USAA Mutual Funds Trust - USAA 500 Index Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

811-07852

USAA Mutual Funds Trust

(Exact name of registrant as specified in charter)

15935 La Cantera Pkwy, Building Two, San Antonio, Texas 78256

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-235-8396

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

Item 1. Reports to Stockholders.

DECEMBER 31, 2020

Annual Report

USAA Target Retirement Income Fund

USAA Target Retirement 2030 Fund

USAA Target Retirement 2040 Fund

USAA Target Retirement 2050 Fund

USAA Target Retirement 2060 Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a shareholder who has an account directly with the Fund, by calling (800) 235-8396 or by submitting your request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a shareholder who has an account directly with the Fund, by calling (800) 235-8396 or by submitting your request via email to TA.Processing@FISGlobal.com.

Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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

USAA Mutual Funds Trust

TABLE OF CONTENTS

Shareholder Letter (Unaudited)					2
Managers' Commentary (Unaudited)					4
Investment Overview (Unaudited)					6
Investment Objective & Portfolio Holdings (Unaudited)					11
Schedule of Portfolio Investments					16
Financial Statements
Statements of Assets and Liabilities					21
Statements of Operations					23
Statements of Changes in Net Assets					25
Financial Highlights					28
Notes to Financial Statements					32
Report of Independent Registered Public Accounting Firm					52
Supplemental Information (Unaudited)					53
Trustees' and Officers' Information					53
Proxy Voting and Portfolio Holdings Information					59
Expense Examples					59
Additional Federal Income Tax Information					60
Considerations of the Board in Continuing the Investment Advisory Agreement					61
Privacy Policy (inside back cover)

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

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

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

For more specific information, please consult your tax adviser.

(Unaudited)

Dear Shareholder,

When we look back on 2020, we will undoubtedly remember it as an extraordinary year. A year ago, no one could have imagined the unusual events that would challenge us personally, professionally, and collectively as a nation. But in retrospect, the trajectory of financial markets over the past year was nothing short of extraordinary.

The year began with rudimentary worries, such as economic growth rates, trade deals, and interest rates. But a novel coronavirus ("COVID-19") and the subsequent worldwide spread of COVID-19 became an unprecedented event. To combat the pandemic, governments everywhere issued austere shelter-in-place orders, and the global economy slowed markedly. Equity markets sold off sharply in March and April, and second quarter domestic GDP contracted by an alarming annual rate of 31.4%, according to the U.S. Department of Commerce.

It's no surprise that so many investors flocked to the perceived safety of U.S. Treasurys. Meanwhile, liquidity evaporated (for a short spell) in many other segments of the fixed-income market, including higher-yielding credits and municipal bonds. The outlook was tenuous, and credit spreads widened while prices declined for most securities perceived to be higher risk.

A response, however, came swiftly. The U.S. Federal Reserve (the "Fed") and other monetary authorities worldwide leapt into action—cutting interest rates, (re)starting quantitative easing and, in the case of the Fed, launching an array of programs to provide liquidity to stabilize fixed-income markets. The U.S. government also stepped up to provide fiscal stimulus in the form of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

It was impressive how quickly those actions helped end the stock market's free fall and restore order across much of the fixed-income universe. The rebound was almost as robust as the drawdown, and third quarter GDP (the most recent finalized data available) grew at a 33.4% annualized rate, according to the U.S. Department of Commerce.

Late in the year, markets were alternately fueled and roiled by a contentious election season, growing optimism for an effective vaccine, and a fluid debate regarding the need for additional fiscal stimulus. Ultimately, stocks were propelled higher in the fourth quarter when it became clear that Congress would provide another dose of fiscal stimulus in the form of direct payments, more unemployment insurance, and additional aid to businesses.

Through all the unprecedented events and extreme volatility, the S&P 500^® Index registered an impressive annual return of 18.40% for the 12-month period ended December 31, 2020. Meanwhile, the yield on 10-year U.S. Treasurys declined 95 basis points over the same period, reflecting both the Fed's interest rate cuts and its pledge to keep rates low for longer. The yield on 10-Year U.S. Treasurys was 0.93% as of December 31, 2020.

While markets endured and performed admirably during 2020, perhaps the key takeaway is that the unexpected can and will happen. That's why it's important to remain focused on your long-term investment goals and avoid making emotional decisions.

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

My colleagues and I sincerely appreciate the confidence you have placed in the USAA Mutual Funds, and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
USAA Mutual Funds

USAA Target Retirement Series

Managers' Commentary

(Unaudited)

Victory Solutions

Mannik S. Dhillon, CFA, CAIA
Wasif A. Latif
Lance Humphrey, CFA

• What were the market conditions over the reporting period?

In an unprecedented 2020, investors witnessed a tale of two markets.

2020 started strong, with the positive market momentum carrying over from 2019. By the end of February, however, there was a historic global financial market panic selloff as the spread of COVID-19 caused a sharp decline in expectations for economic growth and corporate earnings.

The U.S. Federal Reserve (the "Fed") quickly stepped into the market panic and provided an armada of liquidity programs, such as quantitative easing, which resulted in a rebound in investor confidence. This return of confidence led an equally remarkable rally through the rest of the year, despite some periods of fear and concerns around a resurgence of the virus. The remainder of the year brought a dramatic reversal from the difficult environment that characterized the first three months. While COVID-19 cases continued to rise, particularly in the final two weeks of June, investors grew increasingly confident that the economy would be able to recover from its sharp downturn led by a series of better-than-expected economic reports coupled with the aggressive response by the Fed. In addition to reiterating its commitment to keep short-term interest rates near zero for an extended period, the Fed announced the direct purchase of both individual bonds and exchange-traded bond funds.

Despite ongoing uncertainty regarding the economic outlook, investors continued to display a robust appetite for risk. The near-zero interest rate policy of the Fed, together with the ultra-low rates in place in other major world economies, as well as greater appetite for fiscal spending, was a key catalyst for market performance.

Investors' appetite for risk improved considerably in early November, when the approval of vaccines for COVID-19 raised expectations that the world economy could gradually return to normal in 2021. The conclusion of the U.S. elections, which removed a source of uncertainty that had depressed performance in September and October, was an additional tailwind. The markets were also aided by continued indications that the Fed and other central banks would maintain their highly accommodative policies indefinitely, not least an agreement on a new round of U.S. fiscal stimulus further cheered investors in late December. Together, these developments outweighed negative headlines surrounding renewed lockdowns and the persistence of COVID-19.

As the dust settled on a tumultuous and historic year, global financial markets reflected the optimism of a reflating global economic environment in a post-pandemic future. All the major global equity market indexes had posted strong returns, with bonds following suit. In the United States, large-cap value stocks had a very strong rebound in the fourth quarter in anticipation of economic reflation. However, those returns were still dwarfed by the enormous annual returns posted by large-cap growth stocks, led by the technology and consumer discretionary 'stay-at-home' stocks.

USAA Target Retirement Series

Managers' Commentary (continued)

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

Each Fund's investment objective is to provide capital appreciation and current income consistent with its current investment allocation. For the year ended December 31, 2020, the total returns for each of the Funds are shown below, along with the return of the relevant benchmark index:

	USAA Target Retirement Funds			S&P Target Date Indices			MSCI All- Country World Index
USAA Target Retirement Income Fund		8.73	%		8.81	%		—
USAA Target Retirement 2030 Fund		9.25	%		11.91	%		—
USAA Target Retirement 2040 Fund		9.22	%		13.37	%		—
USAA Target Retirement 2050 Fund		10.52	%		13.86	%		16.25	%
USAA Target Retirement 2060 Fund		10.17	%		13.99	%		16.25	%

• What strategies did you employ during the reporting period?

In an unprecedented year, all five of the USAA Target Retirement Funds had solid returns during 2020. The Funds performed as expected, with returns in between those of stocks and bonds. The larger gains for the longer-dated portfolios reflect the progressively higher weighting in equities as the target dates of the five funds increase.

The results of the Funds' underlying drivers mirrored the overall investment backdrop. The equity portfolio experienced gains, with larger increases for domestic equities versus the developed international and emerging markets. Holdings in investment-grade, fixed- income securities added value in the aggregate, with positions in short-term debt and government issues posting gains.

We maintained a steady approach through the turbulence of the past year. As always, we sought to provide broad exposure to the global financial markets, but we also overweighted (took larger relative positions) or underweighted (took lower relative positions) in certain asset classes based on valuations and fundamentals. In this vein, we continued to tilt the portfolios toward the international markets — both developed and emerging — versus the United States. We believe this positioning is warranted from a longer-term standpoint due to the more attractive valuations and greater latitude for better-than-expected economic growth outside of the United States.

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

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

USAA Target Retirement Series

USAA Target Retirement Income Fund

Investment Overview
(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

	Fund Shares
INCEPTION DATE	7/31/08
	Net Asset Value			S&P Target Date Retirement Income Index¹
One Year		8.73	%		8.81	%
Five Year		6.37	%		6.50	%
Ten Year		4.99	%		5.47	%

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

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

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

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

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

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

Past performance is not indicative of future results.

USAA Target Retirement Series

USAA Target Retirement 2030 Fund

Investment Overview
(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

	Fund Shares
INCEPTION DATE	7/31/08
	Net Asset Value			S&P Target Date 2030 Index¹
One Year		9.25	%		11.91	%
Five Year		8.48	%		9.78	%
Ten Year		6.74	%		8.41	%

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

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

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

Past performance is not indicative of future results.

USAA Target Retirement Series

USAA Target Retirement 2040 Fund

Investment Overview
(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

	Fund Shares
INCEPTION DATE	7/31/08
	Net Asset Value			S&P Target Date 2040 Index¹
One Year		9.22	%		13.37	%
Five Year		9.05	%		10.95	%
Ten Year		7.16	%		9.26	%

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

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

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

Past performance is not indicative of future results.

USAA Target Retirement Series

USAA Target Retirement 2050 Fund

Investment Overview
(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

Fund Shares

INCEPTION DATE

7/31/08

Net Asset Value

S&P Target Date 2050 Index¹

MSCI All-Country World Index²

One Year

10.52

13.86

16.25

Five Year

9.48

11.44

12.26

Ten Year

7.41

9.13

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

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

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

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

Past performance is not indicative of future results.

USAA Target Retirement Series

USAA Target Retirement 2060 Fund

Investment Overview
(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

Fund Shares

INCEPTION DATE

7/12/13

Net Asset Value

S&P Target Date 2060 Index¹

MSCI All-Country World Index²

One Year

10.17

13.99

16.25

Five Year

9.34

12.26

Since Inception

7.53

9.83

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

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

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

*The performance of the MSCI All-Country World Index is calculated from the end of the month, July 31, 2013, while the inception date of the USAA Target Retirement 2060 Fund is July 12, 2013. There may be a slight variation of performance numbers because of this difference.

Past performance is not indicative of future results.

USAA Target Retirement Fund
USAA Target Retirement Income Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The USAA Target Retirement Income Fund provides capital appreciation and current income consistent with its current investment allocation.

Top 10 Holdings*:

December 31, 2020

(% of Net Assets)

USAA Government Securities Fund, Institutional Shares	25.6	%
USAA Short-Term Bond Fund, Institutional Shares	15.2	%
USAA Income Fund, Institutional Shares	11.9	%
USAA Global Managed Volatility Fund, Institutional Shares	8.6	%
USAA Target Managed Allocation Fund	5.8	%
USAA High Income Fund, Institutional Shares	4.0	%
Victory Market Neutral Income Fund, Class I	3.8	%
VictoryShares USAA Core Short-Term Bond ETF	2.8	%
Victory RS International Fund, Class R6	2.7	%
VictoryShares USAA MSCI International Value Momentum ETF	2.5	%

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

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

Asset Allocation*:

December 31, 2020

(% of Net Assets)

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

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

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

USAA Target Retirement Fund
USAA Target Retirement 2030 Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The USAA Target Retirement 2030 Fund provides capital appreciation and current income consistent with its current investment allocation.

Top 10 Holdings*:

December 31, 2020

(% of Net Assets)

USAA Government Securities Fund, Institutional Shares	13.8	%
USAA Global Managed Volatility Fund, Institutional Shares	13.3	%
USAA Target Managed Allocation Fund	10.3	%
USAA Income Fund, Institutional Shares	5.8	%
VictoryShares USAA MSCI USA Value Momentum ETF	4.9	%
VictoryShares USAA MSCI International Value Momentum ETF	4.7	%
Victory RS International Fund, Class R6	4.5	%
USAA Short-Term Bond Fund, Institutional Shares	4.5	%
USAA High Income Fund, Institutional Shares	4.3	%
USAA Growth Fund, Institutional Shares	4.0	%

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

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

Asset Allocation*:

December 31, 2020

(% of Net Assets)

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

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

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

USAA Target Retirement Fund
USAA Target Retirement 2040 Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The USAA Target Retirement 2040 Fund provides capital appreciation and current income consistent with its current investment allocation.

Top 10 Holdings*:

December 31, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund, Institutional Shares	17.9	%
USAA Target Managed Allocation Fund	12.7	%
VictoryShares USAA MSCI USA Value Momentum ETF	6.6	%
USAA Government Securities Fund, Institutional Shares	5.9	%
VictoryShares USAA MSCI International Value Momentum ETF	5.8	%
Victory RS International Fund, Class R6	5.7	%
USAA Growth Fund, Institutional Shares	5.1	%
Victory Trivalent International Core Equity Fund, Class R6	4.3	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	3.8	%
USAA High Income Fund, Institutional Shares	3.3	%

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

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

Asset Allocation*:

December 31, 2020

(% of Net Assets)

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

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

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

USAA Target Retirement Fund
USAA Target Retirement 2050 Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The USAA Target Retirement 2050 Fund provides capital appreciation and current income consistent with its current investment allocation.

Top 10 Holdings*:

December 31, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund, Institutional Shares	20.1	%
USAA Target Managed Allocation Fund	14.4	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.2	%
VictoryShares USAA MSCI International Value Momentum ETF	6.4	%
Victory RS International Fund, Class R6	6.3	%
USAA Growth Fund, Institutional Shares	5.8	%
Victory Trivalent International Core Equity Fund, Class R6	4.8	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	4.2	%
VictoryShares Dividend Accelerator ETF	3.7	%
Victory Integrity Mid-Cap Value Fund, Class R6	3.3	%

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

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

Asset Allocation*:

December 31, 2020

(% of Net Assets)

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

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

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

USAA Target Retirement Fund
USAA Target Retirement 2060 Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The USAA Target Retirement 2060 Fund provides capital appreciation and current income consistent with its current investment allocation.

Top 10 Holdings*:

December 31, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund, Institutional Shares	19.1	%
USAA Target Managed Allocation Fund	14.3	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.2	%
Victory RS International Fund, Class R6	6.8	%
VictoryShares USAA MSCI International Value Momentum ETF	6.7	%
USAA Growth Fund, Institutional Shares	5.6	%
Victory Trivalent International Core Equity Fund, Class R6	5.0	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	4.5	%
VictoryShares Dividend Accelerator ETF	3.8	%
USAA Income Stock Fund, Institutional Shares	3.3	%

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

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

Asset Allocation*:

December 31, 2020

(% of Net Assets)

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

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

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

USAA Mutual Funds Trust
USAA Target Retirement Income Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (15.5%)
VictoryShares Dividend Accelerator ETF		311,665	$	12,385
VictoryShares International Volatility Wtd ETF		179,768		7,415
VictoryShares NASDAQ Next 50 ETF		149,092		4,728
VictoryShares U.S. 500 Volatility Wtd ETF		34,661		2,159
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		218,514		7,431
VictoryShares USAA Core Intermediate-Term Bond ETF		81,494		4,443
VictoryShares USAA Core Short-Term Bond ETF		443,598		22,983
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		452,395		20,568
VictoryShares USAA MSCI International Value Momentum ETF		456,676		20,810
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		118,646		7,070
VictoryShares USAA MSCI USA Value Momentum ETF		330,538		18,138
Total Affiliated Exchange-Traded Funds (Cost $116,668)				128,130
Affiliated Mutual Funds (84.1%)
USAA 500 Index Fund Reward Shares		21,294		1,094
USAA Global Managed Volatility Fund Institutional Shares		6,255,830		71,004
USAA Government Securities Fund Institutional Shares		20,847,882		211,398
USAA Growth Fund Institutional Shares		442,612		15,102
USAA High Income Fund Institutional Shares		4,216,783		32,807
USAA Income Fund Institutional Shares		7,116,696		98,495
USAA Income Stock Fund Institutional Shares		513,574		8,946
USAA Intermediate-Term Bond Fund Institutional Shares		35		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares		137,321		2,940
USAA Short-Term Bond Fund Institutional Shares		13,465,281		125,900
USAA Small Cap Stock Fund Institutional Shares		405,660		7,574
USAA Target Managed Allocation Fund		4,140,248		48,317
Victory Integrity Mid-Cap Value Fund Class R6		236,397		4,697
Victory Market Neutral Income Fund Class I		3,315,281		31,760
Victory RS International Fund Class R6		2,028,356		22,596
Victory Trivalent International Core Equity Fund Class R6		1,752,417		13,546
Total Affiliated Mutual Funds (Cost $618,896)				696,176
Total Investments (Cost $735,564) — 99.6%				824,306
Other assets in excess of liabilities — 0.4%				2,941
NET ASSETS — 100.00%			$	827,247

At December 31, 2020, the Fund's investments in foreign securities were 19.1% of net assets.

(a) Rounds to less than $1 thousand.

ETF — Exchange-Traded Fund

See notes to financial statements.

USAA Mutual Funds Trust
USAA Target Retirement 2030 Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (25.1%)
VictoryShares Dividend Accelerator ETF		947,069	$	37,637
VictoryShares International Volatility Wtd ETF		524,471		21,635
VictoryShares NASDAQ Next 50 ETF		567,525		17,996
VictoryShares U.S. 500 Volatility Wtd ETF		216,644		13,495
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		619,376		21,064
VictoryShares USAA Core Intermediate-Term Bond ETF		251,337		13,703
VictoryShares USAA Core Short-Term Bond ETF		440,347		22,814
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		892,548		40,579
VictoryShares USAA MSCI International Value Momentum ETF		1,378,424		62,813
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		286,896		17,096
VictoryShares USAA MSCI USA Value Momentum ETF		1,188,144		65,197
Total Affiliated Exchange-Traded Funds (Cost $308,857)				334,029
Affiliated Mutual Funds (73.2%)
USAA 500 Index Fund Reward Shares		238,941		12,272
USAA Global Managed Volatility Fund Institutional Shares		15,579,501		176,827
USAA Government Securities Fund Institutional Shares		18,155,484		184,097
USAA Growth Fund Institutional Shares		1,572,654		53,659
USAA High Income Fund Institutional Shares		7,326,096		56,997
USAA Income Fund Institutional Shares		5,572,496		77,123
USAA Income Stock Fund Institutional Shares		1,615,259		28,138
USAA Intermediate-Term Bond Fund Institutional Shares		47		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares		250,007		5,353
USAA Short-Term Bond Fund Institutional Shares		6,392,549		59,770
USAA Small Cap Stock Fund Institutional Shares		1,212,674		22,641
USAA Target Managed Allocation Fund		11,740,702		137,014
Victory Integrity Mid-Cap Value Fund Class R6		1,568,806		31,172
Victory Market Neutral Income Fund Class I		2,278,011		21,823
Victory RS International Fund Class R6		5,392,445		60,072
Victory Sophus Emerging Markets Fund Class R6		62,647		1,571
Victory Trivalent International Core Equity Fund Class R6		5,826,623		45,040
Total Affiliated Mutual Funds (Cost $828,663)				973,569
Total Investments (Cost $1,137,520) — 98.3%				1,307,598
Other assets in excess of liabilities — 1.7%				23,103
NET ASSETS — 100.00%			$	1,330,701

At December 31, 2020, the Fund's investments in foreign securities were 31.1% of net assets.

(a) Rounds to less than $1 thousand.

ETF — Exchange-Traded Fund

See notes to financial statements.

USAA Mutual Funds Trust
USAA Target Retirement 2040 Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (30.4%)
VictoryShares Dividend Accelerator ETF		1,268,178	$	50,397
VictoryShares International Volatility Wtd ETF		740,396		30,541
VictoryShares NASDAQ Next 50 ETF (a)		1,010,370		32,039
VictoryShares U.S. 500 Volatility Wtd ETF		378,110		23,552
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		826,742		28,116
VictoryShares USAA Core Intermediate-Term Bond ETF		130,870		7,135
VictoryShares USAA Core Short-Term Bond ETF		383,613		19,875
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		1,268,160		57,656
VictoryShares USAA MSCI International Value Momentum ETF		1,953,440		89,016
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		430,031		25,626
VictoryShares USAA MSCI USA Value Momentum ETF		1,845,951		101,293
Total Affiliated Exchange-Traded Funds (Cost $435,162)				465,246
Affiliated Mutual Funds (68.7%)
USAA 500 Index Fund Reward Shares		506,919		26,035
USAA Global Managed Volatility Fund Institutional Shares		24,127,988		273,853
USAA Government Securities Fund Institutional Shares		8,872,156		89,964
USAA Growth Fund Institutional Shares		2,299,756		78,468
USAA High Income Fund Institutional Shares		6,528,332		50,790
USAA Income Fund Institutional Shares		2,211,686		30,610
USAA Income Stock Fund Institutional Shares		2,415,372		42,076
USAA Intermediate-Term Bond Fund Institutional Shares		34		—	(b)
USAA Precious Metals and Minerals Fund Institutional Shares		278,050		5,953
USAA Short-Term Bond Fund Institutional Shares		2,345,998		21,935
USAA Small Cap Stock Fund Institutional Shares		1,417,994		26,474
USAA Target Managed Allocation Fund		16,684,927		194,713
Victory Integrity Mid-Cap Value Fund Class R6		2,011,191		39,962
Victory Market Neutral Income Fund Class I		1,407,830		13,487
Victory RS International Fund Class R6		7,882,015		87,806
Victory Sophus Emerging Markets Fund Class R6		179,579		4,505
Victory Trivalent International Core Equity Fund Class R6		8,471,110		65,482
Total Affiliated Mutual Funds (Cost $872,843)				1,052,113
Collateral for Securities Loaned^ (0.0%) (c)
Fidelity Investments Money Market Government Portfolio, Class I, 0.01% (d)		183,060		183
Total Collateral for Securities Loaned (Cost $183)				183
Total Investments (Cost $1,308,188) — 99.1%				1,517,542
Other assets in excess of liabilities — 0.9%				13,778
NET ASSETS — 100.00%			$	1,531,320

At December 31, 2020, the Fund's investments in foreign securities were 39.9% of net assets.

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Rounds to less than $1 thousand.

(d) Rate disclosed is the daily yield on December 31, 2020.

ETF — Exchange-Traded Fund

See notes to financial statements.

USAA Mutual Funds Trust
USAA Target Retirement 2050 Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (31.4%)
VictoryShares Dividend Accelerator ETF		828,007	$	32,905
VictoryShares International Volatility Wtd ETF		467,748		19,294
VictoryShares NASDAQ Next 50 ETF		578,547		18,346
VictoryShares U.S. 500 Volatility Wtd ETF		256,514		15,978
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		525,400		17,868
VictoryShares USAA Core Intermediate-Term Bond ETF		19,425		1,059
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		834,485		37,939
VictoryShares USAA MSCI International Value Momentum ETF		1,252,732		57,086
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		265,025		15,793
VictoryShares USAA MSCI USA Value Momentum ETF		1,173,584		64,398
Total Affiliated Exchange-Traded Funds (Cost $260,453)				280,666
Affiliated Mutual Funds (68.3%)
USAA 500 Index Fund Reward Shares		328,725		16,883
USAA Global Managed Volatility Fund Institutional Shares		15,865,566		180,074
USAA Government Securities Fund Institutional Shares		1,717,801		17,419
USAA Growth Fund Institutional Shares		1,530,753		52,229
USAA High Income Fund Institutional Shares		1,882,847		14,649
USAA Income Fund Institutional Shares		884,215		12,238
USAA Income Stock Fund Institutional Shares		1,533,656		26,716
USAA Intermediate-Term Bond Fund Institutional Shares		26		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares		156,211		3,344
USAA Short-Term Bond Fund Institutional Shares		304,073		2,843
USAA Small Cap Stock Fund Institutional Shares		992,368		18,528
USAA Target Managed Allocation Fund		10,997,192		128,337
Victory Integrity Mid-Cap Value Fund Class R6		1,480,968		29,427
Victory Market Neutral Income Fund Class I		661,412		6,336
Victory RS International Fund Class R6		5,030,795		56,043
Victory Sophus Emerging Markets Fund Class R6		116,289		2,918
Victory Trivalent International Core Equity Fund Class R6		5,534,492		42,782
Total Affiliated Mutual Funds (Cost $501,771)				610,766
Total Investments (Cost $762,224) — 99.7%				891,432
Other assets in excess of liabilities — 0.3%				2,502
NET ASSETS — 100.00%			$	893,934

At December 31, 2020, the Fund's investments in foreign securities were 44.3% of net assets.

(a) Rounds to less than $1 thousand.

ETF — Exchange-Traded Fund

See notes to financial statements.

USAA Mutual Funds Trust
USAA Target Retirement 2060 Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (32.3%)
VictoryShares Dividend Accelerator ETF		116,973	$	4,649
VictoryShares International Volatility Wtd ETF		75,768		3,125
VictoryShares NASDAQ Next 50 ETF		82,189		2,606
VictoryShares U.S. 500 Volatility Wtd ETF		30,169		1,879
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		71,429		2,429
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		120,391		5,474
VictoryShares USAA MSCI International Value Momentum ETF		177,196		8,075
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		35,980		2,144
VictoryShares USAA MSCI USA Value Momentum ETF		159,796		8,768
Total Affiliated Exchange-Traded Funds (Cost $36,005)				39,149
Affiliated Mutual Funds (67.5%)
USAA 500 Index Fund Reward Shares		60,213		3,092
USAA Global Managed Volatility Fund Institutional Shares		2,038,939		23,142
USAA Government Securities Fund Institutional Shares		269,669		2,734
USAA Growth Fund Institutional Shares		200,025		6,825
USAA High Income Fund Institutional Shares		236,963		1,843
USAA Income Fund Institutional Shares		112,470		1,557
USAA Income Stock Fund Institutional Shares		230,088		4,008
USAA Intermediate-Term Bond Fund Institutional Shares		2		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares		19,415		416
USAA Short-Term Bond Fund Institutional Shares		112		1
USAA Small Cap Stock Fund Institutional Shares		134,116		2,504
USAA Target Managed Allocation Fund		1,479,685		17,268
Victory Integrity Mid-Cap Value Fund Class R6		171,572		3,409
Victory RS International Fund Class R6		735,330		8,192
Victory Sophus Emerging Markets Fund Class R6		22,780		572
Victory Trivalent International Core Equity Fund Class R6		787,138		6,085
Total Affiliated Mutual Funds (Cost $70,486)				81,648
Total Investments (Cost $106,491) — 99.8%				120,797
Other assets in excess of liabilities — 0.2%				210
NET ASSETS — 100.00%			$	121,007

At December 31, 2020, the Fund's investments in foreign securities were 45.2% of net assets.

(a) Rounds to less than $1 thousand

ETF — Exchange-Traded Fund

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA Target Retirement Income Fund			USAA Target Retirement 2030 Fund			USAA Target Retirement 2040 Fund
ASSETS:
Affiliated investments, at value(Cost $735,564, $1,137,520 and $1,308,005)	$	824,306		$	1,307,598		$	1,517,359	(a)
Unaffiliated investments, at value (Cost $—, $— and $183)		—			—			183
Cash and cash equivalents		1,466			16,987			7,091
Receivables:
Interest		—	(b)		—	(b)		—	(b)
Distributions from affiliated funds		—			—			2
Capital shares issued		253			710			1,037
Investments sold		1,656			6,663			7,670
From Adviser		13			—			—
Prepaid expenses		10			6			14
Total Assets		827,704			1,331,964			1,533,356
LIABILITIES:
Payables:
Collateral received on loaned securities		—			—			183
Capital shares redeemed		427			1,224			1,809
Accrued expenses and other payables:
Custodian fees		3			5			5
Compliance fees		1			1			1
Other accrued expenses		26			33			38
Total Liabilities		457			1,263			2,036
NET ASSETS:
Capital		734,593			1,145,106			1,304,752
Total accumulated earnings/(loss)		92,654			185,595			226,568
Net Assets	$	827,247		$	1,330,701		$	1,531,320
Shares (unlimited number of shares authorized with no par value):		70,669			102,137			117,591
Net asset value, offering and redemption price per share: (c)	$	11.71		$	13.03		$	13.02

(a) Includes $178 of securities on loan.

(b) Amount is less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA Target Retirement 2050 Fund			USAA Target Retirement 2060 Fund
ASSETS:
Affiliated investments, at value(Cost $762,224 and $106,491)	$	891,432		$	120,797
Receivables:
Interest		—	(a)		—	(a)
Capital shares issued		598			42
Investments sold		3,582			801
From Adviser		—			10
Prepaid expenses		9			1
Total Assets		895,621			121,651
LIABILITIES:
Payables:
Payable to custodian		476			518
Capital shares redeemed		1,178			104
Accrued expenses and other payables:
Custodian fees		4			2
Compliance fees		—	(a)		—	(a)
Other accrued expenses		29			20
Total Liabilities		1,687			644
NET ASSETS:
Capital		753,864			105,296
Total accumulated earnings/(loss)		140,070			15,711
Net Assets	$	893,934		$	121,007
Shares (unlimited number of shares authorized with no par value):		66,977			9,189
Net asset value, offering and redemption price per share: (b)	$	13.35		$	13.17

(a) Rounds to less than $1 thousand.

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

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA Target Retirement Income Fund			USAA Target Retirement 2030 Fund			USAA Target Retirement 2040 Fund
Investment Income:
Interest	$	3		$	13		$	15
Income distributions from affiliated funds		12,720			30,756			33,054
Securities lending (net of fees)		2			6			4
Total Income		12,725			30,775			33,073
Expenses:
Sub-Administration fees		16			16			16
Custodian fees		13			25			29
Trustees' fees		47			47			48
Compliance fees		3			8			9
Legal and audit fees		73			43			45
Printing fees		14			25			26
State registration and filing fees		39			55			61
Interfund lending fees		—	(a)		—			—
Other expenses		14			34			39
Total Expenses		219			253			273
Net Investment Income (Loss)		12,506			30,522			32,800
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		556			(1,019	)		(4,972	)
Capital gain distributions received from affiliated funds		6,653			12,941			16,018
Net change in unrealized appreciation/ depreciation on affiliated funds		17,322			64,621			79,326
Net realized/unrealized gains (losses) on investments		24,531			76,543			90,372
Change in net assets resulting from operations	$	37,037		$	107,065		$	123,172

(a) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA Target Retirement 2050 Fund			USAA Target Retirement 2060 Fund
Investment Income:
Interest	$	11		$	3
Income distributions from affiliated funds		18,803			2,515
Securities lending (net of fees)		2			1
Total Income		18,816			2,519
Expenses:
Sub-Administration fees		16			16
Custodian fees		21			11
Trustees' fees		47			41
Compliance fees		5			1
Printing fees		18			22
Legal and audit fees		46			54
State registration and filing fees		47			31
Other expenses		24			4
Total Expenses		224			180
Expenses waived/reimbursed by Adviser		—			(69	)
Net Expenses		224			111
Net Investment Income (Loss)		18,592			2,408
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		(1,330	)		(469	)
Capital gain distributions received from affiliated funds		10,143			1,332
Net change in unrealized appreciation/depreciation on affiliated funds		54,240			8,064
Net realized/unrealized gains (losses) on investments		63,053			8,927
Change in net assets resulting from operations	$	81,645		$	11,335

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Target Retirement Income Fund						USAA Target Retirement 2030 Fund						USAA Target Retirement 2040 Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	12,506		$	9,118		$	30,522		$	32,864		$	32,800		$	35,111
Net realized gains (losses) from investments		7,209			12,036			11,922			104,810			11,046			145,673
Net change in unrealized appreciation/depreciation on investments		17,322			15,252			64,621			65,221			79,326			73,975
Change in net assets resulting from operations		37,037			36,406			107,065			202,895			123,172			254,759
Change in net assets resulting from distributions to shareholders		(16,875	)		(20,806	)		(58,537	)		(143,003	)		(80,989	)		(178,743	)
Change in net assets resulting from capital transactions		469,452			3,237			(86,170	)		124,887			(62,415	)		165,208
Change in net assets		489,614			18,837			(37,642	)		184,779			(20,232	)		241,224
Net Assets:
Beginning of period		337,633			318,796			1,368,343			1,183,564			1,551,552			1,310,328
End of period	$	827,247		$	337,633		$	1,330,701		$	1,368,343		$	1,531,320		$	1,551,552
Capital Transactions:
Proceeds from shares issued	$	36,199		$	41,829		$	100,370		$	119,955		$	114,066		$	129,343
Reorganization (Note 9)		513,117			—			—			—			—			—
Distributions reinvested		16,744			20,602			58,442			142,769			80,861			178,580
Cost of shares redeemed		(96,608	)		(59,194	)		(244,982	)		(137,837	)		(257,342	)		(142,715	)
Change in net assets resulting from capital transactions	$	469,452		$	3,237		$	(86,170	)	$	124,887		$	(62,415	)	$	165,208
Share Transactions:
Issued		3,214			3,693			8,245			9,245			9,489			9,869
Reorganization (Note 9)		44,513			—			—			—			—			—
Reinvested		1,471			1,823			4,459			11,294			6,177			14,024
Redeemed		(8,633	)		(5,234	)		(20,272	)		(10,584	)		(21,458	)		(10,874	)
Change in Shares		40,565			282			(7,568	)		9,955			(5,792	)		13,019

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Target Retirement 2050 Fund						USAA Target Retirement 2060 Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	18,592		$	19,342		$	2,408		$	2,432
Net realized gains (losses) from investments		8,813			83,380			863			4,793
Net change in unrealized appreciation/depreciation on investments		54,240			47,604			8,064			11,491
Change in net assets resulting from operations		81,645			150,326			11,335			18,716
Change in net assets resulting from distributions to shareholders		(53,498	)		(95,648	)		(5,616	)		(6,542	)
Change in net assets resulting from capital transactions		(27,243	)		96,903			(1,205	)		16,916
Change in net assets		904			151,581			4,514			29,090
Net Assets:
Beginning of period		893,030			741,449			116,493			87,403
End of period	$	893,934		$	893,030		$	121,007		$	116,493
Capital Transactions:
Proceeds from shares issued	$	80,737		$	89,371		$	21,095		$	27,519
Distributions reinvested		53,439			95,564			5,608			6,537
Cost of shares redeemed		(161,419	)		(88,032	)		(27,908	)		(17,140	)
Change in net assets resulting from capital transactions	$	(27,243	)	$	96,903		$	(1,205	)	$	16,916
Share Transactions:
Issued		6,641			6,769			1,814			2,255
Reinvested		3,982			7,358			424			517
Redeemed		(13,177	)		(6,635	)		(2,344	)		(1,390	)
Change in Shares		(2,554	)		7,492			(106	)		1,382

See notes to financial statements.

This page is intentionally left blank.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains From Investments
USAA Target Retirement Income Fund
Year Ended December 31, 2020	$	11.22		0.38	(b)		0.58			0.96			(0.30	)		(0.17	)
Year Ended December 31, 2019	$	10.69		0.31	(b)		0.93			1.24			(0.31	)		(0.40	)
Year Ended December 31, 2018	$	11.69		0.29			(0.64	)		(0.35	)		(0.29	)		(0.36	)
Year Ended December 31, 2017	$	11.41		0.28			0.70			0.98			(0.28	)		(0.42	)
Year Ended December 31, 2016	$	11.09		0.28			0.42			0.70			(0.28	)		(0.10	)
USAA Target Retirement 2030 Fund
Year Ended December 31, 2020	$	12.47		0.29	(b)		0.86			1.15			(0.25	)		(0.34	)
Year Ended December 31, 2019	$	11.87		0.33	(b)		1.70			2.03			(0.31	)		(1.12	)
Year Ended December 31, 2018	$	13.84		0.30			(1.25	)		(0.95	)		(0.30	)		(0.72	)
Year Ended December 31, 2017	$	12.89		0.30			1.77			2.07			(0.32	)		(0.80	)
Year Ended December 31, 2016	$	12.34		0.30			0.77			1.07			(0.48	)		(0.04	)
USAA Target Retirement 2040 Fund
Year Ended December 31, 2020	$	12.58		0.28	(b)		0.88			1.16			(0.22	)		(0.50	)
Year Ended December 31, 2019	$	11.87		0.32	(b)		1.99			2.31			(0.29	)		(1.31	)
Year Ended December 31, 2018	$	14.25		0.27			(1.46	)		(1.19	)		(0.28	)		(0.91	)
Year Ended December 31, 2017	$	12.82		0.29			2.07			2.36			(0.29	)		(0.64	)
Year Ended December 31, 2016	$	12.23		0.26			0.83			1.09			(0.48	)		(0.02	)

* Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

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

(a) The expense ratios exclude the impact of expenses paid to each underlying fund.

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

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

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*			Net Expenses^(a)			Net Investment Income (Loss)			Gross Expenses(a)			Net Assets, End of Period (000's)		Portfolio Turnover
USAA Target Retirement Income Fund
Year Ended December 31, 2020		(0.47	)	$	11.71		8.73	%		0.06	%		3.40	%		0.06	%	$	827,247		15	%(c)
Year Ended December 31, 2019		(0.71	)	$	11.22		11.72	%		0.07	%		2.75	%		0.07	%	$	337,633		16	%
Year Ended December 31, 2018		(0.65	)	$	10.69		(3.01	)%		0.07	%		2.53	%		0.07	%	$	318,796		29	%
Year Ended December 31, 2017		(0.70	)	$	11.69		8.66	%		0.07	%		2.44	%		0.07	%	$	349,866		41	%(d)
Year Ended December 31, 2016		(0.38	)	$	11.41		6.36	%		0.07	%		2.41	%		0.07	%	$	317,856		14	%
USAA Target Retirement 2030 Fund
Year Ended December 31, 2020		(0.59	)	$	13.03		9.25	%		0.02	%		2.41	%		0.02	%	$	1,330,701		19	%
Year Ended December 31, 2019		(1.43	)	$	12.47		17.13	%		0.03	%		2.53	%		0.03	%	$	1,368,343		24	%
Year Ended December 31, 2018		(1.02	)	$	11.87		(6.99	)%		0.03	%		2.25	%		0.03	%	$	1,183,564		36	%
Year Ended December 31, 2017		(1.12	)	$	13.84		16.12	%		0.03	%		2.29	%		0.03	%	$	1,286,393		32	%
Year Ended December 31, 2016		(0.52	)	$	12.89		8.70	%		0.03	%		2.22	%		0.03	%	$	1,098,440		8	%
USAA Target Retirement 2040 Fund
Year Ended December 31, 2020		(0.72	)	$	13.02		9.22	%		0.02	%		2.30	%		0.02	%	$	1,531,320		20	%
Year Ended December 31, 2019		(1.60	)	$	12.58		19.57	%		0.02	%		2.41	%		0.02	%	$	1,551,552		29	%
Year Ended December 31, 2018		(1.19	)	$	11.87		(8.53	)%		0.02	%		2.08	%		0.02	%	$	1,310,328		35	%
Year Ended December 31, 2017		(0.93	)	$	14.25		18.46	%		0.03	%		2.15	%		0.03	%	$	1,424,068		32	%
Year Ended December 31, 2016		(0.50	)	$	12.82		8.97	%		0.03	%		1.99	%		0.03	%	$	1,195,926		9	%(e)

(d) Overall increase in purchases and sales of securities.

(e) Overall decrease in purchases and sales of securities.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains From Investments
USAA Target Retirement 2050 Fund
Year Ended December 31, 2020	$	12.84		0.28	(b)		1.07			1.35			(0.24	)		(0.60	)
Year Ended December 31, 2019	$	11.95		0.31	(b)		2.09			2.40			(0.28	)		(1.23	)
Year Ended December 31, 2018	$	14.45		0.26			(1.54	)		(1.28	)		(0.26	)		(0.96	)
Year Ended December 31, 2017	$	12.78		0.27			2.20			2.47			(0.28	)		(0.52	)
Year Ended December 31, 2016	$	12.18		0.23			0.87			1.10			(0.42	)		(0.08	)
USAA Target Retirement 2060 Fund
Year Ended December 31, 2020	$	12.53		0.26	(b)		1.01			1.27			(0.20	)		(0.43	)
Year Ended December 31, 2019	$	11.05		0.28	(b)		1.94			2.22			(0.27	)		(0.47	)
Year Ended December 31, 2018	$	12.74		0.23			(1.39	)		(1.16	)		(0.23	)		(0.30	)
Year Ended December 31, 2017	$	11.07		0.22			1.93			2.15			(0.22	)		(0.26	)
Year Ended December 31, 2016	$	10.48		0.15			0.77			0.92			(0.30	)		(0.03	)

(a) The expense ratios exclude the impact of expenses paid to each underlying fund.

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

(d) Overall decrease in purchases and sales of securities.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*			Net Expenses^(a)			Net Investment Income (Loss)			Gross Expenses(a)			Net Assets, End of Period (000's)		Portfolio Turnover
USAA Target Retirement 2050 Fund
Year Ended December 31, 2020		(0.84	)	$	13.35		10.52	%		0.03	%		2.26	%		0.03	%	$	893,934		21	%
Year Ended December 31, 2019		(1.51	)	$	12.84		20.16	%		0.04	%		2.32	%		0.04	%	$	893,030		30	%
Year Ended December 31, 2018		(1.22	)	$	11.95		(9.02	)%		0.04	%		1.96	%		0.04	%	$	741,449		36	%
Year Ended December 31, 2017		(0.80	)	$	14.45		19.39	%		0.04	%		2.00	%		0.04	%	$	804,921		30	%
Year Ended December 31, 2016		(0.50	)	$	12.78		9.02	%		0.05	%		1.87	%		0.05	%	$	659,642		6	%(d)
USAA Target Retirement 2060 Fund
Year Ended December 31, 2020		(0.63	)	$	13.17		10.17	%		0.10	%		2.17	%		0.16	%	$	121,007		28	%
Year Ended December 31, 2019		(0.74	)	$	12.53		20.09	%		0.10	%		2.30	%		0.22	%	$	116,493		29	%
Year Ended December 31, 2018		(0.53	)	$	11.05		(9.18	)%		0.10	%		2.00	%		0.23	%	$	87,403		36	%
Year Ended December 31, 2017		(0.48	)	$	12.74		19.51	%		0.10	%		1.95	%		0.29	%	$	77,599		37	%(c)
Year Ended December 31, 2016		(0.33	)	$	11.07		8.80	%		0.10	%		1.85	%		0.41	%	$	53,142		4	%(d)

See notes to financial statements.

USAA Mutual Funds Trust

Notes to Financial Statements
December 31, 2020

1. Organization:

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 46 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. Each Fund is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the following five Funds (collectively, the "Funds" and individually, a "Fund"):

Funds (Legal Name)				Funds (Short Name)
USAA Target Retirement Income Fund				Target Income Fund
USAA Target Retirement 2030 Fund				Target 2030 Fund
USAA Target Retirement 2040 Fund				Target 2040 Fund
USAA Target Retirement 2050 Fund				Target 2050 Fund
USAA Target Retirement 2060 Fund				Target 2060 Fund

Each Fund is a "fund of funds" in that it invests in a selection of affiliated mutual funds and exchange- traded funds managed by the Funds' Adviser, Victory Capital Management Inc., an affiliate of the Fund.

On June 11, 2020, the Board of the Trust approved a Plan of Reorganization and Termination pursuant to which the USAA Target Retirement 2020 Fund would be reorganized with and into the USAA Target Retirement Income Fund in what would be a tax-free reorganization (the "Reorganization"). The Funds have the same investment objectives, substantially the same principal investment strategies, and the same principal risks. The Reorganization occurred on November 20, 2020. See Note 9 for additional information.

Each Fund may rely on certain Securities and Exchange Commission ("SEC") exemptive orders or rules that permit funds meeting various conditions to invest in an Exchange-Traded Fund ("ETF") in amounts exceeding limits set forth in the Investment Company Act of 1940, as amended, that would otherwise be applicable.

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

2. Significant Accounting Policies:

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

Investment Valuation:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board.

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

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

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

A summary of the valuations as of December 31, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Target Income Fund
Affiliated Exchange-Traded Funds	$	128,130	$	—	$	—	$	128,130
Affiliated Mutual Funds		696,176		—		—		696,176
Total	$	824,306	$	—	$	—	$	824,306
Target 2030 Fund
Affiliated Exchange-Traded Funds	$	334,029	$	—	$	—	$	334,029
Affiliated Mutual Funds		973,569		—		—		973,569
Total	$	1,307,598	$	—	$	—	$	1,307,598
Target 2040 Fund
Affiliated Exchange-Traded Funds	$	465,246	$	—	$	—	$	465,246
Affiliated Mutual Funds		1,052,113		—		—		1,052,113
Collateral for Securities Loaned		183		—		—		183
Total	$	1,517,542	$	—	$	—	$	1,517,542

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Level 1		Level 2		Level 3		Total
Target 2050 Fund
Affiliated Exchange-Traded Funds	$	280,666	$	—	$	—	$	280,666
Affiliated Mutual Funds		610,766		—		—		610,766
Total	$	891,432	$	—	$	—	$	891,432
Target 2060 Fund
Affiliated Exchange-Traded Funds	$	39,149	$	—	$	—	$	39,149
Affiliated Mutual Funds		81,648		—		—		81,648
Total	$	120,797	$	—	$	—	$	120,797

For the year ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Investment Companies:

Exchange-Traded Funds:

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

Open-End Funds:

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

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Dividend income and capital gain distributions from the underlying affiliated funds are recorded on the ex-dividend date. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Securities Lending:

The Funds, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend securities to qualified financial institutions, such as certain broker-dealers, to earn additional income, net of income retained by Citibank. Borrowers are required to secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non- cash collateral received by the Funds may not be sold or re-pledged, except to satisfy borrower default. Cash collateral is listed on each Fund's Schedule of Portfolio Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2020:

				Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
Target 2040 Fund				$	178			$	—			$	183

Federal Income Taxes:

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

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

Allocations:

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

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the year ended December 31, 2020, were as follows (amounts in thousands):

	Excluding U.S. Government Securities
	Purchases		Sales
Target Income Fund	$	60,204	$	100,099
Target 2030 Fund		239,770		358,003
Target 2040 Fund		292,183		393,893
Target 2050 Fund		174,757		225.844
Target 2060 Fund		31,338		33,347

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

There were no purchases and sales of U.S. government securities during the year ended December 31, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by the Adviser, a New York corporation registered as an investment adviser with the SEC. The Adviser is a wholly owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. The Adviser does not receive any fees from the Funds for these services.

Administration and Servicing Fees:

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

The Funds (as part of the Trust) have entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred during the year ended December 31, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

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

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

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

Other Fees:

Citibank serves as the Funds' custodian. Funds pay Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Custodian fees.

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

The Adviser has entered into an expense limitation agreement with the Funds until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limit for each respective Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

the expense limits. As of December 31, 2020, the expense limits (excluding voluntary waivers) are as follows:

	In effect July 1, 2019 until June 30, 2023
Target Income Fund		0.07	%
Target 2030 Fund		0.03	%
Target 2040 Fund		0.02	%
Target 2050 Fund		0.04	%
Target 2060 Fund		0.10	%

Under this expense limitation agreement, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2020, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at December 31, 2020.

	Expires 12/31/22		Expires 12/31/23		Total
Target 2030 Fund	$	1	$	—	$	1
Target 2040 Fund		1		—		1
Target 2060 Fund		54		69		123

The Adviser, may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for year ended December 31, 2020.

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, Custodian and Distributor.

5. Risks:

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

Geopolitical/Natural Disaster Risk — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Likewise, systemic market dislocations of the kind that occurred during the financial crisis that began in 2008, if repeated, would be highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Some countries, including the United States, are adopting more protectionist trade policies and moving away from the tighter financial industry regulations that followed the 2008 financial crisis, which may also affect the value of a Fund's investments.

Political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, increase uncertainty in or impair the operation of the U.S. or other securities markets and degrade investor and consumer confidence, perhaps suddenly and to a significant degree.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

exacerbate other pre-existing political, social, economic, market and financial risks. The extent of the impact to the financial performance of the Funds' investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

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

Conflict of Interest Risk — In managing a Fund that invests in underlying affiliated funds, the Adviser may have conflicts of interest in allocating the Fund's assets among the various underlying affiliated funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.

Stock Market Risk — Overall stock market risks may affect the value of each Fund. Domestic and international factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises, and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

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

6. Borrowing and Interfund Lending:

Line of Credit:

For the year ended December 31, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020, with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the year ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is presented on the Statements of Operations under Line of credit fee

The Funds did not utilize the Line of Credit during the year ended December 31, 2020.

Interfund Lending:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to each Fund during the period, if applicable, is presented on the Statements of Operations under Interest expense on interfund lending. As a Lender, interest earned by each Fund during the period, if applicable, is presented on the Statements of Operations under Interfund lending income.

The average borrowing and lending for the days outstanding and average interest rate for each Fund during the year ended December 31, 2020 were as follows (amounts in thousands):

				Borrower or Lender				Amount Outstanding at December 31, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Target Income Fund				Borrower				$	—			$	1,301				6				1.39	%		$	1,909

* For the year ended December 31, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

Distributions of net investment income, if any, are made quarterly by Target Income Fund and annually by each of the other Funds. Distributable net realized gains, if any, are declared and paid at least annually by each Fund.

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

As of December 31, 2020, on the Statements of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows(amounts in thousands):

				Total Accumulated Earnings/(Loss)				Capital
Target Income Fund				$	(1,925	)		$	1,925

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

	Year Ended December 31, 2020
	Distributions paid from:
	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Target Income Fund	$	12,430	$	4,445	$	16,875
Target 2030 Fund		25,245		33,292		58,537
Target 2040 Fund		25,680		55,309		80,989
Target 2050 Fund		16,279		37,219		53,498
Target 2060 Fund		2,068		3,548		5,616

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Year Ended December 31, 2019
	Distributions paid from
	Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
Target Income	$	9,126	$	11,680	$	20,806	$	20,806
Target 2020		14,828		42,350		57,178		57,178
Target 2030		33,422		109,581		143,003		143,003
Target 2040		36,373		142,370		178,743		178,743
Target 2050		20,107		75,541		95,648		95,648
Target 2060		2,480		4,062		6,542		6,542

As of December 31, 2020, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses		Qualified Late-Year Losses		Unrealized Appreciation (Depreciation)*		Total Accumulated Earnings (Loss)
Target Income Fund	$	105	$	7,281	$	7,386	$	—	$	—	$	85,268	$	92,654
Target 2030 Fund		5,639		12,239		17,878		—		—		167,717		185,595
Target 2040 Fund		7,779		11,559		19,338		—		—		207,230		226,568
Target 2050 Fund		2,932		8,871		11,803		—		—		128,267		140,070
Target 2060 Fund		572		882		1,454		—		—		14,257		15,711

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

As of December 31, 2020, the Funds had no capital loss carryforwards for federal income tax purposes.

As of December 31, 2020, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) for investments and derivatives were as follows (amounts in thousands):

	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Target Income Fund	$	739,038	$	88,762	$	(3,494	)	$	85,268
Target 2030 Fund		1,139,881		173,254		(5,537	)		167,717
Target 2040 Fund		1,310,312		213,771		(6,541	)		207,230
Target 2050 Fund		763,165		131,157		(2,890	)		128,267
Target 2060 Fund		106,540		14,620		(363	)		14,257

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares or an investment company managed by VCM. The Funds do not invest in affiliated underlying funds for the purpose of exercising management or control. These underlying funds are noted as affiliated on each Fund's Schedule of Portfolio Investments. The affiliated underlying

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

fund's annual or semiannual reports may be viewed at vcm.com. Transactions in affiliated securities during the year ended December 31, 2020 were as follows (amount in thousands):

	Fair Value 12/31/2019		Purchases at Cost**			Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020			Dividend Income
Target Income Fund
USAA 500 Index Fund Reward Shares	$	—	$	2,029		$	(942	)	$	(44	)	$	21	$	51		$	1,094		$	6
USAA Capital Growth Fund Institutional Shares		951		—			(958	)		10			—		(3	)		—
USAA Global Managed Volatility Fund Institutional Shares		33,193		52,646			(16,221	)		1,187			1,915		199			71,004			1,095
USAA Government Securities Fund Institutional Shares		98,362		134,690			(23,809	)		419			757		1,736			211,398			2,399
USAA Growth Fund Institutional Shares		4,072		10,101			(334	)		(39	)		488		1,302			15,102			140
USAA High Income Fund Institutional Shares		6,518		28,385			(3,331	)		(175	)		—		1,410			32,807			736
USAA Income Fund Institutional Shares		63,981		62,172			(28,368	)		1,126			1,407		(416	)		98,495			1,946
USAA Income Stock Fund Institutional Shares		2,101		7,271			(1,241	)		(190	)		—		1,005			8,946			108
USAA Intermediate-Term Bond Fund Institutional Shares		—		—	*		—			—			—		—	*		—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		1,070		1,847			(305	)		129			—		199			2,940			5
USAA Short-Term Bond Fund Institutional Shares		47,454		80,655			(2,772	)		(107	)		212		670			125,900			1,901
USAA Small Cap Stock Fund Institutional Shares		2,596		5,620			(1,554	)		(295	)		403		1,207			7,574			189
USAA Target Managed Allocation Fund		17,755		32,972			(3,842	)		(77	)		760		1,509			48,317			1,964
Victory Integrity Mid-Cap Value Fund Class R6		3,185		4,004			(2,183	)		(380	)		—		71			4,697			119
Victory Market Neutral Income Fund Class I		13,756		20,731			(2,270	)		23			584		(480	)		31,760			579
Victory RS International Fund Class R6		4,949		16,660			(158	)		(16	)		57		1,161			22,596			314
Victory Trivalent International Core Equity Fund Class R6		4,062		9,049			(158	)		(13	)		—		606			13,546			197

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019		Purchases at Cost**		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020		Dividend Income
VictoryShares Dividend Accelerator ETF	$	3,224	$	8,932	$	(773	)	$	32		$	—	$	970		$	12,385	$	104
VictoryShares Emerging Market Volatility Wtd ETF		1,518		—		(1,323	)		(185	)		—		(10	)		—		29
VictoryShares International High Div Volatility Wtd ETF		1,906		—		(1,584	)		(241	)		—		(81	)		—		44
VictoryShares International Volatility Wtd ETF		1,902		5,182		—			—			—		331			7,415		57
VictoryShares Nasdaq Next 50 ETF		—		4,060		—			—			—		668			4,728		6
VictoryShares U.S. 500 Volatility Wtd ETF		1,417		3,082		(2,808	)		5			—		463			2,159		35
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		2,577		5,250		(605	)		(2	)		—		211			7,431		71
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		432		—		(320	)		(85	)		—		(27	)		—		6
VictoryShares USAA Core Intermediate-Term Bond ETF		—		4,441		—			—			8		2			4,443		25
VictoryShares USAA Core Short-Term Bond ETF		—		23,002		—			—			41		(19	)		22,983		134
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		3,920		15,489		—			—			—		1,159			20,568		174
VictoryShares USAA MSCI International Value Momentum ETF		6,177		14,583		(1,000	)		(163	)		—		1,213			20,810		122
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		2,089		5,104		(1,231	)		(115	)		—		1,223			7,070		56
VictoryShares USAA MSCI USA Value Momentum ETF		8,083		11,320		(2,009	)		(248	)		—		992			18,138		159
	$	337,250	$	569,277	$	(100,099	)	$	556		$	6,653	$	17,322		$	824,306	$	12,720

** Purchases at Cost includes the acquisition of the USAA Target Retirement 2020 Fund into the USAA Target Retirement Income Fund. Refer to Note 9 for more information.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019		Purchases at Cost			Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020			Dividend Income
Target 2030 Fund
USAA 500 Index Fund, Reward Shares	$	—	$	19,379		$	(7,226	)	$	(341	)	$	238	$	460		$	12,272		$	66
USAA Capital Growth Fund, Institutional Shares		16,107		—			(16,308	)		228			—		(27	)		—			—
USAA Global Managed Volatility Fund, Institutional Shares		274,675		8,167			(108,226	)		5,192			5,141		(2,981	)		176,827			3,027
USAA Government Securities Fund, Institutional Shares		216,385		11,753			(49,448	)		1,059			650		4,348			184,097			4,731
USAA Growth Fund, Institutional Shares		44,728		3,496			(6,692	)		79			1,734		12,048			53,659			496
USAA High Income Fund, Institutional Shares		28,545		28,273			(2,919	)		(379	)		—		3,477			56,997			2,522
USAA Income Fund, Institutional Shares		129,899		6,548			(61,309	)		1,346			1,102		639			77,123			2,946
USAA Income Stock Fund, Institutional Shares		23,572		3,920			—			—			—		646			28,138			577
USAA Intermediate-Term Bond Fund, Institutional Shares		—		—	*		—			—			—		—	*		—	*		—	*
USAA Precious Metals and Minerals Fund, Institutional Shares		4,245		10			—			—			—		1,098			5,353			9
USAA Short-Term Bond Fund, Institutional Shares		54,205		4,804			—			—			101		761			59,770			1,824
USAA Small Cap Stock Fund, Institutional Shares		16,884		7,169			(6,345	)		1,065			1,202		3,868			22,641			566
USAA Target Managed Allocation Fund		148,235		7,721			(26,383	)		(1,547	)		2,154		8,988			137,014			5,568
Victory Integrity Mid-Cap Value Fund, Class R6		45,679		795			(13,336	)		(2,063	)		—		97			31,172			795
Victory Market Neutral Income Fund, Class I		26,028		1,100			(5,211	)		52			401		(146	)		21,823			699
Victory RS International Fund, Class R6		41,475		15,102			—			—			152		3,495			60,072			838
Victory Sophus Emerging Markets Fund		—		1,472			—			—			—		99			1,571			19
Victory Trivalent International Core Equity Fund, Class R6		30,152		12,492			—			—			—		2,396			45,040			654

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020		Dividend Income
VictoryShares Dividend Accelerator ETF	$	32,985	$	1,056	$	(645	)	$	19		$	—	$	4,222		$	37,637	$	562
VictoryShares Emerging Market Volatility Wtd ETF		8,809		691		(8,270	)		(1,170	)		—		(60	)		—		178
VictoryShares International High Div Volatility Wtd ETF		13,863		—		(11,533	)		(1,738	)		—		(592	)		—		321
VictoryShares International Volatility Wtd ETF		14,941		5,317		—			—			—		1,377			21,635		322
VictoryShares Nasdaq Next 50 ETF		—		14,717		—			—			—		3,279			17,996		23
VictoryShares U.S. 500 Volatility Wtd ETF		6,620		12,838		(9,308	)		(382	)		—		3,727			13,495		220
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		29,581		—		(8,722	)		43			—		162			21,064		536
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		4,665		—		(3,494	)		(883	)		—		(288	)		—		73
VictoryShares USAA Core Intermediate-Term Bond ETF		5,662		7,484		—			—			25		557			13,703		355
VictoryShares USAA Core Short-Term Bond ETF		—		22,814		—			—			41		—			22,814		161
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		19,391		18,236		—			—			—		2,952			40,579		570
VictoryShares USAA MSCI International Value Momentum ETF		45,099		15,799		—			—			—		1,915			62,813		846
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		12,423		5,403		(5,018	)		(578	)		—		4,866			17,096		221
VictoryShares USAA MSCI USA Value Momentum ETF		67,376		3,214		(7,610	)		(1,021	)		—		3,238			65,197		1,031
	$	1,362,229	$	239,770	$	(358,003	)	$	(1,019	)	$	12,941	$	64,621		$	1,307,598	$	30,756

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020			Dividend Income
Target 2040 Fund
USAA 500 Index Fund, Reward Shares	$	—	*	$	36,320	$	(10,353	)	$	(488	)	$	460	$	556		$	26,035		$	122
USAA Capital Growth Fund, Institutional Shares		15,897			—		(16,089	)		284			—		(92	)		—			—
USAA Global Managed Volatility Fund, Institutional Shares		374,988			11,770		(117,954	)		3,526			7,290		1,523			273,853			4,484
USAA Government Securities Fund, Institutional Shares		139,872			3,093		(56,749	)		2,839			322		909			89,964			2,777
USAA Growth Fund, Institutional Shares		61,801			7,511		(8,214	)		73			2,535		17,297			78,468			726
USAA High Income Fund, Institutional Shares		22,202			29,246		(4,126	)		(352	)		—		3,820			50,790			2,247
USAA Income Fund, Institutional Shares		74,931			1,928		(47,374	)		2,127			437		(1,002	)		30,610			1,491
USAA Income Stock Fund, Institutional Shares		33,377			7,684		—			—			—		1,015			42,076			838
USAA Intermediate-Term Bond Fund, Institutional Shares		—	*		—		—			—			—		—			—	*		—
USAA Precious Metals and Minerals Fund, Institutional Shares		4,722			9		—			—			—		1,222			5,953			10
USAA Short-Term Bond Fund, Institutional Shares		20,948			706		—			—			37		281			21,935			671
USAA Small Cap Stock Fund, Institutional Shares		25,496			5,550		(8,560	)		554			1,406		3,434			26,474			661
USAA Target Managed Allocation Fund		199,630			10,976		(25,841	)		(2,907	)		3,062		12,855			194,713			7,914
Victory Integrity Mid-Cap Value Fund, Class R6		62,068			1,019		(19,846	)		(3,250	)		—		(29	)		39,962			1,019
Victory Market Neutral Income Fund, Class I		16,217			680		(3,352	)		34			248		(92	)		13,487			432
Victory RS International Fund, Class R6		60,941			22,457		—			—			221		4,408			87,806			1,216
Victory Sophus Emerging Markets Fund		—			4,324		—			—			—		181			4,505			47
Victory Trivalent International Core Equity Fund, Class R6		43,654			18,596		—			—			—		3,232			65,482			943

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020		Dividend Income
VictoryShares Dividend Accelerator ETF	$	44,510	$	1,222	$	(732	)	$	21		$	—	$	5,376		$	50,397	$	753
VictoryShares Emerging Market Volatility Wtd ETF		14,838		1,257		(14,011	)		(1,979	)		—		(105	)		—		302
VictoryShares International High Div Volatility Wtd ETF		20,931		—		(17,405	)		(2,632	)		—		(894	)		—		483
VictoryShares International Volatility Wtd ETF		20,889		7,785		—			—			—		1,867			30,541		453
VictoryShares Nasdaq Next 50 ETF		—		26,280		—			—			—		5,759			32,039		41
VictoryShares U.S. 500 Volatility Wtd ETF		33,818		8,689		(20,165	)		(929	)		—		2,139			23,552		455
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		39,042		—		(11,293	)		131			—		236			28,116		723
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		6,212		—		(4,663	)		(1,165	)		—		(384	)		—		98
VictoryShares USAA Core Intermediate-Term Bond ETF		3,963		2,863		—			—			—		309			7,135		198
VictoryShares USAA Core Short-Term Bond ETF		—		19,868		—			—			—		7			19,875		181
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		25,944		27,454		—			—			—		4,258			57,656		773
VictoryShares USAA MSCI International Value Momentum ETF		60,534		26,021		—			—			—		2,461			89,016		1,134
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		20,198		4,070		(2,848	)		(343	)		—		4,549			25,626		317
VictoryShares USAA MSCI USA Value Momentum ETF		97,092		4,805		(4,318	)		(516	)		—		4,230			101,293		1,545
	$	1,544,715	$	292,183	$	(393,893	)	$	(4,972	)	$	16,018	$	79,326		$	1,517,359	$	33,054

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020			Dividend Income
Target 2050 Fund
USAA Capital Growth Fund, Institutional Shares	$	9,036		$	—	$	(9,144	)	$	164		$	—	$	(56	)	$	—		$	—
USAA 500 Index Fund, Reward Shares		—			23,325		(6,487	)		(305	)		282		350			16,883			75
USAA Global Managed Volatility Fund, Institutional Shares		229,717			8,909		(62,581	)		1,513			4,672		2,516			180,074			2,822
USAA Government Securities Fund, Institutional Shares		65,668			1,004		(51,112	)		3,194			62		(1,335	)		17,419			943
USAA Growth Fund, Institutional Shares		37,704			4,634		(1,476	)		(230	)		1,687		11,597			52,229			483
USAA High Income Fund, Institutional Shares		1,145			16,684		(5,473	)		433			—		1,860			14,649			683
USAA Income Fund, Institutional Shares		32,893			738		(21,313	)		310			175		(390	)		12,238			564
USAA Income Stock Fund, Institutional Shares		20,076			5,327		—			—			—		1,313			26,716			527
USAA Intermediate-Term Bond Fund, Institutional Shares		—	*		—		—			—			—		—			—	*		—
USAA Precious Metals and Minerals Fund, Institutional Shares		2,653			5		—			—			—		686			3,344			6
USAA Short-Term Bond Fund, Institutional Shares		6,348			116		(3,503	)		(87	)		5		(31	)		2,843			112
USAA Small Cap Stock Fund, Institutional Shares		15,018			3,753		(3,299	)		(104	)		984		3,160			18,528			463
USAA Target Managed Allocation Fund		120,696			7,230		(7,251	)		(691	)		2,019		8,353			128,337			5,215
Victory Integrity Mid-Cap Value Fund, Class R6		38,870			750		(9,151	)		(1,327	)		—		285			29,427			751
Victory Market Neutral Income Fund, Class I		7,317			318		(1,272	)		13			116		(40	)		6,336			203
Victory RS International Fund, Class R6		35,278			17,761		—			—			141		3,004			56,043			774
Victory Sophus Emerging Markets Fund		—			2,801		—			—			—		117			2,918			29
Victory Trivalent International Core Equity Fund, Class R6		25,523			14,516		—			—			—		2,743			42,782			614

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020		Dividend Income
VictoryShares Dividend Accelerator ETF	$	27,160	$	2,341	$	(425	)	$	—		$	—		$	3,829		$	32,905	$	490
VictoryShares Emerging Market Volatility Wtd ETF		9,126		1,108		(9,047	)		(1,106	)		—			(81	)		—		189
VictoryShares International High Div Volatility Wtd ETF		11,648		—		(9,680	)		(1,471	)		—			(497	)		—		269
VictoryShares International Volatility Wtd ETF		13,757		4,846		—			—			—			691			19,294		293
VictoryShares Nasdaq Next 50 ETF		—		14,920		—			—			—			3,426			18,346		24
VictoryShares U.S. 500 Volatility Wtd ETF		23,973		1,865		(10,937	)		(308	)		—			1,385			15,978		289
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		23,300		—		(5,711	)		61			—	��		218			17,868		440
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		4,015		—		(3,007	)		(825	)		—			(183	)		—		63
VictoryShares USAA Core Intermediate-Term Bond ETF		1,009		—		—			—			—			50			1,059		30
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		17,668		17,371		—			—			—			2,900			37,939		532
VictoryShares USAA MSCI International Value Momentum ETF		36,824		18,025		—			—			—			2,237			57,086		746
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		13,331		2,293		(2,467	)		(264	)		—			2,900			15,793		198
VictoryShares USAA MSCI USA Value Momentum ETF		59,856		4,117		(2,508	)		(300	)		—			3,233			64,398		976
	$	889,609	$	174,757	$	(225,844	)	$	(1,330	)	$	10,143		$	54,240		$	891,432	$	18,803
Target 2060 Fund
USAA 500 Index Fund, Reward Shares	$	—	$	4,079	$	(998	)	$	(41	)	$	51		$	52		$	3,092	$	13
USAA Capital Growth Fund, Institutional Shares		1,387		—		(1,405	)		25			—			(7	)		—		—

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020			Dividend Income
USAA Global Managed Volatility Fund, Institutional Shares	$	30,165		$	2,786	$	(10,410	)	$	28		$	603	$	573		$	23,142		$	364
USAA Government Securities Fund, Institutional Shares		8,716			133		(6,363	)		363			10		(115	)		2,734			124
USAA Growth Fund, Institutional Shares		4,630			955		(197	)		(31	)		221		1,468			6,825			63
USAA High Income Fund, Institutional Shares		2			3,110		(1,648	)		132			—		247			1,843			111
USAA Income Fund, Institutional Shares		4,161			97		(2,722	)		76			22		(55	)		1,557			74
USAA Income Stock Fund, Institutional Shares		2,362			1,676		(227	)		(33	)		—		230			4,008			79
USAA Intermediate-Term Bond Fund, Institutional Shares		—	*		—		—			—			—		—			—	*		—
USAA Precious Metals and Minerals Fund, Institutional Shares		330			—		—			—			—		86			416			1
USAA Short-Term Bond Fund, Institutional Shares		1			—		—			—			—		—			1			—
USAA Small Cap Stock Fund, Institutional Shares		2,055			509		(450	)		(83	)		133		473			2,504			63
USAA Target Managed Allocation Fund		15,641			1,125		(571	)		(20	)		272		1,093			17,268			702
Victory Integrity Mid-Cap Value Fund, Class R6		5,432			87		(1,786	)		(316	)		—		(8	)		3,409			87
Victory Market Neutral Income Fund, Class I		84			—		(84	)		1			—		(1	)		—			—
Victory RS International Fund, Class R6		4,748			2,871		—			—			20		573			8,192			113
Victory Sophus Emerging Markets Fund		—			551		—			—			—		21			572			6
Victory Trivalent International Core Equity Fund, Class R6		3,171			2,507		—			—			—		407			6,085			87
VictoryShares Dividend Accelerator ETF		3,477			786		(231	)		2			—		615			4,649			69

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020		Dividend Income
VictoryShares Emerging Market Volatility Wtd ETF	$	1,309	$	163	$	(1,310	)	$	(142	)	$	—	$	(20	)	$	—	$	27
VictoryShares International High Div Volatility Wtd ETF		1,524		—		(1,266	)		(205	)		—		(53	)		—		35
VictoryShares International Volatility Wtd ETF		1,855		1,102		—			—			—		168			3,125		49
VictoryShares Nasdaq Next 50 ETF		—		2,132		—			—			—		474			2,606		3
VictoryShares U.S. 500 Volatility Wtd ETF		3,092		412		(1,793	)		(52	)		—		220			1,879		37
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		3,276		—		(884	)		10			—		27			2,429		61
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		587		—		(440	)		(111	)		—		(36	)		—		9
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		2,409		2,590		—			—			—		475			5,474		77
VictoryShares USAA MSCI International Value Momentum ETF		5,337		2,507		—			—			—		231			8,075		103
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		1,696		315		(221	)		(31	)		—		385			2,144		26
VictoryShares USAA MSCI USA Value Momentum ETF		7,764		845		(341	)		(41	)		—		541			8,768		132
	$	115,211	$	31,338	$	(33,347	)	$	(469	)	$	1,332	$	8,064		$	120,797	$	2,515

* Round to less than $1 thousand.

9. Acquisition of USAA Target Retirement 2020 Fund:

On November 20, 2020, the USAA Target Retirement 2020 Fund was acquired by the USAA Target Retirement Income Fund pursuant to a Plan of Reorganization and Termination, which was approved by the Board on June 11, 2020. The Reorganization was accomplished by a tax-free exchange of 44,513 thousand shares of the Fund (valued at $513,117 thousand) for 43,772 thousand shares of the USAA Target Retirement 2020 Fund (100% of the voting equity interests) outstanding on November 20, 2020. The reason for the Reorganization was to combine two funds with comparable investment objectives to create one larger fund with the potential for lower total operating expenses borne by shareholders. In addition, as disclosed in the Funds' prospectuses, once a Fund reaches its target date and its asset allocation is similar to the USAA Target Retirement Income Fund, the Board may reorganize the Fund

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

into the USAA Target Retirement Income Fund. The tax-free exchange of shares by the USAA Target Retirement Income Fund for the assets and liabilities of the USAA Target Retirement 2020 Fund (100% of the voting equity interest) on the date of the reorganization was as follows (amounts in thousands):

Shares Issued by Target Income Fund				Total Net Assets of the Target 2020 Fund				Merger Ratio				Prior to reorganization Total Net Assets of the Target Income Fund				After reorganization Total Net Assets of the Target Income Fund
	44,513			$	513,117	^(b)			1.02	%		$	308,335	^(a)		$	821,452

^(a) Includes undistributed net investment income of $5,414 thousand and unrealized appreciation on investments of $29,437 thousand with a fair value of $307,072 thousand and identified cost of $277,635 thousand.

^(b) Includes $54,480 thousand of unrealized appreciation on investments.

The Reorganization was accounted for as an asset acquisition of the USAA Target Retirement 2020 Fund (the "Acquired Fund") by the USAA Target Retirement Income Fund (the "Acquiring Fund") in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations — Related Issues. The fair value of the Reorganization consideration paid by the USAA Target Retirement Income Fund was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill. As a result of the reorganization, the Acquiring Fund is the legal and accounting survivor.

Assets received, and shares issued by the Target Retirement Income Fund were recorded at fair value; however, the cost basis of the investments received by the Target Retirement Income Fund was carried forward to align ongoing reporting of the portfolio's realized and unrealized gains and losses with amounts distributable for tax purposes. The Statements of Operations, Statements of Changes in Net Assets and the Financial Highlights for the current period do not include any pre-merger activity of the Acquired Fund and prior reporting periods of the accounting survivor are not restated.

The pro forma results of operations for the year ended December 31, 2020, assuming the reorganization had been completed on January 1, 2020 (the beginning of the annual period), are as follows (amounts in thousands):

Net investment income	$	21,813
Net realized gain on investments	$	12,280
Change in unrealized appreciation/(depreciation) on investments	$	32,341
Net increase in net assets resulting from operations	$	66,434

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of USAA Target Retirement Income Fund, USAA Target Retirement 2030 Fund, USAA Target Retirement 2040 Fund, USAA Target Retirement 2050 Fund, and USAA Target Retirement 2060 Fund (the "Funds") (five of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedules of portfolio investments, as of December 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at December 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

San Antonio, Texas
February 26, 2021

USAA Mutual Funds Trust

Supplemental Information
December 31, 2020

(Unaudited)

Trustee and Officer Information

Board of Trustees:

Overall responsibility for management of the Trust rests with the Board. The Trust is managed by the Board in accordance with the laws of the state of Delaware. There are currently 10 Trustees, eight of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustees") and two of whom is an "interested person" of the Trust within the meaning of that term under the 1940 Act ("Interested Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations.

The following tables list the Trustees, their ages, position with the Trust, commencement of service, principal occupations during the past five years and any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 46 portfolios in the Trust. Each Trustee's address is 15935 La Cantera Pkwy, Building Two, San Antonio, TX, 78256. Pursuant to a policy adopted by the Board, the term of office for each Trustee shall be until the Independent Trustee reaches age 75 or an Interested Trustee reaches age 75. The Board may change or grant exceptions from this policy at any time without shareholder approval. A Trustee may resign or be removed by a vote of the other Trustees or the holders of a majority of the outstanding shares of the Trust at any time. Vacancies on the Board can be filled by the action of a majority of the Trustees, provided that after filling such vacancy at least two-thirds of the Trustees have been elected by the shareholders.

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

Jefferson C. Boyce,
Born September 1957

Lead Independent Trustee, and Vice Chairman

2013

Senior Managing Director, New York Life Investments, LLC (1992-2012)

Westhab, Inc.

John C. Walters,
Born February 1962

Trustee

2019

Retired. Mr. Walters brings significant Board experience including active involvement with the board of a Fortune 500 company, and a proven record of leading large, complex financial organizations. He has a demonstrated record of success in distribution, manufacturing, investment brokerage, and investment management in both the retail and institutional investment businesses. He has substantial experience in the investment management business with a demonstrated ability to develop and drive strategy while managing operation, financial, and investment risk.

Guardian Variable Products Trust (16 series), Lead Independent Director; Amerilife Holdings LLC, Director; Stadion Money Management; Director; University of North Carolina (Chapel Hill), Member Board of Governors

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Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Robert L. Mason, Ph.D.,
Born July 1946

Trustee

1997

Adjunct Professor in the Department of Management Science and Statistics in the College of Business at the University of Texas at San Antonio (since 2001); Institute Analyst, Southwest Research Institute (March 2002-January 2016)

None

Dawn M. Hawley,
Born February 1954

Trustee

2014

Manager of Finance, Menil Foundation, Inc. (May 2007-June 2011), which is a private foundation that oversees the assemblage of sculptures, prints, drawings, photographs, and rare books. Director of Financial Planning and Analysis and Chief Financial Officer, AIM Management Group, Inc. (October 1987-January 2006)

None

Paul L. McNamara,
Born July 1948

Trustee

2012

Director, Cantor Opportunistic Alternatives Fund, LLC (March 2010-February 2014) , which is a closed-end fund of funds by Cantor Fitzgerald Investment Advisors, LLC

None

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Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Richard Y. Newton III,
Born January 1956

Trustee

2017

Director, Elta North America (01/18-present), which is a global leader in the design, manufacture, and support of innovative electronic systems in the ground, maritime, airborne, and security domains for the nation's warfighters, security personnel, and first responders; Managing Partner, Pioneer Partnership Development Group (December 2015-present)); Executive Director, The Union League Club of New York (June 2014-November 2015): Executive Vice President, Air Force Association (August 2012-May 2014); Lieutenant General, United States Air Force (January 2008-June 2012)

None

Barbara B. Ostdiek, Ph.D.,
Born March 1964

Trustee

2008

Senior Associate Dean of Degree Programs at Jesse H. Jones Graduate School of Business at Rice University (since 2013); Associate Professor of Finance at Jessie H. Jones Graduate School of Business at Rice University (since 2001)

None

Michael F. Reimherr, (a)
Born August 1945

Trustee

2000

President of Reimherr Business Consulting (May 1995-December 2017); St. Mary's University Investment Committee overseeing University Endowment (since 2014)

None

(a) Effective at the close of business on December 31, 2020, Michael F. Reimherr retired from the Board of Trustees.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Interested Trustees.

David C. Brown, (b)
Born May 1972

Trustee

2019

Chairman and Chief Executive Officer (since 2013), Victory Capital Management Inc.; Chairman and Chief Executive Officer, Victory Capital Holdings, Inc. (since 2013). Mr. Brown brings to the Board extensive business, finance and leadership skills gained and developed through years of experience in the financial services industry, including his tenure overseeing the strategic direction as CEO of Victory Capital. These skills, combined with Mr. Brown's extensive knowledge of the financial services industry and demonstrated success in the development and distribution of investment strategies and products, enable him to provide valuable insights to the Board and strategic direction for the Funds.

Trustee, Victory Portfolios (42 series), Victory Portfolios II (26 series), Victory Variable Insurance Funds (9 series)

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Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Daniel S. McNamara, (b)(c)
Born June 1966

Trustee and Chair of the Board of Trustees

2012

Trustee, President, and Vice Chairman of USAA ETF Trust (June 2017-June 2019); President of Financial Advice & Solutions Group (FASG), USAA (since 2013); Director, Investment Management Company (IMCO) (September 2009-April 2014); President, Asset Management Company (AMCO) (August, 2011-April 2013); Senior Vice President of USAA Financial Planning Services Insurance Agency, Inc. (FPS) (since 2011); Director of USAA IMCO (since 2009); Chairman of Board of IMCO (since 2013); Director of AMCO (August 2011-June 2019); President and Director of USAA Shareholder Account Services (SAS) (October 2009-June 2019); Director and Vice Chairman of FPS (since 2013); President and Director of USAA Investment Corporation (ICORP) (since 2010); Chairman of Board of ICORP (since 2013); Director of USAA Financial Advisors, Inc. (FAI) (since 2013); Chairman of Board of FAI (since 2015). Mr. McNamara brings to the Board extensive experience in the financial services industry, including experience as an officer of the Trust.

None

(b) Mr. Dan McNamara, the Chairman of the Board, is deemed an "interested person" due to his previous position as Director of AMCO, the former investment adviser of the Funds. Mr. Brown is deemed an "interested person" due to his position as Chief Executive Officer of Victory Capital, investment adviser to the Funds.

(c) Effective at the close of business on December 31, 2020, Jefferson C. Boyce will replace Dan McNamara as Chair of the Board and will assume the title of Independent Chair.

The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, on the SEC's website at www.sec.gov and/or by calling (800)-539-3863.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Officers:

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

Name and Date of Birth

Position with
the Trust

Year
Commenced
Service

Principal Occupation During Past 5 Years

Interested Officers.

Christopher K. Dyer,
Born February 1962

President

2019

Director of Fund Administration, Victory Capital (2004-present)

Scott A Stahorsky,
Born July 1969

Vice President

2019

Manager, Fund Administration, Victory Capital

James K. De Vries,
Born April 1969

Treasurer, Principal Financial Officer

2018

Executive Director, Victory Capital Management Inc. (since 2019); Treasurer, USAA ETF Trust (September 2018-June 2019); Executive Director, Investment and Financial Administration, USAA (April 2012-June 2019); Assistant Treasurer, USAA ETF Trust (June 2017-September 2018); Assistant Treasurer, USAA Mutual Funds Trust (December 2013-February 2018)

Allan Shaer,
Born March 1965

Assistant Treasurer

2019

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016)

Carol D. Trevino,
Born October 1965

Assistant Treasurer

2018

Director, Accounting and Finance, Victory Capital Management Inc. (since 2019); Accounting/Financial Director, USAA (December 2013-June 2019); Assistant Treasurer, USAA ETF Trust (September 2018-June 2019)

Erin G. Wagner,
Born February 1974

Secretary

2019

Deputy General Counsel, the Adviser (since 2013)

Charles Booth,
Born April 1960

Anti-Money Laundering Compliance Officer and Identity Theft Officer

2019

Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc. (2007-present)

Amy Campos,
Born July 1976

Chief Compliance Officer

2019

Chief Compliance Officer, USAA Mutual Funds Trust (since 2019); Executive Director, Deputy Chief Compliance Officer, USAA Mutual Funds Trust and USAA ETF Trust (July 2017-June 2019); Compliance Director, USAA Mutual Funds Trust (2014-July 2017)

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended December 31 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

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

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 through December 31, 2020.

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

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

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Target Income Fund	$	1,000.00	$	1,086.10	$	1,024.83	$	0.31	$	0.31		0.06	%
Target 2030 Fund		1,000.00		1,142.90		1,025.04		0.11		0.10		0.02	%
Target 2040 Fund		1,000.00		1,174.30		1,025.04		0.11		0.10		0.02	%
Target 2050 Fund		1,000.00		1,192.50		1,025.04		0.11		0.10		0.02	%
Target 2060 Fund		1,000.00		1,193.10		1,024.63		0.55		0.51		0.10	%

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year)

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Additional Federal Income Tax Information

The following federal tax information related to the Fund's fiscal year ended December 31, 2020, is provided for information purposes only and should not be used for reporting to federal or state revenue agencies. Federal tax information for the calendar year will be reported to you on Form 1099-DIV in January 2021.

With respect to distributions paid, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended December 31, 2020 (amounts in thousands):

	Dividend Received Deduction (corporate shareholders)⁽¹⁾			Qualified Dividend Income (non-corporate shareholders)⁽¹⁾			Short-Term Capital Gain Distributions⁽²⁾		Long-Term Capital Gain Distributions⁽²⁾		Foreign Taxes Paid⁽³⁾
Target Income Fund		13	%		23	%	$	—	$	4,445	$	114
Target 2030 Fund		20	%		34	%		362		33,292		378
Target 2040 Fund		16	%		25	%		708		55,309		290
Target 2050 Fund		20	%		39	%		621		37,219		352
Target 2060 Fund		18	%		51	%		231		3,548		51

(1) Presented as a percentage of net investment income.

(2) Pursuant to Section 852 of the Internal Revenue Code.

(3) The Fund has elected under Section 853 of the Internal Revenue Code to pass through the credit for taxes paid in foreign countries.

The Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per shares outstanding on December 31, 2020 were as follows:

	Foreign Source Income		Foreign Tax Expense
Target Income Fund	$	0.0103	$	0.0016
Target 2030 Fund		0.0246		0.0038
Target 2040 Fund		0.0180		0.0025
Target 2050 Fund		0.0349		0.0053
Target 2060 Fund		0.0369		0.0056

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Considerations of the Board in Continuing the Investment Advisory Agreement

USAA Target Retirement Funds

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2020, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the each of Target Retirement Income Fund, Target Retirement 2020 Fund¹, Target Retirement 2030 Fund, Target Retirement 2040 Fund, Target Retirement 2050 Fund and Target Retirement 2060 Fund (each, a "Fund" and together, the "Funds"). Prior to the December 10-11, 2020 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 19, 2020.

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

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Funds' performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Funds. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings.

Advisory Agreement

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

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

¹ The Target Retirement 2020 Fund was reorganized into the Target Retirement Income Fund in November 2020.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

advisory services provided to the Funds, the Adviser and its affiliates provide administrative services, shareholder services, oversight of Fund accounting, marketing services, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust.

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

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

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

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

In considering the Funds' performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds' performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Funds' average annual total returns relative to their Lipper indexes and other mutual funds deemed to be in their peer groups by the independent third party in its report (the "performance universe"). Each Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the performance of the Target Retirement Income Fund was above the average of its performance universe for the one-, five- and ten-year periods ended September 30, 2020, and was below the average of its performance universe for the three-year period ended September 30, 2020, and was below its Lipper index for the one-, three, five- and ten-year periods ended September 30, 2020; the performance of the Target Retirement 2020 Fund was below the average of its performance universe and its Lipper index for the one-, three- and ten-year periods ended September 30, 2020, and was above the average of its performance universe and below its Lipper index for the five-year period ended September 30, 2020; the performance of each of the Target Retirement 2030 Fund, Target Retirement 2040 Fund and Target Retirement 2050 Fund was below the average of its performance universe and its Lipper index for the one-, three-, five- and ten-year periods ended September 30, 2020; and the performance of the

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Target Retirement 2060 Fund was below the average of its performance universe for the one-, three- and five-year periods ended September 30, 2020 and below its Lipper index for the one- and three-year periods ended September 30, 2020. The Board took into account management's discussion of the Funds' performance, including certain differences in the Funds' investment approach as compared to the investment approaches used by other funds in the peer universes and the impact of market conditions on the Funds' performance relative to their peers.

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

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

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

Privacy Policy

Protecting the Privacy of Information

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

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

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

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

P.O. Box 182593
Columbus, Ohio 43218-2593

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

88214-0221

DECEMBER 31, 2020

Annual Report

USAA 500 Index Fund

Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Shareholder Letter (Unaudited)					2
Managers' Commentary (Unaudited)					4
Investment Overview (Unaudited)					6
Investment Objective & Portfolio Holdings (Unaudited)					7
Schedule of Portfolio Investments					8
Financial Statements
Statement of Assets and Liabilities					20
Statement of Operations					21
Statements of Changes in Net Assets					22
Financial Highlights					24
Notes to Financial Statements					26
Report of Independent Registered Public Accounting Firm					36
Supplemental Information (Unaudited)					37
Trustees' and Officers' Information					37
Proxy Voting and Portfolio Holdings Information					43
Expense Examples					43
Additional Federal Income Tax Information					44
Advisory Contract Agreement					45
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

(Unaudited)

Dear Shareholder,

My colleagues and I sincerely appreciate the confidence you have placed in the USAA Mutual Funds, and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
USAA Mutual Funds

USAA Mutual Funds Trust

USAA 500 Index Fund

Manager's Commentary

(Unaudited)

Victory Solutions

Mannik S. Dhillon, CFA, CAIA
Wasif A. Latif

• What were the market conditions over the reporting period?

In an unprecedented 2020, investors witnessed a tale of two markets.

The U.S. Federal Reserve (the Fed) quickly stepped into the market panic and provided an armada of liquidity programs, such as quantitative easing, which resulted in a rebound in investor confidence. This return of confidence led an equally remarkable rally through the rest of the year, despite some periods of fear and concerns around a resurgence of the virus. The remainder of the year brought a dramatic reversal from the difficult environment that characterized the first three months. While COVID-19 cases continued to rise, particularly in the final two weeks of June, investors grew increasingly confident that the economy would be able to recover from its sharp downturn led by a series of better-than-expected economic reports coupled with the aggressive response by the Fed. In addition to reiterating its commitment to keep short-term interest rates near zero for an extended period, the Fed announced the direct purchase of both individual bonds and exchange-traded bond funds.

USAA Mutual Funds Trust

USAA 500 Index Fund (continued)

Manager's Commentary (continued)

quarter in anticipation of economic reflation. However, those returns were still dwarfed by the enormous annual returns posted by large-cap growth stocks, led by the information technology and consumer discretionary 'stay-at-home' stocks.

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

The Fund has two share classes: Member Shares and Reward Shares. For the reporting period ended December 31, 2020, the Fund closely tracked its benchmark, the broad-based Victory US Large Cap 500 Index (the "Index") with the Member Shares and Reward Shares returning 21.22% and 21.35%, respectively, versus the Index, which returned 21.56%. The Index emphasizes large U.S. company stocks and is not available for direct investment.

• Please describe sector performance during the reporting period.

During the year, the Fund's strong absolute return was led by technology and consumer discretionary stocks. The strong return in these sectors more than offset the underperformance in the real estate and utilities sectors.

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

USAA Mutual Funds Trust

USAA 500 Index Fund

Investment Overview

(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

Member Shares

Reward Shares

INCEPTION DATE

5/1/96

5/1/02

Net Asset Value

Victory
US Large Cap 500
Index¹

S&P 500^® Index²

One Year

21.22

21.35

21.56

18.40

Five Year

15.53

15.65

15.93

15.22

Ten Year

13.89

14.01

14.14

13.88

USAA 500 Index Fund — Growth of $10,000

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

²The S&P 500 Index is an unmanaged index representing the weighted average performance of a group of 500 widely held, publicly traded U.S. stocks. This index does not include the effect of expenses or taxes, is not a representative of the Fund and it is not possible to invest directly in an index.

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

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

Past performance is not indicative of future results.

USAA Mutual Funds Trust
USAA 500 Index Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

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

Sector Allocation*:

December 31, 2020

(% of Net Assets)

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

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

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (11.0%):
Activision Blizzard, Inc.		216,158	$	20,070
Alphabet, Inc. Class C (a)		171,823		301,013
Altice USA, Inc. Class A (a)		20,863		790
AT&T, Inc.		2,035,911		58,553
Cable One, Inc.		1,305		2,907
CenturyLink, Inc.		280,457		2,734
Charter Communications, Inc. Class A (a)		39,673		26,246
Comcast Corp. Class A		1,250,162		65,508
Discovery, Inc. Class A (a)(b)		36,586		1,101
DISH Network Corp. Class A (a)		63,192		2,044
Electronic Arts, Inc.		82,003		11,776
Facebook, Inc. Class A (a)		633,994		173,182
Fox Corp. Class A		89,118		2,595
IAC/InterActiveCorp. (a)		18,474		3,498
Liberty Broadband Corp. Class A (a)		61,529		9,696
Liberty Media Corp-Liberty SiriusXM Class A (a)		78,512		3,391
Live Nation Entertainment, Inc. (a)		45,054		3,311
Match Group, Inc. (a)		68,031		10,286
Netflix, Inc. (a)		123,564		66,815
Omnicom Group, Inc.		60,125		3,750
Pinterest, Inc. Class A (a)		25,285		1,666
Sirius XM Holdings, Inc. (b)		332,277		2,117
Snap, Inc. Class A (a)		263,640		13,200
Take-Two Interactive Software, Inc. (a)		32,516		6,756
The Walt Disney Co. (a)		462,811		83,852
T-Mobile U.S., Inc. (a)		179,171		24,161
Twitter, Inc. (a)		222,449		12,046
Verizon Communications, Inc.		1,157,371		67,996
ViacomCBS, Inc. Class B		146,360		5,453
Warner Music Group Corp. Class A		23,007		874
Zillow Group, Inc. Class C (a)		25,940		3,367
ZoomInfo Technologies, Inc. Class A (a)(b)		14,047		677
				991,431
Communications Equipment (0.8%):
Arista Networks, Inc. (a)		17,748		5,157
Cisco Systems, Inc.		1,207,237		54,024
Motorola Solutions, Inc.		47,923		8,150
Palo Alto Networks, Inc. (a)(c)		26,343		9,362
Ubiquiti, Inc.		1,888		526
				77,219
Consumer Discretionary (12.5%):
Advance Auto Parts, Inc.		19,182		3,021
Amazon.com, Inc. (a)		129,771		422,655
AutoZone, Inc. (a)		6,552		7,767
Best Buy Co., Inc.		69,308		6,916
Booking Holdings, Inc. (a)		11,701		26,061

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Burlington Stores, Inc. (a)		15,538	$	4,064
CarMax, Inc. (a)		43,919		4,149
Carvana Co. (a)		3,079		738
Chewy, Inc. Class A (a)(b)		14,492		1,303
Chipotle Mexican Grill, Inc. (a)		7,742		10,736
D.R. Horton, Inc.		96,436		6,646
Darden Restaurants, Inc.		32,108		3,825
Dollar General Corp.		63,366		13,326
Dollar Tree, Inc. (a)		67,195		7,260
Domino's Pizza, Inc.		10,190		3,907
eBay, Inc.		194,872		9,792
Etsy, Inc. (a)		36,024		6,409
Expedia Group, Inc.		37,800		5,005
Ford Motor Co.		1,100,739		9,675
General Motors Co.		348,664		14,518
Genuine Parts Co.		40,349		4,052
Hasbro, Inc.		35,029		3,277
Hilton Worldwide Holdings, Inc.		75,095		8,355
Las Vegas Sands Corp. (c)		98,776		5,887
Lennar Corp. Class A		74,183		5,655
Lowe's Cos., Inc.		202,729		32,540
Marriott International, Inc. Class A		80,957		10,680
McDonald's Corp.		194,953		41,833
MGM Resorts International		118,837		3,745
NIKE, Inc. Class B		361,222		51,102
NVR, Inc. (a)		1,052		4,292
O'Reilly Automotive, Inc. (a)		20,481		9,269
Peloton Interactive, Inc. Class A (a)		11,925		1,809
Pool Corp.		10,507		3,914
PulteGroup, Inc.		74,982		3,233
Roku, Inc. (a)		5,626		1,868
Ross Stores, Inc.		87,793		10,782
Royal Caribbean Cruises Ltd.		51,275		3,830
Starbucks Corp.		328,269		35,118
Target Corp. (c)		143,072		25,256
Tesla, Inc. (a)		219,500		154,895
The Home Depot, Inc.		307,587		81,701
The TJX Cos., Inc.		343,022		23,425
Tiffany & Co.		32,862		4,320
Tractor Supply Co.		33,284		4,679
Ulta Beauty, Inc. (a)		16,096		4,622
VF Corp.		97,350		8,315
Wayfair, Inc. Class A (a)(b)		13,483		3,045
Whirlpool Corp.		15,801		2,852
Yum! Brands, Inc.		78,022		8,470
				1,130,594
Consumer Staples (6.6%):
Altria Group, Inc.		497,420		20,394
Archer-Daniels-Midland Co.		152,268		7,676
Brown-Forman Corp. Class B		74,822		5,943

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Campbell Soup Co.		61,815	$	2,989
Church & Dwight Co., Inc.		65,752		5,736
Colgate-Palmolive Co.		237,161		20,280
Conagra Brands, Inc.		129,286		4,688
Constellation Brands, Inc. Class A		47,592		10,425
Costco Wholesale Corp.		122,079		45,997
General Mills, Inc.		174,659		10,270
Hormel Foods Corp.		84,386		3,933
Kellogg Co.		77,526		4,824
Keurig Dr Pepper, Inc.		207,375		6,636
Kimberly-Clark Corp.		97,178		13,102
McCormick & Co., Inc.		56,091		5,362
Mondelez International, Inc. Class A		399,998		23,388
Monster Beverage Corp. (a)		103,197		9,544
PepsiCo, Inc.		394,827		58,553
Philip Morris International, Inc.		444,928		36,836
Sysco Corp.		142,461		10,579
The Boston Beer Co., Inc. Class A (a)		1,873		1,862
The Clorox Co.		35,255		7,119
The Coca-Cola Co.		1,176,089		64,497
The Estee Lauder Cos., Inc. Class A		57,509		15,308
The Hershey Co.		40,039		6,099
The J.M. Smucker Co.		32,253		3,728
The Kraft Heinz Co.		205,906		7,137
The Kroger Co.		218,897		6,952
The Procter & Gamble Co.		693,514		96,495
Tyson Foods, Inc. Class A		70,110		4,518
Walgreens Boots Alliance, Inc.		216,144		8,620
Walmart, Inc.		425,438		61,327
				590,817
Electronic Equipment, Instruments & Components (0.5%):
Amphenol Corp. Class A		78,272		10,236
CDW Corp.		40,852		5,384
Cognex Corp.		45,691		3,668
Corning, Inc.		218,279		7,858
Keysight Technologies, Inc. (a)		48,482		6,404
Trimble, Inc. (a)		62,447		4,170
Zebra Technologies Corp. (a)		15,233		5,854
				43,574
Energy (2.1%):
Baker Hughes Co.		192,752		4,019
Cheniere Energy, Inc. (a)		72,075		4,327
Chevron Corp.		549,991		46,447
ConocoPhillips		301,906		12,073
EOG Resources, Inc.		140,356		7,000
Exxon Mobil Corp.		1,169,866		48,222
Halliburton Co.		247,245		4,673
Hess Corp.		74,804		3,949
Kinder Morgan, Inc.		605,921		8,283

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Marathon Petroleum Corp.		183,935	$	7,608
Occidental Petroleum Corp.		266,048		4,605
ONEOK, Inc.		124,292		4,770
Phillips 66		124,795		8,728
Pioneer Natural Resources Co.		44,008		5,012
Schlumberger Ltd.		389,333		8,499
The Williams Cos., Inc.		346,724		6,952
Valero Energy Corp.		115,280		6,521
				191,688
Financials (10.2%):
Aflac, Inc.		196,465		8,737
American Express Co.		196,146		23,716
American International Group, Inc.		238,367		9,024
Ameriprise Financial, Inc.		33,706		6,550
Annaly Capital Management, Inc.		395,271		3,340
Arch Capital Group Ltd. (a)		102,571		3,700
Arthur J. Gallagher & Co.		54,368		6,726
Bank of America Corp.		2,289,432		69,393
Berkshire Hathaway, Inc. Class B (a)		617,677		143,221
BlackRock, Inc. Class A		43,573		31,440
Brown & Brown, Inc.		65,779		3,119
Capital One Financial Corp.		130,679		12,918
Cincinnati Financial Corp.		42,581		3,720
Citigroup, Inc.		582,297		35,904
Citizens Financial Group, Inc.		113,025		4,042
CME Group, Inc.		80,890		14,726
Discover Financial Services		86,645		7,844
FactSet Research Systems, Inc.		10,397		3,457
Fifth Third Bancorp		182,114		5,021
First Republic Bank		48,422		7,115
Franklin Resources, Inc.		89,533		2,237
Intercontinental Exchange, Inc.		160,360		18,488
JPMorgan Chase & Co.		852,543		108,333
KeyCorp		255,487		4,192
M&T Bank Corp.		36,653		4,666
Markel Corp. (a)		3,729		3,853
MarketAxess Holdings, Inc.		10,732		6,123
Marsh & McLennan Cos., Inc.		135,753		15,883
MetLife, Inc.		230,052		10,801
Moody's Corp.		49,136		14,261
Morgan Stanley		429,835		29,457
MSCI, Inc.		23,683		10,575
Nasdaq, Inc.		31,573		4,191
Northern Trust Corp.		59,461		5,538
Principal Financial Group, Inc.		71,881		3,566
Prudential Financial, Inc.		111,947		8,740
Regions Financial Corp.		268,624		4,330
S&P Global, Inc.		66,569		21,883
State Street Corp.		100,795		7,336
SVB Financial Group (a)		14,798		5,739

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Synchrony Financial		138,701	$	4,814
T. Rowe Price Group, Inc.		64,011		9,691
The Allstate Corp.		86,873		9,550
The Bank of New York Mellon Corp.		245,176		10,405
The Blackstone Group, Inc. Class A		192,565		12,480
The Charles Schwab Corp.		454,012		24,081
The Goldman Sachs Group, Inc.		98,301		25,923
The Hartford Financial Services Group, Inc.		101,298		4,962
The PNC Financial Services Group, Inc.		119,778		17,847
The Progressive Corp.		167,306		16,543
The Travelers Cos., Inc.		67,800		9,517
Tradeweb Markets, Inc. Class A		12,299		768
Truist Financial Corp.		381,106		18,266
U.S. Bancorp		412,270		19,208
W.R. Berkley Corp.		35,911		2,385
Wells Fargo & Co.		1,168,797		35,274
				915,619
Health Care (13.4%):
10X Genomics, Inc. Class A (a)		3,320		470
Abbott Laboratories		506,367		55,442
AbbVie, Inc.		499,090		53,477
ABIOMED, Inc. (a)		11,959		3,877
Agilent Technologies, Inc.		84,664		10,032
Alexion Pharmaceuticals, Inc. (a)		61,866		9,666
Align Technology, Inc. (a)		20,868		11,151
Alnylam Pharmaceuticals, Inc. (a)		23,759		3,088
AmerisourceBergen Corp.		44,227		4,324
Amgen, Inc.		155,822		35,827
Anthem, Inc.		70,307		22,575
Avantor, Inc. (a)		139,143		3,917
Baxter International, Inc.		144,405		11,587
Becton, Dickinson & Co.		81,990		20,516
Biogen, Inc. (a)		38,874		9,519
BioMarin Pharmaceutical, Inc. (a)		39,307		3,447
Bio-Rad Laboratories, Inc. Class A (a)		5,445		3,174
Boston Scientific Corp. (a)		404,796		14,552
Bristol-Myers Squibb Co.		645,615		40,047
Cardinal Health, Inc.		82,948		4,443
Catalent, Inc. (a)		40,615		4,227
Centene Corp. (a)		141,238		8,478
Cerner Corp.		87,593		6,874
Charles River Laboratories International, Inc. (a)		13,763		3,439
Cigna Corp.		99,955		20,809
CVS Health Corp.		354,277		24,197
Danaher Corp.		200,819		44,610
DaVita, Inc. (a)		22,904		2,689
DexCom, Inc. (a)		24,836		9,182
Edwards Lifesciences Corp. (a)		178,063		16,245
Elanco Animal Health, Inc. (a)		90,831		2,786
Eli Lilly & Co.		253,159		42,743

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Exact Sciences Corp. (a)		41,609	$	5,513
Gilead Sciences, Inc. (c)		316,667		18,449
HCA Healthcare, Inc.		74,287		12,217
Hologic, Inc. (a)		54,878		3,997
Horizon Therapeutics PLC (a)		61,730		4,516
Humana, Inc.		34,626		14,206
IDEXX Laboratories, Inc. (a)		24,114		12,054
Illumina, Inc. (a)		36,004		13,321
Incyte Corp. (a)		52,688		4,583
Insulet Corp. (a)		13,284		3,396
Intuitive Surgical, Inc. (a)		32,172		26,320
IQVIA Holdings, Inc. (a)		54,200		9,711
Johnson & Johnson (c)		728,371		114,631
Laboratory Corp. of America Holdings (a)		27,827		5,664
Masimo Corp. (a)		12,749		3,422
McKesson Corp.		45,874		7,978
Merck & Co., Inc.		722,835		59,128
Mettler-Toledo International, Inc. (a)		5,939		6,769
Moderna, Inc. (a)		99,964		10,443
Molina Healthcare, Inc. (a)		13,554		2,883
Neurocrine Biosciences, Inc. (a)		22,197		2,128
PerkinElmer, Inc.		29,971		4,301
Pfizer, Inc.		1,588,044		58,456
PPD, Inc. (a)		49,423		1,691
Quest Diagnostics, Inc.		38,503		4,588
Regeneron Pharmaceuticals, Inc. (a)		19,198		9,275
ResMed, Inc.		38,352		8,152
Royalty Pharma PLC Class A		23,735		1,188
Sarepta Therapeutics, Inc. (a)		18,748		3,196
Seagen, Inc. (a)		48,803		8,547
Stryker Corp.		98,323		24,093
Teladoc Health, Inc. (a)(b)		38,800		7,758
Teleflex, Inc.		11,764		4,842
The Cooper Cos., Inc.		14,919		5,420
Thermo Fisher Scientific, Inc.		110,850		51,632
UnitedHealth Group, Inc.		271,080		95,062
Varian Medical Systems, Inc. (a)		25,826		4,520
Veeva Systems, Inc. Class A (a)		29,351		7,991
Vertex Pharmaceuticals, Inc. (a)		60,999		14,416
Waters Corp. (a)		16,234		4,017
West Pharmaceutical Services, Inc.		19,787		5,606
Zimmer Biomet Holdings, Inc.		59,220		9,125
Zoetis, Inc.		135,785		22,472
				1,205,087
Industrials (8.3%):
3M Co.		164,799		28,805
AMETEK, Inc.		61,579		7,447
C.H. Robinson Worldwide, Inc.		37,205		3,492
Carrier Global Corp.		229,369		8,652
Caterpillar, Inc.		150,309		27,359

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Cintas Corp.		27,374	$	9,676
Copart, Inc. (a)		65,333		8,314
CoStar Group, Inc. (a)(c)		10,551		9,752
CSX Corp.		193,198		17,533
Cummins, Inc.		41,841		9,502
Deere & Co.		84,820		22,821
Delta Air Lines, Inc.		170,694		6,864
Dover Corp.		40,737		5,143
Dun & Bradstreet Holdings, Inc. (a)		41,984		1,045
Eaton Corp. PLC		113,881		13,682
Emerson Electric Co.		165,465		13,298
Equifax, Inc.		30,729		5,926
Expeditors International of Washington, Inc.		47,850		4,551
Fastenal Co.		162,295		7,925
FedEx Corp.		68,705		17,837
Fortive Corp.		87,211		6,176
Fortune Brands Home & Security, Inc.		36,350		3,116
General Dynamics Corp.		71,632		10,660
General Electric Co.		2,423,678		26,176
HEICO Corp. Class A		19,480		2,280
Honeywell International, Inc.		196,252		41,743
IDEX Corp.		21,174		4,218
Illinois Tool Works, Inc.		80,911		16,496
Ingersoll Rand, Inc. (a)(c)		90,436		4,120
J.B. Hunt Transport Services, Inc.		22,883		3,127
Jacobs Engineering Group, Inc.		36,644		3,993
Johnson Controls International PLC		264,005		12,300
Kansas City Southern		26,742		5,459
L3Harris Technologies, Inc.		60,029		11,347
Lennox International, Inc.		9,673		2,650
Lockheed Martin Corp.		79,093		28,076
Masco Corp.		74,761		4,107
Nordson Corp.		14,312		2,876
Norfolk Southern Corp.		71,036		16,879
Northrop Grumman Corp.		45,626		13,903
Old Dominion Freight Line, Inc.		30,346		5,923
Otis Worldwide Corp.		121,159		8,184
PACCAR, Inc.		97,937		8,450
Parker-Hannifin Corp.		36,411		9,919
Raytheon Technologies Corp.		429,333		30,702
Republic Services, Inc. (c)		58,470		5,631
Rockwell Automation, Inc.		32,843		8,237
Rollins, Inc.		81,320		3,177
Roper Technologies, Inc.		28,070		12,101
Southwest Airlines Co.		157,991		7,364
Stanley Black & Decker, Inc.		42,403		7,571
Teledyne Technologies, Inc. (a)		8,984		3,522
The Boeing Co.		161,287		34,525
TransDigm Group, Inc. (a)		13,752		8,510
TransUnion		48,646		4,827

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Uber Technologies, Inc. (a)		461,477	$	23,535
Union Pacific Corp.		186,446		38,822
United Airlines Holdings, Inc. (a)		79,213		3,426
United Parcel Service, Inc. Class B		192,141		32,357
United Rentals, Inc. (a)		20,610		4,780
Verisk Analytics, Inc.		46,452		9,643
W.W. Grainger, Inc.		14,687		5,997
Waste Management, Inc.		120,739		14,239
Westinghouse Air Brake Technologies Corp.		54,377		3,980
Xylem, Inc.		51,493		5,241
				749,989
IT Services (5.3%):
Akamai Technologies, Inc. (a)		46,021		4,832
Automatic Data Processing, Inc.		122,513		21,587
Black Knight, Inc. (a)		32,113		2,837
Booz Allen Hamilton Holding Corp.		32,763		2,856
Broadridge Financial Solutions, Inc.		32,685		5,007
Cognizant Technology Solutions Corp. Class A		149,532		12,254
EPAM Systems, Inc. (a)		15,996		5,732
Fidelity National Information Services, Inc.		175,414		24,814
Fiserv, Inc. (a)		153,236		17,448
FleetCor Technologies, Inc. (a)		20,567		5,611
Gartner, Inc. (a)		25,509		4,086
Global Payments, Inc.		75,619		16,290
GoDaddy, Inc. Class A (a)		18,688		1,550
International Business Machines Corp.		249,217		31,371
Jack Henry & Associates, Inc.		21,115		3,420
Leidos Holdings, Inc.		40,233		4,229
Mastercard, Inc. Class A		255,899		91,341
MongoDB, Inc. (a)		531		191
Okta, Inc. (a)		10,401		2,645
Paychex, Inc.		89,736		8,362
PayPal Holdings, Inc. (a)		331,231		77,574
Square, Inc. Class A (a)		68,027		14,805
Twilio, Inc. Class A (a)		21,523		7,286
VeriSign, Inc. (a)		28,826		6,238
Visa, Inc. Class A		502,368		109,883
				482,249
Materials (1.8%):
Air Products & Chemicals, Inc.		62,483		17,072
Ball Corp.		86,570		8,067
Celanese Corp.		30,936		4,020
Corteva, Inc.		212,852		8,242
Dow, Inc.		196,305		10,895
DuPont de Nemours, Inc.		207,455		14,752
Ecolab, Inc.		76,402		16,530
FMC Corp.		32,779		3,767
Freeport-McMoRan, Inc.		410,718		10,687
International Flavors & Fragrances, Inc. (b)		24,762		2,695

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
International Paper Co.		99,304	$	4,937
Martin Marietta Materials, Inc.		17,792		5,052
Newmont Corp.		227,105		13,601
Nucor Corp.		77,181		4,105
PPG Industries, Inc.		67,484		9,733
RPM International, Inc.		30,871		2,803
Southern Copper Corp.		25,574		1,665
The Sherwin-Williams Co.		24,856		18,267
Vulcan Materials Co.		36,663		5,438
				162,328
Real Estate (2.5%):
Alexandria Real Estate Equities, Inc.		40,583		7,233
American Tower Corp.		126,913		28,487
AvalonBay Communities, Inc.		41,986		6,736
Boston Properties, Inc.		43,068		4,071
CBRE Group, Inc. Class A (a)		94,832		5,948
Crown Castle International Corp.		116,737		18,583
Digital Realty Trust, Inc.		84,256		11,755
Duke Realty Corp.		111,860		4,471
Equinix, Inc.		26,796		19,137
Equity LifeStyle Properties, Inc.		54,802		3,472
Equity Residential		105,234		6,238
Essex Property Trust, Inc.		19,610		4,656
Extra Space Storage, Inc.		38,866		4,503
Healthpeak Properties, Inc.		161,906		4,894
Invitation Homes, Inc.		168,574		5,007
Mid-America Apartment Communities, Inc.		34,395		4,357
Prologis, Inc.		222,313		22,156
Public Storage		47,318		10,927
Realty Income Corp.		99,223		6,169
SBA Communications Corp.		33,416		9,428
Simon Property Group, Inc.		91,995		7,845
Sun Communities, Inc.		32,348		4,915
Ventas, Inc.		112,648		5,524
VICI Properties, Inc.		161,397		4,116
W.P. Carey, Inc.		52,749		3,723
Welltower, Inc.		125,500		8,110
Weyerhaeuser Co.		193,051		6,473
				228,934
Semiconductors & Semiconductor Equipment (5.1%):
Advanced Micro Devices, Inc. (a)		343,617		31,513
Analog Devices, Inc.		105,562		15,595
Applied Materials, Inc.		247,194		21,333
Broadcom, Inc.		90,020		39,415
Intel Corp.		1,170,806		58,330
KLA Corp.		38,251		9,904
Lam Research Corp.		38,545		18,204
Marvell Technology Group Ltd.		147,126		6,994
Maxim Integrated Products, Inc.		68,330		6,057

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Microchip Technology, Inc.		70,475	$	9,733
Micron Technology, Inc. (a)		318,049		23,911
Monolithic Power Systems, Inc.		12,477		4,569
NVIDIA Corp.		173,126		90,406
Qorvo, Inc. (a)		30,184		5,019
QUALCOMM, Inc.		323,129		49,226
Skyworks Solutions, Inc.		46,950		7,178
Teradyne, Inc.		46,943		5,628
Texas Instruments, Inc.		262,258		43,044
Xilinx, Inc.		69,295		9,824
				455,883
Software (9.3%):
Adobe, Inc. (a)		128,400		64,215
ANSYS, Inc. (a)		24,279		8,833
Autodesk, Inc. (a)		61,330		18,727
Cadence Design Systems, Inc. (a)		78,852		10,758
Ceridian HCM Holding, Inc. (a)		23,114		2,463
Citrix Systems, Inc.		33,696		4,384
Cloudflare, Inc. Class A (a)		11,033		838
Coupa Software, Inc. (a)		19,049		6,456
Crowdstrike Holdings, Inc. Class A (a)		5,940		1,258
Datadog, Inc. Class A (a)		7,298		718
DocuSign, Inc. (a)		51,231		11,389
Dynatrace, Inc. (a)		55,993		2,423
Fair Isaac Corp. (a)		7,963		4,069
Fortinet, Inc. (a)		41,008		6,091
HubSpot, Inc. (a)		11,592		4,596
Intuit, Inc.		68,746		26,113
Microsoft Corp. (c)		2,091,835		465,266
NortonLifeLock, Inc.		145,958		3,033
Oracle Corp.		561,404		36,317
Paycom Software, Inc. (a)		13,726		6,208
PTC, Inc. (a)		29,121		3,483
RingCentral, Inc. Class A (a)		20,517		7,775
salesforce.com, Inc. (a)		250,410		55,724
ServiceNow, Inc. (a)(c)		53,980		29,712
Slack Technologies, Inc. Class A (a)		81,372		3,437
Splunk, Inc. (a)		40,519		6,884
SS&C Technologies Holdings, Inc.		67,741		4,928
Synopsys, Inc. (a)		39,472		10,233
The Trade Desk, Inc. Class A (a)		8,576		6,869
Tyler Technologies, Inc. (a)		11,158		4,871
VMware, Inc. Class A (a)(b)		22,743		3,190
Workday, Inc. Class A (a)		27,797		6,660
Zendesk, Inc. (a)		30,528		4,369
Zoom Video Communications, Inc. Class A (a)		6,843		2,308
Zscaler, Inc. (a)		23,403		4,674
				839,272

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Technology Hardware, Storage & Peripherals (7.4%):
Apple, Inc.		4,806,314	$	637,750
Dell Technologies, Inc. Class C (a)		62,879		4,608
Hewlett Packard Enterprise Co.		344,475		4,082
HP, Inc.		388,280		9,548
NetApp, Inc.		47,026		3,115
Western Digital Corp.		85,093		4,713
				663,816
Utilities (2.7%):
Alliant Energy Corp.		70,606		3,638
Ameren Corp.		66,167		5,165
American Electric Power Co., Inc. (c)		132,862		11,063
American Water Works Co., Inc.		51,790		7,948
Atmos Energy Corp.		32,938		3,143
Avangrid, Inc.		16,728		760
CenterPoint Energy, Inc.		137,633		2,978
CMS Energy Corp.		75,778		4,623
Consolidated Edison, Inc. (c)		95,685		6,915
Dominion Energy, Inc.		233,081		17,528
DTE Energy Co.		45,404		5,513
Duke Energy Corp. (c)		210,265		19,252
Edison International		107,004		6,722
Entergy Corp.		56,605		5,652
Evergy, Inc. (c)		64,124		3,560
Eversource Energy (c)		89,698		7,760
Exelon Corp.		278,723		11,768
FirstEnergy Corp.		155,019		4,745
NextEra Energy, Inc. (c)		559,711		43,182
PG&E Corp. (a)		411,817		5,131
PPL Corp.		217,343		6,129
Public Service Enterprise Group, Inc.		143,000		8,337
Sempra Energy		73,741		9,395
The AES Corp.		176,027		4,137
The Southern Co. (c)		301,770		18,538
WEC Energy Group, Inc. (c)		82,531		7,595
Xcel Energy, Inc. (c)		129,581		8,639
				239,816
Total Common Stocks (Cost $2,924,696)				8,968,316
Collateral for Securities Loaned^ (0.3%)
Fidelity Investments Money Market Government Portfolio Class I, 0.01% (d)		2,420,214		2,420
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (d)		566,453		566
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		19,710,516		19,711
Total Collateral for Securities Loaned (Cost $22,697)				22,697
Total Investments (Cost $2,947,393) — 99.8%				8,991,013
Other assets in excess of liabilities — 0.2%				17,017
NET ASSETS — 100.00%			$	9,008,030

See notes to financial statements.

USAA Mutual Funds Trust
USAA 500 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2020.

PLC — Public Limited Company

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		181	3/19/21	$	33,186,858	$	33,926,640	$	739,782
Total unrealized appreciation								$	739,782
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	739,782

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA 500 Index Fund
Assets:
Investments, at value (Cost $2,947,393)	$	8,991,013	(a)
Cash and cash equivalents		26,989
Deposit with brokers for futures contracts		6,416
Receivables:
Interest and dividends		6,126
Capital shares issued		11,777
Variation margin on open futures contracts		223
From Adviser		187
Prepaid expenses		55
Total assets		9,042,786
Liabilities:
Payables:
Collateral received on loaned securities		22,697
Capital shares redeemed		10,436
Accrued expenses and other payables:
Investment advisory fees		751
Administration fees		451
Custodian fees		55
Transfer agent fees		261
Compliance fees		5
Other accrued expenses		100
Total liabilities		34,756
Net Assets:
Capital		2,941,080
Total accumulated earnings/(loss)		6,066,950
Net assets	$	9,008,030
Net Assets
Member Shares	$	3,997,663
Reward Shares		5,010,367
Total	$	9,008,030
Shares (unlimited number of shares authorized with no par value):
Member Shares		77,880
Reward Shares		97,556
Total		175,436
Net asset value, offering and redemption price per share: (b)
Member Shares	$	51.33
Reward Shares	$	51.36

(a) Includes $21,651 of securities on loan.

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

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA 500 Index Fund
Investment Income:
Dividends	$	136,551
Interest		105
Securities lending (net of fees)		180
Total income		136,836
Expenses:
Investment advisory fees		7,927
Administration fees — Member Shares		2,098
Administration fees — Reward Shares		2,658
Sub-Administration fees		28
Custodian fees		347
Transfer agent fees — Member Shares		2,710
Transfer agent fees — Reward Shares		387
Trustees' fees		54
Compliance fees		50
Legal and audit fees		83
State registration and filing fees		241
Interfund lending fees		—	(a)
Other expenses		302
Total expenses		16,885
Expenses waived/reimbursed by Adviser		(1,493	)
Net expenses		15,392
Net Investment Income (Loss)		121,444
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		199,995
Net realized gains (losses) from futures contracts		5,393
Net change in unrealized appreciation/depreciation on investment securities		1,248,552
Net change in unrealized appreciation/depreciation on futures contracts		(75	)
Net realized/unrealized gains (losses) on investments		1,453,865
Change in net assets resulting from operations	$	1,575,309

(a) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA 500 Index Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	121,444		$	135,019
Net realized gains (losses) from investments		205,388			283,821
Net change in unrealized appreciation/depreciation on investments		1,248,477			1,594,175
Change in net assets resulting from operations		1,575,309			2,013,015
Distributions to Shareholders:
Member Shares		(133,353	)		(136,678	)
Reward Shares		(173,089	)		(262,717	)
Change in net assets resulting from distributions to shareholders		(306,442	)		(399,395	)
Change in net assets resulting from capital transactions		(410,396	)		(28,801	)
Change in net assets		858,471			1,584,819
Net Assets:
Beginning of period		8,149,559			6,564,740
End of period	$	9,008,030		$	8,149,559
Capital Transactions:
Member Shares
Proceeds from shares issued	$	812,315		$	521,545
Distributions reinvested		132,245			174,935
Cost of shares redeemed		(1,133,678	)		(779,152	)
Total Member Shares	$	(189,118	)	$	(82,672	)
Reward Shares
Proceeds from shares issued	$	642,148		$	519,941
Distributions reinvested		165,200			212,589
Cost of shares redeemed		(1,028,626	)		(678,659	)
Total Reward Shares	$	(221,278	)	$	53,871
Change in net assets resulting from capital transactions	$	(410,396	)	$	(28,801	)
Share Transactions:
Member Shares
Issued		18,844			12,769
Reinvested		2,823			4,088
Redeemed		(25,809	)		(18,810	)
Total Member Shares		(4,142	)		(1,953	)
Reward Shares
Issued		14,417			12,496
Reinvested		3,537			4,967
Redeemed		(23,827	)		(16,390	)
Total Reward Shares		(5,873	)		1,073
Change in Shares		(10,015	)		(880	)

See notes to financial statements.

This page is intentionally left blank.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA 500 Index Fund
Member Shares
Year Ended December 31, 2020	$	43.93		0.65	(b)		8.48			9.13			(0.66	)		(1.07	)
Year Ended December 31, 2019	$	35.22		0.71	(b)		10.19			10.90			(0.72	)		(1.47	)
Year Ended December 31, 2018	$	38.00		0.68			(2.40	)		(1.72	)		(0.66	)		(0.40	)
Year Ended December 31, 2017	$	31.81		0.59			6.21			6.80			(0.59	)		(0.02	)
Year Ended December 31, 2016	$	29.18		0.58			2.80			3.38			(0.61	)		(0.14	)
Reward Shares
Year Ended December 31, 2020	$	43.95		0.70	(b)		8.49			9.19			(0.71	)		(1.07	)
Year Ended December 31, 2019	$	35.24		0.75	(b)		10.19			10.94			(0.76	)		(1.47	)
Year Ended December 31, 2018	$	38.01		0.71			(2.38	)		(1.67	)		(0.70	)		(0.40	)
Year Ended December 31, 2017	$	31.82		0.61			6.22			6.83			(0.62	)		(0.02	)
Year Ended December 31, 2016	$	29.19		0.60			2.81			3.41			(0.64	)		(0.14	)

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

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

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

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*			Net Expenses^			Net Investment Income (Loss)			Gross Expenses			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA 500 Index Fund
Member Shares
Year Ended December 31, 2020		(1.73	)	$	51.33		21.22	%		0.25	%		1.47	%		0.25	%	$	3,997,663		5	%
Year Ended December 31, 2019		(2.19	)	$	43.93		31.19	%		0.25	%		1.73	%		0.26	%	$	3,603,465		13	%
Year Ended December 31, 2018		(1.06	)	$	35.22		(4.65	)%		0.25	%		1.75	%		0.26	%	$	2,957,995		4	%
Year Ended December 31, 2017		(0.61	)	$	38.00		21.53	%		0.25	%		1.71	%		0.27	%	$	3,285,829		3	%
Year Ended December 31, 2016		(0.75	)	$	31.81		11.70	%		0.25	%		1.95	%		0.28	%	$	2,962,450		4	%
Reward Shares
Year Ended December 31, 2020		(1.78	)	$	51.36		21.35	%		0.15	%		1.58	%		0.18	%	$	5,010,367		5	%
Year Ended December 31, 2019		(2.23	)	$	43.95		31.29	%		0.15	%		1.83	%		0.18	%	$	4,546,094		13	%
Year Ended December 31, 2018		(1.10	)	$	35.24		(4.53	)%		0.15	%		1.85	%		0.18	%	$	3,606,745		4	%
Year Ended December 31, 2017		(0.64	)	$	38.01		21.64	%		0.15	%		1.81	%		0.18	%	$	3,636,257		3	%
Year Ended December 31, 2016		(0.78	)	$	31.82		11.79	%		0.15	%		2.04	%		0.18	%	$	3,010,831		4	%

See notes to financial statements.

USAA Mutual Funds Trust

Notes to Financial Statements
December 31, 2020

1. Organization:

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

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

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

2. Significant Accounting Policies:

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

Investment Valuation:

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

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

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

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

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

	Level 1		Level 2		Level 3		Total
Common Stocks	$	8,968,316	$	—	$	—	$	8,968,316
Collateral for Securities Loaned		22,697		—		—		22,697
Total	$	8,991,013	$	—	$	—	$	8,991,013
Other Financial Investments^:
Assets:
Futures Contracts		740		—		—		740
Total	$	740	$	—	$	—	$	740

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

For the year ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

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

Investment Companies:

Open-End Funds:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Derivative Instruments:

Futures Contracts:

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

During the year ended December 31, 2020, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2020 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure	$	740

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

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2020 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	5,393	$	(75	)

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income, net of income retained by Citibank. Borrowers are required to secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default. Cash collateral is listed on the Fund's Schedule of Portfolio Investments and Financial Statements while non-cash collateral is not included.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	21,651			$	—			$	22,697

Federal Income Taxes:

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

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Allocations:

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

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

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	409,280	$	987,819

There were no purchases or sales of U.S. government securities during the year ended December 31, 2020

4. Affiliated Fund Ownership:

The Fund offers its shares for investment by other USAA Mutual Funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2020, certain fund-of-funds owned total outstanding shares of the Fund as follows:

Affiliated USAA Fund	Ownership %
Cornerstone Conservative Fund		0.1	%
Cornerstone Equity Fund		0.4	%
USAA Target Income Fund		—	*
USAA Target 2030 Fund		0.1	%
USAA Target 2040 Fund		0.3	%
USAA Target 2050 Fund		0.2	%
USAA Target 2060 Fund		—	*

* Less than 0.05%.

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.10% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019 permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2020, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.06% and 0.06% of average daily net assets of the Member Shares and Reward Shares, respectively. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $20 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the year ended December 31, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

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

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year months ended December 31, 2020, are reflected on the Statement of Operations as Custodian fees.

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2020, the expense limits (excluding voluntary waivers) are 0.25% and 0.15% for Member Shares and Reward Shares, respectively.

Under this expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2020, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at December 31, 2020

				Expires December 31, 2022				Expires December 31, 2023				Total
				$	862			$	1,493			$	2,355

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, Custodian and Distributor.

6. Risks:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

chains and consumer activity, significant challenges in healthcare service preparation and delivery, quarantines and general concern and uncertainty. These negative impacts have caused significant volatility and declines in global financial markets, which have caused losses for Fund investors during and subsequent to period end. The impact of the COVID-19 pandemic may last for an extended period of time, and could result in a substantial economic downturn or recession. Public health crises may exacerbate other pre-existing political, social, economic, market and financial risks. The extent of the impact to the financial performance of the Funds' investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

Stock Market Risk — Overall stock market risks may affect the value of the Fund. Domestic and international factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises, and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

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

Large-Capitalization Risk — The Fund invests in large-capitalization companies. Such investments may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.

7. Borrowing and Interfund Lending:

Line of Credit:

For the year ended December 31, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the year ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro- rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2020.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Interfund Lending:

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

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the year ended December 31, 2020 were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at December 31, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	1,971				1				0.83	%		$	1,971

* For the year ended December 31, 2020, based on the number of days borrowings were outstanding.

8. Federal Income Tax Information:

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

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

As of December 31, 2020, on the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

Total accumulated earnings/(loss)				Capital
$	(10,916	)		$	10,916

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

Year Ended December 31, 2020								Year Ended December 31, 2019
Distributions paid from								Distributions paid from
Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid		Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
$	131,087	$	175,355	$	306,442	$	306,442	$	155,666	$	243,729	$	399,395	$	399,395

As of December 31, 2020, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

				Accumulated Undistributed Long-Term Capital Gains				Accumulated Earnings				Unrealized Appreciation (Depreciation)*				Total Accumulated Earnings (Loss)
				$	48,977			$	48,977			$	6,017,973			$	6,066,950

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

As of December 31, 2020, the Fund had no capital loss carryforwards for federal income tax purposes.

As of December 31, 2020, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) for investments were as follows (amounts in thousands):

				Tax Cost				Tax Unrealized Appreciation				Tax Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
				$	2,973,040			$	6,045,297			$	(27,324	)		$	6,017,973

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of USAA 500 Index Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

San Antonio, Texas
February 26, 2021

USAA Mutual Funds Trust

Supplemental Information
December 31, 2020

(Unaudited)

Trustee and Officer Information

Board of Trustees:

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

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

Jefferson C. Boyce,
Born September 1957

Lead Independent Trustee, and Vice Chairman

2013

Senior Managing Director, New York Life Investments, LLC (1992-2012)

Westhab, Inc.

John C. Walters,
Born February 1962

Trustee

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Robert L. Mason, Ph.D.,
Born July 1946

Trustee

1997

None

Dawn M. Hawley,
Born February 1954

Trustee

2014

None

Paul L. McNamara,
Born July 1948

Trustee

2012

Director, Cantor Opportunistic Alternatives Fund, LLC (March 2010-February 2014) , which is a closed-end fund of funds by Cantor Fitzgerald Investment Advisors, LLC

None

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Richard Y. Newton III,
Born January 1956

Trustee

2017

None

Barbara B. Ostdiek, Ph.D.,
Born March 1964

Trustee

2008

None

Michael F. Reimherr, (a)
Born August 1945

Trustee

2000

President of Reimherr Business Consulting (May 1995-December 2017); St. Mary's University Investment Committee overseeing University Endowment (since 2014)

None

(a) Effective at the close of business on December 31, 2020, Michael F. Reimherr retired from the Board of Trustees.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Interested Trustees.

David C. Brown, (b)
Born May 1972

Trustee

2019

Trustee, Victory Portfolios (42 series), Victory Portfolios II (26 series), Victory Variable Insurance Funds (9 series)

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Daniel S. McNamara, (b)(c)
Born June 1966

Trustee and Chair of the Board of Trustees

2012

None

(c) Effective at the close of business on December 31, 2020, Jefferson C. Boyce will replace Dan McNamara as Chair of the Board and will assume the title of Independent Chair.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Officers:

Name and Date of Birth

Position with
the Trust

Year
Commenced
Service

Principal Occupation During Past 5 Years

Interested Officers.

Christopher K. Dyer,
Born February 1962

President

2019

Director of Fund Administration, Victory Capital (2004-present)

Scott A Stahorsky,
Born July 1969

Vice President

2019

Manager, Fund Administration, Victory Capital (since 2015)

James K. De Vries,
Born April 1969

Treasurer, Principal Financial Officer

2018

Allan Shaer,
Born March 1965

Assistant Treasurer

2019

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016)

Carol D. Trevino,
Born October 1965

Assistant Treasurer

2018

Erin G. Wagner,
Born February 1974

Secretary

2019

Deputy General Counsel, the Adviser (since 2013)

Charles Booth,
Born April 1960

Anti-Money Laundering Compliance Officer and Identity Theft Officer

2019

Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc. (2007-present)

Amy Campos,
Born July 1976

Chief Compliance Officer

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 539-3863. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 through December 31, 2020.

	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Member Shares	$	1,000.00	$	1,233.20	$	1,023.88	$	1.40	$	1.27		0.25	%
Reward Shares		1,000.00		1,233.90		1,024.38		0.84		0.76		0.15

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/366 (the number of days in most recent fiscal half-year divided by the number of days in the fiscal year).

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Additional Federal Income Tax Information

				Dividend Received Deduction (corporate shareholders)*				Qualified Dividend Income (non-corporate shareholders)*				Short-Term Capital Gain Distributions				Long-Term Capital Gain Distributions^(a)
					99.05	%			98.99	%		$	8,830			$	185,872

* Presented as a percentage of net investment income and excludes short-term capital gain distributions paid, if any. All or a portion of these amounts may be exempt from taxation at the state level.

^(a) Pursuant to Section 852 of the Internal Revenue Code.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

Considerations of the Board in Continuing the Investment Advisory Agreement

USAA 500 Index Fund (the "Fund")

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2020, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 10-11, 2020 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 19, 2020.

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

At each regularly scheduled meeting of the Board and its committees, the Board receives and reviews, among other things, information concerning the Fund's performance and related services provided by the Adviser. At the meeting at which the renewal of the Advisory Agreement is considered, particular focus is given to information concerning Fund performance, fees and total expenses as compared to comparable investment companies, and the Adviser's profitability with respect to the Fund. However, the Board noted that the evaluation process with respect to the Adviser is an ongoing one. In this regard, the Board's and its committees' consideration of the Advisory Agreement included information previously received at such meetings.

Advisory Agreement

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

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

programs, each of which had expanded over time as a result of regulatory, market, and other developments. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, litigation, regulatory and compliance risks.

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

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

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

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the performance of the Fund's Member Shares and Reward Shares was above the average of its performance universe and its Lipper index for the one-, three-, five- and ten-year periods ended September 30, 2020.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

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

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

Privacy Policy

Protecting the Privacy of Information

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

P.O. Box 182593
Columbus, Ohio 43218-2593

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

29237-0221

DECEMBER 31, 2020

Annual Report

USAA Global Managed Volatility Fund

Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

USAA Mutual Funds Trust

TABLE OF CONTENTS

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

(Unaudited)

Dear Shareholder,

My colleagues and I sincerely appreciate the confidence you have placed in the USAA Mutual Funds, and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
USAA Mutual Funds

USAA Mutual Funds Trust

USAA Global Managed Volatility Fund

Manager's Commentary

(Unaudited)

Victory Solutions

Mannik Dhillon, CFA, CAIA
Wasif A. Latif
Lance Humphrey, CFA

• What were the market conditions over the reporting period?

In an unprecedented 2020, investors witnessed a tale of two markets.

USAA Mutual Funds Trust

USAA Global Managed Volatility Fund (continued)

Manager's Commentary (continued)

suit. In the United States, large-cap value stocks had a very strong rebound in the fourth quarter in anticipation of economic reflation. However, those returns were still dwarfed by the enormous annual returns posted by large-cap growth stocks, led by the technology and consumer discretionary 'stay-at-home' stocks.

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

The Fund has two share classes: Fund Shares and Institutional Shares. For the reporting period ended December 31, 2020, the Fund Shares and Institutional Shares had total returns of 6.25% and 6.44%, respectively. This compares to total returns of 16.25% for the MSCI All-Country World Index and 12.10% for the Global Managed Volatility Composite Index.

• What strategies did you employ during the reporting period?

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

The Fund performed as expected in 2020, posting very strong absolute returns, but lagging the even stronger return of global stocks. The Fund's risk-conscious approach of emphasizing quality, value, and lower volatility stocks within each region and sector were a drag on its relative performance given the strength of the market in the year. During the market volatility in the beginning of the year, our emphasis on risk management added value amid the downturn in stock prices. However, the overall sentiment of the year was risk-on, and the Fund historically lags in such an environment.

Our emphasis on companies with attractive valuations and improving fundamentals put the portfolio somewhat out of step with the stronger showing for momentum-driven stocks that rallied after equity markets made their lows in March. In addition, our value-oriented posture prevented us from fully participating in the strong returns for the growth style in that time.

The Fund's hedging strategy, which is designed to help cushion the impact of large stock market selloffs, behaved as designed during the drawdown at the beginning of the year and provided a modest tailwind for return in 2020. The Fund established its hedges by using derivatives; specifically, options on the S&P 500^® Index.

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

USAA Mutual Funds Trust

USAA Global Managed Volatility Fund

Investment Overview

(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

Fund Shares

Institutional Shares

INCEPTION DATE

7/12/13

7/31/08

Net Asset Value

MSCI All-Country
World Index¹⁺

Global Managed
Volatility
Composite Index²

One Year

6.25

6.44

16.25

12.10

Five Year

8.70

8.90

12.26

9.06

Ten Year

5.70

Since Inception

5.89

9.83

7.11

+The since inception performance of the MSCI All-Country World Index and Global Managed Volatility Composite Index are calculated from July 12, 2013 through December 31, 2020.

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

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

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

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

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

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

Past performance is not indicative of future results.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

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

Asset Allocation*:

December 31, 2020

(% of Net Assets)

* Does not include purchased options, written options, futures, and short-term investments purchased with cash collateral from securities loaned.

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

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Common Stocks (96.5%)
Australia (1.1%):
Consumer Staples (0.6%):
Coles Group Ltd.		44,693	$	624
Wesfarmers Ltd.		77,339		3,006
Woolworths Group Ltd.		27,069		820
				4,450
Materials (0.5%):
BHP Group Ltd.		120,659		3,942
				3,942
				8,392
Belgium (0.2%):
Financials (0.1%):
KBC Group NV (a)		9,843		689
Health Care (0.1%):
UCB SA		4,318		446
				1,135
Bermuda (0.0%): (b)
Financials (0.0%):
Everest Re Group Ltd.		1,571		368
Brazil (0.5%):
Consumer Staples (0.1%):
Ambev SA		371,700		1,124
Financials (0.1%):
Itau Unibanco Holding SA Preference Shares		109,100		668
Industrials (0.1%):
WEG SA		32,400		473
Materials (0.2%):
Vale SA		81,300		1,368
				3,633
Canada (1.9%):
Consumer Discretionary (0.2%):
Dollarama, Inc.		23,291		949
Magna International, Inc.		9,844		697
				1,646
Consumer Staples (0.1%):
Alimentation Couche-Tard, Inc. Class B		20,358		694
Financials (0.9%):
Royal Bank of Canada		17,672		1,452
Sun Life Financial, Inc.		21,613		961
The Toronto-Dominion Bank		73,356		4,146
				6,559

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Industrials (0.2%):
Canadian National Railway Co.		16,645	$	1,830
Information Technology (0.5%):
CGI, Inc. (a)		18,153		1,441
Constellation Software, Inc.		1,527		1,983
Topicus.com, Inc. (a)(c)		1,945		7
				3,431
				14,160
China (4.6%):
Communication Services (1.2%):
NetEase, Inc., ADR		33,430		3,202
Tencent Holdings Ltd.		74,800		5,382
				8,584
Consumer Discretionary (1.7%):
Alibaba Group Holding Ltd., ADR (a)		17,147		3,991
ANTA Sports Products Ltd.		127,000		2,015
Li Ning Co. Ltd.		80,500		554
New Oriental Education & Technology Group, Inc., ADR (a)		16,047		2,982
Shenzhou International Group Holdings Ltd.		64,300		1,260
Yum China Holdings, Inc.		31,363		1,790
				12,592
Financials (1.5%):
China Construction Bank Corp. Class H		1,312,000		990
China Life Insurance Co. Ltd. Class H		875,000		1,926
China Merchants Bank Co. Ltd. Class H		145,500		920
China Pacific Insurance Group Co. Ltd. Class H		223,600		874
Industrial & Commercial Bank of China Ltd. Class H		2,023,000		1,300
Ping An Insurance Group Co. of China Ltd.		416,500		5,069
				11,079
Industrials (0.0%): (b)
Country Garden Services Holdings Co. Ltd.		53,000		359
Materials (0.0%): (b)
Anhui Conch Cement Co. Ltd. Class H		48,500		304
Utilities (0.2%):
ENN Energy Holdings Ltd.		86,200		1,266
				1,266
				34,184
Denmark (1.5%):
Consumer Staples (0.3%):
Carlsberg A/S Class B		11,759		1,885
				1,885
Health Care (0.9%):
Coloplast A/S Class B		9,243		1,414
GN Store Nord A/S		5,044		402

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Novo Nordisk A/S Class B		69,659	$	4,860
				6,676
Industrials (0.2%):
Vestas Wind Systems A/S		5,403		1,277
Materials (0.1%):
Novozymes A/S B Shares		16,017		913
				10,751
Finland (0.9%):
Energy (0.4%):
Neste Oyj		37,508		2,723
Industrials (0.4%):
Kone Oyj Class B		38,059		3,101
Materials (0.1%):
Stora Enso Oyj Class R		18,315		351
UPM-Kymmene Oyj		18,225		679
				1,030
				6,854
France (3.2%):
Consumer Discretionary (1.0%):
Hermes International		2,026		2,178
Kering SA		1,638		1,189
LVMH Moet Hennessy Louis Vuitton SE		6,552		4,101
				7,468
Consumer Staples (0.4%):
L'Oreal SA		7,315		2,791
Energy (0.4%):
TOTAL SE		72,902		3,146
Financials (0.1%):
Credit Agricole SA		32,582		412
Industrials (0.6%):
Cie de Saint-Gobain (a)		14,529		668
Schneider Electric SE		26,971		3,898
				4,566
Information Technology (0.4%):
Capgemini SE		18,956		2,948
Materials (0.2%):
Air Liquide SA		6,351		1,041
Utilities (0.1%):
Electricite de France SA (a)		24,457		387
Veolia Environnement SA		17,101		421
				808
				23,180

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Germany (0.5%):
Consumer Discretionary (0.2%):
adidas AG (a)		4,651	$	1,692
Industrials (0.2%):
Brenntag AG		6,087		473
Knorr-Bremse AG		5,744		785
				1,258
Utilities (0.1%):
RWE AG		25,311		1,070
				4,020
Hong Kong (1.3%):
Communication Services (0.4%):
China Mobile Ltd.		469,000		2,674
Consumer Discretionary (0.3%):
Galaxy Entertainment Group Ltd.		174,000		1,354
Techtronic Industries Co. Ltd.		36,000		515
				1,869
Financials (0.6%):
Hong Kong Exchanges and Clearing Ltd.		86,800		4,761
				9,304
India (0.3%):
Information Technology (0.3%):
HCL Technologies Ltd.		26,539		345
Infosys Ltd.		88,482		1,517
				1,862
Indonesia (0.5%):
Communication Services (0.1%):
PT Telkom Indonesia Persero Tbk		3,939,800		929
Financials (0.4%):
PT Bank Central Asia Tbk		793,200		1,914
PT Bank Rakyat Indonesia Persero Tbk		2,013,900		599
				2,513
				3,442
Ireland (1.3%):
Health Care (0.0%): (b)
Jazz Pharmaceuticals PLC (a)		2,185		361
Industrials (0.5%):
Eaton Corp. PLC		15,396		1,850
Experian PLC		18,907		718
Trane Technologies PLC		7,822		1,135
				3,703

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Information Technology (0.8%):
Accenture PLC Class A		8,637	$	2,256
Seagate Technology PLC		54,252		3,372
				5,628
				9,692
Israel (0.2%):
Information Technology (0.2%):
Check Point Software Technologies Ltd. (a)		8,835		1,174
Italy (0.3%):
Financials (0.2%):
Assicurazioni Generali SpA		86,447		1,513
Utilities (0.1%):
Enel SpA		89,617		912
				2,425
Japan (6.3%):
Communication Services (1.3%):
KDDI Corp.		103,900		3,081
Nintendo Co. Ltd.		3,000		1,926
Nippon Telegraph & Telephone Corp.		83,200		2,135
Softbank Corp.		221,200		2,777
				9,919
Consumer Discretionary (1.2%):
Bridgestone Corp.		43,300		1,420
Fast Retailing Co. Ltd.		2,200		1,973
Nitori Holdings Co. Ltd.		6,200		1,297
Sekisui House Ltd.		19,200		391
Sony Corp.		30,300		3,054
Suzuki Motor Corp.		12,000		556
				8,691
Consumer Staples (0.5%):
Japan Tobacco, Inc.		93,700		1,911
Kao Corp.		28,900		2,233
				4,144
Financials (0.1%):
MS&AD Insurance Group Holdings, Inc.		13,900		423
Tokio Marine Holdings, Inc.		11,000		567
				990
Health Care (0.7%):
Astellas Pharma, Inc.		167,900		2,600
Hoya Corp.		15,300		2,119
Shionogi & Co. Ltd.		4,900		268
				4,987

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Industrials (1.2%):
Daikin Industries Ltd.		10,900	$	2,425
ITOCHU Corp.		88,700		2,552
Recruit Holdings Co. Ltd.		70,800		2,974
Secom Co. Ltd.		6,000		554
SG Holdings Co. Ltd.		12,500		341
				8,846
Information Technology (1.0%):
FUJIFILM Holdings Corp.		12,500		660
Hitachi Ltd.		82,900		3,272
Nomura Research Institute Ltd.		8,900		318
Tokyo Electron Ltd.		7,700		2,877
				7,127
Materials (0.3%):
Nitto Denko Corp.		4,700		421
Shin-Etsu Chemical Co. Ltd.		8,700		1,527
				1,948
				46,652
Korea, Republic Of (1.8%):
Communication Services (0.1%):
NCSoft Corp.		639		549
Financials (0.1%):
Shinhan Financial Group Co. Ltd.		16,120		478
Information Technology (1.6%):
Samsung Electronics Co. Ltd.		114,380		8,542
SK Hynix, Inc.		33,748		3,687
				12,229
				13,256
Macau (0.1%):
Consumer Discretionary (0.1%):
Sands China Ltd.		191,600		837
Malaysia (0.2%):
Financials (0.2%):
Public Bank Bhd		239,300		1,228
Health Care (0.0%): (b)
Top Glove Corp. Bhd		179,600		274
				1,502
Mexico (0.8%):
Communication Services (0.3%):
America Movil SAB de CV Class L		2,923,848		2,129
Consumer Staples (0.3%):
Wal-Mart de Mexico SAB de CV		612,960		1,725

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Financials (0.2%):
Grupo Financiero Banorte SAB de CV Class O (a)		306,524	$	1,694
				5,548
Netherlands (1.9%):
Consumer Discretionary (0.2%):
Fiat Chrysler Automobiles NV (a)		85,934		1,552
Consumer Staples (0.7%):
Heineken NV		20,452		2,276
Koninklijke Ahold Delhaize NV		116,562		3,288
				5,564
Industrials (0.4%):
Wolters Kluwer NV		31,618		2,664
Information Technology (0.1%):
NXP Semiconductors NV		2,664		424
Materials (0.5%):
LyondellBasell Industries NV Class A		37,363		3,425
				13,629
New Zealand (0.1%):
Health Care (0.1%):
Fisher & Paykel Healthcare Corp. Ltd.		15,637		371
Norway (0.1%):
Communication Services (0.1%):
Telenor ASA		27,374		465
Russian Federation (1.5%):
Energy (0.6%):
LUKOIL PJSC		47,760		3,337
Tatneft PJSC		166,243		1,162
				4,499
Financials (0.6%):
Sberbank of Russia PJSC		1,089,400		4,009
Materials (0.3%):
MMC Norilsk Nickel PJSC		7,285		2,343
				2,343
				10,851
Singapore (0.1%):
Financials (0.1%):
DBS Group Holdings Ltd.		54,200		1,027
South Africa (0.1%):
Financials (0.1%):
Standard Bank Group Ltd.		42,750		371

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Spain (0.6%):
Communication Services (0.2%):
Telefonica SA		491,795	$	1,956
Consumer Discretionary (0.4%):
Industria de Diseno Textil SA		87,082		2,764
				4,720
Sweden (0.9%):
Consumer Discretionary (0.2%):
Evolution Gaming Group AB (d)		5,002		503
Hennes & Mauritz AB Class B (a)		64,859		1,362
				1,865
Consumer Staples (0.1%):
Swedish Match AB		6,381		497
Financials (0.1%):
Kinnevik AB Class B		9,517		478
Svenska Handelsbanken AB Class A (a)		58,165		587
				1,065
Industrials (0.5%):
Atlas Copco AB Class A		23,116		1,188
Sandvik AB (a)		40,434		998
Volvo AB Class B		55,902		1,324
				3,510
				6,937
Switzerland (3.7%):
Communication Services (0.0%): (b)
Swisscom AG Registered Shares		870		469
Consumer Staples (1.0%):
Nestle SA Registered Shares		60,089		7,106
Financials (0.4%):
Partners Group Holding AG		1,493		1,755
Zurich Insurance Group AG		2,902		1,223
				2,978
Health Care (1.5%):
Novartis AG Registered Shares		60,341		5,683
Roche Holding AG		12,609		4,393
Straumann Holding AG Class R		818		959
				11,035
Industrials (0.4%):
Geberit AG Registered Shares		2,910		1,822
SGS SA Registered Shares		475		1,433
				3,255

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Information Technology (0.2%):
Logitech International SA Class R		6,488	$	630
TE Connectivity Ltd.		6,320		765
				1,395
Materials (0.2%):
Sika AG Registered Shares		4,812		1,312
				27,550
Taiwan (1.4%):
Consumer Staples (0.1%):
Uni-President Enterprises Corp.		177,000		426
Financials (0.1%):
CTBC Financial Holding Co. Ltd.		589,000		413
Mega Financial Holding Co. Ltd.		418,000		444
				857
Information Technology (1.2%):
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		62,736		6,840
Taiwan Semiconductor Manufacturing Co. Ltd.		113,000		2,138
				8,978
				10,261
Thailand (0.3%):
Consumer Staples (0.1%):
CP ALL PCL		462,600		899
Energy (0.2%):
PTT PCL		887,500		1,260
				2,159
United Kingdom (3.9%):
Communication Services (0.1%):
WPP PLC		38,599		418
Consumer Discretionary (0.5%):
Aptiv PLC		2,755		359
Compass Group PLC		115,055		2,146
Intercontinental Hotels Group PLC (a)		13,656		885
Persimmon PLC		12,569		474
				3,864
Consumer Staples (1.0%):
Diageo PLC		40,128		1,588
Imperial Brands PLC		105,588		2,214
Unilever PLC		16,169		979
Unilever PLC		43,057		2,582
				7,363
Energy (0.3%):
Royal Dutch Shell PLC Class A		123,904		2,173

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Health Care (0.5%):
AstraZeneca PLC		6,749	$	673
GlaxoSmithKline PLC		148,765		2,722
				3,395
Industrials (1.1%):
Bunzl PLC		13,273		443
Ferguson PLC		26,448		3,213
Intertek Group PLC		12,705		981
RELX PLC		136,409		3,337
				7,974
Materials (0.4%):
Rio Tinto PLC		39,535		2,975
Utilities (0.0%): (b)
National Grid PLC		30,196		357
				28,519
United States (54.4%):
Communication Services (5.1%):
Alphabet, Inc. Class C (a)		7,741		13,561
Charter Communications, Inc. Class A (a)		1,333		882
Comcast Corp. Class A		30,189		1,582
Electronic Arts, Inc.		4,505		647
Facebook, Inc. Class A (a)		38,341		10,473
Match Group, Inc. (a)		14,919		2,256
Omnicom Group, Inc.		21,479		1,340
Sirius XM Holdings, Inc. (e)		621,373		3,958
Take-Two Interactive Software, Inc. (a)		7,817		1,624
Verizon Communications, Inc.		24,140		1,418
				37,741
Consumer Discretionary (7.5%):
Amazon.com, Inc. (a)		3,158		10,285
AutoZone, Inc. (a)		2,955		3,503
Best Buy Co., Inc.		8,797		878
Booking Holdings, Inc. (a)		724		1,613
Dollar General Corp.		13,852		2,913
Domino's Pizza, Inc.		6,126		2,349
eBay, Inc.		37,735		1,896
Lowe's Cos., Inc.		13,674		2,195
McDonald's Corp.		17,514		3,758
NIKE, Inc. Class B		18,554		2,625
NVR, Inc. (a)		132		539
O'Reilly Automotive, Inc. (a)		3,540		1,602
PulteGroup, Inc.		10,591		457
Starbucks Corp.		45,862		4,906
Target Corp.		24,758		4,370
The Home Depot, Inc.		24,242		6,439

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Tractor Supply Co.		8,476	$	1,192
Yum! Brands, Inc.		33,375		3,623
				55,143
Consumer Staples (6.3%):
Altria Group, Inc.		20,689		848
Colgate-Palmolive Co.		58,300		4,985
Costco Wholesale Corp.		6,596		2,485
General Mills, Inc.		15,389		905
Kimberly-Clark Corp.		42,049		5,669
PepsiCo, Inc.		41,292		6,124
Philip Morris International, Inc.		48,831		4,043
Sysco Corp.		20,928		1,554
The Clorox Co.		19,344		3,906
The Hershey Co.		30,030		4,574
The Kroger Co.		50,454		1,602
The Procter & Gamble Co.		32,072		4,463
Walmart, Inc.		36,514		5,264
				46,422
Energy (0.8%):
Cabot Oil & Gas Corp.		87,688		1,427
Chevron Corp.		6,804		575
ConocoPhillips		38,775		1,551
EOG Resources, Inc.		13,113		654
Phillips 66		11,168		781
Valero Energy Corp.		11,469		649
				5,637
Financials (4.7%):
Aflac, Inc.		19,677		875
Ameriprise Financial, Inc.		4,654		904
Bank of America Corp.		39,436		1,195
FactSet Research Systems, Inc.		7,859		2,613
MarketAxess Holdings, Inc.		3,274		1,868
MSCI, Inc.		8,944		3,994
Regions Financial Corp.		36,424		587
S&P Global, Inc.		11,330		3,725
SEI Investments Co.		41,828		2,404
SVB Financial Group (a)		2,034		789
Synchrony Financial		150,218		5,214
T. Rowe Price Group, Inc.		30,672		4,643
The Allstate Corp.		11,611		1,276
The PNC Financial Services Group, Inc.		6,482		966
The Progressive Corp.		34,329		3,395
				34,448
Health Care (6.4%):
AbbVie, Inc.		12,437		1,333
Align Technology, Inc. (a)		1,751		936
AmerisourceBergen Corp.		5,560		544
Amgen, Inc.		25,377		5,835

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Biogen, Inc. (a)		11,757	$	2,879
Bristol-Myers Squibb Co.		13,253		822
Cardinal Health, Inc.		11,391		610
Cerner Corp.		7,345		576
Eli Lilly & Co.		22,498		3,799
Gilead Sciences, Inc.		24,455		1,425
Humana, Inc.		1,656		679
IDEXX Laboratories, Inc. (a)		3,339		1,669
Johnson & Johnson		50,175		7,896
McKesson Corp.		6,039		1,050
Merck & Co., Inc.		49,791		4,073
Quest Diagnostics, Inc.		5,119		610
Regeneron Pharmaceuticals, Inc. (a)		1,761		851
Thermo Fisher Scientific, Inc.		2,974		1,385
UnitedHealth Group, Inc.		15,424		5,409
Universal Health Services, Inc. Class B		2,898		398
Waters Corp. (a)		12,061		2,984
Zoetis, Inc.		6,515		1,078
				46,841
Industrials (5.5%):
3M Co.		22,203		3,881
C.H. Robinson Worldwide, Inc.		16,008		1,503
Carrier Global Corp.		16,387		618
Cummins, Inc.		9,546		2,168
Dover Corp.		5,454		688
Emerson Electric Co.		18,138		1,458
Expeditors International of Washington, Inc.		31,903		3,034
Fastenal Co.		25,585		1,249
Fortune Brands Home & Security, Inc.		5,448		467
Honeywell International, Inc.		15,098		3,211
Huntington Ingalls Industries, Inc.		8,228		1,403
Illinois Tool Works, Inc.		7,974		1,626
Lockheed Martin Corp.		8,637		3,066
Masco Corp.		8,681		477
Old Dominion Freight Line, Inc.		2,700		527
Otis Worldwide Corp.		20,681		1,397
Rockwell Automation, Inc.		4,502		1,129
Rollins, Inc.		28,764		1,124
Snap-on, Inc.		5,329		912
Union Pacific Corp.		3,384		705
United Parcel Service, Inc. Class B		22,209		3,740
United Rentals, Inc. (a)		2,817		653
W.W. Grainger, Inc.		7,700		3,144
Waste Management, Inc.		18,483		2,180
				40,360
Information Technology (17.0%):
Adobe, Inc. (a)		13,342		6,673
Akamai Technologies, Inc. (a)		5,427		570
Apple, Inc.		242,915		32,232

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Applied Materials, Inc.		17,307	$	1,494
Automatic Data Processing, Inc.		16,468		2,902
Booz Allen Hamilton Holding Corp.		6,859		598
Cadence Design Systems, Inc. (a)		18,490		2,523
CDW Corp.		8,194		1,080
Cisco Systems, Inc.		94,595		4,233
Citrix Systems, Inc.		15,029		1,955
Cognizant Technology Solutions Corp. Class A		17,067		1,399
F5 Networks, Inc. (a)		5,738		1,010
Fair Isaac Corp. (a)		3,643		1,862
Fortinet, Inc. (a)		8,783		1,305
HP, Inc.		51,304		1,262
Intel Corp.		80,988		4,035
International Business Machines Corp.		5,225		658
Intuit, Inc.		7,662		2,910
KLA Corp.		2,658		688
Lam Research Corp.		2,296		1,084
Mastercard, Inc. Class A		8,388		2,994
Micron Technology, Inc. (a)		15,387		1,157
Microsoft Corp.		101,778		22,637
Motorola Solutions, Inc.		7,087		1,205
NetApp, Inc.		13,065		865
NVIDIA Corp.		7,178		3,748
Oracle Corp.		49,268		3,187
Paychex, Inc.		10,357		965
Qorvo, Inc. (a)		3,950		657
QUALCOMM, Inc.		8,911		1,357
Teradyne, Inc.		6,275		752
Texas Instruments, Inc.		45,095		7,401
The Western Union Co.		23,802		522
VeriSign, Inc. (a)		10,420		2,255
Visa, Inc. Class A		15,755		3,446
VMware, Inc. Class A (a)(e)		3,315		465
Zoom Video Communications, Inc. Class A (a)		3,185		1,074
				125,160
Materials (0.6%):
Celanese Corp.		10,396		1,351
Eastman Chemical Co.		5,197		521
International Paper Co.		14,098		701
Packaging Corp. of America		5,532		763
Steel Dynamics, Inc.		22,221		819
The Sherwin-Williams Co.		770		566
				4,721
Real Estate (0.1%):
American Tower Corp.		2,198		494
Crown Castle International Corp.		1,138		181
Equinix, Inc.		259		185
Prologis, Inc.		2,499		249
				1,109

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Utilities (0.4%):
The AES Corp.		26,263	$	617
Vistra Corp.		17,368		342
WEC Energy Group, Inc.		8,943		823
Xcel Energy, Inc.		16,668		1,110
				2,892
				400,474
Total Common Stocks (Cost $629,243)				709,705
Exchange-Traded Funds (3.1%)
United States (3.1%):
Fidelity Value Factor ETF		78,701		3,196
iShares Edge MSCI USA Momentum Factor ETF		6,759		1,090
Schwab Fundamental Emerging Markets Large Company Index ETF		145,547		4,113
Schwab Fundamental International Large Company Index ETF		242,071		7,088
Schwab Fundamental U.S. Large Company Index ETF		154,135		6,981
				22,468
Total Exchange-Traded Funds (Cost $17,916)				22,468
Purchased Options (0.0%) (b)
Total Purchased Options (Cost $277)				184
Collateral for Securities Loaned^ (0.6%)
United States (0.7%):
Fidelity Investments Money Market Government Portfolio Class I, 0.01% (f)		2,554,121		2,555
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (f)		837,433		837
HSBC U.S. Government Money Market Fund I Shares, 0.03% (f)		1,184,252		1,184
Total Collateral for Securities Loaned (Cost $4,576)				4,576
Total Investments (Cost $652,012) — 100.2%				736,933
Liabilities in excess of other assets — (0.2)%				(1,315	)
NET ASSETS — 100.00%			$	735,618

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

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

(c) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of December 31, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(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 based upon procedures approved by the Board of Trustees. As of December 31, 2020, the fair value of these securities was $503 (thousands) and amounted to 0.1% of net assets.

See notes to financial statements.

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(e) All or a portion of this security is on loan.

(f) Rate disclosed is the daily yield on December 31, 2020.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PCL — Public Company Limited

PLC — Public Limited Company

Purchased Options

Exchange-traded options

(Amounts not in thousands)

Put/
Call

Strike Price

Contracts

Expiration
Date

Value

S&P 500 Index Option

Put

317

USD

603

3/19/21

183,614

Total (Cost $276,777)

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA Global Managed Volatility Fund
Assets:
Investments, at value (Cost $652,012)	$	736,933	(a)
Cash and cash equivalents		41,866
Foreign Currency (Cost $2,579)		2,572
Deposit with brokers for futures contracts		5
Deposit with brokers for option contracts		54
Receivables:
Interest and dividends		653
Investments sold		20,584
Reclaims		62
From Adviser		73
Prepaid expenses		8
Total assets		802,810
Liabilities:
Payables:
Collateral received on loaned securities		4,576
Custodian		4,531
Investments purchased		37,094
Capital shares redeemed		20,372
Accrued foreign capital gains taxes		86
Accrued expenses and other payables:
Investment advisory fees		403
Administration fees		34
Custodian fees		21
Transfer agent fees		34
Compliance fees		—	(b)
Other accrued expenses		41
Total liabilities		67,192
Net Assets:
Capital		602,279
Total accumulated earnings/(loss)		133,339
Net assets	$	735,618
Net Assets
Fund Shares	$	10,414
Institutional Shares		725,204
Total	$	735,618
Shares (unlimited number of shares authorized with no par value):
Fund Shares		930
Institutional Shares		63,870
Total		64,800
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	11.20
Institutional Shares	$	11.35

(a) Includes $4,379 of securities on loan.

(b) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA Global Managed Volatility Fund
Investment Income:
Interest	$	19
Income distributions from affiliated funds		226
Dividends		18,105
Securities lending (net of fees)		126
Foreign tax withholding		(412	)
Total income		18,064
Expenses:
Investment advisory fees		5,310
Administration fees — Fund Shares		15
Administration fees — Institutional Shares		437
Sub-Administration fees		68
Custodian fees		123
Transfer agent fees — Fund Shares		13
Transfer agent fees — Institutional Shares		437
Trustees' fees		38
Compliance fees		6
Legal and audit fees		71
State registration and filing fees		46
Interfund lending fees		—	(a)
Other expenses		46
Total expenses		6,610
Expenses waived/reimbursed by Adviser		(403	)
Net expenses		6,207
Net Investment Income (Loss)		11,857
Realized/Unrealized Gains (Losses) from Investments:
Foreign taxes on realized gains		(4	)
Net realized gains (losses) from sales of affiliated funds		(234	)
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		75,878
Net realized gains (losses) from in-kind redemptions		(13	)
Net change in accrued foreign taxes on unrealized gains		(86	)
Net change in unrealized appreciation/depreciation on investment securities		(40,717	)
Net change in unrealized appreciation/depreciation on affiliated funds		240
Net realized/unrealized gains (losses) on investments		35,064
Change in net assets resulting from operations	$	46,921

(a) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Global Managed Volatility Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	11,857		$	20,040
Net realized gains (losses) from investments		75,627			22,591
Net change in unrealized appreciation/depreciation on investments		(40,563	)		154,580
Change in net assets resulting from operations		46,921			197,211
Distributions to Shareholders:
Fund Shares		(405	)		(479	)
Institutional Shares		(31,411	)		(40,997	)
Change in net assets resulting from distributions to shareholders		(31,816	)		(41,476	)
Change in net assets resulting from capital transactions		(296,678	)		(70,983	)
Change in net assets		(281,573	)		84,752
Net Assets:
Beginning of period		1,017,191			932,439
End of period	$	735,618		$	1,017,191
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	1,605		$	2,369
Distributions reinvested		404			478
Cost of shares redeemed		(3,534	)		(2,838	)
Total Fund Shares	$	(1,525	)	$	9
Institutional Shares
Proceeds from shares issued	$	7,453		$	4,308
Distributions reinvested		31,411			40,997
Cost of shares redeemed		(334,017	)		(116,297	)
Total Institutional Shares	$	(295,153	)	$	(70,992	)
Change in net assets resulting from capital transactions	$	(296,678	)	$	(70,983	)
Share Transactions:
Fund Shares
Issued		162			224
Reinvested		36			43
Redeemed		(355	)		(269	)
Total Fund Shares		(157	)		(2	)
Institutional Shares
Issued		845			425
Reinvested		2,779			3,672
Redeemed		(30,264	)		(10,721	)
Total Institutional Shares		(26,640	)		(6,624	)
Change in Shares		(26,797	)		(6,626	)

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Global Managed Volatility Fund
Fund Shares
Year Ended December 31, 2020	$	10.97		0.12	(c)		0.56			0.68			(0.15	)		(0.30	)
Year Ended December 31, 2019	$	9.39		0.19	(c)		1.85			2.04			(0.22	)		(0.24	)
Year Ended December 31, 2018	$	10.73		0.25			(1.18	)		(0.93	)		(0.15	)		(0.26	)
Year Ended December 31, 2017	$	9.03		0.13	(c)		1.76			1.89			(0.14	)		(0.05	)
Year Ended December 31, 2016	$	8.59		0.13	(c)		0.42			0.55			(0.11	)		—
Institutional Shares
Year Ended December 31, 2020	$	11.11		0.14	(c)		0.57			0.71			(0.17	)		(0.30	)
Year Ended December 31, 2019	$	9.49		0.21	(c)		1.88			2.09			(0.23	)		(0.24	)
Year Ended December 31, 2018	$	10.84		0.16			(1.08	)		(0.92	)		(0.17	)		(0.26	)
Year Ended December 31, 2017	$	9.12		0.18	(c)		1.76			1.94			(0.17	)		(0.05	)
Year Ended December 31, 2016	$	8.69		0.16	(c)		0.40			0.56			(0.13	)		—

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

(a) The expense ratios exclude the impact of expenses paid by each underlying fund.

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

(d) Reflects increase trading activity due to large shareholder inflows.

(e) Prior to May 1, 2017, USAA Asset Management Company, the former investment adviser to the Fund ("AMCO"), voluntarily agreed to limit the annual expenses of the Institutional Shares to 0.70% of the Institutional Shares' average daily net assets. Reflects a return to normal trading levels after a prior year transition.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*			Net Expenses^(a)			Net Investment Income (Loss)			Gross Expenses(a)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
USAA Global Managed Volatility Fund
Fund Shares
Year Ended December 31, 2020		(0.45	)	$	11.20		6.25	%		0.90	%		1.14	%		1.15	%	$	10,414		86	%
Year Ended December 31, 2019		(0.46	)	$	10.97		21.69	%		0.90	%		1.81	%		1.09	%	$	11,921		53	%
Year Ended December 31, 2018		(0.41	)	$	9.39		(8.78	)%		0.90	%		1.57	%		1.18	%	$	10,229		35	%
Year Ended December 31, 2017		(0.19	)	$	10.73		20.95	%		0.90	%		1.30	%		1.09	%	$	11,284		48	%(d)
Year Ended December 31, 2016		(0.11	)	$	9.03		6.39	%		0.89	%		1.48	%		1.13	%	$	13,964		9	%
Institutional Shares
Year Ended December 31, 2020		(0.47	)	$	11.35		6.44	%		0.70	%		1.34	%		0.74	%	$	725,204		86	%
Year Ended December 31, 2019		(0.47	)	$	11.11		21.97	%		0.70	%		1.97	%		0.75	%	$	1,005,270		53	%
Year Ended December 31, 2018		(0.43	)	$	9.49		(8.61	)%		0.70	%		1.87	%		0.74	%	$	922,210		35	%
Year Ended December 31, 2017		(0.22	)	$	10.84		21.24	%		0.72	%(e)		1.79	%		0.76	%	$	824,189		48	%(d)
Year Ended December 31, 2016		(0.13	)	$	9.12		6.46	%		0.78	%		1.85	%		0.81	%	$	295,644		9	%

See notes to financial statements.

USAA Mutual Funds Trust

Notes to Financial Statements
December 31, 2020

1. Organization:

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

2. Significant Accounting Policies:

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

Investment Valuation:

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

Options are valued by a pricing service at the National Best Bid/Offer (NBBO) composite price, which is derived from the best available bid and ask price in all participating options exchanges determined to most closely reflect market value of the options at the time of computation of the Fund's NAV. These valuations typically are categorized as Level 1 in the fair value hierarchy.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Fund's NAV is calculated. The Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. The valuations are considered as Level 2 in the fair value hierarchy.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	455,448	$	254,250	$	7	$	709,705
Exchange-Traded Funds		22,468		—		—		22,468
Purchased Options		184		—		—		184
Collateral for Securities Loaned		4,576		—		—		4,576
Total	$	482,676	$	254,250	$	7	$	736,933

For the year ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Investment Companies:

Exchange-Traded Funds:

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

Open-End Funds:

Foreign Exchange Currency Contracts:

The Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by the Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Fund does not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Fund's foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2020, the Fund had no open forward foreign exchange currency contracts.

Derivative Instruments:

Futures Contracts:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with brokers for futures contract.

The Fund held no futures contracts during the year ended December 31, 2020.

Options:

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options on underlying instruments, namely, equity securities, ETFs, and equity indexes, to gain exposure to, or hedge against, changes in the value of equity securities, ETFs, or equity indexes. A call option gives the purchaser the right to buy, and the writer the obligation to sell, the underlying instrument at a specified price during a specified period. Conversely, a put option gives the purchaser the right to sell, and the writer the obligation to buy, the underlying instrument at a specified price during a specified period. The purchaser of the option pays a premium to the writer of the option.

Premiums paid for purchased options are included on the Fund's Statement of Assets and Liabilities as an investment. If a purchased option expires unexercised, the premium paid is recognized as a realized loss. If a purchased call option on a security is exercised, the cost of the security acquired includes the exercise price and the premium paid. If a purchased put option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium paid. The risk associated with purchasing a call or put option is limited to the premium paid.

Premiums received from writing options are included on the Fund's Statement of Assets and Liabilities as a liability. If a written option expires unexercised, the premium received is recognized as a realized gain. If a written call option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium received. If a written put option on a security is exercised, the cost of the security acquired is the exercise price paid less the premium received. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

In an attempt to reduce the Fund's volatility over time, the Fund may implement a strategy that involves purchasing and selling options on indexes or ETFs that represent the Fund's exposure against a highly correlated stock portfolio. The combination of the diversified stock portfolio with index or ETF options is designed to provide the Fund with consistent returns over a wide range of equity market environments. This strategy may not fully protect the Fund against declines in the portfolio's value, and the Fund could experience a loss. Options on ETFs are similar to options on individual securities in that the holder of the ETF call (or put) has the right to receive (or sell) shares of the underlying ETF at the strike price on or before exercise date. Options on securities indexes are different from options on individual securities in that the holder of the index option has the right to receive an amount of cash equal to the difference between the exercise price and the settlement value of the underlying index as defined by the exchange. If an index option is exercised, the realized gain or loss is determined by the exercise price, the settlement value, and the premium amount paid or received.

Investment Transactions and Related Income:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Securities Lending:

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	4,379			$	—			$	4,576

Foreign Currency Translations:

The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as net change in unrealized appreciation/depreciation on investments and foreign currency translations on the Statement of Operations. Any realized gains or losses from these fluctuations, including foreign currency arising from in-kind redemptions, are disclosed as net realized gains or losses from investment transactions and foreign currency translations on the Statement of Operations.

Foreign Taxes:

The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

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Notes to Financial Statements — continued
December 31, 2020

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	752,839	$	1,060,766

There were no purchases or sales of U.S. government securities during the year ended December 31, 2020

4. Affiliated Fund Ownership:

Affiliated USAA Fund	Ownership %
USAA Target Income Fund		9.7	%
USAA Target 2030 Fund		24.0	%
USAA Target 2040 Fund		37.2	%
USAA Target 2050 Fund		24.5	%
USAA Target 2060 Fund		3.1	%

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee accrued daily and paid monthly at an annualized rate of 0.60% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

In addition, the Fund invests in affiliated VCM Exchange-Traded Fund(s) ("affiliated ETFs"). The Fund's Adviser fee is reimbursed by VCM to the extent of the indirect Adviser fee incurred through the Fund's proportional investment in the affiliated ETF(s). For the year ended December 31, 2020, the Fund's Adviser fee was reimbursed by VCM in an amount of $35 thousand, of which $11 thousand is receivable from VCM. These reimbursements are not available for recoupment and are reflected on the Statement of Operations as Expenses waived/reimbursed by Adviser.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15% of average daily net assets of the Fund Shares and 0.05% of average daily net assets of the Institutional Shares. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees for the Institutional Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.05% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the year ended December 31, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

USAA Mutual Funds Trust

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December 31, 2020

Distributor/Underwriting Services:

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Custodian fees.

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2020, the expense limits (excluding voluntary waivers) are 0.90% and 0.70% for Fund Shares and Institutional Shares, respectively.

Expires December 31, 2022				Expires December 31, 2023				Total
$	249			$	368			$	617

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, Custodian and Distributor.

6. Risks:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

States, are adopting more protectionist trade policies and moving away from the tighter financial industry regulations that followed the 2008 financial crisis, which may also affect the value of a Fund's investments.

An outbreak of disease called COVID-19 has spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and consumer activity, significant challenges in healthcare service preparation and delivery, quarantines and general concern and uncertainty. These negative impacts have caused significant volatility and declines in global financial markets, which have caused losses for Fund investors during and subsequent to period end. The impact of the COVID-19 pandemic may last for an extended period of time, and could result in a substantial economic downturn or recession. Public health crises may exacerbate other pre-existing political, social, economic, market and financial risks. The extent of the impact to the financial performance of the Funds' investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

Foreign Securities Risk — Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

7. Borrowing and Interfund Lending:

Line of Credit:

For the year ended December 31, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the year ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2020.

Interfund Lending:

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the year ended December 31, 2020 were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at December 31, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	2,993				2				0.62	%		$	4,218

* For the year ended December 31, 2020, based on the number of days borrowings were outstanding.

8. Federal Income Tax Information:

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

As of December 31, 2020, on the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

Total accumulated earnings/(loss)				Capital
$	(7,867	)		$	7,867

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Notes to Financial Statements — continued
December 31, 2020

Year Ended December 31, 2020								Year Ended December 31, 2019
Distributions paid from								Distributions paid from
Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid		Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
$	11,854	$	19,962	$	31,816	$	31,816	$	8,877	$	15,657	$	24,534	$	24,534

As of December 31, 2020, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

Undistributed Ordinary Income				Accumulated Undistributed Long-Term Capital Gains				Accumulated Earnings				Other Earnings (Loss)				Unrealized Appreciation (Depreciation)*				Total Accumulated Earnings (Loss)
$	4,201			$	46,591			$	50,792			$	—			$	82,547			$	133,339

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

As of December 31, 2020, the Fund had no capital loss carryforwards for federal income tax purposes.

Tax Cost				Tax Unrealized Appreciation				Tax Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	654,266			$	92,540			$	(9,873	)		$	82,667

9. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares or an investment company managed by VCM. The Fund does not invest in affiliated underlying funds for the purpose of exercising management or control. These underlying funds are noted as affiliated in the Fund's Schedule of Portfolio Investments. The affiliated underlying fund's annual or semiannual reports may be viewed at vcm.com. Transactions in affiliated securities during the year ended December 31, 2020 were as follows (amounts in thousands):

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2020		Dividend Income
VictoryShares International Volatility Wtd ETF	$	5,466	$	—	$	(5,618	)	$	584		$	—	$	(432	)	$	—	$	99
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		2,437		—		(2,402	)		(416	)		—		381			—		54
VictoryShares USAA MSCI International Value Momentum ETF		4,542		—		(4,431	)		(402	)		—		291			—		73
	$	12,445	$	—	$	(12,451	)	$	(234	)	$	—	$	240		$	—	$	226

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of USAA Global Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of USAA Global Managed Volatility Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

San Antonio, Texas
February 26, 2021

USAA Mutual Funds Trust

Supplemental Information
December 31, 2020

(Unaudited)

Trustee and Officer Information

Board of Trustees:

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

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

Jefferson C. Boyce,
Born September 1957

Lead Independent Trustee, and Vice Chairman

2013

Senior Managing Director, New York Life Investments, LLC (1992-2012)

Westhab, Inc.

John C. Walters,
Born February 1962

Trustee

2019

USAA Mutual Funds Trust

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December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Robert L. Mason, Ph.D.,
Born July 1946

Trustee

1997

None

Dawn M. Hawley,
Born February 1954

Trustee

2014

None

Paul L. McNamara,
Born July 1948

Trustee

2012

Director, Cantor Opportunistic Alternatives Fund, LLC (March 2010-February 2014) , which is a closed-end fund of funds by Cantor Fitzgerald Investment Advisors, LLC

None

USAA Mutual Funds Trust

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December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Richard Y. Newton III,
Born January 1956

Trustee

2017

None

Barbara B. Ostdiek, Ph.D.,
Born March 1964

Trustee

2008

None

Michael F. Reimherr, (a)
Born August 1945

Trustee

2000

President of Reimherr Business Consulting (May 1995-December 2017); St. Mary's University Investment Committee overseeing University Endowment (since 2014)

None

(a) Effective at the close of business on December 31, 2020, Michael F. Reimherr retired from the Board of Trustees.

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December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Interested Trustees.

David C. Brown, (b)
Born May 1972

Trustee

2019

Trustee, Victory Portfolios (42 series), Victory Portfolios II (26 series), Victory Variable Insurance Funds (9 series)

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December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Daniel S. McNamara, (b)(c)
Born June 1966

Trustee and Chair of the Board of Trustees

2012

None

(c) Effective at the close of business on December 31, 2020, Jefferson C. Boyce will replace Dan McNamara as Chair of the Board and will assume the title of Independent Chair.

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December 31, 2020

(Unaudited)

Officers:

Name and Date of Birth

Position with
the Trust

Year
Commenced
Service

Principal Occupation During Past 5 Years

Interested Officers.

Christopher K. Dyer,
Born February 1962

President

2019

Director of Fund Administration, Victory Capital (2004-present)

Scott A Stahorsky,
Born July 1969

Vice President

2019

Manager, Fund Administration, Victory Capital (since 2015)

James K. De Vries,
Born April 1969

Treasurer, Principal Financial Officer

2018

Allan Shaer,
Born March 1965

Assistant Treasurer

2019

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016)

Carol D. Trevino,
Born October 1965

Assistant Treasurer

2018

Erin G. Wagner,
Born February 1974

Secretary

2019

Deputy General Counsel, the Adviser (since 2013)

Charles Booth,
Born April 1960

Anti-Money Laundering Compliance Officer and Identity Theft Officer

2019

Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc. (2007-present)

Amy Campos,
Born July 1976

Chief Compliance Officer

2019

USAA Mutual Funds Trust

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December 31, 2020

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 through December 31, 2020.

	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Fund Shares	$	1,000.00	$	1,178.50	$	1,020.61	$	4.93	$	4.57		0.90	%
Institutional Shares		1,000.00		1,180.20		1,021.62		3.84		3.56		0.70

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Additional Federal Income Tax Information

				Dividend Received Deduction (corporate shareholders)*				Qualified Dividend Income (non-corporate shareholders)*				Short-Term Capital Gain Distributions				Long-Term Capital Gain Distributions^(a)
					42.22	%			64.22	%		$	680			$	27,350

* Presented as a percentage of net investment income and excludes short-term capital gain distributions paid, if any. All or a portion of these amounts may be exempt from taxation at the state level.

^(a) Pursuant to Section 852 of the Internal Revenue Code.

USAA Mutual Funds Trust

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December 31, 2020

Considerations of the Board in Continuing the Investment Advisory Agreement

USAA Global Managed Volatility Fund (the "Fund")

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2020, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 10-11, 2020 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 19, 2020.

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

Advisory Agreement

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

USAA Mutual Funds Trust

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December 31, 2020

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

Expenses and Performance — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's management fee rate — which includes advisory and administrative services as well as any fee waivers and reimbursements — was below the median of its expense group and its expense universe. The data indicated that the Fund's total expenses, including underlying fund expenses and after any reimbursements, were below the median of its expense group and its expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was below the average of its performance universe and its Lipper index for the one-year period ended September 30, 2020, was above the average of its performance universe for the three- and five-year periods ended September 30, 2020, and was below its Lipper index for the three- and five-year periods ended September 30, 2020.

Compensation and Profitability — The Board took into consideration the level and method of computing the management fee. The information considered by the Board included operating profit margin information for the Adviser's business as a whole. The Board also received and considered profitability information related to the management revenues from the Fund. This information included a review of the methodology used in the allocation of certain costs to the Fund. In considering the profitability data with respect to the Fund, the Trustees noted that the Adviser reimbursed or waived a portion of its management fees to the Fund. The Trustees reviewed the profitability of the Adviser's relationship with the Fund before tax expenses. The Board was also provided with a profitability analysis of other publicly traded asset managers prepared by an independent information service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund

USAA Mutual Funds Trust

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December 31, 2020

for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

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

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

Privacy Policy

Protecting the Privacy of Information

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

P.O. Box 182593
Columbus, Ohio 43218-2593

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

88394-0221

DECEMBER 31, 2020

Annual Report

USAA Extended Market Index Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Shareholder Letter (Unaudited)					2
Managers' Commentary (Unaudited)					4
Investment Overview (Unaudited)					6
Investment Objective & Portfolio Holdings (Unaudited)					7
Schedule of Portfolio Investments					8
Financial Statements
Statement of Assets and Liabilities					70
Statement of Operations					71
Statements of Changes in Net Assets					72
Financial Highlights					74
Notes to Financial Statements					76
Report of Independent Registered Public Accounting Firm					86
Supplemental Information (Unaudited)					87
Trustees' and Officers' Information					87
Proxy Voting and Portfolio Holdings Information					93
Expense Example					93
Additional Federal Income Tax Information					94
Advisory Contract Agreement					95
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

(Unaudited)

Dear Shareholder,

My colleagues and I sincerely appreciate the confidence you have placed in the USAA Mutual Funds, and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
USAA Mutual Funds

USAA Mutual Funds Trust

USAA Extended Market Index Fund

Manager's Commentary

(Unaudited)

Victory Solutions

Mannik S. Dhillon, CFA, CAIA
Wasif A. Latif

• What were the market conditions over the reporting period?

In an unprecedented 2020, investors witnessed a tale of two markets.

USAA Mutual Funds Trust

USAA Extended Market Index Fund (continued)

Manager's Commentary (continued)

by the enormous annual returns posted by large-cap growth stocks, led by the information technology and consumer discretionary 'stay-at-home' stocks.

• How did the USAA Extended Market Index Fund (the "Fund") perform during the reporting period?

Against this backdrop, the Fund posted a strong total return of 31.20% for the reporting period ended December 31, 2020, while its benchmark index, the Wilshire 4500 Completion Index, posted a return of 31.99%.

• Please describe sector performance during the reporting period.

During the year, the Fund's strong absolute return was led by consumer discretionary and information technology stocks. The strong return in these sectors more than offset the underperformance in the Energy, real estate and utilities sectors.

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

USAA Mutual Funds Trust

USAA Extended Market Index Fund

Investment Overview

(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

	Fund Shares
INCEPTION DATE	10/27/00
	Net Asset Value			Wilshire 4500 Completion Index¹
One Year		31.20	%		31.99	%
Five Year		15.55	%		16.39	%
Ten Year		12.64	%		13.40	%

USAA Extended Market Index Fund — Growth of $10,000

¹The Wilshire 4500 Completion Index is a market cap-weighted index consisting of the small and mid-cap companies in the U.S. equity market. The Index consists of securities within the Wilshire 5000 Total Market Index (Parent Index) after eliminating the companies included in the S&P 500 Index. The Parent Index measures performance of all U.S. equity securities with readily available price data. This index does not include the effect of expenses or taxes, is not a representative of the Fund and it is not possible to invest directly in an index.

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

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

Past performance is not indicative of future results.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to match, before fees and expenses, the performance of all small- and mid-cap stocks as measured by the Wilshire 4500 Completion Index^SM (the "Index").

Sector Allocation*:

December 31, 2020

(% of Net Assets)

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

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

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Common Stocks (99.3%)
Communication Services (4.8%):
A.H. Belo Corp. Class A		3,049	$	5
Alaska Communications Systems Group, Inc.		7,664		28
Altice USA, Inc. Class A (a)		11,226		425
AMC Entertainment Holdings, Inc. (b)		12,114		26
AMC Networks, Inc. Class A (a) (b)		4,629		166
ANGI Homeservices, Inc. Class A (a) (b)		10,885		144
Atn International, Inc.		1,678		70
Autoweb, Inc. (a)		1,588		4
Ballantyne Strong, Inc. (a)		1,809		4
Bandwidth, Inc. Class A (a)		730		112
Beasley Broadcast Group, Inc. Class A		393		1
Boingo Wireless, Inc. (a)		6,117		78
Boston Omaha Corp. Class A (a)		3,330		92
Cable One, Inc.		727		1,620
Cardlytics, Inc. (a)		4,325		617
Cargurus, Inc. (a)		1,328		42
Cars.com, Inc. (a)		10,612		120
cbdMD, Inc. (a)		6,023		18
Chicken Soup For The Soul Entertainment, Inc. (a)		191		4
Cincinnati Bell, Inc. (a)		6,792		104
Cinedigm Corp. Class A (a)		13,920		9
Cinemark Holdings, Inc. (b)		16,231		283
Clear Channel Outdoor Holdings, Inc. (a)		21,918		36
Cogent Communications Holdings, Inc. (c)		6,174		370
comScore, Inc. (a)		9,389		23
Consolidated Communications Holdings, Inc. (a)		9,711		47
DHI Group, Inc. (a)		8,345		19
Dolphin Entertainment, Inc. (a)		923		3
Emerald Holding, Inc.		2,992		16
Entercom Communications Corp. Class A		19,186		47
Entravision Communications Corp. Class A		10,295		28
Eventbrite, Inc. Class A (a) (b)		1,842		33
EverQuote, Inc. Class A (a)		838		31
Gannett Co., Inc. (a)		20,107		68
Globalstar, Inc. (a) (b)		103,538		35
Glu Mobile, Inc. (a)		21,899		197
Gogo, Inc. (a) (b)		7,712		74
Gray Television, Inc. (a)		11,760		210
Harte-Hanks, Inc. (a)		823		2
Hemisphere Media Group, Inc. (a)		2,946		31
IAC/InterActiveCorp. (a)		10,293		1,949
IDT Corp. Class B (a)		3,542		44
iHeartMedia, Inc. Class A (a) (b)		9,791		127
Insignia Systems, Inc. (a)		1,476		1
Iridium Communications, Inc. (a)		17,418		685
John Wiley & Sons, Inc. Class A		5,160		236
Kubient, Inc. (a)		1,015		6
Lee Enterprises, Inc. (a)		9,190		12

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Liberty Broadband Corp. Class A (a)		34,274	$	5,401
Liberty Media Corp-Liberty Braves Class A (a)		7,552		188
Liberty Media Corp-Liberty Formula One Class A (a)		30,675		1,165
Liberty Media Corp-Liberty SiriusXM Class A (a)		43,905		1,896
Liberty TripAdvisor Holdings, Inc. Class A (a)		10,518		46
Lions Gate Entertainment Corp. Class B (a)		19,233		200
LiveXLive Media, Inc. (a)		7,127		23
Loral Space & Communications, Inc.		3,590		75
Madison Square Garden Entertainment Corp. (a)		3,033		319
Madison Square Garden Sports Corp. (a)		3,029		558
Marchex, Inc. Class B (a)		6,099		12
Match Group, Inc. (a)		37,896		5,729
MediaAlpha, Inc. Class A (a)		1,574		61
Mediaco Holding, Inc. (a)		953		2
Meredith Corp.		5,038		97
MSG Networks, Inc. Class A (a) (b)		7,837		116
National CineMedia, Inc.		12,265		46
Nexstar Media Group, Inc. Class A		6,788		741
NTN Buzztime, Inc. (a)		417		1
Ooma, Inc. (a)		3,302		48
ORBCOMM, Inc. (a)		12,285		91
Pinterest, Inc. Class A (a)		14,496		955
QuinStreet, Inc. (a)		6,646		142
Reading International, Inc. Class A (a)		3,206		16
Saga Communications, Inc. Class A		592		14
Salem Media Group, Inc.		2,101		2
Scholastic Corp.		4,355		109
Sciplay Corp. Class A (a)		3,600		50
Shenandoah Telecommunications Co.		7,182		311
Sinclair Broadcast Group, Inc. Class A (b)		9,419		300
Sirius XM Holdings, Inc. (b)		185,093		1,179
Snap, Inc. Class A (a)		146,859		7,354
SPAR Group, Inc. (a)		1,450		2
Spok Holdings, Inc.		2,589		29
SRAX, Inc. (a)		2,282		7
Super League Gaming, Inc. (a)		2,412		7
TechTarget, Inc. (a)		3,483		206
TEGNA, Inc.		33,055		461
Telephone & Data Systems, Inc.		14,173		263
The E.W. Scripps Co. Class A		9,022		138
The Marcus Corp.		2,706		36
The New York Times Co. Class A		17,648		914
Townsquare Media, Inc. Class A		1,526		10
Travelzoo (a)		1,137		11
TripAdvisor, Inc. (a)		13,663		393
TrueCar, Inc. (a)		11,161		47
United States Cellular Corp. (a)		2,450		75
Urban One, Inc. (a)		4,559		5
Vonage Holdings Corp. (a)		36,610		471
Warner Music Group Corp. Class A		12,816		487

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
WideOpenWest, Inc. (a)		7,711	$	82
World Wrestling Entertainment, Inc. Class A		5,604		269
Xcel Brands, Inc. (a)		1,353		2
Yelp, Inc. (a)		11,157		364
Zedge, Inc. Class B (a)		1,627		10
Zillow Group, Inc. Class C (a)		14,422		1,872
ZoomInfo Technologies, Inc. Class A (a) (b)		7,826		377
Zynga, Inc. Class A (a)		148,222		1,462
				43,549
Consumer Discretionary (9.5%):
1-800-Flowers.com, Inc. Class A (a)		4,548		118
1847 Goedeker, Inc. (a)		195		2
Abercrombie & Fitch Co.		8,986		183
Academy Sports & Outdoors, Inc. (a) (b)		2,657		55
Accel Entertainment, Inc. (a)		11,408		115
Acushnet Holdings Corp.		4,730		192
ADOMANI, Inc. (a)		10,119		4
Adtalem Global Education, Inc. (a)		6,807		231
American Axle & Manufacturing Holdings, Inc. (a)		14,991		125
American Eagle Outfitters, Inc.		20,045		402
American Outdoor Brands, Inc. (a)		2,037		35
American Public Education, Inc. (a)		2,010		61
America's Car-Mart, Inc. (a)		951		104
Amesite, Inc. (a)		513		2
Aramark		29,685		1,142
Arcimoto, Inc. (a)		4,511		60
Ark Restaurants Corp.		323		6
Asbury Automotive Group, Inc. (a)		2,778		405
Aspen Group, Inc. (a) (b)		3,520		39
At Home Group, Inc. (a)		8,251		128
Autoliv, Inc.		13,753		1,267
AutoNation, Inc. (a)		8,537		596
AYRO, Inc. (a)		4,301		26
Bally's Corp.		2,195		110
Barnes & Noble Education, Inc. (a)		5,785		27
Bassett Furniture Industries, Inc.		1,538		31
BBQ Holdings, Inc. (a)		1,555		7
Beazer Homes USA, Inc. (a)		4,156		63
bebe stores, Inc.		982		5
Bed Bath & Beyond, Inc. (b)		13,721		244
Big 5 Sporting Goods Corp.		3,266		33
Big Lots, Inc.		4,998		215
Biglari Holdings, Inc. Class B (a)		348		39
BJ's Restaurants, Inc.		2,318		89
Blink Charging Co. (a) (b)		4,057		173
Bloomin' Brands, Inc.		11,737		228
Blue Apron Holdings, Inc. Class A (a)		237		1
Bluegreen Vacations Corp.		850		7
Bluegreen Vacations Holding Corp. (a)		2,006		27
Boot Barn Holdings, Inc. (a)		4,159		180

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Bowl America, Inc. Class A		372	$	4
Boyd Gaming Corp. (a)		11,398		489
Bright Horizons Family Solutions, Inc. (a)		8,421		1,457
Brinker International, Inc.		6,525		369
Brunswick Corp.		12,074		921
Build-A-Bear Workshop, Inc. (a)		2,429		10
Burlington Stores, Inc. (a)		8,656		2,263
Caesars Entertainment, Inc. (a)		27,215		2,020
Caleres, Inc.		5,462		85
Callaway Golf Co.		13,726		330
Camping World Holdings, Inc. Class A (b)		5,055		132
CarParts.com, Inc. (a) (b)		6,584		82
Carriage Services, Inc.		2,438		76
Carrols Restaurant Group, Inc. (a)		5,498		35
Carter's, Inc.		5,777		543
Carvana Co. (a)		1,727		414
Casper Sleep, Inc. (a)		4,889		30
Cavco Industries, Inc. (a)		1,077		189
Century Casinos, Inc. (a)		4,657		30
Century Communities, Inc. (a)		4,190		183
Charles & Colvard Ltd. (a)		4,076		5
Chegg, Inc. (a)		17,695		1,598
Chewy, Inc. Class A (a) (b)		8,295		746
Chico's FAS, Inc.		15,067		24
Choice Hotels International, Inc.		6,782		724
Churchill Downs, Inc.		4,957		966
Chuy's Holdings, Inc. (a)		2,310		61
Citi Trends, Inc.		1,692		84
Clarus Corp.		3,487		54
Collectors Universe, Inc.		1,421		107
Columbia Sportswear Co.		5,657		494
Comstock Holding Cos., Inc. (a)		1,083		3
Conn's, Inc. (a)		3,368		39
Cooper Tire & Rubber Co.		7,257		294
Core-Mark Holding Co., Inc.		6,472		189
Cracker Barrel Old Country Store, Inc.		3,576		472
Crocs, Inc. (a)		8,707		546
Crown Crafts, Inc.		1,456		10
Culp, Inc.		1,958		31
Dana, Inc.		21,785		425
Dave & Buster's Entertainment, Inc.		5,485		165
Deckers Outdoor Corp. (a)		3,764		1,080
Delta Apparel, Inc. (a)		923		19
Denny's Corp. (a)		9,401		138
Designer Brands, Inc. Class A		8,845		68
Destination XL Group, Inc. (a)		8,083		2
Dick's Sporting Goods, Inc.		10,657		599
Dillard's, Inc. Class A (b)		3,354		211
Dine Brands Global, Inc.		2,365		137
Dorman Products, Inc. (a)		3,840		333

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Dover Motorsports, Inc.		2,376	$	5
Drive Shack, Inc. (a)		8,109		19
Duluth Holdings, Inc. Class B (a) (b)		3,455		36
Educational Development Corp.		1,078		17
El Pollo Loco Holdings, Inc. (a)		2,870		52
Emerson Radio Corp. (a)		987		1
Envela Corp. (a)		1,308		7
Escalade, Inc.		1,828		39
Ethan Allen Interiors, Inc.		2,770		56
Express, Inc. (a) (b)		7,603		7
Extended Stay America, Inc.		25,284		374
FAT Brands, Inc. (a)		380		2
Fiesta Restaurant Group, Inc. (a)		2,345		27
Five Below, Inc. (a)		7,301		1,278
Flexsteel Industries, Inc.		1,152		40
Floor & Decor Holdings, Inc. Class A (a)		13,415		1,246
Foot Locker, Inc.		13,990		566
Forward Industries, Inc. (a)		1,156		2
Fossil Group, Inc. (a)		4,484		39
Fox Factory Holding Corp. (a)		5,451		576
Franchise Group, Inc.		3,895		119
Frontdoor, Inc. (a)		13,599		683
Full House Resorts, Inc. (a)		4,087		16
Funko, Inc. Class A (a)		1,830		19
Gaia, Inc. (a)		1,350		13
GameStop Corp. Class A (a) (b)		5,567		105
Genesco, Inc. (a)		1,984		60
Gentex Corp.		37,769		1,282
Gentherm, Inc. (a)		4,162		271
G-III Apparel Group Ltd. (a)		5,995		142
Golden Entertainment, Inc. (a)		3,682		73
GoPro, Inc. Class A (a)		16,163		134
Graham Holdings Co. Class B		654		349
Grand Canyon Education, Inc. (a)		6,594		614
Green Brick Partners, Inc. (a)		8,056		185
Greenlane Holdings, Inc. Class A (a)		936		4
Group 1 Automotive, Inc.		2,669		350
Groupon, Inc. (a)		3,668		139
GrubHub, Inc. (a)		11,654		866
Guess?, Inc.		4,049		92
H&R Block, Inc.		29,084		461
Hall of Fame Resort & Entertainment Co. (a)		4,662		6
Hamilton Beach Brands Holding Co. Class A		802		14
Harbor Custom Development, Inc. (a)		396		2
Harley-Davidson, Inc.		22,340		819
Haverty Furniture Cos., Inc.		2,471		68
Helen of Troy Ltd. (a)		3,270		727
HG Holdings, Inc. (a)		5,655		3
Hibbett Sports, Inc. (a)		2,106		97
Hilton Grand Vacations, Inc. (a)		11,406		358

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Hooker Furniture Corp.		1,733	$	56
Horizon Global Corp. (a)		2,548		22
Houghton Mifflin Harcourt Co. (a)		18,764		62
Hovnanian Enterprises, Inc. Class A (a)		844		28
Hyatt Hotels Corp. Class A		4,576		340
HyreCar, Inc. (a)		2,673		19
Iconix Brand Group, Inc. (a)		2,097		3
imedia Brands, Inc. (a)		1,744		8
Inspired Entertainment, Inc. (a)		2,508		17
Installed Building Products, Inc. (a)		3,395		346
iRobot Corp. (a) (b)		3,487		280
J Alexander's Holdings, Inc. (a)		2,373		17
J. Jill, Inc. (a)		526		2
Jack in the Box, Inc.		3,426		318
JAKKS Pacific, Inc. (a)		572		3
Jerash Holdings US, Inc.		1,006		6
Johnson Outdoors, Inc. Class A		1,098		124
Kaspien Holdings, Inc. (a)		89		1
KB Home		11,376		381
Kirkland's, Inc. (a)		2,221		40
Kohl's Corp. (c)		24,298		988
Kontoor Brands, Inc.		7,954		323
Koss Corp. (a)		261		1
Kura Sushi USA, Inc. Class A (a)		455		9
Lakeland Industries, Inc. (a) (b)		1,257		34
Lands' End, Inc. (a)		2,458		53
Laureate Education, Inc. Class A (a)		7,743		113
La-Z-Boy, Inc.		6,648		265
Lazydays Holdings, Inc. (a)		1,479		24
LCI Industries		3,624		470
Leaf Group Ltd. (a)		4,217		20
Lear Corp.		7,845		1,248
Legacy Housing Corp. (a)		932		14
Leslie's, Inc. (a) (b)		6,565		182
Levi Strauss & Co. Class A		6,654		134
Lifetime Brands, Inc.		1,896		29
Lincoln Educational Services Corp. (a)		3,770		25
Liquidity Services, Inc. (a)		4,221		67
Lithia Motors, Inc. Class A		3,821		1,118
LMP Automotive Holdings, Inc. (a)		1,041		26
Luby's, Inc. (a)		3,040		9
Lumber Liquidators Holdings, Inc. (a)		3,580		110
M/I Homes, Inc. (a)		3,708		164
Macy's, Inc. (b)		44,705		503
Magnite, Inc. (a)		15,942		490
Malibu Boats, Inc. Class A (a)		2,777		173
Marine Products Corp.		2,496		36
MarineMax, Inc. (a)		3,180		111
Marriott Vacations Worldwide Corp.		6,191		850
MasterCraft Boat Holdings, Inc. (a)		1,968		49

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Mattel, Inc. (a)		37,898	$	661
MDC Holdings, Inc.		8,802		428
Meritage Homes Corp. (a)		5,356		444
Modine Manufacturing Co. (a)		7,455		94
Mohawk Group Holdings, Inc. (a) (b)		2,671		46
Monarch Casino & Resort, Inc. (a)		1,836		112
Monro, Inc.		4,241		226
Motorcar Parts of America, Inc. (a)		2,362		46
Movado Group, Inc. (a)		2,059		34
Murphy USA, Inc.		4,307		564
Muscle Maker, Inc. (a)		1,456		3
Nathan's Famous, Inc.		448		25
National Vision Holdings, Inc. (a)		11,673		529
Nautilus, Inc. (a)		4,816		87
Noodles & Co. (a)		4,832		38
Nordstrom, Inc.		17,965		561
Nova Lifestyle, Inc. (a)		596		1
Ollie's Bargain Outlet Holdings, Inc. (a)		5,476		448
OneWater Marine, Inc. (a)		753		22
Overstock.com, Inc. (a) (b)		6,734		323
Oxford Industries, Inc.		2,403		157
P&F Industries, Inc. Class A		201		1
Papa John's International, Inc.		3,919		333
Party City Holdco, Inc. (a)		15,199		93
Peloton Interactive, Inc. Class A (a)		6,861		1,041
Penn National Gaming, Inc. (a)		20,296		1,753
Penske Automotive Group, Inc.		5,518		328
Perdoceo Education Corp. (a)		9,982		126
PetMed Express, Inc. (b) (c)		2,921		94
Planet Fitness, Inc. Class A (a)		12,755		990
PlayAGS, Inc. (a)		3,954		28
Polaris, Inc.		8,993		857
Potbelly Corp. (a)		3,285		14
Purple Innovation, Inc. (a)		2,164		71
Quotient Technology, Inc. (a)		10,824		102
Qurate Retail, Inc. Class A		65,002		713
Rave Restaurant Group, Inc. (a)		2,775		3
RCI Hospitality Holdings, Inc.		1,330		52
Red Lion Hotels Corp. (a)		4,010		14
Red Robin Gourmet Burgers, Inc. (a)		1,770		34
Red Rock Resorts, Inc. Class A		9,629		241
Regis Corp. (a)		5,377		49
Remark Holdings, Inc. (a) (b)		15,836		30
Rent-A-Center, Inc.		7,986		306
Revolve Group, Inc. (a)		2,000		62
RH (a)		1,602		717
Rocky Brands, Inc.		1,140		32
Roku, Inc. (a)		3,190		1,060
RumbleON, Inc. Class B (a)		213		6
Ruth's Hospitality Group, Inc.		5,087		90

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description		Shares		Value
Sally Beauty Holdings, Inc. (a)			12,474	$	163
Scientific Games Corp. (a)			11,001		456
Seaworld Entertainment, Inc. (a)			6,434		203
Select Interior Concepts, Inc. Class A (a)			2,772		20
Service Corp. International			24,887		1,222
Shake Shack, Inc. Class A (a) (b)			2,638		224
Shoe Carnival, Inc.			1,418		56
Shutterstock, Inc.			3,277		235
Signet Jewelers Ltd.			6,927		189
Simply, Inc. (a)			1,162		3
Six Flags Entertainment Corp.			11,958		408
Skechers USA, Inc. Class A (a)			15,533		558
Skyline Champion Corp. (a)			8,255		255
Sleep Number Corp. (a)			3,580		293
Smith & Wesson Brands, Inc.			8,722		155
Sonic Automotive, Inc. Class A			2,184		84
Sonos, Inc. (a)			15,124		354
Sportsman's Warehouse Holdings, Inc. (a)			5,918		104
Stamps.com, Inc. (a)			2,475		486
Standard Motor Products, Inc.			3,271		132
Steven Madden Ltd.			9,756		345
Stitch Fix, Inc. Class A (a)			1,405		83
StoneMor, Inc. (a)			18,956		50
Stoneridge, Inc. (a)			3,303		100
Strategic Education, Inc.			2,943		281
Strattec Strategy Corp.			472		23
Stride, Inc. (a)			6,541		139
Sturm Ruger & Co., Inc. (c)			2,491		162
Summer Infant, Inc. (a)			293		4
Superior Group of Cos., Inc.			1,913		44
Superior Industries International, Inc. (a)			3,859		16
Sypris Solutions, Inc. (a)			2,107		3
Target Hospitality Corp. (a)			6,101		10
Taylor Morrison Home Corp. (a)			17,415		447
Tempur Sealy International, Inc. (a)			28,347		765
Tenneco, Inc. Class A (a)			9,728		103
Terminix Global Holdings, Inc. (a)			17,484		892
Texas Roadhouse, Inc.			10,476		819
The Aaron's Co., Inc. (a)			4,584		87
The Buckle, Inc. (b)			3,145		92
The Cato Corp. Class A			3,035		29
The Cheesecake Factory, Inc. (b)			5,498		204
The Children's Place, Inc. (a)	��		1,759		88
The Container Store Group, Inc. (a)			4,150		40
The Dixie Group, Inc. (a)			2,093		5
The Goodyear Tire & Rubber Co.			35,150		383
The Lovesac Co. (a)			1,631		70
The Michaels Cos., Inc. (a) (b)			10,636		138
The New Home Co., Inc. (a)			1,985		9
The ODP Corp. (a)			7,148		209

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
The RealReal, Inc. (a)		11,871	$	232
The Wendy's Co.		34,917		765
Thor Industries, Inc.		6,956		647
Tilly's, Inc. Class A		1,996		16
Toll Brothers, Inc.		13,952		606
TopBuild Corp. (a)		4,537		836
Toughbuilt Industries, Inc. (a)		6,439		5
TravelCenters of America, Inc. (a)		2,291		75
TRI Pointe Group, Inc. (a)		18,697		323
Tupperware Brands Corp. (a)		5,931		192
Turtle Beach Corp. (a) (b)		2,392		52
Unifi, Inc. (a)		2,473		44
Unique Fabricating, Inc. (a)		1,409		8
Universal Electronics, Inc. (a)		1,981		104
Universal Technical Institute, Inc. (a)		4,430		29
Urban Outfitters, Inc. (a)		6,880		176
Vail Resorts, Inc.		5,588		1,559
Veoneer, Inc. (a)		15,704		334
Vera Bradley, Inc. (a)		4,198		33
Vince Holding Corp. (a)		553		4
Vinco Ventures, Inc. (a)		1,458		2
Vista Outdoor, Inc. (a)		7,512		178
Visteon Corp. (a)		3,777		474
VOXX International Corp. (a)		2,564		33
Vroom, Inc. (a)		14,618		599
W.W. International, Inc. (a)		7,301		178
Wayfair, Inc. Class A (a) (b)		7,497		1,692
Weyco Group, Inc.		1,069		17
Williams-Sonoma, Inc.		8,095		824
Wingstop, Inc.		4,475		593
Winmark Corp.		407		76
Winnebago Industries, Inc.		4,919		295
Wolverine World Wide, Inc.		11,824		370
Wyndham Destinations, Inc.		13,233		594
Wyndham Hotels & Resorts, Inc.		12,642		751
XpresSpa Group, Inc. (a) (b)		15,431		18
YETI Holdings, Inc. (a)		8,899		609
ZAGG, Inc. (a)		4,650		19
Zovio, Inc. (a)		5,068		24
Zumiez, Inc. (a)		3,072		113
				87,062
Consumer Staples (3.2%):
22nd Century Group, Inc. (a)		20,936		46
Albertsons Cos., Inc. Class A (b)		38,799		682
Alico, Inc.		678		21
Arcadia Biosciences, Inc. (a)		2,072		5
B&G Foods, Inc. (b)		9,257		257
BellRing Brands, Inc. Class A (a)		5,747		140
Beyond Meat, Inc. (a) (b)		9,867		1,233
BJ's Wholesale Club Holdings, Inc. (a)		18,858		703

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Bunge Ltd.		20,821	$	1,365
Calavo Growers, Inc.		2,573		179
Cal-Maine Foods, Inc. (a)		3,350		126
Casey's General Stores, Inc.		4,824		862
Celsius Holdings, Inc. (a)		4,561		229
Central Garden & Pet Co. Class A (a)		4,777		174
Coca-Cola Consolidated, Inc.		628		167
Coffee Holding Co., Inc. (a)		821		3
Coty, Inc. Class A (c)		47,474		333
Crimson Wine Group Ltd. (a)		2,648		14
Cyanotech Corp. (a)		674		2
Darling Ingredients, Inc. (a)		24,435		1,410
Eastside Distilling, Inc. (a)		1,598		2
Edgewell Personal Care Co.		7,558		261
elf Beauty, Inc. (a)		6,583		166
Energizer Holdings, Inc.		8,150		344
Farmer Brothers Co. (a)		2,028		9
Flowers Foods, Inc.		30,131		682
Fresh Del Monte Produce, Inc.		3,888		94
Freshpet, Inc. (a)		6,400		909
Grocery Outlet Holding Corp. (a)		11,199		440
Guardion Health Sciences, Inc. (a)		11,098		5
Herbalife Nutrition Ltd. (a)		17,198		826
HF Foods Group, Inc. Class A (a) (b)		6,870		52
Hostess Brands, Inc. (a)		11,612		170
Ifresh, Inc. (a)		2,279		2
Ingles Markets, Inc. Class A		1,901		81
Ingredion, Inc.		10,325		812
Inter Parfums, Inc.		2,536		153
J & J Snack Foods Corp.		2,064		321
John B Sanfilippo & Son, Inc.		1,205		95
Jones Soda Co. (a)		8,202		2
Jupiter Wellness, Inc. (a)		469		2
Keurig Dr Pepper, Inc.		115,517		3,696
Laird Superfood, Inc. (a) (b)		476		23
Lancaster Colony Corp.		2,906		534
Landec Corp. (a)		4,164		45
Lifevantage Corp. (a)		2,243		21
Lifeway Foods, Inc. (a)		706		4
Limoneira Co.		2,179		36
Mannatech, Inc.		192		4
Medifast, Inc.		1,715		337
MGP Ingredients, Inc.		1,870		88
Mission Produce, Inc. (a)		1,394		21
National Beverage Corp. (b)		1,797		153
Natural Alternatives International, Inc. (a)		900		9
Natural Grocers by Vitamin Cottage, Inc.		2,229		31
Nature's Sunshine Products, Inc. (a)		2,799		42
NewAge, Inc. (a)		15,514		41
Nu Skin Enterprises, Inc. Class A		7,780		425

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Ocean Bio-Chem, Inc.		713	$	10
Oil-Dri Corp. of America		763		26
Performance Food Group Co. (a)		17,000		809
Pilgrim's Pride Corp. (a)		8,160		160
Post Holdings, Inc. (a)		9,487		958
PriceSmart, Inc.		2,209		201
PURE Bioscience, Inc. (a)		9,773		8
Reed's, Inc. (a) (b)		12,938		8
Reliv International, Inc. (a)		205		1
Revlon, Inc. Class A (a)		1,161		14
Reynolds Consumer Products, Inc.		9,134		274
RiceBran Technologies (a)		5,274		3
Rite Aid Corp. (a) (b)		8,696		138
Sanderson Farms, Inc.		2,720		360
Seaboard Corp.		43		130
Seneca Foods Corp. Class A (a)		913		36
Shineco, Inc. (a)		469		1
SpartanNash Co.		5,167		90
Spectrum Brands Holdings, Inc.		6,207		490
Sprouts Farmers Market, Inc. (a)		16,400		330
The Andersons, Inc.		4,806		118
The Boston Beer Co., Inc. Class A (a)		1,046		1,040
The Chefs' Warehouse, Inc. (a)		4,366		112
The Hain Celestial Group, Inc. (a)		15,848		636
The Simply Good Foods Co. (a)		12,824		402
Tootsie Roll Industries, Inc. (b)		3,113		92
TreeHouse Foods, Inc. (a)		6,343		270
Turning Point Brands, Inc.		2,055		92
U.S. Foods Holding Corp. (a)		31,078		1,034
United Natural Foods, Inc. (a)		7,605		121
United-Guardian, Inc.		485		7
Universal Corp.		3,532		172
USANA Health Sciences, Inc. (a)		1,833		141
Vector Group Ltd.		18,233		212
Veru, Inc. (a) (b)		9,012		78
Village Super Market, Inc. Class A		1,536		34
Vital Farms, Inc. (a)		1,585		40
WD-40 Co. (b)		1,854		492
Weis Markets, Inc. (c)		2,929		140
Willamette Valley Vineyards, Inc. (a)		640		4
				28,173
Energy (1.7%):
Abraxas Petroleum Corp. (a)		1,323		3
Adams Resources & Energy, Inc.		434		10
Aemetis, Inc. (a)		2,851		7
Amplify Energy Corp.		5,110		7
Amyris, Inc. (a) (b)		23,243		144
Antero Midstream Corp.		51,902		400
Antero Resources Corp. (a) (b)		34,207		186
Arch Resources, Inc.		2,385		104

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Archrock, Inc.		17,421	$	151
Aspen Aerogels, Inc. (a)		3,646		61
Barnwell Industries, Inc. (a)		721		1
Basic Energy Services, Inc. (a)		3,546		—	(d)
Bonanza Creek Energy, Inc. (a)		2,548		49
BP Prudhoe Bay Royalty Trust (a) (b)		3,585		9
Brigham Minerals, Inc.		2,460		27
Bristow Group, Inc. (a)		2,986		79
Cactus, Inc. Class A		3,914		102
California Resources Corp. (a) (g)		2,931		69
Callon Petroleum Co. (a) (b)		5,994		79
Camber Energy, Inc. (a)		3,769		3
Centennial Resource Development, Inc. Class A (a)		46,163		69
Centrus Energy Corp. Class A (a)		1,230		28
ChampionX Corp. (a)		30,464		467
Cheniere Energy, Inc. (a)		40,149		2,411
Cimarex Energy Co.		15,715		589
Clean Energy Fuels Corp. (a)		22,586		178
CNX Resources Corp. (a)		33,853		366
Comstock Resources, Inc. (a)		12,460		54
CONSOL Energy, Inc. (a)		2,879		21
Contango Oil & Gas Co. (a)		14,428		33
Continental Resources, Inc. (b)		11,625		189
Contura Energy, Inc. (a)		2,883		33
Cross Timbers Royalty Trust		1,005		8
Dawson Geophysical Co. (a)		2,989		6
Delek U.S. Holdings, Inc.		11,486		185
Denbury, Inc. (a) (g)		419		11
Diamond S Shipping, Inc. (a)		3,862		26
Dorian LPG Ltd. (a)		6,308		77
Dril-Quip, Inc. (a)		4,174		124
ENGlobal Corp. (a)		2,863		9
Enservco Corp. (a)		810		2
EQT Corp. (a)		37,859		481
Equitrans Midstream Corp.		47,817		384
Evolution Petroleum Corp.		4,803		14
Exterran Corp. (a)		4,884		22
Forum Energy Technologies, Inc. (a)		794		9
FTS International, Inc. Class A (a) (g)		70		1
Geospace Technologies Corp. (a)		1,718		15
Gevo, Inc. (a) (b)		19,039		81
Goodrich Petroleum Corp. (a)		1,802		18
Green Plains, Inc. (a)		5,197		68
Gulf Island Fabrication, Inc. (a)		2,028		6
Hallador Energy Co.		4,389		6
Helix Energy Solutions Group, Inc. (a)		21,885		92
Helmerich & Payne, Inc.		14,421		334
HighPeak Energy, Inc. (a)		768		12
HighPoint Resources Corp. (a)		389		4
Houston American Energy Corp. (a)		1,052		2

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Hugoton Royalty Trust (a)		6,031	$	1
ION Geophysical Corp. (a)		1,909		5
KLX Energy Services Holdings, Inc. (a)		999		6
Laredo Petroleum, Inc. (a) (b)		1,850		36
Liberty Oilfield Services, Inc. Class A		2,081		21
Magnolia Oil & Gas Corp. Class A (a)		17,260		122
Mammoth Energy Services, Inc. (a)		5,443		24
Matador Resources Co. (a)		17,029		205
Matrix Service Co. (a)		3,769		42
Mexco Energy Corp. (a)		151		1
MIND Technology, Inc. (a)		1,755		4
Murphy Oil Corp.		20,328		246
Nabors Industries Ltd. (a)		1,124		65
NACCO Industries, Inc. Class A		602		16
National Energy Services Reunited Corp. (a)		7,499		74
Natural Gas Services Group, Inc. (a)		1,986		19
NCS Multistage Holdings, Inc. (a)		146		3
New Fortress Energy, Inc.		11,590		621
Newpark Resources, Inc. (a)		13,082		25
Nextdecade Corp. (a)		18,574		39
Nextier Oilfield Solutions, Inc. (a)		32,679		112
Nine Energy Service, Inc. (a)		2,697		7
Northern Oil & Gas, Inc. (a) (b)		5,498		48
Nuverra Environmental Solutions, Inc. (a)		1,453		3
Oasis Petroleum, Inc. (a) (g)		3,350		124
Oceaneering International, Inc. (a)		12,477		99
Oil States International, Inc. (a)		7,464		37
Overseas Shipholding Group, Inc. Class A (a)		12,149		26
Ovintiv, Inc.		40,921		588
Pacific Ethanol, Inc. (a)		11,267		61
Parsley Energy, Inc. Class A		47,576		677
Patterson-UTI Energy, Inc.		27,012		142
PBF Energy, Inc. Class A		13,685		97
PDC Energy, Inc. (a)		14,355		295
Peabody Energy Corp. (a) (c)		13,762		33
Penn Virginia Corp. (a)		2,266		23
Permianville Royalty Trust		3,759		3
PHX Minerals, Inc.		2,042		5
ProPetro Holding Corp. (a)		9,467		70
QEP Resources, Inc.		33,680		80
Range Resources Corp. (a)		34,783		233
Ranger Energy Services, Inc. (a)		696		3
Renewable Energy Group, Inc. (a)		5,535		392
REX American Resources Corp. (a)		683		50
RigNet, Inc. (a)		2,135		13
Royale Energy, Inc. (a)		4,910		—	(d)
RPC, Inc. (a)		15,492		49
SandRidge Energy, Inc. (a)		5,658		18
SEACOR Holdings, Inc. (a)		2,457		102
SEACOR Marine Holdings, Inc. (a)		3,219		9

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Select Energy Services, Inc. Class A (a)		8,631	$	35
SFL Corp. Ltd.		15,799		99
Silverbow Resources, Inc. (a)		1,860		10
SM Energy Co.		15,547		95
Smart Sand, Inc. (a)		4,447		8
Solaris Oilfield Infrastructure, Inc. Class A		3,114		25
Southwestern Energy Co. (a)		84,528		252
Stabilis Solutions, Inc. (a)		481		1
Superior Drilling Products, Inc. (a)		1,974		1
Talos Energy, Inc. (a)		7,353		61
Targa Resources Corp.		36,447		962
Teekay Corp. (a) (b)		9,316		20
Tellurian, Inc. (a) (b)		35,431		45
Tengasco, Inc. (a)		1,790		2
TETRA Technologies, Inc. (a)		19,205		17
Tidewater, Inc. (a)		4,415		38
Torchlight Energy Resources, Inc. (a) (b)		13,478		9
U.S. Energy Corp. Wyoming (a)		352		1
Uranium Energy Corp. (a) (b)		31,081		55
VAALCO Energy, Inc. (a)		8,952		16
Vertex Energy, Inc. (a)		5,495		4
Voc Energy Trust		2,136		5
W&T Offshore, Inc. (a) (b)		15,676		34
Westwater Resources, Inc. (a) (b)		3,155		16
Whiting Petroleum Corp. (a)		191		5
World Fuel Services Corp. (c)		9,574		298
WPX Energy, Inc. (a)		62,972		513
Zion Oil & Gas, Inc. (a)		39,305		35
				15,562
Financials (14.1%):
1895 Bancorp of Wisconsin, Inc. (a)		352		4
1st Source Corp.		2,697		109
Affiliated Managers Group, Inc.		5,547		564
AG Mortgage Investment Trust, Inc.		6,276		19
AGNC Investment Corp.		85,856		1,339
Alleghany Corp.		2,182		1,317
Allegiance Bancshares, Inc.		2,980		102
Ally Financial, Inc.		56,993		2,032
Altabancorp		2,615		73
Amerant Bancorp, Inc. (a)		1,412		21
American Equity Investment Life Holding Co.		10,945		303
American Financial Group, Inc.		11,784		1,033
American National Bankshares, Inc.		1,728		45
American National Group, Inc.		3,468		333
American River Bankshares		915		12
Ameris Bancorp		10,128		386
AMERISAFE, Inc.		2,785		160
AmeriServ Financial, Inc.		2,858		9
Ames National Corp.		1,437		35
Annaly Capital Management, Inc.		220,183		1,860

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Anworth Mortgage Asset Corp.		15,128	$	41
Apollo Commercial Real Estate Finance, Inc.		17,862		200
Apollo Investment Corp.		10,932		116
Arbor Realty Trust, Inc.		19,225		273
Arch Capital Group Ltd. (a)		57,136		2,062
Ares Capital Corp.		70,799		1,196
Ares Commercial Real Estate Corp.		4,762		57
Ares Management Corp. Class A		32,040		1,507
Argo Group International Holdings Ltd.		5,171		226
Arlington Asset Investment Corp. Class A (a)		5,152		19
ARMOUR Residential REIT, Inc.		9,109		98
Arrow Financial Corp.		2,439		73
Artisan Partners Asset Management, Inc. Class A		6,713		338
Ashford, Inc. (a)		308		3
Assetmark Financial Holdings, Inc. (a)		3,641		88
Associated Bancorp		23,672		404
Associated Capital Group, Inc. Class A		523		18
Assured Guaranty Ltd.		12,048		379
Atlantic American Corp. (a)		889		2
Atlantic Union Bankshares Corp.		12,396		408
Atlanticus Holdings Corp. (a)		1,310		32
Axis Capital Holdings Ltd.		11,159		562
Axos Financial, Inc. (a)		8,111		304
Bain Capital Specialty Finance, Inc.		3,461		42
Banc of California, Inc.		7,336		108
BancFirst Corp.		2,573		151
BancorpSouth Bank		13,133		360
Bank of Hawaii Corp.		6,107		468
Bank of Marin Bancorp		1,916		66
Bank of South Carolina Corp.		740		12
Bank of the James Financial Group, Inc.		691		9
Bank OZK		20,036		627
Bank7 Corp.		470		7
Bankfinancial Corp.		2,105		18
BankUnited, Inc.		11,763		409
Bankwell Financial Group, Inc.		1,138		22
Banner Corp.		5,124		239
Bar Harbor Bankshares		2,326		53
Barings BDC, Inc.		10,504		97
Baycom Corp. (a)		1,883		29
BCB Bancorp, Inc.		2,690		30
Berkshire Hills Bancorp, Inc.		7,409		127
BGC Partners, Inc. Class A		38,268		153
BlackRock Capital Investment Corp.		12,434		33
BlackRock TCP Capital Corp.		9,677		109
Blackstone Mortgage Trust, Inc. Class A		22,532		620
Blucora, Inc. (a)		6,197		99
Bogota Financial Corp. (a)		992		9
BOK Financial Corp.		4,711		323
Boston Private Financial Holdings, Inc.		11,850		100

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Bridge Bancorp, Inc.		2,747	$	66
Bridgewater Bancshares, Inc. (a)		4,169		52
Brighthouse Financial, Inc. (a)		13,045		472
Broadmark Realty Capital, Inc.		22,153		226
Broadway Financial Corp. (a)		2,649		5
Brookline Bancorp, Inc.		11,390		137
Brown & Brown, Inc.		36,642		1,737
BRP Group, Inc. Class A (a)		2,788		84
Bryn Mawr Bank Corp.		3,109		95
Business First Bancshares, Inc.		2,250		46
Byline Bancorp, Inc. Class A		4,201		65
C&F Financial Corp.		611		23
Cadence Bancorp		17,095		281
California Bancorp, Inc. (a)		1,242		19
Cambridge Bancorp Class A		1,103		77
Camden National Corp.		2,174		78
Capital Bancorp, Inc. (a)		1,650		23
Capital City Bank Group, Inc.		2,106		52
Capital Southwest Corp.		2,933		52
Capitala Finance Corp. (a)		454		7
Capitol Federal Financial, Inc.		17,903		224
Capstar Financial Holdings, Inc.		3,493		52
Capstead Mortgage Corp.		11,152		65
Cathay General Bancorp		12,011		387
CBM Bancorp, Inc.		566		8
CBTX, Inc. Class A		2,997		76
Central Pacific Financial Corp.		4,060		77
Central Valley Community Bancorp		1,991		30
Century Bancorp, Inc. Class A		504		39
CF Bankshares, Inc.		818		14
Chemung Financial Corp.		718		24
Cherry Hill Mortgage Investment Corp.		2,603		24
Chimera Investment Corp.		34,065		349
CIT Group, Inc.		14,690		527
Citizens & Northern Corp.		2,502		50
Citizens, Inc. (a) (b)		7,011		40
City Holding Co.		2,275		158
Civista Bancshares, Inc.		2,479		43
CNA Financial Corp.		4,546		177
CNB Financial Corp. Class A		2,820		60
CNO Financial Group, Inc.		20,955		466
Coastal Financial Corp. (a)		1,482		31
Codorus Valley Bancorp, Inc.		1,378		23
Cohen & Co., Inc. (a)		107		2
Cohen & Steers, Inc.		4,403		327
Colony Bankcorp, Inc.		1,289		19
Colony Credit Real Estate, Inc.		13,786		103
Columbia Banking System, Inc.		9,597		345
Columbia Financial, Inc. (a) (c)		8,304		129
Commerce Bancshares, Inc.		15,697		1,030

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Community Bank System, Inc.		7,803	$	486
Community First Bancshares, Inc. (a)		583		6
Community Trust Bancorp, Inc. Class A		2,805		104
Conifer Holdings, Inc. (a)		697		2
ConnectOne Bancorp, Inc.		5,396		107
Consumer Portfolio Services, Inc. (a)		2,419		10
County Bancorp, Inc.		872		19
Cowen, Inc. Class A		3,917		102
Crawford & Co. Class B		1,425		10
Credit Acceptance Corp. (a) (b)		1,685		583
Crescent Capital BDC, Inc. (b)		4,624		67
Crossfirst Bankshares, Inc. (a)		7,432		80
Cullen/Frost Bankers, Inc.		8,318		726
Curo Group Holdings Corp.		3,151		45
Customers Bancorp, Inc. Class A (a)		4,606		84
CVB Financial Corp.		18,614		363
Diamond Hill Investment Group, Inc.		493		74
Dime Community Bancshares, Inc.		4,484		71
Donegal Group, Inc. Class A		2,045		29
Donnelley Financial Solutions, Inc. (a)		4,864		83
Dynex Capital, Inc. (b)		3,179		57
Eagle Bancorp Montana, Inc.		985		21
Eagle Bancorp, Inc.		4,698		194
East West Bancorp, Inc.		18,024		913
Eastern Bankshares, Inc. (a)		27,532		449
Eaton Vance Corp.		16,900		1,148
eHealth, Inc. (a)		3,427		242
Elevate Credit, Inc. (a)		2,487		10
Ellington Financial, Inc.		6,674		99
Ellington Residential Mortgage REIT		1,942		25
Employers Holdings, Inc.		4,181		135
Encore Capital Group, Inc. (a)		3,256		127
Enova International, Inc. (a)		5,258		130
Enstar Group Ltd. (a)		2,581		529
Enterprise Bancorp, Inc.		1,858		47
Enterprise Financial Services Corp.		4,967		174
Equitable Holdings, Inc.		50,657		1,297
Equity Bancshares, Inc. Class A (a)		2,065		45
Equus Total Return, Inc. (a)		1,359		3
Erie Indemnity Co. Class A		2,941		722
Esquire Financial Holdings, Inc. (a)		1,220		23
ESSA Bancorp, Inc.		1,633		24
Evans Bancorp, Inc.		767		21
Evercore, Inc.		6,262		687
Exantas Capital Corp.		4,893		20
EZCORP, Inc. Class A (a)		6,550		31
FactSet Research Systems, Inc.		5,792		1,926
Farmers & Merchants Bancorp, Inc.		1,757		40
FB Financial Corp.		4,112		143
FBL Financial Group, Inc. Class A		4,087		215

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Federal Agricultural Mortgage Corp. Class C		1,241	$	92
Federal Home Loan Mortgage Corp. (a) (b)		93,655		218
Federal National Mortgage Association (a)		194,008		464
Federated Hermes, Inc.		12,651		365
Fednat Holding Co.		1,746		10
FFBW, Inc. (a)		349		3
FG Financial Group, Inc. (a)		415		2
Fidelity D&D Bancorp, Inc.		776		50
Fidelity National Financial, Inc.		43,786		1,712
Fidus Investment Corp.		4,094		54
Financial Institutions, Inc.		2,499		56
First Acceptance Corp. (a)		2,903		4
First American Financial Corp.		16,272		840
First Bancorp, Inc.		31,806		293
First Bancorp, Inc.		1,614		41
First Bancorp, Inc. Class A		4,460		151
First Busey Corp.		8,586		185
First Choice Bancorp		1,726		32
First Citizens BancShares, Inc. Class A		1,332		765
First Commonwealth Financial Corp.		13,850		152
First Community Bankshares, Inc.		2,493		54
First Eagle Alternative Capital BDC, Inc.		5,044		18
First Financial Bancorp		12,972		227
First Financial Bankshares, Inc.		20,236		732
First Financial Corp. Class A		1,930		75
First Financial Northwest, Inc.		1,311		15
First Hawaiian, Inc.		16,871		398
First Horizon National Corp.		85,505		1,090
First Internet Bancorp		1,543		44
First Interstate BancSystem, Inc. Class A		5,287		216
First Merchants Corp.		8,544		320
First Midwest Bancorp, Inc.		16,468		262
First Seacoast Bancorp Class B (a)		459		4
First U.S. Bancshares, Inc.		1,035		9
First United Corp.		1,112		17
First Western Financial, Inc. (a)		919		18
FirstCash, Inc.		6,248		438
Flagstar Bancorp, Inc.		7,837		319
Flushing Financial Corp.		4,065		68
FNB Corp.		49,185		467
FNCB Bancorp, Inc.		3,086		20
Focus Financial Partners, Inc. Class A (a)		2,755		120
FS KKR Capital Corp. (b)		20,732		343
FS KKR Capital Corp. II		28,473		467
Fulton Financial Corp.		24,191		308
FVCBankcorp, Inc. (a)		2,010		30
GAMCO Investors, Inc. Class A		1,656		29
Genworth Financial, Inc. (a)		76,229		288
German American Bancorp, Inc.		4,172		138
Glacier Bancorp, Inc.		14,386		662

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Gladstone Capital Corp.		5,359	$	47
Gladstone Investment Corp.		5,563		56
Glen Burnie Bancorp		405		4
GoHealth, Inc. Class A (a)		7,533		103
Goldman Sachs BDC, Inc.		6,739		129
Golub Capital BDC, Inc.		19,894		281
Goosehead Insurance, Inc. Class A		1,412		176
Granite Point Mortgage Trust, Inc. (b)		9,248		92
Great Ajax Corp.		3,241		34
Great Southern Bancorp, Inc. Class A		1,739		85
Great Western Bancorp, Inc.		7,189		150
Green Dot Corp. Class A (a)		7,794		435
Greenhill & Co., Inc.		1,653		20
Guaranty Bancshares, Inc.		1,636		49
Guild Holdings Co. Class A (a)		1,106		19
GWG Holdings, Inc. (a)		776		5
Hallmark Financial Services, Inc. (a)		2,887		10
Hamilton Lane, Inc. Class A		2,298		179
Hancock Whitney Corp.		12,160		414
Hanmi Financial Corp.		4,426		50
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		11,744		745
HarborOne Bancorp, Inc.		7,428		81
Harvest Capital Credit Corp.		689		5
Hawthorn Bancshares, Inc.		1,020		22
HBT Financial, Inc.		1,702		26
HCI Group, Inc.		976		51
Heartland Financial USA, Inc.		5,809		235
Hercules Capital, Inc.		19,201		277
Heritage Commerce Corp.		8,231		73
Heritage Financial Corp.		4,632		108
Heritage Insurance Holdings, Inc.		4,372		44
Hilltop Holdings, Inc.		12,547		345
HMN Financial, Inc. (a)		721		12
Home Bancorp, Inc.		1,349		38
Home BancShares, Inc.		22,412		437
HomeStreet, Inc.		2,847		96
Hope Bancorp, Inc.		17,965		196
Horace Mann Educators Corp.		6,036		254
Horizon Bancorp, Inc. Class A		6,395		101
Horizon Technology Finance Corp.		3,077		41
Houlihan Lokey, Inc.		2,904		195
Impac Mortgage Holdings, Inc. (a)		1,992		6
Income Opportunity Realty Investors, Inc. (a)		133		2
Independence Holding Co.		932		38
Independent Bank Corp.		4,805		351
Independent Bank Corp.		3,116		58
Independent Bank Group, Inc.		5,651		353
Interactive Brokers Group, Inc.		10,492		639
International Bancshares Corp.		8,480		317
Invesco Mortgage Capital, Inc. (b)		25,523		86

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Investar Holding Corp.		1,655	$	27
Investcorp Credit Management BDC, Inc.		2,330		11
Investors Bancorp, Inc.		36,843		389
Investors Title Co.		152		23
Jefferies Financial Group, Inc.		33,377		821
Kearny Financial Corp.		11,396		120
Kemper Corp.		9,314		716
Kinsale Capital Group, Inc.		3,305		661
KKR Real Estate Finance Trust, Inc.		5,591		100
Ladder Capital Corp.		9,469		93
Lakeland Bancorp, Inc. Class A		7,863		100
Lakeland Financial Corp.		4,049		217
Lemonade, Inc. (a) (b)		5,025		616
LendingTree, Inc. (a)		1,473		403
Level One Bancorp, Inc.		868		18
Limestone Bancorp, Inc. (a)		704		9
Live Oak Bancshares, Inc.		4,970		236
LPL Financial Holdings, Inc.		11,822		1,232
Lument Finance Trust, Inc.		3,050		10
Luther Burbank Corp.		2,107		21
Macatawa Bank Corp.		4,799		40
Maiden Holdings Ltd. (a)		9,376		23
Main Street Capital Corp.		11,102		358
Manning & Napier, Inc.		2,597		16
Markel Corp. (a)		2,077		2,147
Marlin Business Services Corp.		1,705		21
MBIA, Inc. (a)		7,679		51
Medallion Financial Corp. (a)		3,575		18
Medley Capital Corp. (a)		338		10
Medley Management, Inc. Class A (a)		76		1
Mercantile Bank Corp.		2,393		65
Merchants Bancorp		2,408		67
Mercury General Corp.		4,451		232
Meridian Bancorp, Inc.		6,322		94
Meta Financial Group, Inc.		4,875		178
Metropolitan Bank Holding Corp. (a)		1,320		48
MFA Financial, Inc.		59,237		230
MGIC Investment Corp.		53,883		676
Midland States Bancorp, Inc.		3,313		59
MidWestOne Financial Group, Inc.		2,400		59
Moelis & Co. Class A		4,500		210
Monroe Capital Corp.		3,569		29
Morningstar, Inc.		3,875		897
MVB Financial Corp.		1,758		40
National Bank Holdings Corp. Class A		3,640		119
National Bankshares, Inc.		1,020		32
National General Holdings Corp.		11,596		396
National Western Life Group, Inc. Class A		317		65
Navient Corp.		27,774		273
NBT Bancorp, Inc.		6,358		204

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Nelnet, Inc. Class A		3,083	$	220
New Mountain Finance Corp.		14,761		168
New Residential Investment Corp.		65,468		651
New York Community Bancorp, Inc.		64,504		681
New York Mortgage Trust, Inc.		53,156		196
Newtek Business Services Corp.		3,467		68
Nexpoint Real Estate Finance, Inc.		754		12
NI Holdings, Inc. (a)		1,249		21
Nicholas Financial, Inc. (a)		1,849		15
NMI Holdings, Inc. Class A (a)		11,509		261
Northfield Bancorp, Inc.		7,208		89
Northrim Bancorp, Inc.		961		33
Northwest Bancshares, Inc. (c)		18,412		235
Norwood Financial Corp.		1,374		36
Oaktree Specialty Lending Corp.		20,544		114
Oceanfirst Financial Corp.		9,508		177
Ocwen Financial Corp. (a)		1,234		36
OFG Bancorp		6,795		126
OFS Capital Corp.		1,752		13
Old National Bancorp		23,820		394
Old Point Financial Corp.		744		14
Old Republic International Corp.		43,807		863
Old Second Bancorp, Inc.		4,328		44
OneMain Holdings, Inc.		20,928		1,008
OP Bancorp		2,225		17
Oportun Financial Corp. (a)		2,497		48
Oppenheimer Holdings, Inc. Class A		1,536		48
Orchid Island Capital, Inc.		10,680		56
Origin Bancorp, Inc.		3,190		89
Ottawa Bancorp, Inc.		481		7
Oxford Square Capital Corp.		8,307		25
Pacific Mercantile Bancorp (a)		3,307		17
Pacific Premier Bancorp, Inc.		12,808		401
PacWest Bancorp		17,803		452
Palomar Holdings, Inc. (a)		3,164		281
Park National Corp.		2,405		253
Parke Bancorp, Inc.		1,985		31
Patriot National Bancorp, Inc. (a)		237		2
PCSB Financial Corp.		2,090		33
PDL Community Bancorp (a)		1,030		11
Peapack-Gladstone Financial Corp.		2,982		68
PennantPark Floating Rate Capital Ltd.		6,495		68
Pennantpark Investment Corp.		11,232		52
Penns Woods Bancorp, Inc.		1,181		31
Pennymac Financial Services		6,918		454
Pennymac Mortgage Investment Trust		13,902		245
Peoples Bancorp of North Carolina, Inc.		844		19
Peoples Bancorp, Inc.		3,106		84
Pinnacle Financial Partners, Inc.		10,801		696
Pioneer Bancorp, Inc. (a)		1,958		21

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Piper Sandler Cos.		2,664	$	269
Plumas Bancorp		790		19
Popular, Inc.		13,409		755
Portman Ridge Finance Corp.		12,553		24
PRA Group, Inc. (a)		6,109		242
Preferred Bank		1,847		93
Premier Financial Bancorp, Inc.		2,089		28
Premier Financial Corp.		5,748		132
Primerica, Inc.		5,465		732
ProAssurance Corp.		7,764		138
PROG Holdings, Inc.		10,412		561
Prosight Global, Inc. (a)		4,460		57
Prospect Capital Corp. (b)		47,181		255
Prosperity Bancshares, Inc.		14,265		988
Protective Insurance Corp. Class B		597		8
Provident Bancorp, Inc.		2,734		33
Provident Financial Holdings, Inc.		1,010		16
Provident Financial Services, Inc.		11,425		205
Pzena Investment Management, Inc. Class A		2,742		20
QCR Holdings, Inc.		2,487		98
Radian Group, Inc.		27,919		565
Randolph Bancorp, Inc. (a)		851		19
RBB Bancorp		2,081		32
Ready Capital Corp.		7,938		99
Red River Bancshares, Inc.		884		44
Redwood Trust, Inc.		15,563		137
Regional Management Corp.		1,671		50
Reinsurance Group of America, Inc.		10,471		1,214
RenaissanceRe Holdings Ltd.		7,661		1,271
Renasant Corp.		8,849		298
Republic Bancorp, Inc. Class A		1,927		70
Republic First Bancorp, Inc. (a)		7,297		21
Rhinebeck Bancorp, Inc. (a)		709		6
Richmond Mutual Bancorporation, Inc.		2,050		28
Riverview Bancorp, Inc.		3,031		16
RLI Corp.		6,416		668
Rocket Cos., Inc. Class A (a) (b)		16,622		336
Root, Inc. Class A (a) (b)		4,622		73
S&T Bancorp, Inc.		5,729		142
Sachem Capital Corp.		3,188		13
Safeguard Scientifics, Inc. (a)		2,310		15
Safety Insurance Group, Inc. (c)		1,697		132
Salisbury Bancorp, Inc.		476		18
Sandy Spring Bancorp, Inc.		7,329		236
Santander Consumer USA Holdings, Inc.		10,255		226
Saratoga Investment Corp.		1,554		32
SB Financial Group, Inc.		1,125		21
Sculptor Capital Management, Inc.		7,425		113
Seacoast Banking Corp. of Florida (a)		6,654		196
Security National Financial Corp. Class A (a)		1,926		16

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
SEI Investments Co.		17,922	$	1,030
Selective Insurance Group, Inc.		9,021		604
Selectquote, Inc. (a)		17,982		373
ServisFirst Bancshares, Inc.		7,948		320
Severn Bancorp, Inc.		1,739		12
Shore Bancshares, Inc.		1,895		28
Siebert Financial Corp. (a)		1,815		8
Sierra Bancorp		2,419		58
Signature Bank		7,199		973
Silvercrest Asset Management Group, Inc. Class A		1,327		18
Silvergate Capital Corp. Class A (a)		564		42
Simmons First National Corp. Class A		15,682		339
Sirius International Insurance Group Ltd. (a)		773		10
Sixth Street Specialty Lending, Inc.		10,083		209
SLM Corp.		57,833		717
Solar Capital Ltd.		5,947		104
Solar Senior Capital Ltd.		2,447		35
South Plains Financial, Inc.		1,845		35
South State Corp.		10,578		765
Southern First Bancshares, Inc. (a)		1,063		38
Southern Missouri Bancorp, Inc.		1,237		38
Southern National Bancorp of Virginia, Inc.		3,470		42
Southside Bancshares, Inc. (c)		4,820		150
Spirit of Texas Bancshares, Inc.		2,404		40
Starwood Property Trust, Inc.		44,831		865
State Auto Financial Corp.		2,423		43
Stellus Capital Investment Corp. (b)		3,264		36
StepStone Group, Inc. Class A (a)		2,859		114
Sterling Bancorp		30,281		544
Sterling Bancorp		2,846		13
Stewart Information Services Corp.		3,849		186
Stifel Financial Corp.		14,643		739
Stock Yards Bancorp, Inc.		3,573		145
StoneX Group, Inc. (a)		2,336		135
Summit Financial Group, Inc.		2,001		44
Suro Capital Corp. (b)		2,736		36
Synovus Financial Corp.		22,780		737
TCF Financial Corp.		23,246		860
TCG BDC, Inc.		9,433		97
Territorial Bancorp, Inc.		1,434		34
Texas Capital Bancshares, Inc. (a)		6,932		412
TFS Financial Corp.		8,920		157
The Bancorp, Inc. (a)		7,525		103
The Bank of Princeton		976		23
The Blackstone Group, Inc. Class A		107,267		6,953
The Carlyle Group, Inc.		30,774		968
The First of Long Island Corp.		3,722		66
The Hanover Insurance Group, Inc.		5,741		671
Timberland Bancorp, Inc.		1,211		29
Tompkins Financial Corp.		2,076		147

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Towne Bank		10,706	$	251
TPG RE Finance Trust, Inc.		8,101		86
Tradeweb Markets, Inc. Class A		6,865		429
Trean Insurance Group, Inc. (a)		1,971		26
Tremont Mortgage Trust		1,391		5
TriCo Bancshares		4,289		151
TriplePoint Venture Growth BDC Corp.		5,164		67
Tristate Capital Holdings, Inc. (a)		4,198		73
Triumph Bancorp, Inc. (a)		3,664		178
Trupanion, Inc. (a)		4,351		521
TrustCo Bank Corp.		13,893		93
Trustmark Corp.		8,606		235
Two Harbors Investment Corp.		42,184		269
U.S. Global Investors, Inc. Class A		1,820		10
UMB Financial Corp.		5,632		389
Umpqua Holdings Corp.		31,728		480
Union Bankshares, Inc.		600		15
United Bancorp, Inc.		931		12
United Bankshares, Inc.		19,347		627
United Community Banks, Inc.		12,625		359
United Fire Group, Inc.		3,187		80
United Insurance Holdings Corp.		3,753		21
United Security Bancshares		2,361		17
Unity Bancorp, Inc.		1,363		24
Universal Insurance Holdings, Inc.		4,567		69
Univest Financial Corp.		4,511		93
Valley National Bancorp		60,217		587
Value Line, Inc.		161		5
Velocity Financial, Inc. (a)		2,187		14
Vericity, Inc. (a)		598		6
Veritex Holdings, Inc.		6,656		171
Victory Capital Holdings, Inc. Class A (h)		2,035		50
Village Bank and Trust Financial Corp. (a)		118		4
Virtu Financial, Inc. Class A		4,862		122
Virtus Investment Partners, Inc.		1,008		219
Voya Financial, Inc.		19,249		1,132
Waddell & Reed Financial, Inc. Class A		7,544		192
Walker & Dunlop, Inc.		4,290		395
Washington Federal, Inc.		11,431		294
Washington Trust Bancorp, Inc.		2,545		114
Webster Financial Corp.		11,786		497
WesBanco, Inc.		10,022		300
West Bancorp, Inc.		2,428		47
Westamerica Bancorp		3,376		187
Westbury Bancorp, Inc. (a)		445		11
Western Alliance Bancorp		15,709		941
Western Asset Mortgage Capital Corp. (b)		9,271		30
Western New England Bancorp, Inc.		3,635		25
Westwood Holdings Group, Inc.		1,305		19
White Mountains Insurance Group Ltd.		488		488

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
WhiteHorse Finance, Inc.		2,616	$	36
Wintrust Financial Corp.		8,304		507
WisdomTree Investments, Inc.		16,201		87
World Acceptance Corp. (a) (b)		1,048		107
WSFS Financial Corp.		7,346		330
				127,668
Health Care (16.9%):
10X Genomics, Inc. Class A (a)		1,803		255
1Life Healthcare, Inc. (a)		12,701		554
89bio, Inc. (a)		2,831		69
9 Meters Biopharma, Inc. (a) (b)		31,478		27
Abeona Therapeutics, Inc. (a)		14,525		23
Acadia Healthcare Co., Inc. (a)		12,076		607
ACADIA Pharmaceuticals, Inc. (a)		21,572		1,153
Accelerate Diagnostics, Inc. (a) (b)		5,828		44
Acceleron Pharma, Inc. (a)		7,167		917
Accolade, Inc. (a) (b)		6,270		273
Accuray, Inc. (a)		14,220		59
AcelRx Pharmaceuticals, Inc. (a) (b)		14,399		18
Acer Therapeutics, Inc. (a) (b)		1,132		3
Achieve Life Sciences, Inc. (a)		600		5
Aclaris Therapeutics, Inc. (a)		6,831		44
Acorda Therapeutics, Inc. (a)		6,026		5
Acutus Medical, Inc. (a) (b)		1,586		46
Adamis Pharmaceuticals Corp. (a) (b)		15,062		7
Adaptive Biotechnologies Corp. (a)		12,373		732
Addus HomeCare Corp. (a)		2,304		270
Adial Pharmaceuticals, Inc. (a)		2,146		4
Adicet Bio, Inc. (a)		3,091		43
Aditx Therapeutics, Inc. (a)		1,255		3
Advaxis, Inc. (a)		14,784		5
Adverum Biotechnologies, Inc. (a)		14,207		154
Aeglea BioTherapeutics, Inc. (a)		6,665		52
Aerie Pharmaceuticals, Inc. (a) (b)		7,294		99
Agenus, Inc. (a)		27,076		86
AgeX Therapeutics, Inc. (a)		3,536		5
Agile Therapeutics, Inc. (a) (b)		11,132		32
Agios Pharmaceuticals, Inc. (a)		9,050		392
Aileron Therapeutics, Inc. (a)		4,975		5
AIM ImmunoTech, Inc. (a)		6,816		12
Akebia Therapeutics, Inc. (a)		22,519		63
Akero Therapeutics, Inc. (a)		2,792		72
Akers Biosciences, Inc. (a)		1,247		2
Akouos, Inc. (a)		3,283		65
Albireo Pharma, Inc. (a)		2,812		105
Aldeyra Therapeutics, Inc. (a)		5,463		37
Alector, Inc. (a)		10,089		153
Aligos Therapeutics, Inc. (a) (b)		1,660		46
Alimera Sciences, Inc. (a)		705		3
Alkermes PLC (a)		22,662		452

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Allakos, Inc. (a)		2,815	$	394
Allena Pharmaceuticals, Inc. (a)		6,362		8
Allied Healthcare Products, Inc. (a)		545		3
Allogene Therapeutics, Inc. (a)		10,575		267
Allovir, Inc. (a) (b)		2,836		109
Allscripts Healthcare Solutions, Inc. (a)		20,908		302
Alnylam Pharmaceuticals, Inc. (a)		13,235		1,721
Alphatec Holdings, Inc. (a)		11,824		172
Alpine Immune Sciences, Inc. (a)		2,153		27
Altimmune, Inc. (a)		4,488		51
ALX Oncology Holdings, Inc. (a) (b)		1,492		129
Amedisys, Inc. (a)		5,057		1,483
American Renal Associates Holdings, Inc. Class A (a)		2,371		27
American Shared Hospital Services (a)		618		1
American Well Corp. Class A (a) (b)		6,691		169
Amicus Therapeutics, Inc. (a)		36,233		837
AMN Healthcare Services, Inc. (a)		6,776		462
Amneal Pharmaceuticals, Inc. (a)		46,700		213
Amphastar Pharmaceuticals, Inc. (a)		5,809		117
Ampio Pharmaceuticals, Inc. (a) (b)		29,141		46
AnaptysBio, Inc. (a)		4,307		93
AngioDynamics, Inc. (a)		5,404		83
ANI Pharmaceuticals, Inc. (a)		1,448		42
Anika Therapeutics, Inc. (a)		1,643		74
Anixa Biosciences, Inc. (a)		3,985		12
Annexon, Inc. (a)		2,621		66
Annovis Bio, Inc. (a)		670		5
Antares Pharma, Inc. (a)		24,571		98
Apellis Pharmaceuticals, Inc. (a)		9,896		566
Apollo Endosurgery, Inc. (a)		3,369		11
Apollo Medical Holdings, Inc. (a)		6,182		113
Applied Genetic Technologies Corp. (a)		3,556		15
Applied Molecular Transport, Inc. (a) (b)		1,987		61
Applied Therapeutics, Inc. (a)		1,997		44
Aprea Therapeutics, Inc. (a)		1,668		8
Aptevo Therapeutics, Inc. (a)		639		23
Aptinyx, Inc. (a)		6,570		23
Apyx Medical Corp. (a)		4,881		35
AquaBounty Technologies, Inc. (a)		5,571		49
Aquestive Therapeutics, Inc. (a) (b)		5,351		29
Aravive, Inc. (a)		1,536		9
ARCA biopharma, Inc. (a)		1,546		6
Arcus Biosciences, Inc. (a)		7,940		206
Arcutis Biotherapeutics, Inc. (a)		3,947		111
Ardelyx, Inc. (a)		11,944		77
Arena Pharmaceuticals, Inc. (a)		9,062		696
Aridis Pharmaceuticals, Inc. (a)		1,062		6
Arrowhead Pharmaceuticals, Inc. (a)		15,321		1,176
Arvinas, Inc. (a)		5,896		501
Aspira Women's Health, Inc. (a)		9,067		61

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Assembly Biosciences, Inc. (a)		5,145	$	31
Assertio Holdings, Inc. (a)		15,987		6
Atara Biotherapeutics, Inc. (a)		13,101		257
Atea Pharmaceuticals, Inc. (a) (b)		2,076		87
Athenex, Inc. (a)		12,353		137
Athira Pharma, Inc. (a)		2,122		73
Atossa Therapeutics, Inc. (a)		7,273		7
Atreca, Inc. Class A (a)		1,968		32
AtriCure, Inc. (a)		6,411		357
Atrion Corp.		169		109
aTyr Pharma, Inc. (a)		1,467		6
Avanos Medical, Inc. Class I (a)		5,689		261
Avantor, Inc. (a)		77,509		2,183
Avenue Therapeutics, Inc. (a)		1,234		7
AVEO Pharmaceuticals, Inc. (a)		4,151		24
Avid Bioservices, Inc. (a)		8,268		95
Avidity Biosciences, Inc. (a)		5,029		128
Avinger, Inc. (a)		13,800		6
Avrobio, Inc. (a)		5,764		80
Axcella Health, Inc. (a)		2,075		11
Axogen, Inc. (a)		6,319		113
Axonics Modulation Technologies, Inc. (a) (b)		4,668		233
Axsome Therapeutics, Inc. (a)		4,692		382
Ayala Pharmaceuticals, Inc. (a)		856		10
Aytu BioScience, Inc. (a)		2,658		16
Aziyo Biologics, Inc. Class A (a)		497		7
AzurRx BioPharma, Inc. (a)		4,840		5
Baudax Bio, Inc. (a)		4,776		5
Beam Therapeutics, Inc. (a) (b)		6,021		492
Bellerophon Therapeutics, Inc. (a)		1,416		9
Bellicum Pharmaceuticals, Inc. (a)		971		3
Berkeley Lights, Inc. (a)		1,402		125
Bioanalytical Systems, Inc. (a)		1,307		16
Biocept, Inc. (a)		2,244		10
BioCryst Pharmaceuticals, Inc. (a)		27,213		203
BioDelivery Sciences International, Inc. (a)		15,922		67
Biodesix, Inc. (a)		660		13
Biolase, Inc. (a) (b)		14,647		6
BioLife Solutions, Inc. (a)		4,552		182
BioMarin Pharmaceutical, Inc. (a)		21,896		1,921
Biomerica, Inc. (a)		1,693		8
BioNano Genomics, Inc. (a) (b)		24,893		77
Bio-Techne Corp.		5,886		1,869
BioTelemetry, Inc. (a)		4,936		356
Bioxcel Therapeutics, Inc. (a)		2,204		102
Black Diamond Therapeutics, Inc. (a)		4,161		133
bluebird bio, Inc. (a)		9,229		399
Blueprint Medicines Corp. (a)		8,123		911
Brickell Biotech, Inc. (a)		8,696		7
Bridgebio Pharma, Inc. (a) (b)		11,293		803

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Brookdale Senior Living, Inc. (a)		28,878	$	128
Bruker Corp.		9,234		500
C4 Therapeutics, Inc. (a) (b)		1,658		55
Cabaletta Bio, Inc. (a)		1,531		19
Caladrius Biosciences, Inc. (a)		3,087		4
Calithera Biosciences, Inc. (a)		9,456		46
Calyxt, Inc. (a)		1,677		7
Cancer Genetics, Inc. (a)		602		2
Cantel Medical Corp.		4,246		335
Capital Senior Living Corp. (a)		207		3
Capricor Therapeutics, Inc. (a)		3,288		11
Cara Therapeutics, Inc. (a)		6,094		92
Cardiff Oncology, Inc. (a)		5,622		101
Cardiovascular Systems, Inc. (a)		4,302		188
CareDx, Inc. (a)		7,262		526
CASI Pharmaceuticals, Inc. (a)		12,458		37
Cassava Sciences, Inc. (a) (b)		5,504		38
Castle Biosciences, Inc. (a)		3,036		204
Castlight Health, Inc. Class B (a)		6,956		9
Catabasis Pharmaceuticals, Inc. (a)		3,196		7
Catalyst Biosciences, Inc. (a)		3,517		22
Catalyst Pharmaceuticals, Inc. (a)		16,322		55
Celcuity, Inc. (a)		811		7
Celldex Therapeutics, Inc. (a)		6,297		110
Cellectar Biosciences, Inc. (a) (b)		7,226		15
CEL-SCI Corp. (a) (b)		6,147		72
Celsion Corp. (a)		6,018		4
Cerecor, Inc. (a)		12,047		32
Cerus Corp. (a)		19,320		134
Champions Oncology, Inc. (a)		1,066		12
Change Healthcare, Inc. (a)		47,943		894
Charles River Laboratories International, Inc. (a)		7,666		1,916
Checkmate Pharmaceuticals, Inc. (a)		830		12
Checkpoint Therapeutics, Inc. (a)		6,482		17
Chembio Diagnostics, Inc. (a) (b)		2,805		13
Chemed Corp.		2,459		1,310
Chemocentryx, Inc. (a)		7,072		438
Chiasma, Inc. (a)		3,632		16
Chimerix, Inc. (a)		7,660		37
Chinook Therapeutics, Inc. (a)		4,591		73
Cidara Therapeutics, Inc. (a)		6,109		12
Clearside Biomedical, Inc. (a)		6,723		18
Cleveland BioLabs, Inc. (a)		983		3
Clovis Oncology, Inc. (a) (b)		13,908		67
CNS Pharmaceuticals, Inc. (a)		2,248		4
Cocrystal Pharma, Inc. (a)		8,615		12
Codexis, Inc. (a)		8,519		186
Co-Diagnostics, Inc. (a) (b)		4,167		39
Codiak Biosciences, Inc. (a)		943		30
Cogent Biosciences, Inc. (a)		2,016		22

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Cohbar, Inc. (a)		7,962	$	11
Coherus Biosciences, Inc. (a)		8,690		151
Collegium Pharmaceutical, Inc. (a)		4,287		86
Community Health Systems, Inc. (a)		14,629		109
Computer Programs & Systems, Inc.		1,921		52
Concert Pharmaceuticals, Inc. (a)		4,210		53
Conformis, Inc. (a)		13,677		9
CONMED Corp.		3,881		435
Constellation Pharmaceuticals, Inc. (a)		6,296		181
Corcept Therapeutics, Inc. (a)		17,126		448
Cortexyme, Inc. (a)		1,334		37
CorVel Corp. (a)		1,349		143
Corvus Pharmaceuticals, Inc. (a)		4,137		15
Covetrus, Inc. (a)		11,963		344
Crinetics Pharmaceuticals, Inc. (a)		3,364		47
Cross Country Healthcare, Inc. (a)		4,279		38
CryoLife, Inc. (a)		5,273		124
CryoPort, Inc. (a) (b)		5,449		239
CTI BioPharma Corp. (a)		11,120		36
Cue BioPharma, Inc. (a)		4,514		56
Cumberland Pharmaceuticals, Inc. (a)		1,411		4
Curis, Inc. (a) (b)		12,823		105
Cutera, Inc. (a)		2,540		61
Cyclacel Pharmaceuticals, Inc. (a)		774		6
Cyclerion Therapeutics, Inc. (a)		3,471		11
Cytokinetics, Inc. (a)		9,604		200
CytomX Therapeutics, Inc. (a)		6,737		44
CytoSorbents Corp. (a) (b)		6,365		51
CytRx Corp. (a)		5,317		9
Dare Bioscience, Inc. (a)		5,919		8
Deciphera Pharmaceuticals, Inc. (a)		6,772		386
Delcath Systems, Inc. (a)		875		16
Denali Therapeutics, Inc. (a)		14,263		1,196
Dicerna Pharmaceuticals, Inc. (a)		10,183		224
Digirad Corp. (a)		781		3
Diversicare Healthcare Services, Inc. (a)		597		2
Durect Corp. (a)		27,570		57
Dynavax Technologies Corp. (a) (b)		15,504		69
Dyne Therapeutics, Inc. (a)		2,132		45
Eagle Pharmaceuticals, Inc. (a)		1,484		69
Eargo, Inc. (a)		1,407		63
Editas Medicine, Inc. (a)		7,832		549
Eidos Therapeutics, Inc. (a)		2,332		307
Eiger Biopharmaceuticals, Inc. (a)		4,796		59
Ekso Bionics Holdings, Inc. (a)		1,142		7
Elanco Animal Health, Inc. (a)		50,597		1,551
Electrocore, Inc. (a)		5,102		8
Electromed, Inc. (a)		1,341		13
Eledon Pharmaceuticals, Inc. (a)		202		3
Eloxx Pharmaceuticals, Inc. (a)		4,305		17

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Emergent BioSolutions, Inc. (a)		7,369	$	660
Enanta Pharmaceuticals, Inc. (a)		2,691		113
Encompass Health Corp.		15,325		1,267
Endo International PLC (a)		32,793		235
ENDRA Life Sciences, Inc. (a)		5,075		4
Entasis Therapeutics Holdings, Inc. (a)		2,437		6
Envista Holdings Corp. (a)		20,325		686
Enzo Biochem, Inc. (a)		6,499		16
Enzon Pharmaceuticals, Inc. (a)		11,065		3
Epizyme, Inc. (a)		11,912		129
Equillium, Inc. (a) (b)		2,527		14
Esperion Therapeutics, Inc. (a) (b)		3,456		90
Establishment Labs Holdings, Inc. (a)		2,434		92
Eton Pharmaceuticals, Inc. (a)		3,245		26
Evelo Biosciences, Inc. (a)		2,553		31
Evofem Biosciences, Inc. (a) (b)		12,803		31
Evoke Pharma, Inc. (a)		4,067		10
Evolent Health, Inc. Class A (a)		12,502		200
Evolus, Inc. (a) (b)		4,184		14
Exact Sciences Corp. (a)		23,178		3,072
Exagen, Inc. (a)		911		12
Exelixis, Inc. (a)		47,296		949
EyeGate Pharmaceuticals, Inc. (a)		729		4
Eyenovia, Inc. (a)		2,918		18
Fate Therapeutics, Inc. (a)		12,569		1,143
Fennec Pharmaceuticals, Inc. (a)		3,373		25
Fibrogen, Inc. (a)		11,130		413
Five Prime Therapeutics, Inc. (a)		7,449		127
Five Star Senior Living, Inc. (a)		1,798		12
Flexion Therapeutics, Inc. (a) (b)		5,122		59
Fluidigm Corp. (a)		10,678		64
Foghorn Therapeutics, Inc. (a)		1,260		26
FONAR Corp. (a)		1,053		18
Forma Therapeutics Holdings, Inc. (a) (b)		4,826		168
Forte Biosciences, Inc. (a)		1,763		64
Fortress Biotech, Inc. (a)		12,401		39
Frequency Therapeutics, Inc. (a)		5,086		179
F-Star Therapeutics, Inc. (a)		687		7
Fulcrum Therapeutics, Inc. (a)		1,610		19
Fulgent Genetics, Inc. (a) (b)		2,481		129
G1 Therapeutics, Inc. (a)		4,143		75
Galectin Therapeutics, Inc. (a)		7,171		16
Galera Therapeutics, Inc. (a)		1,463		15
Generation Bio Co. (a)		3,273		93
Genesis Healthcare, Inc. (a)		11,456		6
GenMark Diagnostics, Inc. (a)		9,612		140
Genocea Biosciences, Inc. (a)		6,315		15
Genprex, Inc. (a)		5,774		24
Geron Corp. (a) (b)		48,371		77
Glaukos Corp. (a)		4,670		351

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Global Blood Therapeutics, Inc. (a)		6,936	$	300
Globus Medical, Inc. (a)		10,249		668
GlycoMimetics, Inc. (a)		6,009		23
GoodRx Holdings, Inc. Class A (a) (b)		5,884		237
Gossamer Bio, Inc. (a)		9,285		90
Graybug Vision, Inc. (a)		984		29
Great Elm Group, Inc. (a)		3,759		10
Greenwich Lifesciences, Inc. (a)		604		22
Gritstone Oncology, Inc. (a) (b)		4,049		16
Guardant Health, Inc. (a)		15,575		2,007
Haemonetics Corp. (a)		6,975		828
Halozyme Therapeutics, Inc. (a)		18,344		783
Hancock Jaffe Laboratories, Inc. (a)		406		4
Hanger, Inc. (a)		4,724		104
Harmony Biosciences Holdings, Inc. (a)		762		28
Harpoon Therapeutics, Inc. (a)		1,573		26
Harrow Health, Inc. (a)		4,097		28
Harvard Bioscience, Inc. (a)		5,681		24
Health Catalyst, Inc. (a)		6,621		288
HealthEquity, Inc. (a)		11,589		808
HealthStream, Inc. (a)		3,768		82
Heat Biologics, Inc. (a)		3,449		18
Helius Medical Technologies, Inc. (a)		7,741		3
Heron Therapeutics, Inc. (a)		14,307		303
Heska Corp. (a)		1,378		201
Hill-Rom Holdings, Inc.		10,297		1,009
Histogen, Inc. (a)		2,439		2
HMS Holdings Corp. (a)		12,758		469
Homology Medicines, Inc. (a)		3,488		39
Hookipa Pharma, Inc. (a)		1,607		18
Horizon Therapeutics PLC (a)		34,386		2,516
Hoth Therapeutics, Inc. (a)		1,441		3
HTG Molecular Diagnostics, Inc. (a)		754		4
iCAD, Inc. (a) (b)		3,428		45
ICU Medical, Inc. (a)		2,601		558
Ideaya Biosciences, Inc. (a)		3,701		52
Idera Pharmaceuticals, Inc. (a)		4,370		16
IGM Biosciences, Inc. (a) (b)		1,183		104
Imac Holdings, Inc. (a)		1,269		2
IMARA, Inc. (a)		1,079		24
ImmuCell Corp. (a)		1,003		6
Immunic, Inc. (a)		2,568		39
ImmunoGen, Inc. (a)		29,216		188
Immunome, Inc. (a)		565		5
Immunovant, Inc. (a)		6,888		318
Inari Medical, Inc. (a)		3,264		285
Infinity Pharmaceuticals, Inc. (a)		10,111		21
Infusystem Holdings, Inc. (a)		2,814		53
Inhibrx, Inc. (a)		2,464		81
Inmune Bio, Inc. (a)		1,149		20

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Innoviva, Inc. (a)		10,021	$	124
Inogen, Inc. (a)		2,001		89
Inovalon Holdings, Inc. Class A (a)		7,289		132
Inovio Pharmaceuticals, Inc. (a) (b)		26,394		234
Inozyme Pharma, Inc. (a)		1,214		25
Insmed, Inc. (a)		11,775		392
Inspire Medical System, Inc. (a)		3,565		671
Insulet Corp. (a)		7,400		1,891
Integer Holdings Corp. (a)		4,681		380
Integra LifeSciences Holdings Corp. (a)		8,753		568
Intellia Therapeutics, Inc. (a)		6,532		355
Intercept Pharmaceuticals, Inc. (a)		3,979		98
Interpace Biosciences, Inc. (a)		636		2
Intersect ENT, Inc. (a)		4,330		99
IntriCon Corp. (a)		1,408		25
Invacare Corp.		4,324		39
Invitae Corp. (a)		25,161		1,052
Ionis Pharmaceuticals, Inc. (a)		16,631		940
iRadimed Corp. (a)		1,089		25
iRhythm Technologies, Inc. (a)		3,482		826
IRIDEX Corp. (a)		2,142		5
Ironwood Pharmaceuticals, Inc. (a)		21,456		244
IsoRay, Inc. (a)		14,612		7
iTeos Therapeutics, Inc. (a)		1,879		64
IVERIC bio, Inc. (a)		13,204		91
Jaguar Health, Inc. (a) (b)		11,404		9
Jounce Therapeutics, Inc. (a)		2,937		21
Kala Pharmaceuticals, Inc. (a) (b)		7,327		50
Kaleido Biosciences, Inc. (a) (b)		1,929		18
KalVista Pharmaceuticals, Inc. (a)		1,680		32
Karuna Therapeutics, Inc. (a)		2,156		219
Keros Therapeutics, Inc. (a)		1,522		107
Kewaunee Scientific Corp. (a)		379		5
Kezar Life Sciences, Inc. (a)		4,883		25
Kindred Biosciences, Inc. (a)		5,882		25
Kiniksa Pharmaceuticals Ltd. Class A (a)		1,483		26
Kiromic BioPharma, Inc. (a)		209		2
Kodiak Sciences, Inc. (a)		6,550		962
Krystal Biotech, Inc. (a)		2,443		147
Kura Oncology, Inc. (a)		8,134		266
Kymera Therapeutics, Inc. (a)		1,490		92
Lannett Co., Inc. (a)		4,463		29
Lantern Pharma, Inc. (a)		500		10
Lantheus Holdings, Inc. (a)		8,962		121
Larimar Therapeutics, Inc. (a)		2,444		52
Leap Therapeutics, Inc. (a)		6,596		15
LeMaitre Vascular, Inc.		2,181		88
LENSAR, Inc. (a)		1,640		12
Lexicon Pharmaceuticals, Inc. (a) (b)		12,326		42
LHC Group, Inc. (a)		4,763		1,016

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Ligand Pharmaceuticals, Inc. (a) (b)		2,236	$	222
Lineage Cell Therapeutics, Inc. (a) (b)		24,122		42
Liquidia Technologies, Inc. (a) (b)		5,296		16
LogicBio Therapeutics, Inc. (a)		4,313		33
Luminex Corp.		6,703		155
Lumos Pharma, Inc. (a) (b)		959		34
Lyra Therapeutics, Inc. (a)		1,148		13
MacroGenics, Inc. (a)		7,156		164
Madrigal Pharmaceuticals, Inc. (a) (b)		1,581		176
Magellan Health, Inc. (a)		3,732		309
Magenta Therapeutics, Inc. (a)		5,260		41
MannKind Corp. (a)		36,239		113
Maravai LifeSciences Holdings, Inc. Class A (a)		9,926		278
Marinus Pharmaceuticals, Inc. (a) (b)		5,068		62
Marker Therapeutics, Inc. (a)		5,551		8
Masimo Corp. (a)		7,102		1,905
Mateon Therapeutics, Inc. (a)		11,708		3
Matinas BioPharma Holdings, Inc. (a) (b)		31,376		43
MediciNova, Inc. (a) (b)		7,075		37
MEDNAX, Inc. (a)		13,049		320
Medpace Holdings, Inc. (a)		4,315		601
MEI Pharma, Inc. (a)		16,400		43
MeiraGTx Holdings PLC (a)		5,673		86
Meridian Bioscience, Inc. (a)		6,206		116
Merit Medical Systems, Inc. (a)		7,631		424
Merrimack Pharmaceuticals, Inc. (a)		2,107		15
Mersana Therapeutics, Inc. (a)		10,213		272
Metacrine, Inc. (a)		1,087		9
Microbot Medical, Inc. (a)		1,096		8
Millendo Therapeutics, Inc. (a)		2,705		6
Minerva Neurosciences, Inc. (a)		6,792		16
Miragen Therapeutics, Inc. (a)		511		8
Mirum Pharmaceuticals, Inc. (a)		2,597		45
Misonix, Inc. (a)		2,067		26
Moderna, Inc. (a)		55,685		5,818
Molecular Templates, Inc. (a)		4,353		41
Moleculin Biotech, Inc. (a)		9,836		8
Molina Healthcare, Inc. (a)		7,550		1,606
Monopar Therapeutics, Inc. (a)		710		4
Morphic Holding, Inc. (a)		1,564		52
Motus GI Holdings, Inc. (a)		4,375		4
MTBC, Inc. (a)		1,414		13
Mustang Bio, Inc. (a)		8,197		31
Myomo, Inc. (a)		760		5
Myriad Genetics, Inc. (a)		10,710		212
NanoString Technologies, Inc. (a)		5,315		355
NantHealth, Inc. (a) (b)		4,658		15
NantKwest, Inc. (a) (b)		6,731		90
Natera, Inc. (a)		13,586		1,353
National Healthcare Corp. (c)		2,264		150

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
National Research Corp.		1,823	$	78
Natus Medical, Inc. (a)		4,823		97
Navidea Biopharmaceuticals, Inc. (a)		3,130		7
Nektar Therapeutics (a)		15,327		261
Neogen Corp. (a)		6,575		521
NeoGenomics, Inc. (a)		16,182		871
Neoleukin Therapeutics, Inc. (a)		5,615		79
Neos Therapeutics, Inc. (a)		7,919		5
NeuroBo Pharmaceuticals, Inc. (a)		413		2
Neurocrine Biosciences, Inc. (a)		12,365		1,185
NeuroMetrix, Inc. (a)		634		2
Neuronetics, Inc. (a) (b)		2,702		30
Nevro Corp. (a)		4,614		799
NextCure, Inc. (a)		3,185		35
NextGen Healthcare, Inc. (a)		6,708		122
NGM Biopharmaceuticals, Inc. (a)		4,972		151
Nkarta, Inc. (a) (b)		2,949		181
Northwest Biotherapeutics, Inc. (a) (b)		127,823		195
NovaBay Pharmaceuticals, Inc. (a)		5,460		4
Novan, Inc. (a)		22,048		18
Novavax, Inc. (a) (b)		10,025		1,118
Nurix Therapeutics, Inc. (a)		1,953		64
NuVasive, Inc. (a)		7,646		431
Oak Street Health, Inc. (a)		2,824		173
Obalon Therapeutics, Inc. (a)		1,041		2
Ocugen, Inc. (a)		25,243		46
Ocular Therapeutix, Inc. (a)		11,362		235
Ocuphire Pharma, Inc. (a)		817		5
Odonate Therapeutics, Inc. (a)		3,357		64
Olema Pharmaceuticals, Inc. (a)		1,871		90
Omeros Corp. (a) (b)		9,605		137
Omnicell, Inc. (a)		6,095		732
Oncocyte Corp. (a)		9,689		23
Onconova Therapeutics, Inc. (a) (b)		30,983		14
Oncorus, Inc. (a)		1,023		33
OncoSec Medical, Inc. (a)		2,249		15
Oncternal Therapeutics, Inc. (a)		6,744		33
Ontrak, Inc. (a) (b)		1,400		87
OpGen, Inc. (a) (b)		3,376		7
Opiant Pharmaceuticals, Inc. (a)		678		5
OPKO Health, Inc. (a) (b)		79,691		315
Optinose, Inc. (a)		5,060		21
Option Care Health, Inc. (a)		9,073		142
Oragenics, Inc. (a)		13,528		6
Oramed Pharmaceuticals, Inc. (a)		3,728		16
OraSure Technologies, Inc. (a)		9,614		102
Organogenesis Holdings, Inc. (a)		6,297		47
Orgenesis, Inc. (a)		3,723		17
ORIC Pharmaceuticals, Inc. (a)		4,448		151
Orthofix Medical, Inc. (a)		2,591		111

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Orthopediatrics Corp. (a) (b)		1,966	$	81
Osmotica Pharmaceuticals PLC (a) (b)		2,936		12
Otonomy, Inc. (a)		7,675		50
Outlook Therapeutics, Inc. (a)		9,588		12
Outset Medical, Inc. (a)		1,574		89
Ovid Therapeutics, Inc. (a)		7,864		18
Owens & Minor, Inc.		10,837		293
Oyster Point Pharma, Inc. (a)		1,560		29
Pacific Biosciences of California, Inc. (a)		24,151		626
Pacira BioSciences, Inc. (a)		5,822		348
Palatin Technologies, Inc. (a) (b)		36,203		24
Pandion Therapeutics, Inc. (a)		1,286		19
Paratek Pharmaceuticals, Inc. (a)		6,728		42
Passage Bio, Inc. (a)		3,890		99
Patterson Cos., Inc. (c)		9,377		278
PAVmed, Inc. (a)		8,506		18
PDL BioPharma, Inc. (i)		17,605		43
PDS Biotechnology Corp. (a)		3,319		7
Penumbra, Inc. (a)		4,684		820
Personalis, Inc. (a)		3,522		129
PetIQ, Inc. (a) (b)		1,106		43
Petros Pharmaceuticals, Inc. (a)		716		3
PhaseBio Pharmaceuticals, Inc. (a) (b)		2,607		9
Phathom Pharmaceuticals, Inc. (a)		2,620		87
Phibro Animal Health Corp. Class A		2,169		42
Phreesia, Inc. (a)		6,466		351
Pieris Pharmaceuticals, Inc. (a)		8,814		22
Pliant Therapeutics, Inc. (a) (b)		2,912		66
Plus Therapeutics, Inc. (a)		769		2
PLx Pharma, Inc. (a)		2,144		12
PMV Pharmaceuticals, Inc. (a)		2,025		125
PolarityTE, Inc. (a)		7,170		5
Poseida Therapeutics, Inc. (a)		5,178		57
PPD, Inc. (a)		27,531		942
PRA Health Sciences, Inc. (a)		8,060		1,011
Praxis Precision Medicines, Inc. (a)		1,731		95
Precigen, Inc. (a) (b)		11,806		120
Precipio, Inc. (a) (b)		2,857		6
Precision BioSciences, Inc. (a)		6,945		58
Predictive Oncology, Inc. (a)		2,724		2
Prelude Therapeutics, Inc. (a) (b)		1,464		105
Premier, Inc. Class A		7,159		251
Pressure BioSciences, Inc. (a)		651		1
Prestige Consumer Healthcare, Inc. (a)		7,554		263
Prevail Therapeutics, Inc. (a)		4,991		115
Pro-Dex, Inc. (a)		472		15
Progenity, Inc. (a) (b)		2,837		15
Progyny, Inc. (a)		7,402		314
ProPhase Labs, Inc. (a) (b)		1,516		14
Protagonist Therapeutics, Inc. (a)		4,743		96

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Protalix BioTherapeutics, Inc. (a)		3,853	$	14
Protara Therapeutics, Inc. (a)		1,446		35
Provention Bio, Inc. (a)		8,233		139
Psychemedics Corp.		880		4
PTC Therapeutics, Inc. (a)		9,374		572
Pulmatrix, Inc. (a)		5,534		7
Pulmonx Corp. (a)		3,944		272
Pulse Biosciences, Inc. (a) (b)		2,292		55
Puma Biotechnology, Inc. (a)		5,529		57
Qualigen Therapeutics, Inc. (a)		4,114		12
Quanterix Corp. (a)		3,979		185
Quidel Corp. (a)		4,722		848
R1 RCM, Inc. (a)		17,003		408
RA Medical Systems, Inc. (a)		465		3
RadNet, Inc. (a)		6,747		132
RAPT Therapeutics, Inc. (a)		2,016		40
Reata Pharmaceuticals, Inc. Class A (a)		3,122		386
Recro Pharma, Inc. (a)		3,763		11
RegeneRx Biopharmaceuticals, Inc. (a)		13,189		6
REGENXBIO, Inc. (a)		4,261		193
Regulus Therapeutics, Inc. (a)		10,319		14
Relay Therapeutics, Inc. (a)		7,387		307
Relmada Therapeutics, Inc. (a)		2,422		78
Repligen Corp. (a)		7,581		1,454
Replimune Group, Inc. (a)		5,390		206
ReShape Lifesciences, Inc. (a)		936		3
Retractable Technologies, Inc. (a) (b)		2,606		28
Revance Therapeutics, Inc. (a)		9,811		278
REVOLUTION Medicines, Inc. (a)		6,005		238
Rhythm Pharmaceuticals, Inc. (a)		5,554		165
Rigel Pharmaceuticals, Inc. (a)		22,364		78
Rocket Pharmaceuticals, Inc. (a)		8,050		441
Rockwell Medical, Inc. (a)		12,697		13
Royalty Pharma PLC Class A		13,706		686
Rubius Therapeutics, Inc. (a) (b)		3,931		30
Sage Therapeutics, Inc. (a)		7,411		641
Salarius Pharmaceuticals, Inc. (a)		3,125		3
Sangamo Therapeutics, Inc. (a) (b)		18,245		285
Sarepta Therapeutics, Inc. (a)		10,444		1,782
Satsuma Pharmaceuticals, Inc. (a)		1,167		5
Savara, Inc. (a)		6,893		8
Scholar Rock Holding Corp. (a) (b)		1,916		93
Schrodinger, Inc. (a)		1,863		148
scPharmaceuticals, Inc. (a)		3,570		19
SCYNEXIS, Inc. (a)		1,741		13
Seagen, Inc. (a)		27,185		4,762
Seaspine Holdings Corp. (a)		2,870		50
Second Sight Medical Products, Inc. (a)		2,208		4
Seelos Therapeutics, Inc. (a)		8,413		13
Select Medical Holdings Corp. (a)		13,546		375

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Selecta Biosciences, Inc. (a)		13,573	$	41
Sellas Life Sciences Group, Inc. (a)		1,737		10
Seneca BioPharma, Inc. (a)		2,868		3
Senestech, Inc. (a)		687		1
Senseonics Holdings, Inc. (a) (b)		19,343		17
Sensus Healthcare, Inc. (a)		2,046		8
Seres Therapeutics, Inc. (a)		7,643		187
Sesen Bio, Inc. (a)		20,151		27
Shattuck Labs, Inc. (a)		2,098		110
Shockwave Medical, Inc. (a)		4,190		435
SI-BONE, Inc. (a)		4,662		139
Sientra, Inc. (a) (b)		7,523		29
Sierra Oncology, Inc. (a)		1,128		18
SIGA Technologies, Inc. (a)		7,391		54
Silk Road Medical, Inc. (a)		5,348		337
Simulations Plus, Inc.		2,204		159
SiNtx Technologies, Inc. (a)		4,195		7
SmileDirectClub, Inc. (a)		9,701		116
Soleno Therapeutics, Inc. (a)		9,736		19
Solid Biosciences, Inc. (a)		7,953		60
Soliton, Inc. (a)		2,023		16
Sonoma Pharmaceuticals, Inc. (a)		325		2
Sotera Health Co. (a)		7,901		217
Spectrum Pharmaceuticals, Inc. (a)		20,534		70
Spero Therapeutics, Inc. (a)		4,009		78
SpringWorks Therapeutics, Inc. (a)		3,921		284
Spruce Biosciences, Inc. (a)		1,050		26
SQZ Biotechnologies Co. (a)		723		21
STAAR Surgical Co. (a)		6,798		539
Stereotaxis, Inc. (a)		11,357		58
Stoke Therapeutics, Inc. (a)		2,772		172
Strata Skin Sciences, Inc. (a)		3,621		5
Streamline Health Solutions, Inc. (a)		4,980		8
Strongbridge BioPharma PLC (a)		8,899		22
Sunesis Pharmaceuticals, Inc. (a)		2,940		6
SunLink Health Systems, Inc. (a)		693		1
Supernus Pharmaceuticals, Inc. (a)		7,502		189
Surface Oncology, Inc. (a)		4,838		45
Surgalign Holdings, Inc. (a)		9,000		20
Surgery Partners, Inc. (a)		4,060		118
Surmodics, Inc. (a)		1,947		85
Sutro Biopharma, Inc. (a)		5,688		123
Syndax Pharmaceuticals, Inc. (a)		6,836		152
Syneos Health, Inc. (a)		10,627		724
Synlogic, Inc. (a)		3,618		8
Synthetic Biologics, Inc. (a)		3,249		1
Syros Pharmaceuticals, Inc. (a)		3,684		40
T2 Biosystems, Inc. (a)		23,795		30
Tabula Rasa Healthcare, Inc. (a) (b)		3,074		132
Tactile Systems Technology, Inc. (a)		1,952		88

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Tandem Diabetes Care, Inc. (a)		9,586	$	917
Tarsus Pharmaceuticals, Inc. (a)		987		41
TCR2 Therapeutics, Inc. (a)		3,079		95
Tela Bio, Inc. (a)		1,741		26
Teladoc Health, Inc. (a) (b)		21,613		4,322
Teligent, Inc. (a)		569		—	(d)
Tenet Healthcare Corp. (a)		15,909		635
TFF Pharmaceuticals, Inc. (a)		2,830		41
The Ensign Group, Inc.		7,906		577
The Joint Corp. (a)		2,093		55
The Pennant Group, Inc. (a)		3,117		181
The Providence Service Corp. (a)		1,972		273
TherapeuticsMD, Inc. (a) (b)		40,677		49
Thermogenesis Holdings, Inc. (a)		810		2
Tilray, Inc. Class 2 (a) (b)		1,790		15
Timber Pharmaceuticals, Inc. (a)		1,109		1
Tivity Health, Inc. (a)		5,294		104
Tonix Pharmaceuticals Holding Corp. (a)		32,094		22
Tracon Pharmaceuticals, Inc. (a)		2,224		26
TransEnterix, Inc. (a)		15,398		10
Translate Bio, Inc. (a)		8,840		163
TransMedics Group, Inc. (a)		3,640		72
Travere Therapeutics, Inc. (a)		6,842		186
Trevena, Inc. (a) (b)		25,780		55
Trevi Therapeutics, Inc. (a)		862		2
Tricida, Inc. (a)		6,810		48
Turning Point Therapeutics, Inc. (a)		6,698		816
Twist Bioscience Corp. (a)		6,417		907
Tyme Technologies, Inc. (a)		11,994		15
U.S. Physical Therapy, Inc.		1,356		163
Ultragenyx Pharmaceutical, Inc. (a)		6,760		936
United Therapeutics Corp. (a)		6,403		972
UNITY Biotechnology, Inc. (a) (b)		5,230		27
UroGen Pharma Ltd. (a)		2,554		46
Urovant Sciences Ltd. (a)		1,063		17
Utah Medical Products, Inc.		409		34
Vaccinex, Inc. (a) (b)		3,450		7
Vanda Pharmaceuticals, Inc. (a)		7,238		95
Vapotherm, Inc. (a)		3,525		95
Varex Imaging Corp. (a)		4,860		81
Vaxart, Inc. (a) (b)		17,789		102
Vaxcyte, Inc. (a) (b)		4,780		127
Veeva Systems, Inc. Class A (a)		16,424		4,471
Venus Concept, Inc. (a)		4,546		8
Veracyte, Inc. (a)		6,595		323
Verastem, Inc. (a) (b)		26,450		56
Vericel Corp. (a)		6,012		186
Verrica Pharmaceuticals, Inc. (a)		1,733		20
Viela Bio, Inc. (a) (b)		2,572		93
Viemed Healthcare, Inc. (a)		6,230		48

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Viking Therapeutics, Inc. (a) (b)		10,510	$	59
Vir Biotechnology, Inc. (a) (b)		8,536		229
Viveve Medical, Inc. (a)		345		2
Vocera Communications, Inc. (a)		3,429		142
Voyager Therapeutics, Inc. (a)		3,703		26
vTv Therapeutics, Inc. Class A (a)		1,361		3
VYNE Therapeutics, Inc. (a) (b)		22,780		36
X4 Pharmaceuticals, Inc. (a)		2,319		15
XBiotech, Inc. (a) (b)		2,647		41
Xencor, Inc. (a)		5,005		218
Xeris Pharmaceuticals, Inc. (a) (b)		7,630		38
XOMA Corp. (a) (b)		1,773		78
Xtant Medical Holdings, Inc. (a)		11,951		14
Yield10 Bioscience, Inc. (a)		397		2
Y-mAbs Therapeutics, Inc. (a)		3,733		185
Yumanity Therapeutics, Inc.		376		6
Zentalis Pharmaceuticals, Inc. (a)		3,810		198
ZIOPHARM Oncology, Inc. (a) (b) (c)		29,078		73
Zogenix, Inc. (a)		8,674		173
Zomedica Corp. (a) (b)		87,878		20
Zosano Pharma Corp. (a)		13,216		7
Zynerba Pharmaceuticals, Inc. (a) (b)		4,439		15
				152,805
Industrials (13.7%):
AAON, Inc.		5,339		356
AAR Corp.		5,086		184
ABM Industries, Inc.		9,608		364
Acacia Research Corp. (a)		7,843		31
ACCO Brands Corp.		14,089		119
Acme United Corp.		436		13
Acuity Brands, Inc.		5,184		628
ADT, Inc.		17,850		140
Advanced Drainage Systems, Inc.		8,619		720
AECOM (a)		16,417		817
Aegion Corp. (a)		3,454		66
AeroCentury Corp. (a)		186		2
Aerojet Rocketdyne Holdings, Inc. (a)		9,710		513
AeroVironment, Inc. (a)		2,988		260
AGCO Corp.		9,662		996
AIkido Pharma, Inc.		5,206		5
Air Industries Group (a)		3,402		4
Air Lease Corp.		16,773		745
Air T, Inc. (a)		270		7
Air Transport Services Group, Inc. (a)		8,785		275
Alamo Group, Inc.		1,532		211
Albany International Corp.		3,680		270
Allegiant Travel Co.		2,032		385
Allied Motion Technologies, Inc.		1,471		75
Allison Transmission Holdings, Inc.		15,289		659
Alta Equipment Group, Inc. (a)		2,665		26

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Altra Industrial Motion Corp.		9,649	$	535
AMERCO, Inc.		1,511		686
Ameresco, Inc. Class A (a)		3,448		180
American Superconductor Corp. (a)		4,208		99
American Woodmark Corp. (a)		2,249		211
AMREP Corp. (a)		294		3
Apogee Enterprises, Inc.		3,448		109
Applied Energetics, Inc. (a)		25,537		8
Applied Industrial Technologies, Inc.		5,260		410
Applied UV, Inc. (a)		426		2
Aqua Metals, Inc. (a)		9,189		28
ARC Document Solutions, Inc.		6,613		10
ArcBest Corp.		3,661		156
Arcosa, Inc.		6,954		382
Argan, Inc.		2,468		110
Armstrong Flooring, Inc. (a)		3,188		12
Armstrong World Industries, Inc.		5,452		406
Array Technologies, Inc. (a)		7,872		340
Art's-Way Manufacturing Co., Inc. (a)		386		1
ASGN, Inc. (a)		7,267		607
Astec Industries, Inc.		3,257		189
Astronics Corp. (a) (c)		3,302		44
Astrotech Corp. (a)		2,829		5
Atkore International Group, Inc. (a)		6,830		281
Atlas Air Worldwide Holdings, Inc. (a)		4,011		219
Avalon Holdings Corp. Class A (a)		318		1
Avis Budget Group, Inc. (a) (c)		9,222		344
Axon Enterprise, Inc. (a)		8,410		1,030
AZZ, Inc.		3,407		162
Babcock & Wilcox Enterprises, Inc. (a)		4,531		16
Barnes Group, Inc.		5,851		297
Barrett Business Services, Inc.		1,127		77
Beacon Roofing Supply, Inc. (a)		8,437		339
BioHiTech Global, Inc. (a)		3,482		4
Bloom Energy Corp. Class A (a)		2,784		80
BlueLinx Holdings, Inc. (a)		1,490		44
BMC Stock Holdings, Inc. (a)		10,595		569
Brady Corp. Class A		5,751		304
Brightview Holdings, Inc. (a)		7,028		106
Broadwind Energy, Inc. (a)		2,412		19
Builders FirstSource, Inc. (a)		16,439		671
BWX Technologies, Inc.		12,933		780
CAI International, Inc.		2,408		75
Capstone Turbine Corp. (a)		1,855		20
Carlisle Cos., Inc.		7,064		1,103
Casella Waste Systems, Inc. (a)		6,509		403
CBIZ, Inc. (a)		8,587		229
CECO Environmental Corp. (a)		4,520		31
Charah Solutions, Inc. (a)		2,412		7
Chart Industries, Inc. (a)		4,772		562

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Chicago Rivet & Machine Co.		133	$	3
CIRCOR International, Inc. (a)		2,680		103
Civeo Corp. (a)		1,786		25
Clean Harbors, Inc. (a)		7,959		605
Colfax Corp. (a)		11,907		455
Columbus McKinnon Corp.		3,483		134
Comfort Systems USA, Inc.		5,243		276
Commercial Vehicle Group, Inc. (a)		5,106		44
Construction Partners, Inc. Class A (a)		1,908		56
Cornerstone Building Brands, Inc. (a)		7,754		72
CoStar Group, Inc. (a) (c)		5,877		5,431
Covanta Holding Corp.		19,899		261
Covenant Logistics Group, Inc. Class A (a)		1,952		29
CPI Aerostructures, Inc. (a)		1,842		7
CRA International, Inc.		1,055		54
Crane Co.		7,788		605
CSW Industrials, Inc.		2,207		247
Cubic Corp.		3,908		242
Curtiss-Wright Corp.		6,327		736
Daseke, Inc. (a)		7,625		44
Deluxe Corp.		5,685		166
DLH Holdings Corp. (a)		1,842		17
DMC Global, Inc.		1,708		74
Document Security Systems, Inc. (a)		577		4
Donaldson Co., Inc.		17,765		993
Douglas Dynamics, Inc.		2,795		120
DPW Holdings, Inc. (a)		2,880		13
Ducommun, Inc. (a)		1,845		99
Dun & Bradstreet Holdings, Inc. (a)		23,387		582
DXP Enterprise, Inc. (a)		2,354		52
Dycom Industries, Inc. (a)		4,224		319
Eagle Bulk Shipping, Inc. (a)		1,107		21
Echo Global Logistics, Inc. (a)		3,789		102
EMCOR Group, Inc.		7,822		715
Encore Wire Corp.		3,007		182
Energous Corp. (a)		6,866		12
Energy Focus, Inc. (a)		534		2
Energy Recovery, Inc. (a)		7,519		103
Enerpac Tool Group Corp.		6,812		154
EnerSys		6,419		533
Ennis, Inc. (c)		4,022		72
Enphase Energy, Inc. (a)		18,201		3,193
EnPro Industries, Inc.		2,959		223
ESCO Technologies, Inc.		3,271		338
Espey Manufacturing & Electronics Corp.		314		6
EVI Industries, Inc. (a)		863		26
Evoqua Water Technologies Corp. (a)		14,464		390
Exponent, Inc.		7,438		670
Federal Signal Corp.		8,821		293
Fluor Corp.		17,904		286

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Forrester Research, Inc. (a)		1,620	$	68
Forward Air Corp.		3,963		305
Foundation Building Materials, Inc. (a)		3,257		63
Franklin Covey Co. (a)		2,185		49
Franklin Electric Co., Inc.		5,108		354
FreightCar America, Inc. (a)		2,290		6
FTI Consulting, Inc. (a)		5,138		574
Fuel Tech, Inc. (a)		2,814		11
FuelCell Energy, Inc. (a) (b)		49,530		553
Gates Industrial Corp. PLC (a)		7,307		93
GATX Corp.		4,222		351
GEE Group, Inc. (a)		2,042		2
Gencor Industries, Inc. (a)		1,542		19
Gibraltar Industries, Inc. (a)		4,195		302
Giga-tronics, Inc. (a)		327		1
GMS, Inc. (a)		5,792		177
Graco, Inc.		25,822		1,868
GrafTech International Ltd.		17,904		191
Graham Corp.		1,571		24
Granite Construction, Inc.		5,325		142
Great Lakes Dredge & Dock Corp. (a)		10,231		135
Griffon Corp.		6,958		142
H&E Equipment Services, Inc.		5,261		157
Harsco Corp. (a)		11,502		207
Hawaiian Holdings, Inc.		6,011		106
HC2 Holdings, Inc. (a) (b)		5,517		18
Healthcare Services Group		10,348		291
Heartland Express, Inc.		7,039		127
HEICO Corp. Class A		10,851		1,269
Heidrick & Struggles International, Inc.		2,789		82
Helios Technologies, Inc.		4,088		218
Herc Holdings, Inc. (a)		4,602		306
Heritage-Crystal Clean, Inc. (a)		2,653		56
Herman Miller, Inc.		8,782		297
Hexcel Corp.		11,755		570
Hillenbrand, Inc.		9,771		389
HNI Corp.		5,081		175
Houston Wire & Cable Co. (a)		2,328		6
Hub Group, Inc. Class A (a)		4,406		251
Hubbell, Inc.		8,359		1,311
Hudson Global, Inc. (a)		378		4
Hudson Technologies, Inc. (a)		5,218		6
Hurco Cos., Inc.		1,045		31
Huron Consulting Group, Inc. (a)		3,257		192
Hyster-Yale Materials Handling, Inc.		1,845		110
IAA, Inc. (a)		20,724		1,346
IBEX Ltd. (a)		1,126		21
ICF International, Inc.		2,970		221
Ideal Power, Inc. (a)		424		3
IES Holdings, Inc. Class A (a)		3,526		162

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Infrastructure And Energy Alternatives, Inc. Class A (a)		3,589	$	59
Innovative Solutions & Support, Inc.		1,793		12
Insperity, Inc.		5,783		471
Insteel Industries, Inc.		2,555		57
Interface, Inc.		7,273		76
ITT, Inc.		11,145		858
JanOne, Inc. (a)		181		1
JELD-WEN Holding, Inc. (a)		10,277		261
JetBlue Airways Corp. (a)		41,927		609
Jewett-Cameron Trading Co. Ltd. (a)		327		3
John Bean Technologies Corp.		4,199		478
Kadant, Inc.		1,812		255
Kaman Corp.		3,988		228
KAR Auction Services, Inc.		19,488		363
Kelly Services, Inc. Class A		4,542		93
Kennametal, Inc.		11,579		420
Kforce, Inc.		3,421		144
Kimball International, Inc. Class B		5,513		66
Kirby Corp. (a)		8,449		438
Knight-Swift Transportation Holdings, Inc.		24,752		1,036
Knoll, Inc.		6,792		100
Korn Ferry		7,802		339
Kratos Defense & Security Solutions, Inc. (a)		18,097		496
Landstar System, Inc.		5,466		736
Lawson Products, Inc. (a)		787		40
LB Foster Co. Class A (a)		1,692		25
Lennox International, Inc.		5,388		1,475
Limbach Holdings, Inc. (a)		1,115		14
Lincoln Electric Holdings, Inc.		8,568		996
Lindsay Corp.		1,474		189
LSI Industries, Inc.		3,267		28
Lydall, Inc. (a)		2,555		77
Lyft, Inc. Class A (a)		5,851		287
Manitex International, Inc. (a)		2,454		13
ManpowerGroup, Inc.		8,385		756
Marten Transport Ltd.		8,588		148
MasTec, Inc. (a)		7,796		532
Mastech Digital, Inc. (a)		743		12
Matson, Inc.		4,980		284
Matthews International Corp. Class A		4,580		135
Maxar Technologies, Inc.		9,515		367
McGrath RentCorp		3,474		233
Mercury Systems, Inc. (a)		8,538		752
Meritor, Inc. (a)		9,570		267
Mesa Air Group, Inc. (a)		3,560		24
Miller Industries, Inc.		1,796		68
Mistras Group, Inc. (a)		3,130		24
Montrose Environmental Group, Inc. (a)		2,007		62
Moog, Inc. Class A		3,862		306
MRC Global, Inc. (a)		11,297		75

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
MSA Safety, Inc.		4,959	$	740
MSC Industrial Direct Co., Inc.		5,403		456
Mueller Industries, Inc.		8,319		292
Mueller Water Products, Inc. Class A		23,043		285
MYR Group, Inc. (a)		1,934		116
National Presto Industries, Inc.		741		66
Navistar International Corp. (a)		13,846		609
Nl Industries, Inc.		1,389		7
NN, Inc. (a) (b)		5,082		33
Nordson Corp.		7,972		1,602
Northwest Pipe Co. (a)		1,544		44
NOW, Inc. (a)		15,758		113
nVent Electric PLC		26,504		617
Ocean Power Technologies, Inc. (a)		5,159		14
Odyssey Marine Exploration, Inc. (a)		1,800		13
Omega Flex, Inc.		355		52
Orion Energy Systems, Inc. (a)		4,374		43
Orion Group Holdings, Inc. (a)		4,688		23
Oshkosh Corp.		8,339		718
Owens Corning, Inc.		16,500		1,250
PAE, Inc. (a)		10,639		98
PAM Transportation Services, Inc. (a)		307		15
Park Aerospace Corp.		2,732		37
Park-Ohio Holdings Corp.		1,395		43
Parsons Corp. (a)		16,537		602
Patrick Industries, Inc.		3,405		233
Patriot Transportation Holding, Inc.		300		3
Performant Financial Corp. (a)		4,678		4
Perma-Fix Environmental Services (a)		1,670		10
Perma-Pipe International Holdings, Inc. (a)		1,286		8
PGT Innovations, Inc. (a)		7,309		149
PICO Holdings, Inc. (a)		2,916		27
Pitney Bowes, Inc.		23,490		145
Plug Power, Inc. (a)		71,429		2,422
Polar Power, Inc. (a)		1,015		5
Powell Industries, Inc.		1,304		38
Preformed Line Products Co.		461		32
Primoris Services Corp.		7,010		194
Proto Labs, Inc. (a)		2,196		337
Quad/Graphics, Inc.		4,854		19
Quanex Building Products Corp.		4,671		104
Quest Resource Holding Corp. (a)		2,248		5
R.R. Donnelley & Sons Co.		10,885		25
Raven Industries, Inc.		5,165		171
RBC Bearings, Inc. (a)		3,532		632
RCM Technologies, Inc. (a)		1,556		3
Red Violet, Inc. (a)		1,262		33
Regal Beloit Corp.		5,441		668
Rekor Systems, Inc. (a)		4,530		37
Resideo Technologies, Inc. (a)		20,712		440

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Resources Connection, Inc.		4,673	$	59
REV Group, Inc.		4,998		44
Rexnord Corp.		18,941		748
Rush Enterprises, Inc. Class A		5,960		247
Ryder System, Inc.		7,583		468
Saia, Inc. (a)		3,768		681
Schneider National, Inc. Class B		6,536		135
SG Blocks, Inc. (a)		1,267		8
Shiftpixy, Inc. (a)		1,366		3
SIFCO Industries, Inc. (a)		496		4
Simpson Manufacturing Co., Inc.		5,747		537
Sino-Global Shipping America Ltd. (a)		864		2
SiteOne Landscape Supply, Inc. (a)		5,187		823
SkyWest, Inc.		7,308		295
SP Plus Corp. (a)		3,404		98
Spirit AeroSystems Holdings, Inc. Class A		16,812		657
Spirit Airlines, Inc. (a)		15,382		376
SPX Corp. (a)		5,627		307
SPX Flow, Inc. (a)		5,021		291
Standex International Corp.		1,680		130
Steelcase, Inc. Class A		12,308		167
Stericycle, Inc. (a)		12,116		839
Sterling Construction Co., Inc. (a)		4,425		82
Sunrun, Inc. (a)		24,157		1,676
Sunworks, Inc. (a)		2,758		14
Systemax, Inc.		2,695		97
Taylor Devices, Inc. (a)		462		5
Team, Inc. (a)		3,694		40
Tennant Co.		2,414		169
Terex Corp.		9,868		344
Tetra Tech, Inc.		8,108		938
Textainer Group Holdings Ltd. (a)		7,938		152
The AZEK Co., Inc. (a)		5,440		209
The Brink's Co.		7,453		537
The Eastern Co.		931		22
The Exone Co. (a)		1,800		17
The Gorman-Rupp Co.		3,629		118
The Greenbrier Cos., Inc.		4,344		158
The LS Starrett Co. Class A (a)		843		4
The Manitowoc Co., Inc. (a)		5,153		69
The Middleby Corp. (a)		7,080		913
The Shyft Group, Inc.		5,300		150
The Timken Co.		10,983		850
The Toro Co.		16,537		1,568
Thermon Group Holdings, Inc. (a)		4,058		63
Titan International, Inc.		9,460		46
Titan Machinery, Inc. (a)		2,758		54
TPI Composites, Inc. (a)		5,149		272
TransUnion		27,098		2,688
Trex Co., Inc. (a)		17,651		1,477

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
TriMas Corp. (a)		5,793	$	183
TriNet Group, Inc. (a)		6,921		558
Trinity Industries, Inc.		16,447		434
Triumph Group, Inc.		6,285		79
TrueBlue, Inc. (a)		5,111		96
Tutor Perini Corp. (a)		6,046		78
Twin Disc, Inc. (a)		1,705		13
U.S. Ecology, Inc.		4,540		165
Uber Technologies, Inc. (a)		257,062		13,111
UFP Industries, Inc.		8,815		490
Ultralife Corp. (a)		2,535		16
UniFirst Corp.		1,899		402
Univar Solutions, Inc. (a)		21,813		415
Universal Logistics Holdings, Inc.		676		14
Upwork, Inc. (a)		17,996		621
USA Truck, Inc. (a)		1,233		11
Valmont Industries, Inc.		3,311		579
Vectrus, Inc. (a)		1,480		74
Veritiv Corp. (a)		2,130		44
Viad Corp.		2,943		106
Vicor Corp. (a)		2,755		254
Virco Manufacturing Corp. (a)		2,213		6
VirTra, Inc. (a)		1,301		5
VSE Corp.		1,259		48
Wabash National Corp.		7,629		131
Watsco, Inc.		4,255		963
Watts Water Technologies, Inc. Class A		3,156		384
Welbilt, Inc. (a)		21,100		279
Werner Enterprises, Inc.		8,450		331
WESCO International, Inc. (a)		6,958		546
Wilhelmina International, Inc. (a)		553		3
Willdan Group, Inc. (a)		1,800		75
Williams Industrial Services Group, Inc. (a)		3,523		9
Willis Lease Finance Corp. (a)		380		12
WillScot Mobile Mini Holdings Corp. (a)		21,397		496
Woodward, Inc.		7,995		972
XPO Logistics, Inc. (a)		14,089		1,678
YRC Worldwide, Inc. (a)		7,141		32
				124,512
Information Technology (21.5%):
2U, Inc. (a) (b)		9,900		396
3d Systems Corp. (a) (b)		16,845		177
8x8, Inc. (a)		13,002		448
A10 Networks, Inc. (a)		10,537		104
Acacia Communications, Inc. (a)		6,284		458
ACI Worldwide, Inc. (a)		15,844		609
ACM Research, Inc. Class A (a)		371		30
ADDvantage Technologies Group, Inc. (a)		1,086		3
ADTRAN, Inc.		6,909		102
Advanced Energy Industries, Inc. (a)		5,578		541

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Aehr Test Systems (a)		3,905	$	10
Agilysys, Inc. (a)		3,478		133
Airgain, Inc. (a) (b)		1,538		27
Akoustis Technologies, Inc. (a) (b)		5,695		70
Alarm.com Holdings, Inc. (a)		6,253		647
Allegro MicroSystems, Inc. (a)		4,125		110
Alliance Data Systems Corp.		7,435		551
Alpha & Omega Semiconductor Ltd. (a)		3,544		84
Altair Engineering, Inc. Class A (a) (b)		2,221		129
Alteryx, Inc. Class A (a)		2,454		299
Ambarella, Inc. (a)		5,451		501
American Software, Inc. Class A		3,112		53
Amkor Technology, Inc.		20,308		306
Amtech Systems, Inc. (a)		1,861		12
Anaplan, Inc. (a)		20,205		1,452
Andrea Electronics Corp. (a)		10,497		—	(d)
Appfolio, Inc. Class A (a)		2,185		393
Appian Corp. (a) (b)		1,878		304
Applied DNA Sciences, Inc. (a)		816		4
Applied Optoelectronics, Inc. (a) (b)		3,349		28
Arlo Technologies, Inc. (a)		10,593		83
Arrow Electronics, Inc. (a)		11,643		1,133
Asana, Inc. Class A (a)		5,070		150
Aspen Technology, Inc. (a)		9,529		1,241
AstroNova, Inc.		1,069		11
Asure Software, Inc. (a)		2,707		19
Atomera, Inc. (a) (b)		3,379		54
Avalara, Inc. (a)		12,751		2,103
Avaya Holdings Corp. (a)		12,154		233
Aviat Networks, Inc. (a)		650		22
Avid Technology, Inc. (a)		5,184		82
Avnet, Inc.		15,232		535
Aware, Inc. (a)		2,156		8
Axcelis Technologies, Inc. (a)		4,433		129
AXT, Inc. (a)		6,504		62
Badger Meter, Inc.		3,902		367
Bel Fuse, Inc. Class B		1,470		22
Belden, Inc.		5,979		251
Benchmark Electronics, Inc.		5,255		142
Benefitfocus, Inc. (a)		4,531		66
Bentley Systems, Inc. Class B		1,755		71
BigCommerce Holdings, Inc. (a)		1,590		102
Bill.com Holdings, Inc. (a)		9,926		1,355
BK Technologies Corp.		1,614		5
Black Knight, Inc. (a)		17,888		1,580
Blackbaud, Inc.		6,145		354
Blackline, Inc. (a)		7,577		1,011
Booz Allen Hamilton Holding Corp.		18,250		1,591
Bottomline Technologies de, Inc. (a)		5,819		307
Box, Inc. Class A (a)		24,982		451

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Boxlight Corp. Class A (a) (b)		6,943	$	11
Bridgeline Digital, Inc. (a)		733		2
Brightcove, Inc. (a)		5,735		106
Brooks Automation, Inc.		9,895		671
BSQUARE Corp. (a)		2,084		3
CACI International, Inc. Class A (a)		3,887		969
CalAmp Corp. (a)		4,576		45
Calix, Inc. (a)		8,693		259
Cambium Networks Corp. (a)		1,076		27
Cardtronics PLC Class A (a)		6,036		213
Casa Systems, Inc. (a)		6,576		41
Cass Information Systems, Inc.		1,788		70
CCUR Holdings, Inc.		902		3
CDK Global, Inc.		17,328		898
Cemtrex, Inc. (a)		2,581		3
Cerence, Inc. (a)		5,894		592
Ceridian HCM Holding, Inc. (a)		12,876		1,372
CEVA, Inc. (a)		3,019		137
ChannelAdvisor Corp. (a)		4,567		73
Ciena Corp. (a)		23,784		1,257
Cirrus Logic, Inc. (a)		7,477		615
Clearfield, Inc. (a)		1,921		47
ClearOne, Inc. (a)		1,164		3
ClearSign Technologies Corp. (a)		3,775		11
Cloudera, Inc. (a)		48,173		670
Cloudflare, Inc. Class A (a)		6,178		469
CMC Materials, Inc.		4,385		663
Coda Octopus Group, Inc. (a) (b)		775		5
Cognex Corp.		25,452		2,043
Coherent, Inc. (a)		3,767		565
Cohu, Inc.		5,624		215
CommScope Holding Co., Inc. (a)		28,286		379
Communications Systems, Inc.		1,249		6
CommVault Systems, Inc. (a)		7,106		393
Computer Task Group, Inc. (a)		2,341		14
Comtech Telecommunications Corp.		3,603		75
Concentrix Corp. (a)		4,663		460
Conduent, Inc. (a)		33,307		160
CoreLogic, Inc.		11,987		927
Cornerstone OnDemand, Inc. (a)		10,173		448
Corsair Gaming, Inc. (a) (b)		2,310		84
Coupa Software, Inc. (a)		10,611		3,596
CPI Card Group, Inc. (a)		790		3
Cree, Inc. (a)		12,754		1,351
Crowdstrike Holdings, Inc. Class A (a)		3,336		707
CSG Systems International, Inc.		4,747		214
CSP, Inc.		566		4
CTS Corp.		4,054		139
CVD Equipment Corp. (a)		969		4
Cyberoptics Corp. (a)		1,142		26

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Daktronics, Inc.		5,725	$	27
Data I/O Corp. (a)		1,410		6
Datadog, Inc. Class A (a)		4,081		402
Datto Holding Corp. (a)		3,775		102
Dell Technologies, Inc. Class C (a)		35,171		2,577
Diebold Nixdorf, Inc. (a)		10,671		114
Digi International, Inc. (a)		3,527		67
Digimarc Corp. (a) (b)		2,130		101
Digital Ally, Inc. (a)		4,261		10
Diodes, Inc. (a)		6,452		455
DocuSign, Inc. (a)		28,538		6,343
Dolby Laboratories, Inc. Class A		9,246		898
Domo, Inc. Class B (a)		1,569		100
Dropbox, Inc. Class A (a)		6,236		138
DSP Group, Inc. (a)		3,400		56
Duck Creek Technologies, Inc. (a)		2,630		114
Dynatrace, Inc. (a)		31,190		1,350
DZS, Inc. (a)		2,030		31
Eastman Kodak Co. (a) (b)		8,790		72
Ebix, Inc.		2,957		112
EchoStar Corp. Class A (a)		7,563		160
eGain Corp. (a)		3,420		40
eMagin Corp. (a)		9,951		16
EMCORE Corp. (a)		4,208		23
Endurance International Group Holdings, Inc. (a)		12,343		117
Entegris, Inc.		19,675		1,891
Envestnet, Inc. (a)		8,496		699
EPAM Systems, Inc. (a)		8,911		3,193
ePlus, Inc. (a)		1,923		169
Euronet Worldwide, Inc. (a)		8,238		1,194
Everbridge, Inc. (a)		4,978		742
Everi Holdings, Inc. (a)		12,524		173
Everspin Technologies, Inc. (a)		2,420		11
Evo Payments, Inc. Class A (a)		2,492		67
Evolving Systems, Inc. (a)		1,389		3
Exela Technologies, Inc. (a)		13,839		6
ExlService Holdings, Inc. (a)		4,588		391
Extreme Networks, Inc. (a)		18,135		125
Fair Isaac Corp. (a)		4,436		2,267
FARO Technologies, Inc. (a)		2,420		171
Fastly, Inc. Class A (a)		1,901		166
Fireeye, Inc. (a)		33,955		783
First Solar, Inc. (a)		13,848		1,370
Fitbit, Inc. Class A (a)		32,408		220
Five9, Inc. (a)		9,395		1,638
FormFactor, Inc. (a)		10,501		452
Frequency Electronics, Inc. (a)		890		10
Genasys, Inc. (a)		5,218		34
Genpact Ltd.		25,059		1,036
GoDaddy, Inc. Class A (a)		10,469		868

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
GreenSky, Inc. Class A (a)		6,729	$	31
GSE Systems, Inc. (a)		3,005		4
GSI Technology, Inc. (a)		3,287		24
Guidewire Software, Inc. (a)		13,335		1,717
Harmonic, Inc. (a)		11,463		85
HubSpot, Inc. (a)		6,457		2,560
I3 Verticals, Inc. Class A (a)		1,084		36
Ichor Holdings Ltd. (a)		3,839		116
Identiv, Inc. (a)		2,657		23
IEC Electronics Corp. (a)		1,636		22
II-VI, Inc. (a)		13,901		1,056
Image Sensing Systems, Inc. (a)		600		3
Immersion Corp. (a)		4,242		48
Impinj, Inc. (a) (b)		2,862		120
Infinera Corp. (a) (b)		25,875		271
Information Services Group, Inc. (a)		5,792		19
Innodata, Inc. (a)		3,648		19
Inphi Corp. (a)		7,682		1,233
Inpixon (a)		8,322		8
Inseego Corp. (a) (b)		10,933		169
Insight Enterprises, Inc. (a)		4,292		327
Intellicheck, Inc. (a)		2,436		28
Intelligent Systems Corp. (a)		972		39
InterDigital, Inc.		4,645		282
inTEST Corp. (a)		1,499		10
Intevac, Inc. (a)		2,917		21
Inuvo, Inc. (a)		13,573		6
Issuer Direct Corp. (a)		414		7
Iteris, Inc. (a)		5,725		32
Itron, Inc. (a)		5,414		519
J2 Global, Inc. (a)		6,874		672
Jabil, Inc.		17,287		735
Jamf Holding Corp. (a)		2,930		88
JFrog Ltd. (a) (b)		1,986		124
KBR, Inc.		21,489		665
Key Tronic Corp. (a)		1,442		10
Kimball Electronics, Inc. (a)		3,959		63
Knowles Corp. (a)		13,208		243
Kopin Corp. (a)		12,111		29
Kulicke & Soffa Industries, Inc.		9,352		297
KVH Industries, Inc. (a)		2,300		26
Lantronix, Inc. (a)		3,161		14
Lattice Semiconductor Corp. (a)		18,248		836
LightPath Technologies, Inc. Class A (a)		3,980		16
Limelight Networks, Inc. (a) (b)		18,335		73
Littelfuse, Inc.		3,471		884
LivePerson, Inc. (a)		7,731		481
LiveRamp Holdings, Inc. (a)		9,109		667
Lumentum Holdings, Inc. (a)		11,636		1,103
Luna Innovations, Inc. (a)		4,598		45

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
MACOM Technology Solutions Holdings, Inc. (a)		8,084	$	445
Manhattan Associates, Inc. (a)		8,195		862
ManTech International Corp. Class A		3,786		337
Marin Software, Inc. (a)		1,307		3
Marvell Technology Group Ltd.		81,956		3,897
MAXIMUS, Inc.		9,265		678
MaxLinear, Inc. (a)		8,822		337
McAfee Corp. Class A		6,399		107
Medallia, Inc. (a)		15,523		516
Mesa Laboratories, Inc.		609		175
Methode Electronics, Inc.		5,470		209
MicroStrategy, Inc. (a)		1,226		476
MicroVision, Inc. (a)		24,527		132
Mitek Systems, Inc. (a)		6,649		118
MKS Instruments, Inc.		7,851		1,181
Model N, Inc. (a)		4,667		167
MoneyGram International, Inc. (a)		11,055		60
MongoDB, Inc. (a)		296		106
Monolithic Power Systems, Inc.		6,950		2,545
MoSys, Inc. (a)		542		1
MTS Systems Corp.		2,777		162
Napco Security Technologies, Inc. (a)		2,029		53
National Instruments Corp.		15,391		676
nCino, Inc. (a) (b)		6,566		475
NCR Corp. (a)		19,866		746
NeoPhotonics Corp. (a)		7,897		72
Net Element, Inc. (a)		731		10
NETGEAR, Inc. (a)		4,363		177
Netlist, Inc. (a)		31,185		19
NetScout Systems, Inc. (a)		10,477		287
NetSol Technologies, Inc. (a)		1,814		7
New Relic, Inc. (a)		7,559		494
NIC, Inc.		9,657		249
nLight, Inc. (a)		5,144		168
Novanta, Inc. (a)		5,125		606
Nuance Communications, Inc. (a)		44,558		1,965
Nutanix, Inc. Class A (a)		14,856		473
NVE Corp.		567		32
NXT-ID, Inc. (a)		5,396		9
Okta, Inc. (a)		5,856		1,489
ON Semiconductor Corp. (a)		62,690		2,052
One Stop Systems, Inc. (a)		1,893		8
OneSpan, Inc. (a)		4,629		96
Onto Innovation, Inc. (a)		7,117		338
Optical Cable Corp. (a)		972		3
Orbital Energy Group, Inc. (a)		4,739		10
OSI Systems, Inc. (a)		2,552		238
PagerDuty, Inc. (a)		8,527		356
Palantir Technologies, Inc. Class A (a) (b)		43,775		1,031
Palo Alto Networks, Inc. (a) (c)		14,674		5,216

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
PAR Technology Corp. (a) (b)		3,151	$	198
ParkerVision, Inc. (a)		8,858		4
Paylocity Holding Corp. (a)		4,998		1,029
Paysign, Inc. (a)		5,344		25
PC Connection, Inc.		1,403		66
PC-Telephone, Inc.		2,634		17
PDF Solutions, Inc. (a)		3,620		78
Pegasystems, Inc.		6,083		811
Perficient, Inc. (a)		4,756		227
Perspecta, Inc.		21,572		519
PFSweb, Inc. (a)		2,781		19
Photronics, Inc. (a)		8,905		99
Ping Identity Holding Corp. (a)		5,435		156
Pixelworks, Inc. (a)		6,846		19
Plantronics, Inc.		5,044		136
Plexus Corp. (a)		3,815		298
Pluralsight, Inc. Class A (a)		3,905		82
Power Integrations, Inc.		8,624		706
Powerfleet, Inc. (a)		4,950		37
PRGX Global, Inc. (a)		3,671		28
Progress Software Corp.		6,498		294
Proofpoint, Inc. (a)		8,797		1,200
PROS Holdings, Inc. (a)		4,220		214
PTC, Inc. (a)		16,221		1,940
Pure Storage, Inc. Class A (a)		14,378		325
Q2 Holdings, Inc. (a)		7,312		925
Qualys, Inc. (a)		5,033		613
Quicklogic Corp. (a)		1,743		7
Qumu Corp. (a)		2,136		17
Rackspace Technology, Inc. (a)		5,704		109
Rambus, Inc. (a)		16,413		287
Rapid7, Inc. (a)		7,555		681
RealNetworks, Inc. (a)		3,142		5
RealPage, Inc. (a)		14,844		1,295
Research Frontiers, Inc. (a)		4,232		12
Resonant, Inc. (a) (b)		8,622		23
RF Industries Ltd.		1,490		7
Ribbon Communications, Inc. (a)		19,973		131
Richardson Electronics Ltd.		1,593		8
Rimini Street, Inc. (a)		5,367		24
RingCentral, Inc. Class A (a)		11,429		4,331
Riot Blockchain, Inc. (a)		10,068		171
Rogers Corp. (a)		2,722		423
Rubicon Technology, Inc. (a)		353		3
Sabre Corp.		46,772		562
Sailpoint Technologies Holdings, Inc. (a)		12,489		665
Sanmina Corp. (a)		9,374		299
ScanSource, Inc. (a)		3,272		86
Science Applications International Corp.		8,974		849
Seachange International, Inc. (a)		5,285		7

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
SecureWorks Corp. Class A (a)		12,675	$	180
Semtech Corp. (a)		8,276		597
ServiceSource International, Inc. (a)		10,680		19
SharpSpring, Inc. (a)		1,710		28
Shift4 Payments, Inc. Class A (a)		2,682		202
ShotSpotter, Inc. (a)		1,426		54
SigmaTron International, Inc. (a)		590		3
Silicon Laboratories, Inc. (a)		5,433		692
SiTime Corp. (a)		1,334		149
Slack Technologies, Inc. Class A (a)		45,368		1,916
SMART Global Holdings, Inc. (a)		1,677		63
Smartsheet, Inc. Class A (a)		2,253		156
Smith Micro Software, Inc. (a)		6,088		33
Snowflake, Inc. Class A (a) (b)		4,743		1,335
Socket Mobile, Inc. (a)		835		2
SolarWinds Corp. (a) (b)		13,152		197
Sonim Technologies, Inc. (a)		7,537		5
Splunk, Inc. (a)		22,571		3,835
Sprout Social, Inc. Class A (a)		1,419		64
SPS Commerce, Inc. (a)		4,791		520
Square, Inc. Class A (a)		37,771		8,221
SS&C Technologies Holdings, Inc.		37,735		2,745
StarTek, Inc. (a)		2,025		15
Steel Connect, Inc. (a)		6,838		5
Summit Wireless Technologies, Inc. (a)		1,192		4
SunPower Corp. (a) (b)		13,683		351
Support.com, Inc. (a)		2,565		6
SVMK, Inc. (a)		17,392		444
Switch, Inc. Class A (b)		806		13
Sykes Enterprises, Inc. (a)		5,700		215
Synacor, Inc. (a)		4,782		7
Synaptics, Inc. (a)		4,395		424
Synchronoss Technologies, Inc. (a)		5,468		26
SYNNEX Corp.		4,836		394
Telenav, Inc. (a)		6,767		32
Tenable Holdings, Inc. (a)		11,056		578
Teradata Corp. (a)		16,662		374
TESSCO Technologies, Inc.		954		6
The Hackett Group, Inc.		4,066		59
The Trade Desk, Inc. Class A (a)		4,799		3,844
TransAct Technologies, Inc. (a)		1,496		11
Trimble, Inc. (a)		34,786		2,323
TTEC Holdings, Inc.		2,740		200
TTM Technologies, Inc. (a)		12,696		175
Twilio, Inc. Class A (a)		11,886		4,024
Ubiquiti, Inc.		1,052		293
Ultra Clean Holdings, Inc. (a)		5,903		184
Unisys Corp. (a)		7,709		152
Universal Display Corp.		5,997		1,378
Universal Security Instruments, Inc. (a)		337		2

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Upland Software, Inc. (a)		4,048	$	186
Varonis Systems, Inc. (a)		4,677		765
Veeco Instruments, Inc. (a)		6,566		114
Verint Systems, Inc. (a)		9,641		648
Veritone, Inc. (a)		3,604		103
Verra Mobility Corp. (a)		21,747		292
Vertex, Inc. Class A (a) (b)		3,671		128
ViaSat, Inc. (a) (b)		9,390		307
Viavi Solutions, Inc. (a)		32,991		494
VirnetX Holding Corp. (b)		9,999		50
Virtusa Corp. (a)		4,417		226
Vishay Intertechnology, Inc.		16,964		351
Vishay Precision Group, Inc. (a)		1,977		62
Vislink Technologies, Inc. (a) (b)		3,498		5
VMware, Inc. Class A (a) (b)		12,658		1,775
Wayside Technology Group, Inc.		563		11
WEX, Inc. (a)		6,358		1,294
WidePoint Corp. (a)		1,417		14
Wireless Telecom Group, Inc. (a)		3,271		6
Workday, Inc. Class A (a)		15,680		3,757
Workiva, Inc. (a)		4,279		392
Xperi Holding Corp.		15,229		318
Yext, Inc. (a)		14,227		224
Zendesk, Inc. (a)		17,005		2,434
Zix Corp. (a)		8,975		77
Zoom Video Communications, Inc. Class A (a)		3,833		1,293
Zscaler, Inc. (a)		13,037		2,604
Zuora, Inc. Class A (a)		2,197		31
				194,037
Materials (3.8%):
Advanced Emissions Solutions, Inc.		2,921		16
AdvanSix, Inc. (a)		3,804		76
Alcoa Corp. (a)		29,279		675
Allegheny Technologies, Inc. (a)		16,996		285
American Vanguard Corp.		3,755		58
Ampco-Pittsburgh Corp. (a)		2,178		12
AptarGroup, Inc.		8,457		1,158
Arconic Corp. (a)		16,090		479
Ashland Global Holdings, Inc.		9,438		747
Avient Corp.		13,792		556
Axalta Coating Systems Ltd. (a)		35,503		1,014
Balchem Corp.		4,661		537
Berry Global Group, Inc. (a)		19,681		1,106
Boise Cascade Co.		5,188		248
Cabot Corp.		8,723		391
Carpenter Technology Corp.		6,435		187
Century Aluminum Co. (a)		7,346		81
Chase Corp.		1,155		117
Clearwater Paper Corp. (a)		2,110		80
Cleveland-Cliffs, Inc.		57,519		838

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Coeur Mining, Inc. (a)		37,973	$	393
Commercial Metals Co.		16,896		347
Compass Minerals International, Inc.		5,119		316
Core Molding Technologies, Inc. (a)		1,162		16
Crown Holdings, Inc. (a)		21,221		2,125
Eagle Materials, Inc.		5,955		604
Ferro Corp. (a)		11,856		173
Flotek Industries, Inc. (a)		11,143		24
Forterra, Inc. (a)		5,171		89
Friedman Industries, Inc.		1,180		8
Futurefuel Corp.		3,737		47
Gatos Silver, Inc. (a)		3,563		46
GCP Applied Technologies, Inc. (a)		11,138		263
Glatfelter Corp.		6,392		105
Golden Minerals Co. (a) (b)		18,783		14
Graphic Packaging Holding Co.		43,095		730
Greif, Inc. Class A		3,328		156
H.B. Fuller Co.		6,934		360
Hawkins, Inc.		1,341		70
Haynes International, Inc.		1,438		34
Hecla Mining Co.		83,622		542
Huntsman Corp.		34,399		865
Ingevity Corp. (a)		6,224		471
Innospec, Inc.		3,171		288
Intrepid Potash, Inc. (a)		1,448		35
Kaiser Aluminum Corp.		2,146		212
Koppers Holdings, Inc. (a)		3,070		96
Kraton Corp. (a)		4,325		120
Kronos Bio, Inc. (a)		2,347		70
Kronos Worldwide, Inc.		3,678		55
Livent Corp. (a)		18,137		342
Louisiana-Pacific Corp.		16,300		606
LSB Industries, Inc. (a)		3,438		12
Marrone Bio Innovations, Inc. (a)		21,457		27
Materion Corp.		2,929		187
Mayville Engineering Co., Inc. (a)		1,815		24
Minerals Technologies, Inc.		4,670		290
Myers Industries, Inc.		4,741		99
Nanophase Technologies Corp. (a)		2,753		2
Neenah, Inc.		2,196		121
NewMarket Corp.		1,189		474
Northern Technologies International Corp.		1,327		14
O-I Glass, Inc.		19,747		235
Olin Corp.		22,743		559
Olympic Steel, Inc.		1,410		19
Pactiv Evergreen, Inc. (a)		6,826		124
Paramount Gold Nevada Corp. (a)		4,480		5
PQ Group Holdings, Inc.		6,852		98
Quaker Chemical Corp.		1,733		439
Ramaco Resources, Inc. (a)		1,861		5

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Rare Element Resources Ltd. (a)		8,917	$	10
Rayonier Advanced Materials, Inc. (a)		8,489		55
Reliance Steel & Aluminum Co.		9,826		1,178
Royal Gold, Inc.		8,792		936
RPM International, Inc.		17,196		1,562
Ryerson Holding Corp. (a)		2,874		39
Schnitzer Steel Industries, Inc.		3,769		120
Schweitzer-Mauduit International, Inc.		4,093		165
Sensient Technologies Corp.		6,386		471
Silgan Holdings, Inc.		12,227		453
Silver Bull Resources, Inc. (a)		4,936		3
Solitario Zinc Corp. (a)		9,053		5
Sonoco Products Co.		15,308		907
Southern Copper Corp.		14,246		928
Steel Dynamics, Inc.		32,422		1,196
Stepan Co.		2,935		350
Summit Materials, Inc. Class A (a)		15,869		319
SunCoke Energy, Inc.		11,924		52
Synalloy Corp. (a)		1,404		11
The Chemours Co.		21,495		533
The Scotts Miracle-Gro Co.		5,789		1,153
Timberline Resources Corp. (a)		4,015		1
TimkenSteel Corp. (a)		5,522		26
Trecora Resources (a)		3,742		26
Tredegar Corp.		3,928		66
Trinseo SA		3,851		197
U.S. Antimony Corp. (a)		10,278		5
U.S. Concrete, Inc. (a)		2,402		96
U.S. Gold Corp. (a)		897		15
UFP Technologies, Inc. (a)		1,042		49
United States Lime & Minerals, Inc.		311		35
United States Steel Corp.		33,231		557
Universal Stainless & Alloy Products, Inc. (a)		1,390		10
Valhi, Inc.		426		6
Valvoline, Inc.		26,381		610
Verso Corp. Class A		4,859		58
Vista Gold Corp. (a)		16,342		18
W.R. Grace & Co.		10,423		571
Warrior Met Coal, Inc.		7,460		159
Westlake Chemical Corp.		5,991		489
Worthington Industries, Inc.		5,648		290
				34,747
Real Estate (7.8%):
Acadia Realty Trust		14,452		205
Agree Realty Corp.		7,977		531
Alexander & Baldwin, Inc.		10,424		179
Alexander's, Inc.		453		126
Alpine Income Property Trust, Inc.		1,025		15
American Assets Trust, Inc.		10,099		292
American Campus Communities, Inc.		23,057		986

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
American Finance Trust, Inc.		8,934	$	66
American Homes 4 Rent Class A		46,530		1,396
American Realty Investors, Inc. (a)		322		4
Americold Realty Trust		32,260		1,204
Apartment Income REIT Corp. (a)		24,768		951
Apartment Investment and Mgmt Co.		24,768		131
Apple Hospitality REIT, Inc.		37,402		483
Armada Hoffler Properties, Inc.		8,153		91
Ashford Hospitality Trust, Inc.		8,882		23
Bluerock Residential Growth REIT, Inc.		3,703		47
Braemar Hotels & Resorts, Inc. (a)		4,978		23
Brandywine Realty Trust		28,575		340
Brixmor Property Group, Inc.		49,668		822
Broadstone Net Lease, Inc. Class A		5,579		109
BRT Apartments Corp.		2,216		34
Camden Property Trust		16,316		1,630
CareTrust REIT, Inc.		13,472		299
CatchMark Timber Trust, Inc. Class A		7,598		71
Cedar Realty Trust, Inc.		2,267		23
Centerspace		2,176		154
Chatham Lodging Trust		7,869		85
CIM Commercial Trust Corp.		1,788		25
Clipper Realty, Inc.		2,709		19
Colony Capital, Inc. (b)		76,767		369
Columbia Property Trust, Inc.		19,176		275
Community Healthcare Trust, Inc.		3,376		159
Condor Hospitality Trust, Inc. (a)		705		3
CoreCivic, Inc.		17,236		113
CorEnergy Infrastructure Trust, Inc. (b)		2,150		15
Corepoint Lodging, Inc.		8,379		58
CoreSite Realty Corp.		7,164		898
Corporate Office Properties Trust		18,792		490
Cousins Properties, Inc.		24,888		834
CTO Realty Growth, Inc.		880		37
CubeSmart		32,712		1,099
CyrusOne, Inc.		20,174		1,476
DiamondRock Hospitality Co. (a)		33,424		276
Diversified Healthcare Trust		39,916		164
Douglas Emmett, Inc.		29,380		857
Easterly Government Properties, Inc.		13,608		308
EastGroup Properties, Inc.		6,627		915
Empire State Realty Trust, Inc.		17,861		166
EPR Properties		10,625		345
Equity Commonwealth		20,358		555
Equity LifeStyle Properties, Inc.		30,527		1,934
Essential Properties Realty Trust, Inc.		17,535		372
eXp World Holdings, Inc. (a)		5,742		362
Farmland Partners, Inc.		3,737		33
Fathom Holdings, Inc. (a)		853		31
First Industrial Realty Trust, Inc.		21,619		911

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Forestar Group, Inc. (a)		2,819	$	57
Four Corners Property Trust, Inc.		8,982		267
Franklin Street Properties Corp.		16,901		74
Front Yard Residential Corp.		8,562		139
FRP Holdings, Inc. Class A (a)		757		34
Gaming and Leisure Properties, Inc.		35,768		1,517
Getty Realty Corp.		5,809		160
Gladstone Commercial Corp.		5,396		97
Gladstone Land Corp.		3,634		53
Global Medical REIT, Inc.		7,508		98
Global Net Lease, Inc.		14,991		257
Griffin Industrial Realty, Inc. (a)		597		37
Healthcare Realty Trust, Inc.		22,792		675
Healthcare Trust of America, Inc. Class A		36,616		1,008
Hersha Hospitality Trust		6,507		51
HF Enterprises, Inc. (a)		359		2
Highwoods Properties, Inc.		17,407		690
Hudson Pacific Properties, Inc.		23,449		563
Independence Realty Trust, Inc.		13,505		181
Industrial Logistics Properties Trust		10,940		255
Innovative Industrial Properties, Inc.		3,715		680
Invitation Homes, Inc.		93,903		2,790
iStar, Inc.		8,427		125
JBG SMITH Properties		18,862		590
Jones Lang LaSalle, Inc. (a)	��	6,962		1,032
Kennedy-Wilson Holdings, Inc.		21,606		387
Kilroy Realty Corp.		16,797		964
Kite Realty Group Trust		14,106		211
Lamar Advertising Co. Class A		9,968		830
Lexington Realty Trust		35,261		374
Life Storage, Inc.		8,141		972
LTC Properties, Inc.		5,588		217
Mack Cali Realty Corp.		14,133		176
Marcus & Millichap, Inc. (a)		4,024		150
Maui Land & Pineapple Co., Inc. (a)		1,233		14
Medalist Diversified REIT, Inc.		611		1
Medical Properties Trust, Inc.		81,711		1,780
Monmouth Real Estate Investment Corp.		16,428		285
National Health Investors, Inc.		7,493		518
National Retail Properties, Inc.		24,447		1,000
National Storage Affiliates Trust		10,897		393
NETSTREIT Corp.		2,672		52
New Senior Investment Group, Inc.		12,100		63
New York City REIT, Inc. Class A		536		4
Newmark Group, Inc. Class A		25,080		183
NexPoint Residential Trust, Inc.		3,792		160
Office Properties Income Trust		8,095		184
Omega Healthcare Investors, Inc.		38,029		1,381
One Liberty Properties, Inc.		2,931		59
Outfront Media, Inc.		22,502		440

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Paramount Group, Inc.		29,137	$	263
Park Hotels & Resorts, Inc.		35,918		616
Pebblebrook Hotel Trust		21,932		412
Pennsylvania Real Estate Investment Trust (b) (g)		12,258		12
Physicians Realty Trust		31,046		553
Piedmont Office Realty Trust, Inc. Class A		18,368		298
Plymouth Industrial REIT, Inc.		3,851		58
Postal Realty Trust, Inc. Class A		1,472		25
PotlatchDeltic Corp.		9,971		499
Power REIT (a)		218		6
Preferred Apartment Communities, Inc. Class A		7,858		58
Presidio Property Trust, Inc. Class A		79		—	(d)
PS Business Parks, Inc.		3,408		453
QTS Realty Trust, Inc. Class A (b)		6,261		387
Rafael Holdings, Inc. Class B (a)		1,803		42
Rayonier, Inc.		16,009		470
RE/MAX Holdings, Inc.		2,052		75
Redfin Corp. (a)		17,145		1,176
Retail Opportunity Investments Corp.		19,769		265
Retail Properties of America, Inc.		35,893		307
Retail Value, Inc.		2,724		41
Rexford Industrial Realty, Inc.		20,336		999
RLJ Lodging Trust		27,645		391
RPT Realty		13,563		117
Ryman Hospitality Properties, Inc.		9,211		624
Sabra Health Care REIT, Inc.		34,666		602
Safehold, Inc. (b)		2,490		181
Saul Centers, Inc.		2,195		70
Seritage Growth Properties Class A (a) (b)		2,978		44
Service Properties Trust		27,612		317
SITE Centers Corp.		27,190		275
Sotherly Hotels, Inc.		2,269		6
Spirit Realty Capital, Inc.		16,583		666
STAG Industrial, Inc.		25,000		783
STORE Capital Corp.		33,433		1,136
Summit Hotel Properties, Inc.		17,707		160
Sun Communities, Inc.		18,019		2,739
Sunstone Hotel Investors, Inc.		36,124		409
Tanger Factory Outlet Centers, Inc. (b)		15,656		156
Tejon Ranch Co. (a)		4,176		60
Terreno Realty Corp.		10,881		637
The GEO Group, Inc. (b)		20,323		180
The Howard Hughes Corp. (a)		7,545		595
The InterGroup Corp. (a)		149		5
The Macerich Co. (b)		17,278		184
The RMR Group, Inc. Class A		1,210		47
The St. Joe Co.		3,452		147
UMH Properties, Inc.		5,730		85
Uniti Group, Inc.		34,312		402
Universal Health Realty Income Trust		2,168		139

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Urban Edge Properties		19,550	$	253
Urstadt Biddle Properties, Inc. Class A		6,645		94
VEREIT, Inc.		34,311		1,297
VICI Properties, Inc.		89,905		2,294
W.P. Carey, Inc.		29,383		2,075
Washington Prime Group, Inc. (a) (b)		3,489		23
Washington Real Estate Investment Trust		13,799		298
Weingarten Realty Investors		21,467		465
Wheeler Real Estate Investment Trust, Inc. (a)		861		2
Whitestone REIT		6,102		49
Xenia Hotels & Resorts, Inc.		16,195		246
				70,917
Utilities (2.3%):
ALLETE, Inc.		7,836		485
American States Water Co.		5,315		423
Artesian Resources Corp. Class A		1,408		52
Atlantic Power Corp. (a)		14,200		30
Avangrid, Inc.		9,318		424
Avista Corp.		8,867		356
Black Hills Corp.		9,250		568
Cadiz, Inc. (a) (b)		4,109		44
California Water Service Group		7,264		392
Chesapeake Utilities Corp.		2,165		234
Essential Utilities, Inc.		34,515		1,632
Genie Energy Ltd. Class B		3,138		23
Global Water Resources, Inc.		1,854		27
Hawaiian Electric Industries, Inc.		16,827		596
IDACORP, Inc.		7,524		723
MDU Resources Group, Inc.		30,905		814
MGE Energy, Inc.		5,695		399
Middlesex Water Co.		2,429		176
National Fuel Gas Co.		13,258		545
New Jersey Resources Corp.		14,172		504
Northwest Natural Holding Co.		4,404		203
NorthWestern Corp.		7,457		435
OGE Energy Corp.		29,487		939
ONE Gas, Inc.		7,383		567
Ormat Technologies, Inc. (b)		6,938		626
Otter Tail Corp. (c)		5,847		249
PG&E Corp. (a)		229,400		2,858
PNM Resources, Inc.		10,675		518
Portland General Electric Co. (c)		13,946		596
Pure Cycle Corp. (a)		3,759		42
RGC Resources, Inc.		1,259		30
SJW Group		3,110		216
South Jersey Industries, Inc.		13,650		294
Southwest Gas Holdings, Inc.		7,902		480
Spark Energy, Inc. Class A		1,306		12
Spire, Inc.		7,783		498
Sunnova Energy International, Inc. (a)		10,903		492

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares or Principal Amount		Value
The York Water Co.		2,055	$	96
UGI Corp.		32,122		1,123
Unitil Corp. (c)		2,338		104
Vistra Corp.		77,025		1,515
				20,340
Total Common Stocks (Cost $489,116)				899,372
Preferred Stocks (0.0%) (f)
Consumer Discretionary (0.0%):
FAT Brands, Inc. 8.25%, 12/31/49		88		1
Total Preferred Stocks (Cost $1)				1
Rights (0.0%) (f)
Health Care (0.0%):
Achillion Pharmaceuticals (a) (e) (k)		22,837		5
Alder Biopharmaceuticals, Inc. (a) (e) (k)		13,300		12
Chinook Therapeutics (a) (e) (k)		1,625		—
Contra Oncomed Pharmaceuticals Class B (a) (e) (k)		3,414		—
Elanco Animal Health, Inc. (a) (e) (k)		8,052		—
F-Star Therapeutics (a) (e) (k)		1,298		—
Miragen Therapeutics, Inc. (a) (e) (k)		7,890		—
Ocuphire Pharma (a) (e) (k)		168		—	(d)
Oncternal Therapeutics, Inc. (a) (e) (k)		254		—
Pfenex, Inc. (a) (e) (k)		3,380		3
Progenics Pharmaceuticals, Inc. (a) (e) (k)		10,103		2
Qualigen Therapeutics, Inc. (a) (e) (k)		7,487		—
Seelos Therapeutics, Inc. (a) (e) (k)		41		—
Stemline Therapeutics, Inc. (a) (e) (k)		5,762		2
Tetraphase Pharmaceutical (a) (e) (k)		1,178		—	(d)
Unum Therapeutics, Inc. (a) (e) (k)		2,673		—
Yumanity Therapeutics, Inc. (a) (e) (k)		376		1
				25
Real Estate (0.0%):
Power REIT (a) (i) (k)		218		—	(d)
Total Rights (Cost $6)				25
Warrants (0.0%) (f)
Energy (0.0%):
FTS International, Inc. Class A (e) (k)		69		—
FTS International, Inc. Class A (e) (k)		174		—
				—
Health Care (0.0%):
Galectin Therapeutics, Inc. Class B (e) (k)		7,552		—
Total Warrants (Cost $—)				—

See notes to financial statements.

USAA Mutual Funds Trust
USAA Extended Market Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Mutual Funds (0.0%) (f)
180 Degree Capital Corp. (a)		4,484	$	9
OFS Credit Co., Inc.		442		6
Total Mutual Funds (Cost $16)				15
Collateral for Securities Loaned^ (4.1%)
Fidelity Investments Money Market Government Portfolio Class I, 0.01% (j)		4,516,204		4,516
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (j)		7,386,737		7,387
HSBC U.S. Government Money Market Fund I Shares, 0.03% (j)		25,589,619		25,590
Total Collateral for Securities Loaned (Cost $37,493)				37,493
Total Investments (Cost $526,632) — 103.4%				936,906
Liabilities in excess of other assets — (3.4)%				(30,795	)
NET ASSETS — 100.00%			$	906,111

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rounds to less than $1 thousand.

(e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of December 31, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

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

(g) Issuer filed for bankruptcy.

(h) Affiliated holding (See Note 8).

(i) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of December 31, 2020.

(j) Rate disclosed is the daily yield on December 31, 2020.

(k) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2020, illiquid securities were less than 0.05% of the Fund's net assets.

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Index Futures		64	3/19/21	$	6,135,643	$	6,319,360	$	183,717
Total unrealized appreciation								$	183,717
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	183,717

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA Extended Market Index Fund
Assets:
Affiliated investments, at value(Cost $43)	$	50
Unaffiliated investments, at value (Cost $526,589)		936,856	(a)
Cash and cash equivalents		4,220
Deposit with brokers for futures contracts		2,008
Receivables:
Interest and dividends		901
Investments sold		3
Capital shares issued		810
Prepaid expenses		16
Total Assets		944,864
Liabilities:
Payables:
Collateral received on loaned securities		37,493
Investments purchased		6
Capital shares redeemed		932
Variation margin on open futures contracts		6
Accrued expenses and other payables:
Investment advisory fees		76
Administration fees		114
Custodian fees		5
Transfer agent fees		52
Compliance fees		—	(b)
Other accrued expenses		69
Total Liabilities		38,753
Net Assets:
Capital		426,664
Total accumulated earnings/(loss)		479,447
Net Assets	$	906,111
Shares (unlimited number of shares authorized with no par value):		35,672
Net asset value, offering and redemption price per share: (c)	$	25.40

(a) Includes $35,583 of securities on loan.

(b) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA Extended Market Index Fund
Investment Income:
Dividends	$	8,723
Affiliated dividend income		—	(a)
Interest		16
Securities lending (net of fees)		671
Foreign tax withholding		(5	)
Total Income		9,405
Expenses:
Investment advisory fees		726
Administration fees		1,089
Sub-Administration fees		24
Custodian fees		51
Transfer agent fees		631
Trustees' fees		47
Compliance fees		5
Legal and audit fees		79
State registration and filing fees		36
Interfund lending fees		—	(a)
Other expenses		94
Total Expenses		2,782
Net Investment Income (Loss)		6,623
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from affiliated investment securities		(1	)
Net realized gains (losses) from unaffiliated investment securities		87,522
Net realized gains (losses) from futures contracts		2,618
Net change in unrealized appreciation/depreciation on affiliated investment securities		7
Net change in unrealized appreciation/depreciation on unaffiliated investment securities		114,580
Net change in unrealized appreciation/depreciation on futures contracts		123
Net realized/unrealized gains (losses) on investments		204,849
Change in net assets resulting from operations	$	211,472

(a) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Extended Market Index Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	6,623		$	7,976
Net realized gains (losses) from investments		90,139			9,961
Net change in unrealized appreciation/depreciation on investments		114,710			161,215
Change in net assets resulting from operations		211,472			179,152
Change in net assets resulting from distributions to shareholders		(29,487	)		(24,534	)
Change in net assets resulting from capital transactions		(64,538	)		(22,360	)
Change in net assets		117,447			132,258
Net Assets:
Beginning of period		788,664			656,406
End of period	$	906,111		$	788,664
Capital Transactions:
Proceeds from shares issued	$	53,107		$	45,950
Distributions reinvested		28,637			23,860
Cost of shares redeemed		(146,282	)		(92,170	)
Change in net assets resulting from capital transactions	$	(64,538	)	$	(22,360	)
Share Transactions:
Issued		2,819			2,434
Reinvested		1,132			1,189
Redeemed		(7,699	)		(4,867	)
Change in Shares		(3,748	)		(1,244	)

See notes to financial statements.

This page is intentionally left blank.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Extended Market Index Fund
Year Ended December 31, 2020	$	20.01		0.18	(a)		6.05			6.23			(0.21	)		(0.63	)
Year Ended December 31, 2019	$	16.14		0.20	(a)		4.31			4.51			(0.26	)		(0.38	)
Year Ended December 31, 2018	$	18.98		0.17			(1.96	)		(1.79	)		(0.17	)		(0.88	)
Year Ended December 31, 2017	$	17.34		0.18			2.88			3.06			(0.18	)		(1.24	)
Year Ended December 31, 2016	$	16.06		0.18			2.33			2.51			(0.18	)		(1.05	)

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

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

(b) Prior to February 24, 2018, the Fund was a feeder fund in a master-feeder structure investing in Master Extended Market Index Series ("the Series") before converting to a stand-alone fund. Expenses include expenses allocated to the Fund by the Series prior to the conversion.

(d) Represents the portfolio turnover of the Master Extended Market Index Series.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*			Net Expenses^			Net Investment Income (Loss)			Gross Expenses			Net Assets, End of Period (000's)		Portfolio Turnover
USAA Extended Market Index Fund
Year Ended December 31, 2020		(0.84	)	$	25.40		31.20	%		0.38	%		0.91	%		0.38	%	$	906,111		31	%
Year Ended December 31, 2019		(0.64	)	$	20.01		27.94	%		0.41	%		1.06	%		0.41	%	$	788,664		24	%
Year Ended December 31, 2018		(1.05	)	$	16.14		(9.70	)%		0.43	%(b)		0.90	%(b)		0.43	%(b)	$	656,406		12	%(c)
Year Ended December 31, 2017		(1.42	)	$	18.98		17.72	%		0.44	%		0.93	%		0.44	%	$	765,211		11	%(d)
Year Ended December 31, 2016		(1.23	)	$	17.34		15.48	%		0.48	%		1.14	%		0.48	%	$	671,703		13	%(d)

See notes to financial statements.

USAA Mutual Funds Trust

Notes to Financial Statements
December 31, 2020

1. Organization:

The accompanying financial statements are those of the USAA Extended Market Index Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

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

Investment Valuation:

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

	Level 1		Level 2			Level 3			Total
Common Stocks	$	899,329	$	43		$	—		$	899,372
Preferred Stocks		1		—			—			1
Rights		—		—	(a)		25			25
Warrants		—		—			—	(a)		—	(a)
Mutual Funds		15		—			—			15
Collateral for Securities Loaned		37,493		—			—			37,493
Total	$	936,838	$	43		$	25		$	936,906
Other Financial Investments^:
Assets:
Futures Contracts		184		—			—			184
Total	$	184	$	—		$	—		$	184

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

(a) Zero market value security.

For the year ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Investment Companies:

Open-End Funds:

Derivative Instruments:

Futures Contracts:

During the year ended December 31, 2020, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2020 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure	$	184

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2020 (amounts in thousands):

	Net Realized Gains (Losses) on on Derivatives Recognized as a Result of Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	2,618	$	123

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Securities Lending:

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	35,583			$	—			$	37,493

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	227,818	$	312,115

There were no purchases or sales of U.S. government securities during the year ended December 31, 2020

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended December 31, 2020, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15% of average daily net assets of the Fund. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the year ended December 31, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2020, the expense limit (excluding voluntary waivers) is 0.43%.

Under this expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of December 31, 2020, there are no amounts available to be repaid to the Adviser.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, Custodian and Distributor.

5. Risks:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Small-Capitalization and Mid-Capitalization Stock Risk — The Fund invests in small- and mid-capitalization companies, which may be more vulnerable than larger companies to adverse business or economic conditions. Securities of small- and mid-capitalization companies may be less liquid and more volatile than securities of larger companies or the market in general and, therefore, may involve greater risk than investing in securities of larger companies.

6. Borrowing and Interfund Lending:

Line of Credit:

For the year ended December 31, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the year ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro- rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2020.

Interfund Lending:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the year ended December 31, 2020 were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at December 31, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	1,215				1				0.66	%		$	1,215

* For the year ended December 31, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

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

As of December 31, 2020, on the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were as follows (amounts in thousands):

Total accumulated earnings/(loss)				Capital
$	(957	)		$	957

Year Ended December 31, 2020								Year Ended December 31, 2019
Distributions paid from								Distributions paid from
Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid		Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
$	7,194	$	22,293	$	29,487	$	29,487	$	8,877	$	15,657	$	24,534	$	24,534

As of December 31, 2020, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

Accumulated Undistributed Long-Term Capital Gains				Accumulated Earnings				Other Earnings (Loss)				Unrealized Appreciation (Depreciation)*				Total Accumulated Earnings (Loss)
$	73,587			$	73,587			$	—			$	405,860			$	479,447

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

As of December 31, 2020, the Fund had no capital loss carryforwards for federal income tax purposes.

Tax Cost				Tax Unrealized Appreciation				Tax Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	531,046			$	437,064			$	(31,204	)		$	405,860

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares or an investment company managed by VCM. The Fund does not invest in affiliated underlying securities for the purpose of exercising management or control. These underlying securities are noted as affiliated on the Fund's Schedule of Portfolio Investments. Transactions in affiliated securities during the year ended December 31, 2020 were as follows (amounts in thousands):

				Fair Value 12/31/2019				Purchases at Cost				Proceeds from Sales				Realized Gains (Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 12/31/2020				Dividend Income
Victory Capital Holdings, Inc. Class A				$	—			$	48			$	(4	)		$	(1	)		$	7			$	50			$	—	*

* Rounds to less than $1 thousand.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of USAA Extended Market Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of USAA Extended Market Index Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

San Antonio, Texas
February 26, 2021

USAA Mutual Funds Trust

Supplemental Information
December 31, 2020

(Unaudited)

Trustee and Officer Information

Board of Trustees:

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

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

Jefferson C. Boyce,
Born September 1957

Lead Independent Trustee, and Vice Chairman

2013

Senior Managing Director, New York Life Investments, LLC (1992-2012)

Westhab, Inc.

John C. Walters,
Born February 1962

Trustee

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Robert L. Mason, Ph.D.,
Born July 1946

Trustee

1997

None

Dawn M. Hawley,
Born February 1954

Trustee

2014

None

Paul L. McNamara,
Born July 1948

Trustee

2012

Director, Cantor Opportunistic Alternatives Fund, LLC (March 2010-February 2014) , which is a closed-end fund of funds by Cantor Fitzgerald Investment Advisors, LLC

None

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Richard Y. Newton III,
Born January 1956

Trustee

2017

None

Barbara B. Ostdiek, Ph.D.,
Born March 1964

Trustee

2008

None

Michael F. Reimherr, (a)
Born August 1945

Trustee

2000

President of Reimherr Business Consulting (May 1995-December 2017); St. Mary's University Investment Committee overseeing University Endowment (since 2014)

None

(a) Effective at the close of business on December 31, 2020, Michael F. Reimherr retired from the Board of Trustees.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Interested Trustees.

David C. Brown, (b)
Born May 1972

Trustee

2019

Trustee, Victory Portfolios (42 series), Victory Portfolios II (26 series), Victory Variable Insurance Funds (9 series)

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Daniel S. McNamara, (b) (c)
Born June 1966

Trustee and Chair of the Board of Trustees

2012

None

(c) Effective at the close of business on December 31, 2020, Jefferson C. Boyce will replace Dan McNamara as Chair of the Board and will assume the title of Independent Chair.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Officers:

Name and Date of Birth

Position with
the Trust

Year
Commenced
Service

Principal Occupation During Past 5 Years

Interested Officers.

Christopher K. Dyer,
Born February 1962

President

2019

Director of Fund Administration, Victory Capital (2004-present)

Scott A Stahorsky,
Born July 1969

Vice President

2019

Manager, Fund Administration, Victory Capital (since 2015)

James K. De Vries,
Born April 1969

Treasurer, Principal Financial Officer

2018

Allan Shaer,
Born March 1965

Assistant Treasurer

2019

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016)

Carol D. Trevino,
Born October 1965

Assistant Treasurer

2018

Erin G. Wagner,
Born February 1974

Secretary

2019

Deputy General Counsel, the Adviser (since 2013)

Charles Booth,
Born April 1960

Anti-Money Laundering Compliance Officer and Identity Theft Officer

2019

Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc. (2007-present)

Amy Campos,
Born July 1976

Chief Compliance Officer

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 through December 31, 2020.

				Beginning Account Value 7/1/20				Actual Ending Account Value 12/31/20				Hypothetical Ending Account Value 12/31/20				Actual Expenses Paid During Period 7/1/20- 12/31/20*				Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*				Annualized Expense Ratio During Period 7/1/20- 12/31/20
				$	1,000.00			$	1,402.40			$	1,023.18			$	2.36			$	1.98				0.39	%

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Additional Federal Income Tax Information

				Dividend Received Deduction (corporate shareholders)*				Qualified Dividend Income (non-corporate shareholders)*				Long-Term Capital Gain Distributions^(a)
					97.01	%			99.77	%		$	23,384

* Presented as a percentage of net investment income and excludes short-term capital gain distributions paid, if any. All or a portion of these amounts may be exempt from taxation at the state level.

^(a) Pursuant to Section 852 of the Internal Revenue Code.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Considerations of the Board in Continuing the Investment Advisory Agreement

USAA Extended Market Index Fund (the "Fund")

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2020, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 10-11, 2020 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 19, 2020.

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

Advisory Agreement

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

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

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

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

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was below the average of its performance universe and its Lipper index for the one-, three-, five- and ten-year periods ended September 30, 2020. The Board took into account management's discussion of the Fund's performance, including the reasons the Fund underperformed its performance universe as well as the extent to which the Fund's met its investment objective of tracking its designated index.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

service. In reviewing the overall profitability of the management fee to the Adviser, the Board also considered the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

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

Privacy Policy

Protecting the Privacy of Information

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

P.O. Box 182593
Columbus, Ohio 43218-2593

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

37733-0221

DECEMBER 31, 2020

Annual Report

USAA Nasdaq-100 Index Fund

Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Shareholder Letter (Unaudited)					2
Managers' Commentary (Unaudited)					4
Investment Overview (Unaudited)					6
Investment Objective & Portfolio Holdings (Unaudited)					7
Schedule of Portfolio Investments					8
Financial Statements
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					18
Report of Independent Registered Public Accounting Firm					28
Supplemental Information (Unaudited)					29
Trustees' and Officers' Information					29
Proxy Voting and Portfolio Holdings Information					35
Expense Examples					35
Additional Federal Income Tax Information					36
Advisory Contract Agreement					37
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

(Unaudited)

Dear Shareholder,

My colleagues and I sincerely appreciate the confidence you have placed in the USAA Mutual Funds, and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
USAA Mutual Funds

USAA Mutual Funds Trust

USAA Nasdaq-100 Index Fund

Manager's Commentary

(Unaudited)

Victory Solutions

Mannik S. Dhillon, CFA, CAIA
Wasif A. Latif

• What were the market conditions over the reporting period?

In an unprecedented 2020, investors witnessed a tale of two markets.

USAA Mutual Funds Trust

USAA Nasdaq-100 Index Fund (continued)

Manager's Commentary (continued)

• How did the USAA Nasdaq-100 Index Fund (the "Fund") perform during the reporting period?

The Fund has five share classes: Fund Shares, Institutional Shares, Class A, Class C and R6 Shares. The Fund closely tracked its benchmark, the broad-based Nasdaq-100 Index (the "Index"), during the reporting period ended December 31, 2020. The Fund Shares and R6 Shares had total returns of 48.30% and 48.51%, respectively. The Institutional Shares, Class A, and Class C commenced operations on June 29, 2020, and from that time through December 31, 2020, had total returns of 29.60%, 29.46%, and 28.95%, respectively. This compares to total returns of 48.88% for the Index. The Index represents 100 of the largest nonfinancial companies listed on The Nasdaq Stock Market^® and is not available for direct investment.

• Please describe sector performance during the reporting period.

In 2020, the Nasdaq 100 Index outperformed the S&P 500 Index, which returned 18.40%.

The outperformance of the growth focused Nasdaq 100 Index was led by information technology and consumer discretionary stocks. The strong return in these sectors more than offset the underperformance in the consumer staples and utilities sectors.

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

USAA Mutual Funds Trust

USAA Nasdaq-100 Index Fund

Investment Overview

(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

Fund
Shares

Institutional
Shares

Class A

Class C

R6
Shares

INCEPTION DATE

10/27/00

6/29/20

3/1/17

Net Asset
Value

Maximum
Offering
Price

Net Asset
Value

Maximum
Offering
Price

Net Asset
Value

Nasdaq-100
Index¹

Russell 1000^®Growth
Index²

One Year

48.30

48.51

48.88

38.49

Five Year

23.68

24.27

20.96

Ten Year

19.94

20.63

17.21

Since Inception

29.60

29.46

26.55

28.95

27.95

26.35

The maximum offering price (MOP) figures reflect a maximum sales charge of 2.25% for Class A. Class C are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within one year of purchase. NAV does not reflect sales charges.

USAA Nasdaq-100 Index Fund — Growth of $10,000

¹The Nasdaq-100 Index is an index composed of 100 of the largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization. This index does not include the effect of sales charges, commissions, expenses or taxes, is not representative of the Fund and it is not possible to invest directly in an index.

²The unmanaged Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. This index does not include the effect of sales charges, commissions, expenses or taxes, is not representative of the Fund and it is not possible to invest directly in an index.

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

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

Past performance is not indicative of future results.

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to match, before fees and expenses, the performance of the stocks composing the Nasdaq-100 Index. The Nasdaq-100 Index (the "Index") represents 100 of the largest nonfinancial stocks traded on The Nasdaq Stock Market^®.

Sector Allocation*:

December 31, 2020

(% of Net Assets)

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

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

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (18.3%):
Activision Blizzard, Inc.		233,848	$	21,713
Alphabet, Inc. Class A (a)		59,779		104,771
Alphabet, Inc. Class C (a)		65,590		114,906
Baidu, Inc., ADR (a)		83,562		18,069
Charter Communications, Inc. Class A (a)		60,477		40,008
Comcast Corp. Class A		1,381,535		72,392
Electronic Arts, Inc.		87,703		12,594
Facebook, Inc. Class A (a)		478,005		130,572
Fox Corp. Class A		102,133		2,974
Fox Corp. Class B		78,014		2,253
Match Group, Inc. (a)		80,481		12,168
NetEase, Inc., ADR		99,051		9,486
Netflix, Inc. (a)		133,678		72,284
Sirius XM Holdings, Inc. (b)		1,285,805		8,191
T-Mobile U.S., Inc. (a)		375,557		50,644
				673,025
Communications Equipment (1.6%):
Cisco Systems, Inc.		1,278,549		57,215
Consumer Discretionary (19.1%):
Amazon.com, Inc. (a)		99,768		324,937
Booking Holdings, Inc. (a)		12,392		27,600
Dollar Tree, Inc. (a)		71,164		7,689
eBay, Inc.		208,578		10,481
JD.com, Inc., ADR (a)		263,681		23,178
Lululemon Athletica, Inc. (a)		37,799		13,155
Marriott International, Inc. Class A		98,136		12,946
MercadoLibre, Inc. (a)		15,062		25,232
O'Reilly Automotive, Inc. (a)		21,922		9,921
Peloton Interactive, Inc. Class A (a)		77,313		11,730
Pinduoduo, Inc., ADR (a)		90,287		16,041
Ross Stores, Inc.		107,720		13,229
Starbucks Corp.		355,137		37,993
Tesla, Inc. (a)		233,251		164,598
Trip.com Group Ltd., ADR (a)		158,242		5,338
				704,068
Consumer Staples (5.1%):
Costco Wholesale Corp.		133,506		50,302
Keurig Dr Pepper, Inc.		425,805		13,626
Mondelez International, Inc. Class A		432,737		25,302
Monster Beverage Corp. (a)		159,737		14,773
PepsiCo, Inc.		418,151		62,012
The Kraft Heinz Co.		369,940		12,822
Walgreens Boots Alliance, Inc.		262,008		10,449
				189,286

See notes to financial statements.

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components (0.1%):
CDW Corp.		43,265	$	5,702
Health Care (6.4%):
Alexion Pharmaceuticals, Inc. (a)		66,217		10,346
Align Technology, Inc. (a)		23,858		12,749
Amgen, Inc.		176,151		40,501
Biogen, Inc. (a)		46,561		11,401
Cerner Corp.		92,767		7,280
DexCom, Inc. (a)		29,055		10,742
Gilead Sciences, Inc. (c)		379,291		22,097
IDEXX Laboratories, Inc. (a)		25,810		12,902
Illumina, Inc. (a)		44,177		16,345
Incyte Corp. (a)		66,264		5,764
Intuitive Surgical, Inc. (a)		35,570		29,100
Moderna, Inc. (a)		119,734		12,509
Regeneron Pharmaceuticals, Inc. (a)		31,728		15,328
Seagen, Inc. (a)		54,557		9,555
Vertex Pharmaceuticals, Inc. (a)		78,682		18,596
				235,215
Industrials (1.9%):
Cintas Corp.		31,657		11,189
Copart, Inc. (a)		71,448		9,092
CSX Corp.		231,404		21,000
Fastenal Co.		173,697		8,482
PACCAR, Inc.		104,826		9,044
Verisk Analytics, Inc.		49,197		10,213
				69,020
IT Services (4.6%):
Automatic Data Processing, Inc.		129,749		22,862
Cognizant Technology Solutions Corp. Class A		161,770		13,257
Fiserv, Inc. (a)		202,860		23,097
Okta, Inc. (a)		36,298		9,229
Paychex, Inc.		108,777		10,136
PayPal Holdings, Inc. (a)		354,529		83,031
VeriSign, Inc. (a)		34,528		7,472
				169,084
Semiconductors & Semiconductor Equipment (14.0%):
Advanced Micro Devices, Inc. (a)		363,914		33,375
Analog Devices, Inc.		111,798		16,516
Applied Materials, Inc.		276,339		23,848
ASML Holding NV, NYS		22,917		11,177
Broadcom, Inc.		122,393		53,590
Intel Corp.		1,239,966		61,775
KLA Corp.		46,737		12,101
Lam Research Corp.		43,575		20,579
Marvell Technology Group Ltd.		202,776		9,640
Maxim Integrated Products, Inc.		80,880		7,170
Microchip Technology, Inc.		78,785		10,881

See notes to financial statements.

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Micron Technology, Inc. (a)		336,837	$	25,323
NVIDIA Corp.		187,296		97,806
NXP Semiconductors NV		84,647		13,460
QUALCOMM, Inc.		342,217		52,133
Skyworks Solutions, Inc.		50,253		7,683
Texas Instruments, Inc.		277,750		45,587
Xilinx, Inc.		74,169		10,515
				513,159
Software (15.2%):
Adobe, Inc. (a)		145,152		72,593
ANSYS, Inc. (a)		25,986		9,454
Atlassian Corp. PLC Class A (a)		39,989		9,352
Autodesk, Inc. (a)		66,349		20,259
Cadence Design Systems, Inc. (a)		84,398		11,515
Check Point Software Technologies Ltd. (a)		42,421		5,638
DocuSign, Inc. (a)		56,026		12,455
Intuit, Inc.		79,502		30,199
Microsoft Corp. (c)		1,503,327		334,370
Splunk, Inc. (a)		48,532		8,245
Synopsys, Inc. (a)		45,920		11,904
Workday, Inc. Class A (a)		54,465		13,050
Zoom Video Communications, Inc. Class A (a)		58,930		19,878
				558,912
Technology Hardware, Storage & Peripherals (12.2%):
Apple, Inc.		3,380,633		448,576
Utilities (1.0%):
American Electric Power Co., Inc. (c)		150,196		12,507
Exelon Corp.		295,187		12,463
Xcel Energy, Inc. (c)		158,993		10,600
				35,570
Total Common Stocks (Cost $1,265,263)				3,658,832
Collateral for Securities Loaned^ (0.2%)
Fidelity Investments Money Market Government Portfolio Class I, 0.01% (d)		1,644,242		1,644
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		6,906,015		6,906
Total Collateral for Securities Loaned (Cost $8,550)				8,550
Total Investments (Cost $1,273,813) — 99.7%				3,667,382
Other assets in excess of liabilities — 0.3%				9,568
NET ASSETS — 100.00%			$	3,676,950

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

See notes to financial statements.

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(d) Rate disclosed is the daily yield on December 31, 2020.

ADR — American Depositary Receipt

NYS — New York Registered Shares

PLC — Public Limited Company

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini Futures		69	3/19/21	$	17,146,823	$	17,781,990	$	635,167
Total unrealized appreciation								$	635,167
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	635,167

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA Nasdaq-100 Index Fund
Assets:
Investments, at value (Cost $1,273,813)	$	3,667,382	(a)
Cash and cash equivalents		14,552
Deposit with brokers for futures contracts		3,088
Receivables:
Interest and dividends		891
Capital shares issued		4,191
Variation margin on open futures contracts		62
From Adviser		7
Prepaid expenses		56
Total assets		3,690,229
Liabilities:
Payables:
Collateral received on loaned securities		8,550
Capital shares redeemed		3,353
Accrued expenses and other payables:
Investment advisory fees		608
Administration fees		451
Custodian fees		24
Transfer agent fees		205
Compliance fees		2
12b-1 fees		—	(b)
Other accrued expenses		86
Total liabilities		13,279
Net Assets:
Capital		1,176,890
Total accumulated earnings/(loss)		2,500,060
Net assets	$	3,676,950
Net Assets
Fund Shares	$	3,583,838
Institutional Shares		57,240
Class A		167
Class C		194
R6 Shares		35,511
Total	$	3,676,950
Shares (unlimited number of shares authorized with no par value):
Fund Shares		100,780
Institutional Shares		1,606
Class A		5
Class C		5
R6 Shares		998
Total		103,394
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	35.56
Institutional Shares	$	35.64
Class A	$	35.64
Class C (d)	$	35.51
R6 Shares	$	35.57
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	36.45

(a) Includes $8,109 of securities on loan.

(b) Rounds to less than $1 thousand.

(d) Redemption price per share varies by the length of time shares are held.

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA Nasdaq-100 Index Fund
Investment Income:
Dividends	$	26,580
Interest		61
Securities lending (net of fees)		25
Foreign tax withholding		(18	)
Total income		26,648
*Expenses:**
Investment advisory fees		5,881
Administration fees — Fund Shares		4,344
Administration fees — Institutional Shares		18
Administration fees — Class A		—	(a)
Administration fees — Class C		—	(a)
Administration fees — R6 Shares		13
Sub-Administration fees		20
12b-1 fees — Class A		—	(a)
12b-1 fees — Class C		—	(a)
Custodian fees		137
Transfer agent fees — Fund Shares		1,943
Transfer agent fees — Institutional Shares		18
Transfer agent fees — Class A		—	(a)
Transfer agent fees — Class C		—	(a)
Transfer agent fees — R6 Shares		3
Trustees' fees		49
Compliance fees		17
Legal and audit fees		73
State registration and filing fees		159
Other expenses		360
Total expenses		13,035
Expenses waived/reimbursed by Adviser		(22	)
Net expenses		13,013
Net Investment Income (Loss)		13,635
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		112,927
Net realized gains (losses) from futures contracts		4,880
Net change in unrealized appreciation/depreciation on investment securities		1,071,383
Net change in unrealized appreciation/depreciation on futures contracts		198
Net realized/unrealized gains (losses) on investments		1,189,388
Change in net assets resulting from operations	$	1,203,023

* Institutional Shares, Class A, and Class C activity is for the period June 29, 2020 (commencement of operations) to December 31, 2020.

(a) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Nasdaq-100 Index Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	13,635		$	13,488
Net realized gains (losses) from investments		117,807			48,976
Net change in unrealized appreciation/depreciation on investments		1,071,581			625,270
Change in net assets resulting from operations		1,203,023			687,734
Distributions to Shareholders:
Fund Shares		(53,982	)		(21,297	)
Institutional Shares (a)		(733	)		—
Class A (a)		(1	)		—
Class C (a)		(2	)		—
R6 Shares		(582	)		(172	)
Change in net assets resulting from distributions to shareholders		(55,300	)		(21,469	)
Change in net assets resulting from capital transactions		67,688			31,933
Change in net assets		1,215,411			698,198
Net Assets:
Beginning of period		2,461,539			1,763,341
End of period	$	3,676,950		$	2,461,539

(a) Institutional Shares, Class A, and Class C activity is for the period June 29, 2020 (commencement of operations) to December 31, 2020.

(continues on next page)

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands) (continued)

	USAA Nasdaq-100 Index Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	963,224		$	415,059
Distributions reinvested		52,834			20,918
Cost of shares redeemed		(1,005,018	)		(405,319	)
Total Fund Shares	$	11,040		$	30,658
Institutional Shares (a)
Proceeds from shares issued	$	53,408		$	—
Distributions reinvested		718			—
Cost of shares redeemed		(3,989	)		—
Total Institutional Shares	$	50,137		$	—
Class A (a)
Proceeds from shares issued	$	157		$	—
Distributions reinvested		1			—
Total Class A	$	158		$	—
Class C (a)
Proceeds from shares issued	$	173		$	—
Distributions reinvested		2			—
Total Class C	$	175		$	—
R6 Shares
Proceeds from shares issued	$	17,111		$	6,125
Distributions reinvested		391			99
Cost of shares redeemed		(11,324	)		(4,949	)
Total R6 Shares	$	6,178		$	1,275
Change in net assets resulting from capital transactions	$	67,688		$	31,933
Share Transactions:
Fund Shares
Issued		35,707			19,540
Reinvested		1,506			861
Redeemed		(36,756	)		(19,046	)
Total Fund Shares		457			1,355
Institutional Shares (a)
Issued		1,706			—
Reinvested		20			—
Redeemed		(120	)		—
Total Institutional Shares		1,606			—
Class A (a)
Issued		5			—
Reinvested		—	(b)		—
Total Class A		5			—
Class C (a)
Issued		5			—
Reinvested		—	(b)		—
Total Class C		5			—
R6 Shares
Issued		602			287
Reinvested		11			4
Redeemed		(390	)		(232	)
Total R6 Shares		223			59
Change in Shares		2,296			1,414

(a) Institutional Shares, Class A, and Class C activity is for the period June 29, 2020 (commencement of operations) to December 31, 2020.

(b) Rounds to less than 1 thousand shares.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Nasdaq-100 Index Fund
Fund Shares
Year Ended December 31, 2020	$	24.35		0.13	(d)		11.62			11.75			(0.13	)		(0.41	)
Year Ended December 31, 2019	$	17.69		0.13	(d)		6.74			6.87			(0.13	)		(0.08	)
Year Ended December 31, 2018	$	17.89		0.11			(0.18	)		(0.07	)		(0.12	)		(0.01	)
Year Ended December 31, 2017	$	13.79		0.07			4.38			4.45			(0.08	)		(0.27	)
Year Ended December 31, 2016	$	12.99		0.09			0.78			0.87			(0.07	)		—
Institutional Shares
June 29, 2020 (e) through December 31, 2020	$	27.86		0.07	(d)		8.17			8.24			(0.05	)		(0.41	)
Class A
June 29, 2020 (e) through December 31, 2020	$	27.86		0.02	(d)		8.18			8.20			(0.01	)		(0.41	)
Class C
June 29, 2020 (e) through December 31, 2020	$	27.86		(0.10	)(d)		8.16			8.06			—			(0.41	)
R6 Shares
Year Ended December 31, 2020	$	24.35		0.17	(d)		11.63			11.80			(0.17	)		(0.41	)
Year Ended December 31, 2019	$	17.68		0.15	(d)		6.74			6.89			(0.14	)		(0.08	)
Year Ended December 31, 2018	$	17.89		0.12			(0.18	)		(0.06	)		(0.14	)		(0.01	)
March 1, 2017 (e) through December 31, 2017	$	15.31		0.08			2.87			2.95			(0.10	)		(0.27	)

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

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales *Charges)(a)**			Net Expenses^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Nasdaq-100 Index Fund
Fund Shares
Year Ended December 31, 2020		(0.54	)	$	35.56		48.30	%		0.44	%		0.46	%		0.44	%	$	3,583,838		17	%
Year Ended December 31, 2019		(0.21	)	$	24.35		38.86	%		0.48	%		0.63	%		0.48	%	$	2,442,662		9	%
Year Ended December 31, 2018		(0.13	)	$	17.69		(0.44	)%		0.48	%		0.64	%		0.48	%	$	1,750,674		5	%
Year Ended December 31, 2017		(0.35	)	$	17.89		32.29	%		0.51	%		0.60	%		0.51	%	$	1,623,579		5	%
Year Ended December 31, 2016		(0.07	)	$	13.79		6.68	%		0.53	%		0.77	%		0.53	%	$	1,078,319		4	%
Institutional Shares
June 29, 2020 (e) through December 31, 2020		(0.46	)	$	35.64		29.60	%		0.44	%		0.42	%		0.47	%	$	57,240		17	%
Class A
June 29, 2020 (e) through December 31, 2020		(0.42	)	$	35.64		29.46	%		0.70	%		0.11	%		46.74	%	$	167		17	%
Class C
June 29, 2020 (e) through December 31, 2020		(0.41	)	$	35.51		28.95	%		1.45	%		(0.61	)%		19.93	%	$	194		17	%
R6 Shares
Year Ended December 31, 2020		(0.58	)	$	35.57		48.51	%		0.31	%		0.59	%		0.31	%	$	35,511		17	%
Year Ended December 31, 2019		(0.22	)	$	24.35		38.99	%		0.39	%		0.71	%		0.42	%	$	18,877		9	%
Year Ended December 31, 2018		(0.15	)	$	17.68		(0.38	)%		0.40	%		0.72	%		0.45	%	$	12,667		5	%
March 1, 2017 (e) through December 31, 2017		(0.37	)	$	17.89		19.27	%		0.40	%		0.66	%		1.01	%	$	5,860		5	%

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

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

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

(e) Commencement of operations.

See notes to financial statements.

USAA Mutual Funds Trust

Notes to Financial Statements
December 31, 2020

1. Organization:

The accompanying financial statements are those of the USAA Nasdaq-100 Index Fund (the "Fund"). The Fund offers five classes of shares: Fund Shares, Institutional Shares, Class A, Class C and R6 Shares. The Fund is classified as non-diversified under the 1940 Act. The Institutional Shares, Class A and Class C were effective June 29, 2020.

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

2. Significant Accounting Policies:

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

Investment Valuation:

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

	Level 1		Level 2		Level 3		Total
Common Stocks	$	3,658,832	$	—	$	—	$	3,658,832
Collateral for Securities Loaned		8,550		—		—		8,550
Total	$	3,667,382	$	—	$	—	$	3,667,382
Other Financial Investments^:
Assets:
Futures Contracts	$	635	$	—	$	—	$	635
Total	$	635	$	—	$	—	$	635

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

For the year ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Open-End Funds:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Derivative Instruments:

Futures Contracts:

During the year ended December 31, 2020, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2020 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure	$	635

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2020 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	4,880	$	198

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	8,109			$	—			$	8.550

Foreign Taxes:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Federal Income Taxes:

Allocations:

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, 12b-1 fees and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	522,141	$	495,966

There were no purchases or sales of U.S. government securities during the year ended December 31, 2020

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.20% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15%, 0.10%, 0.15%, 0.15% and 0.05% of average daily net assets of the Fund Shares, Institutional Shares, Class A, Class C and R6 Shares, respectively. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees are accrued daily and paid monthly at an annualized rate of 0.10%, 0.10%, 0.10%, and 0.01% for Institutional Shares, Class A, Class C and R6 Shares respectively, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the year ended December 31, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% and 1.00% of the average daily net assets of Class A and Class C, respectively. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A and Class C of the Fund. Amounts incurred and paid to the Distributor are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sales of the Class A of the Fund. For the year ended December 31, 2020, the Distributor received approximately less than $1 thousand from commissions earned on sales of Class A of the Fund.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2020, the expense limits (excluding voluntary waivers) are 0.48%, 0.44%, 0.70%, 1.45% and 0.40% for Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares, respectively.

Expires December 31, 2023				Total
$	22			$	22

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, Custodian and Distributor.

5. Risks:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

of a Fund's investments, increase uncertainty in or impair the operation of the U.S. or other securities markets and degrade investor and consumer confidence, perhaps suddenly and to a significant degree.

6. Borrowing and Interfund Lending:

Line of Credit:

For the year ended December 31, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020, with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the year ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2020.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Interfund Lending:

The Fund did not utilize or participate in the Facility during the year ended December 31, 2020.

7. Federal Income Tax Information:

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

As of December 31, 2020, on the Statement of Assets and Liabilities, there were no permanent book-to-tax difference reclassification adjustments.

Year Ended December 31, 2020								Year Ended December 31, 2019
Distributions paid from								Distributions paid from
Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid		Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
$	22,041	$	33,259	$	55,300	$	55,300	$	13,537	$	7,932	$	21,469	$	21,469

As of December 31, 2020, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

Undistributed Ordinary Income				Accumulated Undistributed Long-Term Capital Gains				Accumulated Earnings				Other Earnings (Loss)				Unrealized Appreciation (Depreciation)*				Total Accumulated Earnings (Loss)
$	27,023			$	99,567			$	126,590			$	—			$	2,373,470			$	2,500,060

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

As of December 31, 2020, the Fund had no capital loss carryforwards for federal income tax purposes.

Tax Cost				Tax Unrealized Appreciation				Tax Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	1,293,912			$	2,417,484			$	(44,014	)		$	2,373,470

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of USAA Nasdaq-100 Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of USAA Nasdaq-100 Index Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

San Antonio, Texas
February 26, 2021

USAA Mutual Funds Trust

Supplemental Information
December 31, 2020

(Unaudited)

Trustee and Officer Information

Board of Trustees:

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

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

Jefferson C. Boyce,
Born September 1957

Lead Independent Trustee, and Vice Chairman

2013

Senior Managing Director, New York Life Investments, LLC (1992-2012)

Westhab, Inc.

John C. Walters,
Born February 1962

Trustee

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Robert L. Mason, Ph.D.,
Born July 1946

Trustee

1997

None

Dawn M. Hawley,
Born February 1954

Trustee

2014

None

Paul L. McNamara,
Born July 1948

Trustee

2012

Director, Cantor Opportunistic Alternatives Fund, LLC (March 2010-February 2014) , which is a closed-end fund of funds by Cantor Fitzgerald Investment Advisors, LLC

None

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Richard Y. Newton III,
Born January 1956

Trustee

2017

None

Barbara B. Ostdiek, Ph.D.,
Born March 1964

Trustee

2008

None

Michael F. Reimherr, (a)
Born August 1945

Trustee

2000

President of Reimherr Business Consulting (May 1995-December 2017); St. Mary's University Investment Committee overseeing University Endowment (since 2014)

None

(a) Effective at the close of business on December 31, 2020, Michael F. Reimherr retired from the Board of Trustees.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Interested Trustees.

David C. Brown, (b)
Born May 1972

Trustee

2019

Trustee, Victory Portfolios (42 series), Victory Portfolios II (26 series), Victory Variable Insurance Funds (9 series)

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Daniel S. McNamara, (b)(c)
Born June 1966

Trustee and Chair of the Board of Trustees

2012

None

(c) Effective at the close of business on December 31, 2020, Jefferson C. Boyce will replace Dan McNamara as Chair of the Board and will assume the title of Independent Chair.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Officers:

Name and Date of Birth

Position with
the Trust

Year
Commenced
Service

Principal Occupation During Past 5 Years

Interested Officers.

Christopher K. Dyer,
Born February 1962

President

2019

Director of Fund Administration, Victory Capital (2004-present)

Scott A Stahorsky,
Born July 1969

Vice President

2019

Manager, Fund Administration, Victory Capital (since 2015)

James K. De Vries,
Born April 1969

Treasurer, Principal Financial Officer

2018

Allan Shaer,
Born March 1965

Assistant Treasurer

2019

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016)

Carol D. Trevino,
Born October 1965

Assistant Treasurer

2018

Erin G. Wagner,
Born February 1974

Secretary

2019

Deputy General Counsel, the Adviser (since 2013)

Charles Booth,
Born April 1960

Anti-Money Laundering Compliance Officer and Identity Theft Officer

2019

Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc. (2007-present)

Amy Campos,
Born July 1976

Chief Compliance Officer

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 through December 31, 2020.

	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Fund Shares	$	1,000.00	$	1,271.10	$	1,022.92	$	2.51	$	2.24		0.44	%
Institutional Shares		1,000.00		1,270.90		1,022.92		2.51		2.24		0.44	%
Class A		1,000.00		1,269.50		1,021.62		3.99		3.56		0.70	%
Class C		1,000.00		1,264.60		1,017.85		8.25		7.35		1.45	%
R6 Shares		1,000.00		1,271.90		1,023.68		1.66		1.48		0.29	%

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Additional Federal Income Tax Information

				Dividend Received Deduction (corporate shareholders)*				Qualified Dividend Income (non-corporate shareholders)*				Short-Term Capital Gain Distributions				Long-Term Capital Gain Distributions^(a)
					77.89	%			78.35	%		$	8,433			$	33,259

* Presented as a percentage of net investment income and excludes short-term capital gain distributions paid, if any. All or a portion of these amounts may be exempt from taxation at the state level.

^(a) Pursuant to Section 852 of the Internal Revenue Code.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Considerations of the Board in Continuing the Investment Advisory Agreement

USAA Nasdaq-100 Index Fund (the "Fund")

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2020, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 10-11, 2020 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 19, 2020.

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

Advisory Agreement

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

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

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

Expenses and Performance — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's management fee rate — which includes advisory and administrative services as well as any fee waivers and reimbursements — was below the median of its expense group and its expense universe. The data indicated that the Fund's total expenses, including after any reimbursements, were below the median of its expense group and its expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund. The Board also noted the high level of correlation between the Nasdaq-100 Index and the Fund and the relatively low tracking error between the Fund and the Nasdaq-100 Index, and noted that it reviews such information on a periodic basis.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was above the average of its performance universe and its Lipper index for the one-, three-, five- and ten-year periods ended September 30, 2020.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

the fact that the Adviser and its affiliates provide shareholder servicing and administrative services to the Fund for which they receive compensation. The Board also considered the possible direct and indirect benefits to the Adviser from its relationship with the Trust, including that the Adviser may derive reputational and other benefits from its association with the Fund. The Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the Fund and the entrepreneurial and other risks that it assumes as Adviser.

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

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Protecting the Privacy of Information

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Columbus, Ohio 43218-2593

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37732-0221

DECEMBER 31, 2020

Annual Report

USAA Ultra Short-Term Bond Fund

Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Shareholder Letter (Unaudited)					2
Managers' Commentary (Unaudited)					4
Investment Overview (Unaudited)					6
Investment Objective & Portfolio Holdings (Unaudited)					7
Schedule of Portfolio Investments					9
Financial Statements
Statement of Assets and Liabilities					22
Statement of Operations					23
Statements of Changes in Net Assets					24
Financial Highlights					26
Notes to Financial Statements					28
Report of Independent Registered Public Accounting Firm					39
Supplemental Information (Unaudited)					40
Trustees' and Officers' Information					40
Proxy Voting and Portfolio Holdings Information					46
Expense Examples					46
Advisory Contract Agreement					48
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

(Unaudited)

Dear Shareholder,

My colleagues and I sincerely appreciate the confidence you have placed in the USAA Mutual Funds, and we value the opportunity to help meet your investment goals.

Christopher K. Dyer, CFA

President,
USAA Mutual Funds

USAA Mutual Funds Trust

USAA Ultra Short-Term Bond Fund

Manager's Commentary

(Unaudited)

USAA Investments, A Victory Capital Investment Franchise

Douglas J. Rollwitz, CFA, CPA
Brian W. Smith, CFA, CPA
James F. Jackson Jr., CFA
R. Neal Graves, CFA, CPA

• What were the market conditions over the reporting period?

Economic conditions generally were favorable entering 2020 as gross domestic product ("GDP") increased at an annual rate of 2.1% in the fourth quarter of 2019. Further, at the end of 2019, the unemployment rate of 3.5% was at the lowest level since 1969 when it touched 3.4%, inflation was benign at 1.8%, and interest rates were low with the Federal Funds Rate targeted at a range of between 1.50% and 1.75%. The economic momentum was short-lived, however, as a novel coronavirus known as COVID-19, started spreading rapidly in the Chinese city of Wuhan in late 2019 and shortly thereafter began showing up in other countries. Ultimately, COVID-19 became a pandemic and countries around the world, including the United States, began "locking down" their economies in an all-out effort to contain the virus. In the United States, the lockdowns began in March and significantly affected almost every area of the economy. Real GDP fell 5% in the first quarter of 2020, and a record 32.9% in the second quarter of 2020, thus officially marking the economy as being in a recession for the first time since 2009.

In the United States, the emergence of the COVID-19 pandemic significantly altered market conditions and economic growth expectations. Market volatility far surpassed levels seen during the Global Financial Crisis; the steepness and rapidity of the decline in equity indices was even more pronounced than in 2008-2009 and, in many respects, more closely resembled that seen in the 1930s. Credit spreads tumbled violently across all fixed-income asset classes, and the new issue market was temporarily frozen. Short-term credit markets, usually reliably stable and orderly, sharply dislocated and nearly ceased to function, a result of indiscriminate selling to raise liquidity. The policy response to restore financial system order from the country's monetary authorities and the federal government was quick and substantial. The U.S. Federal Reserve reduced its federal funds rate nearly to zero, re-instituted various Financial Crisis-era credit support programs, and even added new tools to support an economy under fierce assault from the pandemic. The federal government acted to support the economy with Congress and the President passing a $2 trillion relief package in March 2020, and a second round of stimulus of $900 billion passing in December 2020.

The coordinated monetary and fiscal programs to stem the economic malaise caused by COVID-19 markedly improved sentiment and markets rebounded. After credit markets reopened, corporations' desire to stockpile liquidity in the face of unprecedented uncertainty led to a deluge of bond issuance. Issuance of debt rated investment grade in 2020 reached a record of $1.76 trillion, easily surpassing the prior peak of $1.25 trillion in 2017 by $500 billion with issuers preferring longer tenor paper, even as the yield curve

USAA Mutual Funds Trust

USAA Ultra Short-Term Bond Fund (continued)

Manager's Commentary (continued)

steepened. Issuance of floating rate paper in the front end of the curve declined dramatically by $51 billion, or 31%, and practically was nonexistent for a couple of quarters. That technical weighed on existing paper, which lagged its fixed-rate counterparts in the early months of the spread recovery. Overall, the Barclays Intermediate Investment Grade Corporate Index spread started the reporting period at approximately +93 basis points and ended at +96 basis points, only three basis points wider. The modest year-end spread change masks an approximate 277 basis point selloff to a wide of +373 basis points in the first quarter of 2020. The 1-3yr Corporate Index fell by an even greater amount with spreads hitting a wide of +390 basis points, highlighting the aforementioned dislocation.

• How did the USAA Ultra Short-Term Bond Fund (the "Fund") perform during the reporting period?

The Fund has four share classes: Fund Shares, Institutional Shares, Class A and R6 Shares. For the reporting period ended December 31, 2020, the Fund Shares, Institutional Shares, and R6 Shares had total returns of 2.81%, 2.87%, and 3.02%, respectively. Class A commenced operations on June 29, 2020, and from that time through December 31, 2020, had a total return of 3.02%. This compares to total returns of 0.58% for the FTSE 3-Month U.S. Treasury Bill Index (formerly the Citigroup 3-Month U.S. Treasury Bill Index) and 1.84% for the Lipper Ultra Short Obligations Funds Index.

• What strategies did you employ during the reporting period?

The Fund was focused on maintaining adequate liquidity for much of the first half of the reporting period in the wake of the pandemic. In keeping with our disciplined investment approach, we selectively sought relative value opportunities among various sectors near the front end of the yield curve. As always, we worked closely with our in-house team of credit analysts, who use independent credit research, to continuously monitor Fund holdings for both creditworthiness and relative value, and to identify and evaluate potential investments. As the Fund entered the reporting period with a longer duration than the FTSE 3-Month U.S. Treasury Bill Index and the Lipper Ultra Short Obligations Funds Index, declining short-term interest rates were a meaningful positive contributor to performance. Tightening credit spreads also added to performance. Throughout all types of interest rate and credit spread environments, we intend to seek out what we believe are selective opportunities along the front end of curve.

At the end of the reporting period, the Fund had a weighted average maturity of less than one year at 0.81. The portfolio's duration, which is a measure of its sensitivity to changes in interest rates, was slightly lower at 0.75. Both of these measures are notably down from the prior reporting period, which generally were in line with historical norms. We expect this to be the case going forward to lessen NAV volatility and better align with preservation of principal, one of the Fund's investment objectives.

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

USAA Mutual Funds Trust

USAA Ultra Short-Term Bond Fund

Investment Overview

(Unaudited)

Average Annual Total Returns

Year Ended December 31, 2020

Fund Shares

Institutional Shares

Class A

R6 Shares

INCEPTION DATE

10/18/10

7/12/13

6/29/20

3/1/17

Net Asset Value

FTSE
3-Month U.S.
Treasury
Bill Index¹

Lipper
Ultra Short
Obligations
Funds Index²

One Year

2.81

2.87

3.02

0.58

1.84

Five Year

2.36

2.37

1.16

1.88

Ten Year

1.88

0.60

1.30

Since Inception

1.85

3.02

2.77

USAA Ultra Short-Term Bond Fund — Growth of $10,000

¹The unmanaged FTSE 3-Month U.S. Treasury Bill Index (formerly the Citigroup 3-Month U.S. Treasury Bill Index) represents the total return received by investors of 3-month U.S. Treasury securities. This index does not include the effect of expenses or taxes, is not representative of the Fund and it is not possible to invest directly in an index.

²The unmanaged Lipper Ultra Short Obligations Funds Index tracks the total return performance of the 30 largest funds within the Lipper Ultra Short Obligations Funds category. This index does not include the effect of expenses or taxes, is not representative of the Fund and it is not possible to invest directly in an index.

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

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

Past performance is not indicative of future results.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

December 31, 2020

(Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to provide high current income consistent with preservation of principal.

Asset Allocation*:

December 31, 2020

(% of Net Assets)

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

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

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund (continued)

December 31, 2020

(Unaudited)

Portfolio Ratings Mix:

December 31, 2020

(% of Net Assets)

This chart reflects the highest long-term rating from a Nationally Recognized Statistical Rating Organization ("NRSRO"), with the four highest long-term credit ratings labeled, in descending order of credit quality, AAA, AA, A, and BBB. These categories represent investment-grade quality. NRSRO ratings are shown because they provide independent analysis of the credit quality of the Fund's investments. Victory Capital Management, Inc. ("Adviser") also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Adviser considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure specific characteristics. Any of the Fund's securities that are not rated by an NRSRO appear in the chart above as "Unrated," but these securities are analyzed and monitored by the Adviser on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government and pre-refunded and escrowed-to-maturity municipal bonds that are not rated are treated as AAA for credit quality purposes.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Asset-Backed Securities (13.2%)
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15%, 8/13/24, Callable 6/13/24 @ 100 (a)	$	750	$	753
ARI Fleet Lease Trust, Series 2017-A, Class A3, 2.28%, 4/15/26, Callable 1/15/21 @ 100 (a)		631		635
Ascentium Equipment Receivables Trust, Series 2017-2A, Class C, 2.87%, 8/10/22, Callable 12/10/21 @ 100 (a)		490		498
Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class C, 4.94%, 6/20/22, Callable 7/20/21 @ 100 (a)		2,000		2,010
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a)		1,000		1,047
Bank of The West Auto Trust, Series 2019-1, Class A3, 2.43%, 4/15/24, Callable 7/15/23 @ 100 (a)		1,000		1,020
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 7/20/23 @ 100 (a)		921		930
Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class C, 3.82%, 4/19/24, Callable 5/19/21 @ 100 (a)		1,500		1,518
CarMax Auto Owner Trust, Series 2020-2, Class A2B, 1.46% (LIBOR03M+130bps), 1/17/23, Callable 9/15/23 @ 100 (b)		398		400
Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 9/15/24 @ 100 (a)		560		581
CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 12/14/22 @ 100 (a)		1,000		1,037
CCG Receivables Trust, Series 2019-1, Class C, 3.57%, 9/14/26, Callable 12/14/22 @ 100 (a)		750		779
Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, Callable 2/25/24 @ 100 (a)		478		478
CPS Auto Receivables Trust, Series 2020-C, Class B, 1.01%, 1/15/25, Callable 9/15/24 @ 100 (a)		364		364
Credit Acceptance Auto Loan Trust, Series 2018-1A, Class B, 3.60%, 4/15/27, Callable 6/15/21 @ 100 (a)		1,000		1,009
Dell Equipment Finance Trust, Series 2019-2, Class B, 2.06%, 10/22/24, Callable 6/22/22 @ 100 (a)		356		363
Dell Equipment Finance Trust, Series 2020-1, Class D, 5.92%, 3/23/26, Callable 10/22/22 @ 100 (a)		1,000		1,077
Dell Equipment Finance Trust, Series 2018-2, Class C, 3.72%, 10/22/23, Callable 11/22/21 @ 100 (a)		175		179
Drive Auto Receivables Trust, Series 2018-1, Class D, 3.81%, 5/15/24, Callable 5/15/22 @ 100		863		880
Drive Auto Receivables Trust, Series 2018-2, Class D, 4.14%, 8/15/24, Callable 8/15/22 @ 100		2,000		2,058
DT Auto Owner Trust, Series 2019-3A, Class B, 2.60%, 5/15/23, Callable 4/15/23 @ 100 (a)		225		227
DT Auto Owner Trust, Series 2018-1A, Class D, 3.81%, 12/15/23, Callable 2/15/22 @ 100 (a)		225		228
Exeter Automobile Receivables Trust, Series 2019-4A, Class A, 2.18%, 1/17/23, Callable 7/15/23 @ 100 (a)		115		115
Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 6/15/23 @ 100 (a)		682		697

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%, 11/15/22, Callable 6/15/21 @ 100 (a)	$	2,250	$	2,271
Flagship Credit Auto Trust, Series 2016-1, Class C, 6.22%, 6/15/22, Callable 1/15/21 @ 100 (a)		845		847
Flagship Credit Auto Trust, Series 2017-3, Class C, 2.91%, 9/15/23, Callable 6/15/22 @ 100 (a)		333		336
Hertz Vehicle Financing LP, Series 2019-1A, Class B, 4.10%, 3/25/23 (a)		500		500
HPEFS Equipment Trust, Series 2019-1A, Class B, 2.32%, 9/20/29, Callable 7/20/22 @ 100 (a)		500		509
Hyundai Auto Receivables Trust, Series 2018-A, Class B, 3.14%, 6/17/24, Callable 5/15/22 @ 100		1,000		1,034
JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, Callable 9/25/24 @ 100 (a)		364		364
JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 9/25/24 @ 100 (a)		182		182
Kubota Credit Owner Trust, Series 2020-1A, Class A2, 1.92%, 12/15/22, Callable 10/15/23 @ 100 (a)		475		478
Master Credit Card Trust, Series 2019-2A, Class C, 2.83%, 7/21/21 (a)		500		505
Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a)		550		577
MMAF Equipment Finance LLC, Series 2017-B, Class A3, 2.21%, 10/17/22, Callable 10/15/27 @ 100 (a)		125		125
NP SPE II LLC, Series 2019-2A, Class A1, 2.86%, 11/19/49 (a)		1,980		1,991
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 10/20/27 @ 100 (a)		206		213
OSCAR US Funding Trust LLC, Series 2018-1A, Class A3, 3.23%, 5/10/22 (a)		399		401
Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, Callable 4/15/24 @ 100 (a)		435		438
Prestige Auto Receivables Trust, Series 2018-1A, Class B, 3.54%, 3/15/23, Callable 6/15/22 @ 100 (a)		310		313
Prestige Auto Receivables Trust, Series 2018-1A, Class C, 3.75%, 10/15/24, Callable 6/15/22 @ 100 (a)		500		516
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 5/15/24 @ 100 (a)		500		549
Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.81%, 12/16/24, Callable 10/15/22 @ 100		757		765
Santander Drive Auto Receivables Trust, Series 2017-2, Class D, 3.49%, 7/17/23, Callable 9/15/21 @ 100		128		129
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07%, 1/17/23, Callable 8/15/23 @ 100 (c)		260		261
Santander Retail Auto Lease Trust, Series 2019-B, Class C, 2.77%, 8/21/23, Callable 10/20/22 @ 100 (a)		1,085		1,115
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 8/20/25 @ 100 (a)		500		503
SCF Equipment Leasing LLC, Series 2017-2A, Class A, 3.41%, 12/20/23, Callable 1/20/21 @ 100 (a)		276		277
SCF Equipment Leasing LLC, Series 2019-1A, Class B, 3.49%, 1/20/26, Callable 1/20/21 @ 100 (a)		1,157		1,158
Synchrony Credit Card Master Note Trust, Series 2018-1, Class B, 3.17%, 3/15/24		584		587

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/23, Callable 5/15/22 @ 100 (a)	$	500	$	515
Wheels SPV 2 LLC, Series 2018-1A, Class A2, 3.06%, 4/20/27, Callable 10/20/21 @ 100 (a)		73		73
Total Asset-Backed Securities (Cost $36,169)				36,415
Collateralized Mortgage Obligations (12.2%)
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1.41% (LIBOR01M+125bps), 9/15/32 (a) (b)		1,000		971
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class C, 1.61% (LIBOR01M+145bps), 9/15/32 (a) (b)		1,000		961
BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 1.47% (LIBOR01M+131bps), 11/25/34 (a) (b)		1,000		967
BX Commercial Mortgage Trust, Series 2020-BXLP, Class C, 1.28% (LIBOR01M+112bps), 12/15/29 (a) (b)		999		996
BX Commercial Mortgage Trust, Series 2019-XL, Class C, 1.41% (LIBOR01M+125bps), 10/15/36 (a) (b)		949		949
CHT Mortgage Trust, Series 2017-CSMO, Class C, 1.66% (LIBOR01M+150bps), 11/15/36 (a) (b)		1,500		1,459
CIFC Funding Ltd., Series 2015-5A, Class A1R, 1.07% (LIBOR03M+86bps), 10/25/27, Callable 1/25/21 @ 100 (a) (b)		1,954		1,949
CIFC Funding Ltd., Series 2012-2RA, Class A1, 1.02% (LIBOR03M+80bps), 1/20/28, Callable 1/20/21 @ 100 (a) (b)		915		912
COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 11/13/39 (a)		1,000		1,016
COMM Mortgage Trust, Series 2019-521F, Class B, 1.26% (LIBOR01M+110bps), 6/15/34 (a) (b)		1,500		1,471
FREMF Mortgage Trust, Series 2017-K724, Class B, 3.48%, 11/25/23, Callable 11/25/23 @ 100 (a) (d)		1,000		1,060
GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class A, 3.55%, 4/10/34 (a)		1,000		1,009
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a)		1,000		993
GS Mortgage Securities Trust, Series 2011-GC3, Class X, 0.36%, 3/10/44 (a) (d) (e)		7,665		—	(f)
Hospitality Mortgage Trust, Series 19-HIT, Class A, 1.16% (LIBOR01M+100bps), 11/15/36 (a) (b)		854		841
Hospitality Mortgage Trust, Series 2019-HIT, Class B, 1.51% (LIBOR01M+135bps), 11/15/36 (a) (b)		1,220		1,200
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.08%, 1/15/46, Callable 6/15/23 @ 100 (d)		2,000		2,112
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XA, 0.74%, 4/15/47 (d) (e)		5,804		85
KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 1.11% (LIBOR01M+95bps), 5/15/36 (a) (b)		1,000		996
Madison Park Funding Ltd., Series 2013-11A, Class AR, 1.37% (LIBOR03M+116bps), 7/23/29, Callable 1/23/21 @ 100 (a) (b)		2,000		2,000
Magnetite Ltd., Series 2019-21A, Class A, 1.50% (LIBOR03M+128bps), 4/20/30, Callable 1/20/21 @ 100 (a) (b)		1,500		1,504
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 0.86% (LIBOR01M+70bps), 11/15/34 (a) (b)		2,000		1,999

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 2.80% (LIBOR01M+130bps), 12/15/36 (a) (b)	$	1,154	$	1,192
One New York Plaza Trust, Series 2020-1NYP, Class A, 1.11% (LIBOR01M+95bps), 1/15/26 (a) (b)		875		875
Palmer Square Loan Funding Ltd., Series 2018-2A, Class A2, 1.29% (LIBOR03M+105bps), 7/15/26, Callable 1/15/21 @ 100 (a) (b)		500		498
Palmer Square Loan Funding Ltd., Series 2018-2A, Class A1, 0.89% (LIBOR03M+65bps), 7/15/26, Callable 1/15/21 @ 100 (a) (b)		546		545
Palmer Square Loan Funding Ltd., Series 2018-5A, Class A1, 1.07% (LIBOR03M+85bps), 1/20/27, Callable 1/20/21 @ 100 (a) (b)		578		577
Palmer Square Loan Funding Ltd., Series 2019-4A, Class A1, 1.11% (LIBOR03M+90bps), 10/24/27, Callable 1/24/21 @ 100 (a) (b)		774		773
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class A, 1.60% (LIBOR03M+136bps), 4/15/30, Callable 1/15/21 @ 100 (a) (b)		1,500		1,500
Sound Point CLO X Ltd., Series 2015-3A, Class AR, 1.11% (LIBOR03M+89bps), 1/20/28, Callable 1/20/21 @ 100 (a) (b)		779		778
Tryon Park CLO Ltd., Series 2013-1A, Class A1SR, 1.13% (LIBOR03M+89bps), 4/15/29, Callable 1/15/21 @ 100 (a) (b)		1,610		1,602
Total Collateralized Mortgage Obligations (Cost $33,818)				33,790
Senior Secured Loans (1.6%)
Berry Global, Inc., Term W Loans, First Lien, 2.15% (LIBOR01M+200bps), 10/1/22 (b)		518		517
Delos Finance S.A.R.L, 10/6/23 (g) (l)		1,500		1,498
Western Digital Corp., 1st Lien Term Loan A1, 1.75% (LIBOR01M+150bps), 2/27/23 (b)		2,367		2,344
Total Senior Secured Loans (Cost $4,360)				4,359
Corporate Bonds (27.7%)
Communication Services (1.0%):
AMC Networks, Inc., 4.75%, 12/15/22, Callable 2/11/21 @ 100		668		668
Charter Communications Operating LLC/Charter Communications Operating Capital, 1.86% (LIBOR03M+165bps), 2/1/24, Callable 1/1/24 @ 100 (b) (h)		2,000		2,050
				2,718
Consumer Discretionary (2.5%):
Association of American Medical Colleges, 2.12%, 10/1/24		1,000		1,003
Daimler Finance North America LLC
0.66% (LIBOR03M+45bps), 2/22/21 (a) (b)		390		390
1.06% (LIBOR03M+84bps), 5/4/23 (b)		1,150		1,156
Howard University
2.74%, 10/1/22		600		622
2.80%, 10/1/23		250		264
International Game Technology PLC, 6.25%, 2/15/22, Callable 8/15/21 @ 100 (a)		924		947
Nissan Motor Acceptance Corp.
0.87% (LIBOR03M+65bps), 7/13/22 (a) (b)		1,000		989
0.94% (LIBOR03M+69bps), 9/28/22 (a) (b)		500		496

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Volkswagen Group of America Finance LLC, 1.10% (LIBOR03M+86bps), 9/24/21 (a) (b)	$	1,000	$	1,005
				6,872
Consumer Staples (0.7%):
Smithfield Foods, Inc., 2.65%, 10/3/21, Callable 9/3/21 @ 100 (a)		1,815		1,848
Energy (7.7%):
Antero Resources Corp., 5.13%, 12/1/22, Callable 2/11/21 @ 100 (h)		1,000		1,000
Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100		2,000		2,055
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		1,000		1,034
Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		1,000		1,021
EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100		1,000		1,030
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a)		833		847
HollyFrontier Corp., 2.63%, 10/1/23		1,250		1,278
Midwest Connector Capital Co. LLC, 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a)		1,000		1,016
MPLX LP, 1.33% (LIBOR03M+110bps), 9/9/22, Callable 2/11/21 @ 100 (b)		2,000		2,001
Newfield Exploration Co., 5.75%, 1/30/22		1,000		1,038
NGPL PipeCo LLC, 4.38%, 8/15/22, Callable 5/15/22 @ 100 (a)		1,370		1,428
NuStar Logistics LP, 6.75%, 2/1/21		1,000		1,003
Occidental Petroleum Corp., 1.67% (LIBOR03M+145bps), 8/15/22, Callable 1/22/21 @ 100 (b) (h)		2,000		1,957
Philips 66, 0.84% (LIBOR03M+62bps), 2/15/24, Callable 11/19/21 @ 100 (b)		1,250		1,252
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (c)		970		1,002
Valero Energy Corp., 1.37% (LIBOR03M+115bps), 9/15/23, Callable 9/10/21 @ 100 (b)		1,250		1,252
Western Midstream Operating LP, 4.00%, 7/1/22, Callable 4/1/22 @ 100		1,035		1,063
				21,277
Financials (10.0%):
AIG Global Funding, 0.87% (LIBOR03M+65bps), 1/22/21 (a) (b)		467		467
Alexander Funding Trust, 1.84%, 11/15/23 (a)		1,000		1,012
American Honda Finance Corp., 0.58% (LIBOR03M+37bps), 5/10/23, MTN (b)		1,360		1,364
Ares Capital Corp., 3.50%, 2/10/23, Callable 1/10/23 @ 100		1,000		1,057
Assurant, Inc., 1.50% (LIBOR03M+125bps), 3/26/21, Callable 1/27/21 @ 100 (b)		500		500
Athene Global Funding, 3.00%, 7/1/22 (a)		1,000		1,034
Bank of America Corp., 1.02% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (b)		1,000		1,007
BMW U.S. Capital LLC, 0.76% (LIBOR03M+53bps), 4/14/22 (a) (b)		1,000		1,003
Capital One NA, 1.03% (LIBOR03M+82bps), 8/8/22, Callable 7/8/22 @ 100 (b)		1,800		1,814
CIT Group, Inc., 4.13%, 3/9/21, Callable 2/9/21 @ 100		1,000		1,002
Citigroup, Inc., 0.91% (LIBOR03M+69bps), 10/27/22, Callable 9/27/22 @ 100 (b)		885		892
DAE Funding LLC
4.50%, 8/1/22, Callable 2/11/21 @ 101.13 (a)		1,000		1,007
5.75%, 11/15/23, Callable 2/11/21 @ 102.88 (a)		1,000		1,032
Ford Motor Credit Co. LLC, 1.30% (LIBOR03M+108bps), 8/3/22 (b)		1,500		1,456
FS KKR Capital Corp.
4.75%, 5/15/22, Callable 4/15/22 @ 100		1,000		1,041
4.13%, 2/1/25, Callable 1/1/25 @ 100		1,000		1,040

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Infinity Property & Casualty Corp., 5.00%, 9/19/22	$	1,000	$	1,066
Intercontinental Exchange, Inc., 0.87% (LIBOR03M+65bps), 6/15/23, Callable 8/20/21 @ 100 (b)		1,000		1,003
Main Street Capital Corp.
4.50%, 12/1/22		1,000		1,049
5.20%, 5/1/24		1,000		1,085
Manufactures & Traders Trust Co., 0.87% (LIBOR03M+64bps), 12/1/21, Callable 2/11/21 @ 100 (b) (c)		1,000		999
Metropolitan Life Global Funding I, 2.40%, 1/8/21 (a)		1,230		1,230
Protective Life Global Funding, 0.77% (LIBOR03M+52bps), 6/28/21 (a) (b)		1,000		1,002
SunTrust Bank, 0.81% (LIBOR03M+59bps), 5/17/22, Callable 4/17/22 @ 100 (b)		1,000		1,006
Synovus Bank, 2.29% (SOFR+95bps), 2/10/23, Callable 2/10/22 @ 100 (b)		478		484
The Goldman Sachs Group, Inc., 0.99% (LIBOR03M+78bps), 10/31/22, Callable 10/31/21 @ 100 (b)		1,000		1,004
Wells Fargo Bank NA, 0.89% (LIBOR03M+66bps), 9/9/22, Callable 9/9/21 @ 100 (b)		1,000		1,005
				27,661
Health Care (0.9%):
Fresenius U.S. Finance II, Inc., 4.25%, 2/1/21		450		451
Gilead Sciences, Inc., 0.77% (LIBOR03M+52bps), 9/29/23, Callable 9/29/21 @ 100 (b)		1,000		1,002
Molina Healthcare, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100		1,000		1,059
				2,512
Industrials (2.4%):
American Airlines Pass Through Trust
5.63%, 7/15/22 (a)		592		586
4.38%, 12/15/25 (a)		960		791
Aviation Capital Group LLC
0.88% (LIBOR03M+67bps), 7/30/21 (a) (b)		422		419
4.38%, 1/30/24, Callable 12/30/23 @ 100 (a)		1,001		1,056
L3Harris Technologies, Inc., 0.98% (LIBOR03M+75bps), 3/10/23 (b)		1,500		1,509
Spirit Airlines Pass Through Trust, 4.45%, 10/1/25		1,586		1,441
United Airlines Pass Through Trust, 4.63%, 3/3/24		778		782
				6,584
Materials (0.6%):
Albemarle Corp., 1.27% (LIBOR03M+105bps), 11/15/22, Callable 1/27/21 @ 100 (b)		636		634
LYB International Finance III LLC, 1.24% (LIBOR03M+100bps), 10/1/23, Callable 10/1/21 @ 100 (b)		1,000		1,005
				1,639
Real Estate (0.8%):
CoreCivic, Inc., 5.00%, 10/15/22, Callable 7/15/22 @ 100		1,000		1,005
Office Properties Income Trust, 4.15%, 2/1/22, Callable 12/1/21 @ 100		1,169		1,189
				2,194

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Utilities (1.1%):
Metropolitan Edison Co., 3.50%, 3/15/23, Callable 12/15/22 @ 100 (a)	$	750	$	782
Puget Energy, Inc., 5.63%, 7/15/22, Callable 4/15/22 @ 100		733		778
Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100		1,500		1,583
				3,143
Total Corporate Bonds (Cost $75,992)				76,448
Yankee Dollars (19.1%)
Communication Services (0.6%):
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)		1,622		1,662
Consumer Staples (0.4%):
Reckitt Benckiser Treasury Services PLC, 0.80% (LIBOR03M+56bps), 6/24/22 (a) (b)		1,000		1,005
Energy (1.8%):
Aker BP ASA, 4.75%, 6/15/24, Callable 6/15/21 @ 102.38 (a)		1,690		1,747
Cenovus Energy, Inc., 3.80%, 9/15/23, Callable 6/15/23 @ 100		1,399		1,457
Petroleos Mexicanos, 3.50%, 1/30/23 (c)		1,000		1,020
Suncor Energy Ventures Corp., 4.50%, 4/1/22 (a)		750		774
				4,998
Financials (13.2%):
ABN AMRO Bank NV, 0.63% (LIBOR03M+41bps), 1/19/21 (a) (b)		1,000		1,000
ANZ New Zealand International Ltd., 1.23% (LIBOR03M+101bps), 7/28/21 (a) (b)		800		804
Australia & New Zealand Banking Group Ltd., 0.68% (LIBOR03M+46bps), 5/17/21 (b)		1,250		1,252
Banco Santander SA
1.30% (LIBOR03M+109bps), 2/23/23 (b)		1,000		1,008
1.34% (LIBOR03M+112bps), 4/12/23 (b)		1,000		1,009
Bank of Montreal, 0.76% (SOFR+68bps), 3/10/23, MTN (b)		1,000		1,008
Barclays PLC, 1.65% (LIBOR03M+143bps), 2/15/23, Callable 2/15/22 @ 100 (b)		1,000		1,008
BBVA Bancomer SA, 6.50%, 3/10/21 (a)		2,149		2,171
Canadian Imperial Bank of Commerce, 0.53% (LIBOR03M+32bps), 2/2/21 (b)		1,000		1,000
Commonwealth Bank of Australia, 1.06% (LIBOR03M+83bps), 9/6/21 (a) (b) (c)		2,000		2,010
Cooperatieve Rabobank UA, 0.70% (LIBOR03M+48bps), 1/10/23 (b)		1,500		1,508
Credit Agricole SA, 1.23% (LIBOR03M+102bps), 4/24/23 (a) (b)		2,000		2,025
Credit Suisse Group Funding Guernsey Ltd., 2.51% (LIBOR03M+229bps), 4/16/21 (b)		700		704
Deutsche Bank AG, 1.46% (LIBOR03M+123bps), 2/27/23 (b) (h)		816		815
HSBC Holdings PLC, 1.22% (LIBOR03M+100bps), 5/18/24, Callable 5/18/23 @ 100 (b) (c)		605		609
ING Bank NV, 1.10% (LIBOR03M+88bps), 8/15/21 (a) (b)		2,000		2,010
Lloyds Bank PLC, 3.30%, 5/7/21		1,000		1,010
Macquarie Group Ltd., 6.25%, 1/14/21		846		847
National Australia Bank Ltd.
0.93% (LIBOR03M+71bps), 11/4/21 (a) (b)		1,000		1,006
0.82% (LIBOR03M+60bps), 4/12/23 (a) (b)		1,000		1,008
Nordea Bank Abp, 1.16% (LIBOR03M+94bps), 8/30/23 (a) (b)		1,000		1,008
Royal Bank of Scotland Group PLC, 6.13%, 12/15/22		2,000		2,196

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Santander UK PLC, 0.85% (LIBOR03M+62bps), 6/1/21 (b)	$	1,000	$	1,002
Skandinaviska Enskilda Banken AB, 0.86% (LIBOR03M+65bps), 12/12/22 (a) (b)		2,000		2,017
Standard Chartered PLC, 1.34% (SOFRRATE+125bps), 10/14/23, Callable 10/14/22 @ 100 (a) (b)		1,500		1,510
Sumitomo Mitsui Financial Group, Inc., 1.00% (LIBOR03M+78bps), 7/12/22 (b)		1,000		1,008
Svenska Handelsbanken AB, 1.39% (LIBOR03M+115bps), 3/30/21 (b)		1,500		1,504
Swedbank AB, 0.92% (LIBOR03M+70bps), 3/14/22 (a) (b)		500		503
UBS Group Funding Switzerland AG, 1.17% (LIBOR03M+95bps), 8/15/23, Callable 8/15/22 @ 100 (a) (b)		1,000		1,010
Westpac Banking Corp., 1.08% (LIBOR03M+85bps), 8/19/21 (b)		1,000		1,005
				36,575
Industrials (2.2%):
Air Canada Pass Through Trust, 5.38%, 11/15/22 (a)		2,327		2,322
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100		2,000		2,134
Avolon Holdings Funding Ltd.
5.13%, 10/1/23, Callable 9/1/23 @ 100 (a)		500		537
2.88%, 2/15/25, Callable 1/15/25 @ 100 (a)		1,000		1,019
				6,012
Materials (0.7%):
Braskem Netherlands Finance BV, 3.50%, 1/10/23, Callable 12/10/22 @ 100 (a)		1,000		1,023
FMG Resources Pty Ltd., 5.13%, 3/15/23, Callable 12/15/22 @ 100 (a)		1,000		1,054
				2,077
Utilities (0.2%):
PPL WEM Ltd./Western Power Distribution Ltd., 5.38%, 5/1/21, Callable 2/11/21 @ 100 (a)		582		584
Total Yankee Dollars (Cost $52,389)				52,913
Municipal Bonds (13.9%)
Alabama (0.9%):
Columbia Industrial Development Board Revenue, 0.14%, 11/1/21, Callable 2/1/21 @ 100 (i)		2,000		2,000
Mobile Industrial Development Board Revenue, 0.14%, 9/1/31, Continuously Callable @100 (i)		595		595
				2,595
Arizona (0.7%):
City of Phoenix Civic Improvement Corp. Revenue
0.46%, 7/1/21		400		400
0.56%, 7/1/22		580		581
Series C, 2.20%, 7/1/23		1,000		1,031
				2,012
California (0.4%):
County of Riverside Revenue, 2.17%, 2/15/21		750		751
West Covina Public Financing Authority Revenue, Series A, 1.75%, 8/1/21		300		300
				1,051

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
Florida (1.3%):
Bay County Development Revenue, 0.13%, 6/1/50, Continuously Callable @100 (i)	$	500	$	500
City of Gainesville Florida Revenue, 1.00%, 10/1/24		800		806
County of Escambia Revenue
0.13%, 7/1/22 (i)		1,700		1,700
Series R, 0.11%, 4/1/39, Continuously Callable @100 (i)		500		500
				3,506
Georgia (0.9%):
Appling County Development Authority Revenue, 0.14%, 9/1/29, Continuously Callable @100 (i)		1,000		1,000
Heard County Development Authority Revenue, 0.17%, 9/1/26, Continuously Callable @100 (i)		1,000		1,000
The Development Authority of Burke County Revenue, 0.12%, 11/1/52, Continuously Callable @100 (i)		500		500
				2,500
Illinois (0.2%):
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series B, 1.71%, 12/1/22		500		508
Kansas (0.1%):
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series B, 0.79%, 9/1/22		200		201
Kentucky (0.3%):
Louisville Regional Airport Authority Revenue, 0.13%, 1/1/29, Callable 2/1/21 @ 100 (i)		700		700
Louisiana (0.8%):
Parish of Saint Charles Revenue, 0.13%, 11/1/21, Continuously Callable @100 (i)		1,800		1,800
Terrebonne Levee & Conservation District Revenue
Series A, 0.97%, 6/1/22		200		201
Series A, 1.13%, 6/1/23		300		304
				2,305
Michigan (0.4%):
Michigan Finance Authority Revenue, 2.14%, 12/1/22		1,000		1,028
Mississippi (0.7%):
Mississippi Business Finance Corp. Revenue, 0.17%, 5/1/28, Continuously Callable @100 (i)		2,000		2,000
Missouri (0.3%):
Missouri Development Finance Board Revenue (LOC — U.S. Bancorp), 0.21%, 12/1/49, Continuously Callable @100 (i)		740		740
New Jersey (0.9%):
New Jersey Economic Development Authority Revenue
Series NNN, 2.61%, 6/15/22		500		506
Series NNN, 2.78%, 6/15/23		408		418
Series NNN, 2.88%, 6/15/24		322		333

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
New Jersey Transportation Trust Fund Authority Revenue, 2.55%, 6/15/23	$	850	$	882
South Jersey Transportation Authority Revenue, Series B, 2.10%, 11/1/24		500		502
				2,641
New York (0.9%):
City of New York, GO, Series D, 0.43%, 8/1/22 (g)		1,000		998
Long Island Power Authority Revenue, Series C, 0.66%, 3/1/22, Continuously Callable @100		200		201
New York Transportation Development Corp. Revenue, 1.61%, 12/1/22		1,200		1,201
				2,400
Ohio (0.4%):
Buckeye Tobacco Settlement Financing Authority Revenue, Series A-1, 1.63%, 6/1/22		1,000		1,015
Oregon (0.4%):
Port of Morrow Revenue, 0.18%, 2/1/27, Continuously Callable @100 (i)		1,000		1,000
Pennsylvania (1.1%):
Delaware County IDA Revenue, 0.16%, 9/1/45, Continuously Callable @100 (i)		2,000		2,000
Pennsylvania Economic Development Financing Authority Revenue (LIQ — PNC Financial Services Group), Series C, 0.40%, 12/1/26, Continuously Callable @100 (i)		575		575
State Public School Building Authority Revenue, 2.62%, 4/1/23		450		461
				3,036
Rhode Island (0.4%):
Rhode Island Health & Educational Building Corp. Revenue (LOC — Citizens Financial Group), 0.15%, 6/1/35, Callable 2/1/21 @ 100 (i)		1,000		1,000
South Dakota (0.3%):
South Dakota Health & Educational Facilities Authority Revenue, Series B, 2.18%, 7/1/21		1,000		1,008
Texas (2.1%):
Central Texas Regional Mobility Authority Revenue, Series C, 1.35%, 1/1/24		350		353
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 8/15/22) (j)		1,000		1,005
Harris County Cultural Education Facilities Finance Corp. Revenue, 1.45%, 11/15/22		600		603
Lower Neches Valley Authority Revenue, Series A, 0.10%, 11/1/29, Continuously Callable @100 (i)		1,000		1,000
Port of Port Arthur Navigation District Revenue
0.23%, 11/1/40, Continuously Callable @100 (i)		1,000		1,000
Series B, 0.17%, 4/1/40, Continuously Callable @100 (i)		2,000		2,000
				5,961
Virginia (0.4%):
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a) (g) (j)		1,250		1,252
Total Municipal Bonds (Cost $38,270)				38,459

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Principal Amount		Value
U.S. Treasury Obligations (1.8%)
U.S. Treasury Bills
0.05%, 2/16/21 (k)	$	1,000	$	1,000
0.07%, 3/30/21 (c) (k)		4,000		3,999
Total U.S. Treasury Obligations (Cost $4,999)				4,999
Commercial Paper (10.9%)
American Honda Finance
0.25%, 1/11/21 (k)		1,000		1,000
0.27%, 1/22/21 (k)		540		540
Cabot Corp., 0.13%, 1/4/21 (a) (k)		400		400
Can Pacific Railway, 0.15%, 1/4/21 (a) (k)		1,500		1,500
Canadian Natural Resources, 0.16%, 1/11/21 (a) (k)		2,000		2,000
CenterPoint Energy Resources Corp., 0.11%, 1/6/21 (a) (k)		2,000		2,000
Commonwealth Edison Co., 0.13%, 1/4/21 (a) (k)		2,000		2,000
Energy Transfer Part LP
0.40%, 1/4/21 (a) (k)		1,500		1,500
0.44%, 1/22/21 (a) (k)		1,000		999
Eversource Energy, 0.15%, 1/8/21 (a) (k)		2,500		2,500
Experian Finance PLC, 0.15%, 1/6/21 (a) (k)		1,500		1,500
Exxon Mobil Corp., 0.12%, 2/8/21 (k)		700		700
Glencore Funding LLC, 0.25%, 1/7/21 (a) (k)		250		250
Hannover Funding Co. LLC, 0.37%, 1/20/21 (a) (k)		650		650
Jabil, Inc.
0.62%, 1/4/21 (a) (k)		1,000		1,000
0.63%, 1/25/21 (a) (k)		1,000		1,000
0.61%, 2/10/21 (a) (k)		750		749
OGE Energy Corp., 0.15%, 1/6/21 (a) (k)		2,000		2,000
Plains All American Pipeline, 0.17%, 1/13/21 (a) (k)		1,000		1,000
Plains Midstream Canada
0.46%, 1/5/21 (a) (k)		500		500
0.47%, 1/14/21 (a) (k)		250		250
Southwestern Public Service Co., 0.15%, 1/5/21 (a) (k)		1,000		1,000
TransCanada PipeLine USA Ltd., 0.17%, 1/14/21 (a) (k)		2,250		2,250
Viatris, Inc., 0.65%, 3/22/21 (a) (k)		1,000		998
Wisconsin Electric Power Co., 0.15%, 1/4/21 (k)		1,750		1,750
Total Commercial Paper (Cost $30,035)				30,036

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

(Amounts in Thousands, Except for Shares)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.2%)
Fidelity Investments Money Market Government Portfolio Class I, 0.01% (m)		432,280	$	432
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (m)		16,505		17
HSBC U.S. Government Money Market Fund I Shares, 0.03% (m)		41,890		42
Total Collateral for Securities Loaned (Cost $491)				491
Total Investments (Cost $276,523) — 100.6%				277,910
Liabilities in excess of other assets — (0.6)%				(1,698	)
NET ASSETS — 100.00%			$	276,212

At December 31, 2020, the Fund's investments in foreign securities were 18.4% of net assets.

^ Purchased with cash collateral from securities on loan.

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of December 31, 2020, the fair value of these securities was $139,388 (thousands) and amounted to 50.5% of net assets.

(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2020.

(d) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2020.

(e) Interest-only security.

(f) Rounds to less than $1 thousand.

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

(h) All or a portion of this security is on loan.

(i) 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.

(j) Put Bond.

(k) Rate represents the effective yield at December 31, 2020.

(l) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.

(m) Rate disclosed is the daily yield on December 31, 2020.

See notes to financial statements.

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund

Schedule of Portfolio Investments — continued
December 31, 2020

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, 2020, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2020, based on the last reset date of the security

LLC — Limited Liability Company

LOC — Letter of Credit

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

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

LIQ Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed.

LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Assets and Liabilities
December 31, 2020

(Amounts in Thousands, Except Per Share Amounts)

	USAA Ultra Short-Term Bond Fund
Assets:
Investments, at value (Cost $276,523)	$	277,910	(a)
Cash and cash equivalents		1,179
Receivables:
Interest and dividends		1,055
Capital shares issued		403
From Adviser		4
Prepaid expenses		1
Total assets		280,552
Liabilities:
Payables:
Collateral received on loaned securities		491
Distributions		13
Investments purchased		3,489
Capital shares redeemed		173
Accrued expenses and other payables:
Investment advisory fees		64
Administration fees		31
Custodian fees		3
Transfer agent fees		20
Compliance fees		—	(b)
12b-1 fees		—	(b)
Other accrued expenses		56
Total liabilities		4,340
Net Assets:
Capital		277,675
Total accumulated earnings/(loss)		(1,463	)
Net assets	$	276,212
Net Assets
Fund Shares	$	212,503
Institutional Shares		56,042
Class A		19
R6 Shares		7,648
Total	$	276,212
Shares (unlimited number of shares authorized with no par value):
Fund Shares		20,975
Institutional Shares		5,530
Class A		2
R6 Shares		755
Total		27,262
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	10.13
Institutional Shares		10.13
Class A		10.13
R6 Shares		10.13

(a) Includes $479 of securities on loan.

(b) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statement of Operations
For the Year Ended December 31, 2020

(Amounts in Thousands)

	USAA Ultra Short-Term Bond Fund
Investment Income:
Dividends	$	63
Interest		6,420
Securities lending (net of fees)		2
Total Income		6,485
*Expenses:**
Investment advisory fees		630
Administration fees — Fund Shares		344
Administration fees — Institutional Shares		14
Administration fees — Class A		—	(a)
Administration fees — R6 Shares		3
Sub-Administration fees		20
12b-1 fees — Class A		—	(a)
Custodian fees		24
Transfer agent fees — Fund Shares		216
Transfer agent fees — Institutional Shares		14
Transfer agent fees — Class A		—	(a)
Transfer agent fees — R6 Shares		1
Trustees' fees		47
Compliance fees		2
Legal and audit fees		60
State registration and filing fees		84
Interfund lending fees		—	(a)
Other expenses		57
Total Expenses		1,516
Expenses waived/reimbursed by Adviser		(27	)
Net Expenses		1,489
Net Investment Income (Loss)		4,996
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(94	)
Net change in unrealized appreciation/depreciation on investment securities		(93	)
Net realized/unrealized gains (losses) on investments		(187	)
Change in net assets resulting from operations	$	4,809

* Class A activity is for the period June 29, 2020 (commencement of operations) to December 31, 2020.

(a) Rounds to less than $1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Ultra Short-Term Bond Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	4,996		$	8,031
Net realized gains (losses) from investments		(94	)		1,015
Net change in unrealized appreciation/depreciation on investments		(93	)		3,778
Change in net assets resulting from operations		4,809			12,824
Distributions to Shareholders:
Fund Shares		(4,608	)		(7,510	)
Institutional Shares		(258	)		(341	)
Class A (b)		—	(a)		—
R6 Shares		(146	)		(153	)
Change in net assets resulting from distributions to shareholders		(5,012	)		(8,004	)
Change in net assets resulting from capital transactions		(15,113	)		(10,474	)
Change in net assets		(15,316	)		(5,654	)
Net Assets:
Beginning of period		291,528			297,182
End of period	$	276,212		$	291,528
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	54,181		$	83,733
Distributions reinvested		4,459			7,296
Cost of shares redeemed		(121,066	)		(104,187	)
Total Fund Shares	$	(62,426	)	$	(13,158	)
Institutional Shares
Proceeds from shares issued	$	63,531		$	15,518
Distributions reinvested		252			334
Cost of shares redeemed		(17,550	)		(14,624	)
Total Institutional Shares	$	46,233		$	1,228
Class A (b)
Proceeds from shares issued	$	18		$	—
Distributions reinvested		—	(a)		—
Total Class A	$	18		$	—
R6 Shares
Proceeds from shares issued	$	3,635		$	2,228
Distributions reinvested		38			8
Cost of shares redeemed		(2,611	)		(780	)
Total R6 Shares	$	1,062		$	1,456
Change in net assets resulting from capital transactions	$	(15,113	)	$	(10,474	)

(a) Rounds to less than $1 thousand.

(b) Class A activity is for the period June 29, 2020 (commencement of operations) to December 31, 2020.

(continues on next page)

See notes to financial statements.

USAA Mutual Funds Trust

Statements of Changes in Net Assets

(Amounts in Thousands)

	USAA Ultra Short-Term Bond Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Share Transactions:
Fund Shares
Issued		5,429			8,379
Reinvested		450			729
Redeemed		(12,285	)		(10,424	)
Total Fund Shares		(6,406	)		(1,316	)
Institutional Shares
Issued		6,319			1,554
Reinvested		26			33
Redeemed		(1,794	)		(1,461	)
Total Institutional Shares		4,551			126
Class A (a)
Issued		2			—
Reinvested		—	(b)		—
Total Class A		2			—
R6 Shares
Issued		369			223
Reinvested		4			1
Redeemed		(268	)		(78	)
Total R6 Shares		105			146
Change in Shares		(1,748	)		(1,044	)

(a) Class A activity is for the period June 29, 2020 (commencement of operations) to December 31, 2020.

(b) Rounds to less than 1 thousand.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Net Investment Income			Net Realized Gains From Investments
USAA Ultra Short-Term Bond Fund
Fund Shares
Year Ended December 31, 2020	$	10.05		0.20	(d)		0.08	(e)		0.28		(0.20	)		—
Year Ended December 31, 2019	$	9.89		0.27	(d)		0.16			0.43		(0.27	)		—
Year Ended December 31, 2018	$	9.97		0.22			(0.08	)		0.14		(0.22	)		—
Year Ended December 31, 2017	$	9.98		0.16			(0.01	)		0.15		(0.16	)		—
Year Ended December 31, 2016	$	9.94		0.13			0.04			0.17		(0.13	)		—	(g)
Institutional Shares
Year Ended December 31, 2020	$	10.05		0.19	(d)		0.09	(e)		0.28		(0.20	)		—
Year Ended December 31, 2019	$	9.89		0.27	(d)		0.16			0.43		(0.27	)		—
Year Ended December 31, 2018	$	9.97		0.22			(0.08	)		0.14		(0.22	)		—
Year Ended December 31, 2017	$	9.98		0.15			(0.01	)		0.14		(0.15	)		—
Year Ended December 31, 2016	$	9.94		0.13			0.04			0.17		(0.13	)		—	(g)
Class A
June 29, 2020 (i) through December 31, 2020	$	9.90		0.07	(d)		0.23	(e)		0.30		(0.07	)		—
R6 Shares
Year Ended December 31, 2020	$	10.05		0.21	(d)		0.09	(e)		0.30		(0.22	)		—
Year Ended December 31, 2019	$	9.88		0.29	(d)		0.17			0.46		(0.29	)		—
Year Ended December 31, 2018	$	9.97		0.24			(0.09	)		0.15		(0.24	)		—
March 1, 2017 (i) through December 31, 2017	$	9.98		0.15			(0.01	)		0.14		(0.15	)		—

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

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year.

See notes to financial statements.

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total *Return(a)**			Net Expenses^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Ultra Short-Term Bond Fund
Fund Shares
Year Ended December 31, 2020		(0.20	)	$	10.13		2.81	%		0.60	%		2.01	%		0.60	%	$	212,503		39	%
Year Ended December 31, 2019		(0.27	)	$	10.05		4.37	%		0.61	%		2.69	%		0.61	%	$	275,168		59	%
Year Ended December 31, 2018		(0.22	)	$	9.89		1.40	%		0.60	%		2.19	%		0.60	%	$	283,769		48	%
Year Ended December 31, 2017		(0.16	)	$	9.97		1.51	%		0.58	%		1.60	%		0.58	%	$	330,442		58	%(f)
Year Ended December 31, 2016		(0.13	)	$	9.98		1.73	%		0.61	%		1.30	%		0.61	%	$	372,155		28	%
Institutional Shares
Year Ended December 31, 2020		(0.20	)	$	10.13		2.87	%		0.56	%		1.86	%		0.63	%	$	56,042		39	%
Year Ended December 31, 2019		(0.27	)	$	10.05		4.43	%		0.55	%		2.75	%		0.64	%	$	9,842		59	%
Year Ended December 31, 2018		(0.22	)	$	9.89		1.45	%		0.55	%		2.25	%		0.77	%	$	8,433		48	%
Year Ended December 31, 2017		(0.15	)	$	9.97		1.44	%		0.64	%(h)		1.51	%		0.75	%	$	7,115		58	%(f)
Year Ended December 31, 2016		(0.13	)	$	9.98		1.69	%		0.66	%		1.25	%		0.66	%	$	18,710		28	%
Class A
June 29, 2020 (i) through December 31, 2020		(0.07	)	$	10.13		3.02	%		0.84	%		1.32	%		108.95	%	$	19		39	%
R6 Shares
Year Ended December 31, 2020		(0.22	)	$	10.13		3.02	%		0.41	%		2.15	%		0.51	%	$	7,648		39	%
Year Ended December 31, 2019		(0.29	)	$	10.05		4.70	%		0.39	%		2.92	%		0.80	%	$	6,518		59	%
Year Ended December 31, 2018		(0.24	)	$	9.88		1.51	%		0.39	%		2.41	%		0.69	%	$	4,980		48	%
March 1, 2017 (i) through December 31, 2017		(0.15	)	$	9.97		1.42	%		0.39	%		1.81	%		1.05	%	$	5,091		58	%(f)

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

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

(e) The amount shown for a share outstanding throughout the period does not accord with the change in net assets resulting from operations during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(f) Reflects increased trading activity due to large shareholder outflows.

(g) Amount is less than $0.005 per share.

(h) Effective May 1, 2017, USAA Asset Management Company, the former investment adviser to the Fund ("AMCO"), voluntarily agreed to limit the annual expenses of the Institutional Shares to 0.55% of the Institutional Shares' average daily net assets.

(i) Commencement of operations.

See notes to financial statements.

USAA Mutual Funds Trust

Notes to Financial Statements
December 31, 2020

1. Organization:

The accompanying financial statements are those of the USAA Ultra Short-Term Bond Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, (effective June 29, 2020) and R6 Shares. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

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

Investment Valuation:

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

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

Debt securities of United States ("U.S.") issuers, along with corporate and municipal securities, including short-term investments maturing in 60 days or less, may be valued using evaluated bid or the last sales price to price securities by dealers or an independent pricing service approved by the Board. These valuations are typically categorized as Level 2 in the fair value hierarchy.

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	36,415	$	—	$	36,415
Collateralized Mortgage Obligations		—		33,790		—		33,790
Senior Secured Loans		—		4,359		—		4,359
Corporate Bonds		—		76,448		—		76,448
Yankee Dollars		—		52,913		—		52,913
Municipal Bonds		—		38,459		—		38,459
U.S. Treasury Obligations		—		4,999		—		4,999
Commercial Paper		—		30,036		—		30,036
Collateral for Securities Loaned		491		—		—		491
Total	$	491	$	277,419	$	—	$	277,910

For the year ended December 31, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Investment Companies:

Open-End Funds:

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis or for delayed draws on loans can take place a month or more after the trade date. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

Mortgage- and Asset-Backed Securities:

The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac", respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Leveraged Loans:

The Fund may invest in leveraged loans, a type of bank loan. Leveraged loans are adjustable-rate bank loans made to companies rated below investment grade. The interest rates on leveraged loans are reset periodically based upon the fluctuations of a base interest rate such as LIBOR and a "spread" above that base interest rate that represents a risk premium to the lending banks and/or other participating investors. Many bank loans bear an adjustable rate of interest; however, leveraged loans provide for a greater "spread" over the base interest rate than other bank loans because they are considered to represent a greater credit risk. Because they are perceived to represent a greater credit risk, leveraged loans possess certain attributes that are similar to high-yield securities. However, because they are often secured by collateral of the borrower, leveraged loans possess certain attributes that are similar to other bank loans.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Securities Lending:

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of December 31, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	479			$	—			$	491

Federal Income Taxes:

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Allocations:

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, 12b-1 fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the year ended December 31, 2020, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

Purchases				Sales				Gains (Losses)
$	2,500			$	5,350			$	—	(a)

(a) Rounds to less than $1 thousand.

3. Purchases and Sales:

				Purchases (excluding U.S. Government Securities)				Sales (excluding U.S. Government Securities)				Purchases of U.S. Government Securities				Sales of U.S. Government Securities
				$	90,604			$	154,232			$	—			$	1,008

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.24% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the year ended December 31, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

On November 6, 2018, United Services Automobile Association ("USAA"), the parent company of USAA Asset Management Company ("AMCO"), the prior investment adviser to the Fund announced that AMCO would be acquired by Victory Capital Holdings Inc.(the "Transaction"). A special shareholder meeting was held on April 18, 2019, at which shareholders of the Fund approved a new investment advisory agreement between the Trust, on behalf of the Fund, and Victory Capital Management Inc. ("Victory Capital"). The Transaction closed on July 1, 2019. Effective July 1, 2019, VCM replaced AMCO as the investment adviser to the Fund and no performance adjustments were made for the periods beginning

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

July 1, 2019, through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Ultra Short Obligations Funds Index. The Lipper Ultra Short Obligations Funds Index tracks the total return performance of each class within the Lipper Ultra Short Obligations Funds category.

The performance period for each share class consists of the current month plus the previous 35 months (or the number of months beginning July 1, 2019, if fewer). The following table is utilized to determine the extent of the performance adjustment:

Over/Under Performance Relative to Index (in basis points)(a)				Annual Adjustment Rate (in basis points)(a)
+/- 20 to 50				+/- 4
+/- 51 to 100				+/- 5
+/- 101 and greater				+/- 6

(a) Based on the difference between average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point. Average daily net assets of the share class are calculated over a rolling 36-month period.

Each class' annual performance adjustment rate is multiplied by the average daily net assets of each respective class over the entire performance period, which is then multiplied by a fraction, the numerator of which is the number of days in the month and the denominator of which is 365 (366 in leap years). The resulting amount is then added to (in the case of overperformance), or subtracted from (in the case of underperformance) the base fee.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Ultra Short Obligations Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020 to December 31, 2020, performance adjustments were $29 thousand, $1 thousand, less than ($1) thousand, and $1 thousand for Fund Shares, Institutional Shares, Class A and R6 Shares, respectively. Performance adjustments were 0.01%, 0.01%, less than (0.01)%, and 0.02% of average daily net assets for the Fund Shares, Institutional Shares, Class A and R6 Shares, respectively.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15%, 0.10%, 0.15% and 0.05% of average daily net assets of the Fund Shares, Institutional Shares, Class A, and R6 Shares, respectively. Amounts incurred for the year ended December 31, 2020, are reflected on the Statement of Operations as Administration fees.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $25.50 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees are accrued daily and paid monthly at an annualized rate of 0.10%, 0.10%, and 0.01% for Institutional Shares, Class A and R6 Shares, respectively, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the year ended December 31, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A of the Fund. Amounts incurred and paid to VCTA for the year ended December 31, 2020, are reflected on the Statement of Operations as 12b-1 fees.

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of December 31, 2020, the expense limits (excluding voluntary waivers) were 0.60%, 0.55%, 0.85%, and 0.39% for Fund Shares, Institutional Shares, Class A and R6 Shares, respectively.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at December 31, 2020.

Expires December 31, 2022				Expires December 31, 2023				Total
$	27			$	27			$	54

The Adviser, may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, Custodian and Distributor.

5. Risks:

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

Credit Risk — The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

recognized means to enhance an investor's return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.

Debt Securities Risk — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuers ability to timely meet its debt obligations as they come due.

Management Risk — The Fund is actively managed, and the investment techniques and risk analyses used by the Fund's portfolio managers may not produce the desired results.

LIBOR Discontinuation Risk — Many debt securities, derivatives and other financial instruments, including some of the Fund's investments, use the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. However, the use of LIBOR started to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in the financial markets that it measures. In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Funding Rate ("SOFR"), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, expecting that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate ("SONIA") in England. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time. For U.S. dollar LIBOR, however, the relevant date may be deferred to June 30, 2023 for the most common tenors (overnight and one, three, six and 12 months). As to those tenors, the LIBOR administrator has published a consultation regarding its intention to cease publication of U.S. dollar LIBOR as of June 30, 2023 (instead of December 31, 2021, as previously expected), apparently based on continued rate submissions from banks. It is expected that there will be enough time for market participants to transition to the use of a different benchmark for both new and existing securities and transactions. Various financial industry groups have begun planning for that transition, but there are obstacles to converting certain longer-term securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. Although the foregoing may provide some sense of timing, there is no assurance that LIBOR, or any particular currency and tenor, will continue to be published until any particular date, and it appears highly likely that LIBOR will be discontinued or modified after December 31, 2021 or June 30, 2023, depending on the currency and tenor. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur before the end of 2021.

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

6. Borrowing and Interfund Lending:

Line of Credit:

For the year ended December 31, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the year ended December 31, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the year ended December 31, 2020.

Interfund Lending:

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the year ended December 31, 2020 were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at December 31, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	4,541				1				0.89	%		$	4,541

* For the year ended December 31, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

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

USAA Mutual Funds Trust

Notes to Financial Statements — continued
December 31, 2020

the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of December 31, 2020, on the Statement of Assets and Liabilities, there were no permanent book-to-tax difference reclassification adjustments.

Year Ended December 31, 2020								Year Ended December 31, 2019
Distributions paid from								Distributions paid from
Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid		Ordinary Income		Net Long-Term Capital Gains		Total Taxable Distributions		Total Distributions Paid
$	5,465	$	—	$	5,465	$	5,465	$	7,285	$	—	$	7,285	$	7,285

As of December 31, 2020, the components of accumulated earnings (loss) on a tax basis were as follows (amounts in thousands):

Undistributed Ordinary Income				Accumulated Earnings				Other Earnings (Loss)				Distributions Payable				Unrealized Appreciation (Depreciation)*				Total Accumulated Earnings (Loss)
$	316			$	316			$	(2,892	)		$	(270	)		$	1,383			$	(1,463	)

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

At December 31, 2020, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term Amount				Long-Term Amount				Total
$	2,096			$	796			$	2,892

Tax Cost				Tax Unrealized Appreciation				Tax Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	276,527			$	1,383			$	—			$	1,383

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of USAA Ultra Short-Term Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of USAA Ultra Short-Term Bond Fund (the "Fund") (one of the funds constituting USAA Mutual Funds Trust (the "Trust")), including the schedule of portfolio investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

San Antonio, Texas
February 26, 2021

USAA Mutual Funds Trust

Supplemental Information
December 31, 2020

(Unaudited)

Trustee and Officer Information

Board of Trustees:

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

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Independent Trustees.

Jefferson C. Boyce,
Born September 1957

Lead Independent Trustee, and Vice Chairman

2013

Senior Managing Director, New York Life Investments, LLC (1992-2012)

Westhab, Inc.

John C. Walters,
Born February 1962

Trustee

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Robert L. Mason, Ph.D.,
Born July 1946

Trustee

1997

None

Dawn M. Hawley,
Born February 1954

Trustee

2014

None

Paul L. McNamara,
Born July 1948

Trustee

2012

Director, Cantor Opportunistic Alternatives Fund, LLC (March 2010-February 2014) , which is a closed-end fund of funds by Cantor Fitzgerald Investment Advisors, LLC

None

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Richard Y. Newton III,
Born January 1956

Trustee

2017

None

Barbara B. Ostdiek, Ph.D.,
Born March 1964

Trustee

2008

None

Michael F. Reimherr, (a)
Born August 1945

Trustee

2000

President of Reimherr Business Consulting (May 1995-December 2017); St. Mary's University Investment Committee overseeing University Endowment (since 2014)

None

(a) Effective at the close of business on December 31, 2020, Michael F. Reimherr retired from the Board of Trustees.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Interested Trustees.

David C. Brown, (b)
Born May 1972

Trustee

2019

Trustee, Victory Portfolios (42 series), Victory Portfolios II (26 series), Victory Variable Insurance Funds (9 series)

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Name and Date of Birth

Position
Held with
the Trust

Year
Commenced
Service

Principal Occupation
During Past 5 Years

Other
Directorships
Held During
Past 5 Years

Daniel S. McNamara, (b) (c)
Born June 1966

Trustee and Chair of the Board of Trustees

2012

None

(c) Effective at the close of business on December 31, 2020, Jefferson C. Boyce will replace Dan McNamara as Chair of the Board and will assume the title of Independent Chair.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Officers:

Name and Date of Birth

Position with
the Trust

Year
Commenced
Service

Principal Occupation During Past 5 Years

Interested Officers.

Christopher K. Dyer,
Born February 1962

President

2019

Director of Fund Administration, Victory Capital (2004-present)

Scott A Stahorsky,
Born July 1969

Vice President

2019

Manager, Fund Administration, Victory Capital (since 2015)

James K. De Vries,
Born April 1969

Treasurer, Principal Financial Officer

2018

Allan Shaer,
Born March 1965

Assistant Treasurer

2019

Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc. (since 2016); Vice President, Mutual Fund Administration, JP Morgan Chase (2011-2016)

Carol D. Trevino,
Born October 1965

Assistant Treasurer

2018

Erin G. Wagner,
Born February 1974

Secretary

2019

Deputy General Counsel, the Adviser (since 2013)

Charles Booth,
Born April 1960

Anti-Money Laundering Compliance Officer and Identity Theft Officer

2019

Director, Regulatory Administration and CCO Support Services, Citi Fund Services Ohio, Inc. (2007-present)

Amy Campos,
Born July 1976

Chief Compliance Officer

2019

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2020 through December 31, 2020.

	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Fund Shares	$	1,000.00	$	1,031.20	$	1,021.97	$	3.22	$	3.20		0.63	%
Institutional Shares		1,000.00		1,031.60		1,022.32		2.86		2.85		0.56
Class A		1,000.00		1,029.10		1,020.91		4.28		4.27		0.84
R6 Shares		1,000.00		1,032.30		1,023.03		2.15		2.14		0.42

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

For the period July 1, 2020 to December 31, 2020, performance adjustments were applied to the Fund. The annualized expense ratios of 0.63%, 0.56%, and 0.42% for the Fund Shares, Institutional Shares, and R6 Shares, respectively, as represented in the table above, reflect these adjustments. The values in the table below reflect your costs (in dollars) of investing in the Fund, had these adjustments not been applied for the six months ended December 31, 2020.

	Beginning Account Value 7/1/20		Actual Ending Account Value 12/31/20		Hypothetical Ending Account Value 12/31/20		Actual Expenses Paid During Period 7/1/20- 12/31/20*		Hypothetical Expenses Paid During Period 7/1/20- 12/31/20*		Annualized Expense Ratio During Period 7/1/20- 12/31/20
Fund Shares	$	1,000.00	$	1,031.20	$	1,022.12	$	3.06	$	3.05		0.60	%
Institutional Shares		1,000.00		1,031.60		1,022.37		2.81		2.80		0.55
R6 Shares		1,000.00		1,032.30		1,023.18		1.99		1.98		0.39

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

Considerations of the Board in Continuing the Investment Advisory Agreement

USAA Ultra Short-Term Bond Fund (the "Fund")

At a meeting of the Board of Trustees (the "Board") held on December 10-11, 2020, the Board, including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), approved for an annual period the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Victory Capital Management Inc. (the "Adviser") with respect to the Fund. Prior to the December 10-11, 2020 meeting at which the Advisory Agreement was approved, the Independent Trustees also discussed and considered information regarding the proposed continuation of the Advisory Agreement at a meeting held on November 19, 2020.

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

Advisory Agreement

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

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

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

Expenses and Performance — In connection with its consideration of the Advisory Agreement, the Board evaluated the Fund's advisory fees and total expense ratio as compared to other open-end investment companies deemed to be comparable to the Fund as determined by the independent third party in its report. The Fund's expenses were compared to (i) a group of investment companies chosen by the independent third party to be comparable to the Fund based upon certain factors, including fund type, comparability of investment objective and classification, sales load type, asset size, and expense components (the "expense group") and (ii) a larger group of investment companies with the same investment classification/objective as the Fund regardless of asset size, excluding outliers (the "expense universe"). Among other data, the Board noted that the Fund's management fee rate — which includes advisory and administrative services and the effects of any performance adjustment¹, as well as any fee waivers and reimbursements — was above the median of its expense group and its expense universe. The data indicated that the Fund's total expenses, including after any reimbursements, were above the median of its expense group and its expense universe. The Board also took into account the Adviser's current undertakings to maintain expense limitations for the Fund. The Board took into account the various other services provided to the Fund by the Adviser and its affiliates, and noted the high quality of services received by the Fund.

In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Fund's performance results. The Trustees also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory Agreement, including, among other information, a comparison of the Fund's average annual total returns relative to its Lipper index and other mutual funds deemed to be in its peer group by the independent third party in its report (the "performance universe"). The Fund's performance universe consisted of the Fund and all retail and institutional open-end investment companies with the same classification/objective as the Fund regardless of asset size or primary channel of distribution. This comparison indicated that, among other data, the Fund's performance was above the average of its performance universe and its Lipper index for the one-, three- and five-year periods ended September 30, 2020.

¹ The Adviser has agreed that no performance adjustment (positive or negative) would be made to the amount payable to the Adviser from July 1, 2019, through June 30, 2020.

USAA Mutual Funds Trust

Supplemental Information — continued
December 31, 2020

(Unaudited)

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

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

Privacy Policy

Protecting the Privacy of Information

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

P.O. Box 182593
Columbus, Ohio 43218-2593

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

94420-0221

Item 2. Code of Ethics.

(a)

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics in included as an Exhibit.

(b)

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; on July 1, 2019, the Board of Trustees of USAA Mutual Funds Trust approved a Code of Ethics ("Sarbanes Code") applicable solely to its senior financial officers, including its principal executive officer (President), as defined under the Sarbanes-Oxley Act of 2002 and implementing regulations of the Securities and Exchange Commission. A copy of the Sarbanes Code is attached as an Exhibit to this Form N-CSR.

No waivers (explicit or implicit) have been granted from a provision of the Sarbanes Code.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial experts are Dr. Barbara B. Ostdiek, Ph.D. and Dawn M. Hawley, who are “independent” for purposes of this Item 3 of Form N-CSR.

Dr. Ostdiek has served as an Associate Professor of Management at Rice University since 2001. Dr. Ostdiek also has served as an Academic Director at El Paso Corporation Finance Center since 2002. Ms. Hawley was Chief Financial Officer, Director of Financial Planning and Analysis for AIM Management Group Inc. from October 1987 through January 2006 and was Manager of Finance at Menil Foundation, Inc. from May 2007 through June 2011. Each of Dr. Ostdiek and Ms. Hawley is an independent trustee who serves as a member of the Audit and Compliance Committee, Investments Committee, Product Management and Distribution Committee, and the Corporate Governance Committee of the Board of Trustees of USAA Mutual Funds Trust.

Item 4. Principal Accountant Fees and Services.

	2020		2019
(a) Audit Fees (1)	$	212,800	$	286,000
(b) Audit-Related Fees (2)		17,985		-
(c) Tax Fees (3)		1,788		11,320
(d) All Other Fees (4)		-		-

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit fees billed were for professional services provided by Ernst & Young LLP for statutory and regulatory filings.

(2) For the fiscal year ended December 31, 2019, there were no audit-related fees billed by Ernst & Young LLP to the Registrant.

(3) Represents the aggregate tax fee billed for professional services rendered by Ernst & Young LLP for assistance with PFIC Analyzer Service and tax consulting services.

(4) For the fiscal years ended December 31, 2020 and December 31, 2019, there were no other fees billed by Ernst & Young LLP to the Registrant.

(e)(1) All audit and non-audit services to be performed for the Registrant by Ernst & Young LLP must be pre-approved by the Audit and Compliance Committee. The Audit and Compliance Committee Charter also permits the Chair of the Audit and Compliance Committee to pre-approve any permissible non-audit service that must be commenced prior to a scheduled meeting of the Audit and Compliance Committee. All non-audit services were pre-approved by the Audit and Compliance Committee or its Chair, consistent with the Audit and Compliance Committee's preapproval procedures.

(e)(2) There were no services performed under Rule 2.01 (c)(7)(i)(C).

(f) Not applicable.

(g) Aggregate non-audit fees for services rendered to the:

	Registrant		Adviser
2020	$	1,788	$	135,938
2019	$	11,320	$	209,512

(h) The aggregate non-audit fees related to fees billed by Ernst & Young LLP for services rendered to the Registrant; the investment adviser, USAA Asset Management Company (AMCO) and its affiliate, USAA Investment Management Company (IMCO); and the Funds' transfer agent, Victory Capital Transfer Agency Inc. and prior transfer agent, USAA Shareholder Account Services (SAS), which includes aggregate fees accrued or paid to Ernst & Young, LLP for professional services rendered related to the annual study of internal controls of the transfer agent for fiscal years listed above. All services were preapproved by the Audit Committee.

Effective July 1, 2019, AMCO, the prior investment adviser to the Funds, and SAS, the prior transfer agent to the Funds, were acquired by Victory Capital Holdings, Inc. Effective July 1, 2019, Victory Capital Management Inc. is the new investment adviser and administrator to the Funds; SAS was renamed Victory Capital Transfer Agency, Inc. and is the new transfer agent to the Funds.

Ernst & Young LLP provided non-audit services to AMCO and IMCO in 2020 and 2019 and also provided certain tax services to Victory Capital Holdings, Inc. in 2019 that were not required to be pre-approved by the Registrant's Audit and Compliance Committee because the services were not directly related to the operations of the Registrant's Funds. The Board of Trustees will consider Ernst & Young LLP's independence and will consider whether the provision of these non-audit services to AMCO is compatible with maintaining Ernst & Young LLP's independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Corporate Governance Committee selects and nominates candidates for membership on the Board as independent trustees. The Corporate Governance Committee has adopted procedures to consider Board candidates suggested by shareholders. The procedures are initiated by the receipt of nominations submitted by a fund shareholder sent to Board member(s) at the address specified in fund disclosure documents or as received by the Adviser or a fund officer. Any recommendations for a nomination by a shareholder, to be considered by the Board, must include at least the following information: name; date of birth; contact information; education; business profession and other expertise; affiliations; experience relating to serving on the Board; and references. The Corporate Governance Committee gives shareholder recommendations the same consideration as any other candidate.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	(a)(1)	Not applicable.
	(a)(2)	Not applicable.
	(a)(3)	Not applicable.
	(a)(4)	Not applicable.
	(b)	Not applicable.

Item 13. Exhibits.

	(a)(1)	The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.
	(a)(2)	Certifications pursuant to Rule 30a-2(a) are attached hereto.
	(a)(3)	Not applicable.
	(a)(4)	Not applicable.
	(b)	Certifications pursuant to Rule 30a-2(b) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant

has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

USAA Mutual Fund Trust

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

Date

March 8, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer

Date

March 8, 2021

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

Date

March 8, 2021

USAA Mutual Funds Trust - USAA 500 Index Fund (USSPX) N-CSRCertified annual shareholder report (management investment company)