USAA Investments has added two new mutual funds to its lineup.

The firm has launched the USAA Target Retirement 2060 Fund, the sixth fund in the USAA Target Retirement Funds suite, with a minimum investment of $500. According to Wasif Latif, vice president at USAA Investments and co-manager of USAA's Target Retirement Funds series, the fund is designed to contain more equities than USAA’s other target retirement funds, given the longer investment timeline.

Also, the firm has launched the USAA Flexible Income Fund, which will primarily bet in bonds as well as in preferred and common stocks.

"By investing primarily in bonds without specific maturity or credit quality targets, as well as in preferred and common stocks, this fund is not subject to constraints typically seen in income-focused portfolios," stated Arne Espe, manager of the USAA Flexible Income Fund.

USAA Investments currently manages $57 billion in mutual fund assets.