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

Security Description	Shares or Principal Amount		Value
Asset-Backed Securities (1.0%)
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 6/20/23 @ 100 (a)	$	472	$	475
Drive Auto Receivables Trust, Series 2018-4, Class D, 4.09%, 1/15/26, Callable 10/15/22 @ 100		102		104
Exeter Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%, 10/15/24, Callable 6/15/22 @ 100 (a)		110		113
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 3/15/24, Callable 8/15/23 @ 100 (a)		85		86
Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a)		28		28
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 7/20/22 @ 100 (a)		97		98
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 1/20/23 @ 100 (a)		55		56
Navient Student Loan Trust, Series 2015-2, Class B, 1.59% (LIBOR01M+150bps), 8/25/50, Callable 2/25/30 @ 100 (b)		200		201
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 12/20/21 @ 100 (a)		63		64
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 11/20/23 @ 100 (a)		107		108
Trinity Rail Leasing LLC, Series 2019-2A, Class A1, 2.39%, 10/18/49, Callable 12/17/21 @ 100 (a)		355		355
Westlake Automobile Receivables Trust, Series 2020-1A, Class B, 1.94%, 4/15/25, Callable 8/15/23 @ 100 (a)		358		360
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 2/15/22 @ 100 (a)		52		52
Total Asset-Backed Securities (Cost $2,068)				2,100
Collateralized Mortgage Obligations (0.4%)
Banc of America Commercial Mortgage Trust, Series 2008-1, Class AJ, 6.79%, 2/10/51 (c)		26		26
BTH Mortgage-Backed Securities Trust, Series 2018-21, Class A, 2.59% (LIBOR01M+250bps), 4/4/22 (a) (b)		255		256
Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AMFL, 0.28% (LIBOR01M+19bps), 2/15/40 (b)		3		3
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36 (a)		500		507
UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, 2.17%, 5/10/45, Callable 3/10/22 @ 100 (a) (c) (d)		1,946		3
Total Collateralized Mortgage Obligations (Cost $793)				795
Common Stocks (15.0%)
Communication Services (1.1%):
Alphabet, Inc. Class C (e)		407		1,159
AT&T, Inc.		8,274		189
Comcast Corp. Class A		8,170		408
Match Group, Inc. (e)		1,027		133

Security Description	Shares		Value
Netflix, Inc. (e)		347	$	223
Sirius XM Holdings, Inc. (f)		23,279		142
Verizon Communications, Inc.		4,111		207
Zillow Group, Inc. Class C (e)		178		10
				2,471
Consumer Discretionary (1.3%):
AutoZone, Inc. (e)		85		154
Best Buy Co., Inc.		1,183		126
eBay, Inc.		2,323		157
Ford Motor Co.		17,518		336
Garmin Ltd.		1,094		146
General Motors Co. (e)		3,047		176
Lennar Corp. Class A		1,500		158
Lowe's Cos., Inc.		1,658		406
McDonald's Corp.		797		195
O'Reilly Automotive, Inc. (e)		250		160
Target Corp. (g)		1,441		351
The Home Depot, Inc.		1,365		547
				2,912
Consumer Staples (0.9%):
Altria Group, Inc.		4,024		172
Archer-Daniels-Midland Co.		2,516		157
Colgate-Palmolive Co.		2,124		159
Costco Wholesale Corp.		414		223
PepsiCo, Inc.		1,292		206
Philip Morris International, Inc.		4,034		347
The Clorox Co.		903		147
The Estee Lauder Cos., Inc.		500		166
Tyson Foods, Inc. Class A		1,997		158
Walgreens Boots Alliance, Inc.		3,315		148
				1,883
Energy (0.5%):
Chevron Corp.		1,869		211
ConocoPhillips		4,769		334
Devon Energy Corp.		3,640		153
EOG Resources, Inc.		1,691		147
Exxon Mobil Corp.		3,488		209
Marathon Petroleum Corp.		2,445		149
				1,203
Financials (2.1%):
AGNC Investment Corp.		418		6
Annaly Capital Management, Inc.		1,116		9
Aon PLC Class A		561		166
Bank of America Corp.		5,255		234
Berkshire Hathaway, Inc. Class B (e)		897		248
Blackstone, Inc.		1,221		173
Capital One Financial Corp.		2,238		314
Citigroup, Inc.		2,870		183

Security Description	Shares		Value
First Republic Bank		742	$	156
Marsh & McLennan Cos., Inc.		1,058		174
MetLife, Inc.		2,714		159
Morgan Stanley		3,847		365
MSCI, Inc.		250		157
Prudential Financial, Inc.		3,037		311
Regions Financial Corp.		6,393		145
S&P Global, Inc.		386		176
SVB Financial Group (e)		431		298
Synchrony Financial		3,371		151
T. Rowe Price Group, Inc.		728		146
The Allstate Corp.		2,832		308
The Goldman Sachs Group, Inc.		933		355
The Progressive Corp.		1,718		160
Wells Fargo & Co.		4,252		203
				4,597
Health Care (2.4%):
AbbVie, Inc.		1,830		211
Agilent Technologies, Inc.		1,026		155
Amgen, Inc.		1,739		346
Anthem, Inc.		432		175
Biogen, Inc. (e)		627		148
Bristol-Myers Squibb Co.		3,248		174
Cigna Corp.		823		158
CVS Health Corp.		2,052		183
Danaher Corp.		676		217
Eli Lilly & Co.		1,575		391
Gilead Sciences, Inc. (g)		2,725		188
HCA Healthcare, Inc.		690		156
IDEXX Laboratories, Inc. (e)		524		319
Intuitive Surgical, Inc. (e)		511		166
IQVIA Holdings, Inc. (e)		648		168
Johnson & Johnson (g)		3,259		508
Merck & Co., Inc.		5,038		377
Mettler-Toledo International, Inc. (e)		102		154
Pfizer, Inc.		4,805		258
UnitedHealth Group, Inc.		1,152		512
Waters Corp. (e)		443		145
West Pharmaceutical Services, Inc.		388		172
				5,281
Industrials (1.4%):
3M Co.		2,000		340
Carrier Global Corp.		3,002		162
Cummins, Inc.		710		149
Eaton Corp. PLC		978		159
Fastenal Co.		2,691		159
General Dynamics Corp.		818		155
Illinois Tool Works, Inc.		714		166
Johnson Controls International PLC		2,185		163

Security Description	Shares		Value
Lockheed Martin Corp.		1,041	$	347
Northrop Grumman Corp.		934		326
Old Dominion Freight Line, Inc.		459		163
Otis Worldwide Corp.		1,895		152
PACCAR, Inc.		1,887		157
Republic Services, Inc. (g)		1,205		159
Rockwell Automation, Inc.		475		160
W.W. Grainger, Inc.		321		155
				3,072
Information Technology (4.2%):
Accenture PLC Class A		1,151		411
Adobe, Inc. (e)		347		232
Apple, Inc.		10,677		1,765
Applied Materials, Inc.		2,468		363
Broadcom, Inc.		769		426
Cisco Systems, Inc.		7,549		414
Cognizant Technology Solutions Corp. Class A		2,109		164
EPAM Systems, Inc. (e)		227		138
Fortinet, Inc. (e)		473		157
Gartner, Inc. (e)		472		147
HP, Inc.		10,355		365
Intel Corp.		4,146		204
International Business Machines Corp.		1,545		181
Intuit, Inc.		320		209
Mastercard, Inc. Class A		662		209
Micron Technology, Inc.		2,391		201
Microsoft Corp. (g)		4,601		1,521
Motorola Solutions, Inc.		656		166
NVIDIA Corp.		1,143		374
Oracle Corp.		4,264		387
QUALCOMM, Inc.		2,433		439
Texas Instruments, Inc.		2,062		397
VeriSign, Inc. (e)		666		160
VMware, Inc. Class A (e)		1,285		150
				9,180
Materials (0.4%):
Avery Dennison Corp.		679		139
LyondellBasell Industries NV Class A		1,780		155
Nucor Corp.		1,425		152
PPG Industries, Inc.		987		152
The Sherwin-Williams Co.		527		175
				773
Real Estate (0.4%):
Alexandria Real Estate Equities, Inc.		111		22
American Tower Corp.		362		95
AvalonBay Communities, Inc.		111		27
Boston Properties, Inc.		118		13
Camden Property Trust		77		13

Security Description	Shares		Value
CBRE Group, Inc. Class A (e)		267	$	26
Crown Castle International Corp.		344		63
Digital Realty Trust, Inc.		224		38
Duke Realty Corp.		297		17
Equinix, Inc.		71		58
Equity LifeStyle Properties, Inc.		138		11
Equity Residential		283		24
Essex Property Trust, Inc.		51		17
Extra Space Storage, Inc.		106		21
Healthpeak Properties, Inc.		430		14
Host Hotels & Resorts, Inc. (e)		563		9
Invitation Homes, Inc.		453		18
Iron Mountain, Inc.		230		10
Medical Properties Trust, Inc.		469		10
Mid-America Apartment Communities, Inc.		91		19
Omega Healthcare Investors, Inc.		187		5
Orion Office REIT, Inc. (e)		41		1
Prologis, Inc.		590		89
Public Storage		125		41
Realty Income Corp.		425		29
Regency Centers Corp.		122		8
SBA Communications Corp.		87		30
Simon Property Group, Inc.		262		40
Sun Communities, Inc.		89		17
UDR, Inc.		236		13
Ventas, Inc.		314		15
VICI Properties, Inc.		489		13
Vornado Realty Trust		129		5
Welltower, Inc.		330		26
Weyerhaeuser Co.		597		22
WP Carey, Inc.		142		11
				890
Utilities (0.3%):
Exelon Corp.		3,078		162
FirstEnergy Corp.		4,131		156
NRG Energy, Inc.		4,350		157
The AES Corp.		6,433		150
UGI Corp.		3,407		141
				766
Total Common Stocks (Cost $25,062)				33,028
Preferred Stocks (0.5%)
Communication Services (0.2%):
Qwest Corp., 6.50%, 9/1/56		20,000		502
Financials (0.3%):
Delphi Financial Group, Inc., 3.35% (LIBOR03M+319bps), 5/15/37 (b) (h)		27,414		657
Total Preferred Stocks (Cost $1,190)				1,159

Security Description	Principal Amount		Value
Corporate Bonds (3.0%)
Consumer Discretionary (0.1%):
AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100	$	85	$	99
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		106		110
				209
Consumer Staples (0.1%):
McCormick & Co., Inc., 2.50%, 4/15/30, Callable 1/15/30 @ 100		62		63
Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		56		70
				133
Energy (0.1%):
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a)		1		1
ONEOK, Inc., 6.35%, 1/15/31, Callable 10/15/30 @ 100		89		113
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		143		155
				269
Financials (1.4%):
Ares Capital Corp., 3.63%, 1/19/22, Callable 12/23/21 @ 100 (f) (g)		350		351
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		209		205
Citizens Financial Group, Inc., 2.50%, 2/6/30, Callable 11/6/29 @ 100		215		218
Cullen/Frost Capital Trust II, 1.67% (LIBOR03M+155bps), 3/1/34, Callable 1/10/22 @ 100 (b)		1,000		960
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		106		128
First Maryland Capital I, 1.12% (LIBOR03M+100bps), 1/15/27, Callable 1/10/22 @ 100 (b)		100		97
HSB Group, Inc., 1.03% (LIBOR03M+91bps), 7/15/27, Callable 1/10/22 @ 100 (b)		550		500
Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100		140		149
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		52		56
Santander Holdings USA, Inc., 3.45%, 6/2/25, Callable 5/2/25 @ 100		88		93
Signature Bank, 4.13% (LIBOR03M+256bps), 11/1/29, Callable 11/1/24 @ 100 (b)		250		262
The Progressive Corp., 3.20%, 3/26/30, Callable 12/26/29 @ 100		43		47
				3,066
Health Care (0.1%):
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		158		167
Duke University Health System, Inc., 2.60%, 6/1/30		105		107
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100		52		52
				326
Industrials (0.3%):
Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100		106		111
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		47		48
Dover Corp., 2.95%, 11/4/29, Callable 8/4/29 @ 100		215		228
The Conservation Fund A Nonprofit Corp., 3.47%, 12/15/29, Callable 9/15/29 @ 100		325		345
				732

Security Description	Principal Amount		Value
Information Technology (0.1%):
HP, Inc., 3.40%, 6/17/30, Callable 3/17/30 @ 100	$	161	$	169
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		47		48
				217
Materials (0.1%):
Avery Dennison Corp., 2.65%, 4/30/30, Callable 2/1/30 @ 100		86		88
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		44		46
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (g)		80		83
				217
Real Estate (0.4%):
AvalonBay Communities, Inc., 2.45%, 1/15/31, MTN, Callable 10/17/30 @ 100		211		216
Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100		250		253
GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100		52		55
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		44		45
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a)		173		178
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102.31 (a)		33		35
				782
Utilities (0.3%):
Alabama Power Co., 3.85%, 12/1/42		215		247
Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100		71		77
Duke Energy Florida LLC, 3.85%, 11/15/42, Callable 5/15/42 @ 100		215		245
				569
Total Corporate Bonds (Cost $6,248)				6,520
Yankee Dollars (0.2%)
Energy (0.1%):
Petroleos Mexicanos, 6.49%, 1/23/27, Callable 11/23/26 @ 100		123		126
Financials (0.0%): (i)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a) (g)		101		110
Industrials (0.0%): (i)
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		95		101
Materials (0.1%):
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		159		166
Total Yankee Dollars (Cost $477)				503
U.S. Government Agency Mortgages (2.1%)
Federal Home Loan Mortgage Corporation 3.50%, 4/1/46 – 4/1/48		1,473		1,563
3.00%, 10/1/46 – 3/1/47		2,821		2,960
				4,523

Security Description	Shares or Principal Amount		Value
Federal National Mortgage Association Series 2016-M2, Class AV2, 2.15%, 1/25/23	$	153	$	154
				4,677
Total U.S. Government Agency Mortgages (Cost $4,492)				4,677
U.S. Treasury Obligations (7.7%)
U.S. Treasury Bonds 3.13%, 8/15/44		700		864
3.00%, 8/15/48 (g)		1,000		1,253
2.38%, 11/15/49		1,000		1,129
U.S. Treasury Notes 2.00%, 2/15/23		618		630
1.63%, 4/30/23		3,800		3,867
2.50%, 5/15/24		1,500		1,565
2.25%, 11/15/25		6,200		6,489
2.25%, 2/15/27		1,000		1,054
Total U.S. Treasury Obligations (Cost $15,806)				16,851
Exchange-Traded Funds (40.5%)
First Trust TCW Securitized Plus ETF		242,443		6,260
Invesco DB Commodity Index Tracking Fund		22,900		446
Invesco FTSE RAFI Developed Markets ex-US ETF		35,176		1,604
Invesco FTSE RAFI Emerging Markets ETF		86,305		1,857
iShares 7-10 Year Treasury Bond ETF		33,340		3,861
iShares Core MSCI Emerging Markets ETF		74,599		4,485
iShares Core S&P 500 ETF		12,580		5,757
iShares Core S&P Small-Cap ETF		7,173		791
iShares Core US Aggregate Bond ETF		96,693		11,097
iShares Core US REIT ETF (g)		7,907		496
iShares MSCI Canada ETF (f)		40,001		1,495
iShares MSCI International Momentum Factor ETF		71,831		2,737
iShares MSCI International Quality Factor ETF (f)		81,444		3,116
JPMorgan BetaBuilders Canada ETF (f)		8,551		556
Schwab Fundamental Emerging Markets Large Co. Index ETF		160,268		4,935
Schwab Fundamental International Large Co. Index ETF		237,343		7,517
Schwab Fundamental International Small Co. Index ETF (f)		50,100		1,832
SPDR Bloomberg High Yield Bond ETF (f) (g)		5,106		545
SPDR Gold Shares (f)		2,632		436
SPDR S&P Emerging Markets SmallCap ETF		7,496		440
U.S. Oil Fund LP (f)		7,844		376
Vanguard FTSE All-World ex-US ETF		46,506		2,788
Vanguard FTSE Developed Markets ETF		129,843		6,453
Vanguard Mortgage-Backed Securities ETF		42,318		2,243
Vanguard Real Estate ETF (f)		20,893		2,230
Vanguard S&P 500 ETF (g)		6,969		2,920
Vanguard Short-Term Bond ETF		3,431		279
Vanguard Small-Cap Value ETF (g)		11,516		1,976

Security Description	Shares		Value
Vanguard Total Bond Market ETF		62,334	$	5,325
Vanguard Total Stock Market ETF (g)		13,464		3,143
Wisdom Tree Trust — WisdomTree Emerging Markets SmallCap Dividend Fund		5,259		270
Xtrackers USD High Yield Corporate Bond ETF (f)		28,050		1,099
Total Exchange-Traded Funds (Cost $76,428)				89,365
Affiliated Exchange-Traded Funds (28.6%)
Victoryshares ESG Core Plus Bond ETF		490,515		12,256
VictoryShares USAA Core Intermediate-Term Bond ETF		892,020		47,607
VictoryShares USAA Core Short-Term Bond ETF		54,683		2,819
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF (g)		9,770		454
Total Affiliated Exchange-Traded Funds (Cost $63,613)				63,136
Collateral for Securities Loaned^ (4.5%)
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (j)		3,798,303		3,799
HSBC U.S. Government Money Market Fund I Shares, 0.03% (j)		6,227,262		6,227
Total Collateral for Securities Loaned (Cost $10,026)				10,026
Total Investments (Cost $206,203) — 103.5%				228,160
Liabilities in excess of other assets — (3.5)%				(7,656	)
NET ASSETS — 100.00%			$	220,504

At November 30, 2021, the Fund's investments in foreign securities were 18.4% of net assets.

^ Purchased with cash collateral from securities on loan.

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of November 30, 2021, the fair value of these securities was $3,452 (thousands) and amounted to 1.6% of net assets.

(b) Variable or Floating-Rate Security. Rate disclosed is as of November 30, 2021.

(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 November 30, 2021.

(d) Security is interest only.

(e) Non-income producing security.

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

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

(h) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of November 30, 2021, illiquid securities were 0.3% of net assets.

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

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

bps — Basis points

ETF — Exchange-Traded Fund

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of November 30, 2021, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of November 30, 2021, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
S&P/Toronto Stock Exchange 60 Index Futures		10	12/16/21	$	1,929,488	$	1,950,990	$	44,267
Swiss Market Index Futures		15	12/17/21		1,961,238		1,993,518		23,729
								$	67,996

Futures Contracts Sold

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
ASX SPI 200 Index Futures		7	12/16/21	$	960,097	$	901,872	$	22,755
Euro Stoxx 50 Futures		37	12/17/21		1,813,464		1,710,636		27,662
FTSE 100 Index Futures		12	12/17/21		1,163,565		1,129,632		21,498
Tokyo Price Index Futures		11	12/9/21		2,050,095		1,845,337		157,388
								$	229,303
Total unrealized appreciation								$	297,299
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	297,299

	USAA Cornerstone Moderately Conservative Fund
Assets:
Affiliated investments, at value (Cost $63,613)	$	63,136
Unaffiliated investments, at value (Cost $142,590)		165,024	(a)
Cash		2,852
Deposit with broker for futures contracts		267
Receivables:
Interest and dividends		187
Capital shares issued		37
Variation margin on open futures contracts		68
From Adviser		47
Prepaid expenses		10
Total Assets		231,628
Liabilities:
Payables:
Collateral received on loaned securities		10,026
Collateral received from broker for futures contract		517
Investments purchased		269
Capital shares redeemed		41
Variation margin on open futures contracts		56
Accrued expenses and other payables:
Investment advisory fees		92
Administration fees		28
Custodian fees		3
Transfer agent fees		39
Compliance fees		—	(b)
Other accrued expenses		53
Total Liabilities		11,124
Net Assets:
Capital		185,243
Total accumulated earnings/(loss)		35,261
Net Assets	$	220,504
Shares (unlimited number of shares authorized with no par value):		17,271
Net asset value, offering and redemption price per share: (c)	$	12.77

(a) Includes $9,627 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Cornerstone Moderately Conservative Fund
Investment Income:
Income distributions from affiliated funds	$	345
Dividends		1,179
Interest		662
Securities lending (net of fees)		33
Foreign tax withholding		—	(a)
Total Income		2,219
Expenses:
Investment advisory fees		559
Administration fees		168
Sub-Administration fees		36
Custodian fees		10
Transfer agent fees		238
Trustees' fees		24
Compliance fees		1
Legal and audit fees		29
State registration and filing fees		13
Other expenses		30
Total Expenses		1,108
Expenses waived/reimbursed by Adviser		(109	)
Net Expenses		999
Net Investment Income (Loss)		1,220
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		5,837
Net realized gains (losses) from futures contracts		(337	)
Net change in unrealized appreciation/depreciation on affiliated funds		(199	)
Net change in unrealized appreciation/depreciation on unaffiliated investment securities		(5,134	)
Net change in unrealized appreciation/depreciation on futures contracts		420
Net realized/unrealized gains (losses) on investments		587
Change in net assets resulting from operations	$	1,807

(a) Rounds to less than $1 thousand.

	USAA Cornerstone Moderately Conservative Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	1,220		$	3,052
Net realized gains (losses) from investments		5,500			8,850
Net change in unrealized appreciation/depreciation on investments		(4,913	)		22,233
Change in net assets resulting from operations		1,807			34,135
Change in net assets resulting from distributions to shareholders		(1,235	)		(3,777	)
Change in net assets resulting from capital transactions		(1,960	)		(29,253	)
Change in net assets		(1,388	)		1,105
Net Assets:
Beginning of period		221,892			220,787
End of period	$	220,504		$	221,892
Capital Transactions:
Proceeds from shares issued	$	11,972		$	24,253
Distributions reinvested		1,229			3,582
Cost of shares redeemed		(15,161	)		(57,088	)
Change in net assets resulting from capital transactions	$	(1,960	)	$	(29,253	)
Share Transactions:
Issued		931			2,002
Reinvested		96			303
Redeemed		(1,178	)		(4,710	)
Change in Shares		(151	)		(2,405	)

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Net Investment Income			Net Realized Gains from Investments
USAA Cornerstone Moderately Conservative Fund
Six Months Ended November 30, 2021 (Unaudited)	$	12.74		0.07	(d)		0.03			0.10		(0.07	)		—
Year Ended May 31:
2021	$	11.14		0.16	(d)		1.64			1.80		(0.17	)		(0.03	)
2020	$	10.94		0.23	(d)		0.22			0.45		(0.23	)		(0.02	)
2019	$	11.29		0.24			(0.14	)		0.10		(0.24	)		(0.21	)
2018	$	11.34		0.21			0.23			0.44		(0.21	)		(0.28	)
2017	$	10.67		0.23			0.68			0.91		(0.24	)		—

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Cornerstone Moderately Conservative Fund
Six Months Ended November 30, 2021 (Unaudited)		(0.07	)	$	12.77		0.80	%		0.89	%		1.09	%		0.99	%	$	220,504		27	%
Year Ended May 31:
2021		(0.20	)	$	12.74		16.30	%		0.90	%		1.35	%		1.02	%	$	221,892		52	%
2020		(0.25	)	$	11.14		4.09	%		0.90	%		2.05	%		1.02	%	$	220,787		84	%
2019		(0.45	)	$	10.94		0.99	%		0.90	%		2.22	%		1.08	%	$	226,484		77	%(e)
2018		(0.49	)	$	11.29		3.89	%		0.90	%		1.84	%		1.07	%	$	221,721		45	%
2017		(0.24	)	$	11.34		8.65	%		0.90	%		2.12	%		1.09	%	$	209,270		55	%

See notes to financial statements.

1. Organization:

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

The accompanying financial statements are those of the USAA Cornerstone Moderately Conservative Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.

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

2. Significant Accounting Policies:

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

Investment Valuation:

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

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

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

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

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

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

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

bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

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

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at their amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

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

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

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

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	2,100	$	—	$	2,100
Collateralized Mortgage Obligations		—		795		—		795
Common Stocks		33,028		—		—		33,028
Preferred Stocks		502		657		—		1,159
Corporate Bonds		—		6,520		—		6,520
Yankee Dollars		—		503		—		503
U.S. Government Agency Mortgages		—		4,677		—		4,677
U.S. Treasury Obligations		—		16,851		—		16,851
Exchange-Traded Funds		89,365		—		—		89,365
Affiliated Exchange-Traded Funds		63,136		—		—		63,136
Collateral for Securities Loaned		10,026		—		—		10,026
Total	$	196,057	$	32,103	$	—	$	228,160
Other Financial Investments*
Assets:
Futures Contracts	$	297	$	—	$	—	$	297
Total	$	297	$	—	$	—	$	297

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

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

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

Investment Companies:

Exchange-Traded Funds:

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

Open-End Funds:

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

Mortgage and Asset-Backed Securities:

The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac", respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Derivative Instruments:

Futures Contracts:

currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is presented on the Statement of Assets and Liabilities under Deposit with broker for futures contracts and Collateral received from broker for futures contracts . During the six months ended November 30, 2021, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

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

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	297	$	—

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

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

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	(337	)	$	420

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

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown

gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statement of Operations.

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

Securities Lending:

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund does not have effective control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	9,627			$	—			$	10,026

Foreign Currency Translations:

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

Foreign Taxes:

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

Federal Income Taxes:

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

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

Allocations:

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

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended November 30, 2021, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

Purchases				Sales				Net Realized Gains (Losses)
$	—			$	3,610			$	194

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities				U.S. Government Securities
Purchases		Sales		Purchases		Sales
$	58,814	$	52,478	$	—	$	8,623

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.50% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

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

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, which is based on the Fund's average daily net assets. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

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

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

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

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

Distributor/Underwriting Services:

Other Fees:

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

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of November 30, 2021, the expense limit (excluding voluntary waivers) was 0.90%.

In addition, the Fund invests in affiliated VCM exchange-traded fund(s) ("affiliated ETFs"). The Fund's Adviser fee is reimbursed by VCM to the extent of the indirect Adviser fee incurred through the Fund's proportional investment in the affiliated ETF(s). These affiliated ETF Adviser fee reimbursements are not available for recoupment. As of November 30, 2021, the Fund's Adviser fee was reimbursed by VCM in an amount of $63 thousand, of which $28 thousand is receivable from VCM.

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

As of November 30, 2021, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that repayments are not probable at November 30, 2021.

Expires 2023				Expires 2024				Expires 2025				Total
$	251			$	246			$	46			$	543

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

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

5. Risks:

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

Tactical Allocation Risk — The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. The Fund's managers will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the managers' tactical allocation will not be successful.

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

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

ETF Risk — The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities, the shares of which are traded on an exchange. ETFs incur their own management and other fees and expenses, such as trustees' fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund as a shareholder in an ETF. As a result, the Fund's investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund's performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. For investments in affiliated ETFs, the Fund's management fee is reimbursed by the Adviser to the extent of the indirect management fee incurred through the Fund's investment in the affiliated ETFs. The Adviser may have conflicts of interest in allocating assets among affiliated and unaffiliated ETFs, because the Adviser also manages and administers the affiliated ETFs, and the Adviser and its affiliates receive other fees from the affiliated ETFs. In addition, the Fund also will be subject to the risks associated with the securities or other investments held by the ETFs.

generally coalesced around recommendations from the Alternative Reference Rates Committee (the "ARRC"), which was convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The ARRC has recommended that U.S. dollar LIBOR be replaced by rates based on SOFR plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. For purposes of the following discussion, the term "LIBOR" refers solely to U.S. dollar LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. SOFR has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. Future levels of SOFR may bear little or no relation to historical levels of SOFR, LIBOR or other rates. SOFR-based rates will differ from LIBOR, and the differences may be material. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. In contrast, LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term tenors. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or a similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. Non-LIBOR floating rate obligations, including SOFR-based obligations, may have returns and values that fluctuate more than those of floating rate obligations that are based on LIBOR or other rates. Resulting changes in the financial markets may adversely affect financial markets generally and may also adversely affect our operations specifically, particularly as financial markets transition away from LIBOR.

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 28, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended November 30, 2021, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one-month LIBOR plus one percent, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed. Prior to June 29, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

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

Interfund Lending:

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

is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is presented on the Statement of Operations under Interfund lending.

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

7. Federal Income Tax Information:

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

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending May 31, 2022.

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM determined as of the last business day of the month. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on the Fund's Schedule of Portfolio Investments. Transactions in affiliated securities during the six months ended November 30, 2021, were as follows (amounts in thousands):

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/21		Dividend Income
VictoryShares ESG Core Plus Bond ETF	$	—	$	24,526	$	(12,263	)	$	—	$	—	$	(7	)	$	12,256	$	6
VictoryShares USAA Core Intermediate-Term Bond ETF		24,121		47,220		(23,610	)		—		—		(124	)		47,607		303
VictoryShares USAA Core Short-Term Bond ETF		2,838		—		—			—		—		(19	)		2,819		22
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		503		—		—			—		—		(49	)		454		14
	$	27,462	$	71,746	$	(35,873	)	$	—	$	—	$	(199	)	$	63,136	$	345

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

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

Availability of Schedules of Portfolio Investments:

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

Expense Example

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

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

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

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21-11/30/21*				Hypothetical Expenses Paid During Period 6/1/21-11/30/21*				Annualized Expense Ratio During Period 6/1/21-11/30/21
$	1,000.00			$	1,008.00			$	1,020.61			$	4.48			$	4.51				0.89	%

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 183/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Security Description	Shares or Principal Amount		Value
Asset-Backed Securities (0.1%)
Drive Auto Receivables Trust, Series 2018-4, Class D, 4.09%, 1/15/26, Callable 10/15/22 @ 100	$	46	$	46
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 3/15/24, Callable 8/15/23 @ 100 (a)		44		44
Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a)		15		15
Exeter Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%, 10/15/24, Callable 6/15/22 @ 100 (a)		50		51
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 7/20/22 @ 100 (a)		50		51
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 1/20/23 @ 100 (a)		29		29
Navient Student Loan Trust, Series 2015-2, Class B, 1.59% (LIBOR01M+150bps), 8/25/50, Callable 2/25/30 @ 100 (b)		50		50
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 12/20/21 @ 100 (a)		27		28
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 11/20/23 @ 100 (a)		47		47
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 2/15/22 @ 100 (a)		22		22
Westlake Automobile Receivables Trust, Series 2020-1A, Class B, 1.94%, 4/15/25, Callable 8/15/23 @ 100 (a)		188		189
Total Asset-Backed Securities (Cost $563)				572
Collateralized Mortgage Obligations (0.0%) (h)
Banc of America Commercial Mortgage Trust, Series 2008-1, Class AJ, 6.79%, 2/10/51 (c)		7		6
BTH Mortgage-Backed Securities Trust, Series 2018-21, Class A, 2.59% (LIBOR01M+250bps), 4/4/22 (a) (b)		128		128
Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AMFL, 0.28% (LIBOR01M+19bps), 2/15/40 (b)		1		1
UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, 2.17%, 5/10/45, Callable 3/10/22 @ 100 (a) (c) (d)		617		1
Total Collateralized Mortgage Obligations (Cost $135)				136
Common Stocks (34.5%)
Communication Services (2.4%):
Alphabet, Inc. Class C (e)		1,377		3,923
AMC Networks, Inc. Class A (e)		1,349		52
AT&T, Inc.		27,981		639
Cargurus, Inc. (e)		3,950		148
Comcast Corp. Class A		27,629		1,381
Gray Television, Inc.		2,455		51
John Wiley & Sons, Inc. Class A		844		44
Match Group, Inc. (e)		3,475		452
Netflix, Inc. (e)		1,175		754

Security Description	Shares		Value
Nexstar Media Group, Inc. Class A		210	$	31
Sirius XM Holdings, Inc. (f)		78,749		480
TechTarget, Inc. (e)		1,654		160
Telephone & Data Systems, Inc.		8,422		149
United States Cellular Corp. (e)		2,868		83
Verizon Communications, Inc.		13,902		699
World Wrestling Entertainment, Inc. Class A		2,994		148
Zillow Group, Inc. Class C (e)		603		33
				9,227
Consumer Discretionary (3.4%):
Adtalem Global Education, Inc. (e)		5,253		156
AutoNation, Inc. (e)		2,002		248
AutoZone, Inc. (e)		289		525
Best Buy Co., Inc.		4,001		428
Big Lots, Inc.		3,144		136
Crocs, Inc. (e)		663		109
Deckers Outdoor Corp. (e)		169		69
Dick's Sporting Goods, Inc.		780		92
eBay, Inc.		7,857		530
Foot Locker, Inc.		1,769		81
Ford Motor Co.		59,243		1,137
Garmin Ltd.		3,700		494
General Motors Co. (e)		10,304		596
G-III Apparel Group Ltd. (e)		2,587		77
Graham Holdings Co. Class B		275		156
Group 1 Automotive, Inc.		798		155
Harley-Davidson, Inc.		4,535		166
KB Home		3,758		150
Kohl's Corp. (g)		1,931		99
Kontoor Brands, Inc.		2,786		150
Lennar Corp. Class A		5,075		533
Lowe's Cos., Inc.		5,608		1,372
MarineMax, Inc. (e)		973		52
McDonald's Corp.		2,698		660
Meritage Homes Corp. (e)		990		112
O'Reilly Automotive, Inc. (e)		847		541
Perdoceo Education Corp. (e)		10,197		100
Smith & Wesson Brands, Inc.		7,120		162
Sonic Automotive, Inc. Class A		1,517		68
Sonos, Inc. (e)		4,849		153
Target Corp. (g)		4,873		1,188
Taylor Morrison Home Corp. (e)		3,153		98
The Home Depot, Inc.		4,619		1,850
Toll Brothers, Inc.		1,552		98
Tri Pointe Homes, Inc. (e)		3,488		87
Williams-Sonoma, Inc.		653		127
Wingstop, Inc.		989		159
YETI Holdings, Inc. (e)		886		82
				12,996

Security Description	Shares		Value
Consumer Staples (1.9%):
Altria Group, Inc.		13,610	$	580
Archer-Daniels-Midland Co.		8,510		529
Colgate-Palmolive Co.		7,183		539
Costco Wholesale Corp.		1,403		757
Ingles Markets, Inc. Class A		1,185		91
Medifast, Inc.		731		150
National Beverage Corp.		2,797		145
PepsiCo, Inc.		4,369		698
Philip Morris International, Inc.		13,644		1,173
SpartanNash Co.		3,800		91
Sprouts Farmers Market, Inc. (e)		10,330		273
The Clorox Co.		3,057		498
The Estee Lauder Cos., Inc.		1,692		562
Tyson Foods, Inc. Class A		6,758		534
Vector Group Ltd.		5,535		86
Walgreens Boots Alliance, Inc.		11,217		503
WD-40 Co.		665		149
Weis Markets, Inc. (g)		1,906		120
				7,478
Energy (1.3%):
Antero Resources Corp. (e)		5,737		101
Cactus, Inc. Class A		2,361		86
Chevron Corp.		6,320		713
ConocoPhillips		16,128		1,131
Continental Resources, Inc.		2,275		101
Devon Energy Corp.		12,312		518
EOG Resources, Inc.		5,719		497
Exxon Mobil Corp.		11,796		706
HollyFrontier Corp.		3,158		102
Marathon Petroleum Corp.		8,270		503
Ovintiv, Inc.		7,070		246
Texas Pacific Land Corp.		71		86
World Fuel Services Corp. (g)		7,844		196
				4,986
Financials (4.8%):
AGNC Investment Corp.		1,416		22
American National Group, Inc.		517		98
Annaly Capital Management, Inc.		3,774		30
Aon PLC Class A		1,897		561
Artisan Partners Asset Management, Inc. Class A		3,252		145
Bank of America Corp.		17,771		790
Bank of Hawaii Corp.		686		55
Berkshire Hathaway, Inc. Class B (e)		3,036		840
Blackstone, Inc.		4,129		584
Capital One Financial Corp.		7,571		1,064
Cathay General Bancorp		5,287		222
Citigroup, Inc.		9,707		618
Cohen & Steers, Inc.		1,254		113

Security Description	Shares		Value
Cowen, Inc. Class A		4,228	$	150
Cullen/Frost Bankers, Inc.		561		71
Enova International, Inc. (e)		2,365		90
Essent Group Ltd.		4,995		208
First Republic Bank		2,510		526
International Bancshares Corp.		4,425		186
Jefferies Financial Group, Inc.		3,408		128
Lakeland Financial Corp.		1,706		120
Marsh & McLennan Cos., Inc.		3,578		587
MetLife, Inc.		9,180		538
MGIC Investment Corp.		10,620		150
Morgan Stanley		13,011		1,234
Mr. Cooper Group, Inc. (e)		2,170		85
MSCI, Inc.		846		532
NMI Holdings, Inc. Class A (e)		9,856		193
OneMain Holdings, Inc.		3,091		154
Peoples Bancorp, Inc.		2,367		73
PJT Partners, Inc. Class A		1,991		151
Primerica, Inc.		256		38
Prudential Financial, Inc.		10,275		1,051
Radian Group, Inc.		10,679		217
Regions Financial Corp.		21,621		492
RLI Corp.		894		92
S&P Global, Inc.		1,305		595
ServisFirst Bancshares, Inc.		2,015		162
Starwood Property Trust, Inc.		3,503		87
SVB Financial Group (e)		1,460		1,011
Synchrony Financial		11,401		511
T. Rowe Price Group, Inc.		2,465		493
The Allstate Corp.		9,577		1,041
The Goldman Sachs Group, Inc.		3,160		1,204
The Progressive Corp.		5,811		540
Unum Group		3,784		87
Webster Financial Corp.		1,219		66
Wells Fargo & Co.		14,381		687
				18,692
Health Care (5.4%):
AbbVie, Inc.		6,190		714
Agilent Technologies, Inc.		3,471		524
Amedisys, Inc. (e)		562		78
Amgen, Inc.		5,881		1,170
AMN Healthcare Services, Inc. (e)		1,185		135
Amneal Pharmaceuticals, Inc. (e)		30,790		129
ANI Pharmaceuticals, Inc. (e)		1,970		81
Anthem, Inc.		1,462		594
Biogen, Inc. (e)		2,120		500
Bristol-Myers Squibb Co.		10,986		589
Bruker Corp.		1,420		115
Chemed Corp.		264		123
Cigna Corp.		2,784		534

Security Description	Shares		Value
Collegium Pharmaceutical, Inc. (e)		4,535	$	80
Computer Programs and Systems, Inc. (e)		2,679		79
Corcept Therapeutics, Inc. (e)		5,122		107
CVS Health Corp.		6,941		618
Danaher Corp.		2,289		736
Eli Lilly & Co.		5,329		1,322
Encompass Health Corp.		1,716		99
Exelixis, Inc. (e)		5,464		92
Fulgent Genetics, Inc. (e) (f)		1,260		118
Gilead Sciences, Inc. (g)		9,216		635
HCA Healthcare, Inc.		2,335		527
Hill-Rom Holdings, Inc.		527		82
IDEXX Laboratories, Inc. (e)		1,774		1,079
Innoviva, Inc. (e)		8,268		138
Intuitive Surgical, Inc. (e)		1,730		561
IQVIA Holdings, Inc. (e)		2,196		569
Johnson & Johnson (g)		11,024		1,719
LHC Group, Inc. (e)		855		98
Ligand Pharmaceuticals, Inc. (e)		457		74
MEDNAX, Inc. (e)		3,011		74
Medpace Holdings, Inc. (e)		546		113
Merck & Co., Inc.		17,037		1,276
Mettler-Toledo International, Inc. (e)		345		522
National HealthCare Corp. (g)		2,198		142
National Research Corp.		686		27
Owens & Minor, Inc.		4,066		163
Pfizer, Inc.		15,876		853
Phibro Animal Health Corp. Class A		1,920		38
Premier, Inc. Class A		2,131		79
Prestige Consumer Healthcare, Inc. (e)		1,630		91
Quidel Corp. (e)		954		141
Select Medical Holdings Corp.		3,774		101
SIGA Technologies, Inc. (e)		11,708		95
Supernus Pharmaceuticals, Inc. (e)		5,045		151
Tenet Healthcare Corp. (e)		1,315		96
The Ensign Group, Inc.		1,280		98
United Therapeutics Corp. (e)		568		108
UnitedHealth Group, Inc.		3,896		1,731
Waters Corp. (e)		1,498		491
West Pharmaceutical Services, Inc.		1,312		581
				20,990
Industrials (3.6%):
3M Co.		6,765		1,150
ACCO Brands Corp.		14,319		118
Allison Transmission Holdings, Inc.		4,733		164
American Woodmark Corp. (e)		1,739		107
ArcBest Corp.		886		91
Atkore, Inc. (e)		1,336		142
Boise Cascade Co.		3,241		210
CACI International, Inc. Class A (e)		366		95

Security Description	Shares		Value
Carrier Global Corp.		10,152	$	549
Cimpress PLC (e)		1,716		134
Crane Co.		515		50
Cummins, Inc.		2,401		504
Eaton Corp. PLC		3,307		536
EMCOR Group, Inc.		1,020		122
Fastenal Co.		9,101		538
General Dynamics Corp.		2,767		523
Global Industrial Co. (e)		1,176		47
GrafTech International Ltd.		7,447		87
Hillenbrand, Inc.		1,297		58
HNI Corp.		2,040		81
Illinois Tool Works, Inc.		2,416		561
Insperity, Inc.		659		76
Johnson Controls International PLC		7,391		552
Kelly Services, Inc. Class A		3,480		59
Kforce, Inc.		1,263		97
Landstar System, Inc.		432		73
Lockheed Martin Corp.		3,521		1,174
ManpowerGroup, Inc.		1,586		142
Masonite International Corp. (e)		1,328		142
Matson, Inc.		1,047		85
Meritor, Inc. (e)		5,218		132
MSC Industrial Direct Co., Inc.		1,964		155
Mueller Industries, Inc.		2,854		158
Northrop Grumman Corp.		3,158		1,101
Old Dominion Freight Line, Inc.		1,554		552
Omega Flex, Inc.		311		37
Oshkosh Corp.		1,171		126
Otis Worldwide Corp.		6,411		515
PACCAR, Inc.		6,381		532
Republic Services, Inc. (g)		4,077		539
Rockwell Automation, Inc.		1,608		541
Rush Enterprises, Inc. Class A		1,882		96
SkyWest, Inc. (e)		1,912		75
Steelcase, Inc. Class A		6,952		78
The Timken Co.		2,348		155
The Toro Co.		549		55
TriNet Group, Inc. (e)		759		76
Triton International Ltd.		2,702		151
W.W. Grainger, Inc.		1,087		523
				13,864
Information Technology (8.8%):
Accenture PLC Class A		3,895		1,392
Adobe, Inc. (e)		1,175		787
Amkor Technology, Inc.		7,354		159
Apple, Inc.		36,109		5,969
Applied Materials, Inc.		8,349		1,229
Aspen Technology, Inc. (e)		403		58
Avid Technology, Inc. (e)		3,551		114

Security Description	Shares		Value
Badger Meter, Inc.		1,029	$	105
Broadcom, Inc.		2,603		1,441
Cisco Systems, Inc.		25,528		1,400
Cognizant Technology Solutions Corp. Class A		7,132		556
CSG Systems International, Inc.		2,858		151
Digital Turbine, Inc. (e)		1,386		73
Diodes, Inc. (e)		1,276		136
DXC Technology Co. (e)		3,240		97
Ebix, Inc.		1,799		55
EPAM Systems, Inc. (e)		770		469
EVERTEC, Inc.		2,999		126
Fortinet, Inc. (e)		1,602		532
Gartner, Inc. (e)		1,598		499
HP, Inc.		35,018		1,235
Intel Corp.		14,022		690
International Business Machines Corp.		5,225		612
Intuit, Inc.		1,082		706
J2 Global, Inc. (e)		663		75
Jabil, Inc.		1,708		100
Kimball Electronics, Inc. (e)		3,048		65
Manhattan Associates, Inc. (e)		692		108
Mastercard, Inc. Class A		2,241		706
MAXIMUS, Inc.		1,473		111
Methode Electronics, Inc.		3,542		157
Micron Technology, Inc.		8,086		679
Microsoft Corp. (g)		15,561		5,144
Motorola Solutions, Inc.		2,220		562
NCR Corp. (e)		3,060		119
NVIDIA Corp.		3,865		1,263
Oracle Corp.		14,421		1,309
Perficient, Inc. (e)		1,173		161
QUALCOMM, Inc.		8,228		1,486
Qualys, Inc. (e)		1,015		132
Sanmina Corp. (e)		2,610		95
SMART Global Holdings, Inc. (e)		1,553		88
SPS Commerce, Inc. (e)		899		127
Super Micro Computer, Inc. (e)		1,741		72
Texas Instruments, Inc.		6,975		1,342
The Hackett Group, Inc.		4,379		90
TTEC Holdings, Inc.		1,040		88
VeriSign, Inc. (e)		2,254		541
Vishay Intertechnology, Inc.		5,421		110
VMware, Inc. Class A (e)		4,348		508
Xperi Holding Corp.		5,350		96
				33,925
Materials (0.8%):
Avery Dennison Corp.		2,299		471
Huntsman Corp.		2,562		81
Louisiana-Pacific Corp.		3,488		228
LyondellBasell Industries NV Class A		6,021		525

Security Description	Shares		Value
Minerals Technologies, Inc.		867	$	57
Nucor Corp.		4,819		512
PPG Industries, Inc.		3,340		515
Reliance Steel & Aluminum Co.		751		112
The Sherwin-Williams Co.		1,783		591
Tredegar Corp. (e)		4,592		50
Tronox Holdings PLC Class A		5,142		113
				3,255
Real Estate (1.2%):
Alexandria Real Estate Equities, Inc.		378		76
American Tower Corp.		1,227		322
AvalonBay Communities, Inc.		376		90
Boston Properties, Inc.		400		43
Brixmor Property Group, Inc.		2,598		59
Camden Property Trust		263		43
CBRE Group, Inc. Class A (e)		905		86
Cousins Properties, Inc.		1,378		52
Crown Castle International Corp.		1,166		212
CubeSmart		2,102		113
Digital Realty Trust, Inc.		759		127
Duke Realty Corp.		1,007		59
Equinix, Inc.		241		196
Equity LifeStyle Properties, Inc.		467		38
Equity Residential		958		82
Essex Property Trust, Inc.		175		59
Extra Space Storage, Inc.		360		72
Federal Realty Investment Trust		507		62
First Industrial Realty Trust, Inc.		1,825		110
Forestar Group, Inc. (e)		2,611		52
Franklin Street Properties Corp. (e)		16,457		95
FRP Holdings, Inc. (e)		447		26
Gaming and Leisure Properties, Inc.		1,545		70
Healthpeak Properties, Inc.		1,454		48
Host Hotels & Resorts, Inc. (e)		1,905		30
Invitation Homes, Inc.		1,531		62
Iron Mountain, Inc.		779		35
Jones Lang LaSalle, Inc. (e)		363		85
Kimco Realty Corp.		3,106		70
Lamar Advertising Co. Class A		465		51
LTC Properties, Inc.		1,829		58
Medical Properties Trust, Inc.		4,381		93
Mid-America Apartment Communities, Inc.		308		64
National Health Investors, Inc.		2,031		106
Omega Healthcare Investors, Inc.		635		18
One Liberty Properties, Inc. (e)		1,831		60
Orion Office REIT, Inc. (e)		140		2
PotlatchDeltic Corp.		658		36
Prologis, Inc.		1,996		301
Public Storage		425		139
Realty Income Corp.		1,440		98

Security Description	Shares or Principal Amount		Value
Regency Centers Corp.		412	$	29
Saul Centers, Inc. (e)		1,064		52
SBA Communications Corp.		295		101
Simon Property Group, Inc.		886		135
SITE Centers Corp.		7,123		107
Sun Communities, Inc.		301		57
Tejon Ranch Co. (e)		3,100		57
Terreno Realty Corp.		1,332		101
UDR, Inc.		801		45
Ventas, Inc.		1,061		50
VICI Properties, Inc.		1,656		45
Vornado Realty Trust		439		18
Welltower, Inc.		1,118		89
Weyerhaeuser Co.		2,021		76
WP Carey, Inc.		480		37
				4,499
Utilities (0.9%):
American States Water Co.		1,937		182
Exelon Corp.		10,410		549
FirstEnergy Corp.		13,970		526
MDU Resources Group, Inc.		5,622		153
National Fuel Gas Co.		2,194		127
NorthWestern Corp.		2,637		146
NRG Energy, Inc.		14,711		530
Otter Tail Corp. (g)		2,371		155
The AES Corp.		21,755		509
UGI Corp.		11,523		475
				3,352
Total Common Stocks (Cost $103,090)				133,264
Preferred Stocks (0.1%)
Communication Services (0.0%): (h)
Qwest Corp., 6.50%, 9/1/56		8,000		201
Financials (0.1%):
Delphi Financial Group, Inc., 3.35% (LIBOR03M+319bps), 5/15/37 (b) (i)		12,000		287
Total Preferred Stocks (Cost $502)				488
Corporate Bonds (0.8%)
Consumer Discretionary (0.0%): (h)
AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100	$	38		44
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		53		55
				99
Consumer Staples (0.0%): (h)
McCormick & Co., Inc., 2.50%, 4/15/30, Callable 1/15/30 @ 100		32		32
Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		30		38
				70

Security Description	Principal Amount		Value
Energy (0.1%):
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a)	$	38	$	39
ONEOK, Inc., 6.35%, 1/15/31, Callable 10/15/30 @ 100		46		58
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		75		81
				178
Financials (0.3%):
Ares Capital Corp., 3.63%, 1/19/22, Callable 12/23/21 @ 100 (g)		100		100
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		93		91
Capital One NA, 2.15%, 9/6/22, Callable 8/6/22 @ 100		150		152
Citizens Financial Group, Inc., 2.50%, 2/6/30, Callable 11/6/29 @ 100		112		114
Cullen/Frost Capital Trust II, 1.67% (LIBOR03M+155bps), 3/1/34, Callable 1/10/22 @ 100 (b)		175		168
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		53		64
First Maryland Capital I, 1.12% (LIBOR03M+100bps), 1/15/27, Callable 1/10/22 @ 100 (b)		50		48
HSB Group, Inc., 1.03% (LIBOR03M+91bps), 7/15/27, Callable 1/10/22 @ 100 (b)		200		182
Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100		68		73
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		23		25
Santander Holdings USA, Inc., 3.45%, 6/2/25, Callable 5/2/25 @ 100		39		41
Signature Bank, 4.13% (LIBOR03M+256bps), 11/1/29, Callable 11/1/24 @ 100 (b)		150		157
The Progressive Corp., 3.20%, 3/26/30, Callable 12/26/29 @ 100		23		25
				1,240
Health Care (0.1%):
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		72		76
Duke University Health System, Inc., 2.60%, 6/1/30		60		61
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100		23		23
				160
Industrials (0.1%):
Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100		55		58
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		21		21
Dover Corp., 2.95%, 11/4/29, Callable 8/4/29 @ 100		112		119
The Conservation Fund A Nonprofit Corp., 3.47%, 12/15/29, Callable 9/15/29 @ 100		175		186
				384
Information Technology (0.0%): (h)
HP, Inc., 3.40%, 6/17/30, Callable 3/17/30 @ 100		68		71
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		21		22
				93
Materials (0.0%): (h)
Avery Dennison Corp., 2.65%, 4/30/30, Callable 2/1/30 @ 100		45		46
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		21		22
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (g)		35		36
				104

Security Description	Principal Amount		Value
Real Estate (0.1%):
AvalonBay Communities, Inc., 2.45%, 1/15/31, MTN, Callable 10/17/30 @ 100	$	101	$	103
Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100		131		133
GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100		23		24
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		19		20
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a)		87		90
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102.31 (a)		17		18
				388
Utilities (0.1%):
Alabama Power Co., 3.85%, 12/1/42		112		129
Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100		37		40
Duke Energy Florida LLC, 3.85%, 11/15/42, Callable 5/15/42 @ 100		112		128
				297
Total Corporate Bonds (Cost $2,883)				3,013
Yankee Dollars (0.1%)
Energy (0.0%): (h)
Petroleos Mexicanos, 6.49%, 1/23/27, Callable 11/23/26 @ 100		64		66
Financials (0.0%): (h)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a) (g)		51		55
Industrials (0.0%): (h)
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		42		45
Materials (0.1%):
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		71		74
Total Yankee Dollars (Cost $228)				240
U.S. Government Agency Mortgages (0.4%)
Federal Home Loan Mortgage Corporation 3.00%, 10/1/46 – 10/1/47		1,117		1,172
3.50%, 4/1/48		114		120
				1,292
Federal National Mortgage Association Series 2016-M2, Class AV2, 2.15%, 1/25/23		76		77
4.00%, 4/1/49		177		188
				265
				1,557
Total U.S. Government Agency Mortgages (Cost $1,488)				1,557
U.S. Treasury Obligations (1.8%)
U.S. Treasury Bonds
3.00%, 8/15/48 (g)		1,000		1,253
3.38%, 11/15/48 (g)		500		670

Security Description	Shares or Principal Amount		Value
U.S. Treasury Inflation Indexed Bonds, 0.13%, 7/15/26	$	1,144	$	1,245
U.S. Treasury Notes
1.63%, 4/30/23		1,567		1,595
2.25%, 2/15/27		2,000		2,108
Total U.S. Treasury Obligations (Cost $6,233)				6,871
Exchange-Traded Funds (52.1%)
Invesco DB Commodity Index Tracking Fund (e)		28,600		557
Invesco FTSE RAFI Developed Markets ex-US ETF		43,991		2,005
Invesco FTSE RAFI Emerging Markets ETF		240,641		5,179
iShares Core MSCI EAFE ETF		103,179		7,530
iShares Core MSCI Emerging Markets ETF		265,390		15,955
iShares Core S&P 500 ETF		68,194		31,208
iShares Core US Aggregate Bond ETF		39,490		4,532
iShares Core US REIT ETF (g)		36,965		2,317
iShares MSCI Canada ETF (f)		158,669		5,931
iShares MSCI International Momentum Factor ETF		146,564		5,586
iShares MSCI International Quality Factor ETF (f)		165,207		6,321
JPMorgan BetaBuilders Canada ETF (f)		24,954		1,622
Schwab Fundamental Emerging Markets Large Co. Index ETF		430,014		13,240
Schwab Fundamental International Large Co. Index ETF		829,619		26,274
Schwab Fundamental International Small Co. Index ETF (f)		91,800		3,356
SPDR Gold Shares (e) (f)		4,604		762
SPDR S&P Emerging Markets SmallCap ETF		14,790		868
U.S. Oil Fund LP (e) (f)		17,827		854
Vanguard FTSE All-World ex-US ETF		115,478		6,922
Vanguard FTSE Developed Markets ETF (f)		451,194		22,424
Vanguard FTSE Emerging Markets ETF (f) (g)		23,072		1,135
Vanguard Mortgage-Backed Securities ETF		18,666		990
Vanguard Real Estate ETF (f)		42,607		4,548
Vanguard S&P 500 ETF (g)		27,797		11,649
Vanguard Short-Term Bond ETF		23,964		1,949
Vanguard Short-Term Corporate Bond ETF		23,551		1,921
Vanguard Total Bond Market ETF		78,203		6,680
Vanguard Total Stock Market ETF (g)		34,432		8,038
Wisdom Tree Trust — WisdomTree Emerging Markets SmallCap Dividend Fund		16,645		854
Total Exchange-Traded Funds (Cost $162,978)				201,207
Affiliated Exchange-Traded Funds (8.6%)
Victoryshares ESG Core Plus Bond ETF		216,269		5,404
VictoryShares USAA Core Intermediate-Term Bond ETF		408,915		21,824
VictoryShares USAA Core Short-Term Bond ETF		103,145		5,317
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF (g)		16,000		743
Total Affiliated Exchange-Traded Funds (Cost $33,548)				33,288

Security Description	Shares		Value
Collateral for Securities Loaned^ (7.4%)
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (j)		5,158,971	$	5,159
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (j)		7,850,292		7,850
HSBC U.S. Government Money Market Fund I Shares, 0.03% (j)		15,632,748		15,633
Total Collateral for Securities Loaned (Cost $28,642)				28,642
Total Investments (Cost $340,290) — 105.9%				409,278
Liabilities in excess of other assets — (5.9)%				(22,708	)
NET ASSETS — 100.00%			$	386,570

At November 30, 2021, the Fund's investments in foreign securities were 33.0% 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 November 30, 2021, the fair value of these securities was $1,060 (thousands) and amounted to 0.3% of net assets.

(b) Variable or Floating-Rate Security. Rate disclosed is as of November 30, 2021.

(d) Security is interest only.

(e) Non-income producing security.

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

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

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

(i) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of November 30, 2021, illiquid securities were 0.1% of net assets.

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

bps — Basis points

ETF — Exchange-Traded Fund

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of November 30, 2021, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of November 30, 2021, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
S&P/Toronto Stock Exchange 60 Index Futures		18	12/16/21	$	3,523,128	$	3,511,783	$	37,455
Swiss Market Index Futures		34	12/17/21		4,445,473		4,518,640		53,786
								$	91,241
Futures Contracts Sold

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
ASX SPI 200 Index Futures		11	12/16/21	$	1,508,724	$	1,417,227	$	35,758
Euro Stoxx 50 Futures		17	12/17/21		833,213		785,968		12,710
FTSE 100 Index Futures		15	12/17/21		1,454,456		1,412,040		26,872
Russell 2000 E-Mini Index Futures		62	12/17/21		6,893,480		6,811,630		81,850
Tokyo Price Index Futures		12	12/09/21		2,236,467		2,013,095		171,696
								$	328,886
Total unrealized appreciation								$	420,127
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	420,127

	USAA Cornerstone Aggressive Fund
Assets:
Affiliated investments, at value (Cost $33,548)	$	33,288
Unaffiliated investments, at value (Cost $306,742)		375,990	(a)
Cash		5,067
Deposit with broker for futures contracts		1,392
Receivables:
Interest and dividends		300
Capital shares issued		281
Variation margin on open futures contracts		222
From Adviser		55
Prepaid expenses		12
Total Assets		416,607
Liabilities:
Payables:
Collateral received on loaned securities		28,642
Collateral received from broker for futures contract		96
Foreign currency		—	(b)
Investments purchased		600
Capital shares redeemed		199
Variation margin on open futures contracts		103
Accrued expenses and other payables:
Investment advisory fees		196
Administration fees		49
Custodian fees		5
Transfer agent fees		81
Compliance fees		—	(b)
Other accrued expenses		66
Total Liabilities		30,037
Net Assets:
Capital		283,832
Total accumulated earnings/(loss)		102,738
Net Assets	$	386,570
Shares (unlimited number of shares authorized with no par value):		24,895
Net asset value, offering and redemption price per share: (c)	$	15.53

(a) Includes $27,564 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Cornerstone Aggressive Fund
Investment Income:
Income distributions from affiliated funds	$	210
Dividends		3,179
Interest		296
Securities lending (net of fees)		45
Foreign tax withholding		(1	)
Total Income		3,729
Expenses:
Investment advisory fees		1,180
Administration fees		295
Sub-Administration fees		46
Custodian fees		13
Transfer agent fees		525
Trustees' fees		24
Compliance fees		1
Legal and audit fees		29
State registration and filing fees		13
Other expenses		40
Total Expenses		2,166
Expenses waived/reimbursed by Adviser		(35	)
Net Expenses		2,131
Net Investment Income (Loss)		1,598
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		12,588
Net realized gains (losses) from futures contracts		88
Net change in unrealized appreciation/depreciation on unaffiliated investment securities		(8,833	)
Net change in unrealized appreciation/depreciation on affiliated funds		(167	)
Net change in unrealized appreciation/depreciation on futures contracts		331
Net realized/unrealized gains (losses) on investments		4,007
Change in net assets resulting from operations	$	5,605

	USAA Cornerstone Aggressive Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	1,598		$	3,261
Net realized gains (losses) from investments		12,676			26,897
Net change in unrealized appreciation/depreciation on investments		(8,669	)		74,955
Change in net assets resulting from operations		5,605			105,113
Change in net assets resulting from distributions to shareholders		—			(7,114	)
Change in net assets resulting from capital transactions		(6,531	)		(54,063	)
Change in net assets		(926	)		43,936
Net Assets:
Beginning of period		387,496			343,560
End of period	$	386,570		$	387,496
Capital Transactions:
Proceeds from shares issued	$	23,389		$	43,105
Distributions reinvested		—			6,811
Cost of shares redeemed		(29,920	)		(103,979	)
Change in net assets resulting from capital transactions	$	(6,531	)	$	(54,063	)
Share Transactions:
Issued		1,498			3,112
Reinvested		—			494
Redeemed		(1,917	)		(7,566	)
Change in Shares		(419	)		(3,960	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Cornerstone Aggressive Fund
Six Months Ended November 30, 2021 (Unaudited)	$	15.31		0.06	(d)		0.16			0.22			—			—
Year Ended May 31:
2021	$	11.74		0.12	(d)		3.71			3.83			(0.18	)		(0.08	)
2020	$	11.73		0.20	(d)		0.03			0.23			(0.15	)		(0.07	)
2019	$	12.81		0.15			(0.57	)		(0.42	)		(0.18	)		(0.48	)
2018	$	12.57		0.16			0.94			1.10			(0.14	)		(0.72	)
2017	$	11.33		0.15			1.26			1.41			(0.17	)		—

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Cornerstone Aggressive Fund
Six Months Ended November 30, 2021 (Unaudited)		—		$	15.53		1.44	%		1.08	%		0.81	%		1.10	%	$	386,570		21	%
Year Ended May 31:
2021		(0.26	)	$	15.31		32.91	%		1.10	%		0.88	%		1.17	%	$	387,496		64	%
2020		(0.22	)	$	11.74		1.78	%		1.10	%		1.68	%		1.18	%	$	343,560		90	%
2019		(0.66	)	$	11.73		(3.04	)%		1.10	%		1.54	%		1.24	%	$	351,410		95	%(e)
2018		(0.86	)	$	12.81		8.85	%		1.10	%		1.18	%		1.25	%	$	344,768		65	%
2017		(0.17	)	$	12.57		12.59	%		1.10	%		1.32	%		1.36	%	$	283,867		70	%

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	572	$	—	$	572
Collateralized Mortgage Obligations		—		136		—		136
Common Stocks		133,264		—		—		133,264
Preferred Stocks		201		287		—		488
Corporate Bonds		—		3,013		—		3,013
Yankee Dollars		—		240		—		240
U.S. Government Agency Mortgages		—		1,557		—		1,557
U.S. Treasury Obligations		—		6,871		—		6,871
Exchange-Traded Funds		201,207		—		—		201,207
Affiliated Exchange-Traded Funds		33,288		—		—		33,288
Collateral for Securities Loaned		28,642		—		—		28,642
Total	$	396,602	$	12,676	$	—	$	409,278
Other Financial Investments*
Assets:
Futures Contracts	$	420	$	—	$	—	$	420
Total	$	420	$	—	$	—	$	420

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

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Exchange-Traded Funds:

Open-End Funds:

Mortgage and Asset-Backed Securities:

Derivative Instruments:

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated

manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is presented on the Statement of Assets and Liabilities under Deposit with broker for futures contracts and Collateral received from broker for futures contracts. During the six months ended November 30, 2021, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

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

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	420	$	—

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

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	88	$	331

Investment Transactions and Related Income:

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	27,564			$	—			$	28,642

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	—			$	1,763			$	86

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities				U.S. Government Securities
Purchases		Sales		Purchases		Sales
$	81,855	$	88,007	$	—	$	3,086

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Administration and Servicing Fees:

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

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

In addition, the Fund invests in affiliated VCM exchange-traded fund(s) ("affiliated ETFs"). The Fund's Adviser fee is reimbursed by VCM to the extent of the indirect Adviser fee incurred through the Fund's proportional investment in the affiliated ETF(s). These affiliated ETF Adviser fee reimbursements are not available for recoupment. As of November 30, 2021, the Fund's Adviser fee was reimbursed by VCM in an amount of $35 thousand, of which $15 thousand is receivable from VCM.

Expires 2023				Expires 2024				Total
$	267			$	236			$	503

5. Risks:

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

funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.

LIBOR Discontinuation Risk — Many debt securities, derivatives, and other financial instruments, including some of the Fund's investments, use the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR is being discontinued as a floating rate benchmark. The Secured Overnight Financing Rate ("SOFR") is expected to replace U.S. dollar LIBOR as the principal floating rate benchmark. The LIBOR discontinuation has affected, and will continue to affect, financial markets generally. The date of the LIBOR discontinuation will vary depending on the LIBOR currency and tenor. The UK Financial Conduct Authority (the "FCA"), which is the regulator of the LIBOR administrator, has announced that, after specified dates, LIBOR settings will cease to be provided by any administrator or will no longer be representative. Those dates are: (i) June 30, 2023, in the case of the principal U.S. dollar LIBOR tenors (overnight and one-, three-, six- and 12-month; and (ii) December 31, 2021, in all other cases (i.e., one-week and two-month U.S. dollar LIBOR and all tenors of non-U.S. dollar LIBOR). Accordingly, many existing LIBOR obligations will transition to another benchmark after June 30, 2023, or, in some cases, after December 31, 2021. The FCA and certain U.S. regulators have stated that, despite expected publication of U.S. dollar LIBOR through June 30, 2023, no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021. Although the foregoing reflects the likely timing of the LIBOR discontinuation and certain consequences, there is no assurance that LIBOR, of any particular currency or tenor, will continue to be published until any particular date or in any particular form, and there is no assurance regarding the consequences of the LIBOR discontinuation. In the United States, there have been efforts to identify alternative reference interest rates for U.S. dollar LIBOR. The cash markets have generally coalesced around recommendations from the Alternative Reference Rates Committee (the "ARRC"), which was convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The ARRC has recommended that U.S. dollar LIBOR be replaced by rates based on SOFR plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. For purposes of the following discussion, the term "LIBOR" refers solely to U.S. dollar LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. SOFR has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. Future levels of SOFR may bear little or no relation to historical levels of SOFR, LIBOR or other rates. SOFR-based rates will differ from LIBOR, and the differences may be material. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. In contrast, LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term tenors. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or a similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. Non-LIBOR floating rate obligations, including SOFR-based obligations, may have returns and values that fluctuate more than those of floating rate obligations that are based on LIBOR or other rates. Resulting changes in the financial markets may adversely affect financial markets generally and

may also adversely affect our operations specifically, particularly as financial markets transition away from LIBOR.

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

7. Federal Income Tax Information:

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

Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM determined as of the last business day of the month. The Fund does not invest in affiliated underlying funds for the purpose of exercising management or control. These underlying funds are noted as affiliated on the Fund's Schedule of Portfolio Investments. Transactions in affiliated securities during the six months ended November 30, 2021, were as follows (amounts in thousands):

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/21		Dividend Income
VictoryShares ESG Core Plus Bond ETF	$	—	$	10,814	$	(5,407	)	$	—	$	—	$	(3	)	$	5,404	$	3
VictoryShares USAA Core Intermediate-Term Bond ETF		11,794		20,155		(10,078	)		—		—		(47	)		21,824		142
VictoryShares USAA Core Short-Term Bond ETF		5,353		—		—			—		—		(36	)		5,317		42
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		824		—		—			—		—		(81	)		743		23
	$	17,971	$	30,969	$	(15,485	)	$	—	$	—	$	(167	)	$	33,288	$	210

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21-11/30/21*				Hypothetical Expenses Paid During Period 6/1/21-11/30/21*				Annualized Expense Ratio During Period 6/1/21-11/30/21
$	1,000.00			$	1,014.40			$	1,019.65			$	5.45			$	5.47				1.08	%

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (27.5%)
VictoryShares USAA Core Intermediate-Term Bond ETF		334,133	$	17,833
VictoryShares USAA Core Short-Term Bond ETF (a)		669,201		34,494
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		67,940		3,157
VictoryShares USAA MSCI International Value Momentum ETF		113,561		5,349
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		18,550		1,311
VictoryShares USAA MSCI USA Value Momentum ETF		87,997		5,921
Total Affiliated Exchange-Traded Funds (Cost $64,287)				68,065
Affiliated Mutual Funds (72.0%)
USAA 500 Index Fund Reward Shares		142,547		8,916
USAA Aggressive Growth Fund Institutional Shares		33,578		2,146
USAA Emerging Markets Fund Institutional Shares		118,960		2,552
USAA Government Securities Fund Institutional Shares		4,400,738		43,051
USAA Growth Fund Institutional Shares		53,344		2,123
USAA High Income Fund Institutional Shares		1,451,693		11,178
USAA Income Fund Institutional Shares		2,636,449		35,829
USAA Income Stock Fund Institutional Shares		113,739		2,308
USAA Intermediate-Term Bond Fund Institutional Shares		4,194,508		44,995
USAA International Fund Institutional Shares		278,180		7,989
USAA Precious Metals and Minerals Fund Institutional Shares		61,064		1,156
USAA Short-Term Bond Fund Institutional Shares		738,736		6,751
USAA Small Cap Stock Fund Institutional Shares		57,415		1,227
USAA Target Managed Allocation Fund		453,527		6,136
USAA Value Fund Institutional Shares		130,416		2,405
Total Affiliated Mutual Funds (Cost $162,918)				178,762
Collateral for Securities Loaned^ (0.1%)
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (b)		100,225		100
HSBC U.S. Government Money Market Fund I Shares, 0.03% (b)		63,300		64
Total Collateral for Securities Loaned (Cost $164)				164
Total Investments (Cost $227,369) — 99.6%				246,991
Other assets in excess of liabilities — 0.4%				964
NET ASSETS — 100.00%			$	247,955

At November 30, 2021, the Fund's investments in foreign securities were 7.7% of net assets.

^ 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 November 30, 2021.

ETF — Exchange-Traded Fund

	USAA Cornerstone Conservative Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	2,397		$	5,871
Net realized gains (losses) from investments		759			3,646
Net change in unrealized appreciation/depreciation on investments		(1,605	)		15,992
Change in net assets resulting from operations		1,551			25,509
Change in net assets resulting from distributions to shareholders		(2,410	)		(8,183	)
Change in net assets resulting from capital transactions		4,864			20,674
Change in net assets		4,005			38,000
Net Assets:
Beginning of period		243,950			205,950
End of period	$	247,955		$	243,950
Capital Transactions:
Proceeds from shares issued	$	33,643		$	66,446
Distributions reinvested		2,396			8,144
Cost of shares redeemed		(31,175	)		(53,916	)
Change in net assets resulting from capital transactions	$	4,864		$	20,674
Share Transactions:
Issued		2,831			5,750
Reinvested		202			711
Redeemed		(2,620	)		(4,674	)
Change in Shares		413			1,787

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Cornerstone Conservative Fund
Six Months Ended November 30, 2021 (Unaudited)		(0.12	)	$	11.82		0.66	%		0.09	%		1.94	%		0.09	%	$	247,955		3	%
Year Ended May 31: 2021		(0.43	)	$	11.86		12.28	%		0.10	%		2.61	%		0.10	%	$	243,950		15	%
2020		(0.33	)	$	10.96		5.45	%		0.09	%		2.92	%		0.10	%	$	205,950		8	%
2019		(0.32	)	$	10.72		3.84	%		0.10	%		2.99	%		0.12	%	$	193,265		22	%
2018		(0.31	)	$	10.64		1.79	%		0.10	%		2.87	%		0.12	%	$	196,292		5	%
2017		(0.31	)	$	10.76		7.93	%		0.10	%		3.02	%		0.15	%	$	174,754		7	%(e)

1. Organization:

The accompanying financial statements are those of the USAA Cornerstone Conservative Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act. The Fund is a "fund of funds" in that it invests in a selection of affiliated mutual funds and exchange-traded funds managed by the Fund's Adviser, Victory Capital Management Inc. ("VCM"), an affiliate of the Fund.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs") are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where

the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

	Level 1		Level 2		Level 3		Total
Affiliated Exchange-Traded Funds	$	68,065	$	—	$	—	$	68,065
Affiliated Mutual Funds		178,762		—		—		178,762
Collateral for Securities Loaned		164		—		—		164
Total	$	246,991	$	—	$	—	$	246,991

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Investment Companies:

Exchange-Traded Funds:

Open-End Funds:

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on

trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	160			$	—			$	164

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	12,368	$	7,781

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Administration and Servicing Fees:

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

Transfer Agency Fees:

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

Distributor/Underwriting Services:

Other Fees:

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

As of November 30, 2021, the expense limit (excluding voluntary waivers) was 0.10%. The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that repayments are not probable at November 30, 2021.

5. Risks:

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

Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

7. Federal Income Tax Information:

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

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax

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

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares, or an investment company managed by VCM. The Fund does not invest in affiliated underlying funds for the purpose of exercising management or control. These underlying funds are noted as affiliated on the Fund's Schedule of Portfolio Investments. The affiliated underlying fund's annual or semiannual reports may be viewed at vcm.com. Transactions in affiliated securities during the six months ended November 30, 2021, were as follows (amounts in thousands):

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/21		Dividend Income
USAA 500 Index Fund Reward Shares	$	9,138	$	422	$	(1,470	)	$	196		$	—	$	630		$	8,916	$	53
USAA Aggressive Growth Fund Institutional Shares		1,899		—		—			—			—		247			2,146		—
USAA Emerging Markets Fund Institutional Shares		2,639		247		—			—			—		(334	)		2,552		—
USAA Government Securities Fund Institutional Shares		42,504		1,143		—			—			—		(596	)		43,051		395
USAA Growth Fund Institutional Shares		2,141		—		(248	)		80			—		150			2,123		—
USAA High Income Fund Institutional Shares		12,325		296		(1,230	)		(23	)		—		(190	)		11,178		296
USAA Income Fund Institutional Shares		37,419		530		(2,096	)		1			—		(25	)		35,829		531
USAA Income Stock Fund Institutional Shares		2,749		265		(736	)		134			—		(104	)		2,308		19
USAA Intermediate-Term Bond Fund Institutional Shares		40,005		4,917		—			—			—		73			44,995		465
USAA International Fund Institutional Shares		8,430		492		(740	)		52			—		(245	)		7,989		—
USAA Precious Metals and Minerals Fund Institutional Shares		1,408		—		—			—			—		(252	)		1,156		—

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/21		Dividend Income
USAA Short-Term Bond Fund Institutional Shares	$	6,750	$	67	$	—		$	—	$	—	$	(66	)	$	6,751	$	66
USAA Small Cap Stock Fund Institutional Shares		1,486		—		(252	)		91		—		(98	)		1,227		—
USAA Target Managed Allocation Fund		6,359		—		(509	)		95		—		191			6,136		—
USAA Value Fund Institutional Shares		2,195		246		—			—		—		(36	)		2,405		—
VictoryShares USAA Core Intermediate-Term Bond ETF		17,831		—		—			—		—		2			17,833		159
VictoryShares USAA Core Short-Term Bond ETF		30,971		3,743		—			—		—		(220	)		34,494		249
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		3,500		—		—			—		—		(343	)		3,157		99
VictoryShares USAA MSCI International Value Momentum ETF		5,763		—		—			—		—		(414	)		5,349		126
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		1,313		—		—			—		—		(2	)		1,311		4
VictoryShares USAA MSCI USA Value Momentum ETF		6,261		—		(500	)		133		—		27			5,921		39
	$	243,086	$	12,368	$	(7,781	)	$	759	$	—	$	(1,605	)	$	246,827	$	2,501

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21- 11/30/21*				Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*				Annualized Expense Ratio During Period 6/1/21- 11/30/21
$	1,000.00			$	1,006.60			$	1,024.62			$	0.45			$	0.46				0.09	%

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (32.3%)
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		266,858	$	12,399
VictoryShares USAA MSCI International Value Momentum ETF		555,112		26,148
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		90,687		6,408
VictoryShares USAA MSCI USA Value Momentum ETF		431,467		29,033
Total Affiliated Exchange-Traded Funds (Cost $66,396)				73,988
Affiliated Mutual Funds (67.7%)
USAA 500 Index Fund Reward Shares		681,301		42,615
USAA Aggressive Growth Fund Institutional Shares		178,795		11,427
USAA Emerging Markets Fund Institutional Shares		536,483		11,508
USAA Growth Fund Institutional Shares		294,807		11,730
USAA Income Stock Fund Institutional Shares		569,689		11,559
USAA International Fund Institutional Shares		1,134,873		32,594
USAA Precious Metals and Minerals Fund Institutional Shares		43,865		830
USAA Small Cap Stock Fund Institutional Shares		265,433		5,670
USAA Target Managed Allocation Fund		1,162,728		15,732
USAA Value Fund Institutional Shares		619,656		11,426
Total Affiliated Mutual Funds (Cost $108,345)				155,091
Total Investments (Cost $174,741) — 100.0%				229,079
Other assets in excess of liabilities — 0.0% (a)				113
NET ASSETS — 100.00%			$	229,192

At November 30, 2021, the Fund's investments in foreign securities were 36.1% of net assets.

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

ETF — Exchange-Traded Fund

	USAA Cornerstone Equity Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	1,441		$	3,618
Net realized gains (losses) from investments		1,136			1,909
Net change in unrealized appreciation/depreciation on investments		304			67,536
Change in net assets resulting from operations		2,881			73,063
Change in net assets resulting from distributions to shareholders		—			(16,403	)
Change in net assets resulting from capital transactions		(5,925	)		(15,437	)
Change in net assets		(3,044	)		41,223
Net Assets:
Beginning of period		232,236			191,013
End of period	$	229,192		$	232,236
Capital Transactions:
Proceeds from shares issued	$	13,657		$	26,443
Distributions reinvested		—			16,362
Cost of shares redeemed		(19,582	)		(58,242	)
Change in net assets resulting from capital transactions	$	(5,925	)	$	(15,437	)
Share Transactions:
Issued		767			1,681
Reinvested		—			1,061
Redeemed		(1,099	)		(3,809	)
Change in Shares		(332	)		(1,067	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Cornerstone Equity Fund
Six Months Ended November 30, 2021 (Unaudited)	$	17.44		0.11	(d)		0.10			0.21			—			—
Year Ended:
May 31, 2021	$	13.28		0.27	(d)		5.16			5.43			(0.20	)		(1.07	)
May 31, 2020	$	13.90		0.34	(d)		(0.24	)		0.10			(0.32	)		(0.40	)
May 31, 2019	$	15.49		0.26			(0.99	)		(0.73	)		(0.25	)		(0.61	)
May 31, 2018	$	14.31		0.22			1.26			1.48			(0.22	)		(0.08	)
May 31, 2017	$	12.51		0.19			2.02			2.21			(0.19	)		(0.22	)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Cornerstone Equity Fund
Six Months Ended November 30, 2021 (Unaudited)		—		$	17.65		1.20	%		0.09	%		1.23	%		0.09	%	$	229,192		2	%
Year Ended:
May 31, 2021		(1.27	)	$	17.44		42.26	%		0.10	%		1.74	%		0.11	%	$	232,236		5	%
May 31, 2020		(0.72	)	$	13.28		0.14	%		0.10	%		2.38	%		0.10	%	$	191,013		6	%
May 31, 2019		(0.86	)	$	13.90		(4.35	)%		0.10	%		1.79	%		0.13	%	$	202,288		11	%(e)
May 31, 2018		(0.30	)	$	15.49		10.32	%		0.10	%		1.46	%		0.13	%	$	200,186		38	%(f)
May 31, 2017		(0.41	)	$	14.31		17.99	%		0.10	%		1.39	%		0.20	%	$	143,657		7	%

1. Organization:

The accompanying financial statements are those of the USAA Cornerstone Equity Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act. The Fund is a "fund of funds" in that it invests in a selection of affiliated mutual funds and exchange-traded funds managed by the Fund's Adviser, Victory Capital Management Inc. ("VCM"), an affiliate of the Fund.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

	Level 1		Level 2		Level 3		Total
Affiliated Exchange-Traded Funds	$	73,988	$	—	$	—	$	73,988
Affiliated Mutual Funds		155,091		—		—		155,091
Total	$	229,079	$	—	$	—	$	229,079

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Investment Companies:

Exchange-Traded Funds:

Open-End Funds:

Investment Transactions and Related Income:

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

As of November 30, 2021, the Fund did not have any securities on loan.

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	4,666	$	8,719

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Administration and Servicing Fees:

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

Transfer Agency Fees:

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

Distributor/Underwriting Services:

Other Fees:

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

Expires 2024				Total
$	18			$	18

5. Risks:

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

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

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

7. Federal Income Tax Information:

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

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

8. Affiliated Securities:

An affiliated security is a security in which the Fund has ownership of at least 5% of the security's outstanding voting shares, or an investment company managed by VCM. The Fund does not invest in affiliated securities for the purpose of exercising management or control. These underlying funds are noted as affiliated on the Fund's Schedule of Portfolio Investments. The affiliated underlying fund's annual or semiannual reports may be viewed at vcm.com. Transactions in affiliated securities during the six months ended November 30, 2021 were as follows (amounts in thousands):

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/2021		Dividend Income
USAA 500 Index Fund Reward Shares	$	39,191	$	697	$	(943	)	$	57	$	—	$	3,613		$	42,615	$	230
USAA Aggressive Growth Fund Institutional Shares		10,431		—		(358	)		90		—		1,264			11,427		—
USAA Emerging Markets Fund Institutional Shares		11,042		1,995		—			—		—		(1,529	)		11,508		—
USAA Growth Fund Institutional Shares		11,057		—		(486	)		90		—		1,069			11,730		—
USAA Income Stock Fund Institutional Shares		12,321		102		(951	)		57		—		30			11,559		101
USAA International Fund Institutional Shares		32,254		1,872		(704	)		23		—		(851	)		32,594		—
USAA Precious Metals and Minerals Fund Institutional Shares		1,011		—		—			—		—		(181	)		830		—
USAA Small Cap Stock Fund Institutional Shares		5,781		—		—			—		—		(111	)		5,670		—
USAA Target Managed Allocation Fund		15,092		—		—			—		—		640			15,732		—

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/2021		Dividend Income
USAA Value Fund Institutional Shares	$	11,619	$	—	$	—		$	—		$	—	$	(193	)	$	11,426	$	—
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		13,745		—		—			—			—		(1,346	)		12,399		390
VictoryShares USAA MSCI International Value Momentum ETF		29,558		—		(1,399	)		(74	)		—		(1,937	)		26,148		614
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		6,641		—		(240	)		82			—		(75	)		6,408		22
VictoryShares USAA MSCI USA Value Momentum ETF		31,949		—		(3,638	)		811			—		(89	)		29,033		186
	$	231,692	$	4,666	$	(8,719	)	$	1,136		$	—	$	304		$	229,079	$	1,543

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21- 11/30/21*				Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*				Annualized Expense Ratio During Period 6/1/21- 11/30/21
$	1,000.00			$	1,012.00			$	1,024.62			$	0.45			$	0.46				0.09	%

Security Description	Shares or Principal Amount		Value
Asset-Backed Securities (0.6%)
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 6/20/23 @ 100 (a)	$	787	$	792
Drive Auto Receivables Trust, Series 2018-4, Class D, 4.09%, 1/15/26, Callable 10/15/22 @ 100		487		495
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 3/15/24, Callable 8/15/23 @ 100 (a)		386		388
Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a)		127		128
Exeter Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%, 10/15/24, Callable 6/15/22 @ 100 (a)		490		501
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 1/20/23 @ 100 (a)		249		251
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 7/20/22 @ 100 (a)		437		441
Navient Student Loan Trust, Series 2015-2, Class B, 1.59% (LIBOR01M+150bps), 8/25/50, Callable 2/25/30 @ 100 (b)		950		954
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 12/20/21 @ 100 (a)		287		293
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 11/20/23 @ 100 (a)		506		511
Transportation Finance Equipment Trust, Series 2019-1, Class B, 2.06%, 5/23/24, Callable 4/23/23 @ 100 (a)		900		915
Trinity Rail Leasing LLC, Series 2019-2A, Class A1, 2.39%, 10/18/49, Callable 12/17/21 @ 100 (a)		355		355
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 2/15/22 @ 100 (a)		149		149
Westlake Automobile Receivables Trust, Series 2020-1A, Class B, 1.94%, 4/15/25, Callable 8/15/23 @ 100 (a)		1,618		1,629
Total Asset-Backed Securities (Cost $7,648)				7,802
Collateralized Mortgage Obligations (0.2%)
Banc of America Commercial Mortgage Trust, Series 2008-1, Class AJ, 6.79%, 2/10/51 (c)		130		132
BTH Mortgage-Backed Securities Trust, Series 2018-21, Class A, 2.59% (LIBOR01M+250bps), 4/4/22 (a)(b)		957		959
Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AMFL, 0.28% (LIBOR01M+19bps), 2/15/40 (b)		25		25
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a)		1,500		1,521
UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, 2.17%, 5/10/45, Callable 3/10/22 @ 100 (a)(c)(d)		9,053		13
Total Collateralized Mortgage Obligations (Cost $2,638)				2,650
Common Stocks (16.7%)
Communication Services (1.2%):
Alphabet, Inc. Class C (e)		2,557		7,285
AT&T, Inc.		51,958		1,186

Security Description	Shares		Value
Comcast Corp. Class A		51,305	$	2,564
Match Group, Inc. (e)		6,453		839
Netflix, Inc. (e)		2,183		1,401
Sirius XM Holdings, Inc. (f)		146,514		894
Verizon Communications, Inc.		25,815		1,298
Zillow Group, Inc. Class C (e)		1,120		61
				15,528
Consumer Discretionary (1.5%):
AutoZone, Inc. (e)		538		978
Best Buy Co., Inc.		7,431		794
eBay, Inc.		14,591		984
Ford Motor Co.		110,008		2,111
Garmin Ltd.		6,871		918
General Motors Co. (e)		19,411		1,123
Lennar Corp. Class A		9,432		991
Lowe's Cos., Inc.		10,414		2,547
McDonald's Corp.		5,010		1,225
O'Reilly Automotive, Inc. (e)		1,573		1,004
Target Corp. (g)		9,049		2,207
The Home Depot, Inc.		8,577		3,436
				18,318
Consumer Staples (1.0%):
Altria Group, Inc.		25,272		1,078
Archer-Daniels-Midland Co.		16,241		1,010
Colgate-Palmolive Co.		12,848		964
Costco Wholesale Corp.		2,605		1,405
PepsiCo, Inc.		8,296		1,325
Philip Morris International, Inc.		25,336		2,177
The Clorox Co.		5,680		925
The Estee Lauder Cos., Inc.		3,141		1,043
Tyson Foods, Inc. Class A		12,547		991
Walgreens Boots Alliance, Inc.		20,816		933
				11,851
Energy (0.6%):
Chevron Corp.		11,737		1,325
ConocoPhillips		29,948		2,100
Devon Energy Corp.		22,862		962
EOG Resources, Inc.		10,619		924
Exxon Mobil Corp.		21,905		1,311
Marathon Petroleum Corp.		15,357		934
				7,556
Financials (2.3%):
AGNC Investment Corp.		2,798		43
Annaly Capital Management, Inc.		7,018		57
Aon PLC Class A		3,523		1,042
Bank of America Corp.		32,999		1,467
Berkshire Hathaway, Inc. Class B (e)		5,499		1,522
Blackstone, Inc.		7,667		1,084

Security Description	Shares		Value
Capital One Financial Corp.		14,058	$	1,976
Citigroup, Inc.		18,026		1,148
First Republic Bank		4,661		977
Marsh & McLennan Cos., Inc.		6,645		1,090
MetLife, Inc.		17,046		1,000
Morgan Stanley		24,161		2,291
MSCI, Inc.		1,579		994
Prudential Financial, Inc.		19,080		1,951
Regions Financial Corp.		40,149		913
S&P Global, Inc.		2,472		1,127
SVB Financial Group (e)		2,711		1,877
Synchrony Financial		21,170		948
T. Rowe Price Group, Inc.		4,577		915
The Allstate Corp.		17,784		1,933
The Goldman Sachs Group, Inc.		5,931		2,260
The Progressive Corp.		10,790		1,003
Wells Fargo & Co.		26,704		1,276
				28,894
Health Care (2.7%):
AbbVie, Inc.		11,495		1,325
Agilent Technologies, Inc.		6,443		972
Amgen, Inc.		10,922		2,172
Anthem, Inc.		2,716		1,103
Biogen, Inc. (e)		3,937		928
Bristol-Myers Squibb Co.		20,401		1,094
Cigna Corp.		4,985		957
CVS Health Corp.		12,890		1,148
Danaher Corp.		4,250		1,367
Eli Lilly & Co.		9,895		2,454
Gilead Sciences, Inc. (g)		17,114		1,180
HCA Healthcare, Inc.		4,191		945
IDEXX Laboratories, Inc. (e)		3,294		2,003
Intuitive Surgical, Inc. (e)		3,212		1,042
IQVIA Holdings, Inc. (e)		4,027		1,044
Johnson & Johnson (g)		20,471		3,192
Merck & Co., Inc.		31,636		2,370
Mettler-Toledo International, Inc. (e)		640		969
Pfizer, Inc.		29,478		1,584
UnitedHealth Group, Inc.		7,236		3,214
Waters Corp. (e)		2,782		913
West Pharmaceutical Services, Inc.		2,437		1,079
				33,055
Industrials (1.6%):
3M Co.		12,562		2,136
Carrier Global Corp.		18,851		1,020
Cummins, Inc.		4,459		935
Eaton Corp. PLC		6,142		995
Fastenal Co.		17,396		1,029
General Dynamics Corp.		5,140		971

Security Description	Shares		Value
Illinois Tool Works, Inc.		4,488	$	1,042
Johnson Controls International PLC		13,724		1,026
Lockheed Martin Corp.		6,539		2,180
Northrop Grumman Corp.		5,865		2,046
Old Dominion Freight Line, Inc.		2,887		1,025
Otis Worldwide Corp.		11,905		957
PACCAR, Inc.		11,849		989
Republic Services, Inc. (g)		7,571		1,001
Rockwell Automation, Inc.		3,072		1,033
W.W. Grainger, Inc.		2,020		973
				19,358
Information Technology (4.6%):
Accenture PLC Class A		7,232		2,585
Adobe, Inc. (e)		2,223		1,489
Apple, Inc.		67,050		11,083
Applied Materials, Inc.		15,503		2,282
Broadcom, Inc.		4,834		2,676
Cisco Systems, Inc.		46,804		2,567
Cognizant Technology Solutions Corp. Class A		13,244		1,033
EPAM Systems, Inc. (e)		1,430		870
Fortinet, Inc. (e)		2,975		988
Gartner, Inc. (e)		2,968		927
HP, Inc.		65,024		2,294
Intel Corp.		26,037		1,281
International Business Machines Corp.		9,703		1,136
Intuit, Inc.		2,010		1,311
Mastercard, Inc. Class A		4,162		1,311
Micron Technology, Inc.		15,015		1,261
Microsoft Corp. (g)		28,895		9,552
Motorola Solutions, Inc.		4,123		1,044
NVIDIA Corp.		7,178		2,345
Oracle Corp.		26,779		2,430
QUALCOMM, Inc.		15,278		2,759
Texas Instruments, Inc.		12,953		2,492
VeriSign, Inc. (e)		4,185		1,004
VMware, Inc. Class A (e)		8,074		943
				57,663
Materials (0.4%):
Avery Dennison Corp.		4,270		876
LyondellBasell Industries NV Class A		11,180		974
Nucor Corp.		9,136		971
PPG Industries, Inc.		6,202		956
The Sherwin-Williams Co.		3,311		1,097
				4,874
Real Estate (0.4%):
Alexandria Real Estate Equities, Inc.		636		127
American Tower Corp.		2,224		584
AvalonBay Communities, Inc.		708		169

Security Description	Shares		Value
Boston Properties, Inc.		747	$	81
Camden Property Trust		487		80
CBRE Group, Inc. Class A (e)		1,679		161
Crown Castle International Corp.		2,209		401
Digital Realty Trust, Inc.		1,370		230
Duke Realty Corp.		1,869		109
Equinix, Inc.		447		363
Equity LifeStyle Properties, Inc.		879		72
Equity Residential		1,868		159
Essex Property Trust, Inc.		327		111
Extra Space Storage, Inc.		661		132
Healthpeak Properties, Inc.		2,671		88
Host Hotels & Resorts, Inc. (e)		3,450		54
Invitation Homes, Inc.		2,844		115
Iron Mountain, Inc.		1,461		66
Medical Properties Trust, Inc.		2,885		61
Mid-America Apartment Communities, Inc.		574		118
Omega Healthcare Investors, Inc.		1,149		32
Orion Office REIT, Inc. (e)		251		5
Prologis, Inc.		3,724		561
Public Storage		803		263
Realty Income Corp.		2,516		171
Regency Centers Corp.		861		60
SBA Communications Corp.		560		193
Simon Property Group, Inc.		1,694		259
Sun Communities, Inc.		501		95
UDR, Inc.		1,487		84
Ventas, Inc.		1,882		88
VICI Properties, Inc.		2,668		73
Vornado Realty Trust		808		32
Welltower, Inc.		2,095		167
Weyerhaeuser Co.		3,701		139
WP Carey, Inc.		880		67
				5,570
Utilities (0.4%):
Exelon Corp.		19,331		1,017
FirstEnergy Corp.		25,942		977
NRG Energy, Inc.		27,317		984
The AES Corp.		40,397		944
UGI Corp.		21,398		883
				4,805
Total Common Stocks (Cost $158,692)				207,472
Preferred Stocks (0.6%)
Communication Services (0.3%):
Qwest Corp., 6.50%, 9/1/56		112,000		2,812
Financials (0.3%):
Delphi Financial Group, Inc., 3.35% (LIBOR03M+319bps), 5/15/37 (b)(h)		167,198		4,004
Total Preferred Stocks (Cost $6,862)				6,816

Security Description	Principal Amount		Value
Corporate Bonds (2.8%)
Consumer Discretionary (0.1%):
AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100	$	394	$	457
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		488		509
				966
Consumer Staples (0.0%): (i)
McCormick & Co., Inc., 2.50%, 4/15/30, Callable 1/15/30 @ 100		284		288
Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		252		316
				604
Energy (0.1%):
ONEOK, Inc., 6.35%, 1/15/31, Callable 10/15/30 @ 100		404		510
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		648		703
				1,213
Financials (1.5%):
Ares Capital Corp., 3.63%, 1/19/22, Callable 12/23/21 @ 100 (f)(g)		1,600		1,603
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		994		975
Citizens Financial Group, Inc., 2.50%, 2/6/30, Callable 11/6/29 @ 100		972		988
Cullen/Frost Capital Trust II, 1.67% (LIBOR03M+155bps), 3/1/34, Callable 1/10/22 @ 100 (b)		4,000		3,840
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		488		589
First Maryland Capital I, 1.12% (LIBOR03M+100bps), 1/15/27, Callable 1/10/22 @ 100 (b)		2,850		2,765
HSB Group, Inc., 1.03% (LIBOR03M+91bps), 7/15/27, Callable 1/10/22 @ 100 (b)		2,575		2,339
Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100		654		699
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		249		268
Pinnacle Financial Partners, Inc., 4.13% (LIBOR03M+278bps), 9/15/29, Callable 9/15/24 @ 100 (b)		1,000		1,046
Santander Holdings USA, Inc., 3.45%, 6/2/25, Callable 5/2/25 @ 100		412		434
Signature Bank, 4.13% (LIBOR03M+256bps), 11/1/29, Callable 11/1/24 @ 100 (b)		2,600		2,726
The Progressive Corp., 3.20%, 3/26/30, Callable 12/26/29 @ 100		194		211
Toyota Motor Credit Corp., 3.38%, 4/1/30, MTN		714		788
				19,271
Health Care (0.1%):
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		738		780
Duke University Health System, Inc., 2.60%, 6/1/30		485		492
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100		248		249
				1,521
Industrials (0.3%):
Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100		486		509
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		222		225
Dover Corp., 2.95%, 11/4/29, Callable 8/4/29 @ 100		971		1,032
The Conservation Fund A Nonprofit Corp., 3.47%, 12/15/29, Callable 9/15/29 @ 100		1,300		1,381
				3,147

Security Description	Principal Amount		Value
Information Technology (0.1%):
HP, Inc., 3.40%, 6/17/30, Callable 3/17/30 @ 100	$	743	$	781
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		222		228
				1,009
Materials (0.1%):
Avery Dennison Corp., 2.65%, 4/30/30, Callable 2/1/30 @ 100		389		397
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		204		216
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (g)		373		386
				999
Real Estate (0.3%):
AvalonBay Communities, Inc., 2.45%, 1/15/31, MTN, Callable 10/17/30 @ 100		983		1,007
Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100		1,134		1,147
GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100		249		263
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		206		211
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a)		692		714
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102.31 (a)		149		159
				3,501
Utilities (0.2%):
Alabama Power Co., 3.85%, 12/1/42		971		1,115
Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100		323		351
Duke Energy Florida LLC, 3.85%, 11/15/42, Callable 5/15/42 @ 100		971		1,106
				2,572
Total Corporate Bonds (Cost $33,273)				34,803
Yankee Dollars (0.2%)
Energy (0.1%):
Petroleos Mexicanos, 6.49%, 1/23/27, Callable 11/23/26 @ 100		554		567
Financials (0.0%): (i)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a)(g)		464		505
Industrials (0.0%): (i)
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		444		472
Materials (0.1%):
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		739		774
Total Yankee Dollars (Cost $2,198)				2,318
U.S. Government Agency Mortgages (1.9%)
Federal Home Loan Mortgage Corporation
3.50%, 4/1/46-4/1/48		3,916		4,150
3.00%, 6/1/46-8/1/47		18,368		19,266
				23,416
Federal National Mortgage Association
Series 2016-M2, Class AV2, 2.15%, 1/25/23		688		693
				24,109
Total U.S. Government Agency Mortgages (Cost $23,115)				24,109

Security Description	Shares or Principal Amount		Value
U.S. Treasury Obligations (5.7%)
U.S. Treasury Bonds
3.13%, 8/15/44	$	8,600	$	10,609
3.00%, 11/15/44		6,000		7,276
2.38%, 11/15/49		5,000		5,646
U.S. Treasury Notes
1.63%, 4/30/23		14,658		14,915
2.25%, 11/15/25		5,000		5,233
1.63%, 2/15/26		15,000		15,333
2.25%, 2/15/27		3,500		3,689
2.38%, 5/15/29		7,850		8,404
Total U.S. Treasury Obligations (Cost $65,763)				71,105
Commercial Paper (0.2%) (j)
Oge Energy Corp., 0.13%, 12/3/21 (a)		1,300		1,300
One Gas, Inc., 0.07%, 12/6/21 (a)		1,300		1,300
Total Commercial Paper (Cost $2,600)				2,600
Exchange-Traded Funds (42.7%)
Invesco DB Commodity Index Tracking Fund		114,500		2,230
Invesco FTSE RAFI Developed Markets ex-US ETF		335,920		15,315
Invesco FTSE RAFI Emerging Markets ETF		686,690		14,778
iShares 7-10 Year Treasury Bond ETF		133,366		15,444
iShares Core MSCI EAFE ETF		123,049		8,980
iShares Core MSCI Emerging Markets ETF		507,551		30,514
iShares Core S&P 500 ETF		160,397		73,402
iShares Core S&P Small-Cap ETF		246,821		27,227
iShares Core US Aggregate Bond ETF		422,573		48,499
iShares Core US REIT ETF (g)		57,884		3,629
iShares MSCI Canada ETF (f)		243,518		9,103
iShares MSCI International Momentum Factor ETF		401,271		15,292
iShares MSCI International Quality Factor ETF		457,001		17,485
JPMorgan BetaBuilders Canada ETF (f)		56,001		3,641
Schwab Fundamental Emerging Markets Large Co. Index ETF		920,892		28,354
Schwab Fundamental International Large Co. Index ETF		1,549,839		49,083
Schwab Fundamental International Small Co. Index ETF (f)		266,700		9,751
SPDR Gold Shares (f)		16,344		2,705
SPDR S&P Emerging Markets SmallCap ETF		34,497		2,024
U.S. Oil Fund LP (f)		44,859		2,149
Vanguard FTSE All-World ex-US ETF		305,763		18,327
Vanguard FTSE Developed Markets ETF (f)		844,518		41,972
Vanguard FTSE Emerging Markets ETF (f)(g)		47,000		2,312
Vanguard Mortgage-Backed Securities ETF		65,405		3,469
Vanguard Real Estate ETF (f)		118,457		12,644
Vanguard S&P 500 ETF (g)		52,832		22,140
Vanguard Short-Term Bond ETF		78,165		6,356
Vanguard Short-Term Corporate Bond ETF		73,962		6,032
Vanguard Total Bond Market ETF		175,441		14,986
Vanguard Total Stock Market ETF (g)		77,469		18,085

Security Description	Shares		Value
Wisdom Tree Trust — WisdomTree Emerging Markets SmallCap Dividend Fund		59,797	$	3,068
Xtrackers USD High Yield Corporate Bond ETF (f)		97,710		3,828
Total Exchange-Traded Funds (Cost $435,483)				532,824
Affiliated Exchange-Traded Funds (27.2%)
Victoryshares ESG Core Plus Bond ETF		2,420,938		60,489
VictoryShares USAA Core Intermediate-Term Bond ETF (f)		4,841,265		258,378
VictoryShares USAA Core Short-Term Bond ETF		341,251		17,590
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF (g)		51,500		2,393
Total Affiliated Exchange-Traded Funds (Cost $341,501)				338,850
Collateral for Securities Loaned^ (3.6%)
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (k)		4,159,637		4,160
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (k)		347,381		347
HSBC U.S. Government Money Market Fund I Shares, 0.03% (k)		40,634,118		40,634
Total Collateral for Securities Loaned (Cost $45,141)				45,141
Total Investments (Cost $1,124,914) — 102.4%				1,276,490
Liabilities in excess of other assets — (2.4)%				(29,357	)
NET ASSETS — 100.00%			$	1,247,133

At November 30, 2021, the Fund's investments in foreign securities were 21.2% 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 November 30, 2021, the fair value of these securities was $15,485 (thousands) and amounted to 1.2% of net assets.

(b) Variable or Floating-Rate Security. Rate disclosed is as of November 30, 2021.

(d) Security is interest only.

(e) Non-income producing security.

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

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

(h) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of November 30, 2021, illiquid securities were 0.3% of net assets.

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

(j) Rate represents the effective yield at November 30, 2021.

(k) Rate disclosed is the daily yield on November 30, 2021.

bps — Basis points

ETF — Exchange-Traded Fund

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of November 30, 2021, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of November 30, 2021, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
S&P/Toronto Stock Exchange 60 Index Futures		63	12/16/21	$	12,223,352	$	12,291,239	$	192,370
Swiss Market Index Futures		106	12/17/21		13,859,417		14,087,526		167,685
								$	360,055

Futures Contracts Sold

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
ASX SPI 200 Index Futures		42	12/16/21	$	5,760,582	$	5,411,229	$	136,532
Euro Stoxx 50 Futures		148	12/17/21		7,253,858		6,842,543		110,648
FTSE 100 Index Futures		65	12/17/21		6,302,644		6,118,842		116,446
Tokyo Price Index Futures		56	12/09/21		10,436,848		9,394,443		801,248
								$	1,164,874
Total unrealized appreciation								$	1,524,929
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	1,524,929

	USAA Cornerstone Moderate Fund
Assets:
Affiliated investments, at value(Cost $341,501)	$	338,850
Unaffiliated investments, at value (Cost $783,413)		937,640	(a)
Cash		16,469
Deposit with broker for futures contracts		1,562
Receivables:
Interest and dividends		1,021
Capital shares issued		271
Variation margin on open futures contracts		342
From Adviser		212
Prepaid expenses		23
Total Assets		1,296,390
Liabilities:
Payables:
Collateral received on loaned securities		45,141
Collateral received from broker for futures contracts		547
Payable for foreign currency		—	(b)
Investments purchased		1,551
Capital shares redeemed		625
Variation margin on open futures contracts		323
Accrued expenses and other payables:
Investment advisory fees		616
Administration fees		157
Custodian fees		11
Transfer agent fees		177
Compliance fees		1
Trustees' fees		—	(b)
Other accrued expenses		108
Total Liabilities		49,257
Net Assets:
Capital		1,016,008
Total accumulated earnings/(loss)		231,125
Net Assets	$	1,247,133
Shares (unlimited number of shares authorized with no par value):		73,215
Net asset value, offering and redemption price per share: (c)	$	17.03

(a) Includes $43,221 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Cornerstone Moderate Fund
Investment Income:
Income distributions from affiliated funds	$	1,994
Dividends		7,298
Interest		3,236
Securities lending (net of fees)		118
Foreign tax withholding		(2	)
Total Income		12,644
Expenses:
Investment advisory fees		3,745
Administration fees		952
Sub-Administration fees		42
Custodian fees		32
Transfer agent fees		1,098
Trustees' fees		24
Compliance fees		4
Legal and audit fees		35
State registration and filing fees		17
Interfund lending fees		—	(a)
Other expenses		77
Total Expenses		6,026
Expenses waived/reimbursed by Adviser		(359	)
Net Expenses		5,667
Net Investment Income (Loss)		6,977
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		37,804
Net realized gains (losses) from futures contracts		(1,324	)
Net change in unrealized appreciation/depreciation on unaffiliated investment securities		(31,219	)
Net change in unrealized appreciation/depreciation on affiliated funds		(1,168	)
Net change in unrealized appreciation/depreciation on futures contracts		1,826
Net realized/unrealized gains (losses) on investments		5,919
Change in net assets resulting from operations	$	12,896

(a) Rounds to less than $1 thousand.

	USAA Cornerstone Moderate Fund
	Six Months Ended November 30, 2021 (unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	6,977		$	15,524
Net realized gains (losses) from investments		36,480			48,393
Net change in unrealized appreciation/depreciation on investments		(30,561	)		163,676
Change in net assets resulting from operations		12,896			227,593
Change in net assets resulting from distributions to shareholders		(6,772	)		(18,770	)
Change in net assets resulting from capital transactions		(24,523	)		(74,749	)
Change in net assets		(18,399	)		134,074
Net Assets:
Beginning of period		1,265,532			1,131,458
End of period	$	1,247,133		$	1,265,532
Capital Transactions:
Proceeds from shares issued	$	44,652		$	92,413
Distributions reinvested		6,731			18,673
Cost of shares redeemed		(75,906	)		(185,835	)
Change in net assets resulting from capital transactions	$	(24,523	)	$	(74,749	)
Share Transactions:
Issued		2,602			5,807
Reinvested		397			1,216
Redeemed		(4,424	)		(11,817	)
Change in Shares		(1,425	)		(4,794	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Cornerstone Moderate Fund
Six Months Ended November 30, 2021 (unaudited)	$	16.96		0.09	(d)		0.07			0.16			(0.09	)		—
Year Ended May 31:
2021	$	14.24		0.20	(d)		2.76			2.96			(0.21	)		(0.03	)
2020	$	14.11		0.29	(d)		0.13			0.42			(0.29	)		—
2019	$	14.83		0.30			(0.31	)		(0.01	)		(0.29	)		(0.42	)
2018	$	15.05		0.26			0.55			0.81			(0.26	)		(0.77	)
2017	$	14.01		0.31			1.06			1.37			(0.33	)		—

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Cornerstone Moderate Fund
Six Months Ended November 30, 2021 (unaudited)		(0.09	)	$	17.03		0.95	%		0.89	%		1.10	%		0.95	%	$	1,247,133		23	%
Year Ended May 31:
2021		(0.24	)	$	16.96		21.00	%		0.97	%		1.29	%		0.98	%	$	1,265,532		53	%
2020		(0.29	)	$	14.24		2.98	%		1.00	%		2.01	%		1.00	%	$	1,131,458		87	%
2019		(0.71	)	$	14.11		0.13	%		1.00	%		2.10	%		1.02	%	$	1,163,374		81	%(e)
2018		(1.03	)	$	14.83		5.42	%		1.00	%		1.73	%		1.03	%	$	1,184,032		51	%
2017		(0.33	)	$	15.05		9.91	%		1.00	%		2.14	%		1.10	%	$	1,119,494		66	%

See notes to financial statements.

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where

the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	7,802	$	—	$	7,802
Collateralized Mortgage Obligations		—		2,650		—		2,650
Common Stocks		207,472		—		—		207,472
Preferred Stocks		2,812		4,004		—		6,816
Corporate Bonds		—		34,803		—		34,803
Yankee Dollars		—		2,318		—		2,318
U.S. Government Agency Mortgages		—		24,109		—		24,109
U.S. Treasury Obligations		—		71,105		—		71,105
Commercial Paper		—		2,600		—		2,600
Exchange-Traded Funds		532,824		—		—		532,824
Affiliated Exchange-Traded Funds		338,850		—		—		338,850
Collateral for Securities Loaned		45,141		—		—		45,141
Total	$	1,127,099	$	149,391	$	—	$	1,276,490
Other Financial Investments*
Assets:
Futures Contracts	$	1,525	$	—	$	—	$	1,525
Total	$	1,525	$	—	$	—	$	1,525

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

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

Investment Companies:

Exchange-Traded Funds:

Open-End Funds:

Mortgage and Asset-Backed Securities:

Derivative Instruments:

Futures Contracts:

payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is presented on the Statement of Assets and Liabilities under Deposit with broker for futures contracts and Collateral received from broker for futures contracts. During the six months ended November 30, 2021, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

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

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	1,525	$	—

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

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	(1,324	)	$	1,826

Investment Transactions and Related Income:

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

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	43,221			$	—			$	45,141

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	—			$	22,207			$	769

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities				U.S. Government Securities
Purchases		Sales		Purchases		Sales
$	281,453	$	287,528	$	—	$	26,909

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.59% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

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

In addition, the Fund invests in affiliated VCM exchange-traded fund(s) ("affiliated ETFs"). The Fund's Adviser fee is reimbursed by VCM to the extent of the indirect Adviser fee incurred through the Fund's proportional investment in the affiliated ETF(s). These affiliated ETF Adviser fee reimbursements are not available for recoupment. As of November 30, 2021, the Fund's Adviser fee was reimbursed by VCM in an amount of $359 thousand, of which $153 thousand is receivable from VCM.

5. Risks:

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

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

Borrower or Lender				Amount Outstanding at November 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	2,276				3				0.55	%		$	2,276

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

7. Federal Income Tax Information:

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

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

8. Affiliated Securities:

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/21		Dividend Income
VictoryShares ESG Core Plus Bond ETF	$	—	$	121,052	$	(60,526	)	$	—	$	—	$	(37	)	$	60,489	$	31
VictoryShares USAA Core Intermediate-Term Bond ETF		146,328		225,603		(112,801	)		—		—		(752	)		258,378		1,749
VictoryShares USAA Core Short-Term Bond ETF		17,709		—		—			—		—		(119	)		17,590		139
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		2,653		—		—			—		—		(260	)		2,393		75
	$	166,690	$	346,655	$	(173,327	)	$	—	$	—	$	(1,168	)	$	338,850	$	1,994

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21- 11/30/21*				Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*				Annualized Expense Ratio During Period 6/1/21- 11/30/21
$	1,000.00			$	1,009.50			$	1,020.61			$	4.48			$	4.51				0.89	%

Security Description	Shares or Principal Amount		Value
Asset-Backed Securities (0.4%)
Drive Auto Receivables Trust, Series 2018-4, Class D, 4.09%, 1/15/26, Callable 10/15/22 @ 100	$	836	$	851
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 3/15/24, Callable 8/15/23 @ 100 (a)		678		681
Exeter Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%, 10/15/24, Callable 6/15/22 @ 100 (a)		850		869
Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a)		223		223
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 7/20/22 @ 100 (a)		766		773
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 1/20/23 @ 100 (a)		436		440
Navient Student Loan Trust, Series 2015-2, Class B, 1.59% (LIBOR01M+150bps), 8/25/50, Callable 2/25/30 @ 100 (b)		1,800		1,808
NP SPE II LLC, Series 2017-1A, Class A1, 3.37%, 10/21/47, Callable 12/20/21 @ 100 (a)		521		531
SCF Equipment Leasing LLC, Series 2020-1A, Class B, 2.02%, 3/20/28, Callable 11/20/23 @ 100 (a)		869		876
Transportation Finance Equipment Trust, Series 2019-1, Class B, 2.06%, 5/23/24, Callable 4/23/23 @ 100 (a)		600		610
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 2/15/22 @ 100 (a)		223		224
Westlake Automobile Receivables Trust, Series 2020-1A, Class B, 1.94%, 4/15/25, Callable 8/15/23 @ 100 (a)		2,836		2,855
Total Asset-Backed Securities (Cost $10,482)				10,741
Collateralized Mortgage Obligations (0.1%)
Banc of America Commercial Mortgage Trust, Series 2008-1, Class AJ, 6.79%, 2/10/51 (c)		130		132
BTH Mortgage-Backed Securities Trust, Series 2018-21, Class A, 2.59% (LIBOR01M+250bps), 4/4/22 (a) (b)		1,850		1,853
Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AMFL, 0.28% (LIBOR01M+19bps), 2/15/40 (b)		55		54
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a)		1,000		1,014
UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, 2.17%, 5/10/45, Callable 3/10/22 @ 100 (a) (c) (d)		16,694		25
Total Collateralized Mortgage Obligations (Cost $3,047)				3,078
Common Stocks (21.3%)
Communication Services (1.6%):
Alphabet, Inc. Class C (e)		7,794		22,205
AT&T, Inc.		158,377		3,616
Comcast Corp. Class A		156,385		7,816
Match Group, Inc. (e)		19,671		2,557
Netflix, Inc. (e)		6,654		4,271
Sirius XM Holdings, Inc. (f)		431,383		2,632

Security Description	Shares		Value
Verizon Communications, Inc.		78,690	$	3,956
Zillow Group, Inc. Class C (e)		3,416		185
				47,238
Consumer Discretionary (1.9%):
AutoZone, Inc. (e)		1,640		2,980
Best Buy Co., Inc.		22,651		2,421
eBay, Inc.		44,476		3,000
Ford Motor Co.		335,320		6,435
Garmin Ltd.		20,945		2,797
General Motors Co. (e)		59,412		3,438
Lennar Corp. Class A		28,819		3,027
Lowe's Cos., Inc.		31,745		7,765
McDonald's Corp.		15,273		3,736
O'Reilly Automotive, Inc. (e)		4,794		3,059
Target Corp. (g)		27,584		6,726
The Home Depot, Inc.		26,145		10,474
				55,858
Consumer Staples (1.2%):
Altria Group, Inc.		77,035		3,285
Archer-Daniels-Midland Co.		48,171		2,997
Colgate-Palmolive Co.		39,265		2,946
Costco Wholesale Corp.		7,941		4,283
PepsiCo, Inc.		25,287		4,040
Philip Morris International, Inc.		77,228		6,637
The Clorox Co.		17,390		2,832
The Estee Lauder Cos., Inc.		9,577		3,180
Tyson Foods, Inc. Class A		38,372		3,030
Walgreens Boots Alliance, Inc.		63,796		2,858
				36,088
Energy (0.8%):
Chevron Corp.		35,776		4,038
ConocoPhillips		91,288		6,402
Devon Energy Corp.		69,687		2,931
EOG Resources, Inc.		32,370		2,816
Exxon Mobil Corp.		66,771		3,996
Marathon Petroleum Corp.		46,810		2,848
				23,031
Financials (2.9%):
AGNC Investment Corp.		8,827		135
Annaly Capital Management, Inc.		22,137		179
Aon PLC Class A		10,739		3,176
Bank of America Corp.		100,587		4,473
Berkshire Hathaway, Inc. Class B (e)		17,184		4,755
Blackstone, Inc.		23,371		3,306
Capital One Financial Corp.		42,853		6,022
Citigroup, Inc.		54,946		3,500
First Republic Bank		14,210		2,979
Marsh & McLennan Cos., Inc.		20,256		3,322

Security Description	Shares		Value
MetLife, Inc.		51,961	$	3,048
Morgan Stanley		73,646		6,983
MSCI, Inc.		4,814		3,030
Prudential Financial, Inc.		58,270		5,959
Regions Financial Corp.		122,381		2,784
S&P Global, Inc.		7,535		3,434
SVB Financial Group (e)		8,266		5,723
Synchrony Financial		64,530		2,890
T. Rowe Price Group, Inc.		13,952		2,790
The Allstate Corp.		54,209		5,894
The Goldman Sachs Group, Inc.		18,081		6,889
The Progressive Corp.		31,383		2,917
Wells Fargo & Co.		81,399		3,889
				88,077
Health Care (3.4%):
AbbVie, Inc.		33,857		3,903
Agilent Technologies, Inc.		19,641		2,964
Amgen, Inc.		33,291		6,621
Anthem, Inc.		8,280		3,363
Biogen, Inc. (e)		12,003		2,829
Bristol-Myers Squibb Co.		62,187		3,335
Cigna Corp.		15,294		2,935
CVS Health Corp.		39,291		3,499
Danaher Corp.		12,956		4,167
Eli Lilly & Co.		30,163		7,482
Gilead Sciences, Inc. (g)		52,165		3,596
HCA Healthcare, Inc.		12,775		2,882
IDEXX Laboratories, Inc. (e)		10,043		6,107
Intuitive Surgical, Inc. (e)		9,792		3,176
IQVIA Holdings, Inc. (e)		12,401		3,213
Johnson & Johnson (g)		62,399		9,730
Merck & Co., Inc.		96,432		7,224
Mettler-Toledo International, Inc. (e)		1,953		2,957
Pfizer, Inc.		89,852		4,828
UnitedHealth Group, Inc.		22,056		9,798
Waters Corp. (e)		8,481		2,782
West Pharmaceutical Services, Inc.		7,430		3,289
				100,680
Industrials (2.0%):
3M Co.		38,293		6,511
Carrier Global Corp.		57,462		3,110
Cummins, Inc.		13,114		2,751
Eaton Corp. PLC		18,722		3,034
Fastenal Co.		51,679		3,058
General Dynamics Corp.		16,173		3,056
Illinois Tool Works, Inc.		13,717		3,184
Johnson Controls International PLC		41,835		3,128
Lockheed Martin Corp.		19,932		6,644
Northrop Grumman Corp.		17,879		6,236

Security Description	Shares		Value
Old Dominion Freight Line, Inc.		8,800	$	3,125
Otis Worldwide Corp.		36,288		2,918
PACCAR, Inc.		36,119		3,013
Republic Services, Inc. (g)		23,078		3,052
Rockwell Automation, Inc.		9,365		3,149
W.W. Grainger, Inc.		6,157		2,964
				58,933
Information Technology (5.9%):
Accenture PLC Class A		22,046		7,879
Adobe, Inc. (e)		6,778		4,540
Apple, Inc.		204,380		33,784
Applied Materials, Inc.		47,256		6,956
Broadcom, Inc.		14,737		8,159
Cisco Systems, Inc.		143,338		7,861
Cognizant Technology Solutions Corp. Class A		40,370		3,148
EPAM Systems, Inc. (e)		4,358		2,652
Fortinet, Inc. (e)		9,068		3,011
Gartner, Inc. (e)		9,047		2,825
HP, Inc.		198,205		6,993
Intel Corp.		79,367		3,905
International Business Machines Corp.		29,579		3,464
Intuit, Inc.		6,127		3,997
Mastercard, Inc. Class A		12,686		3,995
Micron Technology, Inc.		45,769		3,845
Microsoft Corp. (g)		88,077		29,117
Motorola Solutions, Inc.		12,568		3,182
NVIDIA Corp.		21,880		7,149
Oracle Corp.		81,626		7,407
QUALCOMM, Inc.		46,571		8,409
Texas Instruments, Inc.		39,483		7,595
VeriSign, Inc. (e)		12,649		3,035
VMware, Inc. Class A (e)		24,612		2,873
				175,781
Materials (0.5%):
Avery Dennison Corp.		13,015		2,669
LyondellBasell Industries NV Class A		34,079		2,969
Nucor Corp.		27,848		2,959
PPG Industries, Inc.		18,906		2,915
The Sherwin-Williams Co.		10,341		3,426
				14,938
Real Estate (0.6%):
Alexandria Real Estate Equities, Inc.		2,007		402
American Tower Corp.		7,016		1,842
AvalonBay Communities, Inc.		2,235		534
Boston Properties, Inc.		2,356		254
Camden Property Trust		1,537		254
CBRE Group, Inc. Class A (e)		5,297		506
Crown Castle International Corp.		6,601		1,199

Security Description	Shares		Value
Digital Realty Trust, Inc.		4,323	$	725
Duke Realty Corp.		5,896		344
Equinix, Inc.		1,410		1,145
Equity LifeStyle Properties, Inc.		2,774		226
Equity Residential		5,893		503
Essex Property Trust, Inc.		1,030		350
Extra Space Storage, Inc.		2,085		417
Healthpeak Properties, Inc.		8,426		277
Host Hotels & Resorts, Inc. (e)		10,884		171
Invitation Homes, Inc.		8,971		363
Iron Mountain, Inc.		4,610		209
Medical Properties Trust, Inc.		9,101		194
Mid-America Apartment Communities, Inc.		1,812		374
Omega Healthcare Investors, Inc.		3,626		101
Orion Office REIT, Inc. (e)		793		14
Prologis, Inc.		11,300		1,703
Public Storage		2,533		829
Realty Income Corp.		7,938		539
Regency Centers Corp.		2,715		188
SBA Communications Corp.		1,767		607
Simon Property Group, Inc.		5,343		817
Sun Communities, Inc.		1,582		298
UDR, Inc.		4,691		266
Ventas, Inc.		5,937		279
VICI Properties, Inc.		8,417		229
Vornado Realty Trust		2,548		102
Welltower, Inc.		6,609		526
Weyerhaeuser Co.		11,676		439
WP Carey, Inc.		2,776		212
				17,438
Utilities (0.5%):
Exelon Corp.		58,923		3,107
FirstEnergy Corp.		79,076		2,978
NRG Energy, Inc.		83,267		2,999
The AES Corp.		117,799		2,754
UGI Corp.		65,224		2,691
				14,529
Total Common Stocks (Cost $476,999)				632,591
Preferred Stocks (0.4%)
Communication Services (0.2%):
Qwest Corp., 6.50%, 9/1/56		220,000		5,522
Financials (0.2%):
Delphi Financial Group, Inc., 3.35% (LIBOR03M+319bps), 5/15/37 (b) (h)		309,253		7,407
Total Preferred Stocks (Cost $12,888)				12,929

Security Description	Principal Amount		Value
Corporate Bonds (2.1%)
Consumer Discretionary (0.1%):
AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100	$	683	$	792
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		853		889
Volkswagen Group of America Finance LLC, 3.20%, 9/26/26 (a)		711		752
				2,433
Consumer Staples (0.0%): (i)
McCormick & Co., Inc., 2.50%, 4/15/30, Callable 1/15/30 @ 100		497		504
Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		443		556
				1,060
Energy (0.1%):
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a)		711		719
ONEOK, Inc., 6.35%, 1/15/31, Callable 10/15/30 @ 100		711		897
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		1,134		1,231
				2,847
Financials (1.2%):
Ares Capital Corp., 3.63%, 1/19/22, Callable 12/23/21 @ 100 (g)		5,950		5,961
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		1,704		1,671
Citizens Financial Group, Inc., 2.50%, 2/6/30, Callable 11/6/29 @ 100		1,701		1,728
Cullen/Frost Capital Trust II, 1.67% (LIBOR03M+155bps), 3/1/34, Callable 1/10/22 @ 100 (b)		9,000		8,639
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		853		1,029
First Maryland Capital I, 1.12% (LIBOR03M+100bps), 1/15/27, Callable 1/10/22 @ 100 (b)		4,000		3,880
HSB Group, Inc., 1.03% (LIBOR03M+91bps), 7/15/27, Callable 1/10/22 @ 100 (b)		4,550		4,134
Loews Corp., 3.20%, 5/15/30, Callable 2/15/30 @ 100		1,138		1,216
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		426		459
Pinnacle Financial Partners, Inc., 4.13% (LIBOR03M+278bps), 9/15/29, Callable 9/15/24 @ 100 (b)		2,000		2,092
Santander Holdings USA, Inc., 3.45%, 6/2/25, Callable 5/2/25 @ 100		714		753
Signature Bank, 4.13% (LIBOR03M+256bps), 11/1/29, Callable 11/1/24 @ 100 (b)		2,000		2,097
The Progressive Corp., 3.20%, 3/26/30, Callable 12/26/29 @ 100		340		370
Toyota Motor Credit Corp., 3.38%, 4/1/30, MTN		1,071		1,182
				35,211
Health Care (0.1%):
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		1,282		1,354
Duke University Health System, Inc., 2.60%, 6/1/30		850		862
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100		427		429
				2,645

Security Description	Principal Amount		Value
Industrials (0.2%):
Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100	$	853	$	893
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		382		387
Dover Corp., 2.95%, 11/4/29, Callable 8/4/29 @ 100		1,702		1,810
The Conservation Fund A Nonprofit Corp., 3.47%, 12/15/29, Callable 9/15/29 @ 100		2,300		2,443
				5,533
Information Technology (0.1%):
HP, Inc., 3.40%, 6/17/30, Callable 3/17/30 @ 100		1,285		1,350
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		382		393
				1,743
Materials (0.0%): (i)
Avery Dennison Corp., 2.65%, 4/30/30, Callable 2/1/30 @ 100		680		694
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		356		377
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100 (g)		647		670
				1,741
Real Estate (0.2%):
AvalonBay Communities, Inc., 2.45%, 1/15/31, MTN, Callable 10/17/30 @ 100		1,705		1,747
Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100		1,985		2,008
GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100		426		450
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		354		363
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a)		1,125		1,160
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102.31 (a)		262		279
				6,007
Utilities (0.1%):
Alabama Power Co., 3.85%, 12/1/42		1,702		1,954
Ameren Corp., 3.50%, 1/15/31, Callable 10/15/30 @ 100		569		619
Duke Energy Florida LLC, 3.85%, 11/15/42, Callable 5/15/42 @ 100		1,702		1,939
				4,512
Total Corporate Bonds (Cost $61,089)				63,732
Yankee Dollars (0.1%)
Energy (0.0%): (i)
Petroleos Mexicanos, 6.49%, 1/23/27, Callable 11/23/26 @ 100		973		996
Financials (0.0%): (i)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a) (g)		812		883
Industrials (0.0%): (i)
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		769		817
Materials (0.1%):
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		1,281		1,343
Total Yankee Dollars (Cost $3,829)				4,039

Security Description	Shares or Principal Amount		Value
U.S. Government Agency Mortgages (1.4%)
Federal Home Loan Mortgage Corporation 3.50%, 4/1/46 – 4/1/48	$	6,854	$	7,278
3.00%, 6/1/46 – 6/1/47		31,463		33,000
4.00%, 7/1/48		1,477		1,575
				41,853
Federal National Mortgage Association Series 2016-M2, Class AV2, 2.15%, 1/25/23		1,147		1,155
Government National Mortgage Association 6.50%, 4/15/24		2		2
				43,010
Total U.S. Government Agency Mortgages (Cost $41,261)				43,010
U.S. Treasury Obligations (3.6%)
U.S. Treasury Bonds 3.13%, 8/15/44		19,200		23,685
2.38%, 11/15/49		10,000		11,292
U.S. Treasury Notes 1.63%, 4/30/23		29,000		29,509
2.25%, 11/15/25		5,000		5,233
1.63%, 2/15/26		30,000		30,666
2.38%, 5/15/27 (g)		6,100		6,476
Total U.S. Treasury Obligations (Cost $98,658)				106,861
Commercial Paper (0.2%) (j)
Cabot Corp., 0.13%, 12/7/21 (a))		2,000		2,000
CenterPoint Energy Resou, 0.12%, 12/1/21 (a)		500		500
Dollarama, Inc., 0.13%, 12/1/21 (a)		2,000		2,000
Dominion Resources, Inc., 0.13%, 12/2/21 (a)		1,000		1,000
Vw Credit, Inc., 0.13%, 12/8/21 (a)		1,500		1,500
Total Commercial Paper (Cost $7,000)				7,000
Exchange-Traded Funds (47.9%)
Invesco DB Commodity Index Tracking Fund		256,100		4,989
Invesco FTSE RAFI Developed Markets ex-US ETF (f)		653,206		29,780
Invesco FTSE RAFI Emerging Markets ETF (f)		1,539,501		33,130
iShares 7-10 Year Treasury Bond ETF (f)		341,652		39,563
iShares Core MSCI EAFE ETF		32,626		2,381
iShares Core MSCI Emerging Markets ETF		1,811,728		108,921
iShares Core S&P 500 ETF		363,746		166,461
iShares Core S&P Small-Cap ETF (f)		560,045		61,779
iShares Core US Aggregate Bond ETF		779,768		89,494
iShares Core US REIT ETF (g)		184,539		11,569
iShares MSCI Canada ETF (f)		688,609		25,740
iShares MSCI International Momentum Factor ETF		1,164,448		44,377
iShares MSCI International Quality Factor ETF (f)		1,315,008		50,312
JPMorgan BetaBuilders Canada ETF (f)		160,445		10,431

Security Description	Shares		Value
Schwab Fundamental Emerging Markets Large Co. Index ETF		2,206,197	$	67,929
Schwab Fundamental International Large Co. Index ETF (f)		3,168,339		100,341
Schwab Fundamental International Small Co. Index ETF (f)		593,600		21,702
SPDR Gold Shares (f)		46,476		7,692
SPDR S&P Emerging Markets SmallCap ETF		107,983		6,335
U.S. Oil Fund LP (f)		110,788		5,308
Vanguard FTSE All-World ex-US ETF		866,986		51,967
Vanguard FTSE Developed Markets ETF (f)		4,194,994		208,491
Vanguard Mid-Capital ETF (f)		30,077		7,401
Vanguard Mortgage-Backed Securities ETF		264,207		14,014
Vanguard Real Estate ETF (f)		274,185		29,266
Vanguard S&P 500 ETF (g)		182,485		76,472
Vanguard Short-Term Bond ETF		325,167		26,443
Vanguard Short-Term Corporate Bond ETF		186,391		15,200
Vanguard Small-Cap Value ETF (g)		96,209		16,511
Vanguard Total Bond Market ETF		424,389		36,251
Vanguard Total Stock Market ETF (g)		160,507		37,470
Wisdom Tree Trust — WisdomTree Emerging Markets SmallCap Dividend Fund (f)		202,622		10,395
Xtrackers USD High Yield Corporate Bond ETF (f)		237,755		9,315
Total Exchange-Traded Funds (Cost $1,174,418)				1,427,430
Affiliated Exchange-Traded Funds (20.7%)
Victoryshares ESG Core Plus Bond ETF		4,186,778		104,609
VictoryShares USAA Core Intermediate-Term Bond ETF (f)		8,562,500		456,981
VictoryShares USAA Core Short-Term Bond ETF (f)		969,310		49,964
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF (g)		68,000		3,159
Total Affiliated Exchange-Traded Funds (Cost $619,510)				614,713
Collateral for Securities Loaned^ (5.0%)
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (k)		6,185,481		6,186
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (k)		50,084,188		50,084
HSBC U.S. Government Money Market Fund I Shares, 0.03% (k)		91,277,890		91,278
Total Collateral for Securities Loaned (Cost $147,548)				147,548
Total Investments (Cost $2,656,729) — 103.2%				3,073,672
Liabilities in excess of other assets — (3.2)%				(96,311	)
NET ASSETS — 100.00%			$	2,977,361

At November 30, 2021, the Fund's investments in foreign securities were 26.0% 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 November 30, 2021, the fair value of these securities was $26,362 (thousands) and amounted to 0.9% of net assets.

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
S&P/Toronto Stock Exchange 60 Index Futures		118	12/16/21	$	22,861,075	$	23,021,686	$	422,913
Swiss Market Index Futures		244	12/17/21		31,902,808		32,427,890		385,992
								$	808,905

Futures Contracts Sold

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
ASX SPI 200 Index Futures		98	12/16/21	$	13,441,358	$	12,626,202	$	318,574
Euro Stoxx 50 Futures		480	12/17/21		23,472,200		22,192,033		333,438
FTSE 100 Index Futures		151	12/17/21		14,641,527		14,214,540		270,512
Tokyo Price Index Futures		109	12/9/21		20,314,580		18,285,613		1,559,572
								$	2,482,096
Total unrealized appreciation								$	3,291,001
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	3,291,001

	USAA Cornerstone Moderately Aggressive Fund
Assets:
Affiliated investments, at value (Cost $619,510)	$	614,713
Unaffiliated investments, at value (Cost $2,037,219)		2,458,959	(a)
Cash		62,502
Deposit with broker for futures contracts		3,431
Receivables:
Interest and dividends		2,349
Capital shares issued		405
Variation margin on open futures contracts		726
Reclaims		8
From Adviser		389
Prepaid expenses		33
Total Assets		3,143,515
Liabilities:
Payables:
Collateral received on loaned securities		147,548
Collateral received from broker for futures contracts		3,524
Payable for foreign currency		—	(b)
Investments purchased		10,882
Capital shares redeemed		1,047
Variation margin on open futures contracts		692
Accrued expenses and other payables:
Investment advisory fees		1,477
Administration fees		368
Custodian fees		25
Transfer agent fees		432
Compliance fees		2
Other accrued expenses		157
Total Liabilities		166,154
Net Assets:
Capital		2,311,803
Total accumulated earnings/(loss)		665,558
Net Assets	$	2,977,361
Shares (unlimited number of shares authorized with no par value):		100,022
Net asset value, offering and redemption price per share: (c)	$	29.77

(a) Includes $142,751 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Cornerstone Moderately Aggressive Fund
Investment Income:
Income distributions from affiliated funds	$	3,664
Dividends		20,298
Interest		5,547
Securities lending (net of fees)		286
Foreign tax withholding		(8	)
Total Income		29,787
Expenses:
Investment advisory fees		8,952
Administration fees		2,276
Sub-Administration fees		43
Custodian fees		65
Transfer agent fees		2,624
Trustees' fees		24
Compliance fees		10
Legal and audit fees		34
State registration and filing fees		20
Interfund lending fees		1
Other expenses		148
Total Expenses		14,197
Expenses waived/reimbursed by Adviser		(661	)
Net Expenses		13,536
Net Investment Income (Loss)		16,251
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		82,326
Net realized gains (losses) from futures contracts		(3,798	)
Net change in unrealized appreciation/depreciation on unaffiliated investment securities and foreign currency translations		(64,301	)
Net change in unrealized appreciation/depreciation on affiliated funds		(2,244	)
Net change in unrealized appreciation/depreciation on futures contracts		4,740
Net realized/unrealized gains (losses) on investments		16,723
Change in net assets resulting from operations	$	32,974

	USAA Cornerstone Moderately Aggressive Fund
	Six Months Ended November 30, 2021 (unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	16,251		$	33,724
Net realized gains (losses) from investments		78,528			176,187
Net change in unrealized appreciation/depreciation on investments		(61,805	)		415,330
Change in net assets resulting from operations		32,974			625,241
Change in net assets resulting from distributions to shareholders		—			(55,505	)
Change in net assets resulting from capital transactions		(82,588	)		(205,115	)
Change in net assets		(49,614	)		364,621
Net Assets:
Beginning of period		3,026,975			2,662,354
End of period	$	2,977,361		$	3,026,975
Capital Transactions:
Proceeds from shares issued	$	89,585		$	174,743
Distributions reinvested		—			55,021
Cost of shares redeemed		(172,173	)		(434,879	)
Change in net assets resulting from capital transactions	$	(82,588	)	$	(205,115	)
Share Transactions:
Issued		2,994			6,386
Reinvested		—			2,015
Redeemed		(5,755	)		(16,102	)
Change in Shares		(2,761	)		(7,701	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Cornerstone Moderately Aggressive Fund
Six Months Ended November 30, 2021 (unaudited)	$	29.45		0.16	(d)		0.16			0.32			—			—
Year Ended May 31: 2021	$	24.10		0.32	(d)		5.56			5.88			(0.37	)		(0.16	)
2020	$	23.97		0.48	(d)		0.18			0.66			(0.39	)		(0.14	)
2019	$	25.78		0.46			(0.79	)		(0.33	)		(0.39	)		(1.09	)
2018	$	26.09		0.42			1.28			1.70			(0.44	)		(1.57	)
2017	$	24.08		0.45			2.06			2.51			(0.50	)		—

USAA Mutual Funds Trust

Financial Highlights — continued

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Cornerstone Moderately Aggressive Fund
Six Months Ended November 30, 2021 (unaudited)		—		$	29.77		1.09	%		0.89	%		1.07	%		0.93	%	$	2,977,361		21	%
Year Ended May 31: 2021		(0.53	)	$	29.45		24.58	%		0.96	%		1.18	%		0.97	%	$	3,026,975		64	%
2020		(0.53	)	$	24.10		2.59	%		0.98	%		1.94	%		0.99	%	$	2,662,354		92	%
2019		(1.48	)	$	23.97		(1.20	)%		0.98	%(e)		1.91	%		1.01	%	$	2,777,038		95	%(f)
2018		(2.01	)	$	25.78		6.52	%		0.97	%		1.64	%		0.97	%	$	2,493,883		56	%
2017		(0.50	)	$	26.09		10.59	%		1.06	%		1.78	%		1.06	%	$	2,398,407		69	%

For a Share Outstanding Throughout Each Period

1. Organization:

The accompanying financial statements are those of the USAA Cornerstone Moderately Aggressive Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	10,741	$	—	$	10,741
Collateralized Mortgage Obligations		—		3,078		—		3,078
Common Stocks		632,591		—		—		632,591
Preferred Stocks		5,522		7,407		—		12,929
Corporate Bonds		—		63,732		—		63,732
Yankee Dollars		—		4,039		—		4,039
U.S. Government Agency Mortgages		—		43,010		—		43,010
U.S. Treasury Obligations		—		106,861		—		106,861
Commercial Paper		—		7,000		—		7,000
Exchange-Traded Funds		1,427,430		—		—		1,427,430
Affiliated Exchange-Traded Funds		614,713		—		—		614,713
Collateral for Securities Loaned		147,548		—		—		147,548
Total	$	2,827,804	$	245,868	$	—	$	3,073,672
Other Financial Investments*
Assets:
Futures Contracts	$	3,291	$	—	$	—	$	3,291
Total	$	3,291	$	—	$	—	$	3,291

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

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Exchange-Traded Funds:

Open-End Funds:

Mortgage and Asset-Backed Securities:

Derivative Instruments:

Futures Contracts:

foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is presented on the Statement of Assets and Liabilities under Deposit with broker for futures contracts and Collateral received from broker for futures contracts. During the six months ended November 30, 2021, the Fund entered into futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market.

Summary of Derivative Instruments:

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

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	3,291	$	—

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

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	(3,798	)	$	4,740

Investment Transactions and Related Income:

Securities Lending:

increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund does not have effective control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	142,751			$	—			$	147,548

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	—			$	36,528			$	2,082

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities				U.S. Government Securities
Purchases		Sales		Purchases		Sales
$	634,212	$	666,857	$	—	$	74,181

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Administration and Servicing Fees:

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

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

In addition, the Fund invests in affiliated VCM exchange-traded fund(s) ("affiliated ETFs"). These affiliated ETF Adviser fee reimbursements are not available for recoupment. The Fund's Adviser fee is reimbursed by VCM to the extent of the indirect Adviser fee incurred through the Fund's proportional investment in the affiliated ETF(s). As of November 30, 2021, the Fund's Adviser fee was reimbursed by VCM in an amount of $661 thousand, of which $280 thousand is receivable from VCM.

5. Risks:

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

transition to another benchmark after June 30, 2023, or, in some cases, after December 31, 2021. The FCA and certain U.S. regulators have stated that, despite expected publication of U.S. dollar LIBOR through June 30, 2023, no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021. Although the foregoing reflects the likely timing of the LIBOR discontinuation and certain consequences, there is no assurance that LIBOR, of any particular currency or tenor, will continue to be published until any particular date or in any particular form, and there is no assurance regarding the consequences of the LIBOR discontinuation. In the United States, there have been efforts to identify alternative reference interest rates for U.S. dollar LIBOR. The cash markets have generally coalesced around recommendations from the Alternative Reference Rates Committee (the "ARRC"), which was convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The ARRC has recommended that U.S. dollar LIBOR be replaced by rates based on SOFR plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. For purposes of the following discussion, the term "LIBOR" refers solely to U.S. dollar LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. SOFR has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. Future levels of SOFR may bear little or no relation to historical levels of SOFR, LIBOR or other rates. SOFR-based rates will differ from LIBOR, and the differences may be material. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. In contrast, LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term tenors. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or a similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. Non-LIBOR floating rate obligations, including SOFR-based obligations, may have returns and values that fluctuate more than those of floating rate obligations that are based on LIBOR or other rates. Resulting changes in the financial markets may adversely affect financial markets generally and may also adversely affect our operations specifically, particularly as financial markets transition away from LIBOR.

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

Borrower or Lender				Amount Outstanding at November 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	7,552				12				0.59	%		$	15,154

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

7. Federal Income Tax Information:

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

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

8. Affiliated Securities:

	Fair Value 5/31/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 11/30/21		Dividend Income
VictoryShares ESG Core Plus Bond ETF	$	—	$	209,342	$	(104,671	)	$	—	$	—	$	(62	)	$	104,609	$	52
VictoryShares USAA Core Intermediate-Term Bond ETF		257,355		402,253		(201,127	)		—		—		(1,500	)		456,981		3,119
VictoryShares USAA Core Short-Term Bond ETF		50,302		—		—			—		—		(338	)		49,964		394
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		3,503		—		—			—		—		(344	)		3,159		99
	$	311,160	$	611,595	$	(305,798	)	$	—	$	—	$	(2,244	)	$	614,713	$	3,664

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21- 11/30/21*				Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*				Annualized Expense Ratio During Period 6/1/21- 11/30/21
$	1,000.00			$	1,010.90			$	1,020.61			$	4.49			$	4.51				0.89	%

Investment Objective and Portfolio Holdings:

The Fund seeks a conservative balance for the investor between income, the majority of which is exempt from federal income tax, and the potential for long-term growth of capital to preserve purchasing power.

Top 10 Sectors*:

November 30, 2021

(% of Net Assets)

Information Technology	13.6	%
Consumer Discretionary	6.1	%
Health Care	5.8	%
Financials	5.1	%
Communication Services	4.8	%
Industrials	3.7	%
Consumer Staples	2.4	%
Energy	1.3	%
Materials	1.2	%
Real Estate	1.2	%

Top 5 Tax-Exempt Bonds:

November 30, 2021

(% of Net Assets)

Massachusetts Development Finance Agency Revenue	1.7	%
Port of Port Arthur Navigation District Revenue	1.7	%
Illinois Finance Authority Revenue	1.2	%
County of St. Lucie Revenue	1.2	%
Public Finance Authority Revenue	1.0	%

Top 5 Blue Chip Stocks:

November 30, 2021

(% of Net Assets)

Apple, Inc.	3.3	%
Microsoft Corp.	3.0	%
Amazon.com, Inc.	1.8	%
Tesla, Inc.	1.1	%
Alphabet, Inc. Class A	1.0	%

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

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

Security Description	Shares		Value
Common Stocks (46.3%)
Blue Chip Stocks:
Communication Services (4.8%):
Activision Blizzard, Inc.		6,138	$	360
Alphabet, Inc. Class A (a)		3,059		8,681
Alphabet, Inc. Class C (a)		2,961		8,436
AT&T, Inc.		52,398		1,196
Charter Communications, Inc. Class A (a)		1,764		1,140
Comcast Corp. Class A		45,562		2,277
Discovery, Inc. (a) (b)		1,962		46
Electronic Arts, Inc.		2,332		290
Fox Corp. Class A		4,287		153
Fox Corp. Class B		1,992		67
Live Nation Entertainment, Inc. (a)		1,845		197
Lumen Technologies, Inc.		11,587		143
Meta Platforms, Inc. Class A (a)		24,295		7,883
Netflix, Inc. (a)		4,641		2,979
News Corp. Class A		2,721		59
Omnicom Group, Inc.		2,667		179
Take-Two Interactive Software, Inc. (a)		1,245		206
The Interpublic Group of Cos., Inc.		4,839		161
The Walt Disney Co. (a)		18,329		2,656
T-Mobile U.S., Inc. (a)		3,497		380
Twitter, Inc. (a)		7,251		319
Verizon Communications, Inc.		49,349		2,481
ViacomCBS, Inc. Class B		6,762		209
				40,498
Consumer Discretionary (6.1%):
Advance Auto Parts, Inc.		832		184
Amazon.com, Inc. (a)		4,335		15,203
Aptiv PLC (a)		2,354		377
AutoZone, Inc. (a)		255		463
Bath & Body Works, Inc.		2,727		205
Best Buy Co., Inc.		2,415		258
Booking Holdings, Inc. (a)		441		927
BorgWarner, Inc.		1,420		61
CarMax, Inc. (a)		2,090		295
Carnival Corp. (a)		8,083		142
Chipotle Mexican Grill, Inc. (a)		325		534
D.R. Horton, Inc.		3,030		296
Darden Restaurants, Inc.		1,633		225
Dollar General Corp.		2,615		579
Dollar Tree, Inc. (a)		1,591		213
Domino's Pizza, Inc.		408		214
eBay, Inc.		7,658		517
Etsy, Inc. (a)		1,053		289
Expedia Group, Inc. (a)		1,583		255
Ford Motor Co.		48,980		940
Garmin Ltd.		1,580		211

Security Description	Shares		Value
General Motors Co. (a)		13,698	$	793
Genuine Parts Co.		1,110		142
Hanesbrands, Inc.		4,535		73
Hasbro, Inc.		1,600		155
Hilton Worldwide Holdings, Inc. (a)		3,015		407
Las Vegas Sands Corp. (a) (c)		3,468		124
Leggett & Platt, Inc.		859		35
Lennar Corp. Class A		2,669		280
Lennar Corp. Class B		1		—	(d)
LKQ Corp.		3,837		214
Lowe's Cos., Inc.		7,623		1,865
Marriott International, Inc. Class A (a)		2,953		436
McDonald's Corp.		7,151		1,749
MGM Resorts International		5,858		232
Mohawk Industries, Inc. (a)		618		104
Newell Brands, Inc.		4,177		90
NIKE, Inc. Class B		14,322		2,424
Norwegian Cruise Line Holdings Ltd. (a)		4,308		84
NVR, Inc. (a)		38		199
O'Reilly Automotive, Inc. (a)		961		613
PulteGroup, Inc.		2,360		118
PVH Corp.		928		99
Ralph Lauren Corp.		420		49
Ross Stores, Inc.		3,683		402
Royal Caribbean Cruises Ltd. (a)		2,147		150
Starbucks Corp.		12,390		1,358
Tapestry, Inc.		3,021		121
Target Corp. (c)		5,209		1,270
Tesla, Inc. (a)		7,743		8,864
The Gap, Inc.		2,315		38
The Home Depot, Inc.		11,047		4,426
The TJX Cos., Inc.		11,818		820
Tractor Supply Co.		1,578		356
Ulta Beauty, Inc. (a)		550		211
Under Armour, Inc. Class A (a)		2,357		56
Under Armour, Inc. Class C (a)		2,104		42
VF Corp.		3,213		230
Victoria's Secret & Co. (a)		1		—	(d)
Whirlpool Corp.		792		172
Wynn Resorts Ltd. (a)		1,220		99
Yum! Brands, Inc.		3,711		456
				51,744
Consumer Staples (2.4%):
Altria Group, Inc.		18,456		787
Archer-Daniels-Midland Co.		6,080		378
Brown-Forman Corp. Class B		2,315		163
Campbell Soup Co.		2,319		94
Church & Dwight Co., Inc.		2,959		265
Colgate-Palmolive Co.		5,736		430
Conagra Brands, Inc.		6,489		198

Security Description	Shares		Value
Constellation Brands, Inc. Class A		1,572	$	354
Costco Wholesale Corp.		4,892		2,639
General Mills, Inc.		6,777		419
Hormel Foods Corp.		1,830		76
Kellogg Co.		1,080		66
Kimberly-Clark Corp.		2,741		357
McCormick & Co., Inc.		2,942		253
Molson Coors Beverage Co. Class B		2,045		91
Mondelez International, Inc. Class A		14,742		869
Monster Beverage Corp. (a)		3,965		332
PepsiCo, Inc.		11,883		1,899
Philip Morris International, Inc.		13,980		1,201
Sysco Corp.		5,774		404
The Clorox Co.		1,190		194
The Coca-Cola Co.		27,653		1,450
The Estee Lauder Cos., Inc.		2,324		772
The Hershey Co.		1,885		335
The J.M. Smucker Co.		828		105
The Kraft Heinz Co.		6,993		235
The Kroger Co.		8,771		364
The Procter & Gamble Co.		24,735		3,576
Tyson Foods, Inc. Class A		2,142		169
Walgreens Boots Alliance, Inc.		5,210		233
Walmart, Inc.		13,334		1,875
				20,583
Energy (1.3%):
APA Corp.		2,376		61
Baker Hughes Co.		8,513		199
Chevron Corp.		21,588		2,437
ConocoPhillips		15,168		1,064
Coterra Energy, Inc.		2,120		43
Devon Energy Corp.		4,751		200
Diamondback Energy, Inc.		2,111		225
EOG Resources, Inc.		4,759		414
Exxon Mobil Corp.		40,045		2,396
Halliburton Co.		9,010		194
Hess Corp.		2,683		200
Kinder Morgan, Inc.		19,808		306
Marathon Oil Corp.		10,479		162
Marathon Petroleum Corp.		8,076		491
Occidental Petroleum Corp.		10,574		313
ONEOK, Inc.		5,513		330
Phillips 66		2,813		195
Pioneer Natural Resources Co.		2,039		364
Schlumberger NV		18,134		520
The Williams Cos., Inc.		14,342		384
Valero Energy Corp.		3,087		207
				10,705

Security Description	Shares		Value
Financials (5.1%):
Aflac, Inc.		6,526	$	353
American Express Co.		7,083		1,079
American International Group, Inc.		10,328		543
Ameriprise Financial, Inc.		1,259		365
Aon PLC Class A		2,698		798
Arthur J. Gallagher & Co.		2,370		386
Assurant, Inc.		653		99
Bank of America Corp.		80,700		3,589
Berkshire Hathaway, Inc. Class B (a)		18,580		5,141
BlackRock, Inc.		1,245		1,126
Capital One Financial Corp.		4,854		682
Cboe Global Markets, Inc.		680		88
Chubb Ltd.		4,174		749
Cincinnati Financial Corp.		1,898		216
Citigroup, Inc.		21,251		1,354
Citizens Financial Group, Inc.		5,249		248
CME Group, Inc.		3,122		688
Comerica, Inc.		1,808		149
Discover Financial Services		3,983		430
Everest Re Group Ltd.		440		113
Fifth Third Bancorp		8,885		374
First Republic Bank		833		175
Franklin Resources, Inc.		2,567		83
Huntington Bancshares, Inc.		12,687		188
Intercontinental Exchange, Inc.		5,422		709
Invesco Ltd.		4,735		106
JPMorgan Chase & Co.		31,056		4,933
KeyCorp		12,202		274
Lincoln National Corp.		1,769		117
Loews Corp.		3,046		163
M&T Bank Corp.		1,592		233
Marsh & McLennan Cos., Inc.		5,030		825
MetLife, Inc.		8,569		503
Moody's Corp.		1,624		634
Morgan Stanley		14,869		1,410
MSCI, Inc.		992		624
Nasdaq, Inc.		1,159		236
Northern Trust Corp. (e)		1,926		223
People's United Financial, Inc.		5,272		90
Principal Financial Group, Inc.		2,476		170
Prudential Financial, Inc.		4,971		508
Raymond James Financial, Inc.		1,989		195
Regions Financial Corp.		9,790		223
S&P Global, Inc.		2,529		1,153
State Street Corp.		3,118		277
SVB Financial Group (a)		645		447
Synchrony Financial		6,793		304
T. Rowe Price Group, Inc.		2,189		438
The Allstate Corp.		3,040		331

Security Description	Shares		Value
The Bank of New York Mellon Corp.		8,002	$	438
The Charles Schwab Corp.		15,972		1,236
The Goldman Sachs Group, Inc.		3,240		1,234
The Hartford Financial Services Group, Inc.		2,900		192
The PNC Financial Services Group, Inc.		4,807		947
The Progressive Corp.		5,434		505
The Travelers Cos., Inc.		3,045		447
Truist Financial Corp.		14,396		854
U.S. Bancorp		14,810		820
W.R. Berkley Corp.		1,826		140
Wells Fargo & Co.		35,551		1,699
Willis Towers Watson PLC		1,546		349
Zions Bancorp NA		2,017		127
				43,130
Health Care (5.8%):
Abbott Laboratories		18,379		2,311
AbbVie, Inc.		17,884		2,062
ABIOMED, Inc. (a)		568		179
Agilent Technologies, Inc.		4,127		623
Align Technology, Inc. (a)		809		495
AmerisourceBergen Corp.		1,410		163
Amgen, Inc.		6,171		1,227
Anthem, Inc.		2,398		974
Baxter International, Inc.		4,106		306
Becton, Dickinson & Co.		2,074		492
Biogen, Inc. (a)		1,356		320
Bio-Rad Laboratories, Inc. Class A (a)		83		62
Boston Scientific Corp. (a)		12,299		468
Bristol-Myers Squibb Co.		17,034		914
Cardinal Health, Inc.		2,310		107
Catalent, Inc. (a)		1,060		136
Centene Corp. (a)		5,336		381
Cerner Corp.		2,182		154
Cigna Corp.		3,445		661
CVS Health Corp.		13,617		1,213
Danaher Corp.		6,992		2,249
DaVita, Inc. (a)		972		92
DENTSPLY SIRONA, Inc.		1,578		77
DexCom, Inc. (a)		1,007		566
Edwards Lifesciences Corp. (a)		6,150		660
Eli Lilly & Co.		8,712		2,161
Gilead Sciences, Inc. (c)		12,961		893
HCA Healthcare, Inc.		2,625		592
Henry Schein, Inc. (a)		1,136		81
Hologic, Inc. (a)		2,461		184
Humana, Inc.		1,376		577
IDEXX Laboratories, Inc. (a)		1,036		630
Illumina, Inc. (a)		1,379		504
Incyte Corp. (a)		977		66
Intuitive Surgical, Inc. (a)		3,705		1,202

Security Description	Shares		Value
IQVIA Holdings, Inc. (a)		1,890	$	490
Johnson & Johnson (c)		30,403		4,741
Laboratory Corp. of America Holdings (a)		1,063		303
McKesson Corp.		1,670		362
Medtronic PLC		11,527		1,230
Merck & Co., Inc.		23,177		1,736
Mettler-Toledo International, Inc. (a)		250		379
Moderna, Inc. (a)		2,877		1,014
Organon & Co.		2,317		68
PerkinElmer, Inc.		1,164		212
Pfizer, Inc.		48,701		2,617
Quest Diagnostics, Inc.		1,226		182
Regeneron Pharmaceuticals, Inc. (a)		873		556
ResMed, Inc.		1,423		363
STERIS PLC		864		189
Stryker Corp.		3,361		795
Teleflex, Inc.		473		141
The Cooper Cos., Inc.		445		167
Thermo Fisher Scientific, Inc.		4,163		2,634
UnitedHealth Group, Inc.		10,015		4,449
Universal Health Services, Inc. Class B		844		100
Vertex Pharmaceuticals, Inc. (a)		2,479		463
Viatris, Inc.		14,027		173
Waters Corp. (a)		690		226
West Pharmaceutical Services, Inc.		489		216
Zimmer Biomet Holdings, Inc.		1,629		195
Zoetis, Inc.		4,796		1,065
				48,848
Industrials (3.7%):
3M Co.		4,740		806
Alaska Air Group, Inc. (a)		1,550		75
Allegion PLC		880		109
American Airlines Group, Inc. (a) (b)		7,471		132
AMETEK, Inc.		2,905		397
AO Smith Corp.		1,795		142
C.H. Robinson Worldwide, Inc.		779		74
Carrier Global Corp.		7,990		432
Caterpillar, Inc.		6,025		1,165
Cintas Corp.		1,066		450
Copart, Inc. (a)		2,286		332
CSX Corp.		24,039		833
Cummins, Inc.		1,364		286
Deere & Co.		3,919		1,354
Delta Air Lines, Inc. (a)		7,217		261
Dover Corp.		1,435		235
Eaton Corp. PLC		4,316		700
Emerson Electric Co.		5,920		520
Equifax, Inc.		1,334		372
Expeditors International of Washington, Inc.		1,610		196
Fastenal Co.		5,972		353

Security Description	Shares		Value
FedEx Corp.		2,126	$	490
Fortive Corp.		2,506		185
Fortune Brands Home & Security, Inc.		1,743		175
General Dynamics Corp.		1,726		326
General Electric Co.		11,822		1,123
Honeywell International, Inc.		6,699		1,355
Howmet Aerospace, Inc.		3,713		104
Huntington Ingalls Industries, Inc.		470		83
IDEX Corp.		757		170
IHS Markit Ltd.		3,349		428
Illinois Tool Works, Inc.		3,048		708
Ingersoll Rand, Inc. (c)		4,166		243
J.B. Hunt Transport Services, Inc.		757		145
Jacobs Engineering Group, Inc.		1,348		192
Johnson Controls International PLC		6,676		499
Kansas City Southern		960		279
L3Harris Technologies, Inc.		2,253		471
Lockheed Martin Corp.		2,228		743
Masco Corp.		2,915		192
Nielsen Holdings PLC		4,460		86
Norfolk Southern Corp.		2,671		709
Northrop Grumman Corp.		1,594		556
Old Dominion Freight Line, Inc.		1,111		395
Otis Worldwide Corp.		3,056		246
PACCAR, Inc.		3,278		273
Parker-Hannifin Corp.		1,216		367
Pentair PLC		909		67
Quanta Services, Inc.		1,444		164
Raytheon Technologies Corp.		17,973		1,454
Republic Services, Inc. (c)		2,086		276
Robert Half International, Inc.		1,284		143
Rockwell Automation, Inc.		1,436		483
Roper Technologies, Inc.		1,322		614
Snap-on, Inc.		594		122
Southwest Airlines Co. (a)		4,959		220
Stanley Black & Decker, Inc.		1,786		312
Textron, Inc.		2,070		147
The Boeing Co. (a)		5,520		1,092
Trane Technologies PLC		2,877		537
TransDigm Group, Inc. (a)		593		343
Union Pacific Corp.		7,288		1,717
United Airlines Holdings, Inc. (a)		3,768		159
United Parcel Service, Inc. Class B		7,664		1,520
United Rentals, Inc. (a)		750		254
Verisk Analytics, Inc.		1,450		326
W.W. Grainger, Inc.		582		280
Waste Management, Inc.		3,869		622
Westinghouse Air Brake Technologies Corp.		1,745		155
Xylem, Inc.		1,548		188
				30,962

Security Description	Shares		Value
Information Technology (13.6%):
Accenture PLC Class A		6,903	$	2,467
Adobe, Inc. (a)		4,939		3,308
Advanced Micro Devices, Inc. (a)		12,974		2,055
Akamai Technologies, Inc. (a)		1,627		183
Amphenol Corp. Class A		5,984		482
Analog Devices, Inc.		5,732		1,033
ANSYS, Inc. (a)		796		312
Apple, Inc.		166,060		27,450
Applied Materials, Inc.		10,258		1,510
Arista Networks, Inc. (a)		2,364		293
Autodesk, Inc. (a)		2,385		606
Automatic Data Processing, Inc.		4,190		967
Broadcom, Inc.		4,130		2,287
Broadridge Financial Solutions, Inc.		1,502		253
Cadence Design Systems, Inc. (a)		2,583		458
CDW Corp.		1,428		270
Cisco Systems, Inc.		42,070		2,307
Citrix Systems, Inc.		1,224		98
Cognizant Technology Solutions Corp. Class A		5,181		404
Corning, Inc.		8,056		299
DXC Technology Co. (a)		3,194		96
Enphase Energy, Inc. (a)		1,358		339
F5, Inc. (a)		561		128
Fidelity National Information Services, Inc.		7,284		761
Fiserv, Inc. (a)		3,938		380
Fortinet, Inc. (a)		1,459		485
Gartner, Inc. (a)		1,089		340
Global Payments, Inc.		3,409		406
Hewlett Packard Enterprise Co.		12,525		180
HP, Inc.		13,953		492
Intel Corp.		38,874		1,913
International Business Machines Corp.		5,693		667
Intuit, Inc.		2,547		1,661
IPG Photonics Corp. (a)		466		77
Juniper Networks, Inc.		2,447		76
Keysight Technologies, Inc. (a)		2,383		463
KLA Corp.		1,555		635
Lam Research Corp.		1,595		1,084
Mastercard, Inc. Class A		9,019		2,840
Microchip Technology, Inc.		5,448		455
Micron Technology, Inc.		10,918		917
Microsoft Corp. (c)		77,209		25,525
Motorola Solutions, Inc.		1,485		376
NetApp, Inc.		2,488		221
NortonLifeLock, Inc.		2,608		65
NVIDIA Corp.		25,972		8,487
Oracle Corp.		21,240		1,927
Paychex, Inc.		2,957		352
Paycom Software, Inc. (a)		617		270

Security Description	Shares		Value
PayPal Holdings, Inc. (a)		11,657	$	2,155
Qorvo, Inc. (a)		1,188		174
QUALCOMM, Inc.		12,125		2,189
salesforce.com, Inc. (a)		9,354		2,666
Seagate Technology Holdings PLC		2,345		241
ServiceNow, Inc. (a) (c)		2,007		1,300
Skyworks Solutions, Inc.		1,128		171
Synopsys, Inc. (a)		1,398		477
TE Connectivity Ltd.		3,470		534
Teledyne Technologies, Inc. (a)		165		69
Teradyne, Inc.		945		144
Texas Instruments, Inc.		8,950		1,722
The Western Union Co.		1,690		27
VeriSign, Inc. (a)		817		196
Visa, Inc. Class A		16,996		3,293
Western Digital Corp. (a)		3,265		189
Xerox Holdings Corp.		1		—	(d)
Xilinx, Inc.		2,527		577
Zebra Technologies Corp. (a)		706		416
				115,200
Materials (1.2%):
Air Products & Chemicals, Inc.		2,193		630
Albemarle Corp.		1,201		320
Amcor PLC		17,474		198
Avery Dennison Corp.		906		186
Ball Corp.		3,726		348
Celanese Corp.		1,286		195
CF Industries Holdings, Inc.		2,763		167
Corteva, Inc.		8,159		367
Dow, Inc.		9,091		499
DuPont de Nemours, Inc.		6,803		503
Eastman Chemical Co.		1,432		149
Ecolab, Inc.		2,743		608
FMC Corp.		1,425		143
Freeport-McMoRan, Inc.		15,889		589
International Flavors & Fragrances, Inc.		2,036		289
International Paper Co.		4,916		224
Linde PLC		5,503		1,751
LyondellBasell Industries NV Class A		2,696		235
Martin Marietta Materials, Inc.		721		291
Newmont Corp.		9,032		496
Nucor Corp.		2,642		281
PPG Industries, Inc.		2,183		337
Sealed Air Corp.		1,340		83
The Mosaic Co.		4,580		157
The Sherwin-Williams Co.		2,769		917
Vulcan Materials Co.		1,213		233
Westrock Co.		2,863		124
				10,320

Security Description	Shares		Value
Real Estate (1.2%):
Alexandria Real Estate Equities, Inc.		1,101	$	220
American Tower Corp.		4,297		1,128
AvalonBay Communities, Inc.		740		177
Boston Properties, Inc.		1,758		190
CBRE Group, Inc. Class A (a)		3,167		303
Crown Castle International Corp.		5,001		908
Digital Realty Trust, Inc.		2,408		404
Duke Realty Corp.		4,814		281
Equinix, Inc.		1,002		814
Equity Residential		2,215		189
Essex Property Trust, Inc.		290		98
Extra Space Storage, Inc.		1,147		229
Federal Realty Investment Trust		884		108
Healthpeak Properties, Inc.		4,797		158
Host Hotels & Resorts, Inc. (a)		8,818		138
Iron Mountain, Inc. (b)		3,600		164
Kimco Realty Corp.		5,368		120
Mid-America Apartment Communities, Inc.		1,273		263
Prologis, Inc.		7,489		1,129
Public Storage		1,221		400
Realty Income Corp.		3,322		226
Regency Centers Corp.		1,923		133
SBA Communications Corp.		1,109		381
Simon Property Group, Inc.		3,796		580
UDR, Inc.		3,662		208
Ventas, Inc.		4,666		219
Vornado Realty Trust		1,244		50
Welltower, Inc.		4,568		364
Weyerhaeuser Co.		6,892		259
				9,841
Utilities (1.1%):
Alliant Energy Corp.		3,054		167
Ameren Corp.		2,468		201
American Electric Power Co., Inc. (c)		4,277		347
American Water Works Co., Inc.		2,297		387
CenterPoint Energy, Inc.		6,318		164
CMS Energy Corp.		3,607		212
Consolidated Edison, Inc. (c)		1,808		140
Dominion Energy, Inc.		9,535		679
DTE Energy Co.		1,653		179
Duke Energy Corp. (c)		6,693		649
Edison International		4,086		267
Entergy Corp.		2,505		251
Evergy, Inc. (c)		2,714		172
Eversource Energy (c)		3,443		283
Exelon Corp.		10,726		566
FirstEnergy Corp.		5,729		216
NextEra Energy, Inc. (c)		18,576		1,612
NiSource, Inc.		4,671		114

Security Description	Shares or Principal Amount		Value
NRG Energy, Inc.		2,789	$	100
PPL Corp.		8,145		227
Public Service Enterprise Group, Inc.		6,188		387
Sempra Energy		1,884		226
The AES Corp.		6,122		143
The Southern Co. (c)		9,551		584
WEC Energy Group, Inc. (c)		4,007		348
Xcel Energy, Inc. (c)		6,662		425
				9,046
Total Common Stocks (Cost $113,225)				390,877
Municipal Bonds (53.0%)
Alabama (0.6%):
DCH Healthcare Authority Revenue, Series A, 4.00%, 6/1/51, Continuously Callable @100	$	1,000		1,137
Homewood Educational Building Authority Revenue, Series A, 4.00%, 12/1/51, Continuously Callable @100		2,000		2,272
The Lower Alabama Gas District Revenue, Series A, 5.00%, 9/1/46		1,000		1,479
				4,888
Alaska (0.1%):
Northern Tobacco Securitization Corp. Revenue, Series A, 4.00%, 6/1/50, Continuously Callable @100		500		581
Arizona (2.2%):
Arizona IDA Revenue 4.00%, 7/1/41, Continuously Callable @100		400		451
5.00%, 7/1/47, Continuously Callable @100		1,000		1,188
4.00%, 7/1/52, Continuously Callable @100		840		933
Series A, 4.00%, 7/1/51, Continuously Callable @100		750		834
City of Phoenix IDA Revenue, 5.00%, 7/1/46, Continuously Callable @100		1,300		1,435
La Paz County IDA Revenue 4.00%, 2/15/41, Continuously Callable @100		425		482
4.00%, 2/15/46, Continuously Callable @100		345		389
4.00%, 2/15/51, Continuously Callable @100		300		337
Maricopa County IDA Revenue Series A, 5.00%, 9/1/42, Continuously Callable @100		500		617
Series A, 4.00%, 7/1/46, Continuously Callable @100		735		847
Series A, 5.00%, 7/1/49, Continuously Callable @100		1,000		1,212
Series A, 5.00%, 7/1/54, Continuously Callable @100		1,275		1,536
Series A, 4.00%, 7/1/56, Continuously Callable @100		1,000		1,143
Pima County IDA Revenue 4.00%, 4/1/46, Continuously Callable @100		2,000		2,342
5.00%, 6/15/47, Continuously Callable @100 (f)		1,000		1,013
Student & Academic Services LLC Revenue, 5.00%, 6/1/44, Continuously Callable @100		1,000		1,100
Tempe IDA Revenue, Series B, 4.00%, 12/1/46, Continuously Callable @102		1,185		1,304
The IDA of the County of Pima Revenue, 4.00%, 6/15/51, Continuously Callable @100 (f) (g)		1,000		1,032
				18,195

Security Description	Principal Amount		Value
Arkansas (0.1%):
Arkansas Development Finance Authority Revenue, 4.00%, 12/1/44, Continuously Callable @100	$	1,000	$	1,140
California (2.2%):
California Statewide Communities Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 11/15/49, Pre-refunded 11/15/24 @100		1,000		1,136
City & County of San Francisco Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8059, 0.45%, 12/1/52, Callable 1/10/22 @100 (f) (h)		6,000		6,000
Jurupa Public Financing Authority Special Tax, Series A, 5.00%, 9/1/42, Continuously Callable @100		1,200		1,325
Sacramento City Financing Authority Revenue (LIQ — Deutsche Bank A.G.), Series XG0100, 0.11%, 12/1/33 (f) (h)		600		600
State of California, GO 5.00%, 2/1/43, Continuously Callable @100		1,000		1,050
5.00%, 8/1/45, Continuously Callable @100		1,000		1,145
Sutter Butte Flood Agency Special Assessment (INS — Build America Mutual Assurance Co.), 5.00%, 10/1/40, Continuously Callable @100		1,000		1,150
Twin Rivers Unified School District, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 8/1/40, Pre-refunded 2/1/24 @100		1,500		1,649
Val Verde Unified School District, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/44, Pre-refunded 8/1/25 @100		1,000		1,164
West Contra Costa Unified School District, GO (INS — National Public Finance Guarantee Corp.), 8/1/34 (i)		4,435		3,522
				18,741
Colorado (1.5%):
Colorado Educational & Cultural Facilities Authority Revenue 5.00%, 12/1/38, Continuously Callable @100		1,000		1,220
5.00%, 4/1/48, Continuously Callable @100		710		849
Colorado Health Facilities Authority Revenue 5.00%, 12/1/42, Pre-refunded 6/1/22 @100		1,000		1,024
5.00%, 6/1/45, Pre-refunded 6/1/25 @100		1,000		1,156
Series A, 4.00%, 9/1/50, Continuously Callable @100		1,000		1,141
Series A, 4.00%, 12/1/50, Continuously Callable @103		1,000		1,126
Denver Convention Center Hotel Authority Revenue, 5.00%, 12/1/40, Continuously Callable @100		1,000		1,145
Denver Health & Hospital Authority Certificate of Participation, 5.00%, 12/1/48, Continuously Callable @100		1,900		2,280
Park Creek Metropolitan District Revenue 5.00%, 12/1/41, Continuously Callable @100		250		286
5.00%, 12/1/45, Continuously Callable @100		1,000		1,140
Rampart Range Metropolitan District No. 1 Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 12/1/47, Continuously Callable @100		1,000		1,196
				12,563
Connecticut (0.8%):
Connecticut State Health & Educational Facilities Authority Revenue Series A, 4.00%, 7/1/51, Continuously Callable @100		1,000		1,169
Series T, 4.00%, 7/1/55, Continuously Callable @100		1,000		1,133
Mashantucket Western Pequot Tribe Revenue, 7/1/31 (j) (k)		4,889		1,060

Security Description	Principal Amount		Value
State of Connecticut, GO Series A, 5.00%, 4/15/36, Continuously Callable @100	$	1,500	$	1,882
Series A, 5.00%, 4/15/37, Continuously Callable @100		1,000		1,231
				6,475
District of Columbia (0.1%):
District of Columbia Revenue, 5.00%, 7/1/42, Pre-refunded 7/1/22 @100		1,100		1,131
Florida (4.1%):
Capital Trust Agency, Inc. Revenue 5.00%, 8/1/40, Continuously Callable @100		300		364
5.00%, 8/1/55, Continuously Callable @100		400		475
City of Atlantic Beach Revenue, Series A, 5.00%, 11/15/53, Continuously Callable @103		1,000		1,138
City of Jacksonville Revenue, 5.00%, 10/1/29, Continuously Callable @100		1,000		1,039
City of Pompano Beach Revenue, 4.00%, 9/1/50, Continuously Callable @103		1,500		1,618
County of Miami-Dade Florida Water & Sewer System Revenue 4.00%, 10/1/51, Continuously Callable @100		1,500		1,773
4.00%, 10/1/51, Continuously Callable @100		2,000		2,361
County of Miami-Dade Seaport Department Revenue, Series A-2, 4.00%, 10/1/49, Continuously Callable @100		1,000		1,173
County of Polk Florida Utility System Revenue, 4.00%, 10/1/43, Continuously Callable @100		2,000		2,373
County of St. Lucie Revenue, 0.03%, 9/1/28, Continuously Callable @100 (h)		10,000		10,000
Halifax Hospital Medical Center Revenue, 5.00%, 6/1/46, Continuously Callable @100		1,000		1,125
Lee County IDA Revenue, 5.50%, 10/1/47, Pre-refunded 10/1/22 @102		645		686
Lee Memorial Health System Revenue, Series A-1, 5.00%, 4/1/44, Continuously Callable @100		1,450		1,788
Miami Beach Health Facilities Authority Revenue, 4.00%, 11/15/51, Continuously Callable @100		500		581
Miami-Dade County Health Facilities Authority Revenue, Series A, 4.00%, 8/1/51, Continuously Callable @100		1,000		1,167
Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/51, Continuously Callable @100		1,000		1,123
Sarasota County Health Facilities Authority Revenue, 5.00%, 5/15/38, Continuously Callable @103		700		800
Seminole County IDA Revenue, 4.00%, 6/15/51, Continuously Callable @100 (f)		830		923
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/30, Continuously Callable @100 (f)		1,000		1,095
Tampa-Hillsborough County Expressway Authority Revenue, Series A, 5.00%, 7/1/37, Pre-refunded 7/1/22 @100		1,505		1,547
Volusia County Educational Facility Authority Revenue, Series B, 5.00%, 10/15/45, Pre-refunded 4/15/25 @100		1,000		1,151
				34,300
Georgia (2.5%):
Appling County Development Authority Revenue 0.09%, 9/1/29, Continuously Callable @100 (h)		1,500		1,500
0.09%, 9/1/41, Continuously Callable @100 (h)		1,600		1,600

Security Description	Principal Amount		Value
Crisp County Hospital Authority Revenue, 4.00%, 7/1/51, Continuously Callable @100	$	575	$	661
Development Authority of Heard County Revenue, 0.10%, 9/1/26, Continuously Callable @100 (h)		1,600		1,600
Gainesville & Hall County Hospital Authority Revenue, 4.00%, 2/15/45, Continuously Callable @100		2,000		2,287
Glynn-Brunswick Memorial Hospital Authority Revenue, 5.00%, 8/1/47, Continuously Callable @100		1,000		1,182
Milledgeville & Baldwin County Development Authority Revenue, 4.00%, 6/15/37, Continuously Callable @100		1,300		1,554
Municipal Electric Authority of Georgia Revenue, 4.00%, 1/1/51, Continuously Callable @100		425		479
Private Colleges & Universities Authority Revenue 4.00%, 6/1/45, Continuously Callable @100		750		866
4.00%, 10/1/50, Continuously Callable @100		1,250		1,445
The Burke County Development Authority Revenue, Series 1, 0.08%, 7/1/49, Continuously Callable @100 (h)		1,500		1,500
The Burke County Development Authority Revenue (NBGA — Southern Co.), 0.07%, 11/1/52, Continuously Callable @100 (h)		1,000		1,000
The Development Authority of Monroe County Revenue, 0.09%, 11/1/48, Continuously Callable @100 (h)		3,165		3,165
Valdosta Housing Authority Revenue (LIQ — Deutsche Bank A.G.), Series 2020-XF1089, 0.30%, 4/1/60, Callable 4/1/35 @100 (f) (h)		2,300		2,300
				21,139
Guam (0.2%):
Antonio B Won Pat International Airport Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.50%, 10/1/33, Pre-refunded 10/1/23 @100		750		820
Guam Government Waterworks Authority Revenue, 5.50%, 7/1/43, Pre-refunded 7/1/23 @100		1,000		1,082
				1,902
Illinois (4.5%):
Bureau County Township High School District No. 502, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 12/1/37, Pre-refunded 12/1/27 @100		1,000		1,242
Chicago Board of Education, GO (LIQ — Deutsche Bank A.G.), Series 2017-XM0188, 0.13%, 12/1/39, Callable 1/10/22 @100 (f) (h)		1,000		1,000
Chicago Midway International Airport Revenue, Series B, 5.00%, 1/1/41, Continuously Callable @100		1,000		1,164
Chicago O'Hare International Airport Revenue, Series C, 5.00%, 1/1/41, Continuously Callable @100		1,000		1,181
Chicago O'Hare International Airport Revenue (INS — Assured Guaranty Municipal Corp.), 5.25%, 1/1/33, Continuously Callable @100		1,000		1,051
Chicago Park District, GO, Series C, 4.00%, 1/1/42, Continuously Callable @100		1,250		1,439
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series A, 4.00%, 12/1/55, Continuously Callable @100		2,000		2,274
City of Chicago Wastewater Transmission Revenue 5.00%, 1/1/44, Continuously Callable @100		1,000		1,086
Series A, 5.00%, 1/1/47, Continuously Callable @100		1,000		1,170

Security Description	Principal Amount		Value
City of Chicago Waterworks Revenue, 5.00%, 11/1/44, Continuously Callable @100	$	1,000	$	1,110
City of Galesburg Revenue, Series A, 4.00%, 10/1/46, Continuously Callable @100 (g)		1,000		1,130
Cook County Community College District No. 508, GO (INS — Build America Mutual Assurance Co.), 5.00%, 12/1/47, Continuously Callable @100		1,000		1,183
County of Cook Sales Tax Revenue, 5.00%, 11/15/38, Continuously Callable @100		1,000		1,203
Illinois Educational Facilities Authority Revenue, 4.00%, 11/1/36, Continuously Callable @102		1,000		1,143
Illinois Finance Authority Revenue 3.90%, 3/1/30, Continuously Callable @100		1,000		1,075
5.00%, 5/15/37, Continuously Callable @100		1,000		1,149
5.00%, 5/15/40, Continuously Callable @100		1,275		1,457
5.00%, 8/15/44, Continuously Callable @100		1,000		1,136
5.00%, 10/1/44, Continuously Callable @100		1,000		1,233
5.00%, 5/15/45, Continuously Callable @100		1,000		1,089
Series A, 4.00%, 10/1/40, Continuously Callable @100		1,000		1,119
Series A, 4.00%, 8/1/51, Continuously Callable @100		1,000		1,134
Series C, 4.00%, 2/15/41, Continuously Callable @100		955		1,088
Series C, 4.00%, 2/15/41, Pre-refunded 2/15/27 @100		45		52
Northern Illinois Municipal Power Agency Revenue, Series A, 4.00%, 12/1/41, Continuously Callable @100		1,000		1,119
Northern Illinois University Revenue 4.00%, 10/1/37, Continuously Callable @100		550		651
4.00%, 10/1/39, Continuously Callable @100		425		499
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/40, Continuously Callable @100		600		692
Sangamon County Water Reclamation District, GO Series A, 4.00%, 1/1/49, Continuously Callable @100		1,000		1,137
Series A, 5.75%, 1/1/53, Continuously Callable @100		1,235		1,452
State of Illinois, GO 5.50%, 5/1/39, Continuously Callable @100		225		289
Series A, 5.00%, 3/1/46, Continuously Callable @100		1,000		1,249
Series B, 4.00%, 10/1/32, Continuously Callable @100		2,300		2,700
				37,696
Indiana (0.6%):
Evansville Redevelopment Authority Revenue (INS — Build America Mutual Assurance Co.), 4.00%, 2/1/39, Continuously Callable @100		1,000		1,119
Indiana Finance Authority Revenue 5.00%, 2/1/40, Continuously Callable @100		1,000		1,085
5.00%, 10/1/44, Pre-refunded 10/1/23 @100		1,000		1,086
Richmond Hospital Authority Revenue, 5.00%, 1/1/39, Continuously Callable @100		1,500		1,678
				4,968
Iowa (0.1%):
Iowa Tobacco Settlement Authority Revenue, Series A-2, 4.00%, 6/1/49, Continuously Callable @100		1,000		1,161

Security Description	Principal Amount		Value
Kansas (1.1%):
City of Coffeyville Electric System Revenue (INS — National Public Finance Guarantee Corp.), Series B, 5.00%, 6/1/42, Pre-refunded 6/1/25 @100 (f)	$	1,000	$	1,157
City of Lawrence Revenue 5.00%, 7/1/43, Continuously Callable @100		1,500		1,828
Series A, 4.00%, 7/1/36, Continuously Callable @100		1,500		1,727
City of Manhattan Revenue, Series A, 4.00%, 6/1/46, Continuously Callable @103		750		816
City of Wichita Revenue, 4.63%, 9/1/33, Continuously Callable @100		1,000		1,009
Wyandotte County-Kansas City Unified Government Utility System Revenue Series A, 5.00%, 9/1/44, Continuously Callable @100		1,250		1,385
Series A, 5.00%, 9/1/45, Continuously Callable @100		1,000		1,140
				9,062
Kentucky (0.7%):
City of Ashland Revenue, 5.00%, 2/1/40, Continuously Callable @100		1,000		1,144
City of Hazard Revenue, 4.00%, 7/1/51, Continuously Callable @100		1,000		1,171
Kentucky Bond Development Corp. Revenue, 4.00%, 6/1/46, Continuously Callable @100		750		873
Kentucky Economic Development Finance Authority Revenue, 5.00%, 5/15/46, Continuously Callable @100		1,000		1,048
Kentucky Economic Development Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/1/45, Continuously Callable @100		1,000		1,223
				5,459
Louisiana (2.2%):
City of Shreveport Water & Sewer Revenue 5.00%, 12/1/40, Continuously Callable @100		1,000		1,152
Series B, 4.00%, 12/1/44, Continuously Callable @100		500		573
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual Assurance Co.), Series C, 5.00%, 12/1/39, Continuously Callable @100		1,000		1,120
Jefferson Sales Tax District Revenue, Series B, 4.00%, 12/1/42, Continuously Callable @100		1,500		1,776
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 10/1/39, Continuously Callable @100		1,000		1,205
5.00%, 10/1/43, Continuously Callable @100		1,000		1,210
4.00%, 10/1/46, Continuously Callable @100		1,000		1,119
Louisiana Public Facilities Authority Revenue 5.00%, 11/1/45, Pre-refunded 11/1/25 @100		1,000		1,173
4.00%, 10/1/51, Continuously Callable @100		1,175		1,339
5.00%, 7/1/52, Continuously Callable @100		1,000		1,155
4.00%, 1/1/56, Continuously Callable @100		1,000		1,064
Louisiana Public Facilities Authority Revenue (INS — Build America Mutual Assurance Co.), 5.25%, 6/1/51, Pre-refunded 6/1/25 @100		1,000		1,165
Parish of East Baton Rouge Capital Improvements District Revenue, 4.00%, 8/1/44, Continuously Callable @100		1,400		1,646
State of Louisiana Gasoline & Fuels Tax Revenue, Series C, 5.00%, 5/1/45, Continuously Callable @100		1,500		1,823

Security Description	Principal Amount		Value
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/35, Continuously Callable @100	$	1,000	$	1,064
				18,584
Maine (0.3%):
Maine Health & Higher Educational Facilities Authority Revenue Series A, 4.00%, 7/1/46, Continuously Callable @100		1,000		1,061
Series A, 4.00%, 7/1/50, Continuously Callable @100		1,175		1,378
				2,439
Maryland (0.3%):
Maryland Health & Higher Educational Facilities Authority Revenue 4.00%, 7/1/45, Continuously Callable @100		1,100		1,259
Series B, 4.00%, 1/1/51, Continuously Callable @100		1,000		1,147
				2,406
Massachusetts (1.7%):
Massachusetts Development Finance Agency Revenue 5.00%, 4/15/40, Continuously Callable @100		1,000		1,096
5.25%, 11/15/41, Pre-refunded 11/15/23 @100		1,000		1,097
5.00%, 7/1/46, Continuously Callable @100		1,000		1,155
4.00%, 9/1/48, Continuously Callable @100 (g)		1,380		1,563
4.00%, 7/1/51, Continuously Callable @100		1,500		1,732
5.00%, 10/1/57, Continuously Callable @105 (f)		1,000		1,080
Series A, 5.00%, 6/1/39, Continuously Callable @100		1,000		1,226
Series A, 5.50%, 7/1/44, Continuously Callable @100		500		509
Series A, 5.00%, 7/1/44, Continuously Callable @100		1,600		1,933
Series B, 4.00%, 7/1/50, Continuously Callable @100		850		971
Series D, 5.00%, 7/1/44, Continuously Callable @100		1,000		1,118
Series F, 5.75%, 7/15/43, Continuously Callable @100		1,000		1,052
				14,532
Michigan (1.3%):
City of Wyandotte Electric System Revenue (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 10/1/44, Continuously Callable @100		1,000		1,129
Detroit Downtown Development Authority Tax Allocation (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/43, Continuously Callable @100		1,750		1,912
Jackson Public Schools, GO (NBGA — Michigan School Bond Qualification & Loan Program), 5.00%, 5/1/42, Continuously Callable @100		1,000		1,217
Karegnondi Water Authority Revenue, 5.00%, 11/1/41, Continuously Callable @100		1,000		1,198
Kentwood Economic Development Corp. Revenue, 4.00%, 11/15/45, Continuously Callable @103		500		560
Lincoln Consolidated School District, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 5/1/40, Continuously Callable @100		1,250		1,459
Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.), 5.00%, 5/1/45, Continuously Callable @100		1,000		1,164
Michigan Finance Authority Revenue, 4.00%, 9/1/45, Continuously Callable @100		1,000		1,131

Security Description	Principal Amount		Value
Wayne County Airport Authority Revenue, 5.00%, 12/1/44, Continuously Callable @100	$	1,000	$	1,116
				10,886
Minnesota (0.3%):
Housing & Redevelopment Authority Revenue 5.00%, 11/15/44, Pre-refunded 11/15/25 @100		1,000		1,173
5.00%, 11/15/47, Continuously Callable @100		1,000		1,195
				2,368
Missouri (1.0%):
Cape Girardeau County IDA Revenue, 4.00%, 3/1/46, Continuously Callable @100		750		838
Health & Educational Facilities Authority of the State of Missouri Revenue 4.00%, 2/1/48, Continuously Callable @100		1,500		1,644
4.00%, 2/15/51, Continuously Callable @100		480		558
Health & Educational Facilities Authority Revenue 5.00%, 8/1/45, Continuously Callable @100		1,270		1,388
4.00%, 2/15/49, Continuously Callable @100		250		284
Missouri Development Finance Board Revenue, 4.00%, 3/1/51, Continuously Callable @100		1,000		1,120
St. Louis Municipal Finance Corp. Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 10/1/38, Continuously Callable @100		1,000		1,203
5.00%, 10/1/49, Continuously Callable @100		1,000		1,240
				8,275
Montana (0.1%):
Montana Facility Finance Authority Revenue, Series A, 4.00%, 6/1/45, Continuously Callable @100		485		572
Nebraska (0.1%):
Douglas County Hospital Authority No. 3 Revenue, 5.00%, 11/1/48, Continuously Callable @100		1,000		1,142
Nevada (0.6%):
City of Carson City Revenue, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,190
Las Vegas Convention & Visitors Authority Revenue, Series C, 4.00%, 7/1/41, Continuously Callable @100		1,555		1,725
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/45, Continuously Callable @100		1,500		1,717
				4,632
New Jersey (2.8%):
Essex County Improvement Authority Revenue, 4.00%, 6/15/51, Continuously Callable @100		1,100		1,235
New Jersey Economic Development Authority Revenue 5.00%, 6/15/29, Continuously Callable @100		1,000		1,022
5.00%, 6/15/42, Continuously Callable @100		2,000		2,357
5.00%, 6/15/43, Continuously Callable @100		1,000		1,213
Series A, 4.00%, 7/1/34, Continuously Callable @100		1,000		1,120
Series A, 5.00%, 6/15/47, Continuously Callable @100		1,000		1,189
Series B, 5.00%, 6/15/43, Continuously Callable @100		1,000		1,215

Security Description	Principal Amount		Value
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/37, Continuously Callable @100	$	500	$	605
New Jersey Educational Facilities Authority Revenue, Series B, 5.00%, 9/1/36, Continuously Callable @100		1,000		1,173
New Jersey Educational Facilities Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series C, 4.00%, 7/1/50, Continuously Callable @100		1,000		1,156
New Jersey Health Care Facilities Financing Authority Revenue, 5.00%, 10/1/37, Continuously Callable @100		1,000		1,186
New Jersey Transportation Trust Fund Authority Revenue Series A, 5.00%, 12/15/35, Continuously Callable @100		1,000		1,230
Series AA, 5.00%, 6/15/44, Continuously Callable @100		1,000		1,089
Series AA, 4.00%, 6/15/50, Continuously Callable @100		1,000		1,138
New Jersey Turnpike Authority Revenue, Series A, 4.00%, 1/1/51, Continuously Callable @100		1,000		1,175
South Jersey Transportation Authority LLC Revenue, Series A, 5.00%, 11/1/39, Continuously Callable @100		1,250		1,387
South Jersey Transportation Authority Revenue, Series A, 4.00%, 11/1/50, Continuously Callable @100		2,250		2,573
The Atlantic County Improvement Authority Revenue, 4.00%, 7/1/53, Continuously Callable @100		750		881
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 6/1/46, Continuously Callable @100		500		604
				23,548
New Mexico (0.2%):
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102		1,500		1,651
New York (1.4%):
Metropolitan Transportation Authority Revenue, Series C, 5.00%, 11/15/42, Continuously Callable @100		1,000		1,049
New York Liberty Development Corp. Revenue 5.25%, 10/1/35		630		891
5.50%, 10/1/37		1,500		2,241
2.80%, 9/15/69, Continuously Callable @100		1,000		1,038
New York State Dormitory Authority Revenue Series A, 4.00%, 3/15/47, Continuously Callable @100		2,000		2,358
Series A, 4.00%, 9/1/50, Continuously Callable @100		2,000		2,256
New York State Dormitory Authority Revenue (INS — AMBAC Assurance Corp.), Series 1, 5.50%, 7/1/40		1,205		1,819
				11,652
North Carolina (0.3%):
North Carolina Medical Care Commission Revenue 5.00%, 10/1/35, Continuously Callable @100		1,000		1,157
5.00%, 1/1/49, Continuously Callable @104		1,500		1,672
				2,829
North Dakota (0.3%):
City of Grand Forks ND Revenue, 4.00%, 12/1/51, Continuously Callable @100		500		571
County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100		1,000		1,175

Security Description	Principal Amount		Value
University of North Dakota Certificate of Participation, Series A, 4.00%, 6/1/51, Continuously Callable @100	$	1,000	$	1,149
				2,895
Ohio (0.2%):
County of Warren Revenue, Series A, 4.00%, 7/1/45, Continuously Callable @100		735		824
Southeastern Ohio Port Authority Revenue, 5.00%, 12/1/43, Continuously Callable @100		750		795
				1,619
Oklahoma (0.5%):
Comanche County Hospital Authority Revenue, Series A, 5.00%, 7/1/32, Continuously Callable @100		1,315		1,337
Oklahoma Development Finance Authority Revenue, Series B, 5.50%, 8/15/57, Continuously Callable @100		1,000		1,229
Oklahoma Municipal Power Authority Revenue, Series A, 4.00%, 1/1/47, Continuously Callable @100		1,000		1,174
Tulsa County Industrial Authority Revenue, 5.25%, 11/15/37, Continuously Callable @102		750		845
				4,585
Oregon (0.4%):
Medford Hospital Facilities Authority Revenue, Series A, 4.00%, 8/15/50, Continuously Callable @100		1,000		1,165
Oregon State Facilities Authority Revenue, Series A, 4.00%, 10/1/51, Continuously Callable @100		1,000		1,138
Salem Hospital Facility Authority Revenue, 5.00%, 5/15/53, Continuously Callable @102		1,250		1,424
				3,727
Pennsylvania (5.8%):
Adams County General Authority Revenue, 4.00%, 8/15/45, Continuously Callable @100		1,455		1,684
Allegheny County Hospital Development Authority Revenue 4.00%, 7/15/39, Continuously Callable @100		1,185		1,386
5.00%, 4/1/47, Continuously Callable @100		1,000		1,198
Altoona Area School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 12/1/48, Pre-refunded 12/1/25 @100		1,000		1,177
Berks County IDA Revenue 5.00%, 5/15/43, Continuously Callable @102		350		387
5.00%, 11/1/50, Continuously Callable @100		1,500		1,659
Bucks County IDA Revenue, 4.00%, 8/15/44, Continuously Callable @100		1,000		1,114
Butler County Hospital Authority Revenue, 5.00%, 7/1/39, Continuously Callable @100		1,125		1,257
Canon Mcmillan School District, GO, 4.00%, 6/1/48, Continuously Callable @100		1,500		1,676
Central Bradford Progress Authority Revenue, Series B, 4.00%, 12/1/51, Continuously Callable @100		2,000		2,307
Chester County IDA Revenue, 5.00%, 10/1/44, Continuously Callable @100		1,000		1,092
City of Erie Higher Education Building Authority Revenue, 5.00%, 5/1/47, Continuously Callable @100		1,050		1,302

Security Description	Principal Amount		Value
Commonwealth Financing Authority Revenue, 5.00%, 6/1/35, Continuously Callable @100	$	1,000	$	1,219
Commonwealth of Pennsylvania Certificate of Participation, Series A, 5.00%, 7/1/43, Continuously Callable @100		1,000		1,207
County of Lehigh Revenue, 4.00%, 7/1/49, Continuously Callable @100		1,000		1,140
Indiana County Hospital Authority Revenue, Series A, 6.00%, 6/1/39, Continuously Callable @100		1,625		1,694
Lancaster County Hospital Authority Revenue, 5.00%, 11/1/35, Continuously Callable @100		1,000		1,129
Lancaster IDA Revenue, 4.00%, 7/1/51, Continuously Callable @103		500		542
Latrobe IDA Revenue, 4.00%, 3/1/51, Continuously Callable @100		800		866
Montgomery County IDA Revenue 5.25%, 1/15/45, Continuously Callable @100		1,000		1,118
4.00%, 10/1/46, Continuously Callable @100		625		722
4.00%, 10/1/51, Continuously Callable @100		825		947
Series C, 4.00%, 11/15/43, Continuously Callable @103		600		686
Northampton County General Purpose Authority Revenue 4.00%, 8/15/40, Continuously Callable @100		1,000		1,093
5.00%, 8/15/43, Continuously Callable @100		1,000		1,195
Pennsylvania Economic Development Financing Authority Revenue 4.00%, 7/1/46, Continuously Callable @103		1,000		1,117
Series A, 4.00%, 10/15/51, Continuously Callable @100		1,000		1,174
Pennsylvania Higher Educational Facilities Authority Revenue, Series A, 4.00%, 7/15/46, Continuously Callable @100		1,575		1,808
Pennsylvania Turnpike Commission Revenue Series A-1, 5.00%, 12/1/46, Continuously Callable @100		1,000		1,149
Series A-1, 5.00%, 12/1/47, Continuously Callable @100		1,000		1,214
Series B, 5.00%, 12/1/39, Continuously Callable @100		1,000		1,242
Series B, 5.25%, 12/1/44, Continuously Callable @100		1,000		1,125
Series B, 4.00%, 12/1/51, Continuously Callable @100		1,000		1,161
Series B, 4.00%, 12/1/51, Continuously Callable @100		1,000		1,164
Philadelphia IDA Revenue, 5.00%, 8/1/50, Continuously Callable @100		1,050		1,252
Reading School District, GO (INS — Assured Guaranty Municipal Corp.), 5.00%, 3/1/38, Continuously Callable @100		1,500		1,785
School District of Philadelphia, GO, Series F, 5.00%, 9/1/37, Continuously Callable @100		1,000		1,177
The Philadelphia School District, GO, Series A, 5.00%, 9/1/38, Continuously Callable @100		1,000		1,221
The School District of Philadelphia, GO, Series A, 4.00%, 9/1/46, Continuously Callable @100		1,000		1,169
Wilkes-Barre Area School District, GO (INS — Build America Mutual Assurance Co.), 4.00%, 4/15/49, Continuously Callable @100		1,500		1,699
				49,254
Puerto Rico (0.1%):
Commonwealth of Puerto Rico, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 7/1/35, Continuously Callable @100		1,000		1,008
Rhode Island (0.2%):
Rhode Island Housing & Mortgage Finance Corp. Revenue, Series 15-A, 6.85%, 10/1/24, Continuously Callable @100		40		40

Security Description	Principal Amount		Value
Rhode Island Turnpike & Bridge Authority Revenue, Series A, 5.00%, 10/1/40, Continuously Callable @100	$	1,000	$	1,167
				1,207
South Carolina (0.6%):
Patriots Energy Group Revenue Series A, 4.00%, 6/1/46, Continuously Callable @100		500		585
Series A, 4.00%, 6/1/51, Continuously Callable @100		600		696
Piedmont Municipal Power Agency Revenue (INS — Assured Guaranty Municipal Corp.), Series D, 5.75%, 1/1/34, Continuously Callable @100		2,000		2,000
South Carolina Jobs-Economic Development Authority Revenue 5.00%, 11/15/47, Continuously Callable @103		1,000		1,163
4.00%, 4/1/49, Continuously Callable @103		620		673
				5,117
Tennessee (0.8%):
Greeneville Health & Educational Facilities Board Revenue, 5.00%, 7/1/37, Continuously Callable @100		1,500		1,832
Metropolitan Government Nashville & Davidson Country Health & Educational Facilities Board Revenue, 4.00%, 10/1/51, Continuously Callable @100		1,000		1,093
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue 5.00%, 10/1/45, Continuously Callable @100		1,000		1,153
5.00%, 7/1/46, Continuously Callable @100		1,000		1,162
5.00%, 10/1/48, Continuously Callable @100		500		594
The Metropolitan Nashville Airport Authority Revenue, Series A, 4.00%, 7/1/49, Continuously Callable @100		1,000		1,166
				7,000
Texas (7.5%):
Arlington Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund), 4.00%, 8/15/44, Continuously Callable @100		2,165		2,486
Bexar County Health Facilities Development Corp. Revenue, 5.00%, 7/15/37, Continuously Callable @105		1,000		1,106
Central Texas Regional Mobility Authority Revenue 4.00%, 1/1/41, Continuously Callable @100		1,000		1,094
Series A, 5.00%, 1/1/45, Pre-refunded 7/1/25 @100		1,000		1,159
Central Texas Turnpike System Revenue, Series C, 5.00%, 8/15/42, Continuously Callable @100		1,000		1,108
City of Arlington Special Tax (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 2/15/48, Continuously Callable @100		1,000		1,208
City of Garland Texas Electric Utility System Revenue, Series A, 4.00%, 3/1/51, Continuously Callable @100		1,000		1,174
City of Houston Hotel Occupancy Tax & Special Revenue 5.00%, 9/1/39, Continuously Callable @100		1,000		1,107
5.00%, 9/1/40, Continuously Callable @100		1,000		1,106
City of Irving Texas Revenue, 5.00%, 8/15/43, Continuously Callable @100		1,000		1,189
City of Laredo Waterworks & Sewer System Revenue, 4.00%, 3/1/41, Continuously Callable @100		1,000		1,110

Security Description	Principal Amount		Value
City of Lewisville Special Assessment (INS — ACA Financial Guaranty Corp.), 5.80%, 9/1/25 (c)	$	2,895	$	3,021
City of Lubbock Texas Electric Light & Power System Revenue, 4.00%, 4/15/51, Continuously Callable @100		2,500		2,896
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund) 5.00%, 8/15/39, Continuously Callable @100		1,000		1,110
4.00%, 8/15/44, Continuously Callable @100		1,000		1,162
County of Bexar Revenue, 4.00%, 8/15/44, Continuously Callable @100		1,500		1,702
Everman Independent School District, GO (NBGA — Texas Permanent School Fund), 4.00%, 2/15/50, Continuously Callable @100		1,500		1,762
Greater Texas Cultural Education Facilities Finance Corp. Revenue, 4.00%, 3/1/50, Continuously Callable @100		2,000		2,298
Harris County Cultural Education Facilities Finance Corp. Revenue, 5.00%, 6/1/38, Continuously Callable @100		1,000		1,042
Harris County Hospital District Revenue, 4.00%, 2/15/42, Continuously Callable @100		1,000		1,101
Houston Higher Education Finance Corp. Revenue, 4.00%, 10/1/51, Continuously Callable @100		1,100		1,219
Karnes County Hospital District Revenue, 5.00%, 2/1/44, Continuously Callable @100		1,000		1,086
Martin County Hospital District, GO, 4.00%, 4/1/36, Continuously Callable @100		350		397
Matagorda County Navigation District No. 1 Revenue, 4.00%, 6/1/30, Continuously Callable @100		1,000		1,044
Mesquite Health Facilities Development Corp. Revenue, 2/15/35, Continuously Callable @100 (j)		1,000		793
New Hope Cultural Education Facilities Finance Corp. Revenue 2.25%, 7/1/47, Callable 7/1/25 @100		1,000		857
Series A, 5.00%, 4/1/47, Pre-refunded 4/1/25 @100		1,600		1,838
New Hope Cultural Education Facilities Finance Corp. Revenue (INS — Assured Guaranty Municipal Corp.), Series A1, 5.00%, 7/1/38, Continuously Callable @100		225		271
North Texas Tollway Authority Revenue Series B, 5.00%, 1/1/31, Continuously Callable @100		1,500		1,635
Series B, 5.00%, 1/1/45, Continuously Callable @100		1,000		1,122
Port of Port Arthur Navigation District Revenue 0.13%, 11/1/40, Continuously Callable @100 (c) (h)		4,650		4,650
Series A, 0.06%, 4/1/40, Continuously Callable @100 (h)		530		530
Series B, 0.06%, 4/1/40, Continuously Callable @100 (h)		300		300
Series C, 0.08%, 4/1/40, Continuously Callable @100 (h)		8,500		8,500
Princeton Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/43, Continuously Callable @100		1,000		1,231
Prosper Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100		1,000		1,226
San Antonio Education Facilities Corp. Revenue, 4.00%, 4/1/54, Continuously Callable @100		1,000		1,119
Tarrant County Cultural Education Facilities Finance Corp. Revenue 5.00%, 11/15/46, Continuously Callable @100		1,000		1,164
Series A, 11/15/45, Callable 11/15/25 @100 (j)		1,000		800
Series B, 11/15/36, Callable 11/15/25 @100 (j)		1,000		800

Security Description	Principal Amount		Value
Series B, 5.00%, 7/1/48, Continuously Callable @100	$	1,500	$	1,843
Waco Educational Finance Corp. Revenue, 4.00%, 3/1/51, Continuously Callable @100		1,000		1,175
				63,541
Utah (0.1%):
Utah Charter School Finance Authority Revenue, Series A, 4.00%, 10/15/46, Continuously Callable @100		860		1,011
Vermont (0.1%):
Vermont Economic Development Authority Revenue, Series A, 4.00%, 5/1/45, Continuously Callable @103		1,000		1,089
Virginia (0.1%):
Alexandria IDA Revenue, 5.00%, 10/1/45, Continuously Callable @100		1,000		1,124
Washington (0.7%):
King County Public Hospital District No 2, GO, Series A, 4.00%, 12/1/41, Continuously Callable @100		1,000		1,166
Washington Health Care Facilities Authority Revenue 4.00%, 7/1/42, Continuously Callable @100		1,000		1,129
5.00%, 1/1/47, Continuously Callable @100		1,000		1,172
Washington Higher Education Facilities Authority Revenue, 4.00%, 5/1/45, Continuously Callable @100		1,100		1,264
Washington State Housing Finance Commission Revenue 5.00%, 1/1/38, Continuously Callable @102 (f)		1,000		1,167
Series A-1, 3.50%, 12/20/35		298		348
				6,246
West Virginia (0.2%):
West Virginia Hospital Finance Authority Revenue, 4.00%, 1/1/38, Continuously Callable @100		1,500		1,723
Wisconsin (1.4%):
Public Finance Authority Revenue 5.00%, 7/1/38, Continuously Callable @100		1,000		1,227
4.00%, 1/1/45, Continuously Callable @100		1,440		1,651
4.00%, 2/1/51, Continuously Callable @100		1,000		1,144
Series A, 4.00%, 10/1/47, Continuously Callable @100		1,000		1,169
Series A, 5.25%, 10/1/48, Continuously Callable @100		1,500		1,727
Series A, 4.00%, 10/1/49, Continuously Callable @100		1,500		1,682
Public Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/44, Continuously Callable @100		600		733
Wisconsin Health & Educational Facilities Authority Revenue 5.25%, 4/15/35, Pre-refunded 4/15/23 @100		1,000		1,068
5.00%, 9/15/45, Pre-refunded 9/15/23 @100		1,000		1,083
				11,484
Total Municipal Bonds (Cost $424,324)				447,547
U.S. Treasury Obligations (0.1%)
U.S. Treasury Bills, 0.04%, 1/27/22 (l)		700		700
Total U.S. Treasury Obligations (Cost $700)				700

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.0%) (m)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (n)		254,451	$	254
Total Collateral for Securities Loaned (Cost $254)				254
Total Investments (Cost $538,503) — 99.4%				839,378
Other assets in excess of liabilities — 0.6%				5,131
NET ASSETS — 100.00%			$	844,509

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

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

(c) All or a portion of this security has been segregated as collateral for derivative instruments, delayed delivered and/or when-issued securities.

(d) Rounds to less than $1 thousand.

(e) Northern Trust Corp. is the parent of Northern Trust Investments Inc., which is the sub adviser of the Fund.

(f) 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 November 30, 2021, the fair value of these securities was $17,367 (thousands) and amounted to 2.1% of net assets.

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

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

(i) Zero-coupon bond.

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

(k) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of November 30, 2021, illiquid securities were 0.1% of net assets.

(l) Rate represents the effective yield at November 30, 2021.

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

(n) Rate disclosed is the daily yield on November 30, 2021.

AMBAC — American Municipal Bond Assurance Corporation

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

	USAA Growth and Tax Strategy Fund
Assets:
Investments, at value (Cost $538,503)	$	839,378	(a)
Cash		3,023
Deposit with broker for futures contracts		37
Receivables:
Interest and dividends		5,215
Capital shares issued		1,753
Prepaid expenses		34
Total Assets		849,440
Liabilities:
Payables:
Collateral received on loaned securities		254
Investments purchased		3,682
Capital shares redeemed		490
Variation margin on open futures contracts		55
Accrued expenses and other payables:
Investment advisory fees		237
Administration fees		101
Custodian fees		3
Transfer agent fees		44
Compliance fees		—	(b)
Trustees' fees		—	(b)
12b-1 fees		2
Other accrued expenses		63
Total Liabilities		4,931
Net Assets:
Capital		550,203
Total accumulated earnings/(loss)		294,306
Net Assets	$	844,509
Net Assets
Fund Shares	$	764,804
Institutional Shares		68,321
Class A		7,894
Class C		3,490
Total	$	844,509
Shares (unlimited number of shares authorized with no par value):
Fund Shares		29,073
Institutional Shares		2,599
Class A		301
Class C		134
Total		32,107
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	26.31
Institutional Shares	$	26.29
Class A	$	26.25
Class C (d)	$	26.11
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	26.85

(a) Includes $239 of securities on loan.

(b) Rounds to less than $1 thousand.

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

	USAA Growth and Tax Strategy Fund
Investment Income:
Dividends	$	2,662
Interest		6,025
Securities lending (net of fees)		—	(a)
Foreign tax withholding		—	(a)
Total Income		8,687
Expenses:
Investment advisory fees		1,301
Administration fees — Fund Shares		556
Administration fees — Institutional Shares		30
Administration fees — Class A		2
Administration fees — Class C		2
Sub-Administration fees		22
12b-1 fees — Class A		4
12b-1 fees — Class C		13
Custodian fees		19
Transfer agent fees — Fund Shares		201
Transfer agent fees — Institutional Shares		30
Transfer agent fees — Class A		2
Transfer agent fees — Class C		1
Trustees' fees		23
Compliance fees		3
Legal and audit fees		34
State registration and filing fees		43
Other expenses		57
Total Expenses		2,343
Expenses waived/reimbursed by Adviser		(9	)
Net Expenses		2,334
Net Investment Income (Loss)		6,353
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		1,907
Net realized gains (losses) from futures contracts		193
Net change in unrealized appreciation/depreciation on investment securities		30,015
Net change in unrealized appreciation/depreciation on futures contracts		(48	)
Net realized/unrealized gains (losses) on investments		32,067
Change in net assets resulting from operations	$	38,420

(a) Rounds to less than $1 thousand.

	USAA Growth and Tax Strategy Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	6,353		$	12,399
Net realized gains (losses) from investments		2,100			6,824
Net change in unrealized appreciation/depreciation on investments		29,967			116,209
Change in net assets resulting from operations		38,420			135,432
Distributions to Shareholders:
Fund Shares		(5,608	)		(11,933	)
Institutional Shares (a)		(450	)		(467	)
Class A (a)		(18	)		(1	)
Class C (a)		(13	)		(5	)
Change in net assets resulting from distributions to shareholders		(6,089	)		(12,406	)
Change in net assets resulting from capital transactions		53,050			42,523
Change in net assets		85,381			165,549
Net Assets:
Beginning of period		759,128			593,579
End of period	$	844,509		$	759,128

(a) Institutional Shares, Class A and Class C commenced operations on June 29, 2020.

(continues on next page)

	USAA Growth and Tax Strategy Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	66,682		$	128,688
Distributions reinvested		5,363			11,096
Cost of shares redeemed		(38,822	)		(149,077	)
Total Fund Shares	$	33,223		$	(9,293	)
Institutional Shares (a)
Proceeds from shares issued	$	13,964		$	56,777
Distributions reinvested		109			130
Cost of shares redeemed		(3,712	)		(6,753	)
Total Institutional Shares	$	10,361		$	50,154
Class A (a)
Proceeds from shares issued	$	7,436		$	520
Distributions reinvested		13			1
Cost of shares redeemed		(174	)		(22	)
Total Class A	$	7,275		$	499
Class C (a)
Proceeds from shares issued	$	2,192		$	1,181
Distributions reinvested		12			4
Cost of shares redeemed		(13	)		(22	)
Total Class C	$	2,191		$	1,163
Change in net assets resulting from capital transactions	$	53,050		$	42,523
Share Transactions:
Fund Shares
Issued		2,568			5,514
Reinvested		209			491
Redeemed		(1,494	)		(6,530	)
Total Fund Shares		1,283			(525	)
Institutional Shares (a)
Issued		537			2,477
Reinvested		4			6
Redeemed		(143	)		(282	)
Total Institutional Shares		398			2,201
Class A (a)
Issued		286			22
Reinvested		1			—	(b)
Redeemed		(7	)		(1	)
Total Class A		280			21
Class C (a)
Issued		85			50
Reinvested		—	(b)		—	(b)
Redeemed		—	(b)		(1	)
Total Class C		85			49
Change in Shares		2,046			1,746

(a) Institutional Shares, Class A and Class C commenced operations on June 29, 2020.

(b) Rounds to less than 1 thousand shares.

			Investment Activities							Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income			Net Realized Gains from Investments
USAA Growth and Tax Strategy Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	25.25		0.21	(d)		1.05		1.26		(0.20	)		—
Year Ended May 31
2021	$	20.96		0.43	(d)		4.29		4.72		(0.43	)		—
2020	$	20.18		0.47	(d)		0.77		1.24		(0.46	)		—
2019	$	19.77		0.47			0.47		0.94		(0.48	)		(0.05	)
2018	$	18.76		0.44			1.01		1.45		(0.44	)		—
2017	$	17.79		0.42			0.96		1.38		(0.41	)		—
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	25.24		0.21	(d)		1.04		1.25		(0.20	)		—
June 29, 2020 (f) through May 31, 2021	$	21.05		0.40	(d)		4.12		4.52		(0.33	)		—
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	25.22		0.17	(d)		1.04		1.21		(0.18	)		—
June 29, 2020 (f) through May 31, 2021	$	21.05		0.31	(d)		4.16		4.47		(0.30	)		—
Class C
Six Months Ended November 30, 2021 (Unaudited)	$	25.12		0.07	(d)		1.04		1.11		(0.12	)		—
June 29, 2020 (f) through May 31, 2021	$	21.05		0.16	(d)		4.13		4.29		(0.22	)		—

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Growth and Tax Strategy Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)		(0.20	)	$	26.31		5.00	%		0.57	%		1.58	%		0.57	%	$	764,804		4	%
Year Ended May 31
2021		(0.43	)	$	25.25		22.79	%		0.59	%		1.86	%		0.59	%	$	701,841		11	%
2020		(0.46	)	$	20.96		6.25	%		0.57	%		2.25	%		0.57	%	$	593,579		34	%(e)
2019		(0.53	)	$	20.18		4.83	%		0.60	%		2.44	%		0.60	%	$	526,320		7	%
2018		(0.44	)	$	19.77		7.81	%		0.68	%		2.32	%		0.68	%	$	459,682		10	%
2017		(0.41	)	$	18.76		7.88	%		0.84	%		2.33	%		0.84	%	$	391,020		4	%
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)		(0.20	)	$	26.29		4.97	%		0.56	%		1.59	%		0.56	%	$	68,321		4	%
June 29, 2020 (f) through May 31, 2021		(0.33	)	$	25.24		21.62	%		0.56	%		1.80	%		0.59	%	$	55,541		11	%
Class A
Six Months Ended November 30, 2021 (Unaudited)		(0.18	)	$	26.25		4.80	%		0.86	%		1.30	%		1.31	%	$	7,894		4	%
June 29, 2020 (f) through May 31, 2021		(0.30	)	$	25.22		21.35	%		0.86	%		1.38	%		13.45	%	$	525		11	%
Class C
Six Months Ended November 30, 2021 (Unaudited)		(0.12	)	$	26.11		4.42	%		1.61	%		0.54	%		1.83	%	$	3,490		4	%
June 29, 2020 (f) through May 31, 2021		(0.22	)	$	25.12		20.47	%		1.60	%		0.70	%		5.63	%	$	1,221		11	%

1. Organization:

The accompanying financial statements are those of the USAA Growth and Tax Strategy Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, and Class C. The Fund is classified as diversified under the 1940 Act.

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Common Stocks	$	390,877	$	—	$	—	$	390,877
Municipal Bonds		—		447,547		—		447,547
U.S. Treasury Obligations		—		700		—		700
Collateral for Securities Loaned		254		—		—		254
Total	$	391,131	$	448,247	$	—	$	839,378
Other Financial Investments*
Assets:
Futures Contracts	$	67	$	—	$	—	$	67
Total	$	67	$	—	$	—	$	67

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

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Open-End Funds:

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis, or for delayed draws on loans can take place a month or more after the trade date. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payables for Investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payments of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

Below-Investment-Grade Securities:

The Fund may invest in below-investment-grade securities (i.e. lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

Derivative Instruments:

Futures Contracts:

payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is presented on the Statement of Assets and Liabilities under Deposit with broker for futures contracts. During the six months ended November 30, 2021, the Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Summary of Derivative Instruments:

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

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	67	$	—

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

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	193	$	(48	)

Investment Transactions and Related Income:

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	239			$	—			$	254

Foreign Taxes:

Federal Income Taxes:

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

Allocations:

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

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	20,300			$	25,950			$	—

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	90,635	$	29,100

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.30% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

agreement between the Trust, on behalf of the Fund, and VCM. The Transaction closed on July 1, 2019, and effective July 1, 2019, VCM replaced AMCO as the investment adviser to the Fund and no performance adjustments were made for the period beginning July 1, 2019, through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Composite Index which is comprised of 51% of the Lipper General & Insured Municipal Bond Funds Index and 49% of the Lipper Large-Cap Core Funds Index.

The performance period for each share class consists of the current month plus the previous 35 months (or the number of months beginning July 1, 2019, if fewer). The following table is utilized to determine the extent of the performance adjustment:

Over/Under Performance Relative to Index (in basis points)(a)		Annual Adjustment Rate (in basis points)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Each class' annual performance adjustment rate is multiplied by the average daily net assets of each respective class over the entire performance period, which is then multiplied by a fraction, the numerator of which is the number of days in the month and the denominator of which is 365 (366 in leap years). The resulting amount is then added to (in the case of overperformance), or subtracted from (in the case of underperformance) the base fee.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Composite Index over that period, even if the class has overall negative returns during the performance period.

For the period June 1, 2021 to November 30, 2021, performance adjustments were $90, less than $(1), less than $1, and less than $(1) for Fund Shares, Institutional Shares, Class A, and Class C, in thousands, respectively. Performance adjustments were 0.02%, less than (0.01)%, less than 0.01%, and less than (0.01)% for Fund Shares, Institutional Shares, Class A, and Class C, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

VCM entered into a Subadvisory Agreement with Northern Trust Investments, Inc. ("NTI") under which NTI directs the investment and reinvestment of the Fund's assets allocated to it in accordance with the Fund's investment objective, policies, and restrictions, subject to the general supervision of the Board and VCM. This arrangement provides for monthly fees that are paid by VCM. VCM (not the Fund) pays the subadviser fees.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, 0.15%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, Class A, and Class C, respectively.

Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

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

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust. Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, up to an annual rate of 1.00% of the average daily net assets of Class C and 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A, and Class C. Amounts incurred and paid to the Distributor for the six months ended November 30, 2021, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended November 30, 2021, the Distributor received less than $1 thousand dollars from commissions earned on the sale of Class A.

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of November 30, 2021, the expense limits (excluding voluntary waivers) were 0.61%, 0.57%, 0.86%, and 1.61% for Fund Shares, Institutional Shares, Class A, and Class C, respectively.

Expires 2024				Expires 2025				Total
$	38			$	9			$	47

5. Risks:

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

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

Other factors that may affect the value of debt securities include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

Credit Risk — The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor's return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.

securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security's maturity can increase the security's sensitivity to interest rate changes.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed-income securities may vary widely under certain market conditions.

interbank funding costs for different short-term tenors. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or a similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. Non-LIBOR floating rate obligations, including SOFR-based obligations, may have returns and values that fluctuate more than those of floating rate obligations that are based on LIBOR or other rates. Resulting changes in the financial markets may adversely affect financial markets generally and may also adversely affect our operations specifically, particularly as financial markets transition away from LIBOR.

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

7. Federal Income Tax Information:

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

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

	Beginning Account Value 6/1/21		Actual Ending Account Value 11/30/21		Hypothetical Ending Account Value 11/30/21		Actual Expenses Paid During Period 6/1/21- 11/30/21*		Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*		Annualized Expense Ratio During Period 6/1/21- 11/30/21
Fund Shares	$	1,000.00	$	1,050.00	$	1,022.21	$	2.93	$	2.89		0.57	%
Institutional Shares		1,000.00		1,049.70		1,022.26		2.88		2.84		0.56	%
Class A		1,000.00		1,048.00		1,020.76		4.42		4.36		0.86	%
Class C		1,000.00		1,044.20		1,017.00		8.25		8.14		1.61	%

	USAA Managed Allocation Fund
Assets:
Investments, at value (Cost $532,184)	$	642,547	(a)
Cash		1,663
Receivables:
Interest and dividends		1
Capital shares issued		79
From Adviser		88
Prepaid expenses		19
Total Assets		644,397
Liabilities:
Payables:
Collateral received on loaned securities		875
Capital shares redeemed		356
Accrued expenses and other payables:
Investment advisory fees		329
Administration fees		27
Custodian fees		5
Transfer agent fees		27
Compliance fees		—	(b)
Other accrued expenses		73
Total Liabilities		1,692
Net Assets:
Capital		495,084
Total accumulated earnings/(loss)		147,621
Net Assets	$	642,705
Shares (unlimited number of shares authorized with no par value):		43,860
Net asset value, offering and redemption price per share: (c)	$	14.65

(a) Includes $845 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Managed Allocation Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	3,517		$	7,373
Net realized gains (losses) from investments		8,158			77,147
Net change in unrealized appreciation/depreciation on investments		12,218			58,529
Change in net assets resulting from operations		23,893			143,049
Change in net assets resulting from distributions to shareholders		—			(8,738	)
Change in net assets resulting from capital transactions		(42,488	)		(133,803	)
Change in net assets		(18,595	)		508
Net Assets:
Beginning of period		661,300			660,792
End of period	$	642,705		$	661,300
Capital Transactions:
Proceeds from shares issued	$	19,867		$	31,378
Distributions reinvested		—			8,737
Cost of shares redeemed		(62,355	)		(173,918	)
Change in net assets resulting from capital transactions	$	(42,488	)	$	(133,803	)
Share Transactions:
Issued		1,377			2,457
Reinvested		—			682
Redeemed		(4,281	)		(13,694	)
Total Fund Shares		(2,904	)		(10,555	)

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Managed Allocation Fund
Six Months Ended November 30, 2021 (Unaudited)		—		$	14.65		3.61	%		0.59	%		1.06	%		0.75	%	$	642,705		0	%
Year Ended May 31:
2021		(0.17	)	$	14.14		24.31	%		0.59	%		1.12	%		0.75	%	$	661,300		152	%
2020		(0.32	)	$	11.53		6.66	%		0.60	%		2.38	%		0.74	%	$	660,792		167	%
2019		(0.19	)	$	11.10		(5.92	)%		0.75	%		1.72	%		0.75	%	$	724,519		156	%(d)
2018		(0.29	)	$	12.01		5.91	%		0.74	%		1.83	%		0.74	%	$	808,509		97	%(e)
2017		(0.25	)	$	11.61		8.94	%		0.76	%		2.13	%		0.76	%	$	765,879		194	%(d)

See notes to financial statements.

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	641,672	$	—	$	—	$	641,672
Collateral for Securities Loaned		875		—		—		875
Total	$	642,547	$	—	$	—	$	642,547

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Investment Companies:

Exchange-Traded Funds:

Open-End Funds:

Investment Transactions and Related Income:

Securities Lending:

value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund does not have effective control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	845			$	—			$	875

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	—	$	38,507

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.60% of the Fund's average daily net assets. The Adviser has contractually agreed to waive its management fee from 0.60% to 0.44%. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.05%, which is based on the Fund's average daily net assets. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund based on an annual rate of 0.05% of average daily net assets plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the six months ended November 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

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

As of November 31, 2021, there were no amounts available to be repaid to the Adviser. The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that repayments are not probable at November 30, 2021.

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. These waivers are not available for recoupment and are reflected on the Statement of Operations as Expenses waived/reimbursed by Adviser.

5. Risks:

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

Portfolio Reallocation Risk — The frequent changes in the allocation of the Fund's portfolio holdings may result in higher portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more brokerage commissions than it would without a reallocation policy. In addition, the Fund may have a higher proportion of capital gains and a potentially lower return than a fund that does not reallocate from time to time.

ETF Risk — ETFs, which generally are registered investment companies, incur their own management and other fees and expenses, such as trustees' fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund as a shareholder in an ETF. As a result, the Fund's investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund's performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. For investments in affiliated ETFs, the Fund's management fee is reimbursed by the Adviser to the extent of the indirect management fee incurred

through the Fund's investment in the affiliated ETFs. The Adviser may have conflicts of interest in allocating assets among affiliated and unaffiliated ETFs, because the Adviser also manages and administers the affiliated ETFs, and the Adviser and its affiliates receive other fees from the affiliated ETFs. In addition, the Fund also will be subject to the risks associated with the securities or other investments held by the ETFs.

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

6. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

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

7. Federal Income Tax Information:

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21- 11/30/21*				Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*				Annualized Expense Ratio During Period 6/1/21- 11/30/21
$	1,000.00			$	1,036.10			$	1,022.11			$	3.01			$	2.99				0.59	%

Security Description	Shares		Value
Common Stocks (97.7%)
Brazil (4.4%):
Consumer Discretionary (0.8%):
Cyrela Brazil Realty SA Empreendimentos e Participacoes		121,700	$	295
Vibra Energia SA (a)		1,248,700		4,834
				5,129
Consumer Staples (0.6%):
Sendas Distribuidora SA		714,681		1,621
SLC Agricola SA		289,700		1,978
				3,599
Energy (0.5%):
3R Petroleum Oleo e Gas SA (a)		71,400		351
Petro Rio SA (a)		110,100		398
Petroleo Brasileiro SA, ADR		201,799		2,153
				2,902
Financials (1.2%):
Banco Bradesco SA, ADR		620,657		2,185
Banco do Brasil SA		508,495		2,881
Banco do Estado do Rio Grande do Sul SA Preference Shares		151,900		273
Itau Unibanco Holding SA, ADR		533,103		2,090
Porto Seguro SA		68,800		272
				7,701
Industrials (0.8%):
CCR SA		941,520		2,062
Randon SA Implementos e Participacoes Preference Shares		930,400		1,832
SIMPAR SA		843,856		1,581
				5,475
Information Technology (0.2%):
Cielo SA		648,400		239
Pagseguro Digital Ltd. Class A (a) (b)		51,935		1,327
				1,566
Materials (0.2%):
Dexco SA		489,600		1,571
Utilities (0.1%):
Eneva SA (a)		134,700		334
Equatorial Energia SA		81,700		328
Omega Geracao SA (a)		47,000		227
				889
				28,832

Security Description	Shares		Value
Canada (1.8%):
Energy (0.4%):
Parex Resources, Inc. (b)		144,302	$	2,314
Materials (1.4%):
First Quantum Minerals Ltd.		438,087		9,339
				11,653
Chile (0.3%):
Financials (0.3%):
Banco de Chile		19,988,545		1,934
China (23.5%):
Communication Services (4.6%):
Baidu, Inc., ADR (a)		20,857		3,125
NetEase, Inc., ADR		44,291		4,771
Tencent Holdings Ltd.		391,963		22,860
				30,756
Consumer Discretionary (5.5%):
Alibaba Group Holding Ltd., ADR (a)		127,978		16,321
BYD Co. Ltd. Class H		58,000		2,281
China Harmony Auto Holding Ltd.		681,500		376
Fuyao Glass Industry Group Co. Ltd. Class H (c)		360,000		1,976
Gree Electric Appliances, Inc. Class A		313,600		1,700
JD.com, Inc., ADR (a)		71,923		6,050
Jiumaojiu International Holdings Ltd. (c)		704,000		1,454
JNBY Design Ltd.		192,500		325
Meituan Class B (a) (c)		119,500		3,632
Q Technology Group Co. Ltd.		259,000		365
Tianneng Power International Ltd. (b)		208,000		229
Topsports International Holdings Ltd. (c)		1,396,000		1,623
				36,332
Consumer Staples (1.5%):
China Feihe Ltd. (c)		837,000		1,120
China Modern Dairy Holdings Ltd. (b)		1,841,000		308
Hengan International Group Co. Ltd. (b)		467,500		2,258
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		338,700		2,080
Wuliangye Yibin Co. Ltd. Class A		114,600		3,924
				9,690
Energy (0.6%):
China Shenhua Energy Co. Ltd. Class H		1,817,000		3,765
Financials (3.7%):
China Construction Bank Corp. Class H		7,595,000		4,949
China Merchants Bank Co. Ltd. Class H		1,216,500		9,424
China Renaissance Holdings Ltd. (c)		143,200		298
Ping An Insurance Group Co. of China Ltd.		900,500		6,243
Postal Savings Bank of China Co. Ltd. Class H (c)		5,025,000		3,404
				24,318

Security Description	Shares		Value
Health Care (1.8%):
China Animal Healthcare Ltd. (a) (d) (e)		1,673,000	$	—
China Medical System Holdings Ltd.		207,000		339
Hygeia Healthcare Holdings Co. Ltd. (c)		239,400		1,847
Pharmaron Beijing Co. Ltd. Class H (c)		100,100		2,065
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A		38,200		2,159
Sinopharm Group Co. Ltd. Class H		1,145,199		2,489
Wuxi Biologics Cayman, Inc. (a) (c)		250,431		3,378
				12,277
Industrials (1.9%):
Airtac International Group		73,344		2,245
A-Living Smart City Services Co. Ltd. Class H (c)		539,000		1,266
China Lesso Group Holdings Ltd.		326,000		473
China Railway Group Ltd. Class H		5,220,000		2,482
Xinte Energy Co. Ltd. Class H		760,400		1,733
Zhefu Holding Group Co. Ltd. Class A		1,806,500		1,899
Zhejiang Expressway Co. Ltd. Class H (b)		480,000		453
ZTO Express Cayman, Inc., ADR		55,130		1,743
				12,294
Information Technology (1.7%):
Chinasoft International Ltd.		2,876,000		4,782
Luxshare Precision Industry Co. Ltd. Class A		278,700		1,731
WUS Printed Circuit Kunshan Co. Ltd. Class A		1,106,050		2,639
Yonyou Network Technology Co. Ltd. Class A		393,600		2,011
				11,163
Materials (1.1%):
Anhui Conch Cement Co. Ltd. Class H		550,500		2,507
China Hongqiao Group Ltd.		2,221,000		2,150
Wanhua Chemical Group Co. Ltd. Class A		192,700		2,885
				7,542
Real Estate (0.7%):
China Vanke Co. Ltd. Class H		963,300		2,185
KWG Living Group Holdings Ltd.		481,000		291
Shimao Services Holdings Ltd. (c)		1,669,728		2,063
Times Neighborhood Holdings Ltd.		430,806		190
				4,729
Utilities (0.4%):
China Longyuan Power Group Corp. Ltd. Class H		1,184,000		2,420
				155,286
Colombia (0.6%):
Financials (0.6%):
Bancolombia SA, ADR		124,685		3,972

Security Description	Shares		Value
Egypt (0.4%):
Communication Services (0.1%):
Telecom Egypt Co.		488,956	$	446
Financials (0.3%):
Commercial International Bank Egypt SAE Registered Shares, GDR (a)		764,229		2,365
				2,811
Greece (1.0%):
Consumer Discretionary (0.2%):
OPAP SA		109,197		1,515
Financials (0.4%):
National Bank of Greece SA (a)		872,294		2,597
Industrials (0.3%):
Mytilineos SA		115,795		1,897
Utilities (0.1%):
Terna Energy SA		26,946		412
				6,421
Hong Kong (4.2%):
Communication Services (0.1%):
NetDragon Websoft Holdings Ltd.		140,000		319
Consumer Discretionary (0.9%):
Bosideng International Holdings Ltd. (b)		3,276,000		2,306
JS Global Lifestyle Co. Ltd. (c)		1,872,000		3,675
				5,981
Financials (0.4%):
BOC Hong Kong Holdings Ltd.		892,500		2,698
Health Care (0.0%): (f)
The United Laboratories International Holdings Ltd.		446,000		254
Industrials (1.4%):
Pacific Basin Shipping Ltd.		5,648,000		2,145
Sinotruk Hong Kong Ltd.		171,000		253
Techtronic Industries Co. Ltd.		337,000		6,931
				9,329
Information Technology (0.6%):
ASM Pacific Technology Ltd.		190,000		1,989
Lenovo Group Ltd.		1,962,000		2,009
				3,998
Materials (0.1%):
Nine Dragons Paper Holdings Ltd.		335,000		374
Real Estate (0.6%):
China Overseas Grand Oceans Group Ltd.		1,093,000		493
China Resources Land Ltd.		770,000		3,217
				3,710

Security Description	Shares		Value
Utilities (0.1%):
Canvest Environmental Protection Group Co. Ltd.		674,000	$	357
China Water Affairs Group Ltd.		520,000		597
				954
				27,617
Hungary (0.5%):
Financials (0.4%):
OTP Bank Nyrt (a)		53,506		2,956
Health Care (0.1%):
Richter Gedeon Nyrt		24,664		656
				3,612
India (10.4%):
Communication Services (0.0%): (f)
Indus Towers Ltd.		41,276		156
Consumer Discretionary (0.9%):
Bajaj Auto Ltd.		33,294		1,438
Balkrishna Industries Ltd.		88,117		2,549
KPR Mill Ltd.		52,016		365
Mahindra CIE Automotive Ltd. (a)		148,616		472
Orient Electric Ltd.		91,378		474
Welspun India Ltd.		355,422		654
				5,952
Consumer Staples (0.1%):
Emami Ltd.		55,882		393
Energy (1.1%):
Hindustan Petroleum Corp. Ltd.		988,956		3,886
Reliance Industries Ltd.		106,183		3,395
				7,281
Financials (3.3%):
Axis Bank Ltd. (a)		121,830		1,061
Axis Bank Ltd., GDR (a)		25,213		1,118
Canara Bank (a)		264,037		699
Cholamandalam Investment & Finance Co. Ltd.		349,180		2,556
Federal Bank Ltd.		2,102,332		2,424
ICICI Bank Ltd., ADR		563,764		10,407
Power Finance Corp. Ltd.		271,900		421
UTI Asset Management Co. Ltd.		213,043		3,108
				21,794
Health Care (1.0%):
Ajanta Pharma Ltd.		15,952		442
Apollo Hospitals Enterprise Ltd.		42,499		3,213
Dr Reddy's Laboratories Ltd.		34,834		2,172
Eris Lifesciences, Ltd. (c)		44,051		421
JB Chemicals & Pharmaceuticals Ltd.		17,569		383
				6,631

Security Description	Shares		Value
Industrials (0.9%):
Bharat Electronics Ltd.		201,201	$	546
Cummins India Ltd.		31,147		364
Engineers India Ltd.		303,326		289
Grindwell Norton Ltd.		23,747		511
KEI Industries Ltd.		59,967		882
Larsen & Toubro Ltd.		142,196		3,343
				5,935
Information Technology (1.9%):
eClerx Services Ltd.		35,218		1,025
Infosys Ltd., ADR		374,152		8,448
Mindtree Ltd.		23,346		1,340
WNS Holdings Ltd., ADR (a)		21,271		1,788
				12,601
Materials (1.0%):
Birla Corp. Ltd.		20,252		364
Dalmia Bharat Ltd.		87,485		2,179
Finolex Industries Ltd.		197,637		556
Jindal Steel & Power Ltd. (a)		137,214		625
Tata Chemicals, Ltd.		45,541		528
Tata Steel Ltd.		176,922		2,511
				6,763
Real Estate (0.1%):
Prestige Estates Projects Ltd.		95,253		534
Utilities (0.1%):
CESC Ltd.		425,220		495
Gujarat Gas Ltd.		44,983		400
				895
				68,935
Indonesia (2.4%):
Communication Services (1.0%):
PT Media Nusantara Citra Tbk		5,579,200		373
PT Telekomunikasi Indonesia Persero Tbk, ADR (b)		144,681		4,062
PT Telkom Indonesia Persero Tbk		8,719,500		2,428
				6,863
Financials (1.3%):
PT Bank Mandiri Persero Tbk		6,859,790		3,349
PT Bank Rakyat Indonesia Persero Tbk		19,528,846		5,566
				8,915
Real Estate (0.1%):
PT Puradelta Lestari Tbk		26,178,300		398
				16,176

Security Description	Shares		Value
Korea, Republic Of (16.2%):
Communication Services (1.1%):
AfreecaTV Co. Ltd.		5,240	$	895
LG Uplus Corp.		259,677		2,956
NAVER Corp.		9,262		2,957
Neowiz (a)		15,494		384
				7,192
Consumer Discretionary (1.0%):
Coway Co. Ltd.		5,106		291
Hanon Systems		197,079		2,146
Hyundai Mobis Co. Ltd.		16,154		2,999
SL Corp.		24,474		639
Youngone Corp.		11,329		370
				6,445
Consumer Staples (0.5%):
Cosmax, Inc. (a)		3,296		251
Dongwon F&B Co. Ltd.		1,977		302
KT&G Corp.		29,918		2,062
Maeil Dairies Co. Ltd.		8,807		505
				3,120
Financials (2.3%):
BNK Financial Group, Inc.		76,973		518
DB Insurance Co. Ltd.		57,684		2,615
Hana Financial Group, Inc.		80,828		2,687
KIWOOM Securities Co. Ltd.		5,307		435
Samsung Securities Co. Ltd.		60,663		2,260
Shinhan Financial Group Co. Ltd.		89,779		2,611
Woori Financial Group, Inc.		366,759		3,883
				15,009
Health Care (0.8%):
Chong Kun Dang Pharmaceutical Corp.		2,595		233
Hugel, Inc. (a)		10,487		1,252
InBody Co. Ltd.		49,092		909
Osstem Implant Co. Ltd.		5,944		559
PharmaResearch Co. Ltd.		8,303		538
Samsung Biologics Co. Ltd. (a) (c)		2,778		2,083
				5,574
Industrials (1.4%):
CJ Corp.		20,608		1,388
DL E&C Co. Ltd. (a)		5,706		531
Hyundai Engineering & Construction Co. Ltd.		44,898		1,668
Hyundai Glovis Co. Ltd.		2,687		329
LG Corp.		25,161		1,665
LIG Nex1 Co. Ltd.		9,172		414
LX INTERNATIONAL CORP.		14,306		278
Samsung Engineering Co. Ltd. (a)		161,817		2,826
SFA Engineering Corp.		5,383		152
				9,251

Security Description	Shares		Value
Information Technology (8.3%):
Innox Advanced Materials Co. Ltd. (a)		55,719	$	1,773
LEENO Industrial, Inc.		3,770		628
LG Innotek Co. Ltd.		3,436		877
LX Semicon Co. Ltd.		8,583		773
Partron Co. Ltd.		35,799		332
Samsung Electronics Co. Ltd.		634,216		38,076
SK Hynix, Inc.		131,708		12,594
				55,053
Materials (0.8%):
Kolon Industries, Inc.		24,441		1,453
Korea Petrochemical Ind Co. Ltd.		3,934		564
LOTTE Fine Chemical Co. Ltd.		6,215		408
PI Advanced Materials Co. Ltd.		52,923		2,056
Poongsan Corp.		20,319		489
Soulbrain Co. Ltd.		1,528		330
				5,300
				106,944
Malaysia (1.0%):
Communication Services (0.1%):
Astro Malaysia Holdings Bhd		2,674,500		609
Consumer Discretionary (0.3%):
MR DIY Group M Bhd (c)		2,637,600		2,210
Financials (0.3%):
Public Bank Bhd		2,449,500		2,294
Information Technology (0.1%):
V.S. Industry Bhd		1,587,200		543
Real Estate (0.1%):
Eco World Development Group Bhd		3,406,400		679
Utilities (0.1%):
Mega First Corp. Bhd		456,100		380
				6,715
Mexico (3.8%):
Communication Services (0.4%):
America Movil SAB de CV, ADR		143,363		2,497
Megacable Holdings SAB de CV		91,904		255
				2,752
Consumer Discretionary (0.2%):
Alsea SAB de CV (a) (b)		962,119		1,647
Consumer Staples (0.3%):
Kimberly-Clark de Mexico SAB de CV Class A (b)		1,160,100		1,822
Energy (0.1%):
Vista Oil & Gas SAB de CV, ADR (a)		110,889		557

Security Description	Shares		Value
Financials (1.3%):
Banco del Bajio SA (c)		228,525	$	384
Grupo Financiero Banorte SAB de CV Class O		1,415,951		8,463
				8,847
Industrials (0.0%): (f)
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)		185,087		277
Materials (1.1%):
Cemex SAB de CV, ADR (a)		453,727		2,790
Grupo Cementos de Chihuahua SAB de CV		128,734		898
Grupo Mexico SAB de CV Class B		790,709		3,309
				6,997
Real Estate (0.4%):
Corp Inmobiliaria Vesta SAB de CV		1,126,230		1,925
Macquarie Mexico Real Estate Management SA de CV (c)		344,987		398
				2,323
				25,222
Netherlands (0.4%):
Communication Services (0.4%):
Yandex NV Class A (a)		40,882		2,941
Philippines (0.3%):
Financials (0.3%):
BDO Unibank, Inc.		741,760		1,823
Portugal (0.4%):
Energy (0.4%):
Galp Energia SGPS SA		246,695		2,315
Qatar (0.1%):
Energy (0.1%):
Qatar Gas Transport Co. Ltd.		469,533		425
Russian Federation (4.9%):
Communication Services (0.5%):
Mobile TeleSystems PJSC, ADR		388,672		3,113
Consumer Staples (0.3%):
Magnit PJSC		25,304		1,982
Energy (2.1%):
Gazprom PJSC		1,087,480		4,882
LUKOIL PJSC, ADR		64,795		5,713
Rosneft Oil Co. PJSC, GDR		434,783		3,274
				13,869
Financials (2.0%):
Moscow Exchange MICEX PJSC		153,080		313
Sberbank of Russia PJSC, ADR		329,652		5,575
Sberbank of Russia PJSC		1,755,012		7,492
				13,380
				32,344

Security Description	Shares		Value
Saudi Arabia (1.0%):
Consumer Discretionary (0.4%):
Leejam Sports Co. JSC		92,289	$	2,571
Financials (0.6%):
The Saudi National Bank		243,850		3,924
Health Care (0.0%): (f)
Mouwasat Medical Services Co.		9,067		411
				6,906
Singapore (0.4%):
Communication Services (0.4%):
Sea Ltd., ADR (a)		8,546		2,462
South Africa (2.2%):
Communication Services (0.5%):
MTN Group Ltd. (a)		322,298		3,253
Consumer Discretionary (0.0%): (f)
Truworths International Ltd.		112,656		353
Energy (0.1%):
Exxaro Resources Ltd.		39,936		381
Financials (0.9%):
Absa Group Ltd.		261,431		2,196
Capitec Bank Holdings Ltd.		22,631		2,598
Standard Bank Group Ltd.		163,072		1,325
				6,119
Industrials (0.1%):
KAP Industrial Holdings Ltd.		1,639,049		438
Materials (0.5%):
African Rainbow Minerals Ltd.		42,284		547
Impala Platinum Holdings Ltd.		211,823		2,654
				3,201
Real Estate (0.1%):
Redefine Properties Ltd. (a)		1,658,857		521
				14,266
Taiwan (12.8%):
Communication Services (0.1%):
International Games System Co. Ltd.		16,000		448
Consumer Discretionary (0.3%):
Fulgent Sun International Holding Co. Ltd.		103,000		363
Global PMX Co. Ltd.		81,000		526
KMC Kuei Meng International, Inc.		55,000		395
O-TA Precision Industry Co., Ltd.		65,000		360
Taiwan Paiho Ltd.		125,000		349
				1,993

Security Description	Shares		Value
Financials (1.1%):
CTBC Financial Holding Co. Ltd.		3,560,000	$	3,117
King's Town Bank Co. Ltd.		356,000		514
Yuanta Financial Holding Co. Ltd.		3,979,640		3,382
				7,013
Health Care (0.3%):
Pegavision Corp.		128,000		2,078
Industrials (0.2%):
Chicony Power Technology Co. Ltd.		191,000		511
China Airlines Ltd. (a)		430,000		398
Evergreen Marine Corp. Ltd.		122,000		541
				1,450
Information Technology (10.3%):
Alchip Technologies, Ltd.		11,000		404
ASE Technology Holding Co. Ltd., ADR (b)		409,564		2,994
ASE Technology Holding Co. Ltd.		1,451,000		5,290
AU Optronics Corp.		475,000		342
Chipbond Technology Corp.		290,000		699
Compal Electronics, Inc.		456,000		379
E Ink Holdings, Inc.		169,000		765
Elite Material Co. Ltd.		82,000		825
Gigabyte Technology Co. Ltd.		176,000		860
Hon Hai Precision Industry Co. Ltd., GDR		391,875		2,881
Hon Hai Precision Industry Co. Ltd.		788,000		2,920
King Yuan Electronics Co. Ltd.		318,000		495
Kinsus Interconnect Technology Corp.		73,000		629
Lite-On Technology Corp.		195,000		422
Macronix International Co. Ltd.		277,000		420
MediaTek, Inc.		227,000		8,230
Parade Technologies Ltd.		15,000		1,143
Quanta Computer, Inc.		500,000		1,541
Radiant Opto-Electronics Corp.		131,000		452
Silicon Motion Technology Corp., ADR		95,468		6,590
Simplo Technology Co. Ltd.		44,000		518
Taiwan Semiconductor Manufacturing Co. Ltd.		1,254,000		26,675
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		11,798		1,382
Tong Hsing Electronic Industries Ltd.		80,000		877
				67,733
Materials (0.5%):
Cheng Loong Corp.		384,000		468
China General Plastics Corp.		557,550		675
Formosa Plastics Corp.		642,000		2,355
				3,498
				84,213

Security Description	Shares		Value
Thailand (2.5%):
Consumer Discretionary (0.0%): (f)
Sri Trang Agro-Industry PCL		354,100	$	312
Energy (0.4%):
PTT PCL		2,222,500		2,331
Financials (0.5%):
Thanachart Capital PCL		332,600		347
The Siam Commercial Bank PCL		848,200		3,063
				3,410
Health Care (0.5%):
Chularat Hospital PCL		4,657,900		535
Mega Lifesciences PCL		1,666,200		2,613
				3,148
Information Technology (0.1%):
Hana Microelectronics PCL Class R		239,700		664
Materials (0.5%):
Indorama Ventures PCL		1,728,800		2,008
The Siam Cement PCL (d)		135,000		1,507
				3,515
Real Estate (0.4%):
AP Thailand PCL		8,490,300		2,190
Origin Property PCL		1,583,500		493
				2,683
Utilities (0.1%):
Gunkul Engineering PCL		2,554,600		343
				16,406
Turkey (1.1%):
Communication Services (0.3%):
Turk Telekomunikasyon A/S		3,004,581		2,171
Consumer Discretionary (0.1%):
Arcelik A/S (b)		151,931		488
Consumer Staples (0.1%):
Coca-Cola Icecek A/S		78,338		503
Industrials (0.6%):
KOC Holding AS		726,368		1,495
Tekfen Holding A/S		187,310		258
Turkiye Sise ve Cam Fabrikalari A/S		2,328,723		2,123
				3,876
Utilities (0.0%): (f)
Enerjisa Enerji A/S (c)		336,642		328
				7,366

Security Description	Shares		Value
United Arab Emirates (0.1%):
Real Estate (0.1%):
Emaar Development PJSC (a)		444,114	$	553
United Kingdom (1.0%):
Consumer Staples (0.5%):
Unilever PLC		59,536		3,064
Materials (0.5%):
Anglo American PLC		92,866		3,418
				6,482
Total Common Stocks (Cost $519,368)				644,632
Rights (0.0%)
Thailand (0.0%):
Real Estate (0.0%):
Origin Property PCL Expires 12/10/21 (a) (d) (e)		22,327		—
Total Rights (Cost $—)				—
Exchange-Traded Funds (0.0%) (f)
United States (0.0%):
iShares MSCI Emerging Markets Small-Cap ETF		3,057		183
Total Exchange-Traded Funds (Cost $169)				183
Collateral for Securities Loaned^ (0.7%)
United States (0.7%):
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (g)		1,154,559		1,155
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (g)		2,314,207		2,314
HSBC U.S. Government Money Market Fund I Shares, 0.03% (g)		1,303,958		1,304
Total Collateral for Securities Loaned (Cost $4,773)				4,773
Total Investments (Cost $524,310) — 98.4%				649,588
Other assets in excess of liabilities — 1.6%				10,470
NET ASSETS — 100.00%			$	660,058

^ 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) 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 November 30, 2021, the fair value of these securities was $33,625 (thousands) and amounted to 5.1% of net assets.

(d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of November 30, 2021, illiquid securities were 0.2% of net assets.

	USAA Emerging Markets Fund
Assets:
Investments, at value (Cost $524,310)	$	649,588	(a)
Foreign currency, at value (Cost $364)		379
Cash		16,731
Receivables:
Interest and dividends		280
Capital shares issued		95
Investments sold		249
Reclaims		49
From Adviser		26
Prepaid expenses		32
Total Assets		667,429
Liabilities:
Payables:
Collateral received on loaned securities		4,773
Capital shares redeemed		195
Accrued foreign capital gains taxes		1,531
Accrued expenses and other payables:
Investment advisory fees		543
Administration fees		70
Custodian fees		64
Transfer agent fees		84
Compliance fees		—	(b)
12b-1 fees		—	(b)
Other accrued expenses		111
Total Liabilities		7,371
Net Assets:
Capital		547,408
Total accumulated earnings/(loss)		112,650
Net Assets	$	660,058
Net Assets
Fund Shares	$	311,749
Institutional Shares		348,193
Class A		116
Total	$	660,058
Shares (unlimited number of shares authorized with no par value):
Fund Shares		14,522
Institutional Shares		16,229
Class A		5
Total		30,756
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	21.47
Institutional Shares	$	21.45
Class A	$	21.48
Maximum Sales Charge — Class A		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	22.79

(a) Includes $4,465 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Emerging Markets Fund
Investment Income:
Dividends	$	10,205
Interest		—	(a)
Securities lending (net of fees)		31
Foreign tax withholding		(940	)
Total Income		9,296
Expenses:
Investment advisory fees		3,490
Administration fees — Fund Shares		261
Administration fees — Institutional Shares		187
Administration fees — Class A		—	(a)
Sub-Administration fees		29
12b-1 fees — Class A		—	(a)
Custodian fees		213
Transfer agent fees — Fund Shares		342
Transfer agent fees — Institutional Shares		187
Transfer agent fees — Class A		—	(a)
Trustees' fees		24
Compliance fees		2
Legal and audit fees		57
State registration and filing fees		26
Interfund lending fees		—	(a)
Other expenses		71
Total Expenses		4,889
Expenses waived/reimbursed by Adviser		(61	)
Net Expenses		4,828
Net Investment Income (Loss)		4,468
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		31,341
Foreign taxes on realized gains		(583	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency transactions		(133,429	)
Net change in accrued foreign taxes on unrealized gains		381
Net realized/unrealized gains (losses) on investments		(102,290	)
Change in net assets resulting from operations	$	(97,822	)

(a) Rounds to less than $1 thousand.

	USAA Emerging Markets Fund
	Six Months Ended November 30, 2021 (unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	4,468		$	6,334
Net realized gains (losses) from investments		30,758			106,033
Net change in unrealized appreciation/depreciation on investments		(133,048	)		195,626
Change in net assets resulting from operations		(97,822	)		307,993
Distributions to Shareholders:
Fund Shares		—			(3,653	)
Institutional Shares		—			(4,890	)
Class A		—			(53	)
Change in net assets resulting from distributions to shareholders		—			(8,596	)
Change in net assets resulting from capital transactions		(15,299	)		(139,789	)
Change in net assets		(113,121	)		159,608
Net Assets:
Beginning of period		773,179			613,571
End of period	$	660,058		$	773,179
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	11,579		$	26,675
Distributions reinvested		—			3,610
Cost of shares redeemed		(25,323	)		(77,583	)
Total Fund Shares	$	(13,744	)	$	(47,298	)
Institutional Shares
Proceeds from shares issued	$	20,873		$	11,577
Distributions reinvested		—			4,886
Cost of shares redeemed		(22,414	)		(102,386	)
Total Institutional Shares	$	(1,541	)	$	(85,923	)
Class A
Proceeds from shares issued	$	—	(a)	$	4,791
Distributions reinvested		—			1
Cost of shares redeemed		(14	)		(11,360	)
Total Class A	$	(14	)	$	(6,568	)
Change in net assets resulting from capital transactions	$	(15,299	)	$	(139,789	)

(a) Rounds to less than $1 thousand.

(continues on next page)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA Emerging Markets Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	24.66		0.14	(e)		(3.33	)		(3.19	)		—			—
Year Ended Mary 31: 2021	$	16.16		0.16	(e)		8.57			8.73			(0.23	)		(0.23	)
2020	$	17.14		0.25	(e)		(1.17	)		(0.92	)		(0.06	)		(0.06	)
2019	$	18.84		0.17			(1.67	)		(1.50	)		(0.20	)		(0.20	)
2018	$	17.60		0.16			1.15			1.31			(0.07	)		(0.07	)
2017	$	14.24		0.07			3.43			3.50			(0.14	)		(0.14	)
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	24.62		0.15	(e)		(3.32	)		(3.17	)		—			—
Year Ended May 31: 2021	$	16.14		0.20	(e)		8.55			8.75			(0.27	)		(0.27	)
2020	$	17.10		0.29	(e)		(1.17	)		(0.88	)		(0.08	)		(0.08	)
2019	$	18.79		0.18			(1.62	)		(1.44	)		(0.25	)		(0.25	)
2018	$	17.55		0.20			1.14			1.34			(0.10	)		(0.10	)
2017	$	14.21		0.12	(e)		3.40			3.52			(0.18	)		(0.18	)
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	24.58		0.24	(e)		(3.34	)		(3.10	)		—			—
Year Ended May 31: 2021	$	16.08		0.07	(e)		8.62			8.69			(0.19	)		(0.19	)
2020	$	17.08		0.20	(e)		(1.16	)		(0.96	)		(0.04	)		(0.04	)
2019	$	18.76		0.10			(1.62	)		(1.52	)		(0.16	)		(0.16	)
2018	$	17.55		0.12			1.13			1.25			(0.04	)		(0.04	)
2017	$	14.20		0.05			3.42			3.47			(0.12	)		(0.12	)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA Emerging Markets Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	21.47		(12.94	)%		1.43	%		1.16	%		1.43	%	$	311,749		27	%
Year Ended Mary 31: 2021	$	24.66		54.25	%		1.45	%		0.77	%		1.47	%	$	372,624		73	%(f)
2020	$	16.16		(5.41	)%		1.48	%		1.44	%		1.54	%	$	281,937		124	%(g)
2019	$	17.14		(7.86	)%		1.48	%		1.02	%		1.48	%	$	340,465		68	%
2018	$	18.84		7.41	%		1.46	%		0.86	%		1.46	%	$	402,401		59	%
2017	$	17.60		24.70	%		1.51	%		0.50	%		1.51	%	$	374,130		45	%
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	21.45		(12.88	)%		1.26	%		1.31	%		1.28	%	$	348,193		27	%
Year Ended May 31: 2021	$	24.62		54.46	%		1.26	%		0.96	%		1.29	%	$	400,408		73	%(f)
2020	$	16.14		(5.17	)%		1.29	%		1.67	%		1.33	%	$	327,156		124	%(g)
2019	$	17.10		(7.58	)%		1.25	%		1.24	%		1.25	%	$	491,978		68	%
2018	$	18.79		7.62	%		1.28	%		1.09	%		1.28	%	$	596,185		59	%
2017	$	17.55		24.93	%		1.29	%		0.75	%		1.29	%	$	585,468		45	%
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	21.48		(12.61	)%		0.69	%		2.03	%		12.34	%	$	116		27	%
Year Ended May 31: 2021	$	24.58		54.22	%		1.72	%		0.36	%		1.98	%	$	147		73	%(f)
2020	$	16.08		(5.65	)%		1.75	%		1.13	%		1.76	%	$	4,478		124	%(g)
2019	$	17.08		(8.07	)%		1.75	%		0.73	%		1.79	%	$	4,745		68	%
2018	$	18.76		7.09	%		1.72	%(h)		0.61	%		1.81	%	$	5,186		59	%
2017	$	17.55		24.53	%		1.66	%(i)		0.35	%		1.87	%	$	4,864		45	%

1. Organization:

The accompanying financial statements are those of the USAA Emerging Markets Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

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

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

	Level 1		Level 2		Level 3			Total
Common Stocks	$	157,164	$	487,468	$	—	(a)	$	644,632
Rights		—		—		—	(a)		—
Exchange-Traded Funds		183		—		—			183
Collateral for Securities Loaned		4,773		—		—			4,773
Total	$	162,120	$	487,468	$	—		$	649,588

(a) Zero market value security.

As of November 30, 2021, there were no significant Level 3 holdings in the fair value hierarchy. For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Exchange-Traded Funds:

an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

Foreign Exchange Currency Contracts:

The Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by the Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Fund does not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Fund's foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of November 30, 2021, the Fund had no open forward foreign exchange currency contracts.

Investment Transactions and Related Income:

Securities Lending:

Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund does not have effective control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	4,465			$	—			$	4,773

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

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

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	187,855	$	200,447

4. Affiliated Fund Ownership:

The Fund offers its shares for investment by other USAA Mutual Funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of November 30, 2021, certain fund-of-funds owned total outstanding shares of the Fund as follows:

Affiliated USAA Mutual Funds	Ownership %
USAA Cornerstone Conservative Fund		0.4
USAA Cornerstone Equity Fund		1.7

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 1.00% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

On November 6, 2018, United Services Automobile Association ("USAA"), the parent company of USAA Asset Management Company ("AMCO"), the prior investment adviser to the Fund announced that AMCO would be acquired by Victory Capital Holdings Inc. (the "Transaction"). A special shareholder meeting was held on April 18, 2019, at which shareholders of the Fund approved a new investment advisory agreement between the Trust, on behalf of the Fund, and VCM. The Transaction closed on July 1, 2019, and effective July 1, 2019, VCM replaced AMCO as the investment adviser to the Fund and no performance adjustments were made for the period beginning July 1, 2019, through June 30, 2020.

Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Emerging Markets Fund Index. The Lipper Emerging Markets Fund Index tracks the total return performance of the largest funds within the Lipper Emerging Markets Fund category.

Over/Under Performance Relative to Index (in basis points)^(a)		Annual Adjustment Rate (in basis points)
	+/- 100 to 400		+/- 4
	+/- 401 to 700		+/- 5
	+/- 701 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Emerging Markets Fund Index over that period, even if the class has overall negative returns during the performance period.

For the period June 1, 2021 to November 30, 2021, performance adjustments were $(56), $(64) and $(1) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were (0.03)%, (0.03)%, and (1.06)% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

VCM entered into an Investment Subadvisory Agreement with Lazard Asset Management LLC ("Lazard"), under which Lazard directs the investment and reinvestment of a portion of the Fund's assets (as allocated from time to time by VCM). This arrangement provides for monthly fees that are paid by VCM. VCM (not the Fund) pays the subadviser fees.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the of the Fund Shares, of the Institutional Shares and of the Class A, respectively. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

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

Distributor/Underwriting Services:

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, up to an annual rate of 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A. Amounts incurred and paid to the Distributor for the six months ended November 30, 2021, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended November 30, 2021, the Distributor did not receive any commissions.

Other Fees:

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

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

November 30, 2021, the expense limits (excluding voluntary waivers) were 1.48%, 1.29%, and 1.75% for Fund Shares, Institutional Shares, and Class A, respectively.

Expires 2023				Expires 2024				Expires 2025				Total
$	345			$	215			$	61			$	621

6. Risks:

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

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

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

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

7. Borrowing and Interfund Lending:

Line of Credit:

to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended November 30, 2021, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one-month LIBOR plus one percent, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed. Prior to June 29, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

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

Interfund Lending:

Borrower or Lender				Amount Outstanding at November 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	1,063				1				0.55	%		$	1,063

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

8. Federal Income Tax Information:

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

	Beginning Account Value 6/1/21		Actual Ending Account Value 11/30/21		Hypothetical Ending Account Value 11/30/21		Actual Expenses Paid During Period 6/1/21- 11/30/21*		Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*		Annualized Expense Ratio During Period 6/1/21- 11/30/21
Fund Shares	$	1,000.00	$	870.60	$	1,017.90	$	6.71	$	7.23		1.43	%
Institutional Shares		1,000.00		871.20		1,018.75		5.91		6.38		1.26	%
Class A		1,000.00		873.90		1,021.61		3.24		3.50		0.69	%

Security Description	Shares		Value
Common Stocks (99.8%)
Metals & Mining (99.8%):
Agnico Eagle Mines Ltd.		431,673	$	21,497
Alamos Gold, Inc. (a)		1,064,184		8,140
Aneka Tambang Tbk		27,567,500		4,428
AngloGold Ashanti Ltd.		760,198		16,502
Argonaut Gold, Inc. (b)		655,200		1,795
B2Gold Corp. (a)		5,459,170		21,626
Barrick Gold Corp.		2,673,456		50,769
Centamin PLC		4,216,310		5,381
Centerra Gold, Inc. (a)		1,499,019		11,032
Cia de Minas Buenaventura SAA, ADR (a) (b)		68,157		498
Coeur Mining, Inc. (b)		773,583		4,332
De Grey Mining, Ltd. (b)		1,771,859		1,522
Dundee Precious Metals, Inc.		1,781,264		11,338
Eldorado Gold Corp. (b)		640,839		5,755
Endeavour Mining PLC (a)		544,418		12,774
Equinox Gold Corp. (b)		68,782		487
Evolution Mining Ltd.		4,178,674		12,002
Franco-Nevada Corp.		267,224		36,649
Gold Fields Ltd., ADR		1,606,199		18,214
Gold Resource Corp.		202,002		388
Gold Road Resources Ltd.		548,139		568
Golden Star Resources Ltd. (b)		431,348		1,618
Great Basin Gold Ltd. (b) (c) (d)		8,566,400		—	(e)
Great Basin Gold Ltd. (b) (c) (d)		6,500,000		—	(e)
Harmony Gold Mining Co. Ltd. (a)		1,463,504		6,297
IAMGOLD Corp. (b)		1,265,194		3,909
IAMGOLD Corp. (a) (b)		411,532		1,266
K92 Mining, Inc. (b)		483,061		2,799
Karora Resources, Inc. (b)		419,439		1,350
Kinross Gold Corp.		3,928,329		23,374
Kirkland Lake Gold Ltd.		639,234		25,278
Koza Altin Isletmeleri A/S (b)		298,319		2,824
Lundin Gold, Inc. (b)		78,200		637
Nautilus Minerals, Inc. (b) (c) (d)		5,757,622		—	(e)
New Gold, Inc. (a) (b)		1,183,000		1,723
Newcrest Mining Ltd.		1,259,625		21,205
Newmont Corp.		1,267,934		69,635
Northern Star Mining Corp. (b) (c) (d)		375,000		—
Northern Star Resources Ltd.		1,656,343		11,144
Novagold Resources, Inc. (a) (b)		274,390		1,860
OceanaGold Corp. (b)		2,161,448		3,926
Osisko Gold Royalties Ltd.		303,400		3,708
Perseus Mining Ltd. (b) (d)		4,838,138		5,530
Polymetal International PLC		613,760		11,197
Polyus PJSC (h)		62,088		12,166
Pretium Resources, Inc. (b)		558,375		7,532
Ramelius Resources Ltd.		4,425,457		4,999
Regis Resources Ltd.		2,733,555		3,507

Security Description	Shares		Value
Resolute Mining Ltd. (a) (b)		490,758	$	124
Royal Gold, Inc.		155,900		15,595
Sandstorm Gold Ltd. (a) (b)		1,079,600		6,686
Shandong Gold Mining Co. Ltd. Class H (a) (f)		1,656,200		2,973
Silver Lake Resources Ltd. (a) (b)		4,268,850		5,050
SSR Mining, Inc. (a)		803,122		14,593
St Barbara Ltd.		3,096,281		2,979
Torex Gold Resources, Inc. (b)		946,862		10,371
Victoria Gold Corp. (b)		112,390		1,416
Wesdome Gold Mines Ltd. (b)		639,921		6,262
West African Resources, Ltd. (b)		1,930,796		1,796
Wheaton Precious Metals Corp. (a)		604,258		25,272
Yamana Gold, Inc.		3,023,400		12,094
Yamana Gold, Inc. (a)		960,249		3,834
Zhaojin Mining Industry Co. Ltd. Class H (a)		2,609,000		2,723
Zijin Mining Group Co. Ltd. Class H		8,206,000		10,902
				595,851
Total Common Stocks (Cost $454,988)				595,851
Rights (0.0%)
Materials (0.0%):
Chalice Mining, Ltd. (b) (c)		71,841		—
Total Rights (Cost $—)				—
Collateral for Securities Loaned^ (6.5%)
Fidelity Investments Money Market Government Portfolio Institutional Shares, 0.01% (g)		26,714,982		26,715
HSBC U.S. Government Money Market Fund I Shares, 0.03% (g)		12,275,783		12,276
Total Collateral for Securities Loaned (Cost $38,991)				38,991
Total Investments (Cost $493,979) — 106.3%				634,842
Liabilities in excess of other assets — (6.3)%				(37,815	)
NET ASSETS — 100.00%			$	597,027

At November 30, 2021, the Fund's investments in foreign securities were 84.4% of net assets.

^ Purchased with cash collateral from securities on loan.

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

(b) Non-income producing security.

(c) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of net assets as of November 30, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(d) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At November 30, 2021, illiquid securities were 0.9% of the Fund's net assets.

(e) Rounds to less than $1 thousand.

	USAA Precious Metals and Minerals Fund
Assets:
Investments, at value (Cost $493,979)	$	634,842	(a)
Foreign currency, at value (Cost $45)		45
Cash		1,842
Receivables:
Interest and dividends		979
Capital shares issued		249
Investments sold		537
From Adviser		4
Prepaid expenses		32
Total Assets		638,530
Liabilities:
Payables:
Collateral received on loaned securities		38,991
Investments purchased		246
Capital shares redeemed		759
Accrued foreign capital gains taxes		877
Accrued expenses and other payables:
Investment advisory fees		363
Administration fees		76
Custodian fees		18
Transfer agent fees		102
Compliance fees		—	(b)
12b-1 fees		3
Other accrued expenses		68
Total Liabilities		41,503
Net Assets:
Capital		1,218,758
Total accumulated earnings/(loss)		(621,731	)
Net Assets	$	597,027
Net Assets
Fund Shares	$	553,083
Institutional Shares		20,171
Class A		23,773
Total	$	597,027
Shares (unlimited number of shares authorized with no par value):
Fund Shares		29,861
Institutional Shares		1,065
Class A		1,301
Total		32,227
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	18.52
Institutional Shares	$	18.93
Class A	$	18.28
Maximum Sales Charge — Class A		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	19.40

(a) Includes $36,383 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Precious Metals and Minerals Fund
Investment Income:
Dividends	$	8,281
Securities lending (net of fees)		85
Foreign tax withholding		(927	)
Total Income		7,439
Expenses:
Investment advisory fees		2,260
Administration fees — Fund Shares		441
Administration fees — Institutional Shares		11
Administration fees — Class A		18
Sub-Administration fees		12
12b-1 fees — Class A		29
Custodian fees		39
Transfer agent fees — Fund Shares		561
Transfer agent fees — Institutional Shares		11
Transfer agent fees — Class A		12
Trustees' fees		24
Compliance fees		2
Legal and audit fees		36
State registration and filing fees		28
Interest fees		—	(a)
Other expenses		65
Total Expenses		3,549
Expenses waived/reimbursed by Adviser		(13	)
Net Expenses		3,536
Net Investment Income (Loss)		3,903
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		6,754
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(145,128	)
Net realized/unrealized gains (losses) on investments		(138,374	)
Change in net assets resulting from operations	$	(134,471	)

(a) Rounds to less than $1 thousand.

	USAA Precious Metals and Minerals Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	3,903		$	3,056
Net realized gains (losses) from investments		6,754			54,050
Net change in unrealized appreciation/depreciation on investments		(145,128	)		55,454
Change in net assets resulting from operations		(134,471	)		112,560
Distributions to Shareholders:
Fund Shares		—			(302	)
Institutional Shares		—			(40	)
Change in net assets resulting from distributions to shareholders		—			(342	)
Change in net assets resulting from capital transactions		(19,091	)		(72,907	)
Change in net assets		(153,562	)		39,311
Net Assets:
Beginning of period		750,589			711,278
End of period	$	597,027		$	750,589
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	27,025		$	104,788
Distributions reinvested		—			294
Cost of shares redeemed		(47,024	)		(172,453	)
Total Fund Shares	$	(19,999	)	$	(67,371	)
Institutional Shares
Proceeds from shares issued	$	462		$	4,482
Distributions reinvested		—			37
Cost of shares redeemed		(1,814	)		(3,514	)
Total Institutional Shares	$	(1,352	)	$	1,005
Class A
Proceeds from shares issued	$	6,617		$	37,689
Cost of shares redeemed		(4,357	)		(44,230	)
Total Class A	$	2,260		$	(6,541	)
Change in net assets resulting from capital transactions	$	(19,091	)	$	(72,907	)
Share Transactions:
Fund Shares
Issued		1,395			4,879
Reinvested		—			14
Redeemed		(2,457	)		(8,129	)
Total Fund Shares		(1,062	)		(3,236	)
Institutional Shares
Issued		25			194
Reinvested		—			2
Redeemed		(102	)		(160	)
Total Institutional Shares		(77	)		36
Class A
Issued		346			1,864
Redeemed		(224	)		(2,183	)
Total Class A		122			(319	)
Change in Shares		(1,017	)		(3,519	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA Precious Metals and Minerals Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	22.57		0.12	(d)		(4.17	)		(4.05	)		—			—
Year Ended May 31:
2021	$	19.34		0.09	(d)		3.15			3.24			(0.01	)		(0.01	)
2020	$	12.16		(0.04	)(d)		7.22			7.18			—			—
2019	$	12.87		(0.03	)(d)		(0.68	)		(0.71	)		—			—
2018	$	12.93		(0.05	)(d)		(0.01	)		(0.06	)		—			—
2017	$	13.90		0.14			(0.60	)		(0.46	)		(0.51	)		(0.51	)
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	23.06		0.14	(d)		(4.27	)		(4.13	)		—			—
Year Ended May 31:
2021	$	19.76		0.12	(d)		3.22			3.34			(0.04	)		(0.04	)
2020	$	12.40		(0.01	)(d)		7.37			7.36			—			—
2019	$	13.06		0.01	(d)		(0.67	)		(0.66	)		—			—
2018	$	13.07		(0.01	)(d)		—	(g)		(0.01	)		—			—
2017	$	13.98		0.07	(d)		(0.47	)		(0.40	)		(0.51	)		(0.51	)
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	22.29		0.10	(d)		(4.11	)		(4.01	)		—			—
Year Ended May 31:
2021	$	19.13		0.04	(d)		3.12			3.16			—			—
2020	$	12.04		(0.05	)(d)		7.14			7.09			—			—
2019	$	12.74		(0.03	)(d)		(0.67	)		(0.70	)		—			—
2018	$	12.82		0.16			(0.24	)		(0.08	)		—			—
2017	$	13.79		0.04			(0.50	)		(0.46	)		(0.51	)		(0.51	)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Redemption Fees added to Beneficial Interests			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Precious Metals and Minerals Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)		—		$	18.52		(17.94	)%		1.12	%		1.24	%		1.12	%	$	553,083		3	%
Year Ended May 31:
2021		—		$	22.57		16.69	%		1.12	%		0.41	%		1.12	%	$	697,969		7	%
2020		—		$	19.34		59.13	%		1.19	%		(0.25	)%		1.19	%	$	660,770		47	%(e)
2019		—		$	12.16		(5.52	)%		1.31	%		(0.22	)%		1.31	%	$	468,208		7	%
2018		—		$	12.87		(0.46	)%		1.23	%		(0.36	)%		1.23	%	$	540,952		13	%
2017		—		$	12.93		(2.68	)%		1.22	%		0.02	%		1.22	%	$	585,515		14	%
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)		—		$	18.93		(17.91	)%		0.96	%		1.41	%		1.04	%	$	20,171		3	%
Year Ended May 31:
2021		—		$	23.06		16.90	%		0.99	%		0.55	%		1.05	%	$	26,338		7	%
2020		—		$	19.76		59.35	%		1.00	%		(0.05	)%		1.06	%	$	21,855		47	%(e)
2019		—		$	12.40		(5.05	)%		1.00	%(f)		0.12	%		1.19	%	$	21,327		7	%
2018		—		$	13.06		(0.08	)%		0.89	%		(0.07	)%		0.89	%	$	3,632		13	%
2017		—		$	13.07		(2.23	)%		0.76	%		0.46	%		0.76	%	$	2,893		14	%
Class A
Six Months Ended November 30, 2021 (Unaudited)		—		$	18.28		(17.99	)%		1.30	%		1.00	%		1.34	%	$	23,773		3	%
Year Ended May 31:
2021		—		$	22.29		16.52	%		1.31	%		0.21	%		1.34	%	$	26,282		7	%
2020		—		$	19.13		58.89	%		1.27	%		(0.32	)%		1.27	%	$	28,653		47	%(e)
2019		—		$	12.04		(5.49	)%		1.38	%		(0.27	)%		1.38	%	$	17,744		7	%
2018		—	(g)	$	12.74		(0.62	)%		1.30	%		(0.43	)%		1.30	%	$	16,881		13	%
2017		—	(g)	$	12.82		(2.68	)%		1.30	%		(0.04	)%		1.30	%	$	18,309		14	%

1. Organization:

The accompanying financial statements are those of the USAA Precious Metals and Minerals Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A. The Fund is classified as non-diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3			Total
Common Stocks	$	583,685	$	12,166	$	—	(a)	$	595,851
Rights		—		—		—	(a)		—
Collateral for Securities Loaned		38,991		—		—			38,991
Total	$	622,676	$	12,166	$	—		$	634,842

(a) Zero market value security.

Investment Companies:

Open-End Funds:

Foreign Exchange Currency Contracts:

exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of November 30, 2021, the Fund had no open forward foreign exchange currency contracts.

Investment Transactions and Related Income:

Litigation income received during the year is recorded as realized gains by the Fund when such information becomes known. Gains of this type are infrequent to the Fund are not expected to reoccur on a consistent basis. Class action litigation income received by the Fund for the six months ended November 30, 2021, amounted to $753 (amount in thousands) and is reflected on the Statement of Operations within Net realized gains (losses) from investment securities and foreign currency translations.

Securities Lending:

value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	36,383			$	—			$	38,991

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	19,514	$	31,964

4. Affiliated Fund Ownership:

Affiliated USAA Mutual Funds	Ownership %
USAA Cornerstone Conservative Fund		0.2
USAA Cornerstone Equity Fund		0.1
USAA Target Retirement Income Fund		0.4
USAA Target Retirement 2030 Fund		0.8
USAA Target Retirement 2040 Fund		0.9
USAA Target Retirement 2050 Fund		0.5
USAA Target Retirement 2060 Fund		0.1

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.75% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Precious Metals Equity Funds Index. The Lipper Precious Metals Equity Funds Index tracks the total return performance of the largest funds within the Lipper Precious Metals Equity Funds category.

Over/Under Performance Relative to Index (in basis points)(a)		Annual Adjustment Rate (in basis points)
	+/- 100 to 400		+/- 4
	+/- 401 to 700		+/- 5
	+/- 701 and greater		+/- 6

(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Precious Metals Equity Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period June 1, 2021 to November 30, 2021, performance adjustments were $(105), $(4) and $(5) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were (0.04)%, (0.04)%, and (0.04)% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the of the Fund Shares, of the Institutional Shares, and of the Class A, respectively. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

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

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended November 30, 2021, the Distributor did not receive any commissions.

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of November 30, 2021, the expense limits (excluding voluntary waivers) were 1.27%, 1.00%, and 1.34% for Fund Shares, Institutional Shares, and Class A, respectively.

was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

Expires 2023				Expires 2024				Expires 2025				Total
$	12			$	23			$	13			$	48

6. Risks:

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

7. Borrowing and Interfund Lending:

Line of Credit:

Prior to June 29, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

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

Interfund Lending:

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

8. Federal Income Tax Information:

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

As of the tax year ended May 31, 2021, the Fund had net capital loss carryforwards as summarized in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term Amount				Long-Term Amount				Total
$	9,939			$	750,642			$	760,581

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

	Beginning Account Value 6/1/21		Actual Ending Account Value 11/30/21		Hypothetical Ending Account Value 11/30/21		Actual Expenses Paid During Period 6/1/21- 11/30/21*		Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*		Annualized Expense Ratio During Period 6/1/21- 11/30/21
Fund Shares	$	1,000.00	$	820.60	$	1,019.45	$	5.11	$	5.67	$	1.12	%
Institutional Shares		1,000.00		820.90		1,020.26		4.38		4.86		0.96	%
Class A		1,000.00		820.10		1,018.55		5.93		6.58		1.30	%

Security Description	Shares		Value
Common Stocks (98.0%)
Argentina (0.0%): (a)
Energy (0.0%):
YPF SA, ADR (b)		99,984	$	358
Australia (4.7%):
Consumer Discretionary (0.9%):
Aristocrat Leisure Ltd.		588,746		18,295
Lovisa Holdings Ltd.		226,325		3,291
PWR Holdings Ltd.		632,898		4,011
				25,597
Consumer Staples (0.0%): (a)
Select Harvests Ltd.		302,733		1,406
Energy (0.1%):
Santos Ltd.		306,116		1,380
Woodside Petroleum Ltd.		120,151		1,823
				3,203
Financials (0.8%):
Australia & New Zealand Banking Group Ltd.		186,841		3,531
Macquarie Group Ltd.		152,897		21,288
				24,819
Health Care (0.9%):
CSL Ltd.		103,646		22,532
Nanosonics Ltd. (b)		435,857		1,680
Sonic Healthcare Ltd.		71,012		2,146
				26,358
Industrials (0.3%):
Austal Ltd.		1,436,152		1,860
IPH Ltd.		420,261		2,667
Johns Lyng Group Ltd.		867,380		4,581
				9,108
Information Technology (0.1%):
Bravura Solutions Ltd.		722,992		1,302
Infomedia Ltd.		1,535,148		1,601
				2,903
Materials (0.9%):
BHP Group Ltd. (c)		700,950		19,632
Ramelius Resources Ltd.		3,048,308		3,423
Rio Tinto Ltd.		35,538		2,358
				25,413

Security Description	Shares		Value
Real Estate (0.7%):
Charter Hall Group		195,354	$	2,653
Scentre Group		6,845,355		14,979
Stockland		726,692		2,243
				19,875
				138,682
Austria (0.2%):
Financials (0.2%):
Erste Group Bank AG		73,709		3,229
Raiffeisen Bank International AG		60,654		1,804
				5,033
Industrials (0.0%): (a)
ANDRITZ AG		40,878		1,951
				6,984
Belgium (0.7%):
Financials (0.2%):
Ageas SA		73,531		3,802
KBC Group NV		23,088		1,938
				5,740
Information Technology (0.5%):
Melexis NV		132,095		15,380
				21,120
Brazil (0.5%):
Communication Services (0.1%):
Telefonica Brasil SA		257,731		2,306
Consumer Staples (0.1%):
Sendas Distribuidora SA		653,707		1,483
Energy (0.1%):
Petro Rio SA (b)		677,200		2,444
Ultrapar Participacoes SA		347,048		891
				3,335
Financials (0.1%):
Banco Santander Brasil SA		451,500		2,648
Utilities (0.1%):
Cia de Saneamento Basico do Estado de Sao Paulo		436,957		2,618
Cia Energetica de Minas Gerais Preference Shares		745,300		1,743
				4,361
				14,133
Canada (1.8%):
Energy (0.4%):
ARC Resources Ltd. (c)		176,289		1,547
Cameco Corp.		88,258		2,059
Ovintiv, Inc.		47,249		1,641

Security Description	Shares		Value
Parex Resources, Inc.		190,104	$	3,048
Suncor Energy, Inc.		79,940		1,948
Tourmaline Oil Corp.		53,099		1,767
				12,010
Financials (0.6%):
Bank of Montreal		31,456		3,276
iA Financial Corp., Inc.		49,894		2,651
IGM Financial, Inc.		84,075		3,039
National Bank of Canada		54,743		4,255
Sun Life Financial, Inc.		67,579		3,589
				16,810
Industrials (0.2%):
Finning International, Inc.		70,479		1,796
Savaria Corp. (c)		174,865		2,541
TFI International, Inc.		21,503		2,135
				6,472
Information Technology (0.1%):
Quarterhill, Inc.		855,238		1,734
Materials (0.5%):
Barrick Gold Corp. (c)		180,522		3,431
Kinross Gold Corp.		400,451		2,383
Nutrien Ltd.		36,634		2,429
Teck Resources Ltd. Class B		73,388		1,946
Wesdome Gold Mines Ltd. (b)		288,239		2,821
West Fraser Timber Co. Ltd.		27,880		2,293
				15,303
				52,329
China (2.2%):
Communication Services (0.6%):
Focus Media Information Technology Co. Ltd. Class A		2,947,905		3,284
Tencent Holdings Ltd.		270,500		15,776
				19,060
Consumer Discretionary (0.6%):
Alibaba Group Holding Ltd., ADR (b)		12,706		1,620
BYD Co. Ltd. Class H		57,500		2,262
Dongfeng Motor Group Co. Ltd. Class H		4,128,573		3,833
Haier Smart Home Co. Ltd. Class H		663,973		2,478
JD.com, Inc., ADR (b)		20,810		1,750
Li Ning Co. Ltd.		145,500		1,646
Zhongsheng Group Holdings Ltd.		479,000		3,923
				17,512
Consumer Staples (0.1%):
Tingyi Cayman Islands Holding Corp.		1,166,000		2,253

Security Description	Shares		Value
Financials (0.5%):
Bank of China Ltd. Class H		5,783,000	$	2,008
China Construction Bank Corp. Class H		2,760,000		1,799
China Merchants Bank Co. Ltd. Class H		774,000		5,996
Huatai Securities Co. Ltd. Class H (d)		1,586,200		2,273
New China Life Insurance Co. Ltd. Class H		615,500		1,644
				13,720
Health Care (0.1%):
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		418,000		2,160
Industrials (0.1%):
China Railway Group Ltd. Class H		4,164,000		1,980
COSCO SHIPPING Holdings Co. Ltd. Class H (b) (c)		1,028,700		1,753
				3,733
Materials (0.1%):
Anhui Conch Cement Co. Ltd. Class H		682,500		3,107
Utilities (0.1%):
China Longyuan Power Group Corp. Ltd. Class H		976,000		1,995
				63,540
Denmark (1.2%):
Consumer Discretionary (0.1%):
Pandora A/S		15,113		1,881
TCM Group A/S		93,642		2,285
				4,166
Consumer Staples (0.6%):
Carlsberg A/S Class B		17,814		2,767
Royal Unibrew A/S		135,162		14,407
				17,174
Health Care (0.1%):
Novo Nordisk A/S Class B		41,687		4,463
Industrials (0.3%):
AP Moller — Maersk A/S Class B		1,198		3,607
INVISIO AB		188,153		3,261
Per Aarsleff Holding A/S		44,295		1,868
				8,736
Utilities (0.1%):
Orsted A/S (d)		12,022		1,546
				36,085
Finland (0.4%):
Health Care (0.1%):
Revenio Group Oyj		64,563		4,112
Industrials (0.1%):
Metso Outotec Oyj		260,234		2,622

Security Description	Shares		Value
Information Technology (0.2%):
Nokia Oyj (b)		1,010,236	$	5,662
				12,396
France (8.4%):
Communication Services (0.2%):
Orange SA		356,334		3,830
Publicis Groupe SA		44,617		2,887
				6,717
Consumer Discretionary (2.5%):
La Francaise des Jeux SAEM (d)		369,736		17,123
LVMH Moet Hennessy Louis Vuitton SE		67,257		52,294
Renault SA (b)		69,243		2,228
				71,645
Consumer Staples (0.2%):
Carrefour SA		164,448		2,720
Pernod Ricard SA (c)		15,460		3,547
				6,267
Energy (0.6%):
Gaztransport Et Technigaz SA		54,765		4,393
TotalEnergies SE		311,676		14,340
				18,733
Financials (0.9%):
Amundi SA (d)		18,533		1,541
AXA SA		314,854		8,654
BNP Paribas SA		152,351		9,468
SCOR SE		70,727		2,220
Societe Generale SA		172,592		5,370
				27,253
Health Care (0.3%):
Korian SA		1		—	(e)
Pharmagest Interactive		24,859		2,409
Sanofi		26,361		2,506
Sartorius Stedim Biotech		3,254		1,921
Vetoquinol SA		20,263		3,029
				9,865
Industrials (1.1%):
Cie de Saint-Gobain		170,107		10,789
Dassault Aviation SA		16,650		1,578
Eiffage SA		17,323		1,613
Rexel SA		111,379		2,042
Safran SA		87,954		9,823
Teleperformance		4,940		2,032
Thermador Groupe		38,551		4,090
				31,967

Security Description	Shares		Value
Information Technology (1.5%):
Capgemini SE		144,831	$	33,434
Edenred		35,055		1,568
Esker SA		12,820		5,041
Lectra		80,344		3,509
MGI Digital Graphic Technology (b) (c)		34,869		1,370
				44,922
Materials (0.8%):
Arkema SA		176,130		23,093
Utilities (0.3%):
Engie SA		502,166		7,264
				247,726
Germany (7.3%):
Communication Services (0.1%):
Deutsche Telekom AG		206,299		3,633
Consumer Discretionary (1.0%):
Ceconomy AG (b)		229,825		912
Continental AG (b)		31,255		3,342
Daimler AG		57,090		5,346
Volkswagen AG Preference Shares		97,481		17,808
				27,408
Consumer Staples (0.0%): (a)
METRO AG		51,404		582
Energy (0.3%):
CropEnergies AG		180,221		2,407
VERBIO Vereinigte BioEnergie AG (c)		79,395		6,140
				8,547
Financials (1.1%):
Allianz SE Registered Shares		133,370		28,943
Hannover Rueck SE		8,716		1,523
Muenchener Rueckversicherungs-Gesellschaft AG Class R		5,153		1,385
				31,851
Health Care (0.7%):
Eckert & Ziegler Strahlen- und Medizintechnik AG		45,348		4,994
Fresenius SE & Co. KGaA		136,034		5,148
Merck KGaA		17,084		4,222
Nexus AG		68,862		5,634
				19,998
Industrials (2.0%):
2G Energy AG (c)		29,918		3,622
Amadeus Fire AG		22,623		4,648
Cewe Stiftung & Co. KGaA		22,217		3,189
Deutsche Post AG Registered Shares		72,384		4,275

Security Description	Shares		Value
Dr Hoenle AG (c)		61,613	$	2,781
Siemens AG Registered Shares		253,169		40,356
				58,871
Information Technology (1.8%):
Basler AG		37,081		6,179
Infineon Technologies AG		61,320		2,772
PVA TePla AG (b)		101,779		4,941
SAP SE		274,290		35,148
Secunet Security Networks AG		10,116		4,759
				53,799
Materials (0.1%):
Covestro AG (d)		48,828		2,754
HeidelbergCement AG		16,897		1,124
				3,878
Real Estate (0.1%):
LEG Immobilien SE		13,582		1,900
Utilities (0.1%):
E.ON SE		256,633		3,166
				213,633
Hong Kong (2.1%):
Communication Services (0.1%):
NetDragon Websoft Holdings Ltd.		835,000		1,902
Consumer Discretionary (0.1%):
Chow Tai Fook Jewellery Group Ltd.		894,600		1,600
Consumer Staples (0.0%): (a)
WH Group Ltd. (d)		1,538,061		968
Financials (0.9%):
AIA Group Ltd.		2,384,800		25,106
Information Technology (0.1%):
Lenovo Group Ltd.		4,138,000		4,237
Real Estate (0.9%):
CK Asset Holdings Ltd.		4,329,830		24,768
Sun Hung Kai Properties Ltd.		165,000		2,009
				26,777
				60,590
Hungary (0.1%):
Financials (0.1%):
OTP Bank Nyrt (b)		62,641		3,461
India (0.7%):
Communication Services (0.1%):
Zee Entertainment Enterprises Ltd.		353,665		1,526

Security Description	Shares		Value
Energy (0.2%):
Oil & Natural Gas Corp. Ltd.		1,329,154	$	2,494
Reliance Industries Ltd.		111,241		3,557
				6,051
Financials (0.1%):
Canara Bank (b)		1,652,362		4,376
Health Care (0.0%): (a)
Cadila Healthcare Ltd.		214,414		1,326
Information Technology (0.1%):
Infosys Ltd.		171,642		3,904
Materials (0.1%):
UPL Ltd.		203,230		1,846
Utilities (0.1%):
Power Grid Corp. of India Ltd.		918,392		2,525
				21,554
Indonesia (0.2%):
Communication Services (0.1%):
PT Sarana Menara Nusantara Tbk		25,752,000		2,084
Financials (0.1%):
PT Bank Mandiri Persero Tbk		7,903,957		3,859
				5,943
Ireland (0.4%):
Financials (0.2%):
AIB Group PLC (b)		945,432		2,072
Bank of Ireland Group PLC (b)		553,523		3,026
				5,098
Health Care (0.1%):
ICON PLC (b)		18,276		4,943
Industrials (0.1%):
DCC PLC		38,054		2,802
				12,843
Israel (0.2%):
Consumer Discretionary (0.1%):
Maytronics Ltd.		134,933		3,422
Information Technology (0.1%):
Allot Ltd. (b)		161,674		1,825
Check Point Software Technologies Ltd. (b)		15,947		1,775
				3,600
				7,022

Security Description	Shares		Value
Italy (3.6%):
Energy (0.3%):
Eni SpA		524,080	$	6,906
Saipem SpA (b) (c)		634,416		1,259
				8,165
Financials (0.6%):
Assicurazioni Generali SpA		246,796		4,944
Banca Generali SpA (c)		147,433		6,027
BPER Banca		682,381		1,297
UniCredit SpA		478,907		5,782
				18,050
Health Care (0.9%):
El.En. SpA		349,648		6,005
Recordati Industria Chimica e Farmaceutica SpA		305,519		19,167
				25,172
Industrials (0.0%): (a)
Leonardo SpA (b)		201,250		1,361
Information Technology (0.3%):
Nexi SpA (b) (c) (d)		104,728		1,602
Sesa SpA		34,654		6,892
				8,494
Utilities (1.5%):
ACEA SpA		90,314		1,836
Enel SpA		3,264,981		24,738
Snam SpA		2,878,880		16,222
				42,796
				104,038
Japan (22.8%):
Communication Services (1.8%):
Akatsuki, Inc.		67,700		1,630
Capcom Co. Ltd.		558,100		13,893
DeNA Co. Ltd.		114,440		1,690
Fuji Media Holdings, Inc.		73,338		726
Intage Holdings, Inc. (c)		208,800		3,219
Kakaku.com, Inc.		546,900		15,283
KDDI Corp.		89,000		2,583
MarkLines Co. Ltd.		133,200		3,103
Nippon Telegraph & Telephone Corp.		82,300		2,265
Nippon Television Holdings, Inc.		141,244		1,425
SoftBank Group Corp.		17,600		925
ValueCommerce Co. Ltd.		110,500		4,398
ZIGExN Co. Ltd.		394,100		1,071
				52,211

Security Description	Shares		Value
Consumer Discretionary (4.2%):
Arcland Service Holdings Co. Ltd. (c)		120,000	$	2,380
Benesse Holdings, Inc.		9,309		181
Honda Motor Co. Ltd.		301,032		8,245
IBJ, Inc.		208,400		1,870
Isuzu Motors Ltd.		382,394		5,126
Mitsubishi Motors Corp. (b)		342,604		1,102
Nikon Corp.		231,545		2,397
Nissan Motor Co. Ltd. (b)		688,023		3,402
Shimamura Co. Ltd.		37,498		3,204
Shoei Co. Ltd.		98,200		4,153
Sony Group Corp.		100,700		12,288
Subaru Corp.		192,020		3,617
Sumitomo Electric Industries Ltd.		237,670		3,111
The Furukawa Battery Co. Ltd. (c)		188,500		2,427
Toyo Tire Corp.		99,300		1,507
Toyota Motor Corp.		2,994,300		53,124
ZOZO, Inc.		512,700		16,252
				124,386
Consumer Staples (1.1%):
Ajinomoto Co., Inc.		79,300		2,378
Asahi Group Holdings Ltd.		47,100		1,737
Create SD Holdings Co. Ltd. (c)		85,700		2,357
G-7 Holdings, Inc.		131,200		1,911
Retail Partners Co. Ltd.		189,300		2,025
Rock Field Co. Ltd.		104,800		1,327
Seven & i Holdings Co. Ltd.		43,500		1,752
Toyo Suisan Kaisha Ltd.		387,300		15,674
Transaction Co. Ltd. (c)		274,300		2,339
				31,500
Energy (0.1%):
Inpex Corp.		484,784		3,967
Financials (2.7%):
Dai-ichi Life Holdings, Inc.		221,003		4,428
JAFCO Group Co. Ltd.		133,100		8,317
Mitsubishi UFJ Financial Group, Inc.		4,334,842		22,897
Mizuho Financial Group, Inc.		192,450		2,373
Nomura Holdings, Inc.		638,964		2,678
ORIX Corp.		205,300		4,046
Resona Holdings, Inc.		1,236,716		4,517
Sumitomo Mitsui Financial Group, Inc.		252,784		8,225
Sumitomo Mitsui Trust Holdings, Inc.		135,947		4,247
T&D Holdings, Inc.		453,733		5,334
Tokio Marine Holdings, Inc.		260,700		13,094
				80,156

Security Description	Shares		Value
Health Care (2.6%):
Alfresa Holdings Corp.		115,650	$	1,565
BML, Inc.		55,200		1,716
Eisai Co. Ltd.		23,576		1,425
Hoya Corp.		232,300		36,775
Japan Lifeline Co. Ltd.		180,000		1,678
Japan Medical Dynamic Marketing, Inc.		131,500		2,239
Ono Pharmaceutical Co. Ltd.		220,430		4,863
Otsuka Holdings Co. Ltd.		42,100		1,525
Shionogi & Co. Ltd.		293,182		20,470
Takeda Pharmaceutical Co. Ltd.		125,261		3,352
				75,608
Industrials (5.5%):
AGC, Inc.		52,700		2,567
Altech Corp.		120,500		1,988
BeNext-Yumeshin Group Co.		156,618		2,299
Chiyoda Corp. (b)		143,171		469
CTI Engineering Co. Ltd.		97,100		2,025
Dai-Dan Co. Ltd.		97,800		1,767
Denyo Co. Ltd.		149,100		2,174
en Japan, Inc.		328,200		10,210
Fuji Corp.		108,100		2,360
Fuji Electric Co. Ltd.		600,500		31,266
Giken Ltd.		38,600		1,407
gremz, Inc.		151,400		3,367
Hino Motors Ltd.		428,342		3,535
Hitachi Ltd.		61,600		3,609
ITOCHU Corp.		130,800		3,741
JAC Recruitment Co. Ltd.		120,200		2,103
Japan Airlines Co. Ltd. Class C (b)		181,210		3,267
JGC Holdings Corp.		265,868		2,235
Kamigumi Co. Ltd.		86,020		1,586
Komatsu Ltd.		66,300		1,500
Maeda Kosen Co. Ltd.		97,000		3,004
METAWATER Co. Ltd.		102,100		1,755
Mirait Holdings Corp.		140,300		2,425
Mitsubishi Electric Corp.		128,700		1,608
Mitsubishi Heavy Industries Ltd.		56,308		1,263
Mitsui & Co. Ltd.		112,200		2,523
Nichireki Co. Ltd.		218,000		2,505
Nihon Flush Co. Ltd.		169,800		1,591
Nippon Yusen		233,300		15,113
NS Tool Co. Ltd.		189,900		2,394
OKUMA Corp.		177,300		7,373
Rheon Automatic Machinery Co. Ltd.		154,400		1,779
Sanwa Holdings Corp.		1,002,800		10,699
Shinwa Co. Ltd.		122,800		2,096
Sinko Industries Ltd.		149,800		2,421
S-Pool, Inc.		402,100		4,484
Sumitomo Heavy Industries Ltd.		69,710		1,539

Security Description	Shares		Value
THK Co. Ltd.		118,826	$	2,816
Tocalo Co. Ltd.		222,000		2,895
TOPPAN, Inc.		84,330		1,278
Weathernews, Inc.		42,800		3,619
Yamato Holdings Co. Ltd.		66,000		1,457
				160,112
Information Technology (3.4%):
Alps Alpine Co. Ltd.		145,550		1,310
Canon, Inc.		78,300		1,722
Comture Corp.		113,400		3,519
Cresco Ltd.		110,100		1,861
Digital Arts, Inc.		41,600		3,428
Double Standard, Inc.		81,000		2,660
Fujitsu Ltd.		159,700		26,399
Fukui Computer Holdings, Inc.		117,000		3,937
Future Corp.		127,500		4,540
Kanematsu Electronics Ltd.		56,700		1,800
Murata Manufacturing Co. Ltd.		24,600		1,805
NTT Data Corp.		111,000		2,343
Oracle Corp.		95,900		9,409
Poletowin Pitcrew Holdings, Inc.		177,500		1,508
SHIFT, Inc. (b)		19,400		4,280
Softcreate Holdings Corp.		112,900		4,343
TechMatrix Corp.		128,000		2,191
Tokyo Electron Ltd.		8,400		4,414
Ulvac, Inc.		274,500		15,666
V Technology Co. Ltd.		49,000		1,479
				98,614
Materials (0.4%):
Hokuetsu Industries Co. Ltd. (c)		127,900		1,068
JCU Corp.		111,100		4,694
Rengo Co. Ltd.		163,600		1,101
Shin-Etsu Chemical Co. Ltd.		12,400		2,066
Taiheiyo Cement Corp.		87,800		1,695
Tosoh Corp.		94,700		1,354
				11,978
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		73,100		2,123
Mitsubishi Estate Co. Ltd.		272,546		3,746
Open House Co. Ltd.		40,800		2,313
Sumitomo Realty & Development Co. Ltd.		343,600		10,719
				18,901
Utilities (0.4%):
Chubu Electric Power Co., Inc.		1,074,800		10,844
Osaka Gas Co. Ltd.		87,000		1,398
				12,242
				669,675

Security Description	Shares		Value
Korea, Republic Of (1.4%):
Communication Services (0.2%):
KT Corp.		188,437	$	4,798
NAVER Corp.		5,239		1,673
				6,471
Consumer Discretionary (0.3%):
Coway Co. Ltd.		40,717		2,323
Hankook Tire & Technology Co. Ltd.		56,438		1,830
Kia Corp.		29,431		1,927
LG Electronics, Inc.		23,872		2,324
				8,404
Consumer Staples (0.0%): (a)
E-MART, Inc.		11,935		1,433
Financials (0.4%):
Hana Financial Group, Inc.		54,998		1,828
KB Financial Group, Inc.		124,078		5,515
Shinhan Financial Group Co. Ltd.		162,825		4,736
				12,079
Industrials (0.1%):
Samsung Engineering Co. Ltd. (b)		124,759		2,179
Information Technology (0.4%):
LG Innotek Co. Ltd.		25,730		6,568
Samsung Electronics Co. Ltd.		80,793		4,851
				11,419
				41,985
Luxembourg (0.2%):
Communication Services (0.1%):
RTL Group SA		44,254		2,276
Energy (0.0%): (a)
Tenaris SA		162,777		1,594
Materials (0.1%):
ArcelorMittal SA		68,087		1,848
				5,718
Malaysia (0.3%):
Communication Services (0.1%):
Telekom Malaysia Bhd		1,637,400		2,163
Financials (0.2%):
CIMB Group Holdings Bhd		1,619,594		1,991
RHB Bank Bhd		2,417,400		3,030
				5,021
				7,184

Security Description	Shares		Value
Mexico (0.2%):
Communication Services (0.1%):
America Movil SAB de CV, ADR		207,673	$	3,618
Consumer Staples (0.1%):
Arca Continental SAB de CV (c)		301,935		1,842
				5,460
Netherlands (4.3%):
Communication Services (0.6%):
Koninklijke KPN NV		4,935,739		14,538
VEON Ltd., ADR (b)		780,000		1,349
				15,887
Consumer Staples (0.2%):
Koninklijke Ahold Delhaize NV		133,528		4,493
Energy (0.4%):
Royal Dutch Shell PLC Class B		588,028		12,320
Financials (1.3%):
ABN AMRO Bank NV (d)		311,551		4,447
ING Groep NV		2,319,648		32,040
NN Group NV		49,256		2,447
				38,934
Health Care (0.1%):
Pharming Group NV (b) (c)		1,546,697		1,236
QIAGEN NV (b)		33,761		1,865
				3,101
Industrials (0.8%):
PostNL NV		302,239		1,291
SIF Holding NV (c)		160,874		2,231
Wolters Kluwer NV		185,695		20,881
				24,403
Information Technology (0.9%):
ASM International NV		41,830		18,801
ASML Holding NV		3,950		3,100
STMicroelectronics NV		88,078		4,289
				26,190
				125,328
New Zealand (0.5%):
Consumer Staples (0.0%): (a)
Scales Corp. Ltd.		534,312		1,938
Health Care (0.4%):
Fisher & Paykel Healthcare Corp. Ltd.		491,110		11,108
Information Technology (0.1%):
Pushpay Holdings Ltd. (b)		2,300,132		2,117
				15,163

Security Description	Shares		Value
Norway (1.2%):
Energy (0.3%):
Aker BP ASA		248,140	$	7,803
Equinor ASA		79,818		1,999
				9,802
Financials (0.6%):
SpareBank 1 SMN		1,161,204		17,706
Health Care (0.1%):
Medistim ASA		80,939		3,070
Information Technology (0.1%):
Bouvet ASA		384,120		3,191
Materials (0.1%):
Norsk Hydro ASA		276,789		1,794
				35,563
Russian Federation (0.5%):
Consumer Staples (0.0%): (a)
Magnit PJSC, GDR		95,930		1,479
Energy (0.3%):
Gazprom PJSC, ADR		501,648		4,490
LUKOIL PJSC, ADR		53,261		4,696
				9,186
Financials (0.2%):
Sberbank of Russia PJSC, ADR		128,844		2,179
Sberbank of Russia PJSC		574,270		2,452
				4,631
				15,296
Saudi Arabia (0.2%):
Financials (0.1%):
Al Rajhi Bank		77,809		2,734
Health Care (0.1%):
Mouwasat Medical Services Co.		38,151		1,730
				4,464
Singapore (0.3%):
Consumer Staples (0.1%):
Wilmar International Ltd.		741,500		2,224
Financials (0.2%):
DBS Group Holdings Ltd.		102,400		2,231
iFAST Corp. Ltd.		543,900		3,315
				5,546
				7,770

Security Description	Shares		Value
South Africa (0.4%):
Communication Services (0.1%):
MTN Group Ltd. (b)		179,503	$	1,812
Naspers Ltd. Class N		14,038		2,151
				3,963
Financials (0.1%):
Old Mutual Ltd.		2,258,079		1,724
Materials (0.2%):
Gold Fields Ltd.		202,567		2,332
Impala Platinum Holdings Ltd.		139,647		1,750
Kumba Iron Ore Ltd.		66,059		1,871
				5,953
				11,640
Spain (1.9%):
Communication Services (0.6%):
Telefonica SA (c)		4,016,206		18,220
Consumer Discretionary (0.1%):
Industria de Diseno Textil SA		57,428		1,815
Financials (0.8%):
Banco Bilbao Vizcaya Argentaria SA		3,528,325		18,704
Banco Santander SA		444,119		1,381
CaixaBank SA		1,894,417		4,891
				24,976
Health Care (0.1%):
Faes Farma SA		600,210		2,257
Information Technology (0.1%):
Global Dominion Access SA (d)		581,608		2,885
Utilities (0.2%):
Acciona SA		12,414		2,214
EDP Renovaveis SA		91,540		2,354
				4,568
				54,721
Sweden (3.3%):
Consumer Discretionary (0.1%):
Boozt AB (b) (c) (d)		114,228		2,175
Consumer Staples (0.1%):
Swedish Match AB		319,830		2,335
Financials (0.1%):
Skandinaviska Enskilda Banken AB Class A		181,469		2,640
Health Care (0.8%):
BioGaia AB B Shares		45,423		2,587
Biotage AB		182,558		5,495
Cellavision AB		57,570		2,159

Security Description	Shares		Value
Getinge AB B Shares		47,055	$	1,973
Sectra AB Class B (b)		216,848		5,396
SwedenCare AB		257,221		4,160
Xvivo Perfusion AB (b)		109,195		3,604
				25,374
Industrials (2.1%):
Atlas Copco AB Class B		565,030		29,364
BTS Group AB B Shares		108,097		4,944
CTT Systems AB		68,873		1,744
Eolus Vind AB Class B (c)		139,230		2,040
GARO AB		243,703		6,019
Hexatronic Group AB		68,547		3,815
Nibe Industrier AB Class B		599,716		8,553
Sandvik AB		108,121		2,671
Volvo AB Class B		97,206		2,094
				61,244
Information Technology (0.0%): (a)
Telefonaktiebolaget LM Ericsson Class B		181,138		1,822
Materials (0.1%):
Boliden AB		71,776		2,476
				98,066
Switzerland (10.0%):
Consumer Discretionary (0.1%):
Cie Financiere Richemont SA Registered Shares		20,353		3,029
Consumer Staples (2.7%):
Coca-Cola HBC AG		415,495		12,793
Nestle SA Registered Shares		529,882		67,927
				80,720
Financials (2.0%):
Julius Baer Group Ltd.		54,813		3,403
Partners Group Holding AG		10,646		18,376
Swiss Life Holding AG		9,865		5,663
UBS Group AG		1,744,093		30,163
				57,605
Health Care (3.6%):
Coltene Holding AG Registered Shares		26,804		2,957
Lonza Group AG Registered Shares		3,301		2,662
Novartis AG Registered Shares		466,062		37,154
Roche Holding AG		152,034		59,366
Sonova Holding AG		6,667		2,506
				104,645
Industrials (0.9%):
Adecco Group AG		343,355		15,915
Kardex Holding AG Registered Shares		18,715		5,635

Security Description	Shares		Value
Schweiter Technologies AG Class BR		1,498	$	2,157
Zehnder Group AG Registered Shares		26,839		2,620
				26,327
Information Technology (0.2%):
Landis+Gyr Group AG		43,425		2,711
u-blox Holding AG (b)		44,878		3,194
				5,905
Materials (0.5%):
Gurit Holding AG Class BR		2,381		3,846
Holcim Ltd.		173,996		8,384
Vetropack Holding AG		50,122		2,890
				15,120
				293,351
Taiwan (1.1%):
Financials (0.3%):
Chailease Holding Co. Ltd.		305,846		2,706
Fubon Financial Holding Co. Ltd.		1,302,053		3,400
Shin Kong Financial Holding Co. Ltd.		3,424,873		1,298
				7,404
Information Technology (0.8%):
Catcher Technology Co. Ltd.		493,221		2,739
Hon Hai Precision Industry Co. Ltd.		894,724		3,316
MediaTek, Inc.		54,000		1,958
Realtek Semiconductor Corp.		267,000		5,298
Taiwan Semiconductor Manufacturing Co. Ltd.		466,000		9,913
Yageo Corp.		107,000		1,748
				24,972
				32,376
Thailand (0.2%):
Financials (0.2%):
Kasikornbank PCL		1,200,243		4,675
Turkey (0.1%):
Communication Services (0.1%):
Turk Telekomunikasyon A/S		1,860,594		1,345
Turkcell Iletisim Hizmetleri A/S		1,103,834		1,550
				2,895
United Arab Emirates (0.1%):
Real Estate (0.1%):
Emaar Development PJSC (b)		1,675,411		2,086
United Kingdom (14.3%):
Communication Services (1.1%):
4imprint Group PLC		69,686		2,626
BT Group PLC (b)		1,733,754		3,649

Security Description	Shares		Value
Frontier Developments PLC (b)		72,473	$	1,700
ITV PLC (b)		8,474,871		12,450
Team17 Group PLC (b)		231,250		2,047
Vodafone Group PLC		1,238,574		1,795
WPP PLC		609,183		8,454
				32,721
Consumer Discretionary (1.2%):
AB Dynamics PLC		124,343		2,681
Barratt Developments PLC		230,350		2,133
Focusrite PLC		378,141		8,008
Kingfisher PLC		548,291		2,303
Marks & Spencer Group PLC (b)		486,452		1,526
Next PLC		136,688		14,278
Stellantis NV		295,964		5,050
				35,979
Consumer Staples (1.9%):
British American Tobacco PLC		45,914		1,536
Diageo PLC		592,290		29,886
Imperial Brands PLC		712,926		14,567
J Sainsbury PLC		1,084,410		3,983
Tesco PLC		939,768		3,466
Unilever PLC		41,009		2,094
				55,532
Energy (2.1%):
BP PLC		8,973,594		38,927
Royal Dutch Shell PLC Class A		1,080,785		22,605
				61,532
Financials (1.7%):
3i Group PLC		227,571		4,175
Barclays PLC		946,711		2,311
Close Brothers Group PLC		576,957		9,888
CMC Markets PLC (d)		460,469		1,421
Intermediate Capital Group PLC		468,712		13,018
Legal & General Group PLC		3,677,491		13,736
Standard Chartered PLC		1,106,717		6,089
				50,638
Health Care (0.8%):
Advanced Medical Solutions Group PLC		522,004		2,225
AstraZeneca PLC		25,815		2,830
CVS Group PLC		276,056		8,083
EKF Diagnostics Holdings PLC		1,989,087		2,001
Ergomed PLC (b)		192,616		3,263
Hikma Pharmaceuticals PLC		64,328		1,890
Tristel PLC		222,075		1,239
				21,531

Security Description	Shares		Value
Industrials (2.3%):
Ashtead Group PLC		322,392	$	25,931
Avon Protection PLC		93,933		1,351
Babcock International Group PLC (b)		430,183		1,691
BAE Systems PLC		1,057,416		7,700
Bunzl PLC		52,164		1,984
Concentric AB		121,948		3,782
easyJet PLC (b)		145,416		961
Ferguson PLC		12,978		1,975
Judges Scientific PLC		58,883		6,114
Renew Holdings PLC		294,817		3,123
Robert Walters PLC		328,150		3,356
Royal Mail PLC		319,921		2,130
SThree PLC		704,433		4,869
Volex PLC		580,513		2,831
				67,798
Information Technology (0.4%):
Aptitude Software Group PLC		350,141		2,440
GB Group PLC		229,590		2,333
Kainos Group PLC		256,061		6,334
				11,107
Materials (2.4%):
Anglo American PLC		302,738		11,142
Croda International PLC		203,898		27,339
Endeavour Mining PLC (c)		50,956		1,196
Evraz PLC		846,002		6,448
Rio Tinto PLC		326,061		19,985
Treatt PLC		340,389		5,040
				71,150
Real Estate (0.3%):
Land Securities Group PLC		248,674		2,397
Safestore Holdings PLC		122,651		2,172
The British Land Co. PLC		362,042		2,447
Watkin Jones PLC		738,809		2,400
				9,416
Utilities (0.1%):
Centrica PLC (b)		1,609,777		1,383
				418,787
Total Common Stocks (Cost $2,320,419)				2,874,640
Exchange-Traded Funds (0.5%)
United States (0.5%):
iShares Core MSCI EAFE ETF		88,906		6,489
iShares Core MSCI Emerging Markets ETF		18,180		1,093
iShares MSCI EAFE Small-Cap ETF (c)		113,947		8,195
				15,777
Total Exchange-Traded Funds (Cost $16,460)				15,777

	USAA International Fund
Assets:
Investments, at value (Cost $2,409,077)	$	2,962,615	(a)
Foreign currency, at value (Cost $2,669)		2,676
Cash		25,467
Receivables:
Interest and dividends		7,775
Capital shares issued		4,414
Investments sold		6,487
Reclaims		7,337
From Adviser		8
Prepaid expenses		47
Total Assets		3,016,826
Liabilities:
Payables:
Collateral received on loaned securities		72,198
Investments purchased		6,029
Capital shares redeemed		1,528
Accrued foreign capital gains taxes		531
Accrued expenses and other payables:
Investment advisory fees		1,800
Administration fees		319
Custodian fees		139
Transfer agent fees		256
Compliance fees		1
12b-1 fees		—	(b)
Other accrued expenses		171
Total Liabilities		82,972
Net Assets:
Capital		2,173,028
Total accumulated earnings/(loss)		760,826
Net Assets	$	2,933,854
Net Assets
Fund Shares	$	1,505,094
Institutional Shares		1,427,453
Class A		1,056
Class R6		251
Total	$	2,933,854
Shares (unlimited number of shares authorized with no par value):
Fund Shares		52,248
Institutional Shares		49,705
Class A		37
Class R6		9
Total		101,999
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	28.81
Institutional Shares	$	28.72
Class A	$	28.59
Class R6	$	29.21
Maximum Sales Charge — Class A		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	30.33

(a) Includes $68,272 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA International Fund
Investment Income:
Dividends	$	41,757
Interest		1
Securities lending (net of fees)		312
Foreign tax withholding		(4,533	)
Total Income		37,537
Expenses:
Investment advisory fees		11,264
Administration fees — Fund Shares		1,197
Administration fees — Institutional Shares		799
Administration fees — Class A		1
Administration fees — Class R6		—	(a)
Sub-Administration fees		39
12b-1 fees — Class A		1
Custodian fees		361
Transfer agent fees — Fund Shares		822
Transfer agent fees — Institutional Shares		799
Transfer agent fees — Class A		1
Transfer agent fees — Class R6		—	(a)
Trustees' fees		24
Compliance fees		10
Legal and audit fees		51
State registration and filing fees		32
Interfund lending fees		—	(a)
Other expenses		189
Total Expenses		15,590
Expenses waived/reimbursed by Adviser		(47	)
Net Expenses		15,543
Net Investment Income (Loss)		21,994
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		83,103
Foreign taxes on realized gains		(438	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(163,081	)
Net change in accrued foreign taxes on unrealized gains		2
Net realized/unrealized gains (losses) on investments		(80,414	)
Change in net assets resulting from operations	$	(58,420	)

(a) Rounds to less than $1 thousand.

	USAA International Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	21,994		$	60,275
Net realized gains (losses) from investments		82,665			194,425
Net change in unrealized appreciation/depreciation on investments		(163,079	)		764,549
Change in net assets resulting from operations		(58,420	)		1,019,249
Distributions to Shareholders:
Fund Shares		—			(28,796	)
Institutional Shares		—			(31,477	)
Class A		—			(127	)
Class R6		—			(87	)
Change in net assets resulting from distributions to shareholders		—			(60,487	)
Change in net assets resulting from capital transactions		(261,623	)		(537,018	)
Change in net assets		(320,043	)		421,744
Net Assets:
Beginning of period		3,253,897			2,832,153
End of period	$	2,933,854		$	3,253,897

(continues on next page)

	USAA International Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	40,379		$	80,765
Distributions reinvested		—			28,329
Cost of shares redeemed		(110,571	)		(359,583	)
Total Fund Shares	$	(70,192	)	$	(250,489	)
Institutional Shares
Proceeds from shares issued	$	52,972		$	78,811
Distributions reinvested		—			31,451
Cost of shares redeemed		(244,618	)		(384,872	)
Total Institutional Shares	$	(191,646	)	$	(274,610	)
Class A
Proceeds from shares issued	$	90		$	6,788
Distributions reinvested		—			16
Cost of shares redeemed		(102	)		(14,243	)
Total Class A	$	(12	)	$	(7,439	)
Class R6
Proceeds from shares issued	$	255		$	50
Distributions reinvested		—			—	(a)
Cost of shares redeemed		(28	)		(4,530	)
Total Class R6	$	227		$	(4,480	)
Change in net assets resulting from capital transactions	$	(261,623	)	$	(537,018	)
Share Transactions:
Fund Shares
Issued		1,354			3,115
Reinvested		—			1,111
Redeemed		(3,712	)		(14,241	)
Total Fund Shares		(2,358	)		(10,015	)
Institutional Shares
Issued		1,792			3,189
Reinvested		—			1,238
Redeemed		(8,100	)		(15,106	)
Total Institutional Shares		(6,308	)		(10,679	)
Class A
Issued		3			305
Reinvested		—			1
Redeemed		(3	)		(568	)
Total Class A		—			(262	)
Class R6
Issued		9			2
Reinvested		—			—	(b)
Redeemed		(1	)		(157	)
Total Class R6		8			(155	)
Change in Shares		(8,658	)		(21,111	)

(a) Rounds to less than $1 thousand.

(b) Rounds to less than 1,000 shares.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA International Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	29.46		0.20	(e)		(0.85	)		(0.65	)		—			—
Year Ended May 31:
2021	$	21.53		0.49	(e)		7.94			8.43			(0.50	)		—
2020	$	28.70		0.44	(e)		(1.12	)		(0.68	)		(0.73	)		(5.76	)
2019	$	32.82		0.53			(2.41	)		(1.88	)		(0.44	)		(1.80	)
2018	$	31.16		0.60			2.08			2.68			(0.63	)		(0.39	)
2017	$	26.40		0.42			4.76			5.18			(0.42	)		—
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	29.36		0.21	(e)		(0.85	)		(0.64	)		—			—
Year Ended May 31:
2021	$	21.46		0.51	(e)		7.91			8.42			(0.52	)		—
2020	$	28.61		0.47	(e)		(1.12	)		(0.65	)		(0.74	)		(5.76	)
2019	$	32.72		0.56			(2.41	)		(1.85	)		(0.46	)		(1.80	)
2018	$	31.07		0.64			2.06			2.70			(0.66	)		(0.39	)
2017	$	26.34		0.45			4.74			5.19			(0.46	)		—

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA International Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)		—		$	28.81		(2.21	)%		1.00	%		1.34	%		1.00	%	$	1,505,094		16	%
Year Ended May 31:
2021		(0.50	)	$	29.46		39.52	%		1.01	%		1.94	%		1.03	%	$	1,608,436		67	%(f)
2020		(6.49	)	$	21.53		(6.13	)%		1.06	%		1.68	%		1.07	%	$	1,391,279		119	%(g)
2019		(2.24	)	$	28.70		(5.14	)%		1.08	%		1.76	%		1.08	%	$	1,690,782		30	%
2018		(1.02	)	$	32.82		8.61	%		1.08	%		1.58	%		1.08	%	$	1,876,020		36	%
2017		(0.42	)	$	31.16		19.87	%		1.11	%		1.33	%		1.11	%	$	1,696,372		40	%
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)		—		$	28.72		(2.18	)%		0.94	%		1.41	%		0.95	%	$	1,427,453		16	%
Year Ended May 31:
2021		(0.52	)	$	29.36		39.61	%		0.94	%		2.00	%		0.95	%	$	1,644,340		67	%(f)
2020		(6.50	)	$	21.46		(6.05	)%		0.99	%		1.77	%		0.99	%	$	1,431,107		119	%(g)
2019		(2.26	)	$	28.61		(5.06	)%		1.00	%		1.81	%		1.00	%	$	1,979,758		30	%
2018		(1.05	)	$	32.72		8.68	%		1.00	%		1.62	%		1.00	%	$	2,349,281		36	%
2017		(0.46	)	$	31.07		19.97	%		1.00	%		1.43	%		1.00	%	$	2,308,470		40	%

(continues on next page)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA International Fund
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	29.25		0.19	(e)		(0.85	)		(0.66	)		—			—
Year Ended May 31:
2021	$	21.39		0.37	(e)		7.93			8.30			(0.44	)		—
2020	$	28.58		0.36	(e)		(1.10	)		(0.74	)		(0.69	)		(5.76	)
2019	$	32.67		0.47			(2.41	)		(1.94	)		(0.35	)		(1.80	)
2018	$	31.04		0.53			2.04			2.57			(0.55	)		(0.39	)
2017	$	26.31		0.35			4.74			5.09			(0.36	)		—
Class R6
Six Months Ended November 30, 2021 (Unaudited)	$	29.65		0.30	(e)		(0.74	)		(0.44	)		—			—
Year Ended May 31:
2021	$	21.52		0.49	(e)		8.19			8.68			(0.55	)		—
2020	$	28.66		0.49	(e)		(1.12	)		(0.63	)		(0.75	)		(5.76	)
August 17, 2018 (h) through May 31, 2019	$	32.01		0.52	(e)		(1.54	)		(1.02	)		(0.53	)		(1.80	)

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)(c)			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA International Fund
Class A
Six Months Ended November 30, 2021 (Unaudited)		—		$	28.59		(2.26	)%		1.08	%		1.28	%		2.50	%	$	1,056		16	%
Year Ended May 31:
2021		(0.44	)	$	29.25		39.11	%		1.30	%		1.47	%		1.56	%	$	1,093		67	%(f)
2020		(6.45	)	$	21.39		(6.37	)%		1.35	%		1.37	%		1.39	%	$	6,402		119	%(g)
2019		(2.15	)	$	28.58		(5.39	)%		1.35	%		1.52	%		1.41	%	$	7,715		30	%
2018		(0.94	)	$	32.67		8.29	%		1.35	%		1.29	%		1.42	%	$	8,101		36	%
2017		(0.36	)	$	31.04		19.58	%		1.35	%		1.08	%		1.51	%	$	7,540		40	%
Class R6
Six Months Ended November 30, 2021 (Unaudited)		—		$	29.21		(1.48	)%		0.23	%		2.00	%		4.49	%	$	251		16	%
Year Ended May 31:
2021		(0.55	)	$	29.65		40.78	%		0.80	%		1.95	%		1.22	%	$	28		67	%(f)
2020		(6.51	)	$	21.52		(5.95	)%		0.85	%		1.83	%		1.18	%	$	3,365		119	%(g)
August 17, 2018 (h) through May 31, 2019		(2.33	)	$	28.66		(2.55	)%		0.85	%		2.19	%		2.03	%	$	4,477		30	%

1. Organization:

The accompanying financial statements are those of the USAA International Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, and Class R6. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Common Stocks	$	96,339	$	2,778,302	$	—	$	2,874,641
Exchange-Traded Funds		15,776		—		—		15,776
Collateral for Securities Loaned		72,198		—		—		72,198
Total	$	184,313	$	2,778,302	$	—	$	2,962,615

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Exchange-Traded Funds:

ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

Foreign Exchange Currency Contracts:

Investment Transactions and Related Income:

Securities Lending:

Investments. The Fund does not have effective control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	68,272			$	—			$	72,198

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases				Sales
$505,811				$737,310

4. Affiliated Fund Ownership:

Affiliated USAA Mutual Funds	Ownership %
USAA Cornerstone Conservative Fund		0.3
USAA Cornerstone Equity Fund		1.1
USAA Target Retirement Income Fund		0.0	(a)
USAA Target Retirement 2040 Fund		0.0	(a)
USAA Target Retirement 2050 Fund		0.0	(a)
USAA Target Retirement 2060 Fund		0.0	(a)

(a) Amount is less than 0.05%.

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.75% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

and effective July 1, 2019, VCM replaced AMCO as the investment adviser to the Fund and no performance adjustments were made for the period beginning July 1, 2019, through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper International Funds Index. The Lipper International Funds Index tracks the total return performance of the largest funds within the Lipper International Funds category.

Over/Under Performance Relative to Index (in basis points)^(a)		Annual Adjustment Rate (in basis points)
	+/- 100 to 400		+/- 4
	+/- 401 to 700		+/- 5
	+/- 701 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper International Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period June 1, 2021 to November 30, 2021, performance adjustments were $(353), $(366), $(1), and $(1) for Fund Shares, Institutional Shares, Class A, and Class R6, in thousands, respectively. Performance adjustments were (0.04)%, (0.05)%, (0.27)%, and (0.62)% for Fund Shares, Institutional Shares, Class A, and Class R6, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

VCM entered into an Investment Subadvisory Agreement with Wellington Management Company LLP ("Wellington Management"). Wellington Management directs the investment and reinvestment of a portion of the Fund's assets (as allocated from time to time by VCM). This arrangement provides for monthly fees that are paid by VCM. VCM (not the Fund) pays the subadviser fees.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15%, 0.10%, 0.15%, and 0.05%, of average daily net assets of the Fund Shares, Institutional Shares, Class A, and Class R6, respectively. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

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

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended November 30, 2021, the Distributor did not receive any commissions.

Other Fees:

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

fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of November 30, 2021, the expense limits (excluding voluntary waivers) were 1.06%, 0.99%, 1.35%, and 0.85% for Fund Shares, Institutional Shares, Class A, and Class R6, respectively.

Expires 2023				Expires 2024				Expires 2025				Total
$	91			$	446			$	47			$	584

6. Risks:

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

7. Borrowing and Interfund Lending:

Line of Credit:

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

Interfund Lending:

Borrower or Lender				Amount Outstanding at November 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	1,150				3				0.55	%		$	1,150

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

8. Federal Income Tax Information:

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

	Beginning Account Value 6/1/21		Actual Ending Account Value 11/30/21		Hypothetical Ending Account Value 11/30/21		Actual Expenses Paid During Period 6/1/21- 11/30/21*		Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*		Annualized Expense Ratio During Period 6/1/21- 11/30/21
Fund Shares	$	1,000.00	$	977.90	$	1,020.05	$	4.96	$	5.06		1.00	%
Institutional Shares		1,000.00		978.20		1,020.36		4.66		4.76		0.94	%
Class A		1,000.00		977.40		1,019.65		5.35		5.47		1.08	%
Class R6		1,000.00		985.20		1,023.92		1.14		1.17		0.23	%

Security Description	Shares		Value
Common Stocks (98.3%)
Australia (2.1%):
Consumer Discretionary (0.6%):
Aristocrat Leisure Ltd.		283,417	$	8,807
Lovisa Holdings Ltd.		39,845		579
PWR Holdings Ltd.		69,861		443
				9,829
Energy (0.0%): (a)
Santos Ltd.		62,608		282
Woodside Petroleum Ltd.		23,172		352
				634
Financials (0.6%):
Australia & New Zealand Banking Group Ltd.		45,274		855
Macquarie Group Ltd.		53,945		7,511
				8,366
Health Care (0.7%):
CSL Ltd.		44,779		9,735
Nanosonics Ltd. (b)		86,965		335
Sonic Healthcare Ltd.		14,791		447
				10,517
Industrials (0.0%): (a)
Austal Ltd.		248,175		321
Johns Lyng Group Ltd.		97,070		513
				834
Materials (0.1%):
Ramelius Resources Ltd. (c)		412,835		464
Rio Tinto Ltd.		9,785		649
				1,113
Real Estate (0.1%):
Charter Hall Group		38,542		524
Stockland		139,760		431
				955
				32,248
Austria (0.0%): (a)
Financials (0.0%):
Raiffeisen Bank International AG		9,118		271
Industrials (0.0%):
ANDRITZ AG		8,461		404
				675
Belgium (0.5%):
Financials (0.1%):
KBC Group NV		4,933		414

Security Description	Shares		Value
Information Technology (0.4%):
Melexis NV		54,771	$	6,377
				6,791
Bermuda (0.4%):
Industrials (0.4%):
Triton International Ltd.		101,709		5,693
Brazil (0.2%):
Consumer Discretionary (0.1%):
Vibra Energia SA (b)		238,500		923
Consumer Staples (0.1%):
Sendas Distribuidora SA		172,322		391
SLC Agricola SA		60,600		414
				805
Financials (0.0%): (a)
Itau Unibanco Holding SA, ADR		152,421		598
Industrials (0.0%): (a)
Randon SA Implementos e Participacoes Preference Shares		172,800		340
SIMPAR SA		156,100		293
				633
Materials (0.0%): (a)
Dexco SA		141,900		455
				3,414
Canada (3.4%):
Consumer Discretionary (0.3%):
Lululemon Athletica, Inc. (b)		9,622		4,373
Consumer Staples (0.6%):
Alimentation Couche-Tard, Inc. Class B (c)		263,834		9,667
Energy (0.4%):
Parex Resources, Inc. (c)		351,461		5,635
Industrials (0.5%):
Canadian Pacific Railway Ltd. (c)		102,591		7,180
Savaria Corp.		19,253		280
				7,460
Information Technology (1.0%):
Constellation Software, Inc.		7,166		12,195
Shopify, Inc. Class A (b)		2,217		3,374
				15,569
Materials (0.6%):
Kirkland Lake Gold Ltd.		214,120		8,467
Wesdome Gold Mines Ltd. (b)		60,276		590
				9,057
				51,761

Security Description	Shares		Value
Chile (0.0%): (a)
Financials (0.0%):
Banco de Chile		5,791,022	$	560
China (3.7%):
Communication Services (1.3%):
Baidu, Inc., ADR (b)		32,815		4,917
NetEase, Inc., ADR		13,640		1,469
Tencent Holdings Ltd.		228,700		13,338
				19,724
Consumer Discretionary (0.5%):
Alibaba Group Holding Ltd., ADR (b)		21,669		2,763
BYD Co. Ltd. Class H		16,500		649
Fuyao Glass Industry Group Co. Ltd. Class H (d)		104,400		573
JD.com, Inc., ADR (b)		20,649		1,737
Jiumaojiu International Holdings Ltd. (d)		194,000		401
Meituan Class B (b) (d)		26,400		802
Topsports International Holdings Ltd. (d)		403,000		469
				7,394
Consumer Staples (0.5%):
China Feihe Ltd. (d)		262,000		351
Foshan Haitan Flavouring & Food Co. Ltd. Class A		364,416		6,431
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		96,300		591
				7,373
Financials (0.7%):
China Merchants Bank Co. Ltd. Class H		212,000		1,643
Industrial & Commercial Bank of China Ltd. Class H		15,990,370		8,450
Postal Savings Bank of China Co. Ltd. Class H (d)		1,494,000		1,012
				11,105
Health Care (0.2%):
Hygeia Healthcare Holdings Co. Ltd. (d)		69,400		536
Pharmaron Beijing Co. Ltd. Class H (d)		28,800		594
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A		11,000		622
Wuxi Biologics Cayman, Inc. (b) (d)		72,000		971
				2,723
Industrials (0.1%):
China Railway Group Ltd. Class H		1,501,000		714
Xinte Energy Co. Ltd. Class H		218,000		497
Zhefu Holding Group Co. Ltd. Class A		518,600		545
				1,756
Information Technology (0.2%):
Chinasoft International Ltd.		752,000		1,250
Luxshare Precision Industry Co. Ltd. Class A		80,200		498
WUS Printed Circuit Kunshan Co. Ltd. Class A		320,430		765
Yonyou Network Technology Co. Ltd. Class A		94,075		481
				2,994

Security Description	Shares		Value
Materials (0.1%):
China Hongqiao Group Ltd.		658,500	$	637
Wanhua Chemical Group Co. Ltd. Class A		55,300		828
				1,465
Real Estate (0.0%): (a)
Shimao Services Holdings Ltd. (d)		475,000		587
Utilities (0.1%):
China Longyuan Power Group Corp. Ltd. Class H		346,000		707
				55,828
Denmark (0.7%):
Consumer Discretionary (0.0%): (a)
Pandora A/S		2,907		362
Consumer Staples (0.5%):
Carlsberg A/S Class B		4,007		622
Royal Unibrew A/S		67,382		7,183
				7,805
Health Care (0.1%):
Novo Nordisk A/S Class B		8,814		943
Industrials (0.1%):
AP Moller — Maersk A/S Class B		251		756
INVISIO AB		15,234		264
				1,020
Utilities (0.0%): (a)
Orsted A/S (d)		2,318		298
				10,428
Finland (0.0%): (a)
Industrials (0.0%):
Metso Outotec Oyj		55,295		557
France (2.7%):
Communication Services (0.0%): (a)
Publicis Groupe SA		8,979		581
Consumer Discretionary (0.6%):
La Francaise des Jeux SAEM (d)		157,393		7,289
LVMH Moet Hennessy Louis Vuitton SE		1,861		1,447
				8,736
Consumer Staples (0.0%): (a)
Pernod Ricard SA (c)		2,984		685
Energy (0.3%):
Gaztransport Et Technigaz SA		50,126		4,020
TotalEnergies SE		16,733		770
				4,790

Security Description	Shares		Value
Financials (0.1%):
Amundi SA (d)		3,648	$	303
AXA SA		24,106		663
BNP Paribas SA		10,608		659
				1,625
Health Care (0.1%):
Pharmagest Interactive		2,628		255
Sanofi		6,822		648
Sartorius Stedim Biotech		663		391
Vetoquinol SA		2,414		361
				1,655
Industrials (0.7%):
Cie de Saint-Gobain		11,045		700
Eiffage SA		3,678		343
Safran SA		69,883		7,805
Teleperformance		1,182		486
Thermador Groupe		4,487		476
				9,810
Information Technology (0.2%):
Capgemini SE		3,528		815
Edenred		7,232		324
Esker SA		2,648		1,041
Lectra		8,890		388
				2,568
Materials (0.7%):
Arkema SA		79,552		10,430
				40,880
Germany (1.2%):
Communication Services (0.1%):
Deutsche Telekom AG		43,429		765
Consumer Discretionary (0.5%):
Volkswagen AG Preference Shares		37,880		6,920
Energy (0.0%): (a)
VERBIO Vereinigte BioEnergie AG (c)		7,088		548
Financials (0.1%):
Allianz SE Registered Shares		2,813		610
Hannover Rueck SE		1,652		289
Muenchener Rueckversicherungs-Gesellschaft AG Class R		975		262
				1,161
Health Care (0.1%):
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,750		303
Merck KGaA		3,570		882
Nexus AG		4,466		365
				1,550

Security Description	Shares		Value
Industrials (0.1%):
2G Energy AG		2,978	$	360
Amadeus Fire AG		1,977		406
Deutsche Post AG Registered Shares		14,821		875
Siemens AG Registered Shares		2,839		453
				2,094
Information Technology (0.2%):
AIXTRON SE		13,296		267
Basler AG		4,173		695
Infineon Technologies AG		12,367		559
LPKF Laser & Electronics AG (c)		10,544		209
PVA TePla AG (b)		12,535		609
SAP SE		3,481		446
Secunet Security Networks AG		973		458
				3,243
Materials (0.1%):
Covestro AG (d)		9,851		556
HeidelbergCement AG		3,555		236
				792
Real Estate (0.0%): (a)
LEG Immobilien SE		2,878		403
Utilities (0.0%): (a)
E.ON SE		53,555		661
				18,137
Greece (0.1%):
Financials (0.1%):
National Bank of Greece SA (b)		192,036		572
Industrials (0.0%): (a)
Mytilineos SA		32,803		537
				1,109
Hong Kong (0.3%):
Consumer Discretionary (0.1%):
Bosideng International Holdings Ltd.		938,000		660
Chow Tai Fook Jewellery Group Ltd.		171,800		307
JS Global Lifestyle Co. Ltd. (d)		259,000		509
				1,476
Consumer Staples (0.0%): (a)
WH Group Ltd. (d)		306,735		193
Financials (0.1%):
BOC Hong Kong Holdings Ltd.		255,500		772
Industrials (0.0%): (a)
Pacific Basin Shipping Ltd.		1,622,000		616
Information Technology (0.0%): (a)
ASM Pacific Technology Ltd.		54,500		571

Security Description	Shares		Value
Real Estate (0.1%):
China Resources Land Ltd.		218,000	$	911
CK Asset Holdings Ltd.		44,817		256
Sun Hung Kai Properties Ltd.		29,909		364
				1,531
				5,159
India (0.7%):
Consumer Discretionary (0.0%): (a)
Balkrishna Industries Ltd.		25,522		738
Energy (0.1%):
Hindustan Petroleum Corp. Ltd.		250,372		984
Financials (0.1%):
Cholamandalam Investment & Finance Co. Ltd.		101,134		740
Federal Bank Ltd.		658,112		759
UTI Asset Management Co. Ltd.		47,808		698
				2,197
Health Care (0.1%):
Apollo Hospitals Enterprise Ltd.		12,278		928
Dr Reddy's Laboratories Ltd.		9,959		621
				1,549
Industrials (0.1%):
Larsen & Toubro Ltd.		40,435		951
Information Technology (0.2%):
Infosys Ltd., ADR		106,316		2,401
WNS Holdings Ltd., ADR (b)		6,049		508
				2,909
Materials (0.1%):
Dalmia Bharat Ltd.		25,344		631
Tata Steel Ltd.		51,272		728
				1,359
				10,687
Indonesia (0.7%):
Communication Services (0.7%):
PT Telkom Indonesia Persero Tbk		38,676,638		10,770
Ireland (1.1%):
Health Care (0.1%):
ICON PLC (b)		3,592		972
Industrials (1.0%):
DCC PLC		7,848		578
Eaton Corp. PLC		86,357		13,995
Johnson Controls International PLC		15,400		1,151
				15,724
				16,696

Security Description	Shares		Value
Israel (0.2%):
Industrials (0.1%):
Kornit Digital Ltd. (b)		11,199	$	1,735
Information Technology (0.1%):
Allot Ltd. (b)		23,173		262
Check Point Software Technologies Ltd. (b)		3,148		350
				612
				2,347
Italy (1.7%):
Health Care (0.6%):
El.En. SpA		55,528		953
Recordati Industria Chimica e Farmaceutica SpA		131,246		8,234
				9,187
Industrials (0.0%): (a)
Leonardo SpA (b)		39,768		269
Information Technology (0.1%):
Nexi SpA (b) (c) (d)		22,141		339
Sesa SpA		4,257		846
				1,185
Utilities (1.0%):
ACEA SpA		18,438		375
Enel SpA		811,208		6,146
Snam SpA		1,359,132		7,659
				14,180
				24,821
Japan (5.9%):
Communication Services (1.0%):
Capcom Co. Ltd.		243,708		6,067
Kakaku.com, Inc.		227,591		6,360
KDDI Corp.		20,349		591
Nippon Telegraph & Telephone Corp.		22,434		617
SoftBank Group Corp.		3,206		168
ValueCommerce Co. Ltd.		11,200		446
ZIGExN Co. Ltd.		71,700		195
				14,444
Consumer Discretionary (0.8%):
Arcland Service Holdings Co. Ltd. (c)		13,900		276
Shoei Co. Ltd.		13,100		554
Sony Group Corp.		21,751		2,654
The Furukawa Battery Co. Ltd. (c)		18,300		236
Toyo Tire Corp.		19,709		299
Toyota Motor Corp.		71,800		1,274
ZOZO, Inc.		228,000		7,227
				12,520

Security Description	Shares		Value
Consumer Staples (0.4%):
Ajinomoto Co., Inc.		16,800	$	504
Asahi Group Holdings Ltd.		10,391		383
Create SD Holdings Co. Ltd. (c)		6,300		173
Seven & i Holdings Co. Ltd.		8,316		335
Toyo Suisan Kaisha Ltd.		98,649		3,993
				5,388
Financials (0.9%):
JAFCO Group Co. Ltd.		65,331		4,083
Mitsubishi UFJ Financial Group, Inc.		1,505,212		7,951
Mizuho Financial Group, Inc.		41,611		513
Nomura Holdings, Inc.		59,472		249
ORIX Corp.		48,374		953
Sumitomo Mitsui Financial Group, Inc.		15,475		503
				14,252
Health Care (0.6%):
BML, Inc.		10,700		333
Hoya Corp.		53,302		8,438
Japan Medical Dynamic Marketing, Inc.		17,700		301
Otsuka Holdings Co. Ltd.		8,400		304
				9,376
Industrials (1.2%):
AGC, Inc.		9,700		472
Altech Corp.		14,900		246
Denyo Co. Ltd.		14,700		214
Fuji Electric Co. Ltd.		71,100		3,702
gremz, Inc.		15,200		338
Hitachi Ltd.		13,145		770
ITOCHU Corp.		29,709		850
JAC Recruitment Co. Ltd.		15,100		264
Komatsu Ltd.		12,900		292
Maeda Kosen Co. Ltd.		13,900		431
Mirait Holdings Corp.		16,400		284
Mitsubishi Electric Corp.		26,101		326
Mitsui & Co. Ltd.		26,320		592
Nippon Yusen		122,654		7,945
Rheon Automatic Machinery Co. Ltd.		22,400		258
S-Pool, Inc.		98,800		1,102
Yamato Holdings Co. Ltd.		13,061		288
				18,374
Information Technology (0.8%):
Canon, Inc.		16,000		352
Comture Corp.		14,400		447
Digital Arts, Inc.		3,700		305
Double Standard, Inc.		7,400		243
Fujitsu Ltd.		4,159		687
Fukui Computer Holdings, Inc.		14,900		501
Future Corp.		14,900		531

Security Description	Shares		Value
Murata Manufacturing Co. Ltd.		4,941	$	363
NTT Data Corp.		23,661		499
SHIFT, Inc. (b)		3,000		662
Softcreate Holdings Corp.		11,200		431
TechMatrix Corp.		15,700		269
Tokyo Electron Ltd.		1,901		999
Ulvac, Inc.		94,482		5,392
V Technology Co. Ltd.		7,200		217
				11,898
Materials (0.1%):
Rengo Co. Ltd.		35,286		237
Shin-Etsu Chemical Co. Ltd.		2,243		374
Tosoh Corp.		19,182		274
				885
Real Estate (0.1%):
Daiwa House Industry Co. Ltd.		14,572		423
Open House Co. Ltd.		7,991		453
				876
Utilities (0.0%): (a)
Osaka Gas Co. Ltd.		18,537		298
				88,311
Korea, Republic Of (1.8%):
Communication Services (0.1%):
LG Uplus Corp.		78,675		896
NAVER Corp.		2,825		902
				1,798
Consumer Discretionary (0.1%):
Hanon Systems		56,742		618
Financials (0.2%):
DB Insurance Co. Ltd.		12,609		572
Hana Financial Group, Inc.		25,584		850
Samsung Securities Co. Ltd.		16,707		622
Woori Financial Group, Inc.		105,302		1,115
				3,159
Health Care (0.1%):
Hugel, Inc. (b)		3,011		359
InBody Co. Ltd.		14,096		261
Samsung Biologics Co. Ltd. (b) (d)		813		610
				1,230
Industrials (0.1%):
CJ Corp.		5,919		398
Hyundai Engineering & Construction Co. Ltd.		12,917		480
LG Corp.		6,837		453
Samsung Engineering Co. Ltd. (b)		34,995		611
				1,942

Security Description	Shares		Value
Information Technology (1.1%):
Innox Advanced Materials Co. Ltd. (b)		15,830	$	504
Samsung Electronics Co. Ltd.		272,682		16,371
				16,875
Materials (0.1%):
Kolon Industries, Inc.		7,017		417
PI Advanced Materials Co. Ltd.		15,369		597
				1,014
				26,636
Luxembourg (0.1%):
Energy (0.0%): (a)
Tenaris SA		38,907		381
Materials (0.1%):
ArcelorMittal SA		14,726		400
				781
Malaysia (0.1%):
Consumer Discretionary (0.0%): (a)
MR DIY Group M Bhd (d)		758,600		635
Financials (0.1%):
Public Bank Bhd		709,900		665
				1,300
Mexico (0.2%):
Consumer Discretionary (0.0%): (a)
Alsea SAB de CV (b)		275,324		471
Financials (0.1%):
Grupo Financiero Banorte SAB de CV Class O		148,503		888
Materials (0.1%):
Cemex SAB de CV, ADR (b)		120,064		738
Real Estate (0.0%): (a)
Corp Inmobiliaria Vesta SAB de CV		321,642		550
				2,647
Netherlands (0.9%):
Consumer Staples (0.1%):
Koninklijke Ahold Delhaize NV		27,520		926
Financials (0.1%):
ING Groep NV		28,514		394
NN Group NV		9,811		487
				881
Health Care (0.0%): (a)
Pharming Group NV (b) (c)		255,818		205
QIAGEN NV (b)		7,027		388
				593

Security Description	Shares		Value
Information Technology (0.7%):
ASM International NV		19,981	$	8,981
ASML Holding NV		802		629
STMicroelectronics NV		18,738		912
				10,522
				12,922
New Zealand (0.4%):
Health Care (0.4%):
Fisher & Paykel Healthcare Corp. Ltd.		235,231		5,321
Norway (0.8%):
Energy (0.5%):
Aker BP ASA		201,800		6,346
Equinor ASA		17,321		434
				6,780
Financials (0.3%):
SpareBank 1 SMN		341,023		5,200
				11,980
Philippines (0.0%): (a)
Financials (0.0%):
BDO Unibank, Inc.		212,880		523
Russian Federation (0.3%):
Consumer Staples (0.0%): (a)
Magnit PJSC		7,278		570
Energy (0.2%):
Gazprom PJSC		303,950		1,365
Rosneft Oil Co. PJSC, GDR		124,892		940
				2,305
Financials (0.1%):
Sberbank of Russia PJSC, ADR		95,533		1,615
				4,490
Saudi Arabia (0.1%):
Consumer Discretionary (0.0%): (a)
Leejam Sports Co. JSC		22,290		621
Financials (0.1%):
The Saudi National Bank		70,444		1,133
				1,754
Singapore (0.4%):
Communication Services (0.1%):
Sea Ltd., ADR (b)		2,509		723
Consumer Staples (0.0%): (a)
Wilmar International Ltd.		162,129		486

Security Description	Shares		Value
Financials (0.3%):
DBS Group Holdings Ltd.		22,805	$	497
iFAST Corp. Ltd.		64,300		392
Singapore Exchange Ltd.		540,627		3,530
				4,419
				5,628
South Africa (0.6%):
Communication Services (0.1%):
MTN Group Ltd. (b)		91,646		925
Consumer Discretionary (0.4%):
Mr Price Group Ltd.		527,233		6,595
Financials (0.1%):
Absa Group Ltd.		76,430		642
Capitec Bank Holdings Ltd.		6,293		723
				1,365
Materials (0.0%): (a)
Impala Platinum Holdings Ltd.		61,371		769
				9,654
Spain (0.6%):
Consumer Discretionary (0.0%): (a)
Industria de Diseno Textil SA		11,350		359
Financials (0.5%):
Banco Bilbao Vizcaya Argentaria SA		1,250,936		6,632
Banco Santander SA		85,620		266
				6,898
Information Technology (0.0%): (a)
Global Dominion Access SA (d)		57,640		286
Utilities (0.1%):
Acciona SA		2,474		441
EDP Renovaveis SA		18,982		488
				929
				8,472
Sweden (1.5%):
Consumer Discretionary (0.0%): (a)
Boozt AB (b) (d)		17,110		326
Consumer Staples (0.0%): (a)
Swedish Match AB		72,736		531
Financials (0.1%):
Skandinaviska Enskilda Banken AB Class A		37,029		539
Health Care (0.2%):
BioGaia AB B Shares		7,645		435
Biotage AB		15,338		462
Getinge AB B Shares		9,943		417

Security Description	Shares		Value
Sectra AB Class B (b)		27,530	$	685
SwedenCare AB		31,721		513
Xvivo Perfusion AB (b)		9,235		305
				2,817
Industrials (1.2%):
Atlas Copco AB Class B		181,562		9,436
BTS Group AB B Shares		10,552		482
CTT Systems AB		14,634		370
Eolus Vind AB Class B		18,355		269
GARO AB		27,790		686
Hexatronic Group AB		9,195		512
Nibe Industrier AB Class B		368,452		5,255
Sandvik AB		22,154		547
Volvo AB Class B		19,116		412
				17,969
Information Technology (0.0%): (a)
Telefonaktiebolaget LM Ericsson Class B		35,412		356
Materials (0.0%): (a)
Boliden AB		13,909		480
				23,018
Switzerland (2.5%):
Consumer Discretionary (0.0%): (a)
Cie Financiere Richemont SA Registered Shares		4,317		643
Consumer Staples (0.1%):
Coca-Cola HBC AG		11,095		342
Nestle SA Registered Shares		11,175		1,432
				1,774
Financials (0.6%):
Julius Baer Group Ltd.		8,099		503
Partners Group Holding AG		4,215		7,276
Swiss Life Holding AG		2,250		1,291
UBS Group AG		23,675		409
				9,479
Health Care (1.3%):
Coltene Holding AG Registered Shares		4,194		463
Lonza Group AG Registered Shares		595		480
Novartis AG Registered Shares		14,206		1,132
Roche Holding AG		43,132		16,842
Sonova Holding AG		1,336		502
				19,419
Industrials (0.3%):
Adecco Group AG		83,747		3,882
Kardex Holding AG Registered Shares		1,944		585
				4,467

Security Description	Shares		Value
Information Technology (0.1%):
Landis+Gyr Group AG		5,534	$	345
u-blox Holding AG (b)		5,743		409
				754
Materials (0.1%):
Gurit Holding AG Class BR		233		377
Holcim Ltd.		7,726		372
Vetropack Holding AG		5,570		321
				1,070
				37,606
Taiwan (2.0%):
Financials (0.6%):
Cathay Financial Holding Co. Ltd.		3,308,000		7,108
CTBC Financial Holding Co. Ltd.		1,018,000		891
Yuanta Financial Holding Co. Ltd.		1,153,000		980
				8,979
Health Care (0.0%): (a)
Pegavision Corp.		30,000		487
Information Technology (1.3%):
ASE Technology Holding Co. Ltd.		141,000		514
Hon Hai Precision Industry Co. Ltd.		228,000		845
Lite-On Technology Corp.		4,306,000		9,311
MediaTek, Inc.		43,000		1,559
Taiwan Semiconductor Manufacturing Co. Ltd.		361,000		7,680
				19,909
Materials (0.1%):
Formosa Plastics Corp.		184,000		675
				30,050
Thailand (0.2%):
Energy (0.1%):
PTT PCL		637,900		669
Financials (0.1%):
The Siam Commercial Bank PCL		236,100		852
Health Care (0.0%): (a)
Mega Lifesciences PCL		373,100		585
Materials (0.0%): (a)
Indorama Ventures PCL		497,200		577
Real Estate (0.0%): (a)
AP Thailand PCL		2,262,000		584
				3,267
Turkey (0.1%):
Communication Services (0.0%): (a)
Turk Telekomunikasyon A/S		685,075		495

Security Description	Shares		Value
Industrials (0.1%):
KOC Holding AS		208,932	$	430
Turkiye Sise ve Cam Fabrikalari A/S		669,738		611
				1,041
				1,536
United Kingdom (5.3%):
Communication Services (0.3%):
4imprint Group PLC		6,897		260
ITV PLC (b)		2,267,809		3,331
Team17 Group PLC (b)		28,650		253
Vodafone Group PLC		281,310		408
WPP PLC		26,710		371
				4,623
Consumer Discretionary (0.7%):
AB Dynamics PLC		18,021		389
Aptiv PLC (b)		15,578		2,498
Barratt Developments PLC		48,324		447
Focusrite PLC		42,801		907
Next PLC		47,460		4,957
Stellantis NV		61,606		1,051
				10,249
Consumer Staples (0.5%):
British American Tobacco PLC		10,066		337
Imperial Brands PLC		282,118		5,764
Tesco PLC		191,891		708
Unilever PLC		9,454		483
				7,292
Energy (0.0%): (a)
BP PLC		174,413		756
Financials (1.0%):
3i Group PLC		46,910		861
Barclays PLC		195,089		476
Close Brothers Group PLC		280,719		4,811
CMC Markets PLC (d)		45,163		139
Intermediate Capital Group PLC		156,333		4,342
Legal & General Group PLC		111,078		415
Standard Chartered PLC		54,858		302
Willis Towers Watson PLC		16,900		3,817
				15,163
Health Care (0.1%):
AstraZeneca PLC		5,193		569
EKF Diagnostics Holdings PLC		291,709		293
Hikma Pharmaceuticals PLC		12,885		379
Tristel PLC (c)		56,437		315
				1,556

Security Description	Shares		Value
Industrials (0.9%):
Alpha Financial Markets Consulting PLC		49,436	$	255
Ashtead Group PLC		93,818		7,546
BAE Systems PLC		56,652		412
Bunzl PLC		10,057		383
Concentric AB		13,990		434
Ferguson PLC		2,758		420
Judges Scientific PLC		5,411		562
Robert Walters PLC		34,399		352
Royal Mail PLC		66,561		443
Sensata Technologies Holding PLC		31,400		1,749
SThree PLC		103,488		715
Volex PLC		61,981		302
				13,573
Information Technology (0.1%):
GB Group PLC		24,928		253
Kainos Group PLC		22,249		551
				804
Materials (1.7%):
Anglo American PLC		49,472		1,821
Croda International PLC		83,443		11,188
Evraz PLC		566,872		4,321
Rio Tinto PLC		113,246		6,941
Treatt PLC		51,034		755
				25,026
Real Estate (0.0%): (a)
Safestore Holdings PLC		23,146		410
				79,452
United States (54.8%):
Communication Services (4.3%):
Alphabet, Inc. Class C (b)		11,863		33,798
Alphabet, Inc. Class A (b)		600		1,703
EverQuote, Inc. Class A (b)		34,810		459
Meta Platforms, Inc. Class A (b)		81,865		26,562
Snap, Inc. Class A (b)		38,602		1,838
				64,360
Consumer Discretionary (7.6%):
Airbnb, Inc. Class A (b)		15,918		2,746
Amazon.com, Inc. (b)		10,011		35,109
America's Car-Mart, Inc.		3,090		303
Bassett Furniture Industries, Inc.		20,519		313
BJ's Restaurants, Inc.		11,375		340
Burlington Stores, Inc. (b)		13,361		3,916
Century Communities, Inc.		11,691		831
General Motors Co. (b)		30,500		1,765
Las Vegas Sands Corp. (b)		17,600		627
Lazydays Holdings, Inc. (b)		33,261		673

Security Description	Shares		Value
LKQ Corp.		37,300	$	2,085
M/I Homes, Inc.		10,999		615
McDonald's Corp.		83,420		20,405
Movado Group, Inc.		21,406		960
NIKE, Inc. Class B		23,284		3,941
PulteGroup, Inc.		291,222		14,570
Ross Stores, Inc.		117,088		12,773
Ruth's Hospitality Group, Inc. (b)		22,647		385
Target Corp.		6,700		1,634
Tesla, Inc. (b)		8,181		9,365
Vera Bradley, Inc. (b)		47,396		451
				113,807
Consumer Staples (3.4%):
Colgate-Palmolive Co.		151,462		11,363
Keurig Dr Pepper, Inc.		121,000		4,113
Lamb Weston Holdings, Inc.		22,100		1,147
Mondelez International, Inc. Class A		59,100		3,483
PepsiCo, Inc.		100,860		16,115
The Estee Lauder Cos., Inc.		45,104		14,978
				51,199
Energy (1.6%):
Cactus, Inc. Class A		190,830		6,965
Clean Energy Fuels Corp. (c)		68,814		493
ConocoPhillips		133,954		9,394
Enterprise Products Partners LP		97,000		2,075
Expro Group Holdings NV (b)		17,243		242
Hess Corp.		20,400		1,520
Pioneer Natural Resources Co.		9,500		1,694
Renewable Energy Group, Inc. (b)		8,463		404
RPC, Inc.		106,668		430
TETRA Technologies, Inc. (b)		173,719		454
Valero Energy Corp.		8,000		536
				24,207
Financials (7.0%):
Bank of America Corp.		335,263		14,909
BayCom Corp. (b)		24,256		442
Cboe Global Markets, Inc.		23,800		3,069
Comerica, Inc.		58,200		4,803
First Busey Corp.		52,623		1,352
Heritage Financial Corp.		18,372		430
Interactive Brokers Group, Inc.		28,400		2,096
JPMorgan Chase & Co.		114,444		18,177
KeyCorp		103,400		2,320
LPL Financial Holdings, Inc.		51,894		8,179
MSCI, Inc.		6,049		3,808
Old Second Bancorp, Inc.		58,689		725
S&P Global, Inc.		39,283		17,902

Security Description	Shares		Value
The PNC Financial Services Group, Inc.		53,385	$	10,517
The Progressive Corp.		121,118		11,257
Trean Insurance Group, Inc. (b)		20,399		172
U.S. Bancorp		63,600		3,520
Voya Financial, Inc. (c)		17,200		1,069
				104,747
Health Care (7.4%):
AbbVie, Inc.		23,100		2,663
Addus HomeCare Corp.		3,623		316
Align Technology, Inc. (b)		5,614		3,433
Amedisys, Inc. (b)		21,362		2,983
Amgen, Inc.		49,868		9,918
Atrion Corp.		633		449
BioLife Solutions, Inc. (b)		16,954		647
Cigna Corp.		14,400		2,763
CryoLife, Inc.		13,167		226
CVS Health Corp.		149,573		13,321
Eli Lilly & Co.		55,893		13,864
Humana, Inc.		9,400		3,945
IDEXX Laboratories, Inc. (b)		20,601		12,527
Johnson & Johnson		114,916		17,919
Lantheus Holdings, Inc.		10,797		289
LeMaitre Vascular, Inc.		13,427		628
Masimo Corp. (b)		11,227		3,122
Medtronic PLC		31,200		3,329
Mesa Laboratories, Inc.		1,295		400
ModivCare, Inc. (b)		3,043		417
Orthofix Medical, Inc.		15,064		461
Pacira BioSciences, Inc.		5,111		269
Retractable Technologies, Inc. (b) (c)		27,512		238
Sotera Health Co. (b)		102,800		2,194
The Joint Corp. (b)		3,903		312
Thermo Fisher Scientific, Inc.		7,180		4,544
UnitedHealth Group, Inc.		5,400		2,399
Veeva Systems, Inc. Class A (b)		10,988		3,105
Vericel Corp. (b)		9,233		344
Zoetis, Inc.		17,068		3,790
				110,815
Industrials (2.5%):
Allied Motion Technologies, Inc.		17,481		690
Ameresco, Inc. Class A (b)		5,769		521
CIRCOR International, Inc. (b)		13,623		367
Concrete Pumping Holdings, Inc. (b)		50,278		411
CoStar Group, Inc. (b)		28,490		2,215
Generac Holdings, Inc. (b)		9,512		4,007
Graham Corp.		19,564		250
Harsco Corp.		25,807		376
Honeywell International, Inc.		57,181		11,564

Security Description	Shares		Value
Hyster-Yale Materials Handling, Inc.		10,250	$	402
Insteel Industries, Inc.		17,424		735
L3Harris Technologies, Inc.		5,500		1,150
Leidos Holdings, Inc.		17,400		1,530
NN, Inc. (b)		101,071		450
Orion Group Holdings, Inc.		63,636		261
PACCAR, Inc.		17,400		1,451
Parker-Hannifin Corp.		5,200		1,571
Preformed Line Products Co.		3,890		246
Raytheon Technologies Corp.		13,600		1,100
The Greenbrier Cos., Inc.		14,556		582
TPI Composites, Inc. (b)		12,935		231
Transcat, Inc.		14,168		1,260
U.S. Xpress Enterprises, Inc. Class A		33,841		266
Uber Technologies, Inc. (b)		81,938		3,114
Union Pacific Corp.		11,000		2,592
Willdan Group, Inc.		9,122		365
				37,707
Information Technology (18.0%):
Adobe, Inc. (b)		8,039		5,385
Ambarella, Inc.		2,913		523
Apple, Inc.		319,847		52,871
Autodesk, Inc. (b)		6,720		1,708
Cadence Design Systems, Inc. (b)		17,593		3,122
Cisco Systems, Inc.		291,492		15,985
Crowdstrike Holdings, Inc. Class A (b)		10,612		2,304
Diodes, Inc. (b)		3,819		406
EPAM Systems, Inc. (b)		7,378		4,490
ePlus, Inc.		7,668		809
Euronet Worldwide, Inc.		19,600		1,987
Fidelity National Information Services, Inc.		22,400		2,341
FleetCor Technologies, Inc. (b)		7,800		1,616
Fortinet, Inc. (b)		50,321		16,712
Global Payments, Inc.		28,000		3,333
Grid Dynamics Holdings, Inc. (b)		36,838		1,445
Ichor Holdings Ltd. (b)		13,733		658
Iteris, Inc. (b)		59,796		271
Luna Innovations, Inc. (b)		73,822		618
Mastercard, Inc. Class A		47,582		14,985
Microsoft Corp.		173,064		57,213
Napco Security Technologies, Inc. (b)		18,468		858
NVIDIA Corp.		127,234		41,575
PAR Technology Corp. (c)		10,800		566
PayPal Holdings, Inc. (b)		23,177		4,285
Perficient, Inc. (b)		9,823		1,346
ServiceNow, Inc. (b)		7,910		5,123
Texas Instruments, Inc.		83,311		16,027
The Trade Desk, Inc. Class A (b)		38,943		4,028
Twilio, Inc. Class A (b)		9,047		2,589
Ultra Clean Holdings, Inc.		13,455		737

Security Description	Shares		Value
Upland Software, Inc.		12,313	$	241
Visa, Inc. Class A (c)		25,473		4,936
				271,093
Materials (0.4%):
Freeport-McMoRan, Inc.		43,400		1,609
Koppers Holdings, Inc. (b)		17,507		529
PPG Industries, Inc.		3,700		570
Sealed Air Corp.		58,600		3,640
UFP Technologies, Inc. (b)		5,904		395
				6,743
Real Estate (1.4%):
Host Hotels & Resorts, Inc. (b)		198,800		3,121
Prologis, Inc.		117,221		17,671
				20,792
Utilities (1.2%):
Exelon Corp.		61,200		3,227
FirstEnergy Corp.		35,600		1,341
MGE Energy, Inc.		120,491		8,746
Vistra Corp.		200,000		3,976
				17,290
				822,760
Total Common Stocks (Cost $1,107,255)				1,476,669
Exchange-Traded Funds (0.2%)
United States (0.2%):
iShares Core MSCI EAFE ETF		15,686		1,145
iShares MSCI EAFE Small-Cap ETF		8,102		583
iShares Russell 2000 ETF (c)		4,222		921
				2,649
Total Exchange-Traded Funds (Cost $2,822)				2,649
Collateral for Securities Loaned^ (1.3%)
United States (1.3%):
HSBC U.S. Government Money Market Fund I Shares, 0.03% (e)		19,884,151		19,884
Total Collateral for Securities Loaned (Cost $19,884)				19,884
Total Investments (Cost $1,129,961) — 99.8%				1,499,202
Other assets in excess of liabilities — 0.2%				2,767
NET ASSETS — 100.00%			$	1,501,969

^ Purchased with cash collateral from securities on loan.

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

(b) Non-income producing security.

	USAA Sustainable World Fund
Assets:
Investments, at value (Cost $1,129,961)	$	1,499,202	(a)
Foreign currency, at value (Cost $834)		834
Cash		15,096
Receivables:
Interest and dividends		1,925
Capital shares issued		187
Investments sold		10,221
Reclaims		1,928
From Adviser		6
Prepaid expenses		32
Total Assets		1,529,431
Liabilities:
Payables:
Collateral received on loaned securities		19,884
Investments purchased		5,789
Capital shares redeemed		310
Accrued foreign capital gains taxes		67
Accrued expenses and other payables:
Investment advisory fees		961
Administration fees		192
Custodian fees		42
Transfer agent fees		119
Compliance fees		1
12b-1 fees		—	(b)
Other accrued expenses		97
Total Liabilities		27,462
Net Assets:
Capital		893,303
Total accumulated earnings/(loss)		608,666
Net Assets	$	1,501,969
Net Assets
Fund Shares	$	1,496,081
Institutional Shares		3,090
Class A		2,798
Total	$	1,501,969
Shares (unlimited number of shares authorized with no par value):
Fund Shares		47,140
Institutional Shares		97
Class A		88
Total		47,325
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	31.74
Institutional Shares	$	31.82
Class A	$	31.73
Maximum Sales Charge — Class A		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	33.67

(a) Includes $18,855 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Sustainable World Fund
Investment Income:
Dividends	$	14,463
Interest		2
Securities lending (net of fees)		41
Foreign tax withholding		(1,129	)
Total Income		13,377
Expenses:
Investment advisory fees		5,769
Administration fees — Fund Shares		1,150
Administration fees — Institutional Shares		2
Administration fees — Class A		2
Sub-Administration fees		49
12b-1 fees — Class A		4
Custodian fees		177
Transfer agent fees — Fund Shares		716
Transfer agent fees — Institutional Shares		2
Transfer agent fees — Class A		2
Trustees' fees		24
Compliance fees		5
Legal and audit fees		43
State registration and filing fees		25
Other expenses		100
Total Expenses		8,070
Expenses waived/reimbursed by Adviser		(13	)
Net Expenses		8,057
Net Investment Income (Loss)		5,320
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		42,789
Foreign taxes on realized gains		(19	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(13,427	)
Net change in accrued foreign taxes on unrealized gains		70
Net realized/unrealized gains (losses) on investments		29,413
Change in net assets resulting from operations	$	34,733

	USAA Sustainable World Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	38,586		$	72,139
Distributions reinvested		—			63,933
Cost of shares redeemed		(85,078	)		(241,694	)
Total Fund Shares	$	(46,492	)	$	(105,622	)
Institutional Shares
Proceeds from shares issued	$	760		$	1,307
Distributions reinvested		—			96
Cost of shares redeemed		(390	)		(6,761	)
Total Institutional Shares	$	370		$	(5,358	)
Class A
Proceeds from shares issued	$	98		$	6,709
Distributions reinvested		—			61
Cost of shares redeemed		(253	)		(12,236	)
Total Class A	$	(155	)	$	(5,466	)
Change in net assets resulting from capital transactions	$	(46,277	)	$	(116,446	)
Share Transactions:
Fund Shares
Issued		1,209			2,582
Reinvested		—			2,305
Redeemed		(2,666	)		(8,859	)
Total Fund Shares		(1,457	)		(3,972	)
Institutional Shares
Issued		23			48
Reinvested		—			3
Redeemed		(12	)		(227	)
Total Institutional Shares		11			(176	)
Class A
Issued		3			280
Reinvested		—			2
Redeemed		(8	)		(464	)
Total Class A		(5	)		(182	)
Change in Shares		(1,451	)		(4,330	)

			Investment Activities							Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income			Net Realized Gains From Investments
USAA Sustainable World Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	31.03		0.11	(d)		0.60		0.71		—			—
Year Ended May 31:
2021	$	23.38		0.23	(d)		8.74		8.97		(0.18	)		(1.14	)
2020	$	30.71		0.27	(d)		2.87		3.14		(0.32	)		(10.15	)
2019	$	31.82		0.33			0.51		0.84		(0.28	)		(1.67	)
2018	$	31.16		0.30			1.78		2.08		(0.23	)		(1.19	)
2017	$	27.20		0.19			4.55		4.74		(0.21	)		(0.57	)
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	31.10		0.12	(d)		0.60		0.72		—			—
Year Ended May 31:
2021	$	23.42		0.24	(d)		8.77		9.01		(0.19	)		(1.14	)
2020	$	30.74		0.29	(d)		2.86		3.15		(0.32	)		(10.15	)
2019	$	31.75		0.38			0.48		0.86		(0.20	)		(1.67	)
2018	$	31.14		0.29			1.80		2.09		(0.29	)		(1.19	)
2017	$	27.14		0.20			4.55		4.75		(0.18	)		(0.57	)
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	31.06		0.07	(d)		0.60		0.67		—			—
Year Ended May 31:
2021	$	23.40		0.15	(d)		8.76		8.91		(0.11	)		(1.14	)
2020	$	30.77		0.19	(d)		2.86		3.05		(0.27	)		(10.15	)
2019	$	31.86		0.24	(d)		0.53		0.77		(0.19	)		(1.67	)
2018	$	31.07		0.18	(d)		1.80		1.98		—	(h)		(1.19	)
2017	$	27.13		0.12			4.53		4.65		(0.14	)		(0.57	)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

												Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Redemption Fees Added to Beneficial Interests:			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Sustainable World Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)		—			—		$	31.74		2.29	%		1.05	%		0.69	%		1.05	%	$	1,496,081		19	%
Year Ended May 31:
2021		(1.32	)		—		$	31.03		39.07	%		1.05	%		0.86	%		1.05	%	$	1,507,963		88	%
2020		(10.47	)		—		$	23.38		7.81	%		1.07	%		0.98	%		1.07	%	$	1,228,986		103	%(e)
2019		(1.95	)		—		$	30.71		3.23	%		1.09	%		1.09	%		1.09	%	$	1,280,661		8	%
2018		(1.42	)		—		$	31.82		6.68	%		1.10	%		0.98	%		1.10	%	$	1,353,880		10	%
2017		(0.78	)		—		$	31.16		17.81	%		1.13	%		0.72	%		1.13	%	$	1,319,357		12	%
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)		—			—		$	31.82		2.32	%		1.00	%		0.72	%		1.39	%	$	3,090		19	%
Year Ended May 31:
2021		(1.33	)		—		$	31.10		39.17	%		0.99	%		0.87	%		1.27	%	$	2,660		88	%
2020		(10.47	)		—		$	23.42		7.85	%		1.00	%		1.00	%		1.13	%	$	6,143		103	%(e)
2019		(1.87	)		—		$	30.74		3.29	%		1.05	%(f)		1.13	%		1.11	%	$	12,567		8	%
2018		(1.48	)		—		$	31.75		6.70	%		1.10	%		1.19	%		1.10	%	$	30,127		10	%
2017		(0.75	)		—		$	31.14		17.89	%		1.09	%		0.78	%		1.37	%	$	6,877		12	%
Class A
Six Months Ended November 30, 2021 (Unaudited)		—			—		$	31.73		2.16	%		1.29	%		0.45	%		1.81	%	$	2,798		19	%
Year Ended May 31:
2021		(1.25	)		—		$	31.06		38.73	%		1.32	%		0.53	%		1.62	%	$	2,890		88	%
2020		(10.42	)		—		$	23.40		7.49	%		1.35	%		0.68	%		1.43	%	$	6,425		103	%(e)
2019		(1.86	)		—		$	30.77		2.98	%		1.35	%		0.76	%		1.46	%	$	8,133		8	%
2018		(1.19	)		—	(h)	$	31.86		6.36	%		1.39	%(g)		0.57	%		1.43	%	$	10,114		10	%
2017		(0.71	)		—	(h)	$	31.07		17.50	%		1.42	%		0.45	%		1.42	%	$	19,722		12	%

1. Organization:

The accompanying financial statements are those of the USAA Sustainable World Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Common Stocks	$	928,673	$	547,996	$	—	$	1,476,669
Exchange-Traded Funds		2,649		—		—		2,649
Collateral for Securities Loaned		19,884		—		—		19,884
Total	$	951,206	$	547,996	$	—	$	1,499,202

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Exchange-Traded Funds:

ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

Foreign Exchange Currency Contracts:

Investment Transactions and Related Income:

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	18,855			$	—			$	19,884

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases				Sales
$284,758				$331,607

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.75% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Global Funds Index. The Lipper Global Funds Index tracks the total return performance of the largest funds within the Lipper Global Funds category.

Over/Under Performance Relative to Index (in basis points)^(a)		Annual Adjustment Rate (in basis points)
	+/- 100 to 400		+/- 4
	+/- 401 to 700		+/- 5
	+/- 701 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Global Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period June 1, 2021 to November 30, 2021, performance adjustments were $0, $0, and $(1) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.00%, 0.00%, and (0.06)% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019 permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the year ended May 31, 2021, the Fund had no subadvisors.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, and Class A, respectively. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

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

Distributor/Underwriting Services:

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of November 30, 2021, the expense limits (excluding voluntary waivers) were 1.09%, 1.00%, and 1.35% for Fund Shares, Institutional Shares, and Class A, respectively.

Expires 2023				Expires 2024				Expires 2025				Total
$	14			$	37			$	13			$	64

5. Risks:

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

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 28, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended November 30, 2021, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each Fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one-month LIBOR plus one percent, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

	Beginning Account Value 6/1/21		Actual Ending Account Value 11/30/21		Hypothetical Ending Account Value 11/30/21		Actual Expenses Paid During Period 6/1/21- 11/30/21*		Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*		Annualized Expense Ratio During Period 6/1/21- 11/30/21
Fund Shares	$	1,000.00	$	1,022.90	$	1,019.80	$	5.32	$	5.32		1.05	%
Institutional Shares		1,000.00		1,023.20		1,020.05		5.07		5.06		1.00	%
Class A		1,000.00		1,021.60		1,018.60		6.54		6.53		1.29	%

Security Description	Principal Amount		Value
Asset-Backed Securities (2.3%)
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A2, 1.09% (LIBOR01M+100bps) (a)	$	3,461	$	3,479
Navient Student Loan Trust, Series 2014-1, Class A3, 0.60% (LIBOR01M+51bps), 6/25/31 (a)		2,100		2,055
Navient Student Loan Trust, Series 2016-2, Class A2, 1.14% (LIBOR01M+105bps), 6/25/65, Callable 6/25/33 @ 100 (a) (b)		200		200
Nelnet Student Loan Trust, Series 2015-3, Class A2, 0.69% (LIBOR01M+60bps), 2/27/51, Callable 5/25/34 @ 100 (a) (b)		3,318		3,296
Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 6/25/35 @ 100 (b)		3,034		3,092
Nelnet Student Loan Trust, Series 2006-3, Class B, 0.38% (LIBOR03M+25bps), 6/25/41, Callable 9/25/24 @ 100 (a)		2,568		2,379
SLM Student Loan Trust, Series 2006-4, Class B, 0.32% (LIBOR03M+20bps), 1/25/70, Callable 10/25/32 @ 100 (a)		3,659		3,509
SLM Student Loan Trust, Series 2013-6, Class A3, 0.74% (LIBOR01M+65bps), 6/25/55, Callable 11/25/29 @ 100 (a)		2,799		2,797
SunTrust Student Loan Trust, Series 2006-1A, Class B, 0.41% (LIBOR03M+27bps), 10/28/37, Callable 1/28/26 @ 100 (a) (b)		962		891
Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35		4,500		4,531
Total Asset-Backed Securities (Cost $26,316)				26,229
Municipal Bonds (5.3%)
Hawaii (0.0%): (c)
State of Hawaii Department of Business Economic Development & Tourism Revenue, Series A-2, 3.24%, 1/1/31		188		200
Kansas (0.3%):
Kansas Development Finance Authority Revenue, Series H, 3.94%, 4/15/26		3,000		3,294
Louisiana (0.4%):
State of Louisiana, GO, Series C-1, 0.84%, 6/1/25		5,000		4,963
Michigan (0.1%):
Michigan State Building Authority Revenue, Series II, 0.46%, 10/15/22		1,500		1,498
Mississippi (0.9%):
State of Mississippi, GO, Series E, 1.67%, 10/1/27 (d)		10,000		10,113
Ohio (0.3%):
State of Ohio, GO, Series A, 1.78%, 8/1/32		3,000		2,982
Tennessee (0.2%):
State of Tennessee, GO, Series B, 1.73%, 11/1/32, Continuously Callable @ 100		2,400		2,380
Texas (2.2%):
Boerne School District, GO, 1.77%, 2/1/32, Continuously Callable @ 100		650		649
City of Abilene, GO 2.41%, 2/15/26		1,715		1,797
2.54%, 2/15/27		1,195		1,266
2.64%, 2/15/29		1,000		1,069

Security Description	Principal Amount		Value
City of Houston Texas Combined Utility System Revenue 3.82%, 11/15/29, Continuously Callable @ 100	$	3,000	$	3,389
Series E, 3.72%, 11/15/28		1,530		1,722
State of Texas, GO 1.61%, 10/1/22		1,585		1,602
2.53%, 10/1/31, Continuously Callable @ 100		3,500		3,699
Texas Public Finance Authority Revenue, 0.93%, 2/1/26		2,000		1,967
Texas Public Finance Authority State of Texas, GO Series C, 2.83%, 10/1/25		3,000		3,184
Series C, 3.01%, 10/1/26, Continuously Callable @ 100		4,000		4,261
				24,605
Virginia (0.8%):
Virginia Public Building Authority Revenue Series C, 2.25%, 8/1/26		1,370		1,423
Series C, 2.40%, 8/1/27		1,475		1,540
Series C, 2.56%, 8/1/29		2,700		2,837
Virginia Public School Authority Revenue, Series C, 0.55%, 8/1/23		3,000		2,985
				8,785
Wisconsin (0.1%):
State of Wisconsin, GO, Series 4, 1.90%, 5/1/33, Continuously Callable @ 100		1,000		995
Total Municipal Bonds (Cost $57,889)				59,815
U.S. Government Agency Mortgages (44.6%)
Federal Home Loan Mortgage Corporation Series K019, Class A2, 2.27%, 3/25/22		1,862		1,866
Series K026, Class A1, 1.69%, 4/25/22		253		253
Series K720, Class A2, 2.72%, 6/25/22		3,738		3,760
Series K022, Class A2, 2.36%, 7/25/22		2,900		2,926
Series K026, Class A2, 2.51%, 11/25/22		5,000		5,078
Series K027, Class A2, 2.64%, 1/25/23		5,000		5,090
Series K029, Class A2, 3.32%, 2/25/23 (e)		2,978		3,058
Series K725, Class A2, 3.00%, 1/25/24		5,000		5,193
Series K037, Class A2, 3.49%, 1/25/24		10,030		10,477
Series K038, Class A2, 3.39%, 3/25/24		3,000		3,152
Series K727, Class A2, 2.95%, 7/25/24		20,000		20,828
Series K052, Class A1, 2.60%, 1/25/25		1,951		1,993
Series K045, Class A2, 3.02%, 1/25/25		3,000		3,164
Series K730, Class A2, 3.59%, 1/25/25		5,000		5,319
Series K056, Class A1, 2.20%, 7/25/25		3,594		3,675
Series K049, Class A2, 3.01%, 7/25/25		4,000		4,238
Series KC02, Class A2, 3.37%, 7/25/25 (f)		30,000		31,265
Series K051, Class A2, 3.31%, 9/25/25		10,000		10,713
Series K733, Class AM, 3.75%, 9/25/25		5,000		5,431
Series KIR1, Class A2, 2.85%, 3/25/26 (f)		7,709		8,137
Series K056, Class A2, 2.53%, 5/25/26		5,000		5,241
Series K057, Class A2, 2.57%, 7/25/26		7,000		7,357
Series K061, Class A1, 3.01%, 8/25/26		1,652		1,714
Series 3987, Class A, 2.00%, 9/15/26		612		618
Series K059, Class A2, 3.12%, 9/25/26 (e)		4,500		4,846

Security Description	Principal Amount		Value
Series K061, Class A2, 3.35%, 11/25/26 (e)	$	4,000	$	4,358
Series K066, Class A2, 3.12%, 6/25/27		3,000		3,252
Series K067, Class A2, 3.19%, 7/25/27		9,274		10,108
Series K069, Class A2, 3.19%, 9/25/27 (e)		2,879		3,143
Series K071, Class A2, 3.29%, 11/25/27		5,000		5,492
Series K080, Class A2, 3.93%, 7/25/28 (e)		15,000		17,140
3.00%, 3/1/32 – 6/1/42		10,952		11,508
3.50%, 10/1/33 – 8/1/48		8,499		9,028
4.00%, 10/1/33 – 8/1/48		19,330		21,000
5.50%, 12/1/35		267		303
Series 3134, Class FA, 0.39% (LIBOR01M+30bps), 3/15/36 (a)		478		479
Series 4023, Class PF, 0.64% (LIBOR01M+55bps), 10/15/41 (a)		506		509
4.50%, 9/1/48		1,452		1,561
Series K078, Class A2, 3.85%, 6/25/51		12,500		14,227
				257,500
Federal National Mortgage Association 2.42%, 11/1/22		19,029		19,161
2.50%, 4/1/23 – 11/1/50		18,455		18,825
Series M1, Class A2, 3.19%, 7/25/23 (e)		760		778
Series M7, Class AV2, 2.16%, 10/25/23		3,486		3,531
Series M13, Class A2, 2.80%, 6/25/25 (e)		2,015		2,096
3.00%, 2/1/27 – 2/1/50		8,782		9,196
Series M8, Class A2, 3.06%, 5/25/27 (e)		4,000		4,309
Series M12, Class A2, 3.17%, 6/25/27 (e)		5,433		5,880
Series 73, Class DC, 1.50%, 7/25/27 – 10/25/27		3,032		3,059
Series 102, Class GA, 1.38%, 9/25/27		681		684
Series M4, Class A2, 3.16%, 3/25/28 (e)		2,637		2,869
Series M10, Class A2, 3.48%, 7/25/28 (e)		8,049		8,954
Series 29, Class FY, 0.39% (LIBOR01M+60bps), 4/25/35 – 8/25/37 (a)		1,595		1,599
5.00%, 12/1/35		412		463
5.50%, 11/1/37		160		182
6.00%, 5/1/38		229		257
4.00%, 8/1/39 – 2/1/50		16,260		17,337
3.50%, 1/1/42 – 2/1/50		19,979		21,170
3.50%, 3/1/48 – 9/1/49 (f)		4,396		4,630
4.00%, 8/1/49 (f)		1,191		1,267
2.00%, 11/1/51 – 12/1/51		29,460		29,533
				155,780
Government National Mortgage Association 6.00%, 8/15/22 – 12/15/38		6,205		7,100
8.00%, 12/20/22 – 9/15/30		270		300
4.50%, 4/20/24 – 3/20/41		15,934		17,750
7.00%, 5/15/27 – 7/15/32		826		928
7.50%, 2/15/28 – 11/15/31		174		194
6.50%, 5/15/28 – 8/20/34		1,801		2,054
6.75%, 5/15/28		6		6
5.50%, 4/20/33 – 6/15/39		9,762		11,171
5.00%, 5/20/33 – 2/15/39		2,793		3,076
4.00%, 7/15/40 – 11/20/40		2,758		3,014

Security Description	Principal Amount		Value
3.00%, 8/20/51	$	9,807	$	10,193
3.00%, 10/20/51 (d)		12,941		13,472
2.50%, 12/20/51 (d)		20,000		20,622
				89,880
				503,160
Total U.S. Government Agency Mortgages (Cost $482,060)				503,160
U.S. Treasury Obligations (44.3%)
U.S. Treasury Notes 2.00%, 2/15/22		3,000		3,012
0.13%, 5/31/22		14,000		14,002
2.13%, 6/30/22		20,000		20,234
1.88%, 7/31/22 (f)		10,000		10,116
1.63%, 8/31/22		20,000		20,217
2.00%, 11/30/22		11,000		11,191
1.38%, 6/30/23		5,000		5,075
0.13%, 9/15/23		6,000		5,961
0.25%, 9/30/23		10,000		9,956
0.38%, 10/31/23 (f) (g)		30,000		29,918
0.25%, 11/15/23		5,000		4,971
2.13%, 11/30/23		22,000		22,683
2.00%, 6/30/24		20,000		20,648
0.38%, 8/15/24		5,000		4,949
1.88%, 8/31/24		10,000		10,296
2.25%, 11/15/24		5,000		5,207
2.13%, 11/30/24		4,000		4,151
2.50%, 1/31/25 (f)		7,000		7,351
2.00%, 2/15/25		4,000		4,137
2.13%, 5/15/25		4,500		4,679
0.25%, 7/31/25		6,000		5,837
0.25%, 8/31/25		12,000		11,661
0.25%, 10/31/25		20,000		19,391
0.38%, 1/31/26 (f)		5,000		4,855
1.38%, 8/31/26		7,000		7,079
0.88%, 9/30/26		25,000		24,680
1.63%, 10/31/26		7,000		7,163
1.13%, 2/29/28		15,000		14,859
1.25%, 4/30/28		5,000		4,979
1.25%, 5/31/28		10,000		9,954
1.25%, 6/30/28		16,000		15,910
1.00%, 7/31/28		3,000		2,933
1.13%, 8/31/28		5,000		4,925
1.38%, 10/31/28		80,000		80,037
2.38%, 5/15/29		10,000		10,706
0.88%, 11/15/30		7,000		6,694
1.63%, 5/15/31 (f)		10,000		10,197
1.25%, 8/15/31 (f)		40,000		39,369
Total U.S. Treasury Obligations (Cost $497,133)				499,983

Security Description	Shares or Principal Amount		Value
Investment Companies (0.2%)
Federated Treasury Obligations Fund Institutional Shares, 0.35% (h)		1,744,546	$	1,745
Total Investment Companies (Cost $1,745)				1,745
Repurchase Agreements (7.1%)
Credit Agricole CIB NY, 0.05%, 12/1/21, purchased on 11/30/21, with a maturity date of 12/1/21, with a value of $80,000 (collateralized by Federal National Mortgage Security, 2.00% – 2.50%, due 9/1/51 – 12/1/51, with a value of $81,600)	$	80,000		80,000
Total Repurchase Agreements (Cost $80,000)				80,000
Collateral for Securities Loaned^ (2.6%)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (h)		29,543,750		29,544
Total Collateral for Securities Loaned (Cost $29,544)				29,544
Total Investments (Cost $1,174,687) — 106.4%				1,200,476
Liabilities in excess of other assets — (6.4)%				(71,756	)
NET ASSETS — 100.00%			$	1,128,720

^ Purchased with cash collateral from securities on loan.

(a) Variable or Floating-Rate Security. Rate disclosed is as of November 30, 2021.

(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 November 30, 2021, the fair value of these securities was $7,479 (thousands) and amounted to 0.7% of net assets.

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

(e) 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 November 30, 2021.

(f) All or a portion of this security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.

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

(h) Rate disclosed is the daily yield on November 30, 2021.

bps — Basis points

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

GO — General Obligation

LIBOR — London InterBank Offered Rate

	USAA Government Securities Fund
Assets:
Investments, at value (Cost $1,094,687)	$	1,120,476	(a)
Repurchase agreements, at value (Cost $80,000)		80,000
Receivables:
Interest		2,684
Capital shares issued		138
From Adviser		4
Prepaid expenses		35
Total Assets		1,203,337
Liabilities:
Payables:
Collateral received on loaned securities		29,544
Distributions		24
Investments purchased		44,096
Capital shares redeemed		597
Accrued expenses and other payables:
Investment advisory fees		81
Administration fees		103
Custodian fees		7
Transfer agent fees		95
Compliance fees		1
12b-1 fees		—	(b)
Other accrued expenses		69
Total Liabilities		74,617
Net Assets:
Capital		1,091,779
Total accumulated earnings/(loss)		36,941
Net Assets	$	1,128,720
Net Assets
Fund Shares	$	305,533
Institutional Shares		822,248
Class A		423
Class R6		516
Total	$	1,128,720
Shares (unlimited number of shares authorized with no par value):
Fund Shares		30,884
Institutional Shares		83,082
Class A		43
Class R6		52
Total		114,061
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	9.89
Institutional Shares	$	9.90
Class A	$	9.89
Class R6	$	9.89
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	10.12

(a) Includes $28,921 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Government Securities Fund
Investment Income:
Dividends	$	3
Interest		9,097
Securities lending (net of fees)		5
Total Income		9,105
Expenses:
Investment advisory fees		460
Administration fees — Fund Shares		238
Administration fees — Institutional Shares		298
Administration fees — Class A		—	(a)
Administration fees — Class R6		—	(a)
Sub-Administration fees		11
12b-1 fees — Class A		—	(a)
Custodian fees		19
Transfer agent fees — Fund Shares		186
Transfer agent fees — Institutional Shares		298
Transfer agent fees — Class A		—	(a)
Transfer agent fees — Class R6		—	(a)
Trustees' fees		24
Compliance fees		3
Legal and audit fees		35
State registration and filing fees		30
Other expenses		54
Total Expenses		1,656
Expenses waived/reimbursed by Adviser		(15	)
Net Expenses		1,641
Net Investment Income (Loss)		7,464
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		811
Net change in unrealized appreciation/depreciation on investment securities		(12,632	)
Net realized/unrealized gains (losses) on investments		(11,821	)
Change in net assets resulting from operations	$	(4,357	)

(a) Rounds to less than $1 thousand.

	USAA Government Securities Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	7,464		$	19,586
Net realized gains (losses) from investments		811			12,560
Net change in unrealized appreciation/depreciation on investments		(12,632	)		(25,484	)
Change in net assets resulting from operations		(4,357	)		6,662
Distributions to Shareholders:
Fund Shares		(2,842	)		(8,877	)
Institutional Shares		(5,487	)		(15,022	)
Class A		(4	)		(110	)
Class R6		(3	)		(146	)
Change in net assets resulting from distributions to shareholders		(8,336	)		(24,155	)
Change in net assets resulting from capital transactions		267,840			(124,512	)
Change in net assets		255,147			(142,005	)
Net Assets:
Beginning of period		873,573			1,015,578
End of period	$	1,128,720		$	873,573

(continues on next page)

	USAA Government Securities Fund
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	18,337		$	56,454
Distributions reinvested		2,684			8,356
Cost of shares redeemed		(38,175	)		(95,166	)
Total Fund Shares	$	(17,154	)	$	(30,356	)
Institutional Shares
Proceeds from shares issued	$	280,320		$	7,535
Distributions reinvested		5,483			15,018
Cost of shares redeemed		(1,227	)		(104,247	)
Total Institutional Shares	$	284,576		$	(81,694	)
Class A
Proceeds from shares issued	$	79		$	5,434
Distributions reinvested		4			20
Cost of shares redeemed		(19	)		(10,287	)
Total Class A	$	64		$	(4,833	)
Class R6
Proceeds from shares issued	$	361		$	186
Distributions reinvested		3			27
Cost of shares redeemed		(10	)		(7,842	)
Total Class R6	$	354		$	(7,629	)
Change in net assets resulting from capital transactions	$	267,840		$	(124,512	)
Share Transactions:
Fund Shares
Issued		1,837			5,550
Reinvested		269			824
Redeemed		(3,825	)		(9,376	)
Total Fund Shares		(1,719	)		(3,002	)
Institutional Shares
Issued		28,253			739
Reinvested		550			1,480
Redeemed		(123	)		(10,224	)
Total Institutional Shares		28,680			(8,005	)
Class A
Issued		9			531
Reinvested		—	(a)		2
Redeemed		(2	)		(1,015	)
Total Class A		7			(482	)
Class R6
Issued		36			18
Reinvested		—	(a)		3
Redeemed		(1	)		(777	)
Total Class R6		35			(756	)
Change in Shares		27,003			(12,245	)

(a) Rounds to less than 1,000 shares.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Government Securities Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)	$	10.03		0.08	(d)		(0.13	)		(0.05	)		(0.09	)		—
Year Ended May 31:
2021	$	10.23		0.21	(d)		(0.15	)		0.06			(0.22	)		(0.04	)
2020	$	9.84		0.24	(d)		0.39			0.63			(0.24	)		—
2019	$	9.55		0.23			0.29			0.52			(0.23	)		—
2018	$	9.86		0.20			(0.31	)		(0.11	)		(0.20	)		—
2017	$	10.00		0.20			(0.14	)		0.06			(0.20	)		—
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)	$	10.04		0.08	(d)		(0.13	)		(0.05	)		(0.09	)		—
Year Ended May 31:
2021	$	10.23		0.22	(d)		(0.14	)		0.08			(0.23	)		(0.04	)
2020	$	9.85		0.24	(d)		0.39			0.63			(0.25	)		—
2019	$	9.55		0.24			0.30			0.54			(0.24	)		—
2018	$	9.86		0.21			(0.31	)		(0.10	)		(0.21	)		—
2017	$	10.00		0.21			(0.14	)		0.07			(0.21	)		—

											Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Redemption Fees Added to Beneficial Interests		Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Government Securities Fund
Fund Shares
Six Months Ended November 30, 2021 (Unaudited)		(0.09	)		—	$	9.89		(0.51	)%		0.40	%		1.60	%		0.40	%	$	305,533		14	%
Year Ended May 31:
2021		(0.26	)		—	$	10.03		0.56	%		0.41	%		2.04	%		0.41	%	$	327,111		15	%
2020		(0.24	)		—	$	10.23		6.49	%		0.43	%		2.36	%		0.43	%	$	364,077		11	%
2019		(0.23	)		—	$	9.84		5.56	%		0.47	%		2.42	%		0.47	%	$	328,123		9	%
2018		(0.20	)		—	$	9.55		(1.09	)%		0.48	%		2.09	%		0.48	%	$	333,464		15	%
2017		(0.20	)		—	$	9.86		0.62	%		0.48	%		2.02	%		0.48	%	$	390,897		18	%
Institutional Shares
Six Months Ended November 30, 2021 (Unaudited)		(0.09	)		—	$	9.90		(0.47	)%		0.34	%		1.64	%		0.34	%	$	822,248		14	%
Year Ended May 31:
2021		(0.27	)		—	$	10.04		0.75	%		0.32	%		2.12	%		0.32	%	$	545,930		15	%
2020		(0.25	)		—	$	10.23		6.45	%		0.36	%		2.43	%		0.36	%	$	638,299		11	%
2019		(0.24	)		—	$	9.85		5.76	%		0.38	%		2.55	%		0.38	%	$	742,233		9	%
2018		(0.21	)		—	$	9.55		(1.01	)%		0.39	%		2.18	%		0.39	%	$	251,297		15	%
2017		(0.21	)		—	$	9.86		0.71	%		0.40	%		2.12	%		0.40	%	$	133,607		18	%

(continues on next page)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Government Securities Fund
Class A
Six Months Ended November 30, 2021 (Unaudited)	$	10.03		0.09	(d)		(0.13	)		(0.04	)		(0.10	)		—
Year Ended May 31:
2021	$	10.22		0.19	(d)		(0.14	)		0.05			(0.20	)		(0.04	)
2020	$	9.84		0.20	(d)		0.39			0.59			(0.21	)		—
2019	$	9.54		0.21			0.30			0.51			(0.21	)		—
2018	$	9.85		0.18			(0.31	)		(0.13	)		(0.18	)		—
2017	$	10.00		0.17			(0.15	)		0.02			(0.17	)		—
Class R6
Six Months Ended November 30, 2021 (Unaudited)	$	10.01		0.09	(d)		(0.11	)		(0.02	)		(0.10	)		—
Year Ended May 31:
2021	$	10.22		0.23	(d)		(0.15	)		0.08			(0.25	)		(0.04	)
2020	$	9.84		0.24	(d)		0.39			0.63			(0.25	)		—
2019	$	9.55		0.24			0.29			0.53			(0.24	)		—
2018	$	9.85		0.22			(0.30	)		(0.08	)		(0.22	)		—
December 1, 2016 (g) through May 31, 2017	$	9.80		0.11			0.05			0.16			(0.11	)		—

												Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Redemption Fees Added to Beneficial Interests			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(a)			Net Expenses**^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Government Securities Fund
Class A
Six Months Ended November 30, 2021 (Unaudited)		(0.10	)		—		$	9.89		(0.42	)%		0.23	%		1.77	%		4.21	%	$	423		14	%
Year Ended May 31:
2021		(0.24	)		—		$	10.03		0.43	%		0.70	%		1.89	%		1.06	%	$	365		15	%
2020		(0.21	)		—		$	10.22		6.04	%		0.75	%		2.03	%		0.80	%	$	5,299		11	%
2019		(0.21	)		—		$	9.84		5.37	%		0.75	%		2.14	%		0.87	%	$	5,042		9	%
2018		(0.18	)		—	(e)	$	9.54		(1.36	)%		0.75	%		1.82	%		0.87	%	$	4,804		15	%
2017		(0.17	)		—		$	9.85		0.25	%		0.75	%		1.76	%		0.93	%	$	6,089		18	%
Class R6
Six Months Ended November 30, 2021 (Unaudited)		(0.10	)		—		$	9.89		(0.19	)%		0.10	%(f)		1.81	%		4.66	%	$	516		14	%
Year Ended May 31:
2021		(0.29	)		—		$	10.01		0.75	%		0.31	%		2.30	%		0.46	%	$	167		15	%
2020		(0.25	)		—		$	10.22		6.46	%		0.35	%		2.43	%		0.39	%	$	7,903		11	%
2019		(0.24	)		—		$	9.84		5.68	%		0.35	%		2.54	%		0.51	%	$	6,425		9	%
2018		(0.22	)		—		$	9.55		(0.87	)%		0.35	%		2.22	%		0.64	%	$	6,345		15	%
December 1, 2016 (g) through May 31, 2017		(0.11	)		—		$	9.85		1.62	%		0.35	%		2.22	%		1.12	%	$	5,027		18	%

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

(e) Amount is less than $0.005 per share.

(f) Includes impact of voluntary waiver. Without this voluntary waiver, the net expense ratio would have been 0.13% higher.

(g) Commencement of operations.

1. Organization:

The accompanying financial statements are those of the USAA Government Securities Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A, and Class R6. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

Repurchase agreements are valued at cost.

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	26,230	$	—	$	26,230
Municipal Bonds		—		59,815		—		59,815
U.S. Government Agency Mortgages		—		503,160		—		503,160
U.S. Treasury Obligations		—		499,983		—		499,983
Investment Company		1,744		—		—		1,744
Repurchase Agreements		—		80,000		—		80,000
Collateral for Securities Loaned		29,544		—		—		29,544
Total	$	31,288	$	1,169,188	$	—	$	1,200,476

For the six months ended November 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Repurchase Agreements:

The Fund may enter into repurchase agreements with commercial banks or recognized security dealers pursuant to the terms of a Master Repurchase Agreement. A repurchase agreement is an arrangement wherein the Fund purchases securities and the seller agrees to repurchase the securities at an agreed upon time and at an agreed upon price. The purchased securities are marked-to-market daily to ensure their value is equal to at least 102% of principal including accrued interest and are held by the Fund, either through its regular custodian or through a special "tri-party" custodian that maintains separate accounts for both the Fund and its counterparty, until maturity of the repurchase agreement. Master Repurchase Agreements typically contain netting provisions, which provide for the net settlement of all transactions and collateral with the Fund through a single payment in the event of default or termination. Repurchase agreements are subject to credit risk, and the Fund's Manager monitors the creditworthiness of sellers with which the Fund may enter into repurchase agreements.

Investments in repurchase agreements as presented on the Schedule of Portfolio Investments are not net settlement amounts but gross. At November 30, 2021, the value of the related collateral exceeded the value of the repurchase agreements, reducing the net settlement amount to zero. Details on the collateral are included on the Schedule of Portfolio Investments.

Investment Companies:

Open-End Funds:

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

Municipal Obligations:

Mortgage and Asset-Backed Securities:

Investment Transactions and Related Income:

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or re-pledged, except to satisfy borrower default.

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

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	28,921			$	—			$	29,544

Federal Income Taxes:

Allocations:

allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended November 30, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities				U.S. Government Securities
Purchases		Sales		Purchases		Sales
$	13,400	$	4,679	$	374,101	$	118,693

4. Affiliated Fund Ownership:

Affiliated USAA Mutual Funds	Ownership %
USAA Cornerstone Conservative Fund		3.8
USAA Target Retirement Income Fund		20.3
USAA Target Retirement 2030 Fund		18.0
USAA Target Retirement 2040 Fund		9.0
USAA Target Retirement 2050 Fund		1.9
USAA Target Retirement 2060 Fund		0.4

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.125% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Intermediate U.S. Government Funds Index. The Lipper Intermediate U.S. Government Funds Index tracks the total return performance of the largest funds within the Lipper Intermediate U.S. Government Funds category.

Over/Under Performance Relative to Index (in basis points)(a)		Annual Adjustment Rate (in basis points)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Intermediate U.S. Government Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period June 1, 2021 to November 30, 2021, performance adjustments were $(46), $(65), $(1) and less than $(1) for Fund Shares, Institutional Shares, Class A, and Class R6, in thousands, respectively. Performance adjustments were (0.03)%, (0.02)%, (0.52)% and (0.12)% for Fund Shares, Institutional Shares, Class A, and Class R6, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, 0.15% and 0.05%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, Class A, and Class R6, respectively. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA provides transfer agent services to the Fund Shares based on an annual charge of $25.50 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees for Institutional Shares, Class A, and Class R6 are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10% and 0.01%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended November 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended November 30, 2021, the Distributor did not receive any commissions.

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures, which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of November 30, 2021, the expense limits (excluding voluntary waivers) were 0.48%, 0.39%, 0.75% and 0.35% for Fund Shares, Institutional Shares, Class A, and Class R6, respectively.

year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

Expires 2023				Expires 2024				Expires 2025				Total
$	1			$	25			$	15			$	41

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. For the six months ended November 30, 2021, the Adviser voluntarily waived fees of less than $1 thousand.

6. Risks:

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

Interest Rate Risk — The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security's maturity can increase the security's sensitivity to interest rate changes.

Prepayment and Extension Risk — Mortgage-backed securities make regularly scheduled payments of principal along with interest payments. In addition, mortgagors generally have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A homeowner's default on the mortgage also may cause a prepayment of the mortgage. This unpredictability of the mortgage's cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, homeowners may find it advantageous to refinance their mortgages and prepay principal. In this case, the investor is forced to reinvest the principal at the current lower rate. On the other hand, when interest rates rise, homeowners generally will not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be more sensitive to interest rates, which is called extension risk. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.

Liquidity Risk — Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such

a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund's performance. In addition, significant securities market disruptions related to outbreaks of the coronavirus disease ("COVID-19") have led to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which has decreased liquidity and sharply reduced returns.

7. Borrowing and Interfund Lending:

Line of Credit:

date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended November 30, 2021, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one-month LIBOR plus one percent, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed. Prior to June 29, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

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

Interfund Lending:

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

8. Federal Income Tax Information:

Distributions from the Fund's net investment income are accrued daily and distributed on the last business day of each month. The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

As of the tax year ended May 31, 2021, the Fund had no capital loss carryforwards, for the federal income tax purposes.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

	Beginning Account Value 6/1/21		Actual Ending Account Value 11/30/21		Hypothetical Ending Account Value 11/30/21		Actual Expenses Paid During Period 6/1/21- 11/30/21*		Hypothetical Expenses Paid During Period 6/1/21- 11/30/21*		Annualized Expense Ratio During Period 6/1/21- 11/30/21
Fund Shares	$	1,000.00	$	994.90	$	1,023.06	$	2.00	$	2.03		0.40	%
Institutional Shares		1,000.00		995.30		1,023.36		1.70		1.72		0.34	%
Class A		1,000.00		995.80		1,023.92		1.15		1.17		0.23	%
Class R6		1,000.00		998.10		1,024.57		0.50		0.51		0.10	%

Security Description	Principal Amount		Value
U.S. Treasury Obligations (52.1%)
U.S. Treasury Bills 0.05%, 12/16/21 (a)	$	25,000	$	25,001
0.06%, 12/30/21 (a)		25,000		24,999
0.02%, 1/13/22 (a)		25,000		24,998
0.04%, 2/10/22 (a)		25,000		24,998
0.05%, 2/24/22 (a)		25,000		24,997
0.05%, 3/10/22 (a)		25,000		24,996
0.06%, 4/14/22 (a)		25,000		24,995
0.08%, 5/5/22 (a)		25,000		24,993
0.09%, 5/26/22 (a)		25,000		24,992
0.12%, 6/16/22 (a)		25,000		24,991
Total U.S. Treasury Obligations (Cost $249,960)				249,960
Repurchase Agreements (47.3%)
Bank of America Corp., 0.05%, 12/1/21, purchased on 11/30/21, with a maturity date of 12/1/21, with a value of $197,000 (collateralized by U.S. Treasury Notes, 2.25% — 3.13%, due 11/15/27 — 11/15/28, with a value of $200,940)		197,000		197,000
Credit Agricole CIB NY, 0.04%, 12/1/21, purchased on 11/30/21, with a maturity date of 12/1/21, with a value of $30,000 (collateralized by U.S. Treasury Bonds, 1.88%, due 2/15/51, with a value of $30,600)		30,000		30,000
Total Repurchase Agreements (Cost $227,000)				227,000
Total Investments (Cost $476,960) — 99.4%				476,960
Other assets in excess of liabilities — 0.6%				2,801
NET ASSETS — 100.00%			$	479,761

(a) Rate represents the effective yield at November 30, 2021.

	USAA Treasury Money Market Trust
	Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
From Investments:
Operations:
Net investment income	$	25		$	173
Net realized gains (losses) from investments		—			—	(a)
Change in net assets resulting from operations		25			173
Change in net assets resulting from distributions to shareholders		(25	)		(173	)
Change in net assets resulting from capital transactions		(17,016	)		(47,136	)
Change in net assets		(17,016	)		(47,136	)
Net Assets:
Beginning of period		496,777			543,913
End of period	$	479,761		$	496,777
Capital Transactions:
Proceeds from shares issued	$	55,343		$	161,288
Distributions reinvested		25			171
Cost of shares redeemed		(72,384	)		(208,595	)
Change in net assets resulting from capital transactions	$	(17,016	)	$	(47,136	)
Share Transactions:
Issued		55,343			161,289
Reinvested		25			171
Redeemed		(72,384	)		(208,595	)
Change in Shares		(17,016	)		(47,135	)

(a) Rounds to less than $1 thousand.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA Treasury Money Market Trust
Six Months Ended November 30, 2021 (Unaudited)	$	1.00		—	(c)(d)		—			—	(c)		—	(c)		—	(c)
Year Ended May 31:
2021	$	1.00		—	(c)(d)		—	(c)		—	(c)		—	(c)		—	(c)
2020	$	1.00		0.01	(d)		—			0.01			(0.01	)		(0.01	)
2019	$	1.00		0.02			—			0.02			(0.02	)		(0.02	)
2018	$	1.00		0.01			—			0.01			(0.01	)		(0.01	)
2017	$	1.00		—	(c)		—			—	(c)		—	(c)		—	(c)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)			Net Investment Income(b)			Gross Expenses(b)			Net Assets, End of Period (000's)
USAA Treasury Money Market Trust
Six Months Ended November 30, 2021 (Unaudited)	$	1.00		0.01	%		0.03	%		0.01	%		0.37	%	$	479,761
Year Ended May 31:
2021	$	1.00		0.03	%		0.12	%		0.03	%		0.38	%	$	496,777
2020	$	1.00		1.23	%		0.33	%		1.21	%		0.34	%	$	543,913
2019	$	1.00		1.88	%		0.35	%		1.88	%		0.35	%	$	4,858,998
2018	$	1.00		0.89	%(e)		0.35	%(e)		0.91	%		0.35	%	$	3,732,359
2017	$	1.00		0.08	%		0.35	%		0.12	%		0.39	%	$	2,626,050

See notes to financial statements.

1. Organization:

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

The Fund operates as a government money market fund in compliance with the requirements of Rule 2a-7 under the 1940 Act; and as a government money market fund, shares of the Fund are available for sale only to accounts that are beneficially owned by natural persons.

The Fund has adopted policies and procedures permitting the Board of Trustees (the "Board") of the Fund to impose a liquidity fee or to temporarily suspend redemptions from the Fund (a "redemption gate") if the Fund's weekly liquid assets fall below specific thresholds, such as during times of market stress. The imposition of a liquidity fee would reduce the amount you would receive upon redemption of your shares of the Fund. The imposition of a redemption gate would temporarily delay your ability to redeem your investments in the Fund.

2. Significant Accounting Policies:

Investment Valuation:

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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

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

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

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

Repurchase agreements are valued at cost.

All securities held in the Fund are short-term debt securities, which are valued pursuant to Rule 2a-7 under the 1940 Act. This method values a security at its purchase price, and thereafter, assumes a constant amortization to maturity of any premiums or discounts. Securities for which amortized cost valuations are considered unreliable or for whose values have been materially affected by a significant event are valued in good faith, at fair value, using methods determined by the Committee, under procedures to stabilize net assets and valuation procedures approved by the Board.

Repurchase Agreements:

Investment Transactions and Related Income:

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

Federal Income Taxes:

Allocations:

3. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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

The Fund's Investment Adviser fee is accrued daily and paid monthly at an annualized rate of 0.125% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended November 30, 2021, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.10%, which is based on the Fund's average daily net assets. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended November 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

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

Distributor/Underwriting Services:

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. Expenses, interest, taxes, brokerage commissions, and other expenditures that are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of May 31, 2021, the expense limit (excluding voluntary waivers) was 0.35%.

In addition, the Adviser agreed to further reimburse fees in excess of the Fund's expense limit agreement of 0.35%. These voluntary reductions, to the extent necessary, are to maintain a certain minimum net yield of the Fund. Under this agreement to reimburse additional fees, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, to the extent any repayments would not cause the Fund's net yield to fall below the Fund's minimum yield at the time of: (a) the original waiver or expense reimbursement; or (b) the expense limit in effect at the time of the extra waiver.

Expires 2023				Expires 2024				Expires 2025				Total
$	745			$	1,348			$	837			$	2,930

4. Risks:

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

Stable Net Asset Value Risk — You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Interest Rate Risk — When interest rates rise, debt security prices generally fall. The opposite also generally is true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of debt securities. The Fund's yield will vary. A sharp and unexpected rise in interest rates could cause the Fund's share price to drop below a dollar. A low interest rate environment may prevent the Fund from providing a positive yield and could also impair the Fund's ability to maintain a stable NAV.

Large Shareholders Risk — The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder (including, for example, an Affiliated Fund that operates as a fund-of-funds or 529 college savings plan) is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

5. Borrowing:

Line of Credit:

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

6. Federal Income Tax Information:

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

As of the tax year ended May 31, 2021, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands).

Short-Term Amount				Total
$	1			$	1

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

The Fund makes available on VCM.com a complete list of portfolio holdings no sooner than 5 business days after the end of each month. Form N-MFP is available on the SEC's website at www.sec.gov.

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021, through November 30, 2021.

Beginning Account Value 6/1/21				Actual Ending Account Value 11/30/21				Hypothetical Ending Account Value 11/30/21				Actual Expenses Paid During Period 6/1/21-11/30/21*				Hypothetical Expenses Paid During Period 6/1/21-11/30/21*				Annualized Expense Ratio During Period 6/1/21-11/30/21
$	1,000.00			$	1,000.10			$	1,024.92			$	0.15			$	0.15				0.03	%

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Investment Objective & Portfolio Holdings					2
Schedule of Portfolio Investments					3
Financial Statements
Statement of Assets and Liabilities					13
Statement of Operations					14
Statements of Changes in Net Assets					15
Financial Highlights					16
Notes to Financial Statements					18
Supplemental Information					29
Proxy Voting and Portfolio Holdings Information					29
Expense Example					29
Privacy Policy (inside back cover)

Investment Objective & Portfolio Holdings					2
Schedule of Portfolio Investments					3
Financial Statements
Statement of Assets and Liabilities					17
Statement of Operations					18
Statements of Changes in Net Assets					19
Financial Highlights					20
Notes to Financial Statements					22
Supplemental Information					33
Proxy Voting and Portfolio Holdings Information					33
Expense Example					33
Privacy Policy (inside back cover)

USAA Intermediate-Term Bond Fund Institutional Shares	18.1	%
USAA Government Securities Fund Institutional Shares	17.3	%
USAA Income Fund Institutional Shares	14.5	%
VictoryShares USAA Core Short-Term Bond ETF	13.9	%
VictoryShares USAA Core Intermediate-Term Bond ETF	7.2	%
USAA High Income Fund Institutional Shares	4.5	%
USAA 500 Index Fund Reward Shares	3.6	%
USAA International Fund Institutional Shares	3.2	%
USAA Short-Term Bond Fund Institutional Shares	2.7	%
USAA Target Managed Allocation Fund	2.5	%

USAA 500 Index Fund Reward Shares	18.6	%
USAA International Fund Institutional Shares	14.2	%
VictoryShares USAA MSCI USA Value Momentum ETF	12.7	%
VictoryShares USAA MSCI International Value Momentum ETF	11.4	%
USAA Target Managed Allocation Fund	6.9	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF	5.4	%
USAA Growth Fund Institutional Shares	5.1	%
USAA Income Stock Fund Institutional Shares	5.0	%
USAA Emerging Markets Fund Institutional Shares	5.0	%
USAA Aggressive Growth Fund Institutional Shares	5.0	%

	USAA Cornerstone Equity Fund
Assets:
Affiliated investments, at value (Cost $174,741)	$	229,079
Cash		273
Receivables:
Capital shares issued		131
Prepaid expenses		10
Total Assets		229,493
Liabilities:
Payables:
Capital shares redeemed		249
Accrued expenses and other payables:
Custodian fees		1
Transfer agent fees		—	(a)
Compliance fees		—	(a)
Trustees' fees		—	(a)
Other accrued expenses		51
Total Liabilities		301
Net Assets:
Capital		169,309
Total accumulated earnings/(loss)		59,883
Net Assets	$	229,192
Shares (unlimited number of shares authorized with no par value):		12,986
Net asset value, offering and redemption price per share: (b)	$	17.65

Information Technology	23.2	%
Financials	21.2	%
Consumer Discretionary	10.6	%
Communication Services	9.6	%
Materials	7.7	%
Industrials	7.6	%
Energy	5.8	%
Health Care	4.5	%
Consumer Staples	3.9	%
Real Estate	2.6	%

Newmont Corp.	11.7	%
Barrick Gold Corp.	8.5	%
Franco-Nevada Corp.	6.1	%
Kirkland Lake Gold Ltd.	4.2	%
Wheaton Precious Metals Corp.	4.2	%
Kinross Gold Corp.	3.9	%
B2Gold Corp.	3.6	%
Agnico Eagle Mines Ltd.	3.6	%
Newcrest Mining Ltd.	3.6	%
Gold Fields Ltd., ADR	3.1	%

Information Technology	24.5	%
Financials	14.1	%
Consumer Discretionary	12.3	%
Health Care	12.1	%
Industrials	9.4	%
Communication Services	8.0	%
Consumer Staples	6.2	%
Materials	4.4	%
Energy	3.2	%
Utilities	2.4	%

	USAA Treasury Money Market Trust
Assets:
Investments, at value (Cost $249,960)	$	249,960
Repurchase agreements, at value (Cost $227,000)		227,000
Cash		2,596
Receivables:
Interest		—	(a)
Capital shares issued		191
From Adviser		267
Prepaid expenses		18
Total Assets		480,032
Liabilities:
Payables:
Distributions		—	(a)
Capital shares redeemed		77
Accrued expenses and other payables:
Investment advisory fees		50
Administration fees		40
Custodian fees		1
Transfer agent fees		41
Compliance fees		—	(a)
Other accrued expenses		62
Total Liabilities		271
Net Assets:
Capital		479,761
Net Assets	$	479,761
Shares (unlimited number of shares authorized with no par value):		479,762
Net asset value, offering and redemption price per share: (b)	$	1.00

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer