UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07852
USAA Mutual Funds Trust
(Exact name of registrant as specified in charter)
| 15935 La Cantera Pkwy, Building Two, San Antonio,Texas | 78256 | |
| (Address of principal executive offices) | (Zip code) |
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, 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, 2022
Item 1. Reports to Stockholders.
JUNE 30, 2022
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 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 Investments logo is a trademark of United Services Automobile Association and is being used by Victory Capital and its affiliates under license.
www.vcm.com
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The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:
• Detailed performance records
• Daily share prices
• The latest fund news
• Investment resources to help you become a better investor
• A section dedicated to investment professionals
Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.
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 | 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)-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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund provides capital appreciation and current income consistent with its current investment allocation.
Top 10 Holdings*:
June 30, 2022
(% of Net Assets)
USAA Government Securities Fund Institutional Shares | 27.9 | % | |||||
USAA Short-Term Bond Fund Institutional Shares | 16.3 | % | |||||
VictoryShares ESG Corporate Bond ETF | 5.8 | % | |||||
USAA Global Managed Volatility Fund Institutional Shares | 5.6 | % | |||||
USAA High Income Fund Institutional Shares | 4.8 | % | |||||
USAA Target Managed Allocation Fund | 4.8 | % | |||||
Victory Market Neutral Income Fund Class I | 4.7 | % | |||||
Victory RS International Fund Class R6 | 3.4 | % | |||||
USAA Intermediate-Term Bond Fund Institutional Shares | 3.3 | % | |||||
VictoryShares USAA Core Short-Term Bond ETF | 3.2 | % | |||||
Asset Allocation*:
June 30, 2022
(% 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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund provides capital appreciation and current income consistent with its current investment allocation.
Top 10 Holdings*:
June 30, 2022
(% of Net Assets)
USAA Government Securities Fund Institutional Shares | 16.8 | % | |||||
USAA Global Managed Volatility Fund Institutional Shares | 10.0 | % | |||||
USAA Target Managed Allocation Fund | 8.9 | % | |||||
USAA Short-Term Bond Fund Institutional Shares | 5.1 | % | |||||
USAA 500 Index Fund Reward Shares | 4.9 | % | |||||
Victory RS International Fund Class R6 | 4.6 | % | |||||
VictoryShares USAA MSCI International Value Momentum ETF | 4.4 | % | |||||
USAA High Income Fund Institutional Shares | 4.1 | % | |||||
USAA Intermediate-Term Bond Fund Institutional Shares | 4.0 | % | |||||
Victory Trivalent International Core Equity Fund Class R6 | 3.7 | % | |||||
Asset Allocation*:
June 30, 2022
(% 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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund provides capital appreciation and current income consistent with its current investment allocation.
Top 10 Holdings*:
June 30, 2022
(% of Net Assets)
USAA Global Managed Volatility Fund Institutional Shares | 13.4 | % | |||||
USAA Target Managed Allocation Fund | 11.8 | % | |||||
USAA Government Securities Fund Institutional Shares | 7.3 | % | |||||
USAA 500 Index Fund Reward Shares | 7.2 | % | |||||
Victory RS International Fund Class R6 | 6.1 | % | |||||
VictoryShares USAA MSCI International Value Momentum ETF | 5.6 | % | |||||
VictoryShares USAA MSCI USA Value Momentum ETF | 5.0 | % | |||||
Victory Trivalent International Core Equity Fund Class R6 | 4.6 | % | |||||
USAA Growth Fund Institutional Shares | 4.2 | % | |||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 3.9 | % | |||||
Asset Allocation*:
June 30, 2022
(% 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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund provides capital appreciation and current income consistent with its current investment allocation.
Top 10 Holdings*:
June 30, 2022
(% of Net Assets)
USAA Global Managed Volatility Fund Institutional Shares | 15.0 | % | |||||
USAA Target Managed Allocation Fund | 13.3 | % | |||||
USAA 500 Index Fund Reward Shares | 8.6 | % | |||||
Victory RS International Fund Class R6 | 7.1 | % | |||||
VictoryShares USAA MSCI International Value Momentum ETF | 6.2 | % | |||||
VictoryShares USAA MSCI USA Value Momentum ETF | 5.7 | % | |||||
Victory Trivalent International Core Equity Fund Class R6 | 5.2 | % | |||||
USAA Growth Fund Institutional Shares | 4.5 | % | |||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 4.3 | % | |||||
Victory Integrity Mid-Cap Value Fund Class R6 | 3.3 | % | |||||
Asset Allocation*:
June 30, 2022
(% 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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund provides capital appreciation and current income consistent with its current investment allocation.
Top 10 Holdings*:
June 30, 2022
(% of Net Assets)
USAA Global Managed Volatility Fund Institutional Shares | 14.9 | % | |||||
USAA Target Managed Allocation Fund | 13.4 | % | |||||
USAA 500 Index Fund Reward Shares | 8.6 | % | |||||
Victory RS International Fund Class R6 | 7.3 | % | |||||
VictoryShares USAA MSCI International Value Momentum ETF | 6.2 | % | |||||
VictoryShares USAA MSCI USA Value Momentum ETF | 5.7 | % | |||||
Victory Trivalent International Core Equity Fund Class R6 | 5.3 | % | |||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 4.3 | % | |||||
USAA Growth Fund Institutional Shares | 4.2 | % | |||||
USAA Government Securities Fund Institutional Shares | 4.0 | % | |||||
Asset Allocation*:
June 30, 2022
(% 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, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Affiliated Exchange-Traded Funds (19.9%) | |||||||||||
VictoryShares Dividend Accelerator ETF | 153,677 | $ | 6,366 | ||||||||
Victoryshares ESG Corporate Bond ETF | 1,899,203 | 39,765 | |||||||||
VictoryShares International Volatility Wtd ETF | 179,768 | 6,599 | |||||||||
VictoryShares NASDAQ Next 50 ETF | 149,092 | 3,453 | |||||||||
VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 141,668 | 5,197 | |||||||||
VictoryShares USAA Core Short-Term Bond ETF | 443,598 | 21,724 | |||||||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 452,395 | 18,648 | |||||||||
VictoryShares USAA MSCI International Value Momentum ETF | 440,876 | 17,720 | |||||||||
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF (a) | 86,772 | 5,241 | |||||||||
VictoryShares USAA MSCI USA Value Momentum ETF | 201,590 | 12,074 | |||||||||
Total Affiliated Exchange-Traded Funds (Cost $141,622) | 136,787 | ||||||||||
Affiliated Mutual Funds (79.9%) | |||||||||||
USAA 500 Index Fund Reward Shares | 273,925 | 13,406 | |||||||||
USAA Global Managed Volatility Fund Institutional Shares | 4,325,424 | 38,713 | |||||||||
USAA Government Securities Fund Institutional Shares | 21,130,354 | 192,497 | |||||||||
USAA Growth Fund Institutional Shares | 358,287 | 8,864 | |||||||||
USAA High Income Fund Institutional Shares | 5,073,403 | 33,332 | |||||||||
USAA Income Stock Fund Institutional Shares | 214,754 | 3,797 | |||||||||
USAA Intermediate-Term Bond Fund Institutional Shares | 2,420,447 | 22,583 | |||||||||
USAA Precious Metals and Minerals Fund Institutional Shares | 138,699 | 2,207 | |||||||||
USAA Short-Term Bond Fund Institutional Shares | 12,769,595 | 111,988 | |||||||||
USAA Small Cap Stock Fund Institutional Shares | 672,871 | 7,846 | |||||||||
USAA Target Managed Allocation Fund | 3,679,904 | 32,825 | |||||||||
Victory Integrity Mid-Cap Value Fund Class R6 | 299,022 | 6,399 | |||||||||
Victory Market Neutral Income Fund Class I | 3,479,780 | 32,605 | |||||||||
Victory RS International Fund Class R6 | 2,450,930 | 23,406 | |||||||||
Victory Sophus Emerging Markets Fund Class R6 | 273,655 | 5,134 | |||||||||
Victory Trivalent International Core Equity Fund Class R6 | 2,266,070 | 14,956 | |||||||||
Total Affiliated Mutual Funds (Cost $568,936) | 550,558 | ||||||||||
Collateral for Securities Loaned (0.0%)^ (b) | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (c) | 280,125 | 280 | |||||||||
Total Collateral for Securities Loaned (Cost $280) | 280 | ||||||||||
Total Investments (Cost $710,838) — 99.8% | 687,625 | ||||||||||
Other assets in excess of liabilities — 0.2% | 1,379 | ||||||||||
NET ASSETS — 100.00% | $ | 689,004 | |||||||||
At June 30, 2022, the Fund's investments in foreign securities were 12.5% 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, 2022.
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, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Affiliated Exchange-Traded Funds (25.6%) | |||||||||||
VictoryShares Dividend Accelerator ETF | 574,110 | $ | 23,782 | ||||||||
VictoryShares ESG Corporate Bond ETF | 1,767,524 | 37,008 | |||||||||
VictoryShares International Volatility Wtd ETF (a) | 493,863 | 18,130 | |||||||||
VictoryShares NASDAQ Next 50 ETF (a) | 696,279 | 16,126 | |||||||||
VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 264,132 | 9,690 | |||||||||
VictoryShares USAA Core Short-Term Bond ETF | 834,703 | 40,877 | |||||||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 892,548 | 36,791 | |||||||||
VictoryShares USAA MSCI International Value Momentum ETF | 1,255,084 | 50,445 | |||||||||
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 343,892 | 20,769 | |||||||||
VictoryShares USAA MSCI USA Value Momentum ETF | 691,787 | 41,433 | |||||||||
Total Affiliated Exchange-Traded Funds (Cost $300,613) | 295,051 | ||||||||||
Affiliated Mutual Funds (74.0%) | |||||||||||
USAA 500 Index Fund Reward Shares | 1,149,657 | 56,264 | |||||||||
USAA Global Managed Volatility Fund Institutional Shares | 12,937,147 | 115,788 | |||||||||
USAA Government Securities Fund Institutional Shares | 21,227,490 | 193,383 | |||||||||
USAA Growth Fund Institutional Shares | 1,413,785 | 34,977 | |||||||||
USAA High Income Fund Institutional Shares | 7,170,945 | 47,113 | |||||||||
USAA Income Fund Institutional Shares | 580,987 | 6,716 | |||||||||
USAA Income Stock Fund Institutional Shares | 901,799 | 15,944 | |||||||||
USAA Intermediate-Term Bond Fund Institutional Shares | 4,900,777 | 45,724 | |||||||||
USAA Precious Metals and Minerals Fund Institutional Shares | 252,515 | 4,018 | |||||||||
USAA Short-Term Bond Fund Institutional Shares | 6,643,600 | 58,264 | |||||||||
USAA Small Cap Stock Fund Institutional Shares | 1,714,349 | 19,989 | |||||||||
USAA Target Managed Allocation Fund | 11,482,978 | 102,428 | |||||||||
Victory Integrity Mid-Cap Value Fund Class R6 | 1,196,838 | 25,612 | |||||||||
Victory Market Neutral Income Fund Class I | 2,391,042 | 22,404 | |||||||||
Victory RS International Fund Class R6 | 5,507,128 | 52,593 | |||||||||
Victory Sophus Emerging Markets Fund Class R6 | 498,565 | 9,353 | |||||||||
Victory Trivalent International Core Equity Fund Class R6 | 6,397,082 | 42,221 | |||||||||
Total Affiliated Mutual Funds (Cost $883,710) | 852,791 | ||||||||||
Collateral for Securities Loaned (0.0%)^ (b) | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (c) | 110,650 | 111 | |||||||||
Total Collateral for Securities Loaned (Cost $111) | 111 | ||||||||||
Total Investments (Cost $1,184,434) — 99.6% | 1,147,953 | ||||||||||
Other assets in excess of liabilities — 0.4% | 4,263 | ||||||||||
NET ASSETS — 100.00% | $ | 1,152,216 | |||||||||
At June 30, 2022, the Fund's investments in foreign securities were 18.2% 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, 2022.
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, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Affiliated Exchange-Traded Funds (27.7%) | |||||||||||
VictoryShares Dividend Accelerator ETF | 888,145 | $ | 36,791 | ||||||||
VictoryShares ESG Corporate Bond ETF (a) | 873,088 | 18,280 | |||||||||
VictoryShares International Volatility Wtd ETF | 704,196 | 25,851 | |||||||||
VictoryShares NASDAQ Next 50 ETF | 1,164,047 | 26,959 | |||||||||
VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 428,496 | 15,719 | |||||||||
VictoryShares USAA Core Short-Term Bond ETF | 493,169 | 24,152 | |||||||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 1,268,160 | 52,274 | |||||||||
VictoryShares USAA MSCI International Value Momentum ETF | 1,857,236 | 74,648 | |||||||||
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 453,628 | 27,396 | |||||||||
VictoryShares USAA MSCI USA Value Momentum ETF | 1,119,579 | 67,055 | |||||||||
Total Affiliated Exchange-Traded Funds (Cost $370,585) | 369,125 | ||||||||||
Affiliated Mutual Funds (71.4%) | |||||||||||
USAA 500 Index Fund Reward Shares | 1,951,341 | 95,499 | |||||||||
USAA Global Managed Volatility Fund Institutional Shares | 19,967,784 | 178,711 | |||||||||
USAA Government Securities Fund Institutional Shares | 10,685,944 | 97,349 | |||||||||
USAA Growth Fund Institutional Shares | 2,259,468 | 55,899 | |||||||||
USAA High Income Fund Institutional Shares | 6,841,523 | 44,949 | |||||||||
USAA Income Stock Fund Institutional Shares | 1,257,105 | 22,226 | |||||||||
USAA Intermediate-Term Bond Fund Institutional Shares | 3,724,075 | 34,746 | |||||||||
USAA Precious Metals and Minerals Fund Institutional Shares | 280,840 | 4,468 | |||||||||
USAA Short-Term Bond Fund Institutional Shares | 2,438,132 | 21,382 | |||||||||
USAA Small Cap Stock Fund Institutional Shares | 2,403,554 | 28,025 | |||||||||
USAA Target Managed Allocation Fund | 17,558,999 | 156,626 | |||||||||
Victory Integrity Mid-Cap Value Fund Class R6 | 1,832,499 | 39,215 | |||||||||
Victory Market Neutral Income Fund Class I | 1,477,685 | 13,846 | |||||||||
Victory RS International Fund Class R6 | 8,434,926 | 80,554 | |||||||||
Victory Sophus Emerging Markets Fund Class R6 | 827,072 | 15,516 | |||||||||
Victory Trivalent International Core Equity Fund Class R6 | 9,253,792 | 61,075 | |||||||||
Total Affiliated Mutual Funds (Cost $985,440) | 950,086 | ||||||||||
Collateral for Securities Loaned (0.0%)^ (b) | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (c) | 45,150 | 45 | |||||||||
Total Collateral for Securities Loaned (Cost $45) | 45 | ||||||||||
Total Investments (Cost $1,356,070) — 99.1% | 1,319,256 | ||||||||||
Other assets in excess of liabilities — 0.9% | 12,053 | ||||||||||
NET ASSETS — 100.00% | $ | 1,331,309 | |||||||||
At June 30, 2022, the Fund's investments in foreign securities were 23.3% 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, 2022.
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, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Affiliated Exchange-Traded Funds (28.6%) | |||||||||||
VictoryShares Dividend Accelerator ETF | 632,743 | $ | 26,211 | ||||||||
Victoryshares ESG Corporate Bond ETF (a) | 418,613 | 8,765 | |||||||||
VictoryShares International Volatility Wtd ETF | 467,748 | 17,171 | |||||||||
VictoryShares NASDAQ Next 50 ETF (a) | 793,323 | 18,373 | |||||||||
VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 310,087 | 11,375 | |||||||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 834,485 | 34,398 | |||||||||
VictoryShares USAA MSCI International Value Momentum ETF | 1,233,843 | 49,592 | |||||||||
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 279,194 | 16,862 | |||||||||
VictoryShares USAA MSCI USA Value Momentum ETF | 765,465 | 45,846 | |||||||||
Total Affiliated Exchange-Traded Funds (Cost $226,906) | 228,593 | ||||||||||
Affiliated Mutual Funds (70.0%) | |||||||||||
USAA 500 Index Fund Reward Shares | 1,406,440 | 68,831 | |||||||||
USAA Global Managed Volatility Fund Institutional Shares | 13,396,221 | 119,896 | |||||||||
USAA Government Securities Fund Institutional Shares | 2,260,791 | 20,596 | |||||||||
USAA Growth Fund Institutional Shares | 1,451,563 | 35,912 | |||||||||
USAA High Income Fund Institutional Shares | 1,394,727 | 9,163 | |||||||||
USAA Income Stock Fund Institutional Shares | 876,097 | 15,489 | |||||||||
USAA Intermediate-Term Bond Fund Institutional Shares | 1,569,608 | 14,644 | |||||||||
USAA Precious Metals and Minerals Fund Institutional Shares | 157,779 | 2,510 | |||||||||
USAA Short-Term Bond Fund Institutional Shares | 316,014 | 2,772 | |||||||||
USAA Small Cap Stock Fund Institutional Shares | 1,691,449 | 19,722 | |||||||||
USAA Target Managed Allocation Fund | 11,934,928 | 106,460 | |||||||||
Victory Integrity Mid-Cap Value Fund Class R6 | 1,242,214 | 26,583 | |||||||||
Victory Market Neutral Income Fund Class I | 694,230 | 6,505 | |||||||||
Victory RS International Fund Class R6 | 5,933,604 | 56,666 | |||||||||
Victory Sophus Emerging Markets Fund Class R6 | 591,283 | 11,093 | |||||||||
Victory Trivalent International Core Equity Fund Class R6 | 6,310,465 | 41,649 | |||||||||
Total Affiliated Mutual Funds (Cost $583,932) | 558,491 | ||||||||||
Collateral for Securities Loaned (0.0%)^ (b) | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (c) | 74,150 | 74 | |||||||||
Total Collateral for Securities Loaned (Cost $74) | 74 | ||||||||||
Total Investments (Cost $810,912) — 98.6% | 787,158 | ||||||||||
Other assets in excess of liabilities — 1.4% | 11,461 | ||||||||||
NET ASSETS — 100.00% | $ | 798,619 | |||||||||
At June 30, 2022, the Fund's investments in foreign securities were 26.4% 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, 2022.
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, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Affiliated Exchange-Traded Funds (28.6%) | |||||||||||
VictoryShares Dividend Accelerator ETF | 87,938 | $ | 3,643 | ||||||||
VictoryShares ESG Corporate Bond ETF | 43,422 | 909 | |||||||||
VictoryShares International Volatility Wtd ETF | 75,768 | 2,781 | |||||||||
VictoryShares NASDAQ Next 50 ETF | 112,009 | 2,594 | |||||||||
VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 43,625 | 1,600 | |||||||||
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 120,391 | 4,963 | |||||||||
VictoryShares USAA MSCI International Value Momentum ETF | 177,196 | 7,122 | |||||||||
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 42,403 | 2,561 | |||||||||
VictoryShares USAA MSCI USA Value Momentum ETF | 107,786 | 6,456 | |||||||||
Total Affiliated Exchange-Traded Funds (Cost $32,178) | 32,629 | ||||||||||
Affiliated Mutual Funds (69.8%) | |||||||||||
USAA 500 Index Fund Reward Shares | 200,429 | 9,809 | |||||||||
USAA Global Managed Volatility Fund Institutional Shares | 1,901,972 | 17,023 | |||||||||
USAA Government Securities Fund Institutional Shares | 498,983 | 4,546 | |||||||||
USAA Growth Fund Institutional Shares | 194,586 | 4,814 | |||||||||
USAA Income Stock Fund Institutional Shares | 134,128 | 2,371 | |||||||||
USAA Intermediate-Term Bond Fund Institutional Shares | 223,902 | 2,089 | |||||||||
USAA Precious Metals and Minerals Fund Institutional Shares | 19,609 | 312 | |||||||||
USAA Short-Term Bond Fund Institutional Shares | 116 | 1 | |||||||||
USAA Small Cap Stock Fund Institutional Shares | 262,426 | 3,060 | |||||||||
USAA Target Managed Allocation Fund | 1,718,025 | 15,325 | |||||||||
Victory Integrity Mid-Cap Value Fund Class R6 | 180,947 | 3,872 | |||||||||
Victory RS International Fund Class R6 | 871,922 | 8,327 | |||||||||
Victory Sophus Emerging Markets Fund Class R6 | 112,209 | 2,105 | |||||||||
Victory Trivalent International Core Equity Fund Class R6 | 918,026 | 6,059 | |||||||||
Total Affiliated Mutual Funds (Cost $87,084) | 79,713 | ||||||||||
Total Investments (Cost $119,262) — 98.4% | 112,342 | ||||||||||
Other assets in excess of liabilities — 1.6% | 1,791 | ||||||||||
NET ASSETS — 100.00% | $ | 114,133 | |||||||||
At June 30, 2022, the Fund's investments in foreign securities were 27.5% of net assets
ETF — Exchange-Traded Fund
See notes to financial statements.
11
USAA Mutual Funds Trust | Statements of Assets and Liabilities June 30, 2022 | ||||||
(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 $710,558, $1,184,323, and $1,356,025) | $ | 687,345 | $ | 1,147,842 | $ | 1,319,211 | |||||||||
Unaffiliated investments, at value (Cost $280, $111 and $45) | 280 | (a) | 111 | (b) | 45 | (c) | |||||||||
Cash | 1,825 | 4,830 | 12,254 | ||||||||||||
Receivables: | |||||||||||||||
Interest | 1 | — | (d) | — | (d) | ||||||||||
Capital shares issued | 139 | 162 | 137 | ||||||||||||
From Adviser | — | — | 10 | ||||||||||||
Prepaid expenses | 22 | 33 | 32 | ||||||||||||
Total Assets | 689,612 | 1,152,978 | 1,331,689 | ||||||||||||
Liabilities: | |||||||||||||||
Payables: | |||||||||||||||
Collateral received on loaned securities | 280 | 111 | 45 | ||||||||||||
Capital shares redeemed | 311 | 622 | 301 | ||||||||||||
Accrued expenses and other payables: | |||||||||||||||
Custodian fees | 2 | 4 | 5 | ||||||||||||
Compliance fees | — | (d) | 1 | 1 | |||||||||||
Trustees' fees | — | (d) | — | (d) | — | (d) | |||||||||
Other accrued expenses | 15 | 24 | 28 | ||||||||||||
Total Liabilities | 608 | 762 | 380 | ||||||||||||
Net Assets: | |||||||||||||||
Capital | 689,262 | 1,112,243 | 1,268,424 | ||||||||||||
Total accumulated earnings/(loss) | (258 | ) | 39,973 | 62,885 | |||||||||||
Net Assets | $ | 689,004 | $ | 1,152,216 | $ | 1,331,309 | |||||||||
| Shares (unlimited number of shares authorized with no par value): | 66,730 | 99,451 | 114,629 | ||||||||||||
Net asset value, offering and redemption price per share: (e) | $ | 10.33 | $ | 11.59 | $ | 11.61 | |||||||||
(a) Includes $272 thousand of securities on loan.
(b) Includes $107 thousand of securities on loan.
(c) Includes $44 thousand of securities on loan.
(d) Rounds to less than $1 thousand.
(e) 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, 2022 | ||||||
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
| USAA Target Retirement 2050 Fund | USAA Target Retirement 2060 Fund | ||||||||||
Assets: | |||||||||||
Affiliated investments, at value (Cost $810,838 and $119,262) | $ | 787,084 | $ | 112,342 | |||||||
Unaffiliated investments, at value (Cost $74 and $—) | 74 | (a) | — | ||||||||
Cash | 11,558 | 1,833 | |||||||||
Receivables: | |||||||||||
Interest | — | (b) | — | (b) | |||||||
Capital shares issued | 92 | 11 | |||||||||
From Adviser | — | 9 | |||||||||
Prepaid expenses | 27 | 15 | |||||||||
Total Assets | 798,835 | 114,210 | |||||||||
Liabilities: | |||||||||||
Payables: | |||||||||||
Collateral received on loaned securities | 74 | — | |||||||||
Capital shares redeemed | 111 | 50 | |||||||||
Accrued expenses and other payables: | |||||||||||
Custodian fees | 3 | 1 | |||||||||
Compliance fees | — | (b) | — | (b) | |||||||
Trustees' fees | — | (b) | 1 | ||||||||
Other accrued expenses | 28 | 25 | |||||||||
Total Liabilities | 216 | 77 | |||||||||
Net Assets: | |||||||||||
Capital | 758,894 | 112,052 | |||||||||
Total accumulated earnings/(loss) | 39,725 | 2,081 | |||||||||
Net Assets | $ | 798,619 | $ | 114,133 | |||||||
| Shares (unlimited number of shares authorized with no par value): | 67,131 | 9,630 | |||||||||
Net asset value, offering and redemption price per share: (c) | $ | 11.90 | $ | 11.85 | |||||||
(a) Includes $72 thousand of securities on loan.
(b) Rounds to less than $1 thousand.
(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.
See notes to financial statements.
13
USAA Mutual Funds Trust | Statements of Operations For the Six Months Ended June 30, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA Target Retirement Income Fund | USAA Target Retirement 2030 Fund | USAA Target Retirement 2040 Fund | |||||||||||||
Investment Income: | |||||||||||||||
Income distributions from affiliated funds | $ | 6,327 | $ | 8,328 | $ | 7,778 | |||||||||
Interest | — | (a) | 7 | 11 | |||||||||||
Securities lending (net of fees) | 3 | — | (a) | 2 | |||||||||||
Total Income | 6,330 | 8,335 | 7,791 | ||||||||||||
Expenses: | |||||||||||||||
Sub-Administration fees | 9 | 9 | 9 | ||||||||||||
Custodian fees | 7 | 11 | 13 | ||||||||||||
Transfer agent fees | 15 | 25 | 30 | ||||||||||||
Trustees' fees | 23 | 23 | 23 | ||||||||||||
Compliance fees | 3 | 5 | 6 | ||||||||||||
Printing fees | 9 | 14 | 18 | ||||||||||||
Legal and audit fees | 29 | 25 | 25 | ||||||||||||
State registration and filing fees | 21 | 18 | 18 | ||||||||||||
Other expenses | 13 | 19 | 22 | ||||||||||||
| Recoupment of prior expenses waived/ reimbursed by Adviser | — | 1 | — | ||||||||||||
Total Expenses | 129 | 150 | 164 | ||||||||||||
Expenses waived/reimbursed by Adviser | — | — | (16 | ) | |||||||||||
Net Expenses | 129 | 150 | 148 | ||||||||||||
Net Investment Income (Loss) | 6,201 | 8,185 | 7,643 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||||||||||
| Net realized gains (losses) from sales of affiliated funds | 3,692 | 9,404 | 10,756 | ||||||||||||
| Net change in unrealized appreciation/ depreciation on affiliated funds | (95,626 | ) | (217,662 | ) | (292,382 | ) | |||||||||
| Net realized/unrealized gains (losses) on investments | (91,934 | ) | (208,258 | ) | (281,626 | ) | |||||||||
| Change in net assets resulting from operations | $ | (85,733 | ) | $ | (200,073 | ) | $ | (273,983 | ) | ||||||
(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, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA Target Retirement 2050 Fund | USAA Target Retirement 2060 Fund | ||||||||||
Investment Income: | |||||||||||
Income distributions from affiliated funds | $ | 3,804 | $ | 503 | |||||||
Interest | 7 | 1 | |||||||||
Securities lending (net of fees) | 2 | 1 | |||||||||
Total Income | 3,813 | 505 | |||||||||
Expenses: | |||||||||||
Sub-Administration fees | 9 | 9 | |||||||||
Custodian fees | 9 | 4 | |||||||||
Transfer agent fees | 18 | 3 | |||||||||
Trustees' fees | 23 | 23 | |||||||||
Compliance fees | 3 | — | (a) | ||||||||
Printing fees | 14 | 5 | |||||||||
Legal and audit fees | 25 | 25 | |||||||||
State registration and filing fees | 15 | 12 | |||||||||
Other expenses | 16 | 7 | |||||||||
Total Expenses | 132 | 88 | |||||||||
Expenses waived/reimbursed by Adviser | — | (25 | ) | ||||||||
Net Expenses | 132 | 63 | |||||||||
Net Investment Income (Loss) | 3,681 | 442 | |||||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||||||
Net realized gains (losses) from sales of affiliated funds | 5,644 | 364 | |||||||||
| Net change in unrealized appreciation/depreciation on affiliated funds | (186,088 | ) | (25,962 | ) | |||||||
Net realized/unrealized gains (losses) on investments | (180,444 | ) | (25,598 | ) | |||||||
Change in net assets resulting from operations | $ | (176,763 | ) | $ | (25,156 | ) | |||||
(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, 2022 (Unaudited) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||||||||||||||
From Investments: | |||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||
Net Investment Income (Loss) | $ | 6,201 | $ | 25,732 | $ | 8,185 | $ | 51,944 | $ | 7,643 | $ | 67,012 | |||||||||||||||
Net realized gains (losses) | 3,692 | 42,645 | 9,404 | 94,192 | 10,756 | 120,413 | |||||||||||||||||||||
| Net change in unrealized appreciation/depreciation | (95,626 | ) | (16,329 | ) | (217,662 | ) | 11,103 | (292,382 | ) | 46,214 | |||||||||||||||||
| Change in net assets resulting from operations | (85,733 | ) | 52,048 | (200,073 | ) | 157,239 | (273,983 | ) | 233,639 | ||||||||||||||||||
| Change in net assets resulting from distributions to shareholders | (6,060 | ) | (52,029 | ) | — | (100,538 | ) | — | (120,954 | ) | |||||||||||||||||
| Change in net assets resulting from capital transactions | (26,839 | ) | (19,630 | ) | (35,233 | ) | 120 | (38,960 | ) | 247 | |||||||||||||||||
Change in net assets | (118,632 | ) | (19,611 | ) | (235,306 | ) | 56,821 | (312,943 | ) | 112,932 | |||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||
Beginning of period | 807,636 | 827,247 | 1,387,522 | 1,330,701 | 1,644,252 | 1,531,320 | |||||||||||||||||||||
End of period | $ | 689,004 | $ | 807,636 | $ | 1,152,216 | $ | 1,387,522 | $ | 1,331,309 | $ | 1,644,252 | |||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||||
Proceeds from shares issued | $ | 27,463 | $ | 82,627 | $ | 51,705 | $ | 133,480 | $ | 61,448 | $ | 163,473 | |||||||||||||||
Distributions reinvested | 6,024 | 51,747 | — | 100,394 | — | 120,782 | |||||||||||||||||||||
Cost of shares redeemed | (60,326 | ) | (154,004 | ) | (86,938 | ) | �� | (233,754 | ) | (100,408 | ) | (284,008 | ) | ||||||||||||||
| Change in net assets resulting from capital transactions | $ | (26,839 | ) | $ | (19,630 | ) | $ | (35,233 | ) | $ | 120 | $ | (38,960 | ) | $ | 247 | |||||||||||
Share Transactions: | |||||||||||||||||||||||||||
Issued | 2,477 | 6,852 | 4,061 | 9,600 | 4,726 | 11,582 | |||||||||||||||||||||
Reinvested | 564 | 4,396 | — | 7,376 | — | 8,638 | |||||||||||||||||||||
Redeemed | (5,450 | ) | (12,778 | ) | (6,881 | ) | (16,842 | ) | (7,740 | ) | (20,168 | ) | |||||||||||||||
Change in Shares | (2,409 | ) | (1,530 | ) | (2,820 | ) | 134 | (3,014 | ) | 52 | |||||||||||||||||
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, 2022 (Unaudited) | Year Ended December 31, 2021 | Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||||||||
From Investments: | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net Investment Income (Loss) | $ | 3,681 | $ | 41,965 | $ | 442 | $ | 5,766 | |||||||||||
Net realized gains (losses) | 5,644 | 78,287 | 364 | 10,443 | |||||||||||||||
| Net change in unrealized appreciation/depreciation | (186,088 | ) | 33,126 | (25,962 | ) | 4,736 | |||||||||||||
| Change in net assets resulting from operations | (176,763 | ) | 153,378 | (25,156 | ) | 20,945 | |||||||||||||
| Change in net assets resulting from distributions to shareholders | — | (75,540 | ) | — | (9,243 | ) | |||||||||||||
| Change in net assets resulting from capital transactions | (10,695 | ) | 14,305 | 1,239 | 5,341 | ||||||||||||||
Change in net assets | (187,458 | ) | 92,143 | (23,917 | ) | 17,043 | |||||||||||||
Net Assets: | |||||||||||||||||||
Beginning of period | 986,077 | 893,934 | 138,050 | 121,007 | |||||||||||||||
End of period | $ | 798,619 | $ | 986,077 | $ | 114,133 | $ | 138,050 | |||||||||||
Capital Transactions: | |||||||||||||||||||
Proceeds from shares issued | $ | 49,208 | $ | 117,938 | $ | 10,352 | $ | 22,008 | |||||||||||
Distributions reinvested | — | 75,478 | — | 9,235 | |||||||||||||||
Cost of shares redeemed | (59,903 | ) | (179,111 | ) | (9,113 | ) | (25,902 | ) | |||||||||||
| Change in net assets resulting from capital transactions | $ | (10,695 | ) | $ | 14,305 | $ | 1,239 | $ | 5,341 | ||||||||||
Share Transactions: | |||||||||||||||||||
Issued | 3,671 | 8,090 | 769 | 1,531 | |||||||||||||||
Reinvested | — | 5,206 | — | 640 | |||||||||||||||
Redeemed | (4,482 | ) | (12,331 | ) | (685 | ) | (1,814 | ) | |||||||||||
Change in Shares | (811 | ) | 965 | 84 | 357 | ||||||||||||||
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains from Investments | ||||||||||||||||||||||
USAA Target Retirement Income Fund | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 11.68 | 0.09 | (f) | (1.35 | ) | (1.26 | ) | (0.09 | ) | — | ||||||||||||||||
| Year Ended December 31: 2021 | $ | 11.71 | 0.38 | (f) | 0.37 | 0.75 | (0.38 | ) | (0.40 | ) | |||||||||||||||||
2020 | $ | 11.22 | 0.38 | (f) | 0.58 | 0.96 | (0.30 | ) | (0.17 | ) | |||||||||||||||||
2019 | $ | 10.69 | 0.31 | (f) | 0.93 | 1.24 | (0.31 | ) | (0.40 | ) | |||||||||||||||||
2018 | $ | 11.69 | 0.29 | (0.64 | ) | (0.35 | ) | (0.29 | ) | (0.36 | ) | ||||||||||||||||
2017 | $ | 11.41 | 0.28 | 0.70 | 0.98 | (0.28 | ) | (0.42 | ) | ||||||||||||||||||
USAA Target Retirement 2030 Fund | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 13.57 | 0.08 | (f) | (2.06 | ) | (1.98 | ) | — | — | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 13.03 | 0.53 | (f) | 1.05 | 1.58 | (0.59 | ) | (0.45 | ) | |||||||||||||||||
2020 | $ | 12.47 | 0.29 | (f) | 0.86 | 1.15 | (0.25 | ) | (0.34 | ) | |||||||||||||||||
2019 | $ | 11.87 | 0.33 | (f) | 1.70 | 2.03 | (0.31 | ) | (1.12 | ) | |||||||||||||||||
2018 | $ | 13.84 | 0.30 | (1.25 | ) | (0.95 | ) | (0.30 | ) | (0.72 | ) | ||||||||||||||||
2017 | $ | 12.89 | 0.30 | 1.77 | 2.07 | (0.32 | ) | (0.80 | ) | ||||||||||||||||||
USAA Target Retirement 2040 Fund | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 13.98 | 0.07 | (f) | (2.44 | ) | (2.37 | ) | — | — | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 13.02 | 0.60 | (f) | 1.45 | 2.05 | (0.67 | ) | (0.42 | ) | |||||||||||||||||
2020 | $ | 12.58 | 0.28 | (f) | 0.88 | 1.16 | (0.22 | ) | (0.50 | ) | |||||||||||||||||
2019 | $ | 11.87 | 0.32 | (f) | 1.99 | 2.31 | (0.29 | ) | (1.31 | ) | |||||||||||||||||
2018 | $ | 14.25 | 0.27 | (1.46 | ) | (1.19 | ) | (0.28 | ) | (0.91 | ) | ||||||||||||||||
2017 | $ | 12.82 | 0.29 | 2.07 | 2.36 | (0.29 | ) | (0.64 | ) | ||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning 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.
(e) Does not include acquired fund fees and expenses, if any.
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)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a) | ||||||||||||||||||||||||||||
USAA Target Retirement Income Fund | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | (0.09 | ) | $ | 10.33 | (10.81 | )% | 0.03 | % | 1.67 | % | 0.03 | % | $ | 689,004 | 6 | % | |||||||||||||||||||
| Year Ended December 31: 2021 | (0.78 | ) | $ | 11.68 | 6.48 | % | 0.03 | % | 3.13 | % | 0.03 | % | $ | 807,636 | 16 | % | |||||||||||||||||||
2020 | (0.47 | ) | $ | 11.71 | 8.73 | % | 0.06 | % | 3.40 | % | 0.06 | % | $ | 827,247 | 15 | %(g) | |||||||||||||||||||
2019 | (0.71 | ) | $ | 11.22 | 11.72 | % | 0.07 | % | 2.75 | % | 0.07 | % | $ | 337,633 | 16 | % | |||||||||||||||||||
2018 | (0.65 | ) | $ | 10.69 | (3.01 | )% | 0.07 | % | 2.53 | % | 0.07 | % | $ | 318,796 | 29 | % | |||||||||||||||||||
2017 | (0.70 | ) | $ | 11.69 | 8.66 | % | 0.07 | % | 2.44 | % | 0.07 | % | $ | 349,866 | 41 | % | |||||||||||||||||||
USAA Target Retirement 2030 Fund | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | — | $ | 11.59 | (14.59 | )% | 0.02 | % | 1.30 | % | 0.02 | % | $ | 1,152,216 | 6 | % | ||||||||||||||||||||
| Year Ended December 31: 2021 | (1.04 | ) | $ | 13.57 | 12.24 | % | 0.02 | % | 3.79 | % | 0.02 | % | $ | 1,387,522 | 18 | % | |||||||||||||||||||
2020 | (0.59 | ) | $ | 13.03 | 9.25 | % | 0.02 | % | 2.41 | % | 0.02 | % | $ | 1,330,701 | 19 | % | |||||||||||||||||||
2019 | (1.43 | ) | $ | 12.47 | 17.13 | % | 0.03 | % | 2.53 | % | 0.03 | % | $ | 1,368,343 | 24 | % | |||||||||||||||||||
2018 | (1.02 | ) | $ | 11.87 | (6.99 | )% | 0.03 | % | 2.25 | % | 0.03 | % | $ | 1,183,564 | 36 | % | |||||||||||||||||||
2017 | (1.12 | ) | $ | 13.84 | 16.12 | % | 0.03 | % | 2.29 | % | 0.03 | % | $ | 1,286,393 | 32 | % | |||||||||||||||||||
USAA Target Retirement 2040 Fund | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | — | $ | 11.61 | (16.95 | )% | 0.02 | % | 1.03 | % | 0.02 | % | $ | 1,331,309 | 6 | % | ||||||||||||||||||||
| Year Ended December 31: 2021 | (1.09 | ) | $ | 13.98 | 15.88 | % | 0.02 | % | 4.18 | % | 0.02 | % | $ | 1,644,252 | 16 | % | |||||||||||||||||||
2020 | (0.72 | ) | $ | 13.02 | 9.22 | % | 0.02 | % | 2.30 | % | 0.02 | % | $ | 1,531,320 | 20 | % | |||||||||||||||||||
2019 | (1.60 | ) | $ | 12.58 | 19.57 | % | 0.02 | % | 2.41 | % | 0.02 | % | $ | 1,551,552 | 29 | % | |||||||||||||||||||
2018 | (1.19 | ) | $ | 11.87 | (8.53 | )% | 0.02 | % | 2.08 | % | 0.02 | % | $ | 1,310,328 | 35 | % | |||||||||||||||||||
2017 | (0.93 | ) | $ | 14.25 | 18.46 | % | 0.03 | % | 2.15 | % | 0.03 | % | $ | 1,424,068 | 32 | % | |||||||||||||||||||
(f) Per share net investment income (loss) has been calculated using the average daily shares method.
(g) For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $78,972 and sold of $170,937 thousand, respectively, in connection with the Fund's acquisition of USAA Target Retirement 2020 Fund.
See notes to financial statements.
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains from Investments | ||||||||||||||||||||||
USAA Target Retirement 2050 Fund | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 14.51 | 0.05 | (f) | (2.66 | ) | (2.61 | ) | — | — | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 13.35 | 0.65 | (f) | 1.69 | 2.34 | (0.69 | ) | (0.49 | ) | |||||||||||||||||
2020 | $ | 12.84 | 0.28 | (f) | 1.07 | 1.35 | (0.24 | ) | (0.60 | ) | |||||||||||||||||
2019 | $ | 11.95 | 0.31 | (f) | 2.09 | 2.40 | (0.28 | ) | (1.23 | ) | |||||||||||||||||
2018 | $ | 14.45 | 0.26 | (1.54 | ) | (1.28 | ) | (0.26 | ) | (0.96 | ) | ||||||||||||||||
2017 | $ | 12.78 | 0.27 | 2.20 | 2.47 | (0.28 | ) | (0.52 | ) | ||||||||||||||||||
USAA Target Retirement 2060 Fund | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 14.46 | 0.05 | (f) | (2.66 | ) | (2.61 | ) | — | — | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 13.17 | 0.64 | (f) | 1.67 | 2.31 | (0.69 | ) | (0.33 | ) | |||||||||||||||||
2020 | $ | 12.53 | 0.26 | (f) | 1.01 | 1.27 | (0.20 | ) | (0.43 | ) | |||||||||||||||||
2019 | $ | 11.05 | 0.28 | (f) | 1.94 | 2.22 | (0.27 | ) | (0.47 | ) | |||||||||||||||||
2018 | $ | 12.74 | 0.23 | (1.39 | ) | (1.16 | ) | (0.23 | ) | (0.30 | ) | ||||||||||||||||
2017 | $ | 11.07 | 0.22 | 1.93 | 2.15 | (0.22 | ) | (0.26 | ) | ||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning 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.
(e) Does not include acquired fund fees and expenses, if any.
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)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a) | ||||||||||||||||||||||||||||
USAA Target Retirement 2050 Fund | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | — | $ | 11.90 | (17.99 | )% | 0.03 | % | 0.83 | % | 0.03 | % | $ | 798,619 | 6 | % | ||||||||||||||||||||
| Year Ended December 31: 2021 | (1.18 | ) | $ | 14.51 | 17.71 | % | 0.03 | % | 4.43 | % | 0.03 | % | $ | 986,077 | 17 | % | |||||||||||||||||||
2020 | (0.84 | ) | $ | 13.35 | 10.52 | % | 0.03 | % | 2.26 | % | 0.03 | % | $ | 893,934 | 21 | % | |||||||||||||||||||
2019 | (1.51 | ) | $ | 12.84 | 20.16 | % | 0.04 | % | 2.32 | % | 0.04 | % | $ | 893,030 | 30 | % | |||||||||||||||||||
2018 | (1.22 | ) | $ | 11.95 | (9.02 | )% | 0.04 | % | 1.96 | % | 0.04 | % | $ | 741,449 | 36 | % | |||||||||||||||||||
2017 | (0.80 | ) | $ | 14.45 | 19.39 | % | 0.04 | % | 2.00 | % | 0.04 | % | $ | 804,921 | 30 | % | |||||||||||||||||||
USAA Target Retirement 2060 Fund | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | — | $ | 11.85 | (18.05 | )% | 0.10 | % | 0.70 | % | 0.14 | % | $ | 114,133 | 3 | % | ||||||||||||||||||||
| Year Ended December 31: 2021 | (1.02 | ) | $ | 14.46 | 17.69 | % | 0.10 | % | 4.41 | % | 0.13 | % | $ | 138,050 | 18 | % | |||||||||||||||||||
2020 | (0.63 | ) | $ | 13.17 | 10.17 | % | 0.10 | % | 2.17 | % | 0.16 | % | $ | 121,007 | 28 | % | |||||||||||||||||||
2019 | (0.74 | ) | $ | 12.53 | 20.09 | % | 0.10 | % | 2.30 | % | 0.22 | % | $ | 116,493 | 29 | % | |||||||||||||||||||
2018 | (0.53 | ) | $ | 11.05 | (9.18 | )% | 0.10 | % | 2.00 | % | 0.23 | % | $ | 87,403 | 36 | % | |||||||||||||||||||
2017 | (0.48 | ) | $ | 12.74 | 19.51 | % | 0.10 | % | 1.95 | % | 0.29 | % | $ | 77,599 | 37 | % | |||||||||||||||||||
(f) Per share net investment income (loss) has been calculated using the average daily shares method.
See notes to financial statements.
21
USAA Mutual Funds Trust | Notes to Financial Statements June 30, 2022 | ||||||
(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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.
The accompanying financial statements are those of the following five Funds (collectively, the "Funds" and individually, a "Fund").
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 various exemptions contained in the 1940 Act and in exemptive rules or orders thereunder issued by the Securities and Exchange Commission ("SEC") that permit funds, subject to certain conditions, to invest in one or more Exchange-Traded Funds ("ETFs") and certain other types of investment companies in amounts that exceed limits set forth in the 1940 Act that would otherwise be applicable.
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Funds expect that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.
Investment Valuation:
The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:
• Level 1 — quoted prices 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 Funds' own assumptions in determining the fair value of investments)
22
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in the underlying affiliated funds and other open-end investment companies, other than ETFs, are valued at their net asset value ("NAV") at the end of each business day and are typically categorized as Level 1 in the fair value hierarchy.
The underlying affiliated funds have specific valuation procedures. In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause a Fund's NAV to be more reliable than it otherwise would be.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments (amounts in thousands):
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Target Income Fund | |||||||||||||||||||
Affiliated Exchange-Traded Funds | $ | 136,787 | $ | — | $ | — | $ | 136,787 | |||||||||||
Affiliated Mutual Funds | 550,558 | — | — | 550,558 | |||||||||||||||
Collateral for Securities Loaned | 280 | — | — | 280 | |||||||||||||||
Total | $ | 687,625 | $ | — | $ | — | $ | 687,625 | |||||||||||
Target 2030 Fund | |||||||||||||||||||
Affiliated Exchange-Traded Funds | $ | 295,051 | $ | — | $ | — | $ | 295,051 | |||||||||||
Affiliated Mutual Funds | 852,791 | — | — | 852,791 | |||||||||||||||
Collateral for Securities Loaned | 111 | — | — | 111 | |||||||||||||||
Total | $ | 1,147,953 | $ | — | $ | — | $ | 1,147,953 | |||||||||||
Target 2040 Fund | |||||||||||||||||||
Affiliated Exchange-Traded Funds | $ | 369,125 | $ | — | $ | — | $ | 369,125 | |||||||||||
Affiliated Mutual Funds | 950,086 | — | — | 950,086 | |||||||||||||||
Collateral for Securities Loaned | 45 | — | — | 45 | |||||||||||||||
Total | $ | 1,319,256 | $ | — | $ | — | $ | 1,319,256 | |||||||||||
Target 2050 Fund | |||||||||||||||||||
Affiliated Exchange-Traded Funds | $ | 228,593 | $ | — | $ | — | $ | 228,593 | |||||||||||
Affiliated Mutual Funds | 558,491 | — | — | 558,491 | |||||||||||||||
Collateral for Securities Loaned | 74 | — | — | 74 | |||||||||||||||
Total | $ | 787,158 | $ | — | $ | — | $ | 787,158 | |||||||||||
23
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Target 2060 Fund | |||||||||||||||||||
Affiliated Exchange-Traded Funds | $ | 32,629 | $ | — | $ | — | $ | 32,629 | |||||||||||
Affiliated Mutual Funds | 79,713 | — | — | 79,713 | |||||||||||||||
Total | $ | 112,342 | $ | — | $ | — | $ | 112,342 | |||||||||||
For the six months ended June 30, 2022, 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 ETFs for a variety or purposes, including in connection with pursuing their investment programs to temporarily gain exposure to a portion of the U.S. or a foreign market, and for cash management and other purposes. The risks of owning an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.
Open-End Funds:
The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.
Investment Transactions and Related Income:
Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.
Securities Lending:
The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with
24
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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 one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.
The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.
The following table is a summary of the Funds' securities lending transactions as of June 30, 2022 (amounts in thousands).
| Value of Securities on Loan | Non-Cash Collateral | Cash Collateral | |||||||||||||
Target Income Fund | $ | 272 | $ | — | $ | 280 | |||||||||
Target 2030 Fund | 107 | — | 111 | ||||||||||||
Target 2040 Fund | 44 | — | 45 | ||||||||||||
Target 2050 Fund | 72 | — | 74 | ||||||||||||
Federal Income Taxes:
Each Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30.
For the six months ended June 30, 2022, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.
Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
Allocations:
Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.
3. Purchases and Sales:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows for the Fund (amounts in thousands):
| Excluding U.S. Government Securities | |||||||||||
Purchases | Sales | ||||||||||
Target Income Fund | $ | 46,566 | $ | 71,470 | |||||||
Target 2030 Fund | 76,582 | 88,493 | |||||||||
Target 2040 Fund | 95,016 |
| 107,763 | ||||||||
Target 2050 Fund | 58,353 | 57,037 | |||||||||
Target 2060 Fund | 6,244 | 3,470 | |||||||||
25
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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 also serves as the Funds' administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM does not receive any fees from the Funds for these services.
Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Funds reimburse VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statements of Operations as Sub-Administration fees.
The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statements of Operations as Compliance fees.
Transfer Agency Fees:
Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Funds. VCTA does not receive any fees from the Funds for these services.
FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Funds pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.
Distributor/Underwriting Services:
Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust, and receives no fee or other compensation for these services.
Other Fees:
Citibank serves as the Funds' custodian. Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statements of Operations as Custodian fees.
K&L Gates LLP provides legal services to the Trust.
The Adviser has entered into an expense limitation agreement with the Funds. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limits for the 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
26
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, as amended June 29, 2022, the Adviser has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.
As of June 30, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at June 30, 2022.
| Expires 2022 | Expires 2023 | Expires 2024 | Expires 2025 | Total | |||||||||||||||||||
Target 2040 Fund | $ | 1 | $ | — | $ | — | $ | 16 | $ | 17 | |||||||||||||
Target 2060 Fund | 54 | 69 | 43 | 25 | 191 | ||||||||||||||||||
The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the year ended December 31, 2021.
Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.
5. Risks:
The Funds may be subject to other risks in addition to these identified risks.
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 each Fund's asset allocation. For instance, the more a Fund is allocated to stock funds, the greater the risk associated with equity securities. The Funds also are subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).
High-Yield/Junk Bond Risk — The Funds may invest in underlying affiliated funds that invest in fixed income securities that are rated below investment grade. Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short and longer periods of time.
Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health
27
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.
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 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. 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, 2022.
Interfund Lending:
The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows each Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, interest earned
28
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
by each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending.
The Funds did not utilize or participate in the Facility during the six months ended June 30, 2022.
7. Federal Income Tax Information:
Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.
Declared | Paid | ||||||||||
Target Income Fund | Quarterly | Quarterly | |||||||||
Target 2030 Fund | Annually | Annually | |||||||||
Target 2040 Fund | Annually | Annually | |||||||||
Target 2050 Fund | Annually | Annually | |||||||||
Target 2060 Fund | Annually | Annually | |||||||||
The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.
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, 2022.
At the tax year ended December 31, 2021, 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, an investment company managed by VCM, or an issuer under common control with a Fund or VCM. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund's Schedule of Portfolio Investments. The financial statements of the underlying funds can be found in shareholder reports filed with the SEC by each such underlying fund semi-annually on Form N-CSR and are available for download from both the SEC's as well as each respective underlying fund's website. Transactions in affiliated securities during the year ended June 30, 2022, were as follows (amounts in thousands):
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
Target Income Fund | |||||||||||||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 3,002 | $ | 12,813 | $ | — | $ | — | $ | — | $ | (2,409 | ) | $ | 13,406 | $ | 91 | ||||||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 48,853 | — | (1,254 | ) | (98 | ) | — | (8,788 | ) | 38,713 | — | ||||||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 229,062 | 1,921 | (23,634 | ) | (1,967 | ) | — | (12,885 | ) | 192,497 | 1,921 | ||||||||||||||||||||||||
29
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | $ | 15,236 | $ | — | $ | (2,156 | ) | $ | 976 | $ | — | $ | (5,192 | ) | $ | 8,864 | $ | — | |||||||||||||||||
| USAA High Income Fund Institutional Shares | 34,674 | 4,690 | — | — | — | (6,032 | ) | 33,332 | 926 | ||||||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 20,833 | 79 | (19,768 | ) | 2,286 | — | (3,430 | ) | — | 79 | |||||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 9,506 | 42 | (5,150 | ) | 758 | — | (1,359 | ) | 3,797 | 42 | |||||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 14,271 | 10,507 | — | — | — | (2,195 | ) | 22,583 | 233 | ||||||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 2,645 | — | — | — | — | (438 | ) | 2,207 | — | ||||||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 123,244 | 1,166 | (7,052 | ) | (76 | ) | — | (5,294 | ) | 111,988 | 1,168 | ||||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 6,303 | 3,193 | — | — | — | (1,650 | ) | 7,846 | — | ||||||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 43,496 | — | (2,663 | ) | (11 | ) | — | (7,997 | ) | 32,825 | — | ||||||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 6,053 | 1,166 | — | — | — | (820 | ) | 6,399 | — | ||||||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 32,841 | 528 | — | — | — | (764 | ) | 32,605 | 529 | ||||||||||||||||||||||||||
| Victory RS International Fund Class R6 | 27,363 | 2,436 | (736 | ) | (121 | ) | — | (5,536 | ) | 23,406 | — | ||||||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 3,533 | 2,687 | — | — | — | (1,086 | ) | 5,134 | — | ||||||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 16,222 | 2,342 | — | — | — | (3,608 | ) | 14,956 | — | ||||||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 11,350 | — | (3,799 | ) | 941 | — | (2,126 | ) | 6,366 | 51 | |||||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 44,104 | 2,996 | — | — | — | (7,335 | ) | 39,765 | 354 | ||||||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 8,097 | — | — | — | — | (1,498 | ) | 6,599 | 117 | ||||||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 5,077 | — | — | — | — | (1,624 | ) | 3,453 | 10 | ||||||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 6,705 | — | (742 | ) | 182 | — | (948 | ) | 5,197 | 49 | |||||||||||||||||||||||||
| VictoryShares USAA Core Short-Term Bond ETF | 22,770 | — | — | — | — | (1,046 | ) | 21,724 | 174 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 21,864 | — | — | — | — | (3,216 | ) | 18,648 | 104 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 22,487 | — | (789 | ) | (37 | ) | — | (3,941 | ) | 17,720 | 356 | ||||||||||||||||||||||||
30
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | $ | 6,388 | $ | — | $ | — | $ | — | $ | — | $ | (1,147 | ) | $ | 5,241 | $ | 33 | ||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 18,204 | — | (3,727 | ) | 859 | — | (3,262 | ) | 12,074 | 90 | |||||||||||||||||||||||||
$ | 804,183 | $ | 46,566 | $ | (71,470 | ) | $ | 3,692 | $ | — | $ | (95,626 | ) | $ | 687,345 | $ | 6,327 | ||||||||||||||||||
Target 2030 Fund | |||||||||||||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 19,595 | $ | 49,076 | $ | — | $ | — | $ | — | $ | (12,407 | ) | $ | 56,264 | $ | 380 | ||||||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 150,749 | — | (8,397 | ) | (254 | ) | — | (26,310 | ) | 115,788 | — | ||||||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 202,603 | 4,253 | — | — | — | (13,473 | ) | 193,383 | 1,772 | ||||||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 61,543 | — | (9,854 | ) | 505 | — | (17,217 | ) | 34,977 | — | |||||||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 55,362 | 5,163 | (4,661 | ) | 152 | — | (8,903 | ) | 47,113 | 1,343 | |||||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 19,232 | 132 | (11,260 | ) | 1,478 | — | (2,866 | ) | 6,716 | 132 | |||||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 31,911 | 176 | (13,954 | ) | 1,042 | — | (3,231 | ) | 15,944 | 176 | |||||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 48,542 | 3,253 | — | — | — | (6,071 | ) | 45,724 | 612 | ||||||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 4,816 | — | — | — | — | (798 | ) | 4,018 | — | ||||||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 60,433 | 603 | — | — | — | (2,772 | ) | 58,264 | 603 | ||||||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 24,732 | 1,152 | — | — | — | (5,895 | ) | 19,989 | — | ||||||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 133,282 | — | (5,905 | ) | (38 | ) | — | (24,911 | ) | 102,428 | — | ||||||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 35,801 | — | (6,479 | ) | 1,176 | — | (4,886 | ) | 25,612 | — | |||||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 22,566 | 363 | — | — | — | (525 | ) | 22,404 | 363 | ||||||||||||||||||||||||||
| Victory RS International Fund Class R6 | 67,849 | — | (1,332 | ) | (92 | ) | — | (13,832 | ) | 52,593 | — | ||||||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 8,400 | 3,174 | — | — | — | (2,221 | ) | 9,353 | — | ||||||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 52,648 | — | — | — | — | (10,427 | ) | 42,221 | — | ||||||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 35,538 | — | (7,770 | ) | 1,953 | — | (5,939 | ) | 23,782 | 183 | |||||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 36,753 | 6,946 | — | — | — | (6,691 | ) | 37,008 | 329 | ||||||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 23,623 | — | (1,374 | ) | 156 | — | (4,275 | ) | 18,130 | 322 | |||||||||||||||||||||||||
31
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | $ | 23,708 | $ | — | $ | — | $ | — | $ | — | $ | (7,582 | ) | $ | 16,126 | $ | 48 | ||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 13,705 | — | (2,434 | ) | 488 | — | (2,069 | ) | 9,690 | 100 | |||||||||||||||||||||||||
| VictoryShares USAA Core Short-Term Bond ETF | 42,845 | — | — | — | — | (1,968 | ) | 40,877 | 328 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 43,138 | — | — | — | — | (6,347 | ) | 36,791 | 206 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 64,472 | — | (2,709 | ) | (218 | ) | — | (11,100 | ) | 50,445 | 1,014 | ||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 22,453 | 2,291 | — | — | — | (3,975 | ) | 20,769 | 116 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 61,712 | — | (12,364 | ) | 3,056 | — | (10,971 | ) | 41,433 | 301 | |||||||||||||||||||||||||
$ | 1,368,011 | $ | 76,582 | $ | (88,493 | ) | $ | 9,404 | $ | — | $ | (217,662 | ) | $ | 1,147,842 | $ | 8,328 | ||||||||||||||||||
Target 2040 Fund | |||||||||||||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 48,446 | $ | 68,727 | $ | — | $ | — | $ | — | $ | (21,674 | ) | $ | 95,499 | $ | 629 | ||||||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 224,953 | — | (5,488 | ) | (188 | ) | — | (40,566 | ) | 178,711 | — | ||||||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 101,182 | 2,940 | — | — | — | (6,773 | ) | 97,349 | 891 | ||||||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 95,737 | — | (13,268 | ) | (678 | ) | — | (25,892 | ) | 55,899 | — | ||||||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 50,434 | 5,148 | (2,373 | ) | 82 | — | (8,342 | ) | 44,949 | 1,270 | |||||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 8,743 | 24 | (8,419 | ) | 1,164 | — | (1,512 | ) | — | 24 | |||||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 46,170 | 280 | (20,844 | ) | 1,258 | — | (4,638 | ) | 22,226 | 280 | |||||||||||||||||||||||||
| USAA Intermediate-Term Bond FundInstitutional Shares | 38,930 | 470 | — | — | — | (4,654 | ) | 34,746 | 469 | ||||||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 5,355 | — | — | — | — | (887 | ) | 4,468 | — | ||||||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 22,178 | 221 | — | — | — | (1,017 | ) | 21,382 | 221 | ||||||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 33,348 | 2,659 | — | — | — | (7,982 | ) | 28,025 | — | ||||||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 204,213 | — | (9,379 | ) | (107 | ) | — | (38,101 | ) | 156,626 | — | ||||||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 50,790 | — | (5,837 | ) | 625 | — | (6,363 | ) | 39,215 | — | |||||||||||||||||||||||||
| Victory Market Neutral Income Fund Class I | 13,946 | 224 | — | — | — | (324 | ) | 13,846 | 224 | ||||||||||||||||||||||||||
| Victory RS International Fund Class R6 | 103,448 | — | (1,577 | ) | (116 | ) | — | (21,201 | ) | 80,554 | — | ||||||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 13,829 | 5,178 | — | — | — | (3,491 | ) | 15,516 | — | ||||||||||||||||||||||||||
32
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | $ | 76,159 | $ | — | $ | — | $ | — | $ | — | $ | (15,084 | ) | $ | 61,075 | $ | — | ||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 53,451 | — | (10,688 | ) | 2,771 | — | (8,743 | ) | 36,791 | 285 | |||||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 16,649 | 4,900 | — | — | — | (3,269 | ) | 18,280 | 163 | ||||||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 33,348 | — | (1,624 | ) | 184 | — | (6,057 | ) | 25,851 | 459 | |||||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 37,822 | 1,592 | — | — | — | (12,455 | ) | 26,959 | 80 | ||||||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 22,618 | — | (4,398 | ) | 950 | — | (3,451 | ) | 15,719 | 161 | |||||||||||||||||||||||||
| VictoryShares USAA Core Short-Term Bond ETF | 25,314 | 1 | — | — | — | (1,163 | ) | 24,152 | 194 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 61,291 | — | — | — | — | (9,017 | ) | 52,274 | 292 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 94,603 | — | (3,196 | ) | (282 | ) | — | (16,477 | ) | 74,648 | 1,500 | ||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 30,080 | 2,652 | — | — | — | (5,336 | ) | 27,396 | 156 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 100,547 | — | (20,672 | ) | 5,093 | — | (17,913 | ) | 67,055 | 480 | |||||||||||||||||||||||||
$ | 1,613,584 | $ | 95,016 | $ | (107,763 | ) | $ | 10,756 | $ | — | $ | (292,382 | ) | $ | 1,319,211 | $ | 7,778 | ||||||||||||||||||
Target 2050 Fund | |||||||||||||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 41,487 | $ | 43,395 | $ | — | $ | — | $ | — | $ | (16,051 | ) | $ | 68,831 | $ | 460 | ||||||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 148,680 | — | (1,491 | ) | (90 | ) | — | (27,203 | ) | 119,896 | — | ||||||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 21,845 | 189 | — | — | — | (1,438 | ) | 20,596 | 189 | ||||||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 61,420 | — | (8,443 | ) | (96 | ) | — | (16,969 | ) | 35,912 | — | ||||||||||||||||||||||||
| USAA High Income Fund Institutional Shares | 10,632 | 264 | — | — | — | (1,733 | ) | 9,163 | 264 | ||||||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 3,560 | 15 | (3,366 | ) | (6 | ) | — | (203 | ) | — | 15 | ||||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 31,299 | 192 | (13,686 | ) | 949 | — | (3,265 | ) | 15,489 | 192 | |||||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 16,408 | 198 | — | — | — | (1,962 | ) | 14,644 | 198 | ||||||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 3,009 | — | — | — | — | (499 | ) | 2,510 | — | ||||||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | 2,875 | 29 | — | — | — | (132 | ) | 2,772 | 29 | ||||||||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 23,821 | 1,593 | — | — | — | (5,692 | ) | 19,722 | — | ||||||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 137,247 | — | (4,792 | ) | (130 | ) | — | (25,865 | ) | 106,460 | — | ||||||||||||||||||||||||
33
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | $ | 34,873 | $ | — | $ | (4,433 | ) | $ | 569 | $ | — | $ | (4,426 | ) | $ | 26,583 | $ | — | |||||||||||||||||
| Victory Market Neutral Income Fund Class I | 6,552 | 105 | — | — | — | (152 | ) | 6,505 | 105 | ||||||||||||||||||||||||||
| Victory RS International Fund Class R6 | 71,191 | 2,001 | (1,892 | ) | (168 | ) | — | (14,466 | ) | 56,666 | — | ||||||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 10,871 | 2,832 | — | — | — | (2,610 | ) | 11,093 | — | ||||||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 51,935 | — | — | — | — | (10,286 | ) | 41,649 | — | ||||||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 35,850 | — | (5,493 | ) | 1,354 | — | (5,500 | ) | 26,211 | 201 | |||||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 7,093 | 3,063 | — | — | — | (1,391 | ) | 8,765 | 71 | ||||||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 21,068 | — | — | — | — | (3,897 | ) | 17,171 | 305 | ||||||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 23,743 | 2,888 | — | — | — | (8,258 | ) | 18,373 | 55 | ||||||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 14,902 | — | (1,848 | ) | 453 | — | (2,132 | ) | 11,375 | 107 | |||||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 40,331 | — | — | — | — | (5,933 | ) | 34,398 | 192 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 60,755 | — | — | — | — | (11,163 | ) | 49,592 | 993 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 18,568 | 1,589 | — | — | — | (3,295 | ) | 16,862 | 96 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 66,197 | — | (11,593 | ) | 2,809 | — | (11,567 | ) | 45,846 | 332 | |||||||||||||||||||||||||
| $ | 966,212 | $ | 58,353 | $ | (57,037 | ) | $ | 5,644 | $ | — | $ | (186,088 | ) | $ | 787,084 | $ | 3,804 | |||||||||||||||||
Target 2060 Fund | |||||||||||||||||||||||||||||||||||
| USAA 500 Index Fund Reward Shares | $ | 9,517 | $ | 2,702 | $ | — | $ | — | $ | — | $ | (2,410 | ) | $ | 9,809 | $ | 66 | ||||||||||||||||||
| USAA Global Managed Volatility Fund Institutional Shares | 20,884 | — | — | — | — | (3,861 | ) | 17,023 | — | ||||||||||||||||||||||||||
| USAA Government Securities Fund Institutional Shares | 4,822 | 41 | — | — | — | (317 | ) | 4,546 | 42 | ||||||||||||||||||||||||||
| USAA Growth Fund Institutional Shares | 6,822 | 205 | — | — | — | (2,213 | ) | 4,814 | — | ||||||||||||||||||||||||||
| USAA Income Fund Institutional Shares | 448 | 2 | (423 | ) | (1 | ) | — | (26 | ) | — | 2 | ||||||||||||||||||||||||
| USAA Income Stock Fund Institutional Shares | 3,372 | 27 | (714 | ) | 67 | — | (381 | ) | 2,371 | 27 | |||||||||||||||||||||||||
| USAA Intermediate-Term Bond Fund Institutional Shares | 2,341 | 28 | — | — | — | (280 | ) | 2,089 | 28 | ||||||||||||||||||||||||||
| USAA Precious Metals and Minerals Fund Institutional Shares | 374 | — | — | — | — | (62 | ) | 312 | — | ||||||||||||||||||||||||||
34
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
| Fair Value 12/31/2021 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/2022 | Dividend Income | ||||||||||||||||||||||||||||
| USAA Short-Term Bond Fund Institutional Shares | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | 1 | $ | — | ||||||||||||||||||||
| USAA Small Cap Stock Fund Institutional Shares | 3,341 | 573 | — | — | — | (854 | ) | 3,060 | — | ||||||||||||||||||||||||||
| USAA Target Managed Allocation Fund | 19,308 | — | (268 | ) | (8 | ) | — | (3,707 | ) | 15,325 | — | ||||||||||||||||||||||||
| Victory Integrity Mid-Cap Value Fund Class R6 | 4,804 | — | (365 | ) | (24 | ) | — | (543 | ) | 3,872 | — | ||||||||||||||||||||||||
| Victory RS International Fund Class R6 | 10,146 | 582 | (268 | ) | (28 | ) | — | (2,105 | ) | 8,327 | — | ||||||||||||||||||||||||
| Victory Sophus Emerging Markets Fund Class R6 | 1,753 | 798 | — | — | — | (446 | ) | 2,105 | — | ||||||||||||||||||||||||||
| Victory Trivalent International Core Equity Fund Class R6 | 7,272 | 270 | — | — | — | (1,483 | ) | 6,059 | — | ||||||||||||||||||||||||||
| VictoryShares Dividend Accelerator ETF | 5,000 | — | (779 | ) | 202 | — | (780 | ) | 3,643 | 28 | |||||||||||||||||||||||||
| VictoryShares ESG Corporate Bond ETF | 665 | 383 | — | — | — | (139 | ) | 909 | 7 | ||||||||||||||||||||||||||
| VictoryShares International Volatility Wtd ETF | 3,413 | (1 | ) | — | — | — | (631 | ) | 2,781 | 49 | |||||||||||||||||||||||||
| VictoryShares Nasdaq Next 50 ETF | 3,354 | 406 | — | — | — | (1,166 | ) | 2,594 | 8 | ||||||||||||||||||||||||||
| VictoryShares U.S. Multi-Factor Minimum Volatility ETF | 1,966 | — | (131 | ) | 32 | — | (267 | ) | 1,600 | 15 | |||||||||||||||||||||||||
| VictoryShares USAA MSCI Emerging Markets Value Momentum ETF | 5,819 | — | — | — | — | (856 | ) | 4,963 | 28 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI International Value Momentum ETF | 8,725 | — | — | — | — | (1,603 | ) | 7,122 | 142 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Small Cap Value Momentum ETF | 2,837 | 228 | — | — | — | (504 | ) | 2,561 | 15 | ||||||||||||||||||||||||||
| VictoryShares USAA MSCI USA Value Momentum ETF | 8,182 | — | (522 | ) | 124 | — | (1,328 | ) | 6,456 | 46 | |||||||||||||||||||||||||
$ | 135,166 | $ | 6,244 | $ | (3,470 | ) | $ | 364 | $ | — | $ | (25,962 | ) | $ | 112,342 | $ | 503 | ||||||||||||||||||
35
USAA Mutual Funds Trust | Supplemental Information June 30, 2022 | ||||||
(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 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. Forms N-PORT are available on the SEC's website at www.sec.gov.
Expense Examples
As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.
The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/22 | Actual Ending Account Value 6/30/22 | Hypothetical Ending Account Value 6/30/22 | Actual Expenses Paid During Period 1/1/22- 6/30/22* | Hypothetical Expenses Paid During Period 1/1/22- 6/30/22* | Annualized Expense Ratio During Period 1/1/22- 6/30/22 | ||||||||||||||||||||||
Target Income Fund | $ | 1,000.00 | $ | 891.90 | $ | 1,024.65 | $ | 0.14 | $ | 0.15 | 0.03 | % | |||||||||||||||
Target 2030 Fund | 1,000.00 | 854.10 | 1,024.70 | 0.09 | 0.10 | 0.02 | |||||||||||||||||||||
Target 2040 Fund | 1,000.00 | 830.50 | 1,024.70 | 0.09 | 0.10 | 0.02 | |||||||||||||||||||||
Target 2050 Fund | 1,000.00 | 820.10 | 1,024.65 | 0.14 | 0.15 | 0.03 | |||||||||||||||||||||
Target 2060 Fund | 1,000.00 | 819.50 | 1,024.30 | 0.45 | 0.50 | 0.10 | |||||||||||||||||||||
* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by181/365 (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 June 30, 2022 | ||||||
(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 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 11, 2022, 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.
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.
15935 La Cantera Pkwy
Building Two
San Antonio, Texas 78256
Visit our website at: | Call | ||||||
www.vcm.com | (800) 235-8396 | ||||||
88219-0822
JUNE 30, 2022
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 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 Investments logo is a trademark of United Services Automobile Association and is 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 website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:
• Detailed performance records
• Daily share prices
• The latest fund news
• Investment resources to help you become a better investor
• A section dedicated to investment professionals
Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, 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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 Index (the "Index"). The Index emphasizes stocks of large U.S. companies.
Sector Allocation*:
June 30, 2022
(% 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 500 Index Fund | Schedule of Portfolio Investments June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Common Stocks (99.5%) | |||||||||||
Communication Services (9.0%): | |||||||||||
Activision Blizzard, Inc. | 204,648 | $ | 15,934 | ||||||||
Alphabet, Inc. Class A (a) | 81,345 | 177,272 | |||||||||
Alphabet, Inc. Class C (a) | 87,391 | 191,163 | |||||||||
AT&T, Inc. | 1,977,878 | 41,456 | |||||||||
Charter Communications, Inc. Class A (a) | 35,146 | 16,467 | |||||||||
Comcast Corp. Class A | 1,207,668 | 47,389 | |||||||||
DISH Network Corp. Class A (a) | 61,653 | 1,105 | |||||||||
Electronic Arts, Inc. | 73,259 | 8,912 | |||||||||
Endeavor Group Holdings, Inc. Class A (a) | 6,003 | 123 | |||||||||
Live Nation Entertainment, Inc. (a) | 42,448 | 3,505 | |||||||||
Match Group, Inc. (a) | 78,072 | 5,441 | |||||||||
Meta Platforms, Inc. Class A (a) | 607,749 | 98,000 | |||||||||
Netflix, Inc. (a) | 121,451 | 21,238 | |||||||||
Omnicom Group, Inc. | 56,241 | 3,578 | |||||||||
Paramount Global Class A | 2,723 | 74 | |||||||||
Paramount Global Class B | 141,455 | 3,491 | |||||||||
Pinterest, Inc. Class A (a) | 26,963 | 490 | |||||||||
ROBLOX Corp. Class A (a) | 58,555 | 1,924 | |||||||||
Roku, Inc. (a) (b) | 5,931 | 487 | |||||||||
Sirius XM Holdings, Inc. (c) | 217,493 | 1,333 | |||||||||
Snap, Inc. Class A (a) | 341,637 | 4,486 | |||||||||
Take-Two Interactive Software, Inc. (a) | 44,280 | 5,426 | |||||||||
The Interpublic Group of Cos., Inc. | 97,312 | 2,679 | |||||||||
The Walt Disney Co. (a) | 450,055 | 42,485 | |||||||||
T-Mobile U.S., Inc. (a) | 185,929 | 25,015 | |||||||||
Twitter, Inc. (a) | 200,015 | 7,479 | |||||||||
Verizon Communications, Inc. | 1,135,846 | 57,644 | |||||||||
Warner Music Group Corp. Class A | 22,459 | 547 | |||||||||
ZoomInfo Technologies, Inc. (a) | 75,050 | 2,495 | |||||||||
787,638 | |||||||||||
Communications Equipment (0.8%): | |||||||||||
Arista Networks, Inc. (a) | 76,201 | 7,143 | |||||||||
Cisco Systems, Inc. | 1,147,709 | 48,939 | |||||||||
Motorola Solutions, Inc. | 42,815 | 8,974 | |||||||||
Ubiquiti, Inc. | 1,230 | 305 | |||||||||
65,361 | |||||||||||
Consumer Discretionary (10.6%): | |||||||||||
Airbnb, Inc. Class A (a) | 16,898 | 1,505 | |||||||||
Amazon.com, Inc. (a) | 2,663,677 | 282,909 | |||||||||
AutoZone, Inc. (a) | 4,849 | 10,421 | |||||||||
Bath & Body Works, Inc. | 57,208 | 1,540 | |||||||||
Best Buy Co., Inc. | 54,957 | 3,583 | |||||||||
Booking Holdings, Inc. (a) | 11,223 | 19,629 | |||||||||
Burlington Stores, Inc. (a) | 16,717 | 2,277 | |||||||||
Caesars Entertainment, Inc. (a) | 49,873 | 1,910 | |||||||||
CarMax, Inc. (a) | 43,886 | 3,971 | |||||||||
See notes to financial statements.
3
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Carnival Corp. (a) (c) | 247,529 | $ | 2,141 | ||||||||
Carvana Co. (a) (c) | 3,018 | 68 | |||||||||
Chewy, Inc. Class A (a) (c) | 14,678 | 510 | |||||||||
Chipotle Mexican Grill, Inc. (a) | 7,481 | 9,780 | |||||||||
D.R. Horton, Inc. | 90,092 | 5,963 | |||||||||
Darden Restaurants, Inc. | 27,206 | 3,078 | |||||||||
Dollar General Corp. | 56,113 | 13,772 | |||||||||
Dollar Tree, Inc. (a) | 59,428 | 9,262 | |||||||||
Domino's Pizza, Inc. | 9,854 | 3,840 | |||||||||
DoorDash, Inc. Class A (a) | 10,211 | 655 | |||||||||
DraftKings, Inc. (a) (c) | 205,002 | 2,392 | |||||||||
eBay, Inc. | 153,044 | 6,377 | |||||||||
Etsy, Inc. (a) (b) | 34,751 | 2,544 | |||||||||
Expedia Group, Inc. (a) | 44,317 | 4,203 | |||||||||
Ford Motor Co. | 1,076,049 | 11,976 | |||||||||
General Motors Co. (a) | 373,139 | 11,851 | |||||||||
Genuine Parts Co. | 38,708 | 5,148 | |||||||||
Hilton Worldwide Holdings, Inc. | 70,422 | 7,848 | |||||||||
Las Vegas Sands Corp. (a) (b) | 95,554 | 3,210 | |||||||||
Lennar Corp. Class A | 66,939 | 4,724 | |||||||||
Lennar Corp. Class B | 4,182 | 245 | |||||||||
Lowe's Cos., Inc. | 171,002 | 29,869 | |||||||||
Lucid Group, Inc. (a) (c) | 184,315 | 3,163 | |||||||||
Marriott International, Inc. Class A | 84,714 | 11,522 | |||||||||
McDonald's Corp. | 187,130 | 46,199 | |||||||||
MGM Resorts International | 105,319 | 3,049 | |||||||||
NIKE, Inc. Class B | 352,916 | 36,068 | |||||||||
NVR, Inc. (a) | 842 | 3,371 | |||||||||
O'Reilly Automotive, Inc. (a) | 18,159 | 11,472 | |||||||||
Pool Corp. | 10,955 | 3,848 | |||||||||
Rivian Automotive, Inc. Class A (a) | 44,545 | 1,147 | |||||||||
Ross Stores, Inc. | 86,863 | 6,100 | |||||||||
Royal Caribbean Cruises Ltd. (a) | 52,644 | 1,838 | |||||||||
Starbucks Corp. | 310,193 | 23,696 | |||||||||
Target Corp. (b) | 126,761 | 17,902 | |||||||||
Tesla, Inc. (a) | 253,084 | 170,432 | |||||||||
The Home Depot, Inc. | 283,947 | 77,878 | |||||||||
The TJX Cos., Inc. | 323,698 | 18,079 | |||||||||
Tractor Supply Co. | 30,585 | 5,929 | |||||||||
Ulta Beauty, Inc. (a) | 14,166 | 5,461 | |||||||||
VF Corp. | 83,570 | 3,691 | |||||||||
Wayfair, Inc. Class A (a) (c) | 13,119 | 571 | |||||||||
Yum! Brands, Inc. | 72,978 | 8,284 | |||||||||
926,901 | |||||||||||
Consumer Staples (7.0%): | |||||||||||
Altria Group, Inc. | 494,953 | 20,674 | |||||||||
Archer-Daniels-Midland Co. | 139,099 | 10,794 | |||||||||
Brown-Forman Corp. Class B | 72,425 | 5,081 | |||||||||
Bunge Ltd. | 36,942 | 3,350 | |||||||||
Church & Dwight Co., Inc. | 66,366 | 6,150 | |||||||||
See notes to financial statements.
4
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Colgate-Palmolive Co. | 224,195 | $ | 17,967 | ||||||||
Conagra Brands, Inc. | 115,833 | 3,966 | |||||||||
Constellation Brands, Inc. Class A | 46,385 | 10,811 | |||||||||
Costco Wholesale Corp. | 118,587 | 56,836 | |||||||||
General Mills, Inc. | 155,870 | 11,760 | |||||||||
Hormel Foods Corp. | 84,003 | 3,978 | |||||||||
Kellogg Co. | 64,164 | 4,578 | |||||||||
Keurig Dr Pepper, Inc. | 251,650 | 8,906 | |||||||||
Kimberly-Clark Corp. | 92,106 | 12,448 | |||||||||
McCormick & Co., Inc. | 54,573 | 4,543 | |||||||||
Mondelez International, Inc. Class A | 374,299 | 23,240 | |||||||||
Monster Beverage Corp. (a) | 109,368 | 10,139 | |||||||||
PepsiCo, Inc. | 382,006 | 63,665 | |||||||||
Philip Morris International, Inc. | 428,255 | 42,286 | |||||||||
Sysco Corp. | 137,794 | 11,673 | |||||||||
The Clorox Co. | 33,646 | 4,744 | |||||||||
The Coca-Cola Co. | 1,147,246 | 72,173 | |||||||||
The Estee Lauder Cos., Inc. | 55,153 | 14,046 | |||||||||
The Hershey Co. | 38,268 | 8,234 | |||||||||
The J.M. Smucker Co. | 29,649 | 3,795 | |||||||||
The Kraft Heinz Co. | 206,451 | 7,874 | |||||||||
The Kroger Co. | 178,580 | 8,452 | |||||||||
The Procter & Gamble Co. | 648,919 | 93,308 | |||||||||
Tyson Foods, Inc. Class A | 67,377 | 5,799 | |||||||||
Walgreens Boots Alliance, Inc. | 208,498 | 7,902 | |||||||||
Walmart, Inc. | 424,299 | 51,586 | |||||||||
610,758 | |||||||||||
Electronic Equipment, Instruments & Components (0.5%): | |||||||||||
Amphenol Corp. Class A | 151,084 | 9,727 | |||||||||
CDW Corp. | 37,330 | 5,881 | |||||||||
Corning, Inc. | 223,523 | 7,043 | |||||||||
Keysight Technologies, Inc. (a) | 48,669 | 6,709 | |||||||||
Teledyne Technologies, Inc. (a) | 11,852 | 4,446 | |||||||||
Trimble, Inc. (a) | 68,382 | 3,982 | |||||||||
Zebra Technologies Corp. (a) | 14,356 | 4,220 | |||||||||
42,008 | |||||||||||
Energy (4.4%): | |||||||||||
Baker Hughes Co. | 187,980 | 5,427 | |||||||||
Cheniere Energy, Inc. | 70,213 | 9,340 | |||||||||
Chevron Corp. | 537,120 | 77,764 | |||||||||
ConocoPhillips | 357,353 | 32,094 | |||||||||
Continental Resources, Inc. | 3,167 | 207 | |||||||||
Coterra Energy, Inc. | 185,132 | 4,775 | |||||||||
Devon Energy Corp. | 180,425 | 9,943 | |||||||||
Diamondback Energy, Inc. | 48,521 | 5,878 | |||||||||
EOG Resources, Inc. | 139,676 | 15,426 | |||||||||
Exxon Mobil Corp. | 1,127,084 | 96,523 | |||||||||
Halliburton Co. | 230,835 | 7,239 | |||||||||
Hess Corp. | 70,606 | 7,480 | |||||||||
See notes to financial statements.
5
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Kinder Morgan, Inc. | 586,889 | $ | 9,836 | ||||||||
Marathon Oil Corp. | 179,055 | 4,025 | |||||||||
Marathon Petroleum Corp. | 146,319 | 12,029 | |||||||||
Occidental Petroleum Corp. | 231,671 | 13,641 | |||||||||
ONEOK, Inc. | 120,793 | 6,704 | |||||||||
Phillips 66 | 121,721 | 9,980 | |||||||||
Pioneer Natural Resources Co. | 62,626 | 13,971 | |||||||||
Schlumberger NV | 390,509 | 13,965 | |||||||||
Targa Resources Corp. | 60,999 | 3,640 | |||||||||
The Williams Cos., Inc. | 336,510 | 10,502 | |||||||||
Valero Energy Corp. | 111,562 | 11,857 | |||||||||
382,246 | |||||||||||
Financials (10.8%): | |||||||||||
Aflac, Inc. | 172,349 | 9,536 | |||||||||
Ally Financial, Inc. | 85,493 | 2,865 | |||||||||
American Express Co. | 175,204 | 24,287 | |||||||||
American International Group, Inc. | 207,347 | 10,602 | |||||||||
Ameriprise Financial, Inc. | 30,364 | 7,217 | |||||||||
Apollo Global Management, Inc. | 115,274 | 5,588 | |||||||||
Arch Capital Group Ltd. (a) | 92,860 | 4,224 | |||||||||
Ares Management Corp. Class A | 55,486 | 3,155 | |||||||||
Arthur J. Gallagher & Co. | 57,912 | 9,442 | |||||||||
Bank of America Corp. | 2,038,498 | 63,458 | |||||||||
Berkshire Hathaway, Inc. Class A (a) | 100 | 40,895 | |||||||||
Berkshire Hathaway, Inc. Class B (a) | 373,922 | 102,088 | |||||||||
BlackRock, Inc. | 41,856 | 25,492 | |||||||||
Blackstone, Inc. | 193,595 | 17,662 | |||||||||
Brown & Brown, Inc. | 67,313 | 3,927 | |||||||||
Capital One Financial Corp. | 107,449 | 11,195 | |||||||||
Cincinnati Financial Corp. | 41,525 | 4,941 | |||||||||
Citigroup, Inc. | 525,217 | 24,155 | |||||||||
Citizens Financial Group, Inc. | 128,234 | 4,577 | |||||||||
CME Group, Inc. | 78,395 | 16,047 | |||||||||
Coinbase Global, Inc. Class A (a) (c) | 55,354 | 2,603 | |||||||||
Discover Financial Services | 71,905 | 6,801 | |||||||||
FactSet Research Systems, Inc. | 10,360 | 3,984 | |||||||||
Fifth Third Bancorp | 173,589 | 5,833 | |||||||||
First Republic Bank | 48,830 | 7,041 | |||||||||
Franklin Resources, Inc. | 85,779 | 1,999 | |||||||||
Huntington Bancshares, Inc. | 389,243 | 4,683 | |||||||||
Intercontinental Exchange, Inc. | 154,237 | 14,504 | |||||||||
JPMorgan Chase & Co. | 794,362 | 89,453 | |||||||||
KeyCorp | 230,503 | 3,972 | |||||||||
Loews Corp. | 52,247 | 3,096 | |||||||||
LPL Financial Holdings, Inc. | 20,697 | 3,818 | |||||||||
M&T Bank Corp. | 46,960 | 7,485 | |||||||||
Markel Corp. (a) | 3,551 | 4,592 | |||||||||
MarketAxess Holdings, Inc. | 9,220 | 2,360 | |||||||||
Marsh & McLennan Cos., Inc. | 138,668 | 21,528 | |||||||||
MetLife, Inc. | 198,657 | 12,474 | |||||||||
See notes to financial statements.
6
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Moody's Corp. | 46,681 | $ | 12,696 | ||||||||
Morgan Stanley | 398,330 | 30,297 | |||||||||
MSCI, Inc. | 22,413 | 9,237 | |||||||||
Nasdaq, Inc. | 31,129 | 4,748 | |||||||||
Northern Trust Corp. | 57,571 | 5,554 | |||||||||
Principal Financial Group, Inc. | 58,788 | 3,926 | |||||||||
Prudential Financial, Inc. | 102,514 | 9,809 | |||||||||
Raymond James Financial, Inc. | 53,557 | 4,788 | |||||||||
Regions Financial Corp. | 252,747 | 4,739 | |||||||||
Rocket Cos., Inc. Class A (c) | 28,624 | 211 | |||||||||
S&P Global, Inc. | 92,868 | 31,302 | |||||||||
Signature Bank | 14,580 | 2,613 | |||||||||
State Street Corp. | 100,358 | 6,187 | |||||||||
SVB Financial Group (a) | 16,088 | 6,355 | |||||||||
Synchrony Financial | 115,216 | 3,182 | |||||||||
T. Rowe Price Group, Inc. | 62,136 | 7,059 | |||||||||
The Allstate Corp. | 75,972 | 9,628 | |||||||||
The Bank of New York Mellon Corp. | 213,781 | 8,917 | |||||||||
The Carlyle Group, Inc. | 71,522 | 2,264 | |||||||||
The Charles Schwab Corp. | 491,408 | 31,047 | |||||||||
The Goldman Sachs Group, Inc. | 93,888 | 27,887 | |||||||||
The Hartford Financial Services Group Inc. | 84,161 | 5,507 | |||||||||
The PNC Financial Services Group, Inc. | 113,061 | 17,838 | |||||||||
The Progressive Corp. | 161,589 | 18,788 | |||||||||
The Travelers Cos., Inc. | 64,900 | 10,977 | |||||||||
Tradeweb Markets, Inc. Class A | 12,263 | 837 | |||||||||
Truist Financial Corp. | 363,969 | 17,263 | |||||||||
U.S. Bancorp | 393,195 | 18,095 | |||||||||
W.R. Berkley Corp. | 60,928 | 4,159 | |||||||||
Wells Fargo & Co. | 1,036,171 | 40,587 | |||||||||
944,076 | |||||||||||
Health Care (14.9%): | |||||||||||
Abbott Laboratories | 483,748 | 52,559 | |||||||||
AbbVie, Inc. | 483,076 | 73,988 | |||||||||
ABIOMED, Inc. (a) | 11,396 | 2,821 | |||||||||
Agilent Technologies, Inc. | 75,933 | 9,019 | |||||||||
Align Technology, Inc. (a) | 21,543 | 5,099 | |||||||||
Alnylam Pharmaceuticals, Inc. (a) | 25,297 | 3,690 | |||||||||
AmerisourceBergen Corp. | 45,686 | 6,464 | |||||||||
Amgen, Inc. | 146,035 | 35,530 | |||||||||
Avantor, Inc. (a) | 172,293 | 5,358 | |||||||||
Baxter International, Inc. | 131,792 | 8,465 | |||||||||
Becton Dickinson & Co. | 77,097 | 19,007 | |||||||||
Biogen, Inc. (a) | 35,777 | 7,296 | |||||||||
BioMarin Pharmaceutical, Inc. (a) | 41,964 | 3,478 | |||||||||
Bio-Rad Laboratories, Inc. Class A (a) | 5,312 | 2,629 | |||||||||
Bio-Techne Corp. | 10,725 | 3,718 | |||||||||
Boston Scientific Corp. (a) | 390,025 | 14,536 | |||||||||
Bristol-Myers Squibb Co. | 588,215 | 45,293 | |||||||||
Cardinal Health, Inc. | 70,512 | 3,686 | |||||||||
See notes to financial statements.
7
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Catalent, Inc. (a) | 41,174 | $ | 4,418 | ||||||||
Centene Corp. (a) | 147,984 | 12,521 | |||||||||
Charles River Laboratories International, Inc. (a) | 13,150 | 2,814 | |||||||||
Cigna Corp. | 86,733 | 22,856 | |||||||||
CVS Health Corp. | 343,219 | 31,803 | |||||||||
Danaher Corp. | 198,760 | 50,390 | |||||||||
Dexcom, Inc. (a) | 107,298 | 7,997 | |||||||||
Edwards Lifesciences Corp. (a) | 171,777 | 16,334 | |||||||||
Elevance Health, Inc. | 66,607 | 32,143 | |||||||||
Eli Lilly & Co. | 229,350 | 74,362 | |||||||||
Gilead Sciences, Inc. (b) | 310,062 | 19,165 | |||||||||
HCA Healthcare, Inc. | 60,153 | 10,109 | |||||||||
Hologic, Inc. (a) | 56,569 | 3,920 | |||||||||
Horizon Therapeutics PLC (a) | 62,843 | 5,012 | |||||||||
Humana, Inc. | 33,843 | 15,841 | |||||||||
IDEXX Laboratories, Inc. (a) | 21,499 | 7,540 | |||||||||
Illumina, Inc. (a) | 39,748 | 7,328 | |||||||||
Incyte Corp. (a) | 60,553 | 4,600 | |||||||||
Insulet Corp. (a) | 13,107 | 2,856 | |||||||||
Intuitive Surgical, Inc. (a) | 97,084 | 19,486 | |||||||||
IQVIA Holdings, Inc. (a) | 52,294 | 11,347 | |||||||||
Johnson & Johnson (b) | 704,042 | 124,974 | |||||||||
Laboratory Corp. of America Holdings | 25,743 | 6,033 | |||||||||
McKesson Corp. | 40,161 | 13,101 | |||||||||
Merck & Co., Inc. | 698,655 | 63,696 | |||||||||
Mettler-Toledo International, Inc. (a) | 5,804 | 6,667 | |||||||||
Moderna, Inc. (a) | 97,168 | 13,880 | |||||||||
Molina Healthcare, Inc. (a) | 13,486 | 3,771 | |||||||||
PerkinElmer, Inc. | 28,615 | 4,070 | |||||||||
Pfizer, Inc. | 1,550,172 | 81,275 | |||||||||
Quest Diagnostics, Inc. | 32,084 | 4,266 | |||||||||
Regeneron Pharmaceuticals, Inc. (a) | 18,790 | 11,107 | |||||||||
ResMed, Inc. | 37,437 | 7,848 | |||||||||
Royalty Pharma PLC Class A | 22,955 | 965 | |||||||||
Seagen, Inc. (a) | 50,321 | 8,904 | |||||||||
Stryker Corp. | 97,877 | 19,471 | |||||||||
Teleflex, Inc. | 11,048 | 2,716 | |||||||||
The Cooper Cos., Inc. | 12,617 | 3,951 | |||||||||
Thermo Fisher Scientific, Inc. | 108,153 | 58,757 | |||||||||
UnitedHealth Group, Inc. | 259,197 | 133,131 | |||||||||
Veeva Systems, Inc. Class A (a) | 28,821 | 5,708 | |||||||||
Vertex Pharmaceuticals, Inc. (a) | 69,916 | 19,702 | |||||||||
Waters Corp. (a) | 15,065 | 4,986 | |||||||||
West Pharmaceutical Services, Inc. | 18,311 | 5,537 | |||||||||
Zimmer Biomet Holdings, Inc. | 54,245 | 5,699 | |||||||||
Zoetis, Inc. | 130,025 | 22,350 | |||||||||
1,298,043 | |||||||||||
Industrials (7.8%): | |||||||||||
3M Co. | 157,219 | 20,346 | |||||||||
AMETEK, Inc. | 59,766 | 6,568 | |||||||||
See notes to financial statements.
8
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Builders FirstSource, Inc. (a) | 42,707 | $ | 2,293 | ||||||||
Carrier Global Corp. | 185,014 | 6,598 | |||||||||
Caterpillar, Inc. | 142,707 | 25,510 | |||||||||
Cintas Corp. | 25,592 | 9,559 | |||||||||
Copart, Inc. (a) | 64,973 | 7,060 | |||||||||
CoStar Group, Inc. (a) (b) | 107,164 | 6,474 | |||||||||
CSX Corp. | 543,793 | 15,803 | |||||||||
Cummins, Inc. | 38,982 | 7,544 | |||||||||
Deere & Co. | 81,563 | 24,426 | |||||||||
Delta Air Lines, Inc. (a) | 165,929 | 4,807 | |||||||||
Dover Corp. | 39,410 | 4,781 | |||||||||
Eaton Corp. PLC | 110,235 | 13,888 | |||||||||
Emerson Electric Co. | 166,409 | 13,236 | |||||||||
Equifax, Inc. | 33,799 | 6,178 | |||||||||
Expeditors International of Washington, Inc. | 44,883 | 4,374 | |||||||||
Fastenal Co. | 159,028 | 7,939 | |||||||||
FedEx Corp. | 65,576 | 14,867 | |||||||||
Fortive Corp. | 97,989 | 5,329 | |||||||||
Generac Holdings, Inc. (a) | 17,449 | 3,674 | |||||||||
General Dynamics Corp. | 67,840 | 15,010 | |||||||||
General Electric Co. | 268,880 | 17,120 | |||||||||
Honeywell International, Inc. | 184,113 | 32,001 | |||||||||
Howmet Aerospace, Inc. | 115,461 | 3,631 | |||||||||
IDEX Corp. | 20,999 | 3,814 | |||||||||
Illinois Tool Works, Inc. | 76,988 | 14,031 | |||||||||
Ingersoll Rand, Inc. (b) | 94,442 | 3,974 | |||||||||
J.B. Hunt Transport Services, Inc. | 22,855 | 3,599 | |||||||||
Jacobs Engineering Group, Inc. | 33,293 | 4,232 | |||||||||
Johnson Controls International PLC | 192,199 | 9,202 | |||||||||
L3Harris Technologies, Inc. | 51,604 | 12,473 | |||||||||
Leidos Holdings, Inc. | 34,975 | 3,522 | |||||||||
Lockheed Martin Corp. | 69,650 | 29,947 | |||||||||
Norfolk Southern Corp. | 65,846 | 14,966 | |||||||||
Northrop Grumman Corp. | 41,590 | 19,904 | |||||||||
Old Dominion Freight Line, Inc. | 27,361 | 7,012 | |||||||||
Otis Worldwide Corp. | 114,350 | 8,081 | |||||||||
PACCAR, Inc. | 96,058 | 7,909 | |||||||||
Parker-Hannifin Corp. | 35,122 | 8,642 | |||||||||
Plug Power, Inc. (a) (c) | 142,905 | 2,368 | |||||||||
Quanta Services, Inc. | 39,704 | 4,976 | |||||||||
Raytheon Technologies Corp. | 406,561 | 39,075 | |||||||||
Republic Services, Inc. (b) | 59,714 | 7,815 | |||||||||
Rockwell Automation, Inc. | 32,121 | 6,402 | |||||||||
Rollins, Inc. | 78,769 | 2,751 | |||||||||
Roper Technologies, Inc. | 27,721 | 10,940 | |||||||||
Southwest Airlines Co. (a) | 156,924 | 5,668 | |||||||||
Stanley Black & Decker, Inc. | 41,708 | 4,373 | |||||||||
Textron, Inc. | 48,789 | 2,979 | |||||||||
The Boeing Co. (a) | 163,455 | 22,347 | |||||||||
TransDigm Group, Inc. (a) | 13,017 | 6,986 | |||||||||
See notes to financial statements.
9
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
TransUnion | 49,239 | $ | 3,939 | ||||||||
Uber Technologies, Inc. (a) | 531,095 | 10,866 | |||||||||
Union Pacific Corp. | 168,031 | 35,838 | |||||||||
United Airlines Holdings, Inc. (a) | 87,418 | 3,096 | |||||||||
United Parcel Service, Inc. Class B | 188,040 | 34,325 | |||||||||
United Rentals, Inc. (a) | 19,785 | 4,806 | |||||||||
Verisk Analytics, Inc. | 43,625 | 7,551 | |||||||||
W.W. Grainger, Inc. | 13,524 | 6,146 | |||||||||
Waste Management, Inc. | 114,713 | 17,549 | |||||||||
Westinghouse Air Brake Technologies Corp. | 50,462 | 4,142 | |||||||||
Xylem, Inc. | 46,613 | 3,644 | |||||||||
678,906 | |||||||||||
IT Services (4.0%): | |||||||||||
Akamai Technologies, Inc. (a) | 43,823 | 4,002 | |||||||||
Automatic Data Processing, Inc. | 115,415 | 24,242 | |||||||||
Block, Inc. (a) (b) | 99,432 | 6,111 | |||||||||
Broadridge Financial Solutions, Inc. | 32,046 | 4,568 | |||||||||
Cognizant Technology Solutions Corp. Class A | 140,958 | 9,513 | |||||||||
Fidelity National Information Services, Inc. | 166,967 | 15,306 | |||||||||
Fiserv, Inc. (a) | 163,546 | 14,551 | |||||||||
FleetCor Technologies, Inc. (a) | 20,468 | 4,301 | |||||||||
Gartner, Inc. (a) | 22,017 | 5,324 | |||||||||
Global Payments, Inc. | 76,965 | 8,515 | |||||||||
International Business Machines Corp. | 248,492 | 35,085 | |||||||||
Mastercard, Inc. Class A | 241,017 | 76,036 | |||||||||
MongoDB, Inc. (a) | 14,064 | 3,650 | |||||||||
Okta, Inc. (a) | 10,475 | 947 | |||||||||
Paychex, Inc. | 88,192 | 10,042 | |||||||||
PayPal Holdings, Inc. (a) | 316,574 | 22,109 | |||||||||
Snowflake, Inc. Class A (a) | 9,084 | 1,263 | |||||||||
Twilio, Inc. Class A (a) | 20,595 | 1,726 | |||||||||
VeriSign, Inc. (a) | 26,442 | 4,425 | |||||||||
Visa, Inc. Class A | 492,552 | 96,979 | |||||||||
348,695 | |||||||||||
Materials (1.9%): | |||||||||||
Air Products and Chemicals, Inc. | 60,626 | 14,579 | |||||||||
Albemarle Corp. | 32,356 | 6,762 | |||||||||
Avery Dennison Corp. | 20,912 | 3,385 | |||||||||
Ball Corp. | 80,911 | 5,564 | |||||||||
Celanese Corp. | 29,923 | 3,519 | |||||||||
CF Industries Holdings, Inc. | 47,926 | 4,109 | |||||||||
Corteva, Inc. | 199,943 | 10,825 | |||||||||
Crown Holdings, Inc. | 33,966 | 3,131 | |||||||||
Dow, Inc. | 199,042 | 10,273 | |||||||||
DuPont de Nemours, Inc. | 139,016 | 7,727 | |||||||||
Eastman Chemical Co. | 30,735 | 2,759 | |||||||||
Ecolab, Inc. | 73,936 | 11,368 | |||||||||
FMC Corp. | 30,766 | 3,292 | |||||||||
Freeport-McMoRan, Inc. | 370,897 | 10,852 | |||||||||
See notes to financial statements.
10
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
International Flavors & Fragrances, Inc. | 66,701 | $ | 7,945 | ||||||||
International Paper Co. | 92,696 | 3,878 | |||||||||
Martin Marietta Materials, Inc. | 15,961 | 4,776 | |||||||||
Newmont Corp. | 216,961 | 12,946 | |||||||||
Nucor Corp. | 61,127 | 6,382 | |||||||||
PPG Industries, Inc. | 65,253 | 7,461 | |||||||||
Southern Copper Corp. | 24,731 | 1,232 | |||||||||
The Mosaic Co. | 91,589 | 4,326 | |||||||||
The Sherwin-Williams Co. | 69,599 | 15,584 | |||||||||
Vulcan Materials Co. | 35,943 | 5,108 | |||||||||
167,783 | |||||||||||
Real Estate (3.1%): | |||||||||||
Alexandria Real Estate Equities, Inc. | 43,669 | 6,333 | |||||||||
American Tower Corp. | 126,079 | 32,225 | |||||||||
AvalonBay Communities, Inc. | 40,662 | 7,899 | |||||||||
Boston Properties, Inc. | 41,473 | 3,690 | |||||||||
Camden Property Trust | 30,978 | 4,166 | |||||||||
CBRE Group, Inc. Class A (a) | 90,395 | 6,654 | |||||||||
Crown Castle International Corp. | 119,637 | 20,145 | |||||||||
Digital Realty Trust, Inc. | 82,788 | 10,748 | |||||||||
Duke Realty Corp. | 111,807 | 6,144 | |||||||||
Equinix, Inc. | 26,471 | 17,392 | |||||||||
Equity Residential | 99,518 | 7,187 | |||||||||
Essex Property Trust, Inc. | 19,000 | 4,969 | |||||||||
Extra Space Storage, Inc. | 39,051 | 6,643 | |||||||||
Healthpeak Properties, Inc. | 156,914 | 4,066 | |||||||||
Invitation Homes, Inc. | 177,493 | 6,315 | |||||||||
Iron Mountain, Inc. | 70,136 | 3,415 | |||||||||
Kimco Realty Corp. | 179,728 | 3,553 | |||||||||
Mid-America Apartment Communities, Inc. | 33,569 | 5,864 | |||||||||
Prologis, Inc. | 215,284 | 25,328 | |||||||||
Public Storage | 45,432 | 14,205 | |||||||||
Realty Income Corp. | 164,449 | 11,225 | |||||||||
SBA Communications Corp. | 31,359 | 10,036 | |||||||||
Simon Property Group, Inc. | 88,887 | 8,437 | |||||||||
Sun Communities, Inc. | 35,367 | 5,636 | |||||||||
UDR, Inc. | 92,597 | 4,263 | |||||||||
Ventas, Inc. | 116,239 | 5,978 | |||||||||
VICI Properties, Inc. | 263,234 | 7,842 | |||||||||
Welltower, Inc. | 132,022 | 10,872 | |||||||||
Weyerhaeuser Co. | 190,533 | 6,311 | |||||||||
WP Carey, Inc. | 56,095 | 4,648 | |||||||||
272,189 | |||||||||||
Semiconductors & Semiconductor Equipment (5.0%): | |||||||||||
Advanced Micro Devices, Inc. (a) | 447,712 | 34,237 | |||||||||
Analog Devices, Inc. | 140,588 | 20,539 | |||||||||
Applied Materials, Inc. | 240,348 | 21,867 | |||||||||
Broadcom, Inc. | 90,427 | 43,930 | |||||||||
Enphase Energy, Inc. (a) | 36,520 | 7,130 | |||||||||
See notes to financial statements.
11
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Entegris, Inc. | 33,195 | $ | 3,058 | ||||||||
GLOBALFOUNDRIES, Inc. (a) (c) | 17,014 | 686 | |||||||||
Intel Corp. | 1,117,813 | 41,817 | |||||||||
KLA Corp. | 39,060 | 12,463 | |||||||||
Lam Research Corp. | 38,324 | 16,332 | |||||||||
Marvell Technology, Inc. | 212,039 | 9,230 | |||||||||
Microchip Technology, Inc. | 151,584 | 8,804 | |||||||||
Micron Technology, Inc. | 308,511 | 17,055 | |||||||||
Monolithic Power Systems, Inc. | 12,751 | 4,897 | |||||||||
NVIDIA Corp. | 684,523 | 103,767 | |||||||||
ON Semiconductor Corp. (a) | 109,936 | 5,531 | |||||||||
Qorvo, Inc. (a) | 27,443 | 2,588 | |||||||||
QUALCOMM, Inc. | 309,432 | 39,527 | |||||||||
Skyworks Solutions, Inc. | 43,524 | 4,032 | |||||||||
Teradyne, Inc. | 40,999 | 3,671 | |||||||||
Texas Instruments, Inc. | 254,766 | 39,145 | |||||||||
440,306 | |||||||||||
Software (9.4%): | |||||||||||
Adobe, Inc. (a) | 130,542 | 47,786 | |||||||||
ANSYS, Inc. (a) | 22,769 | 5,448 | |||||||||
AppLovin Corp. Class A (a) (c) | 7,640 | 263 | |||||||||
Autodesk, Inc. (a) | 58,833 | 10,117 | |||||||||
Bill.com Holdings, Inc. (a) | 25,471 | 2,800 | |||||||||
Cadence Design Systems, Inc. (a) | 75,384 | 11,310 | |||||||||
Cloudflare, Inc. Class A (a) | 11,385 | 498 | |||||||||
Crowdstrike Holdings, Inc. Class A (a) | 61,385 | 10,347 | |||||||||
Datadog, Inc. Class A (a) | 7,327 | 698 | |||||||||
DocuSign, Inc. (a) | 55,229 | 3,169 | |||||||||
Fortinet, Inc. (a) | 175,065 | 9,905 | |||||||||
HubSpot, Inc. (a) | 12,503 | 3,759 | |||||||||
Intuit, Inc. | 73,200 | 28,214 | |||||||||
Microsoft Corp. (b) | 2,001,047 | 513,929 | |||||||||
NortonLifeLock, Inc. | 143,390 | 3,149 | |||||||||
Oracle Corp. | 442,293 | 30,903 | |||||||||
Palantir Technologies, Inc. Class A (a) | 83,297 | 756 | |||||||||
Palo Alto Networks, Inc. (a) (b) | 26,658 | 13,168 | |||||||||
Paycom Software, Inc. (a) | 15,070 | 4,222 | |||||||||
Qualtrics International, Inc. Class A (a) | 15,242 | 191 | |||||||||
Salesforce, Inc. (a) | 268,816 | 44,365 | |||||||||
ServiceNow, Inc. (a) (b) | 54,217 | 25,781 | |||||||||
Splunk, Inc. (a) | 43,463 | 3,845 | |||||||||
SS&C Technologies Holdings, Inc. | 65,204 | 3,786 | |||||||||
Synopsys, Inc. (a) | 39,148 | 11,889 | |||||||||
The Trade Desk, Inc. Class A (a) | 84,807 | 3,553 | |||||||||
Tyler Technologies, Inc. (a) | 11,217 | 3,730 | |||||||||
UiPath, Inc. Class A (a) | 7,870 | 143 | |||||||||
Unity Software, Inc. (a) | 58,534 | 2,155 | |||||||||
VMware, Inc. Class A | 48,918 | 5,576 | |||||||||
Workday, Inc. Class A (a) | 27,331 | 3,815 | |||||||||
Zendesk, Inc. (a) | 31,361 | 2,323 | |||||||||
See notes to financial statements.
12
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Zoom Video Communications, Inc. Class A (a) | 6,959 | $ | 751 | ||||||||
Zscaler, Inc. (a) | 25,439 | 3,803 | |||||||||
816,147 | |||||||||||
Technology Hardware, Storage & Peripherals (7.3%): | |||||||||||
Apple, Inc. | 4,471,623 | 611,360 | |||||||||
Dell Technologies, Inc. Class C | 60,057 | 2,775 | |||||||||
Hewlett Packard Enterprise Co. | 355,419 | 4,713 | |||||||||
HP, Inc. | 287,959 | 9,439 | |||||||||
NetApp, Inc. | 50,480 | 3,294 | |||||||||
Western Digital Corp. (a) | 86,522 | 3,879 | |||||||||
635,460 | |||||||||||
Utilities (3.0%): | |||||||||||
Alliant Energy Corp. | 66,377 | 3,890 | |||||||||
Ameren Corp. | 63,833 | 5,768 | |||||||||
American Electric Power Co., Inc. (b) | 141,880 | 13,612 | |||||||||
American Water Works Co., Inc. | 50,215 | 7,470 | |||||||||
Atmos Energy Corp. | 37,598 | 4,215 | |||||||||
Avangrid, Inc. | 20,239 | 933 | |||||||||
CenterPoint Energy, Inc. | 159,259 | 4,711 | |||||||||
CMS Energy Corp. | 73,406 | 4,955 | |||||||||
Consolidated Edison, Inc. (b) | 95,823 | 9,113 | |||||||||
Constellation Energy Corp. | 84,559 | 4,842 | |||||||||
Dominion Energy, Inc. | 229,488 | 18,315 | |||||||||
DTE Energy Co. | 48,455 | 6,142 | |||||||||
Duke Energy Corp. (b) | 212,707 | 22,804 | |||||||||
Edison International | 97,557 | 6,170 | |||||||||
Entergy Corp. | 52,048 | 5,863 | |||||||||
Evergy, Inc. (b) | 63,400 | 4,137 | |||||||||
Eversource Energy (b) | 93,277 | 7,879 | |||||||||
Exelon Corp. | 253,707 | 11,498 | |||||||||
FirstEnergy Corp. | 156,076 | 5,992 | |||||||||
NextEra Energy, Inc. (b) | 542,749 | 42,041 | |||||||||
PG&E Corp. (a) | 450,804 | 4,499 | |||||||||
PPL Corp. | 201,174 | 5,458 | |||||||||
Public Service Enterprise Group, Inc. | 136,483 | 8,637 | |||||||||
Sempra Energy | 74,953 | 11,263 | |||||||||
The AES Corp. | 157,324 | 3,305 | |||||||||
The Southern Co. (b) | 293,553 | 20,933 | |||||||||
WEC Energy Group, Inc. (b) | 85,313 | 8,586 | |||||||||
Xcel Energy, Inc. (b) | 148,892 | 10,536 | |||||||||
263,567 | |||||||||||
Total Common Stocks (Cost $3,168,889) | 8,680,084 | ||||||||||
See notes to financial statements.
13
| USAA Mutual Funds Trust USAA 500 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Collateral for Securities Loaned (0.2%)^ | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (d) | 9,628,002 | $ | 9,628 | ||||||||
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 1.39% (d) | 10,000,000 | 10,000 | |||||||||
Total Collateral for Securities Loaned (Cost $19,628) | 19,628 | ||||||||||
Total Investments (Cost $3,188,517) — 99.7% | 8,699,712 | ||||||||||
Other assets in excess of liabilities — 0.3% | 29,792 | ||||||||||
NET ASSETS — 100.00% | $ | 8,729,504 | |||||||||
^ Purchased with cash collateral from securities on loan.
(a) Non-income producing security.
(b) All or a portion of this security has been segregated as collateral for derivative instruments.
(c) All or a portion of this security is on loan.
(d) Rate disclosed is the daily yield on June 30, 2022.
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 | 245 | 9/16/22 | $ | 47,830,982 | $ | 46,421,375 | $ | (1,409,607 | ) | ||||||||||||||
Total unrealized appreciation | $ | — | |||||||||||||||||||||
Total unrealized depreciation | (1,409,607 | ) | |||||||||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (1,409,607 | ) | ||||||||||||||||||||
See notes to financial statements.
14
USAA Mutual Funds Trust | Statement of Assets and Liabilities June 30, 2022 | ||||||
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
| USAA 500 Index Fund | |||||||
Assets: | |||||||
Investments, at value (Cost $3,188,517) | $ | 8,699,712 | (a) | ||||
Cash | 42,557 | ||||||
Deposit with broker for futures contracts | 3,595 | ||||||
Receivables: | |||||||
Interest and dividends | 6,473 | ||||||
Capital shares issued | 877 | ||||||
Variation margin on open futures contracts | 20 | ||||||
From Adviser | 332 | ||||||
Prepaid expenses | 124 | ||||||
Total Assets | 8,753,690 | ||||||
Liabilities: | |||||||
Payables: | |||||||
Collateral received on loaned securities | 19,628 | ||||||
Capital shares redeemed | 2,617 | ||||||
Variation margin on open futures contracts | 365 | ||||||
Accrued expenses and other payables: | |||||||
Investment advisory fees | 740 | ||||||
Administration fees | 444 | ||||||
Custodian fees | 68 | ||||||
Transfer agent fees | 215 | ||||||
Compliance fees | 5 | ||||||
Other accrued expenses | 104 | ||||||
Total Liabilities | 24,186 | ||||||
Net Assets: | |||||||
Capital | 3,163,414 | ||||||
Total accumulated earnings/(loss) | 5,566,090 | ||||||
Net Assets | $ | 8,729,504 | |||||
Net Assets | |||||||
Member Shares | $ | 3,414,169 | |||||
Reward Shares | 5,315,335 | ||||||
Total | $ | 8,729,504 | |||||
Shares (unlimited number of shares authorized with no par value): | |||||||
Member Shares | 69,807 | ||||||
Reward Shares | 108,607 | ||||||
Total | 178,414 | ||||||
Net asset value, offering and redemption price per share: (b) | |||||||
Member Shares | $ | 48.91 | |||||
Reward Shares | $ | 48.94 | |||||
(a) Includes $18,405 thousand of securities on loan.
(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.
See notes to financial statements.
15
USAA Mutual Funds Trust | Statement of Operations For the Six Months Ended June 30, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA 500 Index Fund | |||||||
Investment Income: | |||||||
Dividends | $ | 73,735 | |||||
Interest | 16 | ||||||
Securities lending (net of fees) | 234 | ||||||
Total Income | 73,985 | ||||||
Expenses: | |||||||
Investment advisory fees | 4,939 | ||||||
Administration fees — Member Shares | 1,165 | ||||||
Administration fees — Reward Shares | 1,798 | ||||||
Sub-Administration fees | 12 | ||||||
Custodian fees | 213 | ||||||
Transfer agent fees — Member Shares | 1,177 | ||||||
Transfer agent fees — Reward Shares | 215 | ||||||
Trustees' fees | 25 | ||||||
Compliance fees | 37 | ||||||
Legal and audit fees | 29 | ||||||
State registration and filing fees | 106 | ||||||
Other expenses | 387 | ||||||
Total Expenses | 10,103 | ||||||
Expenses waived/reimbursed by Adviser | (996 | ) | |||||
Net Expenses | 9,107 | ||||||
Net Investment Income (Loss) | 64,878 | ||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||
Net realized gains (losses) from investment securities | 2,724 | ||||||
Net realized gains (losses) from futures contracts | (7,282 | ) | |||||
Net change in unrealized appreciation/depreciation on investment securities | (2,377,400 | ) | |||||
Net change in unrealized appreciation/depreciation on futures contracts | (2,439 | ) | |||||
Net realized/unrealized gains (losses) on investments | (2,384,397 | ) | |||||
Change in net assets resulting from operations | $ | (2,319,519 | ) | ||||
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, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
From Investments: | |||||||||||
Operations: | |||||||||||
Net Investment Income (Loss) | $ | 64,878 | $ | 113,874 | |||||||
Net realized gains (losses) | (4,558 | ) | 466,012 | ||||||||
Net change in unrealized appreciation/depreciation | (2,379,839 | ) | 1,845,265 | ||||||||
Change in net assets resulting from operations | (2,319,519 | ) | 2,425,151 | ||||||||
Distributions to Shareholders: | |||||||||||
Member Shares | (22,949 | ) | (214,272 | ) | |||||||
Reward Shares | (38,081 | ) | (320,176 | ) | |||||||
Change in net assets resulting from distributions to shareholders | (61,030 | ) | (534,448 | ) | |||||||
Change in net assets resulting from capital transactions | 61,736 | 149,584 | |||||||||
Change in net assets | (2,318,813 | ) | 2,040,287 | ||||||||
Net Assets: | |||||||||||
Beginning of period | 11,048,317 | 9,008,030 | |||||||||
End of period | $ | 8,729,504 | $ | 11,048,317 | |||||||
Capital Transactions: | |||||||||||
Member Shares | |||||||||||
Proceeds from shares issued | $ | 237,831 | $ | 613,301 | |||||||
Distributions reinvested | 22,786 | 212,842 | |||||||||
Cost of shares redeemed | (319,501 | ) | (1,218,360 | ) | |||||||
Total Member Shares | $ | (58,884 | ) | $ | (392,217 | ) | |||||
Reward Shares | |||||||||||
Proceeds from shares issued | $ | 339,369 | $ | 835,906 | |||||||
Distributions reinvested | 36,355 | 306,440 | |||||||||
Cost of shares redeemed | (255,104 | ) | (600,545 | ) | |||||||
Total Reward Shares | $ | 120,620 | $ | 541,801 | |||||||
Change in net assets resulting from capital transactions | $ | 61,736 | $ | 149,584 | |||||||
Share Transactions: | |||||||||||
Member Shares | |||||||||||
Issued | 4,201 | 10,815 | |||||||||
Reinvested | 431 | 3,522 | |||||||||
Redeemed | (5,695 | ) | (21,347 | ) | |||||||
Total Member Shares | (1,063 | ) | (7,010 | ) | |||||||
Reward Shares | |||||||||||
Issued | 5,901 | 14,458 | |||||||||
Reinvested | 687 | 5,064 | |||||||||
Redeemed | (4,583 | ) | (10,476 | ) | |||||||
Total Reward Shares | 2,005 | 9,046 | |||||||||
Change in Shares | 942 | 2,036 | |||||||||
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains From Investments | ||||||||||||||||||||||
USAA 500 Index Fund | |||||||||||||||||||||||||||
Member Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 62.23 | 0.35 | (g) | (13.34 | ) | (12.99 | ) | (0.33 | ) | — | ||||||||||||||||
| Year Ended December 31: 2021 | $ | 51.33 | 0.63 | (g) | 13.37 | 14.00 | (0.63 | ) | (2.47 | ) | |||||||||||||||||
2020 | $ | 43.93 | 0.65 | (g) | 8.48 | 9.13 | (0.66 | ) | (1.07 | ) | |||||||||||||||||
2019 | $ | 35.22 | 0.71 | (g) | 10.19 | 10.90 | (0.72 | ) | (1.47 | ) | |||||||||||||||||
2018 | $ | 38.00 | 0.68 | (2.40 | ) | (1.72 | ) | (0.66 | ) | (0.40 | ) | ||||||||||||||||
2017 | $ | 31.81 | 0.59 | 6.21 | 6.80 | (0.59 | ) | (0.02 | ) | ||||||||||||||||||
Reward Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | $ | 62.27 | 0.37 | (g) | (13.35 | ) | (12.98 | ) | (0.35 | ) | — | ||||||||||||||||
| Year Ended December 31: 2021 | $ | 51.36 | 0.68 | (g) | 13.38 | 14.06 | (0.68 | ) | (2.47 | ) | |||||||||||||||||
2020 | $ | 43.95 | 0.70 | (g) | 8.49 | 9.19 | (0.71 | ) | (1.07 | ) | |||||||||||||||||
2019 | $ | 35.24 | 0.75 | (g) | 10.19 | 10.94 | (0.76 | ) | (1.47 | ) | |||||||||||||||||
2018 | $ | 38.01 | 0.71 | (2.38 | ) | (1.67 | ) | (0.70 | ) | (0.40 | ) | ||||||||||||||||
2017 | $ | 31.82 | 0.61 | 6.22 | 6.83 | (0.62 | ) | (0.02 | ) | ||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning 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.
(e) Does not include acquired fund fees and expenses, if any.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(g) 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)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a)(f) | ||||||||||||||||||||||||||||
USAA 500 Index Fund | |||||||||||||||||||||||||||||||||||
Member Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | (0.33 | ) | $ | 48.91 | (20.91 | )% | 0.24 | % | 1.26 | % | 0.24 | % | $ | 3,414,169 | 3 | % | |||||||||||||||||||
| Year Ended December 31: 2021 | (3.10 | ) | $ | 62.23 | 27.50 | % | 0.24 | % | 1.09 | % | 0.24 | % | $ | 4,410,258 | 8 | % | |||||||||||||||||||
2020 | (1.73 | ) | $ | 51.33 | 21.22 | % | 0.25 | % | 1.47 | % | 0.25 | % | $ | 3,997,663 | 5 | % | |||||||||||||||||||
2019 | (2.19 | ) | $ | 43.93 | 31.19 | % | 0.25 | % | 1.73 | % | 0.26 | % | $ | 3,603,465 | 13 | % | |||||||||||||||||||
2018 | (1.06 | ) | $ | 35.22 | (4.65 | )% | 0.25 | % | 1.75 | % | 0.26 | % | $ | 2,957,995 | 4 | % | |||||||||||||||||||
2017 | (0.61 | ) | $ | 38.00 | 21.53 | % | 0.25 | % | 1.71 | % | 0.27 | % | $ | 3,285,829 | 3 | % | |||||||||||||||||||
Reward Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | (0.35 | ) | $ | 48.94 | (20.88 | )% | 0.15 | % | 1.35 | % | 0.18 | % | $ | 5,315,335 | 3 | % | |||||||||||||||||||
| Year Ended December 31: 2021 | (3.15 | ) | $ | 62.27 | 27.62 | % | 0.15 | % | 1.17 | % | 0.18 | % | $ | 6,638,059 | 8 | % | |||||||||||||||||||
2020 | (1.78 | ) | $ | 51.36 | 21.35 | % | 0.15 | % | 1.58 | % | 0.18 | % | $ | 5,010,367 | 5 | % | |||||||||||||||||||
2019 | (2.23 | ) | $ | 43.95 | 31.29 | % | 0.15 | % | 1.83 | % | 0.18 | % | $ | 4,546,094 | 13 | % | |||||||||||||||||||
2018 | (1.10 | ) | $ | 35.24 | (4.53 | )% | 0.15 | % | 1.85 | % | 0.18 | % | $ | 3,606,745 | 4 | % | |||||||||||||||||||
2017 | (0.64 | ) | $ | 38.01 | 21.64 | % | 0.15 | % | 1.81 | % | 0.18 | % | $ | 3,636,257 | 3 | % | |||||||||||||||||||
See notes to financial statements.
19
USAA Mutual Funds Trust | Notes to Financial Statements June 30, 2022 | ||||||
(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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.
The accompanying financial statements are those of the USAA 500 Index Fund (the "Fund"). The Fund offers two classes of shares: Member Shares and Reward Shares. The Fund is classified as diversified under the 1940 Act.
Each class of shares of the Fund has substantially identical rights and privileges, except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.
Investment Valuation:
The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:
• Level 1 — quoted prices 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, 2022 | ||||||
(Unaudited)
Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.
In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stocks | $ | 8,680,084 | $ | — | $ | — | $ | 8,680,084 | |||||||||||
Collateral for Securities Loaned | 19,628 | — | — | 19,628 | |||||||||||||||
Total | $ | 8,699,712 | $ | — | $ | — | $ | 8,699,712 | |||||||||||
Other Financial Investments* | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Futures Contracts | $ | (1,410 | ) | $ | — | $ | — | $ | (1,410 | ) | |||||||||
Total | $ | (1,410 | ) | $ | — | $ | — | $ | (1,410 | ) | |||||||||
* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.
For the six months ended June 30, 2022, there were no transfers into/out of Level 3.
Real Estate Investment Trusts ("REITs"):
The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.
Investment Companies:
Open-End Funds:
The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 broker for futures contracts. There is no collateral received from broker for futures contracts at period end.
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, 2022 (amounts in thousands):
Liabilities | |||||||
| Variation Margin Payable on Open Futures Contracts* | |||||||
Equity Risk Exposure | $ | 1,410 | |||||
The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended June 30, 2022 (amounts in thousands):
| Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations | Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations | ||||||||||
| Net Realized Gains (Losses) from Futures Contracts | Net Change in Unrealized Appreciation/Depreciation on Futures Contracts | ||||||||||
Equity Risk Exposure | $ | (7,282 | ) | $ | (2,439 | ) | |||||
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.
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.
Securities Lending:
The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.
The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.
The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2022.
| Value of Securities on Loan | Non-Cash Collateral | Cash Collateral | |||||||||
| $ | 18,405 | $ | — | $ | 19,628 | ||||||
Federal Income Taxes:
The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.
For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.
Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 an affiliated trust based upon net assets or another appropriate basis.
Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.
3. Purchases and Sales:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows for the Fund (amounts in thousands):
Excluding | |||||||
Purchases | Sales | ||||||
$ | 387,064 | $ | 333,297 | ||||
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 www.vcm.com. As of June 30, 2022, certain fund-of-funds owned total outstanding shares of the Fund as follows:
Affiliated USAA Mutual Funds | Ownership % | ||||||
USAA Cornerstone Conservative Fund | 0.1 | ||||||
USAA Cornerstone Equity Fund | 0.4 | ||||||
| USAA Target Retirement Income Fund | 0.2 | ||||||
USAA Target Retirement 2030 Fund | 0.6 | ||||||
| USAA Target Retirement 2040 Fund | 1.1 | ||||||
USAA Target Retirement 2050 Fund | 0.8 | ||||||
USAA Target Retirement 2060 Fund | 0.1 | ||||||
5. Fees and Transactions with Affiliates and Related Parties:
Investment Advisory Fees:
Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. 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, 2022, are reflected on the Statement of Operations as Investment advisory fees.
The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, 2022, the Fund had no subadvisers.
Administration and Servicing Fees:
VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.06% and 0.06%, which is based on the Fund's average daily net assets of the Member Shares and Reward Shares, respectively. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.
Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Sub-Administration fees.
The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.
Transfer Agency Fees:
Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Member Shares and Reward Shares based on an annual charge of $20 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the six months ended June 30, 2022, are reflected on the Statement of Operations as Transfer agent fees.
FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.
Distributor/Underwriting Services:
Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and 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, 2022, are reflected on the Statement of Operations as Custodian fees.
K&L Gates LLP provides legal services to the Trust.
The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the
25
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, 2022, the expense limits (excluding voluntary waivers) were 0.25% and 0.15% for Member Shares and Reward Shares, respectively.
Under the terms of the expense limitation agreement, as amended June 29, 2022, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.
As of June 30, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at June 30, 2022.
| Expires 2022 | Expires 2023 | Expires 2024 | Expires 2025 | Total | |||||||||||||||
| $ | 689 | $ | 1,427 | $ | 1,849 | $ | 996 | $ | 4,961 | ||||||||||
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, 2022.
Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.
6. Risks:
The Fund may be subject to other risks in addition to these identified risks.
Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.
Equity Risk — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.
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.
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Derivatives Risk — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.
7. Borrowing and Interfund Lending:
Line of Credit:
The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.
The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.
Interfund Lending:
The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.
The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.
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.
27
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, 2022.
At the tax year ended December 31, 2021, the Fund had no capital loss carryforwards for the federal income tax purposes.
28
USAA Mutual Funds Trust | Supplemental Information June 30, 2022 | ||||||
(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, 2022, through June 30, 2022.
The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Actual expenses in the table below do not reflect the effect of the annual $10.00 account maintenance fee that is assessed on Member Share accounts with balances of less than $10,000, at a rate of $2.50 per quarter. To include the effect of this fee on the expenses that you paid, add $5.00 ($2.50 for two quarters) to your calculated estimated expenses. If you are currently assessed this fee, your ending account value reflects the quarterly deduction from your account.
The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/22 | Actual Ending Account Value 6/30/22 | Hypothetical Ending Account Value 6/30/22 | Actual Expenses Paid During Period 1/1/22-6/30/22* | Hypothetical Expenses Paid During Period 1/1/22-6/30/22* | Annualized Expense Ratio During Period 1/1/22-6/30/22 | ||||||||||||||||||||||
Member Shares | $ | 1,000.00 | $ | 790.90 | $ | 1,023.60 | $ | 1.07 | $ | 1.20 | 0.24 | % | |||||||||||||||
Reward Shares | 1,000.00 | 791.20 | 1,024.05 | 0.67 | 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, 2022 | ||||||
(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 11, 2022, 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 | ||||||
www.vcm.com | (800) 235-8396 | ||||||
28651-0822
JUNE 30, 2022
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 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 Investments logo is a trademark of United Services Automobile Association and is 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 website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:
• Detailed performance records
• Daily share prices
• The latest fund news
• Investment resources to help you become a better investor
• A section dedicated to investment professionals
Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, 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 | 20 | ||||||
Notes to Financial Statements | 22 | ||||||
Supplemental Information | 32 | ||||||
Proxy Voting and Portfolio Holdings Information | 32 | ||||||
Expense Examples | 32 | ||||||
Liquidity Risk Management Program | 33 | ||||||
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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to attain long-term capital appreciation while attempting to reduce volatility during unfavorable market conditions.
Top 10 Holdings*:
June 30, 2022
(% of Net Assets)
Apple, Inc. | 4.6 | % | |||||
Microsoft Corp. | 3.7 | % | |||||
Alphabet, Inc., Class C | 2.8 | % | |||||
Johnson & Johnson | 1.9 | % | |||||
Lockheed Martin Corp. | 1.5 | % | |||||
UnitedHealth Group, Inc. | 1.4 | % | |||||
Philip Morris International, Inc. | 1.3 | % | |||||
The Progressive Corp. | 1.3 | % | |||||
Amgen, Inc. | 1.1 | % | |||||
Colgate-Palmolive Co. | 1.1 | % | |||||
Sector Allocation*:
June 30, 2022
(% 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 Global Managed Volatility Fund | Schedule of Portfolio Investments June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Common Stocks (99.2%) | |||||||||||
Australia (3.0%): | |||||||||||
Consumer Discretionary (0.5%): | |||||||||||
Wesfarmers Ltd. | 81,197 | $ | 2,348 | ||||||||
Consumer Staples (0.7%): | |||||||||||
Coles Group Ltd. | 108,537 | 1,336 | |||||||||
Woolworths Group Ltd. | 83,361 | 2,047 | |||||||||
3,383 | |||||||||||
Energy (0.1%): | |||||||||||
Woodside Energy Group Ltd. | 23,244 | 511 | |||||||||
Health Care (0.3%): | |||||||||||
CSL Ltd. | 8,786 | 1,631 | |||||||||
Materials (1.4%): | |||||||||||
BHP Group Ltd. | 128,636 | 3,682 | |||||||||
Fortescue Metals Group Ltd. | 81,622 | 981 | |||||||||
Rio Tinto Ltd. | 27,475 | 1,960 | |||||||||
6,623 | |||||||||||
14,496 | |||||||||||
Belgium (0.2%): | |||||||||||
Financials (0.2%): | |||||||||||
KBC Group NV | 21,171 | 1,191 | |||||||||
Brazil (0.7%): | |||||||||||
Energy (0.0%): (a) | |||||||||||
Petroleo Brasileiro SA Preference Shares | 15,600 | 83 | |||||||||
Financials (0.2%): | |||||||||||
BB Seguridade Participacoes SA | 173,300 | 860 | |||||||||
Itau Unibanco Holding SA Preference Shares | 35,445 | 153 | |||||||||
1,013 | |||||||||||
Materials (0.5%): | |||||||||||
Vale SA | 159,897 | 2,340 | |||||||||
3,436 | |||||||||||
Canada (3.7%): | |||||||||||
Consumer Discretionary (0.7%): | |||||||||||
Dollarama, Inc. | 20,710 | 1,193 | |||||||||
Lululemon Athletica, Inc. (b) | 5,321 | 1,451 | |||||||||
Magna International, Inc. | 10,116 | 555 | |||||||||
3,199 | |||||||||||
Consumer Staples (0.5%): | |||||||||||
Alimentation Couche-Tard, Inc. | 48,402 | 1,888 | |||||||||
Loblaw Cos. Ltd. | 5,237 | 472 | |||||||||
2,360 | |||||||||||
See notes to financial statements.
3
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Financials (1.8%): | |||||||||||
Manulife Financial Corp. | 118,084 | $ | 2,048 | ||||||||
Power Corp. of Canada | 38,954 | 1,002 | |||||||||
Sun Life Financial, Inc. | 49,786 | 2,282 | |||||||||
The Toronto-Dominion Bank | 49,856 | 3,270 | |||||||||
8,602 | |||||||||||
Information Technology (0.7%): | |||||||||||
CGI, Inc. (b) | 16,304 | 1,299 | |||||||||
Constellation Software, Inc. | 1,403 | 2,083 | |||||||||
3,382 | |||||||||||
17,543 | |||||||||||
China (2.5%): | |||||||||||
Communication Services (0.3%): | |||||||||||
NetEase, Inc., ADR | 8,040 | 750 | |||||||||
Tencent Holdings Ltd. | 14,000 | 634 | |||||||||
1,384 | |||||||||||
Consumer Discretionary (0.8%): | |||||||||||
Alibaba Group Holding Ltd. (b) | 119,000 | 1,698 | |||||||||
ANTA Sports Products Ltd. | 88,428 | 1,088 | |||||||||
China Meidong Auto Holdings Ltd. | 146,000 | 464 | |||||||||
Li Ning Co. Ltd. | 13,000 | 121 | |||||||||
Shenzhou International Group Holdings Ltd. | 58,800 | 718 | |||||||||
4,089 | |||||||||||
Consumer Staples (0.2%): | |||||||||||
Nongfu Spring Co., Ltd. Class H (c) (d) | 135,400 | 781 | |||||||||
Energy (0.1%): | |||||||||||
China Shenhua Energy Co. Ltd. Class H | 112,500 | 323 | |||||||||
Financials (0.7%): | |||||||||||
China Life Insurance Co. Ltd. Class H | 522,000 | 911 | |||||||||
China Merchants Bank Co. Ltd. Class H | 29,261 | 198 | |||||||||
China Pacific Insurance Group Co. Ltd. Class H | 193,800 | 476 | |||||||||
Ping An Insurance Group Co. of China Ltd. | 284,500 | 1,958 | |||||||||
3,543 | |||||||||||
Information Technology (0.2%): | |||||||||||
Sunny Optical Technology Group Co. Ltd. | 52,600 | 863 | |||||||||
Utilities (0.2%): | |||||||||||
ENN Energy Holdings Ltd. | 57,301 | 947 | |||||||||
11,930 | |||||||||||
Denmark (1.3%): | |||||||||||
Consumer Discretionary (0.2%): | |||||||||||
Pandora A/S | 12,146 | 772 | |||||||||
Consumer Staples (0.0%): (a) | |||||||||||
Carlsberg AS Class B | 1,375 | 176 | |||||||||
See notes to financial statements.
4
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Health Care (0.9%): | |||||||||||
Coloplast A/S Class B | 9,117 | $ | 1,042 | ||||||||
Novo Nordisk A/S Class B | 27,738 | 3,076 | |||||||||
4,118 | |||||||||||
Industrials (0.0%): (a) | |||||||||||
AP Moller — Maersk A/S Class B | 63 | 148 | |||||||||
Materials (0.2%): | |||||||||||
Novozymes A/S B Shares | 15,639 | 941 | |||||||||
6,155 | |||||||||||
Finland (0.4%): | |||||||||||
Energy (0.1%): | |||||||||||
Neste Oyj | 14,780 | 657 | |||||||||
Industrials (0.3%): | |||||||||||
Kone Oyj Class B | 25,272 | 1,208 | |||||||||
1,865 | |||||||||||
France (1.5%): | |||||||||||
Consumer Discretionary (0.6%): | |||||||||||
Cie Generale des Etablissements Michelin SCA | 28,932 | 790 | |||||||||
Hermes International | 757 | 852 | |||||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,110 | 1,293 | |||||||||
2,935 | |||||||||||
Consumer Staples (0.5%): | |||||||||||
L'Oreal SA | 7,301 | 2,534 | |||||||||
Energy (0.1%): | |||||||||||
TotalEnergies SE | 4,802 | 253 | |||||||||
Financials (0.0%): (a) | |||||||||||
Credit Agricole SA (d) | 10,623 | 98 | |||||||||
Industrials (0.2%): | |||||||||||
Cie de Saint-Gobain | 4,888 | 211 | |||||||||
Schneider Electric SE | 2,498 | 298 | |||||||||
Thales SA | 1,468 | 180 | |||||||||
689 | |||||||||||
Information Technology (0.1%): | |||||||||||
Capgemini SE | 1,744 | 301 | |||||||||
Utilities (0.0%): (a) | |||||||||||
Veolia Environnement SA (b) (d) | 7,331 | 180 | |||||||||
6,990 | |||||||||||
Germany (1.3%): | |||||||||||
Consumer Discretionary (0.3%): | |||||||||||
adidas AG | 6,468 | 1,149 | |||||||||
Mercedes-Benz Group AG | 3,290 | 191 | |||||||||
1,340 | |||||||||||
See notes to financial statements.
5
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Financials (0.5%): | |||||||||||
Allianz SE Registered Shares | 14,068 | $ | 2,697 | ||||||||
Industrials (0.5%): | |||||||||||
Brenntag SE | 2,235 | 146 | |||||||||
Deutsche Post AG Registered Shares | 57,340 | 2,165 | |||||||||
2,311 | |||||||||||
Utilities (0.0%): (a) | |||||||||||
RWE AG | 2,122 | 78 | |||||||||
6,426 | |||||||||||
Hong Kong (0.7%): | |||||||||||
Consumer Discretionary (0.0%): (a) | |||||||||||
Chow Tai Fook Jewellery Group Ltd. | 103,000 | 195 | |||||||||
Financials (0.3%): | |||||||||||
Hong Kong Exchanges & Clearing Ltd. | 25,000 | 1,236 | |||||||||
Health Care (0.3%): | |||||||||||
CSPC Pharmaceutical Group Ltd. | 658,000 | 658 | |||||||||
Sino Biopharmaceutical Ltd. | 788,000 | 502 | |||||||||
1,160 | |||||||||||
Industrials (0.0%): (a) | |||||||||||
SITC International Holdings Co. Ltd. | 38,000 | 108 | |||||||||
Information Technology (0.1%): | |||||||||||
Lenovo Group Ltd. | 548,000 | 515 | |||||||||
3,214 | |||||||||||
India (0.8%): | |||||||||||
Financials (0.5%): | |||||||||||
ICICI Bank Ltd. | 194,277 | 1,745 | |||||||||
SBI Life Insurance Co. Ltd. (c) | 29,704 | 408 | |||||||||
2,153 | |||||||||||
Information Technology (0.3%): | |||||||||||
HCL Technologies Ltd. | 16,887 | 209 | |||||||||
Infosys Ltd. | 70,527 | 1,311 | |||||||||
Wipro Ltd. | 26,952 | 143 | |||||||||
1,663 | |||||||||||
3,816 | |||||||||||
Indonesia (0.6%): | |||||||||||
Communication Services (0.2%): | |||||||||||
PT Telkom Indonesia Persero Tbk | 3,859,100 | 1,038 | |||||||||
Financials (0.4%): | |||||||||||
PT Bank Central Asia Tbk | 4,287,400 | 2,088 | |||||||||
3,126 | |||||||||||
See notes to financial statements.
6
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Ireland (0.5%): | |||||||||||
Information Technology (0.5%): | |||||||||||
Accenture PLC Class A | 7,701 | $ | 2,138 | ||||||||
Seagate Technology Holdings PLC | 2,211 | 158 | |||||||||
2,296 | |||||||||||
Israel (0.2%): | |||||||||||
Information Technology (0.2%): | |||||||||||
Check Point Software Technologies Ltd. (b) | 7,742 | 943 | |||||||||
Japan (5.3%): | |||||||||||
Communication Services (1.8%): | |||||||||||
KDDI Corp. | 102,300 | 3,227 | |||||||||
Nintendo Co. Ltd. | 2,100 | 903 | |||||||||
Nippon Telegraph & Telephone Corp. | 71,000 | 2,040 | |||||||||
Softbank Corp. | 214,100 | 2,378 | |||||||||
8,548 | |||||||||||
Consumer Discretionary (0.5%): | |||||||||||
Fast Retailing Co. Ltd. | 3,300 | 1,734 | |||||||||
Sony Group Corp. | 3,200 | 261 | |||||||||
Suzuki Motor Corp. | 2,440 | 77 | |||||||||
Yamaha Motor Co. Ltd. (d) | 9,400 | 172 | |||||||||
2,244 | |||||||||||
Consumer Staples (0.3%): | |||||||||||
Kao Corp. (d) | 35,000 | 1,420 | |||||||||
Financials (0.7%): | |||||||||||
Tokio Marine Holdings, Inc. | 54,800 | 3,196 | |||||||||
Health Care (1.1%): | |||||||||||
Astellas Pharma, Inc. | 139,927 | 2,183 | |||||||||
Hoya Corp. | 13,700 | 1,173 | |||||||||
Olympus Corp. | 90,600 | 1,836 | |||||||||
5,192 | |||||||||||
Industrials (0.4%): | |||||||||||
Hitachi Ltd. | 5,173 | 246 | |||||||||
ITOCHU Corp. | 14,122 | 381 | |||||||||
Recruit Holdings Co. Ltd. | 51,600 | 1,520 | |||||||||
2,147 | |||||||||||
Information Technology (0.5%): | |||||||||||
FUJIFILM Holdings Corp. | 2,900 | 156 | |||||||||
Fujitsu Ltd. | 11,300 | 1,414 | |||||||||
Nomura Research Institute Ltd. | 23,400 | 628 | |||||||||
Tokyo Electron Ltd. | 300 | 98 | |||||||||
2,296 | |||||||||||
Utilities (0.0%): (a) | |||||||||||
Tokyo Electric Power Co. Holdings, Inc. (b) | 43,800 | 183 | |||||||||
25,226 | |||||||||||
See notes to financial statements.
7
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Korea, Republic Of (0.9%): | |||||||||||
Consumer Discretionary (0.0%): (a) | |||||||||||
Kia Corp. | 3,696 | $ | 221 | ||||||||
Financials (0.1%): | |||||||||||
KB Financial Group, Inc. | 2,859 | 107 | |||||||||
Shinhan Financial Group Co. Ltd. | 8,840 | 253 | |||||||||
360 | |||||||||||
Information Technology (0.8%): | |||||||||||
Samsung Electronics Co. Ltd. | 87,822 | 3,875 | |||||||||
4,456 | |||||||||||
Mexico (1.0%): | |||||||||||
Communication Services (0.6%): | |||||||||||
America Movil SAB de CV Class L | 2,914,232 | 2,979 | |||||||||
Consumer Staples (0.4%): | |||||||||||
Wal-Mart de Mexico SAB de CV | 468,900 | 1,617 | |||||||||
Financials (0.0%): (a) | |||||||||||
Grupo Financiero Banorte SAB de CV Class O | 26,924 | 150 | |||||||||
4,746 | |||||||||||
Netherlands (1.4%): | |||||||||||
Communication Services (0.2%): | |||||||||||
Koninklijke KPN NV | 239,868 | 853 | |||||||||
Consumer Staples (0.5%): | |||||||||||
Koninklijke Ahold Delhaize NV | 89,397 | 2,327 | |||||||||
Industrials (0.4%): | |||||||||||
Wolters Kluwer NV | 19,663 | 1,905 | |||||||||
Information Technology (0.3%): | |||||||||||
| ASML Holding NV | 3,097 | 1,463 | |||||||||
Materials (0.0%): (a) | |||||||||||
LyondellBasell Industries NV Class A | 2,410 | 211 | |||||||||
6,759 | |||||||||||
Norway (0.6%): | |||||||||||
Communication Services (0.0%): (a) | |||||||||||
Telenor ASA | 6,415 | 86 | |||||||||
Energy (0.6%): | |||||||||||
Aker BP ASA | 4,244 | 147 | |||||||||
Equinor ASA | 80,392 | 2,802 | |||||||||
2,949 | |||||||||||
3,035 | |||||||||||
Russian Federation (0.0%): (a) | |||||||||||
Communication Services (0.0%): | |||||||||||
Mobile TeleSystems PJSC, ADR (e) (f) | 240,364 | 13 | |||||||||
See notes to financial statements.
8
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Consumer Staples (0.0%): | |||||||||||
X5 Retail Group NV, GDR (e) (f) (g) (h) | 18,705 | $ | 3 | ||||||||
Energy (0.0%): | |||||||||||
LUKOIL PJSC (e) (f) (g) (h) | 34,009 | 7 | |||||||||
Tatneft PJSC (e) (f) | 90,761 | 6 | |||||||||
13 | |||||||||||
Financials (0.0%): | |||||||||||
Sberbank of Russia PJSC (b) (e) (f) (g) (h) | 409,312 | 2 | |||||||||
Materials (0.0%): | |||||||||||
MMC Norilsk Nickel PJSC (e) (f) | 5,249 | 19 | |||||||||
50 | |||||||||||
Singapore (0.1%): | |||||||||||
Financials (0.1%): | |||||||||||
DBS Group Holdings Ltd. | 11,722 | 251 | |||||||||
South Africa (1.2%): | |||||||||||
Communication Services (0.2%): | |||||||||||
MTN Group Ltd. | 98,821 | 805 | |||||||||
MultiChoice Group | 32,661 | 232 | |||||||||
1,037 | |||||||||||
Financials (0.6%): | |||||||||||
Capitec Bank Holdings Ltd. | 17,774 | 2,179 | |||||||||
FirstRand Ltd. | 54,746 | 211 | |||||||||
Standard Bank Group Ltd. | 20,414 | 195 | |||||||||
2,585 | |||||||||||
Materials (0.4%): | |||||||||||
Anglo American Platinum Ltd. | 10,378 | 906 | |||||||||
Kumba Iron Ore Ltd. | 20,288 | 658 | |||||||||
Sibanye Stillwater Ltd. | 160,145 | 398 | |||||||||
1,962 | |||||||||||
5,584 | |||||||||||
Spain (0.8%): | |||||||||||
Communication Services (0.0%): (a) | |||||||||||
Telefonica SA | 45,392 | 232 | |||||||||
Consumer Discretionary (0.4%): | |||||||||||
Industria de Diseno Textil SA | 78,615 | 1,786 | |||||||||
Financials (0.4%): | |||||||||||
Banco Bilbao Vizcaya Argentaria SA | 370,830 | 1,684 | |||||||||
3,702 | |||||||||||
Sweden (0.5%): | |||||||||||
Consumer Discretionary (0.1%): | |||||||||||
H & M Hennes & Mauritz AB Class B | 53,798 | 646 | |||||||||
See notes to financial statements.
9
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Industrials (0.1%): | |||||||||||
Atlas Copco AB Class A (b) | 28,892 | $ | 271 | ||||||||
Sandvik AB | 6,575 | 107 | |||||||||
Volvo AB Class B | 9,051 | 141 | |||||||||
519 | |||||||||||
Information Technology (0.3%): | |||||||||||
Telefonaktiebolaget LM Ericsson Class B | 164,278 | 1,227 | |||||||||
2,392 | |||||||||||
Switzerland (3.8%): | |||||||||||
Communication Services (0.1%): | |||||||||||
Swisscom AG Registered Shares | 751 | 415 | |||||||||
Consumer Staples (1.0%): | |||||||||||
Nestle SA Registered Shares | 40,472 | 4,731 | |||||||||
Financials (0.0%): (a) | |||||||||||
Partners Group Holding AG | 301 | 272 | |||||||||
Health Care (1.9%): | |||||||||||
Novartis AG Registered Shares | 50,992 | 4,324 | |||||||||
Roche Holding AG | 14,097 | 4,713 | |||||||||
9,037 | |||||||||||
Industrials (0.7%): | |||||||||||
Geberit AG Registered Shares | 2,803 | 1,349 | |||||||||
Kuehne + Nagel International AG Class R | 4,124 | 980 | |||||||||
SGS SA Registered Shares | 440 | 1,009 | |||||||||
3,338 | |||||||||||
Information Technology (0.0%): (a) | |||||||||||
TE Connectivity Ltd. | 1,052 | 119 | |||||||||
Materials (0.1%): | |||||||||||
Sika AG Registered Shares | 1,917 | 443 | |||||||||
18,355 | |||||||||||
Taiwan (2.2%): | |||||||||||
Communication Services (0.2%): | |||||||||||
Chunghwa Telecom Co. Ltd. | 272,000 | 1,117 | |||||||||
Consumer Staples (0.2%): | |||||||||||
Uni-President Enterprises Corp. | 496,730 | 1,120 | |||||||||
Financials (0.2%): | |||||||||||
Cathay Financial Holding Co. Ltd. | 134,000 | 230 | |||||||||
CTBC Financial Holding Co. Ltd. | 712,000 | 602 | |||||||||
832 | |||||||||||
Industrials (0.0%): (a) | |||||||||||
Evergreen Marine Corp. Ltd. | 16,000 | 46 | |||||||||
Information Technology (1.6%): | |||||||||||
Delta Electronics, Inc. | 142,000 | 1,059 | |||||||||
eMemory Technology, Inc. | 17,000 | 596 | |||||||||
See notes to financial statements.
10
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Novatek Microelectronics Corp. | 39,000 | $ | 397 | ||||||||
Realtek Semiconductor Corp. | 34,000 | 416 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 25,000 | 401 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 55,897 | 4,569 | |||||||||
United Microelectronics Corp. | 57,000 | 76 | |||||||||
7,514 | |||||||||||
10,629 | |||||||||||
United Kingdom (3.4%): | |||||||||||
Communication Services (0.0%): (a) | |||||||||||
WPP PLC | 14,371 | 145 | |||||||||
Consumer Discretionary (0.3%): | |||||||||||
InterContinental Hotels Group PLC | 12,467 | 662 | |||||||||
Next PLC | 9,760 | 697 | |||||||||
Persimmon PLC | 6,801 | 155 | |||||||||
1,514 | |||||||||||
Consumer Staples (0.9%): | |||||||||||
Imperial Brands PLC | 79,108 | 1,771 | |||||||||
Unilever PLC | 56,174 | 2,560 | |||||||||
4,331 | |||||||||||
Energy (0.1%): | |||||||||||
Shell PLC | 15,450 | 402 | |||||||||
Financials (0.3%): | |||||||||||
Aon PLC Class A | 4,636 | 1,250 | |||||||||
Health Care (0.7%): | |||||||||||
GSK PLC | 167,554 | 3,611 | |||||||||
Industrials (0.7%): | |||||||||||
Ferguson PLC | 2,475 | 277 | |||||||||
Intertek Group PLC | 11,935 | 613 | |||||||||
RELX PLC | 91,967 | 2,497 | |||||||||
3,387 | |||||||||||
Materials (0.4%): | |||||||||||
Anglo American PLC | 3,649 | 131 | |||||||||
Rio Tinto PLC | 28,924 | 1,729 | |||||||||
1,860 | |||||||||||
16,500 | |||||||||||
United States (60.6%): | |||||||||||
Communication Services (5.2%): | |||||||||||
Alphabet, Inc. Class C (b) | 6,116 | 13,378 | |||||||||
Comcast Corp. Class A | 7,896 | 310 | |||||||||
Fox Corp. Class A | 5,651 | 182 | |||||||||
Match Group, Inc. (b) | 19,854 | 1,384 | |||||||||
Meta Platforms, Inc. Class A (b) | 24,245 | 3,910 | |||||||||
Omnicom Group, Inc. | 22,126 | 1,407 | |||||||||
Sirius XM Holdings, Inc. (d) | 478,014 | 2,930 | |||||||||
See notes to financial statements.
11
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
The Interpublic Group of Cos., Inc. | 29,586 | $ | 814 | ||||||||
Verizon Communications, Inc. | 5,945 | 302 | |||||||||
24,617 | |||||||||||
Consumer Discretionary (5.4%): | |||||||||||
Amazon.com, Inc. (b) | 46,480 | 4,937 | |||||||||
AutoZone, Inc. (b) | 516 | 1,109 | |||||||||
Bath & Body Works, Inc. | 2,695 | 73 | |||||||||
Best Buy Co., Inc. | 15,351 | 1,001 | |||||||||
Booking Holdings, Inc. (b) | 466 | 815 | |||||||||
Chipotle Mexican Grill, Inc. (b) | 472 | 617 | |||||||||
Domino's Pizza, Inc. | 5,843 | 2,277 | |||||||||
eBay, Inc. | 30,109 | 1,255 | |||||||||
Lowe's Cos., Inc. | 2,342 | 409 | |||||||||
NVR, Inc. (b) | 47 | 188 | |||||||||
O'Reilly Automotive, Inc. (b) | 1,512 | 955 | |||||||||
Starbucks Corp. | 29,721 | 2,270 | |||||||||
Target Corp. | 12,347 | 1,744 | |||||||||
The Home Depot, Inc. | 6,858 | 1,881 | |||||||||
Tractor Supply Co. | 1,115 | 216 | |||||||||
Ulta Beauty, Inc. (b) | 2,350 | 906 | |||||||||
Yum! Brands, Inc. | 47,250 | 5,363 | |||||||||
26,016 | |||||||||||
Consumer Staples (7.0%): | |||||||||||
Altria Group, Inc. | 95,086 | 3,972 | |||||||||
Colgate-Palmolive Co. | 66,941 | 5,365 | |||||||||
Costco Wholesale Corp. | 2,722 | 1,304 | |||||||||
General Mills, Inc. | 3,401 | 257 | |||||||||
Kimberly-Clark Corp. | 13,131 | 1,775 | |||||||||
Philip Morris International, Inc. | 63,884 | 6,308 | |||||||||
The Clorox Co. | 34,013 | 4,795 | |||||||||
The Hershey Co. | 12,494 | 2,688 | |||||||||
The Kroger Co. | 18,819 | 891 | |||||||||
The Procter & Gamble Co. | 36,550 | 5,255 | |||||||||
Tyson Foods, Inc. Class A | 2,267 | 195 | |||||||||
Walmart, Inc. | 5,402 | 657 | |||||||||
33,462 | |||||||||||
Energy (1.9%): | |||||||||||
ConocoPhillips | 4,119 | 370 | |||||||||
Coterra Energy, Inc. | 70,901 | 1,829 | |||||||||
EOG Resources, Inc. | 38,365 | 4,237 | |||||||||
Exxon Mobil Corp. | 5,069 | 434 | |||||||||
Halliburton Co. | 28,100 | �� | 881 | ||||||||
Schlumberger NV | 32,055 | 1,146 | |||||||||
8,897 | |||||||||||
Financials (6.5%): | |||||||||||
Aflac, Inc. | 7,955 | 440 | |||||||||
Ameriprise Financial, Inc. | 1,284 | 305 | |||||||||
Capital One Financial Corp. | 2,212 | 231 | |||||||||
See notes to financial statements.
12
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Discover Financial Services | 27,076 | $ | 2,561 | ||||||||
Erie Indemnity Co. Class A | 4,554 | 875 | |||||||||
FactSet Research Systems, Inc. | 4,868 | 1,872 | |||||||||
MarketAxess Holdings, Inc. | 3,274 | 838 | |||||||||
MSCI, Inc. | 4,025 | 1,659 | |||||||||
Regions Financial Corp. | 101,667 | 1,906 | |||||||||
S&P Global, Inc. | 9,741 | 3,283 | |||||||||
SEI Investments Co. | 83,414 | 4,506 | |||||||||
SVB Financial Group (b) | 310 | 123 | |||||||||
Synchrony Financial | 37,102 | 1,025 | |||||||||
T. Rowe Price Group, Inc. | 45,258 | 5,142 | |||||||||
The Progressive Corp. | 53,559 | 6,227 | |||||||||
Wells Fargo & Co. | 8,345 | 327 | |||||||||
31,320 | |||||||||||
Health Care (10.4%): | |||||||||||
AbbVie, Inc. | 21,508 | 3,294 | |||||||||
Align Technology, Inc. (b) | 2,287 | 541 | |||||||||
AmerisourceBergen Corp. | 1,860 | 263 | |||||||||
Amgen, Inc. | 22,720 | 5,528 | |||||||||
Biogen, Inc. (b) | 11,321 | 2,309 | |||||||||
CVS Health Corp. | 3,219 | 298 | |||||||||
Elevance Health, Inc. | 932 | 450 | |||||||||
Eli Lilly & Co. | 11,667 | 3,783 | |||||||||
Gilead Sciences, Inc. | 16,028 | 991 | |||||||||
HCA Healthcare, Inc. | 1,239 | 208 | |||||||||
IDEXX Laboratories, Inc. (b) | 3,339 | 1,171 | |||||||||
Johnson & Johnson | 50,138 | 8,900 | |||||||||
Laboratory Corp. of America Holdings | 719 | 168 | |||||||||
McKesson Corp. | 5,151 | 1,680 | |||||||||
Merck & Co., Inc. | 40,300 | 3,674 | |||||||||
Mettler-Toledo International, Inc. (b) | 1,487 | 1,708 | |||||||||
Moderna, Inc. (b) | 3,620 | 517 | |||||||||
Molina Healthcare, Inc. (b) | 3,229 | 903 | |||||||||
Pfizer, Inc. | 10,424 | 547 | |||||||||
Quest Diagnostics, Inc. | 1,335 | 178 | |||||||||
UnitedHealth Group, Inc. | 12,829 | 6,589 | |||||||||
Veeva Systems, Inc. Class A (b) | 14,432 | 2,858 | |||||||||
Waters Corp. (b) | 4,547 | 1,505 | |||||||||
Zoetis, Inc. | 11,238 | 1,932 | |||||||||
49,995 | |||||||||||
Industrials (7.4%): | |||||||||||
3M Co. | 26,929 | 3,485 | |||||||||
Booz Allen Hamilton Holding Corp. | 12,029 | 1,087 | |||||||||
Cintas Corp. | 5,789 | 2,162 | |||||||||
Cummins, Inc. | 9,971 | 1,930 | |||||||||
Dover Corp. | 1,393 | 169 | |||||||||
Emerson Electric Co. | 26,478 | 2,106 | |||||||||
Fastenal Co. | 46,882 | 2,340 | |||||||||
Huntington Ingalls Industries, Inc. | 2,864 | 624 | |||||||||
See notes to financial statements.
13
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Illinois Tool Works, Inc. | 13,625 | $ | 2,483 | ||||||||
Leidos Holdings, Inc. | 1,221 | 123 | |||||||||
Lockheed Martin Corp. | 16,669 | 7,167 | |||||||||
Masco Corp. | 2,534 | 128 | |||||||||
Northrop Grumman Corp. | 913 | 437 | |||||||||
Old Dominion Freight Line, Inc. | 8,810 | 2,258 | |||||||||
Otis Worldwide Corp. | 31,746 | 2,244 | |||||||||
Robert Half International, Inc. | 12,692 | 951 | |||||||||
Rockwell Automation, Inc. | 5,401 | 1,076 | |||||||||
Union Pacific Corp. | 6,119 | 1,305 | |||||||||
United Parcel Service, Inc. Class B | 13,812 | 2,521 | |||||||||
United Rentals, Inc. (b) | 450 | 109 | |||||||||
W.W. Grainger, Inc. | 1,938 | 881 | |||||||||
35,586 | |||||||||||
Information Technology (15.7%): | |||||||||||
Adobe, Inc. (b) | 7,619 | 2,789 | |||||||||
Advanced Micro Devices, Inc. (b) | 10,642 | 814 | |||||||||
Apple, Inc. | 160,509 | 21,945 | |||||||||
Applied Materials, Inc. | 2,763 | 251 | |||||||||
Autodesk, Inc. (b) | 9,047 | 1,556 | |||||||||
Automatic Data Processing, Inc. | 1,290 | 271 | |||||||||
Broadcom, Inc. | 1,049 | 510 | |||||||||
Cadence Design Systems, Inc. (b) | 16,362 | 2,455 | |||||||||
CDW Corp. | 9,464 | 1,491 | |||||||||
Cisco Systems, Inc. | 58,919 | 2,512 | |||||||||
Fair Isaac Corp. (b) | 6,180 | 2,478 | |||||||||
Fortinet, Inc. (b) | 24,245 | 1,372 | |||||||||
Gartner, Inc. (b) | 408 | 99 | |||||||||
HP, Inc. | 28,235 | 925 | |||||||||
Intel Corp. | 39,303 | 1,470 | |||||||||
International Business Machines Corp. | 2,629 | 371 | |||||||||
KLA Corp. | 648 | 207 | |||||||||
Lam Research Corp. | 1,053 | 449 | |||||||||
Mastercard, Inc. Class A | 6,307 | 1,990 | |||||||||
Microsoft Corp. | 69,194 | 17,771 | |||||||||
Motorola Solutions, Inc. | 978 | 205 | |||||||||
NetApp, Inc. | 7,511 | 490 | |||||||||
NVIDIA Corp. | 4,444 | 674 | |||||||||
Oracle Corp. | 10,389 | 726 | |||||||||
Parade Technologies Ltd. | 25,000 | 973 | |||||||||
QUALCOMM, Inc. | 14,171 | 1,810 | |||||||||
Teradyne, Inc. | 11,498 | 1,030 | |||||||||
Texas Instruments, Inc. | 23,011 | 3,536 | |||||||||
The Western Union Co. | 103,967 | 1,712 | |||||||||
VeriSign, Inc. (b) | 7,467 | 1,249 | |||||||||
Zebra Technologies Corp. (b) | 3,181 | 935 | |||||||||
Zoom Video Communications, Inc. Class A (b) | 3,441 | 371 | |||||||||
75,437 | |||||||||||
See notes to financial statements.
14
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Materials (0.7%): | |||||||||||
Celanese Corp. | 1,241 | $ | 146 | ||||||||
CF Industries Holdings, Inc. | 1,439 | 123 | |||||||||
International Paper Co. | 2,255 | 94 | |||||||||
Nucor Corp. | 2,122 | 222 | |||||||||
Steel Dynamics, Inc. | 1,155 | 76 | |||||||||
The Sherwin-Williams Co. | 10,801 | 2,419 | |||||||||
3,080 | |||||||||||
Real Estate (0.3%): | |||||||||||
American Tower Corp. | 2,198 | 562 | |||||||||
Crown Castle International Corp. | 1,138 | 192 | |||||||||
Equinix, Inc. | 259 | 170 | |||||||||
Prologis, Inc. | 3,420 | 402 | |||||||||
Public Storage | 391 | 122 | |||||||||
1,448 | |||||||||||
Utilities (0.1%): | |||||||||||
Evergy, Inc. | 2,544 | 166 | |||||||||
FirstEnergy Corp. | 6,996 | 269 | |||||||||
NRG Energy, Inc. | 4,521 | 172 | |||||||||
607 | |||||||||||
290,465 | |||||||||||
Total Common Stocks (Cost $496,716) | 475,577 | ||||||||||
Collateral for Securities Loaned (0.6%)^ | |||||||||||
United States (0.6%): | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (i) | 3,085,151 | 3,085 | |||||||||
Total Collateral for Securities Loaned (Cost $3,085) | 3,085 | ||||||||||
Total Investments (Cost $499,801) — 99.8% | 478,662 | ||||||||||
Other assets in excess of liabilities — 0.2% | 788 | ||||||||||
NET ASSETS — 100.00% | $ | 479,450 | |||||||||
^ 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 (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of June 30, 2022, the fair value of these securities was $1,189 thousands and amounted to 0.2% of net assets.
(d) All or a portion of this security is on loan.
(e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of June 30, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)
See notes to financial statements.
15
| USAA Mutual Funds Trust USAA Global Managed Volatility Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Unaudited)
(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At June 30, 2022, illiquid securities were less than 0.05% of the Fund's net assets.
(g) Restricted security that is not registered under the Securities Act of 1933.
(h) The following table details the acquisition date and cost of the Fund's restricted securities at June 30, 2022 (amount in thousand):
Security Name | Acquisition Date | Cost | |||||||||
LUKOIL PJSC, ADR | 4/22/2020 | $ | 2,312 | ||||||||
Sberbank of Russia PJSC | 4/22/2020 | 1,393 | |||||||||
X5 Retail Group NV, GDR | 11/11/2021 | 638 | |||||||||
(i) Rate disclosed is the daily yield on June 30, 2022.
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Company
See notes to financial statements.
16
USAA Mutual Funds Trust | Statement of Assets and Liabilities June 30, 2022 | ||||||
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
| USAA Global Managed Volatility Fund | |||||||
Assets: | |||||||
Investments, at value (Cost $499,801) | $ | 478,662 | (a) | ||||
Foreign currency, at value (Cost $115) | 115 | ||||||
Cash | 2,921 | ||||||
Deposit with broker for futures contracts | 5 | ||||||
Receivables: | |||||||
Interest and dividends | 606 | ||||||
Capital shares issued | — | (b) | |||||
Reclaims | 463 | ||||||
From Adviser | 69 | ||||||
Prepaid expenses | 28 | ||||||
Total Assets | 482,869 | ||||||
Liabilities: | |||||||
Payables: | |||||||
Collateral received on loaned securities | 3,085 | ||||||
Accrued foreign capital gains taxes | 2 | ||||||
Accrued expenses and other payables: | |||||||
Investment advisory fees | 242 | ||||||
Administration fees | 21 | ||||||
Custodian fees | 19 | ||||||
Transfer agent fees | 21 | ||||||
Compliance fees | — | (b) | |||||
Trustees' fees | — | (b) | |||||
Other accrued expenses | 29 | ||||||
Total Liabilities | 3,419 | ||||||
Net Assets: | |||||||
Capital | 457,265 | ||||||
Total accumulated earnings/(loss) | 22,185 | ||||||
Net Assets | $ | 479,450 | |||||
Net Assets | |||||||
Fund Shares | $ | 9,370 | |||||
Institutional Shares | 470,080 | ||||||
Total | $ | 479,450 | |||||
Shares (unlimited number of shares authorized with no par value): | |||||||
Fund Shares | 1,067 | ||||||
Institutional Shares | 52,529 | ||||||
Total | 53,596 | ||||||
Net asset value, offering and redemption price per share: (c) | |||||||
Fund Shares | $ | 8.78 | |||||
Institutional Shares | 8.95 | ||||||
(a) Includes $4,759 thousand of securities on loan.
(b) Rounds to less than $1 thousand.
(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.
See notes to financial statements.
17
USAA Mutual Funds Trust | Statement of Operations For the Six Months Ended June 30, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA Global Managed Volatility Fund | |||||||
Investment Income: | |||||||
Dividends | $ | 7,437 | |||||
Non-cash dividends | 574 | ||||||
Securities lending (net of fees) | 51 | ||||||
Foreign tax withholding | (606 | ) | |||||
Total Income | 7,456 | ||||||
Expenses: | |||||||
Investment advisory fees | 1,593 | ||||||
Administration fees — Fund Shares | 8 | ||||||
Administration fees — Institutional Shares | 130 | ||||||
Sub-Administration fees | 29 | ||||||
Custodian fees | 47 | ||||||
Transfer agent fees — Fund Shares | 6 | ||||||
Transfer agent fees — Institutional Shares | 130 | ||||||
Trustees' fees | 23 | ||||||
Compliance fees | 2 | ||||||
Legal and audit fees | 37 | ||||||
State registration and filing fees | 16 | ||||||
Other expenses | 41 | ||||||
Total Expenses | 2,062 | ||||||
Expenses waived/reimbursed by Adviser | (194 | ) | |||||
Net Expenses | 1,868 | ||||||
Net Investment Income (Loss) | 5,588 | ||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||
| Net realized gains (losses) from investment securities and foreign currency transactions | 7,557 | ||||||
Foreign taxes on realized gains | (7 | ) | |||||
| Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations | (122,916 | ) | |||||
Net change in accrued foreign taxes on unrealized gains | 121 | ||||||
Net realized/unrealized gains (losses) on investments | (115,245 | ) | |||||
Change in net assets resulting from operations | $ | (109,657 | ) | ||||
See notes to financial statements.
18
USAA Mutual Funds Trust | Statements of Changes in Net Assets | ||||||
(Amounts in Thousands)
| USAA Global Managed Volatility Fund | |||||||||||
| Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | ||||||||||
From Investments: | |||||||||||
Operations: | |||||||||||
Net Investment Income (Loss) | $ | 5,588 | $ | 8,944 | |||||||
Net realized gains (losses) | 7,550 | 94,962 | |||||||||
Net change in unrealized appreciation/depreciation | (122,795 | ) | 16,818 | ||||||||
Change in net assets resulting from operations | (109,657 | ) | 120,724 | ||||||||
Distributions to Shareholders: | |||||||||||
Fund Shares | — | (2,473 | ) | ||||||||
Institutional Shares | — | (119,748 | ) | ||||||||
Change in net assets resulting from distributions to shareholders | — | (122,221 | ) | ||||||||
Change in net assets resulting from capital transactions | (17,240 | ) | (127,774 | ) | |||||||
Change in net assets | (126,897 | ) | (129,271 | ) | |||||||
Net Assets: | |||||||||||
Beginning of period | 606,347 | 735,618 | |||||||||
End of period | $ | 479,450 | $ | 606,347 | |||||||
Capital Transactions: | |||||||||||
Fund Shares | |||||||||||
Proceeds from shares issued | $ | 864 | $ | 1,421 | |||||||
Distributions reinvested | — | 2,461 | |||||||||
Cost of shares redeemed | (1,440 | ) | (1,783 | ) | |||||||
Total Fund Shares | $ | (576 | ) | $ | 2,099 | ||||||
Institutional Shares | |||||||||||
Proceeds from shares issued | $ | — | $ | 172 | |||||||
Distributions reinvested | — | 119,748 | |||||||||
Cost of shares redeemed | (16,664 | ) | (249,793 | ) | |||||||
Total Institutional Shares | $ | (16,664 | ) | $ | (129,873 | ) | |||||
Change in net assets resulting from capital transactions | $ | (17,240 | ) | $ | (127,774 | ) | |||||
Share Transactions: | |||||||||||
Fund Shares | |||||||||||
Issued | 86 | 117 | |||||||||
Reinvested | — | 230 | |||||||||
Redeemed | (149 | ) | (147 | ) | |||||||
Total Fund Shares | (63 | ) | 200 | ||||||||
Institutional Shares | |||||||||||
Issued | — | 13 | |||||||||
Reinvested | — | 10,972 | |||||||||
Redeemed | (1,583 | ) | (20,743 | ) | |||||||
Total Institutional Shares | (1,583 | ) | (9,758 | ) | |||||||
Change in Shares | (1,646 | ) | (9,558 | ) | |||||||
See notes to financial statements.
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains from Investments | ||||||||||||||||||||||
USAA Global Managed Volatility Fund | |||||||||||||||||||||||||||
Fund Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 10.78 | 0.09 | (g) | (2.09 | ) | (2.00 | ) | — | — | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 11.20 | 0.15 | (g) | 2.15 | 2.30 | (0.11 | ) | (2.61 | ) | |||||||||||||||||
2020 | $ | 10.97 | 0.12 | (g) | 0.56 | 0.68 | (0.15 | ) | (0.30 | ) | |||||||||||||||||
2019 | $ | 9.39 | 0.19 | (g) | 1.85 | 2.04 | (0.22 | ) | (0.24 | ) | |||||||||||||||||
2018 | $ | 10.73 | 0.25 | (1.18 | ) | (0.93 | ) | (0.15 | ) | (0.26 | ) | ||||||||||||||||
2017 | $ | 9.03 | 0.13 | (g) | 1.76 | 1.89 | (0.14 | ) | (0.05 | ) | |||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 10.98 | 0.10 | (g) | (2.13 | ) | (2.03 | ) | — | — | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 11.35 | 0.18 | (g) | 2.19 | 2.37 | (0.13 | ) | (2.61 | ) | |||||||||||||||||
2020 | $ | 11.11 | 0.14 | (g) | 0.57 | 0.71 | (0.17 | ) | (0.30 | ) | |||||||||||||||||
2019 | $ | 9.49 | 0.21 | (g) | 1.88 | 2.09 | (0.23 | ) | (0.24 | ) | |||||||||||||||||
2018 | $ | 10.84 | 0.16 | (1.08 | ) | (0.92 | ) | (0.17 | ) | (0.26 | ) | ||||||||||||||||
2017 | $ | 9.12 | 0.18 | (g) | 1.76 | 1.94 | (0.17 | ) | (0.05 | ) | |||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning 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.
(e) Does not include acquired fund fees and expenses, if any.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(g) Per share net investment income (loss) has been calculated using the average daily shares method.
(h) 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)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a)(f) | ||||||||||||||||||||||||||||
USAA Global Managed Volatility Fund | |||||||||||||||||||||||||||||||||||
Fund Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | — | $ | 8.78 | (18.55 | )% | 0.90 | % | 1.91 | % | 1.10 | % | $ | 9,370 | 13 | % | ||||||||||||||||||||
| Year Ended December 31: 2021 | (2.72 | ) | $ | 10.78 | 21.00 | % | 0.90 | % | 1.26 | % | 1.05 | % | $ | 12,183 | 40 | % | |||||||||||||||||||
2020 | (0.45 | ) | $ | 11.20 | 6.25 | % | 0.90 | % | 1.14 | % | 1.15 | % | $ | 10,414 | 86 | % | |||||||||||||||||||
2019 | (0.46 | ) | $ | 10.97 | 21.69 | % | 0.90 | % | 1.81 | % | 1.09 | % | $ | 11,921 | 53 | % | |||||||||||||||||||
2018 | (0.41 | ) | $ | 9.39 | (8.78 | )% | 0.90 | % | 1.57 | % | 1.18 | % | $ | 10,229 | 35 | % | |||||||||||||||||||
2017 | (0.19 | ) | $ | 10.73 | 20.95 | % | 0.90 | % | 1.30 | % | 1.09 | % | $ | 11,284 | 48 | % | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | — | $ | 8.95 | (18.49 | )% | 0.70 | % | 2.11 | % | 0.77 | % | $ | 470,080 | 13 | % | ||||||||||||||||||||
| Year Ended December 31: 2021 | (2.74 | ) | $ | 10.98 | 21.34 | % | 0.70 | % | 1.45 | % | 0.77 | % | $ | 594,164 | 40 | % | |||||||||||||||||||
2020 | (0.47 | ) | $ | 11.35 | 6.44 | % | 0.70 | % | 1.34 | % | 0.74 | % | $ | 725,204 | 86 | % | |||||||||||||||||||
2019 | (0.47 | ) | $ | 11.11 | 21.97 | % | 0.70 | % | 1.97 | % | 0.75 | % | $ | 1,005,270 | 53 | % | |||||||||||||||||||
2018 | (0.43 | ) | $ | 9.49 | (8.61 | )% | 0.70 | % | 1.87 | % | 0.74 | % | $ | 922,210 | 35 | % | |||||||||||||||||||
2017 | (0.22 | ) | $ | 10.84 | 21.24 | % | 0.72 | %(h) | 1.79 | % | 0.76 | % | $ | 824,189 | 48 | % | |||||||||||||||||||
See notes to financial statements.
21
USAA Mutual Funds Trust | Notes to Financial Statements June 30, 2022 | ||||||
(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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.
The accompanying financial statements are those of the USAA Global Managed Volatility Fund (the "Fund"). The Fund offers two classes of shares: Fund Shares and Institutional Shares. The Fund is classified as diversified under the 1940 Act.
Each class of shares of the Fund has substantially identical rights and privileges, except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.
Investment Valuation:
The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:
• Level 1 — quoted prices 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, 2022 | ||||||
(Unaudited)
Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.
In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.
In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Fund's NAV is calculated. The Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. The valuations are categorized as Level 2 in the fair value hierarchy.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stocks | $ | 325,357 | $ | 150,170 | $ | 50 | $ | 475,577 | |||||||||||
Collateral for Securities Loaned | 3,085 | — | — | 3,085 | |||||||||||||||
Total | $ | 328,442 | $ | 150,170 | $ | 50 | $ | 478,662 | |||||||||||
For the six months ended June 30, 2022, there were no significant changes into/out of Level 3.
Real Estate Investment Trusts ("REITs"):
The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.
Investment Companies:
Open-End Funds:
The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.
23
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Derivative Instruments:
Foreign Exchange Currency Contracts:
The Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by the Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Fund does not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Fund's foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of June 30, 2022, the Fund had no open forward foreign exchange currency contracts.
Futures Contracts:
The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions.
The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.
The Fund did not hold futures contracts as of June 30, 2022
24
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Options:
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options on underlying instruments, namely, equity securities, ETFs, and equity indexes, to gain exposure to, or hedge against, changes in the value of equity securities, ETFs, or equity indexes. A call option gives the purchaser the right to buy, and the writer the obligation to sell, the underlying instrument at a specified price during a specified period. Conversely, a put option gives the purchaser the right to sell, and the writer the obligation to buy, the underlying instrument at a specified price during a specified period. The purchaser of the option pays a premium to the writer of the option.
Premiums paid for purchased options are included on the Fund's Statement of Assets and Liabilities as an investment. If a purchased option expires unexercised, the premium paid is recognized as a realized loss. If a purchased call option on a security is exercised, the cost of the security acquired includes the exercise price and the premium paid. If a purchased put option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium paid. The risk associated with purchasing a call or put option is limited to the premium paid.
Premiums received from writing options are included on the Fund's Statement of Assets and Liabilities as a liability. If a written option expires unexercised, the premium received is recognized as a realized gain. If a written call option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium received. If a written put option on a security is exercised, the cost of the security acquired is the exercise price paid less the premium received. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.
In an attempt to reduce the Fund's volatility over time, the Fund may implement a strategy that involves purchasing and selling options on indexes or ETFs that represent the Fund's exposure against a highly correlated stock portfolio. The combination of the diversified stock portfolio with index or ETF options is designed to provide the Fund with consistent returns over a wide range of equity market environments. This strategy may not fully protect the Fund against declines in the portfolio's value, and the Fund could experience a loss. Options on ETFs are similar to options on individual securities in that the holder of the ETF call (or put) has the right to receive (or sell) shares of the underlying ETF at the strike price on or before exercise date. Options on securities indexes are different from options on individual securities in that the holder of the index option has the right to receive an amount of cash equal to the difference between the exercise price and the settlement value of the underlying index as defined by the exchange. If an index option is exercised, the realized gain or loss is determined by the exercise price, the settlement value, and the premium amount paid or received.
Investment Transactions and Related Income:
Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.
Withholding taxes on interest, dividends, and gains as a result of certain investments by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.
Securities Lending:
The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with
25
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.
The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.
The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2022.
| Value of Securities on Loan | Non-Cash Collateral | Cash Collateral | |||||||||
| $ | 4,759 | $ | 1,928 | $ | 3,085 | ||||||
Foreign Currency Translations:
The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statement of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statement of Operations.
Foreign Taxes:
The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.
Federal Income Taxes:
The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.
26
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.
Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
Allocations:
Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.
Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.
3. Purchases and Sales:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows for the Fund (amounts in thousands):
Excluding | |||||||
Purchases | Sales | ||||||
$ | 72,412 | $ | 86,037 | ||||
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 www.vcm.com. As of June 30, 2022, certain fund-of-funds owned total outstanding shares of the Fund as follows:
Affiliated USAA Mutual Funds | Ownership % | ||||||
USAA Target Retirement Income Fund | 8.1 | ||||||
USAA Target Retirement 2030 Fund | 24.1 | ||||||
USAA Target Retirement 2040 Fund | 37.3 | ||||||
USAA Target Retirement 2050 Fund | 25.0 | ||||||
USAA Target Retirement 2060 Fund | 3.5 | ||||||
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, 2022, are reflected on the Statement of Operations as Investment advisory fees.
27
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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, 2022, the Fund had no subadvisers.
Administration and Servicing Fees:
VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15% and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares and Institutional Shares, respectively. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.
Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Sub-Administration fees.
The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.
Transfer Agency Fees:
Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent fees for the Institutional Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.05% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended June 30, 2022, are reflected on the Statement of Operations as Transfer agent fees.
FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.
Distributor/Underwriting Services:
Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust and receives no fee or other compensation for these services.
Other Fees:
Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Custodian fees.
K&L Gates LLP provides legal services to the Trust.
28
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limits (excluding voluntary waivers) were 0.90% and 0.70% for Fund Shares and Institutional Shares, respectively.
Under the terms of the expense limitation agreement, as amended June 29, 2022, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.
As of June 30, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at June 30, 2022.
| Expires 2022 | Expires 2023 | Expires 2024 | Expires 2025 | Total | |||||||||||||||
| $ | 249 | $ | 356 | $ | 424 | $ | 194 | $ | 1,223 | ||||||||||
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, 2022.
Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.
6. Risks:
The Fund may be subject to other risks in addition to these identified risks.
Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.
Equity Risk — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.
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.
29
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Derivatives Risk — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.
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 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.
The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.
Interfund Lending:
The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.
The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.
30
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, 2022.
At the tax year ended December 31, 2021, the Fund had no capital loss carryforwards for the federal income tax purposes.
31
USAA Mutual Funds Trust | Supplemental Information June 30, 2022 | ||||||
(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, 2022, through June 30, 2022.
The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/22 | Actual Ending Account Value 6/30/22 | Hypothetical Ending Account Value 6/30/22 | Actual Expenses Paid During Period 1/1/22- 6/30/22* | Hypothetical Expenses Paid During Period 1/1/22- 6/30/22* | Annualized Expense Ratio During Period 1/1/22- 6/30/22 | ||||||||||||||||||||||
Fund Shares | $ | 1,000.00 | $ | 814.50 | $ | 1,020.33 | $ | 4.05 | $ | 4.51 | 0.90 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 815.10 | 1,021.32 | 3.15 | 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).
32
USAA Mutual Funds Trust | Supplemental Information — continued June 30, 2022 | ||||||
(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 11, 2022, 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.
33
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 | ||||||
www.vcm.com | (800) 235-8396 | ||||||
88395-0822
JUNE 30, 2022
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 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 Investments logo is a trademark of United Services Automobile Association and is 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 website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:
• Detailed performance records
• Daily share prices
• The latest fund news
• Investment resources to help you become a better investor
• A section dedicated to investment professionals
Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, 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 | 65 | ||||||
Statement of Operations | 66 | ||||||
Statements of Changes in Net Assets | 67 | ||||||
Financial Highlights | 68 | ||||||
Notes to Financial Statements | 70 | ||||||
Supplemental Information | 80 | ||||||
Proxy Voting and Portfolio Holdings Information | 80 | ||||||
Expense Example | 80 | ||||||
Liquidity Risk Management Program | 81 | ||||||
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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to match, before fees and expenses, the performance of all small- and mid-cap stocks as measured by the Wilshire 4500 Completion IndexSM (the "Index").
Sector Allocation*:
June 30, 2022
(% 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, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Common Stocks (98.9%) | |||||||||||
Communication Services (2.9%): | |||||||||||
AdTheorent Holding Co., Inc. (a) (b) | 4,338 | $ | 13 | ||||||||
Advantage Solutions, Inc. (a) | 16,998 | 65 | |||||||||
Altice USA, Inc. Class A (a) | 9,582 | 89 | |||||||||
AMC Entertainment Holdings, Inc. (a) (b) | 68,243 | 925 | |||||||||
AMC Networks, Inc. Class A (a) | 3,921 | 114 | |||||||||
Angi, Inc. Class A (a) | 9,180 | 42 | |||||||||
Arena Group Holdings, Inc. The (a) (b) | 552 | 5 | |||||||||
Atn International, Inc. | 1,240 | 58 | |||||||||
Ballantyne Strong, Inc. (a) | 1,841 | 4 | |||||||||
Bandwidth, Inc. Class A (a) | 606 | 11 | |||||||||
Boston Omaha Corp. Class A (a) | 2,797 | 58 | |||||||||
Brooklyn ImmunoTherapeutics, Inc. (a) (b) | 4,440 | 2 | |||||||||
Bumble, Inc. Class A (a) | 12,920 | 364 | |||||||||
BuzzFeed, Inc. (a) | 8,181 | 13 | |||||||||
Cable One, Inc. | 591 | 762 | |||||||||
Cardlytics, Inc. (a) | 4,507 | 101 | |||||||||
Cargurus, Inc. (a) | 1,164 | 25 | |||||||||
Cars.com, Inc. (a) | 7,420 | 70 | |||||||||
Cinedigm Corp. Class A (a) (b) | 23,338 | 11 | |||||||||
Cinemark Holdings, Inc. (a) | 13,199 | 198 | |||||||||
Clear Channel Outdoor Holdings, Inc. (a) | 63,427 | 68 | |||||||||
Cogent Communications Holdings, Inc. (c) | 5,119 | 311 | |||||||||
comScore, Inc. (a) | 10,450 | 21 | |||||||||
Consolidated Communications Holdings, Inc. (a) | 9,079 | 64 | |||||||||
DallasNews Corp. | 641 | 4 | |||||||||
DHI Group, Inc. (a) | 6,463 | 32 | |||||||||
Dolphin Entertainment, Inc. (a) | 1,178 | 4 | |||||||||
EchoStar Corp. Class A (a) | 6,355 | 123 | |||||||||
Emerald Holding, Inc. (a) | 2,465 | 10 | |||||||||
Endeavor Group Holdings, Inc. Class A (a) | 2,902 | 60 | |||||||||
Entercom Communications Corp. (a) | 16,127 | 15 | |||||||||
Entravision Communications Corp. Class A | 8,591 | 39 | |||||||||
Eventbrite, Inc. Class A (a) | 1,649 | 17 | |||||||||
EverQuote, Inc. Class A (a) | 751 | 7 | |||||||||
Frontier Communications Parent, Inc. (a) | 32,347 | 761 | |||||||||
Gaia, Inc. (a) | 1,140 | 5 | |||||||||
Gannett Co., Inc. (a) | 16,475 | 48 | |||||||||
Globalstar, Inc. (a) (b) | 101,139 | 124 | |||||||||
Gogo, Inc. (a) | 7,397 | 120 | |||||||||
Gray Television, Inc. | 9,948 | 168 | |||||||||
Harte-Hanks, Inc. (a) | 801 | 10 | |||||||||
Hemisphere Media Group, Inc. (a) | 2,442 | 19 | |||||||||
IAC/InterActiveCorp (a) | 8,585 | 652 | |||||||||
IDT Corp. Class B (a) | 2,988 | 75 | |||||||||
iHeartMedia, Inc. Class A (a) | 17,407 | 137 | |||||||||
Innovid Corp. (a) | 9,094 | 15 | |||||||||
Iridium Communications, Inc. (a) | 13,666 | 513 | |||||||||
John Wiley & Sons, Inc. Class A | 4,306 | 206 | |||||||||
KORE Group Holdings, Inc. (a) | 4,714 | 14 | |||||||||
See notes to financial statements.
3
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Lee Enterprises, Inc. (a) | 789 | $ | 15 | ||||||||
Liberty Media Corp.-Liberty Braves Class A (a) | 1,128 | 28 | |||||||||
Liberty Media Corp.-Liberty Braves Class C (a) | 4,906 | 118 | |||||||||
Liberty Media Corp.-Liberty SiriusXM Class A (a) | 13,131 | 473 | |||||||||
Liberty Media Corp.-Liberty SiriusXM Class C (a) | 22,603 | 815 | |||||||||
Liberty TripAdvisor Holdings, Inc. Class A (a) | 8,526 | 6 | |||||||||
Lions Gate Entertainment Corp. Class A (a) (b) | 10,998 | 102 | |||||||||
Lions Gate Entertainment Corp. Class B (a) | 14,010 | 124 | |||||||||
LiveOne, Inc. (a) | 8,171 | 7 | |||||||||
Loyalty Ventures, Inc. (a) | 2,802 | 10 | |||||||||
Madison Square Garden Entertainment Corp. (a) | 3,702 | 195 | |||||||||
Madison Square Garden Sports Corp. (a) | 2,555 | 386 | |||||||||
Magnite, Inc. (a) | 13,343 | 118 | |||||||||
MediaAlpha, Inc. Class A (a) | 1,378 | 14 | |||||||||
Mediaco Holding, Inc. (a) | 797 | 2 | |||||||||
National CineMedia, Inc. | 10,682 | 10 | |||||||||
NerdWallet, Inc. Class A (a) | 3,775 | 30 | |||||||||
Nexstar Media Group, Inc. Class A | 5,393 | 878 | |||||||||
Nextdoor Holdings, Inc. (a) | 10,994 | 36 | |||||||||
NextPlay Technologies, Inc. (a) | 10,096 | 4 | |||||||||
Ooma, Inc. (a) | 3,206 | 38 | |||||||||
Outbrain, Inc. (a) (b) | 5,516 | 28 | |||||||||
Paramount Global Class A | 1,317 | 36 | |||||||||
Pinterest, Inc. Class A (a) | 13,026 | 237 | |||||||||
PubMatic, Inc. Class A (a) | 879 | 14 | |||||||||
QuinStreet, Inc. (a) | 5,853 | 59 | |||||||||
Reading International, Inc. Class A (a) | 2,696 | 10 | |||||||||
Redbox Entertainment, Inc. (a) | 1,660 | 12 | |||||||||
Reservoir Media, Inc. (a) | 4,507 | 29 | |||||||||
ROBLOX Corp. Class A (a) | 28,285 | 929 | |||||||||
Roku, Inc. (a) (c) | 2,867 | 235 | |||||||||
Saga Communications, Inc. Class A | 494 | 12 | |||||||||
Salem Media Group, Inc. (a) | 1,798 | 4 | |||||||||
Scholastic Corp. | 3,688 | 133 | |||||||||
Sciplay Corp. Class A (a) | 3,063 | 43 | |||||||||
Shenandoah Telecommunications Co. | 5,978 | 133 | |||||||||
Sinclair Broadcast Group, Inc. Class A | 7,947 | 162 | |||||||||
Sirius XM Holdings, Inc. (b) | 105,053 | 644 | |||||||||
Skillz, Inc. (a) (b) | 38,589 | 48 | |||||||||
Snap, Inc. Class A (a) | 165,016 | 2,167 | |||||||||
Society Pass, Inc. (a) | 2,074 | 4 | |||||||||
Spok Holdings, Inc. | 2,354 | 15 | |||||||||
SRAX, Inc. (a) | 3,124 | 10 | |||||||||
Starry Group Holdings, Inc. Class A (a) (b) | 16,851 | 69 | |||||||||
Super League Gaming, Inc. (a) (b) | 3,891 | 4 | |||||||||
TechTarget, Inc. (a) | 3,115 | 205 | |||||||||
TEGNA, Inc. | 28,175 | 591 | |||||||||
Telephone & Data Systems, Inc. | 11,986 | 189 | |||||||||
The EW Scripps Co. Class A (a) | 7,607 | 95 | |||||||||
The Marcus Corp. (a) (b) | 2,311 | 34 | |||||||||
The New York Times Co. Class A | 14,823 | 414 | |||||||||
Townsquare Media, Inc. Class A (a) | 1,302 | 11 | |||||||||
See notes to financial statements.
4
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Travelzoo (a) | 939 | $ | 6 | ||||||||
TripAdvisor, Inc. (a) | 14,431 | 257 | |||||||||
Troika Media Group, Inc. (a) (b) | 5,585 | 4 | |||||||||
TrueCar, Inc. (a) | 8,384 | 22 | |||||||||
United States Cellular Corp. (a) | 2,045 | 59 | |||||||||
Urban One, Inc. (a) | 2,731 | 12 | |||||||||
Urban One, Inc. (a) | 1,242 | 7 | |||||||||
Vimeo, Inc. (a) | 14,015 | 84 | |||||||||
Warner Music Group Corp. Class A | 10,850 | 264 | |||||||||
WideOpenWest, Inc. (a) | 7,896 | 144 | |||||||||
World Wrestling Entertainment, Inc. Class A (b) | 4,701 | 294 | |||||||||
Yelp, Inc. (a) | 8,961 | 249 | |||||||||
Zedge, Inc. Class B (a) | 1,378 | 4 | |||||||||
Ziff Davis, Inc. (a) | 5,981 | 446 | |||||||||
ZipRecruiter, Inc. (a) | 8,602 | 127 | |||||||||
ZoomInfo Technologies, Inc. (a) | 36,267 | 1,205 | |||||||||
19,741 | |||||||||||
Consumer Discretionary (9.3%): | |||||||||||
1-800-Flowers.com, Inc. Class A (a) | 3,811 | 36 | |||||||||
1847 Goedeker, Inc. (a) | 14,198 | 17 | |||||||||
1stdibs.com, Inc. (a) | 1,125 | 6 | |||||||||
2U, Inc. (a) | 8,879 | 93 | |||||||||
Abercrombie & Fitch Co. (a) | 5,879 | 99 | |||||||||
Academy Sports & Outdoors, Inc. | 8,484 | 302 | |||||||||
Accel Entertainment, Inc. (a) | 9,312 | 99 | |||||||||
Acushnet Holdings Corp. | 3,857 | 161 | |||||||||
Adtalem Global Education, Inc. (a) | 3,807 | 137 | |||||||||
Airbnb, Inc. Class A (a) | 8,164 | 727 | |||||||||
aka Brands Holding Corp. (a) | 1,628 | 5 | |||||||||
Allbirds, Inc. Class A (a) (b) | 6,882 | 27 | |||||||||
American Axle & Manufacturing Holdings, Inc. (a) | 12,707 | 96 | |||||||||
American Eagle Outfitters, Inc. (b) | 16,659 | 186 | |||||||||
American Outdoor Brands, Inc. (a) | 1,765 | 17 | |||||||||
American Public Education, Inc. (a) | 1,829 | 30 | |||||||||
America's Car-Mart, Inc. (a) | 726 | 73 | |||||||||
Aramark | 31,384 | 961 | |||||||||
Arcimoto, Inc. (a) (b) | 4,088 | 13 | |||||||||
Arhaus, Inc. (a) | 2,324 | 10 | |||||||||
Ark Restaurants Corp. | 276 | 5 | |||||||||
Asbury Automotive Group, Inc. (a) | 2,645 | 448 | |||||||||
Aspen Group, Inc. (a) | 3,186 | 3 | |||||||||
Aterian, Inc. (a) (b) | 8,357 | 18 | |||||||||
Autoliv, Inc. | 10,676 | 764 | |||||||||
AutoNation, Inc. (a) | 5,164 | 577 | |||||||||
AYRO, Inc. (a) | 4,876 | 4 | |||||||||
Bally's Corp. (a) (b) | 5,046 | 100 | |||||||||
Barnes & Noble Education, Inc. (a) | 5,412 | 16 | |||||||||
Bassett Furniture Industries, Inc. (b) | 1,278 | 23 | |||||||||
BBQ Holdings, Inc. (a) | 1,512 | 16 | |||||||||
Beazer Homes USA, Inc. (a) | 3,891 | 47 | |||||||||
Bed Bath & Beyond, Inc. (a) (b) | 5,162 | 26 | |||||||||
See notes to financial statements.
5
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Big 5 Sporting Goods Corp. (b) | 2,950 | $ | 33 | ||||||||
Big Lots, Inc. (b) | 2,489 | 52 | |||||||||
Biglari Holdings, Inc. Class B (a) | 290 | 36 | |||||||||
BJ's Restaurants, Inc. (a) | 2,274 | 49 | |||||||||
Bloomin' Brands, Inc. | 10,593 | 176 | |||||||||
Bluegreen Vacations Holding Corp. | 2,060 | 51 | |||||||||
Boot Barn Holdings, Inc. (a) | 3,594 | 248 | |||||||||
Bowlero Corp. (a) (b) | 5,635 | 60 | |||||||||
Boxed, Inc. (a) (b) | 7,159 | 13 | |||||||||
Boyd Gaming Corp. | 10,777 | 536 | |||||||||
Bright Horizons Family Solutions, Inc. (a) | 6,761 | 571 | |||||||||
Brilliant Earth Group, Inc. (a) | 1,205 | 6 | |||||||||
Brinker International, Inc. (a) | 4,436 | 98 | |||||||||
Brunswick Corp. | 9,789 | 640 | |||||||||
Build-A-Bear Workshop, Inc. | 2,050 | 34 | |||||||||
Burlington Stores, Inc. (a) | 8,077 | 1,100 | |||||||||
Caleres, Inc. | 4,535 | 119 | |||||||||
Callaway Golf Co. (a) | 18,681 | 381 | |||||||||
Camping World Holdings, Inc. Class A (b) | 4,090 | 88 | |||||||||
CarParts.com, Inc. (a) | 7,218 | 50 | |||||||||
Carriage Services, Inc. | 1,654 | 66 | |||||||||
Carrols Restaurant Group, Inc. | 5,014 | 10 | |||||||||
Carter's, Inc. | 4,812 | 339 | |||||||||
Carvana Co. (a) (b) | 1,460 | 33 | |||||||||
Cavco Industries, Inc. (a) | 903 | 177 | |||||||||
Century Casinos, Inc. (a) | 3,938 | 28 | |||||||||
Century Communities, Inc. | 3,702 | 166 | |||||||||
Charles & Colvard Ltd. (a) | 3,968 | 5 | |||||||||
Chegg, Inc. (a) | 15,034 | 282 | |||||||||
Chewy, Inc. Class A (a) (b) | 7,092 | 246 | |||||||||
Chico's FAS, Inc. (a) | 14,629 | 73 | |||||||||
Choice Hotels International, Inc. | 5,094 | 569 | |||||||||
Churchill Downs, Inc. | 4,008 | 768 | |||||||||
Chuy's Holdings, Inc. (a) | 1,624 | 32 | |||||||||
Citi Trends, Inc. (a) | 1,146 | 27 | |||||||||
Clarus Corp. | 3,296 | 63 | |||||||||
Columbia Sportswear Co. | 5,566 | 398 | |||||||||
Conn's, Inc. (a) | 1,105 | 9 | |||||||||
Contextlogic, Inc. Class A (a) (b) | 7,464 | 12 | |||||||||
Coursera, Inc. (a) | 9,917 | 141 | |||||||||
Cracker Barrel Old Country Store, Inc. | 2,941 | 246 | |||||||||
Cricut, Inc. Class A (a) (b) | 2,183 | 13 | |||||||||
Crocs, Inc. (a) | 6,922 | 337 | |||||||||
Crown Crafts, Inc. | 1,332 | 8 | |||||||||
Culp, Inc. | 1,615 | 7 | |||||||||
Dana, Inc. | 18,123 | 255 | |||||||||
Dave & Buster's Entertainment, Inc. (a) | 5,255 | 172 | |||||||||
Deckers Outdoor Corp. (a) | 2,938 | 750 | |||||||||
Delta Apparel, Inc. (a) | 813 | 23 | |||||||||
Denny's Corp. (a) | 8,151 | 71 | |||||||||
Designer Brands, Inc. Class A | 7,524 | 98 | |||||||||
Destination XL Group, Inc. (a) | 8,406 | 29 | |||||||||
See notes to financial statements.
6
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Dick's Sporting Goods, Inc. (b) | 9,052 | $ | 682 | ||||||||
Dillard's, Inc. Class A (b) | 1,307 | 288 | |||||||||
Dine Brands Global, Inc. | 2,025 | 132 | |||||||||
DoorDash, Inc. Class A (a) | 4,934 | 317 | |||||||||
Dorman Products, Inc. (a) | 3,139 | 344 | |||||||||
DraftKings, Inc. (a) (b) | 99,020 | 1,156 | |||||||||
Dream Finders Homes, Inc. Class A (a) | 1,431 | 15 | |||||||||
Drive Shack, Inc. (a) | 9,475 | 13 | |||||||||
Duluth Holdings, Inc. Class B (a) | 3,130 | 30 | |||||||||
Duolingo, Inc. (a) (b) | 660 | 58 | |||||||||
Dutch Bros, Inc. Class A (a) (b) | 2,991 | 95 | |||||||||
EBET, Inc. (a) (b) | 1,300 | 3 | |||||||||
Educational Development Corp. | 944 | 4 | |||||||||
El Pollo Loco Holdings, Inc. (a) | 2,376 | 23 | |||||||||
Electric Last Mile Solutions I (a) (b) | 9,061 | 1 | |||||||||
Enjoy Technology, Inc. (a) | 9,158 | 2 | |||||||||
Envela Corp. (a) | 1,099 | 8 | |||||||||
Envirotech Vehicles, Inc. (a) | 1,791 | 9 | |||||||||
Escalade, Inc. | 1,452 | 19 | |||||||||
Ethan Allen Interiors, Inc. | 2,705 | 55 | |||||||||
European Wax Center, Inc. Class A | 1,517 | 27 | |||||||||
Everi Holdings, Inc. (a) | 11,137 | 182 | |||||||||
EVgo, Inc. (a) (b) | 9,673 | 58 | |||||||||
Express, Inc. (a) | 8,577 | 17 | |||||||||
F45 Training Holdings, Inc. (a) (b) | 4,261 | 17 | |||||||||
Faraday Future Intelligent Electric, Inc. (a) (b) | 25,471 | 66 | |||||||||
FAT Brands, Inc. (b) | 693 | 5 | |||||||||
Fiesta Restaurant Group, Inc. (a) | 1,895 | 14 | |||||||||
First Watch Restaurant Group, Inc. (a) | 1,744 | 25 | |||||||||
Five Below, Inc. (a) | 6,474 | 734 | |||||||||
Flexsteel Industries, Inc. | 634 | 11 | |||||||||
Floor & Decor Holdings, Inc. Class A (a) | 12,344 | 777 | |||||||||
Foot Locker, Inc. | 9,721 | 245 | |||||||||
Fossil Group, Inc. (a) | 4,728 | 24 | |||||||||
Fox Factory Holding Corp. (a) | 4,680 | 377 | |||||||||
Franchise Group, Inc. | 4,253 | 149 | |||||||||
Frontdoor, Inc. (a) | 10,979 | 264 | |||||||||
Full House Resorts, Inc. (a) | 4,586 | 28 | |||||||||
Funko, Inc. Class A (a) | 1,572 | 35 | |||||||||
GameStop Corp. Class A (a) (b) | 8,795 | 1,076 | |||||||||
Genesco, Inc. (a) | 1,460 | 73 | |||||||||
Gentex Corp. | 30,301 | 848 | |||||||||
Gentherm, Inc. (a) | 4,005 | 250 | |||||||||
G-III Apparel Group Ltd. (a) | 4,781 | 97 | |||||||||
Global Business Travel Group I (a) | 8,245 | 52 | |||||||||
Golden Entertainment, Inc. (a) | 2,730 | 108 | |||||||||
GoPro, Inc. Class A (a) | 13,688 | 76 | |||||||||
Graham Holdings Co. Class B | 550 | 312 | |||||||||
Grand Canyon Education, Inc. (a) | 3,679 | 347 | |||||||||
Green Brick Partners, Inc. (a) | 6,397 | 125 | |||||||||
Group 1 Automotive, Inc. | 1,960 | 333 | |||||||||
Groupon, Inc. (a) (b) | 2,779 | 31 | |||||||||
See notes to financial statements.
7
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Guess?, Inc. (b) | 3,612 | $ | 62 | ||||||||
H&R Block, Inc. | 20,572 | 727 | |||||||||
Hall of Fame Resort & Entertainment Co. (a) | 11,550 | 7 | |||||||||
Hamilton Beach Brands Holding Co. Class A | 694 | 9 | |||||||||
Hanesbrands, Inc. | 44,095 | 454 | |||||||||
Harbor Custom Development, Inc. (a) | 1,641 | 2 | |||||||||
Harley-Davidson, Inc. | 17,392 | 551 | |||||||||
Haverty Furniture Cos., Inc. (b) | 2,090 | 48 | |||||||||
Hayward Holdings, Inc. (a) | 17,182 | 247 | |||||||||
Helen of Troy Ltd. (a) | 1,978 | 321 | |||||||||
Hibbett, Inc. | 1,241 | 54 | |||||||||
Hilton Grand Vacations, Inc. (a) | 15,712 | 561 | |||||||||
Holley, Inc. (a) (b) | 5,142 | 54 | |||||||||
Hooker Furniture Corp. | 1,310 | 20 | |||||||||
Horizon Global Corp. (a) | 2,329 | 4 | |||||||||
Hovnanian Enterprises, Inc. Class A (a) | 703 | 30 | |||||||||
Hyatt Hotels Corp. Class A (a) | 3,875 | 286 | |||||||||
HyreCar, Inc. (a) | 2,850 | 2 | |||||||||
imedia Brands, Inc. (a) | 2,708 | 3 | |||||||||
Inspired Entertainment, Inc. (a) | 3,552 | 31 | |||||||||
Installed Building Products, Inc. | 2,964 | 246 | |||||||||
iRobot Corp. (a) | 2,897 | 106 | |||||||||
J. Jill, Inc. (a) | 668 | 12 | |||||||||
Jack in the Box, Inc. | 2,514 | 141 | |||||||||
JAKKS Pacific, Inc. (a) | 810 | 10 | |||||||||
Jerash Holdings US, Inc. | 817 | 4 | |||||||||
JOANN, Inc. (b) | 1,599 | 12 | |||||||||
Johnson Outdoors, Inc. Class A | 930 | 57 | |||||||||
KB Home | 10,210 | 291 | |||||||||
Kirkland's, Inc. (a) | 1,630 | 6 | |||||||||
Kohl's Corp. (c) | 14,633 | 522 | |||||||||
Kontoor Brands, Inc. | 6,141 | 205 | |||||||||
Koss Corp. (a) | 760 | 5 | |||||||||
Krispy Kreme, Inc. (b) | 11,050 | 150 | |||||||||
Kura Sushi USA, Inc. Class A (a) | 455 | 23 | |||||||||
Lakeland Industries, Inc. (a) | 997 | 15 | |||||||||
Lands' End, Inc. (a) | 1,678 | 18 | |||||||||
Latham Group, Inc. (a) | 2,185 | 15 | |||||||||
Laureate Education, Inc. Class A | 18,418 | 213 | |||||||||
La-Z-Boy, Inc. | 5,163 | 122 | |||||||||
Lazydays Holdings, Inc. (a) (b) | 1,233 | 15 | |||||||||
LCI Industries | 2,858 | 320 | |||||||||
Lear Corp. | 7,727 | 973 | |||||||||
Legacy Housing Corp. (a) | 1,226 | 16 | |||||||||
Leggett & Platt, Inc. | 16,887 | 584 | |||||||||
Lennar Corp. Class B | 2,022 | 119 | |||||||||
Leslie's, Inc. (a) | 18,750 | 285 | |||||||||
Levi Strauss & Co. Class A | 5,600 | 91 | |||||||||
Life Time Group Holdings, Inc. (a) | 7,894 | 102 | |||||||||
Lifetime Brands, Inc. | 1,994 | 22 | |||||||||
Light & Wonder, Inc. (a) | 10,887 | 512 | |||||||||
Lincoln Educational Services Corp. (a) | 3,602 | 23 | |||||||||
See notes to financial statements.
8
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Liquidity Services, Inc. (a) | 3,250 | $ | 44 | ||||||||
Lithia Motors, Inc. | 3,596 | 988 | |||||||||
LMP Automotive Holdings, Inc. (a) | 998 | 5 | |||||||||
Lottery.com, Inc. (a) | 5,136 | 6 | |||||||||
Luby S Incorpo (a) (d) (e) | 2,351 | 4 | |||||||||
Lucid Group, Inc. (a) (b) | 89,028 | 1,528 | |||||||||
Lulu's Fashion Lounge Holdings, Inc. (a) | 330 | 4 | |||||||||
Lumber Liquidators Holdings, Inc. (a) | 3,014 | 28 | |||||||||
M/I Homes, Inc. (a) | 2,823 | 112 | |||||||||
Macy's, Inc. | 35,614 | 652 | |||||||||
Malibu Boats, Inc. Class A (a) | 2,421 | 128 | |||||||||
Marine Products Corp. | 2,112 | 20 | |||||||||
MarineMax, Inc. (a) | 2,543 | 92 | |||||||||
Marriott Vacations Worldwide Corp. | 5,357 | 622 | |||||||||
MasterCraft Boat Holdings, Inc. (a) | 2,055 | 43 | |||||||||
Mattel, Inc. (a) | 28,225 | 630 | |||||||||
MDC Holdings, Inc. | 5,400 | 174 | |||||||||
Membership Collective Group, Inc. (a) (b) | 4,248 | 28 | |||||||||
Meritage Homes Corp. (a) | 4,280 | 310 | |||||||||
Mister Car Wash, Inc. (a) (b) | 11,890 | 129 | |||||||||
Modine Manufacturing Co. (a) | 6,347 | 67 | |||||||||
Monarch Casino & Resort, Inc. (a) | 1,434 | 84 | |||||||||
Monro, Inc. | 3,490 | 150 | |||||||||
Motorcar Parts of America, Inc. (a) | 1,826 | 24 | |||||||||
Movado Group, Inc. | 1,750 | 54 | |||||||||
Murphy USA, Inc. | 3,061 | 713 | |||||||||
Nathan's Famous, Inc. | 378 | 22 | |||||||||
National Vision Holdings, Inc. (a) | 9,724 | 267 | |||||||||
Nautilus, Inc. (a) (b) | 4,128 | 7 | |||||||||
Nerdy, Inc. (a) | 12,059 | 26 | |||||||||
Noodles & Co. (a) | 4,315 | 20 | |||||||||
Nordstrom, Inc. | 13,884 | 293 | |||||||||
Ollie's Bargain Outlet Holdings, Inc. (a) | 4,848 | 285 | |||||||||
OneWater Marine, Inc. (a) | 647 | 21 | |||||||||
Overstock.com, Inc. (a) | 4,983 | 125 | |||||||||
Oxford Industries, Inc. | 1,991 | 177 | |||||||||
Papa John's International, Inc. | 3,623 | 303 | |||||||||
Party City Holdco, Inc. (a) | 14,856 | 20 | |||||||||
Patrick Industries, Inc. | 2,555 | 132 | |||||||||
Peloton Interactive, Inc. Class A (a) | 6,157 | 57 | |||||||||
Penske Automotive Group, Inc. | 3,946 | 413 | |||||||||
Perdoceo Education Corp. (a) | 8,117 | 96 | |||||||||
Petco Health & Wellness Co., Inc. (a) (b) | 8,949 | 132 | |||||||||
PetMed Express, Inc. (b) (c) | 2,507 | 50 | |||||||||
Planet Fitness, Inc. Class A (a) | 10,746 | 731 | |||||||||
PlayAGS, Inc. (a) | 3,442 | 18 | |||||||||
Polaris, Inc. | 7,356 | 730 | |||||||||
Portillo's, Inc. Class A (a) (b) | 2,813 | 46 | |||||||||
Poshmark, Inc. Class A (a) | 988 | 10 | |||||||||
Potbelly Corp. (a) | 3,366 | 19 | |||||||||
PowerSchool Holdings, Inc. (a) | 5,567 | 67 | |||||||||
Purple Innovation, Inc. (a) (b) | 3,736 | 11 | |||||||||
See notes to financial statements.
9
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
QuantumScape Corp. (a) (b) | 27,211 | $ | 234 | ||||||||
Quotient Technology, Inc. (a) | 11,756 | 35 | |||||||||
Qurate Retail, Inc. Class A | 48,297 | 139 | |||||||||
RCI Hospitality Holdings, Inc. | 1,087 | 53 | |||||||||
Red Robin Gourmet Burgers, Inc. (a) | 1,577 | 13 | |||||||||
Red Rock Resorts, Inc. Class A | 8,002 | 267 | |||||||||
Regis Corp. (a) (b) | 5,819 | 6 | |||||||||
Remark Holdings, Inc. (a) (b) | 13,887 | 6 | |||||||||
Rent the Runway, Inc. Class A (a) | 2,392 | 7 | |||||||||
Rent-A-Center, Inc. | 5,734 | 112 | |||||||||
Revolve Group, Inc. (a) | 1,751 | 45 | |||||||||
RH (a) | 2,184 | 464 | |||||||||
Rivian Automotive, Inc. Class A (a) | 21,518 | 554 | |||||||||
Rocky Brands, Inc. | 844 | 29 | |||||||||
Rover Group, Inc. (a) (b) | 9,714 | 37 | |||||||||
RumbleON, Inc. Class B (a) | 1,513 | 22 | |||||||||
Ruth's Hospitality Group, Inc. | 3,184 | 52 | |||||||||
Sally Beauty Holdings, Inc. (a) | 10,523 | 125 | |||||||||
SeaWorld Entertainment, Inc. (a) | 5,104 | 226 | |||||||||
Service Corp. International | 18,063 | 1,249 | |||||||||
Shake Shack, Inc. Class A (a) | 2,251 | 89 | |||||||||
Shoe Carnival, Inc. | 2,154 | 47 | |||||||||
Shutterstock, Inc. | 2,955 | 169 | |||||||||
Signet Jewelers Ltd. | 5,594 | 299 | |||||||||
Six Flags Entertainment Corp. (a) | 10,080 | 219 | |||||||||
Skechers USA, Inc. Class A (a) | 13,130 | 467 | |||||||||
Skyline Champion Corp. (a) | 7,506 | 356 | |||||||||
Sleep Number Corp. (a) | 2,376 | 74 | |||||||||
Smith & Wesson Brands, Inc. | 5,883 | 77 | |||||||||
Snap One Holdings Corp. (a) (b) | 1,814 | 17 | |||||||||
Solid Power, Inc. (a) (b) | 17,363 | 93 | |||||||||
Solo Brands, Inc. Class A (a) | 1,864 | 8 | |||||||||
Sonder Holdings, Inc. (a) (b) | 25,033 | 26 | |||||||||
Sonic Automotive, Inc. Class A | 1,836 | 67 | |||||||||
Sonos, Inc. (a) | 15,271 | 275 | |||||||||
Sportsman's Warehouse Holdings, Inc. (a) | 5,796 | 56 | |||||||||
Standard Motor Products, Inc. | 2,639 | 119 | |||||||||
Steven Madden Ltd. | 9,649 | 311 | |||||||||
Stitch Fix, Inc. Class A (a) | 1,227 | 6 | |||||||||
StoneMor, Inc. (a) | 15,981 | 55 | |||||||||
Stoneridge, Inc. (a) | 2,918 | 50 | |||||||||
Strategic Education, Inc. | 2,316 | 163 | |||||||||
Strattec Strategy Corp. (a) | 436 | 14 | |||||||||
Stride, Inc. (a) | 5,647 | 230 | |||||||||
Sturm Ruger & Co., Inc. (c) | 2,107 | 134 | |||||||||
Superior Group of Cos., Inc. | 1,774 | 31 | |||||||||
Superior Industries International, Inc. (a) | 2,529 | 10 | |||||||||
Sweetgreen, Inc. Class A (a) | 1,848 | 22 | |||||||||
Sypris Solutions, Inc. (a) | 1,835 | 4 | |||||||||
Target Hospitality Corp. (a) | 4,496 | 26 | |||||||||
Taylor Morrison Home Corp. (a) | 13,278 | 310 | |||||||||
Tempur Sealy International, Inc. | 19,482 | 416 | |||||||||
See notes to financial statements.
10
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Tenneco, Inc. Class A (a) | 11,246 | $ | 193 | ||||||||
Terminix Global Holdings, Inc. (a) | 13,998 | 569 | |||||||||
Texas Roadhouse, Inc. | 8,620 | 631 | |||||||||
The Aaron's Co., Inc. | 3,626 | 53 | |||||||||
The Beachbody Co., Inc. (a) (b) | 18,769 | 23 | |||||||||
The Buckle, Inc. | 4,154 | 115 | |||||||||
The Cato Corp. Class A | 2,540 | 29 | |||||||||
The Cheesecake Factory, Inc. | 5,341 | 141 | |||||||||
The Children's Place, Inc. (a) | 1,369 | 53 | |||||||||
The Container Store Group, Inc. (a) | 4,982 | 31 | |||||||||
The Dixie Group, Inc. (a) | 1,745 | 2 | |||||||||
The Gap, Inc. | 26,880 | 221 | |||||||||
The Goodyear Tire & Rubber Co. (a) | 35,315 | 378 | |||||||||
The Lovesac Co. (a) | 1,808 | 50 | |||||||||
The ODP Corp. (a) | 5,599 | 169 | |||||||||
The RealReal, Inc. (a) | 11,535 | 29 | |||||||||
The Wendy's Co. | 27,990 | 528 | |||||||||
Thor Industries, Inc. | 5,645 | 422 | |||||||||
ThredUp, Inc. Class A (a) | 7,098 | 18 | |||||||||
Tilly's, Inc. Class A | 1,674 | 12 | |||||||||
Toll Brothers, Inc. | 14,007 | 625 | |||||||||
TopBuild Corp. (a) | 3,869 | 647 | |||||||||
Torrid Holdings, Inc. (a) (b) | 2,376 | 10 | |||||||||
Traeger, Inc. (a) | 4,319 | 18 | |||||||||
Travel + Leisure Co. | 10,321 | 401 | |||||||||
TravelCenters of America, Inc. (a) | 1,815 | 63 | |||||||||
Tri Pointe Homes, Inc. (a) | 12,789 | 216 | |||||||||
Tupperware Brands Corp. (a) | 4,639 | 29 | |||||||||
Udemy, Inc. (a) | 8,437 | 86 | |||||||||
Under Armour, Inc. Class A (a) | 26,328 | 219 | |||||||||
Under Armour, Inc. Class C (a) | 29,148 | 221 | |||||||||
Unifi, Inc. (a) | 2,053 | 29 | |||||||||
Universal Electronics, Inc. (a) | 1,493 | 38 | |||||||||
Universal Technical Institute, Inc. (a) | 4,318 | 31 | |||||||||
Urban Outfitters, Inc. (a) | 5,780 | 108 | |||||||||
Vail Resorts, Inc. | 5,072 | 1,106 | |||||||||
Vera Bradley, Inc. (a) | 3,238 | 14 | |||||||||
Victoria's Secret & Co. (a) | 10,213 | 286 | |||||||||
Vince Holding Corp. (a) | 513 | 4 | |||||||||
Vinco Ventures, Inc. (a) (b) | 31,445 | 43 | |||||||||
Vista Outdoor, Inc. (a) | 6,798 | 190 | |||||||||
Visteon Corp. (a) | 3,279 | 340 | |||||||||
Vivid Seats, Inc. Class A (b) | 10,818 | 81 | |||||||||
Volcon, Inc. (a) | 1,736 | 3 | |||||||||
Volta, Inc. (a) (b) | 15,728 | 20 | |||||||||
VOXX International Corp. (a) | 2,158 | 20 | |||||||||
Vroom, Inc. (a) (b) | 16,487 | 21 | |||||||||
Warby Parker, Inc. Class A (a) (b) | 11,048 | 124 | |||||||||
Wayfair, Inc. Class A (a) (b) | 6,339 | 276 | |||||||||
Weber, Inc. Class A (b) | 2,425 | 17 | |||||||||
Weyco Group, Inc. | 936 | 23 | |||||||||
Williams-Sonoma, Inc. | 6,101 | 677 | |||||||||
See notes to financial statements.
11
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Wingstop, Inc. | 3,318 | $ | 248 | ||||||||
Winmark Corp. | 300 | 59 | |||||||||
Winnebago Industries, Inc. | 3,593 | 174 | |||||||||
Wolverine World Wide, Inc. | 9,642 | 194 | |||||||||
WW International, Inc. (a) | 6,127 | 39 | |||||||||
Wyndham Hotels & Resorts, Inc. | 10,999 | 723 | |||||||||
Xometry, Inc. Class A (a) (b) | 924 | 31 | |||||||||
Xponential Fitness, Inc. Class A (a) | 1,374 | 17 | |||||||||
XpresSpa Group, Inc. (a) | 13,130 | 9 | |||||||||
YETI Holdings, Inc. (a) | 10,290 | 445 | |||||||||
Zovio, Inc. (a) | 4,265 | 4 | |||||||||
Zumiez, Inc. (a) | 1,803 | 47 | |||||||||
63,956 | |||||||||||
Consumer Staples (3.1%): | |||||||||||
22nd Century Group, Inc. (a) (b) | 20,341 | 43 | |||||||||
Albertsons Cos., Inc. Class A | 41,352 | 1,105 | |||||||||
Alico, Inc. | 671 | 24 | |||||||||
Arcadia Biosciences, Inc. (a) | 2,963 | 3 | |||||||||
B&G Foods, Inc. (b) | 8,323 | 198 | |||||||||
BellRing Brands, Inc. (a) | 15,900 | 396 | |||||||||
Better Choice Co., Inc. (a) | 3,302 | 7 | |||||||||
Beyond Meat, Inc. (a) (b) | 7,768 | 186 | |||||||||
BJ's Wholesale Club Holdings, Inc. (a) | 15,003 | 935 | |||||||||
Blue Apron Holdings, Inc. Class A (a) (b) | 1,745 | 6 | |||||||||
Bunge Ltd. | 17,846 | 1,618 | |||||||||
Calavo Growers, Inc. | 1,966 | 82 | |||||||||
Cal-Maine Foods, Inc. | 2,821 | 139 | |||||||||
Casey's General Stores, Inc. | 4,224 | 781 | |||||||||
Celsius Holdings, Inc. (a) | 5,295 | 346 | |||||||||
Central Garden & Pet Co. (a) | 989 | 42 | |||||||||
Central Garden & Pet Co. Class A (a) | 5,637 | 226 | |||||||||
Coca-Cola Consolidated, Inc. | 529 | 298 | |||||||||
Coffee Holding Co., Inc. | 756 | 2 | |||||||||
Coty, Inc. Class A (a) (c) | 54,226 | 434 | |||||||||
Darling Ingredients, Inc. (a) | 20,875 | 1,248 | |||||||||
e.l.f. Beauty, Inc. (a) | 5,950 | 183 | |||||||||
Edgewell Personal Care Co. | 6,307 | 218 | |||||||||
Energizer Holdings, Inc. | 7,808 | 221 | |||||||||
Farmer Brothers Co. (a) | 2,049 | 10 | |||||||||
Flowers Foods, Inc. | 22,638 | 596 | |||||||||
Fresh Del Monte Produce, Inc. | 3,562 | 105 | |||||||||
Freshpet, Inc. (a) | 5,845 | 303 | |||||||||
Grocery Outlet Holding Corp. (a) | 8,530 | 364 | |||||||||
Grove, Inc. (a) | 1,251 | 5 | |||||||||
Herbalife Nutrition Ltd. (a) | 11,874 | 243 | |||||||||
HF Foods Group, Inc. Class A (a) | 4,596 | 24 | |||||||||
Honest Co., Inc. (a) | 7,249 | 21 | |||||||||
Hostess Brands, Inc. (a) | 9,714 | 206 | |||||||||
Ingles Markets, Inc. Class A | 1,602 | 139 | |||||||||
Ingredion, Inc. | 8,560 | 755 | |||||||||
Inter Parfums, Inc. | 2,149 | 157 | |||||||||
See notes to financial statements.
12
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
J & J Snack Foods Corp. | 1,268 | $ | 177 | ||||||||
John B Sanfilippo & Son, Inc. | 1,022 | 74 | |||||||||
Lancaster Colony Corp. | 2,592 | 334 | |||||||||
Landec Corp. (a) | 3,646 | 36 | |||||||||
Lifevantage Corp. | 1,665 | 7 | |||||||||
Lifeway Foods, Inc. (a) | 501 | 2 | |||||||||
Limoneira Co. | 1,814 | 26 | |||||||||
Local Bounti Corp. (a) (b) | 5,158 | 16 | |||||||||
Mannatech, Inc. | 169 | 3 | |||||||||
Medifast, Inc. | 1,361 | 246 | |||||||||
MGP Ingredients, Inc. | 743 | 74 | |||||||||
Mission Produce, Inc. (a) | 6,550 | 93 | |||||||||
National Beverage Corp. | 3,804 | 186 | |||||||||
Natural Alternatives International, Inc. (a) | 728 | 8 | |||||||||
Natural Grocers by Vitamin Cottage, Inc. | 2,104 | 34 | |||||||||
Nature's Sunshine Products, Inc. (a) | 2,327 | 25 | |||||||||
NewAge, Inc. (a) | 19,594 | 4 | |||||||||
Nu Skin Enterprises, Inc. Class A | 6,349 | 275 | |||||||||
Ocean Bio-Chem, Inc. | 603 | 8 | |||||||||
Oil-Dri Corp. of America | 638 | 20 | |||||||||
Olaplex Holdings, Inc. (a) | 19,144 | 270 | |||||||||
Performance Food Group Co. (a) | 19,598 | 901 | |||||||||
Pilgrim's Pride Corp. (a) | 6,416 | 200 | |||||||||
Post Holdings, Inc. (a) | 6,742 | 555 | |||||||||
PriceSmart, Inc. | 2,084 | 149 | |||||||||
Reed's, Inc. (a) | 12,028 | 2 | |||||||||
Revlon, Inc. Class A (a) (b) | 1,151 | 6 | |||||||||
Reynolds Consumer Products, Inc. | 7,667 | 209 | |||||||||
Rite Aid Corp. (a) (b) | 7,271 | 49 | |||||||||
Sanderson Farms, Inc. | 2,824 | 609 | |||||||||
Seaboard Corp. | 36 | 140 | |||||||||
Seneca Foods Corp. Class A (a) | 773 | 43 | |||||||||
Shineco, Inc. (a) | 1,190 | 2 | |||||||||
Sovos Brands, Inc. (a) | 5,246 | 83 | |||||||||
SpartanNash Co. | 4,267 | 129 | |||||||||
Spectrum Brands Holdings, Inc. | 5,214 | 428 | |||||||||
Sprouts Farmers Market, Inc. (a) | 12,937 | 328 | |||||||||
The Andersons, Inc. | 4,089 | 135 | |||||||||
The Boston Beer Co., Inc. Class A (a) | 882 | 267 | |||||||||
The Chefs' Warehouse, Inc. (a) | 3,869 | 150 | |||||||||
The Duckhorn Portfolio, Inc. (a) | 5,821 | 123 | |||||||||
The Hain Celestial Group, Inc. (a) | 10,850 | 258 | |||||||||
The Real Good Food Co., Inc. (a) | 798 | 6 | |||||||||
The Simply Good Foods Co. (a) | 9,025 | 341 | |||||||||
The Vita Coco Co., Inc. (a) (b) | 4,609 | 45 | |||||||||
Thorne HealthTech, Inc. (a) | 2,076 | 10 | |||||||||
Tootsie Roll Industries, Inc. | 2,619 | 93 | |||||||||
TreeHouse Foods, Inc. (a) | 5,353 | 224 | |||||||||
Turning Point Brands, Inc. | 2,168 | 59 | |||||||||
U.S. Foods Holding Corp. (a) | 26,419 | 811 | |||||||||
United Natural Foods, Inc. (a) | 6,549 | 258 | |||||||||
United-Guardian, Inc. | 415 | 6 | |||||||||
See notes to financial statements.
13
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Universal Corp. | 2,934 | $ | 177 | ||||||||
USANA Health Sciences, Inc. (a) | 1,350 | 98 | |||||||||
Vector Group Ltd. | 15,455 | 162 | |||||||||
Veru, Inc. (a) (b) | 8,438 | 95 | |||||||||
Village Super Market, Inc. Class A | 1,289 | 29 | |||||||||
Vital Farms, Inc. (a) | 2,683 | 23 | |||||||||
WD-40 Co. | 1,403 | 283 | |||||||||
Weis Markets, Inc. (c) | 2,156 | 161 | |||||||||
Willamette Valley Vineyards, Inc. (a) | 546 | 3 | |||||||||
Zevia PBC Class A (a) | 1,506 | 4 | |||||||||
21,241 | |||||||||||
Energy (4.7%): | |||||||||||
Adams Resources & Energy, Inc. | 351 | 11 | |||||||||
Aemetis, Inc. (a) (b) | 4,130 | 20 | |||||||||
Alto Ingredients, Inc. (a) | 9,783 | 36 | |||||||||
Amplify Energy Corp. (a) | 4,363 | 29 | |||||||||
Amyris, Inc. (a) (b) | 32,337 | 60 | |||||||||
Antero Midstream Corp. | 39,653 | 359 | |||||||||
Antero Resources Corp. (a) | 34,960 | 1,072 | |||||||||
Arch Resources, Inc. | 1,763 | 252 | |||||||||
Archaea Energy, Inc. (a) | 7,567 | 118 | |||||||||
Archrock, Inc. | 16,354 | 135 | |||||||||
Aspen Aerogels, Inc. (a) | 3,651 | 36 | |||||||||
BP Prudhoe Bay Royalty Trust | 3,008 | 62 | |||||||||
Brigham Minerals, Inc. | 2,128 | 52 | |||||||||
Bristow Group, Inc. (a) | 2,586 | 61 | |||||||||
Cactus, Inc. Class A | 3,306 | 133 | |||||||||
California Resources Corp. | 8,181 | 315 | |||||||||
Callon Petroleum Co. (a) | 7,714 | 302 | |||||||||
Camber Energy, Inc. (a) (b) | 57,614 | 23 | |||||||||
Centennial Resource Development, Inc. Class A (a) | 38,833 | 232 | |||||||||
Centrus Energy Corp. Class A (a) | 1,040 | 26 | |||||||||
ChampionX Corp. | 25,717 | 511 | |||||||||
Cheniere Energy, Inc. | 33,916 | 4,512 | |||||||||
Chesapeake Energy Corp. | 15,375 | 1,247 | |||||||||
Civitas Resources, Inc. | 8,954 | 468 | |||||||||
Clean Energy Fuels Corp. (a) | 24,724 | 111 | |||||||||
CNX Resources Corp. (a) | 24,387 | 401 | |||||||||
Comstock Resources, Inc. (a) | 13,416 | 162 | |||||||||
CONSOL Energy, Inc. (a) | 3,767 | 186 | |||||||||
Continental Resources, Inc. | 1,531 | 100 | |||||||||
Crescent Energy, Inc. Class A (b) | 4,764 | 59 | |||||||||
Cross Timbers Royalty Trust | 845 | 13 | |||||||||
CVR Energy, Inc. | 4,097 | 137 | |||||||||
Delek U.S. Holdings, Inc. (a) | 9,244 | 239 | |||||||||
Denbury, Inc. (a) | 5,874 | 352 | |||||||||
DMC Global, Inc. (a) | 1,783 | 32 | |||||||||
Dorian LPG Ltd. | 4,400 | 67 | |||||||||
Dril-Quip, Inc. (a) | 3,541 | 91 | |||||||||
DT Midstream, Inc. | 12,367 | 606 | |||||||||
ENGlobal Corp. (a) | 3,268 | 3 | |||||||||
See notes to financial statements.
14
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Enviva, Inc. (b) | 4,210 | $ | 241 | ||||||||
EQT Corp. | 45,162 | 1,554 | |||||||||
Equitrans Midstream Corp. | 44,987 | 286 | |||||||||
Evolution Petroleum Corp. | 4,505 | 25 | |||||||||
Excelerate Energy, Inc. Class A (a) (b) | 2,283 | 45 | |||||||||
Exterran Corp. (a) | 3,558 | 15 | |||||||||
Forum Energy Technologies, Inc. (a) | 718 | 14 | |||||||||
Geospace Technologies Corp. (a) | 1,410 | 7 | |||||||||
Gevo, Inc. (a) (b) | 31,373 | 74 | |||||||||
Green Plains, Inc. (a) | 6,655 | 181 | |||||||||
Gulf Island Fabrication, Inc. (a) | 1,775 | 6 | |||||||||
Gulfport Energy Corp. (a) | 2,737 | 218 | |||||||||
Hallador Energy Co. (a) | 3,461 | 19 | |||||||||
Helix Energy Solutions Group, Inc. (a) | 18,109 | 56 | |||||||||
Helmerich & Payne, Inc. | 11,389 | 490 | |||||||||
HF Sinclair Corp. | 25,087 | 1,133 | |||||||||
HighPeak Energy, Inc. | 1,179 | 30 | |||||||||
International Seaways, Inc. | 4,885 | 104 | |||||||||
KLX Energy Services Holdings, Inc. (a) | 1,497 | 6 | |||||||||
Laredo Petroleum, Inc. (a) | 2,141 | 148 | |||||||||
Liberty Oilfield Services, Inc. Class A (a) | 11,766 | 150 | |||||||||
Magnolia Oil & Gas Corp. Class A | 14,125 | 297 | |||||||||
Mammoth Energy Services, Inc. (a) | 5,570 | 12 | |||||||||
Matador Resources Co. | 14,272 | 665 | |||||||||
Murphy Oil Corp. | 16,589 | 501 | |||||||||
Nabors Industries Ltd. (a) | 940 | 126 | |||||||||
NACCO Industries, Inc. Class A | 507 | 19 | |||||||||
National Energy Services Reunited Corp. (a) | 4,494 | 30 | |||||||||
Natural Gas Services Group, Inc. (a) | 1,264 | 14 | |||||||||
NCS Multistage Holdings, Inc. (a) | 132 | 4 | |||||||||
New Fortress Energy, Inc. | 15,159 | 600 | |||||||||
Newpark Resources, Inc. (a) | 11,289 | 35 | |||||||||
Nextdecade Corp. (a) | 16,348 | 73 | |||||||||
Nextier Oilfield Solutions, Inc. (a) | 26,740 | 254 | |||||||||
Nine Energy Service, Inc. (a) | 2,071 | 6 | |||||||||
Northern Oil and Gas, Inc. | 7,932 | 200 | |||||||||
NOV, Inc. | 46,901 | 793 | |||||||||
Oasis Petroleum, Inc. | 2,263 | 275 | |||||||||
Oceaneering International, Inc. (a) | 10,987 | 117 | |||||||||
Oil States International, Inc. (a) | 6,609 | 36 | |||||||||
Overseas Shipholding Group, Inc. Class A (a) | 10,235 | 21 | |||||||||
Ovintiv, Inc. | 33,724 | 1,490 | |||||||||
Patterson-UTI Energy, Inc. | 24,005 | 378 | |||||||||
PBF Energy, Inc. Class A (a) | 13,071 | 379 | |||||||||
PDC Energy, Inc. | 12,552 | 773 | |||||||||
Peabody Energy Corp. (a) (c) | 19,394 | 414 | |||||||||
Permianville Royalty Trust (b) | 3,154 | 11 | |||||||||
PHX Minerals, Inc. | 3,218 | 10 | |||||||||
ProFrac Holding Corp. Class A (a) (b) | 2,168 | 40 | |||||||||
ProPetro Holding Corp. (a) | 8,201 | 82 | |||||||||
Range Resources Corp. (a) | 29,563 | 732 | |||||||||
Ranger Energy Services, Inc. (a) | 1,528 | 16 | |||||||||
See notes to financial statements.
15
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Ranger Oil Corp. (a) | 5,651 | $ | 186 | ||||||||
REX American Resources Corp. (a) | 559 | 47 | |||||||||
Riley Exploration Permian, Inc. | 798 | 19 | |||||||||
RPC, Inc. (a) | 15,510 | 107 | |||||||||
SandRidge Energy, Inc. (a) | 4,851 | 76 | |||||||||
SEACOR Marine Holdings, Inc. (a) | 3,147 | 18 | |||||||||
Select Energy Services, Inc. Class A (a) | 7,068 | 48 | |||||||||
SFL Corp. Ltd. | 14,793 | 140 | |||||||||
SilverBow Resources, Inc. (a) (b) | 2,067 | 59 | |||||||||
SM Energy Co. | 14,553 | 498 | |||||||||
Smart Sand, Inc. (a) | 3,940 | 8 | |||||||||
Solaris Oilfield Infrastructure, Inc. Class A | 2,667 | 29 | |||||||||
Southwestern Energy Co. (a) | 106,618 | 666 | |||||||||
Stabilis Solutions, Inc. (a) | 593 | 2 | |||||||||
Talos Energy, Inc. (a) | 8,581 | 133 | |||||||||
Targa Resources Corp. | 29,465 | 1,758 | |||||||||
Teekay Corp. (a) | 8,134 | 23 | |||||||||
Tellurian, Inc. (a) | 75,031 | 224 | |||||||||
TETRA Technologies, Inc. (a) | 15,788 | 64 | |||||||||
Texas Pacific Land Corp. | 1,091 | 1,623 | |||||||||
Tidewater, Inc. (a) | 3,467 | 73 | |||||||||
U.S. Energy Corp. Wyoming | 3,118 | 11 | |||||||||
Uranium Energy Corp. (a) (b) | 37,371 | 115 | |||||||||
US Well Services, Inc. (a) | 9,637 | 9 | |||||||||
VAALCO Energy, Inc. | 7,366 | 51 | |||||||||
Vertex Energy, Inc. (a) (b) | 6,806 | 72 | |||||||||
Voc Energy Trust | 1,793 | 12 | |||||||||
W&T Offshore, Inc. (a) | 13,260 | 57 | |||||||||
Westwater Resources, Inc. (a) | 6,565 | 7 | |||||||||
Whiting Petroleum Corp. | 4,522 | 308 | |||||||||
World Fuel Services Corp. (c) | 7,526 | 154 | |||||||||
Zion Oil & Gas, Inc. (a) | 59,955 | 13 | |||||||||
32,446 | |||||||||||
Financials (19.5%): | |||||||||||
1895 Bancorp of Wisconsin, Inc. (a) | 521 | 5 | |||||||||
1st Source Corp. | 2,190 | 99 | |||||||||
Acres Commercial Realty Corp. (a) | 1,115 | 9 | |||||||||
AFC Gamma, Inc. | 1,888 | 29 | |||||||||
Affiliated Managers Group, Inc. | 3,859 | 450 | |||||||||
Affinity Bancshares, Inc. (a) | 755 | 11 | |||||||||
AG Mortgage Investment Trust, Inc. (b) | 3,194 | 22 | |||||||||
AGNC Investment Corp. | 69,842 | 773 | |||||||||
Alleghany Corp. (a) | 1,742 | 1,451 | |||||||||
Allegiance Bancshares, Inc. | 2,464 | 93 | |||||||||
Ally Financial, Inc. | 41,296 | 1,384 | |||||||||
Amalgamated Financial Corp. | 3,816 | 75 | |||||||||
Amerant Bancorp, Inc. | 3,748 | 105 | |||||||||
American Equity Investment Life Holding Co. | 8,369 | 306 | |||||||||
American Financial Group, Inc. | 9,087 | 1,261 | |||||||||
American National Bankshares, Inc. | 1,415 | 49 | |||||||||
Ameris Bancorp | 8,390 | 337 | |||||||||
See notes to financial statements.
16
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
AMERISAFE, Inc. | 2,309 | $ | 120 | ||||||||
Ames National Corp. | 1,190 | 26 | |||||||||
Angel Oak Mortgage, Inc. (b) | 1,717 | 22 | |||||||||
Annaly Capital Management, Inc. | 194,967 | 1,152 | |||||||||
Apollo Commercial Real Estate Finance, Inc. | 15,208 | 159 | |||||||||
Apollo Global Management, Inc. | 55,680 | 2,699 | |||||||||
Apollo Investment Corp. | 8,924 | 96 | |||||||||
Arbor Realty Trust, Inc. | 20,705 | 271 | |||||||||
Arch Capital Group Ltd. (a) | 44,854 | 2,040 | |||||||||
Ares Capital Corp. (b) | 69,223 | 1,241 | |||||||||
Ares Commercial Real Estate Corp. | 7,037 | 86 | |||||||||
Ares Management Corp. Class A | 26,802 | 1,524 | |||||||||
Argo Group International Holdings Ltd. | 4,372 | 161 | |||||||||
Arlington Asset Investment Corp. Class A (a) | 3,960 | 13 | |||||||||
ARMOUR Residential REIT, Inc. (b) | 12,465 | 88 | |||||||||
Arrow Financial Corp. | 2,117 | 67 | |||||||||
Artisan Partners Asset Management, Inc. Class A | 5,707 | 203 | |||||||||
Ashford, Inc. (a) | 334 | 5 | |||||||||
AssetMark Financial Holdings, Inc. (a) | 3,207 | 60 | |||||||||
Associated Banc-Corp. | 18,760 | 343 | |||||||||
Associated Capital Group, Inc. Class A | 436 | 16 | |||||||||
Assured Guaranty Ltd. | 7,835 | 437 | |||||||||
Atlantic Union Bankshares Corp. | 9,907 | 336 | |||||||||
Atlanticus Holdings Corp. (a) | 882 | 31 | |||||||||
Axis Capital Holdings Ltd. | 9,586 | 547 | |||||||||
Axos Financial, Inc. (a) | 6,791 | 243 | |||||||||
Bain Capital Specialty Finance, Inc. (b) | 7,438 | 101 | |||||||||
Banc of California, Inc. | 6,932 | 122 | |||||||||
BancFirst Corp. | 2,255 | 216 | |||||||||
Bank of Hawaii Corp. | 4,812 | 358 | |||||||||
Bank of Marin Bancorp | 2,114 | 67 | |||||||||
Bank OZK | 16,027 | 601 | |||||||||
Bank7 Corp. | 629 | 14 | |||||||||
Bankfinancial Corp. | 1,483 | 14 | |||||||||
BankUnited, Inc. | 8,618 | 307 | |||||||||
Bankwell Financial Group, Inc. | 994 | 31 | |||||||||
Banner Corp. | 4,155 | 234 | |||||||||
Bar Harbor Bankshares | 1,815 | 47 | |||||||||
Barings BDC, Inc. | 15,604 | 145 | |||||||||
BayCom Corp. (b) | 1,814 | 38 | |||||||||
Bayfirst Financial Corp. | 527 | 10 | |||||||||
BCB Bancorp, Inc. | 2,246 | 38 | |||||||||
Berkshire Hathaway, Inc. Class A (a) | 48 | 19,630 | |||||||||
Berkshire Hills Bancorp, Inc. | 5,719 | 142 | |||||||||
BGC Partners, Inc. Class A | 31,916 | 108 | |||||||||
BlackRock Capital Investment Corp. | 10,360 | 38 | |||||||||
BlackRock TCP Capital Corp. (b) | 8,116 | 102 | |||||||||
Blackstone Mortgage Trust, Inc. Class A | 22,247 | 616 | |||||||||
Blackstone, Inc. | 93,510 | 8,531 | |||||||||
Blucora, Inc. (a) | 5,112 | 94 | |||||||||
Blue Foundry Bancorp (a) | 3,528 | 42 | |||||||||
Blue Ridge Bankshares, Inc. | 2,295 | 35 | |||||||||
See notes to financial statements.
17
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
BOK Financial Corp. | 4,212 | $ | 318 | ||||||||
Bridge Investment Group Holdings, Inc. Class A | 2,743 | 40 | |||||||||
Bridgewater Bancshares, Inc. (a) | 3,106 | 50 | |||||||||
Bright Health Group, Inc. (a) (b) | 42,429 | 77 | |||||||||
Brighthouse Financial, Inc. (a) | 9,050 | 371 | |||||||||
BrightSpire Capital, Inc. | 11,418 | 86 | |||||||||
Broadmark Realty Capital, Inc. | 18,656 | 125 | |||||||||
Broadway Financial Corp. (a) | 8,778 | 9 | |||||||||
Brookline Bancorp, Inc. | 9,360 | 125 | |||||||||
BRP Group, Inc. Class A (a) | 2,265 | 55 | |||||||||
Business First Bancshares, Inc. | 3,013 | 64 | |||||||||
Byline Bancorp, Inc. | 3,400 | 81 | |||||||||
C&F Financial Corp. | 499 | 23 | |||||||||
Cadence Bank | 22,275 | 523 | |||||||||
California Bancorp, Inc. (a) | 992 | 19 | |||||||||
Cambridge Bancorp Class A | 926 | 77 | |||||||||
Camden National Corp. | 1,794 | 79 | |||||||||
Capital Bancorp, Inc. | 1,576 | 34 | |||||||||
Capital City Bank Group, Inc. | 1,764 | 49 | |||||||||
Capital Southwest Corp. | 3,298 | 61 | |||||||||
Capitol Federal Financial, Inc. | 13,850 | 127 | |||||||||
Capstar Financial Holdings, Inc. | 2,761 | 54 | |||||||||
Catalyst Bancorp, Inc. (a) | 730 | 10 | |||||||||
Cathay General Bancorp | 9,503 | 372 | |||||||||
CBTX, Inc. Class A | 2,698 | 72 | |||||||||
Central Pacific Financial Corp. | 3,331 | 71 | |||||||||
Central Valley Community Bancorp | 1,460 | 21 | |||||||||
CF Bankshares, Inc. | 621 | 13 | |||||||||
CFSB Bancorp, Inc. (a) | 396 | 4 | |||||||||
Cherry Hill Mortgage Investment Corp. (b) | 2,417 | 15 | |||||||||
Chicago Atlantic Real Estate Finance, Inc. | 771 | 12 | |||||||||
Chimera Investment Corp. | 28,305 | 250 | |||||||||
CION Investment Corp. | 8,002 | 70 | |||||||||
Citizens & Northern Corp. | 2,063 | 50 | |||||||||
Citizens, Inc. (a) (b) | 5,877 | 25 | |||||||||
City Holding Co. | 1,809 | 144 | |||||||||
Civista Bancshares, Inc. | 1,907 | 41 | |||||||||
Claros Mortgage Trust, Inc. (b) | 9,025 | 151 | |||||||||
CNA Financial Corp. | 3,813 | 171 | |||||||||
CNB Financial Corp. Class A | 2,371 | 57 | |||||||||
CNO Financial Group, Inc. | 14,490 | 262 | |||||||||
Coastal Financial Corp. (a) | 1,492 | 57 | |||||||||
Codorus Valley Bancorp, Inc. | 1,126 | 25 | |||||||||
Cohen & Co., Inc. | 193 | 2 | |||||||||
Cohen & Steers, Inc. | 3,831 | 244 | |||||||||
Coinbase Global, Inc. Class A (a) (b) | 26,739 | 1,257 | |||||||||
Colony Bankcorp, Inc. | 2,324 | 35 | |||||||||
Columbia Banking System, Inc. | 9,502 | 272 | |||||||||
Columbia Financial, Inc. (a) (c) | 5,041 | 110 | |||||||||
Commerce Bancshares, Inc. | 13,400 | 880 | |||||||||
Community Bank System, Inc. | 6,515 | 412 | |||||||||
Community Trust Bancorp, Inc. | 2,340 | 95 | |||||||||
See notes to financial statements.
18
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
ConnectOne Bancorp, Inc. | 5,221 | $ | 128 | ||||||||
Consumer Portfolio Services, Inc. (a) | 1,807 | 19 | |||||||||
Cowen, Inc. Class A | 3,555 | 84 | |||||||||
Crawford & Co. Class A | 2,275 | 18 | |||||||||
Crawford & Co. Class B | 1,327 | 9 | |||||||||
Credit Acceptance Corp. (a) | 1,294 | 613 | |||||||||
Crescent Capital BDC, Inc. (b) | 4,254 | 66 | |||||||||
Crossfirst Bankshares, Inc. (a) | 5,442 | 72 | |||||||||
Cullen/Frost Bankers, Inc. | 6,754 | 786 | |||||||||
Curo Group Holdings Corp. | 3,280 | 18 | |||||||||
Customers Bancorp, Inc. (a) | 3,986 | 135 | |||||||||
CVB Financial Corp. | 17,042 | 423 | |||||||||
Diamond Hill Investment Group, Inc. | 416 | 72 | |||||||||
Dime Community Bancshares, Inc. | 4,136 | 123 | |||||||||
Donegal Group, Inc. Class A | 1,720 | 29 | |||||||||
Donnelley Financial Solutions, Inc. (a) | 3,842 | 113 | |||||||||
Dynex Capital, Inc. | 4,778 | 76 | |||||||||
Eagle Bancorp Montana, Inc. | 886 | 18 | |||||||||
Eagle Bancorp, Inc. | 3,877 | 184 | |||||||||
East West Bancorp, Inc. | 16,746 | 1,085 | |||||||||
Eastern Bankshares, Inc. | 20,016 | 369 | |||||||||
eHealth, Inc. (a) | 3,281 | 31 | |||||||||
Elevate Credit, Inc. (a) | 4,053 | 10 | |||||||||
Ellington Financial, Inc. | 6,749 | 99 | |||||||||
Ellington Residential Mortgage REIT (b) | 1,714 | 13 | |||||||||
Employers Holdings, Inc. | 3,158 | 132 | |||||||||
Enact Holdings, Inc. (b) | 4,120 | 88 | |||||||||
Encore Capital Group, Inc. (a) | 2,182 | 126 | |||||||||
Enova International, Inc. (a) | 3,844 | 111 | |||||||||
Enstar Group Ltd. (a) | 1,874 | 401 | |||||||||
Enterprise Bancorp, Inc. | 1,584 | 51 | |||||||||
Enterprise Financial Services Corp. | 4,919 | 204 | |||||||||
Equitable Holdings, Inc. | 43,889 | 1,144 | |||||||||
Equity Bancshares, Inc. Class A | 1,694 | 49 | |||||||||
Erie Indemnity Co. Class A | 2,499 | 480 | |||||||||
Esquire Financial Holdings, Inc. | 1,080 | 36 | |||||||||
Evans Bancorp, Inc. | 661 | 22 | |||||||||
Evercore, Inc. | 4,963 | 465 | |||||||||
EZCORP, Inc. Class A (a) | 5,582 | 42 | |||||||||
FB Financial Corp. | 3,718 | 146 | |||||||||
Federal Agricultural Mortgage Corp. Class C | 1,043 | 102 | |||||||||
Federal Home Loan Mortgage Corp. (a) (b) | 78,531 | 33 | |||||||||
Federal National Mortgage Association (a) (b) | 162,677 | 71 | |||||||||
Federated Hermes, Inc. | 10,477 | 333 | |||||||||
Fidelity National Financial, Inc. | 37,066 | 1,370 | |||||||||
Fidus Investment Corp. | 3,435 | 60 | |||||||||
Financial Institutions, Inc. | 2,000 | 52 | |||||||||
First American Financial Corp. | 12,977 | 687 | |||||||||
First Bancorp, Inc. | 1,225 | 37 | |||||||||
First BanCorp/Puerto Rico | 23,863 | 308 | |||||||||
First Bancorp/Southern Pines NC | 4,308 | 150 | |||||||||
First Busey Corp. | 7,301 | 167 | |||||||||
See notes to financial statements.
19
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
First Citizens BancShares, Inc. Class A | 1,891 | $ | 1,236 | ||||||||
First Commonwealth Financial Corp. | 11,395 | 153 | |||||||||
First Community Bankshares, Inc. | 1,953 | 57 | |||||||||
First Eagle Alternative Capital BDC, Inc. | 4,205 | 15 | |||||||||
First Financial Bancorp | 10,614 | 206 | |||||||||
First Financial Bankshares, Inc. | 17,042 | 669 | |||||||||
First Financial Corp. Class A | 1,520 | 68 | |||||||||
First Financial Northwest, Inc. | 1,038 | 16 | |||||||||
First Hawaiian, Inc. | 12,774 | 290 | |||||||||
First Horizon Corp. | 68,373 | 1,495 | |||||||||
First Internet Bancorp | 1,291 | 48 | |||||||||
First Interstate BancSystem, Inc. Class A | 11,076 | 422 | |||||||||
First Merchants Corp. | 7,853 | 280 | |||||||||
First United Corp. | 888 | 17 | |||||||||
First Western Financial, Inc. (a) | 1,119 | 30 | |||||||||
FirstCash Holdings, Inc. | 4,069 | 283 | |||||||||
Five Star Bancorp | 1,698 | 45 | |||||||||
Flagstar Bancorp, Inc. | 6,435 | 228 | |||||||||
Flushing Financial Corp. | 3,966 | 84 | |||||||||
FNB Corp. | 44,435 | 483 | |||||||||
FNCB Bancorp, Inc. | 2,525 | 20 | |||||||||
Focus Financial Partners, Inc. Class A (a) | 2,380 | 81 | |||||||||
Franklin BSP Realty Trust, Inc. (b) | 11,758 | 158 | |||||||||
FS KKR Capital Corp. (b) | 39,897 | 775 | |||||||||
Fulton Financial Corp. | 20,100 | 290 | |||||||||
FVCBankcorp, Inc. (a) | 1,749 | 33 | |||||||||
GAMCO Investors, Inc. Class A | 1,346 | 28 | |||||||||
Genworth Financial, Inc. (a) | 62,340 | 220 | |||||||||
German American Bancorp, Inc. | 3,895 | 133 | |||||||||
Glacier Bancorp, Inc. | 13,849 | 657 | |||||||||
Gladstone Capital Corp. (b) | 4,820 | 49 | |||||||||
Gladstone Investment Corp. | 4,666 | 66 | |||||||||
GoHealth, Inc. Class A (a) (b) | 6,320 | 4 | |||||||||
Goldman Sachs BDC, Inc. | 14,323 | 241 | |||||||||
Golub Capital BDC, Inc. | 21,366 | 277 | |||||||||
Goosehead Insurance, Inc. Class A | 1,202 | 55 | |||||||||
Granite Point Mortgage Trust, Inc. | 7,567 | 72 | |||||||||
Great Ajax Corp. | 2,738 | 26 | |||||||||
Great Southern Bancorp, Inc. Class A | 1,301 | 76 | |||||||||
Green Dot Corp. Class A (a) | 6,703 | 168 | |||||||||
Greenhill & Co., Inc. | 1,441 | 13 | |||||||||
Guaranty Bancshares, Inc. | 1,519 | 55 | |||||||||
Guild Holdings Co. Class A | 945 | 10 | |||||||||
Hagerty, Inc. Class A (a) (b) | 10,869 | 125 | |||||||||
Hallmark Financial Services, Inc. (a) | 2,429 | 6 | |||||||||
Hamilton Lane, Inc. Class A | 1,949 | 131 | |||||||||
Hancock Whitney Corp. | 10,800 | 479 | |||||||||
Hanmi Financial Corp. | 3,682 | 83 | |||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 11,480 | 435 | |||||||||
Hanover Bancorp, Inc. | 179 | 4 | |||||||||
HarborOne Bancorp, Inc. | 5,330 | 73 | |||||||||
Hawthorn Bancshares, Inc. | 912 | 23 | |||||||||
See notes to financial statements.
20
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
HBT Financial, Inc. | 774 | $ | 14 | ||||||||
HCI Group, Inc. (b) | 1,054 | 71 | |||||||||
Heartland Financial USA, Inc. | 5,537 | 230 | |||||||||
Hercules Capital, Inc. (b) | 17,403 | 235 | |||||||||
Heritage Commerce Corp. | 7,048 | 75 | |||||||||
Heritage Financial Corp. | 4,242 | 107 | |||||||||
Heritage Insurance Holdings, Inc. | 3,460 | 9 | |||||||||
Hilltop Holdings, Inc. | 7,702 | 205 | |||||||||
Hippo Holdings, Inc. (a) | 46,286 | 41 | |||||||||
Home Bancorp, Inc. | 999 | 34 | |||||||||
Home BancShares, Inc. | 24,844 | 516 | |||||||||
Home Point Capital, Inc. (b) | 1,556 | 6 | |||||||||
HomeStreet, Inc. | 2,262 | 78 | |||||||||
Hope Bancorp, Inc. | 14,546 | 201 | |||||||||
Horace Mann Educators Corp. | 5,007 | 192 | |||||||||
Horizon Bancorp, Inc. | 5,756 | 100 | |||||||||
Horizon Technology Finance Corp. | 3,370 | 39 | |||||||||
Houlihan Lokey, Inc. | 2,373 | 187 | |||||||||
Independent Bank Corp. | 5,653 | 449 | |||||||||
Independent Bank Corp. | 2,456 | 47 | |||||||||
Independent Bank Group, Inc. | 4,159 | 282 | |||||||||
Interactive Brokers Group, Inc. | 10,906 | 600 | |||||||||
International Bancshares Corp. | 7,190 | 288 | |||||||||
Invesco Mortgage Capital, Inc. (b) | 3,940 | 58 | |||||||||
Investar Holding Corp. | 1,362 | 30 | |||||||||
Investcorp Credit Management BDC, Inc. | 2,023 | 8 | |||||||||
Investors Title Co. | 156 | 24 | |||||||||
Jackson Financial, Inc. Class A | 10,670 | 285 | |||||||||
Jefferies Financial Group, Inc. | 25,571 | 706 | |||||||||
Kearny Financial Corp. | 8,014 | 89 | |||||||||
Kemper Corp. | 7,351 | 352 | |||||||||
Kinsale Capital Group, Inc. | 2,930 | 673 | |||||||||
KKR Real Estate Finance Trust, Inc. | 6,111 | 107 | |||||||||
Ladder Capital Corp. | 7,865 | 83 | |||||||||
Lakeland Bancorp, Inc. | 8,556 | 125 | |||||||||
Lakeland Financial Corp. | 3,063 | 203 | |||||||||
Lemonade, Inc. (a) (b) | 5,816 | 106 | |||||||||
LendingTree, Inc. (a) | 1,186 | 52 | |||||||||
Limestone Bancorp, Inc. | 591 | 11 | |||||||||
Live Oak Bancshares, Inc. (b) | 4,123 | 140 | |||||||||
Logan Ridge Finance Corp. (a) | 383 | 6 | |||||||||
LPL Financial Holdings, Inc. | 9,999 | 1,845 | |||||||||
Lument Finance Trust, Inc. | 4,036 | 10 | |||||||||
Luther Burbank Corp. | 1,582 | 21 | |||||||||
Macatawa Bank Corp. | 4,043 | 36 | |||||||||
Magyar Bancorp, Inc. | 550 | 7 | |||||||||
Maiden Holdings Ltd. (a) (b) | 8,563 | 17 | |||||||||
Main Street Capital Corp. (b) | 10,253 | 395 | |||||||||
Manning & Napier, Inc. | 2,124 | 26 | |||||||||
Markel Corp. (a) | 1,717 | 2,221 | |||||||||
MarketWise, Inc. (a) (b) | 35,691 | 128 | |||||||||
Marpai, Inc. Class A (a) | 2,055 | 2 | |||||||||
See notes to financial statements.
21
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
MBIA, Inc. (a) | 6,629 | $ | 82 | ||||||||
Medallion Financial Corp. | 3,048 | 19 | |||||||||
Mercantile Bank Corp. | 2,072 | 66 | |||||||||
Merchants Bancorp | 4,074 | 92 | |||||||||
Mercury General Corp. | 3,735 | 165 | |||||||||
Meta Financial Group, Inc. | 3,220 | 125 | |||||||||
Metropolitan Bank Holding Corp. (a) | 1,445 | 100 | |||||||||
MFA Financial, Inc. | 10,940 | 118 | |||||||||
MGIC Investment Corp. | 40,012 | 504 | |||||||||
Midland States Bancorp, Inc. | 2,666 | 64 | |||||||||
Midwest Holding, Inc. (a) | 443 | 5 | |||||||||
MidWestOne Financial Group, Inc. | 1,963 | 58 | |||||||||
Moelis & Co. Class A | 3,761 | 148 | |||||||||
Monroe Capital Corp. | 3,046 | 27 | |||||||||
Morningstar, Inc. | 3,543 | 857 | |||||||||
MVB Financial Corp. | 1,452 | 45 | |||||||||
National Bank Holdings Corp. Class A | 3,252 | 124 | |||||||||
National Bankshares, Inc. | 780 | 24 | |||||||||
National Western Life Group, Inc. Class A | 267 | 54 | |||||||||
Navient Corp. | 16,206 | 227 | |||||||||
NBT Bancorp, Inc. | 5,176 | 195 | |||||||||
Nelnet, Inc. Class A | 2,595 | 221 | |||||||||
New Mountain Finance Corp. | 12,876 | 153 | |||||||||
New Residential Investment Corp. | 62,292 | 581 | |||||||||
New York Community Bancorp, Inc. | 59,046 | 539 | |||||||||
New York Mortgage Trust, Inc. | 44,987 | 124 | |||||||||
Newtek Business Services Corp. | 3,226 | 61 | |||||||||
Nexpoint Real Estate Finance, Inc. | 1,805 | 37 | |||||||||
NI Holdings, Inc. (a) | 1,046 | 17 | |||||||||
Nicholas Financial, Inc. (a) | 578 | 5 | |||||||||
NMI Holdings, Inc. Class A (a) | 10,280 | 171 | |||||||||
Northeast Community Bancorp, Inc. | 2,050 | 24 | |||||||||
Northfield Bancorp, Inc. | 4,810 | 63 | |||||||||
Northrim Bancorp, Inc. | 737 | 30 | |||||||||
Northwest Bancshares, Inc. (c) | 15,309 | 196 | |||||||||
Norwood Financial Corp. | 1,154 | 28 | |||||||||
NSTS Bancorp, Inc. (a) | 729 | 8 | |||||||||
Oaktree Specialty Lending Corp. | 23,442 | 154 | |||||||||
OceanFirst Financial Corp. | 7,761 | 148 | |||||||||
Ocwen Financial Corp. (a) | 1,223 | 34 | |||||||||
OFG Bancorp | 5,054 | 128 | |||||||||
OFS Capital Corp. | 1,473 | 15 | |||||||||
Old National Bancorp | 37,039 | 548 | |||||||||
Old Republic International Corp. | 36,813 | 823 | |||||||||
Old Second Bancorp, Inc. | 5,872 | 79 | |||||||||
OneMain Holdings, Inc. | 16,183 | 605 | |||||||||
OP Bancorp | 1,852 | 19 | |||||||||
Open Lending Corp. Class A (a) | 13,477 | 138 | |||||||||
Oportun Financial Corp. (a) | 3,643 | 30 | |||||||||
Oppenheimer Holdings, Inc. Class A | 1,126 | 37 | |||||||||
OppFi, Inc. (a) (b) | 3,700 | 12 | |||||||||
Orchid Island Capital, Inc. (b) | 23,389 | 67 | |||||||||
See notes to financial statements.
22
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Origin Bancorp, Inc. | 2,673 | $ | 104 | ||||||||
Oscar Health, Inc. Class A (a) (b) | 5,327 | 23 | |||||||||
Owl Rock Capital Corp. (b) | 46,006 | 567 | |||||||||
Oxford Square Capital Corp. (b) | 6,986 | 25 | |||||||||
P10, Inc. Class A | 2,800 | 31 | |||||||||
Pacific Premier Bancorp, Inc. | 10,670 | 312 | |||||||||
PacWest Bancorp | 15,179 | 405 | |||||||||
Palomar Holdings, Inc. (a) | 2,867 | 185 | |||||||||
Park National Corp. | 1,988 | 241 | |||||||||
Parke Bancorp, Inc. | 1,676 | 35 | |||||||||
Patriot National Bancorp, Inc. (a) | 302 | 4 | |||||||||
PB Bankshares, Inc. (a) | 392 | 5 | |||||||||
PCSB Financial Corp. | 1,617 | 31 | |||||||||
Peapack-Gladstone Financial Corp. | 2,247 | 67 | |||||||||
PennantPark Floating Rate Capital Ltd. | 5,805 | 67 | |||||||||
Pennantpark Investment Corp. | 9,291 | 57 | |||||||||
Penns Woods Bancorp, Inc. | 934 | 22 | |||||||||
Pennymac Financial Services | 4,896 | 214 | |||||||||
Pennymac Mortgage Investment Trust (b) | 9,947 | 138 | |||||||||
Peoples Bancorp, Inc. | 3,744 | 100 | |||||||||
Perella Weinberg Partners | 5,895 | 34 | |||||||||
Phenixfin Corp. (a) | 206 | 7 | |||||||||
Pinnacle Financial Partners, Inc. | 9,122 | 660 | |||||||||
Pioneer Bancorp, Inc. (a) | 1,389 | 14 | |||||||||
Piper Sandler Cos. | 2,179 | 247 | |||||||||
Plumas Bancorp | 757 | 22 | |||||||||
Ponce Financial Group, Inc. (a) (b) | 1,287 | 12 | |||||||||
Popular, Inc. | 10,005 | 770 | |||||||||
Portman Ridge Finance Corp. | 1,299 | 30 | |||||||||
PRA Group, Inc. (a) | 3,915 | 142 | |||||||||
Preferred Bank | 1,509 | 103 | |||||||||
Premier Financial Corp. | 4,545 | 115 | |||||||||
Primerica, Inc. | 3,786 | 453 | |||||||||
Primis Financial Corp. | 2,838 | 39 | |||||||||
ProAssurance Corp. | 6,152 | 145 | |||||||||
PROG Holdings, Inc. (a) | 5,923 | 98 | |||||||||
Prospect Capital Corp. (b) | 40,214 | 281 | |||||||||
Prosperity Bancshares, Inc. | 11,915 | 813 | |||||||||
Provident Bancorp, Inc. | 1,828 | 29 | |||||||||
Provident Financial Holdings, Inc. | 913 | 14 | |||||||||
Provident Financial Services, Inc. | 9,116 | 203 | |||||||||
Pzena Investment Management, Inc. Class A | 2,283 | 15 | |||||||||
QCR Holdings, Inc. | 2,333 | 126 | |||||||||
Radian Group, Inc. | 20,634 | 405 | |||||||||
Randolph Bancorp, Inc. | 614 | 16 | |||||||||
RBB Bancorp | 1,890 | 39 | |||||||||
Ready Capital Corp. | 14,780 | 176 | |||||||||
Red River Bancshares, Inc. | 718 | 39 | |||||||||
Redwood Trust, Inc. | 14,365 | 111 | |||||||||
Regional Management Corp. | 1,266 | 47 | |||||||||
Reinsurance Group of America, Inc. | 7,812 | 916 | |||||||||
RenaissanceRe Holdings Ltd. | 4,533 | 709 | |||||||||
See notes to financial statements.
23
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Renasant Corp. | 6,755 | $ | 195 | ||||||||
Republic Bancorp, Inc. Class A | 1,631 | 79 | |||||||||
Republic First Bancorp, Inc. (a) | 5,431 | 21 | |||||||||
Riverview Bancorp, Inc. | 2,799 | 18 | |||||||||
RLI Corp. | 5,349 | 624 | |||||||||
Robinhood Markets, Inc. Class A (a) | 8,496 | 70 | |||||||||
Rocket Cos., Inc. Class A (b) | 13,827 | 102 | |||||||||
Root, Inc. Class A (a) | 3,932 | 5 | |||||||||
Runway Growth Finance Corp. (b) | 5,454 | 62 | |||||||||
Ryan Specialty Holdings, Inc. Class A (a) | 8,010 | 314 | |||||||||
S&T Bancorp, Inc. | 4,806 | 132 | |||||||||
Sachem Capital Corp. | 4,895 | 20 | |||||||||
Safeguard Scientifics, Inc. (a) | 1,777 | 7 | |||||||||
Safety Insurance Group, Inc. (c) | 1,555 | 151 | |||||||||
Salisbury Bancorp, Inc. | 408 | 19 | |||||||||
Sandy Spring Bancorp, Inc. | 5,467 | 214 | |||||||||
Saratoga Investment Corp. | 1,432 | 34 | |||||||||
SB Financial Group, Inc. | 888 | 15 | |||||||||
Sculptor Capital Management, Inc. | 6,245 | 52 | |||||||||
Seacoast Banking Corp. of Florida | 6,213 | 205 | |||||||||
Security National Financial Corp. Class A (a) | 1,752 | 15 | |||||||||
SEI Investments Co. | 15,235 | 823 | |||||||||
Selective Insurance Group, Inc. | 7,632 | 664 | |||||||||
Selectquote, Inc. (a) | 16,860 | 42 | |||||||||
ServisFirst Bancshares, Inc. | 6,637 | 524 | |||||||||
Seven Hills Realty Trust | 1,806 | 19 | |||||||||
Shore Bancshares, Inc. | 2,260 | 42 | |||||||||
Siebert Financial Corp. (a) | 2,369 | 4 | |||||||||
Sierra Bancorp | 1,994 | 43 | |||||||||
Silvercrest Asset Management Group, Inc. Class A | 1,195 | 20 | |||||||||
Silvergate Capital Corp. Class A (a) | 1,957 | 105 | |||||||||
Simmons First National Corp. Class A | 16,152 | 343 | |||||||||
Sixth Street Specialty Lending, Inc. | 10,721 | 198 | |||||||||
SLM Corp. | 34,793 | 555 | |||||||||
Solar Capital Ltd. | 7,312 | 107 | |||||||||
South Plains Financial, Inc. | 1,586 | 38 | |||||||||
Southern First Bancshares, Inc. (a) | 831 | 36 | |||||||||
Southern Missouri Bancorp, Inc. | 1,166 | 53 | |||||||||
Southern States Bancshares, Inc. (a) | 776 | 17 | |||||||||
Southside Bancshares, Inc. (c) | 3,882 | 145 | |||||||||
SouthState Corp. | 9,862 | 761 | |||||||||
Starwood Property Trust, Inc. | 40,958 | 856 | |||||||||
Stellus Capital Investment Corp. | 2,748 | 31 | |||||||||
StepStone Group, Inc. Class A | 2,436 | 63 | |||||||||
Sterling Bancorp (a) | 3,702 | 21 | |||||||||
Stewart Information Services Corp. | 3,265 | 162 | |||||||||
Stifel Financial Corp. | 12,877 | 721 | |||||||||
Stock Yards Bancorp, Inc. | 3,655 | 219 | |||||||||
StoneX Group, Inc. (a) | 2,129 | 166 | |||||||||
Summit Financial Group, Inc. | 1,688 | 47 | |||||||||
Sunlight Financial Holdings, Inc. (a) | 7,068 | 21 | |||||||||
Suro Capital Corp. | 4,016 | 26 | |||||||||
See notes to financial statements.
24
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Synovus Financial Corp. | 18,784 | $ | 677 | ||||||||
TC Bancshares, Inc. | 676 | 9 | |||||||||
TCG BDC, Inc. | 7,375 | 94 | |||||||||
Territorial Bancorp, Inc. | 1,170 | 24 | |||||||||
Texas Capital Bancshares, Inc. (a) | 6,415 | 338 | |||||||||
Texas Community Bancshares, Inc. (a) | 409 | 7 | |||||||||
TFS Financial Corp. | 12,230 | 168 | |||||||||
The Bancorp, Inc. (a) | 6,836 | 133 | |||||||||
The Bank of Princeton | 786 | 22 | |||||||||
The Carlyle Group, Inc. | 34,547 | 1,094 | |||||||||
The First of Long Island Corp. | 2,763 | 48 | |||||||||
The Hanover Insurance Group, Inc. | 4,602 | 673 | |||||||||
Third Coast Bancshares, Inc. (a) | 1,685 | 37 | |||||||||
Timberland Bancorp, Inc. | 1,087 | 27 | |||||||||
Tompkins Financial Corp. | 1,675 | 121 | |||||||||
Towne Bank | 8,979 | 244 | |||||||||
TPG RE Finance Trust, Inc. | 6,507 | 59 | |||||||||
TPG, Inc. (b) | 4,772 | 114 | |||||||||
Tradeweb Markets, Inc. Class A | 5,925 | 404 | |||||||||
Trean Insurance Group, Inc. (a) | 2,087 | 13 | |||||||||
TriCo Bancshares | 4,065 | 186 | |||||||||
Trinity Capital, Inc. (b) | 5,204 | 75 | |||||||||
TriplePoint Venture Growth BDC Corp. | 4,362 | 56 | |||||||||
Triumph Bancorp, Inc. (a) | 3,076 | 192 | |||||||||
Trupanion, Inc. (a) | 4,178 | 252 | |||||||||
TrustCo Bank Corp. | 2,321 | 72 | |||||||||
Trustmark Corp. | 6,823 | 199 | |||||||||
Two Harbors Investment Corp. | 40,609 | 202 | |||||||||
U.S. Global Investors, Inc. Class A | 1,517 | 7 | |||||||||
UMB Financial Corp. | 5,511 | 474 | |||||||||
Umpqua Holdings Corp. | 26,221 | 440 | |||||||||
United Bankshares, Inc. | 16,535 | 580 | |||||||||
United Community Banks, Inc. | 12,811 | 387 | |||||||||
United Fire Group, Inc. | 2,649 | 91 | |||||||||
United Insurance Holdings Corp. | 3,592 | 6 | |||||||||
Unity Bancorp, Inc. | 1,122 | 30 | |||||||||
Universal Insurance Holdings, Inc. | 3,740 | 49 | |||||||||
Univest Financial Corp. | 3,577 | 91 | |||||||||
Unum Group | 21,470 | 730 | |||||||||
Upstart Holdings, Inc. (a) (b) | 9,766 | 309 | |||||||||
USCB Financial Holdings, Inc. (a) | 2,221 | 26 | |||||||||
Valley National Bancorp | 53,341 | 555 | |||||||||
Value Line, Inc. (b) | 121 | 8 | |||||||||
Vericity, Inc. (a) | 504 | 4 | |||||||||
Veritex Holdings, Inc. | 6,597 | 193 | |||||||||
Victory Capital Holdings, Inc. Class A (f) | 1,741 | 42 | |||||||||
Virtu Financial, Inc. Class A | 3,930 | 92 | |||||||||
Virtus Investment Partners, Inc. | 831 | 142 | |||||||||
Voya Financial, Inc. | 13,062 | 778 | |||||||||
Walker & Dunlop, Inc. | 4,051 | 390 | |||||||||
Washington Federal, Inc. | 8,167 | 245 | |||||||||
Washington Trust Bancorp, Inc. | 2,269 | 110 | |||||||||
See notes to financial statements.
25
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Webster Financial Corp. | 23,018 | $ | 970 | ||||||||
WesBanco, Inc. | 7,876 | 250 | |||||||||
West Bancorp, Inc. | 2,058 | 50 | |||||||||
Westamerica Bancorp | 2,759 | 154 | |||||||||
Western Alliance Bancorp | 12,474 | 881 | |||||||||
Western Asset Mortgage Capital Corp. | 7,720 | 9 | |||||||||
Western New England Bancorp, Inc. | 2,959 | 22 | |||||||||
Westwood Holdings Group, Inc. | 1,147 | 16 | |||||||||
White Mountains Insurance Group Ltd. | 400 | 498 | |||||||||
WhiteHorse Finance, Inc. | 2,581 | 34 | |||||||||
William Penn Bancorp | 1,818 | 21 | |||||||||
Wintrust Financial Corp. | 6,839 | 548 | |||||||||
WisdomTree Investments, Inc. | 13,590 | 69 | |||||||||
World Acceptance Corp. (a) | 838 | 94 | |||||||||
WSFS Financial Corp. | 7,361 | 295 | |||||||||
134,109 | |||||||||||
Health Care (12.7%): | |||||||||||
10X Genomics, Inc. Class A (a) | 1,594 | 72 | |||||||||
1Life Healthcare, Inc. (a) | 23,988 | 188 | |||||||||
2seventy bio, Inc. (a) | 5,076 | 67 | |||||||||
4D Molecular Therapeutics, Inc. (a) | 3,995 | 28 | |||||||||
89bio, Inc. (a) | 2,689 | 9 | |||||||||
9 Meters Biopharma, Inc. (a) | 34,578 | 9 | |||||||||
Aadi Bioscience, Inc. (a) | 2,532 | 31 | |||||||||
Abeona Therapeutics, Inc. (a) | 18,992 | 4 | |||||||||
Absci Corp. (a) (b) | 6,002 | 20 | |||||||||
Acadia Healthcare Co., Inc. (a) | 10,302 | 697 | |||||||||
ACADIA Pharmaceuticals, Inc. (a) | 18,369 | 259 | |||||||||
Accelerate Diagnostics, Inc. (a) (b) | 7,031 | 7 | |||||||||
Accolade, Inc. (a) | 8,226 | 61 | |||||||||
Accuray, Inc. (a) | 12,125 | 24 | |||||||||
AcelRx Pharmaceuticals, Inc. (a) | 19,633 | 5 | |||||||||
Acer Therapeutics, Inc. (a) | 1,594 | 2 | |||||||||
Achieve Life Sciences, Inc. (a) | 1,253 | 6 | |||||||||
Aclaris Therapeutics, Inc. (a) | 7,578 | 106 | |||||||||
Acumen Pharmaceuticals, Inc. (a) | 2,391 | 11 | |||||||||
Acurx Pharmaceuticals, Inc. (a) | 1,155 | 4 | |||||||||
Acutus Medical, Inc. (a) | 3,544 | 4 | |||||||||
Adagio Therapeutics, Inc. (a) | 1,389 | 5 | |||||||||
Adamis Pharmaceuticals Corp. (a) (b) | 20,403 | 10 | |||||||||
Adaptive Biotechnologies Corp. (a) | 16,984 | 137 | |||||||||
Addus HomeCare Corp. (a) | 1,786 | 149 | |||||||||
Adial Pharmaceuticals, Inc. (a) | 3,176 | 4 | |||||||||
Adicet Bio, Inc. (a) (b) | 5,060 | 74 | |||||||||
Adverum Biotechnologies, Inc. (a) | 10,685 | 13 | |||||||||
Aeglea BioTherapeutics, Inc. (a) | 7,694 | 4 | |||||||||
Aerie Pharmaceuticals, Inc. (a) | 6,422 | 48 | |||||||||
Aerovate Therapeutics, Inc. (a) (b) | 2,471 | 39 | |||||||||
Agenus, Inc. (a) | 36,165 | 70 | |||||||||
Agilon Health, Inc. (a) | 22,855 | 499 | |||||||||
Agios Pharmaceuticals, Inc. (a) | 5,467 | 121 | |||||||||
See notes to financial statements.
26
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Aikido Pharma, Inc. (a) | 699 | $ | 4 | ||||||||
Aileron Therapeutics, Inc. (a) | 9,315 | 2 | |||||||||
AIM ImmunoTech, Inc. (a) | 6,743 | 5 | |||||||||
AirSculpt Technologies, Inc. (a) | 1,643 | 10 | |||||||||
Akebia Therapeutics, Inc. (a) (b) | 23,978 | 8 | |||||||||
Akero Therapeutics, Inc. (a) | 3,347 | 32 | |||||||||
Akouos, Inc. (a) (b) | 2,823 | 13 | |||||||||
Albireo Pharma, Inc. (a) | 2,119 | 42 | |||||||||
Aldeyra Therapeutics, Inc. (a) | 6,390 | 25 | |||||||||
Alector, Inc. (a) | 7,866 | 80 | |||||||||
Alignment Healthcare, Inc. (a) | 11,050 | 126 | |||||||||
Aligos Therapeutics, Inc. (a) | 2,041 | 2 | |||||||||
Alimera Sciences, Inc. (a) | 769 | 4 | |||||||||
Alkermes PLC (a) | 18,367 | 547 | |||||||||
Allakos, Inc. (a) | 5,772 | 18 | |||||||||
Allarity Therapeutics, Inc. (a) | 1,045 | 1 | |||||||||
Allogene Therapeutics, Inc. (a) (b) | 14,525 | 166 | |||||||||
Allovir, Inc. (a) (b) | 4,320 | 17 | |||||||||
Allscripts Healthcare Solutions, Inc. (a) | 13,528 | 201 | |||||||||
Alnylam Pharmaceuticals, Inc. (a) | 12,221 | 1,782 | |||||||||
Alpha Teknova, Inc. (a) | 987 | 8 | |||||||||
Alphatec Holdings, Inc. (a) | 11,580 | 76 | |||||||||
Alpine Immune Sciences, Inc. (a) | 1,664 | 14 | |||||||||
Altimmune, Inc. (a) | 5,345 | 63 | |||||||||
ALX Oncology Holdings, Inc. (a) (b) | 2,345 | 19 | |||||||||
Alzamend Neuro, Inc. (a) | 7,217 | 6 | |||||||||
Amedisys, Inc. (a) | 3,983 | 419 | |||||||||
American Well Corp. Class A (a) | 5,987 | 26 | |||||||||
Amicus Therapeutics, Inc. (a) | 33,060 | 355 | |||||||||
AMN Healthcare Services, Inc. (a) | 5,341 | 586 | |||||||||
Amneal Pharmaceuticals, Inc. (a) | 39,571 | 126 | |||||||||
Amphastar Pharmaceuticals, Inc. (a) | 5,078 | 177 | |||||||||
Ampio Pharmaceuticals, Inc. (a) | 28,085 | 5 | |||||||||
Amylyx Pharmaceuticals, Inc. (a) (b) | 3,866 | 74 | |||||||||
An2 Therapeutics, Inc. (a) | 793 | 6 | |||||||||
AnaptysBio, Inc. (a) (b) | 3,763 | 76 | |||||||||
Anebulo Pharmaceuticals, Inc. (a) | 953 | 5 | |||||||||
AngioDynamics, Inc. (a) | 4,632 | 90 | |||||||||
Angion Biomedica Corp. (a) | 2,695 | 3 | |||||||||
ANI Pharmaceuticals, Inc. (a) | 1,673 | 50 | |||||||||
Anika Therapeutics, Inc. (a) | 1,432 | 32 | |||||||||
Anixa Biosciences, Inc. (a) | 3,983 | 12 | |||||||||
Annexon, Inc. (a) | 3,577 | 13 | |||||||||
Annovis Bio, Inc. (a) | 817 | 9 | |||||||||
Apellis Pharmaceuticals, Inc. (a) | 13,169 | 595 | |||||||||
Apollo Endosurgery, Inc. (a) | 5,147 | 19 | |||||||||
Apollo Medical Holdings, Inc. (a) | 5,592 | 216 | |||||||||
Applied Genetic Technologies Corp. (a) | 6,772 | 5 | |||||||||
Applied Molecular Transport, Inc. (a) | 1,902 | 6 | |||||||||
Applied Therapeutics, Inc. (a) | 5,326 | 5 | |||||||||
Aprea Therapeutics, Inc. (a) | 2,595 | 2 | |||||||||
Aptevo Therapeutics, Inc. (a) | 663 | 2 | |||||||||
See notes to financial statements.
27
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Aptinyx, Inc. (a) | 6,660 | $ | 4 | ||||||||
Apyx Medical Corp. (a) | 3,874 | 23 | |||||||||
AquaBounty Technologies, Inc. (a) (b) | 8,692 | 15 | |||||||||
Aquestive Therapeutics, Inc. (a) | 6,629 | 4 | |||||||||
Aravive, Inc. (a) | 2,512 | 2 | |||||||||
ARCA biopharma, Inc. (a) (b) | 1,925 | 5 | |||||||||
Arcellx, Inc. (a) (b) | 2,411 | 44 | |||||||||
Arcus Biosciences, Inc. (a) | 7,558 | 192 | |||||||||
Arcutis Biotherapeutics, Inc. (a) | 4,480 | 95 | |||||||||
Ardelyx, Inc. (a) | 17,412 | 10 | |||||||||
Aridis Pharmaceuticals, Inc. (a) | 2,365 | 3 | |||||||||
Arrowhead Pharmaceuticals, Inc. (a) | 13,369 | 471 | |||||||||
Artivion, Inc. (a) | 4,463 | 84 | |||||||||
Arvinas, Inc. (a) | 5,379 | 226 | |||||||||
Asensus Surgical, Inc. (a) (b) | 31,225 | 12 | |||||||||
Aspira Women's Health, Inc. (a) | 9,144 | 5 | |||||||||
Assembly Biosciences, Inc. (a) (b) | 5,962 | 13 | |||||||||
Assertio Holdings, Inc. (a) | 5,937 | 18 | |||||||||
Astria Therapeutics, Inc. (a) | 1,556 | 5 | |||||||||
Atara Biotherapeutics, Inc. (a) | 11,417 | 89 | |||||||||
Atea Pharmaceuticals, Inc. (a) | 8,422 | 60 | |||||||||
Athenex, Inc. (a) | 10,684 | 4 | |||||||||
Athira Pharma, Inc. (a) (b) | 4,496 | 14 | |||||||||
Atossa Therapeutics, Inc. (a) | 15,654 | 17 | |||||||||
Atreca, Inc. Class A (a) | 1,683 | 3 | |||||||||
AtriCure, Inc. (a) | 6,114 | 250 | |||||||||
Atrion Corp. | 139 | 87 | |||||||||
aTyr Pharma, Inc. (a) | 3,154 | 9 | |||||||||
Aura Biosciences, Inc. (a) | 1,522 | 22 | |||||||||
Avalo Therapeutics, Inc. (a) | 15,370 | 8 | |||||||||
Avanos Medical, Inc. (a) | 5,320 | 145 | |||||||||
Avantor, Inc. (a) | 83,225 | 2,588 | |||||||||
Aveanna Healthcare Holdings, Inc. (a) | 7,787 | 18 | |||||||||
AVEO Pharmaceuticals, Inc. (a) (b) | 3,973 | 26 | |||||||||
Avid Bioservices, Inc. (a) | 6,507 | 99 | |||||||||
Avidity Biosciences, Inc. (a) | 4,965 | 72 | |||||||||
Avrobio, Inc. (a) | 5,096 | 5 | |||||||||
Axcella Health, Inc. (a) | 2,291 | 5 | |||||||||
Axogen, Inc. (a) | 5,545 | 45 | |||||||||
Axonics, Inc. (a) | 6,217 | 352 | |||||||||
Axsome Therapeutics, Inc. (a) (b) | 4,429 | 170 | |||||||||
Aytu BioScience, Inc. (a) | 5,258 | 4 | |||||||||
Beam Therapeutics, Inc. (a) | 6,615 | 256 | |||||||||
Berkeley Lights, Inc. (a) | 6,195 | 31 | |||||||||
Better Therapeutics, Inc. (a) | 1,262 | 2 | |||||||||
BioAtla, Inc. (a) | 1,419 | 4 | |||||||||
Biocept, Inc. (a) | 2,379 | 2 | |||||||||
BioCryst Pharmaceuticals, Inc. (a) | 24,246 | 257 | |||||||||
Biodesix, Inc. (a) | 2,350 | 4 | |||||||||
Biolase, Inc. (a) | 843 | 4 | |||||||||
BioLife Solutions, Inc. (a) | 5,482 | 76 | |||||||||
BioMarin Pharmaceutical, Inc. (a) | 20,271 | 1,680 | |||||||||
See notes to financial statements.
28
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Biomea Fusion, Inc. (a) (b) | 2,870 | $ | 34 | ||||||||
Biomerica, Inc. (a) | 1,428 | 4 | |||||||||
BioNano Genomics, Inc. (a) (b) | 38,253 | 53 | |||||||||
Biote Corp. (a) | 9,516 | 36 | |||||||||
Bioventus, Inc. Class A (a) | 2,928 | 20 | |||||||||
Bioxcel Therapeutics, Inc. (a) (b) | 2,125 | 28 | |||||||||
Black Diamond Therapeutics, Inc. (a) | 3,214 | 8 | |||||||||
bluebird bio, Inc. (a) | 8,634 | 36 | |||||||||
Blueprint Medicines Corp. (a) | 6,529 | 330 | |||||||||
Bolt Biotherapeutics, Inc. (a) (b) | 3,054 | 6 | |||||||||
Brickell Biotech, Inc. (a) | 15,933 | 2 | |||||||||
Bridgebio Pharma, Inc. (a) | 15,355 | 139 | |||||||||
Bright Green Corp. (a) | 6,231 | 14 | |||||||||
Brookdale Senior Living, Inc. (a) | 24,660 | 112 | |||||||||
Bruker Corp. | 8,388 | 526 | |||||||||
C4 Therapeutics, Inc. (a) (b) | 5,897 | 44 | |||||||||
Cabaletta Bio, Inc. (a) | 2,729 | 3 | |||||||||
Caladrius Biosciences, Inc. (a) | 8,078 | 4 | |||||||||
Calithera Biosciences, Inc. (a) | 610 | 1 | |||||||||
Candel Therapeutics, Inc. (a) | 1,815 | 6 | |||||||||
Capital Senior Living Corp. (a) | 837 | 18 | |||||||||
Capricor Therapeutics, Inc. (a) | 3,282 | 11 | |||||||||
Cara Therapeutics, Inc. (a) | 5,573 | 51 | |||||||||
Cardiff Oncology, Inc. (a) | 5,416 | 12 | |||||||||
Cardiovascular Systems, Inc. (a) | 3,554 | 51 | |||||||||
CareCloud, Inc. (a) | 1,484 | 5 | |||||||||
CareDx, Inc. (a) | 6,506 | 140 | |||||||||
Caribou Biosciences, Inc. (a) | 7,592 | 41 | |||||||||
CASI Pharmaceuticals, Inc. (a) | 1,302 | 4 | |||||||||
Cassava Sciences, Inc. (a) (b) | 5,294 | 149 | |||||||||
Castle Biosciences, Inc. (a) | 3,469 | 76 | |||||||||
Catalyst Biosciences, Inc. (a) | 4,158 | 7 | |||||||||
Catalyst Pharmaceuticals, Inc. (a) | 13,573 | 95 | |||||||||
cbdMD, Inc. (a) | 6,005 | 3 | |||||||||
Celcuity, Inc. (a) | 1,428 | 13 | |||||||||
Celldex Therapeutics, Inc. (a) | 5,387 | 145 | |||||||||
Cellectar Biosciences, Inc. (a) | 7,984 | 3 | |||||||||
CEL-SCI Corp. (a) (b) | 5,723 | 26 | |||||||||
Celsion Corp. (a) | 989 | 2 | |||||||||
Celularity, Inc. (a) (b) | 4,801 | 16 | |||||||||
Century Therapeutics, Inc. (a) (b) | 2,895 | 24 | |||||||||
Certara, Inc. (a) | 14,147 | 304 | |||||||||
Cerus Corp. (a) | 19,881 | 105 | |||||||||
Champions Oncology, Inc. (a) | 553 | 4 | |||||||||
Change Healthcare, Inc. (a) | 42,063 | 970 | |||||||||
Checkpoint Therapeutics, Inc. (a) | 5,486 | 6 | |||||||||
Chembio Diagnostics, Inc. (a) | 3,908 | 3 | |||||||||
Chemed Corp. | 1,936 | 909 | |||||||||
ChemoCentryx, Inc. (a) | 7,203 | 178 | |||||||||
Chimerix, Inc. (a) | 10,933 | 23 | |||||||||
Chinook Therapeutics, Inc. (a) | 6,233 | 109 | |||||||||
Cidara Therapeutics, Inc. (a) | 9,022 | 4 | |||||||||
See notes to financial statements.
29
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
CinCor Pharma, Inc. (a) (b) | 1,750 | $ | 33 | ||||||||
Clearside Biomedical, Inc. (a) | 6,930 | 10 | |||||||||
Clever Leaves Holdings, Inc. (a) | 4,907 | 5 | |||||||||
Clovis Oncology, Inc. (a) | 19,000 | 34 | |||||||||
Cocrystal Pharma, Inc. (a) | 12,598 | 5 | |||||||||
Codex DNA, Inc. (a) | 787 | 1 | |||||||||
Codexis, Inc. (a) | 6,974 | 73 | |||||||||
Co-Diagnostics, Inc. (a) | 4,537 | 25 | |||||||||
Codiak Biosciences, Inc. (a) | 1,772 | 5 | |||||||||
Cogent Biosciences, Inc. (a) | 7,251 | 65 | |||||||||
Cognition Therapeutics, Inc. (a) | 1,938 | 4 | |||||||||
Cohbar, Inc. (a) | 10,754 | 2 | |||||||||
Coherus Biosciences, Inc. (a) | 6,962 | 50 | |||||||||
Collegium Pharmaceutical, Inc. (a) | 3,295 | 58 | |||||||||
Comera Life Sciences Holdings, Inc. (a) | 2,469 | 7 | |||||||||
Community Health Systems, Inc. (a) | 16,463 | 62 | |||||||||
Computer Programs and Systems, Inc. (a) | 1,765 | 56 | |||||||||
Concert Pharmaceuticals, Inc. (a) | 4,798 | 20 | |||||||||
Conformis, Inc. (a) | 24,225 | 9 | |||||||||
CONMED Corp. | 3,528 | 338 | |||||||||
Convey Holding Parent, Inc. (a) | 2,572 | 27 | |||||||||
Corcept Therapeutics, Inc. (a) | 12,241 | 291 | |||||||||
Cortexyme, Inc. (a) (b) | 2,755 | 6 | |||||||||
CorVel Corp. (a) | 887 | 131 | |||||||||
Corvus Pharmaceuticals, Inc. (a) (b) | 5,626 | 6 | |||||||||
Covetrus, Inc. (a) | 12,731 | 264 | |||||||||
Crinetics Pharmaceuticals, Inc. (a) | 5,940 | 111 | |||||||||
Cross Country Healthcare, Inc. (a) | 4,297 | 89 | |||||||||
CryoPort, Inc. (a) | 5,759 | 178 | |||||||||
CTI BioPharma Corp. (a) (b) | 14,237 | 85 | |||||||||
Cue BioPharma, Inc. (a) | 4,361 | 11 | |||||||||
Cue Health, Inc. (a) (b) | 15,861 | 51 | |||||||||
Cullinan Oncology, Inc. (a) (b) | 4,657 | 60 | |||||||||
Cumberland Pharmaceuticals, Inc. (a) | 1,267 | 3 | |||||||||
Curis, Inc. (a) (b) | 11,330 | 11 | |||||||||
Cutera, Inc. (a) | 2,196 | 82 | |||||||||
CVRx, Inc. (a) | 1,788 | 11 | |||||||||
Cyclerion Therapeutics, Inc. (a) | 3,969 | 2 | |||||||||
Cyteir Therapeutics, Inc. (a) (b) | 1,694 | 5 | |||||||||
Cytek Biosciences, Inc. (a) | 10,379 | 111 | |||||||||
Cytokinetics, Inc. (a) | 8,665 | 340 | |||||||||
CytomX Therapeutics, Inc. (a) (c) | 8,546 | 16 | |||||||||
CytoSorbents Corp. (a) (b) | 5,081 | 11 | |||||||||
Dare Bioscience, Inc. (a) | 11,425 | 14 | |||||||||
Day One Biopharmaceuticals, Inc. (a) | 6,568 | 118 | |||||||||
Decibel Therapeutics, Inc. (a) (b) | 1,580 | 7 | |||||||||
Deciphera Pharmaceuticals, Inc. (a) | 6,007 | 79 | |||||||||
Definitive Healthcare Corp. (a) (b) | 3,863 | 89 | |||||||||
Delcath Systems, Inc. (a) | 1,057 | 4 | |||||||||
Denali Therapeutics, Inc. (a) | 10,883 | 320 | |||||||||
Design Therapeutics, Inc. (a) (b) | 3,057 | 43 | |||||||||
DICE Therapeutics, Inc. (a) (b) | 3,493 | 54 | |||||||||
See notes to financial statements.
30
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
DocGo, Inc. (a) (b) | 12,288 | $ | 88 | ||||||||
Doximity, Inc. Class A (a) (b) | 3,516 | 122 | |||||||||
Durect Corp. (a) | 26,557 | 13 | |||||||||
Dynavax Technologies Corp. (a) | 15,616 | 197 | |||||||||
Dyne Therapeutics, Inc. (a) | 4,501 | 31 | |||||||||
Eagle Pharmaceuticals, Inc. (a) | 1,305 | 58 | |||||||||
Eargo, Inc. (a) (b) | 3,374 | 3 | |||||||||
Edgewise Therapeutics, Inc. (a) | 1,952 | 16 | |||||||||
Editas Medicine, Inc. (a) | 8,969 | 106 | |||||||||
eFFECTOR Therapeutics, Inc. (a) | 1,048 | 1 | |||||||||
Eiger Biopharmaceuticals, Inc. (a) | 5,768 | 36 | |||||||||
Ekso Bionics Holdings, Inc. (a) | 1,590 | 3 | |||||||||
Elanco Animal Health, Inc. (a) | 53,278 | 1,046 | |||||||||
Electrocore, Inc. (a) | 9,446 | 5 | |||||||||
Electromed, Inc. (a) | 959 | 9 | |||||||||
Eledon Pharmaceuticals, Inc. (a) | 1,741 | 4 | |||||||||
Elevation Oncology, Inc. (a) | 1,276 | 2 | |||||||||
Eliem Therapeutics, Inc. (a) | 935 | 3 | |||||||||
Eloxx Pharmaceuticals, Inc. (a) | 8,766 | 2 | |||||||||
Embecta Corp. (a) | 7,146 | 181 | |||||||||
Emergent BioSolutions, Inc. (a) | 5,931 | 184 | |||||||||
Enanta Pharmaceuticals, Inc. (a) | 2,475 | 117 | |||||||||
Encompass Health Corp. | 12,900 | 723 | |||||||||
Endo International PLC (a) (b) | 28,074 | 13 | |||||||||
Enovis Corp. (a) | 5,390 | 296 | |||||||||
Entasis Therapeutics Holdings, Inc. (a) | 2,690 | 6 | |||||||||
Entrada Therapeutics, Inc. (a) (b) | 1,500 | 18 | |||||||||
Envista Holdings Corp. (a) | 16,448 | 634 | |||||||||
enVVeno Medical Corp. (a) | 1,225 | 5 | |||||||||
Enzo Biochem, Inc. (a) | 5,750 | 12 | |||||||||
Epizyme, Inc. (a) | 15,287 | 22 | |||||||||
EQRx, Inc. (a) (b) | 43,166 | 202 | |||||||||
Equillium, Inc. (a) | 2,217 | 5 | |||||||||
Erasca, Inc. (a) (b) | 9,074 | 51 | |||||||||
Esperion Therapeutics, Inc. (a) (b) | 7,791 | 50 | |||||||||
Establishment Labs Holdings, Inc. (a) | 1,974 | 107 | |||||||||
Eton Pharmaceuticals, Inc. (a) | 3,261 | 9 | |||||||||
Evelo Biosciences, Inc. (a) | 8,035 | 17 | |||||||||
Evolent Health, Inc. Class A (a) | 10,552 | 324 | |||||||||
Evolus, Inc. (a) | 5,041 | 58 | |||||||||
Exact Sciences Corp. (a) | 20,021 | 789 | |||||||||
Exagen, Inc. (a) | 1,029 | 6 | |||||||||
Exelixis, Inc. (a) | 36,045 | 750 | |||||||||
Eyenovia, Inc. (a) | 3,728 | 7 | |||||||||
EyePoint Pharmaceuticals, Inc. (a) (b) | 3,732 | 29 | |||||||||
Fate Therapeutics, Inc. (a) | 11,268 | 279 | |||||||||
Fennec Pharmaceuticals, Inc. (a) | 2,746 | 16 | |||||||||
Fibrogen, Inc. (a) | 8,914 | 94 | |||||||||
Figs, Inc. Class A (a) | 3,704 | 34 | |||||||||
Finch Therapeutics Group, Inc. (a) | 3,877 | 11 | |||||||||
Five Star Senior Living, Inc. (a) | 2,791 | 3 | |||||||||
Fluidigm Corp. (a) | 8,791 | 14 | |||||||||
See notes to financial statements.
31
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Foghorn Therapeutics, Inc. (a) | 2,332 | $ | 32 | ||||||||
FONAR Corp. (a) | 886 | 13 | |||||||||
Forma Therapeutics Holdings, Inc. (a) | 6,180 | 43 | |||||||||
Forte Biosciences, Inc. (a) | 1,619 | 2 | |||||||||
Fortress Biotech, Inc. (a) | 11,771 | 10 | |||||||||
Frequency Therapeutics, Inc. (a) | 4,571 | 7 | |||||||||
F-Star Therapeutics, Inc. (a) | 2,909 | 18 | |||||||||
Fulcrum Therapeutics, Inc. (a) (c) | 3,732 | 18 | |||||||||
Fulgent Genetics, Inc. (a) | 2,729 | 149 | |||||||||
G1 Therapeutics, Inc. (a) (b) | 4,741 | 23 | |||||||||
Gain Therapeutics, Inc. (a) | 1,320 | 5 | |||||||||
Galectin Therapeutics, Inc. (a) (b) | 5,341 | 7 | |||||||||
Galera Therapeutics, Inc. (a) | 2,753 | 4 | |||||||||
Gelesis Holdings, Inc. (a) | 5,900 | 9 | |||||||||
Generation Bio Co. (a) | 3,931 | 26 | |||||||||
Genprex, Inc. (a) (b) | 6,327 | 9 | |||||||||
Geron Corp. (a) (b) | 49,841 | 77 | |||||||||
Glaukos Corp. (a) | 5,255 | 239 | |||||||||
Global Blood Therapeutics, Inc. (a) | 7,134 | 228 | |||||||||
Globus Medical, Inc. (a) | 8,719 | 489 | |||||||||
GlycoMimetics, Inc. (a) | 6,110 | 4 | |||||||||
GoodRx Holdings, Inc. Class A (a) | 10,027 | 59 | |||||||||
Gossamer Bio, Inc. (a) | 9,101 | 76 | |||||||||
Graphite Bio, Inc. (a) | 3,666 | 10 | |||||||||
Great Elm Group, Inc. (a) | 3,050 | 7 | |||||||||
Greenlight Biosciences Holdings PBC (a) | 10,386 | 23 | |||||||||
Greenwich Lifesciences, Inc. (a) | 732 | 6 | |||||||||
Gritstone bio, Inc. (a) | 9,616 | 23 | |||||||||
Guardant Health, Inc. (a) | 12,171 | 491 | |||||||||
Haemonetics Corp. (a) | 5,673 | 370 | |||||||||
Halozyme Therapeutics, Inc. (a) | 15,892 | 699 | |||||||||
Hanger, Inc. (a) | 3,839 | 55 | |||||||||
Harmony Biosciences Holdings, Inc. (a) | 2,822 | 138 | |||||||||
Harpoon Therapeutics, Inc. (a) | 3,627 | 7 | |||||||||
Harrow Health, Inc. (a) | 3,306 | 24 | |||||||||
Harvard Bioscience, Inc. (a) | 5,042 | 18 | |||||||||
HCW Biologics, Inc. (a) | 1,711 | 4 | |||||||||
Health Catalyst, Inc. (a) | 6,320 | 92 | |||||||||
HealthEquity, Inc. (a) | 10,599 | 651 | |||||||||
HealthStream, Inc. (a) | 2,948 | 64 | |||||||||
Heat Biologics, Inc. (a) | 3,425 | 9 | |||||||||
Heron Therapeutics, Inc. (a) (b) | 12,814 | 36 | |||||||||
Heska Corp. (a) | 1,291 | 122 | |||||||||
HilleVax, Inc. (a) | 1,648 | 18 | |||||||||
Homology Medicines, Inc. (a) | 4,678 | 9 | |||||||||
Hookipa Pharma, Inc. (a) (b) | 4,150 | 7 | |||||||||
Horizon Therapeutics PLC (a) | 30,356 | 2,421 | |||||||||
Humacyte, Inc. (a) (b) | 7,815 | 25 | |||||||||
Hyperfine, Inc. (a) (b) | 7,313 | 16 | |||||||||
iCAD, Inc. (a) | 3,009 | 12 | |||||||||
Icosavax, Inc. (a) | 3,740 | 21 | |||||||||
ICU Medical, Inc. (a) | 2,419 | 398 | |||||||||
See notes to financial statements.
32
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Ideaya Biosciences, Inc. (a) (b) | 3,964 | $ | 55 | ||||||||
Idera Pharmaceuticals, Inc. (a) | 6,326 | 3 | |||||||||
IGM Biosciences, Inc. (a) (b) | 1,007 | 18 | |||||||||
Ikena Oncology, Inc. (a) | 4,066 | 18 | |||||||||
Imac Holdings, Inc. (a) | 3,202 | 3 | |||||||||
Imago Biosciences, Inc. (a) (b) | 2,846 | 38 | |||||||||
IMARA, Inc. (a) | 2,290 | 3 | |||||||||
ImmuCell Corp. (a) | 861 | 7 | |||||||||
Immuneering Corp. Class A (a) (b) | 2,485 | 13 | |||||||||
Immunic, Inc. (a) | 3,734 | 13 | |||||||||
ImmunityBio, Inc. (a) (b) | 11,741 | 44 | |||||||||
ImmunoGen, Inc. (a) | 28,812 | 130 | |||||||||
Immunome, Inc. (a) | 1,348 | 4 | |||||||||
Immunovant, Inc. (a) | 6,052 | 24 | |||||||||
Impel Neuropharma, Inc. (a) (b) | 1,043 | 10 | |||||||||
IN8bio, Inc. (a) | 1,351 | 3 | |||||||||
Inari Medical, Inc. (a) | 5,375 | 365 | |||||||||
Infinity Pharmaceuticals, Inc. (a) | 11,649 | 7 | |||||||||
Infusystem Holdings, Inc. (a) (b) | 2,657 | 26 | |||||||||
Inhibikase Therapeutics, Inc. (a) | 2,801 | 2 | |||||||||
Inhibrx, Inc. (a) | 3,840 | 44 | |||||||||
Inmune Bio, Inc. (a) | 1,666 | 15 | |||||||||
Innovage Holding Corp. (a) (b) | 2,667 | 12 | |||||||||
Innoviva, Inc. (a) | 8,618 | 127 | |||||||||
Inogen, Inc. (a) | 2,183 | 53 | |||||||||
Inotiv, Inc. (a) | 2,797 | 27 | |||||||||
Inovio Pharmaceuticals, Inc. (a) (b) | 29,923 | 52 | |||||||||
Inozyme Pharma, Inc. (a) (b) | 3,438 | 16 | |||||||||
Insmed, Inc. (a) | 13,601 | 268 | |||||||||
Inspire Medical Systems, Inc. (a) | 3,451 | 630 | |||||||||
Instil Bio, Inc. (a) (b) | 8,357 | 39 | |||||||||
Insulet Corp. (a) | 6,333 | 1,380 | |||||||||
Integer Holdings Corp. (a) | 3,908 | 276 | |||||||||
Integra LifeSciences Holdings Corp. (a) | 7,709 | 417 | |||||||||
Intellia Therapeutics, Inc. (a) | 8,206 | 425 | |||||||||
Intercept Pharmaceuticals, Inc. (a) (b) | 3,090 | 43 | |||||||||
Intra-Cellular Therapies, Inc. (a) | 10,336 | 590 | |||||||||
Invacare Corp. (a) | 3,644 | 5 | |||||||||
Invitae Corp. (a) (b) | 26,091 | 64 | |||||||||
Ionis Pharmaceuticals, Inc. (a) | 13,546 | 501 | |||||||||
iRadimed Corp. | 1,008 | 34 | |||||||||
iRhythm Technologies, Inc. (a) | 3,517 | 380 | |||||||||
IRIDEX Corp. (a) | 1,854 | 5 | |||||||||
Ironwood Pharmaceuticals, Inc. (a) | 17,722 | 204 | |||||||||
IsoPlexis Corp. (a) (b) | 1,703 | 4 | |||||||||
IsoRay, Inc. (a) | 19,954 | 6 | |||||||||
iSpecimen, Inc. (a) | 844 | 2 | |||||||||
iTeos Therapeutics, Inc. (a) | 3,397 | 70 | |||||||||
IVERIC bio, Inc. (a) | 13,412 | 129 | |||||||||
Janux Therapeutics, Inc. (a) (b) | 1,990 | 24 | |||||||||
Jasper Therapeutics, Inc. (a) | 1,081 | 2 | |||||||||
Jounce Therapeutics, Inc. (a) | 5,591 | 17 | |||||||||
See notes to financial statements.
33
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Kala Pharmaceuticals, Inc. (a) (b) | 8,670 | $ | 3 | ||||||||
KalVista Pharmaceuticals, Inc. (a) | 2,829 | 28 | |||||||||
Karuna Therapeutics, Inc. (a) | 2,353 | 298 | |||||||||
Keros Therapeutics, Inc. (a) | 1,960 | 54 | |||||||||
Kezar Life Sciences, Inc. (a) | 6,028 | 50 | |||||||||
Kiniksa Pharmaceuticals Ltd. Class A (a) | 1,267 | 12 | |||||||||
Kinnate Biopharma, Inc. (a) | 3,832 | 48 | |||||||||
Kodiak Sciences, Inc. (a) | 6,205 | 47 | |||||||||
Krystal Biotech, Inc. (a) | 2,594 | 170 | |||||||||
Kura Oncology, Inc. (a) | 7,958 | 146 | |||||||||
Kymera Therapeutics, Inc. (a) (b) | 5,524 | 109 | |||||||||
Lannett Co., Inc. (a) | 5,684 | 3 | |||||||||
Lantern Pharma, Inc. (a) | 1,036 | 6 | |||||||||
Lantheus Holdings, Inc. (a) | 8,196 | 541 | |||||||||
Larimar Therapeutics, Inc. (a) | 2,390 | 5 | |||||||||
Leap Therapeutics, Inc. (a) (b) | 9,182 | 11 | |||||||||
LeMaitre Vascular, Inc. | 2,068 | 94 | |||||||||
LENSAR, Inc. (a) | 1,437 | 9 | |||||||||
Lexicon Pharmaceuticals, Inc. (a) (b) | 11,560 | 21 | |||||||||
LHC Group, Inc. (a) | 3,925 | 611 | |||||||||
LifeStance Health Group, Inc. (a) | 13,147 | 73 | |||||||||
Ligand Pharmaceuticals, Inc. (a) | 2,015 | 180 | |||||||||
Lineage Cell Therapeutics, Inc. (a) (b) | 22,651 | 36 | |||||||||
Liquidia Technologies, Inc. (a) | 7,685 | 33 | |||||||||
Longboard Pharmaceuticals, Inc. (a) | 747 | 2 | |||||||||
Lucid Diagnostics, Inc. (a) | 1,281 | 3 | |||||||||
Lucira Health, Inc. (a) | 2,410 | 4 | |||||||||
Lumos Pharma, Inc. (a) (b) | 720 | 6 | |||||||||
Lyell Immunopharma, Inc. (a) (b) | 23,167 | 151 | |||||||||
Lyra Therapeutics, Inc. (a) (b) | 3,086 | 17 | |||||||||
MacroGenics, Inc. (a) | 6,808 | 20 | |||||||||
Madrigal Pharmaceuticals, Inc. (a) | 1,924 | 138 | |||||||||
Magenta Therapeutics, Inc. (a) (b) | 6,775 | 8 | |||||||||
MannKind Corp. (a) (b) | 32,996 | 126 | |||||||||
Maravai LifeSciences Holdings, Inc. Class A (a) | 8,246 | 234 | |||||||||
Marinus Pharmaceuticals, Inc. (a) | 4,489 | 22 | |||||||||
Marker Therapeutics, Inc. (a) | 9,161 | 3 | |||||||||
Masimo Corp. (a) | 6,551 | 856 | |||||||||
Matinas BioPharma Holdings, Inc. (a) (b) | 28,636 | 23 | |||||||||
MediciNova, Inc. (a) (b) | 6,134 | 16 | |||||||||
MEDNAX, Inc. (a) | 10,543 | 221 | |||||||||
Medpace Holdings, Inc. (a) | 3,500 | 524 | |||||||||
MEI Pharma, Inc. (a) | 17,562 | 11 | |||||||||
MeiraGTx Holdings PLC (a) | 4,900 | 37 | |||||||||
Meridian Bioscience, Inc. (a) | 5,144 | 156 | |||||||||
Merit Medical Systems, Inc. (a) | 6,929 | 376 | |||||||||
Merrimack Pharmaceuticals, Inc. (a) | 1,773 | 11 | |||||||||
Mersana Therapeutics, Inc. (a) | 12,537 | 58 | |||||||||
Mesa Laboratories, Inc. | 556 | 113 | |||||||||
Metacrine, Inc. (a) | 5,132 | 3 | |||||||||
Microbot Medical, Inc. (a) | 921 | 5 | |||||||||
Minerva Neurosciences, Inc. (a) | 713 | 2 | |||||||||
See notes to financial statements.
34
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Minerva Surgical, Inc. (a) | 1,176 | $ | 3 | ||||||||
Miromatrix Medical, Inc. (a) | 2,024 | 8 | |||||||||
Mirum Pharmaceuticals, Inc. (a) | 2,819 | 55 | |||||||||
ModivCare, Inc. (a) | 1,601 | 135 | |||||||||
Molecular Templates, Inc. (a) | 3,405 | 3 | |||||||||
Moleculin Biotech, Inc. (a) | 3,816 | 6 | |||||||||
Monte Rosa Therapeutics, Inc. (a) (b) | 3,083 | 30 | |||||||||
Morphic Holding, Inc. (a) | 3,496 | 76 | |||||||||
MSP Recovery, Inc. (a) (b) (f) | 439,886 | 941 | |||||||||
Multiplan Corp. (a) (b) | 35,009 | 192 | |||||||||
Mustang Bio, Inc. (a) | 8,099 | 5 | |||||||||
MyMD Pharmaceuticals, Inc. (a) | 4,813 | 10 | |||||||||
Myriad Genetics, Inc. (a) | 9,369 | 170 | |||||||||
NanoString Technologies, Inc. (a) | 5,088 | 65 | |||||||||
NantHealth, Inc. (a) | 4,385 | 2 | |||||||||
Natera, Inc. (a) | 12,720 | 451 | |||||||||
National HealthCare Corp. (c) | 1,914 | 134 | |||||||||
National Research Corp. | 1,559 | 60 | |||||||||
Natus Medical, Inc. (a) | 4,083 | 134 | |||||||||
Navidea Biopharmaceuticals, Inc. (a) | 3,115 | 2 | |||||||||
Nektar Therapeutics (a) | 15,440 | 59 | |||||||||
Neogen Corp. (a) | 12,007 | 289 | |||||||||
NeoGenomics, Inc. (a) | 13,846 | 113 | |||||||||
Neoleukin Therapeutics, Inc. (a) (b) | 4,539 | 5 | |||||||||
Neurocrine Biosciences, Inc. (a) | 12,219 | 1,191 | |||||||||
NeuroMetrix, Inc. (a) (b) | 1,004 | 4 | |||||||||
Neuronetics, Inc. (a) | 3,574 | 11 | |||||||||
NeuroPace, Inc. (a) | 1,903 | 9 | |||||||||
Nevro Corp. (a) | 3,964 | 174 | |||||||||
NexImmune, Inc. (a) | 2,312 | 4 | |||||||||
NextCure, Inc. (a) | 3,003 | 14 | |||||||||
NextGen Healthcare, Inc. (a) | 6,791 | 118 | |||||||||
NGM Biopharmaceuticals, Inc. (a) | 6,682 | 86 | |||||||||
Nkarta, Inc. (a) (b) | 5,850 | 72 | |||||||||
Northwest Biotherapeutics, Inc. (a) (b) | 132,727 | 84 | |||||||||
Novan, Inc. (a) | 2,842 | 7 | |||||||||
Novavax, Inc. (a) (b) | 10,319 | 531 | |||||||||
Nurix Therapeutics, Inc. (a) | 5,622 | 71 | |||||||||
Nutex Health, Inc. (a) (b) | 44,422 | 143 | |||||||||
Nuvalent, Inc. Class A (a) (b) | 1,359 | 18 | |||||||||
NuVasive, Inc. (a) | 6,581 | 324 | |||||||||
Oak Street Health, Inc. (a) | 14,902 | 245 | |||||||||
Ocugen, Inc. (a) (b) | 28,781 | 65 | |||||||||
Ocular Therapeutix, Inc. (a) | 10,137 | 41 | |||||||||
Ocuphire Pharma, Inc. (a) | 2,395 | 5 | |||||||||
Olema Pharmaceuticals, Inc. (a) | 2,723 | 11 | |||||||||
Omega Therapeutics, Inc. (a) | 2,085 | 8 | |||||||||
Omeros Corp. (a) (b) | 8,285 | 23 | |||||||||
Omnicell, Inc. (a) | 5,280 | 601 | |||||||||
Oncocyte Corp. (a) | 15,151 | 14 | |||||||||
Onconova Therapeutics, Inc. (a) | 2,790 | 4 | |||||||||
OncoSec Medical, Inc. (a) | 2,710 | 2 | |||||||||
See notes to financial statements.
35
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Oncternal Therapeutics, Inc. (a) | 6,043 | $ | 7 | ||||||||
Ontrak, Inc. (a) (b) | 1,643 | 2 | |||||||||
OpGen, Inc. (a) | 6,542 | 4 | |||||||||
Opiant Pharmaceuticals, Inc. (a) | 681 | 8 | |||||||||
OPKO Health, Inc. (a) | 67,972 | 172 | |||||||||
Optinose, Inc. (a) | 5,576 | 20 | |||||||||
Option Care Health, Inc. (a) | 14,418 | 401 | |||||||||
Oragenics, Inc. (a) | 14,717 | 5 | |||||||||
Oramed Pharmaceuticals, Inc. (a) (b) | 5,202 | 24 | |||||||||
OraSure Technologies, Inc. (a) | 7,941 | 22 | |||||||||
Organogenesis Holdings, Inc. (a) | 9,253 | 45 | |||||||||
Orgenesis, Inc. (a) | 3,245 | 8 | |||||||||
ORIC Pharmaceuticals, Inc. (a) | 3,939 | 18 | |||||||||
Orthofix Medical, Inc. (a) | 2,211 | 52 | |||||||||
OrthoPediatrics Corp. (a) | 1,536 | 66 | |||||||||
Osmotica Pharmaceuticals PLC (a) | 6,105 | 8 | |||||||||
Otonomy, Inc. (a) | 7,678 | 16 | |||||||||
Outlook Therapeutics, Inc. (a) (b) | 19,044 | 19 | |||||||||
Outset Medical, Inc. (a) | 5,305 | 79 | |||||||||
Ovid Therapeutics, Inc. (a) | 8,311 | 18 | |||||||||
Owens & Minor, Inc. | 8,127 | 256 | |||||||||
Owlet, Inc. (a) | 10,682 | 18 | |||||||||
Oyster Point Pharma, Inc. (a) (b) | 2,399 | 10 | |||||||||
Pacific Biosciences of California, Inc. (a) (b) | 20,804 | 92 | |||||||||
Pacira BioSciences, Inc. (a) | 4,916 | 287 | |||||||||
Palatin Technologies, Inc. (a) | 30,605 | 9 | |||||||||
Paragon 28, Inc. (a) (b) | 3,545 | 56 | |||||||||
Paratek Pharmaceuticals, Inc. (a) | 7,272 | 14 | |||||||||
Pardes Biosciences, Inc. (a) | 8,056 | 25 | |||||||||
Passage Bio, Inc. (a) | 6,257 | 15 | |||||||||
Patterson Cos., Inc. (c) | 9,463 | 287 | |||||||||
PAVmed, Inc. (a) | 11,742 | 11 | |||||||||
PDL BioPharma, Inc. (a) (b) (d) (e) | 17,605 | 26 | |||||||||
PDS Biotechnology Corp. (a) | 3,638 | 13 | |||||||||
Pear Therapeutics, Inc. (a) | 5,628 | 9 | |||||||||
Penumbra, Inc. (a) | 3,759 | 468 | |||||||||
PepGen, Inc. (a) | 1,260 | 12 | |||||||||
Personalis, Inc. (a) | 3,640 | 13 | |||||||||
PetIQ, Inc. (a) | 956 | 16 | |||||||||
PhaseBio Pharmaceuticals, Inc. (a) (b) | 5,474 | 3 | |||||||||
Phathom Pharmaceuticals, Inc. (a) | 3,021 | 25 | |||||||||
Phibro Animal Health Corp. Class A | 1,822 | 35 | |||||||||
Phreesia, Inc. (a) | 5,256 | 131 | |||||||||
Pieris Pharmaceuticals, Inc. (a) | 9,887 | 18 | |||||||||
Pliant Therapeutics, Inc. (a) (b) | 2,949 | 24 | |||||||||
PLx Pharma, Inc. (a) | 3,213 | 8 | |||||||||
PMV Pharmaceuticals, Inc. (a) (b) | 4,931 | 70 | |||||||||
Point Biopharma Global, Inc. (a) (b) | 11,395 | 78 | |||||||||
Poseida Therapeutics, Inc. (a) | 4,317 | 11 | |||||||||
Praxis Precision Medicines, Inc. (a) (b) | 3,774 | 9 | |||||||||
Precigen, Inc. (a) | 14,589 | 20 | |||||||||
Precipio, Inc. (a) | 3,160 | 3 | |||||||||
See notes to financial statements.
36
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Precision BioSciences, Inc. (a) (b) | 12,088 | $ | 19 | ||||||||
Predictive Oncology, Inc. (a) | 9,109 | 4 | |||||||||
Prelude Therapeutics, Inc. (a) (b) | 2,347 | 12 | |||||||||
Premier, Inc. Class A | 16,410 | 585 | |||||||||
Prestige Consumer Healthcare, Inc. (a) | 5,935 | 349 | |||||||||
Privia Health Group, Inc. (a) | 7,478 | 218 | |||||||||
PROCEPT BioRobotics Corp. (a) (b) | 5,710 | 187 | |||||||||
Pro-Dex, Inc. (a) | 368 | 6 | |||||||||
Progenity, Inc. (a) (b) | 23,806 | 17 | |||||||||
Progyny, Inc. (a) | 8,656 | 251 | |||||||||
Prometheus Biosciences, Inc. (a) | 2,314 | 65 | |||||||||
ProPhase Labs, Inc. | 1,829 | 23 | |||||||||
Protagonist Therapeutics, Inc. (a) | 5,128 | 41 | |||||||||
Protalix BioTherapeutics, Inc. (a) (b) | 5,885 | 6 | |||||||||
Protara Therapeutics, Inc. (a) | 1,393 | 4 | |||||||||
Provention Bio, Inc. (a) (b) | 8,458 | 34 | |||||||||
Psychemedics Corp. | 709 | 4 | |||||||||
PTC Therapeutics, Inc. (a) | 8,018 | 321 | |||||||||
Pulmatrix, Inc. (a) | 449 | 2 | |||||||||
Pulmonx Corp. (a) | 3,756 | 55 | |||||||||
Pulse Biosciences, Inc. (a) (b) | 3,129 | 5 | |||||||||
Puma Biotechnology, Inc. (a) (b) | 5,119 | 15 | |||||||||
Pyxis Oncology, Inc. (a) | 2,215 | 5 | |||||||||
Qualigen Therapeutics, Inc. (a) | 4,663 | 3 | |||||||||
Quanterix Corp. (a) | 4,461 | 72 | |||||||||
QuidelOrtho Corp. (a) | 5,817 | 565 | |||||||||
R1 RCM, Inc. (a) | 19,647 | 412 | |||||||||
RadNet, Inc. (a) | 6,320 | 109 | |||||||||
Rain Therapeutics, Inc. (a) | 1,008 | 6 | |||||||||
Rallybio Corp. (a) | 1,402 | 11 | |||||||||
Rani Therapeutics Holdings, Inc. (a) | 969 | 10 | |||||||||
Rapid Micro Biosystems, Inc. Class A (a) | 1,121 | 5 | |||||||||
RAPT Therapeutics, Inc. (a) | 2,376 | 43 | |||||||||
Reata Pharmaceuticals, Inc. Class A (a) | 2,613 | 79 | |||||||||
Recro Pharma, Inc. (a) | 6,684 | 5 | |||||||||
Recursion Pharmaceuticals, Inc. Class A (a) | 3,366 | 27 | |||||||||
REGENXBIO, Inc. (a) | 4,425 | 109 | |||||||||
Regulus Therapeutics, Inc. (a) | 1,784 | 4 | |||||||||
Relay Therapeutics, Inc. (a) | 9,159 | 153 | |||||||||
Relmada Therapeutics, Inc. (a) | 3,667 | 70 | |||||||||
Reneo Pharmaceuticals, Inc. (a) | 1,651 | 4 | |||||||||
Renovacor, Inc. (a) | 1,360 | 3 | |||||||||
Repligen Corp. (a) | 6,232 | 1,012 | |||||||||
Replimune Group, Inc. (a) | 4,207 | 74 | |||||||||
ReShape Lifesciences, Inc. (a) | 2,496 | 1 | |||||||||
Retractable Technologies, Inc. (a) | 1,991 | 8 | |||||||||
Revance Therapeutics, Inc. (a) | 7,873 | 109 | |||||||||
REVOLUTION Medicines, Inc. (a) | 7,719 | 150 | |||||||||
Rhythm Pharmaceuticals, Inc. (a) (b) | 4,674 | 19 | |||||||||
Rigel Pharmaceuticals, Inc. (a) (b) | 18,853 | 21 | |||||||||
Rocket Pharmaceuticals, Inc. (a) | 8,787 | 121 | |||||||||
Royalty Pharma PLC Class A | 11,090 | 466 | |||||||||
See notes to financial statements.
37
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Rubius Therapeutics, Inc. (a) | 4,057 | $ | 3 | ||||||||
RxSight, Inc. (a) (b) | 2,474 | 35 | |||||||||
SAB Biotherapeutics, Inc. (a) | 3,502 | 5 | |||||||||
Sage Therapeutics, Inc. (a) | 6,225 | 201 | |||||||||
Sana Biotechnology, Inc. (a) (b) | 12,524 | 81 | |||||||||
Sangamo Therapeutics, Inc. (a) | 15,868 | 66 | |||||||||
Sarepta Therapeutics, Inc. (a) | 11,556 | 866 | |||||||||
Satsuma Pharmaceuticals, Inc. (a) | 3,326 | 14 | |||||||||
Savara, Inc. (a) | 11,055 | 17 | |||||||||
Scholar Rock Holding Corp. (a) (b) | 4,134 | 23 | |||||||||
Schrodinger, Inc. (a) | 1,601 | 42 | |||||||||
Science 37 Holdings, Inc. (a) | 10,745 | 22 | |||||||||
scPharmaceuticals, Inc. (a) | 3,001 | 14 | |||||||||
SCYNEXIS, Inc. (a) | 4,349 | 8 | |||||||||
Seagen, Inc. (a) | 24,307 | 4,301 | |||||||||
Seaspine Holdings Corp. (a) | 4,603 | 26 | |||||||||
Second Sight Medical Products, Inc. (a) | 4,154 | 8 | |||||||||
Seelos Therapeutics, Inc. (a) | 14,010 | 10 | |||||||||
Seer, Inc. (a) | 1,314 | 12 | |||||||||
Select Medical Holdings Corp. | 10,461 | 247 | |||||||||
Selecta Biosciences, Inc. (a) | 17,062 | 22 | |||||||||
Sellas Life Sciences Group, Inc. (a) | 2,684 | 6 | |||||||||
Sema4 Holdings Corp. (a) | 33,386 | 42 | |||||||||
Sensei Biotherapeutics, Inc. (a) (b) | 2,415 | 5 | |||||||||
Senseonics Holdings, Inc. (a) (b) | 57,267 | 59 | |||||||||
Sensus Healthcare, Inc. (a) | 1,993 | 15 | |||||||||
Seres Therapeutics, Inc. (a) | 7,257 | 25 | |||||||||
Sesen Bio, Inc. (a) (b) | 26,339 | 21 | |||||||||
Sharecare, Inc. (a) (b) | 41,331 | 65 | |||||||||
Shattuck Labs, Inc. (a) | 4,704 | 19 | |||||||||
Shockwave Medical, Inc. (a) | 3,873 | 740 | |||||||||
SI-BONE, Inc. (a) | 4,194 | 55 | |||||||||
Sientra, Inc. (a) (b) | 7,833 | 7 | |||||||||
Sierra Oncology, Inc. (a) | 2,369 | 130 | |||||||||
SIGA Technologies, Inc. (b) | 6,104 | 71 | |||||||||
Sight Sciences, Inc. (a) (b) | 2,810 | 25 | |||||||||
Signify Health, Inc. Class A (a) | 3,611 | 50 | |||||||||
Silk Road Medical, Inc. (a) | 4,145 | 151 | |||||||||
Silverback Therapeutics, Inc. (a) | 4,100 | 17 | |||||||||
Simulations Plus, Inc. | 1,620 | 80 | |||||||||
Singular Genomics Systems, Inc. (a) | 5,059 | 19 | |||||||||
SmileDirectClub, Inc. (a) (b) | 8,207 | 9 | |||||||||
Solid Biosciences, Inc. (a) | 11,728 | 7 | |||||||||
SomaLogic, Inc. (a) (b) | 22,792 | 103 | |||||||||
Sonendo, Inc. (a) | 2,376 | 4 | |||||||||
Sotera Health Co. (a) (b) | 15,098 | 296 | |||||||||
Spectrum Pharmaceuticals, Inc. (a) (b) | 21,251 | 17 | |||||||||
Spero Therapeutics, Inc. (a) | 3,783 | 3 | |||||||||
SpringWorks Therapeutics, Inc. (a) | 4,722 | 116 | |||||||||
Spruce Biosciences, Inc. (a) | 1,520 | 3 | |||||||||
SQZ Biotechnologies Co. (a) | 2,018 | 6 | |||||||||
STAAR Surgical Co. (a) | 5,241 | 372 | |||||||||
See notes to financial statements.
38
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Stereotaxis, Inc. (a) | 9,441 | $ | 17 | ||||||||
Stoke Therapeutics, Inc. (a) | 3,470 | 46 | |||||||||
Strata Skin Sciences, Inc. (a) | 3,172 | 3 | |||||||||
Streamline Health Solutions, Inc. (a) | 6,353 | 8 | |||||||||
Supernus Pharmaceuticals, Inc. (a) | 6,379 | 184 | |||||||||
Surface Oncology, Inc. (a) | 5,985 | 10 | |||||||||
Surgalign Holdings, Inc. (a) | 793 | 3 | |||||||||
Surgery Partners, Inc. (a) | 4,422 | 128 | |||||||||
Surmodics, Inc. (a) | 1,673 | 62 | |||||||||
Surrozen, Inc. (a) | 3,357 | 10 | |||||||||
Sutro Biopharma, Inc. (a) | 5,408 | 28 | |||||||||
Syndax Pharmaceuticals, Inc. (a) | 7,427 | 143 | |||||||||
Syneos Health, Inc. (a) | 13,114 | 940 | |||||||||
Synlogic, Inc. (a) | 6,910 | 8 | |||||||||
Synthetic Biologics, Inc. (a) | 22,035 | 5 | |||||||||
Syros Pharmaceuticals, Inc. (a) | 6,089 | 6 | |||||||||
T2 Biosystems, Inc. (a) | 23,159 | 4 | |||||||||
Tabula Rasa Healthcare, Inc. (a) (b) | 2,689 | 7 | |||||||||
Tactile Systems Technology, Inc. (a) | 1,710 | 12 | |||||||||
Talaris Therapeutics, Inc. (a) | 3,555 | 16 | |||||||||
Talkspace, Inc. (a) | 14,383 | 24 | |||||||||
Tandem Diabetes Care, Inc. (a) | 7,100 | 420 | |||||||||
Tango Therapeutics, Inc. (a) (b) | 7,039 | 32 | |||||||||
Tarsus Pharmaceuticals, Inc. (a) | 1,999 | 29 | |||||||||
Taysha Gene Therapies, Inc. (a) | 3,021 | 11 | |||||||||
TCR2 Therapeutics, Inc. (a) (b) | 5,091 | 15 | |||||||||
Tela Bio, Inc. (a) | 1,209 | 9 | |||||||||
Teladoc Health, Inc. (a) | 18,342 | 609 | |||||||||
Tempest Therapeutics, Inc. (a) | 1,321 | 3 | |||||||||
Tenaya Therapeutics, Inc. (a) | 3,020 | 17 | |||||||||
Tenet Healthcare Corp. (a) | 13,620 | 716 | |||||||||
Terns Pharmaceuticals, Inc. (a) | 2,097 | 5 | |||||||||
TFF Pharmaceuticals, Inc. (a) | 3,067 | 17 | |||||||||
The Ensign Group, Inc. | 6,704 | 493 | |||||||||
The Joint Corp. (a) | 1,728 | 26 | |||||||||
The Oncology Institute, Inc. (a) | 1,031 | 5 | |||||||||
The Pennant Group, Inc. (a) | 2,447 | 31 | |||||||||
TherapeuticsMD, Inc. (a) | 1,086 | 11 | |||||||||
Theseus Pharmaceuticals, Inc. (a) (b) | 1,904 | 11 | |||||||||
Tilray, Inc. Class 2 (a) (b) | 45,246 | 141 | |||||||||
Timber Pharmaceuticals, Inc. (a) | 8,499 | 3 | |||||||||
Tonix Pharmaceuticals Holding Corp. (a) (b) | 2,635 | 4 | |||||||||
Tracon Pharmaceuticals, Inc. (a) | 2,597 | 5 | |||||||||
TransMedics Group, Inc. (a) | 2,636 | 83 | |||||||||
Travere Therapeutics, Inc. (a) | 7,853 | 190 | |||||||||
Treace Medical Concepts, Inc. (a) | 5,981 | 86 | |||||||||
Trevena, Inc. (a) | 21,857 | 9 | |||||||||
Tricida, Inc. (a) (b) | 5,530 | 54 | |||||||||
TScan Therapeutics, Inc. (a) | 947 | 3 | |||||||||
Turning Point Therapeutics, Inc. (a) | 6,002 | 452 | |||||||||
Twist Bioscience Corp. (a) | 6,009 | 210 | |||||||||
Tyme Technologies, Inc. (a) | 16,693 | 5 | |||||||||
See notes to financial statements.
39
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Tyra Biosciences, Inc. (a) (b) | 1,820 | $ | 13 | ||||||||
U.S. Physical Therapy, Inc. | 1,170 | 128 | |||||||||
Ultragenyx Pharmaceutical, Inc. (a) | 7,468 | 446 | |||||||||
United Therapeutics Corp. (a) | 5,475 | 1,290 | |||||||||
UNITY Biotechnology, Inc. (a) | 8,261 | 5 | |||||||||
UroGen Pharma Ltd. (a) (b) | 2,201 | 18 | |||||||||
Utah Medical Products, Inc. | 350 | 30 | |||||||||
Vaccinex, Inc. (a) | 5,575 | 6 | |||||||||
Vanda Pharmaceuticals, Inc. (a) | 6,270 | 68 | |||||||||
Vapotherm, Inc. (a) (b) | 3,025 | 8 | |||||||||
Varex Imaging Corp. (a) | 4,307 | 92 | |||||||||
Vaxart, Inc. (a) (b) | 16,698 | 58 | |||||||||
Vaxcyte, Inc. (a) | 5,900 | 128 | |||||||||
Vaxxinity, Inc. Class A (a) | 4,758 | 7 | |||||||||
Veeva Systems, Inc. Class A (a) | 13,922 | 2,757 | |||||||||
Ventyx Biosciences, Inc. (a) (b) | 2,573 | 31 | |||||||||
Venus Concept, Inc. (a) | 4,317 | 2 | |||||||||
Vera Therapeutics, Inc. (a) | 2,055 | 28 | |||||||||
Veracyte, Inc. (a) | 6,827 | 136 | |||||||||
Verastem, Inc. (a) | 24,609 | 29 | |||||||||
Vericel Corp. (a) | 4,503 | 113 | |||||||||
Verrica Pharmaceuticals, Inc. (a) (b) | 1,664 | 3 | |||||||||
Verve Therapeutics, Inc. (a) | 3,761 | 57 | |||||||||
Vicarious Surgical, Inc. (a) | 9,199 | 27 | |||||||||
Viemed Healthcare, Inc. (a) | 4,376 | 24 | |||||||||
Vigil Neuroscience, Inc. (a) | 995 | 3 | |||||||||
Viking Therapeutics, Inc. (a) | 9,241 | 27 | |||||||||
Vir Biotechnology, Inc. (a) | 11,531 | 294 | |||||||||
Viracta Therapeutics, Inc. (a) | 3,899 | 15 | |||||||||
Viridian Therapeutics, Inc. (a) (b) | 3,219 | 37 | |||||||||
Virios Therapeutics, Inc. (a) | 1,067 | 5 | |||||||||
Vivos Therapeutics, Inc. (a) | 2,523 | 3 | |||||||||
Vor BioPharma, Inc. (a) | 3,488 | 17 | |||||||||
Voyager Therapeutics, Inc. (a) | 3,945 | 23 | |||||||||
Vyant Bio, Inc. (a) | 3,183 | 3 | |||||||||
Vyne Therapeutics, Inc. (a) | 7,322 | 3 | |||||||||
Werewolf Therapeutics, Inc. (a) | 1,401 | 6 | |||||||||
X4 Pharmaceuticals, Inc. (a) | 3,639 | 3 | |||||||||
XBiotech, Inc. | 2,311 | 13 | |||||||||
Xencor, Inc. (a) | 4,518 | 124 | |||||||||
Xeris Biopharma Holdings, Inc. (a) (b) | 16,755 | 26 | |||||||||
Xilio Therapeutics, Inc. (a) | 1,970 | 6 | |||||||||
XOMA Corp. (a) | 1,478 | 33 | |||||||||
Y-mAbs Therapeutics, Inc. (a) | 4,485 | 68 | |||||||||
Zentalis Pharmaceuticals, Inc. (a) | 5,185 | 146 | |||||||||
Zimvie, Inc. (a) | 3,482 | 56 | |||||||||
ZIOPHARM Oncology, Inc. (a) (b) (c) | 26,090 | 32 | |||||||||
Zomedica Corp. (a) (b) | 132,141 | 29 | |||||||||
Zynerba Pharmaceuticals, Inc. (a) | 5,636 | 6 | |||||||||
87,736 | |||||||||||
See notes to financial statements.
40
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Industrials (14.0%): | |||||||||||
AAON, Inc. | 4,699 | $ | 257 | ||||||||
AAR Corp. (a) | 4,205 | 176 | |||||||||
ABM Industries, Inc. | 7,986 | 347 | |||||||||
Acacia Research Corp. (a) | 5,343 | 27 | |||||||||
ACCO Brands Corp. | 12,536 | 82 | |||||||||
Acme United Corp. | 383 | 12 | |||||||||
Acuity Brands, Inc. | 3,839 | 591 | |||||||||
ADT, Inc. | 35,648 | 219 | |||||||||
Advanced Drainage Systems, Inc. | 11,140 | 1,003 | |||||||||
AECOM | 15,455 | 1,008 | |||||||||
Aerojet Rocketdyne Holdings, Inc. (a) | 9,610 | 390 | |||||||||
AeroVironment, Inc. (a) | 2,802 | 230 | |||||||||
AGCO Corp. | 8,065 | 796 | |||||||||
Agrify Corp. (a) | 3,327 | 7 | |||||||||
Air Industries Group (a) | 3,218 | 2 | |||||||||
Air Lease Corp. | 13,861 | 463 | |||||||||
Air T, Inc. | 218 | 4 | |||||||||
Air Transport Services Group, Inc. (a) | 8,464 | 243 | |||||||||
Alamo Group, Inc. | 1,178 | 137 | |||||||||
Albany International Corp. | 3,109 | 245 | |||||||||
Alight, Inc. Class A (a) (b) | 50,078 | 338 | |||||||||
Allegiant Travel Co. (a) | 1,886 | 213 | |||||||||
Allied Motion Technologies, Inc. | 1,962 | 45 | |||||||||
Allison Transmission Holdings, Inc. | 10,637 | 409 | |||||||||
Alta Equipment Group, Inc. (a) | 2,920 | 26 | |||||||||
Altra Industrial Motion Corp. | 8,501 | 300 | |||||||||
AMERCO, Inc. | 1,407 | 673 | |||||||||
Ameresco, Inc. Class A (a) | 2,913 | 133 | |||||||||
American Superconductor Corp. (a) | 3,248 | 17 | |||||||||
American Woodmark Corp. (a) | 1,678 | 76 | |||||||||
Apogee Enterprises, Inc. (c) | 2,357 | 92 | |||||||||
Applied Industrial Technologies, Inc. | 4,268 | 410 | |||||||||
Aqua Metals, Inc. (a) | 9,691 | 8 | |||||||||
ARC Document Solutions, Inc. | 5,473 | 14 | |||||||||
ArcBest Corp. | 2,926 | 206 | |||||||||
Archer Aviation, Inc. Class A (a) (b) | 16,437 | 51 | |||||||||
Arcosa, Inc. | 5,771 | 268 | |||||||||
Argan, Inc. | 1,916 | 72 | |||||||||
Aris Water Solution, Inc. Class A | 2,485 | 41 | |||||||||
Armstrong World Industries, Inc. | 4,884 | 366 | |||||||||
Array Technologies, Inc. (a) | 18,355 | 202 | |||||||||
ASGN, Inc. (a) | 5,745 | 518 | |||||||||
Astec Industries, Inc. | 2,697 | 110 | |||||||||
Astra Space, Inc. (a) (b) | 23,378 | 30 | |||||||||
Astronics Corp. (a) (c) | 2,779 | 28 | |||||||||
Astrotech Corp. (a) | 6,175 | 3 | |||||||||
Atkore, Inc. (a) | 5,271 | 438 | |||||||||
Atlas Air Worldwide Holdings, Inc. (a) | 3,091 | 191 | |||||||||
Aurora Innovation, Inc. (a) (b) | 83,064 | 159 | |||||||||
Avis Budget Group, Inc. (a) (c) | 4,682 | 689 | |||||||||
Axon Enterprise, Inc. (a) | 9,079 | 846 | |||||||||
AZZ, Inc. | 2,603 | 106 | |||||||||
See notes to financial statements.
41
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Babcock & Wilcox Enterprises, Inc. (a) | 7,279 | $ | 44 | ||||||||
Barnes Group, Inc. | 5,272 | 164 | |||||||||
Barrett Business Services, Inc. | 897 | 65 | |||||||||
Beacon Roofing Supply, Inc. (a) | 6,085 | 313 | |||||||||
Berkshire Grey, Inc. (a) | 21,246 | 31 | |||||||||
Bird Global, Inc. Class A (a) (b) | 25,846 | 11 | |||||||||
BitNile Holdings, Inc. (a) (b) | 40,474 | 11 | |||||||||
BlackSky Technology, Inc. (a) | 9,487 | 22 | |||||||||
Blink Charging Co. (a) (b) | 4,925 | 81 | |||||||||
Bloom Energy Corp. Class A (a) | 2,502 | 41 | |||||||||
BlueLinx Holdings, Inc. (a) | 1,277 | 85 | |||||||||
Boise Cascade Co. | 4,712 | 280 | |||||||||
Booz Allen Hamilton Holding Corp. | 15,042 | 1,359 | |||||||||
Bowman Consulting Group Ltd. (a) | 1,395 | 17 | |||||||||
Brady Corp. Class A | 4,810 | 227 | |||||||||
BrightView Holdings, Inc. (a) | 6,011 | 72 | |||||||||
Broadwind, Inc. (a) | 2,571 | 4 | |||||||||
Builders FirstSource, Inc. (a) | 20,630 | 1,108 | |||||||||
BWX Technologies, Inc. | 11,531 | 635 | |||||||||
CACI International, Inc. Class A (a) | 2,666 | 751 | |||||||||
Cadre Holdings, Inc. (b) | 1,566 | 31 | |||||||||
Capstone Green Energy Corp. (a) | 2,146 | 5 | |||||||||
Carlisle Cos., Inc. | 6,320 | 1,508 | |||||||||
Casella Waste Systems, Inc. (a) | 5,480 | 398 | |||||||||
CBIZ, Inc. (a) | 6,887 | 275 | |||||||||
CECO Environmental Corp. (a) | 3,952 | 24 | |||||||||
Charah Solutions, Inc. (a) | 2,229 | 8 | |||||||||
ChargePoint Holdings, Inc. (a) (b) | 28,787 | 394 | |||||||||
Chart Industries, Inc. (a) | 4,117 | 689 | |||||||||
Chicago Rivet & Machine Co. | 124 | 4 | |||||||||
CIRCOR International, Inc. (a) | 2,107 | 35 | |||||||||
Civeo Corp. (a) | 1,793 | 46 | |||||||||
Clean Harbors, Inc. (a) | 6,653 | 583 | |||||||||
Columbus McKinnon Corp. | 3,766 | 107 | |||||||||
Comfort Systems USA, Inc. | 4,349 | 362 | |||||||||
Commercial Vehicle Group, Inc. (a) | 4,075 | 24 | |||||||||
Construction Partners, Inc. Class A (a) | 1,626 | 34 | |||||||||
Core & Main, Inc. Class A (a) | 4,838 | 108 | |||||||||
Cornerstone Building Brands, Inc. (a) | 9,126 | 224 | |||||||||
CoStar Group, Inc. (a) (c) | 51,763 | 3,127 | |||||||||
Covenant Logistics Group, Inc. Class A | 1,623 | 41 | |||||||||
CRA International, Inc. | 882 | 79 | |||||||||
Crane Holdings Co. | 5,671 | 497 | |||||||||
CSW Industrials, Inc. | 1,895 | 195 | |||||||||
Curtiss-Wright Corp. | 4,916 | 649 | |||||||||
Daseke, Inc. (a) | 6,153 | 39 | |||||||||
Deluxe Corp. | 5,135 | 111 | |||||||||
DLH Holdings Corp. (a) | 1,692 | 26 | |||||||||
Donaldson Co., Inc. | 14,582 | 702 | |||||||||
Douglas Dynamics, Inc. | 2,349 | 68 | |||||||||
Driven Brands Holdings, Inc. (a) | 7,531 | 207 | |||||||||
DSS, Inc. (a) | 8,918 | 3 | |||||||||
See notes to financial statements.
42
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Ducommun, Inc. (a) | 1,591 | $ | 68 | ||||||||
Dun & Bradstreet Holdings, Inc. (a) | 33,538 | 504 | |||||||||
DXP Enterprises, Inc. (a) | 2,045 | 63 | |||||||||
Dycom Industries, Inc. (a) | 3,738 | 348 | |||||||||
Eagle Bulk Shipping, Inc. | 1,752 | 91 | |||||||||
EMCOR Group, Inc. | 5,821 | 599 | |||||||||
Encore Wire Corp. | 2,358 | 245 | |||||||||
Energous Corp. (a) (b) | 10,069 | 10 | |||||||||
Energy Recovery, Inc. (a) | 7,153 | 139 | |||||||||
Energy Vault Holdings, Inc. (a) (b) | 10,523 | 105 | |||||||||
Enerpac Tool Group Corp. | 5,701 | 108 | |||||||||
EnerSys | 5,217 | 308 | |||||||||
Ennis, Inc. (c) | 3,383 | 68 | |||||||||
Enovix Corp. (a) (b) | 16,083 | 143 | |||||||||
EnPro Industries, Inc. | 2,485 | 204 | |||||||||
Esab Corp. | 5,989 | 262 | |||||||||
ESCO Technologies, Inc. | 2,726 | 186 | |||||||||
Espey Manufacturing & Electronics Corp. (a) | 242 | 3 | |||||||||
ESS Tech, Inc. (a) (b) | 8,365 | 24 | |||||||||
Eve Holding, Inc. (a) (b) | 2,601 | 16 | |||||||||
EVI Industries, Inc. (a) | 459 | 5 | |||||||||
Evoqua Water Technologies Corp. (a) | 16,016 | 521 | |||||||||
Exponent, Inc. | 5,826 | 533 | |||||||||
Fast Radius, Inc. (a) | 8,642 | 5 | |||||||||
Fathom Digital Manufacturing C (a) | 11,197 | 43 | |||||||||
Federal Signal Corp. | 7,324 | 261 | |||||||||
First Advantage Corp. (a) | 6,019 | 76 | |||||||||
Flowserve Corp. | 15,417 | 441 | |||||||||
Fluence Energy, Inc. (a) (b) | 4,333 | 41 | |||||||||
Fluor Corp. (a) | 16,758 | 408 | |||||||||
Forrester Research, Inc. (a) | 1,354 | 65 | |||||||||
Forward Air Corp. | 3,247 | 299 | |||||||||
Franklin Covey Co. (a) | 1,775 | 82 | |||||||||
Franklin Electric Co., Inc. | 4,621 | 339 | |||||||||
FreightCar America, Inc. (a) | 1,860 | 7 | |||||||||
Frontier Group Holdings, Inc. (a) (b) | 5,197 | 49 | |||||||||
FTC Solar, Inc. (a) | 6,031 | 22 | |||||||||
FTI Consulting, Inc. (a) | 3,343 | 605 | |||||||||
Fuel Tech, Inc. (a) | 3,194 | 4 | |||||||||
FuelCell Energy, Inc. (a) (b) | 47,905 | 180 | |||||||||
Gates Industrial Corp. PLC (a) | 13,833 | 150 | |||||||||
GATX Corp. | 3,703 | 349 | |||||||||
GEE Group, Inc. (a) | 13,625 | 7 | |||||||||
Gencor Industries, Inc. (a) | 1,300 | 13 | |||||||||
Gibraltar Industries, Inc. (a) | 3,503 | 136 | |||||||||
Global Industrial Co. | 2,132 | 72 | |||||||||
GMS, Inc. (a) | 4,717 | 210 | |||||||||
Graco, Inc. | 21,871 | 1,299 | |||||||||
GrafTech International Ltd. | 27,417 | 194 | |||||||||
Graham Corp. | 1,392 | 10 | |||||||||
Granite Construction, Inc. | 4,908 | 143 | |||||||||
Great Lakes Dredge & Dock Corp. (a) | 8,633 | 113 | |||||||||
See notes to financial statements.
43
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Griffon Corp. | 5,770 | $ | 162 | ||||||||
GXO Logistics, Inc. (a) | 16,135 | 698 | |||||||||
H&E Equipment Services, Inc. | 4,472 | 130 | |||||||||
Harsco Corp. (a) | 8,927 | 63 | |||||||||
Hawaiian Holdings, Inc. (a) | 5,409 | 77 | |||||||||
Healthcare Services Group | 8,322 | 145 | |||||||||
Heartland Express, Inc. | 4,326 | 60 | |||||||||
HEICO Corp. | 6,048 | 793 | |||||||||
HEICO Corp. Class A | 10,299 | 1,085 | |||||||||
Heidrick & Struggles International, Inc. | 2,357 | 76 | |||||||||
Heliogen, Inc. (a) (b) | 25,190 | 53 | |||||||||
Helios Technologies, Inc. | 3,334 | 221 | |||||||||
Herc Holdings, Inc. | 3,991 | 360 | |||||||||
Heritage-Crystal Clean, Inc. (a) | 2,287 | 62 | |||||||||
Hexcel Corp. | 10,155 | 531 | |||||||||
Hillenbrand, Inc. | 7,859 | 322 | |||||||||
Hillman Solutions Corp. (a) | 14,725 | 127 | |||||||||
HireRight Holdings Corp. (a) | 3,125 | 44 | |||||||||
HNI Corp. | 4,467 | 155 | |||||||||
Hub Group, Inc. Class A (a) | 3,678 | 261 | |||||||||
Hubbell, Inc. | 6,484 | 1,158 | |||||||||
Hudson Global, Inc. (a) | 309 | 10 | |||||||||
Hudson Technologies, Inc. (a) | 4,986 | 37 | |||||||||
Hurco Cos., Inc. | 852 | 21 | |||||||||
Huron Consulting Group, Inc. (a) | 2,600 | 169 | |||||||||
Hydrofarm Holdings Group, Inc. (a) (b) | 4,162 | 14 | |||||||||
Hyster-Yale Materials Handling, Inc. | 1,734 | 56 | |||||||||
Hyzon Motors, Inc. (a) (b) | 12,886 | 38 | |||||||||
IAA, Inc. (a) | 16,379 | 537 | |||||||||
IBEX Ltd. (a) | 751 | 13 | |||||||||
ICF International, Inc. | 2,483 | 236 | |||||||||
Ideal Power, Inc. (a) | 790 | 10 | |||||||||
IES Holdings, Inc. (a) | 2,922 | 88 | |||||||||
Infrastructure And Energy Alternatives, Inc. Class A (a) (b) | 6,382 | 51 | |||||||||
INNOVATE Corp. (a) (b) | 6,392 | 11 | |||||||||
Innovative Solutions & Support, Inc. (a) | 1,652 | 12 | |||||||||
Insperity, Inc. | 4,145 | 414 | |||||||||
Insteel Industries, Inc. | 2,132 | 72 | |||||||||
Interface, Inc. | 5,432 | 68 | |||||||||
ITT, Inc. | 7,626 | 513 | |||||||||
JELD-WEN Holding, Inc. (a) | 7,830 | 114 | |||||||||
JetBlue Airways Corp. (a) | 36,952 | 309 | |||||||||
Joby Aviation, Inc. (a) (b) | 34,077 | 167 | |||||||||
John Bean Technologies Corp. | 3,306 | 365 | |||||||||
Kadant, Inc. | 1,541 | 281 | |||||||||
Kaman Corp. | 3,303 | 103 | |||||||||
KAR Auction Services, Inc. (a) | 12,635 | 187 | |||||||||
Karat Packaging, Inc. (a) | 781 | 13 | |||||||||
KBR, Inc. | 15,881 | 768 | |||||||||
Kelly Services, Inc. Class A | 3,836 | 76 | |||||||||
Kennametal, Inc. | 9,172 | 213 | |||||||||
Kforce, Inc. | 2,525 | 155 | |||||||||
See notes to financial statements.
44
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Kimball International, Inc. Class B | 4,580 | $ | 35 | ||||||||
Kirby Corp. (a) | 6,778 | 412 | |||||||||
Knightscope, Inc. Class A (a) | 3,819 | 11 | |||||||||
Knight-Swift Transportation Holdings, Inc. | 21,184 | 981 | |||||||||
Korn Ferry | 6,438 | 374 | |||||||||
Kratos Defense & Security Solutions, Inc. (a) | 15,102 | 210 | |||||||||
Landstar System, Inc. | 3,965 | 577 | |||||||||
Lawson Products, Inc. (a) | 2,709 | 139 | |||||||||
LB Foster Co. Class A (a) | 1,440 | 19 | |||||||||
Legalzoom.com, Inc. (a) (b) | 13,080 | 144 | |||||||||
Lennox International, Inc. | 4,239 | 876 | |||||||||
Limbach Holdings, Inc. (a) | 1,276 | 7 | |||||||||
Lincoln Electric Holdings, Inc. | 7,102 | 876 | |||||||||
Lindsay Corp. | 1,235 | 164 | |||||||||
LSI Industries, Inc. | 3,222 | 20 | |||||||||
Lyft, Inc. Class A (a) | 5,387 | 72 | |||||||||
ManpowerGroup, Inc. | 5,855 | 447 | |||||||||
ManTech International Corp. Class A | 3,208 | 306 | |||||||||
Markforged Holding Corp. (a) | 8,977 | 17 | |||||||||
Marten Transport Ltd. | 6,909 | 116 | |||||||||
MasTec, Inc. (a) | 7,465 | 535 | |||||||||
Mastech Digital, Inc. (a) | 360 | 5 | |||||||||
Matrix Service Co. (a) | 3,502 | 18 | |||||||||
Matson, Inc. | 4,558 | 332 | |||||||||
Matthews International Corp. Class A | 3,432 | 98 | |||||||||
Maxar Technologies, Inc. | 9,632 | 251 | |||||||||
Mayville Engineering Co., Inc. (a) | 1,848 | 14 | |||||||||
McGrath RentCorp | 3,046 | 232 | |||||||||
Mercury Systems, Inc. (a) | 6,969 | 448 | |||||||||
Meritor, Inc. (a) | 7,965 | 289 | |||||||||
Mesa Air Group, Inc. (a) | 4,367 | 10 | |||||||||
Microvast Holdings, Inc. (a) (b) | 18,577 | 41 | |||||||||
Miller Industries, Inc. | 1,398 | 32 | |||||||||
MillerKnoll, Inc. | 8,839 | 232 | |||||||||
Mistras Group, Inc. (a) | 2,974 | 18 | |||||||||
Momentus, Inc. (a) | 7,008 | 15 | |||||||||
Montrose Environmental Group, Inc. (a) | 3,629 | 123 | |||||||||
Moog, Inc. Class A | 3,233 | 257 | |||||||||
MRC Global, Inc. (a) | 9,736 | 97 | |||||||||
MSA Safety, Inc. | 4,202 | 509 | |||||||||
MSC Industrial Direct Co., Inc. | 4,551 | 342 | |||||||||
Mueller Industries, Inc. | 6,876 | 366 | |||||||||
Mueller Water Products, Inc. Class A | 17,648 | 207 | |||||||||
MYR Group, Inc. (a) | 1,865 | 164 | |||||||||
National Presto Industries, Inc. | 617 | 41 | |||||||||
Nikola Corp. (a) (b) | 43,186 | 206 | |||||||||
Nl Industries, Inc. | 1,167 | 12 | |||||||||
NN, Inc. (a) | 4,749 | 12 | |||||||||
Northwest Pipe Co. (a) | 1,213 | 36 | |||||||||
NOW, Inc. (a) | 13,221 | 129 | |||||||||
NuScale Power Corp. (a) (b) | 4,335 | 43 | |||||||||
nVent Electric PLC | 21,499 | 674 | |||||||||
See notes to financial statements.
45
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Ocean Power Technologies, Inc. (a) | 7,853 | $ | 4 | ||||||||
Odyssey Marine Exploration, Inc. (a) (b) | 2,321 | 8 | |||||||||
Omega Flex, Inc. | 271 | 29 | |||||||||
Orbital Energy Group, Inc. (a) | 12,490 | 8 | |||||||||
Orion Energy Systems, Inc. (a) | 4,151 | 8 | |||||||||
Orion Group Holdings, Inc. (a) | 3,618 | 8 | |||||||||
Oshkosh Corp. | 7,026 | 577 | |||||||||
Owens Corning | 12,411 | 922 | |||||||||
PAM Transportation Services, Inc. (a) | 940 | 26 | |||||||||
Park Aerospace Corp. | 2,473 | 32 | |||||||||
Park-Ohio Holdings Corp. | 1,026 | 16 | |||||||||
Parsons Corp. (a) | 14,282 | 577 | |||||||||
Performant Financial Corp. (a) | 9,454 | 25 | |||||||||
Perma-Fix Environmental Services (a) | 1,566 | 8 | |||||||||
Perma-Pipe International Holdings, Inc. (a) | 1,079 | 10 | |||||||||
PGT Innovations, Inc. (a) | 6,651 | 111 | |||||||||
Pineapple Holdings, Inc. | 796 | 2 | |||||||||
Pitney Bowes, Inc. | 20,466 | 74 | |||||||||
Planet Labs PBC (a) (b) | 28,978 | 125 | |||||||||
Plug Power, Inc. (a) (b) | 69,027 | 1,144 | |||||||||
Polar Power, Inc. (a) | 1,008 | 3 | |||||||||
Powell Industries, Inc. | 1,111 | 26 | |||||||||
Preformed Line Products Co. | 439 | 27 | |||||||||
Primoris Services Corp. | 6,969 | 152 | |||||||||
Proto Labs, Inc. (a) | 2,745 | 131 | |||||||||
Quad/Graphics, Inc. (a) | 4,063 | 11 | |||||||||
Quanex Building Products Corp. | 3,941 | 90 | |||||||||
Quest Resource Holding Corp. (a) | 1,955 | 8 | |||||||||
RBC Bearings, Inc. (a) | 3,207 | 593 | |||||||||
RCM Technologies, Inc. (a) | 1,126 | 23 | |||||||||
Red Violet, Inc. (a) (b) | 1,560 | 30 | |||||||||
Redwire Corp. (a) | 2,384 | 7 | |||||||||
Regal Rexnord Corp. | 7,625 | 866 | |||||||||
Rekor Systems, Inc. (a) (b) | 5,814 | 10 | |||||||||
Resideo Technologies, Inc. (a) | 17,363 | 337 | |||||||||
Resources Connection, Inc. | 4,001 | 82 | |||||||||
REV Group, Inc. | 4,953 | 54 | |||||||||
Rocket Lab USA, Inc. (a) | 22,805 | 86 | |||||||||
Romeo Power, Inc. (a) (b) | 15,297 | 7 | |||||||||
Rush Enterprises, Inc. Class A | 4,179 | 201 | |||||||||
Rush Enterprises, Inc. Class B | 940 | 47 | |||||||||
Ryder System, Inc. | 6,539 | 465 | |||||||||
Saia, Inc. (a) | 3,118 | 586 | |||||||||
Sarcos Technology and Robotics Corp. (a) (b) | 9,942 | 26 | |||||||||
Schneider National, Inc. Class B | 5,500 | 123 | |||||||||
Science Applications International Corp. | 7,245 | 675 | |||||||||
SES AI Corp. (a) (b) | 42,517 | 167 | |||||||||
SG Blocks, Inc. (a) | 1,504 | 3 | |||||||||
Shapeways Holdings, Inc. (a) (b) | 2,477 | 3 | |||||||||
Shoals Technologies Group, Inc. Class A (a) | 10,803 | 178 | |||||||||
Simpson Manufacturing Co., Inc. | 4,912 | 494 | |||||||||
Sino-Global Shipping America Ltd. (a) (b) | 2,873 | 9 | |||||||||
See notes to financial statements.
46
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
SiteOne Landscape Supply, Inc. (a) | 4,546 | $ | 540 | ||||||||
SkyWest, Inc. (a) | 5,538 | 118 | |||||||||
SP Plus Corp. (a) | 3,073 | 94 | |||||||||
Spirit AeroSystems Holdings, Inc. Class A | 14,016 | 411 | |||||||||
Spirit Airlines, Inc. (a) | 14,344 | 342 | |||||||||
SPX Corp. (a) | 4,883 | 258 | |||||||||
Standex International Corp. | 1,358 | 115 | |||||||||
Steelcase, Inc. Class A | 10,453 | 112 | |||||||||
Stericycle, Inc. (a) | 10,350 | 454 | |||||||||
Sterling Check Corp. (a) | 3,518 | 57 | |||||||||
Sterling Infrastructure, Inc. (a) | 3,955 | 87 | |||||||||
Sun Country Airlines Holdings, Inc. (a) | 4,643 | 85 | |||||||||
Sunrun, Inc. (a) | 26,565 | 621 | |||||||||
Sunworks, Inc. (a) | 4,295 | 7 | |||||||||
Taylor Devices, Inc. (a) | 380 | 3 | |||||||||
Tennant Co. | 1,986 | 118 | |||||||||
Terex Corp. | 8,666 | 237 | |||||||||
Tetra Tech, Inc. | 6,789 | 927 | |||||||||
Textainer Group Holdings Ltd. | 6,072 | 166 | |||||||||
The AZEK Co., Inc. (a) | 4,578 | 77 | |||||||||
The Brink's Co. | 5,616 | 341 | |||||||||
The Eastern Co. | 695 | 14 | |||||||||
The Gorman-Rupp Co. | 3,229 | 91 | |||||||||
The Greenbrier Cos., Inc. | 3,893 | 140 | |||||||||
The LS Starrett Co. Class A (a) | 716 | 5 | |||||||||
The Manitowoc Co., Inc. (a) | 4,318 | 45 | |||||||||
The Middleby Corp. (a) | 7,030 | 881 | |||||||||
The Shyft Group, Inc. | 4,383 | 81 | |||||||||
The Timken Co. | 9,061 | 481 | |||||||||
The Toro Co. | 12,675 | 961 | |||||||||
Thermon Group Holdings, Inc. (a) | 3,516 | 49 | |||||||||
Titan International, Inc. (a) | 7,747 | 117 | |||||||||
Titan Machinery, Inc. (a) | 2,729 | 61 | |||||||||
TPI Composites, Inc. (a) | 4,869 | 61 | |||||||||
TransUnion | 23,785 | 1,903 | |||||||||
Trex Co., Inc. (a) | 14,631 | 796 | |||||||||
TriNet Group, Inc. (a) | 5,774 | 448 | |||||||||
Trinity Industries, Inc. | 8,782 | 213 | |||||||||
Triumph Group, Inc. (a) | 6,084 | 81 | |||||||||
TrueBlue, Inc. (a) | 3,647 | 65 | |||||||||
TuSimple Holdings, Inc. Class A (a) (b) | 4,701 | 34 | |||||||||
Tutor Perini Corp. (a) | 5,612 | 49 | |||||||||
Twin Disc, Inc. (a) | 1,440 | 13 | |||||||||
Uber Technologies, Inc. (a) | 256,526 | 5,249 | |||||||||
UFP Industries, Inc. | 7,414 | 505 | |||||||||
Ultralife Corp. (a) | 2,131 | 10 | |||||||||
UniFirst Corp. | 1,587 | 273 | |||||||||
Univar Solutions, Inc. (a) | 18,069 | 449 | |||||||||
Universal Logistics Holdings, Inc. | 1,042 | 28 | |||||||||
Upwork, Inc. (a) | 15,846 | 328 | |||||||||
USA Truck, Inc. (a) | 1,090 | 34 | |||||||||
Valmont Industries, Inc. | 2,606 | 585 | |||||||||
See notes to financial statements.
47
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Vectrus, Inc. (a) | 1,364 | $ | 46 | ||||||||
Veritiv Corp. (a) | 1,777 | 193 | |||||||||
Viad Corp. (a) | 2,461 | 68 | |||||||||
Vicor Corp. (a) | 2,342 | 128 | |||||||||
VirTra, Inc. (a) | 1,520 | 7 | |||||||||
Vivakor, Inc. (a) | 1,734 | 4 | |||||||||
VSE Corp. | 1,295 | 49 | |||||||||
Wabash National Corp. | 5,857 | 80 | |||||||||
Watsco, Inc. | 3,613 | 863 | |||||||||
Watts Water Technologies, Inc. Class A | 2,634 | 324 | |||||||||
Welbilt, Inc. (a) | 19,109 | 455 | |||||||||
Werner Enterprises, Inc. | 7,130 | 275 | |||||||||
WESCO International, Inc. (a) | 5,915 | 634 | |||||||||
Wheels Up Experience, Inc. (a) | 23,146 | 45 | |||||||||
Willdan Group, Inc. (a) | 1,560 | 43 | |||||||||
Williams Industrial Services Group, Inc. (a) | 3,173 | 4 | |||||||||
Willis Lease Finance Corp. (a) | 322 | 12 | |||||||||
WillScot Mobile Mini Holdings Corp. (a) | 18,341 | 595 | |||||||||
Woodward, Inc. | 6,306 | 583 | |||||||||
Xos, Inc. (a) | 8,047 | 15 | |||||||||
XPO Logistics, Inc. (a) | 13,412 | 646 | |||||||||
Yellow Corp. (a) | 6,805 | 20 | |||||||||
Zurn Water Solutions Corp. | 15,396 | 419 | |||||||||
96,674 | |||||||||||
Information Technology (16.9%): | |||||||||||
3D Systems Corp. (a) | 15,749 | 153 | |||||||||
8x8, Inc. (a) | 12,292 | 63 | |||||||||
908 Devices, Inc. (a) | 3,135 | 65 | |||||||||
A10 Networks, Inc. | 8,843 | 127 | |||||||||
ACI Worldwide, Inc. (a) | 14,352 | 372 | |||||||||
ACM Research, Inc. Class A (a) | 999 | 17 | |||||||||
ACV Auctions, Inc. Class A (a) | 2,429 | 16 | |||||||||
ADTRAN, Inc. | 5,866 | 103 | |||||||||
Advanced Energy Industries, Inc. | 4,539 | 331 | |||||||||
Aehr Test Systems (a) (b) | 3,784 | 28 | |||||||||
AEye, Inc. (a) | 17,464 | 33 | |||||||||
Affirm Holdings, Inc. (a) (b) | 3,615 | 65 | |||||||||
AgileThought, Inc. (a) (b) | 4,469 | 23 | |||||||||
Agilysys, Inc. (a) | 2,852 | 135 | |||||||||
Airgain, Inc. (a) | 1,347 | 11 | |||||||||
Airspan Networks Holdings, Inc. (a) | 4,168 | 12 | |||||||||
Akoustis Technologies, Inc. (a) (b) | 7,470 | 28 | |||||||||
Alarm.com Holdings, Inc. (a) | 5,279 | 327 | |||||||||
Alkami Technology, Inc. (a) (b) | 4,322 | 60 | |||||||||
Allegro MicroSystems, Inc. (a) | 9,636 | 199 | |||||||||
Alpha & Omega Semiconductor Ltd. (a) | 3,234 | 108 | |||||||||
Altair Engineering, Inc. Class A (a) | 1,906 | 100 | |||||||||
Alteryx, Inc. Class A (a) | 2,107 | 102 | |||||||||
Ambarella, Inc. (a) | 5,030 | 329 | |||||||||
American Software, Inc. Class A | 2,675 | 43 | |||||||||
Amkor Technology, Inc. | 11,004 | 187 | |||||||||
See notes to financial statements.
48
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Amplitude, Inc. Class A (a) | 5,014 | $ | 72 | ||||||||
Amtech Systems, Inc. (a) | 1,504 | 11 | |||||||||
Appfolio, Inc. Class A (a) | 1,863 | 169 | |||||||||
Appian Corp. (a) | 1,627 | 77 | |||||||||
Applied Blockchain, Inc. (a) | 10,175 | 11 | |||||||||
Applied Optoelectronics, Inc. (a) (b) | 3,456 | 5 | |||||||||
AppLovin Corp. Class A (a) (b) | 3,692 | 127 | |||||||||
Arlo Technologies, Inc. (a) | 9,763 | 61 | |||||||||
Arrow Electronics, Inc. (a) | 8,443 | 946 | |||||||||
Arteris, Inc. (a) | 2,110 | 15 | |||||||||
Asana, Inc. Class A (a) | 4,278 | 75 | |||||||||
Aspen Technology, Inc. (a) | 3,931 | 722 | |||||||||
AstroNova, Inc. (a) | 917 | 11 | |||||||||
Asure Software, Inc. (a) | 2,680 | 15 | |||||||||
Atomera, Inc. (a) (b) | 3,124 | 29 | |||||||||
Autoscope Technologies Corp. | 562 | 3 | |||||||||
Avalara, Inc. (a) | 11,603 | 819 | |||||||||
Avaya Holdings Corp. (a) | 10,492 | 24 | |||||||||
AvePoint, Inc. (a) | 12,585 | 55 | |||||||||
Aviat Networks, Inc. (a) | 1,461 | 37 | |||||||||
Avid Technology, Inc. (a) | 4,929 | 128 | |||||||||
AvidXchange Holdings, Inc. (a) | 19,172 | 118 | |||||||||
Avnet, Inc. | 12,626 | 541 | |||||||||
Aware, Inc. (a) | 2,008 | 5 | |||||||||
Axcelis Technologies, Inc. (a) | 3,713 | 204 | |||||||||
AXT, Inc. (a) | 5,673 | 33 | |||||||||
Azenta, Inc. | 9,166 | 661 | |||||||||
Backblaze, Inc. Class A (a) (b) | 867 | 5 | |||||||||
Badger Meter, Inc. | 3,497 | 283 | |||||||||
Bel Fuse, Inc. Class A | 222 | 5 | |||||||||
Bel Fuse, Inc. Class B | 993 | 15 | |||||||||
Belden, Inc. | 5,099 | 272 | |||||||||
Benchmark Electronics, Inc. | 4,147 | 94 | |||||||||
Benefitfocus, Inc. (a) (b) | 3,724 | 29 | |||||||||
Benson Hill, Inc. (a) (b) | 15,278 | 42 | |||||||||
Bentley Systems, Inc. Class B | 1,684 | 56 | |||||||||
BigBear.ai Holdings, Inc. (a) (b) | 1,599 | 6 | |||||||||
BigCommerce Holdings, Inc. Class 1 (a) | 1,431 | 23 | |||||||||
Bill.com Holdings, Inc. (a) | 12,305 | 1,353 | |||||||||
BK Technologies Corp. | 2,039 | 5 | |||||||||
Black Knight, Inc. (a) | 16,652 | 1,089 | |||||||||
Blackbaud, Inc. (a) | 5,431 | 315 | |||||||||
Blackline, Inc. (a) | 6,833 | 455 | |||||||||
Blend Labs, Inc. Class A (a) | 2,940 | 7 | |||||||||
Block, Inc. (a) (c) | 48,028 | 2,952 | |||||||||
BM Technologies, Inc. (a) (b) | 1,226 | 7 | |||||||||
Box, Inc. Class A (a) | 19,024 | 478 | |||||||||
Boxlight Corp. Class A (a) | 8,771 | 6 | |||||||||
Braze, Inc. Class A (a) | 1,177 | 43 | |||||||||
Bread Financial Holdings, Inc. | 6,085 | 226 | |||||||||
Brightcove, Inc. (a) | 4,789 | 30 | |||||||||
BSQUARE Corp. (a) | 2,760 | 3 | |||||||||
See notes to financial statements.
49
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
C3.ai, Inc. Class A (a) (b) | 2,240 | $ | 41 | ||||||||
CalAmp Corp. (a) | 3,598 | 15 | |||||||||
Calix, Inc. (a) | 7,353 | 251 | |||||||||
Cambium Networks Corp. (a) | 1,773 | 26 | |||||||||
Casa Systems, Inc. (a) | 5,559 | 22 | |||||||||
Cass Information Systems, Inc. | 1,536 | 52 | |||||||||
CCC Intelligent Solutions Holdings, Inc. (a) | 8,630 | 79 | |||||||||
CDK Global, Inc. | 14,099 | 772 | |||||||||
Cepton, Inc. (a) | 9,739 | 15 | |||||||||
Cerence, Inc. (a) | 4,419 | 111 | |||||||||
CEVA, Inc. (a) | 2,772 | 93 | |||||||||
ChannelAdvisor Corp. (a) | 4,026 | 59 | |||||||||
Ciena Corp. (a) | 18,379 | 840 | |||||||||
Cipher Mining, Inc. (a) | 5,565 | 8 | |||||||||
Cirrus Logic, Inc. (a) | 6,150 | 446 | |||||||||
Clear Secure, Inc. Class A (a) | 1,897 | 38 | |||||||||
Clearfield, Inc. (a) | 1,627 | 101 | |||||||||
ClearSign Technologies Corp. (a) | 4,125 | 5 | |||||||||
Clearwater Analytics Holdings, Inc. Class A (a) | 4,337 | 52 | |||||||||
Cloudflare, Inc. Class A (a) | 5,501 | 241 | |||||||||
CMC Materials, Inc. | 3,619 | 631 | |||||||||
Coda Octopus Group, Inc. (a) | 734 | 4 | |||||||||
Cognex Corp. | 22,454 | 955 | |||||||||
Coherent, Inc. (a) | 2,964 | 789 | |||||||||
Cohu, Inc. (a) | 5,877 | 163 | |||||||||
CommScope Holding Co., Inc. (a) | 24,749 | 151 | |||||||||
CommVault Systems, Inc. (a) | 5,641 | 355 | |||||||||
Computer Task Group, Inc. (a) | 1,994 | 17 | |||||||||
Comtech Telecommunications Corp. | 3,168 | 29 | |||||||||
Concentrix Corp. | 4,277 | 580 | |||||||||
Conduent, Inc. (a) | 28,773 | 124 | |||||||||
Confluent, Inc. Class A (a) | 3,517 | 82 | |||||||||
Consensus Cloud Solutions, Inc. (a) | 2,473 | 108 | |||||||||
Core Scientific, Inc. (a) (b) | 32,278 | 48 | |||||||||
Corsair Gaming, Inc. (a) (b) | 5,765 | 76 | |||||||||
Couchbase, Inc. (a) (b) | 2,980 | 49 | |||||||||
Coupa Software, Inc. (a) | 9,809 | 560 | |||||||||
CPI Card Group, Inc. (a) | 666 | 11 | |||||||||
Crowdstrike Holdings, Inc. Class A (a) | 29,667 | 5,001 | |||||||||
CS Disco, Inc. (a) (b) | 2,387 | 43 | |||||||||
CSG Systems International, Inc. | 3,829 | 229 | |||||||||
CSP, Inc. (a) | 492 | 4 | |||||||||
CTS Corp. | 3,382 | 115 | |||||||||
CVD Equipment Corp. (a) | 806 | 3 | |||||||||
Cvent Holding Corp. (a) (b) | 11,495 | 53 | |||||||||
Cyberoptics Corp. (a) | 990 | 35 | |||||||||
Cyxtera Technologies, Inc. (a) (b) | 13,547 | 154 | |||||||||
Daktronics, Inc. (a) | 5,367 | 16 | |||||||||
Data I/O Corp. (a) | 1,213 | 4 | |||||||||
Datadog, Inc. Class A (a) | 3,540 | 337 | |||||||||
Dave, Inc. (a) (b) | 26,651 | 18 | |||||||||
Dell Technologies, Inc. Class C | 29,010 | 1,341 | |||||||||
See notes to financial statements.
50
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Diebold Nixdorf, Inc. (a) | 9,652 | $ | 22 | ||||||||
Digi International, Inc. (a) | 3,994 | 97 | |||||||||
Digimarc Corp. (a) (b) | 2,047 | 29 | |||||||||
Digital Ally, Inc. (a) (b) | 6,603 | 5 | |||||||||
DigitalOcean Holdings, Inc. (a) (b) | 5,664 | 234 | |||||||||
Diodes, Inc. (a) | 5,468 | 353 | |||||||||
DocuSign, Inc. (a) | 26,678 | 1,531 | |||||||||
Dolby Laboratories, Inc. Class A | 7,654 | 548 | |||||||||
Domo, Inc. Class B (a) | 1,300 | 36 | |||||||||
DoubleVerify Holdings, Inc. (a) | 6,203 | 141 | |||||||||
Dropbox, Inc. Class A (a) | 4,642 | 97 | |||||||||
Duck Creek Technologies, Inc. (a) | 8,938 | 133 | |||||||||
Dynatrace, Inc. (a) | 26,092 | 1,029 | |||||||||
DZS, Inc. (a) | 2,446 | 40 | |||||||||
Eastman Kodak Co. (a) | 7,097 | 33 | |||||||||
Ebix, Inc. | 2,997 | 51 | |||||||||
eGain Corp. (a) | 3,220 | 31 | |||||||||
eMagin Corp. (a) | 9,800 | 6 | |||||||||
Embark Technology, Inc. (a) | 46,769 | 24 | |||||||||
EMCORE Corp. (a) | 4,956 | 15 | |||||||||
Enfusion, Inc. Class A (a) (b) | 2,225 | 23 | |||||||||
EngageSmart, Inc. (a) | 4,114 | 66 | |||||||||
Entegris, Inc. | 16,036 | 1,477 | |||||||||
Envestnet, Inc. (a) | 7,056 | 372 | |||||||||
ePlus, Inc. (a) | 3,166 | 168 | |||||||||
Euronet Worldwide, Inc. (a) | 6,535 | 657 | |||||||||
Everbridge, Inc. (a) | 5,279 | 147 | |||||||||
EverCommerce, Inc. (a) (b) | 4,673 | 42 | |||||||||
Everspin Technologies, Inc. (a) | 2,338 | 12 | |||||||||
Evo Payments, Inc. Class A (a) | 2,120 | 50 | |||||||||
Evolv Technologies Holdings, Inc. (a) | 9,871 | 26 | |||||||||
Exela Technologies, Inc. (a) | 57,739 | 7 | |||||||||
ExlService Holdings, Inc. (a) | 3,696 | 545 | |||||||||
Expensify, Inc. Class A (a) (b) | 5,161 | 92 | |||||||||
Extreme Networks, Inc. (a) | 14,888 | 133 | |||||||||
Fair Isaac Corp. (a) | 3,317 | 1,330 | |||||||||
FARO Technologies, Inc. (a) | 2,182 | 67 | |||||||||
Fastly, Inc. Class A (a) | 1,698 | 20 | |||||||||
First Solar, Inc. (a) | 12,578 | 857 | |||||||||
Five9, Inc. (a) | 9,284 | 846 | |||||||||
Flywire Corp. (a) | 1,506 | 27 | |||||||||
ForgeRock, Inc. Class A (a) (b) | 1,659 | 36 | |||||||||
FormFactor, Inc. (a) | 9,433 | 365 | |||||||||
Frequency Electronics, Inc. (a) | 954 | 7 | |||||||||
Freshworks, Inc. Class A (a) | 3,994 | 53 | |||||||||
Genasys, Inc. (a) | 4,781 | 16 | |||||||||
Genpact Ltd. | 19,247 | 815 | |||||||||
Gitlab, Inc. Class A (a) | 1,446 | 77 | |||||||||
GLOBALFOUNDRIES, Inc. (a) (b) | 8,220 | 332 | |||||||||
GoDaddy, Inc. Class A (a) | 8,876 | 617 | |||||||||
Greenidge Generation Holdings, Inc. (a) | 1,397 | 4 | |||||||||
GSE Systems, Inc. (a) | 2,599 | 3 | |||||||||
See notes to financial statements.
51
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
GSI Technology, Inc. (a) | 2,581 | $ | 9 | ||||||||
Guidewire Software, Inc. (a) | 10,329 | 733 | |||||||||
Harmonic, Inc. (a) | 10,129 | 88 | |||||||||
HashiCorp., Inc. Class A (a) (b) | 2,363 | 70 | |||||||||
HubSpot, Inc. (a) | 6,041 | 1,816 | |||||||||
I3 Verticals, Inc. Class A (a) | 910 | 23 | |||||||||
Ichor Holdings Ltd. (a) | 3,139 | 82 | |||||||||
Identiv, Inc. (a) | 2,449 | 28 | |||||||||
II-VI, Inc. (a) | 13,460 | 686 | |||||||||
Immersion Corp. (a) | 4,488 | 24 | |||||||||
Impinj, Inc. (a) | 2,890 | 170 | |||||||||
Infinera Corp. (a) | 22,371 | 120 | |||||||||
Informatica, Inc. Class A (a) | 4,327 | 90 | |||||||||
Information Services Group, Inc. | 5,274 | 36 | |||||||||
Innodata, Inc. (a) | 3,591 | 17 | |||||||||
Inpixon (a) | 21,206 | 4 | |||||||||
Inseego Corp. (a) | 12,222 | 23 | |||||||||
Insight Enterprises, Inc. (a) | 3,549 | 306 | |||||||||
Instructure Holdings, Inc. (a) (b) | 2,583 | 59 | |||||||||
Intapp, Inc. (a) | 1,661 | 24 | |||||||||
Integral Ad Science Holding Corp. (a) | 5,228 | 52 | |||||||||
Intellicheck, Inc. (a) | 2,348 | 5 | |||||||||
Intelligent Systems Corp. (a) | 789 | 19 | |||||||||
InterDigital, Inc. | 3,688 | 224 | |||||||||
inTEST Corp. (a) | 1,440 | 10 | |||||||||
Intevac, Inc. (a) | 2,818 | 14 | |||||||||
Inuvo, Inc. (a) | 15,484 | 8 | |||||||||
IonQ, Inc. (a) (b) | 20,319 | 89 | |||||||||
IPG Photonics Corp. (a) | 5,248 | 494 | |||||||||
IronNet, Inc. (a) (b) | 7,901 | 17 | |||||||||
Issuer Direct Corp. (a) | 332 | 8 | |||||||||
Iteris, Inc. (a) | 5,245 | 15 | |||||||||
Itron, Inc. (a) | 5,002 | 247 | |||||||||
Jabil, Inc. | 16,069 | 823 | |||||||||
Jamf Holding Corp. (a) | 6,398 | 158 | |||||||||
JFrog Ltd. (a) | 9,300 | 196 | |||||||||
Kaltura, Inc. (a) | 8,791 | 18 | |||||||||
Key Tronic Corp. (a) | 1,151 | 5 | |||||||||
Kimball Electronics, Inc. (a) | 3,283 | 66 | |||||||||
KnowBe4, Inc. Class A (a) (b) | 1,476 | 23 | |||||||||
Knowles Corp. (a) | 10,828 | 188 | |||||||||
Kopin Corp. (a) (b) | 12,139 | 14 | |||||||||
Kulicke & Soffa Industries, Inc. | 6,065 | 260 | |||||||||
KVH Industries, Inc. (a) | 1,939 | 17 | |||||||||
Kyndryl Holdings, Inc. (a) (c) | 29,336 | 287 | |||||||||
Lantronix, Inc. (a) | 4,108 | 22 | |||||||||
Lattice Semiconductor Corp. (a) | 14,499 | 703 | |||||||||
LightPath Technologies, Inc. Class A (a) | 3,345 | 4 | |||||||||
Limelight Networks, Inc. (a) | 18,249 | 42 | |||||||||
Littelfuse, Inc. | 2,956 | 751 | |||||||||
LivePerson, Inc. (a) | 7,845 | 111 | |||||||||
LiveRamp Holdings, Inc. (a) | 8,651 | 223 | |||||||||
See notes to financial statements.
52
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Lumentum Holdings, Inc. (a) | 8,919 | $ | 708 | ||||||||
Luna Innovations, Inc. (a) (b) | 4,329 | 25 | |||||||||
MACOM Technology Solutions Holdings, Inc. (a) | 7,267 | 335 | |||||||||
Mandiant, Inc. (a) | 30,240 | 660 | |||||||||
Manhattan Associates, Inc. (a) | 7,183 | 823 | |||||||||
Marin Software, Inc. (a) | 2,101 | 3 | |||||||||
Marqeta, Inc. Class A (a) | 6,874 | 56 | |||||||||
Marvell Technology, Inc. | 102,419 | 4,458 | |||||||||
Matterport, Inc. (a) (b) | 32,083 | 117 | |||||||||
Maximus, Inc. | 7,766 | 485 | |||||||||
MaxLinear, Inc. (a) | 9,486 | 322 | |||||||||
MeridianLink, Inc. (a) (b) | 3,169 | 53 | |||||||||
Meta Materials, Inc. (a) (b) | 31,250 | 32 | |||||||||
Methode Electronics, Inc. | 4,100 | 152 | |||||||||
MicroStrategy, Inc. (a) (b) | 1,037 | 170 | |||||||||
MicroVision, Inc. (a) (b) | 23,208 | 89 | |||||||||
Mirion Technologies, Inc. (a) | 19,001 | 109 | |||||||||
Mitek Systems, Inc. (a) | 5,858 | 54 | |||||||||
MKS Instruments, Inc. | 6,491 | 666 | |||||||||
Model N, Inc. (a) | 3,727 | 95 | |||||||||
Momentive Global, Inc. (a) | 14,966 | 132 | |||||||||
MoneyGram International, Inc. (a) | 12,715 | 127 | |||||||||
Moneylion, Inc. (a) | 16,223 | 21 | |||||||||
MongoDB, Inc. (a) | 6,795 | 1,763 | |||||||||
Mullen Automotive, Inc. (a) (b) | 38,761 | 40 | |||||||||
N-able, Inc. (a) | 7,079 | 64 | |||||||||
Napco Security Technologies, Inc. (a) | 3,872 | 80 | |||||||||
National Instruments Corp. | 14,374 | 449 | |||||||||
nCino, Inc. (a) | 8,343 | 258 | |||||||||
NCR Corp. (a) | 17,655 | 549 | |||||||||
NeoPhotonics Corp. (a) | 7,063 | 111 | |||||||||
NETGEAR, Inc. (a) | 3,114 | 58 | |||||||||
Netlist, Inc. (a) (b) | 30,832 | 99 | |||||||||
NetScout Systems, Inc. (a) | 8,852 | 300 | |||||||||
NetSol Technologies, Inc. (a) | 1,393 | 4 | |||||||||
New Relic, Inc. (a) | 7,616 | 381 | |||||||||
NextNav, Inc. (a) | 9,634 | 22 | |||||||||
nLight, Inc. (a) | 5,509 | 56 | |||||||||
Novanta, Inc. (a) | 4,415 | 535 | |||||||||
Nutanix, Inc. Class A (a) | 12,604 | 184 | |||||||||
NVE Corp. | 558 | 26 | |||||||||
Okta, Inc. (a) | 5,062 | 458 | |||||||||
Olo, Inc. Class A (a) | 2,694 | 27 | |||||||||
ON24, Inc. (a) | 3,819 | 36 | |||||||||
One Stop Systems, Inc. (a) | 2,240 | 9 | |||||||||
OneSpan, Inc. (a) | 4,330 | 52 | |||||||||
Onto Innovation, Inc. (a) | 5,988 | 418 | |||||||||
Optical Cable Corp. (a) | 851 | 3 | |||||||||
OSI Systems, Inc. (a) | 2,013 | 172 | |||||||||
PagerDuty, Inc. (a) | 10,107 | 250 | |||||||||
Palantir Technologies, Inc. Class A (a) | 40,236 | 365 | |||||||||
Palo Alto Networks, Inc. (a) (c) | 12,878 | 6,361 | |||||||||
See notes to financial statements.
53
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
PAR Technology Corp. (a) (b) | 2,739 | $ | 103 | ||||||||
Paycor HCM, Inc. (a) (b) | 4,670 | 121 | |||||||||
Paylocity Holding Corp. (a) | 4,493 | 784 | |||||||||
Paymentus Holdings, Inc. Class A (a) (b) | 1,532 | 20 | |||||||||
Payoneer Global, Inc. (a) | 30,904 | 121 | |||||||||
Paysign, Inc. (a) | 4,677 | 7 | |||||||||
PC Connection, Inc. | 1,109 | 49 | |||||||||
PC-Telephone, Inc. | 2,244 | 9 | |||||||||
PDF Solutions, Inc. (a) | 3,325 | 72 | |||||||||
Pegasystems, Inc. | 5,174 | 248 | |||||||||
Peraso, Inc. (a) | 2,947 | 6 | |||||||||
Perficient, Inc. (a) | 4,188 | 384 | |||||||||
PFSweb, Inc. (a) | 2,652 | 31 | |||||||||
Photronics, Inc. (a) | 7,372 | 144 | |||||||||
Ping Identity Holding Corp. (a) | 10,065 | 183 | |||||||||
Pixelworks, Inc. (a) | 6,752 | 13 | |||||||||
Plantronics, Inc. (a) | 3,930 | 156 | |||||||||
Plexus Corp. (a) | 3,001 | 236 | |||||||||
Power Integrations, Inc. | 7,292 | 547 | |||||||||
Powerfleet, Inc. (a) | 4,572 | 10 | |||||||||
Procore Technologies, Inc. (a) | 11,237 | 510 | |||||||||
Progress Software Corp. | 5,166 | 234 | |||||||||
PROS Holdings, Inc. (a) | 4,317 | 113 | |||||||||
Pure Storage, Inc. Class A (a) | 11,821 | 304 | |||||||||
Q2 Holdings, Inc. (a) | 6,832 | 264 | |||||||||
Qualtrics International, Inc. Class A (a) | 7,364 | 92 | |||||||||
Qualys, Inc. (a) | 4,475 | 564 | |||||||||
Quicklogic Corp. (a) | 1,639 | 14 | |||||||||
Qumu Corp. (a) | 2,233 | 2 | |||||||||
Rackspace Technology, Inc. (a) (b) | 8,887 | 64 | |||||||||
Rambus, Inc. (a) | 13,319 | 286 | |||||||||
Rapid7, Inc. (a) | 7,205 | 481 | |||||||||
RealNetworks, Inc. (a) | 3,591 | 2 | |||||||||
Remitly Global, Inc. (a) | 11,912 | 91 | |||||||||
Research Frontiers, Inc. (a) | 4,181 | 7 | |||||||||
RF Industries Ltd. (a) | 1,236 | 8 | |||||||||
Ribbon Communications, Inc. (a) | 17,506 | 53 | |||||||||
Richardson Electronics Ltd. | 1,326 | 19 | |||||||||
Rimini Street, Inc. (a) | 6,238 | 37 | |||||||||
RingCentral, Inc. Class A (a) | 9,070 | 474 | |||||||||
Riot Blockchain, Inc. (a) (b) | 17,310 | 73 | |||||||||
Rogers Corp. (a) | 2,274 | 596 | |||||||||
Rubicon Technology, Inc. (a) | 305 | 3 | |||||||||
Sabre Corp. (a) | 38,973 | 227 | |||||||||
Sailpoint Technologies Holdings, Inc. (a) | 11,921 | 747 | |||||||||
Samsara, Inc. Class A (a) (b) | 5,004 | 56 | |||||||||
Sanmina Corp. (a) | 7,181 | 292 | |||||||||
ScanSource, Inc. (a) | 2,695 | 84 | |||||||||
Seachange International, Inc. (a) | 5,581 | 3 | |||||||||
SecureWorks Corp. Class A (a) | 10,657 | 116 | |||||||||
SEMrush Holdings, Inc. Class A (a) | 1,389 | 18 | |||||||||
Semtech Corp. (a) | 7,566 | 416 | |||||||||
See notes to financial statements.
54
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
SentinelOne, Inc. Class A (a) | 4,978 | $ | 116 | ||||||||
ServiceSource International, Inc. (a) | 8,003 | 12 | |||||||||
Shift4 Payments, Inc. Class A (a) | 2,368 | 78 | |||||||||
ShotSpotter, Inc. (a) | 1,299 | 35 | |||||||||
SigmaTron International, Inc. (a) (b) | 755 | 5 | |||||||||
Silicon Laboratories, Inc. (a) | 3,753 | 526 | |||||||||
SiTime Corp. (a) | 1,834 | 299 | |||||||||
SkyWater Technology, Inc. (a) (b) | 1,644 | 10 | |||||||||
SMART Global Holdings, Inc. (a) | 5,665 | 93 | |||||||||
SmartRent, Inc. (a) (b) | 13,446 | 61 | |||||||||
Smartsheet, Inc. Class A (a) | 1,977 | 62 | |||||||||
Smith Micro Software, Inc. (a) (b) | 6,976 | 17 | |||||||||
Snowflake, Inc. Class A (a) | 4,390 | 610 | |||||||||
Socket Mobile, Inc. (a) | 851 | 3 | |||||||||
SolarWinds Corp. | 6,766 | 69 | |||||||||
Spire Global, Inc. (a) | 14,062 | 16 | |||||||||
Splunk, Inc. (a) | 20,995 | 1,857 | |||||||||
Sprinklr, Inc. Class A (a) | 2,524 | 26 | |||||||||
Sprout Social, Inc. Class A (a) | 1,224 | 71 | |||||||||
SPS Commerce, Inc. (a) | 4,058 | 459 | |||||||||
Squarespace, Inc. Class A (a) (b) | 16,117 | 337 | |||||||||
SS&C Technologies Holdings, Inc. | 31,496 | 1,829 | |||||||||
StarTek, Inc. (a) | 1,643 | 5 | |||||||||
Steel Connect, Inc. (a) | 5,947 | 8 | |||||||||
Stronghold Digital Mining, Inc. Class A (a) | 927 | 2 | |||||||||
Sumo Logic, Inc. (a) | 14,907 | 112 | |||||||||
SunPower Corp. (a) (b) | 10,015 | 158 | |||||||||
Switch, Inc. Class A | 712 | 24 | |||||||||
Synaptics, Inc. (a) | 4,175 | 493 | |||||||||
Synchronoss Technologies, Inc. (a) | 9,925 | 11 | |||||||||
TaskUS, Inc. Class A (a) | 1,918 | 32 | |||||||||
TD SYNNEX Corp. | 11,342 | 1,033 | |||||||||
Telos Corp. (a) | 6,295 | 51 | |||||||||
Tenable Holdings, Inc. (a) | 13,671 | 621 | |||||||||
Teradata Corp. (a) | 13,386 | 495 | |||||||||
Terawulf, Inc. (a) | 8,527 | 10 | |||||||||
TESSCO Technologies, Inc. (a) | 935 | 6 | |||||||||
The Glimpse Group, Inc. (a) | 1,255 | 5 | |||||||||
The Hackett Group, Inc. | 3,781 | 72 | |||||||||
The Trade Desk, Inc. Class A (a) | 40,965 | 1,716 | |||||||||
The Western Union Co. | 43,925 | 723 | |||||||||
Thoughtworks Holding, Inc. (a) | 9,003 | 127 | |||||||||
Toast, Inc. Class A (a) (b) | 2,868 | 37 | |||||||||
TransAct Technologies, Inc. (a) | 1,394 | 6 | |||||||||
TTEC Holdings, Inc. | 2,314 | 157 | |||||||||
TTM Technologies, Inc. (a) | 9,509 | 119 | |||||||||
Turtle Beach Corp. (a) | 1,970 | 24 | |||||||||
Twilio, Inc. Class A (a) | 9,949 | 834 | |||||||||
Ubiquiti, Inc. (b) | 596 | 148 | |||||||||
UiPath, Inc. Class A (a) | 3,803 | 69 | |||||||||
Ultra Clean Holdings, Inc. (a) | 5,450 | 162 | |||||||||
Unisys Corp. (a) | 6,937 | 83 | |||||||||
See notes to financial statements.
55
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Unity Software, Inc. (a) (b) | 28,277 | $ | 1,041 | ||||||||
Universal Display Corp. | 5,705 | 577 | |||||||||
Upland Software, Inc. (a) | 3,565 | 52 | |||||||||
UserTesting, Inc. (a) (b) | 6,223 | 31 | |||||||||
Varonis Systems, Inc. (a) | 14,315 | 420 | |||||||||
Veeco Instruments, Inc. (a) | 5,616 | 109 | |||||||||
Velo3D, Inc. (a) | 9,042 | 12 | |||||||||
Verint Systems, Inc. (a) | 7,819 | 331 | |||||||||
Veritone, Inc. (a) (b) | 4,156 | 27 | |||||||||
Verra Mobility Corp. (a) | 19,532 | 307 | |||||||||
Vertex, Inc. Class A (a) | 3,150 | 36 | |||||||||
Viant Technology, Inc. Class A (a) | 1,462 | 7 | |||||||||
Viasat, Inc. (a) | 8,887 | 272 | |||||||||
Viavi Solutions, Inc. (a) | 27,204 | 360 | |||||||||
VirnetX Holding Corp. (a) | 8,407 | 10 | |||||||||
Vishay Intertechnology, Inc. | 14,086 | 251 | |||||||||
Vishay Precision Group, Inc. (a) | 1,669 | 49 | |||||||||
Vislink Technologies, Inc. (a) | 6,117 | 4 | |||||||||
Vizio Holding Corp. Class A (a) | 1,895 | 13 | |||||||||
VMware, Inc. Class A | 23,630 | 2,693 | |||||||||
Vonage Holdings Corp. (a) | 31,715 | 598 | |||||||||
Vontier Corp. | 20,809 | 478 | |||||||||
Wayside Technology Group, Inc. | 491 | 16 | |||||||||
Weave Communications, Inc. (a) | 2,830 | 9 | |||||||||
WEX, Inc. (a) | 5,816 | 905 | |||||||||
WidePoint Corp. (a) | 1,223 | 3 | |||||||||
Wireless Telecom Group, Inc. (a) | 3,036 | 4 | |||||||||
Wolfspeed, Inc. (a) | 12,333 | 783 | |||||||||
Workday, Inc. Class A (a) | 13,203 | 1,843 | |||||||||
Workiva, Inc. (a) | 3,656 | 241 | |||||||||
Xerox Holdings Corp. | 19,143 | 284 | |||||||||
Xperi Holding Corp. | 12,559 | 181 | |||||||||
Yext, Inc. (a) | 15,481 | 74 | |||||||||
Zendesk, Inc. (a) | 15,150 | 1,122 | |||||||||
Zeta Global Holdings Corp. Class A (a) | 3,138 | 14 | |||||||||
Zoom Video Communications, Inc. Class A (a) | 3,363 | 363 | |||||||||
Zscaler, Inc. (a) | 12,289 | 1,837 | |||||||||
Zuora, Inc. Class A (a) | 1,943 | 17 | |||||||||
116,051 | |||||||||||
Materials (4.5%): | |||||||||||
5E Advanced Materials, Inc. (a) (b) | 5,349 | 65 | |||||||||
Advanced Emissions Solutions, Inc. (a) | 2,523 | 12 | |||||||||
AdvanSix, Inc. | 3,357 | 112 | |||||||||
Alcoa Corp. | 23,838 | 1,087 | |||||||||
Allegheny Technologies, Inc. (a) | 13,080 | 297 | |||||||||
Alpha Metallurgical Resources, Inc. | 2,447 | 316 | |||||||||
American Vanguard Corp. | 3,464 | 77 | |||||||||
Ampco-Pittsburgh Corp. (a) | 2,104 | 8 | |||||||||
AptarGroup, Inc. | 7,831 | 808 | |||||||||
Arconic Corp. (a) | 12,633 | 354 | |||||||||
Arras Minerals Corp. (a) | 4,451 | 3 | |||||||||
See notes to financial statements.
56
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Ashland Global Holdings, Inc. | 7,049 | $ | 726 | ||||||||
Avient Corp. | 11,432 | 458 | |||||||||
Axalta Coating Systems Ltd. (a) | 28,933 | 640 | |||||||||
Balchem Corp. | 3,476 | 451 | |||||||||
Berry Global Group, Inc. (a) | 15,193 | 830 | |||||||||
Cabot Corp. | 7,136 | 455 | |||||||||
Carpenter Technology Corp. | 5,427 | 152 | |||||||||
Century Aluminum Co. (a) | 6,281 | 46 | |||||||||
Chase Corp. | 1,013 | 79 | |||||||||
Clearwater Paper Corp. (a) | 1,710 | 58 | |||||||||
Cleveland-Cliffs, Inc. (a) | 68,551 | 1,054 | |||||||||
Coeur Mining, Inc. (a) | 37,079 | 113 | |||||||||
Commercial Metals Co. | 14,338 | 475 | |||||||||
Compass Minerals International, Inc. | 4,079 | 144 | |||||||||
Core Molding Technologies, Inc. (a) | 1,106 | 10 | |||||||||
Crown Holdings, Inc. | 16,408 | 1,512 | |||||||||
Cryptyde, Inc. (a) (e) | 3,145 | 6 | |||||||||
Dakota Gold Corp. (a) | 5,599 | 19 | |||||||||
Diversey Holdings Ltd. (a) | 10,021 | 66 | |||||||||
Eagle Materials, Inc. | 4,616 | 508 | |||||||||
Ecovyst, Inc. | 8,575 | 84 | |||||||||
Flotek Industries, Inc. (a) | 9,580 | 10 | |||||||||
Friedman Industries, Inc. | 965 | 8 | |||||||||
FutureFuel Corp. | 3,075 | 22 | |||||||||
Gatos Silver, Inc. (a) | 7,868 | 23 | |||||||||
GCP Applied Technologies, Inc. (a) | 6,551 | 205 | |||||||||
Ginkgo Bioworks Holdings, Inc. (a) (b) | 159,072 | 379 | |||||||||
Glatfelter Corp. | 5,342 | 37 | |||||||||
Gold Resource Corp. | 11,667 | 19 | |||||||||
Golden Minerals Co. (a) (b) | 17,733 | 6 | |||||||||
Graphic Packaging Holding Co. | 41,144 | 843 | |||||||||
Greif, Inc. Class A | 2,281 | 142 | |||||||||
Greif, Inc. Class B | 589 | 37 | |||||||||
H.B. Fuller Co. | 5,963 | 359 | |||||||||
Hawkins, Inc. | 2,223 | 80 | |||||||||
Haynes International, Inc. | 1,139 | 37 | |||||||||
Hecla Mining Co. | 70,421 | 276 | |||||||||
Huntsman Corp. | 27,998 | 794 | |||||||||
Ingevity Corp. (a) | 4,900 | 309 | |||||||||
Innospec, Inc. | 2,964 | 284 | |||||||||
Intrepid Potash, Inc. (a) | 1,437 | 65 | |||||||||
Kaiser Aluminum Corp. | 1,790 | 142 | |||||||||
Koppers Holdings, Inc. | 2,348 | 53 | |||||||||
Kronos Bio, Inc. (a) | 6,377 | 23 | |||||||||
Kronos Worldwide, Inc. | 3,083 | 57 | |||||||||
Livent Corp. (a) | 19,541 | 443 | |||||||||
Louisiana-Pacific Corp. | 10,499 | 550 | |||||||||
LSB Industries, Inc. (a) | 4,908 | 68 | |||||||||
Marrone Bio Innovations, Inc. (a) | 24,334 | 28 | |||||||||
Materion Corp. | 2,444 | 180 | |||||||||
Minerals Technologies, Inc. | 3,660 | 225 | |||||||||
MP Materials Corp. (a) | 20,699 | 664 | |||||||||
See notes to financial statements.
57
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Myers Industries, Inc. | 3,780 | $ | 86 | ||||||||
Nanophase Technologies Corp. (a) | 2,619 | 8 | |||||||||
Neenah, Inc. | 1,841 | 63 | |||||||||
NewMarket Corp. | 824 | 248 | |||||||||
Northern Technologies International Corp. | 947 | 9 | |||||||||
O-I Glass, Inc. (a) | 15,801 | 221 | |||||||||
Olin Corp. | 19,836 | 918 | |||||||||
Olympic Steel, Inc. | 1,049 | 27 | |||||||||
Origin Materials, Inc. (a) (b) | 14,505 | 74 | |||||||||
Pactiv Evergreen, Inc. | 5,991 | 60 | |||||||||
Paramount Gold Nevada Corp. (a) | 5,499 | 2 | |||||||||
Quaker Chemical Corp. | 1,461 | 218 | |||||||||
Ramaco Resources, Inc. | 4,728 | 62 | |||||||||
Rayonier Advanced Materials, Inc. (a) | 7,625 | 20 | |||||||||
Reliance Steel & Aluminum Co. | 8,007 | 1,360 | |||||||||
Royal Gold, Inc. | 7,378 | 788 | |||||||||
RPM International, Inc. | 13,826 | 1,088 | |||||||||
Ryerson Holding Corp. | 2,500 | 53 | |||||||||
Schnitzer Steel Industries, Inc. | 3,200 | 105 | |||||||||
Schweitzer-Mauduit International, Inc. | 3,539 | 89 | |||||||||
Sensient Technologies Corp. | 4,490 | 362 | |||||||||
Silgan Holdings, Inc. | 11,052 | 457 | |||||||||
Solitario Zinc Corp. (a) | 8,554 | 5 | |||||||||
Sonoco Products Co. | 12,327 | 703 | |||||||||
Southern Copper Corp. | 11,948 | 595 | |||||||||
Steel Dynamics, Inc. | 24,121 | 1,596 | |||||||||
Stepan Co. | 2,389 | 242 | |||||||||
Summit Materials, Inc. Class A (a) | 13,432 | 313 | |||||||||
SunCoke Energy, Inc. | 9,840 | 67 | |||||||||
Sylvamo Corp. (c) | 4,959 | 162 | |||||||||
Synalloy Corp. (a) | 1,253 | 18 | |||||||||
The Chemours Co. | 17,691 | 567 | |||||||||
The Scotts Miracle-Gro Co. | 4,593 | 363 | |||||||||
TimkenSteel Corp. (a) | 5,045 | 94 | |||||||||
Tredegar Corp. | 3,283 | 33 | |||||||||
TriMas Corp. | 4,717 | 131 | |||||||||
U.S. Antimony Corp. (a) | 13,881 | 6 | |||||||||
U.S. Gold Corp. (a) | 1,084 | 5 | |||||||||
UFP Technologies, Inc. (a) | 851 | 68 | |||||||||
United States Lime & Minerals, Inc. | 257 | 27 | |||||||||
United States Steel Corp. | 33,684 | 603 | |||||||||
Universal Stainless & Alloy Products, Inc. (a) | 1,160 | 9 | |||||||||
Valhi, Inc. | 359 | 16 | |||||||||
Valvoline, Inc. | 21,278 | 613 | |||||||||
Vista Gold Corp. (a) | 15,919 | 11 | |||||||||
Warrior Met Coal, Inc. | 6,315 | 193 | |||||||||
Westlake Corp. | 4,869 | 477 | |||||||||
Worthington Industries, Inc. | 4,086 | 180 | |||||||||
Zymergen, Inc. (a) (b) | 10,723 | 13 | |||||||||
30,821 | |||||||||||
See notes to financial statements.
58
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Real Estate (8.5%): | |||||||||||
Acadia Realty Trust | 13,330 | $ | 208 | ||||||||
Agree Realty Corp. | 8,133 | 587 | |||||||||
Alexander & Baldwin, Inc. | 8,577 | 154 | |||||||||
Alexander's, Inc. | 340 | 76 | |||||||||
Alpine Income Property Trust, Inc. | 1,431 | 26 | |||||||||
American Assets Trust, Inc. | 8,503 | 253 | |||||||||
American Campus Communities, Inc. | 19,595 | 1,263 | |||||||||
American Finance Trust, Inc. | 7,477 | 54 | |||||||||
American Homes 4 Rent Class A | 43,465 | 1,540 | |||||||||
American Realty Investors, Inc. (a) | 204 | 3 | |||||||||
Americold Realty Trust, Inc. | 35,179 | 1,057 | |||||||||
AMREP Corp. (a) | 455 | 5 | |||||||||
Apartment Income REIT Corp. | 22,069 | 918 | |||||||||
Apartment Investment and Mgmt Co. (a) | 15,230 | 97 | |||||||||
Apple Hospitality REIT, Inc. | 32,153 | 472 | |||||||||
Armada Hoffler Properties, Inc. | 7,991 | 103 | |||||||||
Ashford Hospitality Trust, Inc. (a) | 4,845 | 29 | |||||||||
Bluerock Residential Growth REIT, Inc. | 3,981 | 105 | |||||||||
Braemar Hotels & Resorts, Inc. (b) | 9,212 | 40 | |||||||||
Brandywine Realty Trust | 24,076 | 232 | |||||||||
Brixmor Property Group, Inc. | 42,077 | 850 | |||||||||
Broadstone Net Lease, Inc. | 17,600 | 361 | |||||||||
BRT Apartments Corp. | 2,197 | 47 | |||||||||
CareTrust REIT, Inc. | 11,451 | 211 | |||||||||
CatchMark Timber Trust, Inc. Class A | 5,813 | 59 | |||||||||
CBL & Associates Properties, Inc. (a) (b) | 4,337 | 102 | |||||||||
Cedar Realty Trust, Inc. | 1,765 | 51 | |||||||||
Centerspace | 2,161 | 176 | |||||||||
Chatham Lodging Trust (a) | 6,857 | 72 | |||||||||
CIM Commercial Trust Corp. | 2,103 | 15 | |||||||||
Clipper Realty, Inc. | 1,920 | 15 | |||||||||
Community Healthcare Trust, Inc. | 2,995 | 108 | |||||||||
Compass, Inc. Class A (a) | 3,601 | 13 | |||||||||
Comstock Holding Cos., Inc. (a) | 918 | 4 | |||||||||
CoreCivic, Inc. (a) | 12,129 | 135 | |||||||||
CorEnergy Infrastructure Trust, Inc. (b) | 1,957 | 5 | |||||||||
Corporate Office Properties Trust | 15,793 | 414 | |||||||||
Cousins Properties, Inc. | 20,898 | 611 | |||||||||
CTO Realty Growth, Inc. (b) | 790 | 48 | |||||||||
CubeSmart | 31,529 | 1,347 | |||||||||
DiamondRock Hospitality Co. (a) | 29,621 | 243 | |||||||||
DigitalBridge Group, Inc. (a) | 75,621 | 369 | |||||||||
Diversified Healthcare Trust | 33,573 | 61 | |||||||||
Doma Holdings, Inc. (a) | 17,790 | 18 | |||||||||
Douglas Elliman, Inc. | 9,473 | 45 | |||||||||
Douglas Emmett, Inc. | 24,694 | 553 | |||||||||
Easterly Government Properties, Inc. | 12,753 | 243 | |||||||||
EastGroup Properties, Inc. | 5,857 | 904 | |||||||||
Empire State Realty Trust, Inc. | 14,934 | 105 | |||||||||
EPR Properties | 8,743 | 410 | |||||||||
Equity Commonwealth (a) | 15,829 | 436 | |||||||||
Equity LifeStyle Properties, Inc. | 26,130 | 1,841 | |||||||||
See notes to financial statements.
59
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Essential Properties Realty Trust, Inc. | 18,425 | $ | 396 | ||||||||
eXp World Holdings, Inc. (b) | 11,200 | 132 | |||||||||
Farmland Partners, Inc. | 6,613 | 91 | |||||||||
Fathom Holdings, Inc. (a) | 1,300 | 10 | |||||||||
First Industrial Realty Trust, Inc. | 18,544 | 880 | |||||||||
Forestar Group, Inc. (a) | 2,587 | 35 | |||||||||
Four Corners Property Trust, Inc. | 8,807 | 234 | |||||||||
Franklin Street Properties Corp. | 14,491 | 60 | |||||||||
FRP Holdings, Inc. (a) | 797 | 48 | |||||||||
Gaming and Leisure Properties, Inc. | 29,558 | 1,356 | |||||||||
Getty Realty Corp. | 5,254 | 139 | |||||||||
Gladstone Commercial Corp. | 5,105 | 96 | |||||||||
Gladstone Land Corp. | 4,183 | 93 | |||||||||
Global Medical REIT, Inc. | 8,100 | 91 | |||||||||
Global Net Lease, Inc. | 14,559 | 206 | |||||||||
Healthcare Realty Trust, Inc. (b) | 21,298 | 579 | |||||||||
Healthcare Trust of America, Inc. Class A | 32,180 | 898 | |||||||||
Hersha Hospitality Trust (a) | 5,530 | 54 | |||||||||
Highwoods Properties, Inc. | 14,773 | 505 | |||||||||
Hudson Pacific Properties, Inc. | 18,082 | 268 | |||||||||
Independence Realty Trust, Inc. | 26,098 | 541 | |||||||||
Indus Realty Trust, Inc. | 1,046 | 62 | |||||||||
Industrial Logistics Properties Trust | 9,189 | 129 | |||||||||
Innovative Industrial Properties, Inc. | 3,931 | 432 | |||||||||
Invitation Homes, Inc. | 85,733 | 3,050 | |||||||||
iStar, Inc. | 8,497 | 117 | |||||||||
JBG SMITH Properties | 15,795 | 373 | |||||||||
Jones Lang LaSalle, Inc. (a) | 6,064 | 1,060 | |||||||||
Kennedy-Wilson Holdings, Inc. | 17,422 | 330 | |||||||||
Kilroy Realty Corp. | 15,250 | 798 | |||||||||
Kite Realty Group Trust | 30,770 | 532 | |||||||||
Lamar Advertising Co. Class A | 8,412 | 740 | |||||||||
Life Storage, Inc. | 11,853 | 1,324 | |||||||||
LTC Properties, Inc. | 4,658 | 179 | |||||||||
LXP Industrial Trust | 27,785 | 298 | |||||||||
Marcus & Millichap, Inc. | 3,443 | 127 | |||||||||
Medical Properties Trust, Inc. | 75,868 | 1,159 | |||||||||
National Health Investors, Inc. | 6,443 | 391 | |||||||||
National Retail Properties, Inc. | 22,488 | 967 | |||||||||
National Storage Affiliates Trust | 12,858 | 644 | |||||||||
NETSTREIT Corp. | 6,330 | 119 | |||||||||
New York City REIT, Inc. Class A | 1,698 | 9 | |||||||||
Newmark Group, Inc. Class A | 21,069 | 204 | |||||||||
NexPoint Residential Trust, Inc. | 3,287 | 205 | |||||||||
Offerpad Solutions, Inc. (a) (b) | 13,093 | 29 | |||||||||
Office Properties Income Trust | 6,804 | 136 | |||||||||
Omega Healthcare Investors, Inc. | 33,043 | 932 | |||||||||
One Liberty Properties, Inc. | 2,524 | 66 | |||||||||
Opendoor Technologies, Inc. (a) (b) | 73,718 | 347 | |||||||||
Orion Office REIT, Inc. | 7,479 | 82 | |||||||||
Outfront Media, Inc. | 19,124 | 324 | |||||||||
Paramount Group, Inc. | 24,312 | 176 | |||||||||
See notes to financial statements.
60
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Park Hotels & Resorts, Inc. | 27,866 | $ | 378 | ||||||||
Pebblebrook Hotel Trust | 18,453 | 306 | |||||||||
Pennsylvania Real Estate Investment Trust (a) | 679 | 2 | |||||||||
Phillips Edison & Co., Inc. (b) | 2,402 | 80 | |||||||||
Physicians Realty Trust | 27,852 | 486 | |||||||||
Piedmont Office Realty Trust, Inc. Class A | 17,326 | 227 | |||||||||
Plymouth Industrial REIT, Inc. | 4,059 | 71 | |||||||||
Postal Realty Trust, Inc. Class A | 2,137 | 32 | |||||||||
PotlatchDeltic Corp. | 8,674 | 383 | |||||||||
Power REIT (a) | 347 | 4 | |||||||||
Presidio Property Trust, Inc. Class A | 1,617 | 5 | |||||||||
PS Business Parks, Inc. | 2,873 | 538 | |||||||||
Rafael Holdings, Inc. Class B (a) (b) (e) | 1,843 | 3 | |||||||||
Rayonier, Inc. | 14,182 | 530 | |||||||||
RE/MAX Holdings, Inc. | 2,085 | 51 | |||||||||
Redfin Corp. (a) | 13,401 | 110 | |||||||||
Retail Opportunity Investments Corp. | 17,449 | 275 | |||||||||
Rexford Industrial Realty, Inc. | 23,182 | 1,335 | |||||||||
RLJ Lodging Trust | 23,438 | 259 | |||||||||
| RPT Realty | 11,958 | 118 | |||||||||
Ryman Hospitality Properties, Inc. (a) | 7,748 | 589 | |||||||||
Sabra Health Care REIT, Inc. | 32,444 | 453 | |||||||||
Safehold, Inc. | 2,438 | 86 | |||||||||
Saul Centers, Inc. | 1,882 | 89 | |||||||||
Seritage Growth Properties Class A (a) (b) | 3,069 | 16 | |||||||||
Service Properties Trust | 23,192 | 121 | |||||||||
SITE Centers Corp. | 27,034 | 364 | |||||||||
SL Green Realty Corp. | 9,009 | 416 | |||||||||
Sotherly Hotels, Inc. (a) | 2,344 | 4 | |||||||||
Spirit Realty Capital, Inc. | 17,170 | 649 | |||||||||
STAG Industrial, Inc. | 25,176 | 777 | |||||||||
STORE Capital Corp. | 30,743 | 802 | |||||||||
Summit Hotel Properties, Inc. (a) | 15,018 | 109 | |||||||||
Sun Communities, Inc. | 17,085 | 2,723 | |||||||||
Sunstone Hotel Investors, Inc. (a) | 30,232 | 300 | |||||||||
Tanger Factory Outlet Centers, Inc. | 14,666 | 209 | |||||||||
Tejon Ranch Co. (a) | 3,536 | 55 | |||||||||
Terreno Realty Corp. | 10,612 | 591 | |||||||||
The GEO Group, Inc. (a) (b) | 17,433 | 115 | |||||||||
The Howard Hughes Corp. (a) | 6,783 | 462 | |||||||||
The InterGroup Corp. (a) | 110 | 5 | |||||||||
The Macerich Co. | 30,153 | 263 | |||||||||
The RMR Group, Inc. Class A | 1,019 | 29 | |||||||||
The St. Joe Co. | 3,809 | 151 | |||||||||
UMH Properties, Inc. | 7,241 | 128 | |||||||||
Uniti Group, Inc. | 28,645 | 270 | |||||||||
Universal Health Realty Income Trust | 1,822 | 97 | |||||||||
Urban Edge Properties | 16,497 | 251 | |||||||||
Urstadt Biddle Properties, Inc. | 261 | 5 | |||||||||
Urstadt Biddle Properties, Inc. Class A | 4,154 | 67 | |||||||||
Veris Residential, Inc. (a) | 12,022 | 159 | |||||||||
Washington Real Estate Investment Trust | 12,282 | 262 | |||||||||
See notes to financial statements.
61
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Whitestone REIT | 5,939 | $ | 64 | ||||||||
WP Carey, Inc. | 27,096 | 2,245 | |||||||||
Xenia Hotels & Resorts, Inc. (a) | 13,495 | 196 | |||||||||
Zillow Group, Inc. Class A (a) | 6,251 | 199 | |||||||||
Zillow Group, Inc. Class C (a) | 23,760 | 754 | |||||||||
58,415 | |||||||||||
Utilities (2.8%): | |||||||||||
ALLETE, Inc. | 7,207 | 424 | |||||||||
Altus Power, Inc. (a) (b) | 10,716 | 68 | |||||||||
American States Water Co. | 4,414 | 360 | |||||||||
Artesian Resources Corp. Class A | 1,196 | 59 | |||||||||
Avangrid, Inc. | 9,777 | 451 | |||||||||
Avista Corp. | 8,448 | 368 | |||||||||
Black Hills Corp. | 7,925 | 577 | |||||||||
Cadiz, Inc. (a) (b) | 4,637 | 11 | |||||||||
California Water Service Group | 6,423 | 357 | |||||||||
Chesapeake Utilities Corp. | 1,820 | 236 | |||||||||
Clearway Energy, Inc. Class A | 4,862 | 155 | |||||||||
Clearway Energy, Inc. Class C | 11,524 | 401 | |||||||||
Essential Utilities, Inc. | 30,924 | 1,418 | |||||||||
Genie Energy Ltd. Class B | 3,150 | 29 | |||||||||
Global Water Resources, Inc. | 1,561 | 21 | |||||||||
Hawaiian Electric Industries, Inc. | 14,144 | 578 | |||||||||
IDACORP, Inc. | 5,967 | 632 | |||||||||
MDU Resources Group, Inc. | 26,281 | 709 | |||||||||
MGE Energy, Inc. | 4,472 | 348 | |||||||||
Middlesex Water Co. | 1,926 | 169 | |||||||||
Montauk Renewables, Inc. (a) | 6,658 | 67 | |||||||||
National Fuel Gas Co. | 11,821 | 781 | |||||||||
New Jersey Resources Corp. | 11,753 | 523 | |||||||||
Northwest Natural Holding Co. | 4,140 | 220 | |||||||||
NorthWestern Corp. | 6,161 | 363 | |||||||||
OGE Energy Corp. | 25,312 | 976 | |||||||||
ONE Gas, Inc. | 6,384 | 518 | |||||||||
Ormat Technologies, Inc. | 5,437 | 426 | |||||||||
Otter Tail Corp. (c) | 5,499 | 369 | |||||||||
PG&E Corp. (a) | 217,760 | 2,173 | |||||||||
PNM Resources, Inc. | 10,733 | 513 | |||||||||
Portland General Electric Co. (c) | 11,658 | 563 | |||||||||
Pure Cycle Corp. (a) | 3,165 | 33 | |||||||||
RGC Resources, Inc. | 1,103 | 21 | |||||||||
SJW Group | 2,677 | 167 | |||||||||
South Jersey Industries, Inc. | 14,789 | 505 | |||||||||
Southwest Gas Holdings, Inc. | 7,703 | 671 | |||||||||
Spire, Inc. | 6,591 | 490 | |||||||||
Sunnova Energy International, Inc. (a) | 11,434 | 211 | |||||||||
The York Water Co. | 1,884 | 76 | |||||||||
UGI Corp. | 25,960 | 1,002 | |||||||||
Unitil Corp. (c) | 1,893 | 111 | |||||||||
See notes to financial statements.
62
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares or Principal Amount | Value | |||||||||
Via Renewables, Inc. | 1,104 | $ | 8 | ||||||||
Vistra Corp. | 53,987 | 1,234 | |||||||||
19,392 | |||||||||||
Total Common Stocks (Cost $495,424) | 680,582 | ||||||||||
Preferred Stocks (0.0%) (g) | |||||||||||
Communication Services (0.0%): (g) | |||||||||||
SRAX, Inc. (a) (d) (e) | 3,374 | — | (h) | ||||||||
Total Preferred Stocks (Cost $0) | — | (h) | |||||||||
Rights (0.0%) (g) | |||||||||||
Consumer Discretionary (0.0%): (g) | |||||||||||
Zagg, Inc., CVR (a) (d) (e) | 4,570 | — | (h) | ||||||||
Financials (0.0%): (g) | |||||||||||
Sirius International, CVR (a) (e) | 762 | 8 | |||||||||
Health Care (0.0%): (g) | |||||||||||
Achillion Pharmaceuticals, CVR (a) (d) (e) | 22,837 | 5 | |||||||||
Chinook Therapeutics, CVR (a) (d) (e) | 1,625 | — | |||||||||
Flexion Therapeutics, Inc., CVR (a) (b) (d) (e) | 6,526 | — | (h) | ||||||||
F-Star Therapeutics, CVR (a) (d) (e) | 1,298 | — | |||||||||
Miragen Therapeutics, Inc., CVR (a) (d) (e) | 7,890 | — | |||||||||
Ocuphire Pharma, CVR (a) (d) (e) | 168 | — | (h) | ||||||||
Oncternal Therapeutics, Inc., CVR (a) (d) (e) | 254 | — | |||||||||
Palisade Bio, Inc., CVR (a) (d) (e) | 2,758 | 1 | |||||||||
Prevail Therapeutics, Inc., CVR (a) (d) (e) | 4,938 | 2 | |||||||||
Progenics Pharmaceuticals, Inc., CVR (a) (d) (e) | 10,103 | 3 | |||||||||
Qualigen Therapeutics, Inc., CVR (a) (d) (e) | 7,487 | — | |||||||||
Tetraphase Pharmaceutical, CVR (a) (d) (e) | 1,178 | — | (h) | ||||||||
Unum Therapeutics, Inc., CVR (a) (d) (e) | 2,673 | — | |||||||||
Xeris Biopharma Holdings, Inc., CVR (a) (d) (e) | 8,140 | 1 | |||||||||
Zogenix, Inc., CVR (a) (d) (e) | 6,844 | 5 | |||||||||
17 | |||||||||||
Industrials (0.0%): (g) | |||||||||||
Communications Systems I, CVR (a) (d) | 259 | — | |||||||||
Total Rights (Cost $8) | 25 | ||||||||||
Warrants (0.0%) (g) | |||||||||||
Health Care (0.0%): (g) | |||||||||||
Galectin Therapeutics, Inc. Class B (d) (e) | 7,552 | — | |||||||||
Total Warrants (Cost $—) | — | ||||||||||
Corporate Bonds (0.0%) (g) | |||||||||||
Financials (0.0%): (g) | |||||||||||
GAMCO Investors, Inc., 5.00%, 6/15/23, Callable 8/8/22 @ 100 | $ | — | (i) | — | (h) | ||||||
Total Corporate Bonds (Cost $0) | — | (h) | |||||||||
See notes to financial statements.
63
| USAA Mutual Funds Trust USAA Extended Market Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Mutual Funds (0.0%) (g) | |||||||||||
180 Degree Capital Corp. (a) | 1,299 | $ | 8 | ||||||||
OFS Credit Co., Inc. | 941 | 9 | |||||||||
Total Mutual Funds (Cost $20) | 17 | ||||||||||
Collateral for Securities Loaned (5.1%)^ | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (j) | 35,196,735 | 35,197 | |||||||||
Total Collateral for Securities Loaned (Cost $35,197) | 35,197 | ||||||||||
Total Investments (Cost $530,649) — 104.0% | 715,821 | ||||||||||
Liabilities in excess of other assets �� (4.0)% | (27,379 | ) | |||||||||
NET ASSETS — 100.00% | $ | 688,442 | |||||||||
^ 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) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of June 30, 2022.. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)
(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At June 30, 2022, illiquid securities were less than 0.05% of the Fund's net assets.
(f) Affiliated security. (See Note 8 in the Notes to Financial Statements)
(g) Amount represents less than 0.05% of net assets.
(h) Rounds to less than $1 thousand.
(i) Amount is less than 500 shares.
(j) Rate disclosed is the daily yield on June 30, 2022.
CVR — Contingent Value Right
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 | 90 | 9/16/22 | $ | 8,081,043 | $ | 7,686,000 | $ | (395,043 | ) | ||||||||||||||
Total unrealized appreciation | — | ||||||||||||||||||||||
Total unrealized depreciation | (395,043 | ) | |||||||||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (395,043 | ) | ||||||||||||||||||||
See notes to financial statements.
64
USAA Mutual Funds Trust | Statement of Assets and Liabilities June 30, 2022 | ||||||
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
| USAA Extended Market Index Fund | |||||||
Assets: | |||||||
Affiliated investments, at value (Cost $744) | $ | 983 | |||||
Unaffiliated investments, at value (Cost $529,905) | 714,838 | (a) | |||||
Cash | 6,467 | ||||||
Deposit with broker for futures contracts | 1,127 | ||||||
Receivables: | |||||||
Interest and dividends | 924 | ||||||
Capital shares issued | 114 | ||||||
Variation margin on open futures contracts | 4 | ||||||
Prepaid expenses | 12 | ||||||
Total Assets | 724,469 | ||||||
Liabilities: | |||||||
Payables: | |||||||
Collateral received on loaned securities | 35,197 | ||||||
Investments purchased | 24 | ||||||
Capital shares redeemed | 490 | ||||||
Variation margin on open futures contracts | 57 | ||||||
Accrued expenses and other payables: | |||||||
Investment advisory fees | 59 | ||||||
Administration fees | 89 | ||||||
Custodian fees | 7 | ||||||
Transfer agent fees | 45 | ||||||
Compliance fees | — | (b) | |||||
Trustees' fees | — | (b) | |||||
Other accrued expenses | 59 | ||||||
Total Liabilities | 36,027 | ||||||
Net Assets: | |||||||
Capital | 470,326 | ||||||
Total accumulated earnings/(loss) | 218,116 | ||||||
Net Assets | $ | 688,442 | |||||
Shares (unlimited number of shares authorized with no par value): | 37,581 | ||||||
Net asset value, offering and redemption price per share: (c) | $ | 18.32 | |||||
(a) Includes $32,900 thousand of securities on loan.
(b) Rounds to less than $1 thousand.
(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.
See notes to financial statements.
65
USAA Mutual Funds Trust | Statement of Operations For the Six Months Ended June 30, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA Extended Market Index Fund | |||||||
Investment Income: | |||||||
Dividends from affiliated investments | $ | 1 | |||||
Dividends from unaffiliated investments | 5,611 | ||||||
Interest from unaffiliated investments | 4 | ||||||
Securities lending (net of fees) | 681 | ||||||
Foreign tax withholding | (2 | ) | |||||
Total Income | 6,295 | ||||||
Expenses: | |||||||
Investment advisory fees | 410 | ||||||
Administration fees | 614 | ||||||
Sub-Administration fees | 14 | ||||||
Custodian fees | 20 | ||||||
Transfer agent fees | 261 | ||||||
Trustees' fees | 23 | ||||||
Compliance fees | 3 | ||||||
Legal and audit fees | 31 | ||||||
State registration and filing fees | 15 | ||||||
Interfund lending fees | — | (a) | |||||
Other expenses | 65 | ||||||
Total Expenses | 1,456 | ||||||
Net Investment Income (Loss) | 4,839 | ||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||
Net realized gains (losses) from affiliated investment securities | 1 | ||||||
Net realized gains (losses) from unaffiliated investment securities | 21,864 | ||||||
Net realized gains (losses) from futures contracts | (402 | ) | |||||
| Net change in unrealized appreciation/depreciation on affiliated investment securities | 213 | ||||||
| Net change in unrealized appreciation/depreciation on unaffiliated investment securities | (272,558 | ) | |||||
Net change in unrealized appreciation/depreciation on futures contracts | (817 | ) | |||||
Net realized/unrealized gains (losses) on investments | (251,699 | ) | |||||
Change in net assets resulting from operations | $ | (246,860 | ) | ||||
(a) Rounds to less than $1 thousand.
See notes to financial statements.
66
USAA Mutual Funds Trust | Statements of Changes in Net Assets | ||||||
(Amounts in Thousands)
USAA Extended Market Index Fund | |||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
From Investments: | |||||||||||
Operations: | |||||||||||
Net Investment Income (Loss) | $ | 4,839 | $ | 7,676 | |||||||
Net realized gains (losses) | 21,463 | 84,431 | |||||||||
Net change in unrealized appreciation/depreciation | (273,162 | ) | 47,480 | ||||||||
Change in net assets resulting from operations | (246,860 | ) | 139,587 | ||||||||
Change in net assets resulting from distributions to shareholders | — | (150,843 | ) | ||||||||
Change in net assets resulting from capital transactions | (34,603 | ) | 75,050 | ||||||||
Change in net assets | (281,463 | ) | 63,794 | ||||||||
Net Assets: | |||||||||||
Beginning of period | 969,905 | 906,111 | |||||||||
End of period | $ | 688,442 | $ | 969,905 | |||||||
Capital Transactions: | |||||||||||
Proceeds from shares issued | $ | 21,768 | $ | 86,369 | |||||||
Distributions reinvested | — | 146,754 | |||||||||
Cost of shares redeemed | (56,371 | ) | (158,073 | ) | |||||||
Change in net assets resulting from capital transactions | $ | (34,603 | ) | $ | 75,050 | ||||||
Share Transactions: | |||||||||||
Issued | 1,003 | 3,073 | |||||||||
Reinvested | — | 6,095 | |||||||||
Redeemed | (2,616 | ) | (5,646 | ) | |||||||
Change in Shares | (1,613 | ) | 3,522 | ||||||||
See notes to financial statements.
67
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains from Investments | Total Distributions | |||||||||||||||||||||||||
USAA Extended Market Index Fund | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 24.75 | 0.13 | (f) | (6.56 | ) | (6.43 | ) | — | — | — | ||||||||||||||||||||
| Year Ended December 31: 2021 | $ | 25.40 | 0.22 | (f) | 3.58 | 3.80 | (0.23 | ) | (4.22 | ) | (4.45 | ) | |||||||||||||||||||
2020 | $ | 20.01 | 0.18 | (f) | 6.05 | 6.23 | (0.21 | ) | (0.63 | ) | (0.84 | ) | |||||||||||||||||||
2019 | $ | 16.14 | 0.20 | (f) | 4.31 | 4.51 | (0.26 | ) | (0.38 | ) | (0.64 | ) | |||||||||||||||||||
2018 | $ | 18.98 | 0.17 | (1.96 | ) | (1.79 | ) | (0.17 | ) | (0.88 | ) | (1.05 | ) | ||||||||||||||||||
2017 | $ | 17.34 | 0.18 | 2.88 | 3.06 | (0.18 | ) | (1.24 | ) | (1.42 | ) | ||||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning 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.
(e) Does not include acquired fund fees and expenses, if any.
(f) Per share net investment income (loss) has been calculated using the average daily shares method.
(g) 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.
(h) Reflects the period of February 24, 2018 to December 31, 2018, after the Fund converted to a stand-alone fund.
(i) Represents the portfolio turnover of the Master Extended Market Index Series.
See notes to financial statements.
68
USAA Mutual Funds Trust | Financial Highlights — continued | ||||||
For a Share Outstanding Throughout Each Period
Ratios to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||
| Net Asset Value, End of Period | Total Return(a)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a) | |||||||||||||||||||||||||
USAA Extended Market Index Fund | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 18.32 | (25.98 | )% | 0.36 | % | 1.18 | % | 0.36 | % | $ | 688,442 | 6 | % | |||||||||||||||||
| Year Ended December 31: 2021 | $ | 24.75 | 15.61 | % | 0.34 | % | 0.77 | % | 0.34 | % | $ | 969,905 | 24 | % | |||||||||||||||||
2020 | $ | 25.40 | 31.20 | % | 0.38 | % | 0.91 | % | 0.38 | % | $ | 906,111 | 31 | % | |||||||||||||||||
2019 | $ | 20.01 | 27.94 | % | 0.41 | % | 1.06 | % | 0.41 | % | $ | 788,664 | 24 | % | |||||||||||||||||
2018 | $ | 16.14 | (9.70 | )% | 0.43 | %(g) | 0.90 | %(g) | 0.43 | %(g) | $ | 656,406 | 12 | %(h) | |||||||||||||||||
2017 | $ | 18.98 | 17.72 | % | 0.44 | % | 0.93 | % | 0.44 | % | $ | 765,211 | 11 | %(i) | |||||||||||||||||
See notes to financial statements.
69
USAA Mutual Funds Trust | Notes to Financial Statements June 30, 2022 | ||||||
(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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.
The accompanying financial statements are those of the USAA Extended Market Index Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.
Investment Valuation:
The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:
• Level 1 — quoted prices 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
70
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.
Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.
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 categorized as Level 2 in the fair value hierarchy.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stocks | $ | 680,552 | $ | — | $ | 30 | $ | 680,582 | |||||||||||
Preferred Stocks | — | — | — | (a) | — | ||||||||||||||
Rights | — | 7 | 18 | 25 | |||||||||||||||
Warrants | — | — | — | (b) | — | ||||||||||||||
Corporate Bonds | — | — | (a) | — | — | ||||||||||||||
Mutual Funds | 17 | — | — | 17 | |||||||||||||||
Collateral for Securities Loaned | 35,197 | — | — | 35,197 | |||||||||||||||
Total | $ | 715,766 | $ | 7 | $ | 48 | $ | 715,821 | |||||||||||
Other Financial Investments* | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Futures Contracts | $ | (395 | ) | $ | — | $ | — | $ | (395 | ) | |||||||||
Total | $ | (395 | ) | $ | — | $ | — | $ | (395 | ) | |||||||||
(a) Rounds to less than $1 thousand.
(b) Zero market value security.
* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.
For the six months ended June 30, 2022, there were no transfers into/out of Level 3.
71
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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.
Derivative Instruments:
Futures Contracts:
The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions.
The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.
Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the six months ended June 30, 2022, the Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.
72
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, 2022 (amounts in thousands):
Liabilities | |||||||
| Variation Margin Payable on Open Futures Contracts* | |||||||
Equity Risk Exposure | $ | 395 | |||||
* 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, 2022 (amounts in thousands):
| Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations | Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations | ||||||||||
| Net Realized Gains (Losses) from Futures Contracts | Net Change in Unrealized Appreciation/Depreciation on Futures Contracts | ||||||||||
Equity Risk Exposure | $ | (402 | ) | $ | (817 | ) | |||||
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 or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.
Withholding taxes on interest, dividends, and gains as a result of certain investments by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.
Securities Lending:
The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid
73
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.
The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.
The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2022.
| Value of Securities on Loan | Non-Cash Collateral | Cash Collateral | |||||||||
| $ | 32,900 | $ | — | $ | 35,197 | ||||||
Foreign Taxes:
The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.
Federal Income Taxes:
The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.
For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.
Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
Allocations:
Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.
3. Purchases and Sales:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows for the Fund (amounts in thousands):
Excluding | |||||||
Purchases | Sales | ||||||
$ | 47,090 | $ | 76,736 | ||||
74
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, 2022, are reflected on the Statement of Operations as Investment advisory fees.
The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended June 30, 2022, the Fund had no subadvisers.
Administration and Servicing Fees:
VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, which is based on the Fund's average daily net assets of the Fund Shares. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.
Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Sub-Administration fees.
The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.
Transfer Agency Fees:
Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the six months ended June 30, 2022, are reflected on the Statement of Operations as Transfer agent fees.
FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.
75
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 service.
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, 2022, are reflected on the Statement of Operations as Custodian fees.
K&L Gates LLP provides legal services to the Trust.
The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limits for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limit (excluding voluntary waivers) was 0.43%.
Under the terms of the expense limitation agreement, as amended June 29, 2022, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of June 30, 2022, there are no amounts available to be repaid to the Adviser.
The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended June 30, 2022.
Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.
5. Risks:
The Fund may be subject to other risks in addition to these identified risks.
Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.
Equity Risk — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military
76
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.
Derivatives Risk — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.
6. Borrowing and Interfund Lending:
Line of Credit:
The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.
The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.
Interfund Lending:
The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period,
77
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.
The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended June 30, 2022, were as follows (amounts in thousands):
| Borrower or Lender | Amount Outstanding at June 30, 2022 | Average Borrowing* | Days Borrowing Outstanding | Average Interest Rate* | Maximum Borrowing During the Period | ||||||||||||||||||
| Borrower | $ | — | $ | 1,449 | 1 | 0.58 | % | $ | 1,449 | ||||||||||||||
* Based on the number of days borrowings were outstandingf For the six months ended June 30, 2022.
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, 2022.
At the tax year ended December 31, 2021, the Fund had no capital loss carryforwards for the federal income tax purposes.
8. Affiliated Securities:
An affiliated security is a security in which a Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM as of the six months ended June 30, 2022. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund's Schedule of Portfolio Investments.
Section 12(d)(3) of the 1940 Act, and Rule 12d3-1(c) under the 1940 Act, generally prohibit a fund from purchasing the securities issued by, among other entities, a fund's investment adviser. When a fund's investment objective is to track the performance of an unaffiliated index by investing in the stocks that comprise that index, the staff of the SEC has taken the position that, subject to certain conditions, the fund may establish and maintain a position in the common stock of an affiliate of the fund's investment adviser in an amount approximately in proportion to the percentage that the stock is represented in the index. In seeking to provide investment results that closely correspond to its respective unaffiliated index, one or more Funds may hold the securities of Victory Capital Holdings, Inc., the parent company of VCM and other Fund service providers.
78
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Transactions in affiliated securities during the six months ended June 30, 2022, were as follows (amounts in thousands):
| Fair Value 12/31/21 | Purchases at Cost | Proceeds from Sales | Realized Gains (Losses) | Capital Gain Distribution | Net Change in Unrealized Appreciation/ Depreciation | Fair Value 6/30/22 | Dividend Income | ||||||||||||||||||||||||||||
Victory Capital Holdings Inc. | $ | 65 | $ | 1 | $ | (3 | ) | $ | 1 | $ | — | $ | (22 | ) | $ | 42 | $ | 1 | |||||||||||||||||
MSP Recovery, Inc. | — | 706 | — | — | — | 235 | 941 | — | |||||||||||||||||||||||||||
$ | 65 | $ | 707 | $ | (3 | ) | $ | 1 | $ | — | $ | 213 | $ | 983 | $ | 1 | |||||||||||||||||||
79
USAA Mutual Funds Trust | Supplemental Information June 30, 2022 | ||||||
(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, 2022, through June 30, 2022.
The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/22 | Actual Ending Account Value 6/30/22 | Hypothetical Ending Account Value 6/30/22 | Actual Expenses Paid During Period 1/1/22-6/30/22* | Hypothetical Expenses Paid During Period 1/1/22-6/30/22* | Annualized Expense Ratio During Period 1/1/22-6/30/22 | ||||||||||||||||||
| $ | 1,000.00 | $ | 740.20 | $ | 1,023.01 | $ | 1.55 | $ | 1.81 | 0.36 | % | ||||||||||||
* 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).
80
USAA Mutual Funds Trust | Supplemental Information — continued June 30, 2022 | ||||||
(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 11, 2022, 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.
81
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 | ||||||
www.vcm.com | (800) 235-8396 | ||||||
37757-0822
JUNE 30, 2022
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 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 Investments logo is a trademark of United Services Automobile Association and is 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 website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:
• Detailed performance records
• Daily share prices
• The latest fund news
• Investment resources to help you become a better investor
• A section dedicated to investment professionals
Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, 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 | 16 | ||||||
Supplemental Information | 25 | ||||||
Proxy Voting and Portfolio Holdings Information | 25 | ||||||
Expense Examples | 25 | ||||||
Liquidity Risk Management Program | 26 | ||||||
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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to match, before fees and expenses, the performance of the stocks composing the Nasdaq-100 Index. The Nasdaq-100 Index (the "Index") represents 100 of the largest nonfinancial stocks traded on The Nasdaq Stock Market®.
Sector Allocation*:
June 30, 2022
(% 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 Nasdaq-100 Index Fund | Schedule of Portfolio Investments June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Common Stocks (99.5%) | |||||||||||
Communication Services (17.2%): | |||||||||||
Activision Blizzard, Inc. | 236,071 | $ | 18,380 | ||||||||
Alphabet, Inc. Class A (a) | 54,735 | 119,282 | |||||||||
Alphabet, Inc. Class C (a) | 57,030 | 124,750 | |||||||||
Baidu, Inc., ADR (a) | 65,252 | 9,705 | |||||||||
Charter Communications, Inc. Class A (a) | 50,681 | 23,746 | |||||||||
Comcast Corp. Class A | 1,349,785 | 52,966 | |||||||||
Electronic Arts, Inc. | 84,507 | 10,280 | |||||||||
Match Group, Inc. (a) | 86,228 | 6,009 | |||||||||
Meta Platforms, Inc. Class A (a) | 624,992 | 100,780 | |||||||||
NetEase, Inc., ADR | 54,847 | 5,120 | |||||||||
Netflix, Inc. (a) | 134,138 | 23,457 | |||||||||
Sirius XM Holdings, Inc. (b) | 1,188,419 | 7,285 | |||||||||
T-Mobile U.S., Inc. (a) | 378,491 | 50,922 | |||||||||
552,682 | |||||||||||
Communications Equipment (1.7%): | |||||||||||
Cisco Systems, Inc. | 1,250,268 | 53,311 | |||||||||
Consumer Discretionary (14.9%): | |||||||||||
Airbnb, Inc. Class A (a) | 115,413 | 10,281 | |||||||||
Amazon.com, Inc. (a) | 1,851,594 | 196,658 | |||||||||
Booking Holdings, Inc. (a) | 12,265 | 21,451 | |||||||||
Dollar Tree, Inc. (a) | 67,799 | 10,566 | |||||||||
eBay, Inc. | 169,031 | 7,044 | |||||||||
JD.com, Inc., ADR | 153,007 | 9,826 | |||||||||
Lucid Group, Inc. (a)(b) | 503,566 | 8,641 | |||||||||
Lululemon Athletica, Inc. (a) | 37,081 | 10,109 | |||||||||
Marriott International, Inc. Class A | 98,820 | 13,441 | |||||||||
MercadoLibre, Inc. (a) | 15,210 | 9,687 | |||||||||
O'Reilly Automotive, Inc. (a) | 19,844 | 12,537 | |||||||||
Pinduoduo, Inc., ADR (a) | 133,819 | 8,270 | |||||||||
Ross Stores, Inc. | 106,095 | 7,451 | |||||||||
Starbucks Corp. | 346,280 | 26,452 | |||||||||
Tesla, Inc. (a) | 188,538 | 126,965 | |||||||||
479,379 | |||||||||||
Consumer Staples (6.6%): | |||||||||||
Costco Wholesale Corp. | 133,821 | 64,138 | |||||||||
Keurig Dr Pepper, Inc. | 428,297 | 15,157 | |||||||||
Mondelez International, Inc. Class A | 417,843 | 25,944 | |||||||||
Monster Beverage Corp. (a) | 159,922 | 14,825 | |||||||||
PepsiCo, Inc. | 417,469 | 69,575 | |||||||||
The Kraft Heinz Co. | 369,572 | 14,096 | |||||||||
Walgreens Boots Alliance, Inc. | 260,796 | 9,884 | |||||||||
213,619 | |||||||||||
See notes to financial statements.
3
| USAA Mutual Funds Trust USAA Nasdaq-100 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
Health Care (6.4%): | |||||||||||
Align Technology, Inc. (a) | 23,793 | $ | 5,631 | ||||||||
Amgen, Inc. | 161,289 | 39,241 | |||||||||
AstraZeneca PLC, ADR | 174,477 | 11,528 | |||||||||
Biogen, Inc. (a) | 44,218 | 9,018 | |||||||||
Dexcom, Inc. (a) | 118,507 | 8,832 | |||||||||
Gilead Sciences, Inc. (c) | 378,711 | 23,408 | |||||||||
IDEXX Laboratories, Inc. (a) | 25,364 | 8,896 | |||||||||
Illumina, Inc. (a) | 47,433 | 8,745 | |||||||||
Intuitive Surgical, Inc. (a) | 108,379 | 21,753 | |||||||||
Moderna, Inc. (a) | 120,094 | 17,155 | |||||||||
Regeneron Pharmaceuticals, Inc. (a) | 32,617 | 19,281 | |||||||||
Seagen, Inc. (a) | 55,577 | 9,834 | |||||||||
Vertex Pharmaceuticals, Inc. (a) | 77,220 | 21,760 | |||||||||
205,082 | |||||||||||
Industrials (3.4%): | |||||||||||
Cintas Corp. | 30,895 | 11,540 | |||||||||
Copart, Inc. (a) | 71,760 | 7,797 | |||||||||
CSX Corp. | 656,467 | 19,077 | |||||||||
Fastenal Co. | 173,791 | 8,676 | |||||||||
Honeywell International, Inc. | 205,531 | 35,723 | |||||||||
Old Dominion Freight Line, Inc. | 34,225 | 8,771 | |||||||||
PACCAR, Inc. | 104,975 | 8,644 | |||||||||
Verisk Analytics, Inc. | 47,675 | 8,252 | |||||||||
108,480 | |||||||||||
IT Services (3.1%): | |||||||||||
Automatic Data Processing, Inc. | 126,129 | 26,492 | |||||||||
Cognizant Technology Solutions Corp. Class A | 157,356 | 10,620 | |||||||||
Fiserv, Inc. (a) | 195,164 | 17,364 | |||||||||
Okta, Inc. (a) | 45,515 | 4,115 | |||||||||
Paychex, Inc. | 109,001 | 12,412 | |||||||||
PayPal Holdings, Inc. (a) | 349,643 | 24,419 | |||||||||
VeriSign, Inc. (a) | 33,074 | 5,534 | |||||||||
100,956 | |||||||||||
Semiconductors & Semiconductor Equipment (14.7%): | |||||||||||
Advanced Micro Devices, Inc. (a) | 489,275 | 37,415 | |||||||||
Analog Devices, Inc. | 156,943 | 22,928 | |||||||||
Applied Materials, Inc. | 262,660 | 23,897 | |||||||||
| ASML Holding NV, NYS | 25,863 | 12,308 | |||||||||
Broadcom, Inc. | 123,271 | 59,886 | |||||||||
Intel Corp. | 1,234,578 | 46,185 | |||||||||
KLA Corp. | 45,058 | 14,377 | |||||||||
Lam Research Corp. | 41,882 | 17,848 | |||||||||
Marvell Technology, Inc. | 256,607 | 11,170 | |||||||||
Microchip Technology, Inc. | 167,419 | 9,724 | |||||||||
Micron Technology, Inc. | 337,152 | 18,638 | |||||||||
NVIDIA Corp. | 640,281 | 97,060 | |||||||||
NXP Semiconductors NV | 79,275 | 11,735 | |||||||||
See notes to financial statements.
4
| USAA Mutual Funds Trust USAA Nasdaq-100 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares | Value | |||||||||
QUALCOMM, Inc. | 338,158 | $ | 43,196 | ||||||||
Skyworks Solutions, Inc. | 48,588 | 4,501 | |||||||||
Texas Instruments, Inc. | 278,417 | 42,779 | |||||||||
473,647 | |||||||||||
Software (17.6%): | |||||||||||
Adobe, Inc. (a) | 142,660 | 52,222 | |||||||||
ANSYS, Inc. (a) | 26,265 | 6,285 | |||||||||
Atlassian Corp. PLC Class A (a) | 43,172 | 8,091 | |||||||||
Autodesk, Inc. (a) | 65,677 | 11,294 | |||||||||
Cadence Design Systems, Inc. (a) | 83,259 | 12,491 | |||||||||
Crowdstrike Holdings, Inc. Class A (a) | 64,418 | 10,858 | |||||||||
Datadog, Inc. Class A (a) | 85,478 | 8,141 | |||||||||
DocuSign, Inc. (a) | 60,356 | 3,463 | |||||||||
Fortinet, Inc. (a) | 242,335 | 13,711 | |||||||||
Intuit, Inc. | 85,167 | 32,827 | |||||||||
Microsoft Corp. (c) | 1,361,075 | 349,565 | |||||||||
Palo Alto Networks, Inc. (a) (c) | 30,083 | 14,859 | |||||||||
Splunk, Inc. (a) | 48,580 | 4,298 | |||||||||
Synopsys, Inc. (a) | 46,186 | 14,027 | |||||||||
Workday, Inc. Class A (a) | 60,083 | 8,386 | |||||||||
Zoom Video Communications, Inc. Class A (a) | 75,996 | 8,205 | |||||||||
Zscaler, Inc. (a) | 42,597 | 6,369 | |||||||||
565,092 | |||||||||||
Technology Hardware, Storage & Peripherals (12.5%): | |||||||||||
Apple, Inc. | 2,945,467 | 402,704 | |||||||||
Utilities (1.4%): | |||||||||||
American Electric Power Co., Inc. (c) | 155,053 | 14,876 | |||||||||
Constellation Energy Corp. | 98,573 | 5,644 | |||||||||
Exelon Corp. | 295,951 | 13,413 | |||||||||
Xcel Energy, Inc. (c) | 164,445 | 11,636 | |||||||||
45,569 | |||||||||||
Total Common Stocks (Cost $1,401,167) | 3,200,521 | ||||||||||
Collateral for Securities Loaned (0.5%)^ | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (d) | 16,121,527 | 16,122 | |||||||||
Total Collateral for Securities Loaned (Cost $16,122) | 16,122 | ||||||||||
Total Investments (Cost $1,417,289) — 100.0% | 3,216,643 | ||||||||||
Other assets in excess of liabilities — 0.0% (e) | 1,137 | ||||||||||
NET ASSETS — 100.00% | $ | 3,217,780 | |||||||||
^ 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.
See notes to financial statements.
5
| USAA Mutual Funds Trust USAA Nasdaq-100 Index Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Unaudited)
(d) Rate disclosed is the daily yield on June 30, 2022.
(e) Amount represents less than 0.05% of net assets.
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 | 79 | 9/16/22 | $ | 18,944,715 | $ | 18,216,610 | $ | (728,105 | ) | ||||||||||||||
Total unrealized appreciation | $ | — | |||||||||||||||||||||
Total unrealized depreciation | (728,105 | ) | |||||||||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (728,105 | ) | ||||||||||||||||||||
See notes to financial statements.
6
USAA Mutual Funds Trust | Statement of Assets and Liabilities June 30, 2022 | ||||||
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
| USAA Nasdaq-100 Index Fund | |||||||
Assets: | |||||||
Investments, at value (Cost $1,417,289) | $ | 3,216,643 | (a) | ||||
Cash | 16,189 | ||||||
Deposit with broker for futures contracts | 1,943 | ||||||
Receivables: | |||||||
Interest and dividends | 681 | ||||||
Capital shares issued | 1,114 | ||||||
Variation margin on open futures contracts | 23 | ||||||
From Adviser | 9 | ||||||
Prepaid expenses | 193 | ||||||
Total Assets | 3,236,795 | ||||||
Liabilities: | |||||||
Payables: | |||||||
Collateral received on loaned securities | 16,122 | ||||||
Capital shares redeemed | 1,461 | ||||||
Variation margin on open futures contracts | 210 | ||||||
Accrued expenses and other payables: | |||||||
Investment advisory fees | 550 | ||||||
Administration fees | 406 | ||||||
Custodian fees | 29 | ||||||
Transfer agent fees | 193 | ||||||
Compliance fees | 2 | ||||||
| 12b-1 fees | 3 | ||||||
Other accrued expenses | 39 | ||||||
Total Liabilities | 19,015 | ||||||
Net Assets: | |||||||
Capital | 1,306,116 | ||||||
Total accumulated earnings/(loss) | 1,911,664 | ||||||
Net Assets | $ | 3,217,780 | |||||
Net Assets | |||||||
Fund Shares | $ | 3,100,898 | |||||
Institutional Shares | 57,858 | ||||||
Class A | 14,893 | ||||||
Class C | 2,566 | ||||||
R6 Shares | 41,565 | ||||||
Total | $ | 3,217,780 | |||||
Shares (unlimited number of shares authorized with no par value): | |||||||
Fund Shares | 101,723 | ||||||
Institutional Shares | 1,894 | ||||||
Class A | 490 | ||||||
Class C | 85 | ||||||
R6 Shares | 1,362 | ||||||
Total | 105,554 | ||||||
Net asset value, offering and redemption price per share: (b) | |||||||
Fund Shares | $ | 30.48 | |||||
Institutional Shares | $ | 30.56 | |||||
Class A | $ | 30.41 | |||||
Class C (c) | $ | 30.04 | |||||
R6 Shares | $ | 30.52 | |||||
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 | $ | 31.11 | |||||
(a) Includes $15,696 thousand of securities on loan.
(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.
(c) Redemption price per share varies by the length of time shares are held.
See notes to financial statements.
7
USAA Mutual Funds Trust | Statement of Operations For the Six Months Ended June 30, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA Nasdaq-100 Index Fund | |||||||
Investment Income: | |||||||
Dividends | $ | 15,804 | |||||
Interest | 7 | ||||||
Securities lending (net of fees) | 603 | ||||||
Foreign tax withholding | (20 | ) | |||||
Total Income | 16,394 | ||||||
Expenses: | |||||||
Investment advisory fees | 3,813 | ||||||
Administration fees — Fund Shares | 2,764 | ||||||
Administration fees — Institutional Shares | 35 | ||||||
Administration fees — Class A | 12 | ||||||
Administration fees — Class C | 2 | ||||||
Administration fees — R6 Shares | 10 | ||||||
Sub-Administration fees | 11 | ||||||
| 12b-1 fees — Class A | 19 | ||||||
| 12b-1 fees — Class C | 14 | ||||||
Custodian fees | 94 | ||||||
Transfer agent fees — Fund Shares | 989 | ||||||
Transfer agent fees — Institutional Shares | 35 | ||||||
Transfer agent fees — Class A | 8 | ||||||
Transfer agent fees — Class C | 1 | ||||||
Transfer agent fees — R6 Shares | 2 | ||||||
Trustees' fees | 24 | ||||||
Compliance fees | 14 | ||||||
Legal and audit fees | 28 | ||||||
State registration and filing fees | 61 | ||||||
Interfund lending fees | — | (a) | |||||
Other expenses | 278 | ||||||
Recoupment of prior expenses waived/reimbursed by Adviser | 5 | ||||||
Total Expenses | 8,219 | ||||||
Expenses waived/reimbursed by Adviser | (15 | ) | |||||
Net Expenses | 8,204 | ||||||
Net Investment Income (Loss) | 8,190 | ||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||
Net realized gains (losses) from investment securities | (10,358 | ) | |||||
Net realized gains (losses) from futures contracts | (5,905 | ) | |||||
Net change in unrealized appreciation/depreciation on investment securities | (1,342,602 | ) | |||||
Net change in unrealized appreciation/depreciation on futures contracts | (849 | ) | |||||
Net realized/unrealized gains (losses) on investments | (1,359,714 | ) | |||||
Change in net assets resulting from operations | $ | (1,351,524 | ) | ||||
(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, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
From Investments: | |||||||||||
Operations: | |||||||||||
Net Investment Income (Loss) | $ | 8,190 | $ | 10,782 | |||||||
Net realized gains (losses) | (16,263 | ) | 207,823 | �� | |||||||
Net change in unrealized appreciation/depreciation | (1,343,451 | ) | 747,873 | ||||||||
Change in net assets resulting from operations | (1,351,524 | ) | 966,478 | ||||||||
Distributions to Shareholders: | |||||||||||
Fund Shares | — | (190,765 | ) | ||||||||
Institutional Shares | — | (3,536 | ) | ||||||||
Class A | — | (560 | ) | ||||||||
Class C | — | (127 | ) | ||||||||
R6 Shares | — | (1,858 | ) | ||||||||
Change in net assets resulting from distributions to shareholders | — | (196,846 | ) | ||||||||
Change in net assets resulting from capital transactions | (9,565 | ) | 132,287 | ||||||||
Change in net assets | (1,361,089 | ) | 901,919 | ||||||||
Net Assets: | |||||||||||
Beginning of period | 4,578,869 | 3,676,950 | |||||||||
End of period | $ | 3,217,780 | $ | 4,578,869 | |||||||
(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, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
Capital Transactions: | |||||||||||
Fund Shares | |||||||||||
Proceeds from shares issued | $ | 358,216 | $ | 656,112 | |||||||
Distributions reinvested | — | 186,400 | |||||||||
Cost of shares redeemed | (386,983 | ) | (737,132 | ) | |||||||
Total Fund Shares | $ | (28,767 | ) | $ | 105,380 | ||||||
Institutional Shares | |||||||||||
Proceeds from shares issued | $ | 10,474 | $ | 28,155 | |||||||
Distributions reinvested | — | 3,479 | |||||||||
Cost of shares redeemed | (11,046 | ) | (20,827 | ) | |||||||
Total Institutional Shares | $ | (572 | ) | $ | 10,807 | ||||||
Class A | |||||||||||
Proceeds from shares issued | $ | 10,185 | $ | 14,542 | |||||||
Distributions reinvested | — | 560 | |||||||||
Cost of shares redeemed | (3,850 | ) | (1,480 | ) | |||||||
Total Class A | $ | 6,335 | $ | 13,622 | |||||||
Class C | |||||||||||
Proceeds from shares issued | $ | 952 | $ | 2,833 | |||||||
Distributions reinvested | — | 127 | |||||||||
Cost of shares redeemed | (569 | ) | (82 | ) | |||||||
Total Class C | $ | 383 | $ | 2,878 | |||||||
R6 Shares | |||||||||||
Proceeds from shares issued | $ | 19,072 | $ | 23,150 | |||||||
Distributions reinvested | — | 1,838 | |||||||||
Cost of shares redeemed | (6,016 | ) | (25,388 | ) | |||||||
Total R6 Shares | $ | 13,056 | $ | (400 | ) | ||||||
Change in net assets resulting from capital transactions | $ | (9,565 | ) | $ | 132,287 | ||||||
(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, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
Share Transactions: | |||||||||||
Fund Shares | |||||||||||
Issued | 9,627 | 16,561 | |||||||||
Reinvested | — | 4,428 | |||||||||
Redeemed | (10,688 | ) | (18,985 | ) | |||||||
Total Fund Shares | (1,061 | ) | 2,004 | ||||||||
Institutional Shares | |||||||||||
Issued | 293 | 737 | |||||||||
Reinvested | — | 82 | |||||||||
Redeemed | (314 | ) | (510 | ) | |||||||
Total Institutional Shares | (21 | ) | 309 | ||||||||
Class A | |||||||||||
Issued | 270 | 343 | |||||||||
Reinvested | — | 13 | |||||||||
Redeemed | (106 | ) | (35 | ) | |||||||
Total Class A | 164 | 321 | |||||||||
Class C | |||||||||||
Issued | 27 | 69 | |||||||||
Reinvested | — | 3 | |||||||||
Redeemed | (17 | ) | (2 | ) | |||||||
Total Class C | 10 | 70 | |||||||||
R6 Shares | |||||||||||
Issued | 550 | 595 | |||||||||
Reinvested | — | 44 | |||||||||
Redeemed | (170 | ) | (655 | ) | |||||||
Total R6 Shares | 380 | (16 | ) | ||||||||
Change in Shares | (528 | ) | 2,688 | ||||||||
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains from Investments | ||||||||||||||||||||||
USAA Nasdaq-100 Index Fund | |||||||||||||||||||||||||||
Fund Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 43.16 | 0.08 | (g) | (12.76 | ) | (12.68 | ) | — | — | |||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||
2021 | $ | 35.56 | 0.11 | (g) | 9.43 | 9.54 | (0.11 | ) | (1.83 | ) | |||||||||||||||||
2020 | $ | 24.35 | 0.13 | (g) | 11.62 | 11.75 | (0.13 | ) | (0.41 | ) | |||||||||||||||||
2019 | $ | 17.69 | 0.13 | (g) | 6.74 | 6.87 | (0.13 | ) | (0.08 | ) | |||||||||||||||||
2018 | $ | 17.89 | 0.11 | (0.18 | ) | (0.07 | ) | (0.12 | ) | (0.01 | ) | ||||||||||||||||
2017 | $ | 13.79 | 0.07 | 4.38 | 4.45 | (0.08 | ) | (0.27 | ) | ||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 43.26 | 0.08 | (g) | (12.78 | ) | (12.70 | ) | — | — | |||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||
2021 | $ | 35.64 | 0.10 | (g) | 9.45 | 9.55 | (0.10 | ) | (1.83 | ) | |||||||||||||||||
| June 29, 2020 (h) through December 31, 2020 | $ | 27.86 | 0.07 | (g) | 8.17 | 8.24 | (0.05 | ) | (0.41 | ) | |||||||||||||||||
Class A | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 43.11 | 0.03 | (g) | (12.73 | ) | (12.70 | ) | — | — | |||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||
2021 | $ | 35.64 | (0.01 | )(g)(i) | 9.44 | 9.43 | (0.13 | ) | (1.83 | ) | |||||||||||||||||
| June 29, 2020 (h) through December 31, 2020 | $ | 27.86 | 0.02 | (g) | 8.18 | 8.20 | (0.01 | ) | (0.41 | ) | |||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 for Fund Shares and June 29, 2020 for Institutional Shares and Class A, 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.
(e) Does not include acquired fund fees and expenses, if any.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(g) Per share net investment income (loss) has been calculated using the average daily shares method.
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)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a)(f) | ||||||||||||||||||||||||||||
USAA Nasdaq-100 Index Fund | |||||||||||||||||||||||||||||||||||
Fund Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | — | $ | 30.48 | (29.38 | )% | 0.43 | % | 0.43 | % | 0.43 | % | $ | 3,100,898 | 4 | % | ||||||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||||||||||
2021 | (1.94 | ) | $ | 43.16 | 26.96 | % | 0.42 | % | 0.27 | % | 0.42 | % | $ | 4,436,357 | 10 | % | |||||||||||||||||||
2020 | (0.54 | ) | $ | 35.56 | 48.30 | % | 0.44 | % | 0.46 | % | 0.44 | % | $ | 3,583,838 | 17 | % | |||||||||||||||||||
2019 | (0.21 | ) | $ | 24.35 | 38.86 | % | 0.48 | % | 0.63 | % | 0.48 | % | $ | 2,442,662 | 9 | % | |||||||||||||||||||
2018 | (0.13 | ) | $ | 17.69 | (0.44 | )% | 0.48 | % | 0.64 | % | 0.48 | % | $ | 1,750,674 | 5 | % | |||||||||||||||||||
2017 | (0.35 | ) | $ | 17.89 | 32.29 | % | 0.51 | % | 0.60 | % | 0.51 | % | $ | 1,623,579 | 5 | % | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | — | $ | 30.56 | (29.36 | )% | 0.44 | % | 0.42 | % | 0.46 | % | $ | 57,858 | 4 | % | ||||||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||||||||||
2021 | (1.93 | ) | $ | 43.26 | 26.93 | % | 0.44 | % | 0.25 | % | 0.44 | % | $ | 82,846 | 10 | % | |||||||||||||||||||
| June 29, 2020 (h) 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, 2022 (Unaudited): | — | $ | 30.41 | (29.46 | )% | 0.70 | % | 0.17 | % | 0.82 | % | $ | 14,893 | 4 | % | ||||||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||||||||||
2021 | (1.96 | ) | $ | 43.11 | 26.60 | % | 0.70 | % | (0.02 | )% | 1.03 | % | $ | 14,070 | 10 | % | |||||||||||||||||||
| June 29, 2020 (h) through December 31, 2020 | (0.42 | ) | $ | 35.64 | 29.46 | % | 0.70 | % | 0.11 | % | 46.74 | % | $ | 167 | 17 | % | |||||||||||||||||||
(h) Commencement of operations.
(i) The amount shown reflects a net realized and unrealized loss per share, whereas the statement of operations reflected a net realized and unrealized gain for the period for the Fund in total. The difference in realized and unrealized gains and losses for the Fund versus the class is due to the timing of sales and repurchases of the class in relation to fluctuating market values during the period.
(continues on next page)
See notes to financial statements.
13
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) | Total from Investment Activities | Net Investment Income | Net Realized Gains from Investments | ||||||||||||||||||||||
USAA Nasdaq-100 Index Fund | |||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 42.74 | (0.10 | )(g) | (12.60 | ) | (12.70 | ) | — | — | |||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||
2021 | $ | 35.51 | (0.33 | )(g)(i) | 9.39 | 9.06 | — | (1.83 | ) | ||||||||||||||||||
| June 29, 2020 (h) through December 31, 2020 | $ | 27.86 | (0.10 | )(g) | 8.16 | 8.06 | — | (0.41 | ) | ||||||||||||||||||
R6 Shares | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 43.19 | 0.10 | (g) | (12.77 | ) | (12.67 | ) | — | — | |||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||
2021 | $ | 35.57 | 0.15 | (g) | 9.45 | 9.60 | (0.15 | ) | (1.83 | ) | |||||||||||||||||
2020 | $ | 24.35 | 0.17 | (g) | 11.63 | 11.80 | (0.17 | ) | (0.41 | ) | |||||||||||||||||
2019 | $ | 17.68 | 0.15 | (g) | 6.74 | 6.89 | (0.14 | ) | (0.08 | ) | |||||||||||||||||
2018 | $ | 17.89 | 0.12 | (0.18 | ) | (0.06 | ) | (0.14 | ) | (0.01 | ) | ||||||||||||||||
| March 1, 2017 (h) through December 31, 2017 | $ | 15.31 | 0.08 | 2.87 | 2.95 | (0.10 | ) | (0.27 | ) | ||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) Annualized for periods less than one year.
(d) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning June 29, 2020 and, July 1, 2019 for Class C and R6 Shares, respectively, 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.
(e) Does not include acquired fund fees and expenses, if any.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(g) Per share net investment income (loss) has been calculated using the average daily shares method.
(h) Commencement of operations.
(i) The amount shown reflects a net realized and unrealized loss per share, whereas the statement of operations reflected a net realized and unrealized gain for the period for the Fund in total. The difference in realized and unrealized gains and losses for the Fund versus the class is due to the timing of sales and repurchases of the class in relation to fluctuating market values during the period.
See notes to financial statements.
14
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(a)(b) | Net Expenses(c)(d)(e) | Net Investment Income (Loss)(c) | Gross Expenses(c)(e) | Net Assets, End of Period (000's) | Portfolio Turnover(a)(f) | ||||||||||||||||||||||||||||
USAA Nasdaq-100 Index Fund | |||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | — | $ | 30.04 | (29.71 | )% | 1.45 | % | (0.59 | )% | 1.55 | % | $ | 2,566 | 4 | % | ||||||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||||||||||
2021 | (1.83 | ) | $ | 42.74 | 25.67 | % | 1.45 | % | (0.79 | )% | 2.29 | % | $ | 3,205 | 10 | % | |||||||||||||||||||
| June 29, 2020 (h) 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, 2022 (Unaudited): | — | $ | 30.52 | (29.34 | )% | 0.31 | % | 0.56 | % | 0.31 | % | $ | 41,565 | 4 | % | ||||||||||||||||||||
Year Ended December 31: | |||||||||||||||||||||||||||||||||||
2021 | (1.98 | ) | $ | 43.19 | 27.14 | % | 0.30 | % | 0.38 | % | 0.30 | % | $ | 42,391 | 10 | % | |||||||||||||||||||
2020 | (0.58 | ) | $ | 35.57 | 48.51 | % | 0.31 | % | 0.59 | % | 0.31 | % | $ | 35,511 | 17 | % | |||||||||||||||||||
2019 | (0.22 | ) | $ | 24.35 | 38.99 | % | 0.39 | % | 0.71 | % | 0.42 | % | $ | 18,877 | 9 | % | |||||||||||||||||||
2018 | (0.15 | ) | $ | 17.68 | (0.38 | )% | 0.40 | % | 0.72 | % | 0.45 | % | $ | 12,667 | 5 | % | |||||||||||||||||||
| March 1, 2017 (h) through December 31, 2017 | (0.37 | ) | $ | 17.89 | 19.27 | % | 0.40 | % | 0.66 | % | 1.01 | % | $ | 5,860 | 5 | % | |||||||||||||||||||
See notes to financial statements.
15
USAA Mutual Funds Trust | Notes to Financial Statements June 30, 2022 | ||||||
(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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.
The accompanying financial statements are those of the USAA Nasdaq-100 Index Fund (the "Fund"). The Fund offers five classes of shares: Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares. The Fund is classified as non-diversified under the 1940 Act.
Each class of shares of the Fund has substantially identical rights and privileges, except with respect to sales charges, fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.
Investment Valuation:
The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:
• Level 1 — quoted prices 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.
16
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.
In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Common Stocks | $ | 3,200,521 | $ | — | $ | — | $ | 3,200,521 | |||||||||||
Collateral for Securities Loaned | 16,122 | — | — | 16,122 | |||||||||||||||
Total | $ | 3,216,643 | $ | — | $ | — | $ | 3,216,643 | |||||||||||
Other Financial Investments* | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Futures Contracts | $ | (728 | ) | $ | — | $ | — | $ | (728 | ) | |||||||||
Total | $ | (728 | ) | $ | — | $ | — | $ | (728 | ) | |||||||||
* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.
For the six months ended June 30, 2022, there were no transfers into/out of Level 3.
Real Estate Investment Trusts ("REITs"):
The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.
Investment Companies:
Open-End Funds:
The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.
17
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 broker for futures contracts.
Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the six months ended June 30, 2022, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.
Summary of Derivative Instruments:
The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022 (amounts in thousands):
Liabilities | |||||||
| Variation Margin Payable on Open Futures Contracts* | |||||||
Equity Risk Exposure | $ | 728 | |||||
* 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.
18
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended June 30, 2022 (amounts in thousands):
| Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations | Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations | ||||||||||
| Net Realized Gains (Losses) from Futures Contracts | Net Change in Unrealized Appreciation/Depreciation on Futures Contracts | ||||||||||
Equity Risk Exposure | $ | (5,905 | ) | $ | (849 | ) | |||||
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 or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.
Withholding taxes on interest, dividends, and gains as a result of certain investments by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.
Securities Lending:
The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.
The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.
19
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2022.
| Value of Securities on Loan | Non-Cash Collateral | Cash Collateral | |||||||||
| $ | 15,696 | $ | — | $ | 16,122 | ||||||
Foreign Taxes:
The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.
Federal Income Taxes:
The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.
For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.
Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
Allocations:
Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.
Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.
3. Purchases and Sales:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows for the Fund (amounts in thousands):
Excluding | |||||||
Purchases | Sales | ||||||
$ | 161,270 | $ | 163,229 | ||||
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 www.vcm.com. As of June 30, 2022, certain fund-of-funds owned total outstanding shares of the Fund as follows:
Affiliated USAA Mutual Funds | Ownership % | ||||||
USAA Cornerstone Equity Fund | 0.2 | ||||||
20
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 0.20% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.
The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019, permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended June 30, 2022, the Fund had no subadvisers.
Administration and Servicing Fees:
VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, 0.15%, 0.15%, and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares, respectively. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.
Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Sub-Administration fees.
The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.
Transfer Agency Fees:
Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent fees for 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, 2022, are reflected on the Statement of Operations as Transfer agent fees.
FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.
21
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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.
Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% and 1.00% of the average daily net assets of Class A and Class C, respectively. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A and Class C. Amounts incurred and paid to the Distributor for the six months ended June 30, 2022, are reflected on the Statement of Operations as 12b-1 fees.
In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended June 30, 2022, the Distributor received less than $1 thousand from commissions earned in connection with sales of Class A.
Other Fees:
Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Custodian fees.
K&L Gates LLP provides legal services to the Trust.
The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, 0.70%, 1.45%, and 0.40% for Fund Shares, Institutional Shares, Class A, Class C, and R6 Shares, respectively.
Under the terms of the expense limitation agreement, as amended June 29, 2022, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.
As of June 30, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at June 30, 2022.
| Expires 2023 | Expires 2024 | Expires 2025 | Total | ||||||||||||
| $ | 17 | $ | 22 | $ | 15 | $ | 54 | ||||||||
The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended June 30, 2022.
Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.
22
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
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, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.
Equity Risk — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may last for extended periods.
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.
Derivatives Risk — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.
7. Borrowing and Interfund Lending:
Line of Credit:
The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.
23
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.
Interfund Lending:
The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.
The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended June 30, 2022, were as follows (amounts in thousands):
| Borrower or Lender | Amount Outstanding at June 30, 2022 | Average Borrowing* | Days Borrowing Outstanding | Average Interest Rate* | Maximum Borrowing During the Period | ||||||||||||||||||
| Borrower | $ | — | $ | 5,192 | 3 | 0.74 | % | $ | 6,013 | ||||||||||||||
* Based on the number of days borrowings were outstanding for the six months ended June 30, 2022.
8. Federal Income Tax Information:
The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.
The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within 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, 2022.
At the tax year ended December 31, 2021, the Fund had no capital loss carryforwards for the federal income tax purposes.
24
USAA Mutual Funds Trust | Supplemental Information June 30, 2022 | ||||||
(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, 2022, through June 30, 2022.
The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/22 | Actual Ending Account Value 6/30/22 | Hypothetical Ending Account Value 6/30/22 | Actual Expenses Paid During Period 1/1/22- 6/30/22* | Hypothetical Expenses Paid During Period 1/1/22- 6/30/22* | Annualized Expense Ratio During Period 1/1/22- 6/30/22 | ||||||||||||||||||||||
Fund Shares | $ | 1,000.00 | $ | 706.20 | $ | 1,022.66 | $ | 1.82 | $ | 2.16 | 0.43 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 706.40 | 1,022.61 | 1.86 | 2.21 | 0.44 | % | ||||||||||||||||||||
Class A | 1,000.00 | 705.40 | 1,021.32 | 2.96 | 3.51 | 0.70 | % | ||||||||||||||||||||
Class C | 1,000.00 | 702.90 | 1,017.60 | 6.12 | 7.25 | 1.45 | % | ||||||||||||||||||||
R6 Shares | 1,000.00 | 706.60 | 1,023.26 | 1.31 | 1.56 | 0.31 | % | ||||||||||||||||||||
* 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).
25
USAA Mutual Funds Trust | Supplemental Information — continued June 30, 2022 | ||||||
(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 11, 2022, 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.
26
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 | ||||||
www.vcm.com | (800) 235-8396 | ||||||
37758-0822
JUNE 30, 2022
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 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 Investments logo is a trademark of United Services Automobile Association and is 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 website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:
• Detailed performance records
• Daily share prices
• The latest fund news
• Investment resources to help you become a better investor
• A section dedicated to investment professionals
Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, 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 | 18 | ||||||
Statement of Operations | 19 | ||||||
Statements of Changes in Net Assets | 20 | ||||||
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, 2022 | ||||||
(Unaudited)
Investment Objective and Portfolio Holdings:
The Fund seeks to provide high current income consistent with preservation of principal.
Asset Allocation*:
June 30, 2022
(% 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 Ultra Short-Term Bond Fund | Schedule of Portfolio Investments June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
Asset-Backed Securities (17.4%) | |||||||||||
| Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) | $ | 1,500 | $ | 1,328 | |||||||
| American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 9/13/24 @ 100 (a) | 500 | 471 | |||||||||
| American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 9/13/24 @ 100 (a) | 1,000 | 957 | |||||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 9/20/25 @ 100 (a) | 594 | 572 | |||||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) | 405 | 379 | |||||||||
| ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, Callable 3/15/25 @ 100 (a) | 500 | 495 | |||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class B, 3.41%, 9/20/23, Callable 10/20/22 @ 100 (a) | 500 | 500 | |||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, 3/20/24, Callable 4/20/23 @ 100 (a) | 1,565 | 1,558 | |||||||||
| Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 5/15/23 @ 100 (a) | 1,000 | 989 | |||||||||
| Bank of The West Auto Trust, Series 2019-1, Class A3, 2.43%, 4/15/24, Callable 5/15/23 @ 100 (a) | 114 | 114 | |||||||||
| Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class B, 3.16%, 10/21/24, Callable 1/19/23 @ 100 (a) | 500 | 499 | |||||||||
CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a) | 500 | 472 | |||||||||
| Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.07%, 3/10/28, Callable 5/10/25 @ 100 | 375 | 359 | |||||||||
| Carvana Auto Receivables Trust, Series 2021-N4, Class A1, 0.83%, 9/11/28, Callable 6/10/25 @ 100 | 510 | 499 | |||||||||
| Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 2/10/25 @ 100 | 538 | 520 | |||||||||
| Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 10/15/24 @ 100 (a) | 1,060 | 1,056 | |||||||||
| CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 10/14/22 @ 100 (a) | 926 | 924 | |||||||||
| CCG Receivables Trust, Series 2019-1, Class C, 3.57%, 9/14/26, Callable 10/14/22 @ 100 (a) | 750 | 744 | |||||||||
| Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, Callable 4/25/24 @ 100 (a) | 142 | 140 | |||||||||
| Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 7/15/22 @ 100 (a) | 186 | 186 | |||||||||
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88%, 6/15/26, Callable 5/15/26 @ 100 (a) | 928 | 919 | |||||||||
| CPS Auto Receivables Trust, Series 2022-A, Class A, 0.98%, 4/16/29, Callable 5/15/26 @ 100 (a) | 727 | 715 | |||||||||
| Credit Acceptance Auto Loan Trust, Series 2020-2A, Class C, 2.73%, 11/15/29, Callable 1/15/24 @ 100 (a) | 1,000 | 953 | |||||||||
| Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 6/15/23 @ 100 (a) | 500 | 496 | |||||||||
| Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, Callable 11/15/24 @ 100 (a) | 218 | 207 | |||||||||
See notes to financial statements.
3
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
| Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 2/15/30, Callable 12/15/24 @ 100 (a) | $ | 500 | $ | 479 | |||||||
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24 (a) | 101 | 99 | |||||||||
| Dell Equipment Finance Trust, Series 2019-2, Class B, 2.06%, 10/22/24, Callable 7/22/22 @ 100 (a) | 356 | 356 | |||||||||
| Dell Equipment Finance Trust, Series 2020-1, Class D, 5.92%, 3/23/26, Callable 10/22/22 @ 100 (a) | 1,000 | 1,007 | |||||||||
| Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11%, 5/15/26, Callable 3/15/24 @ 100 | 500 | 482 | |||||||||
| Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, Callable 3/15/24 @ 100 | 500 | 472 | |||||||||
| DT Auto Owner Trust, Series 2021-4A, Class B, 1.02%, 5/15/26, Callable 8/15/25 @ 100 (a) | 500 | 475 | |||||||||
| DT Auto Owner Trust, Series 2021-4A, Class C, 1.50%, 9/15/27, Callable 8/15/25 @ 100 (a) | 250 | 232 | |||||||||
| DT Auto Owner Trust, Series 2022-1A, Class C, 2.96%, 11/15/27, Callable 11/15/25 @ 100 (a) | 500 | 477 | |||||||||
| DT Auto Owner Trust, Series 2022-1A, Class B, 2.43%, 9/15/26, Callable 11/15/25 @ 100 (a) | 750 | 723 | |||||||||
| Exeter Automobile Receivables Trust, Series 2022-1A, Class B, 2.18%, 6/15/26, Callable 10/15/25 @ 100 | 500 | 485 | |||||||||
| Exeter Automobile Receivables Trust, Series 2021-1A, Class B, 0.50%, 2/18/25, Callable 7/15/24 @ 100 | 605 | 603 | |||||||||
| Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.46%, 10/15/27, Callable 9/15/24 @ 100 | 500 | 472 | |||||||||
| Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 3/15/24 @ 100 (a) | 320 | 319 | |||||||||
| Exeter Automobile Receivables Trust, Series 2022-1A, Class A3, 1.54%, 7/15/25, Callable 10/15/25 @ 100 | 500 | 490 | |||||||||
| Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 9/15/24 @ 100 | 750 | 720 | |||||||||
| First Investors Auto Owner Trust, Series 2020-1A, Class B, 1.85%, 2/17/26, Callable 8/15/23 @ 100 (a) | 341 | 341 | |||||||||
| Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (a) | 250 | 230 | |||||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class A3, 0.64%, 7/15/25, Callable 10/15/23 @ 100 (a) | 357 | 356 | |||||||||
| Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A2, 1.15%, 9/15/25, Callable 11/15/24 @ 100 (a) | 1,000 | 981 | |||||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 10/15/23 @ 100 (a) | 469 | 461 | |||||||||
| Foursight Capital Automobile Receivables Trust, Series 2021-2, Class B, 1.31%, 7/15/27, Callable 2/15/24 @ 100 (a) | 821 | 782 | |||||||||
| GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 2/15/24 @ 100 (a) | 294 | 294 | |||||||||
| GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C, 1.11%, 9/15/26, Callable 11/15/24 @ 100 (a) | 722 | 670 | |||||||||
| GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.08%, 6/15/26, Callable 9/15/24 @ 100 (a) | 457 | 432 | |||||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/25 (a) | 500 | 465 | |||||||||
See notes to financial statements.
4
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/25 (a) | $ | 1,500 | $ | 1,400 | |||||||
| HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 12/20/23 @ 100 (a) | 750 | 704 | |||||||||
| HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, Callable 4/20/24 @ 100 (a) | 721 | 680 | |||||||||
| HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 4/20/23 @ 100 (a) | 885 | 876 | |||||||||
| JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 1/25/25 @ 100 (a) | 263 | 256 | |||||||||
| JPMorgan Chase Bank NA, Series 2021-3, Class C, 0.86%, 2/26/29, Callable 4/25/25 @ 100 (a) | 345 | 332 | |||||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 3/25/25 @ 100 (a) | 155 | 151 | |||||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 8/25/24 @ 100 (a) | 70 | 68 | |||||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, Callable 8/25/24 @ 100 (a) | 140 | 137 | |||||||||
| JPMorgan Chase Bank NA, Series 2020-2, Class D, 1.49%, 2/25/28, Callable 8/25/24 @ 100 (a) | 231 | 226 | |||||||||
| JPMorgan Chase Bank NA, Series 2021-1, Class C, 1.02%, 9/25/28, Callable 1/25/25 @ 100 (a) | 526 | 509 | |||||||||
| JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.17%, 9/25/28, Callable 1/25/25 @ 100 (a) | 263 | 254 | |||||||||
| JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 3/25/25 @ 100 (a) | 410 | 397 | |||||||||
Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a) | 550 | 548 | |||||||||
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a) | 293 | 254 | |||||||||
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 655 | 588 | |||||||||
| NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 7/20/22 @ 100 (a) | 167 | 158 | |||||||||
| Oscar U.S. Funding XII LLC, Series 1A, Class A3, 0.70%, 4/10/25, Callable 2/10/25 @ 100 (a) | 1,000 | 964 | |||||||||
| Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A2, 1.60%, 3/10/25, Callable 2/10/26 @ 100 (a) | 1,000 | 982 | |||||||||
| Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, Callable 2/15/24 @ 100 (a) | 117 | 115 | |||||||||
| Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 8/15/25 @ 100 (a) | 273 | 264 | |||||||||
| Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 6/15/23 @ 100 (a) | 500 | 495 | |||||||||
| Prestige Auto Receivables Trust, Series 2018-1A, Class C, 3.75%, 10/15/24, Callable 10/15/22 @ 100 (a) | 59 | 59 | |||||||||
| Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 10/15/22 @ 100 (a) | 500 | 500 | |||||||||
Progress Residential Trust, Series 2021-SFR5, Class B, 1.66%, 7/16/26 (a) | 600 | 529 | |||||||||
| Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 4/15/25 @ 100 (a) | 714 | 705 | |||||||||
| Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 2/15/25 @ 100 (a) | 351 | 342 | |||||||||
See notes to financial statements.
5
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
| Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 4/15/24 @ 100 (a) | $ | 500 | $ | 502 | |||||||
| Santander Drive Auto Receivables Trust, Series 2022-1, Class A2, 1.36%, 12/16/24, Callable 12/15/24 @ 100 | 483 | 479 | |||||||||
| Santander Drive Auto Receivables Trust, Series 2022-1, Class A3, 1.94%, 11/17/25, Callable 12/15/24 @ 100 | 500 | 488 | |||||||||
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 6/15/24 @ 100 (b) | 500 | 478 | |||||||||
| Santander Retail Auto Lease Trust, Series 2019-B, Class C, 2.77%, 8/21/23, Callable 9/20/22 @ 100 (a) | 190 | 190 | |||||||||
| SCF Equipment Leasing LLC, Series 2022-1A, Class A2, 2.06%, 2/22/28, Callable 8/20/27 @ 100 (a) | 1,000 | 975 | |||||||||
| SCF Equipment Leasing LLC, Series 1A, Class A3, 0.83%, 8/21/28, Callable 7/20/26 @ 100 (a) | 920 | 888 | |||||||||
| SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a) | 426 | 419 | |||||||||
| Synchrony Credit Card Master Note Trust, Series 2017-2, Class C, 3.01%, 10/15/25 | 1,000 | 999 | |||||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class B, 2.10%, 3/10/25, Callable 6/10/25 @ 100 (a) | 1,000 | 976 | |||||||||
| United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 6/10/25 @ 100 (a) (b) | 500 | 483 | |||||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class A3, 3.75%, 4/15/26, Callable 7/15/25 @ 100 (a) | 500 | 498 | |||||||||
| Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, Callable 7/15/25 @ 100 (a) | 400 | 399 | |||||||||
| Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 1/15/25 @ 100 (a) | 750 | 711 | |||||||||
Total Asset-Backed Securities (Cost $51,718) | 49,933 | ||||||||||
Collateralized Mortgage Obligations (16.4%) | |||||||||||
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 2.57% (LIBOR01M+125bps), 9/15/32 (a) (c) | 1,000 | 970 | |||||||||
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class C, 2.77% (LIBOR01M+145bps), 9/15/32 (a) (c) | 1,000 | 968 | |||||||||
| BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 2.63% (LIBOR01M+131bps), 11/25/34 (a) (c) | 1,000 | 970 | |||||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class B, 3.86% (LIBOR01M+254bps), 10/15/37 (a) (c) | 300 | 294 | |||||||||
| BBCMS Mortgage Trust, Series 2020-BID, Class C, 4.96% (LIBOR01M+364bps), 10/15/37 (a) (c) | 1,220 | 1,204 | |||||||||
BPR Trust, Series 2022-OANA, Class B, 3.73% (TSFR1M+245bps), 4/15/37 (a) (c) | 1,000 | 992 | |||||||||
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 2.42% (US0001M+110bps), 9/15/23 (a) (c) | 750 | 696 | |||||||||
| BX Commercial Mortgage Trust, Series 2021-CIP, Class C, 2.80% (US0001M+147bps), 12/15/28 (a) (c) | 1,000 | 943 | |||||||||
| BX Commercial Mortgage Trust, Series 2021-CIP, Class B, 2.59% (US0001M+127bps), 12/15/28 (a) (c) | 500 | 478 | |||||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, 2.77% (LIBOR01M+145bps), 10/15/36 (a) (c) | 489 | 479 | |||||||||
See notes to financial statements.
6
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
| BX Commercial Mortgage Trust, Series 2021-XL2, Class C, 2.52% (US0001M+120bps), 10/15/36 (a) (c) | $ | 933 | $ | 883 | |||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class C, 2.57% (LIBOR01M+125bps), 10/15/36 (a) (c) | 850 | 834 | |||||||||
| BX Commercial Mortgage Trust, Series 2021-VINO, Class B, 2.18% (LIBOR01M+85bps), 5/15/38 (a) (c) | 1,000 | 944 | |||||||||
| BX Mortgage Trust, Series 2021-PAC, Class C, 2.42% (US0001M+110bps), 10/15/36 (a) (c) | 1,000 | 929 | |||||||||
BX Trust, Series 2021-RISE, Class B, 2.57% (LIBOR01M+125bps), 11/15/36 (a) (c) | 500 | 478 | |||||||||
BX Trust, Series 2021-SOAR, Class C, 2.43% (LIBOR01M+110bps), 6/15/38 (a) (c) | 496 | 470 | |||||||||
BX Trust, Series 2021-SOAR, Class B, 2.19% (LIBOR01M+87bps), 6/15/38 (a) (c) | 496 | 475 | |||||||||
BX Trust, Series 2022-LBA6, Class B, 2.58% (SOFR30A+130bps), 1/15/39 (a) (c) | 500 | 477 | |||||||||
BX Trust, Series 2022-LBA6, Class C, 2.88% (TSFR1M+160bps), 1/15/39 (a) (c) | 1,000 | 950 | |||||||||
| CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class B, 2.61% (TSFR1M+134bps), 2/15/39 (a) (c) | 1,000 | 939 | |||||||||
| CIFC Funding Ltd., Series 2017-4A, Class A1R, 2.13% (US0003M+95bps), 10/24/30, Callable 7/24/22 @ 100 (a) (c) | 700 | 687 | |||||||||
| CIFC Funding Ltd., Series 2012-2RA, Class A1, 1.86% (LIBOR03M+80bps), 1/20/28, Callable 7/20/22 @ 100 (a) (c) | 658 | 649 | |||||||||
| COMM Mortgage Trust, Series 2019-521F, Class B, 2.42% (LIBOR01M+110bps), 6/15/34 (a) (c) | 1,500 | 1,465 | |||||||||
| COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 11/13/39, Callable 2/10/25 @ 100 (a) | 1,000 | 949 | |||||||||
| Extended Stay America Trust, Series 2021-ESH, Class B, 2.71% (LIBOR01M+138bps), 7/15/38 (a) (c) | 387 | 374 | |||||||||
| FREMF Mortgage Trust, Series 2017-K724, Class B, 3.64%, 11/25/23, Callable 11/25/23 @ 100 (a) (d) | 1,000 | 991 | |||||||||
| Golub Capital Partners CLO 40A Ltd., Series 2019-40A, Class AR, 2.27% (US0003M+109bps), 1/25/32, Callable 10/25/22 @ 100 (a) (c) | 1,000 | 970 | |||||||||
| GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a) | 1,000 | 996 | |||||||||
| GS Mortgage Securities Trust, Series 2011-GC3, Class X, 2.91%, 3/10/44, Callable 12/10/22 @ 100 (a) (d) (e) | 990 | — | (f) | ||||||||
| Hospitality Mortgage Trust, Series 2019-HIT, Class B, 2.67% (LIBOR01M+135bps), 11/15/36 (a) (c) | 1,164 | 1,118 | |||||||||
| Hospitality Mortgage Trust, Series 2019-HIT, Class A, 2.32% (LIBOR01M+100bps), 11/15/36 (a) (c) | 815 | 791 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2021-MHC, Class A, 2.12% (LIBOR01M+80bps), 4/15/38 (a) (c) | 945 | 912 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 2/15/23 @ 100 (d) | 1,500 | 1,488 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.21%, 1/15/46, Callable 6/15/23 @ 100 (b) (d) | 2,000 | 1,990 | |||||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class XA, 0.80%, 4/15/47, Callable 4/15/24 @ 100 (d) (e) | 4,653 | 36 | |||||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 2.27% (LIBOR01M+95bps), 5/15/36 (a) (c) | 1,000 | 981 | |||||||||
| Life Mortgage Trust, Series 2021-BMR, Class B, 2.20% (LIBOR01M+88bps), 3/15/38 (a) (c) | 983 | 940 | |||||||||
See notes to financial statements.
7
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
| Med Trust, Series 2021-MDLN, Class B, 2.77% (US0001M+145bps), 11/15/26 (a) (c) | $ | 1,000 | $ | 953 | |||||||
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 2.42% (LIBOR01M+110bps), 4/15/26 (a) (c) | 1,000 | 952 | |||||||||
| Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 2.02% (LIBOR01M+70bps), 11/15/34 (a) (c) | 2,000 | 1,982 | |||||||||
| Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 2.80% (LIBOR01M+130bps), 12/15/36 (a) (c) | 1,154 | 1,107 | |||||||||
| Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, 2.41% (US0003M+100bps), 2/14/31, Callable 8/14/22 @ 100 (a) (c) | 750 | 731 | |||||||||
| ONE Mortgage Trust, Series 2021-PARK, Class B, 2.27% (LIBOR01M+95bps), 3/15/36 (a) (c) | 1,000 | 943 | |||||||||
| One New York Plaza Trust, Series 2020-1NYP, Class A, 2.27% (LIBOR01M+95bps), 1/15/26 (a) (c) | 875 | 840 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2019-3, Class B, 3.58% (LIBOR03M+210bps), 8/20/27, Callable 8/20/22 @ 100 (a) (c) | 500 | 485 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2021-2A, Class A2, 2.73% (LIBOR03M+125bps), 5/20/29, Callable 8/20/22 @ 100 (a) (c) | 500 | 482 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2021-2A, Class A1, 2.28% (LIBOR03M+80bps), 5/20/29, Callable 8/20/22 @ 100 (a) (c) | 734 | 724 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2021-1A, Class A1, 1.96% (LIBOR03M+90bps), 4/20/29, Callable 7/20/22 @ 100 (a) (c) | 325 | 322 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, 2.46% (LIBOR03M+140bps), 7/20/29, Callable 10/20/22 @ 100 (a) (c) | 1,000 | 963 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2022-1A, Class A2, 1.83% (TSFR3M+160bps), 4/15/30, Callable 4/15/23 @ 100 (a) (c) | 1,000 | 961 | |||||||||
| Palmer Square Loan Funding Ltd., Series 2019-4A, Class A1, 2.08% (LIBOR03M+90bps), 10/24/27, Callable 7/24/22 @ 100 (a) (c) | 285 | 283 | |||||||||
SMRT, Series 2022-MINI, Class B, 2.63% (TSFR1M+135bps), 1/15/39 (a) (c) | 1,000 | 958 | |||||||||
| Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class AR, 2.12% (LIBOR03M+108bps), 4/15/30, Callable 7/15/22 @ 100 (a) (c) | 1,500 | 1,474 | |||||||||
| Stratus CLO Ltd., Series 2021-1A, Class B, 1.49% (LIBOR03M+140bps), 12/29/29, Callable 1/20/23 @ 100 (a) (c) | 1,000 | 956 | |||||||||
| Stratus CLO Ltd., Series 2021-3A, Class B, 1.77% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a) (c) | 822 | 787 | |||||||||
TTAN, Series 2021-MHC, Class B, 2.43% (LIBOR01M+115bps), 3/15/38 (a) (c) | 370 | 352 | |||||||||
Total Collateralized Mortgage Obligations (Cost $48,580) | 46,965 | ||||||||||
Senior Secured Loans (3.8%) | |||||||||||
| Berry Global, Inc., Term Z Loans, First Lien, 3.00% (LIBOR01M+175bps), 7/1/26 (c) | 1,250 | 1,205 | |||||||||
Calpine Corp., Term Loans, First Lien, 3.06% (LIBOR01M+200bps), 4/1/26 (c) | 997 | 938 | |||||||||
| Charter Communications Operating LLC, Term B1, 2.81% (LIBOR01M+175bps), 4/30/25 (c) | 1,000 | 972 | |||||||||
Delos Finance S.A.R.L., Loans, First Lien, 2.76% (LIBOR03M+175bps), 10/6/23 (c) | 1,500 | 1,479 | |||||||||
| Go Daddy Operating Co. LLC, Term Loan, First Lien, 2.81% (LIBOR01M+175bps), 2/15/24 (c) | 986 | 951 | |||||||||
| Gray Television, Inc., Term B-2 Loan, First Lien, 3.56% (LIBOR01M+250bps), 2/7/24 (c) | 901 | 881 | |||||||||
See notes to financial statements.
8
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
| JBS USA Lux SA, New Term Loans, First Lien, 2.80% (LIBOR06M+200bps), 5/1/26 (c) | $ | 992 | $ | 955 | |||||||
| Quintiles IMS Incorporated, Term B-2 Dollar Loans, First Lien, 2.81% (LIBOR01M+175bps), 1/1/25 (c) | 1,100 | 1,064 | |||||||||
| Vistra Operations Co. LLC, 2018 Incremental Term Loans, First Lien, 3.27% (LIBOR01M+175bps), 12/31/25 (c) | 1,492 | 1,426 | |||||||||
| XPO Logistics, Inc., Term Loan B, First Lien, 2.87% (LIBOR01M+175bps), 2/23/25 (c) | 1,000 | 951 | |||||||||
Total Senior Secured Loans (Cost $11,159) | 10,822 | ||||||||||
Corporate Bonds (26.9%) | |||||||||||
Communication Services (0.9%): | |||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 2.94% (LIBOR03M+165bps), 2/1/24, Callable 1/1/24 @ 100 (b) (c) | 1,000 | 1,004 | |||||||||
Verizon Communications, 2.24% (SOFR+79bps), 3/20/26 (c) | 1,500 | 1,472 | |||||||||
2,476 | |||||||||||
Consumer Discretionary (3.3%): | |||||||||||
Association of American Medical Colleges, 2.12%, 10/1/24 | 1,000 | 950 | |||||||||
Daimler Finance North America LLC, 2.17% (LIBOR03M+84bps), 5/4/23 (c) | 1,150 | 1,152 | |||||||||
Daimler Trucks Finance North America LLC, 1.72% (SOFR+100bps), 4/7/24 (a) (c) | 1,000 | 994 | |||||||||
| Howard University 2.74%, 10/1/22 | 600 | 597 | |||||||||
2.80%, 10/1/23 | 250 | 245 | |||||||||
Little Co. of Mary Hospital of Indiana, Inc., 1.97%, 11/1/25 | 670 | 626 | |||||||||
| Magallanes, Inc. 3.43%, 3/15/24 (a) | 500 | 490 | |||||||||
2.67% (SOFRINDX+178bps), 3/15/24 (a) (c) | 1,000 | 997 | |||||||||
| Nissan Motor Acceptance Corp. 1.67% (LIBOR03M+65bps), 7/13/22 (a) (c) | 1,000 | 1,000 | |||||||||
2.92% (LIBOR03M+69bps), 9/28/22 (a) (c) | 500 | 500 | |||||||||
Nordstrom, Inc., 2.30%, 4/8/24, Callable 7/22/22 @ 100 | 1,000 | 946 | |||||||||
ZF North America Capital, Inc., 4.75%, 4/29/25 (a) | 1,000 | 923 | |||||||||
9,420 | |||||||||||
Consumer Staples (0.3%): | |||||||||||
| Albertsons Cos., Inc./ Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 2/15/23, Callable 12/15/22 @ 100 (a) | 1,000 | 989 | |||||||||
Energy (4.6%): | |||||||||||
Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 (b) | 2,000 | 1,945 | |||||||||
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100 | 1,000 | 991 | |||||||||
EnLink Midstream Partners LP, 4.40%, 4/1/24, Callable 1/1/24 @ 100 | 1,325 | 1,294 | |||||||||
EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100 | 875 | 822 | |||||||||
Gray Oak Pipeline LLC, 2.60%, 10/15/25, Callable 9/15/25 @ 100 (a) | 1,500 | 1,403 | |||||||||
HF Sinclair Corp., 2.63%, 10/1/23 (a) | 1,250 | 1,215 | |||||||||
Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100 (a) | 1,000 | 982 | |||||||||
Murphy Oil Corp., 5.75%, 8/15/25, Callable 8/8/22 @ 102.88 | 1,000 | 991 | |||||||||
PDC Energy, Inc., 5.75%, 5/15/26, Callable 8/8/22 @ 102.88 | 1,500 | 1,401 | |||||||||
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 325 | 323 | |||||||||
See notes to financial statements.
9
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
Rattler Midstream LP, 5.63%, 7/15/25, Callable 7/22/22 @ 102.81 (a) | $ | 1,000 | $ | 999 | |||||||
Western Midstream Operating LP, 2.62% (LIBOR03M+185bps), 1/13/23 (c) (g) | 977 | 972 | |||||||||
13,338 | |||||||||||
Financials (11.2%): | |||||||||||
Alexander Funding Trust, 1.84%, 11/15/23 (a) | 1,000 | 955 | |||||||||
American Honda Finance Corp., 1.77% (LIBOR03M+37bps), 5/10/23, MTN (c) | 1,360 | 1,355 | |||||||||
Ares Capital Corp., 3.50%, 2/10/23, Callable 1/10/23 @ 100 (g) | 1,500 | 1,494 | |||||||||
Athene Global Funding, 1.72% (LIBOR03M+73bps), 1/8/24 (a) (c) | 1,500 | 1,472 | |||||||||
| Bank of America Corp. 2.40% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (c) | 1,000 | 993 | |||||||||
1.43% (SOFR+69bps), 4/22/25, Callable 4/22/24 @ 100 (c) | 500 | 488 | |||||||||
| Blackstone Private Credit Fund 1.75%, 9/15/24 (a) | 1,000 | 923 | |||||||||
2.35%, 11/22/24 (a) | 500 | 458 | |||||||||
| BMW US Capital LLC 1.09% (SOFR+53bps), 4/1/24 (a) (c) | 1,000 | 991 | |||||||||
1.17% (SOFR+38bps), 8/12/24 (a) (c) | 500 | 492 | |||||||||
Brighthouse Financial Global Funding, 1.36% (SOFR+76bps), 4/12/24 (a) (c) | 1,000 | 993 | |||||||||
Capital One NA, 2.19% (LIBOR03M+82bps), 8/8/22, Callable 7/8/22 @ 100 (c) | 800 | 800 | |||||||||
| Citigroup, Inc. 1.50% (SOFR+67bps), 5/1/25, Callable 5/1/24 @ 100 (c) | 500 | 487 | |||||||||
1.36% (SOFR+69bps), 1/25/26, Callable 1/25/25 @ 100 (c) (g) | 1,000 | 963 | |||||||||
DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a) | 1,500 | 1,398 | |||||||||
Ford Motor Credit Co. LLC, 2.30%, 2/10/25, Callable 1/10/25 @ 100 | 1,000 | 898 | |||||||||
| FS KKR Capital Corp. 1.65%, 10/12/24 | 857 | 765 | |||||||||
4.13%, 2/1/25, Callable 1/1/25 @ 100 | 1,000 | 949 | |||||||||
| GA Global Funding Trust 1.32% (SOFR+50bps), 9/13/24 (a) (c) | 1,000 | 962 | |||||||||
3.85%, 4/11/25 (a) | 500 | 490 | |||||||||
General Motors Financial Co., Inc., 1.57% (SOFR+76bps), 3/8/24 (c) | 1,000 | 986 | |||||||||
| Goldman Sachs Group, Inc., 1.31% (SOFR+50bps), 9/10/24, Callable 9/10/23 @ 100 (c) | 500 | 489 | |||||||||
| JPMorgan Chase & Co. 1.33% (SOFR+54bps), 6/1/25, Callable 6/1/24 @ 100 (c) | 500 | 488 | |||||||||
1.28% (SOFR+77bps), 9/22/27, Callable 9/22/26 @ 100 (c) (g) | 1,000 | 945 | |||||||||
Main Street Capital Corp., 4.50%, 12/1/22 | 1,000 | 1,002 | |||||||||
| New York Life Global Funding 0.94% (SOFR+22bps), 2/2/23 (a) (c) | 1,000 | 997 | |||||||||
1.14% (SOFR+31bps), 4/27/24 (a) (c) | 500 | 491 | |||||||||
Owl Rock Capital Corp., 3.75%, 7/22/25, Callable 6/22/25 @ 100 | 1,000 | 926 | |||||||||
OWL Rock Core Income Corp., 3.13%, 9/23/26, Callable 8/23/26 @ 100 (a) | 1,500 | 1,294 | |||||||||
Principal Life Global Funding II, 1.17% (SOFR+38bps), 8/23/24 (a) (c) | 1,000 | 981 | |||||||||
Starwood Property Trust, Inc., 3.75%, 12/31/24, Callable 9/30/24 @ 100 (a) | 1,550 | 1,411 | |||||||||
Synchrony Financial, 4.88%, 6/13/25, Callable 5/13/25 @ 100 | 750 | 741 | |||||||||
| The Charles Schwab Corp., 1.31% (SOFR+52bps), 5/13/26, Callable 4/13/26 @ 100 (c) | 1,000 | 971 | |||||||||
| The Goldman Sachs Group, Inc., 1.14% (SOFR+49bps), 10/21/24, Callable 10/21/23 @ 100 (c) | 1,000 | 973 | |||||||||
United Financial Bancorp, Inc., 5.75%, 10/1/24 | 1,000 | 986 | |||||||||
32,007 | |||||||||||
See notes to financial statements.
10
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
Health Care (0.2%): | |||||||||||
Hikma Finance USA LLC, 3.25%, 7/9/25 | $ | 500 | $ | 474 | |||||||
Industrials (2.3%): | |||||||||||
| American Airlines Pass Through Trust 4.95%, 7/15/24 | 162 | 157 | |||||||||
4.38%, 12/15/25 (a) | 758 | 693 | |||||||||
Aviation Capital Group LLC, 4.38%, 1/30/24, Callable 12/30/23 @ 100 (a) | 1,001 | 982 | |||||||||
EnerSys, 5.00%, 4/30/23, Callable 1/30/23 @ 100 (a) | 1,000 | 992 | |||||||||
L3Harris Technologies, Inc., 2.44% (LIBOR03M+75bps), 3/10/23 (c) | 500 | 500 | |||||||||
Spirit Airlines Pass Through Trust, 4.45%, 4/1/24 | 2,094 | 2,022 | |||||||||
| United Airlines Pass Through Trust 4.63%, 3/3/24 | 581 | 579 | |||||||||
4.88%, 1/15/26 | 628 | 595 | |||||||||
6,520 | |||||||||||
Materials (0.2%): | |||||||||||
Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100 | 700 | 701 | |||||||||
Real Estate (0.3%): | |||||||||||
| VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 8/8/22 @ 101.75 (a) | 1,000 | 940 | |||||||||
Utilities (3.6%): | |||||||||||
| Atmos Energy Corp., 2.07% (LIBOR03M+38bps), 3/9/23, Callable 8/8/22 @ 100 (c) | 1,500 | 1,496 | |||||||||
Black Hills Corp., 1.04%, 8/23/24, Callable 7/22/22 @ 100 | 1,000 | 937 | |||||||||
| CenterPoint Energy, Inc., 1.44% (SOFR+65bps), 5/13/24, Callable 7/22/22 @ 100 (c) | 1,500 | 1,464 | |||||||||
| CentrePoint Energy Resources Corp., 2.11% (LIBOR03M+50bps), 3/2/23, Callable 8/8/22 @ 100 (c) | 718 | 716 | |||||||||
Entergy Louisiana LLC, 0.95%, 10/1/24, Callable 10/1/22 @ 100 | 500 | 471 | |||||||||
Metropolitan Edison Co., 4.00%, 4/15/25 (a) (g) | 1,500 | 1,473 | |||||||||
NextEra Energy Capital Holdings, Inc., 1.34% (SOFR+54bps), 3/1/23 (c) | 1,000 | 995 | |||||||||
NRG Energy, Inc., 3.75%, 6/15/24, Callable 5/15/24 @ 100 (a) | 500 | 490 | |||||||||
ONE Gas, Inc., 2.33% (LIBOR03M+61bps), 3/11/23, Callable 8/8/22 @ 100 (c) | 772 | 769 | |||||||||
Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100 | 1,500 | 1,480 | |||||||||
10,291 | |||||||||||
Total Corporate Bonds (Cost $79,848) | 77,156 | ||||||||||
Yankee Dollars (16.8%) | |||||||||||
Communication Services (0.3%): | |||||||||||
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a) | 1,000 | 1,019 | |||||||||
Consumer Discretionary (0.3%): | |||||||||||
| International Game Technology PLC, 4.13%, 4/15/26, Callable 4/15/23 @ 102.06 (a) | 1,030 | 935 | |||||||||
Energy (0.6%): | |||||||||||
Harvest Operations Corp., 1.00%, 4/26/24, Callable 8/8/22 @ 100 (a) | 714 | 682 | |||||||||
Petroleos Mexicanos, 4.25%, 1/15/25 (g) | 1,000 | 921 | |||||||||
1,603 | |||||||||||
See notes to financial statements.
11
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
Financials (13.8%): | |||||||||||
| Banco Santander SA 2.59% (LIBOR03M+109bps), 2/23/23 (c) | $ | 1,000 | $ | 1,001 | |||||||
2.13% (LIBOR03M+112bps), 4/12/23 (c) | 1,000 | 1,003 | |||||||||
Bank of Montreal, 1.51% (SOFR+62bps), 9/15/26, MTN (c) | 1,500 | 1,438 | |||||||||
| BBVA Bancomer SA 6.75%, 9/30/22 (a) | 1,000 | 1,003 | |||||||||
1.88%, 9/18/25 (a) | 500 | 453 | |||||||||
Commonwealth Bank of Australia, 1.23% (SOFR+52bps), 6/15/26 (a) (c) | 1,500 | 1,472 | |||||||||
Cooperatieve Rabobank UA, 1.47% (LIBOR03M+48bps), 1/10/23 (c) | 1,500 | 1,498 | |||||||||
Credit Agricole SA, 2.20% (LIBOR03M+102bps), 4/24/23 (a) (b) (c) | 2,000 | 2,002 | |||||||||
Credit Suisse AG, 1.11% (SOFR+39bps), 2/2/24 (c) | 1,500 | 1,478 | |||||||||
Danske Bank A/S, 0.98%, 9/10/25, Callable 9/10/24 @ 100 (a) | 1,000 | 924 | |||||||||
| Deutsche Bank AG 2.78% (LIBOR03M+123bps), 2/27/23 (c) | 816 | 815 | |||||||||
4.50%, 4/1/25 | 1,000 | 954 | |||||||||
| HSBC Holdings PLC 1.35% (SOFR+58bps), 11/22/24, Callable 11/22/23 @ 100 (c) | 1,000 | 971 | |||||||||
2.19% (SOFR+143bps), 3/10/26, Callable 3/10/25 @ 100 (c) | 1,000 | 989 | |||||||||
| ING Groep NV 2.25% (SOFRINDX+164bps), 3/28/26, Callable 3/28/25 @ 100 (c) | 500 | 498 | |||||||||
3.87% (SOFR+164bps), 3/28/26, Callable 3/28/25 @ 100 (c) | 750 | 736 | |||||||||
| Lloyds Banking Group PLC, 3.51% (H15T1Y+160bps), 3/18/26, Callable 3/18/25 @ 100 (c) | 750 | 731 | |||||||||
| Macquarie Group Ltd., 1.32% (SOFR+71bps), 10/14/25, Callable 10/14/24 @ 100 (a) (c) | 1,000 | 983 | |||||||||
| Mizuho Financial Group, Inc., 1.74% (SOFRRATE+96bps), 5/22/26, Callable 5/22/25 @ 100 (c) | 1,000 | 974 | |||||||||
National Australia Bank Ltd., 1.23% (SOFR+65bps), 1/12/27 (a) (c) (g) | 1,250 | 1,217 | |||||||||
| NatWest Markets PLC 1.97% (SOFR+145bps), 3/22/25 (a) (c) | 500 | 500 | |||||||||
2.27% (SOFR+76bps), 9/29/26 (a) (c) | 1,000 | 968 | |||||||||
Nordea Bank Abp, 2.54% (LIBOR03M+94bps), 8/30/23 (a) (c) | 1,000 | 1,002 | |||||||||
Park Aerospace Holdings Ltd., 4.50%, 3/15/23, Callable 2/15/23 @ 100 (a) | 750 | 753 | |||||||||
| Royal Bank of Canada 1.07% (SOFR+36bps), 7/29/24 (c) | 1,000 | 984 | |||||||||
1.31% (SOFR+59bps), 11/2/26, MTN (c) | 500 | 481 | |||||||||
| Santander UK Group Holdings PLC, 1.09% (SOFR+79bps), 3/15/25, Callable 3/15/24 @ 100 (c) | 1,000 | 935 | |||||||||
| Skandinaviska Enskilda Banken AB, 2.37% (LIBOR03M+65bps), 12/12/22 (a) (c) | 2,000 | 1,999 | |||||||||
| Societe Generale SA, 1.70% (SOFR+105bps), 1/21/26, Callable 1/21/25 @ 100 (a) (c) | 1,700 | 1,643 | |||||||||
Sompo International Holdings Ltd., 4.70%, 10/15/22 | 500 | 502 | |||||||||
| Standard Chartered PLC, 2.01% (SOFR+125bps), 10/14/23, Callable 10/14/22 @ 100 (a) (c) | 1,500 | 1,491 | |||||||||
Sumitomo Mitsui Trust Bank Ltd., 1.17% (SOFR+44bps), 9/16/24 (a) (c) | 1,000 | 982 | |||||||||
The Bank of Nova Scotia, 1.35% (SOFR+55bps), 3/2/26 (c) | 1,250 | 1,211 | |||||||||
The Toronto-Dominion Bank, 1.40% (SOFR+59bps), 9/10/26 (c) | 1,500 | 1,445 | |||||||||
See notes to financial statements.
12
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
| UBS AG 1.12% (SOFR+32bps), 6/1/23 (a) (c) | $ | 500 | $ | 498 | |||||||
1.15% (SOFR+36bps), 2/9/24 (a) (c) | 500 | 495 | |||||||||
| UBS Group Funding Switzerland AG, 2.36% (LIBOR03M+95bps), 8/15/23, Callable 8/15/22 @ 100 (a) (c) | 1,000 | 1,000 | |||||||||
Westpac Banking Corp., 1.32% (SOFR+52bps), 6/3/26 (c) | 1,500 | 1,466 | |||||||||
39,495 | |||||||||||
Industrials (0.8%): | |||||||||||
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100 | 251 | 248 | |||||||||
| Avolon Holdings Funding Ltd. 5.13%, 10/1/23, Callable 9/1/23 @ 100 (a) | 500 | 497 | |||||||||
2.88%, 2/15/25, Callable 1/15/25 @ 100 (a) | 1,000 | 921 | |||||||||
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a) | 750 | 657 | |||||||||
2,323 | |||||||||||
Materials (1.0%): | |||||||||||
OCI NV, 4.63%, 10/15/25, Callable 10/15/22 @ 102.31 (a) | 1,400 | 1,358 | |||||||||
POSCO Holdings, Inc., 2.50%, 1/17/25 (a) (g) | 510 | 492 | |||||||||
Syngenta Finance NV, 4.89%, 4/24/25, Callable 2/24/25 @ 100 (a) | 1,000 | 996 | |||||||||
2,846 | |||||||||||
Total Yankee Dollars (Cost $49,591) | 48,221 | ||||||||||
Municipal Bonds (7.9%) | |||||||||||
Arizona (0.2%): | |||||||||||
| City of Phoenix Civic Improvement Corp. Revenue 0.56%, 7/1/22 | 580 | 580 | |||||||||
580 | |||||||||||
California (0.5%): | |||||||||||
| California Statewide Communities Development Authority Revenue, 1.31%, 4/1/25 | 500 | 464 | |||||||||
City of El Cajon CA Revenue, 0.93%, 4/1/24 | 640 | 611 | |||||||||
Golden State Tobacco Securitization Corp. Revenue, Series B, 0.99%, 6/1/24 | 500 | 476 | |||||||||
1,551 | |||||||||||
Florida (0.2%): | |||||||||||
City of Gainesville Florida Revenue, 1.00%, 10/1/24 | 800 | 756 | |||||||||
Guam (0.1%): | |||||||||||
| Antonio B Won Pat International Airport Authority Revenue, Series A, 2.50%, 10/1/25 | 300 | 278 | |||||||||
Illinois (0.2%): | |||||||||||
| Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series B, 1.71%, 12/1/22 | 500 | 498 | |||||||||
Indiana (0.1%): | |||||||||||
Indiana Finance Authority Revenue, 1.72%, 11/15/23 | 300 | 287 | |||||||||
See notes to financial statements.
13
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Principal Amount | Value | |||||||||
Kansas (0.1%): | |||||||||||
| Wyandotte County-Kansas City Unified Government Utility System Revenue, Series B, 0.79%, 9/1/22 | $ | 200 | $ | 200 | |||||||
Kentucky (1.2%): | |||||||||||
| County of Meade Revenue, Series B, 0.95%, 8/1/61, Continuously Callable @100 (h) | 3,300 | 3,300 | |||||||||
Louisiana (0.3%): | |||||||||||
| Parish of St Charles LA Revenue, Series A, 0.73%, 10/1/22, Continuously Callable @100 (h) | 600 | 600 | |||||||||
| Terrebonne Levee & Conservation District Sales Tax Revenue, Series A, 1.13%, 6/1/23 | 300 | 294 | |||||||||
894 | |||||||||||
Michigan (0.3%): | |||||||||||
Michigan Finance Authority Revenue, 2.14%, 12/1/22 | 1,000 | 997 | |||||||||
Missouri (0.3%): | |||||||||||
| Missouri Development Finance Board Revenue (LOC — U.S. Bancorp), 1.57%, 12/1/49, Continuously Callable @100 (h) | 740 | 740 | |||||||||
New Jersey (0.7%): | |||||||||||
| New Jersey Economic Development Authority Revenue Series NNN, 2.78%, 6/15/23 | 408 | 405 | |||||||||
Series NNN, 2.88%, 6/15/24 | 320 | 314 | |||||||||
New Jersey Transportation Trust Fund Authority Revenue, 2.55%, 6/15/23 | 850 | 846 | |||||||||
South Jersey Transportation Authority Revenue, Series B, 2.10%, 11/1/24 | 500 | 480 | |||||||||
2,045 | |||||||||||
New York (0.8%): | |||||||||||
City of New York, GO, Series D, 0.43%, 8/1/22 | 1,000 | 999 | |||||||||
New York Transportation Development Corp. Revenue, 1.61%, 12/1/22 | 1,200 | 1,192 | |||||||||
2,191 | |||||||||||
North Carolina (0.3%): | |||||||||||
| North Carolina Capital Facilities Finance Agency Revenue, Series B, 1.05%, 10/1/23 | 825 | 795 | |||||||||
Pennsylvania (0.9%): | |||||||||||
| Allegheny County IDA Revenue (LOC-PNC Financial Services Group), 1.65%, 11/1/27, Callable 8/1/22 @ 100 (h) | 1,500 | 1,500 | |||||||||
| Pennsylvania Economic Development Financing Authority Revenue, Series A, 2.00%, 4/1/34, (Put Date 7/15/22) (i) | 750 | 750 | |||||||||
State Public School Building Authority Revenue, 2.62%, 4/1/23 | 450 | 448 | |||||||||
2,698 | |||||||||||
Texas (1.3%): | |||||||||||
Central Texas Regional Mobility Authority Revenue, Series C, 1.35%, 1/1/24 | 350 | 339 | |||||||||
| Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 8/15/22) (i) | 1,000 | 999 | |||||||||
| Harris County TX Cultural Education Facilities Finance Corp. Revenue, 1.45%, 11/15/22 | 600 | 597 | |||||||||
San Antonio Education Facilities Corp. Revenue, 1.74%, 4/1/25 | 255 | 236 | |||||||||
United Parcel Service, Inc. Revenue, 0.95%, 5/1/32, Callable 8/1/22 @ 100 (h) | 1,500 | 1,500 | |||||||||
3,671 | |||||||||||
See notes to financial statements.
14
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Amounts in Thousands, Except for Shares) (Unaudited)
Security Description | Shares or Principal Amount | Value | |||||||||
Virginia (0.4%): | |||||||||||
| Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a) (i) | $ | 1,250 | $ | 1,240 | |||||||
Total Municipal Bonds (Cost $23,018) | 22,724 | ||||||||||
U.S. Treasury Obligations (0.7%) | |||||||||||
U.S. Treasury Bills, 1.03%, 7/26/22 (j) | 2,000 | 1,999 | |||||||||
Total U.S. Treasury Obligations (Cost $1,998) | 1,999 | ||||||||||
Commercial Paper (10.1%) (j) | |||||||||||
Arizona Public Service, 1.68%, 7/7/22 | 1,000 | 1,000 | |||||||||
Aviation Captial Group, 1.67%, 7/5/22 (a) | 1,500 | 1,500 | |||||||||
ConAgra Brands, Inc., 2.14%, 7/1/22 (a) | 2,400 | 2,400 | |||||||||
Constellation Brands, Inc., 2.09%, 7/5/22 (a) | 1,500 | 1,499 | |||||||||
| Crown Castle International Corp. 2.09%, 7/5/22 (a) | 500 | 500 | |||||||||
2.12%, 7/12/22 (a) (k) | 1,500 | 1,499 | |||||||||
Dairy Farmers of America, 1.82%, 7/1/22 (a) | 3,000 | 3,000 | |||||||||
Duke Energy Corp., 1.82%, 7/1/22 (a) | 2,000 | 2,000 | |||||||||
Energy Transfer LP, 2.06%, 7/1/22 | 3,000 | 3,000 | |||||||||
FMC Corp., 2.12%, 7/1/22 (a) | 3,000 | 3,000 | |||||||||
| Jabil, Inc. 2.23%, 7/1/22 (a) | 1,000 | 1,000 | |||||||||
2.25%, 7/5/22 (a) | 2,000 | 1,999 | |||||||||
JM Smucker Co., 1.82%, 7/1/22 (a) | 2,000 | 2,000 | |||||||||
Ridgefield Funding Co. LLC, 1.61%, 7/12/22 (a) (j) | 1,500 | 1,499 | |||||||||
| Viatris, Inc. 2.09%, 7/6/22 (a) (j) | 1,000 | 1,000 | |||||||||
2.13%, 7/13/22 (a) (j) | 1,000 | 999 | |||||||||
2.16%, 7/21/22 (a) (j) | 500 | 499 | |||||||||
2.17%, 7/22/22 (a) (j) | 500 | 499 | |||||||||
Total Commercial Paper (Cost $28,894) | 28,893 | ||||||||||
Collateral for Securities Loaned (1.1%)^ | |||||||||||
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (l) | 3,156,365 | 3,156 | |||||||||
Total Collateral for Securities Loaned (Cost $3,156) | 3,156 | ||||||||||
Total Investments (Cost $297,962) — 101.1% | 289,869 | ||||||||||
Liabilities in excess of other assets — (1.1)% | (3,252 | ) | |||||||||
NET ASSETS — 100.00% | $ | 286,617 | |||||||||
At June 30, 2022, the Fund's investments in foreign securities were 21.4% of net assets.
^ Purchased with cash collateral from securities on loan.
(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of June 30, 2022, the fair value of these securities was $169,283 thousands and amounted to 59.1% of net assets.
See notes to financial statements.
15
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Unaudited)
(b) All or a portion of this security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.
(c) Variable or Floating-Rate Security. Rate disclosed is as of June 30, 2022.
(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, 2022.
(e) Security is interest only.
(f) Rounds to less than $1 thousand.
(g) All or a portion of this security is on loan.
(h) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.
(i) Put Bond.
(j) Rate represents the effective yield at June 30, 2022.
(k) Security or portion of security purchased on a delayed-delivery and/or when-issued basis.
(l) Rate disclosed is the daily yield on June 30, 2022.
bps — Basis points
Continuously callable — Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity.
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, 2022, based on the last reset date of the security
LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security
LIBOR06M — 6 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security
LLC — Limited Liability Company
LOC — Letter of Credit
LP — Limited Partnership
MTN — Medium Term Note
PLC — Public Limited Company
SOFR — Secured Overnight Financing Rate
SOFR30A — 30-day average of SOFR, rate disclosed as of June 30, 2022.
See notes to financial statements.
16
| USAA Mutual Funds Trust USAA Ultra Short-Term Bond Fund | Schedule of Portfolio Investments — continued June 30, 2022 | ||||||
(Unaudited)
SOFRINDX — SOFR Index measures the cumulative impact of compounding the SOFR each business day.
TSFR — Term SOFR
TSFR1M — 1 month Term SOFR, rate disclosed as of June 30, 2022.
TSFR3M — 3 month Term SOFR, rate disclosed as of June 30, 2022.
US0001M — 1 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security
US0003M — 3 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security
Credit Enhancements — Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.
LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.
See notes to financial statements.
17
USAA Mutual Funds Trust | Statement of Assets and Liabilities June 30, 2022 | ||||||
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
| USAA Ultra Short-Term Bond Fund | |||||||
Assets: | |||||||
Investments, at value (Cost $297,962) | $ | 289,869 | (a) | ||||
Cash | 3,551 | ||||||
Receivables: | |||||||
Interest | 977 | ||||||
Capital shares issued | 2 | ||||||
Investments sold | 998 | ||||||
From Adviser | 38 | ||||||
Prepaid expenses | 141 | ||||||
Total Assets | 295,576 | ||||||
Liabilities: | |||||||
Payables: | |||||||
Collateral received on loaned securities | 3,156 | ||||||
Distributions | 10 | ||||||
Investments purchased | 5,545 | ||||||
Capital shares redeemed | 88 | ||||||
Accrued expenses and other payables: | |||||||
Investment advisory fees | 67 | ||||||
Administration fees | 32 | ||||||
Custodian fees | 4 | ||||||
Transfer agent fees | 23 | ||||||
Compliance fees | — | (b) | |||||
Trustees' fees | 1 | ||||||
| 12b-1 fees | — | (b) | |||||
Other accrued expenses | 33 | ||||||
Total Liabilities | 8,959 | ||||||
Net Assets: | |||||||
Capital | 296,951 | ||||||
Total accumulated earnings/(loss) | (10,334 | ) | |||||
Net Assets | $ | 286,617 | |||||
Net Assets | |||||||
Fund Shares | $ | 186,731 | |||||
Institutional Shares | 97,914 | ||||||
Class A | 58 | ||||||
R6 Shares | 1,914 | ||||||
Total | $ | 286,617 | |||||
Shares (unlimited number of shares authorized with no par value): | |||||||
Fund Shares | 18,971 | ||||||
Institutional Shares | 9,944 | ||||||
Class A | 6 | ||||||
R6 Shares | 194 | ||||||
Total | 29,115 | ||||||
Net asset value, offering and redemption price per share: (c) | |||||||
Fund Shares | $ | 9.84 | |||||
Institutional Shares | $ | 9.85 | |||||
Class A | $ | 9.84 | |||||
R6 Shares | $ | 9.85 | |||||
(a) Includes $3,062 thousand of securities on loan.
(b) Rounds to less than $1 thousand.
(c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.
See notes to financial statements.
18
USAA Mutual Funds Trust | Statement of Operations For the Six Months Ended June 30, 2022 | ||||||
(Amounts in Thousands) (Unaudited)
| USAA Ultra Short-Term Bond Fund | |||||||
Investment Income: | |||||||
Interest | $ | 2,729 | |||||
Securities lending (net of fees) | 10 | ||||||
Total Income | 2,739 | ||||||
Expenses: | |||||||
Investment advisory fees | 430 | ||||||
Administration fees — Fund Shares | 146 | ||||||
Administration fees — Institutional Shares | 54 | ||||||
Administration fees — Class A | — | (a) | |||||
Administration fees — R6 Shares | 1 | ||||||
Sub-Administration fees | 11 | ||||||
| 12b-1 fees — Class A | — | (a) | |||||
Custodian fees | 16 | ||||||
Transfer agent fees — Fund Shares | 84 | ||||||
Transfer agent fees — Institutional Shares | 54 | ||||||
Transfer agent fees — Class A | — | (a) | |||||
Transfer agent fees — R6 Shares | — | (a) | |||||
Trustees' fees | 23 | ||||||
Compliance fees | 1 | ||||||
Legal and audit fees | 30 | ||||||
State registration and filing fees | 50 | ||||||
Other expenses | 36 | ||||||
Recoupment of prior expenses waived/reimbursed by Adviser | 15 | ||||||
Total Expenses | 951 | ||||||
Expenses waived/reimbursed by Adviser | (28 | ) | |||||
Net Expenses | 923 | ||||||
Net Investment Income (Loss) | 1,816 | ||||||
Realized/Unrealized Gains (Losses) from Investments: | |||||||
Net realized gains (losses) from investment securities and foreign currency transactions | 1 | ||||||
Net change in unrealized appreciation/depreciation on investment securities | (8,411 | ) | |||||
Net realized/unrealized gains (losses) on investments | (8,410 | ) | |||||
Change in net assets resulting from operations | $ | (6,594 | ) | ||||
(a) Rounds to less than $1 thousand.
See notes to financial statements.
19
USAA Mutual Funds Trust | Statements of Changes in Net Assets | ||||||
(Amounts in Thousands)
USAA Ultra Short-Term Bond Fund | |||||||||||
| Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
From Investments: | |||||||||||
Operations: | |||||||||||
Net Investment Income (Loss) | $ | 1,816 | $ | 2,613 | |||||||
Net realized gains (losses) | 1 | 615 | |||||||||
Net change in unrealized appreciation/depreciation | (8,411 | ) | (1,069 | ) | |||||||
Change in net assets resulting from operations | (6,594 | ) | 2,159 | ||||||||
Distributions to Shareholders: | |||||||||||
Fund Shares | (1,144 | ) | (1,931 | ) | |||||||
Institutional Shares | (659 | ) | (644 | ) | |||||||
Class A | — | (a) | (1 | ) | |||||||
R6 Shares | (14 | ) | (43 | ) | |||||||
Change in net assets resulting from distributions to shareholders | (1,817 | ) | (2,619 | ) | |||||||
Change in net assets resulting from capital transactions | 2,253 | 17,023 | |||||||||
Change in net assets | (6,158 | ) | 16,563 | ||||||||
Net Assets: | |||||||||||
Beginning of period | 292,775 | 276,212 | |||||||||
End of period | $ | 286,617 | $ | 292,775 | |||||||
(a) Rounds to less than $1 thousand.
(continues on next page)
See notes to financial statements.
20
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, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||||||||
Capital Transactions: | |||||||||||
Fund Shares | |||||||||||
Proceeds from shares issued | $ | 15,936 | $ | 59,548 | |||||||
Distributions reinvested | 1,100 | 1,867 | |||||||||
Cost of shares redeemed | (35,775 | ) | (62,768 | ) | |||||||
Total Fund Shares | $ | (18,739 | ) | $ | (1,353 | ) | |||||
Institutional Shares | |||||||||||
Proceeds from shares issued | $ | 61,108 | $ | 86,636 | |||||||
Distributions reinvested | 657 | 642 | |||||||||
Cost of shares redeemed | (40,521 | ) | (63,509 | ) | |||||||
Total Institutional Shares | $ | 21,244 | $ | 23,769 | |||||||
Class A | |||||||||||
Proceeds from shares issued | $ | — | $ | 200 | |||||||
Distributions reinvested | — | (a) | 1 | ||||||||
Cost of shares redeemed | — | (160 | ) | ||||||||
Total Class A | $ | — | (a) | $ | 41 | ||||||
R6 Shares | |||||||||||
Proceeds from shares issued | $ | 437 | $ | 1,581 | |||||||
Distributions reinvested | 13 | 27 | |||||||||
Cost of shares redeemed | (702 | ) | (7,042 | ) | |||||||
Total R6 Shares | $ | (252 | ) | $ | (5,434 | ) | |||||
Change in net assets resulting from capital transactions | $ | 2,253 | $ | 17,023 | |||||||
Share Transactions: | |||||||||||
Fund Shares | |||||||||||
Issued | 1,595 | 5,864 | |||||||||
Reinvested | 111 | 184 | |||||||||
Redeemed | (3,575 | ) | (6,183 | ) | |||||||
Total Fund Shares | (1,869 | ) | (135 | ) | |||||||
Institutional Shares | |||||||||||
Issued | 6,075 | 8,536 | |||||||||
Reinvested | 66 | 63 | |||||||||
Redeemed | (4,070 | ) | (6,256 | ) | |||||||
Total Institutional Shares | 2,071 | 2,343 | |||||||||
Class A | |||||||||||
Issued | — | 20 | |||||||||
Reinvested | — | (b) | — | (b) | |||||||
Redeemed | — | (16 | ) | ||||||||
Total Class A | — | (b) | 4 | ||||||||
R6 Shares | |||||||||||
Issued | 44 | 156 | |||||||||
Reinvested | 1 | 3 | |||||||||
Redeemed | (71 | ) | (694 | ) | |||||||
Total R6 Shares | (26 | ) | (535 | ) | |||||||
Change in Shares | 176 | 1,677 | |||||||||
(a) Rounds to less than $1 thousand.
(b) Rounds to less than 1 thousand shares.
See notes to financial statements.
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) | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | Total Return(a)(b) | ||||||||||||||||||||||||||||
USAA Ultra Short-Term Bond Fund | |||||||||||||||||||||||||||||||||||
Fund Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 10.12 | 0.06 | (h) | (0.28 | ) | (0.22 | ) | (0.06 | ) | (0.06 | ) | $ | 9.84 | (2.19 | )% | |||||||||||||||||||
| Year Ended December 31: 2021 | $ | 10.13 | 0.09 | (h) | (0.01 | 0.08 | (0.09 | ) | (0.09 | ) | $ | 10.12 | 0.80 | % | |||||||||||||||||||||
2020 | $ | 10.05 | 0.20 | (h) | 0.08 | 0.28 | (0.20 | ) | (0.20 | ) | $ | 10.13 | 2.81 | % | |||||||||||||||||||||
2019 | $ | 9.89 | 0.27 | (h) | 0.16 | 0.43 | (0.27 | ) | (0.27 | ) | $ | 10.05 | 4.37 | % | |||||||||||||||||||||
2018 | $ | 9.97 | 0.22 | (0.08 | ) | 0.14 | (0.22 | ) | (0.22 | ) | $ | 9.89 | 1.40 | % | |||||||||||||||||||||
2017 | $ | 9.98 | 0.16 | (0.01 | ) | 0.15 | (0.16 | ) | (0.16 | ) | $ | 9.97 | 1.51 | % | |||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 10.12 | 0.06 | (h) | (0.27 | ) | (0.21 | ) | (0.06 | ) | (0.06 | ) | $ | 9.85 | (2.07 | )% | |||||||||||||||||||
| Year Ended December 31: 2021 | $ | 10.13 | 0.10 | (h) | (0.01 | ) | 0.09 | (0.10 | ) | (0.10 | ) | $ | 10.12 | 0.87 | % | ||||||||||||||||||||
2020 | $ | 10.05 | 0.19 | (h) | 0.09 | 0.28 | (0.20 | ) | (0.20 | ) | $ | 10.13 | 2.87 | % | |||||||||||||||||||||
2019 | $ | 9.89 | 0.27 | (h) | 0.16 | 0.43 | (0.27 | ) | (0.27 | ) | $ | 10.05 | 4.43 | % | |||||||||||||||||||||
2018 | $ | 9.97 | 0.22 | (0.08 | ) | 0.14 | (0.22 | ) | (0.22 | ) | $ | 9.89 | 1.45 | % | |||||||||||||||||||||
2017 | $ | 9.98 | 0.15 | (0.01 | ) | 0.14 | (0.15 | ) | (0.15 | ) | $ | 9.97 | 1.44 | % | |||||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.
(d) Annualized for periods less than one year.
(e) 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.
(f) Does not include acquired fund fees and expenses, if any.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(h) Per share net investment income (loss) has been calculated using the average daily shares method.
(i) 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.
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 | ||||||||||||||||||||||
| Net Expenses(c)(d)(e)(f) | Net Investment Income (Loss)(d) | Gross Expenses(d)(f) | Net Assets, End of Period (000's) | Portfolio Turnover(a)(g) | |||||||||||||||||||
USAA Ultra Short-Term Bond Fund | |||||||||||||||||||||||
Fund Shares | |||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | 0.63 | % | 1.17 | % | 0.63 | % | $ | 186,731 | 22 | % | |||||||||||||
| Year Ended December 31: 2021 | 0.62 | % | 0.89 | % | 0.62 | % | $ | 210,831 | 57 | % | |||||||||||||
2020 | 0.60 | % | 2.01 | % | 0.60 | % | $ | 212,503 | 39 | % | |||||||||||||
2019 | 0.61 | % | 2.69 | % | 0.61 | % | $ | 275,168 | 59 | % | |||||||||||||
2018 | 0.60 | % | 2.19 | % | 0.60 | % | $ | 283,769 | 48 | % | |||||||||||||
2017 | 0.58 | % | 1.60 | % | 0.58 | % | $ | 330,442 | 58 | % | |||||||||||||
Institutional Shares | |||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | 0.57 | % | 1.22 | % | 0.60 | % | $ | 97,914 | 22 | % | |||||||||||||
| Year Ended December 31: 2021 | 0.55 | % | 0.96 | % | 0.55 | % | $ | 79,662 | 57 | % | |||||||||||||
2020 | 0.56 | % | 1.86 | % | 0.63 | % | $ | 56,042 | 39 | % | |||||||||||||
2019 | 0.55 | % | 2.75 | % | 0.64 | % | $ | 9,842 | 59 | % | |||||||||||||
2018 | 0.55 | % | 2.25 | % | 0.77 | % | $ | 8,433 | 48 | % | |||||||||||||
2017 | 0.64 | %(i) | 1.51 | % | 0.75 | % | $ | 7,115 | 58 | % | |||||||||||||
(continues on next page)
See notes to financial statements.
23
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) | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | Total Return(a)(b) | ||||||||||||||||||||||||||||
USAA Ultra Short-Term Bond Fund | |||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 10.12 | 0.05 | (h) | (0.28 | ) | (0.23 | ) | (0.05 | ) | (0.05 | ) | $ | 9.84 | (2.31 | )% | |||||||||||||||||||
| Year Ended December 31: 2021 | $ | 10.13 | 0.07 | (h) | (0.01 | ) | 0.06 | (0.07 | ) | (0.07 | ) | $ | 10.12 | 0.57 | % | ||||||||||||||||||||
| June 29, 2020 (i) through December 31, 2020 | $ | 9.90 | 0.07 | (h) | 0.23 | 0.30 | (0.07 | ) | (0.07 | ) | $ | 10.13 | 3.02 | % | |||||||||||||||||||||
R6 Shares | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | $ | 10.12 | 0.06 | (h) | (0.27 | ) | (0.21 | ) | (0.06 | ) | (0.06 | ) | $ | 9.85 | (2.04 | )% | |||||||||||||||||||
| Year Ended December 31: 2021 | $ | 10.13 | 0.11 | (h) | (0.02 | ) | 0.09 | (0.10 | ) | (0.10 | ) | $ | 10.12 | 0.91 | % | ||||||||||||||||||||
2020 | $ | 10.05 | 0.21 | (h) | 0.09 | 0.30 | (0.22 | ) | (0.22 | ) | $ | 10.13 | 3.02 | % | |||||||||||||||||||||
2019 | $ | 9.88 | 0.29 | (h) | 0.17 | 0.46 | (0.29 | ) | (0.29 | ) | $ | 10.05 | 4.70 | % | |||||||||||||||||||||
2018 | $ | 9.97 | 0.24 | (0.09 | ) | 0.15 | (0.24 | ) | (0.24 | ) | $ | 9.88 | 1.51 | % | |||||||||||||||||||||
| March 1, 2017 (i) through December 31, 2017 | $ | 9.98 | 0.15 | (0.01 | ) | 0.14 | (0.15 | ) | (0.15 | ) | $ | 9.97 | 1.42 | % | |||||||||||||||||||||
(a) Not annualized for periods less than one year.
(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.
(c) For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.
(d) Annualized for periods less than one year.
(e) The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning June 29, 2020, and July 1, 2019 for Class A and R6 Shares, respectively, 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.
(f) Does not include acquired fund fees and expenses, if any.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(h) Per share net investment income (loss) has been calculated using the average daily shares method.
(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 | ||||||||||||||||||||||
| Net Expenses(c)(d)(e)(f) | Net Investment Income (Loss)(d) | Gross Expenses(d)(f) | Net Assets, End of Period (000's) | Portfolio Turnover(a)(g) | |||||||||||||||||||
USAA Ultra Short-Term Bond Fund | |||||||||||||||||||||||
Class A | |||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | 0.86 | % | 0.95 | % | 22.05 | % | $ | 58 | 22 | % | |||||||||||||
| Year Ended December 31: 2021 | 0.85 | % | 0.65 | % | 14.86 | % | $ | 59 | 57 | % | |||||||||||||
| June 29, 2020 (i) through December 31, 2020 | 0.84 | % | 1.32 | % | 108.95 | % | $ | 19 | 39 | % | |||||||||||||
R6 Shares | |||||||||||||||||||||||
| Six Months Ended June 30, 2022 (Unaudited): | 0.51 | % | 1.27 | % | 0.77 | % | $ | 1,914 | 22 | % | |||||||||||||
| Year Ended December 31: 2021 | 0.48 | % | 1.09 | % | 0.49 | % | $ | 2,223 | 57 | % | |||||||||||||
2020 | 0.41 | % | 2.15 | % | 0.51 | % | $ | 7,648 | 39 | % | |||||||||||||
2019 | 0.39 | % | 2.92 | % | 0.80 | % | $ | 6,518 | 59 | % | |||||||||||||
2018 | 0.39 | % | 2.41 | % | 0.69 | % | $ | 4,980 | 48 | % | |||||||||||||
| March 1, 2017 (i) through December 31, 2017 | 0.39 | % | 1.81 | % | 1.05 | % | $ | 5,091 | 58 | % | |||||||||||||
See notes to financial statements.
25
USAA Mutual Funds Trust | Notes to Financial Statements June 30, 2022 | ||||||
(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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.
The accompanying financial statements are those of the USAA Ultra Short-Term Bond Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, and R6 Shares. The Fund is classified as diversified under the 1940 Act.
Each class of shares of the Fund has substantially identical rights and privileges, except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.
Investment Valuation:
The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:
• Level 1 — quoted prices 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, 2022 | ||||||
(Unaudited)
Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.
Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.
In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 49,933 | $ | — | $ | 49,933 | |||||||||||
Collateralized Mortgage Obligations | — | 46,965 | — | 46,965 | |||||||||||||||
Senior Secured Loans | — | 10,822 | — | 10,822 | |||||||||||||||
Corporate Bonds | — | 77,156 | — | 77,156 | |||||||||||||||
Yankee Dollars | — | 48,221 | — | 48,221 | |||||||||||||||
Municipal Bonds | — | 22,724 | — | 22,724 | |||||||||||||||
U.S. Treasury Obligations | — | 1,999 | — | 1,999 | |||||||||||||||
Commercial Paper | — | 28,893 | — | 28,893 | |||||||||||||||
Collateral for Securities Loaned | 3,156 | — | — | 3,156 | |||||||||||||||
Total | $ | 3,156 | $ | 286,713 | $ | — | $ | 289,869 | |||||||||||
For the six months ended June 30, 2022, there were no transfers into/out of Level 3.
Real Estate Investment Trusts ("REITs"):
The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.
Investment Companies:
Open-End Funds:
The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market
27
USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(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 Payables for Investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.
Municipal Obligations:
The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payments of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.
Mortgage- and Asset-Backed Securities:
The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.
Leveraged Loans:
The Fund may invest in leveraged loans, a type of bank loan. Leveraged loans are adjustable-rate bank loans made to companies rated below investment grade. The interest rates on leveraged loans are reset periodically based upon the fluctuations of a base interest rate such as London Interbank Offered Rate ("LIBOR") and a "spread" above that base interest rate that represents a risk premium to the lending banks and/or other participating investors. Many bank loans bear an adjustable rate of interest; however, leveraged loans provide for a greater "spread" over the base interest rate than other bank loans because they are considered to represent a greater credit risk. Because they are perceived to 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
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest Income on the Statement of Operations.
The Fund may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statement of Operations.
Securities Lending:
The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.
The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.
The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2022.
| Value of Securities on Loan | Non-Cash Collateral | Cash Collateral | |||||||||
| $ | 3,062 | $ | — | $ | 3,156 | ||||||
Federal Income Taxes:
The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.
For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.
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(Unaudited)
Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
Allocations:
Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.
Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.
Cross-Trade Transactions:
Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. 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, 2022, 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) | |||||||||
| $ | 2,000 | $ | 2,000 | $ | — | ||||||
3. Purchases and Sales:
Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows for the Fund (amounts in thousands):
Excluding | |||||||
Purchases | Sales | ||||||
$ | 69,553 | $ | 55,669 | ||||
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, 2022, are reflected on the Statement of Operations as Investment advisory fees.
The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective class' performance to that of the Lipper Ultra Short Obligations Funds Index. The Lipper
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(Unaudited)
Ultra Short Obligations Funds Index tracks the total return performance of the largest funds within the Lipper Ultra Short Obligations Funds category.
The performance period for each share class consists of the current month plus the previous 35 months. The following table is utilized to determine the extent of the performance adjustment:
| 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 the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.
Each class' annual performance adjustment rate is multiplied by the average daily net assets of the respective class over the entire performance period, which is then multiplied by a fraction, the numerator of which is the number of days in the month and the denominator of which is 365 (366 in leap years). The resulting amount is then added to (in the case of overperformance), or subtracted from (in the case of underperformance) the base fee.
Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Ultra Short Obligations Funds Index over that period, even if the class has overall negative returns during the performance period.
For the period January 1, 2022, to June 30, 2022, performance adjustments were $53, $10, less than $1, and $1 for Fund Shares, Institutional Shares, Class A, and R6 Shares, in thousands, respectively. Performance adjustments were 0.05%, 0.02%, 0.01%, and 0.12% 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, 2022, the Fund had no subadvisers.
Administration and Servicing Fees:
VCM also serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, 0.15%, and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, Class A, and R6 Shares, respectively. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.
Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Sub-Administration fees.
The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.
Transfer Agency Fees:
Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $25.50 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent fees for Institutional Shares, Class A and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, and 0.01%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended June 30, 2022, are reflected on the Statement of Operations as Transfer agent fees.
FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent Agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.
Distributor/Underwriting Services:
Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust.
Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A. Amounts incurred and paid to the Distributor for the six months ended June 30, 2022, are reflected on the Statement of Operations as 12b-1 fees.
In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended June 30, 2022, the Distributor did not receive any commissions.
Other Fees:
Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Custodian fees.
K&L Gates LLP provides legal services to the Trust.
The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limits (excluding voluntary waivers) were 0.60%, 0.55%, 0.85% and 0.39% for Fund Shares, Institutional Shares, Class A, and R6 Shares, respectively.
Under the terms of the expense limitation agreement, as amended June 29, 2022, 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
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(Unaudited)
of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.
As of June 30, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at June 30, 2022.
| Expires 2022 | Expires 2023 | Expires 2024 | Expires 2025 | Total | |||||||||||||||
| $ | 10 | $ | 27 | $ | 11 | $ | 28 | $ | 76 | ||||||||||
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, 2022.
Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.
5. Risks:
The Fund may be subject to other risks in addition to these identified risks.
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 issuer's 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 — The LIBOR discontinuation may adversely affect the financial markets generally and the Fund's operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.
Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Fund and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.
It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Fund and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.
Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.
6. Borrowing and Interfund Lending:
Line of Credit:
The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.
The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.
Interfund Lending:
The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the
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USAA Mutual Funds Trust | Notes to Financial Statements — continued June 30, 2022 | ||||||
(Unaudited)
untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.
The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.
7. Federal Income Tax Information:
The Fund intends to distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.
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, 2022.
At the tax year ended December 31, 2021, the Fund had net capital loss carryforwards as summarized in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.
| Short-Term Amount | Long-Term Amount | Total | |||||||||
| $ | 1,926 | $ | 363 | $ | 2,289 | ||||||
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USAA Mutual Funds Trust | Supplemental Information June 30, 2022 | ||||||
(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, 2022, through June 30, 2022.
The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value 1/1/22 | Actual Ending Account Value 6/30/22 | Hypothetical Ending Account Value 6/30/22 | Actual Expenses Paid During Period 1/1/22- 6/30/22* | Hypothetical Expenses Paid During Period 1/1/22- 6/30/22* | Annualized Expense Ratio During Period 1/1/22- 6/30/22 | ||||||||||||||||||||||
Fund Shares | $ | 1,000.00 | $ | 978.10 | $ | 1,021.67 | $ | 3.09 | $ | 3.16 | 0.63 | % | |||||||||||||||
Institutional Shares | 1,000.00 | 979.30 | 1,021.97 | 2.80 | 2.86 | 0.57 | |||||||||||||||||||||
Class A | 1,000.00 | 976.90 | 1,020.53 | 4.22 | 4.31 | 0.86 | |||||||||||||||||||||
R6 Shares | 1,000.00 | 979.60 | 1,022.27 | 2.50 | 2.56 | 0.51 | |||||||||||||||||||||
* 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, 2022 | ||||||
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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 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 11, 2022, 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 | ||||||
www.vcm.com | (800) 235-8396 | ||||||
94422-0822
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 | August 31, 2022 |
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 | August 31, 2022 |
| By (Signature and Title)* | /s/ James K. De Vries | |
| James K. De Vries, Principal Financial Officer |
| Date | August 31, 2022 |