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        <name>GARTNER, INC.</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>iShares Barclays 7-10 Year Treasury Bond Fund</name>
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      <invstOrSec>
        <name>QWEST CORPORATION</name>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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          <ticker value="FGTXX"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EXTRA SPACE STORAGE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ALEXANDRIA REAL ESTATE EQUITIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WALGREENS BOOTS ALLIANCE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AVERY DENNISON CORPORATION</name>
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        <name>FORTINET, INC.</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <name>WEST PHARMACEUTICAL SERVICES, INC.</name>
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        <name>United States of America</name>
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        <name>INTERNATIONAL BUSINESS MACHINES CORPORATION</name>
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        <name>JPMorgan BetaBuilders Canada ETF</name>
        <lei>N/A</lei>
        <title>JPMORGAN BETABUILDERS CANADA ETF</title>
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        <name>ARCHER-DANIELS-MIDLAND COMPANY</name>
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        <title>ARCHER-DANIELS-MIDLAND CO.</title>
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        <name>CISCO SYSTEMS, INC.</name>
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        <name>SIMON PROPERTY GROUP, INC.</name>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <name>WRKCO INC.</name>
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        <name>ABBVIE INC.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC.</title>
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        <invCountry>US</invCountry>

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        <name>SIRIUS XM HOLDINGS INC.</name>
        <lei>54930055RWDMVXAGZK98</lei>
        <title>SIRIUS XM HOLDINGS INC</title>
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        <name>DRIVE AUTO RECEIVABLES TRUST</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>3M COMPANY</name>
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        <name>THE HOME DEPOT, INC.</name>
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        <name>MORGAN STANLEY</name>
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        <name>VictoryShares USAA Core Short-Term Bond ETF</name>
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        <name>EXELON CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PROLOGIS, INC.</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>AMGEN INC.</name>
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        <name>SIGNATURE BANK</name>
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        <name>FIRSTENERGY CORP.</name>
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        <name>SBA Communications Corporation</name>
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        <name>HP INC.</name>
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        <name>GLP Capital, L.P.</name>
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        <name>W.P. CAREY INC.</name>
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        <name>APPLE INC.</name>
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        <name>CREDIT SUISSE COMMERCIAL MORTGAGE TRUST</name>
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        <name>Schwab Fundamental Intl Small Company Index ETF</name>
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        <name>CITIGROUP INC.</name>
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        <name>Freddie Mac</name>
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        <name>Vanguard Mortgage-Backed Secs Idx Fund</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ROCKWELL AUTOMATION, INC.</name>
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        <name>BANK OF AMERICA CORPORATION</name>
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        <name>United States of America</name>
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        <name>INVITATION HOMES INC.</name>
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        <name>TRANSPORTATION FINANCE EQUIPMENT TRUST</name>
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        <name>EBAY INC.</name>
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        <name>Ishares S&amp;P 500</name>
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        <name>VW CREDIT, INC.</name>
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        <name>CATERPILLAR INC.</name>
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        <name>FIRST MARYLAND CAPITAL I</name>
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        <name>EURO STOXX 50 FUTURE DEC21</name>
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        <name>INTEL CORPORATION</name>
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        <name>VICI PROPERTIES L.P.</name>
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        <name>Freddie Mac</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>VOLKSWAGEN GROUP OF AMERICA FINANCE, LLC</name>
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        <name>ESSEX PORTFOLIO, L.P.</name>
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        <name>COMCAST CORPORATION</name>
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        <name>MID-AMERICA APARTMENT COMMUNITIES, INC.</name>
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        <name>ZILLOW GROUP, INC.</name>
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        <name>United States of America</name>
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        <name>LOWE'S COMPANIES, INC.</name>
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        <name>Spdr S&amp;P Emerging Markets Small Cap Etf</name>
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        <title>SPDR S&amp;P EMERGING MARKETS SMALLCAP ETF</title>
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        <name>EQUITY LIFESTYLE PROPERTIES, INC.</name>
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        <name>TARGET CORPORATION</name>
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        <title>TARGET CORP.</title>
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        <name>VENTAS, INC.</name>
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        <name>Xtrackers USD High Yld Corporate Bd ETF</name>
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        <name>CENTERPOINT ENERGY RESOURCES CORP.</name>
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        <title>CENTERPOINT ENERGY RESOU</title>
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        <name>ASX SPI 200 INDEX FUTURE DEC21</name>
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        <name>AUTOZONE, INC.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
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        <name>ELI LILLY AND COMPANY</name>
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        <name>IQVIA HOLDINGS INC</name>
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        <name>ONEOK, INC.</name>
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        <name>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL (REIT)</title>
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        <name>VICI PROPERTIES INC.</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PROPERTIES INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vanguard Developed Markets Index Fund</name>
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        <name>TEXAS INSTRUMENTS INCORPORATED</name>
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        <name>MATCH GROUP, INC.</name>
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        <name>Ishares Msci Canada Index</name>
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        <name>MASTERCARD INCORPORATED.</name>
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        <name>MCDONALD'S CORPORATION</name>
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        <name>DBJPM MORTGAGE TRUST</name>
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        <name>Aon plc</name>
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        <name>Petroleos Mexicanos</name>
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        <name>VIATRIS INC.</name>
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        <name>Altria Group, Inc.</name>
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        <name>IRON MOUNTAIN INCORPORATED</name>
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        <name>Alabama Power Company</name>
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        <name>Vanguard Small Cap Value ETF</name>
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        <name>O'Reilly Automotive, Inc.</name>
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        <name>SYNCHRONY FINANCIAL</name>
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        <name>JOHNSON CONTROLS INTERNATIONAL PLC</name>
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        <name>BEST BUY CO., INC.</name>
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        <name>OLD DOMINION FREIGHT LINE, INC.</name>
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        <name>iShares Core MSCI EAFE ETF</name>
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        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>Freddie Mac</name>
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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <name>WEYERHAEUSER COMPANY</name>
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        <name>Philip Morris International Inc.</name>
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        <name>TARGA RESOURCES PARTNERS LP</name>
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        <name>ALPHABET INC.</name>
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        <name>LENNAR CORPORATION</name>
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        <name>DENTSPLY SIRONA INC.</name>
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        <name>EPAM SYSTEMS, INC.</name>
        <lei>549300XCR4R530HJP604</lei>
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        <name>THE AES CORPORATION</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP.</title>
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        <name>NVIDIA CORPORATION</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA CORP.</title>
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        <name>iShares MSCI Intl Momentum Factor ETF</name>
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        <name>ADOBE INC.</name>
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        <name>AGNC INVESTMENT CORP.</name>
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        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>Vanguard 500 Index Fund</name>
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        <name>Freddie Mac</name>
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        <name>FTSE 100 INDEX FUTURE DEC21</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="N/A"/>
          <ticker value="XZ21"/>
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        <pctVal>0.009084133908</pctVal>
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        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>IFLL</counterpartyName>
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            <descRefInstrmnt>
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                <indexName>FTSE 100 IDX FUT Dec 2021</indexName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>VictoryShares USAA Core Intermediate-Term Bond ETF</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT, INC.</name>
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        <valUSD>179309.70000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CITIZENS FINANCIAL GROUP, INC.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AT&amp;T INC.</name>
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          <isin value="US00206R1023"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLORIDA GAS TRANSMISSION COMPANY, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <title>HSBC US GOVERNMENT MONEY MARKET FUND I SHARES - HGIXX 0.08% 7/29/2020 - Extendable</title>
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          <ticker value="HGIXX"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="91277889.99000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>EXXON MOBIL CORPORATION</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3995576.64000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>COLONIAL ENTERPRISES, INC.</name>
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          <isin value="US19565CAA80"/>
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        <curCd>USD</curCd>
        <valUSD>377363.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>USAA Mutual Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>James K. De Vries</ncom:signature>
      <ncom:signerName>James K. De Vries</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
