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USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

00215W100 ASX ASE TECHNOLOGY HOLDING 320,811.00 2,582,528.55 01609W102 BABA ALIBABA GROUP HOLDING LTD 114,144.00 25,885,576.32 02364W105 AMX AMERICA MOVIL-SERIES L 234,928.00 3,523,920.00 056752108 BIDU BAIDU INC 20,857.00 4,252,742.30 059460303 BBD US BANCO BRADESCO SA 638,001.00 3,272,945.13 05968L102 CIB US BANCOLOMBIA SA 128,169.00 3,691,267.20 151290889 CX CEMEX SAB DE CV 453,727.00 3,811,306.80 2100845 CHILE C BANCO DE CHILE 19,988,545.00 1,974,073.06 21240E105 VLRS CONTROLADORA VUELA CIA-AD 105,167.00 2,020,258.07 2196286 VALE3 B VALE SA 202,600.00 4,613,619.00 2328595 BBAS3 B BANCO DO BRASIL 508,495.00 3,285,197.53 2347608 FM CN FIRST QUANTUM MINERALS 450,329.00 10,380,748.37 2421041 GFNORTE GRUPO FINANCIERO BANORTE 970,008.00 6,267,065.58 2491914 KIMBERA KIMBERLY-CLA M-A 1,220,800.00 2,166,643.89 2563017 ALSEA* ALSEA SAB DE CV 962,119.00 1,712,371.28 2643674 GRUPO MEXICO SAB DE CV 769,309.00 3,619,314.87 2683777 BRDT3 B PETROBRAS DISTRIBUIDORA S 967,700.00 5,191,473.50 2840970 CCRO3 B CCR SA 916,020.00 2,477,372.52 2946663 GCC* MM GRUPO CEMENTOS DE CHIHU 128,734.00 1,039,662.07 40415F101 HDFC , LTD. ADR 32,362.00 2,366,309.44 45104G104 IBN ICICI BANK LTD 579,518.00 9,909,757.80 456788108 INFY TECHNOLOGIES ADR 493,818.00 10,464,003.42 464286475 EEMS ISHARES MSCI EMERGING MAR 9,583.00 600,662.44 47215P106 JD JD.COM INC 50,414.00 4,023,541.34 4767981 SBER RM SBERBANK OF RUSSIA PJSC 2,501,304.00 10,454,661.62 5668287 CBKD LI COMMERCIAL INTERNATIONAL 573,172.00 1,883,169.20 5898664 MYTIL G MYTILINEOS HOLDINGS SA 115,795.00 2,106,014.83

Page 1 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

6002453 522 HK ASM PACIFIC TECHNOLOGY LT 190,000.00 2,573,848.43 6041122 ARI SJ AFRICAN RAINBOW MINERALS 42,284.00 752,654.89 607409109 MBT MOBILE TELESYSTEMS PJSC 395,878.00 3,665,830.28 6080396 914 HK ANHUI CONCH CEMENT CO LTD 535,500.00 2,838,584.04 6089694 2492 TT WALSIN TECHNOLOGY CORP 392,000.00 3,197,459.91 6099626 RIL IN LTD 109,150.00 3,104,039.24 6100476 HPCL IN CORP 1,031,533.00 4,074,263.45 6101026 LICHF I LIC HOUSING FINANCE LTD 587,604.00 3,723,290.60 6101156 TATA IN LTD 157,938.00 2,485,213.73 6113429 VSI MK V.S. INDUSTRY BERHAD 1,587,200.00 528,552.62 6129181 2376 TT GIGABYTE TECHNOLOGY CO LT 176,000.00 677,984.89 6136233 1044.HK HENGAN INT'L GROUP CO LTD 455,000.00 3,044,709.93 6148119 NMDC IN NMDC LTD 1,361,380.00 3,381,778.60 6152626 BCORP I BIRLA CORP LTD 38,843.00 634,718.70 6155937 5830 DB INSURANCE CO LTD 50,578.00 2,463,315.53 6166672 6650 KOREA PETRO CHEMICAL IND 3,934.00 831,637.25 6168902 APTY IN LTD 163,565.00 496,195.59 6173401 21240 COWAY CO LTD 5,106.00 356,327.15 6175076 33780 KT&G CORP 29,108.00 2,181,710.37 6189516 1040 CJ CORP 20,608.00 1,956,499.39 6189657 2610 TT AIRLINES LTD 3,605,000.00 2,466,299.05 6190239 1904 TT CHENG LOONG CORP 384,000.00 668,585.02 6190682 1305 TT CHINA GENERAL PLASTICS 531,000.00 722,055.95 6204828 28150 GS HOME SHOPPING INC 2,508.00 345,399.43 6225744 2324 TT INC 456,000.00 365,777.33 6241513 2458 TT ELAN MICROELECTRONICS COR 150,000.00 1,046,708.73 6264189 36570 NCSOFT CORP 10,801.00 7,860,098.96

Page 2 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

6283601 2408 TT NANYA TECHNOLOGY CORP 1,317,000.00 3,764,095.94 6288190 2409 TT AU OPTRONICS CORP 475,000.00 384,147.39 6290719 49770 DONGWON F&B CO LTD 1,977.00 400,043.71 6290902 32640 LG UPLUS CORP 259,677.00 3,540,895.23 6304728 CESC IN CESC LTD 42,522.00 440,605.76 6305721 3044 TT TRIPOD TECHNOLOGY CORP 136,000.00 658,808.40 6315054 41830 INBODY CO LTD 49,092.00 1,316,963.73 6316121 2383 TT ELITE MATERIAL CO LTD 63,000.00 492,560.94 6320832 9938 TT PAIHO LTD 125,000.00 457,306.12 6324500 2603 TT EVERGREEN MARINE CORP TAI 817,000.00 5,771,363.08 6348544 1301 TT FORMOSA PLASTICS CORP 642,000.00 2,372,659.98 6361994 TCAP-R THANACHART CAPITAL PCL 332,600.00 358,538.23 6363172 SCB-R T SIAM COMMERCIAL BANK P-NV 848,200.00 2,598,299.91 6372480 2454 TT MEDIATEK INC 243,000.00 8,380,908.82 6374798 ENGR IN ENGINEERS LTD 303,326.00 325,375.78 6397502 55550 SHINHAN FINANCIA 89,779.00 3,241,856.62 6408448 16360 SECURITIES CO LTD 60,663.00 2,420,489.25 6410959 DRRD IN DR. REDDY'S LABORATORIES 31,653.00 2,314,566.18 64110W102 NTES NETEASE INC 72,024.00 8,300,766.00 6418801 EXX SJ EXXARO RESOURCES LTD 39,936.00 471,534.49 6420408 PTT-R T PTT PCL 2,383,200.00 2,924,807.25 6421928 6121 TT SIMPLO TECHNOLOGY CO LTD 44,000.00 566,666.02 6424110 2885 TT YUANTA FINANCIAL 4,240,640.00 4,083,684.09 6430140 56190 SFA ENGINEERING CORP 12,848.00 494,284.55 6432801 6147 TT CHIPBOND TECHNOLOGY CORP 290,000.00 750,599.73 6438564 2317 TT HON HAI PRECISION INDUSTR 679,000.00 2,726,434.35 6439493 46890 SEOUL SEMICONDUCTOR CO 25,314.00 427,196.48

Page 3 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

6440859 CPI SJ CAPITEC BANK HOL 22,631.00 2,669,114.54 6449544 12330 15,717.00 4,076,452.03 6450267 660 SK HYNIX INC 191,041.00 21,565,410.40 6450988 720 HYUNDAI ENGINEERING & CON 62,731.00 3,247,796.70 6460794 384 HK CHINA GAS HOLDINGS LTD 881,600.00 2,685,685.60 6489636 2106 TT KENDA RUBBER INDUSTRIAL C 257,000.00 373,462.81 6497112 120 CJ LOGISTICS 10,509.00 1,650,533.53 6515434 64960 SNT MOTIV CO LTD 8,508.00 536,076.34 6519481 2301 TT LITE-ON TECHNOLO 195,000.00 402,881.72 6520278 6176 TT RADIANT OPTO-ELECTRONICS 163,000.00 710,458.00 6529792 5850 SL CORP 24,474.00 775,067.75 6536112 2388 HK BOC HOLDINGS LT 892,500.00 3,025,038.48 6537030 3550 LG CORP 25,161.00 2,289,449.92 6560393 35420 NAVER CORP 11,821.00 4,386,987.77 6560995 2883 HK CHINA OILFIELD SERVICES 2,202,000.00 1,972,703.36 6563206 MTN SJ MTN GROUP LTD 544,282.00 3,934,280.15 6574101 2337 TT MACRONIX INTERNATIONAL 277,000.00 453,762.41 6575159 2809 TT KING'S TOWN BANK 356,000.00 509,180.14 6575740 MFCB MK MEGA FIRST CORP BHD 456,100.00 383,773.65 6580432 1477 TT MAKALOT INDUSTRIAL CO LTD 54,127.00 532,184.02 6584445 9914 TT MERIDA INDUSTRY CO LTD 87,000.00 976,909.00 6602518 DIVI IN DIVI'S LABORATORIES LTD 40,742.00 2,418,034.93 6609906 SCC/F T SIAM CEMENT PUB CO-FOR RE 170,100.00 2,317,432.05 6612670 AP-R TB AP THAILAND PCL - NVDR 8,490,300.00 2,214,301.55 6614234 MAJOR-R MAJOR CINEPLEX GROUP PCL 524,300.00 389,277.29 6651048 BMRI IJ PT BANK MANDIRI TBK 6,859,790.00 2,797,676.88 6671477 855 HK CHINA WATER AFFAIRS GROUP 418,000.00 322,000.67

Page 4 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

6709099 BBRI IJ PT BANK RAKYAT INDONESIA 16,319,064.00 4,438,604.65 6724508 67160 AFREECATV CO LTD 6,809.00 719,594.19 6726816 JSP IN JINDAL STEEL & POWER LTD 137,214.00 735,705.69 6727121 BBNI IJ BANK NEGARA INDONESIA PER 5,464,200.00 1,748,917.07 6744283 8069 TT E INK HOLDINGS INC 169,000.00 452,644.26 6744807 3293 TT INTERNATIONAL GAMES SYSTE 16,000.00 483,048.84 6765239 28050 40,173.00 851,677.34 6771720 5930 CO. 637,048.00 45,609,892.78 6772671 12450 HANWHA TECHWIN CO LTD 67,853.00 2,830,389.92 6773737 ECW MK ECO WORLD DEVELOPMENT GRO 3,406,400.00 574,551.26 67812M207 OJSCY ROSNEFT PJSC GDR 279,346.00 2,166,588.37 6803247 81 HK CHINA OVERSEAS GRAND OCEA 1,093,000.00 636,548.15 6889106 2330 TT TAIWAN SEMICONDUCTOR MANU 1,137,000.00 24,490,940.58 69343P105 LUKOY LUKOIL PJSE-SPON ADR 70,919.00 6,524,548.00 6990763 576 HK ZHEJIANG EXPRESSWAY CO 480,000.00 426,968.98 715684106 TLK TELEKOMUNIKASI INDONESIA 128,484.00 2,784,248.28 71654V408 PBR PETROLEO BRASILEIRO - ADR 16,336.00 199,789.28 7320154 OTP HB OTP BANK PLC 84,900.00 4,573,755.89 80585Y308 SBRCY SBERBANK OF RUSSIA PJSC 303,236.00 5,061,008.84 81141R100 SE SEA LTD-ADR 8,546.00 2,346,731.60 82706C108 SIMO SILICON MOTION TECHNOLOGY 98,136.00 6,290,517.60 874039100 TSM TAIWAN SEMICONDUCTOR MANU 11,479.00 1,379,316.64 880890108 TX TERNIUM SA 89,567.00 3,444,746.82 88557W101 QFIN 360 DIGITECH INC 10,263.00 429,403.92 92837L109 VIST VISTA OIL & GAS SAB DE CV 131,150.00 537,715.00 B00KT68 PLNG IN PETRONET LNG LTD 43.00 130.72 B00VS64 39490 KIWOOM SECURITIES CO LTD 5,307.00 616,726.94

Page 5 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

B010V49 RAPT4 B RANDON PARTICIPACOES SA 930,400.00 2,538,713.11 B012W42 PBK MK PUBLIC BANK BERHAD 2,016,800.00 1,997,561.10 B0190C7 669 HK TECHTRONIC INDUSTRIES CO 346,500.00 6,038,601.54 B019VV3 HANA-R HANA MICROELECTRONIC-NVDR 239,700.00 533,286.20 B01FLR7 2318 HK PING AN INSURANCE GROUP C 1,201,500.00 11,745,443.52 B01NPJ1 TCS IN TATA CONSULTANCY SERVICES 50,325.00 2,268,077.78 B01RQM3 2343 HK PACIFIC BASIN SHIPPING LT 5,648,000.00 2,275,593.02 B030GJ7 SBK SJ STANDARD BANK GR 275,279.00 2,459,703.17 B03MNV4 AEFES T ANADOLU EFES BIRACILIK VE 610,986.00 1,563,866.01 B03MP18 ARCLK T ARCELIK AS 151,931.00 520,151.36 B03MVW1 LOGO TI LOGO YAZILIM 347,296.00 1,327,550.32 B03MXR0 SISE TI TURK SISE VE CAM 2,002,229.00 1,759,245.64 B0498T7 PSSA3 PORTO SEGURO SA 34,400.00 369,856.03 B058ZV4 CCOLA T COCA-COLA ICECEK AS 78,338.00 701,052.17 B05BPH9 STA-R T SRI TRANG AGRO-INDUSTRY P 354,100.00 447,928.21 B06CDW2 AXB LI LTD 80,081.00 4,028,832.79 B095WZ4 IPL SJ IMPERIAL LOGISTICS LTD 184,421.00 612,340.90 B09N7M0 1088 HK CHINA SHENHUA ENERGY CO L 1,768,000.00 3,463,256.73 B0B8Z18 1919 HK COSCO SHIPPING HOLDINGS C 1,593,000.00 4,003,112.45 B0LMTQ3 939 HK CHINA CONSTRUCTION BANK 7,595,000.00 5,959,978.27 B0MLBC9 QGTS QD QATAR GAS TRANSPORT(NAKIL 469,533.00 387,148.21 B0RNRF5 86790 INC 80,828.00 3,312,886.56 B0S6009 ETEL EY TELECOM EGYPT 488,956.00 419,928.02 B0V3XR5 86280 2,687.00 498,615.33 B0VDZN5 CRIN IN 46,525.00 564,567.06 B0WC2B8 2689 HK NINE DRAGONS PAPER HLGDS 335,000.00 429,569.34 B128R96 EQTL3 B EQUATORIAL ENERGIA SA - O 81,700.00 407,415.75

Page 6 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

B156WQ9 GWN IN GRINDWELL NORTON LTD 23,747.00 397,260.16 B16NQ89 MACA IN MAHINDRA CIE AUTOMOTIVE 148,616.00 475,865.28 B1DYPZ5 3968 HK CHINA MERCHANTS BANK CO L 1,311,500.00 11,171,897.85 B1FFT76 IMP SJ IMPALA PLATINUM HOLDINGS 237,061.00 3,901,114.92 B1GN4B8 91700 PARTRON CO LTD 35,799.00 330,925.37 B1L0LB3 48260 OSSTEM IMPLANT CO LTD 7,566.00 764,134.01 B1L9PJ6 KEII IN KEI INDUSTRIES 59,967.00 560,049.62 B1LHCW2 MTCL IN LTD 23,346.00 817,652.97 B1P70H9 3933 HK UNITED LABORATORIES INTE 446,000.00 366,049.81 B1S7225 POWF IN POWER FINANCE CORP LTD 271,900.00 471,873.63 B1VRCG6 3993 HK CHINA MOLYBDENUM CO LTD 3,654,000.00 2,165,282.84 B1WGT83 95660 NEOWIZ 15,494.00 347,719.97 B1XDJC7 819 HK TIANNENG POWER INTL LTD 208,000.00 363,639.41 B1XZS82 AAL LN ANGLO AMERICAN PLC 95,414.00 3,796,391.05 B1Y3XY6 86450 DONGKOOK PHARMACEUTICAL 14,455.00 362,282.74 B1Y4WK8 SLCE3 B SLC AGRICOLA 250,700.00 2,587,051.40 B1Z5HY9 MNCN IJ MEDIA NUSANTARA CITRA TBK 5,579,200.00 358,760.29 B235JN1 MRVE3 B MRV ENGENHARIA E PARTICIP 141,800.00 465,614.49 B23F8S9 BRSR6 B BANCO DO ESTADO DO RIO 111,800.00 298,091.37 B27WY88 DTEX3 B DURATEX SA 379,000.00 1,813,761.76 B28SKW1 3596 TT ARCADYAN TECHNOLOGY 93,000.00 355,357.92 B28SXZ5 777 HK NETDRAGON WEBSOFT HOLDING 140,000.00 372,955.29 B28XTR4 3800 HK GCL-POLY ENERGY HOLDINGS 874,000.00 130,580.49 B28XVV2 TENERGY TERNA ENERGY SA 29,767.00 419,948.62 B292SM8 MEGACPO MEGACABLE HOLDINGS SAB DE 91,904.00 325,295.33 B296ZH4 3808 HK SINOTRUK HK LTD 171,000.00 366,460.94 B29D241 TKFEN TEKFEN HOLDING AS 187,310.00 315,647.34

Page 7 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

B29NPW0 ECLX IN ECLERX SERVICES LTD 36,659.00 957,050.02 B2QKXW0 BJAUT I LTD 52,777.00 2,938,300.94 B2RCGV5 TTKOM T TURK TELEKOMUNIKASYON AS 3,004,581.00 2,292,699.57 B3BDFS1 103140 POONGSAN CORP 20,319.00 688,235.79 B3PZ2V5 1117 HK CHINA MODERN DAIRY 1,841,000.00 407,268.20 B3S98W7 138930 BNK FINANCIAL GROUP INC 58,573.00 402,828.48 B3ZVDV0 1099 HK SINOPHARM GROUP CO LTD 1,114,399.00 3,306,215.59 B403QG4 MOUWASA MOUWASAT MEDICAL SERVICES 9,067.00 435,972.20 B44ZV94 1378 HK CHINA HONGQIAO GROUP LTD 2,221,000.00 3,007,536.56 B4Q2TX3 916 HK CHINA LONGYUAN POWER GROU 1,184,000.00 2,038,558.90 B4T3LF9 PEPL IN PRESTIGE ESTATES PROJECTS 110,609.00 431,070.61 B52J816 1590 TT AIRTAC INTL GRP 177,000.00 6,818,641.90 B53NSQ2 940 HK CHINA ANIMAL HEALTHCARE 1,673,000.00 0.00 B53YZC0 108320 SILICON WORKS CO LTD 7,077.00 763,226.09 B544N70 1157 HK ZOOMLION HEAVY INDUSTRY S 2,634,000.00 2,757,128.16 B575D14 PXT CN PAREX RESOURCES INC 107,744.00 1,799,500.40 B5LKNN7 1600 HK CHINA TIAN LUN GAS HOLD 406,000.00 418,974.49 B5MY7H0 2723 TT GOURMET MASTER CO LTD 371,000.00 2,269,914.99 B614LY3 CIEL3 B CIELO SA 648,400.00 474,578.94 B622C10 111770 YOUNGONE CORP 11,329.00 446,941.42 B63DLB5 3360 HK FAR EAST HORIZON LTD 278,000.00 290,897.10 B691276 ALPM IN ALEMBIC PHARMECEUTICALS 39,920.00 529,174.98 B6RV676 4966 TT PARADE TECHNOLOGIES LTD 15,000.00 744,456.84 B6WY993 867 HK CHINA MEDICAL SYSTEM 207,000.00 544,097.85 B724LT4 4536 TT TOPKEY CORP 100,000.00 563,339.50 B7W5GK3 ASTRO M ASTRO HOLDINGS B 1,523,400.00 422,522.82 B7X3BR8 8406 TT GINKO INTERNATIONAL CO LT 78,000.00 745,378.90

Page 8 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

B80RZK1 FIBRAMQ MEXICO REAL ESTATE MANAGE 344,987.00 425,839.35 B8F2T65 3669 HK CHINA YONGDA AUTOMOBILES 1,264,500.00 2,263,149.98 B8F6ZF8 VESTA* CORP INMOBILIARIA VESTA S 1,126,230.00 2,191,506.95 B95CZJ7 KAP SJ KAP INDUSTRIAL HOLDINGS L 1,639,049.00 474,792.71 B97NLT0 6412 TT CHICONY POWER TECHNOLOGY 191,000.00 496,179.52 B99KDL5 CHG-R CHULARAT HOSPITAL NVDR 3,685,000.00 458,013.44 B9GFHQ6 MOEX RM MOSCOW EXCHANGE MICEX 153,080.00 357,594.75 BC9S4J5 354 HK CHINASOFT INTERNATIONAL 3,160,000.00 5,747,792.21 BC9ZH86 RICHT H RICHTER GEDEON NYRT 19,106.00 509,032.78 BCDBKF8 2128 HK CHINA LESSO GROUP HOLDING 326,000.00 804,806.55 BD0MXB8 ENJSA T ENERJISA ENERJI AS 258,099.00 307,182.80 BD5C7Z5 2463 WUS PRINTED CIRCUIT KUNSH 1,005,500.00 2,406,417.22 BD5CKV2 300146 BY-HEALTH CO LTD 391,800.00 1,993,671.80 BD5CN80 2475 LUXSHARE PRECISION INDUST 330,300.00 2,350,469.17 BD5CPG2 858 WULIANGYE YIBIN CO LTD-A 58,000.00 2,669,240.80 BD8GL18 1658 HK POSTAL SAVINGS BANK OF CH 5,025,000.00 3,379,365.75 BF1THH6 BHE IN LTD 201,201.00 483,017.35 BF2VKB6 OMGE3 B OMEGA GERACAO SA 47,000.00 359,124.91 BF8GMG4 NEOE3 B NEOENERGIA SA 463,800.00 1,619,923.99 BFN2YR2 DALBHAR DALMIA BHARAT LTD 58,626.00 1,494,587.80 BFT7KB7 FB IN LTD 2,102,332.00 2,469,387.49 BFX05H3 ABG SJ ABSA GROUP LTD 261,431.00 2,484,621.63 BFXXQQ8 ORIENTE ORIENT ELECTRIC LTD 91,378.00 386,046.71 BFZD2P7 185750 CHONG KUN DANG PHARMA 2,595.00 315,682.76 BG087C6 ETE GA NATIONAL BANK OF GREECE S 872,294.00 2,485,906.41 BG0V275 HHPD LI HON HAI PRECISION INDUSTR 381,269.00 3,077,440.81 BG0ZMJ9 1810 HK XIAOMI CORP 743,800.00 2,586,939.24

Page 9 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

BG1Z6X0 RA MM REGIONAL SAB DE CV 151,831.00 893,114.57 BG36ZK1 B3SA3 B B3 SA- BRASIL BOLSA 1,167,900.00 3,949,987.53 BGHWH98 316140 INC 366,759.00 3,734,418.07 BGJW376 3690 HK MEITUAN 126,300.00 5,210,156.31 BGS92Z9 GUJGA I GAS LTD 103,485.00 920,971.40 BJ0K6Z9 KLBN11 KLABIN SA-UNIT 416,200.00 2,204,356.95 BJ9K2H4 CIFC IN CHOLAMANDALAM INVEST 435,590.00 3,013,629.80 BJF6Z88 KSCL IN KAVERI SEED CO LTD 58,406.00 574,335.89 BK0SBL1 6186 HK CHINA FEIHE LTD 837,000.00 1,804,637.84 BK72QD3 3759 HK PHARMARON BEIJING CO LTD 100,100.00 2,665,339.18 BKL9QV8 1691 HK JS GLOBAL LIFESTYLE CO LT 901,500.00 2,538,063.42 BKPN4N4 357780 SOULBRAIN CO LTD 2,658.00 775,593.72 BKS1189 1966 HK CHINA SCE GROUP HLDG LTD 841,132.00 345,643.11 BL3HKC6 9928 HK TIMES NEIGHBORHOOD HLDGS 430,806.00 368,809.94 BL6B9P1 2269 HK WUXI BIOLOGICS 263,931.00 4,832,778.43 BLBFH65 9922 HK JIUMAOJIU INTERNATIONAL H 704,000.00 2,877,532.76 BLD0BZ5 LJQQ3 B LOJAS QUERO QUERO S/A 345,500.00 1,591,612.04 BLF7820 UTIAM I UTI ASSET MANAGEMENT CO L 47,563.00 546,852.06 BLPJPQ9 3913 HK KWG LIVING GROUP HOLDINGS 481,000.00 615,504.59 BLRB262 UNA NA UNILEVER PLC 57,925.00 3,394,515.40 BMC4304 SIMH3 B SIMPAR SA 287,789.00 3,218,616.62 BMF7054 873 HK SHIMAO SERVICES HOLDINGS 910,728.00 3,139,088.90 BMMV2K8 700 HK TENCENT HOLDINGS LTD 481,663.00 36,266,550.47 BMP3858 RDF SJ REDEFINE PROPERTIES LTD 1,658,857.00 497,355.16 BMX09H0 6078 HK HYGEIA HEALTHCARE HOLDING 239,400.00 3,142,970.13 BMZ1CH2 LAURUS LAURUS LABS LTD 69,389.00 643,939.50 BMZ9R04 ASAI3 B SENDAS DISTRIBUIDORA SA 23,137.00 402,613.20

Page 10 of 12 USAA FUND HOLDINGS As of June 30, 2021

USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

BN320P8 2202 HK CHINA VANKE CO LTD 591,100.00 1,847,538.73 BN4JBJ9 MRDIY M MR DIY GROUP M BHD 2,261,100.00 1,957,300.96 BN71RB6 TIMS3 B TIM SA 842,379.00 1,952,994.02 BNGJH11 375500 DL E&C CO LTD 5,706.00 718,748.36 BP3R3S1 600309 WANHUA CHEMICAL GROUP CO- 192,700.00 3,243,114.66 BP3R6C6 600588 YONYOU NETWORK TECHNOLOGY 393,600.00 2,023,959.61 BPFJHC7 AXSB IN AXIS BANK LTD 121,830.00 1,229,734.32 BSHYYN1 SNB AB SAUDI NATIONAL BANK 144,889.00 2,225,785.09 BSTLJW4 178920 SKCKOLONPI INC 52,923.00 2,579,256.79 BSXNPQ2 1478 HK Q TECHNOLOGY GRP CO LTD 259,000.00 530,386.28 BTLWVY8 1381 HK CANVEST ENVIRONMENTAL 674,000.00 392,449.92 BTSTNQ8 DSKY RM DETSKY MIR PJSC 1,385,430.00 2,866,545.44 BWFGD74 AJP IN LTD 15,952.00 461,506.09 BXRTT03 DMAS IJ PURADELTA LESTARI 26,178,300.00 347,516.22 BYMXFQ5 214450 PHARMARESEARCH CO LTD 8,303.00 663,853.50 BYNJCV6 207940 CO LTD 2,778.00 2,070,147.18 BYQJ9K1 267980 MAEIL DAIRIES CO LTD 8,807.00 604,177.08 BYSVNL4 WLSI IN WELSPUN INDIA LTD 287,184.00 372,864.33 BYSX0F3 BBAJ1OO BANCO DEL BAJIO SA 228,525.00 410,052.23 BYTM037 ORI-R T ORIGIN PROPE 1,583,500.00 440,923.09 BYW5N45 603298 HANGCHA GROUP CO LTD 508,100.00 1,424,861.59 BYXW419 MRP SJ MR PRICE GROUP LTD 230,370.00 3,384,721.97 BYY0144 PRIO3 B PETRO RIO SA 128,700.00 504,376.06 BZ1G175 145020 HUGEL INC 10,487.00 2,236,090.33 BZ8TP86 240810 WONIK IPS CO LTD 9,039.00 397,776.49 BZBZHK7 3306 HK JNBY DESIGN LTD 192,500.00 341,864.97 G68707101 PAGS PAGSEGURO DIGITAL LTD 76,660.00 4,286,827.20

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USAA EMERGING MARKETS FUND

CUSIP TICKER SECURITY NAME SHARES/PAR/CONTRACTS MARKET VALUE

INRCGTAX INDIA CAP GAIN TAX -1,737,949.21 -1,737,949.21 N97284108 YNDX YANDEX NV 48,613.00 3,439,369.75 P1666E105 BWMX US BETTERWARE DE MEXICO SAB 27,642.00 1,382,652.84 THBCGTAX THAILAND CAP GAIN TAX -237,537.43 -237,537.43

Total: 746,334,933.55

Portfolio holdings are subject to change, are unaudited, and do not represent any type of recommendation. The Funds are distributed by Victory Capital Services, Inc. (“VCS”), member FINRA and SIPC. Victory Capital Management Inc., an affiliate of VCS, is the investment advisor to the Funds and receives a fee from the Funds for its services. Shares of the Fund may be subject to sales charges and other fees. An investor should consider the Fund’s investment objectives, risks and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus. To obtain a prospectus, please call 1-800-235-8396 or visit www.vcm.com/prospectus. Please read the prospectus carefully before investing.

As of July 1, 2019, Victory Capital Management Inc. is the investment advisor for USAA Mutual Funds.

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member of FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

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