USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Aggressive Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (97.8%) | ||||||||
Communication Services (8.2%): | ||||||||
Alphabet, Inc. Class C (a) | 965,419 | $ | 91,387 | |||||
Meta Platforms, Inc. Class A (a) | 113,953 | 10,616 | ||||||
Netflix, Inc. (a) | 20,681 | 6,036 | ||||||
The Trade Desk, Inc. Class A (a) | 234,257 | 12,472 | ||||||
120,511 | ||||||||
Communications Equipment (2.7%): | ||||||||
Arista Networks, Inc. (a) | 185,183 | 22,381 | ||||||
Motorola Solutions, Inc. | 69,920 | 17,460 | ||||||
39,841 | ||||||||
Consumer Discretionary (18.4%): | ||||||||
Airbnb, Inc. Class A (a) | 125,960 | 13,466 | ||||||
Amazon.com, Inc. (a) | 687,737 | 70,452 | ||||||
Booking Holdings, Inc. (a) | 4,730 | 8,843 | ||||||
Chipotle Mexican Grill, Inc. (a) | 3,873 | 5,803 | ||||||
Dollar Tree, Inc. (a) | 88,762 | 14,069 | ||||||
Lululemon Athletica, Inc. (a) | 55,019 | 18,103 | ||||||
NIKE, Inc. Class B | 155,868 | 14,446 | ||||||
O'Reilly Automotive, Inc. (a) | 48,592 | 40,680 | ||||||
Tesla, Inc. (a) | 116,380 | 26,481 | ||||||
Tractor Supply Co. | 163,212 | 35,869 | ||||||
Ulta Beauty, Inc. (a) | 50,876 | 21,336 | ||||||
269,548 | ||||||||
Consumer Staples (3.1%): | ||||||||
Constellation Brands, Inc. Class A | 98,454 | 24,326 | ||||||
Costco Wholesale Corp. | 25,226 | 12,651 | ||||||
The Hershey Co. | 34,186 | 8,162 | ||||||
45,139 | ||||||||
Electronic Equipment, Instruments & Components (1.3%): | ||||||||
CDW Corp. | 112,618 | 19,462 | ||||||
Energy (0.8%): | ||||||||
Diamondback Energy, Inc. | 77,295 | 12,144 | ||||||
Financials (3.8%): | ||||||||
Blackstone, Inc. | 167,546 | 15,270 | ||||||
LPL Financial Holdings, Inc. | 15,753 | 4,027 | ||||||
MSCI, Inc. | 53,272 | 24,977 | ||||||
The Progressive Corp. | 90,558 | 11,628 | ||||||
55,902 | ||||||||
Health Care (13.8%): | ||||||||
Agilent Technologies, Inc. | 59,935 | 8,292 | ||||||
Dexcom, Inc. (a) | 337,591 | 40,774 | ||||||
Edwards Lifesciences Corp. (a) | 115,265 | 8,349 | ||||||
Jazz Pharmaceuticals PLC (a) | 87,944 | 12,645 | ||||||
Tenet Healthcare Corp. (a) | 139,169 | 6,174 | ||||||
Thermo Fisher Scientific, Inc. | 46,810 | 24,059 | ||||||
UnitedHealth Group, Inc. | 44,433 | 24,667 | ||||||
Veeva Systems, Inc. Class A (a) | 102,664 | 17,241 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 113,747 | 35,489 | ||||||
Zoetis, Inc. | 162,659 | 24,526 | ||||||
202,216 | ||||||||
Industrials (6.6%): | ||||||||
CoStar Group, Inc. (a) | 356,248 | 29,469 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Aggressive Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Deere & Co. | 22,389 | $ | 8,862 | |||||
Generac Holdings, Inc. (a) | 61,667 | 7,148 | ||||||
HEICO Corp. Class A | 115,937 | 14,759 | ||||||
Quanta Services, Inc. | 88,909 | 12,628 | ||||||
Regal Rexnord Corp. | 30,847 | 3,903 | ||||||
Uber Technologies, Inc. (a) | 528,967 | 14,055 | ||||||
Verisk Analytics, Inc. | 36,360 | 6,648 | ||||||
97,472 | ||||||||
IT Services (8.3%): | ||||||||
Block, Inc. (a) | 72,483 | 4,354 | ||||||
Gartner, Inc. (a) | 57,691 | 17,418 | ||||||
PayPal Holdings, Inc. (a) | 92,775 | 7,754 | ||||||
Snowflake, Inc. Class A (a) | 32,733 | 5,247 | ||||||
Toast, Inc. Class A (a) | 360,911 | 7,973 | ||||||
Visa, Inc. Class A | 381,813 | 79,096 | ||||||
121,842 | ||||||||
Materials (0.7%): | ||||||||
Graphic Packaging Holding Co. | 470,355 | 10,799 | ||||||
Real Estate (0.4%): | ||||||||
SBA Communications Corp. | 18,936 | 5,111 | ||||||
Semiconductors & Semiconductor Equipment (6.1%): | ||||||||
Advanced Micro Devices, Inc. (a) | 82,853 | 4,976 | ||||||
Broadcom, Inc. | 28,195 | 13,255 | ||||||
Enphase Energy, Inc. (a) | 32,410 | 9,950 | ||||||
Lam Research Corp. | 28,180 | 11,407 | ||||||
Monolithic Power Systems, Inc. | 22,080 | 7,495 | ||||||
NVIDIA Corp. | 310,598 | 41,921 | ||||||
89,004 | ||||||||
Software (17.5%): | ||||||||
Adobe, Inc. (a) | 55,368 | 17,635 | ||||||
Cadence Design Systems, Inc. (a) | 152,771 | 23,128 | ||||||
Crowdstrike Holdings, Inc. Class A (a) | 104,588 | 16,860 | ||||||
Intuit, Inc. | 20,134 | 8,607 | ||||||
Microsoft Corp. | 448,668 | 104,149 | ||||||
Palo Alto Networks, Inc. (a) | 183,118 | 31,421 | ||||||
ServiceNow, Inc. (a) | 105,348 | 44,324 | ||||||
Synopsys, Inc. (a) | 39,459 | 11,544 | ||||||
257,668 | ||||||||
Technology Hardware, Storage & Peripherals (6.1%): | ||||||||
Apple, Inc. | 587,993 | 90,163 | ||||||
Total Common Stocks (Cost $1,070,892) | 1,436,822 | |||||||
Total Investments (Cost $1,070,892) — 97.8% | 1,436,822 | |||||||
Other assets in excess of liabilities — 2.2% | 31,742 | |||||||
NET ASSETS - 100.00% | $ | 1,468,564 |
(a) | Non-income producing security. |
PLC—Public Limited Company |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.2%) | ||||||||
Australia (2.2%): | ||||||||
Consumer Discretionary (0.3%): | ||||||||
Aristocrat Leisure Ltd. | 90,809 | $ | 2,155 | |||||
Energy (0.1%): | ||||||||
Santos Ltd. | 100,931 | 493 | ||||||
Woodside Energy Group Ltd. | 27,495 | 635 | ||||||
1,128 | ||||||||
Financials (0.5%): | ||||||||
Macquarie Group Ltd. | 20,402 | 2,213 | ||||||
National Australia Bank Ltd. | 65,207 | 1,354 | ||||||
QBE Insurance Group Ltd. | 50,658 | 397 | ||||||
3,964 | ||||||||
Health Care (0.4%): | ||||||||
CSL Ltd. | 15,717 | 2,813 | ||||||
Industrials (0.1%): | ||||||||
Qantas Airways Ltd. (a) | 106,467 | 398 | ||||||
Materials (0.5%): | ||||||||
BHP Group Ltd. | 109,653 | 2,633 | ||||||
Mineral Resources Ltd. | 8,503 | 399 | ||||||
Rio Tinto Ltd. | 6,614 | 375 | ||||||
3,407 | ||||||||
Real Estate (0.3%): | ||||||||
Charter Hall Group | 51,566 | 428 | ||||||
Goodman Group | 34,910 | 380 | ||||||
Scentre Group | 890,942 | 1,657 | ||||||
2,465 | ||||||||
16,330 | ||||||||
Austria (0.1%): | ||||||||
Industrials (0.1%): | ||||||||
ANDRITZ AG | 11,914 | 554 | ||||||
Belgium (0.2%): | ||||||||
Information Technology (0.2%): | ||||||||
Melexis NV | 16,114 | 1,108 | ||||||
Brazil (0.4%): | ||||||||
Consumer Discretionary (0.1%): | ||||||||
Grupo SBF SA | 72,885 | 267 | ||||||
Lojas Renner SA | 49,600 | 297 | ||||||
Vibra Energia SA | 61,400 | 217 | ||||||
781 | ||||||||
Consumer Staples (0.1%): | ||||||||
Sao Martinho SA | 43,200 | 225 | ||||||
Sendas Distribuidora SA | 101,539 | 390 | ||||||
615 | ||||||||
Financials (0.0%):(b) | ||||||||
Banco ABC Brasil SA Preference Shares | 74,300 | 297 | ||||||
Industrials (0.1%): | ||||||||
Santos Brasil Participacoes SA | 158,100 | 278 | ||||||
SIMPAR SA | 137,616 | 289 | ||||||
567 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Materials (0.0%):(b) | ||||||||
Metalurgica Gerdau SA | 161,600 | $ | 352 | |||||
Real Estate (0.1%): | ||||||||
Multiplan Empreendimentos Imobiliarios SA | 83,000 | 424 | ||||||
Utilities (0.0%):(b) | ||||||||
Neoenergia SA | 83,200 | 268 | ||||||
3,304 | ||||||||
Canada (2.3%): | ||||||||
Consumer Staples (0.4%): | ||||||||
Alimentation Couche-Tard, Inc. | 59,430 | 2,661 | ||||||
Energy (0.1%): | ||||||||
Parex Resources, Inc. | 64,181 | 979 | ||||||
Financials (0.9%): | ||||||||
Manulife Financial Corp. | 124,557 | 2,065 | ||||||
National Bank of Canada | 20,884 | 1,422 | ||||||
The Toronto-Dominion Bank | 54,758 | 3,505 | ||||||
6,992 | ||||||||
Industrials (0.4%): | ||||||||
Canadian Pacific Railway Ltd. | 35,768 | 2,667 | ||||||
Information Technology (0.3%): | ||||||||
Constellation Software, Inc. | 1,786 | 2,583 | ||||||
Materials (0.2%): | ||||||||
Aginco Eagle Mines Ltd. | 37,310 | 1,641 | ||||||
17,523 | ||||||||
Chile (0.1%): | ||||||||
Consumer Staples (0.0%):(b) | ||||||||
SMU SA | 2,182,814 | 222 | ||||||
Industrials (0.1%): | ||||||||
Quinenco SA | 90,669 | 241 | ||||||
Materials (0.0%):(b) | ||||||||
CAP SA | 36,418 | 195 | ||||||
658 | ||||||||
China (0.3%): | ||||||||
Communication Services (0.1%): | ||||||||
Tencent Holdings Ltd. | 28,700 | 754 | ||||||
Consumer Staples (0.1%): | ||||||||
Chacha Food Co. Ltd. Class A | 46,400 | 282 | ||||||
Chenguang Biotech Group Co. Ltd. Class A | 118,200 | 263 | ||||||
545 | ||||||||
Health Care (0.0%):(b) | ||||||||
Amoy Diagnostics Co. Ltd. Class A | 38,160 | 123 | ||||||
China Resources Medical Holdings Co. Ltd. | 385,000 | 184 | ||||||
307 | ||||||||
Industrials (0.0%):(b) | ||||||||
Xinte Energy Co. Ltd. Class H | 160,800 | 314 | ||||||
Information Technology (0.1%): | ||||||||
AsiaInfo Technologies Ltd. (c) | 236,000 | 282 | ||||||
WUS Printed Circuit Kunshan Co. Ltd. Class A | 168,740 | 251 | ||||||
533 | ||||||||
2,453 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Cyprus (0.0%):(b) | ||||||||
Materials (0.0%):(b) | ||||||||
Tharisa PLC | 190,445 | $ | 220 | |||||
Denmark (1.0%): | ||||||||
Consumer Discretionary (0.2%): | ||||||||
Pandora A/S | 24,897 | 1,310 | ||||||
Consumer Staples (0.0%):(b) | ||||||||
Royal Unibrew A/S | 8,126 | 464 | ||||||
Health Care (0.7%): | ||||||||
Novo Nordisk A/S Class B | 48,035 | 5,224 | ||||||
Industrials (0.1%): | ||||||||
AP Moller - Maersk A/S Class B | 234 | 489 | ||||||
7,487 | ||||||||
Finland (0.1%): | ||||||||
Information Technology (0.1%): | ||||||||
Nokia Oyj | 113,310 | 504 | ||||||
Utilities (0.0%):(b) | ||||||||
Fortum Oyj | 34,695 | 488 | ||||||
992 | ||||||||
France (2.9%): | ||||||||
Communication Services (0.1%): | ||||||||
Publicis Groupe SA | 11,210 | 628 | ||||||
Consumer Discretionary (1.1%): | ||||||||
La Francaise des Jeux SAEM (c) | 55,973 | 1,824 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 10,526 | 6,641 | ||||||
8,465 | ||||||||
Consumer Staples (0.1%): | ||||||||
Pernod Ricard SA | 4,647 | 815 | ||||||
Energy (0.2%): | ||||||||
Gaztransport Et Technigaz SA | 9,957 | 1,158 | ||||||
Financials (0.2%): | ||||||||
AXA SA | 30,427 | 751 | ||||||
BNP Paribas SA | 13,405 | 629 | ||||||
1,380 | ||||||||
Industrials (0.5%): | ||||||||
Cie de Saint-Gobain | 13,796 | 564 | ||||||
Eiffage SA | 5,468 | 494 | ||||||
Rexel SA | 23,311 | 416 | ||||||
Safran SA | 17,809 | 1,983 | ||||||
Teleperformance | 1,477 | 396 | ||||||
3,853 | ||||||||
Information Technology (0.4%): | ||||||||
Capgemini SE | 17,082 | 2,799 | ||||||
Edenred | 8,998 | 461 | ||||||
3,260 | ||||||||
Materials (0.3%): | ||||||||
Arkema SA | 24,256 | 1,919 | ||||||
Real Estate (0.0%):(b) | ||||||||
Klepierre SA | 16,353 | 329 | ||||||
21,807 | ||||||||
Germany (1.8%): | ||||||||
Communication Services (0.2%): | ||||||||
Deutsche Telekom AG | 65,666 | 1,239 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Consumer Discretionary (0.3%): | ||||||||
Mercedes-Benz Group AG | 10,875 | $ | 629 | |||||
Volkswagen AG Preference Shares | 11,755 | 1,505 | ||||||
2,134 | ||||||||
Energy (0.1%): | ||||||||
VERBIO Vereinigte BioEnergie AG | 7,554 | 595 | ||||||
Financials (0.4%): | ||||||||
Allianz SE Registered Shares | 13,681 | 2,461 | ||||||
Hannover Rueck SE | 3,410 | 555 | ||||||
3,016 | ||||||||
Health Care (0.2%): | ||||||||
Bayer AG Registered Shares | 13,925 | 732 | ||||||
Merck KGaA | 5,446 | 887 | ||||||
1,619 | ||||||||
Industrials (0.1%): | ||||||||
Brenntag SE | 7,343 | 446 | ||||||
Deutsche Post AG Registered Shares | 18,516 | 654 | ||||||
1,100 | ||||||||
Information Technology (0.4%): | ||||||||
Infineon Technologies AG | 15,439 | 375 | ||||||
SAP SE | 28,971 | 2,788 | ||||||
3,163 | ||||||||
Utilities (0.1%): | ||||||||
RWE AG | 25,853 | 995 | ||||||
13,861 | ||||||||
Greece (0.1%): | ||||||||
Financials (0.0%):(b) | ||||||||
National Bank of Greece SA (a) | 90,733 | 329 | ||||||
Industrials (0.1%): | ||||||||
Mytilineos SA | 25,706 | 431 | ||||||
760 | ||||||||
Hong Kong (0.8%): | ||||||||
Consumer Discretionary (0.1%): | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 265,200 | 454 | ||||||
EC Healthcare | 252,000 | 130 | ||||||
584 | ||||||||
Consumer Staples (0.0%):(b) | ||||||||
WH Group Ltd. (c) | 565,000 | 285 | ||||||
Financials (0.2%): | ||||||||
AIA Group Ltd. | 126,000 | 954 | ||||||
CSSC Hong Kong Shipping Co. Ltd. | 2,390,000 | 301 | ||||||
1,255 | ||||||||
Industrials (0.1%): | ||||||||
China State Construction Development Holdings Ltd. | 918,000 | 189 | ||||||
CK Hutchison Holdings Ltd. | 62,000 | 309 | ||||||
LK Technology Holdings Ltd. | 182,500 | 165 | ||||||
663 | ||||||||
Materials (0.0%):(b) | ||||||||
Shougang Fushan Resources Group Ltd. | 818,000 | 222 | ||||||
Real Estate (0.4%): | ||||||||
CK Asset Holdings Ltd. | 490,500 | 2,712 | ||||||
5,721 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
India (1.0%): | ||||||||
Communication Services (0.0%):(b) | ||||||||
Sun TV Network Ltd. | 60,368 | $ | 381 | |||||
Consumer Discretionary (0.1%): | ||||||||
Asahi India Glass Ltd. | 56,148 | 418 | ||||||
Raymond Ltd. | 31,264 | 453 | ||||||
871 | ||||||||
Consumer Staples (0.0%):(b) | ||||||||
Dabur India Ltd. | 49,313 | 331 | ||||||
Financials (0.2%): | ||||||||
Cholamandalam Investment & Finance Co. Ltd. | 40,771 | 350 | ||||||
City Union Bank Ltd. | 164,795 | 370 | ||||||
Home First Finance Co. India Ltd. (a)(c) | 37,527 | 330 | ||||||
Manappuram Finance Ltd. | 205,950 | 262 | ||||||
1,312 | ||||||||
Health Care (0.1%): | ||||||||
JB Chemicals & Pharmaceuticals Ltd. | 10,874 | 259 | ||||||
Narayana Hrudayalaya Ltd. | 30,501 | 292 | ||||||
551 | ||||||||
Industrials (0.2%): | ||||||||
Ashoka Buildcon Ltd. (a) | 294,501 | 264 | ||||||
Craftsman Automation Ltd. | 12,216 | 464 | ||||||
GMM Pfaudler Ltd. | 10,655 | 238 | ||||||
Rail Vikas Nigam Ltd. | 534,120 | 258 | ||||||
Somany Ceramics Ltd. | 36,606 | 238 | ||||||
1,462 | ||||||||
Information Technology (0.1%): | ||||||||
Mphasis Ltd. | 11,190 | 267 | ||||||
WNS Holdings Ltd., ADR (a) | 3,666 | 316 | ||||||
583 | ||||||||
Materials (0.2%): | ||||||||
APL Apollo Tubes Ltd. | 32,646 | 426 | ||||||
Finolex Industries Ltd. | 170,341 | 276 | ||||||
JK Paper Ltd. | 53,226 | 267 | ||||||
Solar Industries India Ltd. | 8,605 | 405 | ||||||
Supreme Industries Ltd. | 12,200 | 321 | ||||||
1,695 | ||||||||
Utilities (0.1%): | ||||||||
CESC Ltd. | 319,334 | 296 | ||||||
PTC India Ltd. | 318,695 | 278 | ||||||
574 | ||||||||
7,760 | ||||||||
Indonesia (0.2%): | ||||||||
Consumer Discretionary (0.1%): | ||||||||
PT Mitra Adiperkasa Tbk (a) | 5,442,000 | 421 | ||||||
Consumer Staples (0.0%):(b) | ||||||||
PT Industri Jamu Dan Farmasi Sido Muncul Tbk | 4,680,500 | 222 | ||||||
Financials (0.1%): | ||||||||
PT Bank CIMB Niaga Tbk | 4,500,500 | 329 | ||||||
Real Estate (0.0%):(b) | ||||||||
PT Puradelta Lestari Tbk | 24,920,300 | 291 | ||||||
1,263 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Ireland (0.4%): | ||||||||
Health Care (0.0%):(b) | ||||||||
ICON PLC (a) | 2,038 | $ | 403 | |||||
Information Technology (0.4%): | ||||||||
Accenture PLC Class A | 10,130 | 2,876 | ||||||
3,279 | ||||||||
Israel (0.1%): | ||||||||
Financials (0.0%):(b) | ||||||||
Bank Leumi Le | 46,835 | 447 | ||||||
Information Technology (0.1%): | ||||||||
Nice Ltd. (a) | 2,497 | 471 | ||||||
918 | ||||||||
Italy (0.5%): | ||||||||
Industrials (0.1%): | ||||||||
Leonardo SpA | 49,692 | 399 | ||||||
Information Technology (0.0%):(b) | ||||||||
Nexi SpA (a)(c) | 38,694 | 334 | ||||||
Utilities (0.4%): | ||||||||
Enel SpA | 291,512 | 1,302 | ||||||
Iren SpA | 161,035 | 240 | ||||||
Snam SpA | 271,756 | 1,208 | ||||||
2,750 | ||||||||
3,483 | ||||||||
Japan (5.9%): | ||||||||
Communication Services (0.6%): | ||||||||
Capcom Co. Ltd. | 62,300 | 1,733 | ||||||
Kakaku.com, Inc. | 64,200 | 1,086 | ||||||
Nintendo Co. Ltd. | 10,800 | 438 | ||||||
Nippon Telegraph & Telephone Corp. | 35,600 | 982 | ||||||
4,239 | ||||||||
Consumer Discretionary (0.9%): | ||||||||
Bandai Namco Holdings, Inc. | 5,900 | 390 | ||||||
Isuzu Motors Ltd. | 46,200 | 543 | ||||||
Rinnai Corp. | 5,400 | 368 | ||||||
Toyota Motor Corp. | 325,200 | 4,512 | ||||||
ZOZO, Inc. | 50,600 | 1,074 | ||||||
6,887 | ||||||||
Consumer Staples (0.3%): | ||||||||
Ajinomoto Co., Inc. | 24,400 | 671 | ||||||
Seven & i Holdings Co. Ltd. | 15,000 | 560 | ||||||
Toyo Suisan Kaisha Ltd. | 30,600 | 1,148 | ||||||
2,379 | ||||||||
Financials (0.8%): | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 394,200 | 1,862 | ||||||
Mizuho Financial Group, Inc. | 52,120 | 564 | ||||||
ORIX Corp. | 60,300 | 886 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 19,200 | 539 | ||||||
Tokio Marine Holdings, Inc. | 127,300 | 2,305 | ||||||
6,156 | ||||||||
Health Care (0.7%): | ||||||||
Hoya Corp. | 27,200 | 2,529 | ||||||
Olympus Corp. | 25,700 | 542 | ||||||
Ono Pharmaceutical Co. Ltd. | 28,200 | 664 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Shionogi & Co. Ltd. | 33,400 | $ | 1,551 | |||||
5,286 | ||||||||
Industrials (1.7%): | ||||||||
AGC, Inc. | 12,100 | 379 | ||||||
Fuji Electric Co. Ltd. | 66,800 | 2,583 | ||||||
Hitachi Ltd. | 9,200 | 418 | ||||||
ITOCHU Corp. | 37,000 | 956 | ||||||
Komatsu Ltd. | 22,700 | 445 | ||||||
MISUMI Group, Inc. | 59,400 | 1,265 | ||||||
Mitsubishi Heavy Industries Ltd. | 43,700 | 1,505 | ||||||
Mitsui & Co. Ltd. | 33,000 | 730 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 9,800 | 493 | ||||||
Nippon Yusen KK (d) | 71,700 | 1,299 | ||||||
OKUMA Corp. | 20,400 | 683 | ||||||
Sanwa Holdings Corp. | 191,000 | 1,646 | ||||||
12,402 | ||||||||
Information Technology (0.6%): | ||||||||
Canon, Inc. | 18,300 | 388 | ||||||
Fujitsu Ltd. | 19,500 | 2,244 | ||||||
TDK Corp. | 16,600 | 519 | ||||||
Tokyo Electron Ltd. | 1,600 | 421 | ||||||
Ulvac, Inc. | 30,500 | 1,202 | ||||||
4,774 | ||||||||
Materials (0.1%): | ||||||||
Shin-Etsu Chemical Co. Ltd. | 4,000 | 416 | ||||||
Tosoh Corp. | 38,500 | 419 | ||||||
835 | ||||||||
Real Estate (0.1%): | ||||||||
Mitsui Fudosan Co. Ltd. | 26,900 | 515 | ||||||
Utilities (0.1%): | ||||||||
Chubu Electric Power Co., Inc. | 80,100 | 652 | ||||||
44,125 | ||||||||
Korea, Republic Of (0.5%): | ||||||||
Communication Services (0.0%):(b) | ||||||||
JYP Entertainment Corp. | 10,074 | 391 | ||||||
Consumer Discretionary (0.1%): | ||||||||
Danawa Co. Ltd. | 9,672 | 116 | ||||||
Handsome Co. Ltd. | 12,343 | 217 | ||||||
Shinsegae, Inc. | 2,046 | 305 | ||||||
638 | ||||||||
Consumer Staples (0.0%):(b) | ||||||||
BGF retail Co. Ltd. | 2,019 | 264 | ||||||
Financials (0.1%): | ||||||||
DGB Financial Group, Inc. | 45,140 | 215 | ||||||
JB Financial Group Co. Ltd. | 58,374 | 294 | ||||||
KIWOOM Securities Co. Ltd. | 4,266 | 241 | ||||||
750 | ||||||||
Health Care (0.1%): | ||||||||
Daewoong Pharmaceutical Co. Ltd. | 2,211 | 250 | ||||||
InBody Co. Ltd. | 12,563 | 181 | ||||||
I-Sens, Inc. | 9,544 | 232 | ||||||
663 | ||||||||
Industrials (0.1%): | ||||||||
CJ Corp. | 4,407 | 222 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Hanwha Aerospace Co. Ltd. | 7,284 | $ | 339 | |||||
561 | ||||||||
Information Technology (0.1%): | ||||||||
Hana Materials, Inc. | 7,586 | 163 | ||||||
Innox Advanced Materials Co. Ltd. | 12,720 | 243 | ||||||
Samwha Capacitor Co. Ltd. | 5,768 | 130 | ||||||
536 | ||||||||
Materials (0.0%):(b) | ||||||||
PI Advanced Materials Co. Ltd. | 9,579 | 199 | ||||||
4,002 | ||||||||
Luxembourg (0.2%): | ||||||||
Energy (0.1%): | ||||||||
Tenaris SA | 42,538 | 666 | ||||||
Materials (0.1%): | ||||||||
ArcelorMittal SA | 20,789 | 464 | ||||||
1,130 | ||||||||
Malaysia (0.2%): | ||||||||
Consumer Discretionary (0.0%):(b) | ||||||||
Bermaz Auto Bhd | 688,800 | 288 | ||||||
Financials (0.1%): | ||||||||
Hong Leong Financial Group Bhd | 85,000 | 344 | ||||||
Information Technology (0.1%): | ||||||||
Inari Amertron Bhd | 557,000 | 294 | ||||||
Materials (0.0%):(b) | ||||||||
Evergreen Fibreboard Bhd | 2,544,100 | 210 | ||||||
1,136 | ||||||||
Mexico (0.1%): | ||||||||
Consumer Discretionary (0.0%):(b) | ||||||||
Alsea SAB de CV (a) | 153,537 | 294 | ||||||
Financials (0.1%): | ||||||||
Regional SAB de CV (d) | 66,157 | 462 | ||||||
Real Estate (0.0%):(b) | ||||||||
Prologis Property Mexico SA de CV | 110,420 | 284 | ||||||
1,040 | ||||||||
Netherlands (1.6%): | ||||||||
Communication Services (0.3%): | ||||||||
Koninklijke KPN NV | 795,090 | 2,223 | ||||||
Consumer Staples (0.2%): | ||||||||
Heineken NV | 5,915 | 494 | ||||||
Koninklijke Ahold Delhaize NV | 34,379 | 959 | ||||||
1,453 | ||||||||
Financials (0.4%): | ||||||||
ING Groep NV | 231,551 | 2,278 | ||||||
NN Group NV | 12,257 | 519 | ||||||
2,797 | ||||||||
Health Care (0.1%): | ||||||||
QIAGEN NV (a) | 11,792 | 509 | ||||||
Industrials (0.0%):(b) | ||||||||
Signify NV (c) | 9,815 | 272 | ||||||
Information Technology (0.3%): | ||||||||
ASM International NV | 8,612 | 1,905 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
STMicroelectronics NV | 23,412 | $ | 728 | |||||
2,633 | ||||||||
Materials (0.3%): | ||||||||
LyondellBasell Industries NV Class A | 30,821 | 2,356 | ||||||
Real Estate (0.0%):(b) | ||||||||
NEPI Rockcastle NV | 1 | — | (e) | |||||
12,243 | ||||||||
New Zealand (0.1%): | ||||||||
Health Care (0.1%): | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 52,047 | 591 | ||||||
Norway (0.4%): | ||||||||
Consumer Staples (0.0%):(b) | ||||||||
Mowi ASA | 26,460 | 395 | ||||||
Energy (0.2%): | ||||||||
Aker BP ASA | 16,948 | 539 | ||||||
Equinor ASA | 13,698 | 499 | ||||||
Var Energi ASA | 120,139 | 409 | ||||||
1,447 | ||||||||
Financials (0.1%): | ||||||||
SpareBank 1 SMN | 85,478 | 923 | ||||||
Materials (0.1%): | ||||||||
Yara International ASA | 12,521 | 559 | ||||||
3,324 | ||||||||
Russian Federation (0.0%):(b) | ||||||||
Consumer Discretionary (0.0%): | ||||||||
Detsky Mir PJSC (c)(f)(g) | 214,920 | 3 | ||||||
Financials (0.0%): | ||||||||
Bank St Petersburg PJSC (f)(g) | 372,110 | 4 | ||||||
Industrials (0.0%): | ||||||||
Globaltrans Investment PLC Registered Shares, GDR (f)(g) | 54,896 | 2 | ||||||
9 | ||||||||
Saudi Arabia (0.1%): | ||||||||
Energy (0.1%): | ||||||||
Aldrees Petroleum and Transport Services Co. | 17,566 | 339 | ||||||
Singapore (0.3%): | ||||||||
Consumer Staples (0.1%): | ||||||||
Wilmar International Ltd. | 279,100 | 765 | ||||||
Financials (0.1%): | ||||||||
DBS Group Holdings Ltd. | 38,800 | 938 | ||||||
Utilities (0.1%): | ||||||||
Sembcorp Industries Ltd. | 220,400 | 453 | ||||||
2,156 | ||||||||
South Africa (0.1%): | ||||||||
Consumer Discretionary (0.0%):(b) | ||||||||
Woolworths Holdings Ltd. | 65,699 | 225 | ||||||
Industrials (0.1%): | ||||||||
Raubex Group Ltd. | 145,480 | 227 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
The Bidvest Group Ltd. | 19,623 | $ | 227 | |||||
454 | ||||||||
679 | ||||||||
Spain (0.6%): | ||||||||
Financials (0.4%): | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 440,500 | 2,272 | ||||||
Banco Santander SA | 213,226 | 553 | ||||||
Bankinter SA | 70,167 | 424 | ||||||
3,249 | ||||||||
Health Care (0.0%):(b) | ||||||||
Laboratorios Farmaceuticos Rovi SA | 6,741 | 307 | ||||||
Utilities (0.2%): | ||||||||
Corp. ACCIONA Energias Renovables SA | 16,422 | 646 | ||||||
Iberdrola SA | 57,424 | 584 | ||||||
1,230 | ||||||||
4,786 | ||||||||
Sweden (0.8%): | ||||||||
Consumer Discretionary (0.1%): | ||||||||
Evolution AB (c) | 6,762 | 631 | ||||||
Industrials (0.6%): | ||||||||
Atlas Copco AB Class B | 316,801 | 3,065 | ||||||
Nibe Industrier AB Class B | 175,340 | 1,399 | ||||||
Volvo AB Class B | 29,523 | 483 | ||||||
4,947 | ||||||||
Materials (0.1%): | ||||||||
Boliden AB | 14,543 | 423 | ||||||
6,001 | ||||||||
Switzerland (3.7%): | ||||||||
Consumer Discretionary (0.1%): | ||||||||
Cie Financiere Richemont SA Registered Shares | 6,945 | 679 | ||||||
Consumer Staples (1.2%): | ||||||||
Coca-Cola HBC AG | 86,288 | 1,885 | ||||||
Nestle SA Registered Shares | 65,627 | 7,145 | ||||||
9,030 | ||||||||
Financials (0.6%): | ||||||||
Julius Baer Group Ltd. | 11,275 | 541 | ||||||
Partners Group Holding AG | 1,094 | 982 | ||||||
Swiss Life Holding AG | 1,107 | 536 | ||||||
UBS Group AG | 177,502 | 2,815 | ||||||
4,874 | ||||||||
Health Care (1.6%): | ||||||||
Novartis AG Registered Shares | 58,807 | 4,758 | ||||||
Roche Holding AG | 21,472 | 7,125 | ||||||
11,883 | ||||||||
Materials (0.2%): | ||||||||
Glencore PLC | 148,812 | 853 | ||||||
Holcim AG | 11,382 | 517 | ||||||
1,370 | ||||||||
27,836 | ||||||||
Taiwan (0.6%): | ||||||||
Consumer Discretionary (0.1%): | ||||||||
Fulgent Sun International Holding Co. Ltd. | 70,000 | 296 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Fusheng Precision Co. Ltd. | 48,000 | $ | 270 | |||||
Tong Yang Industry Co. Ltd. | 204,000 | 285 | ||||||
851 | ||||||||
Health Care (0.0%):(b) | ||||||||
Pegavision Corp. | 19,000 | 166 | ||||||
Universal Vision Biotechnology Co. Ltd. | 23,350 | 179 | ||||||
345 | ||||||||
Industrials (0.1%): | ||||||||
Chicony Power Technology Co. Ltd. | 179,000 | 388 | ||||||
Symtek Automation Asia Co. Ltd. | 87,000 | 204 | ||||||
Turvo International Co. Ltd. | 62,000 | 174 | ||||||
766 | ||||||||
Information Technology (0.3%): | ||||||||
Gold Circuit Electronics Ltd. | 149,400 | 396 | ||||||
King Yuan Electronics Co. Ltd. | 338,000 | 342 | ||||||
Macronix International Co. Ltd. | 378,000 | 348 | ||||||
Powertech Technology, Inc. | 124,000 | 286 | ||||||
Sigurd Microelectronics Corp. | 206,000 | 297 | ||||||
Tripod Technology Corp. | 101,000 | 279 | ||||||
Wiwynn Corp. | 10,000 | 224 | ||||||
Zhen Ding Technology Holding Ltd. | 66,000 | 216 | ||||||
2,388 | ||||||||
Materials (0.1%): | ||||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 155,000 | 401 | ||||||
4,751 | ||||||||
Thailand (0.2%): | ||||||||
Financials (0.0%):(b) | ||||||||
AEON Thana Sinsap Thailand PCL-NVDR | 65,500 | 281 | ||||||
Health Care (0.0%):(b) | ||||||||
Mega Lifesciences PCL | 193,400 | 225 | ||||||
Industrials (0.0%):(b) | ||||||||
STARK Corp. PCL-NVDR (a) | 2,235,300 | 188 | ||||||
Materials (0.1%): | ||||||||
Sahamitr Pressure Container PCL | 811,800 | 316 | ||||||
Real Estate (0.1%): | ||||||||
AP Thailand PCL | 1,756,800 | 453 | ||||||
1,463 | ||||||||
United Arab Emirates (0.0%):(b) | ||||||||
Industrials (0.0%):(b) | ||||||||
RAS Al Khaimah Ceramics | 365,205 | 286 | ||||||
United Kingdom (5.5%): | ||||||||
Communication Services (0.1%): | ||||||||
Informa PLC | 65,852 | 419 | ||||||
WPP PLC | 33,503 | 295 | ||||||
714 | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Barratt Developments PLC | 60,354 | 260 | ||||||
JD Sports Fashion PLC | 419,451 | 469 | ||||||
Next PLC | 13,496 | 762 | ||||||
Stellantis NV | 88,361 | 1,192 | ||||||
2,683 | ||||||||
Consumer Staples (0.9%): | ||||||||
Diageo PLC | 67,428 | 2,774 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Imperial Brands PLC | 109,214 | $ | 2,660 | |||||
Reckitt Benckiser Group PLC | 6,801 | 451 | ||||||
Tesco PLC | 239,657 | 592 | ||||||
6,477 | ||||||||
Energy (1.2%): | ||||||||
BP PLC | 704,457 | 3,897 | ||||||
Harbour Energy PLC | 91,050 | 395 | ||||||
Shell PLC | 162,224 | 4,493 | ||||||
8,785 | ||||||||
Financials (1.2%): | ||||||||
3i Group PLC | 58,585 | 780 | ||||||
Aon PLC Class A | 8,957 | 2,521 | ||||||
Barclays PLC | 846,624 | 1,438 | ||||||
HSBC Holdings PLC | 404,716 | 2,077 | ||||||
Legal & General Group PLC | 454,144 | 1,215 | ||||||
Standard Chartered PLC | 123,105 | 736 | ||||||
8,767 | ||||||||
Health Care (0.2%): | ||||||||
AstraZeneca PLC | 10,526 | 1,235 | ||||||
CVS Group PLC | 31,497 | 681 | ||||||
1,916 | ||||||||
Industrials (0.5%): | ||||||||
Ashtead Group PLC | 49,070 | 2,556 | ||||||
BAE Systems PLC | 45,814 | 428 | ||||||
Ferguson PLC | 4,767 | 520 | ||||||
RS GROUP PLC | 39,345 | 433 | ||||||
3,937 | ||||||||
Materials (1.0%): | ||||||||
Anglo American PLC | 14,983 | 449 | ||||||
Croda International PLC | 13,991 | 1,084 | ||||||
Linde PLC | 8,961 | 2,664 | ||||||
Pan African Resources PLC (a) | 1,432,067 | 276 | ||||||
Rio Tinto PLC | 59,061 | 3,086 | ||||||
7,559 | ||||||||
Real Estate (0.0%):(b) | ||||||||
Safestore Holdings PLC | 40,308 | 417 | ||||||
Utilities (0.0%):(b) | ||||||||
Drax Group PLC | 54,198 | 324 | ||||||
41,579 | ||||||||
United States (63.8%): | ||||||||
Communication Services (4.3%): | ||||||||
Alphabet, Inc. Class C (a) | 138,322 | 13,094 | ||||||
AT&T, Inc. | 308,472 | 5,623 | ||||||
Comcast Corp. Class A | 87,389 | 2,774 | ||||||
Match Group, Inc. (a) | 38,001 | 1,642 | ||||||
Sirius XM Holdings, Inc. (d) | 635,145 | 3,836 | ||||||
T-Mobile U.S., Inc. (a) | 16,524 | 2,504 | ||||||
Verizon Communications, Inc. | 73,599 | 2,750 | ||||||
32,223 | ||||||||
Consumer Discretionary (5.7%): | ||||||||
AutoZone, Inc. (a) | 2,173 | 5,504 | ||||||
Best Buy Co., Inc. | 31,339 | 2,144 | ||||||
Ford Motor Co. | 175,049 | 2,340 | ||||||
General Motors Co. | 69,295 | 2,720 | ||||||
Lennar Corp. Class A | 32,601 | 2,631 | ||||||
Lowe's Cos., Inc. | 27,896 | 5,438 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
McDonald's Corp. | 10,758 | $ | 2,933 | |||||
O'Reilly Automotive, Inc. (a) | 6,602 | 5,527 | ||||||
Samsonite International SA (a)(c) | 108,000 | 232 | ||||||
Target Corp. | 15,370 | 2,525 | ||||||
Tesla, Inc. (a) | 18,084 | 4,115 | ||||||
The Home Depot, Inc. | 23,235 | 6,881 | ||||||
42,990 | ||||||||
Consumer Staples (3.5%): | ||||||||
Altria Group, Inc. | 124,280 | 5,750 | ||||||
Colgate-Palmolive Co. | 30,997 | 2,289 | ||||||
PepsiCo, Inc. | 17,176 | 3,119 | ||||||
Philip Morris International, Inc. | 29,393 | 2,700 | ||||||
The Coca-Cola Co. | 48,679 | 2,913 | ||||||
The Hershey Co. | 9,285 | 2,217 | ||||||
The Kroger Co. | 57,491 | 2,719 | ||||||
Tyson Foods, Inc. Class A | 30,156 | 2,061 | ||||||
Walgreens Boots Alliance, Inc. | 68,149 | 2,488 | ||||||
26,256 | ||||||||
Energy (3.5%): | ||||||||
Chevron Corp. | 21,005 | 3,800 | ||||||
ConocoPhillips | 33,431 | 4,215 | ||||||
Devon Energy Corp. | 41,266 | 3,192 | ||||||
EOG Resources, Inc. | 23,754 | 3,243 | ||||||
Exxon Mobil Corp. | 84,729 | 9,389 | ||||||
Marathon Petroleum Corp. | 23,282 | 2,645 | ||||||
26,484 | ||||||||
Financials (8.4%): | ||||||||
American Express Co. | 15,706 | 2,332 | ||||||
Annaly Capital Management, Inc. | 4,825 | 89 | ||||||
Bank of America Corp. | 106,827 | 3,850 | ||||||
Berkshire Hathaway, Inc. Class B (a) | 26,553 | 7,835 | ||||||
Blackstone, Inc. | 22,622 | 2,062 | ||||||
Capital One Financial Corp. | 24,639 | 2,612 | ||||||
Citigroup, Inc. | 57,608 | 2,642 | ||||||
FactSet Research Systems, Inc. | 5,514 | 2,346 | ||||||
JPMorgan Chase & Co. | 34,936 | 4,398 | ||||||
M&T Bank Corp. | 11,970 | 2,015 | ||||||
Marsh & McLennan Cos., Inc. | 16,152 | 2,608 | ||||||
MetLife, Inc. | 43,282 | 3,169 | ||||||
Morgan Stanley | 35,989 | 2,957 | ||||||
MSCI, Inc. | 4,862 | 2,280 | ||||||
Prudential Financial, Inc. | 27,884 | 2,933 | ||||||
Raymond James Financial, Inc. | 20,694 | 2,445 | ||||||
Regions Financial Corp. | 110,817 | 2,432 | ||||||
SEI Investments Co. | 38,395 | 2,085 | ||||||
SVB Financial Group (a) | 2,519 | 582 | ||||||
T. Rowe Price Group, Inc. | 18,911 | 2,008 | ||||||
The Goldman Sachs Group, Inc. | 9,094 | 3,133 | ||||||
The Progressive Corp. | 22,801 | 2,928 | ||||||
Wells Fargo & Co. | 73,515 | 3,381 | ||||||
63,122 | ||||||||
Health Care (12.8%): | ||||||||
AbbVie, Inc. | 46,550 | 6,815 | ||||||
AmerisourceBergen Corp. | 15,482 | 2,434 | ||||||
Amgen, Inc. | 34,718 | 9,386 | ||||||
Biogen, Inc. (a) | 9,167 | 2,598 | ||||||
Bristol-Myers Squibb Co. | 80,584 | 6,243 | ||||||
Cigna Corp. | 20,166 | 6,515 | ||||||
CVS Health Corp. | 57,091 | 5,406 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Elevance Health, Inc. | 11,578 | $ | 6,330 | |||||
Eli Lilly & Co. | 20,179 | 7,307 | ||||||
Gilead Sciences, Inc. | 45,002 | 3,531 | ||||||
IDEXX Laboratories, Inc. (a) | 5,874 | 2,113 | ||||||
Johnson & Johnson | 49,963 | 8,692 | ||||||
McKesson Corp. | 7,068 | 2,752 | ||||||
Merck & Co., Inc. | 73,719 | 7,460 | ||||||
Mettler-Toledo International, Inc. (a) | 1,728 | 2,186 | ||||||
Pfizer, Inc. | 75,737 | 3,525 | ||||||
Thermo Fisher Scientific, Inc. | 5,099 | 2,621 | ||||||
UnitedHealth Group, Inc. | 15,970 | 8,866 | ||||||
Waters Corp. (a) | 6,842 | 2,047 | ||||||
96,827 | ||||||||
Industrials (6.7%): | ||||||||
3M Co. | 38,582 | 4,853 | ||||||
Cummins, Inc. | 12,119 | 2,963 | ||||||
Fastenal Co. | 43,865 | 2,120 | ||||||
FedEx Corp. | 12,091 | 1,938 | ||||||
General Dynamics Corp. | 21,800 | 5,446 | ||||||
Illinois Tool Works, Inc. | 11,717 | 2,502 | ||||||
Lockheed Martin Corp. | 19,141 | 9,315 | ||||||
Masco Corp. | 44,473 | 2,058 | ||||||
Northrop Grumman Corp. | 4,777 | 2,623 | ||||||
Otis Worldwide Corp. | 30,668 | 2,166 | ||||||
PACCAR, Inc. | 28,607 | 2,770 | ||||||
Republic Services, Inc. | 15,279 | 2,026 | ||||||
Union Pacific Corp. | 11,729 | 2,312 | ||||||
United Parcel Service, Inc. Class B | 16,675 | 2,798 | ||||||
W.W. Grainger, Inc. | 4,348 | 2,541 | ||||||
Waste Management, Inc. | 13,927 | 2,206 | ||||||
50,637 | ||||||||
Information Technology (14.0%): | ||||||||
Adobe, Inc. (a) | 7,321 | 2,332 | ||||||
Apple, Inc. | 168,804 | 25,884 | ||||||
Applied Materials, Inc. | 27,026 | 2,386 | ||||||
Automatic Data Processing, Inc. | 9,912 | 2,396 | ||||||
Broadcom, Inc. | 11,751 | 5,524 | ||||||
Cisco Systems, Inc. | 140,628 | 6,389 | ||||||
Cognizant Technology Solutions Corp. Class A | 39,102 | 2,434 | ||||||
Fair Isaac Corp. (a) | 4,982 | 2,386 | ||||||
Fortinet, Inc. (a) | 28,752 | 1,644 | ||||||
HP, Inc. | 154,097 | 4,256 | ||||||
Intel Corp. | 85,010 | 2,417 | ||||||
International Business Machines Corp. | 22,107 | 3,057 | ||||||
Intuit, Inc. | 5,375 | 2,298 | ||||||
Micron Technology, Inc. | 44,358 | 2,400 | ||||||
Microsoft Corp. | 74,809 | 17,365 | ||||||
Motorola Solutions, Inc. | 9,076 | 2,266 | ||||||
Oracle Corp. | 39,911 | 3,116 | ||||||
Palo Alto Networks, Inc. (a) | 11,775 | 2,021 | ||||||
Parade Technologies Ltd. | 10,000 | 188 | ||||||
Paychex, Inc. | 16,713 | 1,977 | ||||||
QUALCOMM, Inc. | 39,997 | 4,706 | ||||||
Texas Instruments, Inc. | 34,415 | 5,528 | ||||||
VeriSign, Inc. (a) | 11,911 | 2,388 | ||||||
105,358 | ||||||||
Materials (2.2%): | ||||||||
Avery Dennison Corp. | 12,003 | 2,035 | ||||||
CF Industries Holdings, Inc. | 25,076 | 2,665 | ||||||
Corteva, Inc. | 38,543 | 2,518 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Nucor Corp. | 37,976 | $ | 4,989 | |||||
Sealed Air Corp. | 40,961 | 1,951 | ||||||
The Sherwin-Williams Co. | 10,671 | 2,401 | ||||||
16,559 | ||||||||
Real Estate (1.6%): | ||||||||
Alexandria Real Estate Equities, Inc. | 1,930 | 280 | ||||||
American Homes 4 Rent Class A | 4,295 | 137 | ||||||
American Tower Corp. | 6,092 | 1,262 | ||||||
AvalonBay Communities, Inc. | 1,861 | 326 | ||||||
Boston Properties, Inc. | 1,975 | 144 | ||||||
Camden Property Trust | 1,344 | 155 | ||||||
CBRE Group, Inc. Class A (a) | 4,471 | 317 | ||||||
Crown Castle, Inc. | 5,797 | 773 | ||||||
Digital Realty Trust, Inc. | 3,771 | 378 | ||||||
Equinix, Inc. | 1,196 | 677 | ||||||
Equity LifeStyle Properties, Inc. | 2,333 | 149 | ||||||
Equity Residential | 4,745 | 299 | ||||||
Essex Property Trust, Inc. | 867 | 193 | ||||||
Extra Space Storage, Inc. | 1,782 | 316 | ||||||
Healthpeak Properties, Inc. | 7,186 | 171 | ||||||
Host Hotels & Resorts, Inc. | 9,459 | 179 | ||||||
Invitation Homes, Inc. | 7,714 | 244 | ||||||
Iron Mountain, Inc. | 3,875 | 194 | ||||||
Kimco Realty Corp. | 8,470 | 181 | ||||||
Medical Properties Trust, Inc. | 7,895 | 90 | ||||||
Mid-America Apartment Communities, Inc. | 1,549 | 244 | ||||||
Prologis, Inc. | 12,361 | 1,369 | ||||||
Public Storage | 2,105 | 652 | ||||||
Realty Income Corp. | 7,353 | 458 | ||||||
Regency Centers Corp. | 2,034 | 123 | ||||||
SBA Communications Corp. | 1,470 | 397 | ||||||
Simon Property Group, Inc. | 4,380 | 477 | ||||||
Sun Communities, Inc. | 1,548 | 209 | ||||||
UDR, Inc. | 3,947 | 157 | ||||||
Ventas, Inc. | 5,242 | 205 | ||||||
VICI Properties, Inc. | 13,289 | 426 | ||||||
Vornado Realty Trust | 2,165 | 51 | ||||||
Welltower, Inc. | 5,647 | 345 | ||||||
Weyerhaeuser Co. | 10,027 | 310 | ||||||
WP Carey, Inc. | 2,465 | 188 | ||||||
Zillow Group, Inc. Class C (a) | 3,049 | 94 | ||||||
12,170 | ||||||||
Utilities (1.1%): | ||||||||
DTE Energy Co. | 18,135 | 2,033 | ||||||
Exelon Corp. | 51,017 | 1,969 | ||||||
The AES Corp. | 103,409 | 2,705 | ||||||
UGI Corp. | 50,591 | 1,787 | ||||||
8,494 | ||||||||
481,120 | ||||||||
Total Common Stocks (Cost $686,657) | 748,077 | |||||||
Exchange-Traded Funds (0.1%) | ||||||||
United States (0.1%): | ||||||||
iShares Core MSCI EAFE ETF | 12,954 | 722 | ||||||
Total Exchange-Traded Funds (Cost $709) | 722 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Capital Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Collateral for Securities Loaned (0.5%)^ | ||||||||
United States (0.5%): | ||||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (h) | 4,144,259 | $ | 4,144 | |||||
Total Collateral for Securities Loaned (Cost $4,144) | 4,144 | |||||||
Total Investments (Cost $691,510) — 99.8% | 752,943 | |||||||
Other assets in excess of liabilities — 0.2% | 1,490 | |||||||
NET ASSETS - 100.00% | $ | 754,433 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | Amount represents less than 0.05% of net assets. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of October 31, 2022, the fair value of these securities was $4,193 thousands and amounted to 0.6% of net assets. |
(d) | All or a portion of this security is on loan. |
(e) | Rounds to less than $1 thousand. |
(f) | Security was fair valued based using significant unobservable inputs as of October 31, 2022. |
(g) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At October 31, 2022, illiquid securities were less than 0.05% of the Fund's net assets. |
(h) | Rate disclosed is the daily yield on October 31, 2022. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
GDR—Global Depositary Receipt |
NVDR—Non-Voting Depository Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.8%) | ||||||||
Communication Services (11.8%): | ||||||||
Alphabet, Inc. Class A (a) | 320,380 | $ | 30,279 | |||||
Alphabet, Inc. Class C (a) | 953,213 | 90,231 | ||||||
Meta Platforms, Inc. Class A (a) | 385,439 | 35,908 | ||||||
Netflix, Inc. (a) | 144,982 | 42,318 | ||||||
The Trade Desk, Inc. Class A (a) | 83,853 | 4,464 | ||||||
The Walt Disney Co. (a) | 276,414 | 29,449 | ||||||
232,649 | ||||||||
Communications Equipment (0.7%): | ||||||||
Arista Networks, Inc. (a) | 63,747 | 7,705 | ||||||
Motorola Solutions, Inc. | 25,886 | 6,464 | ||||||
14,169 | ||||||||
Consumer Discretionary (15.4%): | ||||||||
Airbnb, Inc. Class A (a) | 51,396 | 5,495 | ||||||
Alibaba Group Holding Ltd., ADR (a) | 149,190 | 9,485 | ||||||
Amazon.com, Inc. (a) | 889,387 | 91,109 | ||||||
Booking Holdings, Inc. (a) | 4,573 | 8,549 | ||||||
Chipotle Mexican Grill, Inc. (a) | 3,767 | 5,644 | ||||||
Dollar Tree, Inc. (a) | 85,249 | 13,512 | ||||||
Lululemon Athletica, Inc. (a) | 21,114 | 6,947 | ||||||
NIKE, Inc. Class B | 54,878 | 5,086 | ||||||
O'Reilly Automotive, Inc. (a) | 25,207 | 21,103 | ||||||
Starbucks Corp. | 252,574 | 21,870 | ||||||
Tesla, Inc. (a) | 224,341 | 51,047 | ||||||
Tractor Supply Co. | 102,886 | 22,611 | ||||||
Ulta Beauty, Inc. (a) | 49,517 | 20,766 | ||||||
Yum China Holdings, Inc. | 130,982 | 5,416 | ||||||
Yum! Brands, Inc. | 115,584 | 13,668 | ||||||
302,308 | ||||||||
Consumer Staples (3.9%): | ||||||||
Constellation Brands, Inc. Class A | 84,439 | 20,863 | ||||||
Costco Wholesale Corp. | 23,942 | 12,007 | ||||||
Monster Beverage Corp. (a) | 388,774 | 36,436 | ||||||
The Hershey Co. | 32,472 | 7,753 | ||||||
77,059 | ||||||||
Electronic Equipment, Instruments & Components (0.4%): | ||||||||
CDW Corp. | 43,236 | 7,472 | ||||||
Energy (0.6%): | ||||||||
Diamondback Energy, Inc. | 75,165 | 11,809 | ||||||
Financials (3.3%): | ||||||||
Blackstone, Inc. | 63,779 | 5,813 | ||||||
FactSet Research Systems, Inc. | 44,161 | 18,790 | ||||||
LPL Financial Holdings, Inc. | 15,258 | 3,901 | ||||||
MSCI, Inc. | 26,358 | 12,358 | ||||||
SEI Investments Co. | 250,949 | 13,626 | ||||||
The Progressive Corp. | 87,981 | 11,297 | ||||||
65,785 | ||||||||
Health Care (14.9%): | ||||||||
Agilent Technologies, Inc. | 58,285 | 8,064 | ||||||
Dexcom, Inc. (a) | 165,097 | 19,940 | ||||||
Edwards Lifesciences Corp. (a) | 101,828 | 7,375 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Illumina, Inc. (a) | 90,799 | $ | 20,777 | |||||
Intuitive Surgical, Inc. (a) | 54,744 | 13,493 | ||||||
Jazz Pharmaceuticals PLC (a) | 85,524 | 12,298 | ||||||
Novartis AG, ADR | 372,318 | 30,206 | ||||||
NOVO Nordisk A/S, ADR | 120,553 | 13,121 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 37,595 | 28,149 | ||||||
Roche Holdings Ltd., ADR | 528,019 | 21,828 | ||||||
Tenet Healthcare Corp. (a) | 115,292 | 5,114 | ||||||
Thermo Fisher Scientific, Inc. | 16,732 | 8,600 | ||||||
UnitedHealth Group, Inc. | 41,726 | 23,164 | ||||||
Veeva Systems, Inc. Class A (a) | 37,921 | 6,369 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 210,850 | 65,785 | ||||||
Zoetis, Inc. | 55,978 | 8,440 | ||||||
292,723 | ||||||||
Industrials (7.4%): | ||||||||
CoStar Group, Inc. (a) | 182,267 | 15,077 | ||||||
Deere & Co. | 62,904 | 24,899 | ||||||
Expeditors International of Washington, Inc. | 163,133 | 15,962 | ||||||
Generac Holdings, Inc. (a) | 21,198 | 2,457 | ||||||
HEICO Corp. Class A | 111,547 | 14,200 | ||||||
Quanta Services, Inc. | 86,102 | 12,230 | ||||||
Regal Rexnord Corp. | 30,021 | 3,799 | ||||||
The Boeing Co. (a) | 310,740 | 44,283 | ||||||
Uber Technologies, Inc. (a) | 196,899 | 5,232 | ||||||
Verisk Analytics, Inc. | 35,386 | 6,470 | ||||||
144,609 | ||||||||
IT Services (9.2%): | ||||||||
Block, Inc. (a) | 228,151 | 13,705 | ||||||
Gartner, Inc. (a) | 44,960 | 13,574 | ||||||
PayPal Holdings, Inc. (a) | 198,189 | 16,565 | ||||||
Shopify, Inc. Class A (a) | 376,553 | 12,889 | ||||||
Snowflake, Inc. Class A (a) | 31,463 | 5,044 | ||||||
Toast, Inc. Class A (a) | 350,640 | 7,746 | ||||||
Visa, Inc. Class A | 539,782 | 111,821 | ||||||
181,344 | ||||||||
Materials (0.5%): | ||||||||
Graphic Packaging Holding Co. | 456,720 | 10,486 | ||||||
Real Estate (0.2%): | ||||||||
SBA Communications Corp. | 17,981 | 4,853 | ||||||
Semiconductors & Semiconductor Equipment (6.1%): | ||||||||
Advanced Micro Devices, Inc. (a) | 80,680 | 4,846 | ||||||
Broadcom, Inc. | 9,795 | 4,605 | ||||||
Enphase Energy, Inc. (a) | 31,421 | 9,646 | ||||||
Lam Research Corp. | 27,402 | 11,092 | ||||||
Monolithic Power Systems, Inc. | 21,501 | 7,299 | ||||||
NVIDIA Corp. | 479,901 | 64,772 | ||||||
QUALCOMM, Inc. | 158,282 | 18,623 | ||||||
120,883 | ||||||||
Software (17.3%): | ||||||||
Adobe, Inc. (a) | 19,147 | 6,098 | ||||||
Autodesk, Inc. (a) | 173,694 | 37,223 | ||||||
Cadence Design Systems, Inc. (a) | 53,087 | 8,037 | ||||||
Crowdstrike Holdings, Inc. Class A (a) | 37,859 | 6,103 | ||||||
Intuit, Inc. | 19,309 | 8,255 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Growth Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Microsoft Corp. | 596,404 | $ | 138,443 | |||||
Oracle Corp. | 509,463 | 39,774 | ||||||
Palo Alto Networks, Inc. (a) | 111,952 | 19,210 | ||||||
Salesforce, Inc. (a) | 180,816 | 29,399 | ||||||
ServiceNow, Inc. (a) | 63,215 | 26,597 | ||||||
Synopsys, Inc. (a) | 35,705 | 10,445 | ||||||
Workday, Inc. Class A (a) | 63,638 | 9,916 | ||||||
339,500 | ||||||||
Technology Hardware, Storage & Peripherals (5.1%): | ||||||||
Apple, Inc. | 650,783 | 99,791 | ||||||
Total Common Stocks (Cost $1,207,132) | 1,905,440 | |||||||
Exchange-Traded Funds (2.4%) | ||||||||
iShares Russell 1000 Growth ETF | 210,165 | 46,778 | ||||||
Total Exchange-Traded Funds (Cost $46,679) | 46,778 | |||||||
Total Investments (Cost $1,253,811) — 99.2% | 1,952,218 | |||||||
Other assets in excess of liabilities — 0.8% | 15,457 | |||||||
NET ASSETS - 100.00% | $ | 1,967,675 |
At October 31, 2022, the Fund's investments in foreign securities were 5.7% of net assets.
(a) | Non-income producing security. |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Growth & Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.5%) | ||||||||
Communication Services (6.5%): | ||||||||
Alphabet, Inc. Class C (a) | 446,184 | $ | 42,236 | |||||
AT&T, Inc. | 325,533 | 5,934 | ||||||
Comcast Corp. Class A | 274,253 | 8,705 | ||||||
Fox Corp. Class A | 75,364 | 2,176 | ||||||
Meta Platforms, Inc. Class A (a) | 43,894 | 4,089 | ||||||
Netflix, Inc. (a) | 17,150 | 5,006 | ||||||
Omnicom Group, Inc. | 138,769 | 10,095 | ||||||
Sirius XM Holdings, Inc. (b) | 1,477,792 | 8,926 | ||||||
The Interpublic Group of Cos., Inc. | 240,887 | 7,176 | ||||||
Verizon Communications, Inc. | 213,965 | 7,996 | ||||||
102,339 | ||||||||
Communications Equipment (1.4%): | ||||||||
Cisco Systems, Inc. | 363,797 | 16,527 | ||||||
Juniper Networks, Inc. | 45,076 | 1,379 | ||||||
Motorola Solutions, Inc. | 16,630 | 4,153 | ||||||
22,059 | ||||||||
Consumer Discretionary (11.0%): | ||||||||
Amazon.com, Inc. (a) | 291,515 | 29,863 | ||||||
Best Buy Co., Inc. | 99,491 | 6,806 | ||||||
Booking Holdings, Inc. (a) | 3,881 | 7,255 | ||||||
Chipotle Mexican Grill, Inc. (a) | 3,214 | 4,816 | ||||||
Dollar Tree, Inc. (a) | 71,638 | 11,355 | ||||||
Genuine Parts Co. | 20,725 | 3,686 | ||||||
H&R Block, Inc. | 174,182 | 7,168 | ||||||
Lennar Corp. Class A | 31,413 | 2,535 | ||||||
Lowe's Cos., Inc. | 45,700 | 8,909 | ||||||
McDonald's Corp. | 24,308 | 6,628 | ||||||
O'Reilly Automotive, Inc. (a) | 8,608 | 7,206 | ||||||
PulteGroup, Inc. | 57,892 | 2,315 | ||||||
Target Corp. | 43,299 | 7,112 | ||||||
Tesla, Inc. (a) | 96,152 | 21,878 | ||||||
The Home Depot, Inc. | 12,491 | 3,699 | ||||||
Toll Brothers, Inc. | 34,407 | 1,482 | ||||||
Tractor Supply Co. | 56,280 | 12,369 | ||||||
Ulta Beauty, Inc. (a) | 42,191 | 17,694 | ||||||
Whirlpool Corp. | 12,093 | 1,672 | ||||||
Williams-Sonoma, Inc. | 18,301 | 2,266 | ||||||
Yum! Brands, Inc. | 56,998 | 6,740 | ||||||
173,454 | ||||||||
Consumer Staples (6.6%): | ||||||||
Altria Group, Inc. | 359,755 | 16,646 | ||||||
Campbell Soup Co. | 36,637 | 1,939 | ||||||
Colgate-Palmolive Co. | 57,028 | 4,211 | ||||||
Constellation Brands, Inc. Class A | 65,186 | 16,106 | ||||||
Costco Wholesale Corp. | 20,160 | 10,110 | ||||||
General Mills, Inc. | 29,423 | 2,400 | ||||||
Kimberly-Clark Corp. | 24,081 | 2,997 | ||||||
PepsiCo, Inc. | 29,950 | 5,438 | ||||||
Philip Morris International, Inc. | 111,621 | 10,253 | ||||||
The Coca-Cola Co. | 55,340 | 3,312 | ||||||
The Hershey Co. | 39,365 | 9,399 | ||||||
The Procter & Gamble Co. | 88,878 | 11,969 | ||||||
Tyson Foods, Inc. Class A | 41,301 | 2,823 | ||||||
Walgreens Boots Alliance, Inc. | 72,373 | 2,642 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Growth & Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Walmart, Inc. | 27,175 | $ | 3,868 | |||||
104,113 | ||||||||
Energy (5.0%): | ||||||||
Chevron Corp. | 66,307 | 11,995 | ||||||
Devon Energy Corp. | 119,576 | 9,249 | ||||||
Diamondback Energy, Inc. | 64,085 | 10,068 | ||||||
EOG Resources, Inc. | 62,480 | 8,530 | ||||||
Exxon Mobil Corp. | 247,923 | 27,472 | ||||||
Marathon Petroleum Corp. | 51,600 | 5,863 | ||||||
Valero Energy Corp. | 40,094 | 5,034 | ||||||
78,211 | ||||||||
Financials (11.2%): | ||||||||
Aflac, Inc. | 80,256 | 5,226 | ||||||
American Express Co. | 56,988 | 8,460 | ||||||
American Financial Group, Inc. | 26,985 | 3,916 | ||||||
Ameriprise Financial, Inc. | 35,790 | 11,063 | ||||||
Annaly Capital Management, Inc. | 192,093 | 3,563 | ||||||
Capital One Financial Corp. | 11,426 | 1,211 | ||||||
Discover Financial Services | 34,322 | 3,585 | ||||||
East West Bancorp, Inc. | 31,994 | 2,290 | ||||||
Everest Re Group Ltd. | 13,512 | 4,360 | ||||||
FactSet Research Systems, Inc. | 5,000 | 2,127 | ||||||
Fidelity National Financial, Inc. | 205,312 | 8,085 | ||||||
First American Financial Corp. | 27,558 | 1,389 | ||||||
Jefferies Financial Group, Inc. | 186,551 | 6,419 | ||||||
JPMorgan Chase & Co. | 45,678 | 5,750 | ||||||
LPL Financial Holdings, Inc. | 12,975 | 3,317 | ||||||
M&T Bank Corp. | 35,146 | 5,918 | ||||||
Marsh & McLennan Cos., Inc. | 18,110 | 2,925 | ||||||
MetLife, Inc. | 70,736 | 5,179 | ||||||
Morgan Stanley | 37,781 | 3,104 | ||||||
MSCI, Inc. | 10,622 | 4,980 | ||||||
Popular, Inc. | 22,446 | 1,587 | ||||||
Principal Financial Group, Inc. | 83,972 | 7,400 | ||||||
Regions Financial Corp. | 684,477 | 15,024 | ||||||
Synchrony Financial | 207,783 | 7,389 | ||||||
Synovus Financial Corp. | 42,250 | 1,684 | ||||||
T. Rowe Price Group, Inc. | 41,285 | 4,383 | ||||||
The Charles Schwab Corp. | 60,309 | 4,805 | ||||||
The Goldman Sachs Group, Inc. | 22,393 | 7,715 | ||||||
The Hanover Insurance Group, Inc. | 20,591 | 3,016 | ||||||
The Hartford Financial Services Group, Inc. | 99,589 | 7,211 | ||||||
The Progressive Corp. | 74,975 | 9,627 | ||||||
The Travelers Cos., Inc. | 26,181 | 4,829 | ||||||
U.S. Bancorp | 132,173 | 5,611 | ||||||
Zions Bancorp NA | 48,838 | 2,537 | ||||||
175,685 | ||||||||
Health Care (15.6%): | ||||||||
Abbott Laboratories | 36,738 | 3,635 | ||||||
AbbVie, Inc. | 23,865 | 3,494 | ||||||
Agilent Technologies, Inc. | 49,703 | 6,876 | ||||||
AmerisourceBergen Corp. | 8,261 | 1,299 | ||||||
Amgen, Inc. | 51,864 | 14,021 | ||||||
Bristol-Myers Squibb Co. | 85,272 | 6,606 | ||||||
Cardinal Health, Inc. | 90,565 | 6,874 | ||||||
Chemed Corp. | 6,392 | 2,984 | ||||||
Cigna Corp. | 23,956 | 7,739 | ||||||
CVS Health Corp. | 76,570 | 7,251 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Growth & Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Dexcom, Inc. (a) | 86,488 | $ | 10,446 | |||||
Edwards Lifesciences Corp. (a) | 80,931 | 5,862 | ||||||
Elevance Health, Inc. | 12,564 | 6,870 | ||||||
Eli Lilly & Co. | 25,930 | 9,389 | ||||||
Gilead Sciences, Inc. | 159,707 | 12,531 | ||||||
Jazz Pharmaceuticals PLC (a) | 72,930 | 10,487 | ||||||
Johnson & Johnson | 133,154 | 23,165 | ||||||
McKesson Corp. | 10,658 | 4,150 | ||||||
Merck & Co., Inc. | 156,649 | 15,853 | ||||||
Pfizer, Inc. | 170,278 | 7,926 | ||||||
Quest Diagnostics, Inc. | 30,680 | 4,407 | ||||||
Tenet Healthcare Corp. (a) | 91,073 | 4,040 | ||||||
Thermo Fisher Scientific, Inc. | 12,164 | 6,252 | ||||||
UnitedHealth Group, Inc. | 53,959 | 29,955 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 93,600 | 29,203 | ||||||
West Pharmaceutical Services, Inc. | 8,492 | 1,954 | ||||||
Zoetis, Inc. | 15,798 | 2,382 | ||||||
245,651 | ||||||||
Industrials (10.0%): | ||||||||
3M Co. | 47,514 | 5,977 | ||||||
Cintas Corp. | 14,782 | 6,320 | ||||||
CoStar Group, Inc. (a) | 76,534 | 6,331 | ||||||
CSX Corp. | 90,521 | 2,630 | ||||||
Cummins, Inc. | 25,913 | 6,336 | ||||||
Deere & Co. | 18,597 | 7,361 | ||||||
Emerson Electric Co. | 44,769 | 3,877 | ||||||
Fastenal Co. | 175,089 | 8,462 | ||||||
FedEx Corp. | 11,699 | 1,875 | ||||||
General Dynamics Corp. | 29,272 | 7,312 | ||||||
HEICO Corp. Class A | 94,126 | 11,982 | ||||||
Huntington Ingalls Industries, Inc. | 12,598 | 3,239 | ||||||
Illinois Tool Works, Inc. | 21,648 | 4,622 | ||||||
Lennox International, Inc. | 14,191 | 3,315 | ||||||
Lockheed Martin Corp. | 26,943 | 13,113 | ||||||
ManpowerGroup, Inc. | 35,316 | 2,767 | ||||||
Masco Corp. | 150,349 | 6,957 | ||||||
Northrop Grumman Corp. | 9,276 | 5,093 | ||||||
Owens Corning | 19,333 | 1,655 | ||||||
Quanta Services, Inc. | 73,211 | 10,399 | ||||||
Regal Rexnord Corp. | 25,601 | 3,239 | ||||||
Republic Services, Inc. | 24,194 | 3,209 | ||||||
Robert Half International, Inc. | 61,419 | 4,696 | ||||||
Snap-on, Inc. | 14,759 | 3,277 | ||||||
Union Pacific Corp. | 34,457 | 6,793 | ||||||
United Parcel Service, Inc. Class B | 46,231 | 7,756 | ||||||
Verisk Analytics, Inc. | 30,176 | 5,517 | ||||||
W.W. Grainger, Inc. | 5,677 | 3,317 | ||||||
157,427 | ||||||||
IT Services (5.5%): | ||||||||
Accenture PLC Class A | 26,441 | 7,507 | ||||||
Automatic Data Processing, Inc. | 13,069 | 3,159 | ||||||
Block, Inc. (a) | 57,937 | 3,480 | ||||||
Gartner, Inc. (a) | 33,481 | 10,108 | ||||||
International Business Machines Corp. | 42,751 | 5,912 | ||||||
Mastercard, Inc. Class A | 20,956 | 6,877 | ||||||
Paychex, Inc. | 34,915 | 4,131 | ||||||
Snowflake, Inc. Class A (a) | 26,594 | 4,263 | ||||||
Toast, Inc. Class A (a) | 298,806 | 6,601 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Growth & Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Visa, Inc. Class A | 167,388 | $ | 34,676 | |||||
86,714 | ||||||||
Materials (2.6%): | ||||||||
Avery Dennison Corp. | 9,145 | 1,551 | ||||||
CF Industries Holdings, Inc. | 54,418 | 5,782 | ||||||
Graphic Packaging Holding Co. | 389,059 | 8,933 | ||||||
LyondellBasell Industries NV Class A | 129,939 | 9,934 | ||||||
Nucor Corp. | 18,237 | 2,396 | ||||||
Packaging Corp. of America | 40,390 | 4,855 | ||||||
Reliance Steel & Aluminum Co. | 18,380 | 3,703 | ||||||
Steel Dynamics, Inc. | 17,614 | 1,657 | ||||||
The Sherwin-Williams Co. | 7,018 | 1,579 | ||||||
Westlake Corp. | 13,519 | 1,307 | ||||||
41,697 | ||||||||
Real Estate (2.8%): | ||||||||
AvalonBay Communities, Inc. | 17,172 | 3,007 | ||||||
Boston Properties, Inc. | 39,324 | 2,859 | ||||||
Digital Realty Trust, Inc. | 25,264 | 2,533 | ||||||
Equity Residential | 33,576 | 2,116 | ||||||
Essex Property Trust, Inc. | 5,842 | 1,298 | ||||||
National Retail Properties, Inc. | 43,884 | 1,844 | ||||||
Prologis, Inc. | 34,117 | 3,779 | ||||||
Realty Income Corp. | 74,143 | 4,617 | ||||||
Regency Centers Corp. | 22,544 | 1,364 | ||||||
SBA Communications Corp. | 15,139 | 4,086 | ||||||
Ventas, Inc. | 56,234 | 2,200 | ||||||
VICI Properties, Inc. | 329,360 | 10,546 | ||||||
Vornado Realty Trust | 34,680 | 818 | ||||||
Welltower, Inc. | 46,573 | 2,843 | ||||||
43,910 | ||||||||
Semiconductors & Semiconductor Equipment (4.0%): | ||||||||
Advanced Micro Devices, Inc. (a) | 68,818 | 4,133 | ||||||
Enphase Energy, Inc. (a) | 26,724 | 8,204 | ||||||
Intel Corp. | 218,247 | 6,205 | ||||||
KLA Corp. | 6,328 | 2,002 | ||||||
Lam Research Corp. | 23,382 | 9,465 | ||||||
Monolithic Power Systems, Inc. | 18,340 | 6,226 | ||||||
NVIDIA Corp. | 122,584 | 16,545 | ||||||
QUALCOMM, Inc. | 30,313 | 3,567 | ||||||
Texas Instruments, Inc. | 43,027 | 6,911 | ||||||
63,258 | ||||||||
Software (7.6%): | ||||||||
Intuit, Inc. | 16,254 | 6,949 | ||||||
Microsoft Corp. | 335,515 | 77,883 | ||||||
Palo Alto Networks, Inc. (a) | 62,115 | 10,658 | ||||||
ServiceNow, Inc. (a) | 35,431 | 14,907 | ||||||
Synopsys, Inc. (a) | 29,993 | 8,775 | ||||||
119,172 | ||||||||
Technology Hardware, Storage & Peripherals (7.1%): | ||||||||
Apple, Inc. | 621,615 | 95,319 | ||||||
Hewlett Packard Enterprise Co. | 183,562 | 2,619 | ||||||
HP, Inc. | 315,382 | 8,711 | ||||||
NetApp, Inc. | 79,344 | 5,496 | ||||||
112,145 | ||||||||
Utilities (2.6%): | ||||||||
Duke Energy Corp. | 40,119 | 3,738 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Growth & Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Evergy, Inc. | 124,670 | $ | 7,621 | |||||
Exelon Corp. | 71,863 | 2,773 | ||||||
NRG Energy, Inc. | 133,723 | 5,938 | ||||||
Sempra Energy | 26,615 | 4,017 | ||||||
The Southern Co. | 179,093 | 11,727 | ||||||
UGI Corp. | 139,191 | 4,918 | ||||||
40,732 | ||||||||
Total Common Stocks (Cost $1,286,767) | 1,566,567 | |||||||
Collateral for Securities Loaned (0.6%)^ | ||||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (c) | 9,316,888 | 9,317 | ||||||
Total Collateral for Securities Loaned (Cost $9,317) | 9,317 | |||||||
Total Investments (Cost $1,296,084) — 100.1% | 1,575,884 | |||||||
Liabilities in excess of other assets — (0.1)% | (1,048 | ) | ||||||
NET ASSETS - 100.00% | $ | 1,574,836 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on October 31, 2022. |
PLC—Public Limited Company |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Asset-Backed Securities (0.8%) | ||||||||
Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) | $ | 3,000 | $ | 2,922 | ||||
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 2,479 | 2,208 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class E, 8.68%, 8/16/32, Callable 9/15/24 @ 100 (a) | 2,843 | 2,833 | ||||||
Total Asset-Backed Securities (Cost $8,278) | 7,963 | |||||||
Collateralized Mortgage Obligations (0.4%) | ||||||||
BPR Trust, Series 2022-STAR, Class A, 6.61% (TSFR1M+323bps), 8/15/24 (a)(b) | 2,536 | 2,498 | ||||||
BXP Trust, Series 2021-601L, Class D, 2.78%, 1/15/44 (a)(c) | 2,000 | 1,236 | ||||||
CHL Mortgage Pass-Through Trust, Series 2004-25, Class 1A6, 4.55% (LIBOR01M+96bps), 2/25/35, Callable 11/25/22 @ 100 (b) | 657 | 70 | ||||||
Credit Suisse First Boston Mortgage Securities Corp., Series 1998-C1, Class AX, 1.81%, 5/17/40, Callable 11/17/22 @ 100 (c)(d) | 3 | — | ||||||
Total Collateralized Mortgage Obligations (Cost $4,141) | 3,804 | |||||||
Common Stocks (0.4%) | ||||||||
Communication Services (0.1%): | ||||||||
AT&T, Inc. | 39,101 | 713 | ||||||
Energy (0.2%): | ||||||||
BP PLC, ADR | 9,808 | 326 | ||||||
GenOn Energy, Inc. (f) | 16,168 | 1,779 | ||||||
Nine Point Energy (f)(g) | 2,678,202 | — | ||||||
Sabine Oil & Gas Holdings, Inc. (f)(g) | 2,824 | — | (e) | |||||
Shell PLC, ADR | 1,159 | 65 | ||||||
2,170 | ||||||||
Real Estate (0.1%): | ||||||||
Crown Castle, Inc. | 6,253 | 833 | ||||||
Total Common Stocks (Cost $6,847) | 3,716 | |||||||
Preferred Stocks (2.0%) | ||||||||
Communication Services (0.2%): | ||||||||
Qwest Corp., 6.50%, 9/1/56 (h) | 135,286 | 2,320 | ||||||
Consumer Staples (0.4%): | ||||||||
CHS, Inc., cumulative redeemable, Series 1, 7.88% (i) | 87,180 | 2,237 | ||||||
CHS, Inc., cumulative redeemable, Series 2, 7.10% (LIBOR03M+429bps) (b)(i) | 76,204 | 1,909 | ||||||
4,146 | ||||||||
Energy (1.1%): | ||||||||
NuStar Logistics LP, 8.69% (LIBOR03M+673bps), 1/15/43 (b) | 437,747 | 10,904 | ||||||
Real Estate (0.3%): | ||||||||
Equity Residential, cumulative redeemable, Series K, 8.29% (i) | 45,314 | 2,337 | ||||||
Prologis, Inc., cumulative redeemable, Series Q, 8.54% (i) | 5,310 | 290 | ||||||
2,627 | ||||||||
Total Preferred Stocks (Cost $21,674) | 19,997 | |||||||
Senior Secured Loans (4.5%) | ||||||||
AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 8.99% (LIBOR03M+475bps), 4/20/28 (b) | 2,000 | 1,978 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Asurion LLC, New B-10 Term Loans, First Lien, 7.55% (SOFR01M+400bps), 8/19/28 (b)(j) | $ | 3,000 | $ | 2,693 | ||||
Bausch & Lomb, Inc., Initial Term Loans, First Lien, 6.52% (SOFR01M+325bps), 5/10/27 (b) | 1,000 | 936 | ||||||
Bausch Health Cos., Inc., Second Amendment Term Loan, First Lien, 8.52% (SOFR01M+525bps), 2/1/27 (b) | 4,938 | 3,682 | ||||||
CDK Global, Inc., Initial Term Loan, First Lien, 8.11% (SOFR03M+450bps), 7/6/29 (b) | 2,000 | 1,955 | ||||||
CITGO Petroleum Corp., 2019 Incremental Term B Loans, First Lien, 9.37% (LIBOR01M+625bps), 3/28/24 (b) | 2,111 | 2,110 | ||||||
Clydesdale Acquisition Holdings LLC, Term B Loans, First Lien, 7.21% (SOFR01M+418bps), 4/13/29 (b) | 997 | 959 | ||||||
CNT Holdings I Corp., Second Lien Initial Term Loans, Second Lien, 11/6/28 (k) | 2,000 | 1,890 | ||||||
Daseke Cos., Inc., Initial Term Loan, First Lien, 7.58% (LIBOR01M+400bps), 3/9/28 (b) | 985 | 940 | ||||||
Directv Financing LLC, Closing Date Term Loans, First Lien, 8.12% (LIBOR01M+500bps), 8/2/27 (b) | 2,883 | 2,741 | ||||||
Fertitta Entertainment LLC, Initial B Term Loan, First Lien, 7.03% (SOFR01M+400bps), 1/27/29 (b) | 2,488 | 2,328 | ||||||
Latam Airlines Group, 10/11/27 (k) | 3,000 | 2,835 | ||||||
Lealand Finance Co. BV, Make Whole Term Loan, First Lien, 6.12% (LIBOR01M+300bps), 6/30/24 (b)(f) | 39 | 24 | ||||||
Lealand Finance Co. BV, Take-Back Term Loan, First Lien (3.00% PIK), 4.12% (LIBOR01M+100bps), 6/30/25 (b)(f) | 345 | 180 | ||||||
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 8.78% (LIBOR03M+525bps), 6/20/27 (b) | 1,900 | 1,937 | ||||||
Paya, Inc., TLB, First Lien, 6.37% (LIBOR01M+325bps), 6/25/28 (b) | 990 | 960 | ||||||
Polaris Newco LLC, Dollar Term Loan, First Lien, 7.67% (LIBOR03M+400bps), 6/4/28 (b) | 1,238 | 1,128 | ||||||
Pregis Topco LLC, Initial Term Loan, First Lien, 6.81% (LIBOR03M+400bps), 8/1/26 (b) | 1,459 | 1,391 | ||||||
Quicksilver Resources, Inc., Loans, Second Lien, 6/21/19 (f)(g)(k) | 3,914 | 6 | ||||||
Sunshine Luxembourg VII Sarl, Facility B3 Commitments, First Lien, 7.42% (LIBOR03M+375bps), 10/2/26 (b) | 3,938 | 3,743 | ||||||
Team Health Holdings, Inc., Facility Extending TLB, First Lien, 8.28% (SOFR01M+525bps), 2/2/27 (b) | 3,952 | 3,270 | ||||||
UKG, Inc., 2021 Incremental Term Loan, Second Lien, 5/3/27 (k) | 2,000 | 1,835 | ||||||
WaterBridge Midstream Operating LLC, Term Loan B, First Lien, 6.75% (LIBOR06M+575bps), 6/21/26 (b) | — | (e) | — | (e) | ||||
Whatabrands LLC, Initial Term B Loans, First Lien, 6.37% (LIBOR01M+325bps), 8/3/28 (b) | 3,480 | 3,300 | ||||||
Wok Holdings, Inc., Initial Term Loans, First Lien, 9.57% (LIBOR03M+625bps), 3/1/26 (b) | 1,898 | 1,657 | ||||||
Total Senior Secured Loans (Cost $51,068) | 44,478 | |||||||
Corporate Bonds (71.6%) | ||||||||
Communication Services (11.9%): | ||||||||
AMC Networks, Inc., 4.25%, 2/15/29, Callable 2/15/24 @ 102.13 | 5,000 | 3,879 | ||||||
Cable One, Inc., 4.00%, 11/15/30, Callable 11/15/25 @ 102 (a) | 3,421 | 2,781 | ||||||
Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81 (a) | 2,000 | 1,589 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34, Callable 1/15/28 @ 102.13 (a)(h) | 3,000 | 2,203 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
4.75%, 3/1/30, Callable 9/1/24 @ 102.38 (a) | 3,500 | 2,916 | ||||||
4.50%, 8/15/30, Callable 2/15/25 @ 102.25 (a) | 2,500 | 2,032 | ||||||
4.50%, 6/1/33, Callable 6/1/27 @ 102.25 (a) | 5,000 | 3,808 | ||||||
CenturyLink, Inc., 7.65%, 3/15/42 | 4,621 | 3,100 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29, Callable 6/1/24 @ 103.75 (a)(h) | $ | 1,000 | $ | 786 | ||||
Clear Channel Worldwide Holdings, Inc., 5.13%, 8/15/27, Callable 12/12/22 @ 102.56 (a) | 5,500 | 4,949 | ||||||
CSC Holdings LLC | ||||||||
7.50%, 4/1/28, Callable 4/1/23 @ 103.75 (a) | 3,000 | 2,594 | ||||||
6.50%, 2/1/29, Callable 2/1/24 @ 103.25 (a) | 4,500 | 4,237 | ||||||
5.75%, 1/15/30, Callable 1/15/25 @ 102.88 (a) | 8,000 | 6,160 | ||||||
4.13%, 12/1/30, Callable 12/1/25 @ 102.06 (a)(h) | 2,000 | 1,571 | ||||||
5.00%, 11/15/31, Callable 11/15/26 @ 102.5 (a) | 2,500 | 1,811 | ||||||
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 12/12/22 @ 103.38 (a)(h) | 5,975 | 5,187 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, 8/15/27, Callable 8/15/23 @ 104.41 (a) | 4,000 | 3,600 | ||||||
Dish DBS Corp. | ||||||||
5.88%, 11/15/24 | 5,000 | 4,612 | ||||||
7.75%, 7/1/26 | 3,000 | 2,534 | ||||||
DISH DBS Corp., 5.25%, 12/1/26, Callable 6/1/26 @ 100 (a) | 4,500 | 3,907 | ||||||
Embarq Corp., 8.00%, 6/1/36 | 2,500 | 1,012 | ||||||
Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38 (a) | 2,500 | 2,061 | ||||||
Frontier Communications Holdings LLC | ||||||||
5.88%, 10/15/27, Callable 10/15/23 @ 102.94 (a) | 2,500 | 2,319 | ||||||
5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (a) | 2,000 | 1,750 | ||||||
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (a) | 2,000 | 1,580 | ||||||
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 11/25/22 @ 104.19 (h) | 3,000 | 2,697 | ||||||
Lumen Technologies, Inc. | ||||||||
4.00%, 2/15/27, Callable 2/15/23 @ 102 (a) | 1,000 | 851 | ||||||
5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (a) | 3,400 | 2,496 | ||||||
Match Group Holdings II LLC, 4.63%, 6/1/28, Callable 6/1/23 @ 102.31 (a) | 2,000 | 1,777 | ||||||
News Corp., 5.13%, 2/15/32, Callable 2/15/27 @ 102.56 (a) | 1,000 | 901 | ||||||
Nexstar Broadcasting, Inc. | ||||||||
5.63%, 7/15/27, Callable 11/21/22 @ 104.22 (a) | 4,000 | 3,765 | ||||||
4.75%, 11/1/28, Callable 11/1/23 @ 102.38 (a) | 2,000 | 1,755 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc. | ||||||||
4.50%, 9/15/26, Callable 9/15/23 @ 102.25 (a) | 2,000 | 1,708 | ||||||
6.50%, 9/15/28, Callable 9/15/23 @ 103.25 (a) | 1,000 | 629 | ||||||
Salem Media Group, Inc., 6.75%, 6/1/24, Callable 12/12/22 @ 100 (a) | 1,484 | 1,435 | ||||||
Scripps Escrow II, Inc. | ||||||||
3.88%, 1/15/29, Callable 1/15/24 @ 101.94 (a) | 1,500 | 1,246 | ||||||
5.38%, 1/15/31, Callable 1/15/26 @ 102.69 (a)(h) | 3,000 | 2,438 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (a)(h) | 5,000 | 3,739 | ||||||
Sirius XM Radio, Inc. | ||||||||
4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (a) | 4,000 | 3,275 | ||||||
3.88%, 9/1/31, Callable 9/1/26 @ 101.94 (a) | 2,000 | 1,599 | ||||||
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5 | 2,500 | 2,387 | ||||||
Townsquare Media, Inc., 6.88%, 2/1/26, Callable 2/1/23 @ 103.44 (a) | 2,000 | 1,888 | ||||||
Univision Communications, Inc., 7.38%, 6/30/30, Callable 6/30/25 @ 103.69 (a) | 4,000 | 3,895 | ||||||
Urban One, Inc., 7.38%, 2/1/28, Callable 2/1/24 @ 103.69 (a) | 1,866 | 1,633 | ||||||
Zayo Group Holdings, Inc. | ||||||||
4.00%, 3/1/27, Callable 12/12/22 @ 100 (a) | 1,500 | 1,159 | ||||||
6.13%, 3/1/28, Callable 3/1/23 @ 103.06 (a) | 3,000 | 1,994 | ||||||
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 2/1/29, Callable 2/1/24 @ 101.94 (a) | 2,000 | 1,684 | ||||||
117,929 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Consumer Discretionary (16.0%): | ||||||||
Asbury Automotive Group, Inc. | ||||||||
4.75%, 3/1/30, Callable 3/1/25 @ 102.38 (h) | $ | 1,500 | $ | 1,228 | ||||
5.00%, 2/15/32, Callable 11/15/26 @ 102.5 (a) | 3,000 | 2,419 | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31 (a) | 3,000 | 2,227 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 3/1/29, Callable 3/1/24 @ 102.69 (a)(h) | 3,000 | 2,596 | ||||||
Beazer Homes USA, Inc., 7.25%, 10/15/29, Callable 10/15/24 @ 103.63 | 4,000 | 3,310 | ||||||
Boyd Gaming Corp., 4.75%, 6/15/31, Callable 6/15/26 @ 102.38 (a) | 2,000 | 1,690 | ||||||
Boyne USA, Inc., 4.75%, 5/15/29, Callable 5/15/24 @ 102.38 (a) | 2,015 | 1,763 | ||||||
Caesars Entertainment, Inc. | ||||||||
8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (a) | 3,000 | 2,918 | ||||||
4.63%, 10/15/29, Callable 10/15/24 @ 102.31 (a)(h) | 7,000 | 5,602 | ||||||
Carnival Corp. | ||||||||
10.50%, 2/1/26, Callable 8/1/23 @ 105.25 (a) | 500 | 490 | ||||||
9.88%, 8/1/27, Callable 2/1/24 @ 104.94 (a) | 11,500 | 10,722 | ||||||
6.00%, 5/1/29, Callable 11/1/24 @ 103 (a) | 5,500 | 3,639 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 5/1/28, Callable 5/1/25 @ 105.19 (a) | 1,000 | 1,014 | ||||||
Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 12/12/22 @ 104.25 (a) | 3,500 | 3,442 | ||||||
Everi Holdings, Inc., 5.00%, 7/15/29, Callable 7/15/24 @ 102.5 (a) | 1,000 | 871 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | ||||||||
4.63%, 1/15/29, Callable 1/15/25 @ 102.31 (a) | 5,000 | 4,347 | ||||||
6.75%, 1/15/30, Callable 1/15/25 @ 103.38 (a) | 2,000 | 1,570 | ||||||
Ford Motor Co. | ||||||||
6.63%, 10/1/28 | 4,000 | 3,945 | ||||||
4.75%, 1/15/43 | 2,000 | 1,396 | ||||||
GPC Merger Sub, Inc., 7.13%, 8/15/28, Callable 8/15/23 @ 103.56 (a) | 2,500 | 2,053 | ||||||
Group 1 Automotive, Inc., 4.00%, 8/15/28, Callable 8/15/23 @ 102 (a) | 1,500 | 1,235 | ||||||
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31, Callable 5/1/26 @ 102 (a) | 2,000 | 1,668 | ||||||
KB Home, 4.80%, 11/15/29, Callable 5/15/29 @ 100 | 2,000 | 1,638 | ||||||
L Brands, Inc., 6.95%, 3/1/33 | 3,000 | 2,462 | ||||||
Lindblad Expeditions LLC, 6.75%, 2/15/27, Callable 2/15/24 @ 103.38 (a) | 1,000 | 896 | ||||||
Lithia Motors, Inc., 3.88%, 6/1/29, Callable 6/1/24 @ 101.94 (a) | 4,000 | 3,239 | ||||||
M/I Homes, Inc., 4.95%, 2/1/28, Callable 2/1/23 @ 103.71 | 6,500 | 5,580 | ||||||
Macy's Retail Holdings LLC, 5.88%, 3/15/30, Callable 3/15/25 @ 102.94 (a) | 4,000 | 3,377 | ||||||
Magic Mergerco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63 (a) | 3,000 | 2,134 | ||||||
Marriott Ownership Resorts, Inc. | ||||||||
4.75%, 1/15/28, Callable 12/12/22 @ 102.38 | 2,000 | 1,738 | ||||||
4.50%, 6/15/29, Callable 6/15/24 @ 102.25 (a) | 2,000 | 1,674 | ||||||
MGM Resorts International, 4.75%, 10/15/28, Callable 7/15/28 @ 100 | 5,000 | 4,341 | ||||||
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 2,000 | 1,670 | ||||||
NCL Corp Ltd., 5.88%, 3/15/26, Callable 12/15/25 @ 100 (a) | 2,000 | 1,638 | ||||||
NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94 (a) | 4,500 | 4,021 | ||||||
Newell Brands, Inc., 5.63%, 4/1/36, Callable 10/1/35 @ 100 | 3,000 | 2,494 | ||||||
Nordstrom, Inc. | ||||||||
4.38%, 4/1/30, Callable 1/1/30 @ 100 (h) | 2,000 | 1,502 | ||||||
4.25%, 8/1/31, Callable 5/1/31 @ 100 | 1,500 | 1,089 | ||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. | ||||||||
6.00%, 2/15/28, Callable 2/15/24 @ 103 (a)(h) | 2,000 | 1,570 | ||||||
10.75%, 6/1/28, Callable 6/1/23 @ 105.38 (a)(h) | 1,000 | 939 | ||||||
PulteGroup, Inc. | ||||||||
7.88%, 6/15/32 | 500 | 525 | ||||||
6.00%, 2/15/35 | 1,000 | 888 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (a) | $ | 4,200 | $ | 2,861 | ||||
Royal Caribbean Cruises Ltd. | ||||||||
11.63%, 8/15/27, Callable 8/15/24 @ 105.81 (a) | 8,000 | 7,774 | ||||||
9.25%, 1/15/29, Callable 4/1/25 @ 104.63 (a) | 3,000 | 3,045 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31 (a) | 3,000 | 2,599 | ||||||
Scientific Games International, Inc., 7.25%, 11/15/29, Callable 11/15/24 @ 103.63 (a) | 2,000 | 1,932 | ||||||
Seaworld Parks & Entertainment, Inc., 5.25%, 8/15/29, Callable 8/15/24 @ 102.63 (a) | 250 | 217 | ||||||
Sotheby's, 7.38%, 10/15/27, Callable 11/21/22 @ 103.69 (a)(h) | 7,250 | 7,015 | ||||||
Taylor Morrison Communities, Inc., 5.75%, 1/15/28, Callable 10/15/27 @ 100 (a) | 5,000 | 4,586 | ||||||
The Gap, Inc. | ||||||||
3.63%, 10/1/29, Callable 10/1/24 @ 101.81 (a) | 2,500 | 1,756 | ||||||
3.88%, 10/1/31, Callable 10/1/26 @ 101.94 (a) | 1,500 | 1,035 | ||||||
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5 (a) | 3,500 | 2,786 | ||||||
Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100 (h) | 500 | 405 | ||||||
Travel + Leisure Co., 4.50%, 12/1/29, Callable 9/1/29 @ 100 (a) | 2,000 | 1,628 | ||||||
Trident TPI Holdings, Inc., 6.63%, 11/1/25, Callable 11/21/22 @ 100 (a) | 3,000 | 2,580 | ||||||
USA Compression Partners LP / USA Compression Finance, 6.88%, 4/1/26, Callable 12/12/22 @ 103.44 | 2,000 | 1,920 | ||||||
VOC Escrow Ltd., 5.00%, 2/15/28, Callable 2/15/23 @ 102.5 (a) | 3,500 | 2,916 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 9/15/28, Callable 9/15/23 @ 102.44 (a) | 2,085 | 1,697 | ||||||
Wyndham Hotels & Resorts, Inc., 4.38%, 8/15/28, Callable 8/15/23 @ 102.19 (a) | 2,000 | 1,760 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||
5.50%, 3/1/25, Callable 12/1/24 @ 100 (a) | 1,500 | 1,421 | ||||||
5.25%, 5/15/27, Callable 2/15/27 @ 100 (a)(h) | 1,500 | 1,307 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/1/29, Callable 7/1/29 @ 100 (a) | 1,000 | 797 | ||||||
Yum! Brands, Inc., 4.75%, 1/15/30, Callable 10/15/29 @ 100 (a) | 4,000 | 3,574 | ||||||
159,171 | ||||||||
Consumer Staples (3.2%): | ||||||||
BAT Capital Corp., 7.75%, 10/19/32, Callable 7/19/32 @ 100 | 1,000 | 1,022 | ||||||
Coty, Inc., 6.50%, 4/15/26, Callable 12/12/22 @ 103.25 (a)(h) | 6,000 | 5,715 | ||||||
Edgewell Personal Care Co., 4.13%, 4/1/29, Callable 4/1/24 @ 102.06 (a) | 2,500 | 2,137 | ||||||
H-Food Holdings LLC/Hearthside Finance Co., Inc., 8.50%, 6/1/26, Callable 11/21/22 @ 102.13 (a) | 2,000 | 1,167 | ||||||
Lamb Weston Holdings, Inc., 4.38%, 1/31/32, Callable 1/31/27 @ 102.19 (a) | 2,000 | 1,723 | ||||||
NBM US Holdings, Inc., 6.63%, 8/6/29, Callable 8/6/24 @ 103.31 (a)(h) | 3,000 | 2,789 | ||||||
Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13 (a) | 2,500 | 2,126 | ||||||
Pilgrim's Pride Corp., 3.50%, 3/1/32, Callable 9/1/26 @ 101.75 (a) | 1,000 | 768 | ||||||
Post Holdings, Inc. | ||||||||
5.50%, 12/15/29, Callable 12/15/24 @ 102.75 (a) | 2,500 | 2,251 | ||||||
4.63%, 4/15/30, Callable 4/15/25 @ 102.31 (a) | 4,000 | 3,381 | ||||||
Spectrum Brands, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94 (a)(h) | 3,000 | 2,211 | ||||||
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (a) | 2,000 | 1,519 | ||||||
U.S. Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38 (a) | 6,000 | 5,339 | ||||||
32,148 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Energy (6.5%): | ||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25, Callable 12/15/22 @ 103.81 (a) | $ | 1,500 | $ | 1,485 | ||||
Buckeye Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100 (a) | 1,000 | 870 | ||||||
California Resources Corp., 7.13%, 2/1/26, Callable 2/1/23 @ 103.57 (a) | 3,000 | 2,960 | ||||||
Callon Petroleum Co. | ||||||||
8.00%, 8/1/28, Callable 8/1/24 @ 104 (a)(h) | 3,000 | 2,991 | ||||||
7.50%, 6/15/30, Callable 6/15/25 @ 103.75 (a)(h) | 2,000 | 1,900 | ||||||
Carrizo Oil & Gas, Inc., 8.25%, 7/15/25, Callable 12/12/22 @ 102.06 (h) | 3,000 | 2,999 | ||||||
CONSOL Energy, Inc., 11.00%, 11/15/25, Callable 12/12/22 @ 102.75 (a) | 2,000 | 2,035 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31, Callable 6/15/26 @ 102.75 (a) | 4,000 | 3,550 | ||||||
Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp. | ||||||||
6.00%, 2/1/29, Callable 2/1/24 @ 103 (a) | 750 | 704 | ||||||
8.00%, 4/1/29, Callable 4/1/24 @ 104 (a) | 1,000 | 1,010 | ||||||
CSI Compressco LP/CSI Compressco Finance, Inc., 10.00%, 4/1/26, Callable 4/1/23 @ 107.5 (a)(h) | 2,281 | 2,007 | ||||||
Earthstone Energy Holdings LLC, 8.00%, 4/15/27, Callable 4/15/24 @ 106 (a)(h) | 1,000 | 946 | ||||||
Energy Transfer LP, 7.12% (H15T5Y+531bps), Callable 5/15/30 @ 100 (b)(i) | 1,000 | 828 | ||||||
Enterprise TE Partners LP, 5.86% (LIBOR03M+278bps), 6/1/67, Callable 12/12/22 @ 100 (b) | 3,000 | 2,498 | ||||||
Eqm Midstream Partners, LP | ||||||||
7.50%, 6/1/27, Callable 6/1/24 @ 103.75 (a) | 2,000 | 1,979 | ||||||
4.75%, 1/15/31, Callable 7/15/30 @ 100 (a) | 1,000 | 835 | ||||||
EQT Midstream Partners LP, 5.50%, 7/15/28, Callable 4/15/28 @ 100 | 1,000 | 895 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13 (a) | 7,000 | 6,592 | ||||||
Laredo Petroleum, Inc., 10.13%, 1/15/28, Callable 1/15/23 @ 107.59 (h) | 10,000 | 9,849 | ||||||
PDC Energy, Inc., 5.75%, 5/15/26, Callable 12/12/22 @ 102.88 | 1,500 | 1,439 | ||||||
Petroleos Mexicanos, 6.63%, 6/15/35 | 3,000 | 2,040 | ||||||
SM Energy Co., 5.63%, 6/1/25, Callable 12/12/22 @ 100.94 | 3,000 | 2,921 | ||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||
4.50%, 5/15/29, Callable 5/15/24 @ 102.25 | 3,000 | 2,592 | ||||||
4.50%, 4/30/30, Callable 4/30/25 @ 102.25 | 2,000 | 1,703 | ||||||
Tallgrass Energy Partners LP/Tallgras Energy Finance Corp., 6.00%, 3/1/27, Callable 3/1/23 @ 103 (a) | 3,000 | 2,849 | ||||||
Talos Production, Inc., 12.00%, 1/15/26, Callable 1/15/23 @ 106 | 1,000 | 1,061 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28, Callable 1/15/23 @ 102.5 | 2,000 | 1,845 | ||||||
Transocean Pontus Ltd., 6.13%, 8/1/25, Callable 12/12/22 @ 103.06 (a) | 280 | 269 | ||||||
Western Midstream Operating LP, 5.50%, 2/1/50, Callable 8/1/49 @ 100 | 1,500 | 1,178 | ||||||
64,830 | ||||||||
Financials (8.2%): | ||||||||
Adient Global Holdings Corp., 4.88%, 8/15/26, Callable 12/12/22 @ 101.63 (a) | 4,000 | 3,574 | ||||||
AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81 (a) | 8,500 | 6,990 | ||||||
Blackstone Private Credit Fund | ||||||||
2.63%, 12/15/26, Callable 11/15/26 @ 100 | 3,000 | 2,480 | ||||||
3.25%, 3/15/27, Callable 2/15/27 @ 100 | 3,000 | 2,489 | ||||||
CEC Entertainment LLC, 6.75%, 5/1/26, Callable 5/1/23 @ 103.38 (a) | 3,200 | 3,005 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.38%, 11/13/25, Callable 10/13/25 @ 100 | 2,000 | 1,818 | ||||||
4.13%, 8/17/27, Callable 6/17/27 @ 100 | 6,250 | 5,548 | ||||||
5.11%, 5/3/29, Callable 2/3/29 @ 100 | 8,500 | 7,594 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69 (a)(h) | $ | 5,500 | $ | 4,420 | ||||
HUB International Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81 (a) | 6,140 | 5,277 | ||||||
Hunt Cos., Inc., 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (a) | 2,000 | 1,626 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 8/15/28, Callable 8/15/24 @ 102.5 (a) | 2,500 | 1,965 | ||||||
LABL Escrow Issuer LLC | ||||||||
6.75%, 7/15/26, Callable 11/21/22 @ 103.38 (a) | 1,000 | 954 | ||||||
10.50%, 7/15/27, Callable 11/21/22 @ 105.25 (a) | 3,000 | 2,748 | ||||||
Lehman Brothers Holdings, 5.75%, 4/25/11, MTN (f) | 1,000 | 3 | ||||||
Lehman Brothers Treasury Co. BV, MTN (i)(l) | 1,447 | 5 | ||||||
Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 7/1/23 @ 102.13 (a) | 2,000 | 1,648 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (a) | 2,500 | 1,897 | ||||||
MetLife, Inc., 10.75%, 8/1/39, Callable 8/1/34 @ 100 | 1,000 | 1,290 | ||||||
Mozart Debt Merger Sub, Inc. | ||||||||
3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (a) | 6,000 | 4,901 | ||||||
5.25%, 10/1/29, Callable 10/1/24 @ 102.63 (a) | 7,000 | 5,456 | ||||||
NFP Corp. | ||||||||
6.88%, 8/15/28, Callable 8/15/23 @ 103.44 (a) | 3,886 | 3,349 | ||||||
7.50%, 10/1/30, Callable 10/1/25 @ 103.75 (a) | 2,500 | 2,398 | ||||||
Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13 (a) | 2,000 | 1,641 | ||||||
OneMain Finance Corp., 7.13%, 3/15/26 | 2,000 | 1,925 | ||||||
OWL Rock Core Income Corp., 5.50%, 3/21/25 | 1,000 | 944 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 5/15/29, Callable 5/15/24 @ 102.44 (a) | 3,500 | 2,992 | ||||||
Starwood Property Trust, Inc., 4.38%, 1/15/27, Callable 7/15/26 @ 100 (a) | 1,000 | 884 | ||||||
Summer BC Bidco B LLC, 5.50%, 10/31/26, Callable 7/15/23 @ 102.75 (a) | 2,000 | 1,601 | ||||||
81,422 | ||||||||
Health Care (5.9%): | ||||||||
Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31 | 8,000 | 7,239 | ||||||
CHS / Community Health Systems, Inc., 5.25%, 5/15/30, Callable 5/15/25 @ 102.63 (a) | 2,000 | 1,385 | ||||||
CHS, Inc., 8.00%, 3/15/26, Callable 12/12/22 @ 104 (a) | 9,500 | 8,191 | ||||||
Cloud Software Group Holdings, Inc., 6.50%, 3/31/29, Callable 9/30/25 @ 103.25 (a)(h) | 4,000 | 3,470 | ||||||
DaVita, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 5,000 | 3,628 | ||||||
Eastern Maine Healthcare Systems, 5.02%, 7/1/36 | 3,000 | 2,676 | ||||||
Embecta Corp., 6.75%, 2/15/30, Callable 2/15/27 @ 101.69 (a) | 1,000 | 915 | ||||||
Encompass Health Corp., 4.63%, 4/1/31, Callable 4/1/26 @ 102.31 | 500 | 413 | ||||||
Global Medical Response, Inc., 6.50%, 10/1/25, Callable 11/15/22 @ 101.63 (a) | 3,000 | 2,320 | ||||||
Mednax, Inc., 5.38%, 2/15/30, Callable 2/15/25 @ 102.69 (a)(h) | 4,000 | 3,453 | ||||||
Organon Finance 1 LLC, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06 (a) | 2,500 | 2,200 | ||||||
Prestige Brands, Inc., 3.75%, 4/1/31, Callable 4/1/26 @ 101.88 (a) | 5,000 | 4,024 | ||||||
Select Medical Corp., 6.25%, 8/15/26, Callable 12/12/22 @ 103.13 (a) | 2,500 | 2,385 | ||||||
Tenet Healthcare Corp. | ||||||||
6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (a) | 7,000 | 6,069 | ||||||
6.88%, 11/15/31 | 7,000 | 5,956 | ||||||
US Acute Care Solutions, 6.38%, 3/1/26, Callable 3/1/23 @ 103.19 (a) | 5,000 | 4,527 | ||||||
58,851 | ||||||||
Industrials (9.3%): | ||||||||
ADT Security Corp., 4.88%, 7/15/32 (a) | 3,000 | 2,552 | ||||||
Allegiant Travel Co., 7.25%, 8/15/27, Callable 8/15/24 @ 103.63 (a) | 9,000 | 8,482 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29 (a) | 6,900 | 6,279 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13 (a) | $ | 1,100 | $ | 880 | ||||
BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06 (a) | 1,000 | 865 | ||||||
CDI Escrow Issuer, Inc., 5.75%, 4/1/30, Callable 4/1/25 @ 102.88 (a) | 3,000 | 2,708 | ||||||
Gates Global LLC/Gates Corp., 6.25%, 1/15/26, Callable 12/12/22 @ 103.13 (a) | 3,000 | 2,883 | ||||||
Griffon Corp., 5.75%, 3/1/28, Callable 3/1/23 @ 102.88 | 1,500 | 1,374 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/28, Callable 12/15/23 @ 101.94 (a) | 2,000 | 1,692 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26, Callable 1/20/24 @ 102.88 (a) | 250 | 231 | ||||||
Howmet Aerospace, Inc., 5.95%, 2/1/37 | 1,000 | 929 | ||||||
JB Poindexter & Co., Inc., 7.13%, 4/15/26, Callable 12/12/22 @ 103.56 (a) | 4,500 | 4,289 | ||||||
Matthews International Corp., 5.25%, 12/1/25, Callable 12/12/22 @ 101.31 (a) | 3,500 | 3,215 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | ||||||||
3.38%, 8/31/27, Callable 8/31/26 @ 100 (a) | 1,000 | 868 | ||||||
6.25%, 1/15/28, Callable 1/15/23 @ 103.13 (a) | 8,000 | 7,409 | ||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19 (a) | 1,000 | 878 | ||||||
RR Donnelley & Sons Co., 8.25%, 7/1/27, Callable 7/1/23 @ 106.19 | 2,850 | 2,497 | ||||||
Spirit AeroSystems, Inc. | ||||||||
5.50%, 1/15/25, Callable 12/12/22 @ 102.75 (a) | 1,500 | 1,453 | ||||||
7.50%, 4/15/25, Callable 12/12/22 @ 103.75 (a) | 3,500 | 3,409 | ||||||
Spirit Airlines Pass Through Trust, 4.10%, 4/1/28 | 1,835 | 1,529 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25, Callable 9/20/23 @ 104 (a) | 2,075 | 2,106 | ||||||
Standard Industries, Inc. | ||||||||
4.38%, 7/15/30, Callable 7/15/25 @ 102.19 (a) | 3,000 | 2,429 | ||||||
3.38%, 1/15/31, Callable 7/15/25 @ 101.69 (a) | 5,000 | 3,748 | ||||||
Terex Corp., 5.00%, 5/15/29, Callable 5/15/24 @ 102.5 (a) | 3,000 | 2,676 | ||||||
The ADT Security Corp., 4.13%, 8/1/29, Callable 8/1/28 @ 100 (a) | 2,000 | 1,714 | ||||||
The Hertz Corp., 4.63%, 12/1/26, Callable 12/1/23 @ 102.31 (a) | 2,000 | 1,704 | ||||||
TransDigm, Inc. | ||||||||
7.50%, 3/15/27, Callable 12/12/22 @ 103.75 | 5,000 | 4,930 | ||||||
5.50%, 11/15/27, Callable 12/12/22 @ 102.75 | 3,500 | 3,179 | ||||||
4.88%, 5/1/29, Callable 5/1/24 @ 102.44 | 5,000 | 4,258 | ||||||
U.S. Airways Pass Through Trust, 3.95%, 11/15/25 | 2,036 | 1,809 | ||||||
Uber Technologies, Inc., 7.50%, 9/15/27, Callable 12/12/22 @ 105.63 (a)(h) | 2,000 | 1,992 | ||||||
United Airlines Pass Through Trust, 4.88%, 1/15/26 | 21 | 20 | ||||||
United Rentals North America, Inc., 4.00%, 7/15/30, Callable 7/15/25 @ 102 | 3,000 | 2,560 | ||||||
Waste Pro USA, Inc., 5.50%, 2/15/26, Callable 12/12/22 @ 102.75 (a) | 2,000 | 1,850 | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (a) | 1,000 | 1,014 | ||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27, Callable 11/15/24 @ 103.75 (a) | 2,000 | 1,996 | ||||||
92,407 | ||||||||
Information Technology (3.4%): | ||||||||
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5 (a) | 2,000 | 1,630 | ||||||
AthenaHealth Group, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25 (a)(h) | 7,500 | 5,852 | ||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 6/15/29, Callable 6/15/25 @ 103.63 (a)(h) | 5,000 | 4,776 | ||||||
CommScope Technologies LLC, 6.00%, 6/15/25, Callable 11/21/22 @ 101 (a) | 2,000 | 1,883 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72 (a) | $ | 1,000 | $ | 818 | ||||
Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25 (a) | 1,500 | 1,390 | ||||||
NCR Corp., 5.13%, 4/15/29, Callable 4/15/24 @ 102.56 (a) | 1,500 | 1,258 | ||||||
NortonLifeLock, Inc., 7.13%, 9/30/30, Callable 9/30/25 @ 103.56 (a) | 2,000 | 1,974 | ||||||
Open Text Holdings, Inc., 4.13%, 12/1/31, Callable 12/1/26 @ 102.06 (a) | 5,000 | 3,775 | ||||||
Seagate HDD Cayman, 3.38%, 7/15/31, Callable 1/15/26 @ 101.69 | 6,000 | 4,287 | ||||||
Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94 | 3,000 | 2,444 | ||||||
Unisys Corp., 6.88%, 11/1/27, Callable 11/1/23 @ 103.44 (a) | 2,000 | 1,679 | ||||||
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100 | 2,250 | 1,560 | ||||||
33,326 | ||||||||
Materials (3.8%): | ||||||||
Arconic Corp., 6.13%, 2/15/28, Callable 2/15/23 @ 103.06 (a) | 1,200 | 1,124 | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 9/1/29, Callable 5/15/24 @ 102 (a)(h) | 1,000 | 761 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 8/15/27, Callable 12/12/22 @ 102.63 (a) | 6,500 | 4,656 | ||||||
Axalta Coating Systems LLC, 3.38%, 2/15/29, Callable 2/15/24 @ 101.69 (a) | 2,000 | 1,652 | ||||||
Bway Holding Co., 7.25%, 4/15/25, Callable 12/12/22 @ 100 (a) | 6,000 | 5,400 | ||||||
Commercial Metals Co., 4.38%, 3/15/32, Callable 3/15/27 @ 102.19 | 2,000 | 1,630 | ||||||
Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38 (a)(h) | 2,500 | 1,610 | ||||||
Kaiser Aluminum Corp., 4.50%, 6/1/31, Callable 6/1/26 @ 102.25 (a) | 3,000 | 2,356 | ||||||
Louisiana-Pacific Corp., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81 (a) | 3,250 | 2,643 | ||||||
Novelis Corp., 4.75%, 1/30/30, Callable 1/30/25 @ 102.38 (a) | 3,000 | 2,552 | ||||||
Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5 (h) | 1,500 | 1,357 | ||||||
Owens-Brockway Glass Container, Inc., 6.63%, 5/13/27, Callable 5/15/23 @ 103.31 (a) | 2,500 | 2,391 | ||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/28, Callable 10/15/24 @ 102.19 (a) | 2,000 | 1,750 | ||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 4.00%, 10/15/27, Callable 10/15/23 @ 102 (a) | 1,000 | 885 | ||||||
SCIH Salt Holdings, Inc., 4.88%, 5/1/28, Callable 5/1/24 @ 102.44 (a) | 2,000 | 1,738 | ||||||
The Chemours Co. | ||||||||
5.75%, 11/15/28, Callable 11/15/23 @ 102.88 (a) | 1,000 | 850 | ||||||
4.63%, 11/15/29, Callable 11/15/24 @ 102.31 (a) | 2,000 | 1,558 | ||||||
Tronox, Inc., 4.63%, 3/15/29, Callable 3/15/24 @ 102.31 (a) | 2,000 | 1,552 | ||||||
United States Steel Corp., 6.88%, 3/1/29, Callable 3/1/24 @ 103.44 (h) | 903 | 829 | ||||||
Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81 (a) | 1,000 | 789 | ||||||
38,083 | ||||||||
Real Estate (1.6%): | ||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||
6.25%, 6/15/25, Callable 12/12/22 @ 103.13 (a) | 1,400 | 1,386 | ||||||
4.63%, 3/15/30, Callable 3/15/25 @ 102.31 (a) | 2,500 | 2,063 | ||||||
Service Properties Trust | ||||||||
4.95%, 2/15/27, Callable 8/15/26 @ 100 (h) | 2,000 | 1,621 | ||||||
4.95%, 10/1/29, Callable 7/1/29 @ 100 | 4,000 | 2,922 | ||||||
The Howard Hughes Corp., 4.38%, 2/1/31, Callable 2/1/26 @ 102.19 (a) | 4,261 | 3,198 | ||||||
Vertical US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63 (a) | 2,000 | 1,793 | ||||||
VICI Properties LP/VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102.06 (a)(h) | 3,676 | 3,034 | ||||||
16,017 | ||||||||
Utilities (1.8%): | ||||||||
Calpine Corp., 4.63%, 2/1/29, Callable 2/1/24 @ 102.31 (a) | 7,000 | 5,948 | ||||||
NRG Energy, Inc. | ||||||||
5.75%, 1/15/28, Callable 1/15/23 @ 102.88 | 3,000 | 2,856 | ||||||
3.63%, 2/15/31, Callable 2/15/26 @ 101.81 (a) | 4,000 | 3,183 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Vistra Operations Co. LLC | ||||||||
5.00%, 7/31/27, Callable 11/21/22 @ 102.5 (a) | $ | 5,000 | $ | 4,613 | ||||
4.38%, 5/1/29, Callable 5/1/24 @ 102.19 (a) | 1,000 | 857 | ||||||
17,457 | ||||||||
Total Corporate Bonds (Cost $791,852) | 711,641 | |||||||
Yankee Dollars (14.6%) | ||||||||
Communication Services (1.7%): | ||||||||
Altice France Holding SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103 (a)(h) | 8,000 | 5,169 | ||||||
Altice France SA | ||||||||
8.13%, 2/1/27, Callable 11/21/22 @ 104.06 (a) | 3,000 | 2,748 | ||||||
5.50%, 10/15/29, Callable 10/15/24 @ 102.75 (a) | 3,000 | 2,287 | ||||||
LCPR Seniorr Secured Financing DAC, 5.13%, 7/15/29, Callable 7/15/24 @ 102.56 (a) | 1,500 | 1,267 | ||||||
Telecom Italia Capital SA, 7.20%, 7/18/36 | 5,000 | 3,924 | ||||||
Videotron Ltd., 3.63%, 6/15/29, Callable 6/15/24 @ 101.81 (a)(h) | 2,500 | 2,096 | ||||||
17,491 | ||||||||
Consumer Discretionary (2.0%): | ||||||||
1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28, Callable 12/12/22 @ 101.94 (a) | 1,500 | 1,320 | ||||||
IHO Verwaltungs GmbH, 6.38%, 5/15/29, Callable 5/15/24 @ 103.19 (a)(o) | 6,024 | 5,138 | ||||||
International Game Technology PLC, 6.25%, 1/15/27, Callable 7/15/26 @ 100 (a) | 2,000 | 1,982 | ||||||
Jaguar Land Rover Automotive PLC, 5.88%, 1/15/28, Callable 1/15/24 @ 102.94 (a) | 3,500 | 2,579 | ||||||
Mattamy Group Corp., 4.63%, 3/1/30, Callable 3/1/25 @ 102.31 (a) | 4,000 | 3,161 | ||||||
Melco Reosrts Finance Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69 (a)(h) | 2,000 | 1,094 | ||||||
Melco Resorts Finance Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88 (a) | 1,000 | 571 | ||||||
MGM China Holdings Ltd., 4.75%, 2/1/27, Callable 2/1/24 @ 102.38 (a) | 700 | 506 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
5.50%, 8/31/26, Callable 2/28/26 @ 100 (a) | 2,000 | 1,633 | ||||||
5.50%, 4/1/28, Callable 10/1/27 @ 100 (a)(h) | 2,000 | 1,540 | ||||||
19,524 | ||||||||
Consumer Staples (0.2%): | ||||||||
Minerva Luxembourg SA, 5.88%, 1/19/28, Callable 1/19/23 @ 102.94 (a)(h) | 2,000 | 1,853 | ||||||
Energy (1.7%): | ||||||||
Baytex Energy Corp., 8.75%, 4/1/27, Callable 4/1/23 @ 106.56 (a) | 3,000 | 3,093 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75 (a)(h) | 2,000 | 1,803 | ||||||
Ithaca Energy North Sea PLC, 9.00%, 7/15/26, Callable 7/15/23 @ 104.5 (a) | 2,000 | 1,977 | ||||||
Northriver Midstream Finance LP, 5.63%, 2/15/26, Callable 12/12/22 @ 102.81 (a) | 2,000 | 1,894 | ||||||
Petrobras Global Finance BV, 5.50%, 6/10/51, Callable 12/10/50 @ 100 (h) | 2,000 | 1,421 | ||||||
Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100 | 3,000 | 2,376 | ||||||
Tullow Oil PLC, 10.25%, 5/15/26, Callable 5/15/23 @ 105.13 (a) | 1,500 | 1,278 | ||||||
Vermilion Energy, Inc., 6.88%, 5/1/30, Callable 5/1/25 @ 103.44 (a) | 3,000 | 2,820 | ||||||
16,662 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Financials (2.7%): | ||||||||
Altice Financing SA | ||||||||
5.00%, 1/15/28, Callable 1/15/23 @ 102.5 (a) | $ | 4,000 | $ | 3,196 | ||||
5.75%, 8/15/29, Callable 8/15/24 @ 102.88 (a) | 5,000 | 3,937 | ||||||
Credit Suisse AG, 6.50%, 8/8/23 (a) | 2,250 | 2,185 | ||||||
Deutsche Bank AG | ||||||||
4.87% (USISDA05+255bps), 12/1/32, Callable 12/1/27 @ 100 (b) | 3,000 | 2,390 | ||||||
3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100 (b) | 6,850 | 4,702 | ||||||
Iris Holding, Inc., 10.00%, 12/15/28, Callable 6/15/25 @ 105 (a) | 2,500 | 2,143 | ||||||
UniCredit SpA, 7.30% (USISDA05+491bps), 4/2/34, Callable 4/2/29 @ 100 (a)(b) | 6,000 | 5,152 | ||||||
Virgin Media Vendor Financing Notes IV Dac, 5.00%, 7/15/28, Callable 7/15/23 @ 102.5 (a) | 2,000 | 1,711 | ||||||
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13 (a) | 2,000 | 1,610 | ||||||
27,026 | ||||||||
Health Care (0.4%): | ||||||||
Bausch Health Cos., Inc., 4.88%, 6/1/28, Callable 6/1/24 @ 102.44 (a) | 2,000 | 1,227 | ||||||
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/28, Callable 12/1/27 @ 100 (h) | 3,000 | 2,829 | ||||||
4,056 | ||||||||
Industrials (2.8%): | ||||||||
Air Canada Pass Through Trust, 4.13%, 5/15/25 (a)(h) | 4,727 | 4,210 | ||||||
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28, Callable 12/15/23 @ 102.06 (a) | 1,000 | 855 | ||||||
Bombardier, Inc. | ||||||||
7.50%, 3/15/25, Callable 12/12/22 @ 101.25 (a) | 3,934 | 3,868 | ||||||
7.88%, 4/15/27, Callable 12/12/22 @ 103.94 (a) | 5,000 | 4,751 | ||||||
Latam Airlines Group SA | ||||||||
13.38%, 10/15/27, Callable 10/15/24 @ 110.03 (a)(h) | 4,000 | 3,929 | ||||||
13.38%, 10/15/29, Callable 10/15/25 @ 110.03 (a)(h) | 2,000 | 1,965 | ||||||
NES Fircroft Bondco AS, 11.75%, 9/29/26, Callable 9/29/24 @ 105.88 (a) | 5,000 | 4,825 | ||||||
Rolls-Royce PLC, 5.75%, 10/15/27, Callable 7/15/27 @ 100 (a) | 2,967 | 2,686 | ||||||
Seaspan Corp., 5.50%, 8/1/29, Callable 8/1/24 @ 102.75 (a) | 1,500 | 1,160 | ||||||
28,249 | ||||||||
Materials (2.2%): | ||||||||
Alcoa Nederland Holding, 6.13%, 5/15/28, Callable 5/15/23 @ 103.06 (a) | 1,300 | 1,229 | ||||||
Diamond Bc BV, 4.63%, 10/1/29, Callable 10/1/24 @ 102.31 (a) | 2,000 | 1,467 | ||||||
Eldorado Gold Corp., 6.25%, 9/1/29, Callable 9/1/24 @ 103.13 (a) | 2,000 | 1,618 | ||||||
Endeavour Mining PLC, 5.00%, 10/14/26, Callable 10/14/23 @ 102.5 (a) | 4,320 | 3,391 | ||||||
First Quantum Minerals Ltd., 7.50%, 4/1/25, Callable 11/21/22 @ 101.88 (a) | 3,000 | 2,909 | ||||||
Infrabuild Australia Pty Ltd., 12.00%, 10/1/24, Callable 12/12/22 @ 106 (a) | 2,000 | 1,867 | ||||||
Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100 | 5,031 | 4,339 | ||||||
Mineral Resources, Ltd. | ||||||||
8.00%, 11/1/27, Callable 11/1/24 @ 104 (a) | 1,000 | 983 | ||||||
8.50%, 5/1/30, Callable 5/1/25 @ 104.25 (a) | 1,000 | 992 | ||||||
NOVA Chemicals Corp., 4.25%, 5/15/29, Callable 5/15/24 @ 102.13 (a)(h) | 3,000 | 2,450 | ||||||
Trivium Packaging Finance BV, 8.50%, 8/15/27, Callable 11/21/22 @ 104.25 (a)(h) | 1,000 | 949 | ||||||
22,194 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Real Estate (0.1%): | ||||||||
Vertical Holdco GmbH, 7.63%, 7/15/28, Callable 7/15/23 @ 103.81 (a)(h) | $ | 1,000 | $ | 827 | ||||
Sovereign Bond (0.1%): | ||||||||
Bahamas Government International Bond, 6.00%, 11/21/28, Callable 8/21/28 @ 100 (a) | 1,500 | 955 | ||||||
Utilities (0.7%): | ||||||||
Electricite de France SA, 5.25% (USSW10+371bps), Callable 1/29/23 @ 100 (a)(b)(i) | 3,000 | 2,834 | ||||||
Empresa Electrica Cochrane SpA, 5.50%, 5/14/27 (a) | 2,195 | 1,899 | ||||||
Enel SpA, 8.75% (USSW5+588bps), 9/24/73, Callable 9/24/23 @ 100 (a)(b) | 2,000 | 1,990 | ||||||
6,723 | ||||||||
Total Yankee Dollars (Cost $165,006) | 145,560 | |||||||
Commercial Paper (4.9%)(m) | ||||||||
Autonation, Inc., 3.67%, 11/1/22 (a) | 8,700 | 8,699 | ||||||
Aviation Capital Group LLC, 3.85%, 11/1/22 (a) | 9,800 | 9,799 | ||||||
Crown Castle International Corp., 3.83%, 11/3/22 (a) | 9,800 | 9,797 | ||||||
Jabil, Inc., 3.95%, 11/2/22 (a) | 9,500 | 9,498 | ||||||
ONEOK, Inc., 3.95%, 11/7/22 (a) | 5,000 | 4,996 | ||||||
Quanta Services, Inc. | ||||||||
3.70%, 11/1/22 (a) | 3,550 | 3,550 | ||||||
3.83%, 11/3/22 (a) | 2,000 | 1,999 | ||||||
Total Commercial Paper (Cost $48,343) | 48,338 | |||||||
Exchange-Traded Funds (1.2%) | ||||||||
iShares iBoxx High Yield Corporate Bond ETF (h) | 70,599 | 5,184 | ||||||
SPDR Bloomberg High Yield Bond ETF | 70,315 | 6,332 | ||||||
Total Exchange-Traded Funds (Cost $11,762) | 11,516 | |||||||
Collateral for Securities Loaned (5.4%)^ | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07% (n) | 7,157,151 | 7,157 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (n) | 47,005,366 | 47,006 | ||||||
Total Collateral for Securities Loaned (Cost $54,163) | 54,163 | |||||||
Total Investments (Cost $1,163,134) — 105.8% | 1,051,176 | |||||||
Liabilities in excess of other assets — (5.8)% | (57,180 | ) | ||||||
NET ASSETS - 100.00% | $ | 993,996 |
At October 31, 2022, the Fund's investments in foreign securities were 15.6% 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 October 31, 2022, the fair value of these securities was $724,732 thousands and amounted to 72.9% of net assets. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of October 31, 2022. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at October 31, 2022. |
(d) | Security is interest only. |
(e) | Rounds to less than $1 thousand. |
(f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At October 31, 2022, illiquid securities were 0.2% of the Fund's net assets. |
(g) | Security was fair valued based using significant unobservable inputs as of October 31, 2022. |
(h) | All or a portion of this security is on loan. |
(i) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA High Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
(j) | Security or portion of security purchased on a delayed-delivery and/or when-issued basis. |
(k) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
(l) | Zero-coupon bond. |
(m) | Rate represents the effective yield at October 31, 2022. |
(n) | Rate disclosed is the daily yield on October 31, 2022. |
(o) | Coupon may be 7.13% PIK. |
ADR—American Depositary Receipt
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.
ETF—Exchange-Traded Fund
H15T5Y—5 Year Treasury Constant Maturity Rate
LIBOR—London Interbank Offered Rate
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security
LLC—Limited Liability Company
LP—Limited Partnership
MTN—Medium Term Note
PIK—Payment in-kind
PLC—Public Limited Company
SOFR—Secured Overnight Financing Rate
SOFR01M—1 Month SOFR, rate disclosed as of October 31, 2022.
SOFR03M—3 Month SOFR, rate disclosed as of October 31, 2022.
TSFR—Term SOFR
TSFR1M—1 month Term SOFR, rate disclosed as of October 31, 2022.
ULC—Unlimited Liability Co.
USISDA05—5 Year ICE Swap Rate, rate disclosed as of October 31, 2022.
USSW10—USD 10 Year Swap Rate, rate disclosed as of October 31, 2022
USSW5—USD 5 Year Swap Rate, rate disclosed as of October 31, 2022.
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (7.0%) | ||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) | $ | 8,500 | $ | 7,143 | ||||
American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12%, 3/13/28, Callable 11/13/23 @ 100 (a) | 3,500 | 3,296 | ||||||
American Credit Acceptance Receivables Trust, Series 2022-1, Class B, 1.68%, 9/14/26, Callable 7/13/23 @ 100 (a) | 2,500 | 2,404 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2018-2, Class C, 3.59%, 6/18/24, Callable 12/18/22 @ 100 | 606 | 606 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 3/15/25 @ 100 (a) | 2,286 | 2,171 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 3/15/25 @ 100 (a) | 1,400 | 1,322 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%, 9/22/25, Callable 9/20/24 @ 100 (a) | 7,500 | 7,105 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class B, 4.27%, 3/20/25, Callable 3/20/24 @ 100 (a) | 5,250 | 5,107 | ||||||
CarMax Auto Owner Trust, Series 2019-1, Class B, 3.45%, 11/15/24, Callable 2/15/23 @ 100 | 1,924 | 1,913 | ||||||
CarMax Auto Owner Trust, Series 2018-4, Class D, 4.15%, 4/15/25, Callable 12/15/22 @ 100 | 1,470 | 1,467 | ||||||
CarMax Auto Owner Trust, Series 2020-2, Class B, 2.90%, 8/15/25, Callable 4/15/24 @ 100 | 3,611 | 3,457 | ||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class A, 0.97%, 10/15/24, Callable 11/15/22 @ 100 (a) | 23 | 23 | ||||||
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80%, 9/11/28, Callable 10/10/25 @ 100 | 2,750 | 2,519 | ||||||
CCG Receivables Trust, Series 2020-1, Class C, 1.84%, 12/14/27, Callable 4/14/24 @ 100 (a) | 2,000 | 1,858 | ||||||
CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a) | 2,874 | 2,464 | ||||||
Chesapeake Funding II LLC, Series 2018-3A, Class C, 3.81%, 1/15/31, Callable 11/15/22 @ 100 (a) | 6,000 | 5,994 | ||||||
CIT Education Loan Trust, Series 2007-1, Class B, 3.94% (LIBOR03M+30bps), 6/25/42, Callable 3/25/31 @ 100 (a)(b) | 3,183 | 2,845 | ||||||
CNH Equipment Trust, Series 2020-A, Class B, 2.30%, 10/15/27, Callable 2/15/24 @ 100 | 1,100 | 1,048 | ||||||
Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) | 5,000 | 4,954 | ||||||
CPS Auto Receivables Trust, Series 2022-D, Class B, 6.84%, 1/16/29, Callable 1/15/25 @ 100 (a) | 2,360 | 2,360 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30, Callable 10/15/24 @ 100 (a) | 5,885 | 5,353 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, Callable 7/15/24 @ 100 (a) | 2,327 | 2,186 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29, Callable 5/15/23 @ 100 (a) | 4,118 | 4,070 | ||||||
Credit Acceptance Auto Loan Trust, Series 2022-3A, Class B, 7.52%, 12/15/32 (a) | 3,500 | 3,494 | ||||||
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 4/20/23 @ 100 (a) | 393 | 388 | ||||||
Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a) | 5,667 | 4,606 | ||||||
Diamond Issuer, Series 2021-1A, Class A, 2.31%, 11/20/51, Callable 11/20/25 @ 100 (a) | 4,875 | 4,087 | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26, Callable 8/15/23 @ 100 (a) | 1,482 | 1,448 | ||||||
Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) | 4,500 | 4,384 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71%, 3/17/25, Callable 12/15/23 @ 100 (a) | $ | 9,486 | $ | 9,329 | ||||
ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a) | 5,625 | 5,293 | ||||||
First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 6/15/23 @ 100 (a) | 3,410 | 3,385 | ||||||
First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 2/15/23 @ 100 (a) | 3,150 | 3,150 | ||||||
FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/38 (a) | 6,538 | 5,591 | ||||||
Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 6/15/24 @ 100 (a) | 3,898 | 3,835 | ||||||
Flagship Credit Auto Trust, Series 2018-3, Class D, 4.15%, 12/16/24, Callable 12/15/23 @ 100 (a) | 1,152 | 1,139 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, 8/15/31, Callable 2/15/25 @ 100 (a) | 5,333 | 4,904 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class C, 2.54%, 8/15/31, Callable 2/15/25 @ 100 (a) | 4,000 | 3,572 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 9/15/23 @ 100 (a) | 3,281 | 3,170 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 1/15/23 @ 100 (a) | 594 | 592 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class B, 0.78%, 11/17/25, Callable 9/15/23 @ 100 (a) | 5,500 | 5,305 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class B, 2.32%, 12/16/24, Callable 4/16/23 @ 100 | 1,685 | 1,666 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25, Callable 12/16/23 @ 100 | 1,500 | 1,452 | ||||||
Golden Credit Card Trust, Series 2021-1A, Class B, 1.44%, 8/15/28 (a) | 9,000 | 7,749 | ||||||
Golden Credit Card Trust, Series 2021-1A, Class C, 1.74%, 8/15/28 (a) | 4,467 | 3,721 | ||||||
Hertz Vehicle Financing III LP, Series 2021-2A, Class C, 2.52%, 12/27/27 (a) | 3,667 | 3,012 | ||||||
Hertz Vehicle Financing LLC, Series 2022-2A, Class C, 2.95%, 6/26/28, Callable 6/25/27 @ 100 (a) | 3,500 | 2,782 | ||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (a) | 2,000 | 1,790 | ||||||
HPEFS Equipment Trust, Series 2022-1A, Class C, 1.96%, 5/21/29, Callable 2/20/25 @ 100 (a) | 1,000 | 922 | ||||||
HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, Callable 5/20/24 @ 100 (a) | 7,686 | 7,193 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 5/25/24 @ 100 (a) | 3,690 | 3,556 | ||||||
JPMorgan Chase Bank NA, Series 2021-3, Class C, 0.86%, 2/26/29, Callable 2/25/25 @ 100 (a) | 2,857 | 2,714 | ||||||
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a) | 4,500 | 4,160 | ||||||
Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (a) | 2,344 | 2,048 | ||||||
Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a) | 1,615 | 1,496 | ||||||
Master Credit Card Trust, Series 2020-1A, Class B, 2.27%, 9/21/24 (a) | 834 | 824 | ||||||
Master Credit Card Trust, Series 2022-1A, Class C, 2.27%, 7/21/26 (a) | 3,000 | 2,767 | ||||||
MMAF Equipment Finance LLC, Series 2017-A, Class A5, 2.68%, 7/16/27, Callable 7/16/23 @ 100 (a) | 771 | 764 | ||||||
MMAF Equipment Finance LLC, Series 2022-A, Class A4, 3.32%, 6/13/44 (a) | 1,500 | 1,381 | ||||||
MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 9/20/26 @ 100 (a) | 1,169 | 1,026 | ||||||
Navient Student Loan Trust, Series 2015-2, Class B, 5.09% (LIBOR01M+150bps), 8/25/50, Callable 4/25/31 @ 100 (b) | 3,000 | 2,909 | ||||||
Navient Student Loan Trust, Series 2018-2A, Class B, 4.74% (LIBOR01M+115bps), 3/25/67, Callable 8/25/34 @ 100 (a)(b) | 3,500 | 3,271 | ||||||
Nelnet Student Loan Trust, Series 2005-4, Class B, 3.88% (LIBOR03M+28bps), 9/22/35, Callable 3/22/27 @ 100 (b) | 873 | 750 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
NP SPE II LLC, Series 2017-1A, Class A2, 4.22%, 10/21/47 (a) | $ | 15,625 | $ | 13,856 | ||||
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 7,000 | 6,234 | ||||||
OSCAR U.S. Funding Trust LLC, Series 2018-1A, Class A4, 3.50%, 5/12/25, Callable 11/10/22 @ 100 (a) | 535 | 534 | ||||||
Progress Residential Trust, Series 2021-SFR6, Class B, 1.75%, 7/17/38, Callable 7/17/26 @ 100 (a) | 3,938 | 3,333 | ||||||
Progress Residential Trust, Series 2021-SFR6, Class A, 1.52%, 7/17/38, Callable 7/17/26 @ 100 (a) | 4,395 | 3,733 | ||||||
PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35 | 15,545 | 14,028 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 9/15/24 @ 100 (a) | 2,625 | 2,615 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 12/15/24 @ 100 (a) | 3,896 | 3,763 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 1/15/24 @ 100 (a) | 1,500 | 1,475 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-3, Class B, 4.13%, 8/16/27, Callable 7/15/24 @ 100 | 3,188 | 3,032 | ||||||
Santander Retail Auto Lease Trust, Series 2021-C, Class B, 0.83%, 3/20/26, Callable 6/20/24 @ 100 (a) | 3,500 | 3,243 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 5/20/24 @ 100 (a) | 6,950 | 6,699 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 3/20/25 @ 100 (a) | 3,824 | 3,524 | ||||||
SLM Student Loan Trust, Series 2012-6, Class B, 4.59% (LIBOR01M+100bps), 4/27/43, Callable 10/25/29 @ 100 (b) | 20,862 | 20,016 | ||||||
SLM Student Loan Trust, Series 2007-7, Class B, 5.11% (LIBOR03M+75bps), 10/27/70, Callable 10/25/24 @ 100 (b) | 5,740 | 5,272 | ||||||
SLM Student Loan Trust, Series 2005-9, Class B, 4.66% (LIBOR03M+30bps), 1/25/41 (b) | 1,078 | 997 | ||||||
SLM Student Loan Trust, Series 2003-14, Class B, 4.91% (LIBOR03M+55bps), 10/25/65, Callable 4/25/29 @ 100 (b) | 1,181 | 1,105 | ||||||
SLM Student Loan Trust, Series 2006-10, Class B, 4.58% (LIBOR03M+22bps), 3/25/44, Callable 7/25/32 @ 100 (b) | 1,241 | 1,139 | ||||||
SLM Student Loan Trust, Series 2006-9, Class B, 4.59% (LIBOR03M+23bps), 1/25/41, Callable 7/25/33 @ 100 (b) | 3,624 | 3,416 | ||||||
SLM Student Loan Trust, Series 2007-1, Class B, 4.58% (LIBOR03M+22bps), 1/27/42, Callable 10/25/29 @ 100 (b) | 5,038 | 4,736 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 10,417 | 10,324 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 2/27/34, Callable 2/25/26 @ 100 (a)(c) | 5,500 | 4,768 | ||||||
VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class D, 4.29%, 2/15/52, Callable 2/15/26 @ 100 (a) | 938 | 815 | ||||||
VB-S1 Issuer LLC-VBTEL, Series 2022-1A, Class C2I, 3.16%, 2/15/52, Callable 2/15/26 @ 100 (a) | 4,000 | 3,491 | ||||||
Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35 | 8,357 | 6,913 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2A, Class B, 0.62%, 7/15/26, Callable 10/15/23 @ 100 (a) | 6,500 | 6,209 | ||||||
World Omni Auto Receivables Trust, Series 2018-D, Class C, 3.87%, 8/15/25, Callable 12/15/22 @ 100 | 4,000 | 3,995 | ||||||
Total Asset-Backed Securities (Cost $362,050) | 336,555 | |||||||
Collateralized Mortgage Obligations (5.2%) | ||||||||
Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, 7/5/40 (a)(c) | 4,000 | 3,334 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33, Callable 4/14/25 @ 100 (a) | 9,027 | 8,189 | ||||||
BANK, Series 2019-BN24, Class ASB, 2.93%, 11/15/62, Callable 12/15/29 @ 100 | 7,123 | 6,334 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
BANK, Series 2017-BNK4, Class B, 4.00%, 5/15/50, Callable 4/15/27 @ 100 | $ | 5,600 | $ | 5,001 | ||||
BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 6/15/32 @ 100 (c) | 2,703 | 2,370 | ||||||
BPR Trust, Series 2021-TY, Class C, 5.11% (LIBOR01M+170bps), 9/15/38 (a)(b) | 1,538 | 1,447 | ||||||
BPR Trust, Series 2022-STAR, Class A, 6.61% (TSFR1M+323bps), 8/15/24 (a)(b) | 2,536 | 2,498 | ||||||
BPR Trust, Series 2021-TY, Class A, 4.46% (LIBOR01M+105bps), 9/15/38 (a)(b) | 4,904 | 4,674 | ||||||
BPR Trust, Series 2022-OANA, Class D, 7.07% (TSFR1M+370bps), 4/15/37 (a)(b) | 5,000 | 4,695 | ||||||
BPR Trust, Series 2022-OANA, Class B, 5.82% (TSFR1M+245bps), 4/15/37 (a)(b) | 6,000 | 5,734 | ||||||
BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 6.52% (TSFR1M+314bps), 6/15/27 (a)(b) | 5,000 | 4,917 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class B, 4.49% (LIBOR01M+108bps), 10/15/36 (a)(b) | 5,246 | 5,094 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.86% (LIBOR01M+145bps), 10/15/36 (a)(b) | 1,275 | 1,222 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIV4, Class A, 2.84%, 3/9/44, Callable 3/9/30 @ 100 (a) | 1,875 | 1,463 | ||||||
BX Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41, Callable 12/9/29 @ 100 (a) | 9,231 | 7,582 | ||||||
BX Trust, Series 2022-CLS, Class B, 6.30%, 10/13/27 (a) | 4,000 | 3,955 | ||||||
BXP Trust, Series 2021-601L, Class C, 2.78%, 1/15/44 (a)(c) | 6,500 | 4,341 | ||||||
BXP Trust, Series 2021-601L, Class D, 2.78%, 1/15/44 (a)(c) | 3,500 | 2,163 | ||||||
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class ASB, 2.94%, 1/15/53, Callable 12/15/29 @ 100 | 6,000 | 5,346 | ||||||
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A3, 3.36%, 7/10/47, Callable 7/10/24 @ 100 | 5,531 | 5,310 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-555, Class A, 2.65%, 12/10/41 (a) | 10,000 | 8,028 | ||||||
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/36 (a) | 8,100 | 7,800 | ||||||
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class A3, 2.82%, 4/10/46, Callable 4/10/23 @ 100 | 2,729 | 2,710 | ||||||
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class AS, 3.86%, 7/10/47, Callable 7/10/24 @ 100 | 4,000 | 3,822 | ||||||
COMM Mortgage Trust, Series 2015-PC1, Class B, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 2,500 | 2,360 | ||||||
COMM Mortgage Trust, Series 2012-CR4, Class XA, 1.50%, 10/15/45, Callable 11/15/22 @ 100 (c)(d) | 15,047 | 1 | ||||||
COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a) | 3,500 | 2,638 | ||||||
COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) | 11,500 | 10,832 | ||||||
COMM Mortgage Trust, Series 2012-CCRE4, Class AM, 3.25%, 10/15/45, Callable 11/15/22 @ 100 | 8,600 | 8,223 | ||||||
COMM Mortgage Trust, Series 2012-CCRE3, Class AM, 3.42%, 10/15/45 (a) | 5,925 | 5,438 | ||||||
COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 3,500 | 3,331 | ||||||
COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48, Callable 11/10/25 @ 100 (c) | 6,300 | 5,851 | ||||||
CSMC Trust, Series 2020-West, Class A, 3.04%, 2/15/35, Callable 2/15/30 @ 100 (a) | 2,500 | 1,903 | ||||||
DBJPM Mortgage Trust, Series 2016-SFC, Class B, 3.24%, 8/10/36, Callable 8/10/26 @ 100 (a) | 2,500 | 2,102 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a) | $ | 6,250 | $ | 5,281 | ||||
Extended Stay America Trust, Series 2021-ESH, Class B, 4.79% (LIBOR01M+138bps), 7/15/38 (a)(b) | 4,935 | 4,679 | ||||||
GS Mortgage Securities Corp., Series 2013-GC10, Class AS, 3.28%, 2/10/46, Callable 2/10/23 @ 100 | 5,000 | 4,978 | ||||||
GS Mortgage Securities Corp., Series 2013-GC10, Class B, 3.68%, 2/10/46, Callable 2/10/23 @ 100 (a) | 10,000 | 9,937 | ||||||
GS Mortgage Securities Corp., Series 2005-ROCK, Class X1, 0.39%, 5/3/32 (a)(c)(d) | 190,667 | 1,132 | ||||||
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a) | 2,000 | 1,881 | ||||||
GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.91%, 2/13/53, Callable 1/13/30 @ 100 | 4,231 | 3,504 | ||||||
Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 2,730 | 2,490 | ||||||
Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 2.94%, 12/10/41 (a)(c) | 2,000 | 1,653 | ||||||
ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.38%, 3/15/32 (a) | 6,000 | 4,926 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class B, 2.08%, 1/5/40 (a)(c) | 2,500 | 1,980 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class AS, 4.44%, 2/15/47, Callable 1/15/29 @ 100 (c) | 9,000 | 8,706 | ||||||
Magnetite XXXV Ltd., Series 2022-35A, Class A1, 4.66% (TSFR3M+205bps), 10/25/35, Callable 10/25/23 @ 100 (a)(b) | 4,000 | 3,936 | ||||||
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a) | 8,000 | 6,713 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series C9, Class AS, 3.46%, 5/15/46, Callable 5/15/23 @ 100 | 3,200 | 3,146 | ||||||
Morgan Stanley Capital Trust, Series 2015-MS1, Class AS, 4.02%, 5/15/48, Callable 7/15/25 @ 100 (c) | 7,000 | 6,561 | ||||||
Palmer Square Loan Funding Ltd., Series 2022-5A, Class A1, 4.08% (TSFR3M+156bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) | 3,000 | 2,946 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a) | 5,200 | 4,036 | ||||||
SMRT, Series 2022-MINI, Class B, 4.73% (TSFR1M+135bps), 1/15/39 (a)(b) | 6,500 | 6,177 | ||||||
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (a) | 4,000 | 2,994 | ||||||
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class AS, 3.35%, 5/15/45, Callable 5/15/23 @ 100 | 5,000 | 4,931 | ||||||
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45 | 5,000 | 4,877 | ||||||
Total Collateralized Mortgage Obligations (Cost $276,022) | 248,172 |
Preferred Stocks (1.0%) | ||||||||
Communication Services (0.2%): | ||||||||
Qwest Corp., 6.50%, 9/1/56 (e) | 360,000 | 6,174 | ||||||
Consumer Staples (0.1%): | ||||||||
CHS, Inc., cumulative redeemable, Series 1, 7.88% (f) | 190,818 | 4,896 | ||||||
Financials (0.0%):(g) | ||||||||
Citigroup Capital XIII, 10.78% (LIBOR03M+637bps), 10/30/40 (b) | 40,000 | 1,098 | ||||||
Real Estate (0.7%): | ||||||||
Equity Residential, cumulative redeemable, Series K, 8.29% (f) | 111,611 | 5,757 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Mid-America Apartment Communities, Inc., cumulative redeemable, Series I, 8.50% (f) | 219,731 | $ | 12,241 | |||||
Prologis, Inc., cumulative redeemable, Series Q, 8.54% (f)(h) | 283,503 | 15,451 | ||||||
33,449 | ||||||||
Total Preferred Stocks (Cost $43,327) | 45,617 | |||||||
Senior Secured Loans (0.1%) | ||||||||
CSC Holdings LLC, 2017 Term Loan, First Lien, 5.66% (LIBOR01M+225bps), 7/17/25 (b) | $ | 2,326 | 2,246 | |||||
Total Senior Secured Loans (Cost $2,316) | 2,246 | |||||||
Corporate Bonds (45.4%) | ||||||||
Communication Services (2.1%): | ||||||||
AT&T, Inc. | ||||||||
4.50%, 5/15/35, Callable 11/15/34 @ 100 | 3,000 | 2,590 | ||||||
3.10%, 2/1/43, Callable 8/1/42 @ 100 | 8,000 | 5,229 | ||||||
CBS Corp., 4.20%, 6/1/29, Callable 3/1/29 @ 100 | 8,000 | 6,983 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
2.30%, 2/1/32, Callable 11/1/31 @ 100 | 2,500 | 1,785 | ||||||
6.38%, 10/23/35, Callable 4/23/35 @ 100 | 5,000 | 4,575 | ||||||
3.50%, 6/1/41, Callable 12/1/40 @ 100 | 10,000 | 6,306 | ||||||
Comcast Corp. | ||||||||
3.90%, 3/1/38, Callable 9/1/37 @ 100 | 3,000 | 2,426 | ||||||
2.89%, 11/1/51, Callable 5/1/51 @ 100 | 3,500 | 2,103 | ||||||
CSC Holdings LLC, 5.50%, 4/15/27, Callable 12/12/22 @ 102.75 (a) | 3,000 | 2,826 | ||||||
Discovery Communications LLC, 3.95%, 3/20/28, Callable 12/20/27 @ 100 | 10,000 | 8,678 | ||||||
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100 | 4,000 | 3,724 | ||||||
Paramount Global, 3.38%, 2/15/28, Callable 11/15/27 @ 100 (e) | 3,111 | 2,694 | ||||||
Rogers Communications, Inc., 4.50%, 3/15/42, Callable 9/15/41 @ 100 (a) | 9,500 | 7,506 | ||||||
T-Mobile USA, Inc. | ||||||||
4.75%, 2/1/28, Callable 2/1/23 @ 102.38 | 2,857 | 2,710 | ||||||
3.88%, 4/15/30, Callable 1/15/30 @ 100 | 15,000 | 13,273 | ||||||
2.55%, 2/15/31, Callable 11/15/30 @ 100 | 10,000 | 7,905 | ||||||
Verizon Communications, Inc. | ||||||||
2.10%, 3/22/28, Callable 1/22/28 @ 100 | 3,500 | 2,942 | ||||||
4.40%, 11/1/34, Callable 5/1/34 @ 100 | 3,500 | 3,035 | ||||||
3.40%, 3/22/41, Callable 9/22/40 @ 100 | 8,000 | 5,674 | ||||||
4.13%, 8/15/46 | 5,000 | 3,771 | ||||||
2.88%, 11/20/50, Callable 5/20/50 @ 100 | 3,000 | 1,770 | ||||||
Warnermedia Holdings, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100 (a) | 3,759 | 2,748 | ||||||
101,253 | ||||||||
Consumer Discretionary (2.6%): | ||||||||
Advance Auto Parts, Inc., 3.50%, 3/15/32, Callable 12/15/31 @ 100 | 7,750 | 6,131 | ||||||
Amazon.com, Inc., 3.88%, 8/22/37, Callable 2/22/37 @ 100 | 6,000 | 5,103 | ||||||
American Honda Finance Corp., 1.30%, 9/9/26 | 5,000 | 4,338 | ||||||
AutoNation, Inc. | ||||||||
2.40%, 8/1/31, Callable 5/1/31 @ 100 | 3,750 | 2,593 | ||||||
3.85%, 3/1/32, Callable 12/1/31 @ 100 | 4,500 | 3,510 | ||||||
BMW U.S. Capital LLC, 3.70%, 4/1/32, Callable 1/1/32 @ 100 (a)(e) | 3,000 | 2,581 | ||||||
Brunswick Corp., 2.40%, 8/18/31, Callable 5/18/31 @ 100 | 6,500 | 4,551 | ||||||
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a) | 2,000 | 1,756 | ||||||
Genuine Parts Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100 | 3,833 | 2,972 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Hasbro, Inc. | ||||||||
3.55%, 11/19/26, Callable 9/19/26 @ 100 | $ | 4,500 | $ | 4,125 | ||||
3.90%, 11/19/29, Callable 8/19/29 @ 100 | 7,500 | 6,484 | ||||||
Kohl's Corp., 3.63%, 5/1/31, Callable 2/1/31 @ 100 (e) | 6,250 | 4,130 | ||||||
Magallanes, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100 (a) | 5,000 | 4,450 | ||||||
Marriott International, Inc. | ||||||||
4.63%, 6/15/30, Callable 3/15/30 @ 100 | 2,333 | 2,096 | ||||||
2.85%, 4/15/31, Callable 1/15/31 @ 100 | 8,000 | 6,235 | ||||||
3.50%, 10/15/32, Callable 7/15/32 @ 100 | 3,500 | 2,800 | ||||||
Mattel, Inc., 3.38%, 4/1/26, Callable 4/1/23 @ 101.69 (a) | 500 | 458 | ||||||
Murphy Oil USA, Inc. | ||||||||
4.75%, 9/15/29, Callable 9/15/24 @ 102.38 | 2,000 | 1,808 | ||||||
3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a) | 1,332 | 1,112 | ||||||
Nordstrom, Inc. | ||||||||
4.38%, 4/1/30, Callable 1/1/30 @ 100 (e) | 2,000 | 1,502 | ||||||
4.25%, 8/1/31, Callable 5/1/31 @ 100 | 4,250 | 3,085 | ||||||
Novant Health, Inc., 2.64%, 11/1/36, Callable 8/1/36 @ 100 | 13,000 | 9,046 | ||||||
O'Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100 | 5,000 | 4,558 | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (a) | 5,367 | 3,655 | ||||||
Smithsonian Institution, 2.65%, 9/1/39 | 2,000 | 1,430 | ||||||
Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100 (a)(e) | 10,750 | 8,277 | ||||||
Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100 | 2,863 | 2,318 | ||||||
Tufts University, 3.10%, 8/15/51, Callable 2/15/51 @ 100 (e) | 9,500 | 5,885 | ||||||
University of Notre Dame du Lac, 3.44%, 2/15/45 | 5,000 | 3,775 | ||||||
Vanderbilt University Medical Center, 4.17%, 7/1/37, Callable 1/1/37 @ 100 | 1,000 | 820 | ||||||
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100 | 8,000 | 6,463 | ||||||
Volkswagen Group of America Finance LLC, 4.60%, 6/8/29, Callable 4/8/29 @ 100 (a) | 6,000 | 5,441 | ||||||
123,488 | ||||||||
Consumer Staples (2.4%): | ||||||||
7-Eleven, Inc., 1.80%, 2/10/31, Callable 11/10/30 @ 100 (a) | 6,500 | 4,795 | ||||||
Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100 | 6,500 | 4,620 | ||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100 | 10,000 | 9,036 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
4.38%, 4/15/38, Callable 10/15/37 @ 100 | 6,500 | 5,541 | ||||||
3.75%, 7/15/42 | 5,000 | 3,773 | ||||||
BAT Capital Corp. | ||||||||
7.75%, 10/19/32, Callable 7/19/32 @ 100 | 2,000 | 2,044 | ||||||
4.39%, 8/15/37, Callable 2/15/37 @ 100 | 15,000 | 10,876 | ||||||
Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100 (e) | 12,000 | 9,436 | ||||||
Cargill, Inc. | ||||||||
2.13%, 11/10/31, Callable 8/10/31 @ 100 (a) | 6,000 | 4,598 | ||||||
5.13%, 10/11/32, Callable 7/11/32 @ 100 (a) | 3,500 | 3,415 | ||||||
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 | 3,750 | 2,917 | ||||||
Constellation Brands, Inc., 2.25%, 8/1/31, Callable 5/1/31 @ 100 | 13,645 | 10,469 | ||||||
General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100 | 4,667 | 3,949 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
2.50%, 1/15/27, Callable 12/15/26 @ 100 (a) | 6,500 | 5,544 | ||||||
5.75%, 4/1/33, Callable 1/1/33 @ 100 (a) | 3,000 | 2,702 | ||||||
Keurig Dr Pepper, Inc., 4.50%, 4/15/52, Callable 10/15/51 @ 100 | 10,000 | 7,803 | ||||||
Kraft Heinz Foods Co., 5.00%, 6/4/42 | 6,000 | 5,198 | ||||||
McCormick & Co., Inc. | ||||||||
2.50%, 4/15/30, Callable 1/15/30 @ 100 | 2,000 | 1,611 | ||||||
1.85%, 2/15/31, Callable 11/15/30 @ 100 | 2,000 | 1,480 | ||||||
SC Johnson & Son, Inc., 4.35%, 9/30/44, Callable 3/30/44 @ 100 (a) | 7,000 | 5,443 | ||||||
Smithfield Foods, Inc., 4.25%, 2/1/27, Callable 11/1/26 @ 100 (a) | 5,000 | 4,529 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100 | $ | 5,000 | $ | 3,902 | ||||
113,681 | ||||||||
Energy (3.6%): | ||||||||
Boardwalk Pipelines LP, 4.45%, 7/15/27, Callable 4/15/27 @ 100 | 8,000 | 7,398 | ||||||
Buckeye Partners LP, 5.60%, 10/15/44, Callable 4/15/44 @ 100 | 10,000 | 7,480 | ||||||
Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100 (a) | 12,364 | 9,666 | ||||||
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100 | 8,667 | 6,422 | ||||||
ConocoPhillips Co., 4.15%, 11/15/34, Callable 5/15/34 @ 100 | 4,500 | 3,809 | ||||||
DCP Midstream Operating LP, 5.85% (LIBOR03M+385bps), 5/21/43, Callable 5/21/23 @ 100 (a)(b)(e) | 10,000 | 9,636 | ||||||
Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100 | 6,000 | 5,219 | ||||||
Energy Transfer LP, 7.46% (LIBOR03M+302bps), 11/1/66, Callable 12/12/22 @ 100 (b) | 8,510 | 6,274 | ||||||
Enterprise TE Partners LP, 5.86% (LIBOR03M+278bps), 6/1/67, Callable 12/12/22 @ 100 (b) | 3,000 | 2,498 | ||||||
EOG Resources, Inc., 3.90%, 4/1/35, Callable 10/1/34 @ 100 | 2,000 | 1,705 | ||||||
EQM Midstream Partners LP | ||||||||
4.00%, 8/1/24, Callable 5/1/24 @ 100 | 1,286 | 1,217 | ||||||
4.13%, 12/1/26, Callable 9/1/26 @ 100 | 8,000 | 7,089 | ||||||
EQT Corp., 7.00%, 2/1/30, Callable 11/1/29 @ 100 | 2,594 | 2,661 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100 | 4,750 | 4,022 | ||||||
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a) | 6,500 | 5,116 | ||||||
Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100 (a) | 5,333 | 4,642 | ||||||
HF Sinclair Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100 | 8,000 | 6,773 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
6.25%, 11/1/28, Callable 11/1/23 @ 103.13 (a) | 4,000 | 3,767 | ||||||
6.00%, 2/1/31, Callable 2/1/26 @ 103 (a) | 3,000 | 2,721 | ||||||
Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100 | 5,000 | 3,946 | ||||||
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (a) | 14,500 | 12,762 | ||||||
Murphy Oil Corp., 5.75%, 8/15/25, Callable 12/12/22 @ 101.44 | 5,000 | 4,950 | ||||||
Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100 | 5,067 | 4,698 | ||||||
Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100 | 5,000 | 4,073 | ||||||
Phillips 66, 4.65%, 11/15/34, Callable 5/15/34 @ 100 | 1,000 | 895 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 | 5,000 | 3,853 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100 | 13,750 | 11,472 | ||||||
Rockies Express Pipeline LLC | ||||||||
4.95%, 7/15/29, Callable 4/15/29 @ 100 (a) | 6,500 | 5,720 | ||||||
4.80%, 5/15/30, Callable 2/15/30 @ 100 (a) | 3,000 | 2,531 | ||||||
Sabal Trail Transmission LLC, 4.68%, 5/1/38, Callable 11/1/37 @ 100 (a) | 5,000 | 4,196 | ||||||
Southwestern Energy Co., 5.70%, 1/23/25, Callable 10/23/24 @ 100 | 2,000 | 1,971 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75 (e) | 3,500 | 3,228 | ||||||
TransCanada PipeLines Ltd., 5.12% (LIBOR03M+221bps), 5/15/67, Callable 12/12/22 @ 100 (b) | 10,124 | 7,716 | ||||||
170,126 | ||||||||
Financials (12.3%): | ||||||||
Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 | 5,000 | 4,440 | ||||||
American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100 (b) | 6,000 | 5,451 | ||||||
American International Group, Inc., 3.88%, 1/15/35, Callable 7/15/34 @ 100 | 7,000 | 5,754 | ||||||
AmTrust Financial Services, Inc., 6.13%, 8/15/23 | 10,000 | 9,789 | ||||||
Assurant, Inc., 4.90%, 3/27/28, Callable 12/27/27 @ 100 (e) | 5,000 | 4,685 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100 | $ | 9,000 | $ | 7,043 | ||||
AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100 | 2,000 | 1,854 | ||||||
Banc of California, Inc., 5.25%, 4/15/25, Callable 1/15/25 @ 100 | 10,000 | 9,646 | ||||||
Bank of America Corp. | ||||||||
4.38% (H15T5Y+276bps), Callable 1/27/27 @ 100 (b)(f) | 3,500 | 2,808 | ||||||
4.20%, 8/26/24, MTN (e) | 5,000 | 4,890 | ||||||
3.95%, 4/21/25, MTN | 5,000 | 4,788 | ||||||
1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (b) | 4,500 | 4,103 | ||||||
BankUnited, Inc., 4.88%, 11/17/25, Callable 8/17/25 @ 100 | 10,000 | 9,643 | ||||||
Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100 | 10,248 | 8,471 | ||||||
BMW U.S. Capital LLC, 4.15%, 4/9/30, Callable 1/9/30 @ 100 (a) | 7,000 | 6,388 | ||||||
Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100 | 5,000 | 4,199 | ||||||
Cadence Bank, 4.13% (LIBOR03M+247bps), 11/20/29, Callable 11/20/24 @ 100 (b)(e) | 3,000 | 2,841 | ||||||
Capital One Financial Corp., 3.75%, 3/9/27, Callable 2/9/27 @ 100 (e) | 7,500 | 6,840 | ||||||
CIT Group, Inc., 4.13% (H15T5Y+237bps), 11/13/29, Callable 11/13/24 @ 100 (b) | 14,000 | 13,176 | ||||||
Citizens Financial Group, Inc. | ||||||||
2.64%, 9/30/32, Callable 7/2/32 @ 100 | 5,500 | 3,916 | ||||||
5.64% (H15T5Y+275bps), 5/21/37, Callable 5/21/32 @ 100 (b) | 5,000 | 4,533 | ||||||
Compeer Financial FLCA/Compeer Financial PCA, 3.37% (SOFR+197bps), 6/1/36, Callable 6/1/31 @ 100 (a)(b) | 4,000 | 2,908 | ||||||
Credit Acceptance Corp., 6.63%, 3/15/26, Callable 11/21/22 @ 103.31 | 4,875 | 4,614 | ||||||
Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100 | 3,500 | 3,344 | ||||||
Cullen/Frost Capital Trust II, 4.63% (LIBOR03M+155bps), 3/1/34, Callable 12/12/22 @ 100 (b) | 10,000 | 8,727 | ||||||
F&G Global Funding, 2.00%, 9/20/28 (a) | 7,250 | 5,769 | ||||||
Fells Point Funding Trust, 3.05%, 1/31/27, Callable 12/31/26 @ 100 (a) | 6,500 | 5,783 | ||||||
Fifth Third Bancorp, 4.34% (SOFR+166bps), 4/25/33, Callable 4/25/32 @ 100 (b) | 5,218 | 4,526 | ||||||
Fifth Third Bank NA, 3.85%, 3/15/26, Callable 2/15/26 @ 100 | 5,000 | 4,662 | ||||||
First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100 | 9,225 | 6,442 | ||||||
First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b) | 12,097 | 11,321 | ||||||
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100 | 8,000 | 7,637 | ||||||
Ford Motor Credit Co. LLC | ||||||||
4.06%, 11/1/24, Callable 10/1/24 @ 100 | 5,000 | 4,787 | ||||||
4.54%, 8/1/26, Callable 6/1/26 @ 100 | 3,400 | 3,138 | ||||||
Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100 (b) | 6,000 | 5,458 | ||||||
GA Global Funding Trust, 1.63%, 1/15/26 (a) | 2,250 | 1,963 | ||||||
Global Atlantic Fin Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a) | 10,000 | 8,215 | ||||||
Huntington Bancshares, Inc., 2.49% (H15T5Y+117bps), 8/15/36, Callable 8/15/31 @ 100 (b) | 15,676 | 10,893 | ||||||
Huntington Capital Trust I, 5.11% (US0003M+70bps), 2/1/27, Callable 12/12/22 @ 100 (b) | 2,300 | 2,120 | ||||||
ILFC E-Capital Trust I, 5.12%, 12/21/65, Callable 12/12/22 @ 100 (a) | 10,000 | 6,528 | ||||||
JPMorgan Chase & Co. | ||||||||
4.60% (SOFR+313bps), Callable 2/1/25 @ 100 (b)(f) | 5,000 | 4,439 | ||||||
2.95%, 10/1/26, Callable 7/1/26 @ 100 | 5,000 | 4,568 | ||||||
4.94% (LIBOR03M+50bps), 2/1/27, Callable 12/12/22 @ 100 (b) | 4,000 | 3,652 | ||||||
4.32% (SOFR+156bps), 4/26/28, Callable 4/26/27 @ 100 (b) | 5,000 | 4,655 | ||||||
1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b) | 8,667 | 6,357 | ||||||
KeyBank NA | ||||||||
3.40%, 5/20/26, MTN | 2,500 | 2,298 | ||||||
3.90%, 4/13/29 | 3,000 | 2,595 | ||||||
KeyCorp. | ||||||||
2.25%, 4/6/27, MTN | 2,000 | 1,719 | ||||||
4.79% (SOFR+206bps), 6/1/33, Callable 6/1/32 @ 100, MTN (b) | 3,784 | 3,422 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Level 3 Financing, Inc. | ||||||||
3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a) | $ | 9,500 | $ | 7,240 | ||||
3.88%, 11/15/29, Callable 8/15/29 @ 100 (a) | 19,000 | 15,621 | ||||||
Lincoln National Corp., 5.30% (LIBOR03M+236bps), 5/17/66, Callable 8/11/26 @ 100 (b) | 7,500 | 5,793 | ||||||
Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100 | 5,000 | 4,254 | ||||||
Main Street Capital Corp., 3.00%, 7/14/26, Callable 6/14/26 @ 100 | 4,000 | 3,385 | ||||||
Manufacturers & Traders Trust Co., 3.40%, 8/17/27 | 4,380 | 3,891 | ||||||
MB Financial Bank NA, 4.00% (LIBOR03M+187bps), 12/1/27, Callable 3/1/23 @ 100 (b) | 10,417 | 10,364 | ||||||
Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100 | 5,000 | 4,553 | ||||||
MetLife, Inc., 4.13%, 8/13/42 | 10,000 | 7,871 | ||||||
Morgan Stanley | ||||||||
2.51% (SOFR+120bps), 10/20/32, Callable 10/20/31 @ 100, MTN (b) | 7,000 | 5,276 | ||||||
2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (b) | 6,000 | 4,263 | ||||||
National Rural Utilities Cooperative Finance Corp., 4.75% (LIBOR03M+291bps), 4/30/43, Callable 4/30/23 @ 100 (b) | 9,500 | 8,782 | ||||||
Nationwide Mutual Insurance Co., 5.58% (LIBOR03M+229bps), 12/15/24, Callable 12/12/22 @ 100 (a)(b) | 20,000 | 20,000 | ||||||
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b) | 7,000 | 6,878 | ||||||
Northern Trust Corp., 6.13%, 11/2/32, Callable 8/2/32 @ 100 | 3,500 | 3,507 | ||||||
OWL Rock Core Income Corp. | ||||||||
5.50%, 3/21/25 (e) | 1,500 | 1,417 | ||||||
3.13%, 9/23/26, Callable 8/23/26 @ 100 | 500 | 418 | ||||||
4.70%, 2/8/27, Callable 1/8/27 @ 100 | 4,500 | 3,932 | ||||||
7.75%, 9/16/27, Callable 8/16/27 @ 100 (a) | 1,818 | 1,773 | ||||||
Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100 (a) | 10,000 | 9,064 | ||||||
PNC Bank NA, 2.70%, 10/22/29 | 6,000 | 4,874 | ||||||
PPL Capital Funding, Inc., 6.34% (LIBOR03M+267bps), 3/30/67, Callable 12/12/22 @ 100 (b) | 6,130 | 5,194 | ||||||
Primerica, Inc., 2.80%, 11/19/31, Callable 8/19/31 @ 100 | 4,000 | 3,134 | ||||||
Prudential Financial, Inc. | ||||||||
5.62% (LIBOR03M+392bps), 6/15/43, Callable 6/15/23 @ 100 (b) | 19,000 | 18,774 | ||||||
3.94%, 12/7/49, Callable 6/7/49 @ 100 | 2,500 | 1,837 | ||||||
6.00% (H15T5Y+323bps), 9/1/52, Callable 6/1/32 @ 100 (b) | 6,000 | 5,480 | ||||||
Regions Bank, 6.45%, 6/26/37 | 7,409 | 7,357 | ||||||
Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100 (b)(f) | 2,500 | 2,422 | ||||||
Santander Holdings USA, Inc., 4.40%, 7/13/27, Callable 4/14/27 @ 100 | 5,818 | 5,262 | ||||||
Signature Bank, 4.13% (LIBOR03M+256bps), 11/1/29, Callable 11/1/24 @ 100 (b) | 6,000 | 5,672 | ||||||
Stellantis Finance U.S., Inc., 2.69%, 9/15/31, Callable 6/15/31 @ 100 (a) | 13,800 | 9,823 | ||||||
Sterling Bancorp, 4.00% (SOFR+253bps), 12/30/29, Callable 12/30/24 @ 100 (b) | 5,750 | 5,394 | ||||||
Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100 | 8,500 | 6,392 | ||||||
Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100 | 4,500 | 4,242 | ||||||
Synovus Bank/Columbus GA, 4.00% (H15T5Y+363bps), 10/29/30, Callable 10/29/25 @ 100 (b) | 4,500 | 4,150 | ||||||
Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (b) | 10,000 | 9,724 | ||||||
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (b) | 4,000 | 3,460 | ||||||
Texas Capital Bank NA, 5.25%, 1/31/26 | 9,335 | 8,817 | ||||||
The Allstate Corp., 5.75% (LIBOR03M+294bps), 8/15/53, Callable 8/15/23 @ 100 (b) | 5,000 | 4,572 | ||||||
The Bank of New York Mellon Corp. 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100 (b)(f) | 3,250 | 3,111 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b)(f) | $ | 7,000 | $ | 5,362 | ||||
The Charles Schwab Corp., 5.37% (H15T5Y+497bps), Callable 6/1/25 @ 100 (b)(f) | 5,000 | 4,884 | ||||||
The Hartford Financial Services Group, Inc., 5.03% (LIBOR03M+213bps), 2/12/47, Callable 12/12/22 @ 100 (a)(b)(e) | 14,000 | 11,531 | ||||||
The PNC Financial Services Group, Inc., 4.63% (SOFR+185bps), 6/6/33, Callable 6/6/32 @ 100 (b) | 2,500 | 2,206 | ||||||
TIAA FSB Holdings, Inc., 5.75%, 7/2/25, Callable 6/2/25 @ 100 | 10,000 | 9,788 | ||||||
Truist Bank, 2.25%, 3/11/30, Callable 12/11/29 @ 100 | 2,450 | 1,905 | ||||||
Truist Financial Corp., 1.89% (SOFR+63bps), 6/7/29, MTN, Callable 6/7/28 @ 100 (b) | 5,000 | 4,026 | ||||||
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b) | 7,125 | 6,528 | ||||||
W R Berkley Corp., 3.55%, 3/30/52, Callable 9/30/51 @ 100 | 5,588 | 3,667 | ||||||
Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100 | 6,285 | 6,115 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 10,000 | 9,056 | ||||||
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 | 10,000 | 7,998 | ||||||
588,837 | ||||||||
Health Care (3.9%): | ||||||||
AbbVie, Inc. | ||||||||
4.55%, 3/15/35, Callable 9/15/34 @ 100 | 4,000 | 3,560 | ||||||
4.25%, 11/21/49, Callable 5/21/49 @ 100 | 2,500 | 1,939 | ||||||
Amgen, Inc. | ||||||||
3.00%, 1/15/52, Callable 7/15/51 @ 100 | 4,500 | 2,775 | ||||||
4.20%, 2/22/52, Callable 8/22/51 @ 100 | 3,500 | 2,677 | ||||||
Anthem, Inc., 2.55%, 3/15/31, Callable 12/15/30 @ 100 | 8,000 | 6,474 | ||||||
Baxter International, Inc., 3.13%, 12/1/51, Callable 6/1/51 @ 100 | 10,000 | 6,089 | ||||||
Bio Rad Laboratories, Inc., 3.30%, 3/15/27, Callable 2/15/27 @ 100 | 3,500 | 3,153 | ||||||
Bon Secours Charity Health System, Inc., 5.25%, 11/1/25 | 3,000 | 2,870 | ||||||
Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100 | 4,000 | 3,057 | ||||||
Cigna Corp., 3.40%, 3/1/27, Callable 12/1/26 @ 100 | 5,000 | 4,603 | ||||||
Community Health Network, Inc., 4.24%, 5/1/25 | 5,000 | 4,803 | ||||||
CVS Health Corp. | ||||||||
4.30%, 3/25/28, Callable 12/25/27 @ 100 | 3,000 | 2,817 | ||||||
1.75%, 8/21/30, Callable 5/21/30 @ 100 | 6,966 | 5,302 | ||||||
CVS Pass-Through Trust | ||||||||
6.04%, 12/10/28 | 4,168 | 4,126 | ||||||
5.93%, 1/10/34 (a) | 3,336 | 3,187 | ||||||
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100 | 15,750 | 12,309 | ||||||
Eastern Maine Healthcare Systems, 5.02%, 7/1/36 | 17,000 | 15,164 | ||||||
Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100 (a)(e) | 13,000 | 9,059 | ||||||
HCA, Inc. | ||||||||
4.38%, 3/15/42, Callable 9/15/41 @ 100 (a) | 2,156 | 1,618 | ||||||
5.50%, 6/15/47, Callable 12/15/46 @ 100 | 2,000 | 1,675 | ||||||
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 (e) | 15,000 | 11,477 | ||||||
Mercy Health, 3.38%, 11/1/25 | 8,000 | 7,517 | ||||||
Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100 | 5,000 | 4,553 | ||||||
Northwell Healthcare, Inc., 3.39%, 11/1/27, Callable 8/1/27 @ 100 | 3,900 | 3,512 | ||||||
NYU Langone Hospitals, 4.17%, 7/1/37 | 6,500 | 5,691 | ||||||
Orlando Health Obligated Group, 2.89%, 10/1/35 | 1,660 | 1,291 | ||||||
PerkinElmer, Inc. | ||||||||
2.55%, 3/15/31, Callable 12/15/30 @ 100 | 8,500 | 6,576 | ||||||
2.25%, 9/15/31, Callable 6/15/31 @ 100 | 4,500 | 3,361 | ||||||
Piedmont Healthcare, Inc., 2.72%, 1/1/42, Callable 7/1/41 @ 100 | 5,000 | 3,185 | ||||||
Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100 (a) | 8,000 | 6,706 | ||||||
Royalty Pharma PLC | ||||||||
2.20%, 9/2/30, Callable 6/2/30 @ 100 | 10,167 | 7,706 | ||||||
2.15%, 9/2/31, Callable 6/2/31 @ 100 | 8,500 | 6,210 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Southern Illinois Healthcare Enterprises, Inc., 3.97%, 5/15/50, Callable 11/15/49 @ 100 | $ | 9,000 | $ | 6,145 | ||||
Tenet Healthcare Corp., 6.13%, 6/15/30, Callable 6/15/25 @ 103.06 (a) | 1,500 | 1,395 | ||||||
Trinity Health Corp., 2.63%, 12/1/40, Callable 6/1/40 @ 100 | 3,000 | 1,939 | ||||||
Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 (a) | 9,827 | 7,016 | ||||||
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100 | 4,000 | 3,272 | ||||||
184,809 | ||||||||
Industrials (7.2%): | ||||||||
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 10,000 | 7,366 | ||||||
Air Lease Corp., 2.88%, 1/15/32, Callable 10/15/31 @ 100 | 4,750 | 3,551 | ||||||
American Airlines Pass Through Trust | ||||||||
3.70%, 10/1/26 | 5,757 | 4,796 | ||||||
4.00%, 9/22/27 | 6,921 | 5,399 | ||||||
4.00%, 2/15/29 | 3,669 | 2,807 | ||||||
3.60%, 10/15/29 | 7,564 | 5,730 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 (a) | 1,923 | 1,833 | ||||||
Ashtead Capital, Inc. | ||||||||
4.00%, 5/1/28, Callable 5/1/23 @ 102 (a) | 2,500 | 2,180 | ||||||
4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a) | 3,937 | 3,407 | ||||||
2.45%, 8/12/31, Callable 5/12/31 @ 100 (a)(e) | 6,000 | 4,313 | ||||||
5.50%, 8/11/32, Callable 5/11/32 @ 100 (a) | 3,750 | 3,390 | ||||||
BNSF Funding Trust I, 6.61% (LIBOR03M+235bps), 12/15/55, Callable 1/15/26 @ 100 (b) | 8,325 | 7,701 | ||||||
British Airways Pass Through Trust | ||||||||
3.35%, 6/15/29 (a) | 5,290 | 4,491 | ||||||
3.80%, 9/20/31 (a)(e) | 3,033 | 2,687 | ||||||
Builders FirstSource, Inc., 6.38%, 6/15/32, Callable 6/15/27 @ 103.19 (a) | 2,500 | 2,303 | ||||||
Burlington Northern Santa Fe LLC | ||||||||
3.65%, 9/1/25, Callable 6/1/25 @ 100 (e) | 7,000 | 6,736 | ||||||
3.90%, 8/1/46, Callable 2/1/46 @ 100 | 5,000 | 3,843 | ||||||
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100 | 7,127 | 5,744 | ||||||
Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100 | 9,500 | 6,771 | ||||||
Continental Airlines Pass Through Trust, 4.00%, 10/29/24 | 2,881 | 2,695 | ||||||
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a) | 10,354 | 8,146 | ||||||
Daimler Trucks Finance North America LLC, 2.38%, 12/14/28 (a) | 5,600 | 4,543 | ||||||
Delta Air Lines Pass Through Trust, 3.88%, 7/30/27 | 6,258 | 5,439 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (a)(e) | 2,000 | 1,859 | ||||||
FedEx Corp. | ||||||||
3.90%, 2/1/35 | 2,000 | 1,631 | ||||||
4.05%, 2/15/48, Callable 8/15/47 @ 100 | 6,500 | 4,594 | ||||||
Fluor Corp., 4.25%, 9/15/28, Callable 6/15/28 @ 100 (e) | 8,000 | 6,972 | ||||||
Fortune Brands Home & Security, Inc., 4.00%, 3/25/32, Callable 12/25/31 @ 100 (e) | 5,500 | 4,512 | ||||||
General Electric Co., 6.62% (LIBOR03M+333bps), Callable 12/15/22 @ 100 (b)(f) | 11,842 | 11,454 | ||||||
GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 | 13,000 | 9,291 | ||||||
Hawaiian Airlines Pass Through Certificates, 3.90%, 1/15/26 | 9,848 | 8,035 | ||||||
Hillenbrand, Inc. | ||||||||
5.00%, 9/15/26, Callable 7/15/26 @ 100 | 10,000 | 9,450 | ||||||
3.75%, 3/1/31, Callable 3/1/26 @ 101.88 | 3,150 | 2,525 | ||||||
Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100 (e) | 8,500 | 7,074 | ||||||
Hubbell, Inc. | ||||||||
3.50%, 2/15/28, Callable 11/15/27 @ 100 (e) | 1,500 | 1,364 | ||||||
2.30%, 3/15/31, Callable 12/15/30 @ 100 | 8,500 | 6,658 | ||||||
IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100 | 3,500 | 2,930 | ||||||
JetBlue Pass Through Trust, 2.95%, 5/15/28 | 8,685 | 7,179 | ||||||
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100 | 5,295 | 4,842 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Leidos, Inc., 2.30%, 2/15/31, Callable 11/15/30 @ 100 | $ | 15,000 | $ | 11,044 | ||||
Lincoln Center for the Performing Arts, Inc., 3.71%, 12/1/35, Callable 9/1/35 @ 100 | 3,935 | 3,198 | ||||||
Molex Electronic Technologies LLC, 3.90%, 4/15/25, Callable 1/15/25 @ 100 (a) | 10,000 | 9,462 | ||||||
Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100 | 7,000 | 4,864 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.00%, 7/15/25, Callable 6/15/25 @ 100 (a) | 5,000 | 4,750 | ||||||
Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 | 7,500 | 7,088 | ||||||
Quanta Services, Inc., 2.35%, 1/15/32, Callable 10/15/31 @ 100 | 6,500 | 4,710 | ||||||
Raytheon Technologies Corp., 4.20%, 12/15/44, Callable 6/15/44 @ 100 | 10,000 | 7,622 | ||||||
Ryder System, Inc., 3.35%, 9/1/25, MTN, Callable 8/1/25 @ 100 | 5,000 | 4,692 | ||||||
Spirit Airlines Pass Through Trust | ||||||||
4.45%, 4/1/24 | 1,784 | 1,679 | ||||||
4.10%, 4/1/28 | 9,173 | 7,646 | ||||||
3.38%, 2/15/30 | 7,538 | 6,186 | ||||||
The Boeing Co. | ||||||||
2.20%, 2/4/26, Callable 2/4/23 @ 100 | 10,000 | 8,891 | ||||||
3.25%, 2/1/28, Callable 12/1/27 @ 100 | 4,000 | 3,476 | ||||||
3.63%, 2/1/31, Callable 11/1/30 @ 100 | 4,000 | 3,328 | ||||||
5.71%, 5/1/40, Callable 11/1/39 @ 100 | 15,000 | 13,047 | ||||||
The Conservation Fund A Nonprofit Corp., 3.47%, 12/15/29, Callable 9/15/29 @ 100 | 7,000 | 5,920 | ||||||
The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100 | 6,400 | 5,566 | ||||||
Totem Ocean Trailer Express, Inc. Title XI (NBGA - United States Government), 6.37%, 4/15/28 | 5,175 | 5,216 | ||||||
TTX Co., 3.60%, 1/15/25 (a) | 7,000 | 6,717 | ||||||
U.S. Airways Pass Through Trust | ||||||||
6.25%, 4/22/23 | 1,288 | 1,268 | ||||||
3.95%, 11/15/25 | 4,763 | 4,232 | ||||||
Union Pacific Corp. | ||||||||
3.38%, 2/1/35, Callable 8/1/34 @ 100 | 2,000 | 1,607 | ||||||
4.25%, 4/15/43, Callable 10/15/42 @ 100 | 5,000 | 3,865 | ||||||
United Airlines Pass Through Trust | ||||||||
3.70%, 12/1/22 (e) | 7,000 | 6,952 | ||||||
4.30%, 8/15/25 | 3,016 | 2,766 | ||||||
2.90%, 5/1/28 | 4,522 | 3,563 | ||||||
345,596 | ||||||||
Information Technology (2.5%): | ||||||||
Amphenol Corp., 2.20%, 9/15/31, Callable 6/15/31 @ 100 | 8,875 | 6,786 | ||||||
Broadcom, Inc. | ||||||||
4.00%, 4/15/29, Callable 2/15/29 @ 100 (a) | 2,000 | 1,755 | ||||||
2.45%, 2/15/31, Callable 11/15/30 @ 100 (a) | 8,500 | 6,401 | ||||||
2.60%, 2/15/33, Callable 11/15/32 @ 100 (a) | 10,000 | 7,107 | ||||||
4.93%, 5/15/37, Callable 2/15/37 @ 100 (a) | 2,000 | 1,649 | ||||||
Dell International LLC/EMC Corp., 3.38%, 12/15/41, Callable 6/15/41 @ 100 (a) | 9,500 | 5,902 | ||||||
Global Payments, Inc. | ||||||||
2.90%, 11/15/31, Callable 8/15/31 @ 100 | 6,500 | 4,971 | ||||||
5.40%, 8/15/32, Callable 5/15/32 @ 100 | 1,750 | 1,617 | ||||||
HP, Inc. | ||||||||
3.40%, 6/17/30, Callable 3/17/30 @ 100 | 10,000 | 8,150 | ||||||
5.50%, 1/15/33, Callable 10/15/32 @ 100 | 3,000 | 2,671 | ||||||
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100 | 4,776 | 3,709 | ||||||
Marvell Technology, Inc., 2.45%, 4/15/28, Callable 2/15/28 @ 100 | 5,950 | 4,852 | ||||||
Microsoft Corp. | ||||||||
3.45%, 8/8/36, Callable 2/8/36 @ 100 | 5,000 | 4,286 | ||||||
2.53%, 6/1/50, Callable 12/1/49 @ 100 | 2,000 | 1,257 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Motorola Solutions, Inc. | ||||||||
2.75%, 5/24/31, Callable 2/24/31 @ 100 | $ | 10,000 | $ | 7,642 | ||||
5.60%, 6/1/32, Callable 3/1/32 @ 100 | 4,000 | 3,767 | ||||||
Oracle Corp. | ||||||||
2.95%, 4/1/30, Callable 1/1/30 @ 100 | 7,000 | 5,702 | ||||||
3.85%, 7/15/36, Callable 1/15/36 @ 100 | 9,250 | 6,927 | ||||||
3.60%, 4/1/50, Callable 10/1/49 @ 100 | 4,750 | 2,924 | ||||||
Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69 (a) | 15,985 | 12,027 | ||||||
Skyworks Solutions, Inc., 3.00%, 6/1/31, Callable 3/1/31 @ 100 (e) | 8,800 | 6,542 | ||||||
TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100 | 9,000 | 6,983 | ||||||
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100 | 7,750 | 5,375 | ||||||
Workday, Inc., 3.70%, 4/1/29, Callable 2/1/29 @ 100 | 3,000 | 2,674 | ||||||
121,676 | ||||||||
Materials (2.5%): | ||||||||
Albemarle Corp., 4.65%, 6/1/27, Callable 5/1/27 @ 100 (e) | 6,000 | 5,685 | ||||||
AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 | 7,071 | 5,679 | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 6/15/27, Callable 6/15/24 @ 103 (a) | 250 | 240 | ||||||
Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100 (e) | 11,500 | 8,469 | ||||||
Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100 (e) | 8,500 | 6,518 | ||||||
Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100 (a) | 6,000 | 5,532 | ||||||
Celanese US Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 | 2,564 | 2,386 | ||||||
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a) | 4,000 | 3,410 | ||||||
Commercial Metals Co. | ||||||||
3.88%, 2/15/31, Callable 2/15/26 @ 101.94 | 4,500 | 3,643 | ||||||
4.38%, 3/15/32, Callable 3/15/27 @ 102.19 (e) | 2,500 | 2,037 | ||||||
Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 | 11,601 | 8,524 | ||||||
Ecolab, Inc. | ||||||||
2.13%, 8/15/50, Callable 2/15/50 @ 100 | 5,000 | 2,698 | ||||||
2.70%, 12/15/51, Callable 6/15/51 @ 100 | 500 | 297 | ||||||
Freeport-McMoRan, Inc. | ||||||||
4.38%, 8/1/28, Callable 8/1/23 @ 102.19 | 3,500 | 3,157 | ||||||
4.63%, 8/1/30, Callable 8/1/25 @ 102.31 | 2,000 | 1,771 | ||||||
Glencore Funding LLC | ||||||||
1.63%, 4/27/26, Callable 3/27/26 @ 100 (a) | 1,500 | 1,291 | ||||||
2.50%, 9/1/30, Callable 6/1/30 @ 100 (a)(e) | 6,500 | 5,004 | ||||||
LYB International Finance III LLC | ||||||||
3.38%, 10/1/40, Callable 4/1/40 @ 100 | 1,500 | 998 | ||||||
4.20%, 5/1/50, Callable 11/1/49 @ 100 | 2,500 | 1,727 | ||||||
Martin Marietta Materials, Inc., 2.40%, 7/15/31, Callable 4/15/31 @ 100 | 5,000 | 3,844 | ||||||
Monsanto Co. | ||||||||
3.38%, 7/15/24, Callable 4/15/24 @ 100 | 5,000 | 4,751 | ||||||
3.95%, 4/15/45, Callable 10/15/44 @ 100 | 5,000 | 3,159 | ||||||
NewMarket Corp., 2.70%, 3/18/31, Callable 12/18/30 @ 100 | 7,500 | 5,636 | ||||||
Packaging Corp. of America, 3.05%, 10/1/51, Callable 4/1/51 @ 100 | 10,875 | 6,567 | ||||||
Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 9,937 | 7,500 | ||||||
The Dow Chemical Co. | ||||||||
6.30%, 3/15/33, Callable 12/15/32 @ 100 | 4,000 | 3,989 | ||||||
4.25%, 10/1/34, Callable 4/1/34 @ 100 | 4,750 | 4,018 | ||||||
Vulcan Materials Co., 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 5,000 | 4,257 | ||||||
Worthington Industries, Inc., 4.30%, 8/1/32, Callable 5/1/32 @ 100 | 5,890 | 4,717 | ||||||
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (e) | 6,000 | 4,555 | ||||||
122,059 | ||||||||
Real Estate (1.9%): | ||||||||
Alexander Funding Trust, 1.84%, 11/15/23 (a) | 6,000 | 5,635 | ||||||
Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100 | 8,000 | 5,540 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
AvalonBay Communities, Inc. | ||||||||
3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN | $ | 2,679 | $ | 2,402 | ||||
2.45%, 1/15/31, Callable 10/17/30 @ 100, MTN | 2,000 | 1,602 | ||||||
Boston Properties LP | ||||||||
2.55%, 4/1/32, Callable 1/1/32 @ 100 | 4,000 | 2,881 | ||||||
2.45%, 10/1/33, Callable 7/1/33 @ 100 | 5,000 | 3,452 | ||||||
Crown Castle International Corp. | ||||||||
2.25%, 1/15/31, Callable 10/15/30 @ 100 | 1,250 | 954 | ||||||
2.90%, 4/1/41, Callable 10/1/40 @ 100 | 5,000 | 3,175 | ||||||
Crown Castle, Inc., 2.10%, 4/1/31, Callable 1/1/31 @ 100 | 6,000 | 4,482 | ||||||
ERP Operating LP, 2.85%, 11/1/26, Callable 8/1/26 @ 100 | 9,000 | 8,148 | ||||||
Essex Portfolio LP | ||||||||
1.70%, 3/1/28, Callable 1/1/28 @ 100 | 3,500 | 2,812 | ||||||
2.65%, 3/15/32, Callable 12/15/31 @ 100 | 5,000 | 3,796 | ||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
4.00%, 1/15/31, Callable 10/15/30 @ 100 | 4,000 | 3,241 | ||||||
3.25%, 1/15/32, Callable 10/15/31 @ 100 (e) | 3,617 | 2,681 | ||||||
Host Hotels & Resorts LP | ||||||||
3.38%, 12/15/29, Callable 9/15/29 @ 100 | 3,500 | 2,809 | ||||||
3.50%, 9/15/30, Callable 6/15/30 @ 100 | 4,150 | 3,265 | ||||||
Hudson Pacific Properties LP | ||||||||
3.95%, 11/1/27, Callable 8/1/27 @ 100 | 5,000 | 4,203 | ||||||
4.65%, 4/1/29, Callable 1/1/29 @ 100 | 1,979 | 1,698 | ||||||
3.25%, 1/15/30, Callable 10/15/29 @ 100 | 9,629 | 7,380 | ||||||
Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100 | 8,500 | 5,756 | ||||||
Physicians Realty LP, 4.30%, 3/15/27, Callable 12/15/26 @ 100 | 7,500 | 6,966 | ||||||
VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100 | 8,000 | 7,092 | ||||||
89,970 | ||||||||
Utilities (4.4%): | ||||||||
AEP Texas, Inc., 4.70%, 5/15/32, Callable 2/15/32 @ 100 | 6,000 | 5,465 | ||||||
Alabama Power Co., 3.85%, 12/1/42 | 3,000 | 2,244 | ||||||
Ameren Corp. | ||||||||
1.75%, 3/15/28, Callable 1/15/28 @ 100 | 5,600 | 4,589 | ||||||
3.50%, 1/15/31, Callable 10/15/30 @ 100 | 4,250 | 3,613 | ||||||
American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100 | 5,000 | 4,506 | ||||||
Atmos Energy Corp., 4.13%, 10/15/44, Callable 4/15/44 @ 100 | 10,000 | 7,745 | ||||||
Berkshire Hathaway Energy Co., 4.50%, 2/1/45, Callable 8/1/44 @ 100 | 12,000 | 9,719 | ||||||
Black Hills Corp., 3.88%, 10/15/49, Callable 4/15/49 @ 100 | 10,000 | 6,692 | ||||||
CenterPoint Energy, Inc., 2.65%, 6/1/31, Callable 3/1/31 @ 100 (e) | 8,500 | 6,742 | ||||||
Delmarva Power & Light Co., 4.15%, 5/15/45, Callable 11/15/44 @ 100 | 5,000 | 3,819 | ||||||
Dominion Energy South Carolina, Inc., 4.10%, 6/15/46, Callable 12/15/45 @ 100 | 5,000 | 3,705 | ||||||
Duke Energy Carolinas LLC, 3.88%, 3/15/46, Callable 9/15/45 @ 100 | 5,000 | 3,726 | ||||||
Duke Energy Indiana LLC, 3.75%, 5/15/46, Callable 11/15/45 @ 100 | 5,000 | 3,549 | ||||||
Duke Energy Progress LLC, 4.15%, 12/1/44, Callable 6/1/44 @ 100 | 7,000 | 5,432 | ||||||
Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100 (a) | 3,967 | 2,972 | ||||||
Entergy Louisiana LLC, 4.95%, 1/15/45, Callable 1/15/25 @ 100 | 7,000 | 6,069 | ||||||
Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 | 5,000 | 4,438 | ||||||
Entergy Texas, Inc. | ||||||||
3.45%, 12/1/27, Callable 9/1/27 @ 100 | 8,000 | 7,258 | ||||||
3.55%, 9/30/49, Callable 3/30/49 @ 100 | 5,000 | 3,353 | ||||||
Florida Power & Light Co. | ||||||||
3.15%, 10/1/49, Callable 4/1/49 @ 100 | 8,750 | 5,895 | ||||||
2.88%, 12/4/51, Callable 6/4/51 @ 100 | 4,500 | 2,860 | ||||||
Gulf Power Co., 3.30%, 5/30/27, Callable 2/28/27 @ 100 | 5,000 | 4,609 | ||||||
IPALCO Enterprises, Inc., 4.25%, 5/1/30, Callable 2/1/30 @ 100 | 5,475 | 4,724 | ||||||
ITC Holdings Corp. | ||||||||
4.95%, 9/22/27, Callable 8/22/27 @ 100 (a) | 4,000 | 3,881 | ||||||
3.35%, 11/15/27, Callable 8/15/27 @ 100 | 2,000 | 1,803 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
MidAmerican Energy Co. | ||||||||
3.15%, 4/15/50, Callable 10/15/49 @ 100 | $ | 7,000 | $ | 4,572 | ||||
2.70%, 8/1/52, Callable 2/1/52 @ 100 | 2,500 | 1,498 | ||||||
Mississippi Power Co., 4.25%, 3/15/42 | 3,168 | 2,426 | ||||||
Northern States Power Co., 3.60%, 5/15/46, Callable 11/15/45 @ 100 | 10,000 | 7,346 | ||||||
NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100 (a)(e) | 2,907 | 2,575 | ||||||
Oglethorpe Power Corp., 4.50%, 4/1/47, Callable 10/1/46 @ 100 (a) | 3,750 | 2,808 | ||||||
Oncor Electric Delivery Co. LLC, 3.75%, 4/1/45, Callable 10/1/44 @ 100 | 5,000 | 3,730 | ||||||
PECO Energy Co., 3.00%, 9/15/49, Callable 3/15/49 @ 100 | 7,000 | 4,469 | ||||||
Pedernales Electric Cooperative, Inc., 5.95%, 11/15/22 (a) | 1,034 | 1,036 | ||||||
Potomac Electric Power Co., 4.15%, 3/15/43, Callable 9/15/42 @ 100 | 5,000 | 3,941 | ||||||
Public Service Co. of Colorado, 2.70%, 1/15/51, Callable 7/15/50 @ 100 (e) | 7,000 | 4,202 | ||||||
Public Service Electric & Gas Co., 3.80%, 3/1/46, MTN, Callable 9/1/45 @ 100 | 8,000 | 5,968 | ||||||
Rayburn Country Securitization LLC, 2.31%, 12/1/30 (a) | 6,000 | 5,380 | ||||||
South Jersey Industries, Inc., 5.02%, 4/15/31 | 9,000 | 6,967 | ||||||
Southwestern Public Service Co., 3.15%, 5/1/50, Callable 11/1/49 @ 100 | 10,000 | 6,482 | ||||||
The AES Corp., 2.45%, 1/15/31, Callable 10/15/30 @ 100 | 9,000 | 6,798 | ||||||
Tri-State Generation & Transmission Association, Inc. | ||||||||
4.70%, 11/1/44, Callable 5/1/44 @ 100 | 5,000 | 3,842 | ||||||
4.25%, 6/1/46, Callable 12/1/45 @ 100 | 10,000 | 6,914 | ||||||
WEC Energy Group, Inc., 5.02% (US0003M+211bps), 5/15/67, Callable 12/12/22 @ 100 (b) | 13,000 | 10,716 | ||||||
211,078 | ||||||||
Total Corporate Bonds (Cost $2,598,089) | 2,172,573 | |||||||
Yankee Dollars (11.2%) | ||||||||
Communication Services (0.2%): | ||||||||
British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100 (a) | 7,000 | 5,592 | ||||||
Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100 (a) | 5,000 | 4,538 | ||||||
10,130 | ||||||||
Consumer Discretionary (0.9%): | ||||||||
Ascot Group Ltd., 4.25%, 12/15/30, Callable 12/15/25 @ 100 (a) | 7,802 | 6,443 | ||||||
Bacardi Ltd., 4.70%, 5/15/28, Callable 2/15/28 @ 100 (a) | 22,000 | 20,504 | ||||||
Genm Capital Labuan Ltd., 3.88%, 4/19/31, Callable 1/19/31 @ 100 (a) | 8,500 | 5,094 | ||||||
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (a) | 5,500 | 5,113 | ||||||
Nemak SAB de CV, 3.63%, 6/28/31, Callable 3/28/31 @ 100 (a) | 7,192 | 5,233 | ||||||
42,387 | ||||||||
Consumer Staples (0.4%): | ||||||||
Alimentation Couche-Tard, Inc., 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a) | 9,333 | 7,619 | ||||||
Imperial Brands Finance PLC | ||||||||
4.25%, 7/21/25, Callable 4/21/25 @ 100 (a) | 5,000 | 4,751 | ||||||
3.88%, 7/26/29, Callable 4/26/29 @ 100 (a) | 5,000 | 4,199 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 2/2/29, Callable 12/2/28 @ 100 (a) | 3,250 | 2,637 | ||||||
19,206 | ||||||||
Energy (0.8%): | ||||||||
Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100 (a) | 9,250 | 7,855 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
BP Capital Markets PLC | ||||||||
4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(f) | $ | 9,500 | $ | 8,912 | ||||
4.87% (H15T5Y+440bps), Callable 3/22/30 @ 100 (b)(f) | 4,000 | 3,340 | ||||||
Korea National Oil Corp., 2.63%, 4/18/32 (a) | 6,000 | 4,695 | ||||||
Petroleos Mexicanos | ||||||||
5.95%, 1/28/31, Callable 10/28/30 @ 100 | 6,667 | 4,806 | ||||||
6.70%, 2/16/32, Callable 11/16/31 @ 100 | 1,500 | 1,130 | ||||||
Shell International Finance BV, 3.63%, 8/21/42 | 7,000 | 5,297 | ||||||
36,035 | ||||||||
Financials (5.8%): | ||||||||
ABN AMRO Bank NV | ||||||||
4.75%, 7/28/25 (a) | 6,000 | 5,681 | ||||||
4.80%, 4/18/26 (a) | 8,000 | 7,482 | ||||||
ANZ Bank New Zealand Ltd., 5.55%, 8/11/32, Callable 8/11/27 @ 100 (a) | 4,167 | 3,966 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Groupo Financiero Santander, 5.95% (H15T5Y+300bps), 10/1/28, Callable 10/1/23 @ 100 (a)(b)(e) | 1,000 | 964 | ||||||
Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100 (b) | 6,500 | 4,750 | ||||||
Bank of New Zealand, 1.00%, 3/3/26 (a) | 10,400 | 8,965 | ||||||
Barclays PLC | ||||||||
7.39% (H15T1Y+330bps), 11/2/28, Callable 11/2/27 @ 100 (b) | 5,000 | 4,975 | ||||||
5.75% (H15T1Y+300bps), 8/9/33, Callable 8/9/32 @ 100 (b) | 5,000 | 4,442 | ||||||
BNP Paribas SA | ||||||||
4.38%, 5/12/26 (a)(e) | 5,500 | 5,067 | ||||||
4.63%, 3/13/27 (a) | 4,500 | 4,077 | ||||||
BPCE SA | ||||||||
3.50%, 10/23/27 (a) | 5,000 | 4,302 | ||||||
3.25%, 1/11/28 (a) | 6,000 | 5,219 | ||||||
Brookfield Finance, Inc., 4.85%, 3/29/29, Callable 12/29/28 @ 100 | 7,000 | 6,476 | ||||||
Canadian Imperial Bank of Commerce, 7.26%, 4/10/32 (a)(e) | 2,276 | 2,589 | ||||||
Commonwealth Bank of Australia | ||||||||
2.69%, 3/11/31 (a) | 9,000 | 6,534 | ||||||
3.78%, 3/14/32 (a) | 3,000 | 2,326 | ||||||
Cooperatieve Rabobank UA, 4.00% (USSW5+189bps), 4/10/29, MTN, Callable 4/10/24 @ 100 (b) | 5,000 | 4,702 | ||||||
Credit Agricole SA, 4.13%, 1/10/27 (a) | 15,000 | 13,712 | ||||||
Credit Suisse Group AG | ||||||||
4.55%, 4/17/26 | 5,000 | 4,380 | ||||||
3.87% (US0003M+141bps), 1/12/29, Callable 1/12/28 @ 100 (a)(b) | 4,445 | 3,583 | ||||||
6.54% (SOFR+392bps), 8/12/33, Callable 8/12/32 @ 100 (a)(b) | 1,608 | 1,399 | ||||||
Deutsche Bank AG | ||||||||
6.12% (SOFR+319bps), 7/14/26, Callable 7/14/25 @ 100 (b) | 4,000 | 3,824 | ||||||
4.87% (USISDA05+255bps), 12/1/32, Callable 12/1/27 @ 100 (b) | 10,000 | 7,967 | ||||||
3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100 (b) | 5,000 | 3,432 | ||||||
HSBC Holdings PLC, 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b) | 8,500 | 6,442 | ||||||
ING Groep NV, 3.95%, 3/29/27 | 14,100 | 12,815 | ||||||
Lloyds Banking Group PLC | ||||||||
3.75%, 1/11/27 | 9,000 | 8,064 | ||||||
3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b) | 5,000 | 4,274 | ||||||
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a)(b) | 8,750 | 6,200 | ||||||
Macquarie Group Ltd., 4.10% (SOFR+213bps), 6/21/28, Callable 6/21/27 @ 100 (a)(b)(e) | 5,000 | 4,532 | ||||||
Mitsubishi UFJ Financial Group, Inc., 5.02% (H15T1Y+195bps), 7/20/28, Callable 7/20/27 @ 100 (b) | 5,000 | 4,756 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Mizuho Financial Group, Inc. | ||||||||
3.17%, 9/11/27 | $ | 5,000 | $ | 4,375 | ||||
2.56%, 9/13/31 | 5,000 | 3,598 | ||||||
2.17% (H15T1Y+87bps), 5/22/32, Callable 5/22/31 @ 100 (b) | 5,000 | 3,565 | ||||||
Nationwide Building Society, 4.00%, 9/14/26 (a) | 7,058 | 6,290 | ||||||
Nomura Holdings, Inc., 5.61%, 7/6/29 | 5,000 | 4,697 | ||||||
Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN | 3,750 | 3,225 | ||||||
Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31, Callable 8/24/31 @ 100 (a) | 6,000 | 4,945 | ||||||
Royal Bank of Scotland Group PLC | ||||||||
4.80%, 4/5/26 | 5,000 | 4,718 | ||||||
5.08% (LIBOR03M+191bps), 1/27/30, Callable 1/27/29 @ 100 (b) | 6,000 | 5,348 | ||||||
Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100 (b) | 3,000 | 2,171 | ||||||
Societe Generale SA | ||||||||
1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a)(b) | 8,500 | 7,095 | ||||||
6.22% (H15T1Y+320bps), 6/15/33, Callable 6/15/32 @ 100 (a)(b) | 9,000 | 7,723 | ||||||
Standard Chartered PLC, 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a)(b) | 7,500 | 6,416 | ||||||
Sumitomo Mitsui Financial Group, Inc., 2.22%, 9/17/31 (e) | 8,500 | 6,228 | ||||||
The Bank of Nova Scotia | ||||||||
4.50%, 12/16/25 (e) | 6,000 | 5,751 | ||||||
1.30%, 9/15/26 | 7,000 | 5,968 | ||||||
The Toronto-Dominion Bank | ||||||||
2.00%, 9/10/31 | 8,500 | 6,291 | ||||||
3.62% (USSW5+221bps), 9/15/31, Callable 9/15/26 @ 100 (b) | 10,000 | 8,963 | ||||||
Washington Aircraft 1 Co. DAC, (NBGA – Export-Import Bank of the United States), 2.64%, 9/15/26 | 2,470 | 2,414 | ||||||
Westpac Banking Corp. | ||||||||
4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b) | 5,000 | 4,486 | ||||||
2.67% (H15T5Y+2bps), 11/15/35, Callable 11/15/30 @ 100 (b) | 4,000 | 2,846 | ||||||
3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100 (b) | 2,000 | 1,413 | ||||||
276,423 | ||||||||
Health Care (0.6%): | ||||||||
Olympus Corp., 2.14%, 12/8/26, Callable 11/8/26 @ 100 (a) | 3,939 | 3,429 | ||||||
Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 | 15,740 | 11,604 | ||||||
STERIS Irish FinCo Unlimited Co. | ||||||||
2.70%, 3/15/31, Callable 12/15/30 @ 100 | 3,000 | 2,337 | ||||||
3.75%, 3/15/51, Callable 9/15/50 @ 100 | 8,000 | 5,323 | ||||||
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26 | 5,000 | 4,221 | ||||||
26,914 | ||||||||
Industrials (1.5%): | ||||||||
Air Canada Pass Through Trust | ||||||||
4.13%, 5/15/25 (a) | 15,171 | 13,512 | ||||||
3.60%, 3/15/27 (a) | 6,707 | 5,939 | ||||||
3.75%, 12/15/27 (a) | 4,264 | 3,701 | ||||||
BAE Systems PLC, 3.40%, 4/15/30, Callable 1/15/30 @ 100 (a) | 7,000 | 6,012 | ||||||
Canadian National Railway Co., 2.75%, 3/1/26, Callable 12/1/25 @ 100 | 7,000 | 6,468 | ||||||
Canadian Pacific Railway Co., 2.45%, 12/2/31, Callable 9/2/31 @ 100 | 4,167 | 3,307 | ||||||
CK Hutchison International Ltd., 3.25%, 9/29/27 (a)(e) | 7,000 | 6,374 | ||||||
Ferguson Finance PLC | ||||||||
3.25%, 6/2/30, Callable 3/2/30 @ 100 (a) | 6,000 | 4,853 | ||||||
4.65%, 4/20/32, Callable 1/20/32 @ 100 (a) | 3,000 | 2,611 | ||||||
Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100 (a) | 5,000 | 4,413 | ||||||
Siemens Financieringsmaatschappij NV, 3.40%, 3/16/27 (a) | 6,000 | 5,534 | ||||||
Sydney Airport Finance Co. Pty Ltd., 3.63%, 4/28/26, Callable 1/28/26 @ 100 (a) | 7,000 | 6,388 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Turkish Airlines Pass Through Trust, 4.20%, 3/15/27 (a) | $ | 5,541 | $ | 4,726 | ||||
73,838 | ||||||||
Information Technology (0.1%): | ||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | ||||||||
4.40%, 6/1/27, Callable 5/1/27 @ 100 | 1,500 | 1,407 | ||||||
2.65%, 2/15/32, Callable 11/15/31 @ 100 | 7,000 | 5,221 | ||||||
6,628 | ||||||||
Materials (0.6%): | ||||||||
Anglo American Capital PLC, 4.00%, 9/11/27 (a) | 6,667 | 6,021 | ||||||
ArcelorMittal, 7.00%, 10/15/39 | 4,000 | 3,773 | ||||||
Braskem Netherlands Finance BV, 4.50%, 1/31/30 (a)(e) | 13,000 | 10,530 | ||||||
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a) | 7,235 | 5,680 | ||||||
Teck Resources Ltd., 6.13%, 10/1/35 | 5,000 | 4,706 | ||||||
30,710 | ||||||||
Real Estate (0.1%): | ||||||||
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100 (a) | 3,000 | 2,256 | ||||||
Utilities (0.2%): | ||||||||
ENEL Chile SA, 4.88%, 6/12/28, Callable 3/12/28 @ 100 | 5,000 | 4,564 | ||||||
Enel Finance International NV | ||||||||
2.25%, 7/12/31, Callable 4/12/31 @ 100 (a) | 5,000 | 3,408 | ||||||
7.50%, 10/14/32, Callable 7/14/32 @ 100 (a) | 3,000 | 3,013 | ||||||
10,985 | ||||||||
Total Yankee Dollars (Cost $631,721) | 535,512 | |||||||
Municipal Bonds (8.3%) | ||||||||
Arizona (0.1%): | ||||||||
City of Phoenix Civic Improvement Corp. Revenue | ||||||||
1.16%, 7/1/26 | 910 | 791 | ||||||
1.59%, 7/1/29 | 1,000 | 794 | ||||||
1.84%, 7/1/31, Continuously Callable @100 | 2,000 | 1,512 | ||||||
3,097 | ||||||||
California (0.6%): | ||||||||
City of El Cajon CA Revenue | ||||||||
2.09%, 4/1/29 | 425 | 351 | ||||||
2.19%, 4/1/30 | 425 | 343 | ||||||
2.29%, 4/1/31, Continuously Callable @100 | 550 | 434 | ||||||
City of Riverside CA Revenue | ||||||||
Series A, 2.49%, 6/1/26 | 1,800 | 1,640 | ||||||
Series A, 2.64%, 6/1/27 | 1,400 | 1,251 | ||||||
San Jose Financing Authority Revenue, 1.71%, 6/1/28 | 2,000 | 1,668 | ||||||
San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 3.13%, 8/1/28, Continuously Callable @100 | 10,000 | 9,062 | ||||||
San Marcos Redevelopment Agency Successor Agency Tax Allocation | ||||||||
Series B, 4.02%, 10/1/25 | 5,250 | 5,106 | ||||||
Series B, 4.47%, 10/1/29 | 6,500 | 6,197 | ||||||
Vista Redevelopment Agency Successor Agency Tax Allocation (INS - Assured Guaranty Municipal Corp.), Series A, 4.13%, 9/1/30, Continuously Callable @100 | 2,590 | 2,376 | ||||||
28,428 | ||||||||
Colorado (0.3%): | ||||||||
City & County of Denver Co. Airport System Revenue | ||||||||
Series C, 2.14%, 11/15/29 | 4,500 | 3,658 | ||||||
Series C, 2.24%, 11/15/30 | 5,000 | 3,975 | ||||||
County of El Paso Co. Revenue, 4.47%, 10/1/35 | 5,000 | 4,546 | ||||||
12,179 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Connecticut (0.5%): | ||||||||
City of Bridgeport, GO, Series A, 4.08%, 8/15/29, Continuously Callable @100 | $ | 7,380 | $ | 6,810 | ||||
City of New Haven, GO, Series B, 4.68%, 8/1/31, Continuously Callable @100 | 10,000 | 9,404 | ||||||
State of Connecticut, GO | ||||||||
Series A, 2.35%, 7/1/26 | 2,415 | 2,200 | ||||||
Series A, 3.43%, 4/15/28 | 1,500 | 1,373 | ||||||
Series A, 2.55%, 7/1/28 | 2,000 | 1,737 | ||||||
Town of Hamden, GO, 4.93%, 8/15/30, Continuously Callable @100 | 3,845 | 3,478 | ||||||
25,002 | ||||||||
Florida (0.7%): | ||||||||
County of Broward Florida Airport System Revenue, Series C, 2.91%, 10/1/32, Continuously Callable @100 | 9,500 | 7,710 | ||||||
County of Miami-Dade Aviation Revenue, Series B, 3.38%, 10/1/30, Continuously Callable @100 | 2,500 | 2,165 | ||||||
County of Miami-Dade Seaport Department Revenue, Series B-3, 2.34%, 10/1/33, Continuously Callable @100 | 3,300 | 2,327 | ||||||
Florida Development Finance Corp. Revenue, Series A, 3.22%, 2/1/32, Continuously Callable @100 | 4,080 | 3,332 | ||||||
Hillsborough County IDA Revenue, 3.58%, 8/1/35, Continuously Callable @100 | 13,500 | 11,263 | ||||||
Hillsborough County School Board Certificate of Participation, Series B, 1.92%, 7/1/25 | 4,250 | 3,888 | ||||||
St. Johns County IDA Revenue (INS - Assured Guaranty Municipal Corp.), Series B, 2.54%, 10/1/30, Continuously Callable @100 | 2,500 | 1,986 | ||||||
32,671 | ||||||||
Georgia (0.3%): | ||||||||
Athens Housing Authority Revenue | ||||||||
2.54%, 12/1/27 | 3,405 | 3,029 | ||||||
2.59%, 12/1/28 | 4,585 | 3,992 | ||||||
Atlanta & Fulton County Recreation Authority Revenue | ||||||||
3.80%, 12/15/37 | 2,000 | 1,646 | ||||||
4.00%, 12/15/46 | 1,500 | 1,167 | ||||||
City of Atlanta GA Water & Wastewater Revenue, 2.26%, 11/1/35, Continuously Callable @100 | 2,500 | 1,835 | ||||||
Savannah Hospital Authority Revenue, 3.99%, 7/1/38 | 5,000 | 3,928 | ||||||
15,597 | ||||||||
Hawaii (0.3%): | ||||||||
City & County of Honolulu, GO | ||||||||
2.81%, 11/1/23, Pre-refunded 11/1/22 @ 100 | 900 | 900 | ||||||
3.06%, 11/1/25, Pre-refunded 11/1/22 @ 100 | 680 | 680 | ||||||
3.16%, 11/1/26, Pre-refunded 11/1/22 @ 100 | 775 | 775 | ||||||
3.26%, 11/1/27, Pre-refunded 11/1/22 @ 100 | 625 | 625 | ||||||
3.36%, 11/1/28, Pre-refunded 11/1/22 @ 100 | 690 | 690 | ||||||
State of Hawaii Airports System Revenue, Series E, 1.81%, 7/1/27 | 1,370 | 1,167 | ||||||
State of Hawaii Department of Business Economic Development & Tourism Revenue, Series A-2, 3.24%, 1/1/31 | 11,529 | 10,642 | ||||||
15,479 | ||||||||
Idaho (0.1%): | ||||||||
Idaho State Building Authority Revenue | ||||||||
3.78%, 9/1/30, Continuously Callable @100 | 2,500 | 2,259 | ||||||
3.93%, 9/1/31, Continuously Callable @100 | 2,120 | 1,911 | ||||||
3.98%, 9/1/32, Continuously Callable @100 | 2,000 | 1,782 | ||||||
5,952 | ||||||||
Illinois (0.4%): | ||||||||
Chicago O'hare International Airport Revenue, Series D, 2.17%, 1/1/28 | 3,000 | 2,586 | ||||||
City of Chicago Wastewater Transmission Revenue, 5.84%, 1/1/35 | 6,500 | 6,315 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Illinois Finance Authority Revenue | ||||||||
3.55%, 8/15/29 | $ | 2,025 | $ | 1,773 | ||||
3.60%, 8/15/30 | 3,000 | 2,588 | ||||||
State of Illinois Sales Tax Revenue | ||||||||
2.51%, 6/15/32, Continuously Callable @100 | 2,000 | 1,477 | ||||||
2.66%, 6/15/33, Continuously Callable @100 | 1,500 | 1,094 | ||||||
Winnebago & Boone Counties School District No 205 Rockford, GO, 3.80%, 12/1/26, Continuously Callable @100 | 4,500 | 4,252 | ||||||
20,085 | ||||||||
Indiana (0.2%): | ||||||||
Indiana Finance Authority Revenue | ||||||||
Series A, 3.62%, 7/1/36 | 1,500 | 1,242 | ||||||
Series C, 4.36%, 7/15/29 | 4,955 | 4,732 | ||||||
Series C, 4.53%, 7/15/31 | 4,260 | 4,047 | ||||||
10,021 | ||||||||
Kansas (0.2%): | ||||||||
Kansas Development Finance Authority Revenue, Series H, 4.73%, 4/15/37 | 10,000 | 9,204 | ||||||
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series B, 1.66%, 9/1/27 | 2,000 | 1,714 | ||||||
10,918 | ||||||||
Louisiana (0.2%): | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | ||||||||
1.55%, 2/1/27 | 2,005 | 1,735 | ||||||
Series A, 4.48%, 8/1/39 | 3,775 | 3,345 | ||||||
Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30 | 3,500 | 2,777 | ||||||
7,857 | ||||||||
Maryland (0.4%): | ||||||||
Maryland Economic Development Corp. Revenue | ||||||||
Series B, 4.05%, 6/1/27 | 2,290 | 2,110 | ||||||
Series B, 4.15%, 6/1/28 | 2,390 | 2,179 | ||||||
Series B, 4.25%, 6/1/29 | 2,495 | 2,253 | ||||||
Series B, 4.35%, 6/1/30 | 1,325 | 1,187 | ||||||
Series B, 4.40%, 6/1/31 | 1,385 | 1,226 | ||||||
Maryland Stadium Authority Revenue | ||||||||
Series C, 2.33%, 5/1/34 | 3,010 | 2,184 | ||||||
Series C, 2.36%, 5/1/35 | 3,050 | 2,158 | ||||||
Series C, 2.81%, 5/1/40 | 7,000 | 4,851 | ||||||
18,148 | ||||||||
Massachusetts (0.1%): | ||||||||
Massachusetts School Building Authority Revenue, Series B, 2.97%, 10/15/32, Continuously Callable @100 | 6,500 | 5,325 | ||||||
Michigan (0.2%): | ||||||||
Michigan Finance Authority Revenue, 3.08%, 12/1/34 | 13,000 | 10,247 | ||||||
Mississippi (0.1%): | ||||||||
State of Mississippi, GO | ||||||||
Series E, 2.83%, 12/1/24 | 1,800 | 1,731 | ||||||
Series E, 3.03%, 12/1/25 | 2,000 | 1,899 | ||||||
3,630 | ||||||||
Missouri (0.1%): | ||||||||
University of Missouri Revenue, 2.01%, 11/1/27, Continuously Callable @100 | 3,000 | 2,595 | ||||||
New Jersey (0.5%): | ||||||||
City of Atlantic, GO | ||||||||
Series A, 4.23%, 9/1/25 | 2,525 | 2,405 | ||||||
Series A, 4.29%, 9/1/26 | 2,415 | 2,267 | ||||||
New Jersey Economic Development Authority Revenue | ||||||||
Series C, 5.71%, 6/15/30 | 2,500 | 2,460 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Series NNN, 3.77%, 6/15/31 | $ | 10,000 | $ | 8,449 | ||||
New Jersey Educational Facilities Authority Revenue, Series E, 4.02%, 7/1/39 | 3,000 | 2,279 | ||||||
New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39 | 3,845 | 2,996 | ||||||
New Jersey Transportation Trust Fund Authority Revenue, Build America Bond, Series C, 5.75%, 12/15/28 | 1,810 | 1,800 | ||||||
Rutgers The State University of New Jersey Revenue, Series S, 1.91%, 5/1/31 | 2,750 | 2,095 | ||||||
South Jersey Transportation Authority Revenue, Series B, 2.38%, 11/1/27 | 1,030 | 888 | ||||||
25,639 | ||||||||
New York (0.5%): | ||||||||
Long Island Power Authority Revenue | ||||||||
Series B, 3.98%, 9/1/25 | 2,500 | 2,420 | ||||||
Series B, 4.13%, 9/1/26 | 2,500 | 2,397 | ||||||
New York State Dormitory Authority Revenue | ||||||||
Series A, 2.46%, 7/1/32 | 9,250 | 7,081 | ||||||
Series A, 2.51%, 7/1/33 | 5,000 | 3,739 | ||||||
Series B, 2.83%, 7/1/31 | 5,000 | 4,065 | ||||||
New York State Urban Development Corp. Revenue | ||||||||
1.88%, 3/15/30 | 2,600 | 2,044 | ||||||
2.03%, 3/15/31, Continuously Callable @100 | 3,500 | 2,698 | ||||||
24,444 | ||||||||
Ohio (0.1%): | ||||||||
Cleveland Department of Public Utilities Division of Public Power Revenue, 5.50%, 11/15/38, Pre-refunded 11/15/24 @ 100 | 5,000 | 5,054 | ||||||
Oklahoma (0.2%): | ||||||||
Oklahoma Development Finance Authority Revenue, Series C, 5.45%, 8/15/28 | 9,750 | 8,406 | ||||||
The University of Oklahoma Revenue | ||||||||
Series C, 2.15%, 7/1/30 | 750 | 594 | ||||||
Series C, 2.30%, 7/1/31, Continuously Callable @100 | 1,000 | 778 | ||||||
9,778 | ||||||||
Pennsylvania (0.9%): | ||||||||
City of Pittsburgh PA, GO, Series B, 1.19%, 9/1/26 | 4,000 | 3,464 | ||||||
Commonwealth Financing Authority Revenue, Series A, 3.86%, 6/1/38 | 5,045 | 4,167 | ||||||
Pennsylvania Economic Development Financing Authority Revenue, Series B, 3.20%, 11/15/27 | 1,375 | 1,238 | ||||||
Pennsylvania Higher Educational Facilities Authority Revenue, 3.73%, 7/15/43 | 3,000 | 1,988 | ||||||
Pennsylvania IDA Revenue, 3.56%, 7/1/24(a) | 3,743 | 3,657 | ||||||
Public Parking Authority of Pittsburgh Revenue, 2.58%, 12/1/31, Continuously Callable @100 | 825 | 659 | ||||||
Public Parking Authority Of Pittsburgh Revenue, 2.33%, 12/1/29 | 895 | 737 | ||||||
Scranton School District, GO | ||||||||
Series A, 3.15%, 6/15/34, (Put Date 6/15/24) (a)(i) | 2,800 | 2,717 | ||||||
Series B, 3.15%, 6/15/34, (Put Date 6/15/24) (a)(i) | 1,410 | 1,368 | ||||||
Scranton School District, GO (INS - Build America Mutual Assurance Co.) | ||||||||
3.05%, 4/1/29 | 800 | 691 | ||||||
3.10%, 4/1/30 | 950 | 805 | ||||||
3.15%, 4/1/31 | 250 | 209 | ||||||
State Public School Building Authority Revenue | ||||||||
3.05%, 4/1/28 | 2,000 | 1,750 | ||||||
3.15%, 4/1/30 | 6,460 | 5,478 | ||||||
State Public School Building Authority Revenue (INS - Build America Mutual Assurance Co.), Series B-1, 4.08%, 12/1/23 | 1,300 | 1,279 | ||||||
The School District of Philadelphia, GO, 5.06%, 9/1/42 | 10,000 | 8,066 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
University of Pittsburgh-of the Commonwealth System of Higher Education Revenue | ||||||||
Series C, 2.53%, 9/15/31 | $ | 2,000 | $ | 1,606 | ||||
Series C, 2.58%, 9/15/32 | 1,000 | 786 | ||||||
Series C, 2.63%, 9/15/33 | 2,000 | 1,540 | ||||||
42,205 | ||||||||
Tennessee (0.3%): | ||||||||
Jackson Energy Authority Revenue | ||||||||
3.05%, 4/1/23 | 2,745 | 2,726 | ||||||
Series E, 3.20%, 4/1/24, Continuously Callable @100 | 3,915 | 3,816 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Series B, 4.05%, 7/1/26, Continuously Callable @100 | 8,000 | 7,536 | ||||||
14,078 | ||||||||
Texas (0.8%): | ||||||||
Central Texas Regional Mobility Authority Revenue | ||||||||
Series C, 1.74%, 1/1/26 | 1,000 | 895 | ||||||
Series C, 1.84%, 1/1/27 | 1,000 | 864 | ||||||
Series C, 2.09%, 1/1/28 | 1,000 | 842 | ||||||
City of Corpus Christi TX Utility System Revenue | ||||||||
Series B, 1.49%, 7/15/27 | 2,000 | 1,711 | ||||||
Series B, 1.71%, 7/15/28 | 2,220 | 1,858 | ||||||
City of Houston TX Combined Utility System Revenue, Series D, 1.62%, 11/15/30 | 2,250 | 1,720 | ||||||
County of Bexar Revenue, 2.53%, 8/15/34, Continuously Callable @100 | 2,800 | 2,079 | ||||||
Dallas/Fort Worth International Airport Revenue | ||||||||
Series C, 1.65%, 11/1/26 | 1,500 | 1,308 | ||||||
Series C, 1.95%, 11/1/28 | 1,000 | 829 | ||||||
Series C, 2.05%, 11/1/29 | 1,250 | 1,012 | ||||||
Series C, 2.10%, 11/1/30 | 1,000 | 790 | ||||||
Harris County Cultural Education Facilities Finance Corp. Revenue | ||||||||
3.34%, 11/15/37 | 2,000 | 1,541 | ||||||
Series B, 2.17%, 5/15/23 | 1,000 | 983 | ||||||
Series B, 2.57%, 5/15/26 | 1,000 | 905 | ||||||
Series D, 2.28%, 7/1/34 | 6,785 | 4,679 | ||||||
McLennan County Public Facility Corp. Revenue, 3.90%, 6/1/29, Continuously Callable @100 | 2,000 | 1,832 | ||||||
Port of Corpus Christi Authority of Nueces County Revenue, 3.49%, 12/1/25 | 1,000 | 943 | ||||||
San Antonio Education Facilities Corp. Revenue | ||||||||
2.38%, 4/1/28 | 1,500 | 1,243 | ||||||
2.65%, 4/1/30 | 1,150 | 914 | ||||||
2.73%, 4/1/31 | 750 | 583 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Revenue | ||||||||
2.08%, 9/1/28 | 600 | 495 | ||||||
2.57%, 9/1/32, Continuously Callable @100 | 1,000 | 763 | ||||||
2.69%, 9/1/33, Continuously Callable @100 | 1,000 | 752 | ||||||
Texas Public Finance Authority Revenue | ||||||||
1.62%, 2/1/31 | 2,000 | 1,512 | ||||||
1.78%, 2/1/32, Continuously Callable @100 | 1,500 | 1,109 | ||||||
Texas Tech University System Revenue, 1.55%, 2/15/28 | 2,000 | 1,688 | ||||||
Waco Educational Finance Corp. Revenue | ||||||||
1.53%, 3/1/27 | 1,340 | 1,156 | ||||||
1.69%, 3/1/28 | 1,500 | 1,260 | ||||||
2.06%, 3/1/31, Continuously Callable @100 | 1,500 | 1,177 | ||||||
37,443 | ||||||||
Washington (0.1%): | ||||||||
Washington State University Revenue | ||||||||
Series A, 2.24%, 10/1/28 | 1,800 | 1,506 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Series A, 2.31%, 10/1/29 | $ | 5,915 | $ | 4,818 | ||||
6,324 | ||||||||
Wisconsin (0.1%): | ||||||||
Public Finance Authority Revenue, Series WI, 3.63%, 6/1/51 | 6,575 | 3,997 | ||||||
Total Municipal Bonds (Cost $465,399) | 396,193 | |||||||
U.S. Government Agency Mortgages (3.2%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
Series K026, Class X1, 0.88%, 11/25/22 (c)(d) | 10,189 | — | (j) | |||||
Series K028, Class A2, 3.11%, 2/25/23 | 3,193 | 3,179 | ||||||
Series K045, Class A2, 3.02%, 1/25/25 | 9,157 | 8,788 | ||||||
Series KPLB, Class A, 2.77%, 5/25/25 | 17,000 | 16,116 | ||||||
Series KIR1, Class A2, 2.85%, 3/25/26 | 12,000 | 11,233 | ||||||
Series S8FX, Class A1, 3.02%, 3/25/27 | 11,911 | 11,402 | ||||||
Series K068, Class A2, 3.24%, 8/25/27 | 4,533 | 4,231 | ||||||
Series K075, Class A2, 3.65%, 2/25/28 (c) | 3,000 | 2,834 | ||||||
Series K095, Class A2, 2.79%, 6/25/29 | 8,750 | 7,730 | ||||||
Series K097, Class A2, 2.51%, 7/25/29 | 8,000 | 6,922 | ||||||
Series K096, Class A2, 2.52%, 7/25/29 | 9,000 | 7,801 | ||||||
Series KG02, Class A2, 2.41%, 8/25/29 | 9,091 | 7,821 | ||||||
Series K100, Class A2, 2.67%, 9/25/29 | 5,455 | 4,755 | ||||||
5.50%, 12/1/35 - 4/1/36 | 451 | 461 | ||||||
3.50%, 5/1/42 - 5/1/47 | 8,256 | 7,437 | ||||||
100,710 | ||||||||
Federal National Mortgage Association | ||||||||
Series 2016-M2, Class AV2, 2.15%, 1/25/23 | 1,088 | 1,088 | ||||||
Series 2017-M15, Class AV2, 2.57%, 11/25/24 (c) | 3,039 | 2,937 | ||||||
Series 2017-M2, Class A2, 2.76%, 2/25/27 (c) | 2,623 | 2,427 | ||||||
Series M7, Class A2, 2.96%, 2/25/27 (c) | 2,284 | 2,124 | ||||||
2.50%, 2/1/28 - 11/1/34 | 5,140 | 4,777 | ||||||
Series M4, Class A2, 3.06%, 3/25/28 (c) | 6,378 | 5,878 | ||||||
6.50%, 4/1/31 - 3/1/32 | 251 | 262 | ||||||
5.00%, 6/1/33 | 561 | 561 | ||||||
5.50%, 9/1/35 - 5/1/38 | 2,917 | 2,977 | ||||||
6.00%, 5/1/36 - 8/1/37 | 1,087 | 1,127 | ||||||
3.50%, 4/1/48 - 2/1/50 | 10,977 | 9,796 | ||||||
4.00%, 4/1/48 - 2/1/50 | 11,601 | 10,725 | ||||||
3.00%, 2/1/50 | 4,989 | 4,282 | ||||||
48,961 | ||||||||
Government National Mortgage Association | ||||||||
7.00%, 5/15/23 - 7/15/32 | 312 | 321 | ||||||
6.50%, 6/15/23 - 10/15/31 | 394 | 408 | ||||||
7.50%, 6/15/26 - 8/15/29 | 185 | 189 | ||||||
6.00%, 9/15/28 - 1/15/33 | 1,067 | 1,092 | ||||||
5.50%, 4/20/33 | 189 | 193 | ||||||
5.00%, 8/15/33 | 1,149 | 1,162 | ||||||
3,365 | ||||||||
153,036 | ||||||||
Total U.S. Government Agency Mortgages (Cost $170,502) | 153,036 | |||||||
U.S. Treasury Obligations (17.4%) | ||||||||
U.S. Treasury Bonds | ||||||||
1.13%, 5/15/40 | 10,000 | 5,969 | ||||||
3.88%, 8/15/40 | 15,000 | 14,088 | ||||||
1.38%, 11/15/40 | 30,000 | 18,530 | ||||||
1.88%, 2/15/41 | 9,000 | 6,088 | ||||||
2.25%, 5/15/41 | 40,000 | 28,850 | ||||||
2.75%, 8/15/42 | 55,000 | 42,505 | ||||||
2.75%, 11/15/42 | 10,000 | 7,703 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
3.13%, 2/15/43 | $ | 20,000 | $ | 16,381 | ||||
2.88%, 5/15/43 | 10,000 | 7,834 | ||||||
3.38%, 5/15/44 | 5,000 | 4,227 | ||||||
3.00%, 11/15/44 | 25,000 | 19,765 | ||||||
2.50%, 2/15/45 | 55,000 | 39,574 | ||||||
2.50%, 2/15/46 | 15,000 | 10,723 | ||||||
2.25%, 8/15/46 | 42,950 | 29,072 | ||||||
2.88%, 11/15/46 | 10,000 | 7,689 | ||||||
2.75%, 11/15/47 | 12,000 | 9,002 | ||||||
3.38%, 11/15/48 | 10,000 | 8,542 | ||||||
3.00%, 2/15/49 | 10,000 | 7,978 | ||||||
1.25%, 5/15/50 | 30,000 | 15,455 | ||||||
1.63%, 11/15/50 | 35,000 | 20,021 | ||||||
U.S. Treasury Inflation Indexed Bonds | ||||||||
2.38%, 1/15/25 | 62,850 | 63,534 | ||||||
0.88%, 1/15/29 | 11,730 | 11,175 | ||||||
U.S. Treasury Notes | ||||||||
0.13%, 7/15/23 | 20,000 | 19,377 | ||||||
0.25%, 9/30/23 | 70,000 | 67,238 | ||||||
0.13%, 10/15/23 | 40,000 | 38,311 | ||||||
0.13%, 12/15/23 | 50,000 | 47,551 | ||||||
2.50%, 5/15/24 | 5,000 | 4,840 | ||||||
3.00%, 7/31/24 | 25,000 | 24,334 | ||||||
2.50%, 1/31/25 | 5,000 | 4,786 | ||||||
2.00%, 2/15/25 | 70,000 | 66,221 | ||||||
2.75%, 5/15/25 | 20,000 | 19,183 | ||||||
0.38%, 1/31/26 | 30,000 | 26,358 | ||||||
1.63%, 2/15/26 | 30,000 | 27,443 | ||||||
2.38%, 5/15/27 | 10,000 | 9,207 | ||||||
0.50%, 10/31/27 | 30,000 | 24,951 | ||||||
1.25%, 3/31/28 | 25,000 | 21,377 | ||||||
1.25%, 9/30/28 | 25,000 | 21,096 | ||||||
2.38%, 3/31/29 | 20,000 | 17,919 | ||||||
Total U.S. Treasury Obligations (Cost $973,832) | 834,897 | |||||||
Commercial Paper (0.7%)(k) | ||||||||
Dominion Resources, Inc., 3.50%, 11/3/22 (a) | 1,600 | 1,599 | ||||||
Duke Energy Corp., 3.40%, 11/1/22 (a) | 1,000 | 1,000 | ||||||
Enterprise Products Oper, 3.37%, 11/1/22 (a) | 7,000 | 6,999 | ||||||
Sonoco Products Co., 3.37%, 11/1/22 | 25,000 | 24,998 | ||||||
Total Commercial Paper (Cost $34,600) | 34,596 | |||||||
Collateral for Securities Loaned (0.9%)^ | ||||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (l) | 45,137,979 | 45,138 | ||||||
Total Collateral for Securities Loaned (Cost $45,138) | 45,138 | |||||||
Total Investments (Cost $5,602,996) — 100.4% | 4,804,535 | |||||||
Liabilities in excess of other assets — (0.4)% | (17,813 | ) | ||||||
NET ASSETS - 100.00% | $ | 4,786,722 |
At October 31, 2022, the Fund's investments in foreign securities were 11.5% of net assets.
^ | Purchased with cash collateral from securities on loan. |
(a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of October 31, 2022, the fair value of these securities was $1,132,551 thousands and amounted to 23.7% of net assets. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of October 31, 2022. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at October 31, 2022. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Income Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
(d) | Security is interest only. |
(e) | All or a portion of this security is on loan. |
(f) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(g) | Amount represents less than 0.05% of net assets. |
(h) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At October 31, 2022, illiquid securities were 0.3% of the Fund's net assets. |
(i) | Put Bond. |
(j) | Rounds to less than $1 thousand. |
(k) | Rate represents the effective yield at October 31, 2022. |
(l) | Rate disclosed is the daily yield on October 31, 2022. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
GO—General Obligation |
H15T1Y—1 Year Treasury Constant Maturity Rate |
H15T5Y—5 Year Treasury Constant Maturity Rate |
IDA—Industrial Development Authority |
LIBOR—London Interbank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
MTN—Medium Term Note |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Title XI—The Title XI Guarantee Program provides a guarantee of payment of principal and interest of debt obligations issued by U.S. merchant marine and U.S. shipyards by enabling owners of eligible vessels and shipyards to obtain financing at attractive terms. The guarantee carries the full faith and credit of the U.S. government. |
TSFR—Term SOFR |
TSFR1M—1 month Term SOFR, rate disclosed as of October 31, 2022. |
TSFR3M—3 month Term SOFR, rate disclosed as of October 31, 2022. |
US0003M—3 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security. |
USISDA05—5 Year ICE Swap Rate, rate disclosed as of October 31, 2022. |
USSW5—USD 5 Year Swap Rate, rate disclosed as of October 31, 2022. |
Credit Enhancements—Adds the financial strength of the provider of the enhancement to support the issuer’s ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities. | ||
INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. | |
NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from the name listed. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments | |
USAA Income Stock Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.8%) | ||||||||
Communication Services (5.0%): | ||||||||
AT&T, Inc. | 926,632 | $ | 16,892 | |||||
Comcast Corp. Class A | 771,823 | 24,498 | ||||||
Fox Corp. Class A | 214,091 | 6,181 | ||||||
Omnicom Group, Inc. | 390,536 | 28,411 | ||||||
Sirius XM Holdings, Inc. (a) | 4,158,916 | 25,120 | ||||||
The Interpublic Group of Cos., Inc. | 686,410 | 20,448 | ||||||
Verizon Communications, Inc. | 116,418 | 4,351 | ||||||
125,901 | ||||||||
Consumer Discretionary (6.5%): | ||||||||
Best Buy Co., Inc. | 243,007 | 16,624 | ||||||
Genuine Parts Co. | 60,820 | 10,817 | ||||||
H&R Block, Inc. | 496,333 | 20,424 | ||||||
Lennar Corp. Class A | 89,418 | 7,216 | ||||||
Lowe's Cos., Inc. | 130,086 | 25,360 | ||||||
McDonald's Corp. | 68,495 | 18,676 | ||||||
PulteGroup, Inc. | 164,964 | 6,597 | ||||||
Target Corp. | 123,157 | 20,229 | ||||||
The Home Depot, Inc. | 35,197 | 10,423 | ||||||
Toll Brothers, Inc. | 101,299 | 4,364 | ||||||
Williams-Sonoma, Inc. | 52,149 | 6,458 | ||||||
Yum! Brands, Inc. | 162,247 | 19,186 | ||||||
166,374 | ||||||||
Consumer Staples (8.4%): | ||||||||
Altria Group, Inc. | 1,012,450 | 46,846 | ||||||
Campbell Soup Co. | 192,176 | 10,168 | ||||||
Colgate-Palmolive Co. | 198,964 | 14,692 | ||||||
General Mills, Inc. | 173,658 | 14,167 | ||||||
Kimberly-Clark Corp. | 69,141 | 8,605 | ||||||
PepsiCo, Inc. | 86,176 | 15,648 | ||||||
Philip Morris International, Inc. | 344,984 | 31,687 | ||||||
The Coca-Cola Co. | 160,548 | 9,609 | ||||||
The Hershey Co. | 33,800 | 8,070 | ||||||
The Procter & Gamble Co. | 250,129 | 33,685 | ||||||
Tyson Foods, Inc. Class A | 117,688 | 8,044 | ||||||
Walmart, Inc. | 76,479 | 10,885 | ||||||
212,106 | ||||||||
Energy (7.8%): | ||||||||
Chevron Corp. | 186,606 | 33,757 | ||||||
Devon Energy Corp. | 340,735 | 26,356 | ||||||
EOG Resources, Inc. | 175,838 | 24,005 | ||||||
Exxon Mobil Corp. | 698,575 | 77,410 | ||||||
Marathon Petroleum Corp. | 145,219 | 16,500 | ||||||
Valero Energy Corp. | 112,838 | 14,167 | ||||||
192,195 | ||||||||
Financials (17.7%): | ||||||||
Aflac, Inc. | 226,138 | 14,724 | ||||||
American Express Co. | 160,379 | 23,809 | ||||||
American Financial Group, Inc. | 76,815 | 11,147 | ||||||
Ameriprise Financial, Inc. | 101,879 | 31,493 | ||||||
Capital One Financial Corp. | 33,823 | 3,586 | ||||||
Discover Financial Services | 97,801 | 10,216 | ||||||
East West Bancorp, Inc. | 90,040 | 6,444 | ||||||
Everest Re Group Ltd. | 38,027 | 12,270 | ||||||
FactSet Research Systems, Inc. | 14,741 | 6,272 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Stock Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Fidelity National Financial, Inc. | 577,805 | $ | 22,753 | |||||
First American Financial Corp. | 78,445 | 3,954 | ||||||
Jefferies Financial Group, Inc. | 525,645 | 18,087 | ||||||
JPMorgan Chase & Co. | 129,922 | 16,355 | ||||||
M&T Bank Corp. | 98,912 | 16,654 | ||||||
Marsh & McLennan Cos., Inc. | 52,974 | 8,555 | ||||||
MetLife, Inc. | 151,771 | 11,111 | ||||||
Morgan Stanley | 103,964 | 8,543 | ||||||
Popular, Inc. | 65,561 | 4,636 | ||||||
Principal Financial Group, Inc. | 239,028 | 21,066 | ||||||
Prudential Financial, Inc. | 153,662 | 16,164 | ||||||
Regions Financial Corp. | 1,926,307 | 42,282 | ||||||
Synchrony Financial | 591,458 | 21,032 | ||||||
Synovus Financial Corp. | 120,266 | 4,793 | ||||||
T. Rowe Price Group, Inc. | 117,520 | 12,476 | ||||||
The Charles Schwab Corp. | 126,672 | 10,092 | ||||||
The Goldman Sachs Group, Inc. | 63,743 | 21,960 | ||||||
The Hanover Insurance Group, Inc. | 56,661 | 8,300 | ||||||
The Hartford Financial Services Group, Inc. | 280,273 | 20,295 | ||||||
The Travelers Cos., Inc. | 73,681 | 13,591 | ||||||
U.S. Bancorp | 376,233 | 15,971 | ||||||
Zions Bancorp NA | 139,167 | 7,228 | ||||||
445,859 | ||||||||
Health Care (17.4%): | ||||||||
Abbott Laboratories | 57,514 | 5,690 | ||||||
AbbVie, Inc. | 67,164 | 9,833 | ||||||
AmerisourceBergen Corp. | 23,250 | 3,655 | ||||||
Amgen, Inc. | 147,632 | 39,912 | ||||||
Bristol-Myers Squibb Co. | 242,729 | 18,804 | ||||||
Cardinal Health, Inc. | 192,379 | 14,602 | ||||||
Chemed Corp. | 18,013 | 8,410 | ||||||
Cigna Corp. | 67,419 | 21,780 | ||||||
CVS Health Corp. | 215,753 | 20,432 | ||||||
Elevance Health, Inc. | 35,765 | 19,555 | ||||||
Eli Lilly & Co. | 71,037 | 25,722 | ||||||
Gilead Sciences, Inc. | 422,360 | 33,138 | ||||||
Johnson & Johnson | 367,229 | 63,888 | ||||||
McKesson Corp. | 46,586 | 18,139 | ||||||
Merck & Co., Inc. | 374,241 | 37,873 | ||||||
Pfizer, Inc. | 479,210 | 22,307 | ||||||
Quest Diagnostics, Inc. | 89,228 | 12,818 | ||||||
Thermo Fisher Scientific, Inc. | 34,664 | 17,817 | ||||||
UnitedHealth Group, Inc. | 52,791 | 29,307 | ||||||
West Pharmaceutical Services, Inc. | 23,370 | 5,377 | ||||||
Zoetis, Inc. | 44,460 | 6,704 | ||||||
435,763 | ||||||||
Industrials (12.7%): | ||||||||
3M Co. | 135,392 | 17,031 | ||||||
Cintas Corp. | 41,600 | 17,786 | ||||||
CSX Corp. | 255,061 | 7,412 | ||||||
Cummins, Inc. | 72,927 | 17,832 | ||||||
Emerson Electric Co. | 127,572 | 11,048 | ||||||
Fastenal Co. | 498,392 | 24,087 | ||||||
FedEx Corp. | 32,924 | 5,277 | ||||||
General Dynamics Corp. | 83,325 | 20,815 | ||||||
Huntington Ingalls Industries, Inc. | 35,899 | 9,229 | ||||||
Illinois Tool Works, Inc. | 61,688 | 13,172 | ||||||
Lennox International, Inc. | 39,939 | 9,329 | ||||||
Lockheed Martin Corp. | 62,964 | 30,642 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Stock Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
ManpowerGroup, Inc. | 100,528 | $ | 7,875 | |||||
Masco Corp. | 427,970 | 19,801 | ||||||
Northrop Grumman Corp. | 26,409 | 14,499 | ||||||
Owens Corning | 98,233 | 8,410 | ||||||
Republic Services, Inc. | 70,678 | 9,373 | ||||||
Robert Half International, Inc. | 172,850 | 13,216 | ||||||
Snap-on, Inc. | 55,961 | 12,426 | ||||||
Union Pacific Corp. | 96,973 | 19,117 | ||||||
United Parcel Service, Inc. Class B | 130,108 | 21,828 | ||||||
W.W. Grainger, Inc. | 16,178 | 9,454 | ||||||
319,659 | ||||||||
Information Technology (11.1%): | ||||||||
Accenture PLC Class A | 75,345 | 21,390 | ||||||
Apple, Inc. | 192,134 | 29,462 | ||||||
Automatic Data Processing, Inc. | 38,153 | 9,222 | ||||||
Cisco Systems, Inc. | 997,727 | 45,326 | ||||||
Hewlett Packard Enterprise Co. | 517,225 | 7,381 | ||||||
HP, Inc. | 1,025,137 | 28,314 | ||||||
Intel Corp. | 194,196 | 5,521 | ||||||
International Business Machines Corp. | 123,358 | 17,058 | ||||||
Juniper Networks, Inc. | 126,858 | 3,882 | ||||||
KLA Corp. | 17,811 | 5,636 | ||||||
Mastercard, Inc. Class A | 50,419 | 16,547 | ||||||
Microsoft Corp. | 101,460 | 23,552 | ||||||
Motorola Solutions, Inc. | 47,338 | 11,821 | ||||||
NetApp, Inc. | 177,066 | 12,265 | ||||||
Paychex, Inc. | 99,492 | 11,771 | ||||||
QUALCOMM, Inc. | 85,310 | 10,038 | ||||||
Texas Instruments, Inc. | 121,090 | 19,451 | ||||||
278,637 | ||||||||
Materials (3.8%): | ||||||||
Avery Dennison Corp. | 26,059 | 4,418 | ||||||
CF Industries Holdings, Inc. | 153,336 | 16,294 | ||||||
LyondellBasell Industries NV Class A | 365,685 | 27,957 | ||||||
Nucor Corp. | 51,966 | 6,827 | ||||||
Packaging Corp. of America | 115,094 | 13,836 | ||||||
Reliance Steel & Aluminum Co. | 51,727 | 10,422 | ||||||
Steel Dynamics, Inc. | 83,383 | 7,842 | ||||||
The Sherwin-Williams Co. | 19,979 | 4,496 | ||||||
Westlake Corp. | 38,048 | 3,677 | ||||||
95,769 | ||||||||
Real Estate (4.1%): | ||||||||
AvalonBay Communities, Inc. | 47,254 | 8,275 | ||||||
Boston Properties, Inc. | 76,111 | 5,533 | ||||||
Digital Realty Trust, Inc. | 71,992 | 7,217 | ||||||
Equity Residential | 92,392 | 5,823 | ||||||
Essex Property Trust, Inc. | 16,443 | 3,654 | ||||||
National Retail Properties, Inc. | 120,758 | 5,075 | ||||||
Prologis, Inc. | 96,132 | 10,647 | ||||||
Realty Income Corp. | 211,273 | 13,156 | ||||||
Regency Centers Corp. | 62,035 | 3,754 | ||||||
Ventas, Inc. | 68,460 | 2,679 | ||||||
VICI Properties, Inc. | 900,578 | 28,836 | ||||||
Vornado Realty Trust | 194,237 | 4,582 | ||||||
Welltower, Inc. | 43,047 | 2,628 | ||||||
101,859 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Income Stock Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Utilities (5.3%): | ||||||||
Duke Energy Corp. | 223,056 | $ | 20,784 | |||||
Evergy, Inc. | 350,857 | 21,448 | ||||||
Exelon Corp. | 397,904 | 15,355 | ||||||
NRG Energy, Inc. | 381,045 | 16,918 | ||||||
Sempra Energy | 75,840 | 11,447 | ||||||
The Southern Co. | 502,331 | 32,893 | ||||||
UGI Corp. | 335,553 | 11,855 | ||||||
130,700 | ||||||||
Total Common Stocks (Cost $2,119,536) | 2,504,822 | |||||||
Collateral for Securities Loaned (1.1%)^ | ||||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (b) | 26,641,432 | 26,641 | ||||||
Total Collateral for Securities Loaned (Cost $26,641) | 26,641 | |||||||
Total Investments (Cost $2,146,177) — 100.9% | 2,531,463 | |||||||
Liabilities in excess of other assets — (0.9)% | (22,564 | ) | ||||||
NET ASSETS - 100.00% | $ | 2,508,899 |
^ | Purchased with cash collateral from securities on loan. |
(a) | All or a portion of this security is on loan. |
(b) | Rate disclosed is the daily yield on October 31, 2022. |
PLC—Public Limited Company |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (14.9%) | ||||||||
AccessLex Institute, Series 2004-2, Class A3, 4.55% (LIBOR03M+19bps), 10/25/24, Callable 1/25/24 @ 100 (a) | $ | 262 | $ | 260 | ||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (b) | 3,000 | 2,521 | ||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46, Callable 8/15/24 @ 100 (b) | 1,500 | 1,255 | ||||||
American Credit Acceptance Receivables Trust, Series 2019-3, Class D, 2.89%, 9/12/25, Callable 6/12/23 @ 100 (b) | 457 | 453 | ||||||
Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.82%, 3/18/24, Callable 11/18/22 @ 100 | 5,307 | 5,250 | ||||||
AMSR Trust, Series 2021-SFR1, Class D, 2.60%, 6/17/38 (b) | 1,500 | 1,156 | ||||||
AMSR Trust, Series 2021-SFR1, Class C, 2.35%, 6/17/38 (b) | 1,800 | 1,437 | ||||||
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (b) | 1,216 | 1,089 | ||||||
Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 4/20/26 @ 100 (b) | 500 | 493 | ||||||
ARI Fleet Lease Trust, Series 2020-A, Class B, 2.06%, 11/15/28, Callable 1/15/23 @ 100 (b) | 1,470 | 1,462 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class C, 4.17%, 1/15/31, Callable 3/15/25 @ 100 (b) | 2,200 | 2,042 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class B, 3.79%, 1/15/31, Callable 3/15/25 @ 100 (b) | 1,517 | 1,432 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 3/15/25 @ 100 (b) | 2,476 | 2,351 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.68%, 8/20/26, Callable 8/20/25 @ 100 (b) | 4,000 | 3,605 | ||||||
Ballyrock CLO Ltd., Series 2020-14A, Class B, 6.54% (LIBOR03M+230bps), 1/20/34, Callable 1/20/23 @ 100 (a)(b) | 1,000 | 916 | ||||||
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (b) | 3,790 | 3,711 | ||||||
Canadian Pacer Auto Receivables Trust, Series 2021-1A, Class C, 1.46%, 12/20/27, Callable 12/19/24 @ 100 (b) | 2,156 | 1,900 | ||||||
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class C, 2.49%, 5/19/26, Callable 10/19/23 @ 100 (b) | 2,000 | 1,940 | ||||||
Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class C, 3.75%, 7/21/25, Callable 1/19/23 @ 100 (b) | 3,000 | 2,983 | ||||||
CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (b) | 7,750 | 7,220 | ||||||
CarMax Auto Owner Trust, Series 2021-3, Class D, 1.50%, 1/18/28, Callable 4/15/25 @ 100 | 2,760 | 2,371 | ||||||
CarMax Auto Owner Trust, Series 2020-3, Class C, 1.69%, 4/15/26, Callable 6/15/24 @ 100 | 2,500 | 2,340 | ||||||
CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, 8/17/26, Callable 11/15/24 @ 100 | 3,450 | 3,133 | ||||||
CarMax Auto Owner Trust, Series 2019-4, Class C, 2.60%, 9/15/25, Callable 12/15/23 @ 100 | 5,162 | 4,999 | ||||||
CarMax Auto Owner Trust, Series 2018-4, Class C, 3.85%, 7/15/24, Callable 12/15/22 @ 100 | 420 | 419 | ||||||
CarMax Auto Owner Trust, Series 2020-1, Class C, 2.34%, 11/17/25, Callable 7/15/24 @ 100 | 4,230 | 4,049 | ||||||
CarMax Auto Owner Trust, Series 2019-1, Class B, 3.45%, 11/15/24, Callable 2/15/23 @ 100 | 1,923 | 1,912 | ||||||
CarMax Auto Owner Trust, Series 2021-4, Class D, 1.48%, 3/15/28, Callable 8/15/25 @ 100 | 2,831 | 2,444 | ||||||
CarMax Auto Owner Trust, Series 2020-2, Class B, 2.90%, 8/15/25, Callable 4/15/24 @ 100 | 1,083 | 1,037 | ||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class B, 1.38%, 2/17/26, Callable 3/15/23 @ 100 (b) | 656 | 650 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
CARS-DB5 LP, Series 2021-1A, Class A2, 2.28%, 8/15/51, Callable 8/15/28 @ 100 (b) | $ | 2,134 | $ | 1,626 | ||||
Carvana Auto Receivables Trust, Series 2020-P1, Class C, 1.32%, 11/9/26, Callable 8/8/25 @ 100 | 551 | 470 | ||||||
Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28, Callable 10/10/25 @ 100 | 876 | 786 | ||||||
Carvana Auto Receivables Trust, Series 2021-P2, Class C, 1.60%, 6/10/27, Callable 7/10/26 @ 100 | 10,000 | 8,583 | ||||||
Carvana Auto Receivables Trust, Series 2021-N1, Class D, 1.50%, 1/10/28, Callable 4/10/25 @ 100 | 2,569 | 2,474 | ||||||
Carvana Auto Receivables Trust, Series 2021-N2, Class D, 1.27%, 3/10/28, Callable 12/10/25 @ 100 | 4,000 | 3,714 | ||||||
CCG Receivables Trust, Series 2020-1, Class C, 1.84%, 12/14/27, Callable 4/14/24 @ 100 (b) | 5,786 | 5,375 | ||||||
CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 11/14/22 @ 100 (b) | 1,375 | 1,368 | ||||||
CCG Receivables Trust, Series 2021-2, Class C, 1.50%, 3/14/29, Callable 6/14/25 @ 100 (b) | 3,000 | 2,686 | ||||||
CF Hippolyta LLC, Series 2021-1A, Class B1, 1.98%, 3/15/61, Callable 3/15/24 @ 100 (b) | 1,916 | 1,609 | ||||||
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 11/15/22 @ 100 (b) | 1 | 1 | ||||||
CNH Equipment Trust, Series 2020-A, Class B, 2.30%, 10/15/27, Callable 2/15/24 @ 100 | 1,100 | 1,048 | ||||||
Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (b) | 2,500 | 2,477 | ||||||
CPS Auto Receivables Trust, Series 2018-D, Class E, 5.82%, 6/16/25, Callable 4/15/23 @ 100 (b) | 2,000 | 1,996 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 2/15/25 @ 100 (b) | 720 | 649 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class C, 2.59%, 6/15/29, Callable 7/15/23 @ 100 (b) | 5,000 | 4,854 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30, Callable 10/15/24 @ 100 (b) | 2,077 | 1,889 | ||||||
DB Master Finance LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/51, Callable 11/20/25 @ 100 (b) | 7,724 | 6,166 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class D, 1.21%, 6/22/27, Callable 4/22/24 @ 100 (b) | 1,312 | 1,217 | ||||||
Dell Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable 5/22/23 @ 100 (b) | 2,125 | 2,079 | ||||||
Dell Equipment Finance Trust, Series 2020-1, Class B, 2.98%, 4/24/23, Callable 11/22/22 @ 100 (b) | 775 | 774 | ||||||
Dell Equipment Finance Trust, Series 2020-1, Class C, 4.26%, 6/22/23, Callable 11/22/22 @ 100 (b) | 1,750 | 1,750 | ||||||
Diamond Infrastructure Funding LLC, Series 2021-1A, Class B, 2.35%, 4/15/49, Callable 9/20/25 @ 100 (b) | 6,000 | 4,846 | ||||||
Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, 4/15/49, Callable 9/20/25 @ 100 (b) | 3,000 | 2,313 | ||||||
Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (b) | 4,418 | 3,681 | ||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class B, 2.05%, 11/21/33, Callable 4/20/25 @ 100 (b) | 854 | 798 | ||||||
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 7/15/23 @ 100 | 1,321 | 1,307 | ||||||
DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 3/16/26, Callable 6/15/24 @ 100 (b) | 500 | 483 | ||||||
DT Auto Owner Trust, Series 2021-3A, Class C, 0.87%, 5/17/27, Callable 5/15/24 @ 100 (b) | 1,875 | 1,744 | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class D, 1.69%, 11/15/27, Callable 12/15/23 @ 100 (b) | 2,562 | 2,373 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class C, 1.39%, 6/15/27, Callable 12/15/23 @ 100 (b) | $ | 1,409 | $ | 1,318 | ||||
Enterprise Fleet Financing LLC, Series 2019-3, Class A2, 2.06%, 5/20/25, Callable 1/20/23 @ 100 (b) | 159 | 159 | ||||||
Enterprise Fleet Financing LLC, Series 2022-3, Class A3, 4.29%, 7/20/29, Callable 5/20/26 @ 100 (b) | 1,125 | 1,069 | ||||||
Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (b) | 3,000 | 2,922 | ||||||
Evergreen Credit Card Trust, Series 2021-1, Class B, 1.15%, 10/15/26 (b) | 7,500 | 6,890 | ||||||
Evergreen Credit Card Trust, Series 2021-1, Class C, 1.42%, 10/15/26 (b) | 6,300 | 5,781 | ||||||
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 7/15/23 @ 100 | 961 | 949 | ||||||
Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 12/15/22 @ 100 (b) | 312 | 311 | ||||||
ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (b) | 1,875 | 1,764 | ||||||
First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 2/15/23 @ 100 (b) | 1,000 | 1,000 | ||||||
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (b) | 2,473 | 2,170 | ||||||
FirstKey Homes Trust, Series 2021-SFR2, Class D, 2.06%, 9/17/38 (b) | 4,500 | 3,809 | ||||||
FirstKey Homes Trust, Series 2021-SFR2, Class C, 1.71%, 9/17/38 (b) | 6,512 | 5,418 | ||||||
Flagship Credit Auto Trust, Series 2018-4, Class C, 4.11%, 10/15/24, Callable 11/15/22 @ 100 (b) | 41 | 41 | ||||||
Flagship Credit Auto Trust, Series 2019-2, Class D, 3.53%, 5/15/25, Callable 4/15/24 @ 100 (b) | 2,943 | 2,831 | ||||||
Flagship Credit Auto Trust, Series 2018-2, Class E, 5.51%, 11/17/25, Callable 3/15/23 @ 100 (b) | 550 | 541 | ||||||
Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 10/15/24 @ 100 (b) | 2,500 | 2,253 | ||||||
Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (b) | 2,250 | 1,908 | ||||||
Ford Credit Auto Owner Trust, Series 2021-1, Class D, 2.31%, 10/17/33, Callable 4/15/26 @ 100 (b) | 1,650 | 1,415 | ||||||
Ford Credit Auto Owner Trust, Series 2022-1, Class C, 4.67%, 11/15/34, Callable 5/15/27 @ 100 (b) | 2,000 | 1,881 | ||||||
Ford Credit Auto Owner Trust, Series 2021-1, Class C, 1.91%, 10/17/33, Callable 4/15/26 @ 100 (b) | 1,708 | 1,474 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class C, 1.02%, 9/15/26, Callable 2/15/24 @ 100 (b) | 1,325 | 1,230 | ||||||
FRTKL, Series 2021-SFR1, Class D, 2.17%, 9/17/38 (b) | 1,500 | 1,268 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.14%, 11/17/25, Callable 9/15/23 @ 100 (b) | 2,969 | 2,902 | ||||||
GLS Auto Receivables Issuer Trust, Series 2A, Class C, 4.57%, 4/15/26, Callable 3/15/24 @ 100 (b) | 1,250 | 1,217 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C, 1.11%, 9/15/26, Callable 5/15/24 @ 100 (b) | 2,167 | 2,024 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 1/15/23 @ 100 (b) | 808 | 806 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-3A, Class C, 1.92%, 5/15/25, Callable 6/15/23 @ 100 (b) | 1,474 | 1,455 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56%, 7/22/24, Callable 1/20/23 @ 100 | 1,625 | 1,614 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-3, Class C, 1.11%, 10/21/24, Callable 4/20/23 @ 100 | 4,464 | 4,382 | ||||||
GM Financial Revolving Receivables Trust, Series 2021-1, Class C, 1.67%, 6/12/34, Callable 9/11/26 @ 100 (b) | 1,000 | 840 | ||||||
Golden Credit Card Trust, Series 2021-1A, Class C, 1.74%, 8/15/28 (b) | 2,233 | 1,860 | ||||||
Golden Credit Card Trust, Series 2021-1A, Class B, 1.44%, 8/15/28 (b) | 4,500 | 3,875 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 8/15/28 (b) | $ | 5,000 | $ | 4,307 | ||||
Golub Capital Partners CLO Ltd., Series 2020-52A, Class A2, 6.04% (LIBOR03M+180bps), 1/20/34, Callable 1/20/23 @ 100 (a)(b) | 5,000 | 4,817 | ||||||
Hertz Vehicle Financing III LP, Series 2021-2A, Class C, 2.52%, 12/27/27 (b) | 1,833 | 1,506 | ||||||
Hertz Vehicle Financing LLC, Series 2022-2A, Class B, 2.65%, 6/26/28, Callable 6/25/27 @ 100 (b) | 2,480 | 2,014 | ||||||
Hertz Vehicle Financing LLC, Series 2022-4A, Class A, 3.73%, 9/25/26, Callable 9/25/25 @ 100 (b) | 3,000 | 2,815 | ||||||
Hertz Vehicle Financing LLC, Series 2022-4A, Class B, 4.12%, 9/25/26, Callable 9/25/25 @ 100 (b) | 3,000 | 2,758 | ||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (b) | 1,667 | 1,492 | ||||||
Hertz Vehicle Financing LLC, Series 2022-2A, Class A, 2.33%, 6/26/28, Callable 6/25/27 @ 100 (b) | 3,750 | 3,199 | ||||||
Hertz Vehicle Financing LLC, Series 2022-2A, Class C, 2.95%, 6/26/28, Callable 6/25/27 @ 100 (b) | 3,500 | 2,782 | ||||||
HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 3/20/24 @ 100 (b) | 5,180 | 4,833 | ||||||
HPEFS Equipment Trust, Series 2021-2A, Class D, 1.29%, 3/20/29, Callable 7/20/24 @ 100 (b) | 4,531 | 4,157 | ||||||
HPEFS Equipment Trust, Series 2020-1A, Class C, 2.03%, 2/20/30, Callable 1/20/23 @ 100 (b) | 2,522 | 2,513 | ||||||
HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 4/20/23 @ 100 (b) | 3,400 | 3,371 | ||||||
JPMorgan Chase Bank NA, Series 2020-1, Class D, 1.89%, 1/25/28, Callable 8/25/23 @ 100 (b) | 212 | 208 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 6/25/24 @ 100 (b) | 965 | 923 | ||||||
JPMorgan Chase Bank NA, Series 2021-3, Class D, 1.01%, 2/26/29, Callable 2/25/25 @ 100 (b) | 1,066 | 998 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.17%, 9/25/28, Callable 5/25/24 @ 100 (b) | 2,050 | 1,963 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class D, 1.14%, 12/26/28, Callable 6/25/24 @ 100 (b) | 571 | 544 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 5/25/24 @ 100 (b) | 1,025 | 988 | ||||||
JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 12/25/23 @ 100 (b) | 322 | 313 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class D, 2.08%, 1/5/40 (b) | 2,700 | 1,971 | ||||||
Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 12/15/25 @ 100 (b) | 2,000 | 1,861 | ||||||
Master Credit Card Trust, Series 2020-1A, Class B, 2.27%, 9/21/24 (b) | 833 | 823 | ||||||
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (b) | 5,775 | 5,339 | ||||||
Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (b) | 1,750 | 1,742 | ||||||
Master Credit Card Trust, Series 2022-2A, Class C, 2.73%, 7/21/28 (b) | 1,719 | 1,502 | ||||||
Master Credit Card Trust, Series 2020-1A, Class C, 2.59%, 9/21/24 (b) | 2,125 | 2,095 | ||||||
MVW LLC, Series 2021-1WA, Class B, 1.44%, 1/22/41, Callable 9/20/26 @ 100 (b) | 823 | 726 | ||||||
MVW Owner Trust, Series 2018-1A, Class A, 3.45%, 1/21/36, Callable 8/20/24 @ 100 (b) | 1,710 | 1,646 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (b) | 1,832 | 1,484 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (b) | 6,097 | 5,108 | ||||||
NP SPE II LLC, Series 2019-2A, Class A2, 3.10%, 11/19/49 (b) | 3,730 | 3,307 | ||||||
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (b) | 3,693 | 3,288 | ||||||
NP SPE II LLC, Series 2017-1A, Class A2, 4.22%, 10/21/47 (b) | 5,875 | 5,210 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 1/10/25 @ 100 (b) | $ | 930 | $ | 837 | ||||
Oscar US Funding XIV LLC, Series 2022-1A, Class A4, 2.82%, 4/10/29, Callable 2/10/26 @ 100 (b) | 2,000 | 1,823 | ||||||
Pawnee Equipment Receivables LLC, Series 2021-1, Class B, 1.82%, 7/15/27, Callable 7/15/25 @ 100 (b) | 1,637 | 1,467 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 8/15/25 @ 100 (b) | 3,000 | 2,918 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class D, 5.85%, 6/17/30, Callable 12/15/25 @ 100 (b) | 912 | 856 | ||||||
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01%, 8/15/25, Callable 3/15/23 @ 100 (b) | 5,750 | 5,685 | ||||||
Progress Residential, Series 2021-SFR4, Class C, 2.04%, 5/17/38 (b) | 2,351 | 2,011 | ||||||
Progress Residential, Series 2021-SFR4, Class D, 2.31%, 5/17/38 (b) | 2,500 | 2,160 | ||||||
Progress Residential Trust, Series 2021-SFR6, Class D, 2.23%, 7/17/38, Callable 7/17/26 @ 100 (b) | 3,000 | 2,507 | ||||||
Progress Residential Trust, Series 2021-SFR5, Class D, 2.11%, 7/17/38 (b) | 2,000 | 1,664 | ||||||
Progress Residential Trust, Series 2021-SFR3, Class D, 2.29%, 5/17/26 (b) | 2,000 | 1,743 | ||||||
Progress Residential Trust, Series 2021-SFR7, Class B, 1.94%, 8/17/40 (b) | 3,250 | 2,599 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class D, 6.79%, 8/16/32, Callable 9/15/24 @ 100 (b) | 5,213 | 5,193 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 12/15/24 @ 100 (b) | 3,506 | 3,386 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 9/15/24 @ 100 (b) | 4,026 | 4,011 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 12/15/24 @ 100 (b) | 3,896 | 3,766 | ||||||
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 9/15/24 @ 100 (b) | 1,005 | 964 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 1/15/24 @ 100 (b) | 2,000 | 1,967 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class E, 4.13%, 1/15/27, Callable 9/15/24 @ 100 (b) | 1,000 | 953 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class D, 2.14%, 12/15/26, Callable 7/15/24 @ 100 (b) | 5,000 | 4,689 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 4/15/26, Callable 2/15/24 @ 100 (b) | 2,500 | 2,370 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26, Callable 5/15/23 @ 100 | 1,230 | 1,216 | ||||||
Santander Retail Auto Lease Trust, Series 2021-C, Class C, 1.11%, 3/20/26, Callable 7/20/24 @ 100 (b) | 1,312 | 1,212 | ||||||
SCF Equipment Leasing LLC, Series 1A, Class B, 1.37%, 8/20/29, Callable 1/20/26 @ 100 (b) | 500 | 437 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 3/20/25 @ 100 (b) | 3,823 | 3,523 | ||||||
SCF Equipment Leasing LLC, Series 2019-2, Class C, 3.11%, 6/21/27, Callable 11/20/24 @ 100 (b) | 6,500 | 6,118 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class C, 2.60%, 8/21/28, Callable 4/20/25 @ 100 (b) | 3,800 | 3,455 | ||||||
SLM Student Loan Trust, Series 2012-6, Class B, 4.59% (LIBOR01M+100bps), 4/27/43, Callable 10/25/29 @ 100 (a) | 2,500 | 2,399 | ||||||
SLM Student Loan Trust, Series 2003-14, Class B, 4.91% (LIBOR03M+55bps), 10/25/65, Callable 4/25/29 @ 100 (a) | 472 | 442 | ||||||
Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, 10/25/44, Callable 4/25/23 @ 100 (b) | 2,000 | 1,871 | ||||||
Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 4/15/28, Callable 4/15/25 @ 100 | 2,200 | 2,113 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | $ | 7,583 | $ | 7,515 | ||||
Tesla Auto Lease Trust, Series 2020-A, Class C, 1.68%, 2/20/24, Callable 3/20/23 @ 100 (b) | 2,000 | 1,968 | ||||||
Transportation Finance Equipment Trust, Series 2019-1, Class C, 2.19%, 8/23/24, Callable 5/23/23 @ 100 (b) | 1,250 | 1,227 | ||||||
Tricon Residential Trust, Series 2022-SFR2, Class B, 5.24%, 7/17/40, Callable 7/17/28 @ 100 (b) | 1,800 | 1,658 | ||||||
Tricon Residential Trust, Series 2022-SFR1, Class A, 3.86%, 4/17/39 (b) | 1,500 | 1,384 | ||||||
Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (b) | 9,300 | 8,084 | ||||||
Trinity Rail Leasing LLC, Series 2019-1, Class A, 3.82%, 4/17/49, Callable 4/17/23 @ 100 (b) | 3,352 | 3,065 | ||||||
Trinity Rail Leasing LLC, Series 2022-1, Class A, 4.55%, 5/20/52, Callable 10/21/24 @ 100 (b) | 2,475 | 2,245 | ||||||
Trinity Rail Leasing LLC, Series 2021-1A, Class A, 2.26%, 7/19/51, Callable 1/19/24 @ 100 (b) | 949 | 781 | ||||||
United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 12/10/23 @ 100 (b) | 3,250 | 3,080 | ||||||
Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, 9/15/45, Callable 9/15/25 @ 100 (b) | 9,000 | 7,197 | ||||||
VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class D, 4.29%, 2/15/52, Callable 2/15/26 @ 100 (b) | 563 | 489 | ||||||
VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class F, 5.27%, 2/15/52, Callable 2/15/26 @ 100 (b) | 2,500 | 2,168 | ||||||
VB-S1 Issuer LLC - VBTEL, Series 2022-1A, Class C2II, 3.71%, 2/15/57, Callable 2/15/30 @ 100 (b) | 4,500 | 3,643 | ||||||
Verizon Owner Trust, Series 2020-A, Class C, 2.06%, 7/22/24, Callable 4/20/23 @ 100 | 5,000 | 4,918 | ||||||
Volvo Financial Equipment LLC, Series 2019-2A, Class A4, 2.14%, 9/16/24, Callable 8/15/23 @ 100 (b) | 2,500 | 2,462 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class D, 5.91% (LIBOR01M+250bps), 2/15/40 (a)(b) | 1,364 | 1,260 | ||||||
Westlake Automobile Receivables Trust, Series 2019-2A, Class D, 3.20%, 11/15/24, Callable 4/15/23 @ 100 (b) | 1,381 | 1,374 | ||||||
World Omni Auto Receivables Trust, Series 2021-C, Class C, 1.06%, 4/17/28, Callable 2/15/25 @ 100 | 5,000 | 4,507 | ||||||
World Omni Select Auto Trust, Series 2020-A, Class C, 1.25%, 10/15/26, Callable 3/15/24 @ 100 | 3,750 | 3,520 | ||||||
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/27, Callable 12/15/24 @ 100 | 1,250 | 1,130 | ||||||
Total Asset-Backed Securities (Cost $471,141) | 429,976 | |||||||
Collateralized Mortgage Obligations (20.0%) | ||||||||
37 Capital CLO I, Series 2021-1A, Class C, 6.33% (LIBOR03M+225bps), 10/15/34, Callable 10/15/23 @ 100 (a)(b) | 2,750 | 2,408 | ||||||
AB BSL CLO 1 Ltd., Series 2020-1A, Class BR, 5.86% (TSFR3M+200bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 3,000 | 2,791 | ||||||
AB BSL CLO 1 Ltd., Series 2020-1A, Class CR, 6.36% (TSFR3M+250bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 3,000 | 2,719 | ||||||
AB BSL CLO 1 Ltd., Series 2020-1A, Class A2AR, 5.51% (TSFR3M+165bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 3,500 | 3,332 | ||||||
AIMCO CLO 17 Ltd., Series 2022-17A, Class B, 4.27% (TSFR3M+210bps), 7/20/35, Callable 7/20/24 @ 100 (a)(b) | 3,000 | 2,888 | ||||||
Annisa CLO Ltd., Series 2016-2, Class BR, 5.89% (LIBOR03M+165bps), 7/20/31, Callable 1/20/23 @ 100 (a)(b) | 10,000 | 9,439 | ||||||
AOA Mortgage Trust, Series 2021-1177, Class D, 5.24% (LIBOR01M+182bps), 10/15/38 (a)(b) | 10,600 | 9,670 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
AOA Mortgage Trust, Series 2021-1177, Class B, 4.59% (LIBOR01M+117bps), 10/15/38 (a)(b) | $ | 3,000 | $ | 2,811 | ||||
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class C, 3.60%, 5/15/53, Callable 5/15/30 @ 100 (b)(c) | 1,500 | 1,184 | ||||||
Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class B, 2.56%, 6/15/54, Callable 7/15/31 @ 100 (b)(c) | 3,200 | 2,317 | ||||||
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class D, 5.21% (LIBOR01M+180bps), 9/15/32 (a)(b) | 3,585 | 3,400 | ||||||
Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, 7/5/40 (b)(c) | 12,420 | 10,352 | ||||||
Ballyrock CLO, Series 2020-2A, Class A2R, 5.79% (LIBOR03M+155bps), 10/20/31, Callable 1/20/23 @ 100 (a)(b) | 4,000 | 3,756 | ||||||
Ballyrock CLO 15 Ltd., Series 2021-1A, Class B, 6.13% (LIBOR03M+205bps), 4/15/34, Callable 7/15/23 @ 100 (a)(b) | 5,000 | 4,517 | ||||||
Ballyrock CLO 18 Ltd., Series 2021-18A, Class A2, 5.73% (LIBOR03M+165bps), 1/15/35, Callable 1/15/24 @ 100 (a)(b) | 2,750 | 2,536 | ||||||
Ballyrock CLO 20 Ltd., Series 2022-20A, Class A2A, 5.94% (TSFR3M+305bps), 7/15/34, Callable 7/15/23 @ 100 (a)(b) | 3,000 | 2,938 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2020-BOC, Class C, 3.03%, 1/15/32 (b) | 5,000 | 4,158 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.60% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a)(b) | 12,485 | 11,018 | ||||||
BANK, Series 2017-BNK4, Class AS, 3.78%, 5/15/50, Callable 4/15/27 @ 100 | 5,000 | 4,471 | ||||||
BBCMS Mortgage Trust, Series 2022-C16, Class AS, 4.60%, 6/15/55, Callable 6/15/32 @ 100 (c) | 1,622 | 1,422 | ||||||
BBCMS Mortgage Trust, Series 2020-BID, Class D, 8.04% (LIBOR01M+463bps), 10/15/37 (a)(b) | 14,600 | 14,249 | ||||||
BBCMS Mortgage Trust, Series 2020-BID, Class B, 5.95% (LIBOR01M+254bps), 10/15/37 (a)(b) | 5,000 | 4,901 | ||||||
BBCMS Mortgage Trust, Series 2020-BID, Class C, 7.05% (LIBOR01M+364bps), 10/15/37 (a)(b) | 5,000 | 4,891 | ||||||
BBCRE Trust, Series 2015-GTP, Class A, 3.97%, 8/10/33, Callable 5/10/25 @ 100 (b) | 5,935 | 5,583 | ||||||
Benchmark Mortgage Trust, Series 2022-B36, Class XA, 0.64%, 7/15/55, Callable 6/15/32 @ 100 (c)(d) | 40,630 | 2,022 | ||||||
Benchmark Mortgage Trust, Series 2019-B14, Class AS, 3.35%, 12/15/62, Callable 11/15/29 @ 100 | 5,000 | 4,132 | ||||||
Benchmark Mortgage Trust, Series 2021-B25, Class 300D, 2.99%, 4/15/54, Callable 4/15/31 @ 100 (b)(c) | 2,417 | 1,622 | ||||||
BPR Trust, Series 2022-OANA, Class A, 5.27% (TSFR1M+190bps), 4/15/37 (a)(b) | 4,500 | 4,372 | ||||||
BPR Trust, Series 2021-TY, Class B, 4.56% (LIBOR01M+115bps), 9/15/38 (a)(b) | 750 | 710 | ||||||
BPR Trust, Series 2021-TY, Class D, 5.76% (LIBOR01M+235bps), 9/15/38 (a)(b) | 5,688 | 5,302 | ||||||
BPR Trust, Series 2022-OANA, Class D, 7.07% (TSFR1M+370bps), 4/15/37 (a)(b) | 9,500 | 8,921 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIV3, Class B, 3.54%, 3/9/44, Callable 3/9/30 @ 100 (b)(c) | 5,000 | 3,889 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class C, 4.66% (LIBOR01M+125bps), 10/15/36 (a)(b) | 6,800 | 6,568 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.86% (LIBOR01M+145bps), 10/15/36 (a)(b) | 3,400 | 3,258 | ||||||
BX Commercial Mortgage Trust, Series 2022-CSMO, Class D, 7.71% (TSFR1M+434bps), 6/15/27 (a)(b) | 7,000 | 6,756 | ||||||
BX Commercial Mortgage Trust, Series 2022-CSMO, Class C, 7.26% (TSFR1M+389bps), 6/15/27 (a)(b) | 15,000 | 14,628 | ||||||
BX Commercial Mortgage Trust, Series 2021-SOAR, Class D, 4.81% (LIBOR01M+140bps), 6/15/38 (a)(b) | 2,288 | 2,121 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
BX Commercial Mortgage Trust, Series 2021-VIVA, Class D, 3.55%, 3/11/44 (b)(c) | $ | 5,000 | $ | 3,650 | ||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class B, 4.36% (LIBOR01M+85bps), 9/15/36 (a)(b) | 1,500 | 1,406 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, 3.54%, 3/9/44 (b)(c) | 4,500 | 3,354 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIV4, Class X, 0.70%, 11/10/42, Callable 9/9/29 @ 100 (b)(c)(d) | 144,200 | 5,991 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class B, 4.49% (LIBOR01M+108bps), 10/15/36 (a)(b) | 7,766 | 7,540 | ||||||
BX Mortgage Trust, Series 2021-PAC, Class B, 4.31% (LIBOR01M+90bps), 10/15/36 (a)(b) | 3,250 | 3,032 | ||||||
BX Trust, Series 2022-CLS, Class B, 6.30%, 10/13/27 (b) | 3,000 | 2,966 | ||||||
BX Trust, Series 2022-CLS, Class C, 6.79%, 10/13/27 (b) | 2,500 | 2,472 | ||||||
BX Trust, Series 2021-ARIA, Class D, 5.31% (LIBOR01M+190bps), 10/15/36 (a)(b) | 3,000 | 2,739 | ||||||
BXP Trust, Series 2021-601L, Class B, 2.78%, 1/15/44 (b)(c) | 4,995 | 3,640 | ||||||
BXP Trust, Series 2021-601L, Class D, 2.78%, 1/15/44 (b)(c) | 5,750 | 3,553 | ||||||
BXP Trust, Series 2021-601L, Class C, 2.78%, 1/15/44 (b)(c) | 3,750 | 2,504 | ||||||
CAMB Commercial Mortgage Trust, Series 2021-CX2, Class A, 2.70%, 11/10/46, Callable 11/10/31 @ 100 (b) | 2,500 | 1,919 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-555, Class D, 3.23%, 12/10/41 (b) | 5,000 | 3,685 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-555, Class B, 2.83%, 12/10/41 (b) | 4,000 | 3,230 | ||||||
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class D, 4.74%, 1/10/36 (b)(c) | 1,250 | 1,195 | ||||||
Columbia Cent CLO 29 Ltd., Series 2020-29A, Class BR, 5.94% (LIBOR03M+170bps), 10/20/34, Callable 10/20/23 @ 100 (a)(b) | 3,000 | 2,762 | ||||||
Columbia Cent CLO 32 Ltd., Series 2022-32A, Class BF, 5.20%, 7/24/34, Callable 1/24/24 @ 100 (b) | 3,750 | 3,305 | ||||||
COMM Mortgage Trust, Series 2013-CCRE11, Class AM, 4.72%, 8/10/50, Callable 10/10/23 @ 100 (c) | 5,000 | 4,935 | ||||||
COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (b)(c) | 11,600 | 10,927 | ||||||
COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 2/10/37, Callable 2/10/25 @ 100 (b) | 9,700 | 8,703 | ||||||
COMM Mortgage Trust, Series 2015-PC1, Class B, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 3,399 | 3,209 | ||||||
COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 3,000 | 2,855 | ||||||
COMM Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, 2/10/37, Callable 2/10/25 @ 100 (b) | 2,660 | 2,428 | ||||||
COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (b) | 13,000 | 9,797 | ||||||
CSMC, Series 2019-UVIL, Class A, 3.16%, 12/15/41 (b) | 1,000 | 833 | ||||||
CSMC Trust, Series 2020-West, Class A, 3.04%, 2/15/35, Callable 2/15/30 @ 100 (b) | 2,500 | 1,903 | ||||||
CSMC Trust, Series 2019-UVIL, Class C, 3.28%, 12/15/41 (b)(c) | 5,000 | 3,902 | ||||||
DBJPM Mortgage Trust, Series 2016-SFC, Class B, 3.24%, 8/10/36, Callable 8/10/26 @ 100 (b) | 2,500 | 2,102 | ||||||
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (b) | 5,000 | 4,225 | ||||||
Dryden 109 CLO Ltd., Series 2022-112A, Class C, 6.73% (TSFR3M+400bps), 8/15/34, Callable 8/15/23 @ 100 (a)(b) | 3,000 | 2,927 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class D, 5.66% (LIBOR01M+225bps), 7/15/38 (a)(b) | 4,393 | 4,157 | ||||||
Flatiron CLO 18 Ltd., Series 2018-1A, Class A, 5.08% (LIBOR03M+95bps), 4/17/31, Callable 1/17/23 @ 100 (a)(b) | 3,500 | 3,413 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Flatiron CLO 20 Ltd., Series 2020-1A, Class B, 4.73% (LIBOR03M+175bps), 11/20/33, Callable 11/20/22 @ 100 (a)(b) | $ | 750 | $ | 702 | ||||
Flatiron RR CLO 22 LLC, Series 2021-2A, Class B, 5.68% (LIBOR03M+160bps), 10/15/34, Callable 10/15/23 @ 100 (a)(b) | 3,000 | 2,764 | ||||||
Golub Capital Partners 48 LP, Series 2020-48A, Class B1, 5.88% (LIBOR03M+180bps), 4/17/33, Callable 1/17/23 @ 100 (a)(b) | 4,350 | 4,051 | ||||||
Golub Capital Partners CLO Ltd., Series 2020-52A, Class C, 7.04% (LIBOR03M+280bps), 1/20/34, Callable 1/20/23 @ 100 (a)(b) | 3,500 | 3,197 | ||||||
GS Mortgage Securities Corp. Trust, Series 2020-UPTN, Class B, 2.95%, 2/10/37, Callable 2/10/25 @ 100 (b) | 1,735 | 1,573 | ||||||
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class C, 5.29% (TSFR1M+192bps), 8/15/36 (a)(b) | 1,000 | 984 | ||||||
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class D, 4.98% (TSFR1M+161bps), 8/15/36 (a)(b) | 1,000 | 964 | ||||||
GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/52, Callable 11/10/29 @ 100 | 4,000 | 3,353 | ||||||
GS Mortgage Securities Trust, Series 2019-GSA1, Class AS, 3.34%, 11/10/52, Callable 11/10/29 @ 100 | 5,000 | 4,146 | ||||||
Hilton USA Trust, Series 2016-HHV, Class B, 4.19%, 11/5/38 (b)(c) | 4,650 | 4,174 | ||||||
Hilton USA Trust, Series 2016-HHV, Class C, 4.19%, 11/5/38 (b)(c) | 824 | 727 | ||||||
Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (b) | 7,924 | 7,228 | ||||||
Hudson Yards Mortgage Trust, Series 2019-30HY, Class A, 3.23%, 7/10/39 (b) | 1,245 | 1,045 | ||||||
Hudson Yards Mortgage Trust, Series 2019-30HY, Class D, 3.44%, 7/10/39 (b)(c) | 9,947 | 7,947 | ||||||
Hudson Yards Mortgage Trust, Series 2019-55HY, Class D, 2.94%, 12/10/41 (b)(c) | 10,672 | 7,772 | ||||||
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 8/10/38, Callable 8/10/26 @ 100 (b) | 5,020 | 4,446 | ||||||
Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 2.94%, 12/10/41 (b)(c) | 6,960 | 5,753 | ||||||
ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class A, 3.82%, 3/15/32 (b)(c) | 2,500 | 1,963 | ||||||
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C, 6.87% (TSFR1M+349bps), 10/15/39 (a)(b) | 1,900 | 1,910 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A, 3.40%, 6/5/39, Callable 6/5/29 @ 100 (b) | 5,000 | 4,230 | ||||||
Jackson Park Trust, Series 2019-LIC, Class A, 2.77%, 10/14/39 (b) | 5,000 | 4,060 | ||||||
Jackson Park Trust, Series 2019-LIC, Class C, 3.13%, 10/14/39 (b)(c) | 5,000 | 3,774 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 3/15/23 @ 100 (c) | 2,250 | 2,224 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.08%, 1/15/46, Callable 7/15/23 @ 100 (c) | 468 | 455 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class C, 4.22%, 12/15/47, Callable 3/15/23 @ 100 (c) | 3,045 | 2,991 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class C, 3.75%, 6/5/39, Callable 6/5/29 @ 100 (b)(c) | 1,614 | 1,339 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class XA, 0.09%, 1/5/40 (b)(c)(d) | 226,300 | 991 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class D, 3.78%, 6/5/39, Callable 6/5/29 @ 100 (b)(c) | 2,000 | 1,604 | ||||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 4.36% (LIBOR01M+95bps), 5/15/36 (a)(b) | 2,250 | 2,195 | ||||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, 5.21% (LIBOR01M+180bps), 5/15/36 (a)(b) | 2,500 | 2,411 | ||||||
LCM Ltd., Series 2032A, Class B, 5.94% (LIBOR03M+170bps), 7/20/34, Callable 7/20/23 @ 100 (a)(b) | 2,500 | 2,302 | ||||||
LCM Ltd., Series 36A, Class A2, 5.48% (LIBOR03M+140bps), 1/15/34, Callable 1/15/24 @ 100 (a)(b) | 3,000 | 2,772 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Life BMR Mortgage Trust, Series 2021-BMR, Class D, 4.81% (LIBOR01M+140bps), 3/15/38 (a)(b) | $ | 4,423 | $ | 4,143 | ||||
Life Mortgage Trust, Series 2022-BMR2, Class C, 5.47% (TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100 (a)(b) | 2,250 | 2,144 | ||||||
Magnetite Ltd., Series 2015-12A, Class BRRA, 5.68% (LIBOR03M+160bps), 10/15/31, Callable 1/15/23 @ 100 (a)(b) | 3,240 | 3,063 | ||||||
Manhattan West, Series 2020-1MW, Class C, 2.33%, 9/10/39 (b)(c) | 5,000 | 3,986 | ||||||
Manhattan West, Series 2020-1MW, Class D, 2.33%, 9/10/39 (b)(c) | 4,250 | 3,318 | ||||||
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (b) | 6,500 | 5,454 | ||||||
MHC Commercial Mortgage Trust, Series MHC, Class D, 5.01% (LIBOR01M+160bps), 4/15/38 (a)(b) | 2,000 | 1,879 | ||||||
MHC Trust, Series 2021-MHC2, Class D, 4.91% (LIBOR01M+150bps), 5/15/38 (a)(b) | 1,900 | 1,764 | ||||||
MHP, Series 2022-MHIL, Class D, 4.99% (SOFR30A+161bps), 1/15/27 (a)(b) | 2,429 | 2,238 | ||||||
Morgan Stanley Capital I Trust, Series 2021-PLZA, Class C, 2.81%, 11/9/43, Callable 5/9/31 @ 100 (b) | 2,750 | 1,818 | ||||||
Morgan Stanley Eaton Vance CLO, Series 2021-1A, Class B, 5.97% (LIBOR03M+165bps), 10/20/34, Callable 10/23/23 @ 100 (a)(b) | 2,500 | 2,304 | ||||||
Mountain View CLO Ltd., Series 2013-1A, Class CRR, 6.12% (LIBOR03M+220bps), 10/12/30, Callable 1/12/23 @ 100 (a)(b) | 4,000 | 3,650 | ||||||
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 5.77% (TSFR1M+239bps), 3/15/39 (a)(b) | 3,000 | 2,891 | ||||||
Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class B, 5.68% (LIBOR03M+160bps), 10/16/34, Callable 10/16/23 @ 100 (a)(b) | 2,500 | 2,331 | ||||||
Neuberger Berman Loan Advisers CLO Ltd., Series 2018-29A, Class B2, 4.60%, 10/19/31, Callable 1/19/23 @ 100 (b) | 5,000 | 4,502 | ||||||
Oaktree CLO Ltd., Series 2022-1A, Class B, 3.06% (TSFR3M+195bps), 5/15/33, Callable 11/15/23 @ 100 (a)(b) | 1,667 | 1,583 | ||||||
Oaktree CLO Ltd., Series 2022-3A, Class B1, 5.92% (TSFR3M+310bps), 7/15/35, Callable 7/15/24 @ 100 (a)(b) | 3,000 | 2,928 | ||||||
Oaktree CLO Ltd., Series 2022-3A, Class C, 6.97% (TSFR3M+415bps), 7/15/35, Callable 7/15/24 @ 100 (a)(b) | 3,000 | 2,964 | ||||||
Oaktree CLO Ltd., Series 2022-2A, Class B, 5.57% (TSFR3M+275bps), 7/15/33, Callable 1/15/24 @ 100 (a)(b) | 6,500 | 6,296 | ||||||
Octagon 57 Ltd., Series 2021-1A, Class B1, 5.73% (LIBOR03M+165bps), 10/15/34, Callable 10/15/23 @ 100 (a)(b) | 3,000 | 2,799 | ||||||
Octagon Investment Partners 48 Ltd., Series 2020-3A, Class BR, 5.84% (LIBOR03M+160bps), 10/20/34, Callable 10/20/23 @ 100 (a)(b) | 1,200 | 1,116 | ||||||
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 (b) | 11,040 | 8,793 | ||||||
One New York Plaza Trust, Series 2020-1NYP, Class A, 4.36% (LIBOR01M+95bps), 1/15/36 (a)(b) | 2,625 | 2,531 | ||||||
ONE PARK Mortgage Trust, Series 2021-PARK, Class D, 4.99% (LIBOR01M+150bps), 3/15/36 (a)(b) | 5,000 | 4,555 | ||||||
Palmer Square Loan Funding Ltd., Series 2022-5A, Class C, 6.43% (TSFR3M+391bps), 1/15/31, Callable 10/15/23 @ 100 (a)(b) | 3,250 | 3,051 | ||||||
Palmer Square Loan Funding Ltd., Series 2020-4A, Class B, 5.30% (LIBOR03M+230bps), 11/25/28, Callable 11/25/22 @ 100 (a)(b) | 5,000 | 4,786 | ||||||
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, 5.76% (TSFR3M+190bps), 10/15/30, Callable 7/15/23 @ 100 (a)(b) | 3,000 | 2,846 | ||||||
Palmer Square Loan Funding Ltd., Series 2020-1A, Class B, 4.88% (LIBOR03M+190bps), 2/20/28, Callable 11/20/22 @ 100 (a)(b) | 2,000 | 1,905 | ||||||
Race Point CLO Ltd., Series 2016-10A, Class B1R, 6.01% (LIBOR03M+165bps), 7/25/31, Callable 1/25/23 @ 100 (a)(b) | 5,000 | 4,719 | ||||||
SLG Office Trust, Series 2021-OVA, Class B, 2.71%, 7/15/41 (b) | 4,000 | 2,982 | ||||||
SLG Office Trust, Series 2021-OVA, Class C, 2.85%, 7/15/41 (b) | 4,000 | 2,936 | ||||||
SMRT, Series 2022-MINI, Class E, 6.08% (SOFR30A+270bps), 1/15/39 (a)(b) | 2,000 | 1,827 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Sound Point CLO XVIII Ltd., Series 2017-4A, Class B, 6.04% (LIBOR03M+180bps), 1/21/31, Callable 1/20/23 @ 100 (a)(b) | $ | 1,000 | $ | 893 | ||||
SREIT Trust, Series 2021-MFP2, Class D, 4.98% (LIBOR01M+157bps), 11/15/36 (a)(b) | 1,000 | 936 | ||||||
Stewart Park CLO Ltd., Series 2015-1A, Class A2R, 5.33% (LIBOR03M+125bps), 1/15/30, Callable 1/15/23 @ 100 (a)(b) | 2,000 | 1,926 | ||||||
Stratus CLO Ltd., Series 2022-1A, Class B, 4.63% (TSFR3M+235bps), 7/20/30, Callable 7/20/23 @ 100 (a)(b) | 5,000 | 4,836 | ||||||
Stratus CLO Ltd., Series 2021-3A, Class B, 5.79% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 2,259 | 2,133 | ||||||
Stratus CLO Ltd., Series 2022-2A, Class C, 6.33% (TSFR3M+400bps), 7/20/30, Callable 7/20/23 @ 100 (a)(b) | 2,750 | 2,678 | ||||||
Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class B1, 4.23% (LIBOR01M+50bps), 7/19/35, Callable 11/19/22 @ 100 (a) | 718 | 666 | ||||||
SUMIT Mortgage Trust, Series 2022-BVUE, Class D, 2.89%, 2/12/41, Callable 2/12/29 @ 100 (b)(c) | 1,636 | 1,216 | ||||||
TIAA CLO IV Ltd., Series 2018-1A, Class A2, 5.94% (LIBOR03M+170bps), 1/20/32, Callable 1/20/23 @ 100 (a)(b) | 5,000 | 4,723 | ||||||
TRESTLES CLO Ltd., Series 2021-4A, Class B2, 2.72%, 7/21/34, Callable 7/21/23 @ 100 (b) | 1,000 | 774 | ||||||
Trimaran Cavu Ltd., Series 2019-1A, Class A2, 6.14% (LIBOR03M+190bps), 7/20/32, Callable 1/20/23 @ 100 (a)(b) | 7,000 | 6,622 | ||||||
Trimaran Cavu Ltd., Series 2021-2A, Class B1, 6.11% (LIBOR03M+175bps), 10/25/34, Callable 10/25/23 @ 100 (a)(b) | 2,500 | 2,289 | ||||||
Trimaran Cavu Ltd., Series 2021-3A, Class C1, 6.66% (LIBOR03M+247bps), 1/18/35, Callable 1/18/24 @ 100 (a)(b) | 5,000 | 4,434 | ||||||
TSTAT Ltd., Series 2022-1A, Class A2, 5.50% (TSFR3M+295bps), 7/20/31, Callable 10/20/23 @ 100 (a)(b) | 3,000 | 2,920 | ||||||
TTAN, Series 2021-MHC, Class D, 5.16% (LIBOR01M+180bps), 3/15/38 (a)(b) | 1,778 | 1,668 | ||||||
Venture 46 Clo Ltd., Series 2022-46A, Class BN, 6.96% (TSFR3M+300bps), 7/20/35, Callable 7/20/24 @ 100 (a)(b) | 3,000 | 2,824 | ||||||
Venture 46 CLO Ltd., Series 2022-46A, Class A2F, 5.02%, 7/20/35, Callable 7/20/24 @ 100 (b) | 4,500 | 3,922 | ||||||
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (b) | 3,000 | 2,246 | ||||||
Voya CLO, Series 2020-2A, Class A2R, 5.63% (LIBOR03M+140bps), 7/19/34, Callable 7/19/23 @ 100 (a)(b) | 4,000 | 3,836 | ||||||
Voya CLO, Series 2017-4A, Class A2, 5.33% (LIBOR03M+125bps), 10/15/30, Callable 1/15/23 @ 100 (a)(b) | 2,000 | 1,911 | ||||||
Voya CLO Ltd., Series 2015-3A, Class BR, 6.44% (LIBOR03M+220bps), 10/20/31, Callable 1/20/23 @ 100 (a)(b) | 1,250 | 1,134 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.06%, 8/17/36 (b)(c) | 4,200 | 3,794 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class B, 4.50%, 9/15/57, Callable 10/15/25 @ 100 (c) | 2,000 | 1,872 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class AS, 3.97%, 12/15/48, Callable 11/15/25 @ 100 | 3,500 | 3,238 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class B, 4.22%, 12/15/48, Callable 11/15/25 @ 100 (c) | 5,000 | 4,623 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class AS, 3.11%, 6/15/53, Callable 4/15/30 @ 100 | 2,000 | 1,608 | ||||||
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class XA, 1.34%, 12/15/45 (b)(c)(d) | 22,303 | 1 | ||||||
Total Collateralized Mortgage Obligations (Cost $649,899) | 577,183 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Preferred Stocks (0.6%) | ||||||||
Consumer Staples (0.4%): | ||||||||
CHS, Inc., cumulative redeemable, Series 2, 7.10% (LIBOR03M+429bps) (a) | 400,000 | $ | 10,020 | |||||
Financials (0.2%): | ||||||||
Citigroup Capital XIII, 10.78% (LIBOR03M+637bps), 10/30/40 (a) | 87,500 | 2,402 | ||||||
U.S. Bancorp, non-cumulative, Series A, 5.10% (LIBOR03M+102bps) (a) | 5,000 | 3,792 | ||||||
6,194 | ||||||||
Total Preferred Stocks (Cost $15,932) | 16,214 | |||||||
Senior Secured Loans (3.2%) | ||||||||
AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 8.99% (LIBOR03M+475bps), 4/20/28 (a) | 2,000 | 1,978 | ||||||
Academy Ltd., Refinancing Term Loans, First Lien, 6.88% (LIBOR01M+375bps), 11/6/27 (a) | 367 | 361 | ||||||
Air Canada, Term Loan, First Lien, 6.42% (LIBOR03M+350bps), 8/11/28 (a) | 998 | 973 | ||||||
Alterra Mountain Co., Facility 2028 Term Loan B, First Lien, 6.62% (LIBOR01M+350bps), 8/17/28 (a) | 2,940 | 2,869 | ||||||
AssuredPartners, Inc., 2021 Term Loan, First Lien, 6.62% (LIBOR01M+350bps), 2/13/27 (a) | 2,933 | 2,793 | ||||||
Asurion LLC, New B-9 Term Loans, First Lien, 6.37% (LIBOR01M+325bps), 7/29/27 (a) | 985 | 867 | ||||||
Bausch & Lomb, Inc., Initial Term Loans, First Lien, 6.52% (SOFR01M+325bps), 5/10/27 (a) | 2,496 | 2,336 | ||||||
Bausch Health Cos., Inc., Second Amendment Term Loan, First Lien, 8.52% (SOFR01M+525bps), 2/1/27 (a) | 1,481 | 1,105 | ||||||
Berlin Packaging LLC, Tranche B-4 Term Loans, First Lien, 6.93% (LIBOR03M+325bps), 3/5/28 (a) | 43 | 40 | ||||||
Berlin Packaging LLC, Tranche B-4 Term Loans, First Lien, 6.38% (LIBOR01M+325bps), 3/5/28 (a) | 450 | 422 | ||||||
Blackstone CQP Holdco LP, Initial Term Loans, First Lien, 7.42% (LIBOR03M+375bps), 5/26/28 (a) | 988 | 974 | ||||||
Buckeye Partners LP, 2021 Tranche B-1 Refinancing Term Loan, First Lien, 5.37% (LIBOR01M+225bps), 11/1/26 (a) | 1,454 | 1,435 | ||||||
Carnival Corp., 6.13% (LIBOR06M+325bps), 10/18/28 (a) | 499 | 456 | ||||||
CDK Global, Inc., Initial Term Loan, First Lien, 8.11% (SOFR03M+450bps), 7/6/29 (a) | 1,750 | 1,711 | ||||||
Cincinnati Bell, Inc., Term B2, First Lien, 6.28% (SOFR01M+325bps), 11/17/28 (a) | 496 | 486 | ||||||
ClubCorp Holdings, Inc., Term B Loans, First Lien, 6.42% (LIBOR03M+275bps), 9/18/24 (a) | 2 | 2 | ||||||
Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 7.99% (LIBOR03M+375bps), 10/20/27 (a) | 12,000 | 12,098 | ||||||
Directv Financing LLC, Closing Date Term Loans, First Lien, 8.12% (LIBOR01M+500bps), 8/2/27 (a) | 2,565 | 2,439 | ||||||
Fertitta Entertainment LLC, Initial B Term Loan, First Lien, 7.03% (SOFR01M+400bps), 1/27/29 (a) | 1,493 | 1,397 | ||||||
Foundation Building Materials, Initial Term Loans, First Lien, 6.06% (LIBOR03M+325bps), 1/29/28 (a) | 494 | 448 | ||||||
Graham Packaging Co., Inc., New Term Loans, First Lien, 6.12% (LIBOR01M+300bps), 8/4/27 (a) | 462 | 450 | ||||||
Great Outdoors Group LLC, Term B1, First Lien, 6.87% (LIBOR01M+375bps), 3/5/28 (a) | 1,978 | 1,858 | ||||||
H-Food Holdings LLC, 2020 Incremental Term B-3 Loan, First Lien, 8.12% (LIBOR01M+500bps), 5/31/25 (a) | 490 | 413 | ||||||
H-Food Holdings LLC, Initial Term Loan, First Lien, 6.80% (LIBOR01M+369bps), 5/31/25 (a) | — | (f) | — | (f) |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Hilton Grand Vacations Borrower LLC, Initial Term Loan, First Lien, 6.12% (LIBOR01M+300bps), 8/2/28 (a) | $ | 1,075 | $ | 1,057 | ||||
Hub International, 11/10/29 (g) | 375 | 360 | ||||||
Hub International Ltd., B-3 Incremental Term Loans, First Lien, 7.53% (LIBOR03M+325bps), 4/25/25 (a) | 1,370 | 1,344 | ||||||
IRB Holding Corp., Term Loan B, First Lien, 6.11% (SOFR01M+300bps), 12/15/27 (a) | 1,949 | 1,896 | ||||||
Kronos Acquisition Holdings, Inc., Tranche B-1 Term Loans, First Lien, 6.82% (LIBOR03M+375bps), 12/22/26 (a) | 4 | 3 | ||||||
Medline Borrower LP, Initial Dollar Term Loans, First Lien, 6.37% (LIBOR01M+325bps), 10/21/28 (a) | 2,985 | 2,741 | ||||||
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 8.78% (LIBOR03M+525bps), 6/20/27 (a) | 15,200 | 15,498 | ||||||
MoneyGram International, Inc., Term Loan, First Lien, 7.62% (LIBOR01M+450bps), 7/21/26 (a) | 2,480 | 2,425 | ||||||
Oculus Acquisition Corp., Initial Term Loan, First Lien, 7.24% (SOFR03M+350bps), 11/8/27 (a) | 2,224 | 2,161 | ||||||
OEG Borrower, LLC, Initial Term Loans, First Lien, 8.44% (SOFR03M+500bps), 6/18/29 (a) | 500 | 477 | ||||||
Osmosis Buyer Limited, Term Loan B, First Lien, 7/30/28 (g) | 1,630 | 1,515 | ||||||
Osmosis Buyer Ltd., DD, First Lien, 7/30/28 (g) | 370 | 344 | ||||||
Pactiv Evergreen Group Holdings, Inc., Tranche B-3 US Term Loans, First Lien, 6.62% (LIBOR01M+350bps), 9/17/28 (a) | 990 | 959 | ||||||
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 6.92% (LIBOR03M+325bps), 2/25/28 (a) | 2,962 | 2,836 | ||||||
Polaris Newco LLC, Dollar Term Loan, First Lien, 7.67% (LIBOR03M+400bps), 6/4/28 (a) | 240 | 219 | ||||||
Proofpoint, Inc., Initial Term Loans, First Lien, 6.32% (LIBOR03M+325bps), 8/31/28 (a) | 1,489 | 1,414 | ||||||
Scientific Games International, Inc., Initial Term B Loans, First Lien, 6.40% (SOFR01M+300bps), 4/16/29 (a) | 2,993 | 2,947 | ||||||
Sophia LP, Term Loan B, First Lien, 7.17% (LIBOR03M+350bps), 10/7/27 (a) | 983 | 943 | ||||||
Sotheby's, 2021 2nd Refin Term Loan, First Lien, 8.58% (LIBOR03M+450bps), 1/15/27 (a) | 5,429 | 5,300 | ||||||
Sunshine Luxembourg VII Sarl, Facility B3 Commitments, First Lien, 7.42% (LIBOR03M+375bps), 10/2/26 (a) | 430 | 408 | ||||||
The E.W. Scripps Co., Term Loan B3, First Lien, 5.87% (LIBOR01M+275bps), 12/15/27 (a) | 764 | 751 | ||||||
TricorBraun Holdings, Inc., Closing Date Initial Term Loans, First Lien, 6.37% (LIBOR01M+325bps), 3/3/28 (a) | 1,482 | 1,400 | ||||||
UKG, Inc., Incremental Term Loans, First Lien, 7.00% (LIBOR03M+325bps), 5/3/26 (a) | 478 | 460 | ||||||
Walker & Dunlop, Inc., Term Loan B, First Lien, 5.38% (SOFR01M+225bps), 12/16/28 (a) | 1,486 | 1,457 | ||||||
Whatabrands LLC, Initial Term B Loans, First Lien, 6.37% (LIBOR01M+325bps), 8/3/28 (a) | 4,944 | 4,688 | ||||||
Total Senior Secured Loans (Cost $94,008) | 91,514 | |||||||
Corporate Bonds (32.0%) | ||||||||
Communication Services (2.2%): | ||||||||
AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100 | 2,500 | 2,158 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34, Callable 1/15/28 @ 102.13 (b) | 8,000 | 5,874 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31, Callable 7/1/25 @ 102.13 (b) | 1,000 | 790 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
4.40%, 4/1/33, Callable 1/1/33 @ 100 | 4,000 | 3,331 | ||||||
5.25%, 4/1/53, Callable 10/1/52 @ 100 | 3,000 | 2,261 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Comcast Corp., 3.20%, 7/15/36, Callable 1/15/36 @ 100 | $ | 3,500 | $ | 2,663 | ||||
CSC Holdings LLC, 3.38%, 2/15/31, Callable 2/15/26 @ 101.69 (b) | 1,500 | 1,088 | ||||||
Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100 | 1,500 | 1,288 | ||||||
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (b) | 4,840 | 3,822 | ||||||
Lamar Media Corp., 3.63%, 1/15/31, Callable 1/15/26 @ 101.81 (h) | 1,759 | 1,434 | ||||||
Netflix, Inc., 4.88%, 6/15/30, Callable 3/15/30 @ 100 (b)(h) | 5,000 | 4,628 | ||||||
Sprint Spectrum Co. LLC, 5.15%, 3/20/28, Callable 3/20/27 @ 100 (b) | 4,887 | 4,761 | ||||||
T-Mobile USA, Inc., 3.50%, 4/15/31, Callable 4/15/26 @ 101.75 | 16,791 | 14,208 | ||||||
Verizon Communications, Inc. | ||||||||
2.55%, 3/21/31, Callable 12/21/30 @ 100 | 5,000 | 3,950 | ||||||
2.88%, 11/20/50, Callable 5/20/50 @ 100 | 5,500 | 3,245 | ||||||
Warnermedia Holdings, Inc. | ||||||||
4.28%, 3/15/32, Callable 12/15/31 @ 100 (b) | 6,500 | 5,253 | ||||||
5.05%, 3/15/42, Callable 9/15/41 @ 100 (b) | 4,852 | 3,548 | ||||||
Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 12/12/22 @ 100 (b) | 250 | 193 | ||||||
64,495 | ||||||||
Consumer Discretionary (3.4%): | ||||||||
Asbury Automotive Group, Inc. | ||||||||
4.63%, 11/15/29, Callable 11/15/24 @ 102.31 (b) | 1,250 | 1,028 | ||||||
4.75%, 3/1/30, Callable 3/1/25 @ 102.38 | 2,550 | 2,088 | ||||||
AutoNation, Inc. | ||||||||
2.40%, 8/1/31, Callable 5/1/31 @ 100 | 6,500 | 4,495 | ||||||
3.85%, 3/1/32, Callable 12/1/31 @ 100 | 4,000 | 3,120 | ||||||
Boston Medical Center Corp., 3.91%, 7/1/28 | 3,000 | 2,653 | ||||||
Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31 (b) | 310 | 248 | ||||||
Carnival Corp. | ||||||||
9.88%, 8/1/27, Callable 2/1/24 @ 104.94 (b) | 5,750 | 5,361 | ||||||
10.50%, 6/1/30, Callable 6/1/25 @ 105.25 (b)(h) | 1,500 | 1,163 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 5/1/28, Callable 5/1/25 @ 105.19 (b) | 1,000 | 1,014 | ||||||
Choice Hotels International, Inc., 3.70%, 1/15/31, Callable 10/15/30 @ 100 | 4,000 | 3,279 | ||||||
Churchill Downs, Inc., 4.75%, 1/15/28, Callable 1/15/23 @ 102.38 (b) | 4,400 | 3,898 | ||||||
Dollar Tree, Inc., 2.65%, 12/1/31, Callable 9/1/31 @ 100 | 2,500 | 1,950 | ||||||
Hilton Domestic Operating Co., Inc., 3.63%, 2/15/32, Callable 8/15/26 @ 101.81 (b) | 1,780 | 1,417 | ||||||
Kohl's Corp., 3.63%, 5/1/31, Callable 2/1/31 @ 100 (h) | 6,000 | 3,965 | ||||||
Lithia Motors, Inc., 3.88%, 6/1/29, Callable 6/1/24 @ 101.94 (b) | 5,689 | 4,607 | ||||||
Marriott International, Inc. | ||||||||
3.50%, 10/15/32, Callable 7/15/32 @ 100 | 5,250 | 4,199 | ||||||
2.75%, 10/15/33, Callable 7/15/33 @ 100 | 4,750 | 3,440 | ||||||
Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25 (b) | 750 | 628 | ||||||
Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) | 2,612 | 2,181 | ||||||
Newell Brands, Inc., 6.63%, 9/15/29, Callable 6/15/29 @ 100 (h) | 2,727 | 2,665 | ||||||
Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 (h) | 2,370 | 1,720 | ||||||
NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100 | 3,687 | 2,991 | ||||||
PulteGroup, Inc. | ||||||||
7.88%, 6/15/32 | 3,623 | 3,805 | ||||||
6.00%, 2/15/35 | 7,010 | 6,222 | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (b) | 13,000 | 8,854 | ||||||
Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100 (b)(h) | 5,600 | 4,312 | ||||||
Sotheby's, 7.38%, 10/15/27, Callable 11/21/22 @ 103.69 (b)(h) | 4,125 | 3,991 | ||||||
Starbucks Corp., 3.50%, 11/15/50, Callable 5/15/50 @ 100 | 500 | 340 | ||||||
The Gap, Inc., 3.63%, 10/1/29, Callable 10/1/24 @ 101.81 (b) | 2,000 | 1,405 | ||||||
Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100 (h) | 5,437 | 4,402 | ||||||
Tractor Supply Co., 1.75%, 11/1/30, Callable 8/1/30 @ 100 | 2,750 | 2,044 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Vanderbilt University Medical Center, 4.17%, 7/1/37, Callable 1/1/37 @ 100 | $ | 1,445 | $ | 1,184 | ||||
Volkswagen Group of America Finance LLC, 3.75%, 5/13/30 (b) | 4,000 | 3,383 | ||||||
98,052 | ||||||||
Consumer Staples (1.1%): | ||||||||
7-Eleven, Inc., 2.80%, 2/10/51, Callable 8/2/50 @ 100 (b) | 14,805 | 8,324 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
3.75%, 7/15/42 | 4,000 | 3,019 | ||||||
4.50%, 6/1/50, Callable 12/1/49 @ 100 | 500 | 408 | ||||||
BAT Capital Corp. | ||||||||
7.75%, 10/19/32, Callable 7/19/32 @ 100 | 2,000 | 2,044 | ||||||
3.73%, 9/25/40, Callable 3/25/40 @ 100 | 3,000 | 1,890 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
3.63%, 1/15/32, Callable 1/15/27 @ 101.81 (b) | 500 | 389 | ||||||
3.00%, 5/15/32, Callable 2/15/32 @ 100 (b) | 8,250 | 6,032 | ||||||
6.50%, 12/1/52, Callable 6/1/52 @ 100 (b) | 2,000 | 1,747 | ||||||
Kraft Heinz Foods Co., 5.00%, 6/4/42 | 5,750 | 4,981 | ||||||
Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25 (b) | 85 | 70 | ||||||
Smithfield Foods, Inc., 2.63%, 9/13/31, Callable 6/13/31 @ 100 (b) | 1,000 | 709 | ||||||
Walgreens Boots Alliance, Inc., 4.10%, 4/15/50, Callable 10/15/49 @ 100 (h) | 3,000 | 2,078 | ||||||
31,691 | ||||||||
Energy (1.5%): | ||||||||
Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100 | 3,000 | 2,420 | ||||||
Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100 (b) | 4,727 | 3,695 | ||||||
Enterprise Products Operating LLC, 3.30%, 2/15/53, Callable 8/15/52 @ 100 | 1,250 | 785 | ||||||
Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100 (b) | 3,333 | 2,901 | ||||||
Helmerich & Payne, Inc., 2.90%, 9/29/31, Callable 6/29/31 @ 100 | 2,500 | 1,959 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
6.25%, 11/1/28, Callable 11/1/23 @ 103.13 (b) | 1,142 | 1,076 | ||||||
6.25%, 4/15/32, Callable 5/15/27 @ 103.13 (b) | 2,000 | 1,841 | ||||||
Magellan Midstream Partners LP, 5.15%, 10/15/43, Callable 4/15/43 @ 100 | 9,905 | 8,067 | ||||||
Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100 | 1,000 | 789 | ||||||
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (b) | 10,000 | 8,801 | ||||||
Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100 | 4,455 | 4,131 | ||||||
Viper Energy Partners LP, 5.38%, 11/1/27, Callable 12/12/22 @ 102.69 (b) | 7,500 | 7,057 | ||||||
43,522 | ||||||||
Financials (8.1%): | ||||||||
Associated Bancorp, 4.25%, 1/15/25, Callable 10/15/24 @ 100 | 5,000 | 4,792 | ||||||
Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 | 3,000 | 2,162 | ||||||
Athene Global Funding, 2.67%, 6/7/31 (b) | 6,000 | 4,455 | ||||||
Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100 (b) | 3,000 | 2,881 | ||||||
Bank of America Corp. | ||||||||
2.30% (SOFR+122bps), 7/21/32, Callable 7/21/31 @ 100 (a) | 4,000 | 2,962 | ||||||
3.85% (H15T5Y+200bps), 3/8/37, Callable 3/8/32 @ 100 (a) | 4,750 | 3,812 | ||||||
BankUnited, Inc., 5.13%, 6/11/30, Callable 3/11/30 @ 100 | 2,000 | 1,791 | ||||||
BlackRock, Inc., 2.10%, 2/25/32, Callable 11/25/31 @ 100 | 3,000 | 2,296 | ||||||
Blackstone Holdings Finance Co. LLC | ||||||||
1.60%, 3/30/31, Callable 12/30/30 @ 100 (b) | 3,000 | 2,153 | ||||||
6.20%, 4/22/33, Callable 1/22/33 @ 100 (b) | 3,000 | 3,000 | ||||||
Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100 | 2,308 | 1,908 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100 (b) | $ | 12,100 | $ | 8,756 | ||||
Brown & Brown, Inc., 4.20%, 3/17/32, Callable 12/17/31 @ 100 | 10,167 | 8,539 | ||||||
Capital One Financial Corp., 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a) | 5,000 | 3,458 | ||||||
Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100 | 3,000 | 2,136 | ||||||
Compeer Financial FLCA/Compeer Financial PCA, 3.37% (SOFR+197bps), 6/1/36, Callable 6/1/31 @ 100 (a)(b) | 978 | 711 | ||||||
Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100 | 1,000 | 955 | ||||||
F&G Global Funding, 2.00%, 9/20/28 (b) | 1,000 | 796 | ||||||
Fifth Third Bancorp, 4.34% (SOFR+166bps), 4/25/33, Callable 4/25/32 @ 100 (a) | 2,826 | 2,451 | ||||||
First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (a) | 3,000 | 2,807 | ||||||
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100 | 3,000 | 2,864 | ||||||
FNB Corp., 2.20%, 2/24/23, Callable 1/24/23 @ 100 | 1,175 | 1,161 | ||||||
Ford Motor Credit Co. LLC, 2.90%, 2/10/29, Callable 12/10/28 @ 100 | 2,000 | 1,572 | ||||||
Global Atlantic Fin Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100 (b) | 6,472 | 5,317 | ||||||
HUB International Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81 (b) | 925 | 795 | ||||||
Huntington Bancshares, Inc., 2.49% (H15T5Y+117bps), 8/15/36, Callable 8/15/31 @ 100 (a) | 7,175 | 4,986 | ||||||
JPMorgan Chase & Co. | ||||||||
2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (a) | 17,601 | 13,864 | ||||||
5.72% (SOFR+258bps), 9/14/33, Callable 9/14/32 @ 100 (a) | 3,000 | 2,787 | ||||||
KeyBank NA, 3.90%, 4/13/29 | 3,000 | 2,595 | ||||||
KeyCorp Capital II, 6.88%, 3/17/29 | 750 | 781 | ||||||
KeyCorp., 4.79% (SOFR+206bps), 6/1/33, MTN, Callable 6/1/32 @ 100 (a) | 2,270 | 2,053 | ||||||
Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100 (b) | 3,000 | 2,467 | ||||||
Lincoln National Corp., 5.30% (LIBOR03M+236bps), 5/17/66, Callable 8/11/26 @ 100 (a) | 3,018 | 2,331 | ||||||
Main Street Capital Corp., 3.00%, 7/14/26, Callable 6/14/26 @ 100 | 3,000 | 2,538 | ||||||
MB Financial Bank NA, 4.00% (LIBOR03M+187bps), 12/1/27, Callable 3/1/23 @ 100 (a) | 7,417 | 7,379 | ||||||
MetLife, Inc., 9.25%, 4/8/38, Callable 4/8/33 @ 100 (b) | 7,961 | 8,940 | ||||||
Morgan Stanley | ||||||||
1.93% (SOFR+102bps), 4/28/32, Callable 4/28/31 @ 100, MTN (a) | 5,000 | 3,624 | ||||||
2.48% (SOFR+136bps), 9/16/36, Callable 9/16/31 @ 100 (a) | 17,500 | 12,433 | ||||||
Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29, Callable 10/1/24 @ 101.94 (b) | 5,000 | 4,084 | ||||||
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (a) | 4,000 | 3,930 | ||||||
New York Life Global Funding, 1.85%, 8/1/31 (b) | 7,750 | 5,890 | ||||||
Northern Trust Corp., 6.13%, 11/2/32, Callable 8/2/32 @ 100 | 2,750 | 2,756 | ||||||
OWL Rock Core Income Corp. | ||||||||
5.50%, 3/21/25 | 4,000 | 3,778 | ||||||
3.13%, 9/23/26, Callable 8/23/26 @ 100 | 750 | 627 | ||||||
4.70%, 2/8/27, Callable 1/8/27 @ 100 | 1,875 | 1,638 | ||||||
7.75%, 9/16/27, Callable 8/16/27 @ 100 (b) | 1,818 | 1,773 | ||||||
Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100 (b) | 1,750 | 1,586 | ||||||
Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100 (a)(e)(h) | 5,000 | 4,844 | ||||||
Santander Holdings USA, Inc., 4.40%, 7/13/27, Callable 4/14/27 @ 100 | 4,318 | 3,905 | ||||||
Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100 | 3,000 | 2,828 | ||||||
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (a) | 3,000 | 2,595 | ||||||
Texas Capital Bank NA, 5.25%, 1/31/26 (h) | 3,225 | 3,046 | ||||||
The Allstate Corp., 5.75% (LIBOR03M+294bps), 8/15/53, Callable 8/15/23 @ 100 (a) | 5,000 | 4,572 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
The Bank of New York Mellon Corp., 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100 (a)(e) | $ | 6,750 | $ | 6,461 | ||||
The Charles Schwab Corp., 5.37% (H15T5Y+497bps), Callable 6/1/25 @ 100 (a)(e) | 14,500 | 14,162 | ||||||
The Hartford Financial Services Group, Inc., 5.03% (LIBOR03M+213bps), 2/12/47, Callable 12/12/22 @ 100 (a)(b)(h) | 5,500 | 4,530 | ||||||
The PNC Financial Services Group, Inc., 4.63% (SOFR+185bps), 6/6/33, Callable 6/6/32 @ 100 (a) | 7,000 | 6,178 | ||||||
Truist Financial Corp. | ||||||||
4.95% (H15T5Y+461bps), Callable 9/1/25 @ 100 (a)(e) | 2,000 | 1,916 | ||||||
5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (a)(e)(h) | 7,000 | 6,155 | ||||||
Willis North America, Inc., 2.95%, 9/15/29, Callable 6/15/29 @ 100 | 5,000 | 4,059 | ||||||
232,621 | ||||||||
Health Care (3.4%): | ||||||||
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 | 2,000 | 1,551 | ||||||
Amgen, Inc., 3.00%, 1/15/52, Callable 7/15/51 @ 100 | 2,900 | 1,788 | ||||||
Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 | 1,500 | 1,147 | ||||||
Bayer U.S. Finance II LLC, 4.63%, 6/25/38, Callable 12/25/37 @ 100 (b) | 5,000 | 4,089 | ||||||
Biogen, Inc., 2.25%, 5/1/30, Callable 2/1/30 @ 100 | 640 | 503 | ||||||
Bio-Rad Laboratories, Inc., 3.70%, 3/15/32, Callable 12/15/31 @ 100 | 3,000 | 2,506 | ||||||
Bon Secours Charity Health System, Inc., 5.25%, 11/1/25 | 5,000 | 4,782 | ||||||
Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100 | 20,179 | 15,422 | ||||||
CHS/Community Health System, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38 (b) | 2,600 | 1,745 | ||||||
CVS Health Corp. | ||||||||
1.88%, 2/28/31, Callable 11/28/30 @ 100 (h) | 5,250 | 3,985 | ||||||
4.88%, 7/20/35, Callable 1/20/35 @ 100 | 5,000 | 4,482 | ||||||
CVS Pass-Through Trust, 5.93%, 1/10/34 (b) | 6,673 | 6,374 | ||||||
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100 | 12,500 | 9,769 | ||||||
Eastern Maine Healthcare Systems, 3.71%, 7/1/26 | 10,645 | 9,963 | ||||||
Fresenius Medical Care U.S. Finance III, Inc., 3.75%, 6/15/29, Callable 3/15/29 @ 100 (b) | 3,000 | 2,437 | ||||||
HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100 | 10,000 | 8,273 | ||||||
HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25 (b) | 1,250 | 1,092 | ||||||
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100 | 5,000 | 3,826 | ||||||
Prestige Brands, Inc., 3.75%, 4/1/31, Callable 4/1/26 @ 101.88 (b) | 1,941 | 1,562 | ||||||
Royalty Pharma PLC, 2.15%, 9/2/31, Callable 6/2/31 @ 100 | 2,250 | 1,644 | ||||||
Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13 (b) | 1,950 | 1,643 | ||||||
Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 (b) | 14,604 | 10,427 | ||||||
99,010 | ||||||||
Industrials (4.7%): | ||||||||
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 | 5,000 | 3,683 | ||||||
Air Lease Corp. | ||||||||
3.13%, 12/1/30, Callable 9/1/30 @ 100 | 2,500 | 1,943 | ||||||
2.88%, 1/15/32, Callable 10/15/31 @ 100 | 4,000 | 2,990 | ||||||
Alaska Airlines Pass Through Trust | ||||||||
8.00%, 8/15/25 (b) | 3,178 | 3,145 | ||||||
4.80%, 8/15/27 (b) | 5,059 | 4,704 | ||||||
Allegiant Travel Co., 7.25%, 8/15/27, Callable 8/15/24 @ 103.63 (b) | 5,500 | 5,183 | ||||||
American Airlines Pass Through Trust | ||||||||
4.00%, 7/15/25 | 4,365 | 3,689 | ||||||
3.60%, 10/15/29 | 1,513 | 1,146 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29 (b) | 4,050 | 3,685 | ||||||
Ashtead Capital, Inc. | ||||||||
2.45%, 8/12/31, Callable 5/12/31 @ 100 (b) | 2,833 | 2,036 | ||||||
5.50%, 8/11/32, Callable 5/11/32 @ 100 (b) | 4,000 | 3,616 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
British Airways Pass Through Trust | ||||||||
4.63%, 6/20/24 (b) | $ | 6,066 | $ | 5,896 | ||||
3.35%, 6/15/29 (b) | 1,889 | 1,604 | ||||||
CDI Escrow Issuer, Inc., 5.75%, 4/1/30, Callable 4/1/25 @ 102.88 (b) | 1,000 | 903 | ||||||
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (b) | 9,000 | 7,081 | ||||||
Delta Air Lines Pass Through Trust, 2.50%, 6/10/28 | 4,506 | 3,790 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (b) | 4,032 | 3,748 | ||||||
FedEx Corp., 4.05%, 2/15/48, Callable 8/15/47 @ 100 | 7,500 | 5,301 | ||||||
GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 | 11,000 | 7,862 | ||||||
Hawaiian Airlines Pass Through Certificates, 3.90%, 1/15/26 | 5,623 | 4,588 | ||||||
JetBlue Pass Through Trust, 7.75%, 11/15/28 (h) | 4,217 | 4,089 | ||||||
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100 | 4,360 | 3,987 | ||||||
Lincoln Center for the Performing Arts, Inc., 3.71%, 12/1/35, Callable 9/1/35 @ 100 | 1,475 | 1,199 | ||||||
Pentair Finance Sarl, 5.90%, 7/15/32, Callable 4/15/32 @ 100 | 3,000 | 2,835 | ||||||
Southwest Airlines Co., 2.63%, 2/10/30, Callable 11/10/29 @ 100 | 1,250 | 995 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25, Callable 9/20/23 @ 104 (b) | 4,674 | 4,746 | ||||||
The Boeing Co. | ||||||||
5.15%, 5/1/30, Callable 2/1/30 @ 100 | 9,000 | 8,320 | ||||||
5.81%, 5/1/50, Callable 11/1/49 @ 100 | 8,500 | 7,304 | ||||||
The Timken Co., 4.13%, 4/1/32, Callable 1/1/32 @ 100 | 5,000 | 4,349 | ||||||
U.S. Airways Pass Through Trust | ||||||||
6.25%, 4/22/23 | 1,288 | 1,268 | ||||||
7.13%, 10/22/23 | 962 | 966 | ||||||
3.95%, 11/15/25 | 4,763 | 4,232 | ||||||
United Airlines Pass Through Trust | ||||||||
4.15%, 4/11/24 (h) | 5,857 | 5,571 | ||||||
4.30%, 8/15/25 | 3,016 | 2,766 | ||||||
3.50%, 5/1/28 | 3,877 | 3,254 | ||||||
United Rentals North America, Inc., 3.88%, 2/15/31, Callable 8/15/25 @ 101.94 | 388 | 322 | ||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27, Callable 11/15/24 @ 103.75 (b) | 4,000 | 3,992 | ||||||
136,788 | ||||||||
Information Technology (2.1%): | ||||||||
AthenaHealth Group, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25 (b)(h) | 1,250 | 975 | ||||||
Broadcom, Inc. | ||||||||
2.60%, 2/15/33, Callable 11/15/32 @ 100 (b) | 7,000 | 4,975 | ||||||
3.42%, 4/15/33, Callable 1/15/33 @ 100 (b) | 10,500 | 8,008 | ||||||
Dell International LLC/EMC Corp., 5.30%, 10/1/29, Callable 7/1/29 @ 100 | 2,000 | 1,870 | ||||||
Fidelity National Information Services, Inc., 5.10%, 7/15/32, Callable 4/15/32 @ 100 (h) | 5,000 | 4,704 | ||||||
Fiserv, Inc., 4.40%, 7/1/49, Callable 1/1/49 @ 100 | 5,000 | 3,761 | ||||||
Global Payments, Inc., 4.15%, 8/15/49, Callable 2/15/49 @ 100 | 4,000 | 2,698 | ||||||
Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100 | 3,000 | 2,198 | ||||||
Open Text Holdings, Inc., 4.13%, 12/1/31, Callable 12/1/26 @ 102.06 (b) | 2,500 | 1,888 | ||||||
Oracle Corp. | ||||||||
3.85%, 7/15/36, Callable 1/15/36 @ 100 | 8,000 | 5,991 | ||||||
3.60%, 4/1/50, Callable 10/1/49 @ 100 | 6,750 | 4,155 | ||||||
Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69 (b) | 9,000 | 6,771 | ||||||
Seagate HDD Cayman, 3.38%, 7/15/31, Callable 1/15/26 @ 101.69 | 1,500 | 1,072 | ||||||
ServiceNow, Inc., 1.40%, 9/1/30, Callable 6/1/30 @ 100 | 2,000 | 1,473 | ||||||
Teledyne Technologies, Inc., 2.75%, 4/1/31, Callable 1/1/31 @ 100 | 1,500 | 1,174 | ||||||
Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81 | 500 | 413 | ||||||
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100 | 4,300 | 2,982 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Workday, Inc., 3.80%, 4/1/32, Callable 1/1/32 @ 100 | $ | 4,750 | $ | 4,063 | ||||
59,171 | ||||||||
Materials (1.8%): | ||||||||
Albemarle Corp., 5.05%, 6/1/32, Callable 3/1/32 @ 100 | 3,000 | 2,749 | ||||||
Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100 | 5,663 | 4,365 | ||||||
AptarGroup, Inc., 3.60%, 3/15/32, Callable 12/15/31 @ 100 | 8,732 | 7,013 | ||||||
Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100 | 6,281 | 4,625 | ||||||
Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100 | 2,000 | 1,534 | ||||||
Berry Global, Inc., 4.88%, 7/15/26, Callable 12/12/22 @ 102.44 (b) | 2,111 | 1,986 | ||||||
Celanese US Holdings LLC, 6.33%, 7/15/29, Callable 5/15/29 @ 100 | 1,539 | 1,432 | ||||||
Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 | 9,528 | 7,001 | ||||||
LYB International Finance III LLC, 3.38%, 10/1/40, Callable 4/1/40 @ 100 | 6,808 | 4,532 | ||||||
Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100 | 1,300 | 981 | ||||||
The Dow Chemical Co., 6.90%, 5/15/53, Callable 11/15/52 @ 100 | 2,769 | 2,794 | ||||||
Vulcan Materials Co. | ||||||||
3.50%, 6/1/30, Callable 3/1/30 @ 100 | 6,750 | 5,748 | ||||||
4.50%, 6/15/47, Callable 12/15/46 @ 100 | 7,000 | 5,500 | ||||||
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 | 500 | 380 | ||||||
50,640 | ||||||||
Real Estate (2.7%): | ||||||||
Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100 | 10,000 | 6,925 | ||||||
Boston Properties LP, 2.45%, 10/1/33, Callable 7/1/33 @ 100 | 12,900 | 8,907 | ||||||
CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 3,000 | 2,250 | ||||||
Crown Castle International Corp., 2.90%, 4/1/41, Callable 10/1/40 @ 100 | 10,215 | 6,486 | ||||||
Federal Realty Investment Trust, 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 3,000 | 2,504 | ||||||
GLP Capital LP/GLP Financing II, Inc. | ||||||||
4.00%, 1/15/30, Callable 10/15/29 @ 100 | 3,726 | 3,072 | ||||||
3.25%, 1/15/32, Callable 10/15/31 @ 100 (h) | 4,100 | 3,039 | ||||||
Healthpeak Properties, Inc., 2.88%, 1/15/31, Callable 10/15/30 @ 100 | 4,000 | 3,198 | ||||||
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100 | 10,643 | 8,374 | ||||||
Invitation Homes Operating Partnership LP, 2.70%, 1/15/34, Callable 10/15/33 @ 100 | 5,000 | 3,466 | ||||||
Keenan Development Associates of Tennessee LLC (INS - XL Capital Assurance), 5.02%, 7/15/28 (b) | 273 | 259 | ||||||
Kilroy Realty LP, 2.50%, 11/15/32, Callable 8/15/32 @ 100 | 4,500 | 3,126 | ||||||
Physicians Realty LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 2,750 | 2,044 | ||||||
RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 2/15/29, Callable 2/15/24 @ 102.25 (b) | 1,175 | 1,031 | ||||||
RLJ Lodging Trust LP, 3.75%, 7/1/26, Callable 7/1/23 @ 101.88 (b) | 1,511 | 1,383 | ||||||
SBA Communications Corp., 3.13%, 2/1/29, Callable 2/1/24 @ 101.56 | 500 | 405 | ||||||
SBA Tower Trust | ||||||||
2.33%, 1/15/28, Callable 7/15/26 @ 100 (b) | 3,000 | 2,487 | ||||||
2.59%, 10/15/31 (b) | 5,000 | 3,753 | ||||||
Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100 | 5,000 | 3,658 | ||||||
The Howard Hughes Corp., 4.38%, 2/1/31, Callable 2/1/26 @ 102.19 (b) | 1,500 | 1,126 | ||||||
VICI Properties LP/VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102.06 (b)(h) | 12,434 | 10,262 | ||||||
77,755 | ||||||||
Utilities (1.0%): | ||||||||
Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100 | 500 | 425 | ||||||
Duke Energy Corp., 2.55%, 6/15/31, Callable 3/15/31 @ 100 | 3,000 | 2,350 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100 (b) | $ | 2,333 | $ | 1,748 | ||||
Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100 | 3,000 | 2,276 | ||||||
NRG Energy, Inc. | ||||||||
2.45%, 12/2/27, Callable 10/2/27 @ 100 (b) | 6,300 | 5,194 | ||||||
4.45%, 6/15/29, Callable 3/15/29 @ 100 (b) | 3,407 | 3,019 | ||||||
South Jersey Industries, Inc., 5.02%, 4/15/31 | 3,000 | 2,322 | ||||||
Vistra Operations Co. LLC | ||||||||
3.70%, 1/30/27, Callable 11/30/26 @ 100 (b) | 6,895 | 6,181 | ||||||
4.30%, 7/15/29, Callable 4/15/29 @ 100 (b) | 7,497 | 6,540 | ||||||
30,055 | ||||||||
Total Corporate Bonds (Cost $1,066,844) | 923,800 | |||||||
Yankee Dollars (5.8%) | ||||||||
Communication Services (0.3%): | ||||||||
Rogers Communications, Inc. | ||||||||
3.80%, 3/15/32, Callable 12/15/31 @ 100 (b) | 5,000 | 4,253 | ||||||
4.55%, 3/15/52, Callable 9/15/51 @ 100 (b) | 4,500 | 3,476 | ||||||
7,729 | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Bacardi Ltd., 2.75%, 7/15/26, Callable 4/15/26 @ 100 (b) | 2,000 | 1,778 | ||||||
Genm Capital Labuan Ltd., 3.88%, 4/19/31, Callable 1/19/31 @ 100 (b) | 5,000 | 2,996 | ||||||
IHO Verwaltungs GmbH, 6.38%, 5/15/29, Callable 5/15/24 @ 103.19 (b)(l) | 6,077 | 5,184 | ||||||
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28, Callable 10/1/27 @ 100 (b)(h) | 4,000 | 3,080 | ||||||
Sands China Ltd., 3.75%, 8/8/31, Callable 5/8/31 @ 100 (h) | 2,000 | 1,312 | ||||||
14,350 | ||||||||
Consumer Staples (0.1%): | ||||||||
Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (b) | 3,000 | 2,257 | ||||||
Energy (0.7%): | ||||||||
BP Capital Markets PLC | ||||||||
4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (a)(e) | 13,000 | 12,196 | ||||||
4.87% (H15T5Y+440bps), Callable 3/22/30 @ 100 (a)(e) | 10,000 | 8,349 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75 (b) | 1,000 | 901 | ||||||
21,446 | ||||||||
Financials (2.1%): | ||||||||
Banco Santander SA, 2.96%, 3/25/31 (h) | 3,000 | 2,224 | ||||||
Bank of Montreal, 3.09% (H15T5Y+140bps), 1/10/37, Callable 1/10/32 @ 100 (a) | 3,000 | 2,192 | ||||||
Barclays PLC, 3.56% (H15T5Y+3bps), 9/23/35, Callable 9/23/30 @ 100 (a) | 5,000 | 3,542 | ||||||
BNP Paribas, 2.87% (SOFR+1bps), 4/19/32, Callable 4/19/31 @ 100 (a)(b) | 3,000 | 2,224 | ||||||
Brookfield Finance I UK PLC, 2.34%, 1/30/32, Callable 10/30/31 @ 100 | 4,000 | 2,915 | ||||||
Credit Suisse Group AG | ||||||||
2.19% (SOFR+204bps), 6/5/26, Callable 6/5/25 @ 100 (a)(b) | 4,000 | 3,375 | ||||||
3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100 (a)(b) | 4,000 | 2,745 | ||||||
Deutsche Bank AG, 3.74% (SOFR+226bps), 1/7/33, Callable 10/7/31 @ 100 (a) | 15,250 | 10,467 | ||||||
HSBC Holdings PLC, 8.11% (SOFR+425bps), 11/3/33, Callable 11/3/32 @ 100 (a) | 4,500 | 4,503 | ||||||
JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100 (b) | 8,000 | 4,333 | ||||||
Lloyds Banking Group PLC, 3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (a) | 3,500 | 2,992 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a)(b) | $ | 3,000 | $ | 2,126 | ||||
Mizuho Financial Group, Inc., 2.56%, 9/13/31 | 3,000 | 2,159 | ||||||
Nationwide Building Society, 4.00%, 9/14/26 (b) | 2,118 | 1,888 | ||||||
Natwest Group PLC, 3.07% (H15T1Y+255bps), 5/22/28, Callable 5/22/27 @ 100 (a) | 3,000 | 2,544 | ||||||
Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100 (a) | 2,000 | 1,447 | ||||||
Societe Generale SA | ||||||||
6.22% (H15T1Y+320bps), 6/15/33, Callable 6/15/32 @ 100 (a)(b) | 3,000 | 2,574 | ||||||
4.03% (H15T1Y+190bps), 1/21/43, Callable 1/21/42 @ 100 (a)(b) | 3,000 | 1,785 | ||||||
Standard Chartered PLC, 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a)(b)(h) | 3,000 | 2,566 | ||||||
Westpac Banking Corp., 4.11% (H15T5Y+200bps), 7/24/34, Callable 7/24/29 @ 100 (a) | 2,000 | 1,659 | ||||||
60,260 | ||||||||
Health Care (0.1%): | ||||||||
Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100 | 1,500 | 1,106 | ||||||
STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100 | 3,000 | 2,337 | ||||||
3,443 | ||||||||
Industrials (1.1%): | ||||||||
Air Canada Pass Through Trust | ||||||||
3.88%, 3/15/23 (b) | 4,704 | 4,590 | ||||||
4.13%, 5/15/25 (b) | 10,409 | 9,271 | ||||||
3.75%, 12/15/27 (b) | 4,264 | 3,701 | ||||||
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 | 3,000 | 2,646 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
5.50%, 1/15/26, Callable 12/15/25 @ 100 (b) | 3,000 | 2,759 | ||||||
3.25%, 2/15/27, Callable 12/15/26 @ 100 (b) | 2,550 | 2,088 | ||||||
Ferguson Finance PLC, 4.65%, 4/20/32, Callable 1/20/32 @ 100 (b) | 5,000 | 4,352 | ||||||
Sydney Airport Finance Co. Pty Ltd., 3.63%, 4/28/26, Callable 1/28/26 @ 100 (b) | 2,000 | 1,825 | ||||||
31,232 | ||||||||
Information Technology (0.1%): | ||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100 | 2,750 | 2,051 | ||||||
Materials (0.1%): | ||||||||
Freeport Indonesia PT, 5.32%, 4/14/32, Callable 1/1/32 @ 100 (b) | 2,000 | 1,680 | ||||||
Teck Resources Ltd., 6.13%, 10/1/35 | 3,000 | 2,824 | ||||||
4,504 | ||||||||
Real Estate (0.3%): | ||||||||
Ontario Teachers’ Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100 (b) | 12,000 | 9,022 | ||||||
Sovereign Bond (0.1%): | ||||||||
Bermuda Government International Bond, 2.38%, 8/20/30, Callable 5/20/30 @ 100 (b) | 3,000 | 2,371 | ||||||
Utilities (0.3%): | ||||||||
Enel SpA, 8.75% (USSW5+588bps), 9/24/73, Callable 9/24/23 @ 100 (a)(b) | 9,108 | 9,065 | ||||||
Total Yankee Dollars (Cost $197,407) | 167,730 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Municipal Bonds (2.7%) | ||||||||
Alabama (0.1%): | ||||||||
Auburn University Revenue, Series C, 1.85%, 6/1/31, Continuously Callable @100 | $ | 750 | $ | 573 | ||||
City of Homewood AL, GO, Series B, 1.89%, 9/1/32, Continuously Callable @100 | 1,850 | 1,354 | ||||||
City of Trussville AL, GO, Series B, 1.78%, 10/1/31, Continuously Callable @100 | 1,000 | 748 | ||||||
2,675 | ||||||||
Arizona (0.2%): | ||||||||
City of Phoenix Civic Improvement Corp. Revenue | ||||||||
1.59%, 7/1/29 | 2,000 | 1,588 | ||||||
1.84%, 7/1/31, Continuously Callable @100 | 1,000 | 756 | ||||||
The University of Arizona Revenue, Series A, 1.82%, 6/1/30 | 3,070 | 2,353 | ||||||
4,697 | ||||||||
California (0.0%):(i) | ||||||||
City of Los Angeles Department of Airports Revenue, Series C, 1.96%, 5/15/33, Continuously Callable @100 | 675 | 476 | ||||||
Colorado (0.1%): | ||||||||
City & County of Denver Co. Airport System Revenue, Series C, 2.52%, 11/15/32, Continuously Callable @100 | 5,000 | 3,846 | ||||||
District of Columbia (0.1%): | ||||||||
District of Columbia Revenue | ||||||||
2.25%, 4/1/27 | 800 | 692 | ||||||
2.68%, 4/1/31 | 1,500 | 1,177 | ||||||
1,869 | ||||||||
Florida (0.2%): | ||||||||
City of Gainesville Florida Revenue, 2.04%, 10/1/30 | 2,500 | 1,903 | ||||||
County of Miami-Dade Florida Aviation Revenue, Series B, 2.61%, 10/1/32, Continuously Callable @100 | 1,000 | 777 | ||||||
County of Miami-Dade Seaport Department Revenue, Series B-3, 2.34%, 10/1/33, Continuously Callable @100 | 5,000 | 3,525 | ||||||
6,205 | ||||||||
Illinois (0.1%): | ||||||||
Chicago O’Hare International Airport Revenue, Series D, 2.45%, 1/1/31 | 2,000 | 1,621 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series B, 3.10%, 12/1/30 | 750 | 632 | ||||||
Illinois Finance Authority Revenue, 5.45%, 8/1/38 | 1,500 | 1,301 | ||||||
3,554 | ||||||||
Indiana (0.1%): | ||||||||
Indiana Finance Authority Revenue | ||||||||
Series B, 3.08%, 9/15/27 | 1,130 | 980 | ||||||
Series B, 3.18%, 9/15/28 | 1,000 | 852 | ||||||
1,832 | ||||||||
Louisiana (0.1%): | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 4.48%, 8/1/39 | 2,245 | 1,989 | ||||||
Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30 | 1,750 | 1,389 | ||||||
3,378 | ||||||||
Maryland (0.3%): | ||||||||
Maryland Economic Development Corp. Revenue | ||||||||
Series B, 4.05%, 6/1/27 | 2,295 | 2,115 | ||||||
Series B, 4.15%, 6/1/28 | 2,390 | 2,179 | ||||||
Series B, 4.25%, 6/1/29 | 2,490 | 2,248 | ||||||
Series B, 4.35%, 6/1/30 | 1,330 | 1,191 | ||||||
Series B, 4.40%, 6/1/31 | 1,385 | 1,226 | ||||||
8,959 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Massachusetts (0.0%):(i) | ||||||||
Massachusetts State College Building Authority Revenue, Series A, 1.80%, 5/1/29 | $ | 5 | $ | 4 | ||||
New Jersey (0.4%): | ||||||||
City of Atlantic, GO | ||||||||
Series A, 4.23%, 9/1/25 | 2,525 | 2,404 | ||||||
Series A, 4.29%, 9/1/26 | 2,410 | 2,263 | ||||||
New Jersey Economic Development Authority Revenue, Series C, 5.71%, 6/15/30 | 2,500 | 2,460 | ||||||
New Jersey Transportation Trust Fund Authority Revenue, Build America Bond, Series C, 5.75%, 12/15/28 | 3,000 | 2,983 | ||||||
Rutgers The State University of New Jersey Revenue, Series S, 1.76%, 5/1/29 | 2,000 | 1,613 | ||||||
South Jersey Transportation Authority Revenue, Series B, 3.12%, 11/1/26 | 450 | 403 | ||||||
12,126 | ||||||||
New York (0.3%): | ||||||||
Metropolitan Transportation Authority Revenue, Build America Bond, Series E, 6.73%, 11/15/30 | 5,000 | 5,127 | ||||||
New York City IDA Revenue | ||||||||
2.68%, 3/1/33 | 1,000 | 760 | ||||||
2.34%, 1/1/35 | 1,000 | 669 | ||||||
2.44%, 1/1/36 | 1,250 | 815 | ||||||
New York State Dormitory Authority Revenue, 2.01%, 7/1/28 | 750 | 628 | ||||||
7,999 | ||||||||
Oklahoma (0.0%):(i) | ||||||||
The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @100 | 1,200 | 918 | ||||||
Pennsylvania (0.3%): | ||||||||
City of Philadelphia PA Water & Wastewater Revenue | ||||||||
Series B, 1.73%, 11/1/28 | 1,000 | 812 | ||||||
Series B, 1.88%, 11/1/29 | 1,000 | 795 | ||||||
City of Philadelphia, GO, Series A, 2.71%, 7/15/29 | 1,000 | 848 | ||||||
City of Pittsburgh PA, GO | ||||||||
Series B, 1.62%, 9/1/29 | 1,570 | 1,255 | ||||||
Series B, 1.80%, 9/1/31, Continuously Callable @100 | 1,200 | 914 | ||||||
Pennsylvania Economic Development Financing Authority Revenue | ||||||||
2.62%, 3/1/29 | 1,855 | 1,584 | ||||||
Series B, 3.20%, 11/15/27 | 1,000 | 900 | ||||||
Public Parking Authority of Pittsburgh Revenue, 2.23%, 12/1/28 | 730 | 614 | ||||||
7,722 | ||||||||
Tennessee (0.1%): | ||||||||
Metropolitan Government Nashville & Davidson County Sports Authority Revenue, Series C, 2.45%, 8/1/32, Continuously Callable @100 | 1,500 | 1,137 | ||||||
Texas (0.3%): | ||||||||
Central Texas Regional Mobility Authority Revenue, Series C, 2.19%, 1/1/29 | 855 | 698 | ||||||
City of Houston TX Airport System Revenue, Series C, 2.39%, 7/1/31, Continuously Callable @100 | 2,000 | 1,576 | ||||||
County of Bexar TX Revenue, 2.43%, 8/15/33, Continuously Callable @100 | 1,500 | 1,130 | ||||||
Dallas/Fort Worth International Airport Revenue, Series C, 2.25%, 11/1/31, Continuously Callable @100 | 2,585 | 2,015 | ||||||
Harris County Cultural Education Facilities Finance Corp. Revenue | ||||||||
2.79%, 11/15/29 | 1,385 | 1,149 | ||||||
Series D, 2.30%, 7/1/35 | 500 | 331 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Revenue, 2.41%, 9/1/31, Continuously Callable @100 | 1,000 | 774 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares
or Principal Amount | Value | ||||||
Uptown Development Authority Tax Allocation, Series B, 2.68%, 9/1/32, Continuously Callable @100 | $ | 400 | $ | 308 | ||||
Waco Educational Finance Corp. Revenue, 1.79%, 3/1/29 | 1,500 | 1,226 | ||||||
9,207 | ||||||||
Total Municipal Bonds (Cost $92,053) | 76,604 | |||||||
U.S. Government Agency Mortgages (3.5%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
5.50%, 4/1/36 | 40 | 41 | ||||||
5.00%, 10/1/52 | 5,218 | 5,034 | ||||||
5,075 | ||||||||
Federal National Mortgage Association | ||||||||
Series M7, Class A2, 2.96%, 2/25/27 (c) | 2,284 | 2,124 | ||||||
2.50%, 7/1/27 - 11/1/34 | 6,971 | 6,397 | ||||||
3.50%, 9/1/47 - 2/1/50 | 23,932 | 21,411 | ||||||
4.00%, 1/1/49 - 9/1/52 | 27,996 | 25,649 | ||||||
4.50%, 6/1/52 - 9/1/52 | 22,479 | 21,097 | ||||||
5.00%, 6/1/52 | 9,640 | 9,300 | ||||||
5.50%, 6/1/52 | 4,897 | 4,836 | ||||||
6.00%, 7/1/52 | 6,278 | 6,319 | ||||||
97,133 | ||||||||
102,208 | ||||||||
Total U.S. Government Agency Mortgages (Cost $114,838) | 102,208 | |||||||
U.S. Treasury Obligations (16.5%) | ||||||||
U.S. Treasury Bonds | ||||||||
1.13%, 5/15/40 | 80,000 | 47,750 | ||||||
2.38%, 2/15/42 | 100,000 | 73,031 | ||||||
3.25%, 5/15/42 | 28,000 | 23,682 | ||||||
2.50%, 2/15/45 | 26,000 | 18,708 | ||||||
3.38%, 11/15/48 | 10,000 | 8,542 | ||||||
1.25%, 5/15/50 | 10,000 | 5,152 | ||||||
2.88%, 5/15/52 | 12,500 | 9,707 | ||||||
U.S. Treasury Notes | ||||||||
1.63%, 8/15/29 | 10,500 | 8,950 | ||||||
0.63%, 8/15/30 | 60,000 | 46,359 | ||||||
0.88%, 11/15/30 | 55,000 | 43,270 | ||||||
1.13%, 2/15/31 | 95,000 | 75,985 | ||||||
1.88%, 2/15/32 | 107,500 | 89,460 | ||||||
2.75%, 8/15/32 | 29,500 | 26,416 | ||||||
Total U.S. Treasury Obligations (Cost $576,369) | 477,012 | |||||||
Commercial Paper (0.2%)(j) | ||||||||
Autonation, Inc., 3.67%, 11/1/22 (b) | 4,000 | 3,999 | ||||||
Cslb Holdings, Inc., 3.54%, 11/3/22 (b) | 1,300 | 1,300 | ||||||
Republic Services, Inc., 3.54%, 11/3/22 | 1,000 | 1,000 | ||||||
Total Commercial Paper (Cost $6,299) | 6,299 | |||||||
Collateral for Securities Loaned (0.9%)^ | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07% (k) | 712,347 | 712 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (k) | 26,518,750 | 26,519 | ||||||
Total Collateral for Securities Loaned (Cost $27,231) | 27,231 | |||||||
Total Investments (Cost $3,312,021) — 100.3% | 2,895,771 | |||||||
Liabilities in excess of other assets — (0.3)% | (7,982 | ) | ||||||
NET ASSETS - 100.00% | $ | 2,887,789 |
At October 31, 2022, the Fund’s investments in foreign securities were 11.8% of net assets.
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
^ | Purchased with cash collateral from securities on loan. |
(a) | Variable or Floating-Rate Security. Rate disclosed is as of October 31, 2022. |
(b) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of October 31, 2022, the fair value of these securities was $1,302,713 thousands and amounted to 45.1% of net assets. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at October 31, 2022. |
(d) | Security is interest only. |
(e) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(f) | Rounds to less than $1 thousand. |
(g) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
(h) | All or a portion of this security is on loan. |
(i) | Amount represents less than 0.05% of net assets. |
(j) | Rate represents the effective yield at October 31, 2022. |
(k) | Rate disclosed is the daily yield on October 31, 2022. |
(l) | Coupon may be 7.13% PIK. |
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 |
H15T5Y—5 Year Treasury Constant Maturity Rate |
H15T10Y— 10 Year Treasury Constant Maturity Rate |
IDA—Industrial Development Authority |
LIBOR—London Interbank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
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 October 31, 2022. |
SOFR01M—1 Month SOFR, rate disclosed as of October 31, 2022. |
SOFR03M—3 Month SOFR, rate disclosed as of October 31, 2022. |
TSFR—Term SOFR |
TSFR1M—1 month Term SOFR, rate disclosed as of October 31, 2022. |
TSFR3M—3 month Term SOFR, rate disclosed as of October 31, 2022. |
USSW5—USD 5 Year Swap Rate, rate disclosed as of October 31, 2022. |
Credit Enhancements—Adds the financial strength of the provider of the enhancement to support the issuer’s ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities. | |
INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Intermediate-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Futures Contracts Purchased | ||||||||||||||||
(Amounts not in thousands) | ||||||||||||||||
Number
of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
10-Year U.S. Treasury Note Futures | 585 | 12/20/22 | $ | 67,644,398 | $ | 64,697,344 | $ | (2,947,054 | ) | |||||||
30-Year U.S. Treasury Bond Futures | 700 | 12/20/22 | 94,047,454 | 84,350,000 | (9,697,454 | ) | ||||||||||
5-Year U.S. Treasury Note Futures | 20 | 12/30/22 | $ | 2,216,845 | $ | 2,131,875 | $ | (84,970 | ) | |||||||
$ | (12,729,478 | ) | ||||||||||||||
Total unrealized appreciation | $ | – | ||||||||||||||
Total unrealized depreciation | (12,729,478 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (12,729,478 | ) |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Money Market Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Corporate Bonds (4.3%) | ||||||||
Financials (4.3%): | ||||||||
Bass Pro Rossford Development Co. LLC (LOC - Fifth Third Bank), 3.77%, 11/1/27 (a) | $ | 18,255 | $ | 18,255 | ||||
Carol Allen Family Liquidity Trust (LOC - Comerica Bank, N.A.), 4.53%, 3/1/48, Callable 12/12/22 @ 100 (a) | 25,000 | 25,000 | ||||||
NLS Irrevocable Trust (LOC - Bank of Oklahoma, N.A.), 3.91%, 12/1/39, Callable 12/12/22 @ 100 (a) | 11,260 | 11,260 | ||||||
Opler Irrevocable Trust (LOC - Bank of Oklahoma, N.A.), 3.91%, 11/1/39, Callable 12/12/22 @ 100 (a) | 9,280 | 9,280 | ||||||
Stobro Co. LP (LOC - Federal Home Loan Bank of Pittsburgh), 3.85%, 1/1/32 (a) | 8,955 | 8,955 | ||||||
The Dennis Wesley Co., Inc. (LOC - Federal Home Loan Bank of Indianapolis), 3.85%, 11/15/39, Callable 12/12/22 @ 100 (a) | 10,125 | 10,125 | ||||||
82,875 | ||||||||
Total Corporate Bonds (Cost $82,875) | 82,875 | |||||||
Municipal Bonds (1.1%) | ||||||||
Arizona (1.1%): | ||||||||
Yavapai County IDA Revenue (LOC - Bank of Nova Scotia), 3.50%, 9/1/35, Continuously Callable @100(a) | 20,000 | 20,000 | ||||||
Total Municipal Bonds (Cost $20,000) | 20,000 | |||||||
U.S. Treasury Obligations (5.2%) | ||||||||
U.S. Treasury Notes, 4.16% (USBMMY3M+5bps), 1/31/23 (b) | 100,000 | 100,049 | ||||||
Total U.S. Treasury Obligations (Cost $100,049) | 100,049 | |||||||
Commercial Paper (70.6%)(c) | ||||||||
Ameren Corp. | ||||||||
3.56%, 11/1/22 | 20,000 | 20,000 | ||||||
1.75%, 11/2/22 | 20,000 | 19,998 | ||||||
American Honda Finance | ||||||||
2.00%, 11/3/22 | 20,000 | 19,997 | ||||||
3.08%, 11/8/22 | 20,000 | 19,986 | ||||||
AT&T, Inc. | ||||||||
2.43%, 11/3/22 (d) | 10,000 | 9,998 | ||||||
3.56%, 11/9/22 (d) | 40,000 | 39,964 | ||||||
Automatic Data Processing, Inc., 3.05%, 11/1/22 (d) | 90,000 | 90,000 | ||||||
Aviation Capital Group LLC, 3.85%, 11/1/22 (d) | 90,000 | 90,000 | ||||||
Barton Capital Corp., 3.97%, 1/3/23 (d) | 20,000 | 19,860 | ||||||
CenterPoint Energy Resources, 3.40%, 11/1/22 (d) | 90,000 | 90,000 | ||||||
Corporate Asset Funding Co. LLC, 4.84%, 3/2/23 (d) | 20,000 | 19,677 | ||||||
Crown Point Capital Co. LLC | ||||||||
2.11%, 11/1/22 (d) | 20,000 | 20,000 | ||||||
2.85%, 11/16/22 (d) | 20,000 | 19,975 | ||||||
Dairy Farmers of America, 3.50%, 11/1/22 (d) | 40,000 | 40,000 | ||||||
Duke Energy Corp. | ||||||||
3.40%, 11/1/22 (d) | 25,000 | 25,000 | ||||||
3.52%, 11/7/22 (d) | 40,000 | 39,973 | ||||||
Enbridge U.S., Inc., 2.40%, 11/3/22 (d) | 10,000 | 9,998 | ||||||
Energy Transfer LP, 3.70%, 11/1/22 | 70,000 | 70,000 | ||||||
Evergy Kansas Central | ||||||||
3.35%, 11/7/22 (d) | 40,000 | 39,974 | ||||||
3.44%, 11/8/22 (d) | 20,000 | 19,985 | ||||||
Fairway Finance Corp., 1.71%, 11/7/22 (d) | 20,000 | 19,993 | ||||||
Gotham Funding Corp., 2.86%, 11/1/22 (d) | 15,000 | 15,000 | ||||||
Hannover Funding Co. LLC | ||||||||
2.96%, 12/2/22 (d) | 20,000 | 19,948 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Money Market Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
4.24%, 1/20/23 (d) | $ | 20,000 | $ | 19,811 | ||||
Harley-Davidson, Inc. | ||||||||
3.56%, 11/7/22 (d) | 20,000 | 19,986 | ||||||
3.50%, 11/8/22 (d) | 20,000 | 19,985 | ||||||
Jabil, Inc., 3.87%, 11/1/22 (d) | 90,000 | 90,000 | ||||||
LMA-Americas LLC | ||||||||
2.97%, 12/2/22 (d) | 20,000 | 19,947 | ||||||
5.17%, 4/24/23 (d) | 20,000 | 19,510 | ||||||
Nieuw Amsterdam Receivables Corp., 4.05%, 1/17/23 (d) | 20,000 | 19,826 | ||||||
Nutrien Ltd. | ||||||||
2.37%, 11/3/22 (d) | 20,000 | 19,996 | ||||||
3.68%, 11/30/22 (d) | 40,000 | 39,878 | ||||||
Ovintiv, Inc. | ||||||||
4.17%, 11/1/22 | 15,000 | 15,000 | ||||||
2.93%, 11/3/22 | 50,000 | 49,988 | ||||||
Pacificorp, 3.30%, 11/1/22 | 70,000 | 70,000 | ||||||
Ridgefield Funding Co. LLC, 1.71%, 11/7/22 (d) | 20,000 | 19,993 | ||||||
Sheffield Receivables, 2.58%, 11/9/22 (d) | 20,000 | 19,987 | ||||||
Verizon Communications, 3.00%, 11/7/22 (d) | 20,000 | 19,988 | ||||||
Victory Receivables Corp. | ||||||||
1.93%, 11/3/22 (d) | 20,000 | 19,997 | ||||||
2.54%, 11/8/22 (d) | 20,000 | 19,988 | ||||||
Vw Credit, Inc. | ||||||||
2.33%, 11/3/22 (d) | 40,000 | 39,992 | ||||||
3.35%, 11/7/22 (d) | 30,000 | 29,981 | ||||||
Total Commercial Paper (Cost $1,353,179) | 1,353,179 | |||||||
Certificates of Deposit (18.5%) | ||||||||
Bank of Montreal Chicago, 3.30%(SOFR+25bps), 2/24/23 (b) | 20,000 | 20,000 | ||||||
Bank of Nova Scotia, 3.30%(SOFR+25bps), 2/28/23 (b) | 20,000 | 20,000 | ||||||
Barclays Bank PLC, 3.34%(SOFR+29bps), 2/9/23 (b) | 20,000 | 20,000 | ||||||
Canadian Imperial Bank of Commerce, 3.30%(SOFR+25bps), 2/10/23 (b) | 20,000 | 20,000 | ||||||
Citibank NA, 4.99%, 9/25/23 | 20,000 | 20,000 | ||||||
Citigroup, Inc., 3.65%, 3/7/23 | 20,000 | 20,000 | ||||||
Goldman Sachs Bank USA | ||||||||
3.30%, 11/25/22 (SOFR+25bps) (b) | 25,000 | 25,000 | ||||||
3.32%, 1/20/23 (SOFR+27bps) (b) | 25,000 | 25,000 | ||||||
3.35%, 2/17/23 (SOFR+30bps) (b) | 25,000 | 25,000 | ||||||
Lloyds Bank Corporate Markets PLC, 3.30%(SOFR+25bps), 1/12/23 (b) | 20,000 | 20,000 | ||||||
MUFG Bank Ltd., 3.33%(SOFR+28bps), 1/24/23 (b) | 20,000 | 20,000 | ||||||
Natixis SA, 3.27%(SOFR+22bps), 12/1/22 (b) | 20,000 | 20,000 | ||||||
Standard Chartered BK, 3.30%(SOFR+25bps), 1/31/23 (b) | 20,000 | 20,000 | ||||||
Sumitomo Mitsui Banking Corp., 3.33%(SOFR+28bps), 2/1/23 (b) | 20,000 | 20,000 | ||||||
Svenska Handelsbanken, 3.29%(SOFR+24bps), 2/15/23 (b) | 20,000 | 20,000 | ||||||
Toronto Dominion Bank | ||||||||
3.26%, 2/1/23 (SOFR+23bps) (b) | 20,000 | 20,000 | ||||||
4.90%, 9/22/23 | 20,000 | 20,000 | ||||||
Total Certificates of Deposit (Cost $355,000) | 355,000 | |||||||
Total Investments (Cost $1,911,103) — 99.7% | 1,911,103 | |||||||
Other assets in excess of liabilities — 0.3% | 5,574 | |||||||
NET ASSETS - 100.00% | $ | 1,916,677 |
At October 31, 2022, the Fund’s investments in foreign securities were 18.7% of net assets.
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Money Market Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
(a) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. | |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of October 31, 2022. | |
(c) | Rate represents the effective yield at October 31, 2022. | |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of October 31, 2022, the fair value of these securities was $1,068,210 thousands and amounted to 55.7% of net assets. | |
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. |
IDA—Industrial Development Authority |
LLC—Limited Liability Company |
LOC—Letter of Credit |
LP—Limited Partnership |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
USBMMY3M—3 Month Treasury Bill Rate |
Credit Enhancements—Adds the financial strength of the provider of the enhancement to support the issuer’s ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities. | |
LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.9%) | ||||||||
Australia (0.2%): | ||||||||
Health Care (0.2%): | ||||||||
Opthea Ltd., ADR (a)(b) | 305,881 | $ | 1,493 | |||||
Belgium (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
UCB SA | 3,282 | 247 | ||||||
Brazil (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
Hapvida Participacoes E Investimentos SA (d) | 70,048 | 106 | ||||||
Cayman Islands (0.3%): | ||||||||
Health Care (0.3%): | ||||||||
Theravance Biopharma, Inc. (a) | 285,815 | 2,849 | ||||||
China (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
Everest Medicines Ltd. (a)(d) | 27,500 | 22 | ||||||
InnoCare Pharma Ltd. (a)(d) | 26,000 | 30 | ||||||
Zai Lab Ltd. (a) | 18,300 | 42 | ||||||
94 | ||||||||
Denmark (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
Ascendis Pharma A/S, ADR (a)(e) | 999 | 115 | ||||||
Genmab A/S (a) | 383 | 147 | ||||||
262 | ||||||||
Finland (0.4%): | ||||||||
Information Technology (0.4%): | ||||||||
Nokia Oyj, ADR | 937,911 | 4,127 | ||||||
Hong Kong (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
CSPC Pharmaceutical Group Ltd. | 58,000 | 60 | ||||||
Ireland (1.6%): | ||||||||
Health Care (1.6%): | ||||||||
Alkermes PLC (a) | 6,479 | 147 | ||||||
Horizon Therapeutics PLC (a) | 1,684 | 105 | ||||||
Jazz Pharmaceuticals PLC (a) | 103,167 | 14,834 | ||||||
Prothena Corp. PLC (a) | 1,329 | 82 | ||||||
15,168 | ||||||||
Israel (1.2%): | ||||||||
Information Technology (1.2%): | ||||||||
Mobileye Global, Inc. Class A (a)(e) | 3,400 | 89 | ||||||
Monday.com Ltd. (a)(e) | 59,406 | 6,353 | ||||||
Wix.com Ltd. (a) | 59,665 | 5,018 | ||||||
11,460 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Italy (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
DiaSorin SpA | 1,273 | $ | 166 | |||||
Japan (0.8%): | ||||||||
Health Care (0.5%): | ||||||||
Astellas Pharma, Inc. | 4,900 | 67 | ||||||
Chugai Pharmaceutical Co. Ltd. | 6,500 | 151 | ||||||
Daiichi Sankyo Co. Ltd. | 12,150 | 389 | ||||||
Eisai Co. Ltd. | 3,365 | 203 | ||||||
Hoya Corp. | 43,500 | 4,044 | ||||||
Ono Pharmaceutical Co. Ltd. | 6,030 | 142 | ||||||
4,996 | ||||||||
Information Technology (0.3%): | ||||||||
Rohm Co. Ltd. | 36,800 | 2,586 | ||||||
7,582 | ||||||||
Netherlands (0.4%): | ||||||||
Health Care (0.4%): | ||||||||
Argenx SE, ADR (a) | 314 | 122 | ||||||
Koninklijke Philips NV | 6,452 | 82 | ||||||
Merus NV (a)(e) | 169,634 | 3,477 | ||||||
3,681 | ||||||||
Singapore (0.6%): | ||||||||
Information Technology (0.6%): | ||||||||
Flex Ltd. (a) | 308,107 | 6,033 | ||||||
Switzerland (0.0%):(c) | ||||||||
Health Care (0.0%): | ||||||||
Novartis AG Registered Shares | 4,108 | 332 | ||||||
Tecan Group AG Class R | 304 | 112 | ||||||
444 | ||||||||
Taiwan (0.6%): | ||||||||
Information Technology (0.6%): | ||||||||
ASPEED Technology, Inc. | 22,500 | 1,167 | ||||||
Hon Hai Precision Industry Co. Ltd. | 854,000 | 2,713 | ||||||
Silicon Motion Technology Corp., ADR | 42,251 | 2,260 | ||||||
6,140 | ||||||||
United Kingdom (0.5%): | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Trainline PLC (a)(d) | 860,271 | 3,274 | ||||||
Health Care (0.1%): | ||||||||
Abcam PLC (a) | 9,968 | 154 | ||||||
AstraZeneca PLC, ADR | 6,721 | 395 | ||||||
Genus PLC | 4,642 | 136 | ||||||
GSK PLC | 9,081 | 149 | ||||||
Hikma Pharmaceuticals PLC | 5,874 | 84 | ||||||
Immunocore Holdings PLC, ADR (a) | 1,222 | 70 | ||||||
Smith & Nephew PLC | 11,895 | 140 | ||||||
Verona Pharma PLC, ADR (a) | 5,604 | 72 | ||||||
1,200 | ||||||||
4,474 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
United States (90.3%): | ||||||||
Communication Services (6.5%): | ||||||||
Alphabet, Inc. Class A (a) | 166,335 | $ | 15,720 | |||||
Bandwidth, Inc. Class A (a) | 136,603 | 1,621 | ||||||
Cargurus, Inc. (a) | 116,751 | 1,700 | ||||||
Match Group, Inc. (a) | 73,189 | 3,162 | ||||||
Meta Platforms, Inc. Class A (a) | 150,306 | 14,003 | ||||||
Netflix, Inc. (a) | 25,634 | 7,482 | ||||||
Snap, Inc. Class A (a) | 384,676 | 3,812 | ||||||
Take-Two Interactive Software, Inc. (a) | 76,895 | 9,111 | ||||||
ZoomInfo Technologies, Inc. (a) | 143,599 | 6,394 | ||||||
63,005 | ||||||||
Consumer Discretionary (6.4%): | ||||||||
2U, Inc. (a) | 590,210 | 3,653 | ||||||
Airbnb, Inc. Class A (a) | 24,146 | 2,581 | ||||||
Amazon.com, Inc. (a) | 465,577 | 47,694 | ||||||
Booking Holdings, Inc. (a) | 3,107 | 5,809 | ||||||
Etsy, Inc. (a) | 13,474 | 1,265 | ||||||
Peloton Interactive, Inc. Class A (a)(e) | 194,531 | 1,634 | ||||||
62,636 | ||||||||
Financials (1.9%): | ||||||||
DA32 Life Science Tech Acquisition Corp. Class A (a)(e) | 875,942 | 8,558 | ||||||
Omega Alpha SPAC Class A (a) | 340,511 | 3,405 | ||||||
Orion Acquisition Corp. (a) | 2,632 | 27 | ||||||
Panacea Acquisition Corp. II (a)(e) | 701,744 | 6,898 | ||||||
18,888 | ||||||||
Health Care (22.0%): | ||||||||
Abbott Laboratories | 2,900 | 287 | ||||||
ABIOMED, Inc. (a) | 550 | 139 | ||||||
Aclaris Therapeutics, Inc. (a) | 4,265 | 67 | ||||||
AdaptHealth Corp. (a) | 3,736 | 85 | ||||||
Addus HomeCare Corp. (a) | 1,447 | 148 | ||||||
Agilent Technologies, Inc. | 49,786 | 6,888 | ||||||
Agilon Health, Inc. (a) | 6,881 | 137 | ||||||
Agios Pharmaceuticals, Inc. (a) | 100,633 | 2,771 | ||||||
Aldeyra Therapeutics, Inc. (a) | 173,283 | 946 | ||||||
Align Technology, Inc. (a) | 781 | 152 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 675 | 140 | ||||||
Amedisys, Inc. (a) | 998 | 97 | ||||||
Amicus Therapeutics, Inc. (a) | 299,420 | 2,994 | ||||||
Apellis Pharmaceuticals, Inc. (a) | 74,746 | 4,521 | ||||||
Arcutis Biotherapeutics, Inc. (a) | 66,449 | 1,175 | ||||||
Ardelyx, Inc. (a)(e) | 738,059 | 1,107 | ||||||
Athenex, Inc. (a) | 4,791,773 | 920 | ||||||
Avantor, Inc. (a) | 5,579 | 113 | ||||||
Baxter International, Inc. | 5,033 | 274 | ||||||
Becton Dickinson & Co. | 2,237 | 528 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 530,585 | 7,083 | ||||||
Bio-Techne Corp. | 376 | 111 | ||||||
Blueprint Medicines Corp. (a) | 790 | 41 | ||||||
Boston Scientific Corp. (a) | 15,484 | 668 | ||||||
Bridgebio Pharma, Inc. (a) | 362,481 | 3,781 | ||||||
Bristol-Myers Squibb Co. | 14,274 | 1,106 | ||||||
Cara Therapeutics, Inc. (a) | 315,209 | 2,963 | ||||||
Celldex Therapeutics, Inc. (a) | 2,733 | 96 | ||||||
Centene Corp. (a) | 8,037 | 684 | ||||||
Chinook Therapeutics, Inc. (a) | 159,170 | 3,462 | ||||||
Crinetics Pharmaceuticals, Inc. (a) | 256,608 | 4,737 | ||||||
CryoPort, Inc. (a) | 177,616 | 4,931 | ||||||
Cullinan Oncology, Inc. (a) | 108,665 | 1,428 | ||||||
Cytokinetics, Inc. (a) | 141,161 | 6,163 | ||||||
Danaher Corp. | 4,807 | 1,210 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Dexcom, Inc. (a) | 3,947 | $ | 477 | |||||
Edwards Lifesciences Corp. (a) | 6,655 | 482 | ||||||
Elanco Animal Health, Inc. (a) | 3,433 | 45 | ||||||
Eli Lilly & Co. | 5,674 | 2,054 | ||||||
Encompass Health Corp. | 3,712 | 202 | ||||||
Equillium, Inc. (a) | 970,625 | 1,805 | ||||||
Exact Sciences Corp. (a) | 3,605 | 125 | ||||||
Fate Therapeutics, Inc. (a) | 157,744 | 3,300 | ||||||
FibroGen, Inc. (a) | 116,974 | 1,904 | ||||||
Foghorn Therapeutics, Inc. (a)(e) | 97,048 | 848 | ||||||
Glaukos Corp. (a) | 3,173 | 178 | ||||||
Gossamer Bio, Inc. (a) | 126,052 | 1,399 | ||||||
HCA Healthcare, Inc. | 2,364 | 514 | ||||||
Hologic, Inc. (a) | 3,403 | 231 | ||||||
Humana, Inc. | 2,282 | 1,274 | ||||||
IGM Biosciences, Inc. (a)(e) | 180,661 | 3,613 | ||||||
Illumina, Inc. (a) | 1,594 | 365 | ||||||
ImmunoGen, Inc. (a) | 6,223 | 37 | ||||||
Inari Medical, Inc. (a) | 2,153 | 166 | ||||||
Inhibrx, Inc. (a) | 197,620 | 6,359 | ||||||
Insmed, Inc. (a) | 63,992 | 1,108 | ||||||
Insulet Corp. (a) | 1,209 | 313 | ||||||
Intra-Cellular Therapies, Inc. (a) | 46,869 | 2,141 | ||||||
Iovance Biotherapeutics, Inc. (a) | 258,798 | 2,417 | ||||||
Ironwood Pharmaceuticals, Inc. (a) | 12,156 | 133 | ||||||
Karuna Therapeutics, Inc. (a) | 610 | 134 | ||||||
Kezar Life Sciences, Inc. (a) | 800,878 | 6,019 | ||||||
Kiniksa Pharmaceuticals Ltd. Class A (a) | 135,603 | 1,549 | ||||||
Kinnate Biopharma, Inc. (a)(e) | 302,008 | 2,546 | ||||||
Krystal Biotech, Inc. (a) | 64,816 | 4,958 | ||||||
Kura Oncology, Inc. (a) | 218,010 | 3,384 | ||||||
Laboratory Corp. of America Holdings | 1,127 | 250 | ||||||
Merck & Co., Inc. | 5,060 | 512 | ||||||
Mirati Therapeutics, Inc. (a) | 1,029 | 69 | ||||||
Mirum Pharmaceuticals, Inc. (a) | 189,241 | 4,267 | ||||||
Moderna, Inc. (a) | 1,044 | 157 | ||||||
Molina Healthcare, Inc. (a) | 1,275 | 458 | ||||||
NanoString Technologies, Inc. (a) | 7,477 | 78 | ||||||
NeoGenomics, Inc. (a) | 5,306 | 40 | ||||||
Nuvalent, Inc. Class A (a)(e) | 168,166 | 6,005 | ||||||
Owens & Minor, Inc. | 4,137 | 70 | ||||||
Pfizer, Inc. | 34,938 | 1,626 | ||||||
PMV Pharmaceuticals, Inc. (a) | 118,401 | 1,458 | ||||||
PTC Therapeutics, Inc. (a) | 34,583 | 1,308 | ||||||
QuidelOrtho Corp. (a) | 1,008 | 91 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 412 | 308 | ||||||
Regulus Therapeutics, Inc. (a)(e) | 627,009 | 972 | ||||||
Relay Therapeutics, Inc. (a) | 168,288 | 3,739 | ||||||
Repligen Corp. (a) | 17,831 | 3,254 | ||||||
Revance Therapeutics, Inc. (a) | 87,215 | 1,946 | ||||||
REVOLUTION Medicines, Inc. (a) | 65,667 | 1,330 | ||||||
Sage Therapeutics, Inc. (a) | 2,061 | 78 | ||||||
Sarepta Therapeutics, Inc. (a) | 63,836 | 7,279 | ||||||
Seagen, Inc. (a) | 1,038 | 132 | ||||||
SpringWorks Therapeutics, Inc. (a) | 198,614 | 4,769 | ||||||
Stryker Corp. | 2,964 | 679 | ||||||
Syndax Pharmaceuticals, Inc. (a) | 3,015 | 69 | ||||||
Syneos Health, Inc. (a) | 5,857 | 295 | ||||||
Teleflex, Inc. | 998 | 214 | ||||||
Twist Bioscience Corp. (a) | 64,870 | 2,130 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) | 1,035 | 42 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
UnitedHealth Group, Inc. | 5,168 | $ | 2,869 | |||||
Vaxcyte, Inc. (a) | 111,771 | 4,874 | ||||||
Veeva Systems, Inc. Class A (a) | 34,354 | 5,769 | ||||||
Veracyte, Inc. (a) | 4,376 | 88 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 140,174 | 43,734 | ||||||
Waters Corp. (a) | 699 | 209 | ||||||
Y-mAbs Therapeutics, Inc. (a) | 87,651 | 316 | ||||||
Zentalis Pharmaceuticals, Inc. (a) | 1,781 | 45 | ||||||
Zoetis, Inc. | 4,806 | 725 | ||||||
214,287 | ||||||||
Industrials (0.6%): | ||||||||
Enovix Corp. (a)(e) | 315,475 | 5,953 | ||||||
Information Technology (52.9%): | ||||||||
Advanced Micro Devices, Inc. (a) | 101,803 | 6,114 | ||||||
Ambarella, Inc. (a) | 142,428 | 7,795 | ||||||
Applied Materials, Inc. | 117,336 | 10,360 | ||||||
AppLovin Corp. Class A (a)(e) | 175,213 | 2,972 | ||||||
Arista Networks, Inc. (a) | 46,886 | 5,667 | ||||||
Backblaze, Inc. Class A (a)(e) | 138,339 | 649 | ||||||
Block, Inc. (a) | 74,007 | 4,446 | ||||||
Ceridian HCM Holding, Inc. (a) | 101,700 | 6,732 | ||||||
Datadog, Inc. Class A (a) | 56,437 | 4,544 | ||||||
Domo, Inc. Class B (a) | 214,395 | 3,788 | ||||||
Dropbox, Inc. Class A (a) | 494,197 | 10,749 | ||||||
Dynatrace, Inc. (a) | 164,453 | 5,795 | ||||||
F5, Inc. (a) | 32,006 | 4,574 | ||||||
Fair Isaac Corp. (a) | 24,974 | 11,959 | ||||||
Five9, Inc. (a) | 16,357 | 986 | ||||||
FleetCor Technologies, Inc. (a) | 20,285 | 3,775 | ||||||
Genpact Ltd. | 121,069 | 5,872 | ||||||
Gitlab, Inc. Class A (a) | 95,617 | 4,634 | ||||||
Global Payments, Inc. | 73,502 | 8,398 | ||||||
GoDaddy, Inc. Class A (a) | 182,156 | 14,645 | ||||||
Guidewire Software, Inc. (a) | 33,139 | 1,969 | ||||||
Harmonic, Inc. (a) | 444,126 | 6,862 | ||||||
HashiCorp., Inc. Class A (a) | 82,787 | 2,544 | ||||||
HubSpot, Inc. (a) | 2,966 | 880 | ||||||
Impinj, Inc. (a) | 213,423 | 24,465 | ||||||
KLA Corp. | 18,965 | 6,001 | ||||||
Lam Research Corp. | 23,788 | 9,629 | ||||||
Lattice Semiconductor Corp. (a) | 278,277 | 13,499 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 482,511 | 27,923 | ||||||
Marvell Technology, Inc. | 305,201 | 12,110 | ||||||
MaxLinear, Inc. (a) | 173,392 | 5,354 | ||||||
Micron Technology, Inc. | 88,859 | 4,807 | ||||||
Microsoft Corp. | 376,003 | 87,282 | ||||||
MongoDB, Inc. (a) | 22,991 | 4,208 | ||||||
Monolithic Power Systems, Inc. | 35,081 | 11,908 | ||||||
NVIDIA Corp. | 62,036 | 8,373 | ||||||
Okta, Inc. (a) | 17,912 | 1,005 | ||||||
ON Semiconductor Corp. (a) | 206,214 | 12,668 | ||||||
Palo Alto Networks, Inc. (a) | 23,236 | 3,987 | ||||||
Paycom Software, Inc. (a) | 46,342 | 16,034 | ||||||
PayPal Holdings, Inc. (a) | 44,738 | 3,739 | ||||||
Qualtrics International, Inc. Class A (a) | 98,912 | 1,184 | ||||||
Rapid7, Inc. (a) | 19,312 | 874 | ||||||
RingCentral, Inc. Class A (a) | 107,703 | 3,826 | ||||||
Salesforce, Inc. (a) | 44,624 | 7,255 | ||||||
Semtech Corp. (a) | 151,853 | 4,205 | ||||||
SentinelOne, Inc. Class A (a) | 41,816 | 955 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
ServiceNow, Inc. (a) | 47,774 | $ | 20,100 | |||||
Shift4 Payments, Inc. Class A (a) | 104,162 | 4,788 | ||||||
Snowflake, Inc. Class A (a) | 13,255 | 2,125 | ||||||
Sprout Social, Inc. Class A (a) | 125,933 | 7,598 | ||||||
Texas Instruments, Inc. | 82,910 | 13,318 | ||||||
Twilio, Inc. Class A (a) | 80,820 | 6,011 | ||||||
UiPath, Inc. Class A (a) | 72,038 | 911 | ||||||
Varonis Systems, Inc. (a) | 477,405 | 12,780 | ||||||
VeriSign, Inc. (a) | 12,439 | 2,493 | ||||||
Visa, Inc. Class A | 116,462 | 24,126 | ||||||
WEX, Inc. (a) | 27,369 | 4,492 | ||||||
Wolfspeed, Inc. (a) | 44,455 | 3,501 | ||||||
Workday, Inc. Class A (a) | 29,308 | 4,567 | ||||||
514,810 | ||||||||
879,579 | ||||||||
Total Common Stocks (Cost $796,100) | 943,965 | |||||||
Rights (0.0%)(c) | ||||||||
United States (0.0%): | ||||||||
Health Care (0.0%): | ||||||||
Contra Clementia Pharmaceuticals Expires 12/31/99 (a)(b)(f) | 14,251 | — | ||||||
Total Rights (Cost $19) | — | |||||||
Warrants (0.0%)(c) | ||||||||
United States (0.0%): | ||||||||
Health Care (0.0%): | ||||||||
Athenex, Inc. (a)(b) | 5,153,482 | — | ||||||
Nuvation Bio, Inc. (a) | 163,420 | 25 | ||||||
Regulus Therapeutics, Inc. (a)(b)(g)(h) | 470,257 | — | ||||||
25 | ||||||||
Total Warrants (Cost $639) | 25 | |||||||
Collateral for Securities Loaned (2.2%)^ | ||||||||
United States (2.2%): | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07% (i) | 623,881 | 624 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (i) | 20,756,683 | 20,757 | ||||||
Total Collateral for Securities Loaned (Cost $21,381) | 21,381 | |||||||
Total Investments (Cost $818,139) — 99.1% | 965,371 | |||||||
Other assets in excess of liabilities — 0.9% | 8,876 | |||||||
NET ASSETS - 100.00% | $ | 974,247 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | The Fund’s Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At October 31, 2022, illiquid securities were 0.2% of the Fund’s net assets. |
(c) | Amount represents less than 0.05% of net assets. |
(d) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of October 31, 2022, the fair value of these securities was $3,432 thousands and amounted to 0.4% of net assets. |
(e) | All or a portion of this security is on loan. |
(f) | Security was fair valued based using significant unobservable inputs as of October 31, 2022. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Science & Technology Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
(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 October 31, 2022 (amount in thousand): |
Security Name | Acquisition Date | Cost | ||||
Regulus Therapeutics, Inc. | 12/3/2020 | $ | 588 |
(i) | Rate disclosed is the daily yield on October 31, 2022. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
USAA Mutual Funds Trust | Schedule of Portfolio Investments | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
Asset-Backed Securities (31.0%) | ||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a) | $ | 5,500 | $ | 4,622 | ||||
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 6/12/25, Callable 4/12/23 @ 100 (a) | 1,475 | 1,466 | ||||||
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85%, 6/15/26, Callable 7/13/23 @ 100 (a) | 1,744 | 1,727 | ||||||
American Credit Acceptance Receivables Trust, Series 2019-3, Class D, 2.89%, 9/12/25, Callable 6/12/23 @ 100 (a) | 429 | 426 | ||||||
American Credit Acceptance Receivables Trust, Series 2019-2, Class E, 4.29%, 6/12/25, Callable 4/12/23 @ 100 (a) | 5,375 | 5,332 | ||||||
AMSR Trust, Series 2021-SFR1, Class A, 1.95%, 6/17/38 (a) | 2,000 | 1,617 | ||||||
AMSR Trust, Series 2021-SFR1, Class B, 2.15%, 6/17/38 (a) | 2,000 | 1,611 | ||||||
AMSR Trust, Series 2021-SFR1, Class C, 2.35%, 6/17/38 (a) | 1,200 | 958 | ||||||
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class B, 2.20%, 1/20/28, Callable 9/20/25 @ 100 (a) | 2,162 | 1,936 | ||||||
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class A2, 1.64%, 10/20/27, Callable 6/20/25 @ 100 (a) | 2,064 | 1,954 | ||||||
Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, 6/21/28, Callable 4/20/26 @ 100 (a) | 1,400 | 1,379 | ||||||
Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class B, 5.65%, 10/20/28, Callable 6/20/26 @ 100 (a) | 2,000 | 1,954 | ||||||
ARI Fleet Lease Trust, Series 2021-A, Class B, 1.13%, 3/15/30, Callable 6/15/24 @ 100 (a) | 2,650 | 2,375 | ||||||
ARI Fleet Lease Trust, Series 2019-A, Class A3, 2.53%, 11/15/27, Callable 1/15/23 @ 100 (a) | 5,000 | 4,985 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class A2, 3.12%, 1/15/31, Callable 8/15/24 @ 100 (a) | 2,000 | 1,956 | ||||||
ARI Fleet Lease Trust, Series 2022-A, Class A3, 3.43%, 1/15/31, Callable 3/15/25 @ 100 (a) | 1,524 | 1,447 | ||||||
ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable 1/15/23 @ 100 (a) | 2,223 | 2,216 | ||||||
ARI Fleet Lease Trust, Series 2020-A, Class B, 2.06%, 11/15/28, Callable 1/15/23 @ 100 (a) | 1,470 | 1,462 | ||||||
ARI Fleet Lease Trust, Series 2021-A, Class A3, 0.68%, 3/15/30, Callable 6/15/24 @ 100 (a) | 2,550 | 2,364 | ||||||
Atalaya Equipment Leasing Trust, Series 2022-1A, Class B, 2.08%, 2/15/27, Callable 8/15/24 @ 100 (a) | 2,467 | 2,279 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class B, 4.00%, 9/20/24, Callable 9/20/23 @ 100 (a) | 2,000 | 1,967 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class B, 3.33%, 3/20/24, Callable 3/20/23 @ 100 (a) | 4,288 | 4,265 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class B, 2.68%, 8/20/26, Callable 8/20/25 @ 100 (a) | 4,000 | 3,605 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class C, 4.73%, 9/20/24, Callable 9/20/23 @ 100 (a) | 2,500 | 2,446 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26, Callable 3/20/25 @ 100 (a) | 5,000 | 4,637 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25, Callable 9/20/24 @ 100 (a) | 3,300 | 3,160 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-1A, Class A, 3.70%, 9/20/24, Callable 9/20/23 @ 100 (a) | 4,000 | 3,941 | ||||||
Bank of The West Auto Trust, Series 2019-1, Class A4, 2.51%, 10/15/24, Callable 7/15/23 @ 100 (a) | 6,501 | 6,452 | ||||||
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a) | 1,400 | 1,371 | ||||||
Bank of The West Auto Trust, Series 2019-1, Class B, 2.76%, 1/15/25, Callable 7/15/23 @ 100 (a) | 3,300 | 3,234 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class B, 2.00%, 7/21/25, Callable 10/19/23 @ 100 (a) | $ | 2,000 | $ | 1,935 | ||||
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class C, 2.49%, 5/19/26, Callable 10/19/23 @ 100 (a) | 2,405 | 2,333 | ||||||
Canadian Pacer Auto Receivables Trust, Series 2021-1A, Class C, 1.46%, 12/20/27, Callable 12/19/24 @ 100 (a) | 3,594 | 3,168 | ||||||
Canadian Pacer Auto Receivables Trust, Series 2019-1A, Class C, 3.75%, 7/21/25, Callable 1/19/23 @ 100 (a) | 1,000 | 994 | ||||||
CARDS II Trust, Series 2021-1A, Class A, 0.60%, 4/15/27 (a) | 9,200 | 8,616 | ||||||
CarMax Auto Owner Trust, Series 2020-2, Class B, 2.90%, 8/15/25, Callable 4/15/24 @ 100 | 1,806 | 1,729 | ||||||
CarMax Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable 7/15/24 @ 100 | 3,188 | 3,049 | ||||||
CarMax Auto Owner Trust, Series 2019-4, Class C, 2.60%, 9/15/25, Callable 12/15/23 @ 100 | 5,163 | 5,000 | ||||||
CarMax Auto Owner Trust, Series 2019-1, Class B, 3.45%, 11/15/24, Callable 2/15/23 @ 100 | 1,923 | 1,912 | ||||||
CarMax Auto Owner Trust, Series 2020-1, Class C, 2.34%, 11/17/25, Callable 7/15/24 @ 100 | 3,270 | 3,130 | ||||||
CarMax Auto Owner Trust, Series 2021-4, Class D, 1.48%, 3/15/28, Callable 8/15/25 @ 100 | 4,719 | 4,074 | ||||||
CarMax Auto Owner Trust, Series 2022-A3, Class A3, 3.49%, 2/16/27, Callable 3/15/25 @ 100 | 2,000 | 1,934 | ||||||
CarMax Auto Owner Trust, Series 2020-2, Class D, 5.75%, 5/17/27, Callable 4/15/24 @ 100 | 3,127 | 3,042 | ||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class B, 1.38%, 2/17/26, Callable 3/15/23 @ 100 (a) | 1,094 | 1,084 | ||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class A, 0.97%, 10/15/24, Callable 11/15/22 @ 100 (a) | 14 | 14 | ||||||
CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a) | 3,887 | 3,606 | ||||||
CARS-DB5 LP, Series 2021-1A, Class A1, 1.44%, 8/15/51, Callable 8/15/24 @ 100 (a) | 1,897 | 1,608 | ||||||
Carvana Auto Receivables Trust, Series 2021-N1, Class D, 1.50%, 1/10/28, Callable 4/10/25 @ 100 | 2,569 | 2,474 | ||||||
Carvana Auto Receivables Trust, Series 2021-N1, Class B, 1.09%, 1/10/28, Callable 4/10/25 @ 100 | 1,063 | 996 | ||||||
Carvana Auto Receivables Trust, Series 2021-N2, Class C, 1.07%, 3/10/28, Callable 11/10/25 @ 100 | 955 | 895 | ||||||
Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28, Callable 4/10/25 @ 100 | 881 | 827 | ||||||
Carvana Auto Receivables Trust, Series 2020-P1, Class D, 1.82%, 9/8/27, Callable 8/8/25 @ 100 | 1,318 | 1,096 | ||||||
Carvana Auto Receivables Trust, Series 2021-N3, Class C, 1.02%, 6/12/28, Callable 4/10/26 @ 100 | 1,750 | 1,673 | ||||||
Carvana Auto Receivables Trust, Series 2021-N2, Class D, 1.27%, 3/10/28, Callable 12/10/25 @ 100 | 3,760 | 3,491 | ||||||
Carvana Auto Receivables Trust, Series 2021-N3, Class A2, 1.11%, 6/12/28, Callable 3/10/26 @ 100 | 3,500 | 3,168 | ||||||
Carvana Auto Receivables Trust, Series 2021-N2, Class A2, 0.97%, 3/10/28, Callable 9/10/25 @ 100 | 1,250 | 1,117 | ||||||
Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 8/15/23 @ 100 (a) | 1,454 | 1,439 | ||||||
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.75%, 3/10/28, Callable 10/10/25 @ 100 | 701 | 645 | ||||||
Carvana Auto Receivables Trust, Series 2019-3A, Class D, 3.04%, 4/15/25, Callable 9/15/23 @ 100 (a) | 3,000 | 2,961 | ||||||
Carvana Auto Receivables Trust, Series 2021-N3, Class B, 0.66%, 6/12/28, Callable 3/10/26 @ 100 | 1,406 | 1,303 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 4/10/25 @ 100 | $ | 812 | $ | 756 | ||||
CCG Receivables Trust, Series 2019-2, Class B, 2.55%, 3/15/27, Callable 5/14/23 @ 100 (a) | 3,500 | 3,452 | ||||||
CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 9/14/26, Callable 11/14/22 @ 100 (a) | 2,044 | 2,033 | ||||||
CCG Receivables Trust, Series 2019-1, Class C, 3.57%, 9/14/26, Callable 11/14/22 @ 100 (a) | 875 | 857 | ||||||
CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a) | 2,874 | 2,464 | ||||||
Chase Auto Credit Linked Notes, Series 2020-1, Class B, 0.99%, 1/25/28, Callable 8/25/23 @ 100 (a) | 1,329 | 1,304 | ||||||
Chase Auto Credit Linked Notes, Series 2020-1, Class C, 1.39%, 1/25/28, Callable 8/25/23 @ 100 (a) | 518 | 509 | ||||||
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 11/15/22 @ 100 (a) | 13 | 13 | ||||||
Chesapeake Funding II LLC, Series 1A, Class A1, 0.47%, 4/15/33, Callable 11/15/23 @ 100 (a) | 1,677 | 1,626 | ||||||
Chesapeake Funding LLC, Series 2019-1A, Class B, 3.11%, 4/15/31, Callable 11/15/22 @ 100 (a) | 6,000 | 5,997 | ||||||
CNH Equipment Trust, Series 2022-A, Class A3, 2.94%, 7/15/27, Callable 2/15/26 @ 100 | 1,000 | 951 | ||||||
College Loan Corp. Trust, Series 2005-2, Class B, 4.57% (LIBOR03M+49bps), 1/15/37, Callable 10/15/28 @ 100 (b) | 876 | 813 | ||||||
Conn's Receivables Funding LLC, Series 2022-A, Class B, 9.52%, 12/15/26, Callable 4/15/24 @ 100 (a) | 5,000 | 4,954 | ||||||
Conn's Receivables Funding LLC, Series 2021-A, Class A, 1.05%, 5/15/26, Callable 12/15/22 @ 100 (a) | 490 | 484 | ||||||
Conn's Receivables Funding LLC, Series 2022-A, Class A, 5.87%, 12/15/26, Callable 5/15/23 @ 100 (a) | 5,884 | 5,864 | ||||||
Conn's Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26, Callable 9/15/23 @ 100.25 (a) | 1,350 | 1,300 | ||||||
CP EF Asset Securitization I LLC, Series 2022-1A, Class A, 5.96%, 4/15/30, Callable 5/15/25 @ 100 (a) | 3,930 | 3,862 | ||||||
CPS Auto Receivables Trust, Series 2022-D, Class B, 6.84%, 1/16/29, Callable 1/15/25 @ 100 (a) | 2,000 | 2,000 | ||||||
CPS Auto Receivables Trust, Series 2018-D, Class E, 5.82%, 6/16/25, Callable 4/15/23 @ 100 (a) | 5,000 | 4,990 | ||||||
CPS Auto Receivables Trust, Series 2021-C, Class B, 0.84%, 7/15/25, Callable 5/15/23 @ 100 (a) | 4,572 | 4,511 | ||||||
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88%, 8/15/28, Callable 9/15/24 @ 100 (a) | 2,000 | 1,911 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29, Callable 5/15/23 @ 100 (a) | 2,059 | 2,035 | ||||||
Credit Acceptance Auto Loan Trust, Series 2019-3A, Class B, 2.86%, 1/16/29, Callable 3/15/23 @ 100 (a) | 6,157 | 6,126 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class C, 2.59%, 6/15/29, Callable 7/15/23 @ 100 (a) | 4,000 | 3,883 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.63%, 9/16/30, Callable 11/15/24 @ 100 (a) | 3,000 | 2,667 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class A, 0.96%, 2/15/30, Callable 7/15/24 @ 100 (a) | 2,000 | 1,901 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 2/15/25 @ 100 (a) | 640 | 577 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.26%, 10/15/30, Callable 12/15/24 @ 100 (a) | 667 | 619 | ||||||
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class B, 4.95%, 8/16/32, Callable 11/15/25 @ 100 (a) | 1,000 | 959 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class B, 1.38%, 7/15/30, Callable 9/15/24 @ 100 (a) | 1,000 | 913 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
Credit Acceptance Auto Loan Trust, Series 2022-3A, Class C, 8.45%, 2/15/33 (a) | $ | 1,000 | $ | 998 | ||||
Credit Acceptance Auto Loan Trust, Series 2019-3A, Class C, 3.06%, 3/15/29, Callable 4/15/23 @ 100 (a) | 2,625 | 2,582 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 5/15/30, Callable 7/15/24 @ 100 (a) | 1,455 | 1,367 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, 1.94%, 2/18/31, Callable 4/15/25 @ 100 (a) | 1,000 | 874 | ||||||
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 4/20/23 @ 100 (a) | 281 | 278 | ||||||
Crossroads Asset Trust, Series 2021-A, Class B, 1.12%, 6/20/25, Callable 10/20/23 @ 100 (a) | 1,350 | 1,302 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class D, 1.21%, 6/22/27, Callable 4/22/24 @ 100 (a) | 2,188 | 2,029 | ||||||
Dell Equipment Finance Trust, Series 2020-2, Class B, 0.92%, 11/22/23, Callable 5/22/23 @ 100 (a) | 3,000 | 2,925 | ||||||
Dell Equipment Finance Trust, Series 2022-1, Class B, 2.72%, 8/23/27, Callable 8/22/24 @ 100 (a) | 1,550 | 1,471 | ||||||
Dell Equipment Finance Trust, Series 2020-2, Class C, 1.37%, 1/22/24, Callable 5/22/23 @ 100 (a) | 4,000 | 3,909 | ||||||
Dell Equipment Finance Trust, Series 2020-1, Class A3, 2.24%, 2/22/23, Callable 11/22/22 @ 100 (a) | 75 | 75 | ||||||
Dell Equipment Finance Trust, Series 2020-1, Class B, 2.98%, 4/24/23, Callable 11/22/22 @ 100 (a) | 775 | 774 | ||||||
Dell Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable 5/22/23 @ 100 (a) | 2,125 | 2,079 | ||||||
Dell Equipment Finance Trust, Series 2020-2, Class A3, 0.57%, 10/23/23, Callable 5/22/23 @ 100 (a) | 559 | 552 | ||||||
Diamond Infrastructure Funding LLC, Series 2021-1A, Class B, 2.35%, 4/15/49, Callable 9/20/25 @ 100 (a) | 3,000 | 2,423 | ||||||
Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a) | 3,333 | 2,709 | ||||||
Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a) | 3,273 | 2,727 | ||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class A, 1.51%, 11/21/33, Callable 4/20/25 @ 100 (a) | 1,480 | 1,383 | ||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class B, 2.05%, 11/21/33, Callable 4/20/25 @ 100 (a) | 854 | 798 | ||||||
DLLST LLC, Series 2022-1A, Class A4, 3.69%, 9/20/28, Callable 4/20/25 @ 100 (a) | 3,000 | 2,873 | ||||||
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class B, 0.98%, 12/11/34 (a) | 4,423 | 4,112 | ||||||
Donlen Fleet Lease Funding LLC, Series 2, Class C, 1.20%, 12/11/34 (a) | 5,000 | 4,604 | ||||||
Drive Auto Receivables Trust, Series 2018-4, Class D, 4.09%, 1/15/26, Callable 11/15/22 @ 100 | 550 | 547 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 11/15/23 @ 100 | 3,542 | 3,429 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 1/15/23 @ 100 | 1,175 | 1,171 | ||||||
DT Auto Owner Trust, Series 2022-2A, Class B, 4.22%, 1/15/27, Callable 5/15/24 @ 100 (a) | 2,000 | 1,920 | ||||||
DT Auto Owner Trust, Series 2021-3A, Class B, 0.58%, 11/17/25, Callable 10/15/23 @ 100 (a) | 5,350 | 5,139 | ||||||
DT Auto Owner Trust, Series 2022-2A, Class D, 5.46%, 3/15/28, Callable 6/15/25 @ 100 (a) | 2,000 | 1,846 | ||||||
DT Auto Owner Trust, Series 2019-4A, Class C, 2.73%, 7/15/25, Callable 1/15/23 @ 100 (a) | 708 | 706 | ||||||
DT Auto Owner Trust, Series 2021-3A, Class C, 0.87%, 5/17/27, Callable 5/15/24 @ 100 (a) | 3,125 | 2,907 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26, Callable 8/15/23 @ 100 (a) | $ | 635 | $ | 621 | ||||
Encina Equipment Finance LLC, Series 2021-1A, Class B, 1.21%, 2/16/27, Callable 10/15/23 @ 100 (a) | 713 | 673 | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class D, 1.69%, 11/15/27, Callable 12/15/23 @ 100 (a) | 1,538 | 1,425 | ||||||
Encina Equipment Finance LLC, Series 2022-1A, Class B, 5.15%, 1/16/29, Callable 1/15/26 @ 100 (a) | 1,000 | 958 | ||||||
Encina Equipment Finance LLC, Series 2021-1A, Class C, 1.39%, 6/15/27, Callable 12/15/23 @ 100 (a) | 846 | 791 | ||||||
Enterprise Fleet Financing LLC, Series 2022-2, Class A2, 4.65%, 5/21/29, Callable 12/20/25 @ 100 (a) | 2,000 | 1,964 | ||||||
Enterprise Fleet Financing LLC, Series 2021-1, Class A2, 0.44%, 12/21/26, Callable 4/20/24 @ 100 (a) | 1,720 | 1,660 | ||||||
Enterprise Fleet Financing LLC, Series 2019-1, Class A3, 3.07%, 10/20/24, Callable 11/20/22 @ 100 (a) | 412 | 412 | ||||||
Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 1/20/28, Callable 4/20/25 @ 100 (a) | 1,500 | 1,453 | ||||||
Enterprise Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25, Callable 4/20/23 @ 100 (a) | 2,050 | 2,004 | ||||||
Evergreen Credit Card Trust, Series 2021-1A, Class A, 0.90%, 10/15/26 (a) | 3,500 | 3,222 | ||||||
Evergreen Credit Card Trust, Series 2022-CRT1, Class B, 5.61%, 7/15/26 (a) | 2,000 | 1,948 | ||||||
Evergreen Credit Card Trust, Series 2022-CRT1, Class C, 6.19%, 7/15/26 (a) | 3,000 | 2,923 | ||||||
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 7/15/23 @ 100 | 1,601 | 1,581 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11%, 8/15/25, Callable 2/15/24 @ 100 (a) | 3,937 | 3,846 | ||||||
Exeter Automobile Receivables Trust, Series 2022-5A, Class C, 6.51%, 12/15/27, Callable 11/15/25 @ 100 | 1,000 | 993 | ||||||
Exeter Automobile Receivables Trust, Series 2020-1A, Class C, 2.49%, 1/15/25, Callable 12/15/22 @ 100 (a) | 624 | 623 | ||||||
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65%, 10/15/26, Callable 1/15/24 @ 100 | 2,000 | 1,927 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 1/15/24 @ 100 | 3,000 | 2,836 | ||||||
Exeter Automobile Receivables Trust, Series 2018-3, Class D, 4.35%, 6/17/24, Callable 3/15/23 @ 100 (a) | 474 | 472 | ||||||
First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.55%, 4/15/25, Callable 4/15/23 @ 100 (a) | 1,450 | 1,437 | ||||||
First Investors Auto Owner Trust, Series 2020-1A, Class C, 2.55%, 2/17/26, Callable 5/15/23 @ 100 (a) | 4,039 | 4,011 | ||||||
First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 6/15/23 @ 100 (a) | 5,657 | 5,615 | ||||||
First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 2/15/23 @ 100 (a) | 3,900 | 3,900 | ||||||
FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/38 (a) | 2,308 | 1,973 | ||||||
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a) | 989 | 868 | ||||||
FirstKey Homes Trust, Series 2021-SFR1, Class C, 1.89%, 8/17/38 (a) | 3,000 | 2,463 | ||||||
FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a) | 1,000 | 878 | ||||||
FirstKey Homes Trust, Series 2021-SFR3, Class C, 2.54%, 12/17/38 (a) | 1,750 | 1,491 | ||||||
FirstKey Homes Trust, Series 2021-SFR1, Class B, 1.79%, 8/17/38 (a) | 3,000 | 2,506 | ||||||
Flagship Credit Auto Trust, Series 2022-2, Class B, 4.76%, 5/17/27, Callable 3/15/25 @ 100 (a) | 2,000 | 1,904 | ||||||
Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 6/15/24 @ 100 (a) | 5,000 | 4,919 | ||||||
Flagship Credit Auto Trust, Series 2019-4, Class E, 4.11%, 3/15/27, Callable 10/15/24 @ 100 (a) | 2,765 | 2,492 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Flagship Credit Auto Trust, Series 2021-3, Class B, 0.95%, 7/15/27, Callable 7/15/24 @ 100 (a) | $ | 3,300 | $ | 3,028 | ||||
Flagship Credit Auto Trust, Series 2020-4, Class B, 1.00%, 10/15/25, Callable 6/15/23 @ 100 (a) | 3,750 | 3,685 | ||||||
Flagship Credit Auto Trust, Series 2021-1, Class C, 0.91%, 3/15/27, Callable 5/15/24 @ 100 (a) | 2,700 | 2,527 | ||||||
Flagship Credit Auto Trust, Series 2021-1, Class B, 0.68%, 2/16/27, Callable 8/15/23 @ 100 (a) | 3,100 | 3,002 | ||||||
Flagship Credit Auto Trust, Series 2019-2, Class D, 3.53%, 5/15/25, Callable 4/15/24 @ 100 (a) | 3,000 | 2,886 | ||||||
Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100 (a) | 5,000 | 4,271 | ||||||
Ford Credit Auto Lease Trust, Series 2021-A, Class C, 0.78%, 9/15/25, Callable 6/15/23 @ 100 | 1,250 | 1,212 | ||||||
Ford Credit Auto Lease Trust, Series 2022-A, Class B, 3.81%, 8/15/25, Callable 9/15/24 @ 100 | 1,286 | 1,248 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, 8/15/31, Callable 2/15/25 @ 100 (a) | 2,667 | 2,452 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31, Callable 2/15/25 @ 100 (a) | 5,000 | 4,581 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class C, 2.54%, 8/15/31, Callable 2/15/25 @ 100 (a) | 5,000 | 4,465 | ||||||
Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class B, 0.98%, 9/15/25 | 3,500 | 3,337 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class C, 1.02%, 9/15/26, Callable 2/15/24 @ 100 (a) | 1,325 | 1,230 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class A3, 0.81%, 5/15/26, Callable 9/15/23 @ 100 (a) | 4,300 | 4,204 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class B, 2.15%, 5/17/27, Callable 8/15/24 @ 100 (a) | 2,000 | 1,863 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2022-1, Class A3, 1.83%, 12/15/26, Callable 4/15/24 @ 100 (a) | 1,200 | 1,144 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class A3, 0.64%, 7/15/25, Callable 2/15/23 @ 100 (a) | 896 | 889 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 9/15/23 @ 100 (a) | 2,344 | 2,265 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2022-2, Class B, 5.19%, 10/15/27, Callable 9/15/25 @ 100 (a) | 2,500 | 2,426 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2021-2, Class B, 1.31%, 7/15/27, Callable 1/15/24 @ 100 (a) | 5,749 | 5,462 | ||||||
FRTKL, Series 2021-SFR1, Class B, 1.72%, 9/17/38 (a) | 1,500 | 1,287 | ||||||
GLS Auto Receivables Issuer Trust, Series 4A, Class B, 1.53%, 4/15/26, Callable 2/15/24 @ 100 (a) | 1,000 | 950 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-4A, Class C, 1.14%, 11/17/25, Callable 9/15/23 @ 100 (a) | 1,781 | 1,741 | ||||||
GLS Auto Receivables Issuer Trust, Series 4A, Class A, 0.84%, 7/15/25, Callable 8/15/23 @ 100 (a) | 842 | 827 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class C, 1.11%, 9/15/26, Callable 5/15/24 @ 100 (a) | 3,611 | 3,372 | ||||||
GLS Auto Receivables Issuer Trust, Series 2022-2A, Class B, 4.70%, 9/15/26, Callable 2/15/25 @ 100 (a) | 2,000 | 1,930 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-3A, Class B, 0.78%, 11/17/25, Callable 9/15/23 @ 100 (a) | 2,750 | 2,652 | ||||||
GLS Auto Receivables Issuer Trust, Series 2A, Class C, 4.57%, 4/15/26, Callable 3/15/24 @ 100 (a) | 1,250 | 1,217 | ||||||
GLS Auto Receivables Issuer Trust, Series 2020-2A, Class D, 7.48%, 4/15/27, Callable 5/15/24 @ 100 (a) | 1,560 | 1,546 | ||||||
GLS Auto Receivables Issuer Trust, Series 2021-1A, Class B, 0.82%, 4/15/25, Callable 1/15/23 @ 100 (a) | 845 | 841 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
GLS Auto Receivables Trust, Series 2021-2A, Class B, 0.77%, 9/15/25, Callable 6/15/23 @ 100 (a) | $ | 5,000 | $ | 4,922 | ||||
GLS Auto Receivables Trust, Series 2022-1A, Class B, 2.84%, 5/15/26, Callable 3/15/24 @ 100 (a) | 1,000 | 949 | ||||||
GLS Auto Receivables Trust, Series 2021-2A, Class C, 1.08%, 6/15/26, Callable 1/15/24 @ 100 (a) | 3,043 | 2,895 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56%, 7/22/24, Callable 1/20/23 @ 100 | 1,625 | 1,614 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-3, Class C, 1.11%, 10/21/24, Callable 4/20/23 @ 100 | 1,786 | 1,753 | ||||||
GM Financial Automobile Leasing Trust, Series 2022-2, Class B, 4.02%, 5/20/26, Callable 10/20/24 @ 100 | 1,250 | 1,203 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-3, Class B, 0.76%, 10/21/24, Callable 4/20/23 @ 100 | 2,000 | 1,967 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class C, 3.07%, 11/18/24, Callable 12/16/22 @ 100 | 2,000 | 1,996 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25, Callable 12/16/23 @ 100 | 1,500 | 1,452 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class C, 1.31%, 10/15/25 (a) | 2,250 | 2,146 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class B, 0.96%, 10/15/25 (a) | 1,750 | 1,660 | ||||||
Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 8/15/28 (a) | 5,000 | 4,307 | ||||||
Great American Auto Leasing, Inc., Series 2019-1, Class A4, 3.21%, 2/18/25, Callable 12/15/22 @ 100 (a) | 301 | 300 | ||||||
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class B, 2.00%, 2/16/26, Callable 12/15/23 @ 100 (a) | 1,090 | 1,047 | ||||||
Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, 1.99%, 6/25/26, Callable 6/25/25 @ 100 (a) | 1,000 | 906 | ||||||
Hertz Vehicle Financing III LLC, Series 2022-1A, Class C, 2.63%, 6/25/26, Callable 6/25/25 @ 100 (a) | 2,700 | 2,379 | ||||||
Hertz Vehicle Financing III LLC, Series 2022-1A, Class B, 2.19%, 6/25/26, Callable 6/25/25 @ 100 (a) | 2,250 | 1,991 | ||||||
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 3/25/25, Callable 3/25/24 @ 100 (a) | 2,000 | 1,936 | ||||||
Hertz Vehicle Financing LLC, Series 2022-4A, Class A, 3.73%, 9/25/26, Callable 9/25/25 @ 100 (a) | 4,000 | 3,753 | ||||||
Hpefs Equipment Trust, Series 2022-2A, Class D, 4.94%, 3/20/30, Callable 9/20/25 @ 100 (a) | 1,200 | 1,149 | ||||||
HPEFS Equipment Trust, Series 2021-1A, Class C, 0.75%, 3/20/31, Callable 11/20/23 @ 100 (a) | 2,500 | 2,382 | ||||||
HPEFS Equipment Trust, Series 2021-2A, Class C, 0.88%, 9/20/28, Callable 5/20/24 @ 100 (a) | 3,843 | 3,596 | ||||||
HPEFS Equipment Trust, Series 2020-2A, Class B, 1.20%, 7/22/30, Callable 12/20/22 @ 100 (a) | 1,849 | 1,846 | ||||||
HPEFS Equipment Trust, Series 2021-2A, Class D, 1.29%, 3/20/29, Callable 7/20/24 @ 100 (a) | 2,719 | 2,494 | ||||||
HPEFS Equipment Trust, Series 2020-1A, Class C, 2.03%, 2/20/30, Callable 1/20/23 @ 100 (a) | 2,522 | 2,513 | ||||||
HPEFS Equipment Trust, Series 2020-2A, Class C, 2.00%, 7/22/30, Callable 4/20/23 @ 100 (a) | 3,400 | 3,371 | ||||||
HPEFS Equipment Trust, Series 2021-1A, Class D, 1.03%, 3/20/31, Callable 3/20/24 @ 100 (a) | 4,700 | 4,385 | ||||||
HPEFS Equipment Trust, Series 2020-1A, Class D, 2.26%, 2/20/30, Callable 2/20/23 @ 100 (a) | 2,000 | 1,973 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class C, 1.02%, 9/25/28, Callable 5/25/24 @ 100 (a) | 1,230 | 1,183 | ||||||
JPMorgan Chase Bank NA, Series 2020-2, Class D, 1.49%, 2/25/28, Callable 12/25/23 @ 100 (a) | 1,779 | 1,732 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
JPMorgan Chase Bank NA, Series 2020-1, Class D, 1.89%, 1/25/28, Callable 8/25/23 @ 100 (a) | $ | 212 | $ | 208 | ||||
JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 12/25/23 @ 100 (a) | 505 | 492 | ||||||
JPMorgan Chase Bank NA, Series 2021-3, Class D, 1.01%, 2/26/29, Callable 2/25/25 @ 100 (a) | 1,776 | 1,663 | ||||||
JPMorgan Chase Bank NA, Series 2020-2, Class B, 0.84%, 2/25/28, Callable 12/25/23 @ 100 (a) | 1,011 | 983 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 6/25/24 @ 100 (a) | 1,116 | 1,070 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class D, 1.17%, 9/25/28, Callable 5/25/24 @ 100 (a) | 1,632 | 1,562 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 5/25/24 @ 100 (a) | 3,280 | 3,161 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class D, 1.14%, 12/26/28, Callable 6/25/24 @ 100 (a) | 571 | 544 | ||||||
Kubota Credit Owner Trust, Series 2022-1A, Class A3, 2.67%, 10/15/26, Callable 12/15/25 @ 100 (a) | 2,000 | 1,861 | ||||||
Kubota Credit Owner Trust, Series 2020-1A, Class A3, 1.96%, 3/15/24, Callable 6/15/23 @ 100 (a) | 1,412 | 1,397 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94%, 11/16/26, Callable 4/15/24 @ 100 (a) | 3,000 | 2,841 | ||||||
LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 6/15/27, Callable 7/15/25 @ 100 (a) | 1,732 | 1,709 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 1/15/24 @ 100 (a) | 1,396 | 1,358 | ||||||
LAD Auto Receivables Trust, Series 2022-1A, Class C, 6.85%, 4/15/30, Callable 3/15/26 @ 100 (a) | 2,000 | 1,957 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class C, 2.35%, 4/15/27, Callable 8/15/24 @ 100 (a) | 3,000 | 2,799 | ||||||
LAD Auto Receivables Trust, Series 2022-1A, Class B, 5.87%, 9/15/27, Callable 10/15/25 @ 100 (a) | 1,600 | 1,551 | ||||||
Master Credit Card Trust, Series 2020-1A, Class B, 2.27%, 9/21/24 (a) | 833 | 823 | ||||||
Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a) | 1,346 | 1,247 | ||||||
Master Credit Card Trust, Series 2018-1A, Class C, 3.74%, 7/21/24 (a) | 1,750 | 1,742 | ||||||
Master Credit Card Trust, Series 2020-1A, Class C, 2.59%, 9/21/24 (a) | 2,125 | 2,095 | ||||||
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a) | 4,151 | 3,837 | ||||||
MMAF Equipment Finance LLC, Series 2020-BA, Class A5, 0.85%, 4/14/42, Callable 12/14/24 @ 100 (a) | 5,000 | 4,470 | ||||||
MMAF Equipment Finance LLC, Series 2022-A, Class A3, 3.20%, 1/13/28 (a) | 2,000 | 1,877 | ||||||
MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 9/20/26 @ 100 (a) | 1,259 | 1,104 | ||||||
MVW LLC, Series 2021-1WA, Class B, 1.44%, 1/22/41, Callable 9/20/26 @ 100 (a) | 1,317 | 1,161 | ||||||
MVW Owner Trust, Series 2018-1A, Class A, 3.45%, 1/21/36, Callable 8/20/24 @ 100 (a) | 3,634 | 3,497 | ||||||
MVW Owner Trust, Series 2017-1A, Class A, 2.42%, 12/20/34, Callable 8/20/23 @ 100 (a) | 341 | 331 | ||||||
Nelnet Student Loan Trust, Series 2005-3, Class B, 3.88% (LIBOR03M+28bps), 9/22/37, Callable 12/22/22 @ 100 (b) | 1,048 | 1,046 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a) | 1,466 | 1,187 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a) | 4,516 | 3,784 | ||||||
NMEF Funding LLC, Series 2021-A, Class A2, 0.81%, 12/15/27, Callable 9/15/23 @ 100 (a) | 2,029 | 1,988 | ||||||
NMEF Funding LLC, Series 2021-A, Class B, 1.85%, 12/15/27, Callable 7/15/24 @ 100 (a) | 4,000 | 3,776 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
NMEF Funding LLC, Series 2022-B, Class A2, 6.07%, 6/15/29, Callable 4/15/26 @ 100 (a) | $ | 1,000 | $ | 996 | ||||
NMEF Funding LLC, Series 2022-B, Class B, 7.12%, 6/15/29, Callable 11/15/26 @ 100 (a) | 1,000 | 997 | ||||||
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47 (a) | 1,592 | 1,489 | ||||||
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a) | 3,693 | 3,288 | ||||||
Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 1/10/25 @ 100 (a) | 7,500 | 6,754 | ||||||
Oscar U.S. Funding XII LLC, Series 1A, Class A3, 0.70%, 4/10/25, Callable 3/10/24 @ 100 (a) | 3,245 | 3,115 | ||||||
Oscar U.S. Funding XIII LLC, Series 2021-2A, Class A3, 0.86%, 9/10/25, Callable 9/10/24 @ 100 (a) | 5,600 | 5,273 | ||||||
Oscar U.S. Funding XIII LLC, Series 2021-2A, Class A4, 1.27%, 9/11/28, Callable 5/10/25 @ 100 (a) | 8,100 | 7,202 | ||||||
Oscar U.S. Funding XIV LLC, Series 2022-1A, Class A3, 2.30%, 4/10/26, Callable 4/10/25 @ 100 (a) | 2,000 | 1,879 | ||||||
Oscar US Funding XIV LLC, Series 2022-1A, Class A4, 2.82%, 4/10/29, Callable 2/10/26 @ 100 (a) | 900 | 820 | ||||||
Pawnee Equipment Receivables LLC, Series 2021-1, Class B, 1.82%, 7/15/27, Callable 7/15/25 @ 100 (a) | 1,637 | 1,467 | ||||||
Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 1/15/25 @ 100 (a) | 1,858 | 1,769 | ||||||
Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25, Callable 8/15/23 @ 100 (a) | 1,373 | 1,353 | ||||||
Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 12/15/23 @ 100 (a) | 930 | 891 | ||||||
Pawnee Equipment Receivables LLC, Series 2019-1, Class A2, 2.29%, 10/15/24, Callable 11/15/22 @ 100 (a) | 12 | 12 | ||||||
Pawneee Equipment Receivables LLC, Series 2022-1, Class A3, 5.17%, 2/15/28, Callable 3/15/26 @ 100 (a) | 1,000 | 978 | ||||||
Pawneee Equipment Receivables Series LLC, Series 2022-1, Class B, 5.40%, 7/17/28, Callable 10/15/26 @ 100 (a) | 1,000 | 968 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4, 4.18%, 12/15/28, Callable 8/15/25 @ 100 (a) | 1,000 | 973 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class B, 4.60%, 12/15/28, Callable 11/15/25 @ 100 (a) | 1,549 | 1,483 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class C, 4.83%, 12/15/28, Callable 12/15/25 @ 100 (a) | 1,333 | 1,273 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class D, 5.85%, 6/17/30, Callable 12/15/25 @ 100 (a) | 912 | 856 | ||||||
Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 4/15/23 @ 100 (a) | 3,343 | 3,314 | ||||||
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01%, 8/15/25, Callable 3/15/23 @ 100 (a) | 5,000 | 4,944 | ||||||
Prestige Auto Receivables Trust, Series 2018-1A, Class D, 4.14%, 10/15/24, Callable 1/15/23 @ 100 (a) | 2,388 | 2,381 | ||||||
Progress Residential Trust, Series 2021-SFR5, Class C, 1.81%, 7/17/38 (a) | 1,500 | 1,264 | ||||||
Progress Residential Trust, Series 2021-SFR4, Class B, 1.81%, 5/17/38 (a) | 4,500 | 3,947 | ||||||
Progress Residential Trust, Series 2021-SFR2, Class B, 1.80%, 4/19/38 (a) | 6,850 | 5,895 | ||||||
Progress Residential Trust, Series 2021-SFR5, Class B, 1.66%, 7/17/38 (a) | 2,400 | 2,046 | ||||||
Progress Residential Trust, Series 2021-SFR6, Class B, 1.75%, 7/17/38, Callable 7/17/26 @ 100 (a) | 2,813 | 2,381 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class D, 6.79%, 8/16/32, Callable 9/15/24 @ 100 (a) | 1,896 | 1,888 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class E, 8.68%, 8/16/32, Callable 9/15/24 @ 100 (a) | 1,753 | 1,747 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued | |
USAA Short-Term Bond Fund | October 31, 2022 | |
(Amounts in Thousands, Except for Shares) | (Unaudited) | |
Security Description | Principal Amount | Value | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class C, 7.38%, 5/15/32, Callable 12/15/24 @ 100 (a) | $ | 3,896 | $ | 3,766 | ||||
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C, 5.92%, 8/16/32, Callable 9/15/24 @ 100 (a) | 1,751 | 1,744 | ||||||
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 5/15/32, Callable 12/15/24 @ 100 (a) | 3,117 | 3,010 | ||||||
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 9/15/24 @ 100 (a) | 1,742 | 1,671 | ||||||
Santander Bank NA, Series 2021-1A, Class C, 3.27%, 12/15/31, Callable 9/15/24 @ 100 (a) | 440 | 422 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 4/15/26, Callable 2/15/24 @ 100 (a) | 7,400 | 7,014 | ||||||
Santander Retail Auto Lease Trust, Series 2020-A, Class B, 1.88%, 3/20/24, Callable 12/20/22 @ 100 (a) | 5,500 | 5,477 | ||||||
Santander Retail Auto Lease Trust, Series 2021-C, Class C, 1.11%, 3/20/26, Callable 7/20/24 @ 100 (a) | 2,188 | 2,020 | ||||||
Santander Retail Auto Lease Trust, Series 2021-C, Class B, 0.83%, 3/20/26, Callable 6/20/24 @ 100 (a) | 1,750 | 1,622 | ||||||
Santander Retail Auto Lease Trust, Series 2020-B, Class C, 1.18%, 12/20/24, Callable 1/20/24 @ 100 (a) | 1,000 | 943 | ||||||
Santander Retail Auto Lease Trust, Series 2021-B, Class B, 0.84%, 6/20/25, Callable 4/20/24 @ 100 (a) | 5,000 | 4,654 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class C, 2.60%, 8/21/28, Callable 4/20/25 @ 100 (a) | 2,900 | 2,637 | ||||||
SCF Equipment Leasing LLC, Series 2019-2, Class B, 2.76%, 8/20/26, Callable 7/20/24 @ 100 (a) | 2,000 | 1,906 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 5/20/24 @ 100 (a) | 6,093 | 5,873 | ||||||
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 3/20/25 @ 100 (a) | 3,824 | 3,524 | ||||||
Securitized Term Auto Receivables Trust, Series 2019-CRTA, Class B, 2.45%, 3/25/26, Callable 4/25/23 @ 100 (a) | 266 | 263 | ||||||
Securitized Term Auto Receivables Trust, Series 2019-CRTA, Class C, 2.85%, 3/25/26, Callable 4/25/23 @ 100 (a) | 380 | 376 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 1A, Class A, 3.20%, 1/20/36, Callable 2/20/24 @ 100 (a) | 1,350 | 1,289 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 3A, Class A, 2.34%, 8/20/36, Callable 10/20/24 @ 100 (a) | 2,788 | 2,625 | ||||||
Synchrony Card Funding LLC, Series 2022-A1, Class A, 3.37%, 4/15/28, Callable 4/15/25 @ 100 | 880 | 845 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class B, 3.67%, 5/15/26 | 510 | 505 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 5,000 | 4,955 | ||||||
Tesla Auto Lease Trust, Series 2020-A, Class B, 1.18%, 1/22/24, Callable 3/20/23 @ 100 (a) | 2,750 | 2,707 | ||||||
Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 5/23/23 @ 100 (a) | 2,361 | 2,335 | ||||||
Tricolor Auto Securitization Trust, Series 2021-1A, Class B, 1.00%, 6/17/24, Callable 1/15/23 @ 100 (a) | 4,250 | 4,211 | ||||||
Tricolor Auto Securitization Trust, Series 2021-1A, Class A, 0.74%, 4/15/24, Callable 12/15/22 @ 100 (a) | 815 | 812 | ||||||
Tricon Residential Trust, Series 2022-SFR1, Class B, 4.20%, 4/17/39 (a) | 1,000 | 911 | ||||||
Trinity Rail Leasing LLC, Series 2019-2A, Class A1, 2.39%, 10/18/49, Callable 11/17/22 @ 100 (a) | 1,445 | 1,334 | ||||||
Unify Auto Receivables Trust, Series 2021-1A, Class B, 1.29%, 11/16/26, Callable 9/15/24 @ 100 (a) | 3,000 | 2,808 | ||||||
Unify Auto Receivables Trust, Series 2021-1A, Class A4, 0.98%, 7/15/26, Callable 6/15/24 @ 100 (a) | 3,000 | 2,876 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a) | $ | 6,500 | $ | 5,625 | ||||
Volvo Financial Equipment LLC, Series 2020-1A, Class A4, 0.60%, 3/15/28, Callable 8/15/24 @ 100 (a) | 1,750 | 1,629 | ||||||
VSE VOI Mortgage LLC, Series 2017-A, Class B, 2.63%, 3/20/35, Callable 3/20/24 @ 100 (a) | 2,263 | 2,114 | ||||||
Westlake Automobile Receivables Trust, Series 2020-1A, Class C, 2.52%, 4/15/25, Callable 4/15/23 @ 100 (a) | 2,901 | 2,882 | ||||||
Westlake Automobile Receivables Trust, Series 2022-3A, Class C, 6.44%, 12/15/27, Callable 8/15/25 @ 100 (a) | 2,000 | 2,006 | ||||||
Westlake Automobile Receivables Trust, Series 2021-3A, Class D, 2.12%, 1/15/27, Callable 1/15/25 @ 100 (a) | 1,000 | 889 | ||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 9/15/27, Callable 11/15/24 @ 100 (a) | 800 | 764 | ||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.85%, 9/15/27, Callable 6/15/25 @ 100 (a) | 1,429 | 1,364 | ||||||
Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 5/15/23 @ 100 (a) | 4,000 | 3,966 | ||||||
Wheels Fleet Lease Funding 1 LLC, Series 2022-1A, Class A, 2.47%, 10/18/36, Callable 9/18/24 @ 100 (a) | 1,919 | 1,864 | ||||||
Wheels SPV 2 LLC, Series 2020-1A, Class A3, 0.62%, 8/20/29, Callable 2/20/24 @ 100 (a) | 3,250 | 3,078 | ||||||
World Omni Auto Receivables Trust, Series 2018-D, Class B, 3.67%, 12/16/24, Callable 12/15/22 @ 100 | 2,000 | 1,997 | ||||||
World Omni Auto Receivables Trust, Series 2018-D, Class C, 3.87%, 8/15/25, Callable 12/15/22 @ 100 | 4,000 | 3,995 | ||||||
World Omni Automobile Lease Securitization Trust, Series 2022-A, Class A4, 3.34%, 6/15/27 | 1,500 | 1,449 | ||||||
World Omni Select Auto Trust, Series 2020-A, Class B, 0.84%, 6/15/26, Callable 12/15/23 @ 100 | 5,750 | 5,515 | ||||||
World Omni Select Auto Trust, Series 2021-A, Class D, 1.44%, 11/15/27, Callable 12/15/24 @ 100 | 2,750 | 2,480 | ||||||
Total Asset-Backed Securities (Cost $777,171) | 733,942 | |||||||
Collateralized Mortgage Obligations (7.1%) | ||||||||
American Money Management Corp., Series 2016-19A, Class AR, 5.22% (LIBOR03M+114bps), 10/16/28, Callable 1/15/23 @ 100 (a)(b) | 341 | 338 | ||||||
Annisa CLO Ltd., Series 2016-2, Class AR, 5.34% (LIBOR03M+110bps), 7/20/31, Callable 1/20/23 @ 100 (a)(b) | 3,000 | 2,918 | ||||||
BBCMS Mortgage Trust, Series 2020-BID, Class B, 5.95% (LIBOR01M+254bps), 10/15/37 (a)(b) | 5,000 | 4,901 | ||||||
BBCMS Mortgage Trust, Series 2020-BID, Class A, 5.55% (LIBOR01M+214bps), 10/15/37 (a)(b) | 3,000 | 2,923 | ||||||
BPR Trust, Series 2022-OANA, Class B, 5.82% (TSFR1M+245bps), 4/15/37 (a)(b) | 3,000 | 2,867 | ||||||
BPR Trust, Series 2021-TY, Class D, 5.76% (LIBOR01M+235bps), 9/15/38 (a)(b) | 1,313 | 1,223 | ||||||
BPR Trust, Series 2021-TY, Class B, 4.56% (LIBOR01M+115bps), 9/15/38 (a)(b) | 750 | 710 | ||||||
BPR Trust, Series 2021-TY, Class C, 5.11% (LIBOR01M+170bps), 9/15/38 (a)(b) | 2,712 | 2,550 | ||||||
BPR Trust, Series 2021-TY, Class A, 4.46% (LIBOR01M+105bps), 9/15/38 (a)(b) | 3,731 | 3,556 | ||||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class B, 4.36% (LIBOR01M+85bps), 9/15/36 (a)(b) | 2,500 | 2,343 | ||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 4.86% (LIBOR01M+145bps), 10/15/36 (a)(b) | 2,550 | 2,444 | ||||||
BX Trust, Series 2022-CLS, Class B, 6.30%, 10/13/27 (a) | 2,750 | 2,719 | ||||||
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a) | 7,600 | 7,350 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class A3, 2.82%, 4/10/46, Callable 4/10/23 @ 100 | $ | 2,052 | $ | 2,038 | ||||
Columbia Cent CLO 32 Ltd., Series 2022-32A, Class BF, 5.20%, 7/24/34, Callable 1/24/24 @ 100 (a) | 1,000 | 881 | ||||||
COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a)(c) | 14,610 | 13,762 | ||||||
COMM Mortgage Trust, Series 2020-CBM, Class B, 3.10%, 2/10/37, Callable 2/10/25 @ 100 (a) | 5,000 | 4,503 | ||||||
COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 6,550 | 6,233 | ||||||
COMM Mortgage Trust, Series 2012-CR4, Class XA, 1.50%, 10/15/45, Callable 11/15/22 @ 100 (c)(d) | 29,702 | 1 | ||||||
COMM Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, 2/10/37, Callable 2/10/25 @ 100 (a) | 5,620 | 5,130 | ||||||
COMM Mortgage Trust, Series 2015-PC1, Class B, 4.29%, 7/10/50, Callable 6/10/25 @ 100 (c) | 3,366 | 3,178 | ||||||
COMM Mortgage Trust, Series 2020-CBM, Class C, 3.40%, 2/10/37, Callable 2/10/25 @ 100 (a) | 6,875 | 6,168 | ||||||
Credit Suisse Mortgage Capital Certificates, Series 2021-980M, Class A, 2.39%, 7/15/31 (a) | 2,500 | 2,147 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, 4.49% (LIBOR01M+108bps), 7/15/38 (a)(b) | 1,952 | 1,877 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class B, 4.79% (LIBOR01M+138bps), 7/15/38 (a)(b) | 759 | 720 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class C, 5.11% (LIBOR01M+170bps), 7/15/38 (a)(b) | 2,440 | 2,317 | ||||||
FREMF Mortgage Trust, Series 2017-K724, Class B, 3.50%, 12/25/49 (a)(c) | 4,935 | 4,804 | ||||||
GS Mortgage Securities Corp. Trust, Series 2017-SLP, Class A, 3.42%, 10/10/32 (a) | 4,730 | 4,541 | ||||||
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a) | 13,530 | 12,724 | ||||||
GS Mortgage Securities Corp. Trust, Series 2020-UPTN, Class A, 2.75%, 2/10/37, Callable 2/10/25 @ 100 (a) | 2,000 | 1,828 | ||||||
GS Mortgage Securities Trust, Series 2012-GCJ9, Class XA, 1.51%, 11/10/45 (c)(d) | 3,450 | — | (e) | |||||
Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a) | 11,824 | 10,786 | ||||||
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 8/10/38, Callable 8/10/26 @ 100 (a) | 2,000 | 1,771 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.37%, 12/15/47, Callable 3/15/23 @ 100 | 2,000 | 1,983 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.08%, 1/15/46, Callable 7/15/23 @ 100 (c) | 1,132 | 1,102 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 3/15/23 @ 100 (c) | 4,550 | 4,497 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.08%, 1/15/46, Callable 7/15/23 @ 100 (c) | 4,212 | 4,139 | ||||||
KNDL Mortgage Trust, Series 2019-KNSQ, Class B, 4.36% (LIBOR01M+95bps), 5/15/36 (a)(b) | 2,000 | 1,951 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class B, 4.29% (LIBOR01M+88bps), 3/15/38 (a)(b) | 2,949 | 2,792 | ||||||
Morgan Stanley Capital I Trust, Series 2019-NUGS, Class B, 4.71% (LIBOR01M+130bps), 12/15/36 (a)(b) | 3,846 | 3,648 | ||||||
Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 3.78% (LIBOR03M+80bps), 2/20/28, Callable 11/20/22 @ 100 (a)(b) | 1,564 | 1,546 | ||||||
Palmer Square Loan Funding Ltd., Series 2021-1A, Class A1, 5.14% (LIBOR03M+90bps), 4/20/29, Callable 1/20/23 @ 100 (a)(b) | 853 | 838 | ||||||
Palmer Square Loan Funding Ltd., Series 2020-1A, Class A2, 4.33% (LIBOR03M+135bps), 2/20/28, Callable 11/20/22 @ 100 (a)(b) | 4,600 | 4,455 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Race Point CLO Ltd., Series 2016-10A, Class A1R, 5.46% (LIBOR03M+110bps), 7/25/31, Callable 1/25/23 @ 100 (a)(b) | $ | 4,437 | $ | 4,312 | ||||
Sequoia Mortgage Trust, Series 2013-5, Class A2, 3.00%, 5/25/43, Callable 12/25/23 @ 100 (a)(c) | 610 | 527 | ||||||
SREIT Trust, Series 2021-MFP2, Class B, 4.58% (LIBOR01M+117bps), 11/15/36 (a)(b) | 2,000 | 1,887 | ||||||
SREIT Trust, Series 2021-MFP2, Class C, 4.78% (US0001M+137bps), 11/15/36 (a)(b) | 2,000 | 1,877 | ||||||
Stratus CLO Ltd., Series 2021-3A, Class B, 5.79% (LIBOR03M+155bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 1,643 | 1,551 | ||||||
Stratus CLO Ltd., Series 2021-3A, Class A, 5.19% (LIBOR03M+95bps), 12/29/29, Callable 1/20/23 @ 100 (a)(b) | 1,810 | 1,775 | ||||||
TTAN, Series 2021-MHC, Class C, 4.76% (LIBOR01M+140bps), 3/15/38 (a)(b) | 2,963 | 2,805 | ||||||
TTAN, Series 2021-MHC, Class D, 5.16% (LIBOR01M+180bps), 3/15/38 (a)(b) | 1,185 | 1,112 | ||||||
TTAN, Series 2021-MHC, Class B, 4.51% (LIBOR01M+115bps), 3/15/38 (a)(b) | 2,201 | 2,085 | ||||||
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.86%, 3/15/48, Callable 3/15/23 @ 100 (c) | 2,000 | 1,975 | ||||||
Total Collateralized Mortgage Obligations (Cost $180,282) | 169,108 | |||||||
Preferred Stocks (0.2%) | ||||||||
Financials (0.2%): | ||||||||
Citigroup Capital XIII, 10.78% (LIBOR03M+637bps), 10/30/40 (b) | 200,000 | 5,490 | ||||||
Total Preferred Stocks (Cost $5,470) | 5,490 | |||||||
Convertible Corporate Bonds (0.1%) | ||||||||
Information Technology (0.1%): | ||||||||
Western Digital Corp., 1.50%, 2/1/24 | $ | 3,222 | 3,078 | |||||
Total Convertible Corporate Bonds (Cost $3,088) | 3,078 | |||||||
Senior Secured Loans (0.9%) | ||||||||
Axalta Coating Systems US Holdings, Inc., 6/1/24 (f) | 1,165 | 1,151 | ||||||
Clean Harbors, Inc., Initial Term Loan, First Lien, 4.87% (LIBOR01M+175bps), 6/30/24 (b) | 2,461 | 2,446 | ||||||
Delos Finance S.A.R.L., Loans, First Lien, 5.42% (LIBOR03M+175bps), 10/6/23 (b) | 10,000 | 9,970 | ||||||
Genpact International, Inc., Term Loan, First Lien, 4.49% (LIBOR01M+138bps), 8/9/23 (b) | 8,463 | 8,399 | ||||||
Total Senior Secured Loans (Cost $22,080) | 21,966 | |||||||
Corporate Bonds (41.1%) | ||||||||
Communication Services (1.0%): | ||||||||
AT&T, Inc., 11/27/22, (a)(g)(h) | 4,000 | 3,986 | ||||||
Magallanes, Inc., 3.64%, 3/15/25 (a) | 4,000 | 3,773 | ||||||
Sprint Communications, Inc., 6.00%, 11/15/22 | 1,000 | 1,000 | ||||||
Sprint Corp., 7.88%, 9/15/23 | 4,000 | 4,065 | ||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 3/20/25, Callable 3/20/24 @ 100 (a) | 6,468 | 6,370 | ||||||
TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38 (a) | 3,000 | 2,961 | ||||||
T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38 | 2,641 | 2,505 | ||||||
24,660 | ||||||||
Consumer Discretionary (3.0%): | ||||||||
Association of American Medical Colleges | ||||||||
2.27%, 10/1/25 | 4,145 | 3,737 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
2.39%, 10/1/26 | $ | 4,275 | $ | 3,771 | ||||
BMW US Capital LLC, 3.25%, 4/1/25 (a) | 2,000 | 1,912 | ||||||
Duke University Health System, Inc., 2.26%, 6/1/26 | 700 | 617 | ||||||
Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100 (a) | 5,000 | 4,997 | ||||||
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a) | 2,000 | 1,757 | ||||||
Howard University | ||||||||
2.80%, 10/1/23 | 1,000 | 974 | ||||||
2.42%, 10/1/24 | 1,350 | 1,251 | ||||||
KB Home, 7.63%, 5/15/23, Callable 11/15/22 @ 100 | 1,418 | 1,420 | ||||||
Lithia Motors, Inc., 4.63%, 12/15/27, Callable 12/15/22 @ 103.47 (a) | 5,718 | 5,155 | ||||||
MGM Resorts International, 6.00%, 3/15/23 | 2,787 | 2,789 | ||||||
Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 12/12/22 @ 102.81 | 7,470 | 7,171 | ||||||
Nordstrom, Inc., 2.30%, 4/8/24, Callable 11/25/22 @ 100 | 10,000 | 9,385 | ||||||
QVC, Inc., 4.45%, 2/15/25, Callable 11/15/24 @ 100 | 11,750 | 10,273 | ||||||
Smithsonian Institution, 0.97%, 9/1/23 | 1,400 | 1,357 | ||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 4/15/23 (a) | 1,000 | 1,004 | ||||||
Toll Brothers Finance Corp. | ||||||||
4.38%, 4/15/23, Callable 1/15/23 @ 100 | 5,169 | 5,134 | ||||||
4.88%, 3/15/27, Callable 12/15/26 @ 100 | 250 | 230 | ||||||
Volkswagen Group of America Finance LLC, 3.13%, 5/12/23 (a) | 5,000 | 4,938 | ||||||
ZF North America Capital, Inc., 4.75%, 4/29/25 (a) | 3,250 | 3,050 | ||||||
70,922 | ||||||||
Consumer Staples (1.2%): | ||||||||
7-Eleven, Inc., 0.80%, 2/10/24, Callable 12/12/22 @ 100 (a) | 5,000 | 4,717 | ||||||
Central Garden & Pet Co., 5.13%, 2/1/28, Callable 1/1/23 @ 102.56 | 5,000 | 4,588 | ||||||
Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 11/21/22 @ 102.63 (a)(j) | 6,885 | 6,626 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25 (a) | 1,643 | 1,695 | ||||||
Walmart, Inc. | ||||||||
2.85%, 7/8/24, Callable 6/8/24 @ 100 | 5,000 | 4,852 | ||||||
3.55%, 6/26/25, Callable 4/26/25 @ 100 | 5,000 | 4,866 | ||||||
27,344 | ||||||||
Energy (9.5%): | ||||||||
Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100 | 5,000 | 4,941 | ||||||
Continental Resources, Inc. | ||||||||
4.50%, 4/15/23, Callable 1/15/23 @ 100 | 6,482 | 6,453 | ||||||
3.80%, 6/1/24, Callable 3/1/24 @ 100 | 9,171 | 8,854 | ||||||
DCP Midstream LP, 7.37% (LIBOR03M+515bps), Callable 12/15/22 @ 100 (b)(k) | 10,000 | 9,854 | ||||||
DCP Midstream Operating LP | ||||||||
3.88%, 3/15/23, Callable 12/15/22 @ 100 | 4,814 | 4,786 | ||||||
5.38%, 7/15/25, Callable 4/15/25 @ 100 | 3,000 | 2,932 | ||||||
5.85% (LIBOR03M+385bps), 5/21/43, Callable 5/21/23 @ 100 (a)(b) | 2,000 | 1,927 | ||||||
Devon Energy Corp., 5.25%, 10/15/27, Callable 11/21/22 @ 102.63 | 13,330 | 13,231 | ||||||
Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100 | 10,000 | 9,709 | ||||||
Energy Transfer LP | ||||||||
7.12% (H15T5Y+531bps), Callable 5/15/30 @ 100 (b)(k) | 2,300 | 1,904 | ||||||
4.90%, 2/1/24, Callable 11/1/23 @ 100 | 6,611 | 6,542 | ||||||
Energy Transfer Operating LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100 | 5,000 | 4,942 | ||||||
EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100 | 3,753 | 3,553 | ||||||
EQT Corp., 6.13%, 2/1/25, Callable 1/1/25 @ 100 | 10,000 | 10,009 | ||||||
Exxon Mobil Corp., 2.99%, 3/19/25, Callable 2/19/25 @ 100 | 5,000 | 4,790 | ||||||
Gray Oak Pipeline LLC | ||||||||
2.00%, 9/15/23 (a) | 8,334 | 8,059 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
2.60%, 10/15/25, Callable 9/15/25 @ 100 (a) | $ | 1,171 | $ | 1,051 | ||||
Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 12/12/22 @ 102.81 (a) | 3,357 | 3,291 | ||||||
HF Sinclair Corp. | ||||||||
2.63%, 10/1/23 | 6,803 | 6,579 | ||||||
5.88%, 4/1/26, Callable 1/1/26 @ 100 | 6,990 | 6,805 | ||||||
Laredo Petroleum, Inc., 9.50%, 1/15/25, Callable 12/12/22 @ 104.75 | 4,000 | 4,005 | ||||||
Midwest Connector Capital Co. LLC, 3.90%, 4/1/24, Callable 3/1/24 @ 100 (a) | 12,200 | 11,739 | ||||||
Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/12/22 @ 102.94 (j) | 13,000 | 12,629 | ||||||
Ovintiv Exploration, Inc., 5.38%, 1/1/26, Callable 10/1/25 @ 100 | 5,272 | 5,158 | ||||||
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06 (a) | 8,699 | 7,825 | ||||||
PDC Energy, Inc. | ||||||||
6.13%, 9/15/24, Callable 12/12/22 @ 100 | 2,498 | 2,485 | ||||||
5.75%, 5/15/26, Callable 12/12/22 @ 102.88 | 4,002 | 3,841 | ||||||
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 2,629 | 2,623 | ||||||
Rattler Midstream LP, 5.63%, 7/15/25 (a) | 12,413 | 12,762 | ||||||
SM Energy Co., 5.63%, 6/1/25, Callable 12/12/22 @ 100.94 | 5,000 | 4,868 | ||||||
Southwestern Energy Co., 5.70%, 1/23/25, Callable 10/23/24 @ 100 | 4,829 | 4,759 | ||||||
Talos Production, Inc., 12.00%, 1/15/26, Callable 1/15/23 @ 106 | 2,000 | 2,121 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 7/15/27, Callable 12/12/22 @ 104.88 | 7,772 | 7,711 | ||||||
Viper Energy Partners LP, 5.38%, 11/1/27, Callable 12/12/22 @ 102.69 (a) | 6,350 | 5,975 | ||||||
Western Midstream Operating LP, 3.35%, 2/1/25, Callable 1/1/25 @ 100 | 11,953 | 11,362 | ||||||
WPX Energy, Inc., 8.25%, 8/1/23, Callable 6/1/23 @ 100 | 5,263 | 5,207 | ||||||
225,282 | ||||||||
Financials (14.5%): | ||||||||
AmTrust Financial Services, Inc., 6.13%, 8/15/23 | 14,342 | 14,040 | ||||||
Antares Holdings LP, 6.00%, 8/15/23, Callable 7/15/23 @ 100 (a) | 3,500 | 3,450 | ||||||
Ares Capital Corp. | ||||||||
3.50%, 2/10/23, Callable 1/10/23 @ 100 (j) | 2,309 | 2,296 | ||||||
3.25%, 7/15/25, Callable 6/15/25 @ 100 | 5,000 | 4,512 | ||||||
Assurant, Inc., 4.20%, 9/27/23, Callable 8/27/23 @ 100 | 3,800 | 3,750 | ||||||
Athene Global Funding, 1.20%, 10/13/23 (a) | 5,000 | 4,797 | ||||||
Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100 (a) | 7,495 | 7,198 | ||||||
Blackstone Private Credit Fund | ||||||||
1.75%, 9/15/24 | 3,500 | 3,198 | ||||||
2.35%, 11/22/24 | 5,000 | 4,577 | ||||||
4.70%, 3/24/25 (j) | 2,000 | 1,922 | ||||||
7.05%, 9/29/25 (a)(j) | 2,000 | 1,984 | ||||||
2.63%, 12/15/26, Callable 11/15/26 @ 100 | 2,308 | 1,908 | ||||||
Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (b) | 10,000 | 9,758 | ||||||
Cadence Bank, 4.13% (LIBOR03M+247bps), 11/20/29, Callable 11/20/24 @ 100 (b)(j) | 11,196 | 10,601 | ||||||
CIT Group, Inc., 4.13% (H15T5Y+237bps), 11/13/29, Callable 11/13/24 @ 100 (b) | 1,000 | 941 | ||||||
DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a) | 1,250 | 1,136 | ||||||
Entergy Texas Restoration Funding II LLC, 3.05%, 12/15/27 | 1,333 | 1,264 | ||||||
F&G Global Funding, 5.15%, 7/7/25 (a) | 2,000 | 1,943 | ||||||
First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b) | 10,871 | 10,174 | ||||||
First Financial Bancorp, 5.13%, 8/25/25 | 9,000 | 8,412 | ||||||
First Horizon National Corp., 3.55%, 5/26/23, Callable 4/26/23 @ 100 | 5,000 | 4,945 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
FNB Corp. | ||||||||
2.20%, 2/24/23, Callable 1/24/23 @ 100 | $ | 9,994 | $ | 9,875 | ||||
5.15%, 8/25/25, Callable 7/25/25 @ 100 | 4,000 | 3,918 | ||||||
Ford Motor Credit Co. LLC | ||||||||
2.30%, 2/10/25, Callable 1/10/25 @ 100 | 5,000 | 4,526 | ||||||
3.38%, 11/13/25, Callable 10/13/25 @ 100 | 3,000 | 2,726 | ||||||
FS KKR Capital Corp. | ||||||||
4.63%, 7/15/24, Callable 6/15/24 @ 100 | 2,250 | 2,164 | ||||||
1.65%, 10/12/24 | 2,119 | 1,921 | ||||||
4.25%, 2/14/25, Callable 1/14/25 @ 100 (a) | 5,600 | 5,210 | ||||||
3.40%, 1/15/26, Callable 12/15/25 @ 100 | 3,000 | 2,641 | ||||||
Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100 (b) | 10,000 | 9,097 | ||||||
GA Global Funding Trust, 1.63%, 1/15/26 (a) | 2,500 | 2,181 | ||||||
Hilltop Holdings, Inc. | ||||||||
5.00%, 4/15/25, Callable 1/15/25 @ 100 | 5,000 | 4,835 | ||||||
5.75% (SOFR+568bps), 5/15/30, Callable 5/15/25 @ 100 (b) | 5,000 | 5,001 | ||||||
Main Street Capital Corp. | ||||||||
5.20%, 5/1/24 | 11,700 | 11,391 | ||||||
3.00%, 7/14/26, Callable 6/14/26 @ 100 | 3,500 | 2,962 | ||||||
MB Financial Bank NA, 4.00% (LIBOR03M+187bps), 12/1/27, Callable 3/1/23 @ 100 (b) | 3,000 | 2,985 | ||||||
Mobr-04 LLC (LOC - Compass Bank), 4.18%, 9/1/24 (l) | 2,900 | 2,900 | ||||||
National General Holding Co., 6.75%, 5/15/24 (a) | 4,000 | 4,008 | ||||||
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b) | 8,242 | 8,098 | ||||||
OneMain Finance Corp. | ||||||||
5.63%, 3/15/23 | 1,000 | 1,000 | ||||||
8.25%, 10/1/23 (j) | 2,555 | 2,593 | ||||||
OWL Rock Core Income Corp. | ||||||||
5.50%, 3/21/25 | 3,000 | 2,833 | ||||||
7.75%, 9/16/27, Callable 8/16/27 @ 100 (a) | 1,212 | 1,182 | ||||||
ProAssurance Corp., 5.30%, 11/15/23 | 14,000 | 13,814 | ||||||
Prudential Financial, Inc., 5.62% (LIBOR03M+392bps), 6/15/43, Callable 6/15/23 @ 100 (b) | 11,014 | 10,883 | ||||||
Radian Group, Inc. | ||||||||
4.50%, 10/1/24, Callable 7/1/24 @ 100 | 6,349 | 6,044 | ||||||
6.63%, 3/15/25, Callable 9/15/24 @ 100 | 2,744 | 2,710 | ||||||
Regions Financial Corp., 5.75% (H15T5Y+543bps), Callable 6/15/25 @ 100 (b)(j)(k) | 5,119 | 4,959 | ||||||
Reliance Standard Life Global Funding II, 3.85%, 9/19/23 (a) | 5,000 | 4,919 | ||||||
RLI Corp., 4.88%, 9/15/23 | 3,000 | 2,982 | ||||||
SCE Recovery Funding LLC, 0.86%, 11/15/31 | 9,144 | 7,572 | ||||||
Signature Bank, 4.13% (LIBOR03M+256bps), 11/1/29, Callable 11/1/24 @ 100 (b) | 11,650 | 11,013 | ||||||
Sixth Street Specialty Lending, Inc., 4.50%, 1/22/23, Callable 12/22/22 @ 100 | 4,500 | 4,481 | ||||||
Sterling Bancorp, 4.00% (SOFR+253bps), 12/30/29, Callable 12/30/24 @ 100 (b) | 8,750 | 8,208 | ||||||
Synchrony Bank, 5.40%, 8/22/25, Callable 7/22/25 @ 100 | 3,000 | 2,899 | ||||||
Synchrony Financial, 4.88%, 6/13/25, Callable 5/13/25 @ 100 | 2,000 | 1,922 | ||||||
Synovus Financial Corp. | ||||||||
3.13%, 11/1/22 | 2,025 | 2,025 | ||||||
5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (b) | 6,188 | 6,018 | ||||||
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (b) | 6,000 | 5,190 | ||||||
The Bank of New York Mellon Corp., 4.70% (H15T5Y+436bps), Callable 9/20/25 @ 100 (b)(k) | 4,000 | 3,829 | ||||||
The Charles Schwab Corp., 6.40% (US0003M+332bps), Callable 12/1/22 @ 100 (b)(j)(k) | 4,000 | 4,003 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
The Huntington National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100 (b) | $ | 13,590 | $ | 13,335 | ||||
TIAA FSB Holdings, Inc., 8.00% (LIBOR03M+470bps), 3/15/26, Callable 12/12/22 @ 100 (b) | 5,718 | 5,610 | ||||||
Truist Financial Corp. | ||||||||
4.95% (H15T5Y+461bps), Callable 9/1/25 @ 100 (b)(j)(k) | 3,000 | 2,874 | ||||||
4.25%, 9/30/24 | 1,955 | 1,898 | ||||||
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b) | 6,500 | 5,955 | ||||||
United Financial Bancorp, Inc., 5.75%, 10/1/24 | 8,120 | 7,861 | ||||||
Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100 | 5,500 | 5,351 | ||||||
343,208 | ||||||||
Health Care (0.8%): | ||||||||
Commonspirit Health, 6.07%, 11/1/27, Callable 8/1/27 @ 100 | 2,500 | 2,503 | ||||||
Fresenius U.S. Finance II, Inc., 4.50%, 1/15/23, Callable 11/21/22 @ 100 (a)(j) | 4,000 | 3,977 | ||||||
HCA, Inc., 7.50%, 12/15/23 | 2,131 | 2,180 | ||||||
Hikma Finance USA LLC, 3.25%, 7/9/25 | 10,000 | 9,200 | ||||||
17,860 | ||||||||
Industrials (3.7%): | ||||||||
Air Lease Corp., 2.25%, 1/15/23 | 5,000 | 4,965 | ||||||
American Airlines Pass Through Trust | ||||||||
4.40%, 9/22/23 | 5,706 | 5,450 | ||||||
4.38%, 6/15/24 (a) | 4,293 | 3,976 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 (a) | 5,000 | 4,765 | ||||||
Ashtead Capital, Inc., 4.38%, 8/15/27, Callable 11/25/22 @ 102.19 (a) | 11,245 | 10,168 | ||||||
Continental Airlines Pass Through Trust, 4.00%, 10/29/24 | 9,153 | 8,561 | ||||||
Daimler Trucks Finance North America LLC, 3.50%, 4/7/25 (a) | 3,000 | 2,837 | ||||||
Delta Air Lines Pass Through Trust, 2.00%, 6/10/28 | 4,402 | 3,719 | ||||||
Huntington Ingalls Industries, Inc., 0.67%, 8/16/23, Callable 11/21/22 @ 100 (j) | 2,500 | 2,407 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (a) | 9,500 | 9,395 | ||||||
Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100 | 9,500 | 9,260 | ||||||
Spirit AeroSystems, Inc., 3.95%, 6/15/23, Callable 5/15/23 @ 100 (j) | 1,181 | 1,147 | ||||||
Spirit Airlines Pass Through Trust, 4.45%, 4/1/24 | 10,018 | 9,427 | ||||||
TransDigm, Inc., 8.00%, 12/15/25, Callable 12/12/22 @ 104 (a) | 3,000 | 3,053 | ||||||
U.S. Airways Pass Through Trust, 3.95%, 11/15/25 | 3,371 | 2,996 | ||||||
United Airlines Pass Through Trust | ||||||||
4.15%, 4/11/24 | 4,523 | 4,303 | ||||||
4.88%, 1/15/26 | 784 | 728 | ||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27, Callable 11/15/24 @ 103.75 (a) | 1,500 | 1,497 | ||||||
88,654 | ||||||||
Information Technology (0.6%): | ||||||||
Global Payments, Inc. | ||||||||
3.75%, 6/1/23, Callable 3/1/23 @ 100 | 1,401 | 1,387 | ||||||
1.50%, 11/15/24, Callable 10/15/24 @ 100 | 3,000 | 2,748 | ||||||
Skyworks Solutions, Inc. | ||||||||
0.90%, 6/1/23, Callable 11/25/22 @ 100 | 5,000 | 4,854 | ||||||
1.80%, 6/1/26, Callable 5/1/26 @ 100 | 5,000 | 4,269 | ||||||
Western Digital Corp., 4.75%, 2/15/26, Callable 11/15/25 @ 100 | 1,500 | 1,386 | ||||||
14,644 | ||||||||
Materials (2.5%): | ||||||||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25, Callable 4/17/25 @ 100 | 1,000 | 961 | ||||||
Bayport Polymers LLC, 4.74%, 4/14/27, Callable 3/14/27 @ 100 (a) | 3,000 | 2,766 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Berry Global, Inc., 4.88%, 7/15/26, Callable 12/12/22 @ 102.44 (a) | $ | 13,784 | $ | 12,969 | ||||
Celanese US Holdings LLC | ||||||||
5.90%, 7/5/24 | 2,000 | 1,965 | ||||||
6.05%, 3/15/25 | 2,000 | 1,946 | ||||||
Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100 (j) | 1,000 | 997 | ||||||
Freeport-McMoRan, Inc. | ||||||||
5.00%, 9/1/27, Callable 12/12/22 @ 102.5 | 11,808 | 11,282 | ||||||
4.38%, 8/1/28, Callable 8/1/23 @ 102.19 | 14,000 | 12,630 | ||||||
Glencore Funding LLC, 1.63%, 4/27/26, Callable 3/27/26 @ 100 (a) | 5,000 | 4,303 | ||||||
Nucor Corp., 3.95%, 5/23/25 | 2,000 | 1,937 | ||||||
RPM International, Inc., 3.45%, 11/15/22 | 1,490 | 1,490 | ||||||
Southern Copper Corp., 3.50%, 11/8/22 | 4,000 | 3,981 | ||||||
Steel Dynamics, Inc., 5.00%, 12/15/26, Callable 12/12/22 @ 102.5 | 1,000 | 964 | ||||||
58,191 | ||||||||
Real Estate (3.2%): | ||||||||
Alexander Funding Trust, 1.84%, 11/15/23 (a) | 9,545 | 8,964 | ||||||
American Tower Trust, 3.07%, 3/15/23, Callable 12/12/22 @ 100 (a) | 3,760 | 3,726 | ||||||
Brandywine Operating Partnership LP, 3.95%, 2/15/23, Callable 12/12/22 @ 100 (j) | 2,500 | 2,482 | ||||||
GLP Capital, LP GLP Financing II, Inc., 5.38%, 11/1/23, Callable 8/1/23 @ 100 | 6,000 | 5,922 | ||||||
LXP Industrial Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100 (j) | 4,000 | 3,914 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 12/12/22 @ 102.5 | 21,401 | 18,298 | ||||||
Nationwide Health Properties, Inc., 6.90%, 10/1/37, (Put Date 10/1/27), MTN (i) | 2,950 | 2,896 | ||||||
Newmark Group, Inc., 6.13%, 11/15/23, Callable 10/15/23 @ 100 | 14,000 | 13,950 | ||||||
Retail Opportunity Investments Partnership LP, 5.00%, 12/15/23, Callable 9/15/23 @ 100 | 2,200 | 2,155 | ||||||
SBA Tower Trust | ||||||||
2.84%, 1/15/25, Callable 1/15/24 @ 100 (a) | 6,923 | 6,429 | ||||||
1.88%, 1/15/26, Callable 1/15/25 @ 100 (a) | 3,500 | 3,063 | ||||||
VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 12/12/22 @ 101.75 (a) | 4,136 | 3,850 | ||||||
75,649 | ||||||||
Utilities (1.1%): | ||||||||
Calpine Corp., 5.25%, 6/1/26, Callable 12/12/22 @ 101.75 (a)(j) | 984 | 939 | ||||||
National Fuel Gas Co., 5.50%, 1/15/26, Callable 12/15/25 @ 100 | 5,000 | 4,897 | ||||||
Niagara Mohawk Power Corp., 2.72%, 11/28/22 (a) | 2,200 | 2,196 | ||||||
Sierra Pacific Power Co., 3.38%, 8/15/23, Callable 5/15/23 @ 100 | 4,299 | 4,238 | ||||||
System Energy Resources, Inc., 4.10%, 4/1/23, Callable 1/1/23 @ 100 | 3,630 | 3,603 | ||||||
Vistra Operations Co. LLC | ||||||||
3.55%, 7/15/24, Callable 6/15/24 @ 100 (a) | 8,675 | 8,265 | ||||||
5.13%, 5/13/25 (a) | 2,000 | 1,936 | ||||||
26,074 | ||||||||
Total Corporate Bonds (Cost $1,028,361) | 972,488 | |||||||
Yankee Dollars (9.6%) | ||||||||
Communication Services (0.5%): | ||||||||
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a) | 8,000 | 7,922 | ||||||
Videotron Ltd., 5.38%, 6/15/24, Callable 3/15/24 @ 100 (a) | 2,688 | 2,666 | ||||||
10,588 | ||||||||
Consumer Discretionary (0.4%): | ||||||||
Nissan Motor Co. Ltd., 3.04%, 9/15/23 (a) | 4,000 | 3,886 | ||||||
Stellantis NV, 5.25%, 4/15/23 | 6,352 | 6,327 | ||||||
10,213 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount | Value | ||||||
Consumer Staples (0.2%): | ||||||||
Imperial Brands Finance PLC, 4.25%, 7/21/25, Callable 4/21/25 @ 100 (a) | $ | 1,075 | $ | 1,022 | ||||
Leviathan Bond Ltd., 5.75%, 6/30/23, Callable 3/30/23 @ 100 (a) | 4,500 | 4,462 | ||||||
5,484 | ||||||||
Energy (0.8%): | ||||||||
BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b)(k) | 4,500 | 4,222 | ||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
1.75%, 9/30/27 (a) | 2,030 | 1,845 | ||||||
2.16%, 3/31/34 (a) | 693 | 565 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75 (a)(j) | 3,896 | 3,511 | ||||||
Lundin Energy Finance BV, 2.00%, 7/15/26, Callable 6/15/26 @ 100 (a) | 5,000 | 4,307 | ||||||
Var Energi ASA, 5.00%, 5/18/27, Callable 4/18/27 @ 100 (a) | 3,000 | 2,843 | ||||||
Woodside Finance Ltd., 3.65%, 3/5/25, Callable 12/5/24 @ 100 (a) | 1,240 | 1,176 | ||||||
18,469 | ||||||||
Financials (4.5%): | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24, Callable 1/15/24 @ 100 | 5,000 | 4,793 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
2.88%, 2/15/25, Callable 1/15/25 @ 100 (a)(j) | 10,000 | 8,954 | ||||||
2.13%, 2/21/26, Callable 1/21/26 @ 100 (a) | 4,250 | 3,493 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Groupo Financiero Santander, 5.95% (H15T5Y+300bps), 10/1/28, Callable 10/1/23 @ 100 (a)(b) | 5,130 | 4,945 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a) | 15,085 | 14,566 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander | ||||||||
4.13%, 11/9/22 (a) | 5,704 | 5,685 | ||||||
5.95% (H15T5Y+300bps), 10/1/28, Callable 10/1/23 @ 100 (b) | 4,199 | 4,052 | ||||||
Barclays, 7.33% (H15T1Y+305bps), 11/2/26, Callable 11/2/25 @ 100 (b) | 2,000 | 1,997 | ||||||
Barclays Bank PLC, 7.63%, 11/21/22 | 13,020 | 13,004 | ||||||
Bat International Finance PLC, 4.45%, 3/16/28, Callable 2/16/28 @ 100 | 4,000 | 3,550 | ||||||
BAT International Finance PLC, 1.67%, 3/25/26, Callable 2/25/26 @ 100 | 6,000 | 5,155 | ||||||
Cadillac Fairview Prp TR, 3.88%, 3/20/27, Callable 12/20/26 @ 100 (a) | 2,000 | 1,815 | ||||||
Federation des Caisses Desjardins du Quebec, 4.40%, 8/23/25 (a) | 3,000 | 2,881 | ||||||
Lloyds Banking Group PLC, 4.58%, 12/10/25 | 1,000 | 916 | ||||||
ORIX Corp., 5.00%, 9/13/27 (j) | 3,000 | 2,903 | ||||||
Phoenix Group Holdings PLC, 5.38%, 7/6/27, MTN | 9,087 | 7,815 | ||||||
Royal Bank of Scotland Group PLC | ||||||||
6.13%, 12/15/22 | 1,770 | 1,768 | ||||||
6.10%, 6/10/23 | 1,640 | 1,634 | ||||||
SA Global Sukuk Ltd., 0.95%, 6/17/24, Callable 5/17/24 @ 100 (a) | 4,167 | 3,876 | ||||||
Santander UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100 (b) | 5,000 | 4,964 | ||||||
VEON Holdings BV, 5.95%, 2/13/23 | 10,000 | 7,973 | ||||||
106,739 | ||||||||
Industrials (1.5%): | ||||||||
Air Canada Pass Through Trust | ||||||||
5.00%, 12/15/23 (a) | 880 | 851 | ||||||
4.13%, 5/15/25 (a) | 13,434 | 11,965 | ||||||
Aircastle Ltd. | ||||||||
4.40%, 9/25/23, Callable 8/25/23 @ 100 (j) | 5,000 | 4,896 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
4.25%, 6/15/26, Callable 4/15/26 @ 100 | $ | 5,000 | $ | 4,410 | ||||
Avolon Holdings Funding Ltd., 3.95%, 7/1/24, Callable 6/1/24 @ 100 (a) | 5,000 | 4,688 | ||||||
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a)(j) | 10,000 | 8,568 | ||||||
35,378 | ||||||||
Materials (1.5%): | ||||||||
Alcoa Nederland Holding BV, 5.50%, 12/15/27, Callable 6/15/23 @ 102.75 (a) | 4,333 | 4,044 | ||||||
OCI NV, 4.63%, 10/15/25, Callable 12/12/22 @ 102.31 (a) | 6,740 | 6,280 | ||||||
POSCO | ||||||||
2.38%, 1/17/23 (a) | 9,574 | 9,519 | ||||||
4.38%, 8/4/25 (a) | 2,000 | 1,911 | ||||||
Syngenta Finance NV | ||||||||
4.44%, 4/24/23, Callable 3/24/23 @ 100 (a) | 6,835 | 6,795 | ||||||
4.89%, 4/24/25, Callable 2/24/25 @ 100 (a) | 5,839 | 5,631 | ||||||
West Fraser Timber Co. Ltd., 4.35%, 10/15/24, Callable 7/15/24 @ 100 (a) | 2,000 | 1,940 | ||||||
36,120 | ||||||||
Utilities (0.2%): | ||||||||
Enel SpA, 8.75% (USSW5+588bps), 9/24/73, Callable 9/24/23 @ 100 (a)(b) | 2,000 | 1,990 | ||||||
TransAlta Corp., 4.50%, 11/15/22 (j) | 1,252 | 1,250 | ||||||
3,240 | ||||||||
Total Yankee Dollars (Cost $243,397) | 226,231 | |||||||
Municipal Bonds (6.2%) | ||||||||
Alabama (0.1%): | ||||||||
The Water Works Board of The City of Birmingham Revenue | ||||||||
2.20%, 1/1/24 | 1,000 | 966 | ||||||
2.36%, 1/1/25 | 2,000 | 1,882 | ||||||
2,848 | ||||||||
Alaska (0.0%):(m) | ||||||||
University of Alaska Revenue, Series W, 1.83%, 10/1/23 | 1,000 | 968 | ||||||
Arizona (0.2%): | ||||||||
Arizona Board of Regents Certificate participation, 0.77%, 6/1/24 | 1,500 | 1,404 | ||||||
City of Phoenix Civic Improvement Corp. Revenue, 0.68%, 7/1/23 | 1,000 | 972 | ||||||
City of Tempe AZ Certificate participation, 0.62%, 7/1/24 | 2,500 | 2,324 | ||||||
4,700 | ||||||||
California (0.3%): | ||||||||
California Statewide Communities Development Authority Revenue | ||||||||
1.03%, 4/1/24 | 1,250 | 1,183 | ||||||
1.31%, 4/1/25 | 915 | 838 | ||||||
2.15%, 11/15/30, Continuously Callable @100 | 4,670 | 3,705 | ||||||
California Statewide Communities Development Authority Revenue (NBGA - California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30 | 2,505 | 2,172 | ||||||
Golden State Tobacco Securitization Corp. Revenue, 1.85%, 6/1/31 | 360 | 359 | ||||||
8,257 | ||||||||
Colorado (0.3%): | ||||||||
City of Loveland Electric & Communications Enterprise Revenue, 2.97%, 12/1/24 | 2,280 | 2,185 | ||||||
Colorado Health Facilities Authority Revenue | ||||||||
Series B, 2.24%, 11/1/22 | 530 | 530 | ||||||
Series B, 2.40%, 11/1/23 | 1,250 | 1,214 | ||||||
Series B, 2.50%, 11/1/24 | 1,250 | 1,182 | ||||||
Series B, 2.80%, 12/1/26 | 700 | 652 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Park Creek Metropolitan District Revenue, Series B, 2.53%, 12/1/24 | $ | 500 | $ | 475 | ||||
6,238 | ||||||||
Florida (0.4%): | ||||||||
City of Gainesville Florida Revenue, 0.82%, 10/1/23 | 750 | 720 | ||||||
County of Lee Florida Water & Sewer Revenue, 2.01%, 10/1/24 | 1,360 | 1,278 | ||||||
Hillsborough County IDA Revenue | ||||||||
2.01%, 8/1/24 | 5,000 | 4,734 | ||||||
2.16%, 8/1/25 | 2,910 | 2,678 | ||||||
9,410 | ||||||||
Georgia (0.2%): | ||||||||
Athens Housing Authority Revenue | ||||||||
2.13%, 12/1/24 | 1,850 | 1,752 | ||||||
2.32%, 12/1/25 | 3,215 | 2,980 | ||||||
4,732 | ||||||||
Guam (0.0%):(m) | ||||||||
Antonio B Won Pat International Airport Authority Revenue, Series A, 2.70%, 10/1/26 | 610 | 532 | ||||||
Illinois (0.4%): | ||||||||
Chicago O'Hare International Airport Revenue, Series D, 0.96%, 1/1/23 | 835 | 830 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund Revenue | ||||||||
Series B, 1.71%, 12/1/22 | 1,000 | 998 | ||||||
Series B, 1.84%, 12/1/23 | 1,500 | 1,448 | ||||||
Illinois Finance Authority Revenue, 2.11%, 5/15/26 | 1,000 | 885 | ||||||
State of Illinois Sales Tax Revenue | ||||||||
Series B, 0.94%, 6/15/24 | 3,500 | 3,249 | ||||||
Series B, 1.25%, 6/15/25 | 2,500 | 2,236 | ||||||
9,646 | ||||||||
Indiana (0.3%): | ||||||||
Indiana Finance Authority Revenue | ||||||||
2.66%, 3/1/25 | 1,675 | 1,577 | ||||||
2.76%, 3/1/26 | 1,850 | 1,701 | ||||||
Series B, 1.67%, 11/15/22 | 300 | 300 | ||||||
Series B, 1.99%, 11/15/24 | 350 | 320 | ||||||
Series B, 2.45%, 11/15/25 | 360 | 320 | ||||||
Lake Central Multi-District School Building Corp. Revenue | ||||||||
0.67%, 1/15/23 | 500 | 496 | ||||||
0.85%, 1/15/24 | 1,275 | 1,210 | ||||||
5,924 | ||||||||
Kansas (0.0%):(m) | ||||||||
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series B, 1.13%, 9/1/24 | 1,000 | 935 | ||||||
Kentucky (0.1%): | ||||||||
County of Warren Revenue, 1.07%, 4/1/26 | 1,385 | 1,204 | ||||||
Maryland (0.6%): | ||||||||
Maryland Health & Higher Educational Facilities Authority Revenue | ||||||||
0.89%, 1/1/23 | 1,700 | 1,687 | ||||||
1.23%, 1/1/24 | 5,185 | 4,897 | ||||||
1.81%, 1/1/25 | 2,780 | 2,530 | ||||||
1.89%, 1/1/26 | 4,135 | 3,612 | ||||||
Maryland Stadium Authority Revenue | ||||||||
Series C, 1.13%, 5/1/23 | 1,535 | 1,507 | ||||||
Series C, 1.32%, 5/1/24 | 1,000 | 947 | ||||||
15,180 | ||||||||
Michigan (0.3%): | ||||||||
Ecorse Public School District, GO, 2.09%, 5/1/25 | 2,200 | 2,052 | ||||||
Michigan Finance Authority Revenue | ||||||||
2.21%, 12/1/23 | 1,565 | 1,517 | ||||||
2.31%, 12/1/24 | 895 | 845 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
Series A-1, 2.33%, 6/1/30 | $ | 2,489 | $ | 2,339 | ||||
Ypsilanti School District, GO, 2.02%, 5/1/25 | 575 | 527 | ||||||
7,280 | ||||||||
Minnesota (0.1%): | ||||||||
Western Minnesota Municipal Power Agency Revenue | ||||||||
Series A, 2.28%, 1/1/25 | 1,000 | 943 | ||||||
Series A, 2.38%, 1/1/26 | 1,000 | 922 | ||||||
1,865 | ||||||||
Missouri (0.1%): | ||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue | ||||||||
Series B, 1.02%, 10/1/23 | 2,000 | 1,929 | ||||||
Series B, 1.22%, 10/1/24 | 1,250 | 1,164 | ||||||
3,093 | ||||||||
Nebraska (0.1%): | ||||||||
Nebraska Cooperative Republican Platte Enhancement Project Revenue, Series B, 0.83%, 12/15/22 | 1,000 | 995 | ||||||
Papio-Missouri River Natural Resource District Special Tax, 2.09%, 12/15/24, Continuously Callable @100 | 900 | 857 | ||||||
1,852 | ||||||||
New Jersey (0.3%): | ||||||||
Franklin Township Board of Education/Somerset County, GO, 0.65%, 2/1/24 | 655 | 622 | ||||||
North Hudson Sewerage Authority Revenue | ||||||||
2.43%, 6/1/24 | 1,200 | 1,146 | ||||||
2.59%, 6/1/25 | 1,000 | 932 | ||||||
South Jersey Transportation Authority Revenue | ||||||||
Series B, 2.10%, 11/1/24 | 1,750 | 1,620 | ||||||
Series B, 2.20%, 11/1/25 | 3,515 | 3,138 | ||||||
7,458 | ||||||||
New York (0.3%): | ||||||||
Buffalo & Erie County Industrial Land Development Corp. Revenue, Series B, 3.35%, 11/1/25 | 1,235 | 1,169 | ||||||
Long Island Power Authority Revenue, Series C, 0.76%, 3/1/23, Continuously Callable @100 | 500 | 494 | ||||||
New York City Housing Development Corp. Revenue, 2.32%, 1/1/23 | 1,760 | 1,754 | ||||||
New York State Dormitory Authority Revenue, Series C, 0.89%, 3/15/25 | 2,000 | 1,823 | ||||||
New York State Thruway Authority Revenue, Series M, 2.26%, 1/1/25 | 1,000 | 938 | ||||||
6,178 | ||||||||
Oklahoma (0.0%):(m) | ||||||||
Oklahoma Turnpike Authority Revenue, Series B, 0.63%, 1/1/23 | 560 | 556 | ||||||
Oregon (0.1%): | ||||||||
Medford Hospital Facilities Authority Revenue | ||||||||
Series B, 1.73%, 8/15/23 | 1,400 | 1,359 | ||||||
Series B, 1.83%, 8/15/24 | 1,700 | 1,592 | ||||||
2,951 | ||||||||
Pennsylvania (0.7%): | ||||||||
City of Pittsburgh PA, GO, Series B, 0.84%, 9/1/24 | 1,715 | 1,591 | ||||||
County of Bucks PA, GO, 0.98%, 6/1/24 | 2,025 | 1,890 | ||||||
Montgomery County IDA Revenue | ||||||||
Series D, 2.45%, 11/15/23 | 1,250 | 1,217 | ||||||
Series D, 2.60%, 11/15/24 | 4,050 | 3,853 | ||||||
Scranton School District, GO | ||||||||
Series A, 3.15%, 6/15/34, (Put Date 6/15/24) (a)(i) | 2,805 | 2,721 | ||||||
Series B, 3.15%, 6/15/34, (Put Date 6/15/24) (a)(i) | 1,415 | 1,373 | ||||||
Scranton School District, GO (INS - Build America Mutual Assurance Co.) | ||||||||
2.60%, 4/1/24 | 1,730 | 1,667 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Principal Amount |
Value |
||||||
2.72%, 4/1/25 | $ | 900 | $ | 848 | ||||
2.82%, 4/1/26 | 1,000 | 921 | ||||||
State Public School Building Authority Revenue, 2.75%, 4/1/25 | 1,500 | 1,404 | ||||||
17,485 | ||||||||
South Dakota (0.1%): | ||||||||
South Dakota Health & Educational Facilities Authority Revenue | ||||||||
Series B, 2.31%, 7/1/23 | 1,500 | 1,470 | ||||||
Series B, 2.38%, 7/1/24 | 1,350 | 1,284 | ||||||
2,754 | ||||||||
Texas (0.5%): | ||||||||
Central Texas Regional Mobility Authority Revenue | ||||||||
Series C, 1.45%, 1/1/25 | 400 | 369 | ||||||
Series D, 1.65%, 1/1/24 | 500 | 480 | ||||||
Series D, 1.80%, 1/1/25 | 750 | 694 | ||||||
City of Lubbock Water & Wastewater System Revenue, 2.06%, 2/15/25 | 5,000 | 4,674 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue, 2.41%, 2/1/23 | 800 | 795 | ||||||
Dallas/Fort Worth International Airport Revenue | ||||||||
Series C, 1.04%, 11/1/23 | 500 | 480 | ||||||
Series C, 1.23%, 11/1/24 | 750 | 695 | ||||||
Harris County Cultural Education Facilities Finance Corp. Revenue, Series B, 2.47%, 5/15/25 | 1,000 | 928 | ||||||
San Antonio Education Facilities Corp. Revenue | ||||||||
1.74%, 4/1/25 | 505 | 455 | ||||||
1.99%, 4/1/26 | 860 | 749 | ||||||
2.19%, 4/1/27 | 525 | 445 | ||||||
10,764 | ||||||||
Virginia (0.5%): | ||||||||
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22)(a)(i) | 11,000 | 10,959 | ||||||
Wisconsin (0.2%): | ||||||||
Public Finance Authority Revenue | ||||||||
Series S, 0.81%, 2/1/23 | 750 | 741 | ||||||
Series S, 1.14%, 2/1/24 | 1,445 | 1,356 | ||||||
Series S, 1.48%, 2/1/25 | 820 | 736 | ||||||
State of Wisconsin Revenue, Series A, 2.10%, 5/1/26 | 1,000 | 905 | ||||||
3,738 | ||||||||
Total Municipal Bonds (Cost $157,264) | 147,507 | |||||||
U.S. Government Agency Mortgages (0.3%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
2.14% (LIBOR12M+163bps), 4/1/35 (b) | 122 | 119 | ||||||
Federal National Mortgage Association | ||||||||
6.00%, 1/1/23 - 7/1/23 | 7 | 7 | ||||||
5.50%, 2/1/23 - 6/1/24 | 32 | 32 | ||||||
4.50%, 5/1/23 - 2/1/24 | 9 | 9 | ||||||
5.00%, 6/1/23 - 2/1/24 | 27 | 27 | ||||||
2.50%, 4/1/27 - 8/1/27 | 5,951 | 5,677 | ||||||
Series 2012-104, Class HC, 1.25%, 9/25/27 | 732 | 690 | ||||||
6,442 | ||||||||
6,561 | ||||||||
Total U.S. Government Agency Mortgages (Cost $6,891) | 6,561 | |||||||
U.S. Treasury Obligations (1.8%) | ||||||||
U.S. Treasury Notes | ||||||||
0.13%, 8/31/23 | 5,000 | 4,813 | ||||||
2.50%, 5/31/24 | 3,000 | 2,903 | ||||||
0.38%, 7/15/24 | 5,000 | 4,656 | ||||||
3.00%, 7/31/24 | 10,000 | 9,734 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares
or Principal |
Value |
||||||
0.38%, 8/15/24 | $ | 15,000 | $ | 13,918 | ||||
3.00%, 7/15/25 | 5,000 | 4,816 | ||||||
4.25%, 10/15/25 | 2,000 | 1,990 | ||||||
Total U.S. Treasury Obligations (Cost $44,727) | 42,830 | |||||||
Commercial Paper (1.7%)(g) | ||||||||
Aviation Capital Group LLC, 3.85%, 11/1/22 (a) | 8,500 | 8,499 | ||||||
Constellation Brands, Inc., 3.73%, 11/2/22 (a) | 3,700 | 3,699 | ||||||
Crown Castle International Corp., 3.83%, 11/3/22 (a) | 3,230 | 3,229 | ||||||
Fortune Brands Home Se, 3.52%, 11/1/22 (a) | 6,500 | 6,499 | ||||||
Jabil, Inc., 3.95%, 11/2/22 (a) | 10,000 | 9,998 | ||||||
Newell Brands, Inc., 3.80%, 11/3/22 (a) | 5,000 | 4,999 | ||||||
Quanta Services, Inc., 3.70%, 11/1/22 (a) | 700 | 700 | ||||||
Targa Resources Corp., 3.07%, 11/1/22 (a) | 2,125 | 2,125 | ||||||
Total Commercial Paper (Cost $39,752) | 39,748 | |||||||
Collateral for Securities Loaned (1.2%)^ | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07% (n) | 2,037,399 | 2,037 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (n) | 25,536,611 | 25,537 | ||||||
Total Collateral for Securities Loaned (Cost $27,574) | 27,574 | |||||||
Total Investments (Cost $2,536,057) — 101.2% | 2,396,523 | |||||||
Liabilities in excess of other assets — (1.2)% | (29,305 | ) | ||||||
NET ASSETS - 100.00% | $ | 2,367,218 |
At October 31, 2022, the Fund's investments in foreign securities were 11.6% 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 October 31, 2022, the fair value of these securities was $1,224,831 thousands and amounted to 51.7% of net assets. |
(b) | Variable or Floating-Rate Security. Rate disclosed is as of October 31, 2022. |
(c) | The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at October 31, 2022. |
(d) | Security is interest only. |
(e) | Rounds to less than $1 thousand. |
(f) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
(g) | Rate represents the effective yield at October 31, 2022. |
(h) | Zero-coupon bond. |
(i) | Put Bond. |
(j) | All or a portion of this security is on loan. |
(k) | Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. |
(l) | Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. |
(m) | Amount represents less than 0.05% of net assets. |
(n) | Rate disclosed is the daily yield on October 31, 2022. |
bps—Basis points |
Continuously callable— Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity. |
GO—General Obligation |
H15T1Y—1 Year Treasury Constant Maturity Rate |
H15T5Y—5 Year Treasury Constant Maturity Rate |
IDA—Industrial Development Authority |
LIBOR—London Interbank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Short-Term Bond Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of October 31, 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 |
TSFR—Term SOFR |
TSFR1M—1 month Term SOFR, rate disclosed as of October 31, 2022. |
US0001M—1 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
US0003M—3 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security |
USSW5—USD 5 Year Swap Rate, rate disclosed as of October 31, 2022. |
Credit Enhancements—Adds the financial strength of the provider of the enhancement to support the issuer’s ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities. | ||
INS | Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. | |
LOC | Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement. | |
NBGA | Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from the name listed. |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.5%) | ||||||||
Communication Services (2.2%): | ||||||||
AMC Networks, Inc. Class A (a) | 21,168 | $ | 476 | |||||
Bumble, Inc. Class A (a) | 7,703 | 196 | ||||||
Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 75,916 | 546 | ||||||
Cian PLC, ADR (a)(c)(d) | 914 | — | (e) | |||||
Cinemark Holdings, Inc. (a) | 92,000 | 976 | ||||||
EverQuote, Inc. Class A (a) | 13,650 | 83 | ||||||
Gray Television, Inc. | 142,097 | 2,011 | ||||||
iHeartMedia, Inc. Class A (a) | 72,165 | 597 | ||||||
Iridium Communications, Inc. (a) | 39,950 | 2,059 | ||||||
John Wiley & Sons, Inc. Class A | 16,925 | 714 | ||||||
Lions Gate Entertainment Corp. Class B (a) | 105,800 | 803 | ||||||
Madison Square Garden Sports Corp. | 11,960 | 1,873 | ||||||
Magnite, Inc. (a) | 588,971 | 4,294 | ||||||
Radius Global Infrastructure, Inc. Class A (a) | 70,415 | 658 | ||||||
TechTarget, Inc. (a) | 36,323 | 2,345 | ||||||
Telephone & Data Systems, Inc. | 53,168 | 904 | ||||||
The Marcus Corp. (b) | 55,790 | 839 | ||||||
Thryv Holdings, Inc. (a) | 21,129 | 432 | ||||||
World Wrestling Entertainment, Inc. Class A | 8,470 | 668 | ||||||
Ziff Davis, Inc. (a) | 9,214 | 713 | ||||||
21,187 | ||||||||
Consumer Discretionary (9.2%): | ||||||||
1-800-Flowers.com, Inc. Class A (a) | 46,591 | 340 | ||||||
Academy Sports & Outdoors, Inc. | 51,702 | 2,276 | ||||||
Acushnet Holdings Corp. | 55,675 | 2,593 | ||||||
Asbury Automotive Group, Inc. (a) | 13,220 | 2,085 | ||||||
BJ's Restaurants, Inc. (a) | 141,779 | 4,657 | ||||||
Bloomin' Brands, Inc. | 140,170 | 3,365 | ||||||
Brinker International, Inc. (a) | 36,500 | 1,219 | ||||||
Brunswick Corp. | 27,836 | 1,967 | ||||||
Burlington Stores, Inc. (a) | 5,471 | 782 | ||||||
Carter's, Inc. | 14,580 | 990 | ||||||
Cavco Industries, Inc. (a) | 6,401 | 1,451 | ||||||
Chegg, Inc. (a) | 52,541 | 1,133 | ||||||
Columbia Sportswear Co. | 14,180 | 1,056 | ||||||
Crocs, Inc. (a) | 7,002 | 495 | ||||||
Dave & Buster's Entertainment, Inc. (a) | 27,878 | 1,111 | ||||||
Etsy, Inc. (a) | 6,768 | 636 | ||||||
F45 Training Holdings, Inc. (a)(b) | 154,180 | 515 | ||||||
First Watch Restaurant Group, Inc. (a) | 9,772 | 167 | ||||||
Five Below, Inc. (a) | 4,320 | 632 | ||||||
Foot Locker, Inc. | 36,244 | 1,149 | ||||||
Fox Factory Holding Corp. (a) | 24,948 | 2,192 | ||||||
Genius Sports Ltd. (a) | 78,577 | 404 | ||||||
Gentherm, Inc. (a) | 29,264 | 1,710 | ||||||
Group 1 Automotive, Inc. | 14,368 | 2,486 | ||||||
Kohl's Corp. | 24,406 | 731 | ||||||
Kura Sushi USA, Inc. Class A (a) | 13,180 | 1,042 | ||||||
Legacy Housing Corp. (a) | 50,043 | 929 | ||||||
Life Time Group Holdings, Inc. (a)(b) | 16,217 | 170 | ||||||
Light & Wonder, Inc. (a) | 53,456 | 3,001 | ||||||
Lithia Motors, Inc. | 3,859 | 765 | ||||||
Macy's, Inc. | 57,155 | 1,192 | ||||||
Marriott Vacations Worldwide Corp. | 10,800 | 1,596 | ||||||
Meritage Homes Corp. (a) | 29,266 | 2,229 | ||||||
Movado Group, Inc. | 58,874 | 1,947 | ||||||
Perdoceo Education Corp. (a) | 78,689 | 899 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Polaris, Inc. | 9,772 | $ | 993 | |||||
Porch Group, Inc. (a)(b) | 435,395 | 592 | ||||||
Portillo's, Inc. Class A (a) | 69,410 | 1,488 | ||||||
PVH Corp. | 20,207 | 1,037 | ||||||
Signet Jewelers Ltd. | 34,469 | 2,249 | ||||||
Skyline Champion Corp. (a) | 37,251 | 2,168 | ||||||
Smith & Wesson Brands, Inc. | 36,344 | 410 | ||||||
Sonos, Inc. (a) | 114,097 | 1,839 | ||||||
Steven Madden Ltd. | 81,982 | 2,449 | ||||||
Stoneridge, Inc. (a) | 41,019 | 856 | ||||||
Sweetgreen, Inc. Class A (a)(b) | 27,817 | 517 | ||||||
Taylor Morrison Home Corp. (a) | 78,792 | 2,075 | ||||||
The Goodyear Tire & Rubber Co. (a) | 140,003 | 1,778 | ||||||
The Lovesac Co. (a) | 10,410 | 253 | ||||||
The Wendy's Co. | 47,300 | 983 | ||||||
Thor Industries, Inc. (b) | 43,439 | 3,539 | ||||||
ThredUp, Inc. Class A (a)(b) | 399,399 | 491 | ||||||
Topgolf Callaway Brands Corp. (a) | 296,342 | 5,548 | ||||||
Tri Pointe Homes, Inc. (a) | 159,939 | 2,679 | ||||||
Under Armour, Inc. Class C (a) | 151,270 | 992 | ||||||
Unifi, Inc. (a) | 38,365 | 350 | ||||||
Victoria's Secret & Co. (a) | 27,585 | 1,037 | ||||||
Visteon Corp. (a) | 17,027 | 2,222 | ||||||
Vizio Holding Corp. Class A (a) | 102,579 | 1,149 | ||||||
Wolverine World Wide, Inc. | 30,882 | 529 | ||||||
88,135 | ||||||||
Consumer Staples (2.3%): | ||||||||
Albertsons Cos., Inc. Class A | 30,742 | 630 | ||||||
Celsius Holdings, Inc. (a) | 12,960 | 1,180 | ||||||
Coty, Inc. Class A (a) | 210,085 | 1,410 | ||||||
e.l.f. Beauty, Inc. (a) | 25,800 | 1,116 | ||||||
Grocery Outlet Holding Corp. (a) | 29,250 | 1,011 | ||||||
MGP Ingredients, Inc. | 11,050 | 1,238 | ||||||
Performance Food Group Co. (a) | 85,030 | 4,425 | ||||||
Sovos Brands, Inc. (a) | 128,923 | 1,787 | ||||||
Sprouts Farmers Market, Inc. (a) | 24,281 | 716 | ||||||
The Andersons, Inc. | 29,250 | 1,032 | ||||||
The Beauty Health Co. (a)(b) | 105,700 | 1,208 | ||||||
The Simply Good Foods Co. (a) | 39,300 | 1,505 | ||||||
The Vita Coco Co., Inc. (a)(b) | 143,255 | 1,470 | ||||||
U.S. Foods Holding Corp. (a) | 68,030 | 2,025 | ||||||
Universal Corp. | 18,388 | 931 | ||||||
USANA Health Sciences, Inc. (a) | 9,997 | 525 | ||||||
22,209 | ||||||||
Energy (5.9%): | ||||||||
Cactus, Inc. Class A | 105,557 | 5,459 | ||||||
California Resources Corp. | 35,613 | 1,606 | ||||||
Chord Energy Corp. | 17,426 | 2,668 | ||||||
Civitas Resources, Inc. | 36,023 | 2,518 | ||||||
Clean Energy Fuels Corp. (a) | 113,000 | 758 | ||||||
CNX Resources Corp. (a) | 38,187 | 642 | ||||||
Comstock Resources, Inc. (a) | 28,210 | 530 | ||||||
CONSOL Energy, Inc. | 33,430 | 2,107 | ||||||
CVR Energy, Inc. | 8,374 | 327 | ||||||
DHT Holdings, Inc. | 105,011 | 936 | ||||||
Diamond Offshore Drilling, Inc. (a) | 121,424 | 1,196 | ||||||
Expro Group Holdings NV (a) | 235,857 | 4,465 | ||||||
Frontline Ltd. | 66,667 | 837 | ||||||
Green Plains, Inc. (a) | 114,525 | 3,309 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
International Seaways, Inc. | 25,956 | $ | 1,101 | |||||
Magnolia Oil & Gas Corp. Class A | 131,414 | 3,375 | ||||||
Matador Resources Co. | 26,220 | 1,742 | ||||||
New Fortress Energy, Inc. | 17,325 | 954 | ||||||
Noble Corp. PLC (a) | 17,410 | 627 | ||||||
Northern Oil and Gas, Inc. | 46,330 | 1,582 | ||||||
Patterson-UTI Energy, Inc. | 42,175 | 744 | ||||||
PDC Energy, Inc. | 17,850 | 1,288 | ||||||
Peabody Energy Corp. (a) | 18,022 | 431 | ||||||
Plains GP Holdings, LP Class A | 118,250 | 1,483 | ||||||
ProPetro Holding Corp. (a) | 144,309 | 1,709 | ||||||
RPC, Inc. | 620,162 | 6,902 | ||||||
SM Energy Co. | 15,487 | 697 | ||||||
Solaris Oilfield Infrastructure, Inc. Class A | 142,971 | 1,947 | ||||||
Talos Energy, Inc. (a) | 159,262 | 3,389 | ||||||
World Fuel Services Corp. | 27,930 | 712 | ||||||
56,041 | ||||||||
Financials (17.9%): | ||||||||
1st Source Corp. | 20,616 | 1,199 | ||||||
American Business Bank (a) | 18,762 | 750 | ||||||
Ameris Bancorp | 50,420 | 2,597 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 65,054 | 733 | ||||||
Artisan Partners Asset Management, Inc. Class A | 42,500 | 1,212 | ||||||
Assured Guaranty Ltd. | 23,950 | 1,418 | ||||||
Atlantic Union Bankshares Corp. | 81,754 | 2,824 | ||||||
B Riley Financial, Inc. | 10,016 | 407 | ||||||
Banc of California, Inc. | 91,300 | 1,523 | ||||||
Bank of Hawaii Corp. | 24,320 | 1,847 | ||||||
Banner Corp. | 49,000 | 3,663 | ||||||
Blackstone Mortgage Trust, Inc. Class A | 116,104 | 2,898 | ||||||
Bread Financial Holdings, Inc. | 24,410 | 881 | ||||||
Brighthouse Financial, Inc. (a) | 23,780 | 1,357 | ||||||
Cathay General Bancorp | 37,351 | 1,703 | ||||||
Coastal Financial Corp. (a) | 38,215 | 1,782 | ||||||
Colony Bankcorp, Inc. | 25,372 | 350 | ||||||
Customers Bancorp, Inc. (a) | 50,751 | 1,710 | ||||||
Eagle Bancorp, Inc. | 21,447 | 971 | ||||||
Eastern Bankshares, Inc. | 137,590 | 2,638 | ||||||
Employers Holdings, Inc. | 59,892 | 2,612 | ||||||
Enova International, Inc. (a) | 33,408 | 1,252 | ||||||
Essent Group Ltd. | 31,210 | 1,235 | ||||||
FB Financial Corp. | 45,065 | 1,891 | ||||||
Federated Hermes, Inc. | 136,460 | 4,742 | ||||||
First BanCorp/Puerto Rico | 309,048 | 4,880 | ||||||
First Bancorp/Southern Pines NC | 31,970 | 1,425 | ||||||
First Busey Corp. | 227,409 | 6,006 | ||||||
First Merchants Corp. | 53,450 | 2,400 | ||||||
First Western Financial, Inc. (a) | 23,715 | 655 | ||||||
Globe Life, Inc. | 29,910 | 3,455 | ||||||
Hagerty, Inc. Class A (a)(b) | 81,540 | 741 | ||||||
Hancock Whitney Corp. | 26,741 | 1,494 | ||||||
Heritage Financial Corp. | 26,500 | 893 | ||||||
Home BancShares, Inc. | 206,530 | 5,264 | ||||||
Hope Bancorp, Inc. | 112,490 | 1,527 | ||||||
Horace Mann Educators Corp. | 32,376 | 1,278 | ||||||
International Bancshares Corp. | 35,244 | 1,748 | ||||||
James River Group Holdings Ltd. | 162,443 | 4,105 | ||||||
Kemper Corp. | 66,230 | 3,157 | ||||||
Kinsale Capital Group, Inc. | 11,609 | 3,659 | ||||||
Ladder Capital Corp. | 116,880 | 1,247 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
LendingTree, Inc. (a) | 25,488 | $ | 643 | |||||
MGIC Investment Corp. | 114,238 | 1,559 | ||||||
Morningstar, Inc. | 5,154 | 1,197 | ||||||
NMI Holdings, Inc. Class A (a) | 68,401 | 1,500 | ||||||
Northwest Bancshares, Inc. | 105,200 | 1,584 | ||||||
OFG Bancorp | 64,501 | 1,798 | ||||||
Pacific Premier Bancorp, Inc. | 67,050 | 2,441 | ||||||
Palomar Holdings, Inc. (a) | 25,606 | 2,278 | ||||||
Pathward Financial, Inc. | 27,039 | 1,136 | ||||||
Pennymac Mortgage Investment Trust | 51,739 | 718 | ||||||
Pinnacle Financial Partners, Inc. | 11,750 | 975 | ||||||
PJT Partners, Inc. Class A | 4,220 | 314 | ||||||
Primerica, Inc. | 31,870 | 4,612 | ||||||
ProAssurance Corp. | 51,014 | 1,133 | ||||||
Prosperity Bancshares, Inc. | 28,248 | 2,022 | ||||||
Radian Group, Inc. | 104,582 | 2,183 | ||||||
RLI Corp. | 11,335 | 1,474 | ||||||
Sandy Spring Bancorp, Inc. | 42,200 | 1,496 | ||||||
Silvercrest Asset Management Group, Inc. Class A | 117,453 | 2,230 | ||||||
Silvergate Capital Corp. Class A (a) | 27,450 | 1,558 | ||||||
SLM Corp. | 62,142 | 1,031 | ||||||
South Plains Financial, Inc. | 57,390 | 1,795 | ||||||
SouthState Corp. | 66,689 | 6,031 | ||||||
StepStone Group, Inc. Class A | 70,865 | 2,092 | ||||||
Stewart Information Services Corp. | 16,846 | 656 | ||||||
Stifel Financial Corp. | 124,597 | 7,709 | ||||||
StoneX Group, Inc. (a) | 8,136 | 759 | ||||||
Synovus Financial Corp. | 131,205 | 5,229 | ||||||
Texas Capital Bancshares, Inc. (a) | 80,907 | 4,854 | ||||||
The Bank of NT Butterfield & Son Ltd. | 114,360 | 3,950 | ||||||
The Hanover Insurance Group, Inc. | 7,928 | 1,161 | ||||||
Tradeweb Markets, Inc. Class A | 27,495 | 1,514 | ||||||
UMB Financial Corp. | 17,800 | 1,481 | ||||||
United Community Banks, Inc. | 78,100 | 3,007 | ||||||
Valley National Bancorp | 118,308 | 1,404 | ||||||
Virtus Investment Partners, Inc. | 6,620 | 1,135 | ||||||
Washington Federal, Inc. | 32,263 | 1,249 | ||||||
White Mountains Insurance Group Ltd. | 2,070 | 2,931 | ||||||
Wintrust Financial Corp. | 22,330 | 2,091 | ||||||
WTB Financial Corp. Class B | 1,020 | 352 | ||||||
171,411 | ||||||||
Health Care (16.8%): | ||||||||
4D Molecular Therapeutics, Inc. (a) | 7,121 | 62 | ||||||
AdaptHealth Corp. (a) | 23,856 | 544 | ||||||
Affimed NV (a) | 260,900 | 459 | ||||||
Akero Therapeutics, Inc. (a) | 14,961 | 632 | ||||||
Akoya Biosciences, Inc. (a) | 65,400 | 899 | ||||||
Alkermes PLC (a) | 20,954 | 476 | ||||||
Alpha Teknova, Inc. (a) | 24,008 | 110 | ||||||
American Well Corp. Class A (a) | 292,922 | 1,198 | ||||||
Apellis Pharmaceuticals, Inc. (a) | 27,609 | 1,670 | ||||||
Arcus Biosciences, Inc. (a) | 60,587 | 1,544 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 37,954 | 1,321 | ||||||
AtriCure, Inc. (a) | 26,000 | 1,095 | ||||||
Aurinia Pharmaceuticals, Inc. (a)(b) | 90,758 | 738 | ||||||
Avidity Biosciences, Inc. (a) | 13,310 | 190 | ||||||
Azenta, Inc. | 90,479 | 4,017 | ||||||
Beam Therapeutics, Inc. (a) | 28,529 | 1,257 | ||||||
Bicycle Therapeutics PLC, ADR (a)(b) | 32,929 | 815 | ||||||
BioLife Solutions, Inc. (a) | 72,327 | 1,701 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
BioMarin Pharmaceutical, Inc. (a) | 2,993 | $ | 259 | |||||
Biomerica, Inc. (a) | 101,604 | 334 | ||||||
bluebird bio, Inc. (a) | 97,100 | 609 | ||||||
Blueprint Medicines Corp. (a) | 42,666 | 2,212 | ||||||
Brookdale Senior Living, Inc. (a) | 200,000 | 894 | ||||||
C4 Therapeutics, Inc. (a) | 2,657 | 26 | ||||||
Cabaletta Bio, Inc. (a) | 37,005 | 63 | ||||||
Castle Biosciences, Inc. (a) | 101,878 | 2,600 | ||||||
Catalyst Pharmaceuticals, Inc. (a) | 28,342 | 393 | ||||||
Cerus Corp. (a) | 74,444 | 272 | ||||||
Codiak Biosciences, Inc. (a) | 66,385 | 47 | ||||||
Collegium Pharmaceutical, Inc. (a) | 17,343 | 311 | ||||||
Corcept Therapeutics, Inc. (a) | 47,487 | 1,358 | ||||||
CorVel Corp. (a) | 26,756 | 4,394 | ||||||
CRISPR Therapeutics AG (a) | 4,382 | 229 | ||||||
CryoPort, Inc. (a) | 67,339 | 1,869 | ||||||
CytoSorbents Corp. (a)(b) | 206,436 | 386 | ||||||
Definitive Healthcare Corp. (a) | 90,949 | 1,435 | ||||||
Dynavax Technologies Corp. (a)(b) | 68,075 | 779 | ||||||
Emergent BioSolutions, Inc. (a) | 19,149 | 399 | ||||||
Encompass Health Corp. | 61,628 | 3,355 | ||||||
Evolent Health, Inc. Class A (a) | 96,124 | 3,058 | ||||||
Fate Therapeutics, Inc. (a) | 75,345 | 1,576 | ||||||
Figs, Inc. Class A (a) | 110,450 | 815 | ||||||
Fulgent Genetics, Inc. (a) | 10,551 | 418 | ||||||
Fusion Pharmaceuticals, Inc. (a) | 46,129 | 114 | ||||||
Gamida Cell Ltd. (a)(b) | 105,374 | 189 | ||||||
Generation Bio Co. (a) | 12,604 | 65 | ||||||
Genetron Holdings Ltd., ADR (a) | 58,392 | 48 | ||||||
Globus Medical, Inc. (a) | 20,162 | 1,351 | ||||||
Haemonetics Corp. (a) | 29,269 | 2,486 | ||||||
Halozyme Therapeutics, Inc. (a) | 149,284 | 7,137 | ||||||
Health Catalyst, Inc. (a) | 73,713 | 650 | ||||||
HealthEquity, Inc. (a) | 7,737 | 603 | ||||||
Henry Schein, Inc. (a) | 12,330 | 844 | ||||||
Heska Corp. (a) | 14,200 | 1,019 | ||||||
Horizon Therapeutics PLC (a) | 10,501 | 654 | ||||||
iCAD, Inc. (a) | 164,916 | 315 | ||||||
ICU Medical, Inc. (a) | 5,814 | 863 | ||||||
IGM Biosciences, Inc. (a)(b) | 8,560 | 171 | ||||||
Immunocore Holdings PLC, ADR (a) | 7,487 | 428 | ||||||
ImmunoGen, Inc. (a) | 275,144 | 1,634 | ||||||
Inari Medical, Inc. (a) | 29,330 | 2,256 | ||||||
Inmode Ltd. (a) | 7,516 | 258 | ||||||
Insmed, Inc. (a) | 27,450 | 475 | ||||||
Instil Bio, Inc. (a)(b) | 11,208 | 37 | ||||||
Insulet Corp. (a) | 2,706 | 700 | ||||||
Integer Holdings Corp. (a) | 30,118 | 1,877 | ||||||
Intellia Therapeutics, Inc. (a) | 38,416 | 2,028 | ||||||
Intra-Cellular Therapies, Inc. (a) | 11,685 | 534 | ||||||
IO Biotech, Inc. (a) | 40,174 | 99 | ||||||
Iovance Biotherapeutics, Inc. (a) | 26,568 | 248 | ||||||
Ironwood Pharmaceuticals, Inc. (a) | 174,294 | 1,907 | ||||||
iTeos Therapeutics, Inc. (a) | 20,331 | 396 | ||||||
Kezar Life Sciences, Inc. (a) | 84,500 | 635 | ||||||
Kiniksa Pharmaceuticals Ltd. Class A (a) | 93,754 | 1,071 | ||||||
LianBio, ADR (a)(b) | 160,058 | 232 | ||||||
Ligand Pharmaceuticals, Inc. (a) | 18,736 | 1,642 | ||||||
LivaNova PLC (a) | 26,679 | 1,257 | ||||||
Maravai LifeSciences Holdings, Inc. Class A (a) | 11,840 | 197 | ||||||
Maxcyte, Inc. (a) | 45,299 | 313 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Medpace Holdings, Inc. (a) | 25,975 | $ | 5,766 | |||||
Merit Medical Systems, Inc. (a) | 40,160 | 2,762 | ||||||
Mesa Laboratories, Inc. | 6,934 | 917 | ||||||
Mirati Therapeutics, Inc. (a) | 6,900 | 465 | ||||||
Multiplan Corp. (a)(b) | 118,553 | 340 | ||||||
Myriad Genetics, Inc. (a) | 23,619 | 490 | ||||||
NanoString Technologies, Inc. (a) | 35,628 | 373 | ||||||
Natera, Inc. (a) | 58,596 | 2,752 | ||||||
Neogen Corp. (a) | 90,024 | 1,188 | ||||||
NeoGenomics, Inc. (a) | 36,211 | 275 | ||||||
Neurocrine Biosciences, Inc. (a) | 3,574 | 411 | ||||||
Nupathe, Inc. (a)(c)(d) | 133,709 | — | ||||||
Nurix Therapeutics, Inc. (a) | 6,432 | 82 | ||||||
NuVasive, Inc. (a) | 48,030 | 2,120 | ||||||
Olink Holding AB, ADR (a)(b) | 82,225 | 1,507 | ||||||
Omnicell, Inc. (a) | 23,308 | 1,802 | ||||||
OPKO Health, Inc. (a) | 139,487 | 265 | ||||||
ORIC Pharmaceuticals, Inc. (a) | 40,110 | 107 | ||||||
OrthoPediatrics Corp. (a) | 44,031 | 1,871 | ||||||
Owens & Minor, Inc. | 16,746 | 285 | ||||||
Oyster Point Pharma, Inc. (a)(b) | 4,427 | 35 | ||||||
Pacific Biosciences of California, Inc. (a)(b) | 151,574 | 1,279 | ||||||
Pacira BioSciences, Inc. (a) | 29,387 | 1,521 | ||||||
Patterson Cos., Inc. | 52,100 | 1,353 | ||||||
Pediatrix Medical Group, Inc. (a) | 33,254 | 645 | ||||||
Perrigo Co. PLC | 37,661 | 1,517 | ||||||
Phreesia, Inc. (a) | 4,995 | 136 | ||||||
Pliant Therapeutics, Inc. (a) | 46,300 | 1,151 | ||||||
PMV Pharmaceuticals, Inc. (a) | 2,987 | 37 | ||||||
PolyPid Ltd. (a)(b) | 88,426 | 81 | ||||||
Prestige Consumer Healthcare, Inc. (a) | 22,054 | 1,202 | ||||||
Prothena Corp. PLC (a) | 14,365 | 883 | ||||||
Pulmonx Corp. (a) | 20,261 | 271 | ||||||
Quanterix Corp. (a) | 131,522 | 1,456 | ||||||
RadNet, Inc. (a) | 35,019 | 670 | ||||||
Reata Pharmaceuticals, Inc. Class A (a) | 7,781 | 251 | ||||||
Recursion Pharmaceuticals, Inc. Class A (a) | 2,280 | 24 | ||||||
Repligen Corp. (a) | 13,475 | 2,459 | ||||||
Revance Therapeutics, Inc. (a) | 52,786 | 1,178 | ||||||
Sage Therapeutics, Inc. (a) | 21,828 | 822 | ||||||
Select Medical Holdings Corp. | 44,619 | 1,146 | ||||||
Shockwave Medical, Inc. (a) | 4,750 | 1,392 | ||||||
SI-BONE, Inc. (a) | 104,948 | 2,040 | ||||||
Singular Genomics Systems, Inc. (a)(b) | 51,646 | 137 | ||||||
STAAR Surgical Co. (a) | 64,872 | 4,597 | ||||||
Stoke Therapeutics, Inc. (a) | 65,325 | 970 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 80,383 | 2,755 | ||||||
Surmodics, Inc. (a) | 20,820 | 711 | ||||||
Sutro Biopharma, Inc. (a) | 26,306 | 193 | ||||||
Tandem Diabetes Care, Inc. (a) | 31,407 | 1,764 | ||||||
TCR2 Therapeutics, Inc. (a) | 71,912 | 113 | ||||||
Tenet Healthcare Corp. (a) | 42,220 | 1,873 | ||||||
TG Therapeutics, Inc. (a) | 25,140 | 146 | ||||||
The Ensign Group, Inc. | 59,548 | 5,346 | ||||||
UFP Technologies, Inc. (a) | 28,562 | 2,681 | ||||||
Veracyte, Inc. (a) | 173,183 | 3,483 | ||||||
Vericel Corp. (a) | 148,358 | 3,988 | ||||||
Xencor, Inc. (a) | 45,297 | 1,268 | ||||||
Xenon Pharmaceuticals, Inc. (a) | 41,083 | 1,502 | ||||||
Zai Lab Ltd., ADR (a) | 8,110 | 181 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Zimvie, Inc. (a) | 78,640 | $ | 690 | |||||
Zymeworks, Inc. (a)(b) | 106,669 | 793 | ||||||
160,070 | ||||||||
Industrials (17.5%): | ||||||||
AAON, Inc. | 47,437 | 3,059 | ||||||
AAR Corp. (a) | 27,310 | 1,210 | ||||||
ABM Industries, Inc. | 24,142 | 1,075 | ||||||
ACV Auctions, Inc. Class A (a) | 3,736 | 34 | ||||||
Aerojet Rocketdyne Holdings, Inc. (a) | 10,137 | 491 | ||||||
AGCO Corp. | 11,195 | 1,390 | ||||||
Alta Equipment Group, Inc. | 60,783 | 743 | ||||||
Altra Industrial Motion Corp. | 35,304 | 2,123 | ||||||
Ameresco, Inc. Class A (a) | 14,618 | 884 | ||||||
Apogee Enterprises, Inc. | 19,193 | 881 | ||||||
Applied Industrial Technologies, Inc. | 15,600 | 1,940 | ||||||
ArcBest Corp. | 10,015 | 796 | ||||||
Arcosa, Inc. | 26,593 | 1,707 | ||||||
Array Technologies, Inc. (a) | 246,302 | 4,458 | ||||||
ASGN, Inc. (a) | 18,351 | 1,556 | ||||||
Atkore, Inc. (a) | 21,277 | 2,028 | ||||||
Axon Enterprise, Inc. (a) | 16,047 | 2,334 | ||||||
Brady Corp. Class A | 20,196 | 924 | ||||||
BWX Technologies, Inc. | 44,836 | 2,555 | ||||||
CACI International, Inc. Class A (a) | 6,282 | 1,910 | ||||||
Casella Waste Systems, Inc. (a) | 67,451 | 5,518 | ||||||
Chart Industries, Inc. (a) | 31,553 | 7,033 | ||||||
Clean Harbors, Inc. (a) | 15,519 | 1,901 | ||||||
Columbus McKinnon Corp. | 45,929 | 1,310 | ||||||
Construction Partners, Inc. Class A (a) | 19,944 | 621 | ||||||
CoreCivic, Inc. (a) | 44,966 | 471 | ||||||
Crane Holdings Co. | 19,686 | 1,975 | ||||||
Curtiss-Wright Corp. | 11,047 | 1,854 | ||||||
EMCOR Group, Inc. | 54,421 | 7,679 | ||||||
Encore Wire Corp. | 11,246 | 1,547 | ||||||
Enovix Corp. (a)(b) | 105,035 | 1,982 | ||||||
EnPro Industries, Inc. | 12,019 | 1,280 | ||||||
ESCO Technologies, Inc. | 22,393 | 1,930 | ||||||
Evoqua Water Technologies Corp. (a) | 73,730 | 2,889 | ||||||
Exponent, Inc. | 40,976 | 3,903 | ||||||
Federal Signal Corp. | 35,950 | 1,677 | ||||||
Finning International, Inc. | 40,910 | 870 | ||||||
Fluor Corp. (a) | 67,350 | 2,038 | ||||||
Forward Air Corp. | 30,279 | 3,206 | ||||||
FTI Consulting, Inc. (a) | 13,830 | 2,152 | ||||||
Gibraltar Industries, Inc. (a) | 57,996 | 2,962 | ||||||
GMS, Inc. (a) | 12,086 | 571 | ||||||
H&E Equipment Services, Inc. | 30,640 | 1,157 | ||||||
Hawaiian Holdings, Inc. (a) | 77,000 | 1,111 | ||||||
Hexcel Corp. | 83,510 | 4,652 | ||||||
Hub Group, Inc. Class A (a) | 22,400 | 1,738 | ||||||
Hudson Technologies, Inc. (a) | 99,632 | 918 | ||||||
IAA, Inc. (a) | 79,110 | 3,001 | ||||||
ICF International, Inc. | 11,280 | 1,349 | ||||||
Kaman Corp. | 17,540 | 563 | ||||||
Kirby Corp. (a) | 21,687 | 1,513 | ||||||
Kornit Digital Ltd. (a) | 157,397 | 4,206 | ||||||
Kratos Defense & Security Solutions, Inc. (a) | 69,680 | 772 | ||||||
Landstar System, Inc. | 25,473 | 3,979 | ||||||
Masonite International Corp. (a) | 7,479 | 535 | ||||||
Matson, Inc. | 9,634 | 709 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Matthews International Corp. Class A | 37,699 | $ | 1,013 | |||||
Maxar Technologies, Inc. | 61,632 | 1,377 | ||||||
McGrath RentCorp | 26,150 | 2,459 | ||||||
Mueller Industries, Inc. | 15,628 | 979 | ||||||
NOW, Inc. (a) | 471,122 | 5,997 | ||||||
Owens Corning | 23,257 | 1,991 | ||||||
PGT Innovations, Inc. (a) | 57,703 | 1,230 | ||||||
Proto Labs, Inc. (a) | 28,317 | 1,081 | ||||||
RBC Bearings, Inc. (a) | 30,744 | 7,795 | ||||||
Regal Rexnord Corp. | 3,757 | 475 | ||||||
Rush Enterprises, Inc. Class A | 22,566 | 1,126 | ||||||
Saia, Inc. (a) | 7,134 | 1,419 | ||||||
Sensata Technologies Holding PLC | 22,070 | 887 | ||||||
Shoals Technologies Group, Inc. Class A (a) | 96,528 | 2,231 | ||||||
SkyWest, Inc. (a) | 17,115 | 303 | ||||||
The AZEK Co., Inc. (a) | 28,036 | 491 | ||||||
The GEO Group, Inc. (a)(b) | 70,819 | 599 | ||||||
The Greenbrier Cos., Inc. | 35,718 | 1,261 | ||||||
Triton International Ltd. | 25,312 | 1,536 | ||||||
UFP Industries, Inc. | 38,024 | 2,708 | ||||||
UniFirst Corp. | 10,892 | 2,004 | ||||||
Univar Solutions, Inc. (a) | 52,200 | 1,330 | ||||||
Veritiv Corp. (a) | 4,573 | 532 | ||||||
Vicor Corp. (a) | 25,084 | 1,198 | ||||||
Wabash National Corp. | 90,005 | 1,949 | ||||||
Werner Enterprises, Inc. | 34,934 | 1,369 | ||||||
WESCO International, Inc. (a) | 11,150 | 1,536 | ||||||
WillScot Mobile Mini Holdings Corp. (a) | 143,339 | 6,096 | ||||||
Zurn Elkay Water Solutions Corp. | 32,556 | 765 | ||||||
167,407 | ||||||||
Information Technology (17.5%): | ||||||||
908 Devices, Inc. (a)(b) | 138,140 | 2,209 | ||||||
ACI Worldwide, Inc. (a) | 81,740 | 1,989 | ||||||
Advanced Energy Industries, Inc. | 59,865 | 4,708 | ||||||
Airgain, Inc. (a) | 146,885 | 1,066 | ||||||
Akoustis Technologies, Inc. (a)(b) | 218,338 | 727 | ||||||
Allegro MicroSystems, Inc. (a) | 132,574 | 3,369 | ||||||
Alteryx, Inc. Class A (a) | 4,642 | 226 | ||||||
Ambarella, Inc. (a) | 32,805 | 1,795 | ||||||
Amkor Technology, Inc. | 38,317 | 797 | ||||||
Appian Corp. (a) | 692 | 34 | ||||||
Arteris, Inc. (a) | 91,616 | 508 | ||||||
Axcelis Technologies, Inc. (a) | 16,050 | 931 | ||||||
AXT, Inc. (a) | 238,217 | 1,082 | ||||||
Belden, Inc. | 33,253 | 2,315 | ||||||
Blackline, Inc. (a) | 14,108 | 790 | ||||||
BM Technologies, Inc. (a)(b) | 7,293 | 55 | ||||||
C3.ai, Inc. Class A (a)(b) | 9,016 | 118 | ||||||
CEVA, Inc. (a) | 78,261 | 2,165 | ||||||
Ciena Corp. (a) | 42,067 | 2,015 | ||||||
Conduent, Inc. (a) | 204,000 | 841 | ||||||
Confluent, Inc. Class A (a) | 11,150 | 300 | ||||||
Couchbase, Inc. (a) | 3,920 | 50 | ||||||
Coupa Software, Inc. (a) | 9,550 | 508 | ||||||
CS Disco, Inc. (a) | 48,898 | 524 | ||||||
CyberArk Software Ltd. (a) | 7,395 | 1,160 | ||||||
Digital Turbine, Inc. (a) | 237,312 | 3,465 | ||||||
Diodes, Inc. (a) | 78,067 | 5,595 | ||||||
Domo, Inc. Class B (a) | 8,709 | 154 | ||||||
DoubleVerify Holdings, Inc. (a) | 3,802 | 111 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Dropbox, Inc. Class A (a) | 18,219 | $ | 396 | |||||
Ebix, Inc. (b) | 16,141 | 319 | ||||||
Elastic NV (a) | 32,208 | 2,060 | ||||||
Endava PLC, ADR (a) | 18,368 | 1,400 | ||||||
ePlus, Inc. (a) | 83,866 | 4,086 | ||||||
Euronet Worldwide, Inc. (a) | 44,718 | 3,757 | ||||||
Everbridge, Inc. (a) | 8,100 | 254 | ||||||
EVERTEC, Inc. | 107,477 | 3,849 | ||||||
ExlService Holdings, Inc. (a) | 30,550 | 5,556 | ||||||
Expensify, Inc. Class A (a) | 64,009 | 838 | ||||||
First Solar, Inc. (a) | 13,531 | 1,970 | ||||||
Flywire Corp. (a) | 11,529 | 253 | ||||||
ForgeRock, Inc. Class A (a)(b) | 3,915 | 88 | ||||||
FormFactor, Inc. (a) | 148,848 | 3,008 | ||||||
Freshworks, Inc. Class A (a)(b) | 43,796 | 595 | ||||||
Globant SA (a) | 10,988 | 2,073 | ||||||
Grid Dynamics Holdings, Inc. (a) | 73,109 | 995 | ||||||
Guidewire Software, Inc. (a) | 21,550 | 1,280 | ||||||
Harmonic, Inc. (a) | 194,563 | 3,006 | ||||||
HubSpot, Inc. (a) | 1,450 | 430 | ||||||
Indie Semiconductor, Inc. A (a)(b) | 284,994 | 2,229 | ||||||
Infinera Corp. (a)(b) | 231,977 | 1,301 | ||||||
Insight Enterprises, Inc. (a) | 44,038 | 4,162 | ||||||
Intapp, Inc. (a) | 784 | 18 | ||||||
InterDigital, Inc. | 10,034 | 500 | ||||||
JFrog Ltd. (a) | 73,065 | 1,856 | ||||||
Kulicke & Soffa Industries, Inc. | 20,493 | 860 | ||||||
Limelight Networks, Inc. (a) | 1,214,608 | 3,267 | ||||||
LivePerson, Inc. (a) | 12,217 | 129 | ||||||
Mitek Systems, Inc. (a) | 95,139 | 1,076 | ||||||
Monday.com Ltd. (a) | 392 | 42 | ||||||
Monolithic Power Systems, Inc. | 2,485 | 844 | ||||||
Napco Security Technologies, Inc. (a) | 117,523 | 3,340 | ||||||
NetScout Systems, Inc. (a) | 24,327 | 874 | ||||||
Nutanix, Inc. Class A (a) | 78,384 | 2,148 | ||||||
Onto Innovation, Inc. (a) | 24,968 | 1,669 | ||||||
OSI Systems, Inc. (a) | 20,182 | 1,659 | ||||||
PagerDuty, Inc. (a) | 46,731 | 1,166 | ||||||
PAR Technology Corp. (a) | 12,949 | 373 | ||||||
Paycom Software, Inc. (a) | 1,750 | 606 | ||||||
Paylocity Holding Corp. (a) | 3,634 | 842 | ||||||
Paysafe Ltd. (a)(b) | 333,169 | 486 | ||||||
Perficient, Inc. (a) | 85,517 | 5,727 | ||||||
Photronics, Inc. (a) | 29,531 | 479 | ||||||
Plexus Corp. (a) | 19,556 | 1,924 | ||||||
Power Integrations, Inc. | 34,514 | 2,302 | ||||||
Progress Software Corp. | 46,919 | 2,394 | ||||||
PROS Holdings, Inc. (a) | 99,010 | 2,470 | ||||||
PTC, Inc. (a) | 17,399 | 2,050 | ||||||
Pure Storage, Inc. Class A (a) | 111,583 | 3,444 | ||||||
Qualys, Inc. (a) | 13,489 | 1,923 | ||||||
Radware Ltd. (a) | 86,114 | 1,982 | ||||||
Rapid7, Inc. (a) | 54,165 | 2,452 | ||||||
Sanmina Corp. (a) | 53,224 | 2,983 | ||||||
SentinelOne, Inc. Class A (a) | 41,840 | 956 | ||||||
Shift4 Payments, Inc. Class A (a) | 16,640 | 765 | ||||||
ShotSpotter, Inc. (a) | 14,134 | 537 | ||||||
Silicon Laboratories, Inc. (a) | 9,471 | 1,088 | ||||||
SiTime Corp. (a) | 17,603 | 1,581 | ||||||
Smartsheet, Inc. Class A (a) | 32,901 | 1,149 | ||||||
Sprout Social, Inc. Class A (a) | 26,360 | 1,590 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
SPS Commerce, Inc. (a) | 11,161 | $ | 1,412 | |||||
Stratasys Ltd. (a) | 14,928 | 216 | ||||||
TaskUS, Inc. Class A (a)(b) | 75,198 | 1,518 | ||||||
Toast, Inc. Class A (a) | 71,579 | 1,581 | ||||||
TTEC Holdings, Inc. | 8,451 | 376 | ||||||
Varonis Systems, Inc. (a) | 51,312 | 1,374 | ||||||
Veeco Instruments, Inc. (a) | 194,736 | 3,550 | ||||||
Verint Systems, Inc. (a) | 102,016 | 3,614 | ||||||
Veritone, Inc. (a)(b) | 67,049 | 497 | ||||||
Verra Mobility Corp. (a) | 66,230 | 1,131 | ||||||
Vishay Intertechnology, Inc. | 59,251 | 1,239 | ||||||
WNS Holdings Ltd., ADR (a) | 62,894 | 5,414 | ||||||
Workiva, Inc. (a) | 8,140 | 633 | ||||||
Xerox Holdings Corp. | 54,361 | 795 | ||||||
Zeta Global Holdings Corp. Class A (a)(b) | 78,018 | 651 | ||||||
167,064 | ||||||||
Materials (3.0%): | ||||||||
AdvanSix, Inc. | 36,980 | 1,345 | ||||||
ATI, Inc. (a) | 46,000 | 1,369 | ||||||
Avient Corp. | 38,000 | 1,311 | ||||||
Axalta Coating Systems Ltd. (a) | 42,950 | 1,001 | ||||||
Balchem Corp. | 11,961 | 1,672 | ||||||
CF Industries Holdings, Inc. | 7,885 | 838 | ||||||
Commercial Metals Co. | 76,401 | 3,476 | ||||||
Compass Minerals International, Inc. | 12,260 | 485 | ||||||
Constellium SE (a) | 84,390 | 930 | ||||||
FMC Corp. | 8,530 | 1,014 | ||||||
Graphic Packaging Holding Co. | 115,310 | 2,647 | ||||||
Intrepid Potash, Inc. (a) | 18,450 | 835 | ||||||
Materion Corp. | 13,105 | 1,123 | ||||||
Mativ Holdings, Inc. | 24,755 | 588 | ||||||
Minerals Technologies, Inc. | 12,339 | 679 | ||||||
Neo Performance Materials, Inc. | 18,640 | 146 | ||||||
O-I Glass, Inc. (a) | 101,968 | 1,663 | ||||||
Olin Corp. | 37,110 | 1,965 | ||||||
Summit Materials, Inc. Class A (a) | 95,583 | 2,519 | ||||||
Sylvamo Corp. | 36,191 | 1,743 | ||||||
Trinseo PLC | 19,799 | 373 | ||||||
Warrior Met Coal, Inc. | 19,741 | 733 | ||||||
28,455 | ||||||||
Real Estate (4.5%): | ||||||||
Alexander & Baldwin, Inc. | 58,000 | 1,130 | ||||||
American Assets Trust, Inc. | 30,105 | 827 | ||||||
Ashford Hospitality Trust, Inc. (a)(b) | 44,397 | 361 | ||||||
Broadstone Net Lease, Inc. | 58,805 | 1,008 | ||||||
CareTrust REIT, Inc. | 76,568 | 1,430 | ||||||
Corporate Office Properties Trust | 81,690 | 2,177 | ||||||
DiamondRock Hospitality Co. | 270,673 | 2,528 | ||||||
DigitalBridge Group, Inc. | 26,889 | 344 | ||||||
Easterly Government Properties, Inc. | 136,765 | 2,378 | ||||||
Equity Commonwealth | 75,120 | 1,965 | ||||||
Essential Properties Realty Trust, Inc. | 74,000 | 1,592 | ||||||
Four Corners Property Trust, Inc. | 106,000 | 2,716 | ||||||
Global Medical REIT, Inc. | 52,032 | 476 | ||||||
Hudson Pacific Properties, Inc. | 66,600 | 735 | ||||||
Industrial Logistics Properties Trust | 63,396 | 297 | ||||||
Kennedy-Wilson Holdings, Inc. | 119,490 | 1,985 | ||||||
Kite Realty Group Trust | 47,569 | 934 | ||||||
LXP Industrial Trust | 245,007 | 2,372 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Physicians Realty Trust | 84,659 | $ | 1,275 | |||||
Piedmont Office Realty Trust, Inc. Class A | 78,029 | 815 | ||||||
PotlatchDeltic Corp. | 9,545 | 425 | ||||||
Retail Opportunity Investments Corp. | 42,834 | 620 | ||||||
Rexford Industrial Realty, Inc. | 16,128 | 892 | ||||||
Ryman Hospitality Properties, Inc. | 9,536 | 848 | ||||||
Sabra Health Care REIT, Inc. | 123,700 | 1,690 | ||||||
SITE Centers Corp. | 150,165 | 1,859 | ||||||
STAG Industrial, Inc. | 66,600 | 2,104 | ||||||
Summit Hotel Properties, Inc. | 237,432 | 2,051 | ||||||
Sunstone Hotel Investors, Inc. | 90,300 | 1,007 | ||||||
Terreno Realty Corp. | 12,965 | 741 | ||||||
UMH Properties, Inc. | 72,339 | 1,269 | ||||||
Urban Edge Properties | 44,909 | 634 | ||||||
Veris Residential, Inc. (a) | 74,800 | 1,184 | ||||||
42,669 | ||||||||
Utilities (1.7%): | ||||||||
ALLETE, Inc. | 29,366 | 1,653 | ||||||
Avista Corp. | 26,399 | 1,083 | ||||||
Black Hills Corp. | 53,364 | 3,488 | ||||||
Clearway Energy, Inc. Class C | 20,701 | 719 | ||||||
NorthWestern Corp. | 54,852 | 2,898 | ||||||
ONE Gas, Inc. | 44,843 | 3,475 | ||||||
Ormat Technologies, Inc. | 2,810 | 254 | ||||||
Portland General Electric Co. | 58,020 | 2,607 | ||||||
16,177 | ||||||||
Total Common Stocks (Cost $900,466) | 940,825 | |||||||
Rights (0.0%)(f) | ||||||||
Health Care (0.0%): | ||||||||
Flexion Therapeutics, Inc. (a)(c)(d) | 58,207 | 1 | ||||||
Total Rights (Cost $36) | 1 | |||||||
Exchange-Traded Funds (0.2%) | ||||||||
iShares Russell 2000 ETF (b) | 10,657 | 1,954 | ||||||
Total Exchange-Traded Funds (Cost $1,890) | 1,954 | |||||||
Collateral for Securities Loaned (2.4%)^ | ||||||||
HSBC U.S. Government Money Market Fund, I Shares, 3.09% (g) | 22,861,118 | 22,861 | ||||||
Total Collateral for Securities Loaned (Cost $22,861) | 22,861 | |||||||
Total Investments (Cost $925,253) — 101.1% | 965,641 | |||||||
Liabilities in excess of other assets — (1.1)% | (10,413 | ) | ||||||
NET ASSETS - 100.00% | $ | 955,228 |
At October 31, 2022, the Fund's investments in foreign securities were 6.0% of net assets.
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security was fair valued based using significant unobservable inputs as of October 31, 2022. |
(d) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At October 31, 2022, illiquid securities were less than 0.05% of the Fund's net assets. |
(e) | Rounds to less than $1 thousand. |
(f) | Amount represents less than 0.05% of net assets. |
(g) | Rate disclosed is the daily yield on October 31, 2022. |
ADR—American Depositary Receipt |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Small Cap Stock Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
ETF—Exchange-Traded Fund |
LP—Limited Partnership |
PLC—Public Limited Company |
REIT—Real Estate Investment Trust |
USAA Mutual Funds Trust | Schedule of Portfolio Investments |
USAA Value Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.9%) | ||||||||
Communication Services (3.8%): | ||||||||
Alphabet, Inc. Class A (a) | 135,969 | $ | 12,850 | |||||
AT&T, Inc. | 249,936 | 4,556 | ||||||
Comcast Corp. Class A | 161,263 | 5,119 | ||||||
Meta Platforms, Inc. Class A (a) | 86,104 | 8,021 | ||||||
Omnicom Group, Inc. | 44,040 | 3,204 | ||||||
Playtika Holding Corp. (a) | 270,464 | 2,556 | ||||||
Verizon Communications, Inc. | 142,826 | 5,337 | ||||||
World Wrestling Entertainment, Inc. Class A | 29,327 | 2,314 | ||||||
43,957 | ||||||||
Consumer Discretionary (5.2%): | ||||||||
AutoNation, Inc. (a) | 23,290 | 2,476 | ||||||
Bath & Body Works, Inc. | 67,752 | 2,262 | ||||||
Best Buy Co., Inc. | 51,412 | 3,517 | ||||||
Darden Restaurants, Inc. | 42,500 | 6,084 | ||||||
Deckers Outdoor Corp. (a) | 8,780 | 3,072 | ||||||
Dick's Sporting Goods, Inc. | 39,616 | 4,507 | ||||||
LKQ Corp. | 252,090 | 14,026 | ||||||
PulteGroup, Inc. | 96,836 | 3,873 | ||||||
Target Corp. | 62,103 | 10,200 | ||||||
Ulta Beauty, Inc. (a) | 8,740 | 3,665 | ||||||
Williams-Sonoma, Inc. | 20,600 | 2,551 | ||||||
Yum! Brands, Inc. | 28,492 | 3,369 | ||||||
59,602 | ||||||||
Consumer Staples (6.6%): | ||||||||
Albertsons Cos., Inc. Class A | 87,588 | 1,796 | ||||||
Altria Group, Inc. | 142,258 | 6,582 | ||||||
Colgate-Palmolive Co. | 41,303 | 3,050 | ||||||
Keurig Dr Pepper, Inc. | 286,792 | 11,139 | ||||||
Lamb Weston Holdings, Inc. | 65,600 | 5,656 | ||||||
Mondelez International, Inc. Class A | 190,700 | 11,724 | ||||||
Philip Morris International, Inc. | 86,909 | 7,983 | ||||||
The Kroger Co. | 69,791 | 3,300 | ||||||
The Procter & Gamble Co. | 51,893 | 6,989 | ||||||
Tyson Foods, Inc. Class A | 32,182 | 2,200 | ||||||
U.S. Foods Holding Corp. (a) | 295,500 | 8,794 | ||||||
Walmart, Inc. | 45,076 | 6,416 | ||||||
75,629 | ||||||||
Energy (7.6%): | ||||||||
Chevron Corp. | 39,329 | 7,115 | ||||||
ConocoPhillips | 62,620 | 7,896 | ||||||
Continental Resources, Inc. | 23,830 | 1,763 | ||||||
Enterprise Products Partners LP | 442,624 | 11,176 | ||||||
EOG Resources, Inc. | 51,611 | 7,046 | ||||||
Exxon Mobil Corp. | 125,725 | 13,932 | ||||||
Hess Corp. | 75,500 | 10,651 | ||||||
Marathon Oil Corp. | 581,561 | 17,708 | ||||||
Ovintiv, Inc. | 184,100 | 9,325 | ||||||
86,612 | ||||||||
Financials (22.3%): | ||||||||
American Financial Group, Inc. | 18,691 | 2,712 | ||||||
Ameriprise Financial, Inc. | 23,542 | 7,277 | ||||||
Brown & Brown, Inc. | 282,200 | 16,591 | ||||||
Capital One Financial Corp. | 42,730 | 4,530 | ||||||
Cboe Global Markets, Inc. | 130,400 | 16,235 | ||||||
Citigroup, Inc. | 119,898 | 5,499 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Value Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Comerica, Inc. | 242,300 | $ | 17,082 | |||||
Discover Financial Services | 39,098 | 4,084 | ||||||
East West Bancorp, Inc. | 47,614 | 3,408 | ||||||
Evercore, Inc. | 41,441 | 4,355 | ||||||
Everest Re Group Ltd. | 8,623 | 2,782 | ||||||
Fairfax Financial Holdings Ltd. | 46,400 | 22,791 | ||||||
Fidelity National Financial, Inc. | 140,865 | 5,547 | ||||||
First American Financial Corp. | 45,498 | 2,293 | ||||||
Interactive Brokers Group, Inc. | 179,100 | 14,355 | ||||||
JPMorgan Chase & Co. | 148,339 | 18,673 | ||||||
M&T Bank Corp. | 16,593 | 2,794 | ||||||
Markel Corp. (a) | 14,200 | 17,127 | ||||||
MGIC Investment Corp. | 325,334 | 4,441 | ||||||
Primerica, Inc. | 21,971 | 3,179 | ||||||
Regions Financial Corp. | 239,560 | 5,258 | ||||||
SEI Investments Co. | 85,196 | 4,626 | ||||||
State Street Corp. | 142,300 | 10,530 | ||||||
Synchrony Financial | 95,223 | 3,386 | ||||||
T. Rowe Price Group, Inc. | 50,963 | 5,410 | ||||||
The Goldman Sachs Group, Inc. | 16,178 | 5,574 | ||||||
The Hartford Financial Services Group, Inc. | 76,773 | 5,559 | ||||||
The Progressive Corp. | 195,223 | 25,067 | ||||||
The Travelers Cos., Inc. | 22,753 | 4,197 | ||||||
U.S. Bancorp | 97,218 | 4,127 | ||||||
Wells Fargo & Co. | 85,950 | 3,953 | ||||||
Western Alliance Bancorp | 43,080 | 2,894 | ||||||
256,336 | ||||||||
Health Care (19.5%): | ||||||||
AbbVie, Inc. | 89,800 | 13,147 | ||||||
Amedisys, Inc. (a) | 19,225 | 1,876 | ||||||
Amgen, Inc. | 14,796 | 4,000 | ||||||
Biogen, Inc. (a) | 15,257 | 4,324 | ||||||
Bristol-Myers Squibb Co. | 77,324 | 5,990 | ||||||
Cigna Corp. | 48,856 | 15,783 | ||||||
Elevance Health, Inc. | 10,855 | 5,935 | ||||||
Eli Lilly & Co. | 8,124 | 2,942 | ||||||
Gilead Sciences, Inc. | 66,850 | 5,245 | ||||||
HCA Healthcare, Inc. | 19,436 | 4,227 | ||||||
Hologic, Inc. (a) | 69,644 | 4,722 | ||||||
Humana, Inc. | 35,895 | 20,032 | ||||||
IDEXX Laboratories, Inc. (a) | 11,246 | 4,045 | ||||||
Johnson & Johnson | 155,553 | 27,062 | ||||||
Laboratory Corp. of America Holdings | 10,177 | 2,258 | ||||||
McKesson Corp. | 26,091 | 10,159 | ||||||
Medtronic PLC | 166,400 | 14,533 | ||||||
Merck & Co., Inc. | 215,127 | 21,771 | ||||||
Mettler-Toledo International, Inc. (a) | 3,167 | 4,006 | ||||||
Moderna, Inc. (a) | 26,172 | 3,934 | ||||||
Organon & Co. | 67,315 | 1,762 | ||||||
Pfizer, Inc. | 143,627 | 6,686 | ||||||
Quest Diagnostics, Inc. | 24,858 | 3,571 | ||||||
QuidelOrtho Corp. (a) | 31,219 | 2,804 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 5,466 | 4,093 | ||||||
Royalty Pharma PLC Class A | 73,564 | 3,113 | ||||||
Thermo Fisher Scientific, Inc. | 3,837 | 1,972 | ||||||
UnitedHealth Group, Inc. | 31,985 | 17,757 | ||||||
Universal Health Services, Inc. Class B | 24,354 | 2,822 | ||||||
Waters Corp. (a) | 7,213 | 2,158 | ||||||
Zoetis, Inc. | 4,667 | 704 | ||||||
223,433 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Value Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Industrials (11.5%): | ||||||||
3M Co. | 49,786 | $ | 6,263 | |||||
Booz Allen Hamilton Holding Corp. | 26,661 | 2,902 | ||||||
Builders FirstSource, Inc. (a) | 62,315 | 3,842 | ||||||
CACI International, Inc. Class A (a) | 9,866 | 3,000 | ||||||
Cintas Corp. | 9,347 | 3,996 | ||||||
Cummins, Inc. | 23,226 | 5,679 | ||||||
Eaton Corp. PLC | 40,200 | 6,033 | ||||||
Emerson Electric Co. | 62,743 | 5,434 | ||||||
Fastenal Co. | 57,637 | 2,786 | ||||||
FedEx Corp. | 40,276 | 6,455 | ||||||
Honeywell International, Inc. | 12,669 | 2,585 | ||||||
Huntington Ingalls Industries, Inc. | 12,448 | 3,200 | ||||||
Johnson Controls International PLC | 153,300 | 8,867 | ||||||
L3Harris Technologies, Inc. | 26,700 | 6,581 | ||||||
Leidos Holdings, Inc. | 90,800 | 9,224 | ||||||
Lennox International, Inc. | 15,485 | 3,617 | ||||||
Lockheed Martin Corp. | 6,269 | 3,051 | ||||||
ManpowerGroup, Inc. | 33,492 | 2,624 | ||||||
Masco Corp. | 69,861 | 3,232 | ||||||
MasTec, Inc. (a) | 33,204 | 2,559 | ||||||
MSC Industrial Direct Co., Inc. | 47,369 | 3,931 | ||||||
Otis Worldwide Corp. | 61,287 | 4,329 | ||||||
PACCAR, Inc. | 42,300 | 4,096 | ||||||
Raytheon Technologies Corp. | 66,167 | 6,274 | ||||||
Robert Half International, Inc. | 37,944 | 2,901 | ||||||
Sensata Technologies Holding PLC | 223,200 | 8,975 | ||||||
Union Pacific Corp. | 23,447 | 4,622 | ||||||
United Parcel Service, Inc. Class B | 14,140 | 2,372 | ||||||
W.W. Grainger, Inc. | 3,790 | 2,215 | ||||||
131,645 | ||||||||
Information Technology (8.8%): | ||||||||
Adobe, Inc. (a) | 9,512 | 3,030 | ||||||
Amdocs Ltd. | 30,285 | 2,614 | ||||||
Autodesk, Inc. (a) | 21,074 | 4,516 | ||||||
Cadence Design Systems, Inc. (a) | 21,399 | 3,240 | ||||||
CDW Corp. | 15,330 | 2,649 | ||||||
Cisco Systems, Inc. | 178,542 | 8,111 | ||||||
Cognizant Technology Solutions Corp. Class A | 42,820 | 2,665 | ||||||
Dell Technologies, Inc. Class C | 53,963 | 2,072 | ||||||
Fair Isaac Corp. (a) | 4,672 | 2,237 | ||||||
Fidelity National Information Services, Inc. | 191,200 | 15,868 | ||||||
FleetCor Technologies, Inc. (a) | 50,648 | 9,427 | ||||||
Fortinet, Inc. (a) | 48,950 | 2,798 | ||||||
Global Payments, Inc. | 63,600 | 7,267 | ||||||
Intel Corp. | 148,760 | 4,229 | ||||||
International Business Machines Corp. | 17,951 | 2,482 | ||||||
Lumentum Holdings, Inc. (a) | 23,395 | 1,742 | ||||||
Micron Technology, Inc. | 57,429 | 3,107 | ||||||
Qorvo, Inc. (a) | 32,414 | 2,790 | ||||||
QUALCOMM, Inc. | 19,967 | 2,349 | ||||||
Skyworks Solutions, Inc. | 41,070 | 3,532 | ||||||
Texas Instruments, Inc. | 25,314 | 4,066 | ||||||
The Western Union Co. | 143,357 | 1,937 | ||||||
Ubiquiti, Inc. | 7,481 | 2,594 | ||||||
VeriSign, Inc. (a) | 17,328 | 3,474 | ||||||
Vontier Corp. | 130,004 | 2,483 | ||||||
101,279 |
USAA Mutual Funds Trust | Schedule of Portfolio Investments — continued |
USAA Value Fund | October 31, 2022 |
(Amounts in Thousands, Except for Shares) | (Unaudited) |
Security Description | Shares | Value | ||||||
Materials (3.8%): | ||||||||
Cleveland-Cliffs, Inc. (a) | 152,102 | $ | 1,976 | |||||
Dow, Inc. | 89,212 | 4,170 | ||||||
Louisiana-Pacific Corp. | 53,280 | 3,018 | ||||||
LyondellBasell Industries NV Class A | 54,207 | 4,144 | ||||||
Nucor Corp. | 32,276 | 4,240 | ||||||
PPG Industries, Inc. | 59,300 | 6,771 | ||||||
Reliance Steel & Aluminum Co. | 19,501 | 3,929 | ||||||
Sealed Air Corp. | 225,829 | 10,754 | ||||||
Steel Dynamics, Inc. | 47,373 | 4,456 | ||||||
43,458 | ||||||||
Real Estate (4.2%): | ||||||||
Alexandria Real Estate Equities, Inc. | 24,327 | 3,535 | ||||||
AvalonBay Communities, Inc. | 13,746 | 2,407 | ||||||
Brixmor Property Group, Inc. | 191,581 | 4,083 | ||||||
Equity LifeStyle Properties, Inc. | 82,800 | 5,296 | ||||||
Gaming and Leisure Properties, Inc. | 91,008 | 4,561 | ||||||
Healthpeak Properties, Inc. | 110,587 | 2,624 | ||||||
Invitation Homes, Inc. | 360,000 | 11,408 | ||||||
Prologis, Inc. | 37,626 | 4,167 | ||||||
Realty Income Corp. | 50,800 | 3,163 | ||||||
Ventas, Inc. | 59,149 | 2,315 | ||||||
VICI Properties, Inc. | 134,917 | 4,320 | ||||||
47,879 | ||||||||
Utilities (5.6%): | ||||||||
Constellation Energy Corp. | 61,499 | 5,814 | ||||||
DTE Energy Co. | 46,966 | 5,265 | ||||||
Duke Energy Corp. | 17,869 | 1,665 | ||||||
Evergy, Inc. | 62,077 | 3,795 | ||||||
Exelon Corp. | 299,412 | 11,554 | ||||||
PPL Corp. | 224,810 | 5,955 | ||||||
The AES Corp. | 164,198 | 4,296 | ||||||
UGI Corp. | 119,789 | 4,232 | ||||||
Vistra Corp. | 937,711 | 21,539 | ||||||
64,115 | ||||||||
Total Common Stocks (Cost $1,052,521) | 1,133,945 | |||||||
Total Investments (Cost $1,052,521) — 98.9% | 1,133,945 | |||||||
Other assets in excess of liabilities — 1.1% | 13,089 | |||||||
NET ASSETS - 100.00% | $ | 1,147,034 |
At October 31, 2022, the Fund's investments in foreign securities were 6.7% of net assets.
(a) | Non-income producing security. |
LP—Limited Partnership |
PLC—Public Limited Company |