USAA Mutual Funds Trust - USAA 500 Index Fund (USSPX) N-CSRS Certified semi-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, San Antonio, Texas	78256
(Address of principal executive offices)	(Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 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: June 30, 2021

Item 1. Reports to Stockholders.

JUNE 30, 2021

Semi Annual Report

USAA Target Retirement Income Fund

USAA Target Retirement 2030 Fund

USAA Target Retirement 2040 Fund

USAA Target Retirement 2050 Fund

USAA Target Retirement 2060 Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member 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.

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USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective and Portfolio Holdings	2
Schedules of Portfolio Investments
USAA Target Retirement Income Fund	7
USAA Target Retirement 2030 Fund	8
USAA Target Retirement 2040 Fund	9
USAA Target Retirement 2050 Fund	10
USAA Target Retirement 2060 Fund	11
Financial Statements
Statements of Assets and Liabilities	12
Statements of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Supplemental Information	41
Proxy Voting and Portfolio Holdings Information	41
Expense Examples	41
Liquidity Risk Management Program	42
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)-539-3863 and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.

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

For more specific information, please consult your tax adviser.

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

1

USAA Mutual Fund Trust
USAA Target Retirement Income Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Holdings*:

June 30, 2021

(% of Net Assets)

USAA Government Securities Fund Institutional Shares	25.2	%
USAA Short-Term Bond Fund Institutional Shares	15.4	%
USAA Income Fund Institutional Shares	12.0	%
USAA Global Managed Volatility Fund Institutional Shares	5.8	%
USAA Target Managed Allocation Fund	5.2	%
USAA High Income Fund Institutional Shares	4.1	%
Victory Market Neutral Income Fund Class I	3.9	%
Victory RS International Fund Class R6	3.0	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	2.8	%
VictoryShares USAA Core Short-Term Bond ETF	2.8	%

Asset Allocation*:

June 30, 2021

(% of Net Assets)

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

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

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

2

USAA Mutual Fund Trust
USAA Target Retirement 2030 Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Holdings*:

June 30, 2021

(% of Net Assets)

USAA Government Securities Fund Institutional Shares	13.3	%
USAA Global Managed Volatility Fund Institutional Shares	10.5	%
USAA Target Managed Allocation Fund	9.6	%
USAA Income Fund Institutional Shares	5.6	%
VictoryShares USAA MSCI USA Value Momentum ETF	5.1	%
VictoryShares USAA MSCI International Value Momentum ETF	4.7	%
Victory RS International Fund Class R6	4.6	%
USAA Short-Term Bond Fund Institutional Shares	4.4	%
USAA Growth Fund Institutional Shares	4.3	%
USAA High Income Fund Institutional Shares	4.3	%

Asset Allocation*:

June 30, 2021

(% of Net Assets)

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

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

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

3

USAA Mutual Fund Trust
USAA Target Retirement 2040 Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Holdings*:

June 30, 2021

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	13.5	%
USAA Target Managed Allocation Fund	12.3	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.3	%
Victory RS International Fund Class R6	6.0	%
VictoryShares USAA MSCI International Value Momentum ETF	5.9	%
USAA Government Securities Fund Institutional Shares	5.5	%
USAA Growth Fund Institutional Shares	5.4	%
Victory Trivalent International Core Equity Fund Class R6	4.4	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	4.1	%
VictoryShares Dividend Accelerator ETF	3.5	%

Asset Allocation*:

June 30, 2021

(% of Net Assets)

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

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

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

4

USAA Mutual Fund Trust
USAA Target Retirement 2050 Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Holdings*:

June 30, 2021

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	15.0	%
USAA Target Managed Allocation Fund	13.8	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.8	%
Victory RS International Fund Class R6	6.7	%
VictoryShares USAA MSCI International Value Momentum ETF	6.4	%
USAA Growth Fund Institutional Shares	6.1	%
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	%
Victory Integrity Mid-Cap Value Fund Class R6	3.8	%

Asset Allocation*:

June 30, 2021

(% of Net Assets)

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

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

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

5

USAA Mutual Fund Trust
USAA Target Retirement 2060 Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Holdings*:

June 30, 2021

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	14.5	%
USAA Target Managed Allocation Fund	13.9	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.9	%
Victory RS International Fund Class R6	6.9	%
VictoryShares USAA MSCI International Value Momentum ETF	6.6	%
USAA Growth Fund Institutional Shares	5.7	%
Victory Trivalent International Core Equity Fund Class R6	5.2	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	4.7	%
VictoryShares Dividend Accelerator ETF	3.9	%
Victory Integrity Mid-Cap Value Fund Class R6	3.3	%

Asset Allocation*:

June 30, 2021

(% of Net Assets)

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

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

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

6

USAA Mutual Funds Trust
USAA Target Retirement Income Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (17.1%)
VictoryShares Dividend Accelerator ETF		311,665	$	13,758
VictoryShares International Volatility Wtd ETF		179,768		8,070
VictoryShares NASDAQ Next 50 ETF		149,092		5,123
VictoryShares U.S. 500 Volatility Wtd ETF		34,661		2,470
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		218,514		8,356
VictoryShares USAA Core Intermediate-Term Bond ETF		81,494		4,381
VictoryShares USAA Core Short-Term Bond ETF		443,598		23,031
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		452,395		23,470
VictoryShares USAA MSCI International Value Momentum ETF		456,676		22,669
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		118,646		8,572
VictoryShares USAA MSCI USA Value Momentum ETF		330,538		21,703
Total Affiliated Exchange-Traded Funds (Cost $116,668)				141,603
Affiliated Mutual Funds (82.1%)
USAA 500 Index Fund Reward Shares		21,418		1,256
USAA Global Managed Volatility Fund Institutional Shares		3,751,144		48,052
USAA Government Securities Fund Institutional Shares		20,822,691		208,435
USAA Growth Fund Institutional Shares		442,612		16,908
USAA High Income Fund Institutional Shares		4,318,504		34,159
USAA Income Fund Institutional Shares		7,212,357		98,809
USAA Income Stock Fund Institutional Shares		435,839		8,686
USAA Intermediate-Term Bond Fund Institutional Shares		35		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares		137,321		2,736
USAA Short-Term Bond Fund Institutional Shares		13,626,310		127,270
USAA Small Cap Stock Fund Institutional Shares		451,634		9,950
USAA Target Managed Allocation Fund		3,295,795		43,274
Victory Integrity Mid-Cap Value Fund Class R6		236,400		5,671
Victory Market Neutral Income Fund Class I		3,362,616		32,180
Victory RS International Fund Class R6		2,028,356		25,172
Victory Sophus Emerging Markets Fund Class R6		37,133		1,032
Victory Trivalent International Core Equity Fund Class R6		1,752,417		14,808
Total Affiliated Mutual Funds (Cost $590,885)				678,398
Total Investments (Cost $707,553) — 99.2%				820,001
Other assets in excess of liabilities — 0.8%				6,263
NET ASSETS — 100.00%			$	826,264

At June 30, 2021, the Fund's investments in foreign securities were 11.4% of net assets.

(a)  Rounds to less than $1 thousand.

ETF — Exchange-Traded Fund

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA Target Retirement 2030 Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (27.7%)
VictoryShares Dividend Accelerator ETF		900,815	$	39,763
VictoryShares International Volatility Wtd ETF		524,471		23,545
VictoryShares NASDAQ Next 50 ETF		696,279		23,924
VictoryShares U.S. 500 Volatility Wtd ETF		216,644		15,440
VictoryShares U.S. Multi-Factor Minimum Volatility ETF (a)		565,824		21,637
VictoryShares USAA Core Intermediate-Term Bond ETF		251,337		13,512
VictoryShares USAA Core Short-Term Bond ETF		807,628		41,932
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		892,548		46,305
VictoryShares USAA MSCI International Value Momentum ETF		1,309,344		64,994
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		286,896		20,728
VictoryShares USAA MSCI USA Value Momentum ETF		1,082,716		71,090
Total Affiliated Exchange-Traded Funds (Cost $319,379)				382,870
Affiliated Mutual Funds (70.2%)
USAA 500 Index Fund Reward Shares		221,300		12,979
USAA Global Managed Volatility Fund Institutional Shares		11,289,728		144,621
USAA Government Securities Fund Institutional Shares		18,347,428		183,659
USAA Growth Fund Institutional Shares		1,572,654		60,075
USAA High Income Fund Institutional Shares		7,502,822		59,347
USAA Income Fund Institutional Shares		5,647,400		77,369
USAA Income Stock Fund Institutional Shares		1,632,416		32,534
USAA Intermediate-Term Bond Fund Institutional Shares		47		1
USAA Precious Metals and Minerals Fund Institutional Shares		250,007		4,980
USAA Short-Term Bond Fund Institutional Shares		6,468,998		60,421
USAA Small Cap Stock Fund Institutional Shares		1,121,543		24,708
USAA Target Managed Allocation Fund		10,089,719		132,478
Victory Integrity Mid-Cap Value Fund Class R6		1,568,824		37,636
Victory Market Neutral Income Fund Class I		2,310,536		22,112
Victory RS International Fund Class R6		5,127,095		63,627
Victory Sophus Emerging Markets Fund Class R6		134,564		3,738
Victory Trivalent International Core Equity Fund Class R6		5,826,623		49,235
Total Affiliated Mutual Funds (Cost $772,152)				969,520
Collateral for Securities Loaned^ (0.0%) (b)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (c)		252,850		253
Total Collateral for Securities Loaned (Cost $253)				253
Total Investments (Cost $1,091,784) — 97.9%				1,352,643
Other assets in excess of liabilities — 2.1%				28,846
NET ASSETS — 100.00%			$	1,381,489

At June 30, 2021, the Fund's investments in foreign securities were 17.9% of net assets.

^  Purchased with cash collateral from securities on loan.

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

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

(c)  Rate disclosed is the daily yield on June 30, 2021.

ETF — Exchange-Traded Fund

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Target Retirement 2040 Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (32.3%)
VictoryShares Dividend Accelerator ETF		1,268,178	$	55,979
VictoryShares International Volatility Wtd ETF		740,396		33,239
VictoryShares NASDAQ Next 50 ETF		1,110,768		38,166
VictoryShares U.S. 500 Volatility Wtd ETF (a)		378,110		26,948
VictoryShares U.S. Multi-Factor Minimum Volatility ETF (a)		826,742		31,615
VictoryShares USAA Core Intermediate-Term Bond ETF		130,870		7,035
VictoryShares USAA Core Short-Term Bond ETF		383,613		19,917
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		1,268,160		65,792
VictoryShares USAA MSCI International Value Momentum ETF		1,921,247		95,368
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		430,031		31,069
VictoryShares USAA MSCI USA Value Momentum ETF		1,800,162		118,196
Total Affiliated Exchange-Traded Funds (Cost $434,137)				523,324
Affiliated Mutual Funds (65.6%)
USAA 500 Index Fund Reward Shares		528,409		30,991
USAA Global Managed Volatility Fund Institutional Shares		17,047,776		218,382
USAA Government Securities Fund Institutional Shares		8,965,957		89,749
USAA Growth Fund Institutional Shares		2,299,756		87,851
USAA High Income Fund Institutional Shares		6,685,814		52,885
USAA Income Fund Institutional Shares		2,241,415		30,707
USAA Income Stock Fund Institutional Shares		2,441,027		48,650
USAA Intermediate-Term Bond Fund Institutional Shares		34		—	(b)
USAA Precious Metals and Minerals Fund Institutional Shares		278,050		5,539
USAA Short-Term Bond Fund Institutional Shares		2,374,055		22,174
USAA Small Cap Stock Fund Institutional Shares		1,567,270		34,527
USAA Target Managed Allocation Fund		15,148,914		198,905
Victory Integrity Mid-Cap Value Fund Class R6		2,049,709		49,173
Victory Market Neutral Income Fund Class I		1,427,931		13,665
Victory RS International Fund Class R6		7,882,015		97,816
Victory Sophus Emerging Markets Fund Class R6		324,587		9,017
Victory Trivalent International Core Equity Fund Class R6		8,471,110		71,581
Total Affiliated Mutual Funds (Cost $798,580)				1,061,612
Collateral for Securities Loaned^ (0.0%) (c)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		264,015		264
Total Collateral for Securities Loaned (Cost $264)				264
Total Investments (Cost $1,232,981) — 97.9%				1,585,200
Other assets in excess of liabilities — 2.1%				33,506
NET ASSETS — 100.00%			$	1,618,706

At June 30, 2021, the Fund's investments in foreign securities were 22.5% 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.

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

(d)  Rate disclosed is the daily yield on June 30, 2021.

ETF — Exchange-Traded Fund

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA Target Retirement 2050 Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (33.4%)
VictoryShares Dividend Accelerator ETF (a)		828,007	$	36,549
VictoryShares International Volatility Wtd ETF		467,748		20,999
VictoryShares NASDAQ Next 50 ETF		697,299		23,959
VictoryShares U.S. 500 Volatility Wtd ETF		256,514		18,282
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		525,400		20,091
VictoryShares USAA Core Intermediate-Term Bond ETF		19,425		1,044
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		834,485		43,293
VictoryShares USAA MSCI International Value Momentum ETF		1,233,843		61,245
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		265,025		19,148
VictoryShares USAA MSCI USA Value Momentum ETF		1,143,565		75,085
Total Affiliated Exchange-Traded Funds (Cost $261,597)				319,695
Affiliated Mutual Funds (64.8%)
USAA 500 Index Fund Reward Shares		394,466		23,135
USAA Global Managed Volatility Fund Institutional Shares		11,211,776		143,623
USAA Government Securities Fund Institutional Shares		1,466,203		14,677
USAA Growth Fund Institutional Shares		1,530,753		58,475
USAA High Income Fund Institutional Shares		1,928,267		15,253
USAA Income Fund Institutional Shares		896,101		12,277
USAA Income Stock Fund Institutional Shares		1,549,946		30,890
USAA Intermediate-Term Bond Fund Institutional Shares		26		—	(b)
USAA Precious Metals and Minerals Fund Institutional Shares		156,211		3,112
USAA Short-Term Bond Fund Institutional Shares		307,709		2,874
USAA Small Cap Stock Fund Institutional Shares		1,123,564		24,752
USAA Target Managed Allocation Fund		10,084,560		132,411
Victory Integrity Mid-Cap Value Fund Class R6		1,520,876		36,486
Victory Market Neutral Income Fund Class I		670,855		6,420
Victory RS International Fund Class R6		5,147,903		63,885
Victory Sophus Emerging Markets Fund Class R6		205,914		5,720
Victory Trivalent International Core Equity Fund Class R6		5,633,624		47,604
Total Affiliated Mutual Funds (Cost $456,425)				621,594
Collateral for Securities Loaned^ (0.0%) (c)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		4,525		5
Total Collateral for Securities Loaned (Cost $5)				5
Total Investments (Cost $718,027) — 98.2%				941,294
Other assets in excess of liabilities — 1.8%				17,673
NET ASSETS — 100.00%			$	958,967

At June 30, 2021, the Fund's investments in foreign securities were 24.7% 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.

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

(d)  Rate disclosed is the daily yield on June 30, 2021.

ETF — Exchange-Traded Fund

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Target Retirement 2060 Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (33.8%)
VictoryShares Dividend Accelerator ETF		116,973	$	5,163
VictoryShares International Volatility Wtd ETF		75,768		3,402
VictoryShares NASDAQ Next 50 ETF		98,495		3,384
VictoryShares U.S. 500 Volatility Wtd ETF		30,169		2,150
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		71,429		2,731
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		120,391		6,246
VictoryShares USAA MSCI International Value Momentum ETF		177,196		8,796
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		35,980		2,600
VictoryShares USAA MSCI USA Value Momentum ETF		159,796		10,492
Total Affiliated Exchange-Traded Funds (Cost $36,528)				44,964
Affiliated Mutual Funds (63.9%)
USAA 500 Index Fund Reward Shares		65,385		3,835
USAA Global Managed Volatility Fund Institutional Shares		1,506,186		19,294
USAA Government Securities Fund Institutional Shares		223,777		2,240
USAA Growth Fund Institutional Shares		200,025		7,641
USAA High Income Fund Institutional Shares		226,839		1,794
USAA Income Fund Institutional Shares		113,982		1,562
USAA Income Stock Fund Institutional Shares		218,533		4,355
USAA Intermediate-Term Bond Fund Institutional Shares		2		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares		19,415		387
USAA Short-Term Bond Fund Institutional Shares		113		1
USAA Small Cap Stock Fund Institutional Shares		163,458		3,601
USAA Target Managed Allocation Fund		1,408,131		18,489
Victory Integrity Mid-Cap Value Fund Class R6		182,223		4,372
Victory RS International Fund Class R6		735,330		9,125
Victory Sophus Emerging Markets Fund Class R6		51,039		1,418
Victory Trivalent International Core Equity Fund Class R6		818,216		6,914
Total Affiliated Mutual Funds (Cost $65,638)				85,028
Total Investments (Cost $102,166) — 97.7%				129,992
Other assets in excess of liabilities — 2.3%				3,063
NET ASSETS — 100.00%			$	133,055

At June 30, 2021, the Fund's investments in foreign securities were 25.9% of net assets.

(a)  Rounds to less than $1 thousand.

ETF — Exchange-Traded Fund

See notes to financial statements.

11

USAA Mutual Funds Trust Statements of Assets and Liabilities
June 30, 2021

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

	USAA Target Retirement Income Fund			USAA Target Retirement 2030 Fund			USAA Target Retirement 2040 Fund
Assets:
Affiliated investments, at value (Cost $707,553, $1,091,531 and $1,232,717)	$	820,001		$	1,352,390		$	1,584,936
Unaffiliated investments, at value (Cost $—, $253 and $264)		—			253	(a)		264	(b)
Cash		4,648			26,674			30,805
Receivables:
Interest		—	(c)		—	(c)		—	(c)
Capital shares issued		254			174			448
Investments sold		2,101			2,889			3,611
From Adviser		—			—			7
Prepaid expenses		28			14			22
Total Assets		827,032			1,382,394			1,620,093
Liabilities:
Payables:
Collateral received on loaned securities		—			253			264
Capital shares redeemed		749			590			1,052
Accrued expenses and other payables:
Custodian fees		2			4			5
Compliance fees		1			1			1
Trustees' fees		—			—			—	(c)
Other accrued expenses		16			57			65
Total Liabilities		768			905			1,387
Net Assets:
Capital		701,414			1,081,974			1,224,791
Total accumulated earnings/(loss)		124,850			299,515			393,915
Net Assets	$	826,264		$	1,381,489		$	1,618,706
Shares (unlimited number of shares authorized with no par value):		67,891			97,487			111,776
Net asset value, offering and redemption price per share: (d)	$	12.17		$	14.17		$	14.48

(a)  Includes $249 of securities on loan.

(b)  Includes $260 of securities on loan.

(c)  Rounds to less than $1 thousand.

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

See notes to financial statements.

12

USAA Mutual Funds Trust Statements of Assets and Liabilities
June 30, 2021

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

	USAA Target Retirement 2050 Fund			USAA Target Retirement 2060 Fund
Assets:
Affiliated investments, at value (Cost $718,022 and $102,166)	$	941,289		$	129,992
Unaffiliated investments, at value (Cost $5 and $—)		5	(a)		—
Cash		14,925			2,819
Receivables:
Interest		—	(b)		—	(b)
Capital shares issued		242			305
Investments sold		2,954			—
From Adviser		—			8
Prepaid expenses		14			13
Total Assets		959,429			133,137
Liabilities:
Payables:
Collateral received on loaned securities		5			—
Capital shares redeemed		402			47
Accrued expenses and other payables:
Custodian fees		4			2
Compliance fees		—	(b)		—	(b)
Other accrued expenses		51			33
Total Liabilities		462			82
Net Assets:
Capital		709,757			102,483
Total accumulated earnings/(loss)		249,210			30,572
Net Assets	$	958,967		$	133,055
Shares (unlimited number of shares authorized with no par value):		63,857			8,977
Net asset value, offering and redemption price per share: (c)	$	15.02		$	14.82

(a)  Includes $4 of securities on loan.

(b)  Rounds to less than $1 thousand.

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

See notes to financial statements.

13

USAA Mutual Funds Trust Statements of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA Target Retirement Income Fund			USAA Target Retirement 2030 Fund			USAA Target Retirement 2040 Fund
Investment Income:
Interest	$	—	(a)	$	3		$	3
Income distributions from affiliated funds		7,406			8,544			7,476
Securities lending (net of fees)		—	(a)		—	(a)		—	(a)
Total Income		7,406			8,547			7,479
Expenses:
Sub-Administration fees		9			9			9
Custodian fees		8			11			14
Transfer agent fees		21			35			41
Trustees' fees		23			23			23
Compliance fees		2			4			5
Printing fees		9			13			18
Legal and audit fees		28			24			24
State registration and filing fees		19			16			20
Other expenses		9			15			17
Total Expenses		128			150			171
Expenses waived/reimbursed by Adviser		—			—			(14	)
Net Expenses		128			150			157
Net Investment Income (Loss)		7,278			8,397			7,322
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		8,451			14,742			17,161
Net change in unrealized appreciation/ depreciation on affiliated funds		23,706			90,781			142,864
Net realized/unrealized gains (losses) on investments		32,157			105,523			160,025
Change in net assets resulting from operations	$	39,435		$	113,920		$	167,347

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

14

USAA Mutual Funds Trust Statements of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA Target Retirement 2050 Fund			USAA Target Retirement 2060 Fund
Investment Income:
Interest	$	2		$	—	(a)
Income distributions from affiliated funds		3,567			484
Securities lending (net of fees)		—	(a)		—	(a)
Total Income		3,569			484
Expenses:
Sub-Administration fees		9			9
Custodian fees		10			5
Transfer agent fees		24			3
Trustees' fees		23			22
Compliance fees		3			—	(a)
Printing fees		18			12
Legal and audit fees		24			24
State registration and filing fees		16			11
Other expenses		12			4
Total Expenses		139			90
Expenses waived/reimbursed by Adviser		—			(27	)
Net Expenses		139			63
Net Investment Income (Loss)		3,430			421
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		11,651			920
Net change in unrealized appreciation/depreciation on affiliated funds		94,059			13,520
Net realized/unrealized gains (losses) on investments		105,710			14,440
Change in net assets resulting from operations	$	109,140		$	14,861

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

15

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
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	7,278		$	12,506		$	8,397		$	30,522		$	7,322		$	32,800
Net realized gains (losses) from investments		8,451			7,209			14,742			11,922			17,161			11,046
Net change in unrealized appreciation/depreciation on investments		23,706			17,322			90,781			64,621			142,864			79,326
Change in net assets resulting from operations		39,435			37,037			113,920			107,065			167,347			123,172
Change in net assets resulting from distributions to shareholders		(7,239	)		(16,875	)		—			(58,537	)		—			(80,989	)
Change in net assets resulting from capital transactions		(33,179	)		469,452			(63,132	)		(86,170	)		(79,961	)		(62,415	)
Change in net assets		(983	)		489,614			50,788			(37,642	)		87,386			(20,232	)
Net Assets:
Beginning of period		827,247			337,633			1,330,701			1,368,343			1,531,320			1,551,552
End of period	$	826,264		$	827,247		$	1,381,489		$	1,330,701		$	1,618,706		$	1,531,320
Capital Transactions:
Proceeds from shares issued	$	46,848		$	36,199		$	74,185		$	100,370		$	98,102		$	114,066
Reorganization (Note 9)		—			513,117			—			—			—			—
Distributions reinvested		7,196			16,744			—			58,442			—			80,861
Cost of shares redeemed		(87,223	)		(96,608	)		(137,317	)		(244,982	)		(178,063	)		(257,342	)
Change in net assets resulting from capital transactions	$	(33,179	)	$	469,452		$	(63,132	)	$	(86,170	)	$	(79,961	)	$	(62,415	)
Share Transactions:
Issued		3,911			3,214			5,444			8,245			7,112			9,489
Reorganization (Note 9)		—			44,513			—			—			—			—
Reinvested		601			1,471			—			4,459			—			6,177
Redeemed		(7,290	)		(8,633	)		(10,094	)		(20,272	)		(12,927	)		(21,458	)
Change in Shares		(2,778	)		40,565			(4,650	)		(7,568	)		(5,815	)		(5,792	)

See notes to financial statements.

16

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Target Retirement 2050 Fund						USAA Target Retirement 2060 Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	3,430		$	18,592		$	421		$	2,408
Net realized gains (losses) from investments		11,651			8,813			920			863
Net change in unrealized appreciation/depreciation on investments		94,059			54,240			13,520			8,064
Change in net assets resulting from operations		109,140			81,645			14,861			11,335
Change in net assets resulting from distributions to shareholders		—			(53,498	)		—			(5,616	)
Change in net assets resulting from capital transactions		(44,107	)		(27,243	)		(2,813	)		(1,205	)
Change in net assets		65,033			904			12,048			4,514
Net Assets:
Beginning of period		893,934			893,030			121,007			116,493
End of period	$	958,967		$	893,934		$	133,055		$	121,007
Capital Transactions:
Proceeds from shares issued	$	70,184		$	80,737		$	13,998		$	21,095
Distributions reinvested		—			53,439			—			5,608
Cost of shares redeemed		(114,291	)		(161,419	)		(16,811	)		(27,908	)
Change in net assets resulting from capital transactions	$	(44,107	)	$	(27,243	)	$	(2,813	)	$	(1,205	)
Share Transactions:
Issued		4,947			6,641			997			1,814
Reinvested		—			3,982			—			424
Redeemed		(8,067	)		(13,177	)		(1,209	)		(2,344	)
Change in Shares		(3,120	)		(2,554	)		(212	)		(106	)

See notes to financial statements.

17

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
Six Months Ended June 30, 2021 (unaudited)	$	11.71		0.11	(d)		0.46			0.57			(0.11	)		—
Year Ended:
December 31, 2020	$	11.22		0.38	(d)		0.58			0.96			(0.30	)		(0.17	)
December 31, 2019	$	10.69		0.31	(d)		0.93			1.24			(0.31	)		(0.40	)
December 31, 2018	$	11.69		0.29			(0.64	)		(0.35	)		(0.29	)		(0.36	)
December 31, 2017	$	11.41		0.28			0.70			0.98			(0.28	)		(0.42	)
December 31, 2016	$	11.09		0.28			0.42			0.70			(0.28	)		(0.10	)
USAA Target Retirement 2030 Fund
Six Months Ended June 30, 2021 (unaudited)	$	13.03		0.08	(d)		1.06			1.14			—			—
Year Ended:
December 31, 2020	$	12.47		0.29	(d)		0.86			1.15			(0.25	)		(0.34	)
December 31, 2019	$	11.87		0.33	(d)		1.70			2.03			(0.31	)		(1.12	)
December 31, 2018	$	13.84		0.30			(1.25	)		(0.95	)		(0.30	)		(0.72	)
December 31, 2017	$	12.89		0.30			1.77			2.07			(0.32	)		(0.80	)
December 31, 2016	$	12.34		0.30			0.77			1.07			(0.48	)		(0.04	)
USAA Target Retirement 2040 Fund
Six Months Ended June 30, 2021 (unaudited)	$	13.02		0.06	(d)		1.40			1.46			—			—
Year Ended:
December 31, 2020	$	12.58		0.28	(d)		0.88			1.16			(0.22	)		(0.50	)
December 31, 2019	$	11.87		0.32	(d)		1.99			2.31			(0.29	)		(1.31	)
December 31, 2018	$	14.25		0.27			(1.46	)		(1.19	)		(0.28	)		(0.91	)
December 31, 2017	$	12.82		0.29			2.07			2.36			(0.29	)		(0.64	)
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 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.

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

See notes to financial statements.

18

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)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Target Retirement Income Fund
Six Months Ended June 30, 2021 (unaudited)		(0.11	)	$	12.17		4.85	%		0.03	%		1.78	%		0.03	%	$	826,264		1	%
Year Ended:
December 31, 2020		(0.47	)	$	11.71		8.73	%		0.06	%		3.40	%		0.06	%	$	827,247		15	%(e)
December 31, 2019		(0.71	)	$	11.22		11.72	%		0.07	%		2.75	%		0.07	%	$	337,633		16	%
December 31, 2018		(0.65	)	$	10.69		(3.01	)%		0.07	%		2.53	%		0.07	%	$	318,796		29	%
December 31, 2017		(0.70	)	$	11.69		8.66	%		0.07	%		2.44	%		0.07	%	$	349,866		41	%(f)
December 31, 2016		(0.38	)	$	11.41		6.36	%		0.07	%		2.41	%		0.07	%	$	317,856		14	%
USAA Target Retirement 2030 Fund
Six Months Ended June 30, 2021 (unaudited)		—		$	14.17		8.75	%		0.02	%		1.25	%		0.02	%	$	1,381,489		3	%
Year Ended:
December 31, 2020		(0.59	)	$	13.03		9.25	%		0.02	%		2.41	%		0.02	%	$	1,330,701		19	%
December 31, 2019		(1.43	)	$	12.47		17.13	%		0.03	%		2.53	%		0.03	%	$	1,368,343		24	%
December 31, 2018		(1.02	)	$	11.87		(6.99	)%		0.03	%		2.25	%		0.03	%	$	1,183,564		36	%
December 31, 2017		(1.12	)	$	13.84		16.12	%		0.03	%		2.29	%		0.03	%	$	1,286,393		32	%
December 31, 2016		(0.52	)	$	12.89		8.70	%		0.03	%		2.22	%		0.03	%	$	1,098,440		8	%
USAA Target Retirement 2040 Fund
Six Months Ended June 30, 2021 (unaudited)		—		$	14.48		11.21	%		0.02	%		0.93	%		0.02	%	$	1,618,706		1	%
Year Ended:
December 31, 2020		(0.72	)	$	13.02		9.22	%		0.02	%		2.30	%		0.02	%	$	1,531,320		20	%
December 31, 2019		(1.60	)	$	12.58		19.57	%		0.02	%		2.41	%		0.02	%	$	1,551,552		29	%
December 31, 2018		(1.19	)	$	11.87		(8.53	)%		0.02	%		2.08	%		0.02	%	$	1,310,328		35	%
December 31, 2017		(0.93	)	$	14.25		18.46	%		0.03	%		2.15	%		0.03	%	$	1,424,068		32	%
December 31, 2016		(0.50	)	$	12.82		8.97	%		0.03	%		1.99	%		0.03	%	$	1,195,926		9	%(g)

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

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

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

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

See notes to financial statements.

19

USAA Mutual Funds Trust Financial Highlights —continued

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
Six Months Ended June 30, 2021 (unaudited)	$	13.35		0.05	(d)		1.62			1.67			—			—
Year Ended:
December 31, 2020	$	12.84		0.28	(d)		1.07			1.35			(0.24	)		(0.60	)
December 31, 2019	$	11.95		0.31	(d)		2.09			2.40			(0.28	)		(1.23	)
December 31, 2018	$	14.45		0.26			(1.54	)		(1.28	)		(0.26	)		(0.96	)
December 31, 2017	$	12.78		0.27			2.20			2.47			(0.28	)		(0.52	)
December 31, 2016	$	12.18		0.23			0.87			1.10			(0.42	)		(0.08	)
USAA Target Retirement 2060 Fund
Six Months Ended June 30, 2021 (unaudited)	$	13.17		0.05	(d)		1.60			1.65			—			—
Year Ended:
December 31, 2020	$	12.53		0.26	(d)		1.01			1.27			(0.20	)		(0.43	)
December 31, 2019	$	11.05		0.28	(d)		1.94			2.22			(0.27	)		(0.47	)
December 31, 2018	$	12.74		0.23			(1.39	)		(1.16	)		(0.23	)		(0.30	)
December 31, 2017	$	11.07		0.22			1.93			2.15			(0.22	)		(0.26	)
December 31, 2016	$	10.48		0.15			0.77			0.92			(0.30	)		(0.03	)

*  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 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.

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

See notes to financial statements.

20

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)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Target Retirement 2050 Fund
Six Months Ended June 30, 2021 (unaudited)		—		$	15.02		12.51	%		0.03	%		0.74	%		0.03	%	$	958,967		2	%
Year Ended:
December 31, 2020		(0.84	)	$	13.35		10.52	%		0.03	%		2.26	%		0.03	%	$	893,934		21	%
December 31, 2019		(1.51	)	$	12.84		20.16	%		0.04	%		2.32	%		0.04	%	$	893,030		30	%
December 31, 2018		(1.22	)	$	11.95		(9.02	)%		0.04	%		1.96	%		0.04	%	$	741,449		36	%
December 31, 2017		(0.80	)	$	14.45		19.39	%		0.04	%		2.00	%		0.04	%	$	804,921		30	%
December 31, 2016		(0.50	)	$	12.78		9.02	%		0.05	%		1.87	%		0.05	%	$	659,642		6	%(g)
USAA Target Retirement 2060 Fund
Six Months Ended June 30, 2021 (unaudited)		—		$	14.82		12.53	%		0.10	%		0.67	%		0.14	%	$	133,055		2	%
Year Ended:
December 31, 2020		(0.63	)	$	13.17		10.17	%		0.10	%		2.17	%		0.16	%	$	121,007		28	%
December 31, 2019		(0.74	)	$	12.53		20.09	%		0.10	%		2.30	%		0.22	%	$	116,493		29	%
December 31, 2018		(0.53	)	$	11.05		(9.18	)%		0.10	%		2.00	%		0.23	%	$	87,403		36	%
December 31, 2017		(0.48	)	$	12.74		19.51	%		0.10	%		1.95	%		0.29	%	$	77,599		37	%(f)
December 31, 2016		(0.33	)	$	11.07		8.80	%		0.10	%		1.85	%		0.41	%	$	53,142		4	%(g)

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

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

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

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

See notes to financial statements.

21

USAA Mutual Funds Trust Notes to Financial Statements
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1. Organization:

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 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. ("VCM"), an affiliate of the Fund.

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 vendors and others that provide for general indemnifications. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with 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.

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)

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

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

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

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

A summary of the valuations as of June 30, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Target Income Fund
Affiliated Exchange-Traded Funds	$	141,603	$	—	$	—	$	141,603
Affiliated Mutual Funds		678,398		—		—		678,398
Total	$	820,001	$	—	$	—	$	820,001
Target 2030 Fund
Affiliated Exchange-Traded Funds	$	382,870	$	—	$	—	$	382,870
Affiliated Mutual Funds		969,520		—		—		969,520
Collateral for Securities Loaned		253		—		—		253
Total	$	1,352,643	$	—	$	—	$	1,352,643
Target 2040 Fund
Affiliated Exchange-Traded Funds	$	523,324	$	—	$	—	$	523,324
Affiliated Mutual Funds		1,061,612		—		—		1,061,612
Collateral for Securities Loaned		264		—		—		264
Total	$	1,585,200	$	—	$	—	$	1,585,200
Target 2050 Fund
Affiliated Exchange-Traded Funds	$	319,695	$	—	$	—	$	319,695
Affiliated Mutual Funds		621,594		—		—		621,594
Collateral for Securities Loaned		5		—		—		5
Total	$	941,294	$	—	$	—	$	941,294

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	Level 1		Level 2		Level 3		Total
Target 2060 Fund
Affiliated Exchange-Traded Funds	$	44,964	$	—	$	—	$	44,964
Affiliated Mutual Funds		85,028		—		—		85,028
Total	$	129,992	$	—	$	—	$	129,992

For the six months ended June 30, 2021, there were no transfers in or out of Level 3 in the 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 fixed portfolio of securities often designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting the 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. 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. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Securities Lending:

The Funds, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend 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 "SEC". 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 Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earns 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 Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of

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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 repledged, 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 Funds' securities lending transactions as of June 30, 2021:

	Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
Target 2030 Fund	$	249	$	—	$	253
Target 2040 Fund		260		—		264
Target 2050 Fund		4		—		5

Federal Income Taxes:

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

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

Allocations:

Expenses directly attributable to 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 six months ended June 30, 2021, were as follows (amounts in thousands):

	Excluding U.S. Government Securities
	Purchases		Sales
Target Income Fund	$	9,817	$	46,279
Target 2030 Fund		33,577		94,308
Target 2040 Fund		15,883		108,331
Target 2050 Fund		16,588		72,441
Target 2060 Fund		3,077		8,322

There were no purchases or sales of U.S. government securities during the six months ended June 30, 2021.

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4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statements of Operations as Sub-Administration fees.

The Chief Compliance Officer ("CCO") is an employee of the Adviser, which pays the compensation of the CCO and his support staff. 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 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 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 six months ended June 30, 2021, are reflected on the Statements of Operations as Compliance fees.

Transfer Agency Fees:

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

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

Distributor/Underwriting Services:

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

Other Fees:

Citibank serves as the Funds' custodian.

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

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

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the expense limits. As of June 30, 2021, the expense limits (excluding voluntary waivers) were as follows:

	In effect 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 the terms of the expense limitation agreement, amended May 1, 2021, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021, the Funds were permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of June 30, 2021, the following amounts (amounts in thousands) are available to be repaid to the Adviser. 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 June 30, 2021.

	Expires 2022		Expires 2023		Expires 2024		Total
Target 2030 Fund	$	1	$	—	$	—	$	1
Target 2040 Fund		1		—		14		15
Target 2060 Fund		54		69		27		150

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. These waivers are not available for recoupment and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. There were no voluntary waivers or reimbursements for the six months ended June 30, 2021.

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.

Affiliated Funds Risk — The risks of the Funds directly correspond to the risks of the underlying affiliated funds in which the Funds invest. By investing in the underlying affiliated funds, the Funds have exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Funds varies according to 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 also are subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).

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

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

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

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2021, 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. For the period June 29, 2020, through April 30, 2021, under an amended Line of Credit agreement, Citibank received an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Effective with the renewal, the annual commitment fee of 0.15% remains unchanged and the upfront fee of 0.10% was discontinued. Interest charged to each fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Funds had no borrowings under the Line of Credit agreement during the six months ended June 30, 2021.

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 Funds to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, interest earned by each Fund during the period, if applicable, is presented on the Statements of Operations under Interfund lending.

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The Funds did not utilize or participate in the Facility during the six months ended June 30, 2021.

7. Federal Income Tax Information:

Dividends from net investment income, if any, are declared and paid as noted in the table below.

Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

	Declared	Paid
Target Income Fund	Quarterly	Quarterly
Target 2030 Fund	Annually	Annually
Target 2040 Fund	Annually	Annually
Target 2050 Fund	Annually	Annually
Target 2060 Fund	Annually	Annually

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year ending December 31, 2021.

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

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 fund's annual or semiannual reports may be viewed at vcm.com. Transactions in affiliated securities during the six months ended June 30, 2021, were as follows (amount in thousands):

	Fair Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021		Dividend Income
USAA Target Retirement Income Fund
USAA 500 Index Fund Reward Shares	$	1,094	$	6	$	—		$	—		$	—	$	156		$	1,256	$	7
USAA Global Managed Volatility Fund Institutional Shares		71,004		—		(30,276	)		6,663			—		661			48,052		—
USAA Government Securities Fund Institutional Shares		211,398		2,198		(2,455	)		(19	)		—		(2,687	)		208,435		2,199

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	Fair Value 12/31/2020			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021			Dividend Income
USAA Growth Fund Institutional Shares	$	15,102		$	—	$	—		$	—	$	—	$	1,806		$	16,908		$	—
USAA High Income Fund Institutional Shares		32,807			796		—			—		—		556			34,159			796
USAA Income Fund Institutional Shares		98,495			1,301		—			—		—		(987	)		98,809			1,301
USAA Income Stock Fund Institutional Shares		8,946			98		(1,600	)		140		—		1,102			8,686			98
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—		—		—	*		—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		2,940			—		—			—		—		(204	)		2,736			—
USAA Short-Term Bond Fund Institutional Shares		125,900			1,505		—			—		—		(135	)		127,270			1,504
USAA Small Cap Stock Fund Institutional Shares		7,574			2,457		(1,600	)		90		—		1,429			9,950			—
USAA Target Managed Allocation Fund		48,317			—		(10,348	)		1,577		—		3,728			43,274			—
Victory Integrity Mid-Cap Value Fund Class R6		4,697			—		—			—		—		974			5,671			—
Victory Market Neutral Income Fund Class I		31,760			456		—			—		—		(36	)		32,180			456
Victory RS International Fund Class R6		22,596			—		—			—		—		2,576			25,172			—
Victory Sophus Emerging Markets Fund Class R6		—			1,000		—			—		—		32			1,032			—
Victory Trivalent International Core Equity Fund Class R6		13,546			—		—			—		—		1,262			14,808			—
VictoryShares Dividend Accelerator ETF		12,385			—		—			—		—		1,373			13,758			78

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	Fair Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021		Dividend Income
VictoryShares International Volatility Wtd ETF	$	7,415	$	—	$	—		$	—	$	—	$	655		$	8,070	$	94
VictoryShares Nasdaq Next 50 ETF		4,728		—		—			—		—		395			5,123		7
VictoryShares U.S. 500 Volatility Wtd ETF		2,159		—		—			—		—		311			2,470		9
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		7,431		—		—			—		—		925			8,356		51
VictoryShares USAA Core Intermediate-Term Bond ETF		4,443		—		—			—		—		(62	)		4,381		30
VictoryShares USAA Core Short-Term Bond ETF		22,983		—		—			—		—		48			23,031		142
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		20,568		—		—			—		—		2,902			23,470		160
VictoryShares USAA MSCI International Value Momentum ETF		20,810		—		—			—		—		1,859			22,669		367
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		7,070		—		—			—		—		1,502			8,572		18
VictoryShares USAA MSCI USA Value Momentum ETF		18,138		—		—			—		—		3,565			21,703		89
	$	824,306	$	9,817	$	(46,279	)	$	8,451	$	—	$	23,706		$	820,001	$	7,406

*  Round to less than $1 thousand.

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	Fair Value 12/31/2020			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021		Dividend Income
Target 2030
USAA 500 Index Fund Reward Shares	$	12,272		$	71	$	(1,006	)	$	37	$	—	$	1,605		$	12,979	$	71
USAA Global Managed Volatility Fund Institutional Shares		176,827			—		(51,062	)		9,957		—		8,899			144,621		—
USAA Government Securities Fund Institutional Shares		184,097			1,929		—			—		—		(2,367	)		183,659		1,928
USAA Growth Fund Institutional Shares		53,659			—		—			—		—		6,416			60,075		—
USAA High Income Fund Institutional Shares		56,997			1,382		—			—		—		968			59,347		1,382
USAA Income Fund Institutional Shares		77,123			1,019		—			—		—		(773	)		77,369		1,019
USAA Income Stock Fund Institutional Shares		28,138			327		—			—		—		4,069			32,534		327
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		1		—			—		—		—	*		1		—
USAA Precious Metals and Minerals Fund Institutional Shares		5,353			—		—			—		—		(373	)		4,980		—
USAA Short-Term Bond Fund Institutional Shares		59,770			715		—			—		—		(64	)		60,421		714
USAA Small Cap Stock Fund Institutional Shares		22,641			2,652		(4,773	)		449		—		3,739			24,708		—
USAA Target Managed Allocation Fund		137,014			—		(20,268	)		2,622		—		13,110			132,478		—
Victory Integrity Mid-Cap Value Fund Class R6		31,172			—		—			—		—		6,464			37,636		—
Victory Market Neutral Income Fund Class I		21,823			314		—			—		—		(25	)		22,112		313
Victory RS International Fund Class R6		60,072			—		(3,202	)		326		—		6,431			63,627		—
Victory Sophus Emerging Markets Fund Class R6		1,571			2,000		—			—		—		167			3,738		—

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	Fair Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021		Dividend Income
Victory Trivalent International Core Equity Fund Class R6	$	45,040	$	—	$	—		$	—		$	—	$	4,195		$	49,235	$	—
VictoryShares Dividend Accelerator ETF		37,637		—		(2,000	)		355			—		3,771			39,763		233
VictoryShares International Volatility Wtd ETF		21,635		—		—			—			—		1,910			23,545		275
VictoryShares Nasdaq Next 50 ETF		17,996		4,125		—			—			—		1,803			23,924		29
VictoryShares U.S. 500 Volatility Wtd ETF		13,495		—		—			—			—		1,945			15,440		58
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		21,064		—		(1,991	)		300			—		2,264			21,637		140
VictoryShares USAA Core Intermediate-Term Bond ETF		13,703		—		—			—			—		(191	)		13,512		94
VictoryShares USAA Core Short-Term Bond ETF		22,814		19,042		—			—			—		76			41,932		226
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		40,579		—		—			—			—		5,726			46,305		315
VictoryShares USAA MSCI International Value Momentum ETF		62,813		—		(3,342	)		(411	)		—		5,934			64,994		1,061
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		17,096		—		—			—			—		3,632			20,728		45
VictoryShares USAA MSCI USA Value Momentum ETF		65,197		—		(6,664	)		1,107			—		11,450			71,090		314
	$	1,307,598	$	33,577	$	(94,308	)	$	14,742		$	—	$	90,781		$	1,352,390	$	8,544

*  Round to less than $1 thousand.

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  (Unaudited)

	Fair Value 12/31/2020			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021			Dividend Income
Target 2040
USAA 500 Index Fund Reward Shares	$	26,035		$	1,170	$	—		$	—	$	—	$	3,786		$	30,991		$	170
USAA Global Managed Volatility Fund Institutional Shares		273,853			—		(84,622	)		15,033		—		14,118			218,382			—
USAA Government Securities Fund Institutional Shares		89,964			942		—			—		—		(1,157	)		89,749			943
USAA Growth Fund Institutional Shares		78,468			—		—			—		—		9,383			87,851			—
USAA High Income Fund Institutional Shares		50,790			1,233		—			—		—		862			52,885			1,233
USAA Income Fund Institutional Shares		30,610			404		—			—		—		(307	)		30,707			404
USAA Income Stock Fund Institutional Shares		42,076			490		—			—		—		6,084			48,650			490
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—		—		—	*		—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		5,953			—		—			—		—		(414	)		5,539			—
USAA Short-Term Bond Fund Institutional Shares		21,935			262		—			—		—		(23	)		22,174			262
USAA Small Cap Stock Fund Institutional Shares		26,474			3,071		—			—		—		4,982			34,527			—
USAA Target Managed Allocation Fund		194,713			—		(19,148	)		1,809		—		21,531			198,905			—
Victory Integrity Mid-Cap Value Fund Class R6		39,962			901		—			—		—		8,310			49,173			—
Victory Market Neutral Income Fund Class I		13,487			193		—			—		—		(15	)		13,665			193
Victory RS International Fund Class R6		87,806			—		—			—		—		10,010			97,816			—
Victory Sophus Emerging Markets Fund Class R6		4,505			4,000		—			—		—		512			9,017			—

34

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  (Unaudited)

	Fair Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021		Dividend Income
Victory Trivalent International Core Equity Fund Class R6	$	65,482	$	—	$	—		$	—		$	—	$	6,099		$	71,581	$	—
VictoryShares Dividend Accelerator ETF		50,397		—		—			—			—		5,582			55,979		317
VictoryShares International Volatility Wtd ETF		30,541		—		—			—			—		2,698			33,239		388
VictoryShares Nasdaq Next 50 ETF		32,039		3,217		—			—			—		2,910			38,166		50
VictoryShares U.S. 500 Volatility Wtd ETF		23,552		—		—			—			—		3,396			26,948		101
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		28,116		—		—			—			—		3,499			31,615		191
VictoryShares USAA Core Intermediate-Term Bond ETF		7,135		—		—			—			—		(100	)		7,035		49
VictoryShares USAA Core Short-Term Bond ETF		19,875		—		—			—			—		42			19,917		123
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		57,656		—		—			—			—		8,136			65,792		448
VictoryShares USAA MSCI International Value Momentum ETF		89,016		—		(1,557	)		(192	)		—		8,101			95,368		1,548
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		25,626		—		—			—			—		5,443			31,069		67
VictoryShares USAA MSCI USA Value Momentum ETF		101,293		—		(3,004	)		511			—		19,396			118,196		499
	$	1,517,359	$	15,883	$	(108,331	)	$	17,161		$	—	$	142,864		$	1,584,936	$	7,476

*  Round to less than $1 thousand.

35

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  (Unaudited)

	Fair Value 12/31/2020			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021			Dividend Income
Target 2050
USAA 500 Index Fund Reward Shares	$	16,883		$	3,527	$	—		$	—	$	—	$	2,725		$	23,135		$	127
USAA Global Managed Volatility Fund Institutional Shares		180,074			—		(55,634	)		10,467		—		8,716			143,623			—
USAA Government Securities Fund Institutional Shares		17,419			164		(2,696	)		155		—		(365	)		14,677			165
USAA Growth Fund Institutional Shares		52,229			—		—			—		—		6,246			58,475			—
USAA High Income Fund Institutional Shares		14,649			355		—			—		—		249			15,253			355
USAA Income Fund Institutional Shares		12,238			162		—			—		—		(123	)		12,277			162
USAA Income Stock Fund Institutional Shares		26,716			311		—			—		—		3,863			30,890			311
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—		—		—	*		—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		3,344			—		—			—		—		(232	)		3,112			—
USAA Short-Term Bond Fund Institutional Shares		2,843			34		—			—		—		(3	)		2,874			34
USAA Small Cap Stock Fund Institutional Shares		18,528			2,699		—			—		—		3,525			24,752			—
USAA Target Managed Allocation Fund		128,337			—		(11,371	)		949		—		14,496			132,411			—
Victory Integrity Mid-Cap Value Fund Class R6		29,427			897		—			—		—		6,162			36,486			—
Victory Market Neutral Income Fund Class I		6,336			91		—			—		—		(7	)		6,420			91
Victory RS International Fund Class R6		56,043			1,347		—			—		—		6,495			63,885			—
Victory Sophus Emerging Markets Fund Class R6		2,918			2,398		—			—		—		404			5,720			—

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USAA Mutual Funds Trust Notes to Financial Statements — continued
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  (Unaudited)

	Fair Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021		Dividend Income
Victory Trivalent International Core Equity Fund Class R6	$	42,782	$	799	$	—		$	—		$	—	$	4,023		$	47,604	$	—
VictoryShares Dividend Accelerator ETF		32,905		—		—			—			—		3,644			36,549		207
VictoryShares International Volatility Wtd ETF		19,294		—		—			—			—		1,705			20,999		245
VictoryShares Nasdaq Next 50 ETF		18,346		3,804		—			—			—		1,809			23,959		30
VictoryShares U.S. 500 Volatility Wtd ETF		15,978		—		—			—			—		2,304			18,282		69
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		17,868		—		—			—			—		2,223			20,091		122
VictoryShares USAA Core Intermediate-Term Bond ETF		1,059		—		—			—			—		(15	)		1,044		7
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		37,939		—		—			—			—		5,354			43,293		295
VictoryShares USAA MSCI International Value Momentum ETF		57,086		—		(914	)		(112	)		—		5,185			61,245		993
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		15,793		—		—			—			—		3,355			19,148		41
VictoryShares USAA MSCI USA Value Momentum ETF		64,398		—		(1,826	)		192			—		12,321			75,085		313
	$	891,432	$	16,588	$	(72,441	)	$	11,651		$	—	$	94,059		$	941,289	$	3,567

*  Round to less than $1 thousand.

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  (Unaudited)

	Fair Value 12/31/2020			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2021			Dividend Income
Target 2060
USAA 500 Index Fund Reward Shares	$	3,092		$	271	$	—		$	—	$	—	$	472		$	3,835		$	21
USAA Global Managed Volatility Fund Institutional Shares		23,142			—		(6,363	)		824		—		1,691			19,294			—
USAA Government Securities Fund Institutional Shares		2,734			25		(487	)		28		—		(60	)		2,240			25
USAA Growth Fund Institutional Shares		6,825			—		—			—		—		816			7,641			—
USAA High Income Fund Institutional Shares		1,843			42		(120	)		16		—		13			1,794			42
USAA Income Fund Institutional Shares		1,557			21		—			—		—		(16	)		1,562			21
USAA Income Stock Fund Institutional Shares		4,008			44		(248	)		—		—		551			4,355			44
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—		—		—	*		—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		416			—		—			—		—		(29	)		387			—
USAA Short-Term Bond Fund Institutional Shares		1			—		—			—		—		—	*		1			—
USAA Small Cap Stock Fund Institutional Shares		2,504			886		(250	)		27		—		434			3,601			—
USAA Target Managed Allocation Fund		17,268			—		(854	)		25		—		2,050			18,489			—
Victory Integrity Mid-Cap Value Fund Class R6		3,409			241		—			—		—		722			4,372			—
Victory RS International Fund Class R6		8,192			—		—			—		—		933			9,125			—
Victory Sophus Emerging Markets Fund Class R6		572			759		—			—		—		87			1,418			—

38

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  (Unaudited)

	Fair Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation		Fair Value 6/30/2021		Dividend Income
Victory Trivalent International Core Equity Fund Class R6	$	6,085	$	266	$	—		$	—	$	—	$	563	$	6,914	$	—
VictoryShares Dividend Accelerator ETF		4,649		—		—			—		—		514		5,163		29
VictoryShares International Volatility Wtd ETF		3,125		—		—			—		—		277		3,402		40
VictoryShares Nasdaq Next 50 ETF		2,606		522		—			—		—		256		3,384		4
VictoryShares U.S. 500 Volatility Wtd ETF		1,879		—		—			—		—		271		2,150		8
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		2,429		—		—			—		—		302		2,731		17
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		5,474		—		—			—		—		772		6,246		43
VictoryShares USAA MSCI International Value Momentum ETF		8,075		—		—			—		—		721		8,796		141
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		2,144		—		—			—		—		456		2,600		6
VictoryShares USAA MSCI USA Value Momentum ETF		8,768		—		—			—		—		1,724		10,492		43
	$	120,797	$	3,077	$	(8,322	)	$	920	$	—	$	13,520	$	129,992	$	484

*  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

39

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June 30, 2021

  (Unaudited)

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.

40

USAA Mutual Funds Trust Supplemental Information
June 30, 2021

  (Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at 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 Funds, 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 January 1, 2021, through June 30, 2021.

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 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid During Period 1/1/21- 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21- 6/30/21*		Annualized Expense Ratio During Period 1/1/21- 6/30/21
Target Income Fund	$	1,000.00	$	1,048.50	$	1,024.65	$	0.15	$	0.15		0.03	%
Target 2030 Fund		1,000.00		1,087.50		1,024.70		0.10		0.10		0.02
Target 2040 Fund		1,000.00		1,112.10		1,024.70		0.10		0.10		0.02
Target 2050 Fund		1,000.00		1,125.10		1,024.65		0.16		0.15		0.03
Target 2060 Fund		1,000.00		1,125.30		1,024.30		0.53		0.50		0.10

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year)

41

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Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration each Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Funds' investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Funds' investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of each Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Funds' portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on March 10, 2021, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Funds did not experience any significant liquidity challenges during the covered period, and the Funds' LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure each Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in each Fund. During the review period, each Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that each Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Funds have not adopted a highly liquid investment minimum. The Funds' investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

42

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.

15935 La Cantera Pkwy
Building Two
San Antonio, Texas 78256

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

88219-0821

JUNE 30, 2021

Semi Annual Report

USAA 500 Index Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member 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.

www.vcm.com

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

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

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

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

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Schedule of Portfolio Investments	3
Financial Statements
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	20
Supplemental Information	29
Proxy Voting and Portfolio Holdings Information	29
Expense Examples	29
Liquidity Risk Management Program	30
Privacy Policy (inside back cover)

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

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

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

For more specific information, please consult your tax adviser.

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

1

USAA Mutual Funds Trust
USAA 500 Index Fund June 30, 2021

  (Unaudited)

Investment Objective and 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*:

June 30, 2021

(% of Net Assets)

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

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

2

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (11.5%):
Activision Blizzard, Inc.		205,249	$	19,589
Alphabet, Inc. Class C (a)		165,223		414,102
Altice USA, Inc. Class A (a)		20,244		691
AT&T, Inc.		1,990,810		57,296
Charter Communications, Inc. Class A (a)		40,423		29,163
Comcast Corp. Class A		1,226,993		69,963
Discovery, Inc. Class A (a) (b)		35,595		1,092
DISH Network Corp. Class A (a)		61,911		2,588
Electronic Arts, Inc.		78,958		11,357
Facebook, Inc. Class A (a)		615,835		214,132
Fox Corp. Class A		86,849		3,225
IAC/InterActiveCorp. (a)		18,051		2,783
Liberty Broadband Corp. Class A (a)		47,221		7,941
Liberty Media Corp.-Liberty SiriusXM Class A (a)		77,806		3,624
Live Nation Entertainment, Inc. (a)		36,584		3,204
Lumen Technologies, Inc.		275,747		3,748
Match Group, Inc. (a)		70,599		11,384
Netflix, Inc. (a)		122,330		64,616
News Corp. Class A		81,499		2,100
Omnicom Group, Inc.		58,707		4,696
Pinterest, Inc. Class A (a)		26,168		2,066
Sirius XM Holdings, Inc. (b)		276,146		1,806
Snap, Inc. Class A (a)		308,945		21,052
Take-Two Interactive Software, Inc. (a)		31,568		5,588
The Walt Disney Co. (a)		453,279		79,673
T-Mobile U.S., Inc. (a)		208,592		30,210
Twitter, Inc. (a)		217,852		14,990
Verizon Communications, Inc.		1,130,051		63,317
ViacomCBS, Inc. Class B		144,162		6,516
Warner Music Group Corp. Class A		22,645		816
Zillow Group, Inc. Class C (a)		25,440		3,109
ZoomInfo Technologies, Inc. Class A (a)		13,783		719
				1,157,156
Communications Equipment (0.9%):
Arista Networks, Inc. (a)		17,473		6,331
Cisco Systems, Inc.		1,175,025		62,276
Motorola Solutions, Inc.		46,809		10,151
Palo Alto Networks, Inc. (a) (c)		26,297		9,757
Ubiquiti, Inc.		1,843		575
				89,090
Consumer Discretionary (12.2%):
Airbnb, Inc. Class A (a)		16,312		2,498
Amazon.com, Inc. (a)		127,297		437,922
AutoZone, Inc. (a)		6,029		8,997
Best Buy Co., Inc.		62,469		7,183
Booking Holdings, Inc. (a)		11,447		25,047

See notes to financial statements.

3

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Burlington Stores, Inc. (a)		15,243	$	4,908
Caesars Entertainment, Inc. (a)		44,715		4,639
CarMax, Inc. (a)		45,012		5,813
Carnival Corp. (a) (b)		245,579		6,473
Carvana Co. (a)		3,036		916
Chewy, Inc. Class A (a) (b)		14,626		1,166
Chipotle Mexican Grill, Inc. (a)		7,602		11,786
D.R. Horton, Inc.		86,758		7,840
Darden Restaurants, Inc.		32,642		4,765
Dollar General Corp.		56,848		12,301
Dollar Tree, Inc. (a)		64,675		6,435
Domino's Pizza, Inc.		9,345		4,359
Doordash, Inc. Class A (a)		9,564		1,706
eBay, Inc.		187,954		13,196
Etsy, Inc. (a)		32,829		6,758
Expedia Group, Inc. (a)		37,097		6,073
Ford Motor Co. (a)		1,077,824		16,016
General Motors Co. (a)		370,422		21,918
Genuine Parts Co.		39,859		5,041
Hilton Worldwide Holdings, Inc. (a)		71,939		8,677
L Brands, Inc.		72,033		5,191
Las Vegas Sands Corp. (a) (c)		121,080		6,380
Lennar Corp. Class A		72,662		7,219
Lowe's Cos., Inc.		190,874		37,024
Marriott International, Inc. Class A (a)		85,061		11,613
McDonald's Corp.		190,531		44,011
MGM Resorts International		126,695		5,404
NIKE, Inc. Class B		357,064		55,163
NVR, Inc. (a)		1,003		4,988
O'Reilly Automotive, Inc. (a)		19,451		11,013
Peloton Interactive, Inc. Class A (a)		12,256		1,520
Penn National Gaming, Inc. (a)		36,712		2,808
Pool Corp.		11,071		5,078
Roku, Inc. (a)		5,828		2,676
Ross Stores, Inc.		91,058		11,291
Royal Caribbean Cruises Ltd. (a)		56,784		4,843
Starbucks Corp.		321,622		35,961
Target Corp. (c)		137,941		33,346
Tesla, Inc. (a)		231,844		157,584
The Home Depot, Inc.		296,462		94,539
The TJX Cos., Inc.		336,261		22,671
Tractor Supply Co.		31,797		5,916
Ulta Beauty, Inc. (a)		15,267		5,279
VF Corp.		87,473		7,176
Wayfair, Inc. Class A (a) (b)		13,150		4,152
Wynn Resorts Ltd. (a)		25,798		3,155
Yum! Brands, Inc.		71,695		8,247
				1,226,681

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Staples (5.8%):
Altria Group, Inc.		477,983	$	22,790
Archer-Daniels-Midland Co.		141,022		8,546
Brown-Forman Corp. Class B		73,059		5,475
Campbell Soup Co.		60,475		2,757
Church & Dwight Co., Inc.		67,661		5,766
Colgate-Palmolive Co.		228,429		18,583
Conagra Brands, Inc.		123,961		4,510
Constellation Brands, Inc. Class A		46,697		10,922
Costco Wholesale Corp.		119,493		47,280
General Mills, Inc.		170,076		10,363
Hormel Foods Corp.		84,322		4,026
Kellogg Co.		75,951		4,886
Keurig Dr Pepper, Inc.		212,161		7,477
Kimberly-Clark Corp.		93,093		12,454
McCormick & Co., Inc.		54,862		4,845
Mondelez International, Inc. Class A		383,422		23,941
Monster Beverage Corp. (a)		102,387		9,353
PepsiCo, Inc.		385,233		57,080
Philip Morris International, Inc.		434,558		43,069
Sysco Corp.		139,638		10,857
The Clorox Co.		34,313		6,173
The Coca-Cola Co.		1,151,585		62,312
The Estee Lauder Cos., Inc.		56,390		17,936
The Hershey Co.		38,883		6,773
The Kraft Heinz Co.		201,036		8,198
The Kroger Co.		191,099		7,321
The Procter & Gamble Co.		668,247		90,167
Tyson Foods, Inc. Class A		68,520		5,054
Walgreens Boots Alliance, Inc.		210,570		11,078
Walmart, Inc.		429,393		60,553
				590,545
Electronic Equipment, Instruments & Components (0.5%):
Amphenol Corp. Class A		152,599		10,439
CDW Corp.		39,093		6,828
Cognex Corp.		47,688		4,008
Corning, Inc.		227,385		9,300
Keysight Technologies, Inc. (a)		50,826		7,848
Trimble, Inc. (a)		67,765		5,545
Zebra Technologies Corp. (a)		14,920		7,900
				51,868
Energy (2.7%):
Baker Hughes Co.		189,539		4,335
Cheniere Energy, Inc. (a)		70,693		6,132
Chevron Corp.		533,229		55,850
ConocoPhillips		372,291		22,673
Devon Energy Corp.		186,750		5,451
EOG Resources, Inc.		131,892		11,005
Exxon Mobil Corp.		1,143,140		72,109

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Halliburton Co.		229,797	$	5,313
Hess Corp.		71,512		6,244
Kinder Morgan, Inc.		591,542		10,784
Marathon Petroleum Corp.		180,060		10,879
Occidental Petroleum Corp.		260,260		8,138
ONEOK, Inc.		121,611		6,767
Phillips 66		122,087		10,478
Pioneer Natural Resources Co.		63,007		10,240
Schlumberger Ltd.		389,889		12,480
The Williams Cos., Inc.		338,705		8,993
Valero Energy Corp.		113,972		8,899
				276,770
Financials (11.3%):
Aflac, Inc.		183,524		9,848
Ally Financial, Inc.		99,004		4,934
American Express Co.		190,974		31,555
American International Group, Inc.		234,234		11,150
Ameriprise Financial, Inc.		32,318		8,043
Arch Capital Group Ltd. (a)		98,324		3,829
Ares Management Corp. Class A		56,287		3,579
Arthur J. Gallagher & Co.		54,619		7,651
Bank of America Corp.		2,213,282		91,254
Berkshire Hathaway, Inc. Class B (a)		609,904		169,504
BlackRock, Inc.		42,529		37,212
Brown & Brown, Inc.		63,697		3,385
Capital One Financial Corp.		124,562		19,268
Cincinnati Financial Corp.		39,717		4,632
Citigroup, Inc.		564,211		39,918
Citizens Financial Group, Inc.		117,510		5,390
CME Group, Inc.		79,047		16,812
Discover Financial Services		84,116		9,950
Equitable Holdings, Inc.		101,816		3,100
Fifth Third Bancorp		181,821		6,951
First Republic Bank		48,554		9,088
Franklin Resources, Inc.		88,812		2,841
Huntington Bancshares, Inc.		402,741		5,747
Intercontinental Exchange, Inc.		156,913		18,626
JPMorgan Chase & Co.		826,269		128,518
KeyCorp		247,817		5,117
Loews Corp.		54,069		2,955
M&T Bank Corp.		34,739		5,048
Markel Corp. (a)		3,634		4,312
MarketAxess Holdings, Inc.		9,810		4,548
Marsh & McLennan Cos., Inc.		138,806		19,527
MetLife, Inc.		218,393		13,071
Moody's Corp.		47,800		17,321
Morgan Stanley		436,865		40,056
MSCI, Inc.		22,981		12,251
Nasdaq, Inc.		30,823		5,419
Northern Trust Corp.		58,034		6,710

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Principal Financial Group, Inc.		65,465	$	4,137
Prudential Financial, Inc.		108,700		11,138
Raymond James Financial, Inc.		36,298		4,715
Regions Financial Corp.		265,208		5,352
Rocket Cos., Inc. Class A (b)		29,135		564
S&P Global, Inc.		65,047		26,699
State Street Corp.		95,945		7,894
SVB Financial Group (a)		15,144		8,427
Synchrony Financial		145,094		7,040
T. Rowe Price Group, Inc.		62,587		12,390
The Allstate Corp.		83,464		10,887
The Bank of New York Mellon Corp.		236,795		12,131
The Blackstone Group, Inc. Class A		190,781		18,532
The Charles Schwab Corp.		493,243		35,913
The Goldman Sachs Group, Inc.		94,861		36,003
The Hartford Financial Services Group, Inc.		99,594		6,172
The PNC Financial Services Group, Inc.		117,214		22,360
The Progressive Corp.		163,155		16,023
The Travelers Cos., Inc.		61,266		9,172
Tradeweb Markets, Inc. Class A		12,268		1,037
Truist Financial Corp.		371,029		20,592
U.S. Bancorp		397,870		22,667
Wells Fargo & Co.		1,140,410		51,649
				1,140,614
Health Care (13.0%):
10X Genomics, Inc. Class A (a)		3,223		631
Abbott Laboratories		495,422		57,434
AbbVie, Inc.		487,283		54,887
ABIOMED, Inc. (a)		11,567		3,610
Agilent Technologies, Inc.		77,803		11,500
Alexion Pharmaceuticals, Inc. (a)		60,977		11,202
Align Technology, Inc. (a)		20,672		12,631
Alnylam Pharmaceuticals, Inc. (a)		26,565		4,503
AmerisourceBergen Corp.		42,805		4,901
Amgen, Inc.		150,083		36,583
Anthem, Inc.		68,268		26,065
Avantor, Inc. (a) (b)		150,355		5,339
Baxter International, Inc.		140,208		11,287
Becton, Dickinson & Co.		80,234		19,512
Biogen, Inc. (a)		36,676		12,700
BioMarin Pharmaceutical, Inc. (a)		38,618		3,222
Bio-Rad Laboratories, Inc. Class A (a)		5,329		3,433
Bio-Techne Corp.		10,502		4,729
Boston Scientific Corp. (a)		396,186		16,941
Bristol-Myers Squibb Co.		622,875		41,620
Cardinal Health, Inc.		80,049		4,570
Catalent, Inc. (a)		41,996		4,541
Centene Corp. (a)		160,771		11,725
Cerner Corp.		84,015		6,567
Charles River Laboratories International, Inc. (a)		13,570		5,020

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Cigna Corp.		92,657	$	21,966
CVS Health Corp.		347,772		29,018
Danaher Corp.		186,320		50,001
DexCom, Inc. (a)		25,262		10,787
Edwards Lifesciences Corp. (a)		173,328		17,952
Elanco Animal Health, Inc. (a)		109,672		3,804
Eli Lilly & Co.		233,623		53,621
Exact Sciences Corp. (a)		42,295		5,258
Gilead Sciences, Inc. (c)		309,205		21,292
GoodRx Holdings, Inc. Class A (a) (b)		10,380		374
Guardant Health, Inc. (a)		26,118		3,244
HCA Healthcare, Inc.		72,191		14,925
Hologic, Inc. (a)		51,890		3,462
Horizon Therapeutics PLC (a)		58,712		5,498
Humana, Inc.		32,564		14,417
IDEXX Laboratories, Inc. (a)		23,528		14,859
Illumina, Inc. (a)		34,280		16,222
Incyte Corp. (a)		52,283		4,398
Insulet Corp. (a)		13,031		3,577
Intuitive Surgical, Inc. (a)		31,973		29,404
IQVIA Holdings, Inc. (a)		52,877		12,813
Johnson & Johnson (c)		711,069		117,141
Laboratory Corp. of America Holdings (a)		27,224		7,510
Masimo Corp. (a)		13,559		3,287
McKesson Corp.		44,106		8,435
Merck & Co., Inc.		706,000		54,906
Mettler-Toledo International, Inc. (a)		6,010		8,326
Moderna, Inc. (a)		98,992		23,261
Novavax, Inc. (a) (b)		18,919		4,017
PerkinElmer, Inc.		27,634		4,267
Pfizer, Inc.		1,560,775		61,120
Quest Diagnostics, Inc.		36,041		4,756
Regeneron Pharmaceuticals, Inc. (a)		18,762		10,479
ResMed, Inc.		37,584		9,265
Royalty Pharma PLC Class A		23,164		949
Seagen, Inc. (a)		48,469		7,652
Stryker Corp.		96,200		24,986
Teladoc Health, Inc. (a)		38,550		6,410
Teleflex, Inc.		11,521		4,629
The Cooper Cos., Inc.		12,551		4,974
Thermo Fisher Scientific, Inc.		109,585		55,282
UnitedHealth Group, Inc.		263,127		105,366
Veeva Systems, Inc. Class A (a)		28,724		8,932
Vertex Pharmaceuticals, Inc. (a)		66,100		13,328
Viatris, Inc.		337,003		4,816
Waters Corp. (a)		15,754		5,445
West Pharmaceutical Services, Inc.		19,067		6,847
Zimmer Biomet Holdings, Inc.		55,070		8,856
Zoetis, Inc.		132,376		24,670
				1,311,957

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Industrials (8.3%):
3M Co.		161,628	$	32,104
AMETEK, Inc.		60,320		8,053
Carrier Global Corp.		211,693		10,288
Caterpillar, Inc.		147,914		32,191
Cintas Corp.		26,825		10,247
Copart, Inc. (a)		64,576		8,513
CoStar Group, Inc. (a) (c)		103,170		8,545
CSX Corp.		560,190		17,971
Cummins, Inc.		40,336		9,834
Deere & Co.		83,315		29,386
Delta Air Lines, Inc. (a)		167,086		7,228
Dover Corp.		39,286		5,916
Eaton Corp. PLC		111,112		16,465
Emerson Electric Co.		161,931		15,584
Enphase Energy, Inc. (a)		37,438		6,875
Equifax, Inc.		31,077		7,443
Expeditors International of Washington, Inc.		46,099		5,836
Fastenal Co.		160,141		8,327
FedEx Corp.		67,754		20,213
Fortive Corp.		93,396		6,513
General Dynamics Corp.		69,672		13,116
General Electric Co.		2,215,816		29,825
HEICO Corp. Class A		19,069		2,368
Honeywell International, Inc.		189,582		41,585
IDEX Corp.		20,725		4,561
Illinois Tool Works, Inc.		78,804		17,617
Ingersoll Rand, Inc. (a) (c)		91,100		4,447
J.B. Hunt Transport Services, Inc.		22,950		3,740
Jacobs Engineering Group, Inc.		36,307		4,844
Johnson Controls International PLC		257,650		17,682
Kansas City Southern		25,087		7,109
L3Harris Technologies, Inc.		57,154		12,354
Lockheed Martin Corp.		77,494		29,320
Lyft, Inc. Class A (a)		10,633		643
Masco Corp.		70,761		4,169
Norfolk Southern Corp.		69,773		18,518
Northrop Grumman Corp.		43,462		15,795
Old Dominion Freight Line, Inc.		29,951		7,602
Otis Worldwide Corp.		117,136		9,578
PACCAR, Inc.		95,776		8,548
Parker-Hannifin Corp.		35,605		10,935
Plug Power, Inc. (a) (b)		138,444		4,733
Raytheon Technologies Corp.		417,997		35,659
Republic Services, Inc. (c)		61,799		6,798
Rockwell Automation, Inc.		32,365		9,257
Rollins, Inc.		79,440		2,717
Roper Technologies, Inc.		27,181		12,780
Southwest Airlines Co. (a)		147,533		7,833
Stanley Black & Decker, Inc.		41,710		8,550

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Teledyne Technologies, Inc. (a)		10,654	$	4,462
The Boeing Co. (a)		163,060		39,063
TransDigm Group, Inc. (a)		13,371		8,655
TransUnion		49,970		5,487
Uber Technologies, Inc. (a)		494,425		24,781
Union Pacific Corp.		179,374		39,450
United Airlines Holdings, Inc. (a)		87,372		4,569
United Parcel Service, Inc. Class B		189,070		39,321
United Rentals, Inc. (a)		20,180		6,438
Verisk Analytics, Inc.		45,195		7,896
W.W. Grainger, Inc.		13,918		6,096
Waste Management, Inc.		117,699		16,491
Westinghouse Air Brake Technologies Corp.		52,697		4,337
Xylem, Inc.		47,029		5,642
				832,903
IT Services (5.0%):
Affirm Holdings, Inc. (a) (b)		7,003		472
Akamai Technologies, Inc. (a)		44,968		5,243
Automatic Data Processing, Inc.		118,646		23,565
Broadridge Financial Solutions, Inc.		32,038		5,175
Cognizant Technology Solutions Corp. Class A		143,960		9,971
EPAM Systems, Inc. (a)		15,728		8,036
Fidelity National Information Services, Inc.		172,907		24,496
Fiserv, Inc. (a)		160,472		17,153
FleetCor Technologies, Inc. (a)		17,859		4,573
Gartner, Inc. (a)		24,001		5,813
Global Payments, Inc.		73,649		13,812
GoDaddy, Inc. Class A (a)		18,261		1,588
International Business Machines Corp.		243,891		35,752
Mastercard, Inc. Class A		247,241		90,265
MongoDB, Inc. (a)		547		198
Okta, Inc. (a)		10,506		2,571
Paychex, Inc.		88,843		9,533
PayPal Holdings, Inc. (a)		324,095		94,467
Snowflake, Inc. Class A (a)		8,690		2,101
Square, Inc. Class A (a)		66,825		16,292
Twilio, Inc. Class A (a)		20,781		8,191
VeriSign, Inc. (a)		29,417		6,698
Visa, Inc. Class A		491,684		114,966
				500,931
Materials (1.9%):
Air Products & Chemicals, Inc.		61,059		17,565
Albemarle Corp.		32,545		5,483
Avery Dennison Corp.		20,465		4,303
Ball Corp.		83,819		6,791
Celanese Corp.		31,075		4,711
Corteva, Inc.		205,523		9,115
Dow, Inc.		203,895		12,903
DuPont de Nemours, Inc.		146,813		11,365

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Eastman Chemical Co.		34,459	$	4,023
Ecolab, Inc.		74,692		15,384
FMC Corp.		31,774		3,438
Freeport-McMoRan, Inc.		404,324		15,004
International Flavors & Fragrances, Inc.		65,752		9,823
International Paper Co.		94,279		5,780
Martin Marietta Materials, Inc.		16,108		5,667
Newmont Corp.		221,032		14,009
Nucor Corp.		70,261		6,740
PPG Industries, Inc.		66,106		11,223
Southern Copper Corp.		24,958		1,605
The Sherwin-Williams Co.		72,264		19,688
Vulcan Materials Co.		35,822		6,236
				190,856
Real Estate (2.6%):
Alexandria Real Estate Equities, Inc.		39,829		7,246
American Tower Corp.		126,781		34,249
AvalonBay Communities, Inc.		40,974		8,551
Boston Properties, Inc.		41,686		4,777
CBRE Group, Inc. Class A (a)		92,605		7,939
Crown Castle International Corp.		120,506		23,511
Digital Realty Trust, Inc.		82,646		12,435
Duke Realty Corp.		110,059		5,211
Equinix, Inc.		26,292		21,102
Equity Residential		100,989		7,776
Essex Property Trust, Inc.		19,078		5,724
Extra Space Storage, Inc.		39,250		6,430
Healthpeak Properties, Inc.		158,177		5,266
Invitation Homes, Inc.		166,605		6,213
Mid-America Apartment Communities, Inc.		33,601		5,659
Prologis, Inc.		217,123		25,953
Public Storage		46,220		13,898
Realty Income Corp.		101,967		6,805
SBA Communications Corp.		32,092		10,228
Simon Property Group, Inc.		89,676		11,701
Sun Communities, Inc.		32,821		5,625
Ventas, Inc.		104,598		5,972
VICI Properties, Inc. (b)		157,622		4,889
Welltower, Inc.		122,542		10,183
Weyerhaeuser Co.		189,109		6,509
				263,852
Semiconductors & Semiconductor Equipment (5.5%):
Advanced Micro Devices, Inc. (a)		338,778		31,821
Analog Devices, Inc.		100,674		17,332
Applied Materials, Inc.		255,867		36,435
Broadcom, Inc.		89,878		42,857
Entegris, Inc.		34,998		4,304
Intel Corp.		1,125,894		63,208
KLA Corp.		37,340		12,106

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Lam Research Corp.		37,254	$	24,241
Marvell Technology, Inc.		199,580		11,642
Maxim Integrated Products, Inc.		70,100		7,386
Microchip Technology, Inc.		70,647		10,579
Micron Technology, Inc. (a)		312,678		26,571
Monolithic Power Systems, Inc.		12,623		4,714
NVIDIA Corp.		170,050		136,057
ON Semiconductor Corp. (a)		114,047		4,366
Qorvo, Inc. (a)		31,061		6,077
QUALCOMM, Inc.		314,514		44,954
Skyworks Solutions, Inc.		45,547		8,734
Teradyne, Inc.		45,871		6,145
Texas Instruments, Inc.		257,501		49,517
Xilinx, Inc.		67,824		9,810
				558,856
Software (9.6%):
Adobe, Inc. (a)		133,279		78,053
ANSYS, Inc. (a)		23,022		7,990
Autodesk, Inc. (a)		60,054		17,530
Avalara, Inc. (a)		23,466		3,797
Bill.com Holdings, Inc. (a)		18,559		3,400
Cadence Design Systems, Inc. (a)		76,771		10,504
Ceridian HCM Holding, Inc. (a)		22,339		2,143
Citrix Systems, Inc.		30,248		3,547
Cloudflare, Inc. Class A (a)		10,941		1,158
Coupa Software, Inc. (a)		18,958		4,969
Crowdstrike Holdings, Inc. Class A (a)		5,965		1,499
Datadog, Inc. Class A (a)		7,241		754
DocuSign, Inc. (a)		54,248		15,166
Dynatrace, Inc. (a)		58,277		3,405
Fair Isaac Corp. (a)		7,686		3,864
Fortinet, Inc. (a)		36,430		8,677
HubSpot, Inc. (a)		11,931		6,952
Intuit, Inc.		73,785		36,167
Microsoft Corp. (c)		2,033,674		550,922
Oracle Corp.		516,253		40,185
Palantir Technologies, Inc. Class A (a) (b)		77,115		2,033
Paycom Software, Inc. (a)		15,190		5,521
PTC, Inc. (a)		28,466		4,021
Qualtrics International, Inc. Class A (a)		15,057		576
RingCentral, Inc. Class A (a)		20,382		5,923
salesforce.com, Inc. (a)		250,038		61,077
ServiceNow, Inc. (a) (c)		53,314		29,299
Slack Technologies, Inc. Class A (a)		79,212		3,509
Splunk, Inc. (a)		40,889		5,912
SS&C Technologies Holdings, Inc.		66,060		4,760
Synopsys, Inc. (a)		39,401		10,866
The Trade Desk, Inc. Class A (a)		83,783		6,481
Tyler Technologies, Inc. (a)		11,000		4,976
Unity Software, Inc. (a)		26,242		2,882

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
VMware, Inc. Class A (a) (b)		22,148	$	3,543
Workday, Inc. Class A (a)		27,547		6,577
Zendesk, Inc. (a)		32,037		4,624
Zoom Video Communications, Inc. Class A (a)		6,918		2,677
Zscaler, Inc. (a)		23,939		5,172
				971,111
Technology Hardware, Storage & Peripherals (6.6%):
Apple, Inc.		4,652,926		637,265
Dell Technologies, Inc. Class C (a)		60,519		6,032
Hewlett Packard Enterprise Co.		360,292		5,253
HP, Inc.		345,561		10,433
NetApp, Inc.		46,386		3,795
Western Digital Corp. (a)		85,446		6,081
				668,859
Utilities (2.2%):
Ameren Corp.		65,255		5,223
American Electric Power Co., Inc. (c)		130,543		11,043
American Water Works Co., Inc.		50,599		7,799
Avangrid, Inc. (b)		15,910		818
CMS Energy Corp.		73,913		4,367
Consolidated Edison, Inc. (c)		93,573		6,711
Dominion Energy, Inc.		224,879		16,544
DTE Energy Co.		42,645		5,527
Duke Energy Corp. (c)		214,478		21,173
Edison International		104,684		6,053
Entergy Corp.		55,361		5,520
Eversource Energy (c)		86,695		6,956
Exelon Corp.		255,253		11,310
FirstEnergy Corp.		150,057		5,584
NextEra Energy, Inc. (c)		546,899		40,077
PG&E Corp. (a)		402,013		4,089
PPL Corp.		212,277		5,937
Public Service Enterprise Group, Inc.		130,455		7,793
Sempra Energy		75,531		10,006
The AES Corp.		150,573		3,925
The Southern Co. (c)		295,172		17,861
WEC Energy Group, Inc. (c)		79,618		7,082
Xcel Energy, Inc. (c)		127,950		8,430
				219,828
Total Common Stocks (Cost $2,905,071)				10,051,877

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.3%)
Fidelity Investments Money Market Government Portfolio I Shares, 0.01% (d)		2,785,504	$	2,786
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (d)		6,971		7
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		31,964,071		31,964
Total Collateral for Securities Loaned (Cost $34,757)				34,757
Total Investments (Cost $2,939,828) — 99.9%				10,086,634
Other assets in excess of liabilities — 0.1%				8,835
NET ASSETS — 100.00%			$	10,095,469

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

(c)  All or a portion of this security has been segregated as collateral for derivative instruments.

(d)  Rate disclosed is the daily yield on June 30, 2021.

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		192	9/17/21	$	40,424,536	$	41,170,560	$	746,024
Total unrealized appreciation								$	746,024
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	746,024

See notes to financial statements.

14

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2021

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

	USAA 500 Index Fund
Assets:
Investments, at value (Cost $2,939,828)	$	10,086,634	(a)
Cash		33,863
Deposit with brokers for futures contracts		7,262
Receivables:
Interest and dividends		5,347
Capital shares issued		3,515
Variation margin on open futures contracts		62
From Adviser		326
Prepaid expenses		124
Total Assets		10,137,133
Liabilities:
Payables:
Collateral received on loaned securities		34,757
Capital shares redeemed		5,062
Accrued expenses and other payables:
Investment advisory fees		817
Administration fees		490
Custodian fees		49
Transfer agent fees		271
Compliance fees		4
Trustees' fees		1
Other accrued expenses		213
Total Liabilities		41,664
Net Assets:
Capital		2,766,102
Total accumulated earnings/(loss)		7,329,367
Net Assets	$	10,095,469
Net Assets
Member Shares	$	4,229,497
Reward Shares		5,865,972
Total	$	10,095,469
Shares (unlimited number of shares authorized with no par value):
Member Shares		72,155
Reward Shares		100,014
Total		172,169
Net asset value, offering and redemption price per share: (b)
Member Shares	$	58.62
Reward Shares	$	58.65

(a)  Includes $33,907 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.

15

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA 500 Index Fund
Investment Income:
Dividends	$	65,889
Interest		3
Securities lending (net of fees)		50
Total Income		65,942
Expenses:
Investment advisory fees		4,709
Administration fees — Member Shares		1,221
Administration fees — Reward Shares		1,605
Sub-Administration fees		12
Custodian fees		178
Transfer agent fees — Member Shares		1,286
Transfer agent fees — Reward Shares		195
Trustees' fees		23
Compliance fees		28
Legal and audit fees		27
State registration and filing fees		86
Other expenses		423
Total Expenses		9,793
Expenses waived/reimbursed by Adviser		(880	)
Net Expenses		8,913
Net Investment Income (Loss)		57,029
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		151,716
Net realized gains (losses) from futures contracts		4,558
Net change in unrealized appreciation/depreciation on investment securities		1,103,186
Net change in unrealized appreciation/depreciation on futures contracts		6
Net realized/unrealized gains (losses) on investments		1,259,466
Change in net assets resulting from operations	$	1,316,495

See notes to financial statements.

16

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA 500 Index Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	57,029		$	121,444
Net realized gains (losses) from investments		156,274			205,388
Net change in unrealized appreciation/depreciation on investments		1,103,192			1,248,477
Change in net assets resulting from operations		1,316,495			1,575,309
Distributions to Shareholders:
Member Shares		(22,021	)		(133,353	)
Reward Shares		(32,057	)		(173,089	)
Change in net assets resulting from distributions to shareholders		(54,078	)		(306,442	)
Change in net assets resulting from capital transactions		(174,978	)		(410,396	)
Change in net assets		1,087,439			858,471
Net Assets:
Beginning of period		9,008,030			8,149,559
End of period	$	10,095,469		$	9,008,030
Capital Transactions:
Member Shares
Proceeds from shares issued	$	386,889		$	812,315
Distributions reinvested		21,838			132,245
Cost of shares redeemed		(720,858	)		(1,133,678	)
Total Member Shares	$	(312,131	)	$	(189,118	)
Reward Shares
Proceeds from shares issued	$	436,754		$	642,148
Distributions reinvested		30,483			165,200
Cost of shares redeemed		(330,084	)		(1,028,626	)
Total Reward Shares	$	137,153		$	(221,278	)
Change in net assets resulting from capital transactions	$	(174,978	)	$	(410,396	)
Share Transactions:
Member Shares
Issued		7,129			18,844
Reinvested		392			2,823
Redeemed		(13,246	)		(25,809	)
Total Member Shares		(5,725	)		(4,142	)
Reward Shares
Issued		7,988			14,417
Reinvested		545			3,537
Redeemed		(6,075	)		(23,827	)
Total Reward Shares		2,458			(5,873	)
Change in Shares		(3,267	)		(10,015	)

See notes to financial statements.

17

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
Six Months Ended June 30, 2021 (Unaudited)	$	51.33		0.32	(d)		7.27			7.59			(0.30	)		—
Year Ended: December 31, 2020	$	43.93		0.65	(d)		8.48			9.13			(0.66	)		(1.07	)
December 31, 2019	$	35.22		0.71	(d)		10.19			10.90			(0.72	)		(1.47	)
December 31, 2018	$	38.00		0.68			(2.40	)		(1.72	)		(0.66	)		(0.40	)
December 31, 2017	$	31.81		0.59			6.21			6.80			(0.59	)		(0.02	)
December 31, 2016	$	29.18		0.58			2.80			3.38			(0.61	)		(0.14	)
Reward Shares
Six Months Ended June 30, 2021 (Unaudited)	$	51.36		0.34	(d)		7.27			7.61			(0.32	)		—
Year Ended: December 31, 2020	$	43.95		0.70	(d)		8.49			9.19			(0.71	)		(1.07	)
December 31, 2019	$	35.24		0.75	(d)		10.19			10.94			(0.76	)		(1.47	)
December 31, 2018	$	38.01		0.71			(2.38	)		(1.67	)		(0.70	)		(0.40	)
December 31, 2017	$	31.82		0.61			6.22			6.83			(0.62	)		(0.02	)
December 31, 2016	$	29.19		0.60			2.81			3.41			(0.64	)		(0.14	)

*  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 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)  Not annualized for periods less than one year.

(b)  Annualized for period 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.

See notes to financial statements.

18

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 500 Index Fund
Member Shares
Six Months Ended June 30, 2021 (Unaudited)		(0.30	)	$	58.62		14.82	%		0.24	%		1.16	%		0.24	%	$	4,229,497		2	%
Year Ended: December 31, 2020		(1.73	)	$	51.33		21.22	%		0.25	%		1.47	%		0.25	%	$	3,997,663		5	%
December 31, 2019		(2.19	)	$	43.93		31.19	%		0.25	%		1.73	%		0.26	%	$	3,603,465		13	%
December 31, 2018		(1.06	)	$	35.22		(4.65	)%		0.25	%		1.75	%		0.26	%	$	2,957,995		4	%
December 31, 2017		(0.61	)	$	38.00		21.53	%		0.25	%		1.71	%		0.27	%	$	3,285,829		3	%
December 31, 2016		(0.75	)	$	31.81		11.70	%		0.25	%		1.95	%		0.28	%	$	2,962,450		4	%
Reward Shares
Six Months Ended June 30, 2021 (Unaudited)		(0.32	)	$	58.65		14.86	%		0.15	%		1.25	%		0.18	%	$	5,865,972		2	%
Year Ended: December 31, 2020		(1.78	)	$	51.36		21.35	%		0.15	%		1.58	%		0.18	%	$	5,010,367		5	%
December 31, 2019		(2.23	)	$	43.95		31.29	%		0.15	%		1.83	%		0.18	%	$	4,546,094		13	%
December 31, 2018		(1.10	)	$	35.24		(4.53	)%		0.15	%		1.85	%		0.18	%	$	3,606,745		4	%
December 31, 2017		(0.64	)	$	38.01		21.64	%		0.15	%		1.81	%		0.18	%	$	3,636,257		3	%
December 31, 2016		(0.78	)	$	31.82		11.79	%		0.15	%		2.04	%		0.18	%	$	3,010,831		4	%

See notes to financial statements.

19

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2021

  (Unaudited)

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.

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)

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

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.

20

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 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.

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

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

A summary of the valuations as of June 30, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stocks	$	10,051,877	$	—	$	—	$	10,051,877
Collateral for Securities Loaned		34,757		—		—		34,757
Total	$	10,086,634	$	—	$	—	$	10,086,634
Other Financial Investments^
Assets:
Futures Contracts		746		—		—		746
Total	$	746	$	—	$	—	$	746

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

As of June 30, 2021, there were no significant Level 3 holdings in the 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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 contracts. During the six-months ended June 30, 2021, 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 June 30, 2021 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure	$	746

*  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 six months ended June 30, 2021 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result from Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	4,558	$	6

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, 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 June 30, 2021.

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	33,907	$	—	$	34,757

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

23

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

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

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	231,794	$	403,013

There were no purchases or sales of U.S. government securities during the six months ended June 30, 2021.

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 June 30, 2021, certain fund-of-funds owned total outstanding shares of the Fund as follows:

Affiliated USAA Fund	Ownership %
USAA Cornerstone Conservative Fund		0.1
USAA Cornerstone Equity Fund		0.4
USAA Target Retirement Income Fund		—	(a)
USAA Target Retirement 2030 Fund		0.1
USAA Target Retirement 2040 Fund		0.3
USAA Target Retirement 2050 Fund		0.2
USAA Target Retirement 2060 Fund		—	(a)

(a)  Amount is 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 an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the 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 six months ended June 30, 2021, are reflected on the Statement of Operations as Investment Advisory fees.

24

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 six months ended June 30, 2021, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and 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 six months ended June 30, 2021, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Sub-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 six months ended June 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $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 six months ended June 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

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

Distributor/Underwriting Services:

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

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Custodian fees.

25

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures that 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 June 30, 2021, the expense limits (excluding voluntary waivers) were 0.25% and 0.15% for Member Shares and Reward Shares, respectively.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021 the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of June 30, 2021, 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 June 30, 2021.

Expires 2022		Expires 2023		Expires 2024		Total
$	866	$	1,493	$	880	$	3,239

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 six months ended June 30, 2021.

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

6. Risks:

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

Large-Capitalization Stock 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.

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,

26

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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.

7. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2021, 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. For the period June 29, 2020, through April 30, 2021, under an amended Line of Credit agreement, Citibank received an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Effective with the renewal, the annual commitment fee of 0.15% remains unchanged and the upfront fee of 0.10% was discontinued. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2021.

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 in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period is presented on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six-months ended June 30, 2021.

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

27

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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.

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending December 31, 2021.

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

28

USAA Mutual Funds Trust Supplemental Information
June 30, 2021

  (Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

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, 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 January 1, 2021, through June 30, 2021.

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

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

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

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

	Beginning Account Value 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid During Period 1/1/21- 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21- 6/30/21*		Annualized Expense Ratio During Period 1/1/21- 6/30/21
Member Shares	$	1,000.00	$	1,148.20	$	1,023.60	$	1.28	$	1.20		0.24	%
Reward Shares		1,000.00		1,148.60		1,024.05		0.80		0.75		0.15	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

29

USAA Mutual Funds Trust Supplemental Information —continued
June 30, 2021

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Fund's Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on March 10, 2021, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a highly liquid investment minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

30

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

28651-0821

JUNE 30, 2021

Semi Annual Report

USAA Global Managed Volatility Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member 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.

www.vcm.com

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

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

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

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

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Schedule of Portfolio Investments	3
Financial Statements
Statement of Assets and Liabilities	16
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	22
Supplemental Information	31
Proxy Voting and Portfolio Holdings Information	31
Expense Examples	31
Liquidity Risk Management Program	32
Privacy Policy (inside back cover)

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

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

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

For more specific information, please consult your tax adviser.

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

1

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

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

Top 10 Sectors:

June 30, 2021

(% of Net Assets)

Information Technology	22.7	%
Consumer Discretionary	12.8	%
Consumer Staples	12.7	%
Financials	12.5	%
Industrials	12.3	%
Health Care	10.7	%
Communication Services	9.1	%
Materials	3.1	%
Energy	3.0	%
Utilities	0.4	%

Country Allocation*:

June 30, 2021

(% of Net Assets)

* Includes countries with less than 3.0% of portfolio 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%.

2

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Australia (1.0%):
Consumer Staples (0.5%):
Coles Group Ltd.		12,260	$	157
Wesfarmers Ltd.		55,342		2,453
				2,610
Materials (0.5%):
BHP Group Ltd.		83,420		3,034
				5,644
Belgium (0.0%): (a)
Financials (0.0%):
KBC Group NV		2,231		170
Brazil (0.3%):
Consumer Staples (0.2%):
Ambev SA		341,100		1,171
Financials (0.0%): (a)
Itau Unibanco Holding SA, Preference Shares Preference Shares		51,245		307
Materials (0.1%):
Vale SA		21,197		482
				1,960
Canada (3.6%):
Consumer Discretionary (0.2%):
Dollarama, Inc.		20,992		961
Magna International, Inc.		3,021		280
				1,241
Consumer Staples (0.0%): (a)
Alimentation Couche-Tard, Inc. Class B		5,877		216
Financials (2.4%):
Manulife Financial Corp.		126,449		2,489
Power Corp. of Canada		41,972		1,327
Royal Bank of Canada		41,725		4,228
Sun Life Financial, Inc.		6,274		324
The Toronto-Dominion Bank		79,158		5,548
				13,916
Industrials (0.3%):
Canadian National Railway Co.		16,645		1,756
Information Technology (0.7%):
CGI, Inc. (b)		17,028		1,544
Constellation Software, Inc.		1,458		2,209
				3,753
				20,882

See notes to financial statements.

3

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
China (4.4%):
Communication Services (1.4%):
NetEase, Inc., ADR		23,212	$	2,675
Tencent Holdings Ltd.		71,700		5,399
				8,074
Consumer Discretionary (1.7%):
Alibaba Group Holding Ltd., ADR (b)		15,106		3,426
ANTA Sports Products Ltd.		67,428		1,582
Li Ning Co. Ltd.		17,500		213
New Oriental Education & Technology Group, Inc., ADR (b)		122,342		1,002
Shenzhou International Group Holdings Ltd.		58,200		1,470
Yum China Holdings, Inc.		29,777		1,973
				9,666
Financials (1.1%):
China Construction Bank Corp. Class H		574,000		451
China Life Insurance Co. Ltd. Class H		596,598		1,183
China Merchants Bank Co. Ltd. Class H		42,261		360
China Pacific Insurance Group Co. Ltd. Class H		193,800		609
Industrial & Commercial Bank of China Ltd. Class H		567,000		332
Ping An Insurance Group Co. of China Ltd.		371,881		3,635
				6,570
Industrials (0.0%): (a)
Country Garden Services Holdings Co. Ltd.		11,000		119
Utilities (0.2%):
ENN Energy Holdings Ltd.		61,101		1,161
				25,590
Denmark (1.4%):
Consumer Staples (0.3%):
Carlsberg A/S Class B		8,812		1,645
Health Care (0.9%):
Coloplast A/S Class B		8,802		1,445
Novo Nordisk A/S Class B		49,497		4,144
				5,589
Industrials (0.0%): (a)
Vestas Wind Systems A/S		1,983		78
Materials (0.2%):
Novozymes A/S B Shares		14,542		1,097
				8,409
Finland (0.7%):
Energy (0.3%):
Neste Oyj		28,904		1,773
Industrials (0.4%):
Kone Oyj Class B		25,124		2,050

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Materials (0.0%): (a)
UPM-Kymmene Oyj		4,792	$	181
				4,004
France (3.4%):
Consumer Discretionary (1.2%):
Faurecia SE		1,463		72
Hermes International		2,026		2,956
LVMH Moet Hennessy Louis Vuitton SE		5,459		4,294
				7,322
Consumer Staples (0.6%):
L'Oreal SA		7,315		3,266
Energy (0.5%):
TotalEnergies SE		59,184		2,681
Financials (0.0%): (a)
Credit Agricole SA		11,568		162
Industrials (0.6%):
Cie de Saint-Gobain		6,002		396
Schneider Electric SE		20,982		3,307
				3,703
Information Technology (0.5%):
Capgemini SE		13,853		2,664
Utilities (0.0%): (a)
Veolia Environnement SA		6,456		195
				19,993
Germany (0.3%):
Financials (0.0%): (a)
Allianz SE Registered Shares		809		202
Industrials (0.1%):
Brenntag SE		1,507		140
Knorr-Bremse AG		4,927		567
				707
Materials (0.2%):
Covestro AG (c)		13,628		881
Utilities (0.0%): (a)
RWE AG		5,874		213
				2,003
Hong Kong (0.7%):
Consumer Discretionary (0.0%): (a)
Techtronic Industries Co. Ltd.		6,824		119
Financials (0.7%):
Hong Kong Exchanges and Clearing Ltd.		64,400		3,834
				3,953

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
India (0.2%):
Financials (0.1%):
ICICI Bank Ltd. (b)		69,075	$	588
Information Technology (0.1%):
HCL Technologies Ltd.		11,231		149
Infosys Ltd.		25,187		533
				682
				1,270
Indonesia (0.4%):
Communication Services (0.1%):
PT Telkom Indonesia Persero Tbk		3,511,600		764
Financials (0.3%):
PT Bank Central Asia Tbk		739,500		1,538
PT Bank Rakyat Indonesia Persero Tbk		494,998		135
				1,673
				2,437
Ireland (1.0%):
Industrials (0.2%):
Eaton Corp. PLC		4,841		717
Trane Technologies PLC		2,794		515
				1,232
Information Technology (0.8%):
Accenture PLC Class A		8,637		2,546
Seagate Technology Holdings PLC		23,107		2,032
				4,578
				5,810
Israel (0.2%):
Information Technology (0.2%):
Check Point Software Technologies Ltd. (b)		7,997		929
Italy (0.4%):
Financials (0.3%):
Assicurazioni Generali SpA		80,739		1,621
Utilities (0.1%):
Enel SpA		64,242		597
				2,218
Japan (6.4%):
Communication Services (1.6%):
KDDI Corp.		96,300		3,001
Nintendo Co. Ltd.		1,700		984
Nippon Telegraph & Telephone Corp.		104,600		2,735
Softbank Corp.		184,800		2,416
				9,136

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.9%):
Bridgestone Corp.		39,500	$	1,796
Fast Retailing Co. Ltd.		2,300		1,729
Sekisui House Ltd.		4,157		85
Sony Group Corp.		19,300		1,872
Suzuki Motor Corp.		2,840		120
				5,602
Consumer Staples (0.5%):
Ajinomoto Co., Inc.		34,500		897
Japan Tobacco, Inc.		88,400		1,671
Kao Corp.		8,500		524
				3,092
Energy (0.2%):
ENEOS Holdings, Inc.		222,900		934
Financials (0.1%):
MS&AD Insurance Group Holdings, Inc.		4,000		116
Tokio Marine Holdings, Inc.		7,000		322
				438
Health Care (0.7%):
Astellas Pharma, Inc.		127,627		2,224
Hoya Corp.		13,500		1,786
				4,010
Industrials (1.2%):
Daikin Industries Ltd.		9,300		1,734
ITOCHU Corp.		70,422		2,032
Recruit Holdings Co. Ltd.		68,900		3,379
				7,145
Information Technology (1.2%):
FUJIFILM Holdings Corp.		2,500		185
Hitachi Ltd.		76,873		4,406
Tokyo Electron Ltd.		5,500		2,379
				6,970
				37,327
Korea, Republic Of (1.6%):
Communication Services (0.0%): (a)
NCSoft Corp.		192		139
Financials (0.0%): (a)
Shinhan Financial Group Co. Ltd.		4,488		162
Information Technology (1.6%):
Samsung Electronics Co. Ltd.		94,676		6,779
SK Hynix, Inc.		21,760		2,456
				9,235
				9,536

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Malaysia (0.2%):
Financials (0.2%):
Public Bank Bhd		1,094,900	$	1,084
Mexico (0.7%):
Communication Services (0.3%):
America Movil SAB de CV Class L		2,067,229		1,556
Consumer Staples (0.2%):
Wal-Mart de Mexico SAB de CV		431,345		1,409
Financials (0.2%):
Grupo Financiero Banorte SAB de CV Class O		207,453		1,340
				4,305
Netherlands (1.9%):
Communication Services (0.1%):
Koninklijke KPN NV		266,768		834
Consumer Staples (0.9%):
Heineken NV		19,447		2,360
Koninklijke Ahold Delhaize NV		94,531		2,815
				5,175
Industrials (0.4%):
Wolters Kluwer NV		20,252		2,035
Information Technology (0.1%):
NXP Semiconductors NV		1,786		368
Materials (0.4%):
LyondellBasell Industries NV Class A		24,128		2,482
				10,894
Norway (0.0%): (a)
Communication Services (0.0%):
Telenor ASA		6,415		108
Russian Federation (1.6%):
Energy (0.7%):
LUKOIL PJSC		35,941		3,326
Tatneft PJSC		97,068		707
				4,033
Financials (0.6%):
Sberbank of Russia PJSC		860,172		3,595
Materials (0.3%):
MMC Norilsk Nickel PJSC		5,289		1,793
				9,421
Singapore (0.1%):
Financials (0.1%):
DBS Group Holdings Ltd.		22,222		494

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Spain (0.8%):
Communication Services (0.4%):
Telefonica SA		435,037	$	2,030
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		39,807		1,405
Financials (0.2%):
Banco Bilbao Vizcaya Argentaria SA		149,126		925
				4,360
Sweden (0.5%):
Consumer Discretionary (0.3%):
Evolution AB (c)		718		114
Hennes & Mauritz AB Class B (b)		60,186		1,430
				1,544
Industrials (0.2%):
Atlas Copco AB Class A		7,967		489
Sandvik AB		12,962		332
Volvo AB Class B		17,649		425
				1,246
				2,790
Switzerland (4.1%):
Communication Services (0.0%): (a)
Swisscom AG Registered Shares		272		156
Consumer Staples (1.0%):
Nestle SA Registered Shares		46,357		5,780
Financials (0.3%):
Partners Group Holding AG		1,420		2,153
Health Care (1.8%):
Novartis AG Registered Shares		56,924		5,194
Roche Holding AG		10,847		4,089
Straumann Holding AG Class R		757		1,208
				10,491
Industrials (0.6%):
Geberit AG Registered Shares		2,803		2,106
SGS SA Registered Shares		441		1,362
				3,468
Information Technology (0.1%):
TE Connectivity Ltd.		3,893		526
Materials (0.3%):
Sika AG Registered Shares		4,812		1,577
				24,151

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Taiwan (2.2%):
Communication Services (0.2%):
Chunghwa Telecom Co. Ltd.		283,000	$	1,155
Consumer Staples (0.2%):
Uni-President Enterprises Corp.		414,730		1,089
Financials (0.2%):
CTBC Financial Holding Co. Ltd.		1,455,000		1,185
Information Technology (1.6%):
Hon Hai Precision Industry Co. Ltd.		854,000		3,429
Quanta Computer, Inc.		217,000		681
Taiwan Semiconductor Manufacturing Co. Ltd.		40,000		862
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		38,979		4,684
				9,656
				13,085
Thailand (0.3%):
Consumer Staples (0.1%):
CP ALL PCL		417,700		783
Energy (0.2%):
PTT PCL		807,700		991
				1,774
United Kingdom (3.3%):
Communication Services (0.0%): (a)
WPP PLC		12,876		174
Consumer Discretionary (0.4%):
Aptiv PLC (b)		2,755		434
Intercontinental Hotels Group PLC (b)		2,946		196
Persimmon PLC		3,091		127
Stellantis NV		85,934		1,690
				2,447
Consumer Staples (0.9%):
Diageo PLC		20,113		964
Imperial Brands PLC		80,834		1,743
Unilever PLC		43,057		2,515
				5,222
Energy (0.1%):
Royal Dutch Shell PLC Class A		19,841		398
Health Care (0.4%):
GlaxoSmithKline PLC		129,341		2,542
Industrials (1.1%):
Ferguson PLC		19,304		2,685
Intertek Group PLC		11,935		913
RELX PLC		109,558		2,905
				6,503

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Materials (0.4%):
Rio Tinto PLC		25,950	$	2,143
				19,429
United States (57.8%):
Communication Services (5.0%):
Alphabet, Inc. Class C (b)		5,052		12,662
Comcast Corp. Class A		18,191		1,037
Facebook, Inc. Class A (b)		14,795		5,144
Match Group, Inc. (b)		14,919		2,406
Omnicom Group, Inc.		17,019		1,361
Sirius XM Holdings, Inc. (d)		580,664		3,798
Take-Two Interactive Software, Inc. (b)		7,817		1,384
The Interpublic Group of Cos., Inc.		39,202		1,274
Verizon Communications, Inc.		5,945		333
				29,399
Consumer Discretionary (7.9%):
Amazon.com, Inc. (b)		3,158		10,864
AutoZone, Inc. (b)		1,853		2,765
Best Buy Co., Inc.		2,819		324
Booking Holdings, Inc. (b)		724		1,584
Domino's Pizza, Inc.		3,915		1,826
eBay, Inc.		11,524		809
Etsy, Inc. (b)		9,087		1,871
Lowe's Cos., Inc.		7,706		1,495
McDonald's Corp.		6,119		1,414
NIKE, Inc. Class B		10,568		1,633
NVR, Inc. (b)		32		159
O'Reilly Automotive, Inc. (b)		3,540		2,004
PulteGroup, Inc.		2,787		152
Starbucks Corp.		43,093		4,818
Target Corp.		19,839		4,796
The Home Depot, Inc.		15,413		4,915
Tractor Supply Co.		5,024		935
Yum! Brands, Inc.		33,375		3,839
				46,203
Consumer Staples (7.3%):
Altria Group, Inc.		93,585		4,462
Colgate-Palmolive Co.		58,300		4,743
Costco Wholesale Corp.		6,596		2,610
General Mills, Inc.		7,435		453
Kimberly-Clark Corp.		680		91
PepsiCo, Inc.		26,887		3,984
Philip Morris International, Inc.		51,572		5,111
Sysco Corp.		20,928		1,627
The Clorox Co.		7,275		1,309
The Estee Lauder Cos., Inc.		8,446		2,686

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
The Hershey Co.		32,372	$	5,639
The Kroger Co.		32,553		1,247
The Procter & Gamble Co.		33,488		4,518
Walmart, Inc.		28,392		4,004
				42,484
Energy (1.0%):
Cabot Oil & Gas Corp.		157,067		2,742
Chevron Corp.		650		68
ConocoPhillips		38,775		2,362
EOG Resources, Inc.		4,915		410
Phillips 66		4,606		395
Valero Energy Corp.		2,183		171
				6,148
Financials (5.7%):
Aflac, Inc.		7,955		427
Ameriprise Financial, Inc.		1,284		320
Discover Financial Services		11,061		1,308
FactSet Research Systems, Inc.		7,859		2,638
MarketAxess Holdings, Inc.		3,274		1,518
MSCI, Inc.		7,839		4,179
Regions Financial Corp.		11,819		238
S&P Global, Inc.		8,704		3,572
SEI Investments Co.		41,828		2,592
SVB Financial Group (b)		515		287
Synchrony Financial		139,484		6,768
T. Rowe Price Group, Inc.		26,139		5,175
The Allstate Corp.		3,683		480
The PNC Financial Services Group, Inc.		3,868		738
The Progressive Corp.		31,539		3,097
				33,337
Health Care (6.9%):
AbbVie, Inc.		5,637		635
Align Technology, Inc. (b)		3,561		2,176
AmerisourceBergen Corp.		1,860		213
Amgen, Inc.		20,115		4,903
Biogen, Inc. (b)		5,218		1,807
Bristol-Myers Squibb Co.		1,642		110
Cardinal Health, Inc.		2,853		163
Eli Lilly & Co.		17,530		4,024
Humana, Inc.		455		201
IDEXX Laboratories, Inc. (b)		3,339		2,109
Johnson & Johnson		43,954		7,241
McKesson Corp.		1,341		256
Merck & Co., Inc.		41,289		3,211
Mettler-Toledo International, Inc. (b)		1,124		1,557
Organon & Co. (b)		4,128		125

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Quest Diagnostics, Inc.		1,335	$	176
UnitedHealth Group, Inc.		11,651		4,666
Waters Corp. (b)		12,061		4,168
Zoetis, Inc.		13,508		2,517
				40,258
Industrials (7.2%):
3M Co.		22,203		4,410
Carrier Global Corp.		6,148		299
Caterpillar, Inc.		2,750		599
Cummins, Inc.		5,235		1,276
Dover Corp.		1,393		210
Emerson Electric Co.		7,297		702
Expeditors International of Washington, Inc.		25,534		3,233
Fastenal Co.		25,585		1,330
Fortune Brands Home & Security, Inc.		1,499		149
Generac Holdings, Inc. (b)		7,022		2,915
Honeywell International, Inc.		15,098		3,312
Huntington Ingalls Industries, Inc.		8,228		1,734
Illinois Tool Works, Inc.		13,166		2,943
Lockheed Martin Corp.		6,697		2,534
Masco Corp.		1,900		112
Old Dominion Freight Line, Inc.		8,810		2,236
Otis Worldwide Corp.		20,681		1,691
Robert Half International, Inc.		12,692		1,129
Rockwell Automation, Inc.		4,502		1,288
Rollins, Inc.		28,764		984
Snap-on, Inc.		5,329		1,191
Union Pacific Corp.		3,384		744
United Parcel Service, Inc. Class B		17,413		3,621
United Rentals, Inc. (b)		802		256
W.W. Grainger, Inc.		7,700		3,373
				42,271
Information Technology (15.8%):
Adobe, Inc. (b)		10,221		5,986
Apple, Inc.		141,576		19,390
Applied Materials, Inc.		2,925		416
Automatic Data Processing, Inc.		16,468		3,271
Cadence Design Systems, Inc. (b)		8,101		1,108
CDW Corp.		5,785		1,010
Cisco Systems, Inc.		94,595		5,014
Citrix Systems, Inc.		7,429		871
Cognizant Technology Solutions Corp. Class A		11,842		820
F5 Networks, Inc. (b)		3,899		728
Fair Isaac Corp. (b)		3,643		1,831
Fortinet, Inc. (b)		8,783		2,092
HP, Inc.		15,160		458
Intel Corp.		24,977		1,402

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
International Business Machines Corp.		2,137	$	313
Intuit, Inc.		7,662		3,756
KLA Corp.		648		210
Lam Research Corp.		509		331
Mastercard, Inc. Class A		7,504		2,740
Micron Technology, Inc. (b)		5,616		477
Microsoft Corp.		73,081		19,798
Motorola Solutions, Inc.		7,087		1,537
NetApp, Inc.		13,065		1,069
NVIDIA Corp.		2,452		1,962
Oracle Corp.		29,430		2,291
Paychex, Inc.		10,357		1,111
Qorvo, Inc. (b)		779		152
QUALCOMM, Inc.		2,293		328
Texas Instruments, Inc.		36,293		6,979
The Western Union Co.		23,802		547
VeriSign, Inc. (b)		7,467		1,700
Visa, Inc. Class A		785		184
VMware, Inc. Class A (b)(d)		842		135
Zebra Technologies Corp. (b)		2,658		1,407
Zoom Video Communications, Inc. Class A (b)		2,240		867
				92,291
Materials (0.7%):
Celanese Corp.		7,103		1,077
Eastman Chemical Co.		1,660		194
International Paper Co.		3,670		225
Packaging Corp. of America		5,532		749
Steel Dynamics, Inc.		22,221		1,325
The Sherwin-Williams Co.		2,310		629
				4,199
Real Estate (0.2%):
American Tower Corp.		2,198		594
Crown Castle International Corp.		1,138		222
Equinix, Inc.		259		208
Prologis, Inc.		2,499		298
				1,322
Utilities (0.1%):
The AES Corp.		7,857		205
WEC Energy Group, Inc.		1,480		131
				336
				338,248
Total Common Stocks (Cost $478,549)				582,278

See notes to financial statements.

14

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.7%)
United States (0.7%):
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (e)		808,974	$	809
HSBC U.S. Government Money Market Fund I Shares, 0.03% (e)		3,195,555		3,196
Total Collateral for Securities Loaned (Cost $4,005)				4,005
Total Investments (Cost $482,554) — 100.2%				586,283
Liabilities in excess of other assets — (0.2)%				(946	)
NET ASSETS — 100.00%			$	585,337

^  Purchased with cash collateral from securities on loan.

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

(b)  Non-income producing security.

(c)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of June 30, 2021, the fair value of these securities was $995 (thousands) and amounted to 0.2% of net assets.

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

(e)  Rate disclosed is the daily yield on June 30, 2021.

ADR — American Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

See notes to financial statements.

15

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2021

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

	USAA Global Managed Volatility Fund
Assets:
Investments, at value (Cost $482,554)	$	586,283	(a)
Foreign currency, at value (Cost $260)		260
Cash		2,185
Deposit with brokers for futures contracts		58
Receivables:
Interest and dividends		654
Capital shares issued		5
Reclaims		248
From Adviser		77
Prepaid expenses		22
Total Assets		589,792
Liabilities:
Payables:
Collateral received on loaned securities		4,005
Capital shares redeemed		2
Accrued foreign capital gains taxes		56
Accrued expenses and other payables:
Investment advisory fees		290
Administration fees		25
Custodian fees		18
Transfer agent fees		25
Compliance fees		—	(b)
Other accrued expenses		34
Total Liabilities		4,455
Net Assets:
Capital		374,085
Total accumulated earnings/(loss)		211,252
Net Assets	$	585,337
Net Assets
Fund Shares	$	11,475
Institutional Shares		573,862
Total	$	585,337
Shares (unlimited number of shares authorized with no par value):
Fund Shares		909
Institutional Shares		44,810
Total		45,719
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	12.62
Institutional Shares	$	12.81

(a)  Includes $3,893 of securities on loan.

(b)  Rounds to less than $1 thousand.

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

See notes to financial statements.

16

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA Global Managed Volatility Fund
Investment Income:
Dividends	$	7,755
Securities lending (net of fees)		4
Foreign tax withholding		(519	)
Total Income		7,240
Expenses:
Investment advisory fees		1,938
Administration fees — Fund Shares		8
Administration fees — Institutional Shares		159
Sub-Administration fees		35
Custodian fees		68
Transfer agent fees — Fund Shares		7
Transfer agent fees — Institutional Shares		159
Trustees' fees		22
Compliance fees		2
Legal and audit fees		25
State registration and filing fees		19
Interfund lending fees		1
Interest fees		5
Other expenses		42
Total Expenses		2,490
Expenses waived/reimbursed by Adviser		(214	)
Net Expenses		2,276
Net Investment Income (Loss)		4,964
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		54,162
Foreign taxes on realized gains		(70	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency transactions		18,889
Net change in accrued foreign taxes on unrealized gains		(30	)
Net realized/unrealized gains (losses) on investments		72,951
Change in net assets resulting from operations	$	77,915

See notes to financial statements.

17

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Global Managed Volatility Fund
	Six Months Ended June 30, 2021 (unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	4,964		$	11,857
Net realized gains (losses) from investments		54,092			75,627
Net change in unrealized appreciation/depreciation on investments		18,859			(40,563	)
Change in net assets resulting from operations		77,915			46,921
Distributions to Shareholders:
Fund Shares		—			(405	)
Institutional Shares		—			(31,411	)
Change in net assets resulting from distributions to shareholders		—			(31,816	)
Change in net assets resulting from capital transactions		(228,196	)		(296,678	)
Change in net assets		(150,281	)		(281,573	)
Net Assets:
Beginning of period		735,618			1,017,191
End of period	$	585,337		$	735,618
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	736		$	1,605
Distributions reinvested		—			404
Cost of shares redeemed		(976	)		(3,534	)
Total Fund Shares	$	(240	)	$	(1,525	)
Institutional Shares
Proceeds from shares issued	$	—		$	7,453
Distributions reinvested		—			31,411
Cost of shares redeemed		(227,956	)		(334,017	)
Total Institutional Shares	$	(227,956	)	$	(295,153	)
Change in net assets resulting from capital transactions	$	(228,196	)	$	(296,678	)
Share Transactions:
Fund Shares
Issued		61			162
Reinvested		—			36
Redeemed		(82	)		(355	)
Total Fund Shares		(21	)		(157	)
Institutional Shares
Issued		—			845
Reinvested		—			2,779
Redeemed		(19,060	)		(30,264	)
Total Institutional Shares		(19,060	)		(26,640	)
Change in Shares		(19,081	)		(26,797	)

See notes to financial statements.

18

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19

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
Six Months Ended June 30, 2021 (unaudited)	$	11.20		0.08	(e)		1.34			1.42			—			—
Year Ended:
December 31, 2020	$	10.97		0.12	(e)		0.56			0.68			(0.15	)		(0.30	)
December 31, 2019	$	9.39		0.19	(e)		1.85			2.04			(0.22	)		(0.24	)
December 31, 2018	$	10.73		0.25			(1.18	)		(0.93	)		(0.15	)		(0.26	)
December 31, 2017	$	9.03		0.13	(e)		1.76			1.89			(0.14	)		(0.05	)
December 31, 2016	$	8.59		0.13	(e)		0.42			0.55			(0.11	)		—
Institutional Shares
Six Months Ended June 30, 2021 (unaudited)	$	11.35		0.09	(e)		1.37			1.46			—			—
Year Ended:
December 31, 2020	$	11.11		0.14	(e)		0.57			0.71			(0.17	)		(0.30	)
December 31, 2019	$	9.49		0.21	(e)		1.88			2.09			(0.23	)		(0.24	)
December 31, 2018	$	10.84		0.16			(1.08	)		(0.92	)		(0.17	)		(0.26	)
December 31, 2017	$	9.12		0.18	(e)		1.76			1.94			(0.17	)		(0.05	)
December 31, 2016	$	8.69		0.16	(e)		0.40			0.56			(0.13	)		—

*  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 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)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

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

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

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

(f)  Reflects increased trading activity due to large shareholder inflows.

(g)  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.

See notes to financial statements.

20

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)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA Global Managed Volatility Fund
Fund Shares
Six Months Ended June 30, 2021 (unaudited)		—		$	12.62		12.68	%		0.90	%		1.33	%		1.07	%	$	11,475		8	%
Year Ended:
December 31, 2020		(0.45	)	$	11.20		6.25	%		0.90	%		1.14	%		1.15	%	$	10,414		86	%
December 31, 2019		(0.46	)	$	10.97		21.69	%		0.90	%		1.81	%		1.09	%	$	11,921		53	%
December 31, 2018		(0.41	)	$	9.39		(8.78	)%		0.90	%		1.57	%		1.18	%	$	10,229		35	%
December 31, 2017		(0.19	)	$	10.73		20.95	%		0.90	%		1.30	%		1.09	%	$	11,284		48	%(f)
December 31, 2016		(0.11	)	$	9.03		6.39	%		0.89	%		1.48	%		1.13	%	$	13,964		9	%
Institutional Shares
Six Months Ended June 30, 2021 (unaudited)		—		$	12.81		12.86	%		0.70	%		1.54	%		0.77	%	$	573,862		8	%
Year Ended:
December 31, 2020		(0.47	)	$	11.35		6.44	%		0.70	%		1.34	%		0.74	%	$	725,204		86	%
December 31, 2019		(0.47	)	$	11.11		21.97	%		0.70	%		1.97	%		0.75	%	$	1,005,270		53	%
December 31, 2018		(0.43	)	$	9.49		(8.61	)%		0.70	%		1.87	%		0.74	%	$	922,210		35	%
December 31, 2017		(0.22	)	$	10.84		21.24	%		0.72	%(g)		1.79	%		0.76	%	$	824,189		48	%(f)
December 31, 2016		(0.13	)	$	9.12		6.46	%		0.78	%		1.85	%		0.81	%	$	295,644		9	%

See notes to financial statements.

21

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2021

  (Unaudited)

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.

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

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

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)

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

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.

22

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 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.

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

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

A summary of the valuations as of June 30, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stocks	$	389,701	$	192,577	$	—	$	582,278
Collateral for Securities Loaned		4,005		—		—		4,005
Total	$	393,706	$	192,577	$	—	$	586,283

As of June 30, 2021, there were no significant Level 3 holdings in the 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.

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

23

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 June 30, 2021, the Fund had no open forward foreign exchange currency contracts.

Derivative Instruments:

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.

As of June 30, 2021, the Fund had no options.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, 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 June 30, 2021.

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	3,893	$	—	$	4,005

Foreign Currency Translations:

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

25

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

Foreign Taxes:

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

Federal Income Taxes:

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.

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:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	52,985	$	276,825

There were no purchases or sales of U.S. government securities during the six months ended June 30, 2021.

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 June 30, 2021, certain fund-of-funds owned total outstanding shares of the Fund as follows:

Affiliated USAA Fund	Ownership %
USAA Target Retirement Income Fund		8.2
USAA Target Retirement 2030 Fund		24.7
USAA Target Retirement 2040 Fund		37.3
USAA Target Retirement 2050 Fund		24.5
USAA Target Retirement 2060 Fund		3.3

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.60% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2021, are reflected on the Statement of Operations as Investment Advisory fees.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019 permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended June 30, 2021, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15% and 0.05% of average daily net assets of the Fund Shares and Institutional Shares, respectively. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Sub-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 six months ended June 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent'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 six months ended June 30, 2021, 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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

Distributor/Underwriting Services:

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

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2021, 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. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of June 30, 2021, the expense limits (excluding voluntary waivers) were 0.90% and 0.70% for Fund Shares and Institutional Shares, respectively.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021 the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of June 30, 2021, 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 June 30, 2021.

Expires 2022		Expires 2023		Expires 2024		Total
$	181	$	356	$	214	$	751

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 six months ended June 30, 2021.

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

6. Risks:

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

Market Risk — Overall 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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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.

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.

Emerging Markets Risk — Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable.

7. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2021, 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. For the period June 29, 2020, through April 30, 2021, under an amended Line of Credit agreement, Citibank received an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Effective with the renewal, the annual commitment fee of 0.15% remains unchanged and the upfront fee of 0.10% was discontinued. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2021.

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 in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period is presented on the Statement of Operations under Interfund lending.

29

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended June 30, 2021, were as follows (amounts in thousands):

Borrower or Lender	Amount Outstanding at June 30, 2021		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
Borrower	$	—	$	6,267		12		0.34	%	$	8,687

*  For the six months ended June 30, 2021, based on the number of days borrowings were outstanding.

8. Federal Income Tax Information:

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

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (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.

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year ending December 31, 2021.

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

30

USAA Mutual Funds Trust Supplemental Information
June 30, 2021

  (Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

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 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 January 1, 2021, through June 30, 2021.

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 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid During Period 1/1/21- 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21- 6/30/21*		Annualized Expense Ratio During Period 1/1/21- 6/30/21
Fund Shares	$	1,000.00	$	1,126.80	$	1,020.33	$	4.75	$	4.51		0.90	%
Institutional Shares		1,000.00		1,128.60		1,021.32		3.69		3.51		0.70

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

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USAA Mutual Funds Trust Supplemental Information — continued
June 30, 2021

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Fund's Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on March 10, 2021, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a highly liquid investment minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

32

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

88395-0821

JUNE 30, 2021

Semi Annual Report

USAA Extended Market Index Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member 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.

www.vcm.com

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

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

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

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

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Schedule of Portfolio Investments	3
Financial Statements
Statement of Assets and Liabilities	67
Statement of Operations	68
Statements of Changes in Net Assets	69
Financial Highlights	70
Notes to Financial Statements	72
Supplemental Information	81
Proxy Voting and Portfolio Holdings Information	81
Expense Examples	81
Liquidity Risk Management Program	82
Privacy Policy (inside back cover)

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

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

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

For more specific information, please consult your tax adviser.

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

1

USAA Mutual Funds Trust
USAA Extended Market Index Fund June 30, 2021

  (Unaudited)

Investment Objective and 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*:

June 30, 2021

(% of Net Assets)

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

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

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

2

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.1%)
Communication Services (5.5%):
Alaska Communications Systems Group, Inc. (a)		7,868	$	26
Altice USA, Inc. Class A (a)		10,869		371
AMC Entertainment Holdings, Inc. (a) (b)		54,557		3,092
AMC Networks, Inc. Class A (a)		4,391		293
Angi, Inc. Class A (a)		10,333		140
Atn International, Inc.		1,581		72
Autoweb, Inc. (a)		1,104		3
Ballantyne Strong, Inc. (a)		2,279		11
Bandwidth, Inc. Class A (a)		673		93
Beasley Broadcast Group, Inc. Class A (a)		369		1
Boston Omaha Corp. Class A (a)		3,123		99
Brooklyn ImmunoTherapeutics, Inc. (a) (b)		4,305		78
Bumble, Inc. Class A (a)		10,572		609
Cable One, Inc.		676		1,293
Cardlytics, Inc. (a)		4,870		618
Cargurus, Inc. (a)		1,292		34
Cars.com, Inc. (a)		9,519		136
cbdMD, Inc. (a)		6,016		17
Chicken Soup For The Soul Entertainment, Inc. (a)		177		7
Cincinnati Bell, Inc. (a)		6,500		100
Cinedigm Corp. Class A (a)		18,828		24
Cinemark Holdings, Inc. (a)		14,316		314
Clear Channel Outdoor Holdings, Inc. (a) (b)		66,772		176
Cogent Communications Holdings, Inc. (c)		5,768		444
comScore, Inc. (a)		10,045		50
Consolidated Communications Holdings, Inc. (a)		9,201		81
DallasNews Corp.		717		5
DHI Group, Inc. (a)		7,729		26
Dolphin Entertainment, Inc. (a)		1,030		10
Emerald Holding, Inc. (a)		3,068		17
Endeavor Group Holdings, Inc. Class A (a) (b)		3,244		90
Entercom Communications Corp. (a)		18,008		78
Entravision Communications Corp. Class A		9,661		65
Eventbrite, Inc. Class A (a)		1,773		34
EverQuote, Inc. Class A (a)		816		27
Frontier Communications Parent, Inc. (a)		36,206		955
Gannett Co., Inc. (a)		19,312		106
Globalstar, Inc. (a) (b)		118,597		211
Gogo, Inc. (a) (b)		8,118		92
Gray Television, Inc.		11,172		261
Harte-Hanks, Inc. (a)		778		5
Hemisphere Media Group, Inc. (a)		2,783		33
IAC/InterActiveCorp. (a)		9,692		1,494
IDT Corp. Class B (a)		3,324		123
iHeartMedia, Inc. Class A (a)		19,539		526
Insignia Systems, Inc. (a)		177		1
Iridium Communications, Inc. (a)		14,092		564
John Wiley & Sons, Inc. Class A		4,842		291

See notes to financial statements.

3

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Kubient, Inc. (a)		1,674	$	10
Lee Enterprises, Inc. (a)		870		25
Liberty Broadband Corp. Class A (a)		25,352		4,264
Liberty Media Corp.-Liberty SiriusXM Class A (a)		41,772		1,946
Liberty Media Corp-Liberty Braves Class A (a)		7,082		200
Liberty Media Corp-Liberty Formula One Class A (a)		28,862		1,230
Liberty TripAdvisor Holdings, Inc. Class A (a)		10,593		43
Lions Gate Entertainment Corp. Class B (a)		18,151		332
LiveXLive Media, Inc. (a)		8,325		39
Loral Space & Communications, Inc.		3,376		131
Madison Square Garden Entertainment Corp. (a)		2,853		240
Madison Square Garden Sports Corp. (a)		2,850		492
Marchex, Inc. Class B (a)		5,738		18
Match Group, Inc. (a)		37,903		6,112
MediaAlpha, Inc. Class A (a)		1,505		63
Mediaco Holding, Inc. (a)		890		3
Meredith Corp. (a)		4,748		206
Motorsport Games, Inc. Class A (a)		469		7
MSG Networks, Inc. Class A (a) (b)		7,371		107
National CineMedia, Inc.		11,081		56
Nexstar Media Group, Inc. Class A		6,331		936
Ooma, Inc. (a)		3,437		65
ORBCOMM, Inc. (a)		11,656		131
Pinterest, Inc. Class A (a)		14,049		1,109
QuinStreet, Inc. (a)		6,674		124
Reading International, Inc. Class A (a)		3,024		21
ROBLOX Corp. Class A (a)		31,426		2,828
Saga Communications, Inc. Class A		555		12
Salem Media Group, Inc. (a)		1,989		5
Scholastic Corp.		4,110		156
Sciplay Corp. Class A (a)		3,426		58
Shenandoah Telecommunications Co.		6,689		325
Sinclair Broadcast Group, Inc. Class A		8,902		296
Sirius XM Holdings, Inc. (b)		148,257		970
Snap, Inc. Class A (a)		165,865		11,303
SPAR Group, Inc. (a)		1,373		2
Spok Holdings, Inc.		2,596		25
SRAX, Inc. (a)		3,434		19
Super League Gaming, Inc. (a)		3,390		18
TechTarget, Inc. (a)		2,616		203
TEGNA, Inc.		30,961		581
Telephone & Data Systems, Inc.		13,337		302
The EW Scripps Co. Class A		8,557		174
The Marcus Corp. (a) (b)		2,572		55
The New York Times Co. Class A		16,663		726
Townsquare Media, Inc. Class A (a)		1,440		18
Travelzoo (a)		1,086		16
TripAdvisor, Inc. (a)		15,840		638
Troika Media Group, Inc. (a)		920		3
TrueCar, Inc. (a)		9,497		54

See notes to financial statements.

4

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
United States Cellular Corp. (a)		2,305	$	84
Urban One, Inc. (a)		4,262		21
Vimeo, Inc. (a)		15,668		768
Vonage Holdings Corp. (a)		34,858		502
Warner Music Group Corp. Class A		12,157		438
WideOpenWest, Inc. (a)		8,786		182
World Wrestling Entertainment, Inc. Class A		5,294		306
Xcel Brands, Inc. (a)		1,279		4
Yelp, Inc. (a)		10,565		422
Zedge, Inc. Class B (a)		1,533		28
Zillow Group, Inc. Class C (a)		13,658		1,669
ZipRecruiter, Inc. (a)		9,559		239
ZoomInfo Technologies, Inc. Class A (a)		7,400		386
Zynga, Inc. Class A (a)		137,248		1,459
				56,401
Consumer Discretionary (10.2%):
1-800-Flowers.com, Inc. Class A (a)		4,308		137
1847 Goedeker, Inc. (a)		15,438		59
Abercrombie & Fitch Co. (a)		8,296		385
Academy Sports & Outdoors, Inc. (a)		6,947		286
Accel Entertainment, Inc. (a)		10,743		128
Acushnet Holdings Corp.		4,552		225
ADOMANI, Inc. (a)		40,251		12
Adtalem Global Education, Inc. (a)		6,075		217
Airbnb, Inc. Class A (a)		8,758		1,342
American Axle & Manufacturing Holdings, Inc. (a)		14,190		147
American Eagle Outfitters, Inc.		18,236		684
American Outdoor Brands, Inc. (a)		2,055		72
American Public Education, Inc. (a)		2,236		63
America's Car-Mart, Inc. (a)		898		127
Amesite, Inc. (a)		1,686		5
Aramark		28,523		1,063
Arcimoto, Inc. (a) (b)		4,117		71
Ark Restaurants Corp. (a)		308		6
Asbury Automotive Group, Inc. (a)		2,591		444
Aspen Group, Inc. (a)		3,657		24
At Home Group, Inc. (a)		9,700		357
Aterian, Inc. (a) (b)		3,418		50
Autoliv, Inc.		12,812		1,252
AutoNation, Inc. (a)		7,990		758
AYRO, Inc. (a)		4,386		21
Bally's Corp. (a)		4,951		268
Barnes & Noble Education, Inc. (a)		6,234		45
Bassett Furniture Industries, Inc.		1,437		35
BBQ Holdings, Inc. (a)		1,467		28
Beazer Homes USA, Inc. (a)		4,044		78
bebe stores, Inc.		1,055		6
Bed Bath & Beyond, Inc. (a)		11,762		392
Big 5 Sporting Goods Corp. (b)		3,302		85
Big Lots, Inc.		4,093		270

See notes to financial statements.

5

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Biglari Holdings, Inc. Class B (a)		328	$	52
BJ's Restaurants, Inc. (a)		2,490		122
Blink Charging Co. (a) (b)		5,359		221
Bloomin' Brands, Inc. (a)		12,050		327
Blue Apron Holdings, Inc. Class A (a)		228		1
Bluegreen Vacations Holding Corp. (a)		2,321		42
Boot Barn Holdings, Inc. (a)		3,918		329
Bowl America, Inc. Class A (a)		350		3
Boyd Gaming Corp. (a)		10,774		662
Bright Horizons Family Solutions, Inc. (a)		7,694		1,131
Brinker International, Inc. (a)		6,128		379
Brunswick Corp.		11,293		1,126
Build-A-Bear Workshop, Inc. (a)		2,365		41
Burlington Stores, Inc. (a)		8,184		2,634
Caleres, Inc.		4,771		130
Callaway Golf Co. (a)		18,333		618
Camping World Holdings, Inc. Class A (b)		4,746		195
CarParts.com, Inc. (a)		5,457		111
Carriage Services, Inc.		2,304		85
Carrols Restaurant Group, Inc. (a)		5,113		31
Carter's, Inc.		5,749		593
Carvana Co. (a)		1,630		492
Casper Sleep, Inc. (a)		4,767		39
Cavco Industries, Inc. (a)		984		219
Century Casinos, Inc. (a)		4,381		59
Century Communities, Inc.		3,986		265
Charles & Colvard Ltd. (a)		4,093		12
Chegg, Inc. (a)		18,340		1,523
Chewy, Inc. Class A (a) (b)		7,853		627
Chico's FAS, Inc. (a)		13,908		92
Choice Hotels International, Inc.		6,479		770
Churchill Downs, Inc.		4,614		915
Chuy's Holdings, Inc. (a)		2,174		81
Citi Trends, Inc. (a) (b)		1,381		120
Clarus Corp.		3,553		91
Columbia Sportswear Co.		6,702		659
Comstock Holding Cos., Inc. (a)		1,022		6
Conn's, Inc. (a)		2,684		68
Contextlogic, Inc. Class A (a)		7,804		103
Core-Mark Holding Co., Inc.		6,050		272
Coursera, Inc. (a) (b)		2,568		102
Cracker Barrel Old Country Store, Inc.		3,328		494
Cricut, Inc. Class A (a) (b)		2,451		104
Crocs, Inc. (a)		7,709		899
Crown Crafts, Inc.		1,463		11
Culp, Inc.		1,843		30
Dana, Inc.		20,355		484
Dave & Buster's Entertainment, Inc. (a)		4,668		190
Deckers Outdoor Corp. (a)		3,287		1,263
Delta Apparel, Inc. (a)		902		27

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Denny's Corp. (a)		8,996	$	148
Designer Brands, Inc. Class A (a)		8,382		139
Destination XL Group, Inc. (a)		9,410		36
Dick's Sporting Goods, Inc.		9,988		1,001
Digital Brands Group, Inc. (a)		381		2
Dillard's, Inc. Class A (b)		3,154		570
Dine Brands Global, Inc. (a)		2,299		205
Doordash, Inc. Class A (a)		5,135		917
Dorman Products, Inc. (a)		3,640		377
Dover Motorsports, Inc.		2,240		5
Dream Finders Homes, Inc. Class A (a)		1,604		39
Drive Shack, Inc. (a)		12,187		40
Duluth Holdings, Inc. Class B (a)		3,353		69
Educational Development Corp.		1,014		13
El Pollo Loco Holdings, Inc. (a)		2,587		47
Elite Education Group International Ltd. (a)		124		1
Emerson Radio Corp. (a)		929		1
Envela Corp. (a) (b)		1,231		6
Escalade, Inc.		1,687		39
Esports Technologies, Inc. (a)		371		8
Ethan Allen Interiors, Inc.		2,819		78
Express, Inc. (a)		7,935		51
FAT Brands, Inc.		444		6
Fiesta Restaurant Group, Inc. (a)		2,169		29
Five Below, Inc. (a)		7,500		1,449
Flexsteel Industries, Inc.		1,016		41
Floor & Decor Holdings, Inc. Class A (a)		12,730		1,345
Foot Locker, Inc.		11,880		732
Forward Industries, Inc. (a)		1,130		3
Fossil Group, Inc. (a)		4,760		68
Fox Factory Holding Corp. (a)		5,092		793
Franchise Group, Inc.		4,115		145
Frontdoor, Inc. (a)		12,827		639
Full House Resorts, Inc. (a)		4,945		49
Funko, Inc. Class A (a) (b)		1,735		37
Gaia, Inc. (a) (b)		1,271		14
GameStop Corp. Class A (a) (b)		8,364		1,790
Genesco, Inc. (a)		1,815		116
Gentex Corp.		35,016		1,159
Gentherm, Inc. (a)		4,175		297
G-III Apparel Group Ltd. (a)		5,337		175
Golden Entertainment, Inc. (a)		3,499		157
GoPro, Inc. Class A (a)		15,224		177
Graham Holdings Co. Class B		615		390
Grand Canyon Education, Inc. (a)		6,281		565
Green Brick Partners, Inc. (a)		7,515		171
Greenlane Holdings, Inc. Class A (a)		848		4
Group 1 Automotive, Inc.		2,433		376
Groupon, Inc. (a)		3,717		160
Guess?, Inc. (b)		4,195		111

See notes to financial statements.

7

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
H&R Block, Inc.		25,730	$	604
Hall of Fame Resort & Entertainment Co. (a)		10,109		40
Hamilton Beach Brands Holding Co. Class A		766		17
Harbor Custom Development, Inc. (a)		1,924		6
Harley-Davidson, Inc.		19,856		909
Haverty Furniture Cos., Inc.		2,329		100
Hayward Holdings, Inc. (a) (b)		6,191		161
Helen of Troy Ltd. (a)		2,890		659
HG Holdings, Inc. (a)		5,313		4
Hibbett, Inc. (a)		1,814		163
Hilton Grand Vacations, Inc. (a)		10,784		446
Hooker Furniture Corp.		1,633		57
Horizon Global Corp. (a)		2,809		24
Houghton Mifflin Harcourt Co. (a)		17,266		191
Hovnanian Enterprises, Inc. Class A (a)		794		84
Hyatt Hotels Corp. Class A (a)		4,330		336
HyreCar, Inc. (a)		2,986		62
Iconix Brand Group, Inc. (a)		2,191		7
imedia Brands, Inc. (a)		3,009		24
Inspired Entertainment, Inc. (a)		2,671		34
Installed Building Products, Inc.		3,276		401
iPower, Inc. (a)		512		4
iRobot Corp. (a) (b)		3,276		306
J Alexander's Holdings, Inc. (a)		2,236		26
J. Jill, Inc. (a)		689		14
Jack in the Box, Inc.		3,117		347
JAKKS Pacific, Inc. (a)		755		8
Jerash Holdings US, Inc.		945		6
JOANN, Inc.		1,723		27
Johnson Outdoors, Inc. Class A		1,036		125
Kaspien Holdings, Inc. (a)		117		3
KB Home		10,731		437
Kirkland's, Inc. (a)		2,088		48
Kohl's Corp. (c)		22,648		1,249
Kontoor Brands, Inc.		5,630		318
Koss Corp. (a)		348		8
Kura Sushi USA, Inc. Class A (a)		385		15
Lakeland Industries, Inc. (a)		1,176		26
Lands' End, Inc. (a)		1,766		72
Latham Group, Inc. (a) (b)		3,225		103
Laureate Education, Inc. Class A (a)		7,094		103
La-Z-Boy, Inc.		6,200		230
Lazydays Holdings, Inc. (a)		1,576		35
LCI Industries		3,382		444
Lear Corp.		8,054		1,411
Legacy Housing Corp. (a)		877		15
Leslie's, Inc. (a)		13,917		383
Levi Strauss & Co. Class A		6,308		175
Lifetime Brands, Inc.		1,870		28
Lincoln Educational Services Corp. (a)		3,941		31

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Liquidity Services, Inc. (a)		3,763	$	96
Lithia Motors, Inc. Class A		4,079		1,401
LMP Automotive Holdings, Inc. (a)		982		17
Luby's, Inc. (a)		2,911		11
Lumber Liquidators Holdings, Inc. (a)		3,293		69
M/I Homes, Inc. (a)		3,495		205
Macy's, Inc. (a)		42,241		801
Magnite, Inc. (a)		17,056		577
Malibu Boats, Inc. Class A (a)		2,595		190
Marine Products Corp.		2,356		36
MarineMax, Inc. (a)		2,932		143
Marriott Vacations Worldwide Corp. (a)		6,054		964
MasterCraft Boat Holdings, Inc. (a)		2,359		62
Mattel, Inc. (a)		32,974		663
MDC Holdings, Inc.		7,418		375
Meritage Homes Corp. (a)		5,009		471
Modine Manufacturing Co. (a)		7,565		126
Monarch Casino & Resort, Inc. (a)		1,926		127
Monro, Inc.		3,958		251
Motorcar Parts of America, Inc. (a)		2,222		50
Movado Group, Inc.		1,952		61
Murphy USA, Inc.		3,818		509
Muscle Maker, Inc. (a)		1,874		3
Nathan's Famous, Inc.		421		30
National Vision Holdings, Inc. (a)		10,905		558
Nautilus, Inc. (a) (b)		3,919		66
Noodles & Co. (a)		5,015		63
Nordstrom, Inc. (a)		15,413		564
Nova Lifestyle, Inc. (a)		561		2
Ollie's Bargain Outlet Holdings, Inc. (a)		6,480		545
OneWater Marine, Inc.		710		30
Overstock.com, Inc. (a)		5,692		525
Oxford Industries, Inc.		2,236		221
P&F Industries, Inc. Class A (a)		255		2
Papa John's International, Inc.		3,700		386
Party City Holdco, Inc. (a)		14,380		134
Peloton Interactive, Inc. Class A (a)		6,580		816
Penske Automotive Group, Inc.		5,221		394
Perdoceo Education Corp. (a)		8,879		109
Petco Health & Wellness Co., Inc. (a)		7,851		176
PetMed Express, Inc. (b) (c)		2,714		86
Planet Fitness, Inc. Class A (a)		12,006		903
PlayAGS, Inc. (a)		3,939		39
Polaris, Inc.		8,395		1,151
Poshmark, Inc. Class A (a) (b)		1,073		51
Potbelly Corp. (a)		3,393		27
PubMatic, Inc. Class A (a)		933		36
Purple Innovation, Inc. (a)		1,998		53
Quotient Technology, Inc. (a)		11,916		129
Qurate Retail, Inc. Class A		61,212		802

See notes to financial statements.

9

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Rave Restaurant Group, Inc. (a)		2,610	$	4
RCI Hospitality Holdings, Inc.		1,219		81
Red Robin Gourmet Burgers, Inc. (a)		1,532		51
Red Rock Resorts, Inc. Class A (a)		9,030		384
Regis Corp. (a)		5,075		48
Remark Holdings, Inc. (a)		14,012		26
Rent-A-Center, Inc.		9,299		493
Revolve Group, Inc. (a)		1,934		133
RH (a)		1,819		1,235
Rocky Brands, Inc.		1,067		59
Roku, Inc. (a)		3,129		1,437
RumbleON, Inc. Class B (a)		379		15
Ruth's Hospitality Group, Inc. (a)		4,741		109
Sally Beauty Holdings, Inc. (a)		12,636		279
Scientific Games Corp. (a)		12,717		986
Seaworld Entertainment, Inc. (a)		6,353		317
Select Interior Concepts, Inc. Class A (a)		2,655		25
Service Corp. International		22,785		1,220
Shake Shack, Inc. Class A (a)		2,516		269
Shoe Carnival, Inc.		1,205		86
Shutterstock, Inc.		3,110		305
Signet Jewelers Ltd. (a)		7,013		567
Simply, Inc. (a)		1,347		4
Six Flags Entertainment Corp. (a)		11,302		489
Skechers USA, Inc. Class A (a)		14,665		732
Skyline Champion Corp. (a)		7,764		414
Sleep Number Corp. (a)		2,929		322
Smith & Wesson Brands, Inc.		7,719		268
Sonic Automotive, Inc. Class A		2,031		91
Sonos, Inc. (a)		18,455		650
Sportsman's Warehouse Holdings, Inc. (a)		6,406		114
Stamps.com, Inc. (a)		2,482		497
Standard Motor Products, Inc.		3,006		130
Steven Madden Ltd.		10,562		462
Stitch Fix, Inc. Class A (a)		1,350		81
StoneMor, Inc. (a)		17,844		47
Stoneridge, Inc. (a)		3,466		102
Strategic Education, Inc.		2,796		213
Strattec Strategy Corp. (a)		459		20
Stride, Inc. (a) (b)		6,087		196
Sturm Ruger & Co., Inc. (c)		2,355		212
Summer Infant, Inc. (a)		252		3
Superior Group of Cos., Inc.		1,894		45
Superior Industries International, Inc. (a)		3,679		32
Sypris Solutions, Inc. (a)		1,962		7
Target Hospitality Corp. (a)		5,742		21
Taylor Morrison Home Corp. (a)		15,646		413
Tempur Sealy International, Inc.		24,206		949
Tenneco, Inc. Class A (a)		12,399		240
Terminix Global Holdings, Inc. (a)		16,204		773

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Texas Roadhouse, Inc.		9,890	$	951
The Aaron's Co., Inc.		4,576		146
The Buckle, Inc. (b)		3,217		160
The Cato Corp. Class A		2,849		48
The Cheesecake Factory, Inc. (a)		5,127		278
The Children's Place, Inc. (a)		1,780		166
The Container Store Group, Inc. (a)		5,387		70
The Dixie Group, Inc. (a)		1,962		6
The Goodyear Tire & Rubber Co. (a)		39,134		671
The Lovesac Co. (a)		1,893		151
The New Home Co., Inc. (a)		1,848		11
The ODP Corp. (a)		7,168		344
The RealReal, Inc. (a)		12,588		249
The Wendy's Co.		27,555		645
Thor Industries, Inc.		6,368		720
ThredUp, Inc. Class A (a) (b)		1,929		56
Tilly's, Inc. Class A		1,853		30
Toll Brothers, Inc.		12,830		742
TopBuild Corp. (a)		4,167		824
Toughbuilt Industries, Inc. (a)		12,087		10
Travel + Leisure Co.		11,543		686
TravelCenters of America, Inc. (a)		2,110		62
Tri Pointe Homes, Inc. (a)		16,421		352
Tupperware Brands Corp. (a)		5,556		132
Turtle Beach Corp. (a)		2,318		74
Unifi, Inc. (a)		2,301		56
Unique Fabricating, Inc. (a)		1,340		5
Universal Electronics, Inc. (a)		1,843		89
Universal Technical Institute, Inc. (a)		4,136		27
Urban Outfitters, Inc. (a)		6,499		268
Vail Resorts, Inc. (a)		5,391		1,707
Veoneer, Inc. (a) (b)		13,034		300
Vera Bradley, Inc. (a)		3,866		48
Vince Holding Corp. (a)		521		5
Vinco Ventures, Inc. (a)		3,917		15
Vista Outdoor, Inc. (a)		7,734		358
Visteon Corp. (a)		3,568		432
VOXX International Corp. (a)		2,419		34
Vroom, Inc. (a) (b)		16,556		693
Wayfair, Inc. Class A (a) (b)		7,060		2,230
Weyco Group, Inc.		1,042		23
Williams-Sonoma, Inc.		7,683		1,227
Wingstop, Inc.		4,170		657
Winmark Corp.		344		66
Winnebago Industries, Inc.		4,500		306
Wolverine World Wide, Inc.		11,093		373
WW International, Inc. (a)		7,777		281
Wyndham Hotels & Resorts, Inc.		11,920		862
XpresSpa Group, Inc. (a) (b)		16,262		25
YETI Holdings, Inc. (a)		11,684		1,073

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Zovio, Inc. (a)		4,936	$	13
Zumiez, Inc. (a)		3,124		153
				102,780
Consumer Staples (2.9%):
22nd Century Group, Inc. (a) (b)		23,567		109
Albertsons Cos., Inc. Class A (b)		37,491		737
Alico, Inc.		605		22
Arcadia Biosciences, Inc. (a)		3,194		9
B&G Foods, Inc. (b)		8,775		288
BellRing Brands, Inc. Class A (a)		5,417		170
Beyond Meat, Inc. (a) (b)		8,348		1,315
BJ's Wholesale Club Holdings, Inc. (a)		16,855		802
Bunge Ltd.		18,275		1,428
Calavo Growers, Inc.		2,399		152
Cal-Maine Foods, Inc.		3,157		114
Casey's General Stores, Inc.		4,542		884
Celsius Holdings, Inc. (a)		4,321		329
Central Garden & Pet Co. Class A (a)		4,559		220
Coca-Cola Consolidated, Inc.		591		238
Coffee Holding Co., Inc. (a)		846		5
Coty, Inc. Class A (a) (c)		21,730		203
Crimson Wine Group Ltd. (a)		2,491		23
Cyanotech Corp. (a)		635		2
Darling Ingredients, Inc. (a)		21,084		1,423
Eastside Distilling, Inc. (a)		1,845		5
Edgewell Personal Care Co.		7,281		320
elf Beauty, Inc. (a)		5,942		161
Energizer Holdings, Inc.		7,542		324
Farmer Brothers Co. (a)		2,472		31
Flowers Foods, Inc.		27,690		670
Fresh Del Monte Produce, Inc.		3,594		118
Freshpet, Inc. (a)		6,409		1,044
Grocery Outlet Holding Corp. (a)		9,502		329
Guardion Health Sciences, Inc. (a)		3,272		6
Herbalife Nutrition Ltd. (a)		14,136		746
HF Foods Group, Inc. Class A (a)		6,054		32
Honest Co., Inc. (a) (b)		4,122		67
Hostess Brands, Inc. (a)		10,965		178
Ifresh, Inc. (a)		2,172		3
Ingles Markets, Inc. Class A		1,796		105
Ingredion, Inc.		9,710		879
Inter Parfums, Inc.		2,395		172
J & J Snack Foods Corp.		1,920		335
John B Sanfilippo & Son, Inc.		1,138		101
Jones Soda Co. (a)		7,515		4
Jupiter Wellness, Inc. (a)		1,150		5
Keurig Dr Pepper, Inc.		113,904		4,014
Laird Superfood, Inc. (a)		750		22
Lancaster Colony Corp.		2,864		554
Landec Corp. (a)		4,021		45

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Lifevantage Corp. (a)		2,074	$	15
Lifeway Foods, Inc. (a)		492		3
Limoneira Co.		2,062		36
Mannatech, Inc.		172		5
Medifast, Inc.		1,593		451
MGP Ingredients, Inc. (b)		1,418		96
Mission Produce, Inc. (a) (b)		6,781		140
National Beverage Corp.		4,263		201
Natural Alternatives International, Inc. (a)		839		14
Natural Grocers by Vitamin Cottage, Inc.		2,137		23
Nature's Sunshine Products, Inc.		2,671		46
NewAge, Inc. (a) (b)		20,279		45
Nu Skin Enterprises, Inc. Class A		7,254		411
Ocean Bio-Chem, Inc.		687		8
Oil-Dri Corp. of America		714		24
Performance Food Group Co. (a)		16,656		808
Pilgrim's Pride Corp. (a)		7,679		170
Post Holdings, Inc. (a)		8,021		870
PriceSmart, Inc.		2,180		198
PURE Bioscience, Inc. (a)		9,208		4
Reed's, Inc. (a)		12,976		13
Revlon, Inc. Class A (a)		1,179		15
Reynolds Consumer Products, Inc.		8,593		261
RiceBran Technologies (a)		4,870		6
Rite Aid Corp. (a)		7,988		130
Sanderson Farms, Inc.		2,920		549
Seaboard Corp.		40		155
Seneca Foods Corp. Class A (a)		857		44
Shineco, Inc. (a)		1,205		8
SpartanNash Co.		4,796		93
Spectrum Brands Holdings, Inc.		5,978		509
Sprouts Farmers Market, Inc. (a)		16,939		421
The Andersons, Inc.		4,563		139
The Boston Beer Co., Inc. Class A (a)		988		1,009
The Chefs' Warehouse, Inc. (a)		4,062		129
The Duckhorn Portfolio, Inc. (a) (b)		3,082		68
The Hain Celestial Group, Inc. (a)		14,614		586
The Simply Good Foods Co. (a)		9,959		364
Tootsie Roll Industries, Inc.		2,885		98
TreeHouse Foods, Inc. (a)		6,112		272
Turning Point Brands, Inc.		2,402		110
U.S. Foods Holding Corp. (a)		30,771		1,181
United Natural Foods, Inc. (a)		6,919		256
United-Guardian, Inc.		463		7
Universal Corp.		3,283		187
USANA Health Sciences, Inc. (a)		1,658		170
Vector Group Ltd.		17,007		241
Veru, Inc. (a)		9,417		76
Village Super Market, Inc. Class A		1,444		34
Vital Farms, Inc. (a) (b)		3,274		65

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
WD-40 Co.		1,576	$	404
Weis Markets, Inc. (c)		2,755		142
Willamette Valley Vineyards, Inc. (a)		610		8
				30,061
Energy (2.6%):
Abraxas Petroleum Corp. (a)		1,248		4
Adams Resources & Energy, Inc.		409		11
Aemetis, Inc. (a)		3,911		44
Alto Ingredients, Inc. (a) (b)		10,770		66
Amplify Energy Corp. (a)		4,843		20
Amyris, Inc. (a) (b)		27,098		444
Antero Midstream Corp.		45,132		469
Antero Resources Corp. (a)		44,718		672
Arch Resources, Inc. (a)		2,001		114
Archrock, Inc.		18,207		162
Aspen Aerogels, Inc. (a)		3,396		102
Barnwell Industries, Inc. (a)		640		2
Basic Energy Services, Inc. (a)		3,062		—	(e)
Bonanza Creek Energy, Inc.		4,021		189
BP Prudhoe Bay Royalty Trust (a)		3,373		17
Brigham Minerals, Inc.		2,324		49
Bristow Group, Inc. (a)		3,182		81
Cactus, Inc. Class A		3,698		136
California Resources Corp. (a) (b)		6,959		210
Callon Petroleum Co. (a) (b)		6,562		379
Camber Energy, Inc. (a)		8,751		6
Centennial Resource Development, Inc. Class A (a) (b)		43,556		295
Centrus Energy Corp. Class A (a)		1,157		29
ChampionX Corp. (a)		28,554		733
Cheniere Energy, Inc. (a)		37,954		3,293
Chesapeake Energy Corp.		14,503		753
Cimarex Energy Co.		14,907		1,080
Clean Energy Fuels Corp. (a) (b)		23,627		240
CNX Resources Corp. (a)		30,891		422
Comstock Resources, Inc. (a)		11,719		78
CONSOL Energy, Inc. (a)		4,125		76
Contango Oil & Gas Co. (a) (b)		19,607		85
Continental Resources, Inc.		11,004		418
Cross Timbers Royalty Trust		946		11
CVR Energy, Inc.		4,594		83
Dawson Geophysical Co. (a)		3,145		8
Delek U.S. Holdings, Inc.		10,826		234
Denbury, Inc. (a)		6,619		508
Diamond S Shipping, Inc. (a)		3,711		37
Dorian LPG Ltd. (a)		4,856		69
Dril-Quip, Inc. (a) (b)		4,076		138
ENGlobal Corp. (a)		3,211		10
Enservco Corp. (a)		770		1
EQT Corp. (a)		35,184		783
Equitrans Midstream Corp.		47,024		400

See notes to financial statements.

14

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Evolution Petroleum Corp.		4,541	$	23
Exterran Corp. (a)		3,620		17
Extraction Oil & Gas, Inc. (a)		4,059		223
Forum Energy Technologies, Inc. (a)		768		18
FTS International, Inc. Class A (a)		67		2
Geospace Technologies Corp. (a)		1,698		14
Gevo, Inc. (a) (b)		30,287		220
Goodrich Petroleum Corp. (a)		1,606		24
Green Plains, Inc. (a)		5,837		196
Gulf Island Fabrication, Inc. (a)		1,932		9
Gulfport Energy Operating Corp. (a)		1,908		123
Hallador Energy Co. (a)		4,149		11
Helix Energy Solutions Group, Inc. (a)		20,188		115
Helmerich & Payne, Inc.		13,601		444
HighPeak Energy, Inc. (a)		731		7
HollyFrontier Corp.		22,014		724
Houston American Energy Corp. (a)		1,455		4
Hugoton Royalty Trust (a)		5,673		1
ION Geophysical Corp. (a)		4,268		9
KLX Energy Services Holdings, Inc. (a) (b)		1,001		10
Laredo Petroleum, Inc. (a) (b)		1,869		173
Liberty Oilfield Services, Inc. Class A (a)		13,059		185
Magnolia Oil & Gas Corp. Class A (a)		16,025		250
Mammoth Energy Services, Inc. (a)		5,249		24
Matador Resources Co.		15,825		570
Matrix Service Co. (a)		3,510		37
Meta Materials, Inc. (a) (b)		10,436		78
Mexco Energy Corp. (a)		143		1
MIND Technology, Inc. (a)		1,909		4
Montauk Renewables, Inc. (a)		3,136		24
Murphy Oil Corp.		19,220		447
Nabors Industries Ltd. (a)		1,058		121
NACCO Industries, Inc. Class A		563		15
National Energy Services Reunited Corp. (a)		7,053		101
Natural Gas Services Group, Inc. (a)		1,844		19
NCS Multistage Holdings, Inc. (a)		142		4
New Fortress Energy, Inc. (b)		16,936		642
Newpark Resources, Inc. (a)		13,329		46
Nextdecade Corp. (a) (b)		17,715		73
Nextier Oilfield Solutions, Inc. (a)		27,169		129
Nine Energy Service, Inc. (a)		1,778		5
Northern Oil and Gas, Inc. (b)		7,709		160
Nuverra Environmental Solutions, Inc. (a)		1,424		3
Oasis Petroleum, Inc.		3,007		302
Oceaneering International, Inc. (a)		12,103		188
Oil States International, Inc. (a)		7,049		55
Overseas Shipholding Group, Inc. Class A (a)		11,223		23
Ovintiv, Inc.		38,254		1,204
Patterson-UTI Energy, Inc.		24,856		247
PBF Energy, Inc. Class A (a)		12,688		194

See notes to financial statements.

15

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description		Shares		Value
PDC Energy, Inc.			13,302	$	609
Peabody Energy Corp. (a) (c)			14,405		114
Penn Virginia Corp. (a)			2,050		48
Permianville Royalty Trust (a)			3,535		7
PHX Minerals, Inc.			2,970		11
ProPetro Holding Corp. (a)			10,314		94
Range Resources Corp. (a)			35,178		590
Ranger Energy Services, Inc. (a)			643		5
Renewable Energy Group, Inc. (a)			6,534		407
REX American Resources Corp. (a)			623		56
Riley Exploration Permian, Inc. (b)			2,839		82
Royale Energy, Inc. (a)	��		4,744		—	(e)
RPC, Inc. (a)			17,337		86
SandRidge Energy, Inc. (a)			5,407		34
SEACOR Marine Holdings, Inc. (a)			3,164		14
Select Energy Services, Inc. Class A (a)			8,035		49
SFL Corp. Ltd.			16,151		124
Silverbow Resources, Inc. (a)			1,779		41
SM Energy Co.			14,849		366
Smart Sand, Inc. (a)			4,165		14
Solaris Oilfield Infrastructure, Inc. Class A			2,951		29
Southwestern Energy Co. (a)			77,874		442
Stabilis Solutions, Inc. (a)			466		5
Superior Drilling Products, Inc. (a)			2,232		2
Talos Energy, Inc. (a)			7,338		115
Targa Resources Corp.			34,228		1,521
Teekay Corp. (a) (b)			8,458		31
Tellurian, Inc. (a)			46,905		218
TETRA Technologies, Inc. (a)			18,750		81
Tidewater, Inc. (a)			3,733		45
Torchlight Energy Resources, Inc. (a) (f) (g)			20,872		23
U.S. Energy Corp. Wyoming (a)			596		3
Uranium Energy Corp. (a)			34,483		92
VAALCO Energy, Inc. (a)			8,489		28
Vertex Energy, Inc. (a)			5,951		79
Vine Energy, Inc. Class A (a)			3,439		54
Voc Energy Trust			2,009		10
W&T Offshore, Inc. (a)			14,799		72
Westwater Resources, Inc. (a)			5,044		24
Whiting Petroleum Corp. (a)			5,292		289
World Fuel Services Corp. (c)			8,868		281
Zion Oil & Gas, Inc. (a)			35,687		17
					26,691
Financials (14.8%):
1895 Bancorp of Wisconsin, Inc. (a)			344		5
1st Source Corp.			2,589		120
Acres Commercial Realty Corp. (a)			1,342		22
AFC Gamma, Inc.			1,778		37
Affiliated Managers Group, Inc.			4,462		688
Affinity Bancshares, Inc. (a)			834		11

See notes to financial statements.

16

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
AG Mortgage Investment Trust, Inc.		6,818	$	29
AGNC Investment Corp.		76,922		1,299
Alleghany Corp. (a)		2,020		1,347
Allegiance Bancshares, Inc.		2,736		105
Ally Financial, Inc.		53,153		2,648
Altabancorp		2,291		99
Amerant Bancorp, Inc. (a)		1,309		28
American Equity Investment Life Holding Co.		10,827		350
American Financial Group, Inc.		9,923		1,238
American National Bankshares, Inc.		1,604		50
American National Group, Inc.		3,263		485
American River Bankshares		885		16
Ameris Bancorp		9,450		478
AMERISAFE, Inc.		2,590		155
AmeriServ Financial, Inc.		2,690		11
Ames National Corp.		1,337		33
Annaly Capital Management, Inc.		207,146		1,840
Apollo Commercial Real Estate Finance, Inc.		16,752		267
Apollo Investment Corp.		10,284		140
Arbor Realty Trust, Inc.		20,624		368
Arch Capital Group Ltd. (a)		52,788		2,055
Ares Capital Corp. (b)		69,294		1,357
Ares Commercial Real Estate Corp.		6,594		97
Ares Management Corp. Class A		30,219		1,922
Argo Group International Holdings Ltd.		4,772		247
Arlington Asset Investment Corp. Class A (a)		4,801		19
ARMOUR Residential REIT, Inc.		9,430		108
Arrow Financial Corp.		2,280		82
Artisan Partners Asset Management, Inc. Class A		6,362		323
Ashford, Inc. (a)		351		8
Assetmark Financial Holdings, Inc. (a)		3,426		86
Associated Bancorp		22,153		454
Associated Capital Group, Inc. Class A		488		19
Assured Guaranty Ltd.		10,932		519
Atlantic American Corp.		837		4
Atlantic Union Bankshares Corp.		11,579		419
Atlanticus Holdings Corp. (a)		1,338		53
Axis Capital Holdings Ltd.		10,552		517
Axos Financial, Inc. (a)		7,561		351
Bain Capital Specialty Finance, Inc.		3,256		50
Banc of California, Inc.		6,800		119
BancFirst Corp.		2,479		155
BancorpSouth Bank		11,967		339
Bank of Hawaii Corp.		5,474		461
Bank of Marin Bancorp		1,916		61
Bank of South Carolina Corp.		688		14
Bank of the James Financial Group, Inc.		713		11
Bank OZK		18,643		786
Bank7 Corp.		443		8
Bankfinancial Corp.		1,931		22

See notes to financial statements.

17

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
BankUnited, Inc.		11,167	$	477
Bankwell Financial Group, Inc.		1,010		28
Banner Corp.		4,716		256
Bar Harbor Bankshares		2,195		63
Barings BDC, Inc.		10,293		109
Baycom Corp. (a)		1,530		27
BCB Bancorp, Inc.		2,536		34
Berkshire Hills Bancorp, Inc.		7,020		192
BGC Partners, Inc. Class A		36,342		206
BlackRock Capital Investment Corp.		11,685		46
BlackRock TCP Capital Corp.		9,103		126
Blackstone Mortgage Trust, Inc. Class A		21,315		680
Blucora, Inc. (a)		5,722		99
Blue Ridge Bankshares, Inc.		2,700		47
Bogota Financial Corp. (a)		932		9
BOK Financial Corp.		4,933		427
Boston Private Financial Holdings, Inc.		11,176		165
Bridgewater Bancshares, Inc. (a)		3,548		57
Brighthouse Financial, Inc. (a)		11,627		529
BrightSpire Capital, Inc.		12,882		121
Broadmark Realty Capital, Inc.		20,891		221
Broadway Financial Corp. (a)		9,833		26
Brookline Bancorp, Inc.		10,597		158
Brown & Brown, Inc.		34,198		1,817
BRP Group, Inc. Class A (a)		2,577		69
Bryn Mawr Bank Corp.		2,726		115
Business First Bancshares, Inc.		2,132		49
Byline Bancorp, Inc. Class A		3,957		90
C&F Financial Corp.		581		30
Cadence Bancorp		15,920		332
California Bancorp, Inc. (a)		1,178		22
Cambridge Bancorp Class A		1,031		86
Camden National Corp.		2,025		97
Capital Bancorp, Inc. (a)		1,714		35
Capital City Bank Group, Inc.		1,992		51
Capital Southwest Corp. (b)		3,106		72
Capitala Finance Corp. (a)		428		11
Capitol Federal Financial, Inc.		15,311		180
Capstar Financial Holdings, Inc.		3,099		64
Capstead Mortgage Corp.		10,836		67
Cathay General Bancorp		11,299		445
CBM Bancorp, Inc.		501		8
CBTX, Inc. Class A		2,868		78
Central Pacific Financial Corp.		3,835		100
Central Valley Community Bancorp		1,856		37
Century Bancorp, Inc. Class A		474		54
CF Bankshares, Inc.		671		13
Chemung Financial Corp.		640		28
Cherry Hill Mortgage Investment Corp.		2,452		24
Chimera Investment Corp.		30,880		465

See notes to financial statements.

18

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
CIT Group, Inc.		13,894	$	717
Citizens & Northern Corp.		2,370		58
Citizens, Inc. (a)		6,566		35
City Holding Co.		2,126		160
Civista Bancshares, Inc.		2,290		51
CNA Financial Corp.		4,281		195
CNB Financial Corp. Class A		2,661		61
CNO Financial Group, Inc.		18,452		436
Coastal Financial Corp. (a)		1,493		43
Codorus Valley Bancorp, Inc.		1,230		25
Cohen & Co., Inc. (a)		155		3
Cohen & Steers, Inc.		4,181		343
Coinbase Global, Inc. Class A (a) (b)		18,124		4,590
Colony Bankcorp, Inc.		1,243		22
Columbia Banking System, Inc.		9,043		349
Columbia Financial, Inc. (a) (c)		6,504		112
Commerce Bancshares, Inc.		14,754		1,101
Community Bank System, Inc.		7,302		552
Community Trust Bancorp, Inc.		2,614		106
Conifer Holdings, Inc. (a)		550		2
ConnectOne Bancorp, Inc.		5,328		139
Consumer Portfolio Services, Inc. (a)		2,251		10
County Bancorp, Inc.		795		27
Cowen, Inc. Class A		3,895		160
Crawford & Co. Class B		1,345		12
Credit Acceptance Corp. (a) (b)		1,686		766
Crescent Capital BDC, Inc.		4,350		82
Crossfirst Bankshares, Inc. (a)		6,421		88
Cullen/Frost Bankers, Inc.		7,510		841
Curo Group Holdings Corp.		3,477		59
Customers Bancorp, Inc.		4,424		172
CVB Financial Corp.		17,348		357
Diamond Hill Investment Group, Inc.		464		78
Dime Community Bancshares, Inc.		4,980		167
Donegal Group, Inc. Class A		1,897		28
Donnelley Financial Solutions, Inc. (a)		4,535		150
Dynex Capital, Inc.		4,136		77
Eagle Bancorp Montana, Inc.		929		21
Eagle Bancorp, Inc.		4,332		243
East West Bancorp, Inc.		17,213		1,235
Eastern Bankshares, Inc.		25,309		521
eHealth, Inc. (a)		3,542		207
Elevate Credit, Inc. (a)		3,268		12
Ellington Financial, Inc.		5,865		112
Ellington Residential Mortgage REIT		1,809		21
Employers Holdings, Inc.		3,866		165
Encore Capital Group, Inc. (a)		3,030		144
Enova International, Inc. (a)		4,923		168
Enstar Group Ltd. (a)		2,433		581
Enterprise Bancorp, Inc.		1,760		58

See notes to financial statements.

19

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Enterprise Financial Services Corp.		4,631	$	215
Equitable Holdings, Inc.		54,663		1,665
Equity Bancshares, Inc. Class A (a)		1,875		57
Equus Total Return, Inc. (a)		1,151		2
Erie Indemnity Co. Class A		2,766		535
Esquire Financial Holdings, Inc. (a)		1,173		28
ESSA Bancorp, Inc.		1,497		25
Evans Bancorp, Inc.		737		27
Evercore, Inc.		5,937		836
EZCORP, Inc. Class A (a)		6,160		37
FactSet Research Systems, Inc.		5,428		1,822
Farmers & Merchants Bancorp, Inc.		1,571		34
FB Financial Corp.		3,731		139
Federal Agricultural Mortgage Corp. Class C		1,171		116
Federal Home Loan Mortgage Corp. (a)		88,092		127
Federal National Mortgage Association (a) (b)		182,484		285
Federated Hermes, Inc.		11,795		400
Fednat Holding Co.		2,168		9
FFBW, Inc. (a)		840		10
FG Financial Group, Inc. (a)		308		3
Fidelity D&D Bancorp, Inc.		733		40
Fidelity National Financial, Inc.		42,815		1,861
Fidus Investment Corp.		3,851		65
Financial Institutions, Inc.		2,295		69
First Acceptance Corp.		2,731		5
First American Financial Corp.		14,872		927
First Bancorp, Inc.		1,351		40
First BanCorp/Puerto Rico		29,219		348
First Bancorp/Southern Pines NC		3,861		158
First Busey Corp.		7,955		196
First Choice Bancorp		1,641		50
First Citizens BancShares, Inc. Class A (b)		1,253		1,044
First Commonwealth Financial Corp.		13,038		183
First Community Bankshares, Inc.		2,294		68
First Eagle Alternative Capital BDC, Inc.		4,745		22
First Financial Bancorp		12,264		290
First Financial Bankshares, Inc.		18,834		925
First Financial Corp. Class A		1,771		72
First Financial Northwest, Inc.		1,238		19
First Hawaiian, Inc.		15,613		442
First Horizon Corp.		78,336		1,355
First Internet Bancorp		1,460		45
First Interstate BancSystem, Inc. Class A		5,001		209
First Merchants Corp.		7,968		332
First Midwest Bancorp, Inc.		15,494		307
First Seacoast Bancorp Class B (a)		428		4
First U.S. Bancshares, Inc.		980		11
First United Corp.		926		16
First Western Financial, Inc. (a)		958		25
FirstCash, Inc.		4,720		361

See notes to financial statements.

20

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Five Star Bancorp (a)		821	$	20
Flagstar Bancorp, Inc.		7,232		306
Flushing Financial Corp.		4,244		91
FNB Corp.		45,295		558
FNCB Bancorp, Inc.		2,901		21
Focus Financial Partners, Inc. Class A (a)		2,615		127
FS KKR Capital Corp. (b)		44,929		966
Fulton Financial Corp.		22,804		360
FVCBankcorp, Inc. (a)		1,913		33
GAMCO Investors, Inc. Class A		1,550		39
Generations Bancorp New York, Inc. (a)		101		1
Genworth Financial, Inc. (a)		71,075		277
German American Bancorp, Inc.		3,891		145
Glacier Bancorp, Inc.		13,394		738
Gladstone Capital Corp. (b)		5,303		61
Gladstone Investment Corp.		5,233		75
Glen Burnie Bancorp		360		5
GoHealth, Inc. Class A (a)		7,085		79
Goldman Sachs BDC, Inc.		6,339		124
Golub Capital BDC, Inc. (b)		18,822		290
Goosehead Insurance, Inc. Class A		1,333		170
Granite Point Mortgage Trust, Inc.		8,684		128
Great Ajax Corp.		3,007		39
Great Southern Bancorp, Inc. Class A		1,600		86
Great Western Bancorp, Inc.		6,774		222
Green Dot Corp. Class A (a)		7,462		350
Greenhill & Co., Inc.		1,784		28
Guaranty Bancshares, Inc.		1,596		54
Guild Holdings Co. Class A		1,040		16
GWG Holdings, Inc. (a)		731		5
Hallmark Financial Services, Inc. (a)		2,721		12
Hamilton Lane, Inc. Class A		2,173		198
Hancock Whitney Corp.		11,490		511
Hanmi Financial Corp.		4,160		79
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		11,405		640
HarborOne Bancorp, Inc.		6,551		94
Hawthorn Bancshares, Inc. (b)		1,010		23
HBT Financial, Inc.		1,510		26
HCI Group, Inc. (b)		1,057		105
Heartland Financial USA, Inc.		6,181		290
Hercules Capital, Inc.		18,239		311
Heritage Commerce Corp.		7,672		85
Heritage Financial Corp.		4,309		108
Heritage Insurance Holdings, Inc.		4,055		35
Hilltop Holdings, Inc.		8,958		326
HMN Financial, Inc. (a)		612		13
Home Bancorp, Inc.		1,181		45
Home BancShares, Inc.		20,780		513
Home Point Capital, Inc. (a)		1,753		10
HomeStreet, Inc.		2,894		118

See notes to financial statements.

21

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hope Bancorp, Inc.		16,745	$	237
Horace Mann Educators Corp.		5,622		210
Horizon Bancorp, Inc.		5,956		104
Horizon Technology Finance Corp.		3,098		54
Houlihan Lokey, Inc.		2,687		220
Impac Mortgage Holdings, Inc. (a)		1,984		4
Income Opportunity Realty Investors, Inc. (a)		125		2
Independence Holding Co.		877		41
Independent Bank Corp.		4,477		338
Independent Bank Corp.		2,884		63
Independent Bank Group, Inc.		5,241		388
Interactive Brokers Group, Inc.		10,018		658
International Bancshares Corp.		7,988		343
Invesco Mortgage Capital, Inc. (b)		33,391		130
Investar Holding Corp.		1,444		33
Investcorp Credit Management BDC, Inc.		2,194		12
Investors Bancorp, Inc.		31,612		451
Investors Title Co.		171		30
Jefferies Financial Group, Inc.		30,354		1,038
Kearny Financial Corp.		9,548		114
Kemper Corp.		8,444		624
Kinsale Capital Group, Inc.		3,235		533
KKR Real Estate Finance Trust, Inc.		4,295		93
Ladder Capital Corp.		8,958		103
Lakeland Bancorp, Inc.		7,415		130
Lakeland Financial Corp.		3,706		228
Lemonade, Inc. (a) (b)		6,676		730
LendingTree, Inc. (a)		1,048		222
Level One Bancorp, Inc.		685		19
Limestone Bancorp, Inc. (a)		658		11
Live Oak Bancshares, Inc.		4,618		272
Loandepot, Inc. Class A		485		6
LPL Financial Holdings, Inc.		11,211		1,513
Lument Finance Trust, Inc.		2,869		12
Luther Burbank Corp.		1,892		22
Macatawa Bank Corp.		4,525		40
Maiden Holdings Ltd. (a) (b)		9,365		32
Main Street Capital Corp. (b)		10,750		442
Manning & Napier, Inc. (a)		2,195		17
Markel Corp. (a)		1,951		2,314
Marlin Business Services Corp.		1,589		36
MBIA, Inc. (a)		6,765		74
Medallion Financial Corp. (a)		3,352		30
Medley Management, Inc. Class A (a) (b)		443		3
Mercantile Bank Corp.		2,215		67
Merchants Bancorp		2,766		109
Mercury General Corp.		4,187		272
Meridian Bancorp, Inc.		5,951		122
Meta Financial Group, Inc.		4,326		219
Metropolitan Bank Holding Corp. (a)		1,236		74

See notes to financial statements.

22

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
MFA Financial, Inc.		53,541	$	246
MGIC Investment Corp.		49,189		668
Midland States Bancorp, Inc.		3,065		81
Midwest Holding, Inc. (a)		494		19
MidWestOne Financial Group, Inc.		2,240		64
Moelis & Co. Class A		4,278		243
Monroe Capital Corp.		3,356		36
Morningstar, Inc.		3,789		974
MVB Financial Corp.		1,629		69
National Bank Holdings Corp. Class A		3,493		132
National Bankshares, Inc. (b)		899		31
National Western Life Group, Inc. Class A		297		67
Navient Corp.		25,175		487
NBT Bancorp, Inc.		5,884		212
Nelnet, Inc. Class A		2,913		219
New Mountain Finance Corp.		13,884		183
New Residential Investment Corp.		69,119		732
New York Community Bancorp, Inc.		65,953		726
New York Mortgage Trust, Inc.		49,603		222
Newtek Business Services Corp.		3,369		118
Nexpoint Real Estate Finance, Inc.		724		15
NI Holdings, Inc. (a)		1,210		23
Nicholas Financial, Inc. (a)		1,747		20
NMI Holdings, Inc. Class A (a)		11,465		258
Northfield Bancorp, Inc.		5,658		93
Northrim Bancorp, Inc.		880		38
Northwest Bancshares, Inc. (c)		17,244		235
Norwood Financial Corp.		1,295		34
Oaktree Specialty Lending Corp.		24,725		165
Oceanfirst Financial Corp.		8,541		178
Ocwen Financial Corp. (a)		1,180		37
OFG Bancorp		6,021		133
OFS Capital Corp.		1,648		16
Old National Bancorp		22,458		395
Old Point Financial Corp.		701		17
Old Republic International Corp.		38,416		957
Old Second Bancorp, Inc.		3,749		46
OneMain Holdings, Inc.		19,706		1,180
OP Bancorp (b)		1,967		20
Oportun Financial Corp. (a)		2,645		53
Oppenheimer Holdings, Inc. Class A		1,368		70
Orchid Island Capital, Inc. (b)		13,810		72
Origin Bancorp, Inc.		2,923		124
Oscar Health, Inc. Class A (a)		5,882		126
Ottawa Bancorp, Inc.		452		7
Owl Rock Capital Corp. (b)		59,824		854
Oxford Square Capital Corp.		7,814		38
Pacific Mercantile Bancorp (a)		2,638		23
Pacific Premier Bancorp, Inc.		11,931		505
PacWest Bancorp		16,949		698

See notes to financial statements.

23

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Palomar Holdings, Inc. (a)		3,548	$	268
Park National Corp.		2,240		263
Parke Bancorp, Inc.		1,873		37
Patriot National Bancorp, Inc. (a)		335		3
PCSB Financial Corp.		1,886		34
PDL Community Bancorp (a)		1,010		14
Peapack-Gladstone Financial Corp.		2,609		81
PennantPark Floating Rate Capital Ltd.		6,109		78
Pennantpark Investment Corp.		10,564		71
Penns Woods Bancorp, Inc.		1,045		25
Pennymac Financial Services		6,204		383
Pennymac Mortgage Investment Trust		12,808		270
Peoples Bancorp of North Carolina, Inc. (b)		793		20
Peoples Bancorp, Inc.		2,879		85
Phenixfin Corp. (a)		289		12
Pinnacle Financial Partners, Inc.		10,191		900
Pioneer Bancorp, Inc. (a)		1,637		20
Piper Sandler Cos.		2,503		324
Plumas Bancorp		745		24
Popular, Inc.		11,937		896
Portman Ridge Finance Corp.		13,542		32
PRA Group, Inc. (a)		5,268		203
Preferred Bank		1,596		101
Premier Financial Bancorp, Inc.		1,878		32
Premier Financial Corp.		5,407		154
Primerica, Inc.		5,095		780
Primis Financial Corp.		3,053		47
ProAssurance Corp.		6,886		157
PROG Holdings, Inc. (a)		8,490		409
Prosight Global, Inc. (a)		4,208		54
Prospect Capital Corp. (b)		44,603		374
Prosperity Bancshares, Inc.		13,473		968
Provident Bancorp, Inc.		2,224		36
Provident Financial Holdings, Inc.		888		15
Provident Financial Services, Inc.		10,565		242
Pzena Investment Management, Inc. Class A		2,629		29
QCR Holdings, Inc.		2,322		112
Radian Group, Inc.		25,624		569
Randolph Bancorp, Inc. (a)		677		14
RBB Bancorp		2,158		52
Ready Capital Corp.		9,539		151
Red River Bancshares, Inc.		828		42
Redwood Trust, Inc.		14,780		178
Regional Management Corp.		1,440		67
Reinsurance Group of America, Inc.		9,105		1,038
RenaissanceRe Holdings Ltd.		7,010		1,043
Renasant Corp.		7,631		305
Republic Bancorp, Inc. Class A		1,801		83
Republic First Bancorp, Inc. (a)		6,772		27
Rhinebeck Bancorp, Inc. (a)		666		7

See notes to financial statements.

24

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Richmond Mutual Bancorporation, Inc.		1,745	$	26
Riverview Bancorp, Inc.		2,852		20
RLI Corp.		5,983		626
Rocket Cos., Inc. Class A (b)		15,641		303
Root, Inc. Class A (a) (b)		4,384		47
S&T Bancorp, Inc.		5,333		167
Sachem Capital Corp.		3,445		18
Safeguard Scientifics, Inc. (a)		2,674		21
Safety Insurance Group, Inc. (c)		1,652		129
Salisbury Bancorp, Inc.		448		23
Sandy Spring Bancorp, Inc.		6,405		283
Santander Consumer USA Holdings, Inc.		9,644		350
Saratoga Investment Corp.		1,464		39
SB Financial Group, Inc.		998		18
Sculptor Capital Management, Inc.		7,005		172
Seacoast Banking Corp. of Florida		6,099		208
Security National Financial Corp. Class A (a)		1,797		16
SEI Investments Co.		17,777		1,102
Selective Insurance Group, Inc.		8,417		683
Selectquote, Inc. (a)		19,824		382
ServisFirst Bancshares, Inc.		7,423		505
Severn Bancorp, Inc.		1,641		20
Shore Bancshares, Inc.		1,574		26
Siebert Financial Corp. (a)		2,168		10
Sierra Bancorp		2,258		57
Signature Bank		6,991		1,718
Silvercrest Asset Management Group, Inc. Class A		1,354		20
Silvergate Capital Corp. Class A (a)		1,597		181
Simmons First National Corp. Class A		14,682		431
Sixth Street Specialty Lending, Inc.		10,756		239
SLM Corp.		46,805		980
Solar Capital Ltd.		5,593		104
Solar Senior Capital Ltd.		2,301		35
South Plains Financial, Inc.		1,762		41
South State Corp.		9,855		806
Southern First Bancshares, Inc. (a)		976		50
Southern Missouri Bancorp, Inc.		1,112		50
Southside Bancshares, Inc. (c)		4,416		169
Spirit of Texas Bancshares, Inc.		2,242		51
Starwood Property Trust, Inc.		42,507		1,112
State Auto Financial Corp.		2,221		38
Stellus Capital Investment Corp.		3,070		39
StepStone Group, Inc. Class A		2,689		93
Sterling Bancorp (a)		3,321		15
Sterling Bancorp		27,920		692
Stewart Information Services Corp.		3,633		206
Stifel Financial Corp.		13,744		891
Stock Yards Bancorp, Inc.		3,331		170
StoneX Group, Inc. (a)		2,217		135
Summit Financial Group, Inc.		1,882		41

See notes to financial statements.

25

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Suro Capital Corp.		3,793	$	51
Synovus Financial Corp.		21,542		945
TCG BDC, Inc.		8,611		114
Territorial Bancorp, Inc.		1,275		33
Texas Capital Bancshares, Inc. (a)		6,535		415
TFS Financial Corp.		8,401		171
The Bancorp, Inc. (a)		7,849		181
The Bank of Princeton		972		28
The Blackstone Group, Inc. Class A		102,426		9,949
The Carlyle Group, Inc.		31,288		1,454
The First of Long Island Corp.		3,448		73
The Hanover Insurance Group, Inc.		5,204		706
Timberland Bancorp, Inc.		1,146		32
Tompkins Financial Corp. (b)		1,902		148
Towne Bank		10,070		306
TPG RE Finance Trust, Inc.		6,785		91
Tradeweb Markets, Inc. Class A		6,586		557
Trean Insurance Group, Inc. (a)		2,176		33
Tremont Mortgage Trust		1,308		8
TriCo Bancshares		3,979		169
Trinity Capital, Inc.		4,007		58
TriplePoint Venture Growth BDC Corp.		4,871		74
Tristate Capital Holdings, Inc. (a)		3,970		81
Triumph Bancorp, Inc. (a)		3,371		250
Trupanion, Inc. (a)		4,986		574
TrustCo Bank Corp.		2,613		90
Trustmark Corp.		7,992		246
Two Harbors Investment Corp. (b)		39,249		297
U.S. Global Investors, Inc. Class A		1,707		11
UMB Financial Corp.		5,328		496
Umpqua Holdings Corp.		31,983		590
Union Bankshares, Inc.		571		21
United Bancorp, Inc.		874		13
United Bankshares, Inc.		18,392		671
United Community Banks, Inc.		11,759		376
United Fire Group, Inc.		2,968		82
United Insurance Holdings Corp.		3,469		20
United Security Bancshares		2,090		17
Unity Bancorp, Inc.		1,247		27
Universal Insurance Holdings, Inc.		4,230		59
Univest Financial Corp.		4,259		112
Upstart Holdings, Inc. (a)		9,452		1,180
Valley National Bancorp		55,642		747
Value Line, Inc.		150		5
Velocity Financial, Inc. (a)		2,138		27
Vericity, Inc. (a)		562		5
Veritex Holdings, Inc.		6,235		221
Victory Capital Holdings, Inc. Class A (d)		1,923		62
Village Bank and Trust Financial Corp. (a)		110		5
Virtu Financial, Inc. Class A		4,485		124

See notes to financial statements.

26

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Virtus Investment Partners, Inc.		940	$	261
Voya Financial, Inc.		17,956		1,104
Walker & Dunlop, Inc.		4,308		449
Washington Federal, Inc.		10,039		319
Washington Trust Bancorp, Inc.		2,509		129
Webster Financial Corp.		11,255		600
WesBanco, Inc.		9,864		351
West Bancorp, Inc.		2,269		63
Westamerica Bancorp		3,090		179
Western Alliance Bancorp		14,511		1,348
Western Asset Mortgage Capital Corp. (b)		8,720		28
Western New England Bancorp, Inc.		3,231		26
Westwood Holdings Group, Inc.		1,202		26
White Mountains Insurance Group Ltd.		460		528
WhiteHorse Finance, Inc.		2,466		37
William Penn Bancorp		1,816		22
Wintrust Financial Corp.		7,459		564
WisdomTree Investments, Inc.		15,321		95
World Acceptance Corp. (a) (b)		971		156
WSFS Financial Corp.		5,916		276
				149,607
Health Care (16.4%):
10X Genomics, Inc. Class A (a)		1,731		339
1Life Healthcare, Inc. (a)		15,161		501
4D Molecular Therapeutics, Inc. (a)		3,330		80
89bio, Inc. (a)		2,529		47
9 Meters Biopharma, Inc. (a)		38,423		42
Abeona Therapeutics, Inc. (a)		13,576		21
Acadia Healthcare Co., Inc. (a)		11,313		710
ACADIA Pharmaceuticals, Inc. (a)		21,202		517
Accelerate Diagnostics, Inc. (a) (b)		5,772		47
Acceleron Pharma, Inc. (a)		7,078		888
Accolade, Inc. (a)		8,950		486
Accuray, Inc. (a)		13,520		61
AcelRx Pharmaceuticals, Inc. (a)		17,642		24
Acer Therapeutics, Inc. (a)		1,534		4
Achieve Life Sciences, Inc. (a)		1,408		13
Aclaris Therapeutics, Inc. (a)		7,454		131
Acorda Therapeutics, Inc. (a)		1,182		6
Acutus Medical, Inc. (a)		2,438		41
Adamis Pharmaceuticals Corp. (a)		22,757		25
Adaptive Biotechnologies Corp. (a)		14,372		587
Addus HomeCare Corp. (a)		2,030		177
Adial Pharmaceuticals, Inc. (a) (b)		2,621		7
Adicet Bio, Inc. (a) (b)		4,763		49
Aditx Therapeutics, Inc. (a)		1,742		5
Advaxis, Inc. (a)		21,087		10
Adverum Biotechnologies, Inc. (a)		12,500		44
Aeglea BioTherapeutics, Inc. (a)		6,412		45
Aerie Pharmaceuticals, Inc. (a)		6,872		110

See notes to financial statements.

27

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Agenus, Inc. (a)		29,093	$	160
AgeX Therapeutics, Inc. (a)		3,408		5
Agile Therapeutics, Inc. (a) (b)		10,710		14
Agilon Health, Inc. (a)		7,391		300
Agios Pharmaceuticals, Inc. (a)		7,762		428
Aileron Therapeutics, Inc. (a)		10,391		13
AIM ImmunoTech, Inc. (a)		7,538		16
Akebia Therapeutics, Inc. (a)		23,464		89
Akero Therapeutics, Inc. (a) (b)		2,689		67
Akouos, Inc. (a)		3,095		39
Akoya Biosciences, Inc. (a)		1,053		20
Albireo Pharma, Inc. (a)		2,481		87
Aldeyra Therapeutics, Inc. (a)		7,719		87
Alector, Inc. (a)		8,925		186
Alignment Healthcare, Inc. (a) (b)		4,427		103
Aligos Therapeutics, Inc. (a)		1,564		32
Alimera Sciences, Inc. (a)		687		6
Alkermes PLC (a)		21,491		527
Allakos, Inc. (a) (b)		3,883		331
Allena Pharmaceuticals, Inc. (a)		8,091		11
Allied Healthcare Products, Inc. (a)		513		2
Allogene Therapeutics, Inc. (a)		11,598		302
Allovir, Inc. (a)		4,720		93
Allscripts Healthcare Solutions, Inc. (a)		17,573		325
Alnylam Pharmaceuticals, Inc. (a)		14,262		2,418
Alphatec Holdings, Inc. (a)		12,287		188
Alpine Immune Sciences, Inc. (a)		2,186		20
Altimmune, Inc. (a)		5,204		51
ALX Oncology Holdings, Inc. (a)		2,917		160
Amedisys, Inc. (a)		4,671		1,145
American Shared Hospital Services (a)		576		2
American Well Corp. Class A (a) (b)		6,457		81
Amicus Therapeutics, Inc. (a)		35,217		339
AMN Healthcare Services, Inc. (a)		6,330		614
Amneal Pharmaceuticals, Inc. (a)		44,086		226
Amphastar Pharmaceuticals, Inc. (a)		5,405		109
Ampio Pharmaceuticals, Inc. (a) (b)		28,986		48
AnaptysBio, Inc. (a)		4,054		105
Anebulo Pharmaceuticals, Inc. (a)		477		3
AngioDynamics, Inc. (a)		5,048		137
Angion Biomedica Corp. (a)		3,459		45
ANI Pharmaceuticals, Inc. (a)		1,405		49
Anika Therapeutics, Inc. (a)		1,588		69
Anixa Biosciences, Inc. (a)		4,656		18
Annexon, Inc. (a)		3,376		76
Annovis Bio, Inc. (a)		877		75
Antares Pharma, Inc. (a)		23,407		102
Apellis Pharmaceuticals, Inc. (a)		10,021		633
Apollo Endosurgery, Inc. (a)		3,409		28
Apollo Medical Holdings, Inc. (a)		5,807		365

See notes to financial statements.

28

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Applied Genetic Technologies Corp. (a)		6,333	$	25
Applied Molecular Transport, Inc. (a) (b)		1,689		77
Applied Therapeutics, Inc. (a)		2,425		50
Aprea Therapeutics, Inc. (a)		2,471		12
Apria, Inc. (a)		1,834		51
Aptevo Therapeutics, Inc. (a)		653		15
Aptinyx, Inc. (a)		7,520		21
Apyx Medical Corp. (a)		4,543		47
AquaBounty Technologies, Inc. (a)		7,163		38
Aquestive Therapeutics, Inc. (a)		5,478		22
Aravive, Inc. (a) (b)		2,153		13
ARCA biopharma, Inc. (a)		2,248		8
Arcus Biosciences, Inc. (a)		7,496		206
Arcutis Biotherapeutics, Inc. (a)		4,826		132
Ardelyx, Inc. (a)		12,599		96
Arena Pharmaceuticals, Inc. (a)		8,890		606
Aridis Pharmaceuticals, Inc. (a)		1,186		9
Arrowhead Pharmaceuticals, Inc. (a)		14,597		1,209
Arvinas, Inc. (a)		6,253		481
Asensus Surgical, Inc. (a) (b)		35,275		112
Aspira Women's Health, Inc. (a) (b)		9,702		55
Assembly Biosciences, Inc. (a)		5,506		21
Assertio Holdings, Inc. (a)		6,367		10
Atara Biotherapeutics, Inc. (a)		12,321		192
Atea Pharmaceuticals, Inc. (a)		8,475		182
Athenex, Inc. (a)		9,284		43
Athira Pharma, Inc. (a) (b)		4,282		44
Atossa Therapeutics, Inc. (a)		18,468		117
Atreca, Inc. Class A (a) (b)		1,861		16
AtriCure, Inc. (a)		6,687		530
Atrion Corp.		159		99
aTyr Pharma, Inc. (a)		2,076		10
Avanos Medical, Inc. (a)		5,454		198
Avantor, Inc. (a)		80,723		2,866
Aveanna Healthcare Holdings, Inc. (a)		6,095		75
Avenue Therapeutics, Inc. (a)		1,162		3
AVEO Pharmaceuticals, Inc. (a)		4,765		31
Avid Bioservices, Inc. (a)		7,956		204
Avidity Biosciences, Inc. (a)		4,683		116
Avinger, Inc. (a)		14,575		18
Avrobio, Inc. (a)		4,936		44
Axcella Health, Inc. (a)		1,962		8
Axogen, Inc. (a)		5,686		123
Axonics, Inc. (a)		6,654		422
Axsome Therapeutics, Inc. (a)		4,441		300
Ayala Pharmaceuticals, Inc. (a)		647		7
Aytu BioScience, Inc. (a)		3,729		19
Aziyo Biologics, Inc. Class A (a)		468		4
AzurRx BioPharma, Inc. (a)		12,134		10
Baudax Bio, Inc. (a)		13,147		10

See notes to financial statements.

29

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Beam Therapeutics, Inc. (a) (b)		6,114	$	787
Bellerophon Therapeutics, Inc. (a)		1,409		7
Bellicum Pharmaceuticals, Inc. (a)		1,284		4
Berkeley Lights, Inc. (a)		6,414		287
BioAtla, Inc. (a)		1,645		70
Biocept, Inc. (a)		2,112		9
BioCryst Pharmaceuticals, Inc. (a)		25,761		407
BioDelivery Sciences International, Inc. (a)		14,443		52
Biodesix, Inc. (a)		1,397		18
Biolase, Inc. (a)		22,988		16
BioLife Solutions, Inc. (a)		5,728		255
BioMarin Pharmaceutical, Inc. (a)		20,733		1,730
Biomea Fusion, Inc. (a)		1,406		22
Biomerica, Inc. (a) (b)		1,551		6
BioNano Genomics, Inc. (a) (b)		43,061		316
Bio-Techne Corp.		5,639		2,539
Bioventus, Inc. Class A (a)		1,254		22
Bioxcel Therapeutics, Inc. (a)		2,583		75
Black Diamond Therapeutics, Inc. (a) (b)		3,761		46
bluebird bio, Inc. (a)		10,097		323
Blueprint Medicines Corp. (a)		7,447		655
Bolt Biotherapeutics, Inc. (a)		2,634		41
Brickell Biotech, Inc. (a)		10,375		10
Bridgebio Pharma, Inc. (a)		11,292		688
Brookdale Senior Living, Inc. (a)		27,135		214
Bruker Corp.		8,835		671
C4 Therapeutics, Inc. (a) (b)		5,922		224
Cabaletta Bio, Inc. (a)		1,650		14
Caladrius Biosciences, Inc. (a)		8,907		14
Calithera Biosciences, Inc. (a)		9,102		19
Calyxt, Inc. (a)		1,642		7
Capital Senior Living Corp. (a)		269		13
Capricor Therapeutics, Inc. (a)		3,461		18
Cara Therapeutics, Inc. (a)		6,310		90
Cardiff Oncology, Inc. (a)		5,622		37
Cardiovascular Systems, Inc. (a)		3,861		165
CareCloud, Inc. (a)		1,544		13
CareDx, Inc. (a)		6,562		601
CASI Pharmaceuticals, Inc. (a)		15,641		24
Cassava Sciences, Inc. (a) (b)		5,927		506
Castle Biosciences, Inc. (a)		3,356		246
Castlight Health, Inc. Class B (a)		6,470		17
Catabasis Pharmaceuticals, Inc. (a) (b)		10,792		23
Catalyst Biosciences, Inc. (a)		4,743		21
Catalyst Pharmaceuticals, Inc. (a)		15,148		87
Celcuity, Inc. (a)		1,558		37
Celldex Therapeutics, Inc. (a)		5,618		188
Cellectar Biosciences, Inc. (a)		7,561		9
CEL-SCI Corp. (a) (b)		6,060		53
Celsion Corp. (a)		13,503		17

See notes to financial statements.

30

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Cerecor, Inc. (a)		14,593	$	48
Certara, Inc. (a)		12,294		348
Cerus Corp. (a)		19,690		116
Champions Oncology, Inc. (a)		718		7
Change Healthcare, Inc. (a)		45,938		1,058
Checkmate Pharmaceuticals, Inc. (a) (b)		989		6
Checkpoint Therapeutics, Inc. (a)		6,114		18
Chembio Diagnostics, Inc. (a)		2,808		8
Chemed Corp.		2,313		1,098
Chemocentryx, Inc. (a)		6,705		90
Chiasma, Inc. (a)		3,378		16
Chimerix, Inc. (a)		11,955		96
Chinook Therapeutics, Inc. (a)		4,148		59
Cidara Therapeutics, Inc. (a)		6,316		13
Clearside Biomedical, Inc. (a)		7,259		35
Cleveland BioLabs, Inc. (a)		1,219		7
Clever Leaves Holdings, Inc. (a)		2,986		30
Clovis Oncology, Inc. (a) (b)		15,324		89
CNS Pharmaceuticals, Inc. (a)		2,602		5
Cocrystal Pharma, Inc. (a)		14,130		18
Codexis, Inc. (a)		7,419		168
Co-Diagnostics, Inc. (a) (b)		3,976		33
Codiak Biosciences, Inc. (a)		1,946		36
Cogent Biosciences, Inc. (a)		5,569		45
Cohbar, Inc. (a)		8,082		11
Coherus Biosciences, Inc. (a)		8,475		117
Collegium Pharmaceutical, Inc. (a)		3,944		93	��
Community Health Systems, Inc. (a)		18,115		280
Computer Programs and Systems, Inc.		1,996		66
Concert Pharmaceuticals, Inc. (a)		4,411		19
Conformis, Inc. (a)		28,179		32
CONMED Corp.		3,622		498
Constellation Pharmaceuticals, Inc. (a)		5,971		202
Corcept Therapeutics, Inc. (a)		15,989		352
Cortexyme, Inc. (a) (b)		1,679		89
CorVel Corp. (a)		1,069		144
Corvus Pharmaceuticals, Inc. (a)		5,494		15
Covetrus, Inc. (a)		12,484		337
Crinetics Pharmaceuticals, Inc. (a)		3,555		67
Cross Country Healthcare, Inc. (a)		3,977		66
CryoLife, Inc. (a)		4,868		138
CryoPort, Inc. (a)		6,335		400
CTI BioPharma Corp. (a)		13,523		34
Cue BioPharma, Inc. (a)		4,653		54
Cullinan Oncology, Inc. (a)		3,566		92
Cumberland Pharmaceuticals, Inc. (a)		1,471		4
Curis, Inc. (a) (b)		13,559		109
Cutera, Inc. (a)		2,189		107
Cyclacel Pharmaceuticals, Inc. (a)		1,383		8
Cyclerion Therapeutics, Inc. (a)		2,959		12

See notes to financial statements.

31

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Cytokinetics, Inc. (a)		9,044	$	179
CytomX Therapeutics, Inc. (a) (c)		9,527		60
CytoSorbents Corp. (a)		6,007		45
CytRx Corp. (a)		5,002		5
Dare Bioscience, Inc. (a)		7,310		14
Day One Biopharmaceuticals, Inc. (a)		1,619		37
Decibel Therapeutics, Inc. (a)		1,766		15
Deciphera Pharmaceuticals, Inc. (a)		6,029		221
Delcath Systems, Inc. (a)		1,100		14
Denali Therapeutics, Inc. (a)		12,222		959
Design Therapeutics, Inc. (a) (b)		1,929		38
Dicerna Pharmaceuticals, Inc. (a)		10,543		393
Diversicare Healthcare Services, Inc. (a)		691		2
Durect Corp. (a)		29,384		48
Dynavax Technologies Corp. (a)		14,265		141
Dyne Therapeutics, Inc. (a)		4,600		97
Eagle Pharmaceuticals, Inc. (a)		1,550		66
Eargo, Inc. (a)		3,357		134
Edgewise Therapeutics, Inc. (a)		1,786		38
Editas Medicine, Inc. (a) (b)		8,551		484
Eiger Biopharmaceuticals, Inc. (a)		4,708		40
Ekso Bionics Holdings, Inc. (a)		1,755		10
Elanco Animal Health, Inc. (a)		58,880		2,042
Electrocore, Inc. (a)		5,814		7
Electromed, Inc. (a)		1,171		13
Eledon Pharmaceuticals, Inc. (a)		1,827		14
Eloxx Pharmaceuticals, Inc. (a) (b)		12,359		25
Emergent BioSolutions, Inc. (a)		7,684		484
Enanta Pharmaceuticals, Inc. (a)		2,483		109
Encompass Health Corp.		14,431		1,126
Endo International PLC (a)		31,249		146
ENDRA Life Sciences, Inc. (a)		6,173		13
Entasis Therapeutics Holdings, Inc. (a)		1,999		5
Envista Holdings Corp. (a)		17,734		766
Enzo Biochem, Inc. (a)		6,156		20
Enzon Pharmaceuticals, Inc. (a)		10,408		7
Epizyme, Inc. (a)		11,088		92
Equillium, Inc. (a)		2,334		14
Esperion Therapeutics, Inc. (a) (b)		3,421		72
Establishment Labs Holdings, Inc. (a)		2,315		202
Eton Pharmaceuticals, Inc. (a)		3,553		22
Evelo Biosciences, Inc. (a) (b)		3,028		42
Evofem Biosciences, Inc. (a) (b)		20,471		23
Evoke Pharma, Inc. (a)		4,846		7
Evolent Health, Inc. Class A (a)		10,411		220
Evolus, Inc. (a)		5,629		71
Exact Sciences Corp. (a)		22,707		2,823
Exagen, Inc. (a)		1,548		23
Exelixis, Inc. (a)		41,481		756
EyeGate Pharmaceuticals, Inc. (a)		839		3

See notes to financial statements.

32

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Eyenovia, Inc. (a)		2,852	$	14
Fate Therapeutics, Inc. (a)		11,558		1,003
Fennec Pharmaceuticals, Inc. (a)		3,074		22
Fibrogen, Inc. (a)		10,017		267
Figs, Inc. Class A (a)		4,038		202
Finch Therapeutics Group, Inc. (a) (b)		1,196		17
Five Star Senior Living, Inc. (a) (b)		1,698		10
Flexion Therapeutics, Inc. (a)		6,768		56
Fluidigm Corp. (a) (b)		10,159		63
Foghorn Therapeutics, Inc. (a)		1,800		19
FONAR Corp. (a)		994		18
Forma Therapeutics Holdings, Inc. (a)		5,823		145
Forte Biosciences, Inc. (a)		1,661		56
Fortress Biotech, Inc. (a)		11,962		43
Frequency Therapeutics, Inc. (a)		4,692		47
F-Star Therapeutics, Inc. (a)		538		5
Fulcrum Therapeutics, Inc. (a)		3,193		33
Fulgent Genetics, Inc. (a) (b)		2,926		270
G1 Therapeutics, Inc. (a) (b)		5,238		115
Gain Therapeutics, Inc. (a)		599		6
Galectin Therapeutics, Inc. (a) (b)		6,958		22
Galera Therapeutics, Inc. (a)		1,473		14
GBS, Inc. (a)		157		1
Generation Bio Co. (a)		4,998		134
Genocea Biosciences, Inc. (a)		6,176		14
Genprex, Inc. (a)		7,016		24
Geron Corp. (a)		46,182		65
Glaukos Corp. (a)		3,939		334
Global Blood Therapeutics, Inc. (a)		7,457		261
Globus Medical, Inc. (a)		9,647		748
GlycoMimetics, Inc. (a)		6,660		15
GoodRx Holdings, Inc. Class A (a) (b)		5,573		201
Gossamer Bio, Inc. (a)		9,928		81
Graybug Vision, Inc. (a) (b)		1,228		7
Great Elm Group, Inc. (a)		3,521		8
Greenwich Lifesciences, Inc. (a)		854		38
Gritstone bio, Inc. (a) (b)		6,667		61
Guardant Health, Inc. (a)		14,022		1,742
Haemonetics Corp. (a)		6,424		428
Halozyme Therapeutics, Inc. (a)		18,398		835
Hancock Jaffe Laboratories, Inc. (a)		1,275		9
Hanger, Inc. (a)		4,434		112
Harmony Biosciences Holdings, Inc. (a)		2,421		68
Harpoon Therapeutics, Inc. (a)		2,870		40
Harrow Health, Inc. (a)		3,770		35
Harvard Bioscience, Inc. (a)		5,478		46
Health Catalyst, Inc. (a)		5,823		323
HealthEquity, Inc. (a)		11,825		952
HealthStream, Inc. (a)		3,431		96
Heat Biologics, Inc. (a)		3,860		26

See notes to financial statements.

33

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Helius Medical Technologies, Inc. (a)		340	$	6
Heron Therapeutics, Inc. (a)		15,083		234
Heska Corp. (a)		1,413		325
Hill-Rom Holdings, Inc.		9,531		1,082
Histogen, Inc. (a)		5,655		6
Homology Medicines, Inc. (a)		6,117		44
Hookipa Pharma, Inc. (a)		1,504		14
Horizon Therapeutics PLC (a)		31,522		2,952
Hoth Therapeutics, Inc. (a)		2,972		5
HTG Molecular Diagnostics, Inc. (a)		628		4
iCAD, Inc. (a)		3,541		61
ICU Medical, Inc. (a)		2,508		516
Ideaya Biosciences, Inc. (a)		4,460		94
Idera Pharmaceuticals, Inc. (a)		6,623		8
IGM Biosciences, Inc. (a)		1,111		92
Ikena Oncology, Inc. (a) (b)		1,300		18
Imac Holdings, Inc. (a)		3,336		7
IMARA, Inc. (a)		918		7
ImmuCell Corp. (a)		963		9
Immunic, Inc. (a) (b)		2,605		32
ImmunityBio, Inc. (a)		10,889		155
ImmunoGen, Inc. (a)		27,725		183
Immunome, Inc. (a)		1,464		25
Immunovant, Inc. (a)		6,485		69
Impel Neuropharma, Inc. (a) (b)		796		7
Inari Medical, Inc. (a)		5,167		482
Infinity Pharmaceuticals, Inc. (a)		13,271		40
Infusystem Holdings, Inc. (a)		2,936		61
Inhibikase Therapeutics, Inc. (a)		2,852		8
Inhibrx, Inc. (a)		2,741		75
Inmune Bio, Inc. (a)		1,789		31
Innovage Holding Corp. (a)		2,776		59
Innoviva, Inc. (a)		14,382		193
Inogen, Inc. (a)		2,118		138
Inotiv, Inc. (a)		1,946		52
Inovalon Holdings, Inc. Class A (a)		6,879		234
Inovio Pharmaceuticals, Inc. (a) (b)		30,526		283
Inozyme Pharma, Inc. (a)		741		13
Insmed, Inc. (a)		15,023		428
Inspire Medical Systems, Inc. (a)		3,603		696
Instil Bio, Inc. (a) (b)		2,638		51
Insulet Corp. (a)		6,997		1,920
Integer Holdings Corp. (a)		4,417		416
Integra LifeSciences Holdings Corp. (a)		8,660		591
Intellia Therapeutics, Inc. (a)		7,948		1,287
Intercept Pharmaceuticals, Inc. (a)		3,502		70
Interpace Biosciences, Inc. (a)		493		5
Intersect ENT, Inc. (a)		3,499		60
IntriCon Corp. (a)		1,330		30
Invacare Corp. (a)		4,076		33

See notes to financial statements.

34

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Invitae Corp. (a) (b)		28,026	$	945
Ionis Pharmaceuticals, Inc. (a)		14,216		567
iRadimed Corp. (a)		1,029		30
iRhythm Technologies, Inc. (a)		3,094		205
IRIDEX Corp. (a)		2,044		14
Ironwood Pharmaceuticals, Inc. (a)		20,418		263
IsoRay, Inc. (a)		22,292		18
iTeos Therapeutics, Inc. (a)		2,656		68
IVERIC bio, Inc. (a)		11,520		73
Jaguar Health, Inc. (a)		15,146		24
Jounce Therapeutics, Inc. (a)		5,164		35
Kala Pharmaceuticals, Inc. (a)		8,759		46
Kaleido Biosciences, Inc. (a)		2,612		19
KalVista Pharmaceuticals, Inc. (a)		3,117		75
Karuna Therapeutics, Inc. (a)		2,506		286
Keros Therapeutics, Inc. (a)		1,908		81
Kewaunee Scientific Corp. (a)		356		5
Kezar Life Sciences, Inc. (a)		4,925		27
Kindred Biosciences, Inc. (a)		6,777		62
Kiniksa Pharmaceuticals Ltd. Class A (a)		1,399		19
Kinnate Biopharma, Inc. (a)		4,318		101
Kiromic BioPharma, Inc. (a)		474		2
Kodiak Sciences, Inc. (a)		6,381		593
Krystal Biotech, Inc. (a)		2,274		155
Kura Oncology, Inc. (a)		8,354		174
Kymera Therapeutics, Inc. (a)		5,179		251
Landos BioPharma, Inc. (a)		1,453		17
Lannett Co., Inc. (a)		4,245		20
Lantern Pharma, Inc. (a)		916		13
Lantheus Holdings, Inc. (a)		9,039		250
Larimar Therapeutics, Inc. (a)		2,300		23
Leap Therapeutics, Inc. (a)		5,735		9
LeMaitre Vascular, Inc.		2,143		131
LENSAR, Inc. (a) (b)		1,515		13
Lexicon Pharmaceuticals, Inc. (a)		10,693		49
LHC Group, Inc. (a)		4,440		889
Ligand Pharmaceuticals, Inc. (a)		2,335		306
Lineage Cell Therapeutics, Inc. (a) (b)		24,527		70
Liquidia Technologies, Inc. (a)		6,961		20
Lixte Biotechnology Holdings, Inc. (a)		861		3
LogicBio Therapeutics, Inc. (a)		4,155		18
Longboard Pharmaceuticals, Inc. (a)		813		7
Longeveron, Inc. (a)		418		3
Lucira Health, Inc. (a) (b)		4,011		27
Luminex Corp.		6,336		233
Lumos Pharma, Inc. (a) (b)		894		9
Lyra Therapeutics, Inc. (a)		983		8
MacroGenics, Inc. (a)		7,757		208
Madrigal Pharmaceuticals, Inc. (a)		1,646		160
Magellan Health, Inc. (a)		3,585		338

See notes to financial statements.

35

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Magenta Therapeutics, Inc. (a)		6,731	$	66
MannKind Corp. (a) (b)		36,512		199
Maravai LifeSciences Holdings, Inc. Class A (a)		9,338		390
Marinus Pharmaceuticals, Inc. (a) (b)		5,022		90
Marker Therapeutics, Inc. (a)		10,203		28
Masimo Corp. (a)		7,279		1,764
Matinas BioPharma Holdings, Inc. (a) (b)		30,258		23
MediciNova, Inc. (a)		6,301		27
MEDNAX, Inc. (a)		11,680		352
Medpace Holdings, Inc. (a)		4,137		731
MEI Pharma, Inc. (a)		14,370		41
MeiraGTx Holdings PLC (a) (b)		5,442		84
Meridian Bioscience, Inc. (a)		5,803		129
Merit Medical Systems, Inc. (a)		7,676		496
Merrimack Pharmaceuticals, Inc. (a)		1,986		13
Mersana Therapeutics, Inc. (a)		9,755		132
Metacrine, Inc. (a)		2,289		9
Microbot Medical, Inc. (a)		1,030		8
Minerva Neurosciences, Inc. (a)		6,395		15
Mirum Pharmaceuticals, Inc. (a)		2,591		45
Misonix, Inc. (a)		1,947		43
Moderna, Inc. (a)		53,146		12,487
ModivCare, Inc. (a)		1,789		304
Molecular Templates, Inc. (a)		3,977		31
Moleculin Biotech, Inc. (a)		4,257		16
Molina Healthcare, Inc. (a)		6,901		1,747
Monopar Therapeutics, Inc. (a)		851		5
Morphic Holding, Inc. (a)		2,624		151
Motus GI Holdings, Inc. (a)		6,412		7
Mustang Bio, Inc. (a)		7,704		26
MyMD Pharmaceuticals, Inc. (a)		5,230		33
Myomo, Inc. (a)		750		8
Myriad Genetics, Inc. (a)		10,320		316
NanoString Technologies, Inc. (a)		4,986		323
NantHealth, Inc. (a)		4,467		10
Natera, Inc. (a)		13,026		1,479
National HealthCare Corp. (c)		2,110		147
National Research Corp.		962		44
Natus Medical, Inc. (a)		4,510		117
Navidea Biopharmaceuticals, Inc. (a)		3,293		6
Nektar Therapeutics (a)		15,225		261
Neogen Corp. (a)		8,389		386
NeoGenomics, Inc. (a)		15,980		722
Neoleukin Therapeutics, Inc. (a)		5,004		46
NeuroBo Pharmaceuticals, Inc. (a) (b)		1,088		4
Neurocrine Biosciences, Inc. (a)		11,471		1,116
NeuroMetrix, Inc. (a)		599		2
Neuronetics, Inc. (a)		3,774		60
NeuroPace, Inc. (a)		995		24
Nevro Corp. (a)		4,055		672

See notes to financial statements.

36

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
NexImmune, Inc. (a)		2,241	$	37
NextCure, Inc. (a)		3,045		24
NextGen Healthcare, Inc. (a)		6,337		105
NGM Biopharmaceuticals, Inc. (a)		6,432		127
Nkarta, Inc. (a) (b)		3,103		98
Northwest Biotherapeutics, Inc. (a) (b)		128,816		189
NovaBay Pharmaceuticals, Inc. (a)		5,155		3
Novan, Inc. (a)		2,223		22
Novavax, Inc. (a) (b)		10,157		2,156
Nurix Therapeutics, Inc. (a)		5,310		141
NuVasive, Inc. (a)		7,243		491
Oak Street Health, Inc. (a)		13,658		800
Ocugen, Inc. (a) (b)		29,361		236
Ocular Therapeutix, Inc. (a)		11,180		159
Ocuphire Pharma, Inc. (a)		1,267		7
Odonate Therapeutics, Inc. (a)		3,155		11
Olema Pharmaceuticals, Inc. (a)		2,974		83
Omeros Corp. (a) (b)		9,133		136
Omnicell, Inc. (a)		5,784		876
Oncocyte Corp. (a)		12,598		72
Onconova Therapeutics, Inc. (a)		2,337		16
Oncorus, Inc. (a)		1,574		22
OncoSec Medical, Inc. (a)		1,814		5
Oncotelic Therapeutics, Inc. (a)		45,282		10
Oncternal Therapeutics, Inc. (a)		7,234		34
Ontrak, Inc. (a)		1,257		41
OpGen, Inc. (a)		6,029		14
Opiant Pharmaceuticals, Inc. (a)		641		9
OPKO Health, Inc. (a)		69,695		282
Optinose, Inc. (a)		4,435		14
Option Care Health, Inc. (a)		15,018		328
Oragenics, Inc. (a)		16,399		12
Oramed Pharmaceuticals, Inc. (a)		4,525		61
OraSure Technologies, Inc. (a)		8,277		84
Organogenesis Holdings, Inc. (a)		10,505		175
Orgenesis, Inc. (a)		3,664		19
ORIC Pharmaceuticals, Inc. (a)		4,163		74
Ortho Clinical Diagnostics Holdings PLC (a)		11,845		254
Orthofix Medical, Inc. (a)		2,588		104
Orthopediatrics Corp. (a)		1,703		108
Osmotica Pharmaceuticals PLC (a) (b)		3,557		11
Otonomy, Inc. (a)		8,564		19
Outlook Therapeutics, Inc. (a)		14,498		36
Outset Medical, Inc. (a)		3,187		159
Ovid Therapeutics, Inc. (a) (b)		8,227		32
Owens & Minor, Inc.		10,065		426
Oyster Point Pharma, Inc. (a) (b)		1,678		29
Pacific Biosciences of California, Inc. (a)		23,756		831
Pacira BioSciences, Inc. (a)		5,341		324
Palatin Technologies, Inc. (a)		34,074		21

See notes to financial statements.

37

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description		Shares		Value
Palisade Bio, Inc. (a) (b)			456	$	2
Paratek Pharmaceuticals, Inc. (a) (b)			6,507		44
Passage Bio, Inc. (a)			5,698		75
Patterson Cos., Inc. (c)			8,983		273
PAVmed, Inc. (a)			12,554		80
PDL BioPharma, Inc. (f) (g)			17,605		43
PDS Biotechnology Corp. (a)			3,953		50
Penumbra, Inc. (a)			4,024		1,102
Personalis, Inc. (a)			4,012		102
PetIQ, Inc. (a) (b)			1,056		41
Petros Pharmaceuticals, Inc. (a)			972		3
PhaseBio Pharmaceuticals, Inc. (a) (b)			5,666		21
Phathom Pharmaceuticals, Inc. (a)			3,110		105
Phibro Animal Health Corp. Class A			2,042		59
Phreesia, Inc. (a)			6,364		390
Pieris Pharmaceuticals, Inc. (a) (b)			7,680		29
Pliant Therapeutics, Inc. (a)			2,884		84
Plus Therapeutics, Inc. (a)			3,292		8
PLx Pharma, Inc. (a)			2,879		40
PMV Pharmaceuticals, Inc. (a)			4,186		143
PolarityTE, Inc. (a) (b)			11,562		12
Poseida Therapeutics, Inc. (a) (b)			4,799		48
PPD, Inc. (a)			18,815		867
PRA Health Sciences, Inc. (a)			8,168		1,349
Praxis Precision Medicines, Inc. (a)			4,399		80
Precigen, Inc. (a)			15,612		102
Precipio, Inc. (a)			3,542		13
Precision BioSciences, Inc. (a)			7,155		90
Predictive Oncology, Inc. (a)			10,091		13
Prelude Therapeutics, Inc. (a)			3,477		100
Premier, Inc. Class A			19,073		664
Pressure BioSciences, Inc. (a)			821		2
Prestige Consumer Healthcare, Inc. (a)			6,606		344
Privia Health Group, Inc. (a)			3,165		140
Pro-Dex, Inc. (a)			413		13
Progenity, Inc. (a) (b)			5,511		20
Progyny, Inc. (a)	��		9,345		551
Prometheus Biosciences, Inc. (a)			1,653		41
ProPhase Labs, Inc.			2,005		12
Protagonist Therapeutics, Inc. (a)			5,054		227
Protalix BioTherapeutics, Inc. (a)			5,577		11
Protara Therapeutics, Inc. (a)			1,450		14
Provention Bio, Inc. (a) (b)			8,787		74
Psychemedics Corp. (a)			776		5
PTC Therapeutics, Inc. (a)			8,992		380
Pulmatrix, Inc. (a)			8,331		9
Pulmonx Corp. (a)			5,083		224
Pulse Biosciences, Inc. (a)			2,293		38
Puma Biotechnology, Inc. (a)			5,278		48
Qualigen Therapeutics, Inc. (a)			4,225		8

See notes to financial statements.

38

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Quanterix Corp. (a)		5,038	$	296
Quidel Corp. (a)		4,157		533
R1 RCM, Inc. (a)		18,160		404
RA Medical Systems, Inc. (a)		858		4
RadNet, Inc. (a)		6,477		218
Rain Therapeutics, Inc. (a)		1,126		17
RAPT Therapeutics, Inc. (a)		2,212		70
Reata Pharmaceuticals, Inc. Class A (a)		2,915		413
Recro Pharma, Inc. (a)		6,570		15
Recursion Pharmaceuticals, Inc. Class A (a) (b)		3,713		136
RegeneRx Biopharmaceuticals, Inc. (a)		12,415		3
REGENXBIO, Inc. (a)		5,023		195
Regulus Therapeutics, Inc. (a)		10,743		9
Relay Therapeutics, Inc. (a)		9,119		334
Relmada Therapeutics, Inc. (a)		2,355		75
Reneo Pharmaceuticals, Inc. (a)		994		9
Repligen Corp. (a)		7,440		1,485
Replimune Group, Inc. (a)		4,700		181
ReShape Lifesciences, Inc. (a) (b)		999		5
Retractable Technologies, Inc. (a) (b)		2,893		33
Revance Therapeutics, Inc. (a)		9,918		294
REVOLUTION Medicines, Inc. (a)		7,753		246
Rhythm Pharmaceuticals, Inc. (a)		5,616		110
Rigel Pharmaceuticals, Inc. (a)		20,378		88
Rocket Pharmaceuticals, Inc. (a)		9,390		416
Rockwell Medical, Inc. (a)		12,835		12
Royalty Pharma PLC Class A		12,436		510
Rubius Therapeutics, Inc. (a) (b)		3,659		89
Sage Therapeutics, Inc. (a)		6,819		387
Salarius Pharmaceuticals, Inc. (a)		6,702		7
Sana Biotechnology, Inc. (a) (b)		12,124		238
Sangamo Therapeutics, Inc. (a)		17,457		209
Sarepta Therapeutics, Inc. (a)		9,930		772
Satsuma Pharmaceuticals, Inc. (a)		3,775		27
Savara, Inc. (a)		11,102		19
Scholar Rock Holding Corp. (a)		2,114		61
Schrodinger, Inc. (a)		1,777		134
Scopus Biopharma, Inc. (a)		1,486		11
scPharmaceuticals, Inc. (a)		3,362		21
SCYNEXIS, Inc. (a) (b)		2,828		21
Seagen, Inc. (a)		26,022		4,108
Seaspine Holdings Corp. (a)		3,759		77
Second Sight Medical Products, Inc. (a)		4,421		22
Seelos Therapeutics, Inc. (a)		15,413		41
Seer, Inc. (a) (b)		1,449		47
Select Medical Holdings Corp.		12,323		521
Selecta Biosciences, Inc. (a)		12,663		53
Sellas Life Sciences Group, Inc. (a)		2,163		24
Senestech, Inc. (a)		1,920		3
Sensei Biotherapeutics, Inc. (a)		1,831		18

See notes to financial statements.

39

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Senseonics Holdings, Inc. (a) (b)		49,240	$	189
Sensus Healthcare, Inc. (a)		1,922		7
Seres Therapeutics, Inc. (a)		6,356		152
Sesen Bio, Inc. (a) (b)		25,667		119
Shattuck Labs, Inc. (a)		3,631		105
Shockwave Medical, Inc. (a)		3,968		753
SI-BONE, Inc. (a)		4,604		145
Sientra, Inc. (a) (b)		8,519		68
Sierra Oncology, Inc. (a)		1,167		23
SIGA Technologies, Inc. (a)		6,712		42
Sigilon Therapeutics, Inc. (a)		2,186		23
Signify Health, Inc. Class A (a)		3,910		119
Silk Road Medical, Inc. (a)		4,672		224
Silverback Therapeutics, Inc. (a) (b)		4,125		127
Simulations Plus, Inc.		2,123		117
Singular Genomics Systems, Inc. (a)		1,639		45
SiNtx Technologies, Inc. (a)		3,811		7
SmileDirectClub, Inc. (a) (b)		9,159		80
Soleno Therapeutics, Inc. (a)		8,542		10
Solid Biosciences, Inc. (a)		12,861		47
Soliton, Inc. (a)		1,852		42
Sonoma Pharmaceuticals, Inc. (a)		310		2
Sotera Health Co. (a)		16,937		410
Spectrum Pharmaceuticals, Inc. (a)		21,633		81
Spero Therapeutics, Inc. (a)		4,160		58
SpringWorks Therapeutics, Inc. (a)		4,715		389
Spruce Biosciences, Inc. (a)		1,507		17
SQZ Biotechnologies Co. (a)		2,284		33
STAAR Surgical Co. (a)		5,911		901
Star Equity Holdings, Inc. (a)		774		2
Stereotaxis, Inc. (a)		10,744		104
Stoke Therapeutics, Inc. (a)		2,660		90
Strata Skin Sciences, Inc. (a)		3,408		5
Streamline Health Solutions, Inc. (a)		6,334		11
Strongbridge BioPharma PLC (a)		8,436		25
SunLink Health Systems, Inc. (a)		817		3
Supernus Pharmaceuticals, Inc. (a)		7,101		219
Surface Oncology, Inc. (a)		4,584		34
Surgalign Holdings, Inc. (a)		18,673		26
Surgery Partners, Inc. (a)		4,246		283
Surmodics, Inc. (a)		1,835		100
Sutro Biopharma, Inc. (a)		6,030		112
Syndax Pharmaceuticals, Inc. (a)		6,766		116
Syneos Health, Inc. (a)		14,297		1,279
Synlogic, Inc. (a)		6,188		24
Synthetic Biologics, Inc. (a)		20,598		12
Syros Pharmaceuticals, Inc. (a)		5,555		30
T2 Biosystems, Inc. (a)		22,706		27
Tabula Rasa Healthcare, Inc. (a) (b)		3,170		159
Tactile Systems Technology, Inc. (a)		1,919		100

See notes to financial statements.

40

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Talaris Therapeutics, Inc. (a)		1,364	$	20
Talis Biomedical Corp. (a)		1,252		14
Tandem Diabetes Care, Inc. (a)		8,488		827
Tarsus Pharmaceuticals, Inc. (a)		1,325		38
Taysha Gene Therapies, Inc. (a) (b)		2,449		52
TCR2 Therapeutics, Inc. (a)		3,908		64
Tela Bio, Inc. (a)		1,615		26
Teladoc Health, Inc. (a)		20,696		3,443
Teligent, Inc. (a)		14,333		8
Tempest Therapeutics, Inc. (a)		170		2
Tenet Healthcare Corp. (a)		14,976		1,003
Terns Pharmaceuticals, Inc. (a)		1,544		19
TFF Pharmaceuticals, Inc. (a)		3,437		33
The Ensign Group, Inc.		7,451		646
The Joint Corp. (a)		1,793		150
The Pennant Group, Inc. (a)		2,943		120
TherapeuticsMD, Inc. (a)		54,521		65
Thermogenesis Holdings, Inc. (a)		1,407		4
Tilray, Inc. Class 2 (a) (b)		50,755		918
Timber Pharmaceuticals, Inc. (a) (b)		4,934		6
Tivity Health, Inc. (a)		5,585		147
Tonix Pharmaceuticals Holding Corp. (a) (b)		52,084		58
Tracon Pharmaceuticals, Inc. (a)		2,369		15
Translate Bio, Inc. (a)		9,602		264
TransMedics Group, Inc. (a)		3,482		116
Travere Therapeutics, Inc. (a)		8,383		122
Treace Medical Concepts, Inc. (a)		1,828		57
Trevena, Inc. (a) (b)		24,904		42
Trevi Therapeutics, Inc. (a)		1,067		2
Tricida, Inc. (a) (b)		6,416		28
Turning Point Therapeutics, Inc. (a)		6,041		471
Twist Bioscience Corp. (a)		5,701		760
Tyme Technologies, Inc. (a) (b)		17,992		23
U.S. Physical Therapy, Inc.		1,259		146
Ultragenyx Pharmaceutical, Inc. (a)		6,167		588
United Therapeutics Corp. (a)		6,070		1,089
UNITY Biotechnology, Inc. (a) (b)		5,791		27
UroGen Pharma Ltd. (a) (b)		2,389		36
Utah Medical Products, Inc.		384		33
Vaccinex, Inc. (a)		4,169		12
Vallon Pharmaceuticals, Inc. (a)		536		3
Vanda Pharmaceuticals, Inc. (a)		6,829		147
Vapotherm, Inc. (a)		3,266		77
Varex Imaging Corp. (a)		4,520		121
Vaxart, Inc. (a) (b)		18,688		140
Vaxcyte, Inc. (a)		4,614		104
Veeva Systems, Inc. Class A (a)		15,421		4,796
Venus Concept, Inc. (a)		4,174		13
Vera Therapeutics, Inc. (a)		677		9
Veracyte, Inc. (a)		7,205		288

See notes to financial statements.

41

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Verastem, Inc. (a)		25,193	$	103
Vericel Corp. (a)		5,113		268
Verrica Pharmaceuticals, Inc. (a)		1,641		19
Viemed Healthcare, Inc. (a)		5,924		42
Viking Therapeutics, Inc. (a) (b)		10,583		63
Vir Biotechnology, Inc. (a)		8,811		417
Viracta Therapeutics, Inc. (a) (b)		2,279		26
Viridian Therapeutics Incâ (a)		1,235		23
Virios Therapeutics, Inc. (a)		1,076		7
Virpax Pharmaceuticals, Inc. (a)		351		2
Viveve Medical, Inc. (a)		1,585		5
Vivos Therapeutics, Inc. (a)		2,803		14
Vocera Communications, Inc. (a)		3,465		138
Vor BioPharma, Inc. (a)		2,457		46
Voyager Therapeutics, Inc. (a)		3,983		16
vTv Therapeutics, Inc. Class A (a) (b)		1,278		3
Vyant Bio, Inc. (a)		4,247		16
Vyne Therapeutics, Inc. (a) (b)		6,477		23
Werewolf Therapeutics, Inc. (a)		1,171		20
X4 Pharmaceuticals, Inc. (a)		3,393		22
XBiotech, Inc. (a) (b)		2,929		49
Xencor, Inc. (a)		4,770		165
Xeris Pharmaceuticals, Inc. (a) (b)		9,935		40
XOMA Corp. (a)		1,669		57
Xtant Medical Holdings, Inc. (a)		13,526		22
Yield10 Bioscience, Inc. (a)		583		5
Y-mAbs Therapeutics, Inc. (a)		5,492		186
Yumanity Therapeutics, Inc.		1,093		13
Zentalis Pharmaceuticals, Inc. (a)		4,036		215
ZIOPHARM Oncology, Inc. (a) (b) (c)		27,168		72
Zogenix, Inc. (a)		7,563		131
Zomedica Corp. (a) (b)		147,390		123
Zosano Pharma Corp. (a)		16,649		16
Zynerba Pharmaceuticals, Inc. (a)		5,785		31
				166,852
Industrials (13.1%):
AAON, Inc.		5,041		316
AAR Corp. (a)		4,731		183
ABM Industries, Inc.		8,986		399
Acacia Research Corp. (a)		6,911		47
ACCO Brands Corp.		13,994		121
Acme United Corp.		434		19
Acuity Brands, Inc.		4,614		863
ADT, Inc.		24,121		260
Advanced Drainage Systems, Inc.		9,251		1,078
AECOM (a)		14,994		949
AeroCentury Corp. (a)		193		2
Aerojet Rocketdyne Holdings, Inc.		10,853		524
AeroVironment, Inc. (a)		2,878		288
AGCO Corp.		9,143		1,192

See notes to financial statements.

42

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Agrify Corp. (a)		2,367	$	28
AIkido Pharma, Inc. (a)		13,262		13
Air Industries Group (a)		3,433		4
Air Lease Corp.		16,185		676
Air T, Inc. (a)		246		6
Air Transport Services Group, Inc. (a)		10,290		239
Alamo Group, Inc.		1,316		201
Albany International Corp.		3,461		309
Allegiant Travel Co. (a)		2,128		413
Allied Motion Technologies, Inc.		1,970		68
Allison Transmission Holdings, Inc.		13,810		549
Alta Equipment Group, Inc. (a)		3,258		43
Altra Industrial Motion Corp.		9,495		617
AMERCO, Inc.		1,422		838
Ameresco, Inc. Class A (a)		3,232		203
American Superconductor Corp. (a)		3,841		67
American Woodmark Corp. (a)		1,956		160
AMREP Corp. (a)		220		3
Apogee Enterprises, Inc.		3,129		127
Applied Energetics, Inc. (a)		27,396		20
Applied Industrial Technologies, Inc.		4,777		435
Applied UV, Inc. (a)		697		7
Aqua Metals, Inc. (a)		9,865		30
ARC Document Solutions, Inc.		5,384		12
ArcBest Corp.		3,401		198
Arcosa, Inc.		6,453		379
Argan, Inc.		2,311		110
Armstrong Flooring, Inc. (a)		3,042		19
Armstrong World Industries, Inc.		5,283		567
Array Technologies, Inc. (a)		12,207		190
Art's-Way Manufacturing Co., Inc. (a)		370		1
ASGN, Inc. (a)		6,791		658
Astec Industries, Inc.		3,045		192
Astronics Corp. (a) (c)		3,119		55
Astrotech Corp. (a)		6,707		9
Atkore, Inc. (a)		6,442		457
Atlas Air Worldwide Holdings, Inc. (a)		3,932		268
Ault Global Holdings, Inc. (a)		7,608		21
Avalon Holdings Corp. Class A (a)		302		1
Avis Budget Group, Inc. (a) (c)		9,137		712
Axon Enterprise, Inc. (a)		8,562		1,513
AZZ, Inc.		2,917		151
Babcock & Wilcox Enterprises, Inc. (a)		9,186		72
Barnes Group, Inc.		5,348		274
Barrett Business Services, Inc.		1,014		74
Beacon Roofing Supply, Inc. (a)		7,266		387
BioHiTech Global, Inc. (a)		4,065		6
Bloom Energy Corp. Class A (a) (b)		2,717		73
BlueLinx Holdings, Inc. (a)		1,403		71
Bowman Consulting Group Ltd. (a)		836		12

See notes to financial statements.

43

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Brady Corp. Class A		5,415	$	303
Brightview Holdings, Inc. (a)		6,796		110
Broadwind Energy, Inc. (a)		2,389		11
Builders FirstSource, Inc. (a)		26,764		1,142
BWX Technologies, Inc.		11,844		688
CAI International, Inc.		2,209		124
Capstone Green Energy Corp. (a)		2,337		13
Carlisle Cos., Inc.		6,498		1,244
Casella Waste Systems, Inc. (a)		6,152		390
CBIZ, Inc. (a)		7,793		255
CECO Environmental Corp. (a)		4,208		30
Charah Solutions, Inc. (a)		2,350		12
Chart Industries, Inc. (a)		4,583		671
Chicago Rivet & Machine Co.		125		3
CIRCOR International, Inc. (a)		2,138		70
Civeo Corp. (a)		1,757		31
Clean Harbors, Inc. (a)		7,395		689
Colfax Corp. (a)		14,743		675
Columbus McKinnon Corp.		4,198		203
Comfort Systems USA, Inc.		4,860		383
Commercial Vehicle Group, Inc. (a)		4,879		52
Construction Partners, Inc. Class A (a)		1,813		57
Cornerstone Building Brands, Inc. (a)		8,914		162
CoStar Group, Inc. (a) (c)		55,390		4,586
Covanta Holding Corp.		18,649		328
Covenant Logistics Group, Inc. Class A (a)		1,822		38
CPI Aerostructures, Inc. (a)		1,831		7
CRA International, Inc.		924		79
Crane Co.		7,363		680
CSW Industrials, Inc.		2,201		261
Curtiss-Wright Corp.		5,871		697
Daseke, Inc. (a)		7,705		50
Deluxe Corp.		5,254		251
DLH Holdings Corp. (a)		1,859		22
DMC Global, Inc. (a)		1,822		102
Document Security Systems, Inc. (a)		9,397		17
Donaldson Co., Inc.		16,496		1,048
Douglas Dynamics, Inc.		2,605		106
Driven Brands Holdings, Inc. (a)		7,123		220
Ducommun, Inc. (a)		1,756		96
Dun & Bradstreet Holdings, Inc. (a)		25,153		538
DXP Enterprises, Inc. (a)		2,422		81
Dycom Industries, Inc. (a)		3,929		293
Eagle Bulk Shipping, Inc. (a) (b)		1,286		61
Echo Global Logistics, Inc. (a)		3,484		107
EMCOR Group, Inc.		7,050		868
Encore Wire Corp.		2,764		209
Energous Corp. (a)		8,980		26
Energy Focus, Inc. (a) (b)		751		3
Energy Recovery, Inc. (a)		6,799		155

See notes to financial statements.

44

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Enerpac Tool Group Corp.		6,063	$	161
EnerSys		6,007		587
Ennis, Inc. (c)		3,785		81
EnPro Industries, Inc.		2,759		268
ESCO Technologies, Inc.		3,037		285
Espey Manufacturing & Electronics Corp.		269		4
EVI Industries, Inc. (a)		657		19
Evoqua Water Technologies Corp. (a)		17,760		600
Exponent, Inc.		7,064		630
Federal Signal Corp.		7,632		307
Flowserve Corp.		14,374		580
Fluor Corp. (a)		18,708		331
Forrester Research, Inc. (a)		1,508		69
Forward Air Corp.		3,659		328
Franklin Covey Co. (a)		2,073		67
Franklin Electric Co., Inc.		5,274		425
FreightCar America, Inc. (a)		2,156		13
Frontier Group Holdings, Inc. (a) (b)		5,771		98
FTC Solar, Inc. (a) (b)		3,083		41
FTI Consulting, Inc. (a)		4,045		553
Fuel Tech, Inc. (a)		3,816		9
FuelCell Energy, Inc. (a) (b)		47,250		421
Gates Industrial Corp. PLC (a)		11,029		199
GATX Corp.		4,017		355
GEE Group, Inc. (a)		15,202		9
Gencor Industries, Inc. (a)		1,452		18
Gibraltar Industries, Inc. (a)		3,857		294
Giga-tronics, Inc. (a)		308		1
Global Industrial Co.		2,734		100
GMS, Inc. (a)		5,334		257
Graco, Inc.		24,563		1,860
GrafTech International Ltd.		32,007		372
Graham Corp.		1,459		20
Granite Construction, Inc.		4,979		207
Great Lakes Dredge & Dock Corp. (a)		9,620		141
Griffon Corp.		6,431		165
H&E Equipment Services, Inc.		4,896		163
Harsco Corp. (a)		10,604		217
Hawaiian Holdings, Inc. (a)		6,443		157
HC2 Holdings, Inc. (a) (b)		7,094		28
Healthcare Services Group		9,772		309
Heartland Express, Inc.		5,415		93
HEICO Corp. Class A		10,238		1,271
Heidrick & Struggles International, Inc.		2,581		115
Helios Technologies, Inc.		3,861		301
Herc Holdings, Inc. (a)		4,386		492
Heritage-Crystal Clean, Inc. (a)		2,517		75
Herman Miller, Inc.		8,274		390
Hexcel Corp. (a)		11,353		708
Hillenbrand, Inc.		9,249		408

See notes to financial statements.

45

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
HNI Corp.		4,942	$	217
Hub Group, Inc. Class A (a)		4,123		272
Hubbell, Inc.		7,875		1,472
Hudson Global, Inc. (a)		339		6
Hudson Technologies, Inc. (a)		4,649		16
Hurco Cos., Inc.		913		32
Huron Consulting Group, Inc. (a)		3,025		149
Hydrofarm Holdings Group, Inc. (a)		3,889		230
Hyster-Yale Materials Handling, Inc.		1,431		104
IAA, Inc. (a)		19,536		1,064
IBEX Ltd. (a)		1,102		22
ICF International, Inc.		2,761		243
Ideal Power, Inc. (a)		824		10
IES Holdings, Inc. (a)		3,284		169
Infrastructure And Energy Alternatives, Inc. Class A (a)		3,015		39
Innovative Solutions & Support, Inc.		1,739		11
Insperity, Inc.		5,059		457
Insteel Industries, Inc.		2,378		76
Interface, Inc.		7,161		110
ITT, Inc.		9,904		907
JanOne, Inc. (a)		329		3
JELD-WEN Holding, Inc. (a)		8,906		234
JetBlue Airways Corp. (a)		37,420		629
Jewett-Cameron Trading Co. Ltd. (a)		236		2
John Bean Technologies Corp.		3,652		521
Kadant, Inc.		1,714		302
Kaman Corp.		3,680		185
KAR Auction Services, Inc. (a)		17,496		307
Karat Packaging, Inc. (a)		652		13
Kelly Services, Inc. Class A (a)		4,280		103
Kennametal, Inc.		10,670		383
Kforce, Inc.		2,969		187
Kimball International, Inc. Class B		5,158		68
Kirby Corp. (a)		7,387		448
Knight-Swift Transportation Holdings, Inc.		22,689		1,031
Knoll, Inc.		5,524		144
Korn Ferry		7,233		525
Kratos Defense & Security Solutions, Inc. (a)		18,140		517
Landstar System, Inc.		4,539		717
Lawson Products, Inc. (a)		742		40
LB Foster Co. Class A (a)		1,601		30
Lennox International, Inc.		5,000		1,754
Limbach Holdings, Inc. (a)		1,405		13
Lincoln Electric Holdings, Inc.		8,068		1,063
Lindsay Corp.		1,477		244
LSI Industries, Inc.		3,006		24
Lydall, Inc. (a)		2,441		148
Lyft, Inc. Class A (a)		5,709		345
Manitex International, Inc. (a)		2,320		17
ManpowerGroup, Inc.		7,131		848

See notes to financial statements.

46

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Marten Transport Ltd.		7,956	$	131
MasTec, Inc. (a)		7,259		770
Mastech Digital, Inc. (a)		378		6
Matson, Inc.		4,859		311
Matthews International Corp. Class A		4,190		151
Maxar Technologies, Inc.		10,417		416
McGrath RentCorp		3,281		268
Mercury Systems, Inc. (a)		8,053		534
Meritor, Inc. (a)		9,035		212
Mesa Air Group, Inc. (a)		3,994		37
Miller Industries, Inc.		1,564		62
Mistras Group, Inc. (a)		3,292		32
Montrose Environmental Group, Inc. (a)		3,654		196
Moog, Inc. Class A		3,646		306
MRC Global, Inc. (a)		10,660		100
MSA Safety, Inc.		4,690		777
MSC Industrial Direct Co., Inc.		5,113		459
Mueller Industries, Inc.		7,651		331
Mueller Water Products, Inc. Class A		18,734		270
MYR Group, Inc. (a)		2,015		183
National Presto Industries, Inc.		687		70
Navistar International Corp. (a)		13,041		580
Nl Industries, Inc.		1,306		8
NN, Inc. (a)		4,953		36
Nordson Corp.		7,508		1,648
Northwest Pipe Co. (a)		1,444		41
NOW, Inc. (a)		14,767		140
nVent Electric PLC		24,307		759
Ocean Power Technologies, Inc. (a) (b)		8,034		20
Odyssey Marine Exploration, Inc. (a)		1,580		10
Omega Flex, Inc.		270		40
Orion Energy Systems, Inc. (a)		3,980		23
Orion Group Holdings, Inc. (a)		4,414		25
Oshkosh Corp.		9,298		1,159
Owens Corning, Inc.		14,979		1,466
PAE, Inc. (a)		9,385		84
PAM Transportation Services, Inc. (a)		288		15
Park Aerospace Corp.		2,762		41
Park-Ohio Holdings Corp.		1,268		41
Parsons Corp. (a)		15,814		622
Patrick Industries, Inc.		3,034		221
Patriot Transportation Holding, Inc.		284		3
Performant Financial Corp. (a)		6,181		23
Perma-Fix Environmental Services (a)		1,593		11
Perma-Pipe International Holdings, Inc. (a)		1,209		8
PGT Innovations, Inc. (a)		6,849		159
Pitney Bowes, Inc.		22,398		196
Plug Power, Inc. (a) (b)		74,327		2,542
Polar Power, Inc. (a) (b)		1,007		9
Powell Industries, Inc.		1,215		38

See notes to financial statements.

47

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Preformed Line Products Co.		418	$	31
Primoris Services Corp.		7,364		217
Proto Labs, Inc. (a)		2,661		244
Quad/Graphics, Inc. (a)		4,566		19
Quanex Building Products Corp.		4,452		111
Quest Resource Holding Corp. (a)		2,035		13
R.R. Donnelley & Sons Co. (a)		10,695		67
Raven Industries, Inc.		4,810		278
RBC Bearings, Inc. (a)		3,378		674
RCM Technologies, Inc. (a)		1,432		6
Red Violet, Inc. (a)		1,118		26
Regal Beloit Corp.		5,377		718
Rekor Systems, Inc. (a) (b)		5,549		56
Resideo Technologies, Inc. (a)		19,266		578
Resources Connection, Inc.		4,396		63
REV Group, Inc.		4,896		77
Rexnord Corp.		17,544		878
Rush Enterprises, Inc. Class A		5,604		242
Ryder System, Inc.		7,639		568
Saia, Inc. (a)		3,568		747
Schneider National, Inc. Class B		6,155		134
SG Blocks, Inc. (a)		1,278		7
Shiftpixy, Inc. (a) (b)		1,647		4
Shoals Technologies Group, Inc. Class A (a)		12,076		429
SIFCO Industries, Inc. (a)		481		5
Simpson Manufacturing Co., Inc.		5,543		612
Sino-Global Shipping America Ltd. (a)		2,192		7
SiteOne Landscape Supply, Inc. (a)		4,690		793
SkyWest, Inc. (a)		6,743		290
SP Plus Corp. (a)		3,400		104
Spirit AeroSystems Holdings, Inc. Class A		15,780		745
Spirit Airlines, Inc. (a)		14,860		452
SPX Corp. (a)		5,490		335
SPX Flow, Inc.		4,856		317
Standex International Corp.		1,526		145
Steelcase, Inc. Class A		11,664		176
Stericycle, Inc. (a)		11,567		828
Sterling Construction Co., Inc. (a)		4,192		101
Sun Country Airlines Holdings, Inc. (a)		1,440		53
Sunrun, Inc. (a) (b)		24,743		1,380
Sunworks, Inc. (a) (b)		3,537		37
Taylor Devices, Inc. (a)		434		5
Team, Inc. (a)		3,018		20
Tennant Co.		2,228		178
Terex Corp.		9,898		471
Tetra Tech, Inc.		7,680		937
Textainer Group Holdings Ltd. (a)		7,498		253
The AZEK Co., Inc. (a)		5,121		217
The Brink's Co.		6,978		536
The Eastern Co.		838		25

See notes to financial statements.

48

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
The Exone Co. (a)		2,416	$	52
The Gorman-Rupp Co.		3,622		125
The Greenbrier Cos., Inc.		4,087		178
The LS Starrett Co. Class A (a)		794		7
The Manitowoc Co., Inc. (a)		4,433		109
The Middleby Corp. (a)		7,451		1,291
The Shyft Group, Inc.		4,897		183
The Timken Co.		10,416		839
The Toro Co.		14,583		1,602
Thermon Group Holdings, Inc. (a)		3,771		64
Titan International, Inc. (a)		8,836		75
Titan Machinery, Inc. (a)		2,803		87
TPI Composites, Inc. (a)		5,437		263
TransUnion		26,827		2,945
Trex Co., Inc. (a)		16,541		1,691
TriMas Corp. (a)		5,379		163
TriNet Group, Inc. (a)		6,955		504
Trinity Industries, Inc.		14,127		380
Triumph Group, Inc. (a)		7,690		160
TrueBlue, Inc. (a)		4,750		134
TuSimple Holdings, Inc. Class A (a) (b)		5,349		381
Tutor Perini Corp. (a)		6,340		88
Twin Disc, Inc. (a)		1,591		23
U.S. Ecology, Inc. (a)		4,220		158
Uber Technologies, Inc. (a)		265,445		13,304
UFP Industries, Inc.		8,282		616
Ultralife Corp. (a)		2,401		20
UniFirst Corp.		1,784		419
Univar Solutions, Inc. (a)		20,576		502
Universal Logistics Holdings, Inc.		1,230		29
Upwork, Inc. (a)		18,684		1,089
USA Truck, Inc. (a)		1,286		21
Valmont Industries, Inc.		3,080		727
Vectrus, Inc. (a)		1,569		75
Veritiv Corp. (a)		2,147		132
Viad Corp. (a)		2,743		137
Vicor Corp. (a)		2,606		276
Vidler Water Resources, Inc. (a)		2,549		34
Virco Manufacturing Corp. (a)		2,081		7
VirTra, Inc. (a)		1,698		13
VSE Corp.		1,421		70
Wabash National Corp.		6,867		110
Watsco, Inc.		4,022		1,152
Watts Water Technologies, Inc. Class A		2,971		433
Welbilt, Inc. (a)		19,455		450
Werner Enterprises, Inc.		8,240		367
WESCO International, Inc. (a)		6,484		667
Wilhelmina International, Inc. (a)		601		3
Willdan Group, Inc. (a)		1,577		59
Williams Industrial Services Group, Inc. (a)		3,305		19

See notes to financial statements.

49

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Willis Lease Finance Corp. (a)		382	$	16
WillScot Mobile Mini Holdings Corp. (a)		20,372		568
Woodward, Inc.		8,145		1,001
XPO Logistics, Inc. (a)		10,385		1,453
Yellow Corp. (a)		6,441		42
				133,191
Information Technology (19.7%):
2U, Inc. (a) (b)		9,849		410
3D Systems Corp. (a)		16,749		669
8x8, Inc. (a)		12,641		351
908 Devices, Inc. (a) (b)		2,840		110
A10 Networks, Inc. (a)		9,993		113
ACI Worldwide, Inc. (a)		15,265		567
ACM Research, Inc. Class A (a)		359		37
ACV Auctions, Inc. Class A (a)		2,679		69
ADDvantage Technologies Group, Inc. (a)		1,291		3
ADTRAN, Inc.		6,482		134
Advanced Energy Industries, Inc.		5,206		587
Aehr Test Systems (a)		3,719		10
Affirm Holdings, Inc. (a) (b)		3,760		253
Agilysys, Inc. (a)		3,314		188
Airgain, Inc. (a)		1,561		32
Akoustis Technologies, Inc. (a)		7,541		81
Alarm.com Holdings, Inc. (a)		5,803		492
Alfi, Inc. (a)		595		9
Alkami Technology, Inc. (a)		923		33
Allegro MicroSystems, Inc. (a)		9,560		265
Alliance Data Systems Corp.		7,209		751
Alpha & Omega Semiconductor Ltd. (a)		3,207		97
Altair Engineering, Inc. Class A (a)		2,132		147
Alteryx, Inc. Class A (a)		2,328		200
Ambarella, Inc. (a)		5,372		573
American Software, Inc. Class A		2,938		65
Amkor Technology, Inc.		19,624		465
Amtech Systems, Inc. (a)		1,751		17
Anaplan, Inc. (a)		21,666		1,155
Andrea Electronics Corp. (a)		9,875		—	(e)
Appfolio, Inc. Class A (a)		2,066		292
Appian Corp. (a) (b)		1,787		246
Applied DNA Sciences, Inc. (a)		1,039		7
Applied Optoelectronics, Inc. (a)		3,641		31
AppLovin Corp. Class A (a) (b)		4,023		302
Arlo Technologies, Inc. (a)		10,118		68
Arrow Electronics, Inc. (a)		10,752		1,225
Asana, Inc. Class A (a)		4,642		288
Aspen Technology, Inc. (a)		9,646		1,327
AstroNova, Inc. (a)		1,012		14
Asure Software, Inc. (a)		2,820		25
Atomera, Inc. (a) (b)		3,449		74
Auddia, Inc. (a)		1,228		7

See notes to financial statements.

50

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Avalara, Inc. (a)		12,599	$	2,039
Avaya Holdings Corp. (a)		12,527		337
Aviat Networks, Inc. (a) (b)		1,250		41
Avid Technology, Inc. (a)		4,985		195
Avnet, Inc.		14,425		578
Aware, Inc. (a)		2,033		8
Axcelis Technologies, Inc. (a)		4,130		167
AXT, Inc. (a)		6,266		69
Badger Meter, Inc.		3,908		383
Bel Fuse, Inc. Class B		1,381		20
Belden, Inc.		5,711		289
Benchmark Electronics, Inc.		4,741		135
Benefitfocus, Inc. (a)		4,497		63
Bentley Systems, Inc. Class B (b)		1,745		113
BigCommerce Holdings, Inc. (a)		1,551		101
Bill.com Holdings, Inc. (a)		9,964		1,825
BK Technologies Corp.		2,149		7
Black Knight, Inc. (a)		18,509		1,443
Blackbaud, Inc. (a)		5,078		389
Blackline, Inc. (a)		7,226		804
BM Technologies, Inc. (a) (b)		1,500		19
Booz Allen Hamilton Holding Corp.		17,710		1,509
Bottomline Technologies de, Inc. (a)		5,436		202
Box, Inc. Class A (a)		23,852		609
Boxlight Corp. Class A (a)		7,248		17
Bridgeline Digital, Inc. (a)		915		4
Brightcove, Inc. (a)		5,341		77
Brooks Automation, Inc.		10,420		993
BSQUARE Corp. (a) (b)		1,986		9
C3.ai, Inc. Class A (a)		2,386		149
CACI International, Inc. Class A (a)		2,969		757
CalAmp Corp. (a)		4,276		54
Calix, Inc. (a)		8,221		390
Cambium Networks Corp. (a)		1,534		74
Casa Systems, Inc. (a)		6,289		56
Cass Information Systems, Inc.		1,815		74
CDK Global, Inc.		16,311		810
Cemtrex, Inc. (a)		2,713		4
Cerence, Inc. (a) (b)		5,543		591
Ceridian HCM Holding, Inc. (a)		11,994		1,150
CEVA, Inc. (a)		2,804		133
ChannelAdvisor Corp. (a)		4,405		108
Ciena Corp. (a)		22,471		1,279
Cirrus Logic, Inc. (a)		6,980		594
Clearfield, Inc. (a)		1,818		68
ClearOne, Inc. (a)		1,095		3
ClearSign Technologies Corp. (a)		3,997		19
Cloudera, Inc. (a)		42,618		676
Cloudflare, Inc. Class A (a)		5,874		622
CMC Materials, Inc.		4,103		618

See notes to financial statements.

51

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Coda Octopus Group, Inc. (a)		695	$	6
Cognex Corp.		25,603		2,153
Coherent, Inc. (a)		3,557		940
Cohu, Inc. (a)		6,563		241
CommScope Holding Co., Inc. (a)		27,334		582
Communications Systems, Inc. (a)		1,073		8
CommVault Systems, Inc. (a)		6,455		505
Computer Task Group, Inc. (a)		2,230		22
Comtech Telecommunications Corp.		3,490		84
Concentrix Corp. (a)		5,332		857
Conduent, Inc. (a)		31,459		236
Cornerstone OnDemand, Inc. (a)		8,346		430
Corsair Gaming, Inc. (a) (b)		4,794		160
Coupa Software, Inc. (a)		10,179		2,668
CPI Card Group, Inc. (a)		744		14
Cree, Inc. (a)		12,919		1,265
Crowdstrike Holdings, Inc. Class A (a)		3,203		805
CSG Systems International, Inc.		4,406		208
CSP, Inc. (a)		506		5
CTS Corp.		3,772		140
CVD Equipment Corp. (a)		927		4
Cyberoptics Corp. (a)		1,070		44
Daktronics, Inc. (a)		5,385		35
Data I/O Corp. (a)		1,328		9
Datadog, Inc. Class A (a)		3,888		405
Datto Holding Corp. (a)		7,370		205
Dell Technologies, Inc. Class C (a)		32,492		3,239
Diebold Nixdorf, Inc. (a)		10,601		136
Digi International, Inc. (a)		3,754		75
Digimarc Corp. (a)		1,680		56
Digital Ally, Inc. (a)		7,874		14
DigitalOcean Holdings, Inc. (a) (b)		2,687		149
Diodes, Inc. (a)		6,047		482
DocuSign, Inc. (a)		29,125		8,141
Dolby Laboratories, Inc. Class A		8,625		848
Domo, Inc. Class B (a)		1,448		117
DoubleVerify Holdings, Inc. (a)		2,230		94
Dropbox, Inc. Class A (a)		5,690		172
DSP Group, Inc. (a)		3,284		49
Duck Creek Technologies, Inc. (a) (b)		10,161		442
Dynatrace, Inc. (a)		31,288		1,828
DZS, Inc. (a)		2,630		55
Eastman Kodak Co. (a) (b)		8,041		67
Ebix, Inc.		3,462		117
EchoStar Corp. Class A (a)		7,156		174
eGain Corp. (a)		3,529		41
eMagin Corp. (a) (b)		10,591		37
EMCORE Corp. (a)		5,399		50
Entegris, Inc.		18,790		2,311
Envestnet, Inc. (a)		7,461		566

See notes to financial statements.

52

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
EPAM Systems, Inc. (a)		8,444	$	4,315
ePlus, Inc. (a)		1,681		146
Euronet Worldwide, Inc. (a)		7,904		1,070
Everbridge, Inc. (a)		5,638		767
Everi Holdings, Inc. (a)		11,803		294
Everspin Technologies, Inc. (a)		2,491		16
Evo Payments, Inc. Class A (a)		2,354		65
Evolving Systems, Inc. (a)		1,349		3
Exela Technologies, Inc. (a) (b)		5,597		13
ExlService Holdings, Inc. (a)		4,534		482
Extreme Networks, Inc. (a)		17,282		193
Fair Isaac Corp. (a)		4,127		2,075
FARO Technologies, Inc. (a)		2,432		189
Fastly, Inc. Class A (a) (b)		1,824		109
Fireeye, Inc. (a)		33,064		669
First Solar, Inc. (a)		14,072		1,274
Five9, Inc. (a)		8,980		1,647
Flywire Corp. (a) (b)		1,601		59
FormFactor, Inc. (a)		10,397		379
Frequency Electronics, Inc. (a)		812		8
Genasys, Inc. (a) (b)		4,961		27
Genpact Ltd.		23,318		1,059
GoDaddy, Inc. Class A (a)		9,804		853
GreenSky, Inc. Class A (a)		6,394		35
GSE Systems, Inc. (a)		2,830		5
GSI Technology, Inc. (a) (b)		2,931		16
Guidewire Software, Inc. (a)		11,744		1,324
Harmonic, Inc. (a)		10,832		92
HubSpot, Inc. (a)		6,406		3,732
I3 Verticals, Inc. Class A (a)		1,014		31
Ichor Holdings Ltd. (a)		3,412		184
Identiv, Inc. (a)		3,118		53
IEC Electronics Corp. (a)		1,473		15
II-VI, Inc. (a)		13,883		1,008
Image Sensing Systems, Inc.		557		4
Immersion Corp. (a)		4,575		40
Impinj, Inc. (a)		2,656		137
Infinera Corp. (a)		25,519		260
Information Services Group, Inc.		5,902		35
Innodata, Inc. (a)		3,691		26
Inpixon (a)		17,433		20
Inseego Corp. (a) (b)		13,125		132
Insight Enterprises, Inc. (a)		4,008		401
Intellicheck, Inc. (a) (b)		2,622		22
Intelligent Systems Corp. (a)		854		27
InterDigital, Inc.		4,316		315
inTEST Corp. (a)		1,525		26
Intevac, Inc. (a)		2,775		19
Inuvo, Inc. (a)		16,995		16
Issuer Direct Corp. (a)		428		12

See notes to financial statements.

53

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Iteris, Inc. (a)		5,803	$	39
Itron, Inc. (a)		5,334		533
J2 Global, Inc. (a)		6,402		881
Jabil, Inc.		17,351		1,008
Jamf Holding Corp. (a)		7,049		237
JFrog Ltd. (a) (b)		7,662		348
KBR, Inc.		19,822		756
Key Tronic Corp. (a)		1,356		9
Kimball Electronics, Inc. (a)		3,657		80
KnowBe4, Inc. Class A (a) (b)		1,604		50
Knowles Corp. (a)		11,551		228
Kopin Corp. (a) (b)		12,370		101
Kulicke & Soffa Industries, Inc.		8,800		539
KVH Industries, Inc. (a)		2,246		28
Lantronix, Inc. (a)		3,551		18
Lattice Semiconductor Corp. (a)		16,783		943
LightPath Technologies, Inc. Class A (a)		3,558		9
Limelight Networks, Inc. (a)		18,354		58
Littelfuse, Inc.		3,288		838
LivePerson, Inc. (a)		8,692		550
LiveRamp Holdings, Inc. (a)		9,702		455
Lumentum Holdings, Inc. (a)		11,003		903
Luna Innovations, Inc. (a)		4,406		48
MACOM Technology Solutions Holdings, Inc. (a)		7,790		499
Manhattan Associates, Inc. (a)		8,220		1,191
ManTech International Corp. Class A		3,582		310
Marin Software, Inc. (a) (b)		1,641		18
Marvell Technology, Inc.		107,150		6,249
MAXIMUS, Inc.		8,620		758
MaxLinear, Inc. (a)		8,908		379
McAfee Corp. Class A (b)		6,113		171
Medallia, Inc. (a)		15,596		526
Mesa Laboratories, Inc.		615		167
Methode Electronics, Inc.		5,149		253
MicroStrategy, Inc. (a) (b)		1,151		765
MicroVision, Inc. (a) (b)		24,889		417
Mitek Systems, Inc. (a)		6,309		122
MKS Instruments, Inc.		7,414		1,319
Model N, Inc. (a)		3,867		133
Momentive Global, Inc. (a)		16,064		338
MoneyGram International, Inc. (a)		13,126		132
MongoDB, Inc. (a)		293		106
MoSys, Inc. (a) (b)		1,263		8
Movano, Inc. (a)		1,445		7
Napco Security Technologies, Inc. (a)		2,168		79
National Instruments Corp.		14,516		614
nCino, Inc. (a)		7,218		433
NCR Corp. (a)		18,976		866
NeoPhotonics Corp. (a)		7,522		77
Net Element, Inc. (a)		730		9	��

See notes to financial statements.

54

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
NETGEAR, Inc. (a)		4,032	$	155
Netlist, Inc. (a)		32,186		122
NetScout Systems, Inc. (a)		9,762		279
NetSol Technologies, Inc. (a)		1,656		8
New Relic, Inc. (a)		7,237		485
nLight, Inc. (a)		5,868		213
Novanta, Inc. (a)		4,850		654
Nuance Communications, Inc. (a)		42,376		2,307
Nutanix, Inc. Class A (a)		14,001		535
NVE Corp.		563		42
NXT-ID, Inc. (a)		7,728		7
Okta, Inc. (a)		5,640		1,380
Olo, Inc. Class A (a)		3,021		113
ON Semiconductor Corp. (a)		61,229		2,344
ON24, Inc. (a) (b)		3,799		135
One Stop Systems, Inc. (a)		2,129		12
OneSpan, Inc. (a)		4,821		123
Onto Innovation, Inc. (a)		6,645		485
Optical Cable Corp. (a)		914		3
Orbital Energy Group, Inc. (a) (b)		7,734		34
OSI Systems, Inc. (a)		2,379		242
PagerDuty, Inc. (a) (b)		9,743		415
Palantir Technologies, Inc. Class A (a)		41,401		1,091
Palo Alto Networks, Inc. (a) (c)		14,118		5,239
PAR Technology Corp. (a) (b)		3,561		249
ParkerVision, Inc. (a)		11,382		16
Paylocity Holding Corp. (a)		4,979		950
Paymentus Holdings, Inc. Class A (a)		1,643		58
Paysign, Inc. (a)		5,121		16
PC Connection, Inc.		1,237		57
PC-Telephone, Inc.		2,486		16
PDF Solutions, Inc. (a)		3,433		62
Pegasystems, Inc.		5,762		802
Perficient, Inc. (a)		4,478		360
PFSweb, Inc. (a)		2,759		20
Photronics, Inc. (a)		8,489		112
Ping Identity Holding Corp. (a)		6,980		160
Pixelworks, Inc. (a)		7,322		25
Plantronics, Inc. (a)		4,351		182
Plexus Corp. (a)		3,559		325
Power Integrations, Inc.		8,124		667
Powerfleet, Inc. (a)		5,386		39
Procore Technologies, Inc. (a)		1,413		134
Progress Software Corp.		5,824		269
Proofpoint, Inc. (a)		7,898		1,372
PROS Holdings, Inc. (a)		4,671		213
Pure Storage, Inc. Class A (a)		13,390		262
Q2 Holdings, Inc. (a)		7,630		783
Qualtrics International, Inc. Class A (a) (b)		8,084		309
Qualys, Inc. (a)		4,749		478

See notes to financial statements.

55

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Quicklogic Corp. (a)		1,696	$	12
Qumu Corp. (a)		2,605		8
Rackspace Technology, Inc. (a)		9,491		186
Rambus, Inc. (a)		14,005		332
Rapid7, Inc. (a)		8,078		764
RealNetworks, Inc. (a)		4,804		11
Research Frontiers, Inc. (a)		4,388		10
Resonant, Inc. (a) (b)		9,045		29
RF Industries Ltd. (a)		1,429		11
Ribbon Communications, Inc. (a)		19,041		145
Richardson Electronics Ltd.		1,498		12
Rimini Street, Inc. (a)		5,777		36
RingCentral, Inc. Class A (a)		10,942		3,180
Riot Blockchain, Inc. (a) (b)		11,402		430
Rogers Corp. (a)		2,506		503
Rubicon Technology, Inc. (a)		338		3
Sabre Corp. (a)		46,311		578
Sailpoint Technologies Holdings, Inc. (a)		12,947		661
Sanmina Corp. (a)		8,718		340
ScanSource, Inc. (a)		3,049		86
Science Applications International Corp.		8,403		737
Seachange International, Inc. (a) (b)		6,177		8
SecureWorks Corp. Class A (a)		11,981		222
SEMrush Holdings, Inc. Class A (a)		1,495		34
Semtech Corp. (a)		8,286		570
ServiceSource International, Inc. (a)		9,203		13
SharpSpring, Inc. (a)		1,922		32
Shift4 Payments, Inc. Class A (a)		2,550		239
ShotSpotter, Inc. (a)		1,379		67
SigmaTron International, Inc. (a)		556		3
Silicon Laboratories, Inc. (a)		5,217		800
SiTime Corp. (a)		1,810		229
SkyWater Technology, Inc. (a)		1,107		32
Slack Technologies, Inc. Class A (a)		42,527		1,884
SMART Global Holdings, Inc. (a)		2,442		116
Smartsheet, Inc. Class A (a)		2,168		157
Smith Micro Software, Inc. (a)		7,628		40
Snowflake, Inc. Class A (a)		4,665		1,128
Socket Mobile, Inc. (a)		943		6
SolarWinds Corp. (a)		14,427		244
Sonim Technologies, Inc. (a)		7,314		4
Splunk, Inc. (a)		21,952		3,174
Sprout Social, Inc. Class A (a)		1,351		121
SPS Commerce, Inc. (a)		4,520		451
Square, Inc. Class A (a)		35,877		8,748
Squarespace, Inc. Class A (a)		18,011		1,070
SS&C Technologies Holdings, Inc.		35,466		2,556
StarTek, Inc. (a)		1,992		14
Steel Connect, Inc. (a)		6,452		13
Summit Wireless Technologies, Inc. (a)		1,631		7

See notes to financial statements.

56

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Sumo Logic, Inc. (a)		14,393	$	297
SunPower Corp. (a)		12,776		373
Support.com, Inc. (a) (b)		2,506		10
Switch, Inc. Class A		761		16
Sykes Enterprises, Inc. (a)		5,327		286
Synaptics, Inc. (a)		4,160		647
Synchronoss Technologies, Inc. (a)		5,565		20
SYNNEX Corp.		4,166		507
Telos Corp. (a)		5,363		182
Tenable Holdings, Inc. (a)		12,811		530
Teradata Corp. (a)		15,715		785
TESSCO Technologies, Inc. (a)		1,140		7
The Hackett Group, Inc.		3,609		65
The Trade Desk, Inc. Class A (a)		44,981		3,480
TransAct Technologies, Inc. (a)		1,412		19
TTEC Holdings, Inc.		2,508		259
TTM Technologies, Inc. (a)		12,498		179
Twilio, Inc. Class A (a)		11,157		4,398
Ubiquiti, Inc.		989		309
Uipath, Inc. Class A (a) (b)		4,008		272
Ultra Clean Holdings, Inc. (a)		6,004		323
Unisys Corp. (a)		7,815		198
Unity Software, Inc. (a)		14,089		1,547
Universal Display Corp.		6,090		1,354
Universal Security Instruments, Inc. (a) (b)		346		3
Upland Software, Inc. (a)		3,699		152
Varonis Systems, Inc. (a)		15,555		896
Veeco Instruments, Inc. (a)		6,088		146
Verint Systems, Inc. (a)		8,817		397
Veritone, Inc. (a) (b)		3,862		76
Verra Mobility Corp. (a)		20,211		311
Vertex, Inc. Class A (a)		3,488		77
Viant Technology, Inc. Class A (a)		1,578		47
ViaSat, Inc. (a)		9,697		483
Viavi Solutions, Inc. (a)		30,623		541
VirnetX Holding Corp. (a) (b)		9,293		40
Vishay Intertechnology, Inc.		15,972		360
Vishay Precision Group, Inc. (a)		1,745		59
Vislink Technologies, Inc. (a)		6,689		19
Vizio Holding Corp. Class A (a)		2,029		55
VMware, Inc. Class A (a) (b)		11,890		1,902
Vontier Corp.		25,002		815
Wayside Technology Group, Inc.		576		14
WEX, Inc. (a)		6,133		1,189
WidePoint Corp. (a)		1,429		10
Wireless Telecom Group, Inc. (a)		3,071		12
Workday, Inc. Class A (a)		14,789		3,531
Workiva, Inc. (a)		4,017		447
Xerox Holdings Corp.		28,128		661
Xperi Holding Corp.		14,050		312

See notes to financial statements.

57

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Yext, Inc. (a)		12,916	$	185
Zendesk, Inc. (a)		17,200		2,483
Zix Corp. (a)		8,341		59
Zoom Video Communications, Inc. Class A (a)		3,714		1,437
Zscaler, Inc. (a)		12,852		2,777
Zuora, Inc. Class A (a)		2,119		37
				202,069
Materials (4.0%):
Advanced Emissions Solutions, Inc. (a)		2,793		21
AdvanSix, Inc. (a)		3,713		111
Alcoa Corp. (a)		27,364		1,008
Allegheny Technologies, Inc. (a)		14,833		309
Alpha Metallurgical Resources (a)		2,724		70
American Vanguard Corp.		3,547		62
Ampco-Pittsburgh Corp. (a)		2,288		14
AptarGroup, Inc.		8,699		1,224
Arconic Corp. (a)		14,911		531
Ashland Global Holdings, Inc.		8,897		778
Avient Corp.		12,804		629
Axalta Coating Systems Ltd. (a)		34,504		1,051
Balchem Corp.		4,345		570
Berry Global Group, Inc. (a)		18,706		1,220
Boise Cascade Co.		4,897		286
Cabot Corp.		8,211		467
Carpenter Technology Corp.		5,980		241
Century Aluminum Co. (a)		6,956		90
Chase Corp.		1,102		113
Clearwater Paper Corp. (a)		1,946		56
Cleveland-Cliffs, Inc. (a) (b)		60,594		1,306
Coeur Mining, Inc. (a)		37,678		335
Commercial Metals Co.		15,762		484
Compass Minerals International, Inc.		4,822		286
Core Molding Technologies, Inc. (a)		1,204		19
Crown Holdings, Inc.		20,194		2,063
Diversey Holdings Ltd. (a)		7,121		128
Eagle Materials, Inc.		5,677		806
Ferro Corp. (a)		11,067		239
Flotek Industries, Inc. (a)		10,315		18
Forterra, Inc. (a)		5,044		119
Friedman Industries, Inc.		1,089		15
FutureFuel Corp.		3,447		33
Gatos Silver, Inc. (a) (b)		7,021		123
GCP Applied Technologies, Inc. (a)		10,399		242
Glatfelter Corp.		5,954		83
Gold Resource Corp.		11,026		28
Golden Minerals Co. (a) (b)		19,713		12
Graphic Packaging Holding Co.		42,544		772
Greif, Inc. Class A		3,136		190
H.B. Fuller Co.		6,422		409
Hawkins, Inc.		2,516		82

See notes to financial statements.

58

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Haynes International, Inc.		1,300	$	46
Hecla Mining Co.		78,482		584
Huntsman Corp.		30,042		797
Ingevity Corp. (a)		5,614		457
Innospec, Inc.		3,025		274
Intrepid Potash, Inc. (a)		1,293		41
Kaiser Aluminum Corp.		2,122		262
Koppers Holdings, Inc. (a)		2,844		92
Kraton Corp. (a)		4,305		139
Kronos Bio, Inc. (a) (b)		6,979		167
Kronos Worldwide, Inc.		3,459		50
Livent Corp. (a) (b)		19,630		380
Louisiana-Pacific Corp.		14,178		856
LSB Industries, Inc. (a)		4,070		25
Marrone Bio Innovations, Inc. (a)		24,032		40
Materion Corp.		2,699		203
Mayville Engineering Co., Inc. (a)		1,928		39
Minerals Technologies, Inc.		4,305		339
Myers Industries, Inc.		4,321		91
Nanophase Technologies Corp. (a) (b)		2,970		5
Neenah, Inc.		2,043		102
NewMarket Corp.		1,015		327
Northern Technologies International Corp.		1,248		22
O-I Glass, Inc. (a)		18,413		301
Olin Corp.		20,069		928
Olympic Steel, Inc.		1,309		38
Pactiv Evergreen, Inc.		6,699		101
Paramount Gold Nevada Corp. (a)		4,751		5
PQ Group Holdings, Inc.		7,335		113
Quaker Chemical Corp.		1,605		381
Ramaco Resources, Inc. (a)		1,879		10
Rare Element Resources Ltd. (a)		8,628		16
Rayonier Advanced Materials, Inc. (a)		8,518		57
Reliance Steel & Aluminum Co.		9,135		1,378
Royal Gold, Inc.		8,270		944
RPM International, Inc.		15,917		1,411
Ryerson Holding Corp. (a)		2,728		40
Schnitzer Steel Industries, Inc.		3,548		174
Schweitzer-Mauduit International, Inc.		3,761		152
Sensient Technologies Corp.		5,196		450
Silgan Holdings, Inc.		12,351		513
Silver Bull Resources, Inc. (a)		4,643		5
Solitario Zinc Corp. (a)		8,562		6
Sonoco Products Co.		14,268		955
Southern Copper Corp.		13,399		862
Steel Dynamics, Inc.		30,619		1,826
Stepan Co.		2,732		329
Summit Materials, Inc. Class A (a)		14,979		522
SunCoke Energy, Inc.		11,113		79
Synalloy Corp. (a)		1,333		13

See notes to financial statements.

59

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
The Chemours Co.		21,127	$	735
The Scotts Miracle-Gro Co.		5,266		1,011
Timberline Resources Corp. (a)		11,196		3
TimkenSteel Corp. (a)		5,545		78
Trecora Resources (a)		3,527		29
Tredegar Corp.		3,661		50
Trinseo SA		3,967		237
U.S. Antimony Corp. (a)		14,533		14
U.S. Concrete, Inc. (a)		2,273		168
U.S. Gold Corp. (a)		1,056		12
UFP Technologies, Inc. (a)		960		55
United States Lime & Minerals, Inc.		294		41
United States Steel Corp.		37,817		908
Universal Stainless & Alloy Products, Inc. (a)		1,331		13
Valhi, Inc.		400		10
Valvoline, Inc.		24,538		797
Verso Corp. Class A		4,373		77
Vista Gold Corp. (a)		15,590		19
W.R. Grace & Co.		9,814		678
Warrior Met Coal, Inc.		6,966		120
Westlake Chemical Corp.		5,451		491
Worthington Industries, Inc.		5,009		306
Zymergen, Inc. (a)		2,529		101
				39,543
Real Estate (8.0%):
Acadia Realty Trust		13,600		299
Agree Realty Corp.		7,581		534
Alexander & Baldwin, Inc.		9,593		176
Alexander's, Inc.		427		114
Alpine Income Property Trust, Inc.		1,285		24
Alset Ehome International, Inc. (a) (b)		1,261		7
American Assets Trust, Inc.		9,529		355
American Campus Communities, Inc.		21,724		1,015
American Finance Trust, Inc.		8,405		71
American Homes 4 Rent Class A		44,674		1,736
American Realty Investors, Inc. (a)		331		3
Americold Realty Trust		35,019		1,325
Apartment Income REIT Corp.		24,712		1,172
Apartment Investment and Mgmt Co.		23,647		159
Apple Hospitality REIT, Inc.		35,243		538
Armada Hoffler Properties, Inc.		7,983		106
Ashford Hospitality Trust, Inc. (a)		30,014		137
Bluerock Residential Growth REIT, Inc.		4,180		43
Braemar Hotels & Resorts, Inc. (a) (b)		7,224		45
Brandywine Realty Trust		26,923		369
Brixmor Property Group, Inc.		46,793		1,071
Broadstone Net Lease, Inc.		5,285		124
BRT Apartments Corp.		2,134		37
Camden Property Trust		15,393		2,042
CareTrust REIT, Inc.		12,811		298

See notes to financial statements.

60

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
CatchMark Timber Trust, Inc. Class A		6,319	$	74
Cedar Realty Trust, Inc.		2,148		36
Centerspace		2,045		161
Chatham Lodging Trust (a)		7,661		99
CIM Commercial Trust Corp.		3,020		27
Clipper Realty, Inc.		1,975		15
Columbia Property Trust, Inc.		18,101		315
Community Healthcare Trust, Inc.		3,271		155
Compass, Inc. Class A (a)		3,725		49
Condor Hospitality Trust, Inc. (a)		645		4
CoreCivic, Inc. (a)		16,110		169
CorEnergy Infrastructure Trust, Inc.		2,001		13
Corepoint Lodging, Inc. (a)		7,839		84
CoreSite Realty Corp.		6,774		912
Corporate Office Properties Trust		17,700		495
Cousins Properties, Inc.		23,424		862
CTO Realty Growth, Inc.		883		47
CubeSmart		29,849		1,383
CyrusOne, Inc.		19,309		1,381
DiamondRock Hospitality Co. (a)		33,131		321
DigitalBridge Group, Inc. (a) (b)		72,158		570
Diversified Healthcare Trust		37,545		157
Douglas Emmett, Inc.		27,650		930
Easterly Government Properties, Inc.		13,216		279
EastGroup Properties, Inc.		6,307		1,037
Empire State Realty Trust, Inc. (b)		16,895		203
EPR Properties (a)		9,661		509
Equity Commonwealth		19,212		503
Equity LifeStyle Properties, Inc.		28,729		2,135
Essential Properties Realty Trust, Inc.		18,515		501
eXp World Holdings, Inc. (a) (b)		11,407		442
Farmland Partners, Inc.		3,742		45
Fathom Holdings, Inc. (a)		833		27
First Industrial Realty Trust, Inc.		20,348		1,063
Forestar Group, Inc. (a)		2,787		58
Four Corners Property Trust, Inc.		9,002		249
Franklin Street Properties Corp.		16,067		85
FRP Holdings, Inc. Class A (a)		889		49
Gaming and Leisure Properties, Inc.		31,547		1,462
Getty Realty Corp.		5,598		174
Gladstone Commercial Corp.		5,334		120
Gladstone Land Corp.		3,979		96
Global Medical REIT, Inc.		8,431		124
Global Net Lease, Inc.		15,032		278
Healthcare Realty Trust, Inc.		22,322		674
Healthcare Trust of America, Inc. Class A		34,482		921
Hersha Hospitality Trust (a)		6,167		66
Highwoods Properties, Inc.		16,397		741
Hudson Pacific Properties, Inc.		22,121		615
Independence Realty Trust, Inc.		13,521		246

See notes to financial statements.

61

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Indus Realty Trust, Inc.		840	$	55
Industrial Logistics Properties Trust		10,290		269
Innovative Industrial Properties, Inc.		3,771		720
Invitation Homes, Inc.		89,447		3,336
iStar, Inc.		7,386		153
JBG SMITH Properties		17,612		555
Jones Lang LaSalle, Inc. (a)		7,033		1,375
Kennedy-Wilson Holdings, Inc.		18,410		366
Kilroy Realty Corp.		17,065		1,188
Kite Realty Group Trust		13,312		293
Lamar Advertising Co. Class A		9,399		981
Lexington Realty Trust		31,060		371
Life Storage, Inc.		12,110		1,300
LTC Properties, Inc.		5,210		200
Mack-Cali Realty Corp.		13,295		228
Marcus & Millichap, Inc. (a)		3,924		153
Maui Land & Pineapple Co., Inc. (a)		1,163		12
Medalist Diversified REIT, Inc. (a)		2,124		3
Medical Properties Trust, Inc.		84,343		1,695
Monmouth Real Estate Investment Corp.		15,489		290
National Health Investors, Inc.		7,224		484
National Retail Properties, Inc.		25,176		1,180
National Storage Affiliates Trust		11,346		574
NETSTREIT Corp.		4,843		112
New Senior Investment Group, Inc.		11,622		102
New York City REIT, Inc. Class A		503		7
Newmark Group, Inc. Class A		23,778		286
NexPoint Residential Trust, Inc.		3,642		200
Office Properties Income Trust		7,613		223
Omega Healthcare Investors, Inc.		37,086		1,346
One Liberty Properties, Inc.		2,776		79
Outfront Media, Inc. (a)		21,327		512
Paramount Group, Inc.		27,255		274
Park Hotels & Resorts, Inc. (a)		30,929		637
Pebblebrook Hotel Trust		20,702		488
Pennsylvania Real Estate Invesment Trust (a)		10,366		26
Physicians Realty Trust		29,878		552
Piedmont Office Realty Trust, Inc. Class A		17,003		314
Plymouth Industrial REIT, Inc.		3,674		74
Postal Realty Trust, Inc. Class A		1,724		31
PotlatchDeltic Corp.		9,296		494
Power REIT (a)		602		24
Preferred Apartment Communities, Inc. Class A		7,459		73
Presidio Property Trust, Inc. Class A		1,363		5
PS Business Parks, Inc.		3,210		475
QTS Realty Trust, Inc. Class A		5,862		453
Rafael Holdings, Inc. Class B (a) (b)		1,707		87
Rayonier, Inc.		13,801		496
RE/MAX Holdings, Inc.		1,934		64
Redfin Corp. (a) (b)		16,394		1,040

See notes to financial statements.

62

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Retail Opportunity Investments Corp.		18,716	$	331
Retail Properties of America, Inc.		33,836		387
Retail Value, Inc.		2,724		59
Rexford Industrial Realty, Inc.		19,855		1,131
RLJ Lodging Trust		25,986		396
RPT Realty		12,789		166
Ryman Hospitality Properties, Inc. (a)		8,676		685
Sabra Health Care REIT, Inc.		34,024		619
Safehold, Inc. (b)		2,182		171
Saul Centers, Inc.		2,073		94
Seritage Growth Properties Class A (a) (b)		3,436		63
Service Properties Trust		25,971		327
SITE Centers Corp.		29,927		451
SL Green Realty Corp.		10,381		830
Sotherly Hotels, Inc. (a)		2,176		7
Spirit Realty Capital, Inc.		16,303		780
STAG Industrial, Inc.		25,162		942
STORE Capital Corp.		32,819		1,133
Summit Hotel Properties, Inc. (a)		16,721		156
Sun Communities, Inc.		17,621		3,021
Sunstone Hotel Investors, Inc. (a)		34,073		423
Tanger Factory Outlet Centers, Inc. (b)		15,884		299
Tejon Ranch Co. (a)		3,943		60
Terreno Realty Corp.		10,303		665
The GEO Group, Inc. (b)		19,166		136
The Howard Hughes Corp. (a)		8,163		796
The InterGroup Corp. (a)		131		6
The Macerich Co. (b)		31,565		576
The RMR Group, Inc. Class A		1,138		44
The St. Joe Co.		3,247		145
UMH Properties, Inc.		6,691		146
Uniti Group, Inc.		31,635		335
Universal Health Realty Income Trust		2,039		126
Urban Edge Properties		18,440		352
Urstadt Biddle Properties, Inc. Class A		6,220		121
VEREIT, Inc.		33,938		1,559
VICI Properties, Inc. (b)		84,623		2,625
Washington Prime Group, Inc. (a) (b)		3,854		8
Washington Real Estate Investment Trust		13,327		307
Weingarten Realty Investors		20,110		645
Wheeler Real Estate Investment Trust, Inc. (a)		841		4
Whitestone REIT		5,689		47
WP Carey, Inc.		28,042		2,092
Xenia Hotels & Resorts, Inc. (a)		15,063		282
				80,564
Utilities (1.9%):
ALLETE, Inc.		7,319		512
American States Water Co.		4,945		393
Artesian Resources Corp. Class A		1,331		49
Avangrid, Inc.		8,542		439
Avista Corp.		8,192		350

See notes to financial statements.

63

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Black Hills Corp.		8,620	$	566
Cadiz, Inc. (a)		4,097		56
California Water Service Group		6,809		378
Chesapeake Utilities Corp.		1,990		239
Essential Utilities, Inc.		32,514		1,486
Genie Energy Ltd. Class B		3,572		23
Global Water Resources, Inc.		1,745		30
Hawaiian Electric Industries, Inc.		15,828		669
IDACORP, Inc.		7,085		691
MDU Resources Group, Inc.		29,166		913
MGE Energy, Inc.		5,299		394
Middlesex Water Co.		2,285		187
National Fuel Gas Co.		12,355		645
New Jersey Resources Corp.		13,207		523
Northwest Natural Holding Co.		4,105		216
NorthWestern Corp.		6,867		414
OGE Energy Corp.		27,441		923
ONE Gas, Inc.		6,879		510
Ormat Technologies, Inc.		6,175		429
Otter Tail Corp. (c)		5,563		272
PG&E Corp. (a)		215,832		2,195
PNM Resources, Inc.		12,037		587
Portland General Electric Co. (c)		13,131		605
Pure Cycle Corp. (a)		3,540		49
RGC Resources, Inc. (b)		1,141		29
SJW Group		2,957		187
South Jersey Industries, Inc.		15,234		395
Southwest Gas Holdings, Inc.		7,402		490
Spark Energy, Inc. Class A (b)		1,228		14
Spire, Inc.		7,247		524
Sunnova Energy International, Inc. (a)		11,821		445
The York Water Co.		1,915		87
UGI Corp.		29,926		1,385
Unitil Corp. (c)		1,991		105
Vistra Corp.		72,161		1,339
				19,743
Total Common Stocks (Cost $485,154)				1,007,502
Rights (0.0%) (h)
Consumer Discretionary (0.0%):
Zagg, Inc. (a) (f) (g)		4,570		—	(e)
Financials (0.0%):
Sirius International (a) (g) (i)		762		5
Health Care (0.0%):
Achillion Pharmaceuticals (a) (f) (g)		22,837		5
Alder Biopharmaceuticals, Inc. (a) (f) (g)		13,300		12
Chinook Therapeutics (a) (f) (g)		1,625		—
Elanco Animal Health, Inc. (a) (f) (g)		8,052		—
F-Star Therapeutics (a) (f) (g)		1,298		—
Miragen Therapeutics, Inc. (a) (f) (g)		7,890		—

See notes to financial statements.

64

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June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares or Principal Amount			Value
Ocuphire Pharma (a) (f) (g)		168		$	—	(e)
Oncternal Therapeutics, Inc. (a) (f)		254			—
Palisade Bio, Inc. (a) (f) (g)		2,758			1
Pfenex, Inc. (a) (f) (g)		3,380			3
Prevail Therapeutics, Inc. (a) (f) (g)		4,938			2
Progenics Pharmaceuticals, Inc. (a) (f) (g)		10,103			2
Qualigen Therapeutics, Inc. (a) (f) (g)		7,487			—
Restorbio, Inc. (a) (f) (g)		547			—
Seelos Therapeutics, Inc. (a) (f) (g)		41			—
Stemline Therapeutics, Inc. (a) (f) (g)		5,762			2
Tetraphase Pharmaceutical (a) (f) (g)		1,178			—	(e)
Unum Therapeutics, Inc. (a) (f) (g)		2,673			—
Yumanity Therapeutics, Inc. (a) (f) (g)		7,051			1
					28
Total Rights (Cost $9)					33
Warrants (0.0%) (h)
Energy (0.0%):
FTS International, Inc. Class A (f) (g)		174			—
FTS International, Inc. Class A (f) (g)		69			—
Nabors Industries Ltd. (g) (i)		425			—
					—
Health Care (0.0%):
Galectin Therapeutics, Inc. Class B (f) (g)		7,552			—
Total Warrants (Cost $—)					—
Corporate Bonds (0.0%) (h)
Financials (0.0%):
GAMCO Investors, Inc., 4.00%, 6/15/23, Callable 8/9/21 @ 100	$	—	(e)		—	(e)
Total Corporate Bonds (Cost $3)					—
Mutual Funds (0.0%) (h)
180 Degree Capital Corp. (a)		1,537			13
OFS Credit Co., Inc.		647			9
Total Mutual Funds (Cost $19)					22
Collateral for Securities Loaned^ (5.5%)
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (j)		9,712,925			9,713
HSBC U.S. Government Money Market Fund I Shares, 0.03% (j)		46,588,015			46,588
Total Collateral for Securities Loaned (Cost $56,301)					56,301
Total Investments (Cost $541,486) — 104.6%					1,063,858
Liabilities in excess of other assets — (4.6)%					(47,049	)
NET ASSETS — 100.00%				$	1,016,809

See notes to financial statements.

65

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June 30, 2021

  (Unaudited)

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

(c)  All or a portion of this security has been segregated as collateral for derivative instruments.

(d)  Affiliated security (See Note 8 in the Notes to Financial Statements).

(e)  Rounds to less than $1 thousand.

(f)  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 June 30, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(g)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of June 30, 2021, illiquid securities were less than 0.05% of net assets.

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

(i)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund's net assets as of June 30, 2021. (See Note 2 in the Notes to Financial Statements)

(j)  Rate disclosed is the daily yield on June 30, 2021.

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		76	9/17/21	$	8,747,954	$	8,769,640	$	21,686
Total unrealized appreciation								$	21,686
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	21,686

See notes to financial statements.

66

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2021

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

	USAA Extended Market Index Fund
Assets:
Affiliated investments, at value (Cost $41)	$	62
Unaffiliated investments, at value (Cost $541,445)		1,063,796	(a)
Cash		6,120
Deposit with brokers for futures contracts		3,195
Receivables:
Interest and dividends		904
Capital shares issued		421
Investments sold		94
Variation margin on open futures contracts		12
Prepaid expenses		13
Total Assets		1,074,617
Liabilities:
Payables:
Collateral received on loaned securities		56,301
Investments purchased		659
Capital shares redeemed		496
Variation margin on open futures contracts		2
Accrued expenses and other payables:
Investment advisory fees		83
Administration fees		124
Transfer agent fees		56
Compliance fees		—	(b)
Trustees' fees		—	(b)
Other accrued expenses		87
Total Liabilities		57,808
Net Assets:
Capital		395,293
Total accumulated earnings/(loss)		621,516
Net Assets	$	1,016,809
Shares (unlimited number of shares authorized with no par value):		34,556
Net asset value, offering and redemption price per share: (c)	$	29.42

(a)  Includes $54,503 of securities on loan.

(b)  Rounds to less than $1 thousand.

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

See notes to financial statements.

67

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA Extended Market Index Fund
Investment Income:
Dividends	$	5,488
Affiliated dividend income		—	(a)
Interest		1
Securities lending (net of fees)		339
Foreign tax withholding		(2	)
Total Income		5,826
Expenses:
Investment advisory fees		488
Administration fees		732
Sub-Administration fees		14
Custodian fees		20
Transfer agent fees		290
Trustees' fees		23
Compliance fees		3
Legal and audit fees		25
State registration and filing fees		18
Other expenses		75
Total Expenses		1,688
Net Investment Income (Loss)		4,138
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from affiliated investment securities		—	(a)
Net realized gains (losses) from unaffiliated investment securities		24,629
Net realized gains (losses) from futures contracts		1,366
Net change in unrealized appreciation/depreciation on affiliated investment securities		14
Net change in unrealized appreciation/depreciation on unaffiliated investment securities		112,084
Net change in unrealized appreciation/depreciation on futures contracts		(162	)
Net realized/unrealized gains (losses) on investments		137,931
Change in net assets resulting from operations	$	142,069

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

68

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Extended Market Index Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	4,138		$	6,623
Net realized gains (losses) from investments		25,995			90,139
Net change in unrealized appreciation/depreciation on investments		111,936			114,710
Change in net assets resulting from operations		142,069			211,472
Change in net assets resulting from distributions to shareholders		—			(29,487	)
Change in net assets resulting from capital transactions		(31,371	)		(64,538	)
Change in net assets		110,698			117,447
Net Assets:
Beginning of period		906,111			788,664
End of period	$	1,016,809		$	906,111
Capital Transactions:
Proceeds from shares issued	$	58,920		$	53,107
Distributions reinvested		—			28,637
Cost of shares redeemed		(90,291	)		(146,282	)
Change in net assets resulting from capital transactions	$	(31,371	)	$	(64,538	)
Share Transactions:
Issued		2,124			2,819
Reinvested		—			1,132
Redeemed		(3,240	)		(7,699	)
Change in Shares		(1,116	)		(3,748	)

See notes to financial statements.

69

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
Six Months Ended June 30, 2021 (Unaudited)	$	25.40		0.12	(c)		3.90			4.02			—			—
Year Ended:
December 31, 2020	$	20.01		0.18	(c)		6.05			6.23			(0.21	)		(0.63	)
December 31, 2019	$	16.14		0.20	(c)		4.31			4.51			(0.26	)		(0.38	)
December 31, 2018	$	18.98		0.17			(1.96	)		(1.79	)		(0.17	)		(0.88	)
December 31, 2017	$	17.34		0.18			2.88			3.06			(0.18	)		(1.24	)
December 31, 2016	$	16.06		0.18			2.33			2.51			(0.18	)		(1.05	)

*  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 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.

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

(d)  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.

(e)  Reflects the period of February 24, 2018 to December 31, 2018, after the Fund converted to a stand-alone fund.

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

See notes to financial statements.

70

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)
USAA Extended Market Index Fund
Six Months Ended June 30, 2021 (Unaudited)		—		$	29.42		15.83	%		0.35	%		0.85	%		0.35	%	$	1,016,809		9	%
Year Ended:
December 31, 2020		(0.84	)	$	25.40		31.20	%		0.38	%		0.91	%		0.38	%	$	906,111		31	%
December 31, 2019		(0.64	)	$	20.01		27.94	%		0.41	%		1.06	%		0.41	%	$	788,664		24	%
December 31, 2018		(1.05	)	$	16.14		(9.70	)%		0.43	%(d)		0.90	%(d)		0.43	%(d)	$	656,406		12	%(e)
December 31, 2017		(1.42	)	$	18.98		17.72	%		0.44	%		0.93	%		0.44	%	$	765,211		11	%(f)
December 31, 2016		(1.23	)	$	17.34		15.48	%		0.48	%		1.14	%		0.48	%	$	671,703		13	%(f)

See notes to financial statements.

71

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2021

  (Unaudited)

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.

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.

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)

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

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.

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.

72

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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.

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

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

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.

A summary of the valuations as of June 30, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2			Level 3			Total
Common Stocks	$	1,007,436	$	—		$	66		$	1,007,502
Rights		—		5			28			33
Warrants		—		—	(a)		—	(a)		—	(a)
Corporate Bonds		—		—	(a)		—			—	(a)
Mutual Funds		22		—			—			22
Collateral for Securities Loaned		56,301		—			—			56,301
Total	$	1,063,759	$	5		$	94		$	1,063,858
Other Financial Investments^
Assets:
Futures Contracts	$	22	$	—		$	—		$	22
Total	$	22	$	—		$	—		$	22

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

(a)  Zero market value security.

As of June 30, 2021, there were no significant Level 3 holdings in the 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.

73

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

Investment Companies:

Open-End Funds:

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

Derivative Instruments:

Futures Contracts:

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

During the six months ended June 30, 2021, the Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure	$	22

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

74

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the six months ended June 30, 2021 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result from Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	1,366	$	(162	)

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. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, 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.

75

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2021.

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	54,503	$	—	$	56,301

Foreign Taxes:

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

Federal Income Taxes:

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.

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.

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 six months ended June 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	90,225	$	117,822

There were no purchases or sales of U.S. government securities during the six months ended June 30, 2021.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Under the 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 six months ended June 30, 2021, are reflected on the Statement of Operations as Investment Advisory fees.

76

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 six months ended June 30, 2021, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and 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 six months ended June 30, 2021, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Sub-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 six months ended June 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the six months ended June 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

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

Distributor/Underwriting Services:

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

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Custodian fees.

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense

77

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

limit for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures that 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 June 30, 2021, the expense limit (excluding voluntary waivers) was 0.43%.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021 the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment. As of June 30, 2021, there are no amounts available to be repaid to the Adviser.

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended June 30, 2021.

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

5. Risks:

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

Market Risk — Overall 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.

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:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. 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

78

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2021, 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. For the period June 29, 2020, through April 30, 2021, under an amended Line of Credit agreement, Citibank received an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Effective with the renewal, the annual commitment fee of 0.15% remains unchanged and the upfront fee of 0.10% was discontinued. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2021.

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 in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period is presented on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six-months ended June 30, 2021.

7. Federal Income Tax Information:

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

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in 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.

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year ending December 31, 2021

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

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common

79

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

control with a Fund or VCM. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on the Fund's Schedule of Portfolio Investments.

Section 12(d)(3) of the 1940 Act, and Rule 12d3-1(c) under the 1940 Act, generally prohibit a fund from purchasing the securities issued by, among other entities, a fund's investment adviser. When a fund's investment objective is to track the performance of an unaffiliated index by investing in the stocks that comprise that index, the staff of the SEC has taken the position that, subject to certain conditions, the fund may establish and maintain a position in the common stock of an affiliate of the fund's investment adviser in an amount approximately in proportion to the percentage that the stock is represented in the index. In seeking to provide investment results that closely correspond to its respective unaffiliated index, one or more Funds may hold the securities of Victory Capital Holdings, Inc., the parent company of VCM and other Fund service providers. Transactions in affiliated securities during the six months ended June 30, 2021 were as follows (amount in thousands):

	Fair Value 12/31/20		Purchases at Cost			Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation		Fair Value 6/30/21		Dividend Income
Victory Capital Holdings Inc.	$	50	$	—	*	$	(2	)	$	—	*	$	—	$	14	$	62	$	—

*  Rounds to less than $1 thousand.

80

USAA Mutual Funds Trust Supplemental Information
June 30, 2021

  (Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

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 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 January 1, 2021, through June 30, 2021.

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 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid During Period 1/1/21- 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21- 6/30/21*		Annualized Expense Ratio During Period 1/1/21- 6/30/21
$	1,000.00	$	1,158.30	$	1,023.06	$	1.87	$	1.76		0.35	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

81

USAA Mutual Funds Trust Supplemental Information — continued
June 30, 2021

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Fund's Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on March 10, 2021, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a highly liquid investment minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

82

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

37757-0821

JUNE 30, 2021

Semi Annual Report

USAA Nasdaq-100 Index Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member 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.

www.vcm.com

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

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

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

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

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Schedule of Portfolio Investments	3
Financial Statements
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	12
Notes to Financial Statements	14
Supplemental Information	23
Proxy Voting and Portfolio Holdings Information	23
Expense Examples	23
Liquidity Risk Management Program	24
Privacy Policy (inside back cover)

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

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

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

For more specific information, please consult your tax adviser.

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

1

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund June 30, 2021

  (Unaudited)

Investment Objective and 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*:

June 30, 2021

(% of Net Assets)

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

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

2

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (19.5%):
Activision Blizzard, Inc.		229,531	$	21,906
Alphabet, Inc. Class A (a)		58,382		142,557
Alphabet, Inc. Class C (a)		62,814		157,432
Baidu, Inc., ADR (a)		76,539		15,606
Charter Communications, Inc. Class A (a)		55,732		40,208
Comcast Corp. Class A		1,354,354		77,225
Electronic Arts, Inc.		84,540		12,159
Facebook, Inc. Class A (a)		465,123		161,728
Fox Corp. Class A		96,576		3,586
Fox Corp. Class B		74,815		2,634
Match Group, Inc. (a)		79,838		12,874
NetEase, Inc., ADR		89,006		10,258
Netflix, Inc. (a)		130,980		69,185
Sirius XM Holdings, Inc. (b)		1,208,403		7,903
T-Mobile U.S., Inc. (a)		368,319		53,344
				788,605
Communications Equipment (1.6%):
Cisco Systems, Inc.		1,244,867		65,978
Consumer Discretionary (17.4%):
Amazon.com, Inc. (a)		97,900		336,792
Booking Holdings, Inc. (a)		12,127		26,535
Dollar Tree, Inc. (a)		68,518		6,818
eBay, Inc.		201,243		14,129
JD.com, Inc., ADR (a)		238,045		18,998
Lululemon Athletica, Inc. (a)		36,962		13,490
Marriott International, Inc. Class A (a)		96,192		13,132
MercadoLibre, Inc. (a)		14,726		22,940
O'Reilly Automotive, Inc. (a)		20,607		11,668
Peloton Interactive, Inc. Class A (a)		79,386		9,846
Pinduoduo, Inc., ADR (a)		111,762		14,196
Ross Stores, Inc.		105,342		13,062
Starbucks Corp.		348,067		38,917
Tesla, Inc. (a)		231,421		157,297
Trip.com Group Ltd., ADR (a)		155,627		5,519
				703,339
Consumer Staples (4.8%):
Costco Wholesale Corp.		130,724		51,724
Keurig Dr Pepper, Inc.		418,694		14,755
Mondelez International, Inc. Class A		414,948		25,909
Monster Beverage Corp. (a)		156,136		14,263
PepsiCo, Inc.		408,130		60,473
The Kraft Heinz Co.		361,315		14,734
Walgreens Boots Alliance, Inc.		255,340		13,433
				195,291

See notes to financial statements.

3

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components (0.2%):
CDW Corp.		41,416	$	7,233
Health Care (6.7%):
Alexion Pharmaceuticals, Inc. (a)		65,289		11,994
Align Technology, Inc. (a)		23,377		14,283
Amgen, Inc.		169,722		41,370
Biogen, Inc. (a)		44,474		15,400
Cerner Corp.		89,009		6,957
DexCom, Inc. (a)		28,567		12,198
Gilead Sciences, Inc. (c)		370,481		25,511
IDEXX Laboratories, Inc. (a)		25,191		15,909
Illumina, Inc. (a)		43,128		20,409
Incyte Corp. (a)		64,964		5,466
Intuitive Surgical, Inc. (a)		34,978		32,167
Moderna, Inc. (a)		118,610		27,871
Regeneron Pharmaceuticals, Inc. (a)		30,926		17,273
Seagen, Inc. (a)		53,607		8,464
Vertex Pharmaceuticals, Inc. (a)		76,468		15,418
				270,690
Industrials (1.7%):
Cintas Corp.		31,033		11,855
Copart, Inc. (a)		69,885		9,213
CSX Corp.		671,205		21,532
Fastenal Co.		169,694		8,824
PACCAR, Inc.		102,549		9,152
Verisk Analytics, Inc.		47,881		8,366
				68,942
IT Services (4.6%):
Automatic Data Processing, Inc.		125,698		24,966
Cognizant Technology Solutions Corp. Class A		155,797		10,790
Fiserv, Inc. (a)		196,962		21,053
Okta, Inc. (a)		36,941		9,039
Paychex, Inc.		106,449		11,422
PayPal Holdings, Inc. (a)		347,012		101,147
VeriSign, Inc. (a)		33,267		7,575
				185,992
Semiconductors & Semiconductor Equipment (15.3%):
Advanced Micro Devices, Inc. (a)		358,915		33,713
Analog Devices, Inc.		108,951		18,757
Applied Materials, Inc.		269,988		38,446
ASML Holding NV, NYS		23,470		16,214
Broadcom, Inc.		120,612		57,513
Intel Corp.		1,192,816		66,965
KLA Corp.		45,279		14,680
Lam Research Corp.		42,129		27,413
Marvell Technology, Inc.		242,013		14,117
Maxim Integrated Products, Inc.		79,274		8,352
Microchip Technology, Inc.		80,800		12,099

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Micron Technology, Inc. (a)		331,263	$	28,151
NVIDIA Corp.		184,032		147,244
NXP Semiconductors NV		81,456		16,757
QUALCOMM, Inc.		333,208		47,625
Skyworks Solutions, Inc.		48,767		9,351
Texas Instruments, Inc.		272,806		52,460
Xilinx, Inc.		72,620		10,504
				620,361
Software (16.0%):
Adobe, Inc. (a)		141,201		82,693
ANSYS, Inc. (a)		25,745		8,935
Atlassian Corp. PLC Class A (a)		39,963		10,265
Autodesk, Inc. (a)		65,007		18,976
Cadence Design Systems, Inc. (a)		82,199		11,246
Check Point Software Technologies Ltd. (a)		39,965		4,641
DocuSign, Inc. (a)		57,471		16,067
Intuit, Inc.		80,720		39,566
Microsoft Corp. (c)		1,462,036		396,066
Splunk, Inc. (a)		48,416		7,000
Synopsys, Inc. (a)		45,070		12,430
Workday, Inc. Class A (a)		55,830		13,329
Zoom Video Communications, Inc. Class A (a)		69,795		27,013
				648,227
Technology Hardware, Storage & Peripherals (11.0%):
Apple, Inc.		3,239,420		443,671
Utilities (0.9%):
American Electric Power Co., Inc. (c)		147,626		12,488
Exelon Corp.		288,655		12,790
Xcel Energy, Inc. (c)		158,985		10,474
				35,752
Total Common Stocks (Cost $1,213,098)				4,034,081
Collateral for Securities Loaned^ (0.2%)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		8,121,186		8,121
Total Collateral for Securities Loaned (Cost $8,121)				8,121
Total Investments (Cost $1,221,219) — 99.9%				4,042,202
Other assets in excess of liabilities — 0.1%				5,790
NET ASSETS — 100.00%			$	4,047,992

^  Purchased with cash collateral from securities on loan.

(a)  Non-income producing security.

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

(c)  All or a portion of this security has been segregated as collateral for derivative instruments.

(d)  Rate disclosed is the daily yield on June 30, 2021.

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments — continued
June 30, 2021

  (Unaudited)

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		50	9/17/21	$	13,923,409	$	14,549,000	$	625,591
Total unrealized appreciation								$	625,591
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	625,591

See notes to financial statements.

6

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2021

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

	USAA Nasdaq-100 Index Fund
Assets:
Investments, at value (Cost $1,221,219)	$	4,042,202	(a)
Cash		10,121
Deposit with brokers for futures contracts		4,368
Receivables:
Interest and dividends		544
Capital shares issued		2,091
From Adviser		5
Prepaid expenses		42
Total Assets		4,059,373
Liabilities:
Payables:
Collateral received on loaned securities		8,121
Capital shares redeemed		1,886
Variation margin on open futures contracts		14
Accrued expenses and other payables:
Investment advisory fees		643
Administration fees		476
Custodian fees		23
Transfer agent fees		202
Compliance fees		1
Trustees' fees		—	(b)
12b-1 fees		—	(b)
Other accrued expenses		15
Total Liabilities		11,381
Net Assets:
Capital		1,077,117
Total accumulated earnings/(loss)		2,970,875
Net Assets	$	4,047,992
Net Assets
Fund Shares	$	3,933,571
Institutional Shares		79,590
Class A		653
Class C		767
R6 Shares		33,411
Total	$	4,047,992
Shares (unlimited number of shares authorized with no par value):
Fund Shares		97,794
Institutional Shares		1,974
Class A		16
Class C		19
R6 Shares		830
Total		100,633
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	40.22
Institutional Shares	$	40.31
Class A	$	40.26
Class C (d)	$	39.97
R6 Shares	$	40.26
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 shares	$	41.19

(a)  Includes $7,824 of securities on loan.

(b)  Rounds to less than $1 thousand.

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

(d)  Redemption price per share varies by the length of time shares are held.

See notes to financial statements.

7

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA Nasdaq-100 Index Fund
Investment Income:
Dividends	$	13,623
Interest		1
Securities lending (net of fees)		6
Foreign tax withholding		(14	)
Total Income		13,616
Expenses:
Investment advisory fees		3,748
Administration fees — Fund Shares		2,731
Administration fees — Institutional Shares		35
Administration fees — Class A		—	(a)
Administration fees — Class C		—	(a)
Administration fees — R6 Shares		9
Sub-Administration fees		11
12b-1 fees — Class A		1
12b-1 fees — Class C		2
Custodian fees		83
Transfer agent fees — Fund Shares		979
Transfer agent fees — Institutional Shares		35
Transfer agent fees — Class A		—	(a)
Transfer agent fees — Class C		—	(a)
Transfer agent fees — R6 Shares		2
Trustees' fees		23
Compliance fees		11
Legal and audit fees		20
State registration and filing fees		86
Other expenses		276
Total Expenses		8,052
Expenses waived/reimbursed by Adviser		(16	)
Net Expenses		8,036
Net Investment Income (Loss)		5,580
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		36,607
Net realized gains (losses) from futures contracts		1,223
Net change in unrealized appreciation/depreciation on investment securities		427,415
Net change in unrealized appreciation/depreciation on futures contracts		(10	)
Net realized/unrealized gains (losses) on investments		465,235
Change in net assets resulting from operations	$	470,815

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

8

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Nasdaq-100 Index Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	5,580		$	13,635
Net realized gains (losses) from investments		37,830			117,807
Net change in unrealized appreciation/depreciation on investments		427,405			1,071,581
Change in net assets resulting from operations		470,815			1,203,023
Distributions to Shareholders:
Fund Shares		—			(53,982	)
Institutional Shares (a)		—			(733	)
Class A (a)		—			(1	)
Class C (a)		—			(2	)
R6 Shares		—			(582	)
Change in net assets resulting from distributions to shareholders		—			(55,300	)
Change in net assets resulting from capital transactions		(99,773	)		67,688
Change in net assets		371,042			1,215,411
Net Assets:
Beginning of period		3,676,950			2,461,539
End of period	$	4,047,992		$	3,676,950

(a)  Institutional Shares, Class A, and Class C activity is for the period June 29, 2020 (commencement of operations) to Dec 31, 2020.

(continues on next page)

See notes to financial statements.

9

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	USAA Nasdaq-100 Index Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	334,952		$	963,224
Distributions reinvested		—			52,834
Cost of shares redeemed		(442,172	)		(1,005,018	)
Total Fund Shares	$	(107,220	)	$	11,040
Institutional Shares (a)
Proceeds from shares issued	$	20,198		$	53,408
Distributions reinvested		—			718
Cost of shares redeemed		(6,789	)		(3,989	)
Total Institutional Shares	$	13,409		$	50,137
Class A (a)
Proceeds from shares issued	$	602		$	157
Distributions reinvested		—			1
Cost of shares redeemed		(174	)		—
Total Class A	$	428		$	158
Class C (a)
Proceeds from shares issued	$	522		$	173
Distributions reinvested		—			2
Total Class C	$	522		$	175
R6 Shares
Proceeds from shares issued	$	13,795		$	17,111
Distributions reinvested		—			391
Cost of shares redeemed		(20,707	)		(11,324	)
Total R6 Shares	$	(6,912	)	$	6,178
Change in net assets resulting from capital transactions	$	(99,773	)	$	67,688

(a)  Institutional Shares, Class A, and Class C activity is for the period June 29, 2020 (commencement of operations) to Dec 31, 2020.

(continues on next page)

See notes to financial statements.

10

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	USAA Nasdaq-100 Index Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Share Transactions:
Fund Shares
Issued		9,046			35,707
Reinvested		—			1,506
Redeemed		(12,032	)		(36,756	)
Total Fund Shares		(2,986	)		457
Institutional Shares (a)
Issued		551			1,706
Reinvested		—			20
Redeemed		(183	)		(120	)
Total Institutional Shares		368			1,606
Class A (a)
Issued		16			5
Reinvested		—			—	(b)
Redeemed		(5	)		—
Total Class A		11			5
Class C (a)
Issued		14			5
Reinvested		—			—	(b)
Total Class C		14			5
R6 Shares
Issued		377			602
Reinvested		—			11
Redeemed		(545	)		(390	)
Total R6 Shares		(168	)		223
Change in Shares		(2,761	)		2,296

(a)  Institutional Shares, Class A, and Class C activity is for the period June 29, 2020 (commencement of operations) to Dec 31, 2020.

(b)  Rounds to less than 1 thousand shares.

See notes to financial statements.

11

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
Six Months Ended June 30, 2021 (Unaudited)	$	35.56		0.05	(d)		4.61			4.66			—			—
Year Ended:
December 31, 2020	$	24.35		0.13	(d)		11.62			11.75			(0.13	)		(0.41	)
December 31, 2019	$	17.69		0.13	(d)		6.74			6.87			(0.13	)		(0.08	)
December 31, 2018	$	17.89		0.11			(0.18	)		(0.07	)		(0.12	)		(0.01	)
December 31, 2017	$	13.79		0.07			4.38			4.45			(0.08	)		(0.27	)
December 31, 2016	$	12.99		0.09			0.78			0.87			(0.07	)		—
Institutional Shares
Six Months Ended June 30, 2021 (Unaudited)	$	35.64		0.05	(d)		4.62			4.67			—			—
June 29, 2020 (e) through December 31, 2020	$	27.86		0.07	(d)		8.17			8.24			(0.05	)		(0.41	)
Class A
Six Months Ended June 30, 2021 (Unaudited)	$	35.64		0.01	(d)		4.61			4.62			—			—
June 29, 2020 (e) through December 31, 2020	$	27.86		0.02	(d)		8.18			8.20			(0.01	)		(0.41	)
Class C
Six Months Ended June 30, 2021 (Unaudited)	$	35.51		(0.14	)(d)		4.60			4.46			—			—
June 29, 2020 (e) through December 31, 2020	$	27.86		(0.10	)(d)		8.16			8.06			—			(0.41	)
R6 Shares
Six Months Ended June 30, 2021 (Unaudited)	$	35.57		0.08	(d)		4.61			4.69			—			—
Year Ended:
December 31, 2020	$	24.35		0.17	(d)		11.63			11.80			(0.17	)		(0.41	)
December 31, 2019	$	17.68		0.15	(d)		6.74			6.89			(0.14	)		(0.08	)
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	)

*  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 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.

12

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 Charge)*(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
Six Months Ended June 30, 2021 (Unaudited)		—		$	40.22		13.10	%		0.43	%		0.30	%		0.43	%	$	3,933,571		1	%
Year Ended:
December 31, 2020		(0.54	)	$	35.56		48.30	%		0.44	%		0.46	%		0.44	%	$	3,583,838		17	%
December 31, 2019		(0.21	)	$	24.35		38.86	%		0.48	%		0.63	%		0.48	%	$	2,442,662		9	%
December 31, 2018		(0.13	)	$	17.69		(0.44	)%		0.48	%		0.64	%		0.48	%	$	1,750,674		5	%
December 31, 2017		(0.35	)	$	17.89		32.29	%		0.51	%		0.60	%		0.51	%	$	1,623,579		5	%
December 31, 2016		(0.07	)	$	13.79		6.68	%		0.53	%		0.77	%		0.53	%	$	1,078,319		4	%
Institutional Shares
Six Months Ended June 30, 2021 (Unaudited)		—		$	40.31		13.10	%		0.44	%		0.29	%		0.44	%	$	79,590		1	%
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
Six Months Ended June 30, 2021 (Unaudited)		—		$	40.26		12.96	%		0.70	%		0.04	%		4.02	%	$	653		1	%
June 29, 2020 (e) through December 31, 2020		(0.42	)	$	35.64		29.46	%		0.70	%		0.11	%		46.74	%	$	167		17	%
Class C
Six Months Ended June 30, 2021 (Unaudited)		—		$	39.97		12.56	%		1.45	%		(0.75	)%		6.24	%	$	767		1	%
June 29, 2020 (e) through December 31, 2020		(0.41	)	$	35.51		28.95	%		1.45	%		(0.61	)%		19.93	%	$	194		17	%
R6 Shares
Six Months Ended June 30, 2021 (Unaudited)		—		$	40.26		13.19	%		0.30	%		0.41	%		0.30	%	$	33,411		1	%
Year Ended:
December 31, 2020		(0.58	)	$	35.57		48.51	%		0.31	%		0.59	%		0.31	%	$	35,511		17	%
December 31, 2019		(0.22	)	$	24.35		38.99	%		0.39	%		0.71	%		0.42	%	$	18,877		9	%
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.

13

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2021

  (Unaudited)

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.

The accompanying financial statements are those of the USAA Nasdaq-100 Index Fund (the "Fund"). The Fund offers five classes of shares: Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares. The Fund is classified as non-diversified under the 1940 Act.

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

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)

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

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.

14

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 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.

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

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

A summary of the valuations as of June 30, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stocks	$	4,034,081	$	—	$	—	$	4,034,081
Collateral for Securities Loaned		8,121		—		—		8,121
Total	$	4,042,202	$	—	$	—	$	4,042,202
Other Financial Investments^
Assets:
Futures Contracts	$	626	$	—	$	—	$	626
Total	$	626	$	—	$	—	$	626

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

As of June 30, 2021, there were no significant Level 3 holdings in the 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.

15

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 contracts.

During the six months ended June 30, 2021, 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 June 30, 2021 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure	$	626

*  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 six months ended June 30, 2021 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result from Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	1,223	$	(10	)

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.

16

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, 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 June 30, 2021.

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	7,824	$	—	$	8,121

Foreign Taxes:

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

Federal Income Taxes:

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

17

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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.

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, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	27,015	$	115,797

There were no purchases or sales of U.S. government securities during the six months ended June 30, 2021.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Under the 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 six months ended June 30, 2021, are reflected on the Statement of Operations as Investment Advisory fees.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019 permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended June 30, 2021, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and 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,

18

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

and R6 Shares, respectively. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Sub-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 six months ended June 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees for Institutional Shares, Class A, Class C, and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, 0.10%, and 0.01%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended June 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

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

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% and 1.00% of the average daily net assets of Class A and Class C, respectively. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A and Class C 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. For the six months ended June 30, 2021, the Distributor received approximately less than $1 thousand from commissions earned on sale of Class A.

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Custodian fees.

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

19

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures that 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 June 30, 2021, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, 0.70%, 1.45%, and 0.40% for Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares, respectively.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021 the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of June 30, 2021, 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 June 30, 2021.

Expires 2023		Expires 2024		Total
$	22	$	16	$	38

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 six months ended June 30, 2021.

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

5. Risks:

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

Market Risk — Overall 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.

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.

20

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2021, 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. For the period June 29, 2020, through April 30, 2021, under an amended Line of Credit agreement, Citibank received an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Effective with the renewal, the annual commitment fee of 0.15% remains unchanged and the upfront fee of 0.10% was discontinued. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2021.

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 in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period is presented on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six-months ended June 30, 2021.

7. Federal Income Tax Information:

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

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in 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.

21

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year ending December 31, 2021.

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

22

USAA Mutual Funds Trust Supplemental Information
June 30, 2021

  (Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

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, 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 January 1, 2021, through June 30, 2021.

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 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid Period 1/1/21- 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21- 6/30/21*		Annualized Expense Ratio During Period 1/1/21- 6/30/21
Fund Shares	$	1,000.00	$	1,131.00	$	1,022.66	$	2.27	$	2.16		0.43	%
Institutional Shares		1,000.00		1,131.00		1,022.61		2.32		2.21		0.44	%
Class A		1,000.00		1,129.60		1,021.32		3.70		3.51		0.70	%
Class C		1,000.00		1,125.60		1,017.60		7.64		7.25		1.45	%
R6 Shares		1,000.00		1,131.90		1,023.31		1.59		1.51		0.30	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

23

USAA Mutual Funds Trust Supplemental Information —continued
June 30, 2021

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Fund's Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on March 10, 2021, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a highly liquid investment minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

24

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

37758-0821

JUNE 30, 2021

Semi Annual Report

USAA Ultra Short-Term Bond Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member 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.

www.vcm.com

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

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

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

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

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Schedule of Portfolio Investments	3
Financial Statements
Statement of Assets and Liabilities	17
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	22
Notes to Financial Statements	26
Supplemental Information	36
Proxy Voting and Portfolio Holdings Information	36
Expense Examples	36
Liquidity Risk Management Program	37
Privacy Policy (inside back cover)

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

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

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

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

For more specific information, please consult your tax adviser.

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

1

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund June 30, 2021

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund's investment objective seeks to provide high current income consistent with preservation of principal.

Asset Allocation*:

June 30, 2021

(% of Net Assets)

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

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

2

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (13.1%)
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15%, 8/13/24, Callable 9/13/23 @ 100 (a)	$	750	$	754
ARI Fleet Lease Trust, Series 2017-A, Class A3, 2.28%, 4/15/26, Callable 7/15/21 @ 100 (a)		338		340
Ascentium Equipment Receivables Trust, Series 2017-2A, Class C, 2.87%, 8/10/22, Callable 1/10/22 @ 100 (a)		490		495
Bank of The West Auto Trust, Series 2019-1, Class A3, 2.43%, 4/15/24, Callable 3/15/23 @ 100 (a)		793		802
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 3/15/23 @ 100 (a)		1,000		1,037
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 6/20/23 @ 100 (a)		606		612
BCC Funding XIV LLC, Series 18-1A, Class C, 3.62%, 8/21/23, Callable 11/20/21 @ 100 (a)		570		574
California Republic Auto Receivables Trust, Series 2017-1, Class B, 2.91%, 12/15/22, Callable 7/15/21 @ 100		237		238
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 3/19/22 @ 100 (a)		250		256
CarMax Auto Owner Trust, Series 2020-2, Class A2B, 1.37% (LIBOR03M+130bps), 1/17/23, Callable 10/15/23 @ 100 (b)		107		107
Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 4/15/24 @ 100 (a)		560		578
Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 5/10/25 @ 100		750		756
Carvana Auto Receivables Trust 2021-N2, Series 2021-N2, Class C, 1.07%, 3/10/28, Callable 6/10/26 @ 100		375		375
CCG Receivables Trust, Series 2019-1, Class C, 3.57%, 9/14/26, Callable 11/14/22 @ 100 (a)		750		775
CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 11/14/22 @ 100 (a)		1,000		1,033
Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, Callable 2/25/24 @ 100 (a)		344		345
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 6/15/22 @ 100 (a)		852		859
Chesapeake Funding II LLC, Series 18-2A, Class C, 3.72%, 8/15/30, Callable 10/15/21 @ 100 (a)		650		656
CPS Auto Receivables Trust, Series 2020-C, Class B, 1.01%, 1/15/25, Callable 9/15/23 @ 100 (a)		364		365
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, Callable 11/15/24 @ 100 (a)		218		218
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 2/15/30, Callable 12/15/24 @ 100 (a)		500		500
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 8/20/24 @ 100 (a)		241		242
Dell Equipment Finance Trust, Series 2020-1, Class D, 5.92%, 3/23/26, Callable 9/22/22 @ 100 (a)		1,000		1,061
Dell Equipment Finance Trust, Series 2018-2, Class C, 3.72%, 10/22/23, Callable 10/22/21 @ 100 (a)		175		176

See notes to financial statements.

3

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Dell Equipment Finance Trust, Series 2019-2, Class B, 2.06%, 10/22/24, Callable 5/22/22 @ 100 (a)	$	356	$	361
Drive Auto Receivables Trust, Series 2018-1, Class D, 3.81%, 5/15/24, Callable 4/15/22 @ 100		473		479
DT Auto Owner Trust, Series 2019-3A, Class B, 2.60%, 5/15/23, Callable 5/15/23 @ 100 (a)		74		74
DT Auto Owner Trust, Series 2018-1A, Class D, 3.81%, 12/15/23, Callable 3/15/22 @ 100 (a)		100		101
Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 7/15/23 @ 100 (a)		682		694
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 7/15/25 @ 100		750		751
Exeter Automobile Receivables Trust, Series 21-1A, Class B, 0.50%, 2/18/25, Callable 3/15/24 @ 100		1,300		1,301
First Investors Auto Owner Trust, Series 2020-1A, Class B, 1.85%, 2/17/26, Callable 12/15/22 @ 100 (a)		750		758
Flagship Credit Auto Trust, Series 2017-3, Class C, 2.91%, 9/15/23, Callable 6/15/22 @ 100 (a)		139		140
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 11/15/24 @ 100 (a)		469		470
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class A3, 0.64%, 7/15/25, Callable 11/15/24 @ 100 (a)		429		429
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 11/15/23 @ 100 (a)		500		509
GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.08%, 6/15/26, Callable 7/15/25 @ 100 (a)		457		455
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/25 (a)		1,500		1,499
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/25 (a)		500		500
HPEFS Equipment Trust, Series 2019-1A, Class B, 2.32%, 9/20/29, Callable 7/20/22 @ 100 (a)		500		504
HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, Callable 7/20/24 @ 100 (a)		721		721
Hyundai Auto Receivables Trust, Series 2018-A, Class B, 3.14%, 6/17/24, Callable 6/15/22 @ 100		1,000		1,020
JPMorgan Chase Bank NA, Series 2020-2, Class D, 1.49%, 2/25/28, Callable 6/25/24 @ 100 (a)		490		492
JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 6/25/24 @ 100 (a)		149		149
JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, Callable 6/25/24 @ 100 (a)		297		298
JPMorgan Chase Bank NA, Series 2021-1, Class C, 1.02%, 9/25/28, Callable 11/25/24 @ 100 (a)		1,000		1,000
Kubota Credit Owner Trust, Series 2020-1A, Class A2, 1.92%, 12/15/22, Callable 9/15/23 @ 100 (a)		227		228
Master Credit Card Trust, Series 2019-2A, Class C, 2.83%, 7/21/21 (a)		500		499
Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a)		550		572
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 10/20/27 @ 100 (a)		188		193
Oscar U.S. Funding XII LLC, Series 1A, Class A3, 0.70%, 4/10/25 (a)		1,000		1,001

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, Callable 2/15/24 @ 100 (a)	$	310	$	312
Prestige Auto Receivables Trust, Series 2018-1A, Class B, 3.54%, 3/15/23, Callable 6/15/22 @ 100 (a)		19		19
Prestige Auto Receivables Trust, Series 2019-1A, Class A3, 2.45%, 5/15/23, Callable 9/15/22 @ 100 (a)		361		362
Prestige Auto Receivables Trust, Series 2018-1A, Class C, 3.75%, 10/15/24, Callable 6/15/22 @ 100 (a)		500		505
Progress Residential Trust, Series 2021-SFR5, Class B, 1.66%, 7/16/26 (a)		600		596
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/23 @ 100 (a)		500		544
Santander Drive Auto Receivables Trust, Series 2017-2, Class D, 3.49%, 7/17/23, Callable 8/15/21 @ 100		57		57
Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.81%, 12/16/24, Callable 8/15/22 @ 100		156		157
Santander Retail Auto Lease Trust, Series 2019-B, Class C, 2.77%, 8/21/23, Callable 8/20/22 @ 100 (a)		1,085		1,107
Scf Equipment Leasing LLC, Series 1A, Class A3, 0.83%, 8/21/28, Callable 3/20/27 @ 100 (a)		920		914
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 7/20/25 @ 100 (a)		500		503
SCF Equipment Leasing LLC, Series 2019-1A, Class B, 3.49%, 1/20/26, Callable 7/20/21 @ 100 (a)		1,157		1,159
Synchrony Credit Card Master Note Trust, Series 2017-2, Class C, 3.01%, 10/15/25		1,000		1,031
Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/23, Callable 6/15/22 @ 100 (a)		500		510
Total Asset-Backed Securities (Cost $36,032)				36,128
Collateralized Mortgage Obligations (13.5%)
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class C, 1.52% (LIBOR01M+145bps), 9/15/32 (a) (b)		1,000		1,000
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1.32% (LIBOR01M+125bps), 9/15/32 (a) (b)		1,000		1,001
BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 1.38% (LIBOR01M+131bps), 11/25/34 (a) (b)		1,000		990
BX Commercial Mortgage Trust, Series 2020-BXLP, Class C, 1.19% (LIBOR01M+112bps), 12/15/29 (a) (b)		970		971
BX Commercial Mortgage Trust, Series 2021-VINO, Class B, 0.93% (LIBOR01M+85bps), 5/15/38 (a) (b)		1,000		1,001
BX Commercial Mortgage Trust, Series 2019-XL, Class C, 1.32% (LIBOR01M+125bps), 10/15/36 (a) (b)		905		906
BX Trust, Series 2021-SOAR, Class C, 1.20% (LIBOR01M+110bps), 6/15/38 (a) (b)		500		500
BX Trust, Series 2021-SOAR, Class B, 0.97% (LIBOR01M+87bps), 6/15/38 (a) (b)		500		500
CHT Mortgage Trust, Series 2017-CSMO, Class C, 1.57% (LIBOR01M+150bps), 11/15/36 (a) (b)		1,500		1,503
CIFC Funding Ltd., Series 2015-5A, Class A1R, 1.04% (LIBOR03M+86bps), 10/25/27, Callable 7/25/21 @ 100 (a) (b)		1,686		1,682
CIFC Funding Ltd., Series 2012-2RA, Class A1, 0.99% (LIBOR03M+80bps), 1/20/28, Callable 7/20/21 @ 100 (a) (b)		814		812

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 11/13/39 (a)	$	1,000	$	990
COMM Mortgage Trust, Series 2019-521F, Class B, 1.17% (LIBOR01M+110bps), 6/15/34 (a) (b)		1,500		1,491
Extended Stay America Trust, Series 2021-ESH, Class B, 1.46% (LIBOR01M+138bps), 7/15/38 (a) (b) (c)		389		390
FREMF Mortgage Trust, Series 2017-K724, Class B, 3.60%, 11/25/23, Callable 11/25/23 @ 100 (a) (d)		1,000		1,055
GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class A, 3.55%, 4/10/34 (a)		1,000		1,012
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a)		1,000		998
GS Mortgage Securities Trust, Series 2011-GC3, Class X, 0.42%, 3/10/44, Callable 7/10/21 @ 100 (a) (d) (e)		4,093		—	(f)
Hospitality Mortgage Trust, Series 2019-HIT, Class B, 1.42% (LIBOR01M+135bps), 11/15/36 (a) (b)		1,220		1,221
Hospitality Mortgage Trust, Series 2019-HIT, Class A, 1.07% (LIBOR01M+100bps), 11/15/36 (a) (b)		854		855
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2021-MHC, Class A, 0.87% (LIBOR01M+80bps), 4/15/38 (a) (b)		945		946
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.21%, 1/15/46, Callable 6/15/23 @ 100 (d) (g)		2,000		2,114
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XA, 0.83%, 4/15/47, Callable 4/15/24 @ 100 (d) (e)		4,858		68
KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 1.02% (LIBOR01M+95bps), 5/15/36 (a) (b)		1,000		1,001
Life Mortgage Trust, Series 21-BMR, Class B, 0.95% (LIBOR01M+88bps), 3/15/38 (a) (b)		1,000		1,002
MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 1.17% (LIBOR01M+110bps), 4/15/26 (a) (b)		1,000		1,001
Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 2.80% (LIBOR01M+130bps), 12/15/36 (a) (b)		1,154		1,184
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 0.77% (LIBOR01M+70bps), 11/15/34 (a) (b)		2,000		2,001
ONE Mortgage Trust, Series 2021-PARK, Class B, 1.02% (LIBOR01M+95bps), 3/15/36 (a) (b)		1,000		999
One New York Plaza Trust, Series 2020-1NYP, Class A, 1.02% (LIBOR01M+95bps), 1/15/26 (a) (b)		875		880
Palmer Square Loan Funding Ltd., Series 2021-2A, Class A1, 0.95% (LIBOR03M+80bps), 5/20/29, Callable 5/20/22 @ 100 (a) (b)		1,000		1,000
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2 (LIBOR03M+140bps), 7/20/29 (a) (b) (c)		1,000		1,000
Palmer Square Loan Funding Ltd., Series 2021-2A, Class A2, 1.40% (LIBOR03M+125bps), 5/20/29, Callable 5/20/22 @ 100 (a) (b)		500		500
Palmer Square Loan Funding Ltd., Series 2021-1A, Class A1, 1.09% (LIBOR03M+90bps), 4/20/29, Callable 4/20/22 @ 100 (a) (b)		500		500
Palmer Square Loan Funding Ltd., Series 2019-4A, Class A1, 1.08% (LIBOR03M+90bps), 10/24/27, Callable 7/24/21 @ 100 (a) (b)		560		560
Palmer Square Loan Funding Ltd., Series 2018-5A, Class A1, 1.04% (LIBOR03M+85bps), 1/20/27, Callable 7/20/21 @ 100 (a) (b)		350		349
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class AR, 1.26% (LIBOR03M+108bps), 4/15/30, Callable 1/15/22 @ 100 (a) (b)		1,500		1,499

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Tryon Park CLO Ltd., Series 2013-1A, Class A1SR, 1.07% (LIBOR03M+89bps), 4/15/29, Callable 7/15/21 @ 100 (a) (b)	$	1,610	$	1,610
TTAN, Series 2021-MHC, Class B, 1.17% (LIBOR01M+115bps), 3/15/38 (a) (b)		371		372
Total Collateralized Mortgage Obligations (Cost $37,307)				37,464
Senior Secured Loans (2.4%)
Air Canada, New Term Loan B, First Lien, 10/6/23 (c) (h)		1,000		984
Delos Finance S.a.r.l, Loans, First Lien, 1.95% (LIBOR03M+175bps), 10/6/23 (b)		1,500		1,498
Go Daddy Operating Co. LLC, Term Loan, First Lien, 2/15/24 (c) (h)		1,000		992
The Boeing Co., Advance, First Lien, 1.37% (LIBOR03M+125bps), 2/6/22 (b)		1,000		998
Western Digital Corp., Term Loan A-1, First Lien, 1.59% (LIBOR01M+150bps), 2/27/23 (b)		2,333		2,329
Total Senior Secured Loans (Cost $6,798)				6,801
Corporate Bonds (34.2%)
Communication Services (1.3%):
Charter Communications Operating LLC/Charter Communications Operating Capital, 1.83% (LIBOR03M+165bps), 2/1/24, Callable 1/1/24 @ 100 (b) (g)		2,000		2,056
Verizon Communications, 0.84% (SOFR+79bps), 3/20/26 (b)		1,500		1,527
				3,583
Consumer Discretionary (3.2%):
Association of American Medical Colleges, 2.12%, 10/1/24		1,000		1,015
Daimler Finance North America LLC, 1.02% (LIBOR03M+84bps), 5/4/23 (b)		1,150		1,163
Howard University 2.74%, 10/1/22		600		616
2.80%, 10/1/23		250		261
Little Co. of Mary Hospital of Indiana, Inc., 1.97%, 11/1/25		670		676
Nissan Motor Acceptance Corp. 0.84% (LIBOR03M+65bps), 7/13/22 (a) (b)		1,000		1,001
0.84% (LIBOR03M+69bps), 9/28/22 (a) (b)		500		501
Nordstrom, Inc., 2.30%, 4/8/24, Callable 4/8/22 @ 100 (a)		1,000		1,002
Volkswagen Group of America Finance LLC, 0.99% (LIBOR03M+86bps), 9/24/21 (a) (b)		1,000		1,002
ZF North America Capital, Inc., 4.50%, 4/29/22 (a)		1,552		1,595
				8,832
Consumer Staples (1.2%):
7-Eleven, Inc., 0.61% (LIBOR03M+45bps), 8/10/22, Callable 8/10/21 @ 100 (a) (b)		1,500		1,501
Smithfield Foods, Inc., 2.65%, 10/3/21, Callable 9/3/21 @ 100 (a)		1,815		1,821
				3,322
Energy (8.2%):
Apache Corp., 3.25%, 4/15/22, Callable 1/15/22 @ 100		500		505
Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 (g)		2,000		2,073
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		1,000		1,040
Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		1,000		1,065

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
EQM Midstream Partners LP 4.75%, 7/15/23, Callable 6/15/23 @ 100 (g)	$	500	$	522
4.00%, 8/1/24, Callable 5/1/24 @ 100		1,000		1,025
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a)		1,008		1,029
HollyFrontier Corp., 2.63%, 10/1/23		1,250		1,293
Midwest Connector Capital Co. LLC, 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a) (g)		1,000		1,016
MPLX LP, 1.22% (LIBOR03M+110bps), 9/9/22, Callable 8/9/21 @ 100 (b)		2,000		2,001
Murphy Oil Corp., 5.75%, 8/15/25, Callable 8/9/21 @ 104.31		1,000		1,029
NuStar Logistics LP, 4.75%, 2/1/22, Callable 11/1/21 @ 100		1,500		1,515
Occidental Petroleum Corp., 1.61% (LIBOR03M+145bps), 8/15/22, Callable 7/19/21 @ 100 (b)		2,000		1,990
Philips 66, 0.78% (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 (g)		970		996
Southwestern Energy Co., 4.10%, 3/15/22, Callable 12/15/21 @ 100		1,000		1,009
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 9/15/24, Callable 8/9/21 @ 102.75 (a) (g)		500		508
Valero Energy Corp., 1.27% (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		535		544
2.29% (LIBOR03M+185bps), 1/13/23 (b)		977		975
				22,639
Financials (11.2%):
Alexander Funding Trust, 1.84%, 11/15/23 (a)		1,000		1,018
American Honda Finance Corp., 0.53% (LIBOR03M+37bps), 5/10/23, MTN (b) (i)		1,360		1,365
Ares Capital Corp., 3.50%, 2/10/23, Callable 1/10/23 @ 100		1,000		1,038
Athene Global Funding, 0.93% (LIBOR03M+73bps), 1/8/24 (a) (b)		1,500		1,507
Bank of America Corp. 0.92% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (b)		1,000		1,009
0.70% (SOFR+69bps), 4/22/25, Callable 4/22/24 @ 100 (b)		500		503
BMW US Capital LLC, 0.54% (SOFR+53bps), 4/1/24 (a) (b)		1,000		1,006
Brighthouse Financial Global Funding, 0.77% (SOFR+76bps), 4/12/24 (a) (b)		1,000		1,008
Capital One NA, 0.98% (LIBOR03M+82bps), 8/8/22, Callable 7/8/22 @ 100 (b)		1,800		1,812
CIT Group, Inc., 5.00%, 8/15/22		1,000		1,045
Citigroup, Inc. 0.87% (LIBOR03M+69bps), 10/27/22, Callable 9/27/22 @ 100 (b)		885		891
0.68% (SOFR+67bps), 5/1/25, Callable 5/1/24 @ 100 (b)		500		502
DAE Funding LLC 4.50%, 8/1/22, Callable 8/1/21 @ 100 (a)		1,000		1,003
1.55%, 8/1/24, Callable 7/1/24 @ 100 (a)		1,500		1,497
Ford Motor Credit Co. LLC, 1.26% (LIBOR03M+108bps), 8/3/22 (b)		1,500		1,498
FS KKR Capital Corp. 4.75%, 5/15/22, Callable 4/15/22 @ 100		1,000		1,029
4.13%, 2/1/25, Callable 1/1/25 @ 100		1,000		1,064
General Motors Financial Co., Inc., 0.79% (SOFR+76bps), 3/8/24 (b)		1,000		1,006
Goldman Sachs Group, Inc., 0.51% (SOFR+50bps), 9/10/24, Callable 9/10/23 @ 100 (b)		500		500
Infinity Property & Casualty Corp., 5.00%, 9/19/22 (g)		1,000		1,049

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Intercontinental Exchange, Inc., 0.77% (LIBOR03M+65bps), 6/15/23, Callable 8/20/21 @ 100 (b)	$	1,000	$	1,001
JPMorgan Chase & Co. 0.62% (SOFR+58bps), 3/16/24, Callable 3/16/23 @ 100 (b)		1,000		1,006
0.55% (SOFR+54bps), 6/1/25, Callable 6/1/24 @ 100 (b)		500		501
Main Street Capital Corp. 4.50%, 12/1/22		1,000		1,043
5.20%, 5/1/24		1,000		1,089
New York Life Global Funding 0.24% (SOFR+22bps), 2/2/23 (a) (b)		1,000		1,000
0.32% (SOFR+31bps), 4/27/24 (a) (b)		500		501
Synovus Bank, 2.29% (SOFR+95bps), 2/10/23, Callable 2/10/22 @ 100 (b)		478		482
The Charles Schwab Corp., 0.53% (SOFR+52bps), 5/13/26, Callable 4/13/26 @ 100 (b) (i)		1,000		1,005
The Goldman Sachs Group, Inc., 0.97% (LIBOR03M+78bps), 10/31/22, Callable 10/31/21 @ 100 (b)		1,000		1,002
Wells Fargo Bank NA, 0.78% (LIBOR03M+66bps), 9/9/22, Callable 9/9/21 @ 100 (b)		1,000		1,001
				30,981
Health Care (0.7%):
Gilead Sciences, Inc., 0.67% (LIBOR03M+52bps), 9/29/23, Callable 9/29/21 @ 100 (b)		1,000		1,001
Molina Healthcae, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100		1,000		1,047
				2,048
Industrials (2.9%):
American Airlines Pass Through Trust, 4.38%, 12/15/25 (a)		893		870
Aviation Capital Group LLC 0.86% (LIBOR03M+67bps), 7/30/21 (a) (b)		422		422
4.38%, 1/30/24, Callable 12/30/23 @ 100 (a)		1,001		1,074
L3Harris Technologies, Inc., 0.88% (LIBOR03M+75bps), 3/10/23 (b)		500		503
Spirit Airlines Pass Through Trust, 4.45%, 10/1/25		1,487		1,511
The Boeing Co., 1.17%, 2/4/23, Callable 2/4/22 @ 100		750		753
The Nature Conservancy, 0.32%, 7/1/21		1,300		1,300
United Airlines Pass Through Trust 4.63%, 3/3/24		712		723
4.88%, 7/15/27		735		779
				7,935
Materials (1.3%):
Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100		1,472		1,556
LYB International Finance III LLC, 1.20% (LIBOR03M+100bps), 10/1/23, Callable 10/1/21 @ 100 (b)		1,000		1,001
Sealed Air Corp., 5.25%, 4/1/23, Callable 1/1/23 @ 100 (a)		1,100		1,164
				3,721
Real Estate (0.4%):
Office Properties Income Trust, 4.15%, 2/1/22, Callable 12/1/21 @ 100		1,169		1,186

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Utilities (3.8%):
Atmos Energy Corp., 0.50% (LIBOR03M+38bps), 3/9/23, Callable 9/9/21 @ 100 (b)	$	1,500	$	1,501
CenterPoint Energy, Inc., 0.66% (SOFR+65bps), 5/13/24, Callable 5/13/22 @ 100 (b)		1,500		1,502
CentrePoint Energy Resources Corp., 0.63% (LIBOR03M+50bps), 3/2/23, Callable 9/2/21 @ 100 (b)		1,250		1,250
Metropolitan Edison Co., 4.00%, 4/15/25 (a)		1,500		1,587
NextEra Energy Capital Holdings, Inc., 0.57% (SOFR+54bps), 3/1/23 (b)		1,000		1,005
ONE Gas, Inc., 0.73% (LIBOR03M+61bps), 3/11/23, Callable 9/11/21 @ 100 (b)		1,500		1,500
Puget Energy, Inc., 5.63%, 7/15/22, Callable 4/15/22 @ 100		733		762
Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100		1,500		1,565
				10,672
Total Corporate Bonds (Cost $93,897)				94,919
Yankee Dollars (15.0%)
Communication Services (1.0%):
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a)		1,000		1,101
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)		1,622		1,647
				2,748
Energy (1.2%):
Harvest Operations Corp., 1.00%, 4/26/24, Callable 4/26/22 @ 100 (a) (i)		714		714
Lundin Energy Finance BV, 2.00%, 7/15/26, Callable 6/15/26 @ 100 (a)		1,000		1,002
Petroleos Mexicanos, 3.50%, 1/30/23 (g)		1,000		1,020
Suncor Energy Ventures Corp., 4.50%, 4/1/22 (a)		750		766
				3,502
Financials (11.1%):
ANZ New Zealand International Ltd., 1.19% (LIBOR03M+101bps), 7/28/21 (a) (b)		800		801
Banco Santander SA 1.24% (LIBOR03M+109bps), 2/23/23 (b)		1,000		1,012
1.31% (LIBOR03M+112bps), 4/12/23 (b)		1,000		1,013
Bank of Montreal, 0.71% (SOFR+68bps), 3/10/23, MTN (b)		1,000		1,009
Barclays PLC, 1.59% (LIBOR03M+143bps), 2/15/23, Callable 2/15/22 @ 100 (b) (i)		1,000		1,007
BBVA Bancomer SA, 6.75%, 9/30/22 (a)		1,000		1,062
Commonwealth Bank of Australia, 0.96% (LIBOR03M+83bps), 9/6/21 (a) (b) (g)		1,000		1,001
Cooperatieve Rabobank UA, 0.67% (LIBOR03M+48bps), 1/10/23 (b)		1,500		1,509
Credit Agricole SA, 1.20% (LIBOR03M+102bps), 4/24/23 (a) (b) (g)		2,000		2,029
Credit Suisse AG New York, 0.41% (SOFR+39bps), 2/2/24 (b)		1,500		1,500
Deutsche Bank AG, 1.37% (LIBOR03M+123bps), 2/27/23 (b)		816		823
Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100 (a) (i)		600		610
HSBC Holdings PLC, 1.16% (LIBOR03M+100bps), 5/18/24, Callable 5/18/23 @ 100 (b) (g)		605		613
ING Bank NV, 1.04% (LIBOR03M+88bps), 8/15/21 (a) (b)		2,000		2,002
Lloyds Banking Group PLC, 0.70% (H15T1Y+55bps), 5/11/24, Callable 5/11/23 @ 100 (b)		1,000		1,003

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
National Australia Bank Ltd. 0.89% (LIBOR03M+71bps), 11/4/21 (a) (b)	$	1,000	$	1,002
0.79% (LIBOR03M+60bps), 4/12/23 (a) (b)		1,000		1,009
Nordea Bank Abp, 1.08% (LIBOR03M+94bps), 8/30/23 (a) (b)		1,000		1,012
Santander UK Group Holdings PLC, 1.09% (SOFR+79bps), 3/15/25, Callable 3/15/24 @ 100 (b)		1,000		1,004
Skandinaviska Enskilda Banken AB, 0.76% (LIBOR03M+65bps), 12/12/22 (a) (b)		2,000		2,014
Standard Chartered PLC, 1.27% (SOFR+125bps), 10/14/23, Callable 10/14/22 @ 100 (a) (b) (i)		1,500		1,514
Sumitomo Mitsui Financial Group, Inc., 0.97% (LIBOR03M+78bps), 7/12/22 (b)		1,000		1,007
Swedbank AB, 0.82% (LIBOR03M+70bps), 3/14/22 (a) (b)		500		502
The Bank of Nova Scotia, 0.57% (SOFR+55bps), 3/2/26 (b)		1,250		1,250
UBS AG, 0.33% (SOFR+32bps), 6/1/23 (a) (b) (i)		500		501
UBS AG London, 0.38% (SOFR+36bps), 2/9/24 (a) (b)		500		501
UBS Group Funding Switzerland AG, 1.11% (LIBOR03M+95bps), 8/15/23, Callable 8/15/22 @ 100 (a) (b)		1,000		1,008
Westpac Banking Corp., 0.53% (SOFR+52bps), 6/3/26 (b)		1,500		1,503
				30,821
Industrials (1.3%):
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100		1,251		1,340
Avolon Holdings Funding Ltd. 5.13%, 10/1/23, Callable 9/1/23 @ 100 (a)		500		541
2.88%, 2/15/25, Callable 1/15/25 @ 100 (a)		1,000		1,030
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a)		750		752
				3,663
Materials (0.4%):
Braskem Netherlands Finance BV, 3.50%, 1/10/23, Callable 12/10/22 @ 100 (a)		1,000		1,037
Total Yankee Dollars (Cost $41,377)				41,771
Municipal Bonds (15.7%)
Alabama (0.5%):
Columbia Industrial Development Board Revenue, 0.05%, 6/1/28 (j)		1,300		1,300
Arizona (0.7%):
City of Phoenix Civic Improvement Corp. Revenue 0.46%, 7/1/21		400		400
0.56%, 7/1/22		580		582
Series C, 2.20%, 7/1/23		1,000		1,024
				2,006
California (0.6%):
City of El Cajon CA Revenue Bonds 0.45%, 4/1/22		650		651
0.93%, 4/1/24		640		644
West Covina Public Financing Authority Revenue, Series A, 1.75%, 8/1/21		300		300
				1,595

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Florida (1.4%):
Bay County Development Revenue, 0.05%, 6/1/50, Continuously Callable @100 (j)	$	2,000	$	2,000
City of Gainesville Florida Revenue, 1.00%, 10/1/24		800		808
County of Broward Revenue, Series B, 0.06%, 12/1/48, Continuously Callable @100 (g) (j)		1,000		1,000
				3,808
Georgia (1.2%):
Appling County Development Authority Revenue, 0.06%, 9/1/29, Continuously Callable @100 (j)		1,000		1,000
Development Authority of Heard County Revenue, 0.08%, 9/1/26, Continuously Callable @100 (j)		1,000		1,000
Development Authority of Heard County Revenue Bonds, 0.06%, 12/1/37, Continuously Callable @100 (j)		800		800
The Development Authority of Burke County Revenue, 0.05%, 11/1/52, Continuously Callable @100 (j)		500		500
				3,300
Illinois (0.2%):
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series B, 1.71%, 12/1/22		500		507
Kansas (0.1%):
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series B, 0.79%, 9/1/22		200		201
Kentucky (0.7%):
County of Warren KY Revenue, 0.47%, 4/1/22		1,000		1,001
Louisville Regional Airport Authority, Series C, 0.04%, 1/1/29, Callable 8/2/21 @ 100 (j)		1,000		1,000
				2,001
Lousiana (1.1%):
Parish of St Charles LA, Series A, 0.04%, 10/1/22, Continuously Callable @100 (j)		2,600		2,600
Terrebonne Levee & Conservation District Revenue Series A, 0.97%, 6/1/22		200		201
Series A, 1.13%, 6/1/23		300		302
				3,103
Michigan (0.4%):
Michigan Finance Authority Revenue, 2.14%, 12/1/22		1,000		1,024
Mississippi (1.3%):
Mississippi Business Finance Corp. Revenue Bonds 0.06%, 7/1/25, Continuously Callable @100 (j)		1,000		1,000
0.06%, 5/1/28, Continuously Callable @100 (j)		2,000		2,000
Mississippi Business Finance Corp. Revenue Bonds (LOC — Regions Bank), 0.16%, 3/1/33, Continuously Callable @100 (j)		480		480
				3,480
Missouri (0.3%):
Missouri Development Finance Board Revenue (LOC — U.S. Bancorp), 0.10%, 12/1/49, Continuously Callable @100 (j)		740		740

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
New Jersey (1.3%):
City of Newark New Jersey, GO, Series A, 1.75%, 2/22/22	$	1,000	$	1,010
New Jersey Economic Development Authority Revenue Series NNN, 2.61%, 6/15/22		500		508
Series NNN, 2.78%, 6/15/23		408		419
Series NNN, 2.88%, 6/15/24		320		331
New Jersey Transportation Trust Fund Authority Revenue, 2.55%, 6/15/23		850		864
South Jersey Transportation Authority Revenue, Series B, 2.10%, 11/1/24		500		497
				3,629
New York (0.9%):
City of New York, GO, Series D, 0.43%, 8/1/22		1,000		1,002
Long Island Power Authority Revenue, Series C, 0.66%, 3/1/22, Continuously Callable @100		200		200
New York Transportation Development Corp. Revenue, 1.61%, 12/1/22		1,200		1,211
				2,413
Ohio (0.3%):
Buckeye Tobacco Settlement Financing Authority Revenue, Series A-1, 1.63%, 6/1/22		1,000		1,013
Oregon (0.4%):
Port of Morrow Revenue, 0.08%, 2/1/27, Continuously Callable @100 (j)		1,000		1,000
Pennsylvania (0.5%):
Delaware County IDA Revenue, 0.04%, 9/1/45, Continuously Callable @100 (j)		500		500
Pennsylvania Economic Development Financing Authority Revenue (LIQ — PNC Financial Services Group), Series C, 0.12%, 12/1/26, Continuously Callable @100 (j)		575		575
State Public School Building Authority Revenue, 2.62%, 4/1/23		450		465
				1,540
South Dakota (0.3%):
South Dakota Health & Educational Facilities Authority Revenue, Series B, 2.18%, 7/1/21		1,000		1,000
Texas (3.1%):
Calhoun Port Authority Revenue, 0.10%, 1/1/24, Callable 8/2/21 @ 100 (j)		1,000		1,000
Central Texas Regional Mobility Authority Revenue, Series C, 1.35%, 1/1/24		350		351
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 8/15/22) (k)		1,000		1,017
Clifton Higher Education Finance Corp. Revenue, 0.75%, 8/15/50, (Put Date 2/15/22) (a) (k)		1,000		1,000
Gulf Coast Authority Revenue, Series B, 0.02%, 6/1/25, Continuously Callable @100 (j)		1,400		1,400
Harris County Tx Cultural Education Facilities Finance Corp. Revenue, 1.45%, 11/15/22		600		607
Lower Neches Valley Authority Industrial Development Corp., Series B2, 0.02%, 12/1/39, Continuously Callable @100 (j)		650		650

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares or Principal Amount		Value
Port of Port Arthur Navigation District Revenue, 0.08%, 11/1/40, Continuously Callable @100 (j)	$	1,000	$	1,000
United Parcel Service, Inc. Revenue Bonds, 0.04%, 5/1/32, Callable 8/2/21 @ 100 (j)		1,500		1,500
				8,525
Virginia (0.4%):
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a) (k)		1,250		1,251
Total Municipal Bonds (Cost $43,250)				43,436
U.S. Treasury Obligations (0.4%)
U.S. Treasury Bills, 0.03%, 7/22/21 (l)		1,000		1,000
Total U.S. Treasury Obligations (Cost $1,000)				1,000
Commercial Paper (6.5%)
Aviation Capital Group 0.07%, 7/6/21 (a) (l)		500		500
0.08%, 7/12/21 (a) (l)		500		500
Cabot Corp. 0.13%, 7/1/21 (a) (l)		1,500		1,500
0.13%, 7/8/21 (a) (l)		1,000		1,000
Canadian Natural Resource Ltd., 0.14%, 7/19/21 (a) (l)		1,000		1,000
Canadian Natural Resources Ltd., 0.14%, 7/12/21 (a) (l)		1,000		1,000
Crown Castle International Corp., 0.31%, 7/7/21 (a) (l)		2,000		2,000
Enable Midst Partners LP, 0.31%, 7/7/21 (a) (l)		1,000		1,000
FMC Corp. 0.44%, 7/1/21 (a) (l)		2,000		2,000
0.44%, 7/12/21 (a) (l)		500		500
0.44%, 7/16/21 (a) (l)		500		500
Glencore Funding LLC, 0.15%, 7/9/21 (a) (l)		1,000		1,000
Jabil, Inc. 0.46%, 7/1/21 (a) (l)		2,000		2,000
0.46%, 7/2/21 (a) (l)		1,000		1,000
Nissan Motor Acceptance, 7/8/21 (a) (l)		1,000		—
Plains Midstream Canada, 0.28%, 7/2/21 (a) (l)		500		500
ViacomCBS, 0.36%, 7/20/21 (a) (l)		1,000		999
Walgreens Boots Alliance, Inc., 0.16%, 7/1/21 (a) (l)		1,000		1,000
Total Commercial Paper (Cost $18,999)				17,999
Collateral for Securities Loaned^ (0.5%)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (m)		1,437,960		1,438
Total Collateral for Securities Loaned (Cost $1,438)				1,438
Total Investments (Cost $280,098) — 101.3%				280,956
Liabilities in excess of other assets — (1.3)%				(3,544	)
NET ASSETS — 100.00%			$	277,412

See notes to financial statements.

14

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

  (Unaudited)

At June 30, 2021, the Fund's investments in foreign securities were 19.5% 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 June 30, 2021, the fair value of these securities was $135,840 (thousands) and amounted to 49.0% of net assets.

(b)  Variable or Floating-Rate Security. Rate disclosed is as of June 30, 2021.

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

(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 June 30, 2021.

(e)  Security is interest only.

(f)  Rounds to less than $1 thousand.

(g)  All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(h)  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.

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

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

(k)  Put Bond.

(l)  Rate represents the effective yield at June 30, 2021.

(m)  Rate disclosed is the daily yield on June 30, 2021.

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

H15T1Y — 1 Year Treasury Constant Maturity Rate

IDA — Industrial Development Authority

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of June 30, 2021, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of June 30, 2021, based on the last reset date of the security

LLC — Limited Liability Company

LOC — Letter of Credit

See notes to financial statements.

15

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2021

  (Unaudited)

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.

16

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2021

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

	USAA Ultra Short-Term Bond Fund
Assets:
Investments, at value (Cost $280,098)	$	280,956	(a)
Cash		3,092
Receivables:
Interest and dividends		902
Capital shares issued		107
From Adviser		2
Prepaid expenses		13
Total Assets		285,072
Liabilities:
Payables:
Collateral received on loaned securities		1,438
Distributions		5
Investments purchased		5,368
Capital shares redeemed		674
Accrued expenses and other payables:
Investment advisory fees		69
Administration fees		32
Custodian fees		3
Transfer agent fees		25
Compliance fees		—	(b)
12b-1 fees		—	(b)
Other accrued expenses		46
Total Liabilities		7,660
Net Assets:
Capital		278,936
Total accumulated earnings/(loss)		(1,524	)
Net Assets	$	277,412
Net Assets
Fund Shares	$	215,543
Institutional Shares		60,031
Class A		104
R6 Shares		1,734
Total	$	277,412
Shares (unlimited number of shares authorized with no par value):
Fund Shares		21,281
Institutional Shares		5,925
Class A		10
R6 Shares		171
Total		27,387
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 $1,408 of securities on loan.

(b)  Rounds to less than $1 thousand.

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

See notes to financial statements.

17

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2021

(Amounts in Thousands)  (Unaudited)

	USAA Ultra Short-Term Bond Fund
Investment Income:
Interest	$	2,266
Securities lending (net of fees)		1
Total Income		2,267
Expenses:
Investment advisory fees		420
Administration fees — Fund Shares		160
Administration fees — Institutional Shares		32
Administration fees — Class A		—	(a)
Administration fees — R6 Shares		1
Sub-Administration fees		11
12b-1 fees — Class A		—	(a)
Custodian fees		11
Transfer agent fees — Fund Shares		97
Transfer agent fees — Institutional Shares		32
Transfer agent fees — Class A		—	(a)
Transfer agent fees — R6 Shares		—	(a)
Trustees' fees		22
Compliance fees		1
Legal and audit fees		21
State registration and filing fees		29
Other expenses		39
Total Expenses		876
Expenses waived/reimbursed by Adviser		(8	)
Net Expenses		868
Net Investment Income (Loss)		1,399
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		468
Net change in unrealized appreciation/depreciation on investment securities		(529	)
Net realized/unrealized gains (losses) on investments		(61	)
Change in net assets resulting from operations	$	1,338

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

18

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Ultra Short-Term Bond Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	1,399		$	4,996
Net realized gains (losses) from investments		468			(94	)
Net change in unrealized appreciation/depreciation on investments		(529	)		(93	)
Change in net assets resulting from operations		1,338			4,809
Distributions to Shareholders:
Fund Shares		(1,024	)		(4,608	)
Institutional Shares		(343	)		(258	)
Class A (a)		—	(b)		—	(b)
R6 Shares		(32	)		(146	)
Change in net assets resulting from distributions to shareholders		(1,399	)		(5,012	)
Change in net assets resulting from capital transactions		1,261			(15,113	)
Change in net assets		1,200			(15,316	)
Net Assets:
Beginning of period		276,212			291,528
End of period	$	277,412		$	276,212

(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.

(continues on next page)

See notes to financial statements.

19

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	USAA Ultra Short-Term Bond Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	35,546		$	54,181
Distributions reinvested		990			4,459
Cost of shares redeemed		(33,440	)		(121,066	)
Total Fund Shares	$	3,096		$	(62,426	)
Institutional Shares
Proceeds from shares issued	$	40,651		$	63,531
Distributions reinvested		342			252
Cost of shares redeemed		(36,986	)		(17,550	)
Total Institutional Shares	$	4,007		$	46,233
Class A (a)
Proceeds from shares issued	$	200		$	18
Distributions reinvested		—	(b)		—	(b)
Cost of shares redeemed		(115	)		—
Total Class A	$	85		$	18
R6 Shares
Proceeds from shares issued	$	258		$	3,635
Distributions reinvested		16			38
Cost of shares redeemed		(6,201	)		(2,611	)
Total R6 Shares	$	(5,927	)	$	1,062
Change in net assets resulting from capital transactions	$	1,261		$	(15,113	)
Share Transactions:
Fund Shares
Issued		3,502			5,429
Reinvested		97			450
Redeemed		(3,293	)		(12,285	)
Total Fund Shares		306			(6,406	)
Institutional Shares
Issued		4,002			6,319
Reinvested		34			26
Redeemed		(3,641	)		(1,794	)
Total Institutional Shares		395			4,551
Class A (a)
Issued		19			2
Reinvested		—	(c)		—	(c)
Redeemed		(11	)		—
Total Class A		8			2
R6 Shares
Issued		25			369		��
Reinvested		2			4
Redeemed		(611	)		(268	)
Total R6 Shares		(584	)		105
Change in Shares		125			(1,748	)

(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.

(c)  Rounds to less than 1 thousand shares.

See notes to financial statements.

20

This page is intentionally left blank.

21

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
Six Months Ended June 30, 2021 (Unaudited)	$	10.13		0.05	(d)		—	(e)(f)		0.05		(0.05	)		—
Year Ended:
December 31, 2020	$	10.05		0.20	(d)		0.08	(f)		0.28		(0.20	)		—
December 31, 2019	$	9.89		0.27	(d)		0.16			0.43		(0.27	)		—
December 31, 2018	$	9.97		0.22			(0.08	)		0.14		(0.22	)		—
December 31, 2017	$	9.98		0.16			(0.01	)		0.15		(0.16	)		—
December 31, 2016	$	9.94		0.13			0.04			0.17		(0.13	)		—	(g)
Institutional Shares
Six Months Ended June 30, 2021 (Unaudited)	$	10.13		0.05	(d)		—			0.05		(0.05	)		—
Year Ended:
December 31, 2020	$	10.05		0.19	(d)		0.09	(f)		0.28		(0.20	)		—
December 31, 2019	$	9.89		0.27	(d)		0.16			0.43		(0.27	)		—
December 31, 2018	$	9.97		0.22			(0.08	)		0.14		(0.22	)		—
December 31, 2017	$	9.98		0.15			(0.01	)		0.14		(0.15	)		—
December 31, 2016	$	9.94		0.13			0.04			0.17		(0.13	)		—	(g)
Class A
Six Months Ended June 30, 2021 (Unaudited)	$	10.13		0.04	(d)		—	(e)(f)		0.04		(0.04	)		—
June 29, 2020 (i) through December 31, 2020	$	9.90		0.07	(d)		0.23	(f)		0.30		(0.07	)		—

*  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.

**  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

^  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.

(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)  Amount is less than $0.005 per share.

See notes to financial statements.

22

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
Six Months Ended June 30, 2021 (Unaudited)		(0.05	)	$	10.13		0.48	%		0.64	%		0.96	%		0.64	%	$	215,543		33	%
Year Ended:
December 31, 2020		(0.20	)	$	10.13		2.81	%		0.60	%		2.01	%		0.60	%	$	212,503		39	%
December 31, 2019		(0.27	)	$	10.05		4.37	%		0.61	%		2.69	%		0.61	%	$	275,168		59	%
December 31, 2018		(0.22	)	$	9.89		1.40	%		0.60	%		2.19	%		0.60	%	$	283,769		48	%
December 31, 2017		(0.16	)	$	9.97		1.51	%		0.58	%		1.60	%		0.58	%	$	330,442		58	%(g)
December 31, 2016		(0.13	)	$	9.98		1.73	%		0.61	%		1.30	%		0.61	%	$	372,155		28	%
Institutional Shares
Six Months Ended June 30, 2021 (Unaudited)		(0.05	)	$	10.13		0.52	%		0.54	%		1.06	%		0.54	%	$	60,031		33	%
Year Ended:
December 31, 2020		(0.20	)	$	10.13		2.87	%		0.56	%		1.86	%		0.63	%	$	56,042		39	%
December 31, 2019		(0.27	)	$	10.05		4.43	%		0.55	%		2.75	%		0.64	%	$	9,842		59	%
December 31, 2018		(0.22	)	$	9.89		1.45	%		0.55	%		2.25	%		0.77	%	$	8,433		48	%
December 31, 2017		(0.15	)	$	9.97		1.44	%		0.64	%(h)		1.51	%		0.75	%	$	7,115		58	%(g)
December 31, 2016		(0.13	)	$	9.98		1.69	%		0.66	%		1.25	%		0.66	%	$	18,710		28	%
Class A
Six Months Ended June 30, 2021 (Unaudited)		(0.04	)	$	10.13		0.37	%		0.85	%		0.71	%		21.88	%	$	104		33	%
June 29, 2020 (i) through December 31, 2020		(0.07	)	$	10.13		3.02	%		0.84	%		1.32	%		108.95	%	$	19		39	%

(continues on next page)

(f)  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.

(g)  Reflects increased trading activity due to large shareholder outflows.

(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.

23

USAA Mutual Funds Trust Financial Highlights —continued

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
R6 Shares
Six Months Ended June 30, 2021 (Unaudited)	$	10.13		0.06	(d)		—	(e)(f)		0.06		(0.06	)		—
Year Ended:
December 31, 2020	$	10.05		0.21	(d)		0.09	(f)		0.30		(0.22	)		—
December 31, 2019	$	9.88		0.29	(d)		0.17			0.46		(0.29	)		—
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	)		—

*  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.

**  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

^  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.

(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)  Amount is less than $0.005 per share.

(f)  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.

(g)  Reflects increased trading activity due to large shareholder outflows.

(i)  Commencement of operations.

See notes to financial statements.

24

USAA Mutual Funds Trust Financial Highlights —continued

For a Share Outstanding Throughout Each Period  (continued)

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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
R6 Shares
Six Months Ended June 30, 2021 (Unaudited)		(0.06	)	$	10.13		0.55	%		0.46	%		1.17	%		0.48	%	$	1,734		33	%
Year Ended:
December 31, 2020		(0.22	)	$	10.13		3.02	%		0.41	%		2.15	%		0.51	%	$	7,648		39	%
December 31, 2019		(0.29	)	$	10.05		4.70	%		0.39	%		2.92	%		0.80	%	$	6,518		59	%
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	%(g)

See notes to financial statements.

25

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2021

  (Unaudited)

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.

The accompanying financial statements are those of the USAA Ultra Short-Term Bond Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, and R6 Shares. The Fund is classified as diversified under the 1940 Act.

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

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)

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

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.

26

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 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 are valued each business day by a pricing service approved by the Board. The approved pricing service uses evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

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

A summary of the valuations as of June 30, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	36,628	$	—	$	36,628
Collateralized Mortgage Obligations		—		37,624		—		37,624
Senior Secured Loans		—		6,801		—		6,801
Corporate Bonds		—		94,919		—		94,919
Yankee Dollars		—		41,771		—		41,771
Municipal Bonds		—		43,436		—		43,436
U.S. Treasury Obligations		—		1,000		—		1,000
Commercial Paper		—		17,999		—		17,999
Collateral for Securities Loaned		1,438		—		—		1,438
Total	$	1,438	$	280,178	$	—	$	281,616

As of June 30, 2021, there were no significant Level 3 holdings in the 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

27

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis, or for delayed draws on loans can 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.

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

28

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, 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 June 30, 2021.

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	1,408	$	—	$	1,438

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.

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.

29

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. 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 six months ended June 30, 2021, 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		Net Realized Gains (Losses)
$	520	$	2,000	$	—

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 six months ended June 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	93,215	$	74,297

There were no purchases or sales of U.S. government securities during the six months ended June 30, 2021.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Under the 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 six months ended June 30, 2021, 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 VCM. The Transaction closed on July 1, 2019, and effective July 1, 2019, VCM replaced AMCO as the investment adviser to the Fund and no performance adjustments were made for the period beginning July 1, 2019, through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

30

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 the largest funds within the Lipper Ultra Short Obligations Funds category.

The performance period for each share class consists of the current month plus the previous 35 months (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)
	+/- 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.

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 performance period July 1, 2020, to June 30, 2021, performance adjustments were $71, $6, less than $(1), and $2 for Fund Shares, Institutional Shares, Class A, and R6 Shares, in thousands, respectively. Performance adjustments were 0.07%, 0.02%, less than (0.01)%, and less than 0.01% for Fund Shares, Institutional Shares, Class A, and R6 Shares, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019 permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended June 30, 2021, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and 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 six months ended June 30, 2021, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2021, are reflected on the Statement of Operations as Sub-Administration fees.

31

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 six months ended June 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $25.50 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees for Institutional Shares, Class A, and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, and 0.01%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended June 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

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

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A. Amounts incurred and paid to the Distributor for the six months ended June 30, 2021, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended June 30, 2021, the Distributor did not receive any commissions.

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2021, 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. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of June 30, 2021, 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.

32

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021 the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of June 30, 2021, 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 June 30, 2021.

Expires 2022		Expires 2023		Expires 2024		Total
$	15	$	27	$	8	$	50

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 six months ended June 30, 2021.

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

5. Risks:

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

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 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

33

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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.

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2021, 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. For the period June 29, 2020, through April 30, 2021, under an amended Line of Credit agreement, Citibank received an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Effective with the renewal, the annual commitment fee of 0.15% remains unchanged and the upfront fee of 0.10% was discontinued. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2021.

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 in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund

34

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2021

  (Unaudited)

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 presented on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six-months ended June 30, 2021.

7. Federal Income Tax Information:

Distributions from the Fund's net investment income are accrued daily and distributed on the last business day of each month. Distributable net realized gains, if any, are declared and paid at least annually.

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year ending December 31, 2021.

As of December 31, 2020, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands).

Short-Term Amount		Long-Term Amount		Total
$	2,096	$	796	$	2,892

35

USAA Mutual Funds Trust Supplemental Information

  (Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

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, 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 January 1, 2021, through June 30, 2021.

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 1/1/21		Actual Ending Account Value 6/30/21		Hypothetical Ending Account Value 6/30/21		Actual Expenses Paid During Period 1/1/21- 6/30/21*		Hypothetical Expenses Paid During Period 1/1/21- 6/30/21*		Annualized Expense Ratio During Period 1/1/21- 6/30/21
Fund Shares	$	1,000.00	$	1,004.80	$	1,021.62	$	3.18	$	3.21		0.64	%
Institutional Shares		1,000.00		1,005.20		1,022.12		2.68		2.71		0.54	%
Class A		1,000.00		1,003.70		1,020.58		4.22		4.26		0.85	%
R6 Shares		1,000.00		1,005.50		1,022.51		2.29		2.31		0.46	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

36

USAA Mutual Funds Trust Supplemental Information — continued

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Fund's Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on March 10, 2021, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a highly liquid investment minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

37

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

94422-0821

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

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.

Not applicable.

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) Not applicable.

(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 furnished herewith.

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   September 1, 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   September 1, 2021

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

Date   September 1, 2021