC.                             | ONTO INNOVATION INC                                | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     10793 | NS      | $734895.37    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                                 | SALESFORCE INC                                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     13201 | NS      | $1750320.59   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AVISTA CORPORATION                               | AVISTA CORP                                        | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     32549 | NS      | $1443222.66   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY                 | ACCENTURE PLC                                      | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      7692 | NS      | $2052533.28   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DIODES INCORPORATED                              | DIODES INC                                         | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     12991 | NS      | $989134.74    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS, INCORPORATED                       | CYTOKINETICS INC                                   | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     16292 | NS      | $746499.44    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                   | HILTON WORLDWIDE HOLDINGS INC                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     15006 | NS      | $1896158.16   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                                   | PROLOGIS INC                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     14629 | NS      | $1649127.17   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HOSTESS BRANDS, INC.                             | HOSTESS BRANDS INC                                 | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51035 | NS      | $1145225.40   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED               | HUNTINGTON BANCSHARES INC                          | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    124196 | NS      | $1751163.60   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ENSIGN GROUP, INC.                           | ENSIGN GROUP INC THE                               | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     11838 | NS      | $1119993.18   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M COMPANY                                       | 3M CO                                              | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     17947 | NS      | $2152204.24   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SIMPLY GOOD FOODS COMPANY                    | THE SIMPLY GOOD FOODS CO                           | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24200 | NS      | $920326.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORPORATION                         | AGREE REALTY CORP                                  | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     25743 | NS      | $1825950.99   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                                 | SERVICENOW INC                                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      3493 | NS      | $1356227.11   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RETAIL OPPORTUNITY INVESTMENTS CORP.             | RETAIL OPPORTUNITY INVESTMENTS                     | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50622 | NS      | $760848.66    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                        | WR BERKLEY CORP                                    | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     26153 | NS      | $1897923.21   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION      | INTERNATIONAL BUSINESS MACHINES CORP               | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     10263 | NS      | $1445954.07   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVASIVE, INC.                                   | NUVASIVE INC                                       | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               | CORP              | US        |     22630 | NS      | $933261.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE, INC.                               | SPS COMMERCE INC                                   | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      6904 | NS      | $886680.72    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COPART, INC.                                     | COPART INC                                         | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     27138 | NS      | $1652432.82   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC.                     | HONEYWELL INTERNATIONAL INC                        | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     14124 | NS      | $3026773.20   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP, INC.                    | ASBURY AUTOMOTIVE GROUP INC                        | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      5119 | NS      | $917580.75    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXLINEAR, INC.                                  | MAXLINEAR INC CLASS A                              | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |     23676 | NS      | $803800.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FORWARD AIR CORPORATION                          | FORWARD AIR CORP                                   | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8910 | NS      | $934569.90    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                    | BROADCOM INC                                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      4144 | NS      | $2317034.72   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFIRST CORPORATION                             | UNIFIRST CORPORATION                               | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      4475 | NS      | $863630.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENTIAL PROPERTIES REALTY TRUST, INC.          | ESSENTIAL PROPERTIES REALTY TRUST INC              | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     45077 | NS      | $1057957.19   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                     | LINDE PLC                                          | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |      6503 | NS      | $2121148.54   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                              | EOG RESOURCES INC                                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     13337 | NS      | $1727408.24   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO PRICE INDEX FUTURE MAR23                   | TOKYO PRICE INDEX FUTURE MAR23                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |      -134 | NC      | $506485.73    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                     | WALMART INC                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     15141 | NS      | $2146842.39   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                            | WELLS FARGO CO                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     54600 | NS      | $2254434.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BANKUNITED, INC.                                 | BANKUNITED INC                                     | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     23987 | NS      | $814838.39    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                              | DANAHER CORP                                       | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      8574 | NS      | $2275711.08   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                               | ALTRIA GROUP INC                                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     37828 | NS      | $1729117.88   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORPORATION                                | LOEWS CORP                                         | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     32425 | NS      | $1891350.25   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                          | APPLIED MATERIALS INC                              | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     18150 | NS      | $1767447.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                 | AMAZON COM INC                                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     57542 | NS      | $4833528.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.                 | ADVANCED ENERGY INDUSTRIES INC                     | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      9481 | NS      | $813280.18    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                      | INTUIT INC                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4668 | NS      | $1816878.96   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC.,                         | BERKSHIRE HATHAWAY INC CLASS B                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     18522 | NS      | $5721445.80   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC CLASS A                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     36160 | NS      | $3190396.80   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SHAKE SHACK INC.                                 | SHAKE SHACK INC                                    | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     17706 | NS      | $735330.18    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** James K. De Vries

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

**Title:** Treasurer