USAA Mutual Funds Trust - USAA 500 Index Fund (USSPX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:         811-07852

USAA Mutual Funds Trust

(Exact name of registrant as specified in charter)

15935 La Cantera Pkwy, Building Two, San Antonio, Texas	78256
(Address of principal executive offices)	(Zip code)

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

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-235-8396

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

JUNE 30, 2020

Semi Annual Report

USAA Extended Market Index Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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 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 logo 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.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Financial Statements
Schedule of Portfolio Investments	4
Statement of Assets and Liabilities	65
Statement of Operations	66
Statements of Changes in Net Assets	67
Financial Highlights	68
Notes to Financial Statements	70
Supplemental Information	79
Proxy Voting and Portfolio Holdings Information	79
Expense Examples	79
Liquidity Risk Management Program	80
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

1

USAA Mutual Funds Trust
USAA Extended Market Index Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to match, before fees and expenses, the performance of all small- and mid-cap stocks as measured by the Wilshire 4500 Completion Index^SM.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

Tesla, Inc.	3.4	%
Uber Technologies, Inc.	1.1	%
The Blackstone Group, Inc. Class A	0.9	%
DocuSign, Inc.	0.7	%
Splunk, Inc.	0.7	%
CoStar Group, Inc.	0.6	%
Seattle Genetics, Inc.	0.6	%
Square, Inc. Class A	0.6	%
Veeva Systems, Inc. Class A	0.6	%
Snap, Inc. Class A	0.5	%

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

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

2

USAA Mutual Funds Trust
USAA Extended Market Index Fund (continued) June 30, 2020

  (Unaudited)

Sector Allocation*:

June 30, 2020
(% of Net Assets)

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

Percentages are of the net assets of the Fund and may not equal 100%

3

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.3%)
Communication Services (4.1%):
A.H. Belo Corp. Class A		3,060	$	5
Alaska Communications Systems Group, Inc.		7,744		22
Altice USA, Inc. Class A (a)		11,975		270
AMC Entertainment Holdings, Inc. (b)		6,309		27
AMC Networks, Inc. Class A (a)		7,001		164
ANGI Homeservices, Inc. Class A (a) (b)		10,823		131
Atn International, Inc.		1,720		104
Autoweb, Inc. (a)		1,591		2
Ballantyne Strong, Inc. (a)		1,626		3
Bandwidth, Inc. Class A (a)		722		92
Beasley Broadcast Group, Inc. Class A		376		1
Boingo Wireless, Inc. (a)		6,409		85
Boston Omaha Corp. Class A (a)		3,329		53
Cable One, Inc.		703		1,248
Cardlytics, Inc. (a) (b)		3,855		270
Cargurus, Inc. (a)		1,326		34
Cars.com, Inc. (a)		10,499		60
cbdMD, Inc. (a)		5,955		11
Chicken Soup For The Soul Entertainment, Inc. (a)		181		1
Cincinnati Bell, Inc. (a)		6,037		90
Cinedigm Corp. Class A (a)		8,808		17
Cinemark Holdings, Inc.		15,018		173
Clear Channel Outdoor Holdings, Inc. (a)		22,000		23
Cogent Communications Holdings, Inc. (c)		6,183		478
comScore, Inc. (a)		8,853		27
Consolidated Communications Holdings, Inc. (a)		9,702		66
DHI Group, Inc. (a)		8,392		18
Dolphin Entertainment, Inc. (a)		4,064		4
Emerald Holding, Inc. (b)		2,883		9
Entercom Communications Corp. Class A (b)		19,262		27
Entravision Communications Corp. Class A		10,322		15
Eventbrite, Inc. Class A (a)		1,904		16
EverQuote, Inc. Class A (a)		818		48
Gannett Co., Inc. (a) (b)		19,101		26
GCI Liberty, Inc. Class A (a)		13,165		936
Global Eagle Entertainment, Inc. (a)		484		2
Globalstar, Inc. (a) (b)		103,811		34
Glu Mobile, Inc. (a)		21,567		200
Gogo, Inc. (a) (b)		9,718		31
Gray Television, Inc. (a)		11,863		165
Harte-Hanks, Inc. (a)		693		2
Hemisphere Media Group, Inc. (a)		2,948		29
IDT Corp. Class B (a)		3,577		23
Insignia Systems, Inc. (a)		1,466		1
Iridium Communications, Inc. (a)		17,564		447
John Wiley & Sons, Inc. Class A		5,187		202
Lee Enterprises, Inc. (a)		9,188		9

See notes to financial statements.

4

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Liberty Broadband Corp. Class A (a)		26,612	$	3,252
Liberty Media Corp.-Liberty Formula One Class A (a) (b)		30,780		898
Liberty Media Corp-Liberty Braves Class A (a)		7,579		152
Liberty Media Corp-Liberty SiriusXM Class A (a)		43,770		1,511
Liberty TripAdvisor Holdings, Inc. Class A (a)		10,556		22
Lions Gate Entertainment Corp. Class B (a)		19,184		131
LiveXLive Media, Inc. (a)		4,511		16
Loral Space & Communications, Inc.		3,602		70
Madison Square Garden Entertainment Corp. (a)		3,028		227
Madison Square Garden Sports Corp. Class A (a)		3,025		444
Marchex, Inc. Class B (a)		6,139		10
Match Group, Inc. (a) (b)		10,286		3,326
Match Group, Inc. (a)		5,255		563
Mediaco Holding, Inc. (a)		955		5
Meredith Corp. (b)		5,037		73
MSG Networks, Inc. Class A (a)		7,819		78
National CineMedia, Inc.		11,647		35
Nexstar Media Group, Inc. Class A (b)		7,153		599
NTN Buzztime, Inc. (a)		297		1
Ooma, Inc. (a)		3,229		53
ORBCOMM, Inc. (a)		12,294		47
Otelco, Inc. Class A (a)		288		3
Pareteum Corp. (a) (b)		20,789		13
Pinterest, Inc. Class A (a)		13,805		306
QuinStreet, Inc. (a)		6,551		69
Reading International, Inc. Class A (a)		3,213		14
Rosetta Stone, Inc. (a)		3,264		55
Saga Communications, Inc. Class A		595		15
Salem Media Group, Inc.		2,108		2
Scholastic Corp.		4,379		131
Sciplay Corp. Class A (a)		3,609		54
Shenandoah Telecommunications Co. (b)		7,292		360
Sinclair Broadcast Group, Inc. Class A (b)		9,566		177
Sirius XM Holdings, Inc. (b)		206,168		1,210
Snap, Inc. Class A (a)		149,862		3,521
Spanish Broadcasting System, Inc. (a)		521		—	(e)
SPAR Group, Inc. (a)		1,448		1
Spok Holdings, Inc.		2,749		26
SRAX, Inc. (a) (b)		2,219		6
Super League Gaming, Inc. (a)		1,666		4
TechTarget, Inc. (a)		3,148		95
TEGNA, Inc.		33,070		368
Telephone & Data Systems, Inc.		14,250		283
The E.W. Scripps Co. Class A		9,032		79
The Marcus Corp.		2,715		36
The Meet Group, Inc. (a)		10,624		66
The New York Times Co. Class A		17,654		742
Townsquare Media, Inc. Class A		1,531		7
Travelzoo (a)		780		4
TripAdvisor, Inc.		14,288		272

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
TrueCar, Inc. (a)		10,994	$	28
United States Cellular Corp. (a) (b)		2,441		75
Urban One, Inc. (a)		4,584		9
Vonage Holdings Corp. (a)		36,306		365
WideOpenWest, Inc. (a)		7,723		41
World Wrestling Entertainment, Inc. Class A (b)		5,598		243
Xcel Brands, Inc. (a)		1,250		1
Yelp, Inc. (a)		10,879		252
Zedge, Inc. Class B (a)		1,641		2
Zillow Group, Inc. Class C (a) (b)		14,321		825
Zynga, Inc. Class A (a)		139,813		1,334
				28,308
Consumer Discretionary (12.6%):
1-800-Flowers.com, Inc. Class A (a)		4,540		91
Aaron's, Inc.		9,202		418
Abercrombie & Fitch Co.		8,182		87
Acushnet Holdings Corp.		5,994		209
ADOMANI, Inc. (a)		10,096		2
Adtalem Global Education, Inc. (a)		6,185		193
American Axle & Manufacturing Holdings, Inc. (a)		15,211		116
American Eagle Outfitters, Inc.		21,148		231
American Public Education, Inc. (a)		1,988		59
America's Car-Mart, Inc. (a)		957		84
Apex Global Brands, Inc. (a) (b)		655		1
Aramark		33,130		748
Arcimoto, Inc. (a)		2,876		15
Ark Restaurants Corp.		323		4
Asbury Automotive Group, Inc. (a) (b)		2,757		213
Ascena Retail Group, Inc. (a) (b)		1,242		2
Aspen Group, Inc. (a) (b)		3,378		31
At Home Group, Inc. (a)		7,230		47
Autoliv, Inc.		13,653		880
AutoNation, Inc. (a)		7,478		281
AYRO, Inc. (a)		1,952		5
Barnes & Noble Education, Inc. (a) (b)		5,685		9
Bassett Furniture Industries, Inc.		1,544		11
BBQ Holdings, Inc. (a)		1,561		5
BBX Capital Corp.		10,067		26
Beazer Homes USA, Inc. (a)		3,652		37
bebe stores, Inc.		985		4
Bed Bath & Beyond, Inc. (b)		14,469		153
Big 5 Sporting Goods Corp.		3,487		7
Big Lots, Inc.		5,276		222
Biglari Holdings, Inc. Class B (a)		349		24
BJ's Restaurants, Inc.		3,294		69
Blink Charging Co. (a)		3,686		21
Bloomin' Brands, Inc.		12,650		135
Blue Apron Holdings, Inc. Class A (a)		247		3
Bluegreen Vacations Corp.		853		5
Boot Barn Holdings, Inc. (a) (b)		3,924		85

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Bowl America, Inc. Class A		373	$	4
Boyd Gaming Corp.		11,410		238
Bright Horizons Family Solutions, Inc. (a)		8,925		1,046
Brinker International, Inc.		6,426		154
Brunswick Corp.		12,240		784
Build-A-Bear Workshop, Inc. (a)		2,475		5
Burlington Stores, Inc. (a)		9,078		1,787
Caesars Entertainment Corp. (a)		108,108		1,312
Caleres, Inc.		5,817		49
Callaway Golf Co. (b)		13,608		238
Camping World Holdings, Inc. Class A		5,044		137
Carriage Services, Inc.		2,469		45
Carrols Restaurant Group, Inc. (a)		6,382		31
Carter's, Inc.		6,158		497
Carvana Co. (a)		1,667		200
Casper Sleep, Inc. (a) (b)		3,669		33
Cavco Industries, Inc. (a)		1,095		211
Century Casinos, Inc. (a)		4,625		19
Century Communities, Inc. (a)		4,204		129
Charles & Colvard Ltd. (a)		4,338		3
Chegg, Inc. (a)		17,047		1,146
Chewy, Inc. Class A (a) (b)		8,102		362
Chico's FAS, Inc.		17,407		24
Choice Hotels International, Inc. (b)		5,956		470
Churchill Downs, Inc.		4,972		662
Chuy's Holdings, Inc. (a)		2,626		39
Citi Trends, Inc.		1,695		34
Clarus Corp.		3,103		36
Collectors Universe, Inc.		1,465		50
Columbia Sportswear Co. (b)		4,892		394
Comstock Holding Cos., Inc. (a)		1,084		3
Conn's, Inc. (a)		3,366		34
Cool Holdings, Inc. (a)		7,450		1
Cooper Tire & Rubber Co.		7,270		201
Core-Mark Holding Co., Inc.		6,443		161
Cracker Barrel Old Country Store, Inc.		3,546		393
Crocs, Inc. (a) (b)		9,742		359
Crown Crafts, Inc.		1,453		7
Culp, Inc.		1,795		15
Dana, Inc.		21,621		264
Dave & Buster's Entertainment, Inc. (b)		6,628		88
Deckers Outdoor Corp. (a)		3,767		739
Delta Apparel, Inc. (a)		845		10
Denny's Corp. (a)		7,772		78
Designer Brands, Inc. Class A		8,840		60
Destination XL Group, Inc. (a)		7,815		5
Dick's Sporting Goods, Inc.		10,678		441
Dillard's, Inc. Class A (b)		3,359		87
Dine Brands Global, Inc. (b)		2,374		100
Dorman Products, Inc. (a)		3,874		260

See notes to financial statements.

7

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Dover Motorsports, Inc.		2,388	$	4
Drive Shack, Inc. (a)		6,540		12
Duluth Holdings, Inc. Class B (a) (b)		3,456		25
Dunkin' Brands Group, Inc.		11,321		738
Edison Nation, Inc. (a)		309		1
Educational Development Corp.		1,097		11
El Pollo Loco Holdings, Inc. (a)		2,597		38
Emerson Radio Corp. (a)		990		1
Envela Corp. (a)		1,313		8
Escalade, Inc.		1,825		25
Ethan Allen Interiors, Inc.		2,780		33
Etsy, Inc. (a) (b)		18,358		1,951
Express, Inc. (a)		5,311		8
Extended Stay America, Inc.		27,156		304
FAT Brands, Inc. (a)		380		1
Fiesta Restaurant Group, Inc. (a)		2,634		17
Five Below, Inc. (a)		7,590		811
Flexsteel Industries, Inc.		1,264		16
Floor & Decor Holdings, Inc. Class A (a)		14,102		812
Foot Locker, Inc.		15,942		465
Forward Industries, Inc. (a)		1,138		1
Fossil Group, Inc. (a)		4,252		20
Fox Factory Holding Corp. (a)		4,804		397
Francesca's Holdings Corp. (a)		484		2
Frontdoor, Inc. (a)		12,633		560
Full House Resorts, Inc. (a)		4,189		6
Funko, Inc. Class A (a) (b)		1,831		11
Gaia, Inc. (a)		1,357		11
GameStop Corp. Class A (a) (b)		7,058		31
Genesco, Inc. (a)		1,950		42
Gentex Corp.		37,879		975
Gentherm, Inc. (a)		3,783		147
G-III Apparel Group Ltd. (a)		6,382		85
GNC Holdings, Inc. (a) (b) (f) (k)		10,384		3
Golden Entertainment, Inc. (a)		3,632		32
GoPro, Inc. Class A (a)		16,161		77
Graham Holdings Co. Class B		651		223
Grand Canyon Education, Inc. (a)		6,524		591
Green Brick Partners, Inc. (a)		8,510		101
Greenlane Holdings, Inc. Class A (a)		948		4
Group 1 Automotive, Inc.		2,628		173
Groupon, Inc. (a) (b)		3,045		55
GrubHub, Inc. (a)		10,049		707
Guess?, Inc.		4,550		44
Hamilton Beach Brands Holding Co. Class A		796		9
Harley-Davidson, Inc.		22,149		526
Haverty Furniture Cos., Inc. (b)		2,466		39
Helen of Troy Ltd. (a)		3,141		592
HG Holdings, Inc. (a)		2,388		2
Hibbett Sports, Inc. (a)		2,055		43

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hilton Grand Vacations, Inc. (a)		12,146	$	237
Hooker Furniture Corp.		1,717		33
Horizon Global Corp. (a)		2,656		6
Houghton Mifflin Harcourt Co. (a)		18,766		34
Hovnanian Enterprises, Inc. Class A (a)		845		20
Hudson Ltd. Class A (a)		6,678		33
Hyatt Hotels Corp. Class A		4,589		231
HyreCar, Inc. (a)		2,538		7
Iconix Brand Group, Inc. (a)		1,894		2
imedia Brands, Inc. (a)		1,448		5
Inspired Entertainment, Inc. (a)		2,516		7
Installed Building Products, Inc. (a)		3,407		234
iRobot Corp. (a) (b)		3,375		283
J Alexander's Holdings, Inc. (a)		2,372		12
J. Jill, Inc. (a) (b)		2,978		2
Jack in the Box, Inc.		3,392		251
JAKKS Pacific, Inc. (a)		3,885		3
Jerash Holdings US, Inc.		553		3
Johnson Outdoors, Inc. Class A		1,101		100
K12, Inc. (a) (b)		6,478		176
KB Home		12,318		378
Kirkland's, Inc. (a)		2,191		6
Kontoor Brands, Inc.		7,969		142
Koss Corp. (a)		262		—	(e)
Kura Sushi USA, Inc. Class A (a)		457		7
Lakeland Industries, Inc. (a)		1,180		26
Lands' End, Inc. (a) (b)		2,411		19
Laureate Education, Inc. Class A (a)		7,763		77
La-Z-Boy, Inc.		6,656		180
Lazydays Holdings, Inc. (a)		1,302		11
LCI Industries		3,634		418
Leaf Group Ltd. (a)		3,053		11
Lear Corp.		7,757		845
Legacy Housing Corp. (a)		958		14
Levi Strauss & Co. Class A		6,661		89
Lifetime Brands, Inc.		1,843		12
Lincoln Educational Services Corp. (a)		3,679		14
Liquidity Services, Inc. (a)		4,175		25
Lithia Motors, Inc. Class A		3,216		487
LMP Automotive Holdings, Inc. (a)		1,017		10
Luby's, Inc. (a)		3,303		5
Lumber Liquidators Holdings, Inc. (a) (b)		3,827		53
M/I Homes, Inc. (a)		3,788		130
Macy's, Inc. (b)		45,820		315
Malibu Boats, Inc. Class A (a)		2,693		140
Marine Products Corp.		1,657		23
MarineMax, Inc. (a)		3,034		68
Marriott Vacations Worldwide Corp.		6,212		511
MasterCraft Boat Holdings, Inc. (a)		1,935		37
Mattel, Inc. (a) (b)		29,164		282

See notes to financial statements.

9

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USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
MDC Holdings, Inc.		8,587	$	307
Meritage Homes Corp. (a)		5,436		414
Modine Manufacturing Co. (a)		7,349		41
Mohawk Group Holdings, Inc. (a)		1,642		9
Monarch Casino & Resort, Inc. (a)		1,773		60
Monro, Inc.		4,253		234
Motorcar Parts of America, Inc. (a)		2,391		42
Movado Group, Inc.		2,052		22
Murphy USA, Inc. (a)		4,415		497
Muscle Maker, Inc. (a)		1,054		3
Nathan's Famous, Inc.		417		23
National Vision Holdings, Inc. (a)		10,663		325
Nautilus, Inc. (a)		4,612		43
Noodles & Co. (a)		4,230		26
Nordstrom, Inc. (b)		17,422		270
Nova Lifestyle, Inc. (a)		596		1
Office Depot, Inc.		68,144		160
Ollie's Bargain Outlet Holdings, Inc. (a)		5,685		554
OneWater Marine, Inc. (a)		759		18
Overstock.com, Inc. (a)		6,509		185
Oxford Industries, Inc.		2,397		105
P&F Industries, Inc. Class A		212		1
Papa John's International, Inc. (b)		3,930		312
Party City Holdco, Inc. (a)		12,551		19
Peloton Interactive, Inc. Class A (a)		6,667		385
Penn National Gaming, Inc. (a) (b)		18,850		576
Penske Automotive Group, Inc.		5,546		215
Perdoceo Education Corp. (a)		9,289		148
PetMed Express, Inc. (c)		2,917		104
Planet Fitness, Inc. Class A (a)		12,791		776
PlayAGS, Inc. (a)		3,951		13
Polaris, Inc.		8,444		782
Pool Corp.		6,177		1,678
Potbelly Corp. (a) (b)		2,802		6
Purple Innovation, Inc. (a)		2,174		39
Quotient Technology, Inc. (a)		10,738		79
Qurate Retail, Inc. Class A (a)		65,167		619
Rave Restaurant Group, Inc. (a)		2,316		2
RCI Hospitality Holdings, Inc.		1,334		18
Red Lion Hotels Corp. (a)		4,005		9
Red Robin Gourmet Burgers, Inc. (a) (b)		1,194		12
Red Rock Resorts, Inc. Class A		9,666		105
Regis Corp. (a)		5,382		44
Remark Holdings, Inc. (a) (b)		13,533		32
Rent-A-Center, Inc.		7,957		221
Revolve Group, Inc. (a) (b)		1,984		29
RH Corp. (a) (b)		1,940		483
Rocky Brands, Inc.		1,144		24
Roku, Inc. (a)		3,044		355
RTW Retailwinds, Inc. (a)		5,703		1

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
RumbleON, Inc. Class B (a)		212	$	2
Ruth's Hospitality Group, Inc.		4,945		40
Sally Beauty Holdings, Inc. (a) (b)		11,956		150
Scientific Games Corp. (a)		7,307		113
Seaworld Entertainment, Inc. (a)		7,495		111
Select Interior Concepts, Inc. Class A (a)		1,917		7
Service Corp. International		25,759		1,002
ServiceMaster Global Holdings, Inc. (a)		17,747		633
Shake Shack, Inc. Class A (a) (b)		2,639		140
Shiloh Industries, Inc. (a)		2,646		4
Shoe Carnival, Inc. (b)		1,422		42
Shutterstock, Inc. (b)		2,816		98
Signet Jewelers Ltd.		7,569		78
Six Flags Entertainment Corp.		11,107		213
Skechers USA, Inc. Class A (a)		15,650		491
Skyline Champion Corp. (a)		8,957		218
Sleep Number Corp. (a)		3,393		141
Smith & Wesson Brands, Inc. (a)		8,056		173
Sonic Automotive, Inc. Class A		2,238		71
Sonos, Inc. (a)		14,656		214
Sportsman's Warehouse Holdings, Inc. (a)		5,388		77
Stamps.com, Inc. (a)		2,270		417
Standard Motor Products, Inc.		3,039		125
Stein Mart, Inc. (a)		4,954		2
Steven Madden Ltd.		11,182		276
Stitch Fix, Inc. Class A (a) (b)		1,380		34
StoneMor, Inc. (a)		15,096		12
Stoneridge, Inc. (a)		3,677		76
Strategic Education, Inc.		2,765		425
Strattec Strategy Corp.		431		7
Sturm Ruger & Co., Inc. (c)		2,499		190
Summer Infant, Inc. (a)		292		2
Superior Group of Cos., Inc.		1,906		26
Superior Industries International, Inc.		3,873		7
Sypris Solutions, Inc. (a)		2,114		2
Tailored Brands, Inc. (b)		6,968		7
Tandy Leather Factory, Inc. (a)		1,413		5
Target Hospitality Corp. (a)		6,371		11
Taylor Morrison Home Corp. Class A (a)		18,087		349
Tempur Sealy International, Inc. (a)		6,933		499
Tenneco, Inc. Class A (a) (b)		9,083		69
Tesla, Inc. (a)		21,519		23,237
Texas Roadhouse, Inc.		9,790		515
The Buckle, Inc.		3,240		51
The Cato Corp. Class A		3,069		25
The Cheesecake Factory, Inc. (b)		5,885		135
The Children's Place, Inc. (b)		1,614		60
The Container Store Group, Inc. (a)		2,739		9
The Dixie Group, Inc. (a)		2,101		2
The Goodyear Tire & Rubber Co.		35,212		315

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
The Lovesac Co. (a) (b)		1,631	$	43
The Michaels Cos., Inc. (a) (b)		11,395		81
The New Home Co., Inc. (a)		1,835		6
The RealReal, Inc. (a)		5,406		69
The Wendy's Co.		34,823		758
Thor Industries, Inc.		7,054		752
Tilly's, Inc. Class A		2,000		11
Toll Brothers, Inc.		15,130		493
TopBuild Corp. (a)		4,315		491
Toughbuilt Industries, Inc. (a)		6,009		5
Town Sports International Holdings, Inc. (a)		3,729		2
Trans World Entertainment Corp. (a)		86		1
TravelCenters of America, Inc. (a)		1,287		20
TRI Pointe Group, Inc. (a)		19,271		283
Tupperware Brands Corp. (b)		7,088		34
Turtle Beach Corp. (a)		2,181		32
Twin River Worldwide Holdings, Inc.		2,201		49
U.S. Auto Parts Network, Inc. (a)		5,167		45
Unifi, Inc. (a)		2,482		32
Unique Fabricating, Inc. (a)		1,431		5
Universal Electronics, Inc. (a)		2,012		94
Universal Technical Institute, Inc. (a)		4,715		33
Urban Outfitters, Inc. (a)		6,248		95
Vail Resorts, Inc.		6,162		1,123
Veoneer, Inc. (a) (b)		15,756		168
Vera Bradley, Inc. (a)		3,752		17
Vince Holding Corp. (a)		531		3
Vista Outdoor, Inc. (a) (b)		8,393		121
Visteon Corp. (a)		3,182		218
VOXX International Corp. (a)		2,580		15
Wayfair, Inc. Class A (a) (b)		7,479		1,479
Weyco Group, Inc.		1,106		24
Williams-Sonoma, Inc.		8,180		671
Wingstop, Inc.		4,278		595
Winmark Corp.		461		79
Winnebago Industries, Inc.		4,307		287
Wolverine World Wide, Inc.		11,740		280
WW International, Inc. (a)		6,587		167
Wyndham Destinations, Inc.		13,027		367
Wyndham Hotels & Resorts, Inc.		14,401		614
XpresSpa Group, Inc. (a) (b)		9,116		38
YETI Holdings, Inc. (a) (b)		7,603		325
ZAGG, Inc. (a) (b)		4,663		15
Zovio, Inc. (a)		5,068		16
Zumiez, Inc. (a)		3,119		85
				86,257
Consumer Staples (2.9%):
22nd Century Group, Inc. (a) (b)		19,844		15
Alico, Inc.		679		21
Arcadia Biosciences, Inc. (a)		1,193		4

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
B&G Foods, Inc. (b)		8,732	$	213
BellRing Brands, Inc. Class A (a)		5,767		115
Beyond Meat, Inc. (a)		9,104		1,219
BJ's Wholesale Club Holdings, Inc. (a)		18,178		678
Bunge Ltd.		21,272		875
Calavo Growers, Inc.		2,547		160
Cal-Maine Foods, Inc. (a) (b)		3,363		150
Casey's General Stores, Inc.		4,826		723
Celsius Holdings, Inc. (a) (b)		4,427		52
Central Garden & Pet Co. Class A (a)		4,780		162
Coca-Cola Consolidated, Inc.		630		144
Coffee Holding Co., Inc. (a)		871		3
Craft Brew Alliance, Inc. (a) (b)		1,807		28
Crimson Wine Group Ltd. (a)		2,658		14
Cyanotech Corp. (a)		678		2
Darling Ingredients, Inc. (a)		22,588		556
Eastside Distilling, Inc. (a)		1,460		2
Edgewell Personal Care Co. (a)		7,493		232
elf Beauty, Inc. (a)		5,801		111
Energizer Holdings, Inc.		6,330		301
Farmer Brothers Co. (a)		1,854		14
Flowers Foods, Inc.		30,238		676
Fresh Del Monte Produce, Inc.		4,253		105
Freshpet, Inc. (a)		6,365		532
Grocery Outlet Holding Corp. (a)		6,724		274
Guardion Health Sciences, Inc. (a)		10,797		5
Herbalife Ltd. (a)		20,126		905
HF Foods Group, Inc. Class A (a) (b)		5,612		51
Hostess Brands, Inc. (a)		11,642		142
Ifresh, Inc. (a)		2,261		2
Ingles Markets, Inc. Class A		1,908		82
Ingredion, Inc.		10,360		860
Inter Parfums, Inc.		2,545		123
J&J Snack Foods Corp.		2,224		283
John B Sanfilippo & Son, Inc.		1,203		103
Jones Soda Co. (a)		7,880		2
Keurig Dr Pepper, Inc.		52,052		1,478
Lancaster Colony Corp.		2,962		459
Landec Corp. (a)		4,170		33
Lifevantage Corp. (a)		2,263		31
Lifeway Foods, Inc. (a)		708		2
Limoneira Co.		2,251		33
Mannatech, Inc.		246		4
Medifast, Inc. (b)		1,605		222
MGP Ingredients, Inc. (b)		1,874		69
National Beverage Corp. (a) (b)		2,274		139
Natural Alternatives International, Inc. (a)		958		7
Natural Grocers by Vitamin Cottage, Inc.		2,234		33
Nature's Sunshine Products, Inc. (a)		2,784		25
New Age Beverages Corp. (a) (b)		13,856		21

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Nu Skin Enterprises, Inc. Class A		7,766	$	296
Ocean Bio-Chem, Inc.		826		12
Oil-Dri Corp. of America		767		27
Performance Food Group Co. (a) (b)		18,043		526
Pilgrim's Pride Corp. (a)		8,712		147
Post Holdings, Inc. (a)		9,743		854
PriceSmart, Inc.		2,212		133
PURE Bioscience, Inc. (a)		8,473		16
Pyxus International, Inc. (a) (k)		1,357		1
Reed's, Inc. (a)		9,946		10
Reliv International, Inc. (a)		206		1
Revlon, Inc. Class A (a) (b)		718		7
Reynolds Consumer Products, Inc.		9,167		318
RiceBran Technologies (a)		4,584		4
Rite Aid Corp. (a) (b)		8,554		146
Sanderson Farms, Inc.		2,991		347
Seaboard Corp.		45		132
Seneca Foods Corp. Class A (a)		924		31
Shineco, Inc. (a)		4,229		2
SpartanNash Co.		5,100		108
Spectrum Brands Holdings, Inc.		6,154		282
Sprouts Farmers Market, Inc. (a)		15,844		405
The Andersons, Inc.		4,758		65
The Boston Beer Co., Inc. Class A (a) (b)		1,044		560
The Chefs' Warehouse, Inc. (a) (b)		4,394		60
The Hain Celestial Group, Inc. (a) (b)		16,114		508
The Simply Good Foods Co. (a)		12,670		235
Tootsie Roll Industries, Inc. (b)		3,146		108
TreeHouse Foods, Inc. (a)		6,358		278
Turning Point Brands, Inc.		1,349		34
U.S. Foods Holding Corp. (a)		34,076		672
United Natural Foods, Inc. (a)		7,033		128
United-Guardian, Inc.		487		7
Universal Corp.		3,533		150
USANA Health Sciences, Inc. (a)		1,697		125
Vector Group Ltd.		19,048		191
Veru, Inc. (a)		8,447		28
Village Super Market, Inc. Class A		1,540		43
WD-40 Co. (b)		1,862		368
Weis Markets, Inc. (c)		2,940		147
Willamette Valley Vineyards, Inc. (a)		643		4
Youngevity International, Inc. (a)		1,985		3
				20,014
Energy (1.6%):
Abraxas Petroleum Corp. (a) (b)		26,615		6
Adams Resources & Energy, Inc.		434		12
Aemetis, Inc. (a)		2,435		2
Amplify Energy Corp.		5,117		6
Amyris, Inc. (a) (b)		25,634		109
Antero Midstream Corp.		44,866		229

See notes to financial statements.

14

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Antero Resources Corp. (a)		36,174	$	92
Arch Resources, Inc. (a)		2,011		57
Archrock, Inc.		18,770		122
Aspen Aerogels, Inc. (a)		3,622		24
Barnwell Industries, Inc. (a)		723		1
Basic Energy Services, Inc. (a)		3,571		1
Bonanza Creek Energy, Inc. (a)		2,235		33
BP Prudhoe Bay Royalty Trust		3,599		12
Brigham Minerals, Inc.		2,487		31
Bristow Group, Inc. (a)		5,020		70
Cactus, Inc. Class A (b)		3,928		81
California Resources Corp. (a) (b)		7,801		10
Callon Petroleum Co. (a) (b)		57,407		66
Camber Energy, Inc. (a)		1,737		2
Centennial Resource Development, Inc. Class A (a) (b)		46,123		41
Centrus Energy Corp. Class A (a)		894		9
ChampionX Corp. (a)		27,840		273
Cheniere Energy, Inc. (a)		40,270		1,945
Chesapeake Energy Corp. (a) (b) (k)		1,414		7
Cimarex Energy Co.		15,793		434
Clean Energy Fuels Corp. (a)		22,973		51
CNX Resources Corp. (a)		27,992		242
Comstock Resources, Inc. (a)		11,692		51
CONSOL Energy, Inc. (a)		3,064		16
Contango Oil & Gas Co. (a)		12,368		28
Continental Resources, Inc. (b)		13,507		237
Contura Energy, Inc. (a)		2,675		8
Covia Holdings Corp. (a) (b) (f) (k)		7,769		2
Cross Timbers Royalty Trust (b)		1,009		7
Dawson Geophysical Co. (a)		3,059		4
Delek U.S. Holdings, Inc.		11,496		200
Denbury Resources, Inc. (a) (b)		73,238		20
Diamond S Shipping, Inc. (a)		3,877		31
Dorian LPG Ltd. (a)		7,949		62
Dril-Quip, Inc. (a)		4,127		123
ENGlobal Corp. (a)		2,581		3
Enservco Corp. (a)		8,041		1
EQT Corp.		31,793		378
Equitrans Midstream Corp.		33,446		278
Evolution Petroleum Corp.		4,877		14
Exterran Corp. (a)		4,794		26
Extraction Oil & Gas, Inc. (a) (b) (k)		13,006		2
Forum Energy Technologies, Inc. (a)		13,669		7
FTS International, Inc. (a)		262		2
Geospace Technologies Corp. (a)		1,424		11
Gevo, Inc. (a)		2,402		2
Goodrich Petroleum Corp. (a)		1,791		13
Green Plains, Inc. (a)		4,775		49
Gulf Island Fabrication, Inc. (a)		2,031		6
Gulfport Energy Corp. (a)		20,967		23

See notes to financial statements.

15

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hallador Energy Co.		4,399	$	3
Helix Energy Solutions Group, Inc. (a)		21,943		76
Helmerich & Payne, Inc.		15,352		301
Hi-Crush, Inc. (a)		15,948		2
Highpoint Resources Corp. (a)		16,634		5
Houston American Energy Corp. (a)		13,166		2
Hugoton Royalty Trust (a)		6,054		1
ION Geophysical Corp. (a)		1,922		4
KLX Energy Services Holdings, Inc. (a) (b)		3,700		8
Laredo Petroleum, Inc. (a)		1,350		19
Liberty Oilfield Services, Inc. Class A		2,088		11
Lilis Energy, Inc. (a) (k)		15,236		1
Lonestar Resources US, Inc. Class A (a)		3,016		1
Magnolia Oil & Gas Corp. Class A (a)		17,397		105
Mammoth Energy Services, Inc. (a)		5,916		7
Matador Resources Co. (a) (b)		17,638		150
Matrix Service Co. (a)		3,428		33
Mexco Energy Corp. (a)		151		—	(e)
Mitcham Industries, Inc. (a)		1,556		2
Montage Resources Corp. (a)		3,673		15
Murphy Oil Corp.		15,751		217
Nabors Industries Ltd. (a) (b)		1,129		42
NACCO Industries, Inc. Class A		603		14
National Energy Services Reunited Corp. (a)		3,236		22
Natural Gas Services Group, Inc. (a)		1,862		12
NCS Multistage Holdings, Inc. (a)		2,458		1
Newpark Resources, Inc. (a)		12,848		29
Nextdecade Corp. (a) (b)		18,659		40
Nextier Oilfield Solutions, Inc. (a) (b)		33,071		81
Nine Energy Service, Inc. (a)		2,297		4
Northern Oil And Gas, Inc. (a) (b)		53,220		45
Nuverra Environmental Solutions, Inc. (a)		1,458		3
Oasis Petroleum, Inc. (a) (b)		44,677		34
Oceaneering International, Inc. (a)		12,685		81
Oil States International, Inc. (a)		7,275		35
Overseas Shipholding Group, Inc. Class A (a)		10,553		20
Pacific Coast Oil Trust		6,163		2
Pacific Ethanol, Inc. (a)		8,677		6
Panhandle Oil And Gas, Inc. Class A		2,371		6
Parsley Energy, Inc. Class A		52,696		563
Patterson-UTI Energy, Inc.		28,223		98
PBF Energy, Inc. Class A		15,131		155
PDC Energy, Inc. (a)		14,394		179
Peabody Energy Corp. (c)		9,856		28
Penn Virginia Corp. (a)		2,218		21
Permianville Royalty Trust		3,773		5
ProPetro Holding Corp. (a)		10,468		54
QEP Resources, Inc.		35,019		45
Quintana Energy Services, Inc. (a)		1,363		1
Range Resources Corp. (b)		33,541		189

See notes to financial statements.

16

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Ranger Energy Services, Inc. (a)		697	$	2
Renewable Energy Group, Inc. (a) (b)		5,515		137
REX American Resources Corp. (a)		711		49
RigNet, Inc. (a)		2,133		5
Rosehill Resources, Inc. (a) (b)		599		—	(e)
Royale Energy, Inc. (a)		4,826		1
RPC, Inc. (a) (b)		11,582		36
SAExploration Holdings, Inc. (a)		642		1
SandRidge Energy, Inc. (a)		5,655		7
SEACOR Holdings, Inc. (a)		2,495		71
SEACOR Marine Holdings, Inc. (a)		2,942		8
Select Energy Services, Inc. Class A (a)		8,665		42
SFL Corp. Ltd.		14,455		134
Silverbow Resources, Inc. (a) (b)		1,859		6
SM Energy Co.		15,389		58
Smart Sand, Inc. (a)		4,246		4
Solaris Oilfield Infrastructure, Inc. Class A		3,122		23
Southwestern Energy Co. (a)		65,578		168
Stabilis Energy, Inc. (a)		483		1
Superior Drilling Products, Inc. (a)		1,925		1
Superior Energy Services, Inc. (a)		2,120		2
Talos Energy, Inc. (a)		5,823		54
Targa Resources Corp.		36,453		731
Teekay Corp. (a) (b)		9,180		22
Tellurian, Inc. (a) (b)		23,811		27
Tengasco, Inc. (a)		1,795		1
TETRA Technologies, Inc. (a) (b)		15,242		8
Tidewater, Inc. (a)		4,539		25
Torchlight Energy Resources, Inc. (a)		12,613		5
U.S. Energy Corp. Wyoming (a)		137		1
Uranium Energy Corp. (a)		29,068		26
VAALCO Energy, Inc. (a)		8,985		11
Vertex Energy, Inc. (a)		5,515		4
Voc Energy Trust		2,144		5
W&T Offshore, Inc. (a)		15,960		36
Westwater Resources, Inc. (a)		966		3
Whiting Petroleum Corp. (a) (b) (k)		11,682		13
World Fuel Services Corp. (c)		9,476		244
WPX Energy, Inc. (a)		69,604		444
Zion Oil & Gas, Inc. (a) (b)		29,151		9
				10,775
Financials (14.8%):
1347 Property Insurance Holdings, Inc. (a)		793		4
1895 Bancorp of Wisconsin, Inc. (a)		375		3
1st Source Corp.		2,705		96
Affiliated Managers Group, Inc.		5,799		432
AG Mortgage Investment Trust, Inc. (b)		4,968		16
AGNC Investment Corp.		85,586		1,105
Alleghany Corp.		2,190		1,071
Allegiance Bancshares, Inc.		2,951		75

See notes to financial statements.

17

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Ally Financial, Inc.		57,096	$	1,133
Altabancorp		3,002		67
Amerant Bancorp, Inc. (a)		1,418		21
American Equity Investment Life Holding Co.		12,311		304
American Financial Group, Inc.		12,084		767
American National Bankshares, Inc.		1,732		43
American National Insurance Co.		3,481		251
American River Bankshares		925		10
Ameris Bancorp		10,157		240
AMERISAFE, Inc.		2,824		173
AmeriServ Financial, Inc.		2,866		9
Ames National Corp.		1,442		28
Annaly Capital Management, Inc.		218,867		1,437
Anworth Mortgage Asset Corp.		15,138		26
Apollo Commercial Real Estate Finance, Inc.		21,725		213
Apollo Investment Corp.		10,972		105
Arbor Realty Trust, Inc. (b)		17,796		164
Arch Capital Group Ltd. (a)		53,201		1,523
Ares Capital Corp. (b)		71,060		1,027
Ares Commercial Real Estate Corp.		4,724		43
Ares Management Corp. Class A		32,064		1,273
Argo Group International Holdings Ltd.		5,125		179
Arlington Asset Investment Corp. Class A		5,572		17
ARMOUR Residential REIT, Inc.		9,122		86
Arrow Financial Corp.		2,343		70
Artisan Partners Asset Management, Inc. Class A		6,740		219
Ashford, Inc. (a)		284		3
Assetmark Financial Holdings, Inc. (a)		3,652		100
Associated Bancorp		23,513		322
Associated Capital Group, Inc. Class A		527		19
Assured Guaranty Ltd.		13,883		339
Asta Funding, Inc. (a)		463		6
Atlantic American Corp. (a)		893		1
Atlantic Union Bankshares Corp.		12,307		285
Atlanticus Holdings Corp. (a)		1,280		13
Atlas Financial Holdings, Inc. (a)		1,707		1
Axis Capital Holdings Ltd.		12,473		506
Axos Financial, Inc. (a)		8,124		179
Bain Capital Specialty Finance, Inc.		3,475		39
Banc of California, Inc.		7,267		79
BancFirst Corp.		2,141		87
Bancorp 34, Inc.		507		6
BancorpSouth Bank		13,005		296
Bank of Hawaii Corp.		5,988		368
Bank of Marin Bancorp		1,917		64
Bank of South Carolina Corp.		744		12
Bank of the James Financial Group, Inc.		693		7
Bank OZK Class A (b)		19,893		467
Bank7 Corp.		418		5
Bankfinancial Corp.		2,150		18

See notes to financial statements.

18

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
BankUnited, Inc.		14,136	$	286
Bankwell Financial Group, Inc.		1,138		18
Banner Corp.		5,084		193
Bar Harbor Bankshares		2,455		55
Barings BDC, Inc.		8,064		64
Baycom Corp. (a)		1,954		25
BCB Bancorp, Inc.		2,729		25
Benefytt Technologies, Inc. (a) (b)		1,988		41
Berkshire Hills Bancorp, Inc.		7,425		82
BGC Partners, Inc. Class A		38,474		105
BlackRock Capital Investment Corp.		11,457		31
BlackRock TCP Capital Corp.		9,713		89
Blackstone Mortgage Trust, Inc. Class A (b)		20,938		504
Blucora, Inc. (a)		6,920		79
Bogota Financial Corp. (a)		995		9
BOK Financial Corp.		4,611		260
Boston Private Financial Holdings, Inc.		11,828		81
Bridge Bancorp, Inc.		2,754		63
Bridgewater Bancshares, Inc. (a)		3,973		41
Brighthouse Financial, Inc. (a)		14,358		399
Broadmark Realty Capital, Inc.		21,324		202
Broadway Financial Corp. (a)		1,297		3
Brookline Bancorp, Inc. Class A		11,411		115
Brown & Brown, Inc.		36,691		1,495
BRP Group, Inc. Class A (a)		2,777		48
Bryn Mawr Bank Corp.		2,949		82
Business First Bancshares, Inc.		2,259		35
Byline Bancorp, Inc. Class A		4,195		55
C&F Financial Corp.		613		20
Cadence Bancorp		16,939		150
Cambridge Bancorp Class A		1,108		66
Camden National Corp.		2,163		75
Capital Bancorp, Inc. (a)		1,673		18
Capital City Bank Group, Inc.		2,148		45
Capital Southwest Corp. (b)		2,845		38
Capitala Finance Corp.		2,735		7
Capitol Federal Financial, Inc.		18,797		207
Capstar Financial Holdings, Inc.		2,709		33
Capstead Mortgage Corp.		11,183		61
Cathay General Bancorp		11,905		313
CBM Bancorp, Inc.		588		7
CBTX, Inc. Class A		3,021		63
Central Federal Corp. (a)		760		8
Central Pacific Financial Corp.		4,066		65
Central Valley Community Bancorp		1,993		31
Century Bancorp, Inc. Class A		505		39
Chemung Financial Corp.		706		19
Cherry Hill Mortgage Investment Corp.		2,438		22
Chimera Investment Corp. (b)		30,380		292
CIT Group, Inc.		14,058		291

See notes to financial statements.

19

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Citizens & Northern Corp.		2,179	$	45
Citizens, Inc. (a)		7,013		42
City Holding Co.		2,335		152
Civista Bancshares, Inc.		2,535		39
CNA Financial Corp.		5,020		161
CNB Financial Corp. Class A		2,589		46
CNO Financial Group, Inc.		21,250		331
Coastal Financial Corp. (a)		1,484		22
Codorus Valley Bancorp, Inc.		1,379		19
Cohen & Co., Inc. (a)		55		1
Cohen & Steers, Inc.		4,418		301
Colony Bankcorp, Inc.		1,293		15
Colony Credit Real Estate, Inc.		13,826		97
Columbia Banking System, Inc.		9,627		273
Columbia Financial, Inc. (a) (c)		8,899		124
Commerce Bancshares, Inc. Class C		15,002		893
Community Bank System, Inc.		7,620		434
Community First Bancshares, Inc. (a)		585		5
Community Trust Bancorp, Inc. Class A		2,813		92
Conifer Holdings, Inc. (a)		564		1
ConnectOne Bancorp, Inc. Class A		5,542		89
Consumer Portfolio Services, Inc. (a)		2,446		7
County Bancorp, Inc.		911		19
Cowen, Inc. Class A (b)		4,004		65
Crawford & Co. Class B		1,426		10
Credit Acceptance Corp. (a) (b)		1,959		821
Crescent Capital BDC, Inc.		4,642		59
Crossfirst Bankshares, Inc. (a)		7,535		74
Cullen/Frost Bankers, Inc. (b)		8,309		622
Curo Group Holdings Corp.		3,155		26
Customers Bancorp, Inc. Class A (a)		4,604		55
CVB Financial Corp.		18,455		346
Diamond Hill Investment Group, Inc.		506		58
Dime Community Bancshares, Inc.		4,479		61
Donegal Group, Inc. Class A		2,050		29
Donnelley Financial Solutions, Inc. (a)		4,877		41
Dynex Capital, Inc. (b)		3,246		46
Eagle Bancorp Montana, Inc.		997		17
Eagle Bancorp, Inc.		4,660		153
Eagle Financial Bancorp, Inc.		245		4
East West Bancorp, Inc.		18,793		682
Eaton Vance Corp.		16,928		653
eHealth, Inc. (a)		3,532		347
Elevate Credit, Inc. (a)		3,295		5
Ellington Financial, Inc.		6,773		80
Ellington Residential Mortgage REIT		2,071		21
Emergent Capital, Inc. (a)		11,470		4
Employers Holdings, Inc.		4,393		132
Encore Capital Group, Inc. (a) (b)		2,941		101
Enova International, Inc. (a)		4,243		63

See notes to financial statements.

20

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Enstar Group Ltd. (a)		2,599	$	397
Enterprise Bancorp, Inc.		1,860		44
Enterprise Financial Services Corp.		4,135		129
Equitable Holdings, Inc.		52,271		1,009
Equity Bancshares, Inc. Class A (a)		2,147		37
Equus Total Return, Inc. (a)		1,364		2
Erie Indemnity Co. Class A		2,952		566
Esquire Financial Holdings, Inc. (a)		1,031		17
ESSA Bancorp, Inc.		1,679		23
Evans Bancorp, Inc.		768		18
Evercore, Inc.		6,271		369
Exantas Capital Corp.		4,903		13
EZCORP, Inc. Class A (a)		6,575		41
FactSet Research Systems, Inc.		5,732		1,882
Farmers & Merchants Bancorp, Inc.		1,759		37
FB Financial Corp.		2,428		60
FBL Financial Group, Inc. Class A		4,144		149
Federal Agricultural Mortgage Corp. Class C		1,245		80
Federal Home Loan Mortgage Corp. (a) (b)		93,999		206
Federal National Mortgage Association (a) (b)		194,722		423
Federated Hermes, Inc.		12,560		298
Fednat Holding Co.		1,678		19
FFBW, Inc. (a)		570		5
Fidelity D&D Bancorp, Inc. (b)		778		37
Fidelity National Financial, Inc.		44,746		1,371
Fidus Investment Corp.		3,904		35
Financial Institutions, Inc.		2,505		47
First Acceptance Corp. (a)		2,914		2
First American Financial Corp.		16,111		774
First Bancorp, Inc.		31,545		176
First Bancorp, Inc.		1,617		35
First Bancorp, Inc. Class A		4,542		114
First Busey Corp.		8,598		160
First Choice Bancorp		1,727		28
First Citizens BancShares, Inc. Class A		1,333		540
First Commonwealth Financial Corp.		14,190		117
First Community Bankshares, Inc.		2,500		56
First Financial Bancorp		13,012		181
First Financial Bankshares, Inc.		20,302		588
First Financial Corp. Class A		1,937		71
First Financial Northwest, Inc.		1,266		12
First Hawaiian, Inc.		20,301		350
First Horizon National Corp.		43,522		433
First Internet Bancorp		1,549		26
First Interstate BancSystem, Inc. Class A		5,319		165
First Merchants Corp.		8,462		233
First Midwest Bancorp, Inc.		16,714		223
First Seacoast Bancorp Class B (a)		460		3
First U.S. Bancshares, Inc.		1,033		7
First United Corp.		1,113		15

See notes to financial statements.

21

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
First Western Financial, Inc. (a)		1,025	$	15
FirstCash, Inc. Class A		5,854		395
Flagstar Bancorp, Inc.		5,247		154
Flushing Financial Corp.		4,080		47
FNB Corp.		48,344		363
FNCB Bancorp, Inc.		3,087		18
Focus Financial Partners, Inc. Class A (a)		2,807		93
Franklin Financial Network, Inc.		2,182		56
FS KKR Capital Corp. (b)		21,160		296
Fulton Financial Corp. (b)		24,211		255
FVCBankcorp, Inc. (a)		2,013		22
Gain Capital Holdings, Inc.		3,115		19
GAMCO Investors, Inc. Class A		1,676		22
Garrison Capital, Inc.		2,699		9
Genworth Financial, Inc. (a)		76,439		177
German American Bancorp, Inc. Class A		4,189		130
Glacier Bancorp, Inc.		13,955		492
Gladstone Capital Corp.		5,244		38
Gladstone Investment Corp.		5,556		57
Glen Burnie Bancorp		405		3
Goldman Sachs BDC, Inc.		6,763		110
Golub Capital BDC, Inc.		16,423		191
Goosehead Insurance, Inc. Class A (a)		1,404		106
Granite Point Mortgage Trust, Inc. (b)		9,270		67
Great Ajax Corp.		3,276		30
Great Elm Capital Group, Inc. (a)		3,594		8
Great Southern Bancorp, Inc. Class A		1,776		72
Great Western Bancorp, Inc.		7,031		97
Green Dot Corp. Class A (a)		7,215		354
Greenhill & Co., Inc.		1,642		16
Guaranty Bancshares, Inc.		1,648		43
GWG Holdings, Inc. (a)		777		6
Hallmark Financial Services, Inc. (a)		2,895		10
Hamilton Lane, Inc. Class A		2,269		153
Hancock Whitney Corp.		12,186		258
Hanmi Financial Corp.		4,428		43
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		11,475		327
HarborOne Bancorp, Inc. (a)		5,205		44
Harvest Capital Credit Corp.		691		3
Hawthorn Bancshares, Inc.		1,032		20
HBT Financial, Inc.		1,708		23
HCI Group, Inc.		953		44
Heartland Financial USA, Inc.		5,818		195
Hercules Capital, Inc.		18,599		195
Heritage Commerce Corp.		8,236		62
Heritage Financial Corp.		4,587		92
Heritage Insurance Holdings, Inc.		4,412		58
Hilltop Holdings, Inc.		12,589		232
HMN Financial, Inc. (a)		723		11
Home Bancorp, Inc.		1,393		37

See notes to financial statements.

22

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Home BancShares, Inc.		21,936	$	337
HomeStreet, Inc.		3,069		76
Hope Bancorp, Inc.		17,813		164
Horace Mann Educators Corp.		5,970		219
Horizon Bancorp, Inc. Class A		6,404		68
Horizon Technology Finance Corp.		2,834		31
Houlihan Lokey, Inc.		2,965		165
Hunt Cos Finance Trust, Inc.		3,061		8
IBERIABANK Corp.		8,235		375
Impac Mortgage Holdings, Inc. (a)		2,110		4
Income Opportunity Realty Investors, Inc. (a)		133		1
Independence Holding Co.		944		29
Independent Bank Corp.		3,129		46
Independent Bank Corp.		4,763		320
Independent Bank Group, Inc.		5,573		226
Interactive Brokers Group, Inc.		8,646		361
International Bancshares Corp.		8,404		269
International Fcstone, Inc. (a)		2,326		128
Invesco Mortgage Capital, Inc. (b)		26,787		100
Investar Holding Corp.		1,711		25
Investcorp Credit Management BDC, Inc.		2,334		8
Investors Bancorp, Inc.		37,015		315
Investors Title Co.		153		19
Jefferies Financial Group, Inc.		35,257		548
Kearny Financial Corp.		10,550		86
Kemper Corp. (b)		10,093		732
Kinsale Capital Group, Inc.		3,068		476
KKR Real Estate Finance Trust, Inc.		4,290		71
Ladder Capital Corp.		9,522		77
Lakeland Bancorp, Inc. Class A		7,890		90
Lakeland Financial Corp.		4,018		187
Legg Mason, Inc.		13,759		685
LendingTree, Inc. (a) (b)		989		286
Level One Bancorp, Inc.		844		14
Limestone Bancorp, Inc. (a)		706		9
Live Oak Bancshares, Inc.		4,972		72
LPL Financial Holdings, Inc.		11,801		925
Luther Burbank Corp.		2,136		21
Macatawa Bank Corp.		4,817		38
Maiden Holdings Ltd. (a)		9,116		11
Main Street Capital Corp. (b)		10,909		340
Manning & Napier, Inc.		2,573		7
Markel Corp. (a)		2,201		2,031
Marlin Business Services Corp.		1,699		14
MBIA, Inc. (a)		9,106		66
Medallion Financial Corp. (a)		3,545		9
Medley Capital Corp. (a)		7,510		6
Medley Management, Inc. Class A (a)		773		1
Mercantile Bank Corp.		2,397		54
Merchants Bancorp		2,851		53

See notes to financial statements.

23

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Mercury General Corp.		4,560	$	186
Meridian Bancorp, Inc.		6,343		74
Meta Financial Group, Inc.		5,062		92
Metropolitan Bank Holding Corp. (a)		1,324		42
MFA Financial, Inc.		65,521		163
MGIC Investment Corp.		53,511		437
Midland States Bancorp, Inc.		3,433		51
MidWestOne Financial Group, Inc.		2,571		51
Moelis & Co. Class A (b)		4,506		140
Monroe Capital Corp.		3,437		24
Morningstar, Inc.		3,741		527
MVB Financial Corp.		1,789		24
MVC Capital, Inc.		2,469		16
National Bank Holdings Corp. Class A		3,648		98
National Bankshares, Inc.		1,026		29
National General Holdings Corp.		11,666		252
National Western Life Group, Inc. Class A		318		65
Navient Corp.		29,983		211
NBT Bancorp, Inc.		6,302		194
Nelnet, Inc. Class A		3,095		148
New Mountain Finance Corp.		14,978		139
New Residential Investment Corp.		65,694		488
New York Community Bancorp, Inc.		60,845		620
New York Mortgage Trust, Inc.		53,312		139
Newtek Business Services Corp.		3,339		61
Nexpoint Real Estate Finance, Inc.		884		15
NI Holdings, Inc. (a)		1,354		20
Nicholas Financial, Inc. (a)		1,865		14
NMI Holdings, Inc. Class A (a)		12,232		197
Northfield Bancorp, Inc.		6,630		76
Northrim Bancorp, Inc.		984		25
Northwest Bancshares, Inc. (c)		19,090		195
Norwood Financial Corp.		1,065		26
Oaktree Specialty Lending Corp.		20,383		91
Oceanfirst Financial Corp.		9,574		169
Ocwen Financial Corp. (a)		17,008		11
OFG Bancorp		6,992		93
OFS Capital Corp.		1,757		8
Old National Bancorp		23,875		329
Old Point Financial Corp.		745		11
Old Republic International Corp.		43,446		709
Old Second Bancorp, Inc.		4,342		34
On Deck Capital, Inc. (a)		9,135		7
OneMain Holdings, Inc.		20,777		510
OP Bancorp		2,252		16
Oportun Financial Corp. (a)		2,192		29
Oppenheimer Holdings, Inc. Class A		1,592		35
Orchid Island Capital, Inc.		10,246		48
Origin Bancorp, Inc.		3,236		71
Ottawa Bancorp, Inc.		483		5

See notes to financial statements.

24

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Oxford Square Capital Corp.		8,338	$	23
Pacific Mercantile Bancorp (a)		3,127		11
Pacific Premier Bancorp, Inc.		12,482		271
PacWest Bancorp		17,430		344
Palomar Holdings, Inc. (a)		3,099		266
Park National Corp.		2,604		183
Parke Bancorp, Inc.		1,993		27
Patriot National Bancorp, Inc.		239		1
PCSB Financial Corp.		2,160		27
PDL Community Bancorp (a)		1,077		11
Peapack-Gladstone Financial Corp.		2,979		56
PennantPark Floating Rate Capital Ltd.		6,519		55
Pennantpark Investment Corp.		11,273		40
Penns Woods Bancorp, Inc.		1,183		27
Pennymac Financial Services		7,993		334
Pennymac Mortgage Investment Trust		14,269		250
Peoples Bancorp of North Carolina, Inc.		847		15
Peoples Bancorp, Inc.		3,166		67
Pinnacle Financial Partners, Inc.		10,967		461
Pioneer Bancorp, Inc. (a)		1,965		18
Piper Sandler Cos.		2,655		157
Plumas Bancorp		793		18
Popular, Inc.		12,682		471
Portman Ridge Finance Corp.		6,843		8
PRA Group, Inc. (a)		6,049		234
Preferred Bank		1,855		79
Premier Financial Bancorp, Inc.		2,095		27
Premier Financial Corp.		5,958		105
Primerica, Inc.		5,142		600
ProAssurance Corp.		7,786		113
Prosight Global, Inc. (a)		4,445		40
Prospect Capital Corp. (b)		51,546		263
Prosperity Bancshares, Inc.		14,333		852
Protective Insurance Corp. Class B		597		9
Provident Bancorp, Inc.		1,900		15
Provident Financial Holdings, Inc.		1,012		14
Provident Financial Services, Inc.		8,976		130
Pzena Investment Management, Inc. Class A		2,764		15
QCR Holdings, Inc.		2,494		78
Radian Group, Inc.		26,890		417
Randolph Bancorp, Inc. (a)		848		9
RBB Bancorp		2,090		29
Ready Capital Corp. (b)		8,378		73
Red River Bancshares, Inc.		961		42
Redwood Trust, Inc.		16,218		114
Regional Management Corp. (a)		1,655		29
Reinsurance Group of America, Inc.		9,536		748
RenaissanceRe Holdings Ltd.		7,480		1,279
Renasant Corp.		8,875		221
Republic Bancorp, Inc. Class A		1,933		63

See notes to financial statements.

25

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Republic First Bancorp, Inc. (a)		7,322	$	18
Rhinebeck Bancorp, Inc. (a)		712		5
Richmond Mutual Bancorporation, Inc.		2,275		26
Riverview Bancorp, Inc.		3,108		18
RLI Corp. (b)		6,420		527
S&T Bancorp, Inc.		5,674		133
Sachem Capital Corp.		3,199		9
Safeguard Scientifics, Inc.		2,850		20
Safety Insurance Group, Inc. (c)		1,751		134
Salisbury Bancorp, Inc.		476		20
Sandy Spring Bancorp, Inc.		7,425		184
Santander Consumer USA Holdings, Inc. (b)		12,958		239
Saratoga Investment Corp.		1,566		25
SB Financial Group, Inc.		1,153		19
Sculptor Capital Management, Inc.		7,385		95
Seacoast Banking Corp. of Florida (a)		6,292		128
Security National Financial Corp. Class A (a)		1,879		13
SEI Investments Co.		22,883		1,258
Selective Insurance Group, Inc.		9,035		477
Selectquote, Inc. (a)		4,897		124
ServisFirst Bancshares, Inc.		7,968		285
Severn Bancorp, Inc.		1,746		11
Shore Bancshares, Inc.		1,980		22
Siebert Financial Corp. (a)		1,134		6
Sierra Bancorp		2,401		45
Signature Bank		7,690		823
Silvercrest Asset Management Group, Inc. Class A		1,231		16
Silvergate Capital Corp. Class A (a)		565		8
Simmons First National Corp. Class A		15,758		270
Sirius International Insurance Group Ltd. (a)		776		6
Sixth Street Specialty Lending, Inc.		9,585		158
SLM Corp.		49,825		350
Solar Capital Ltd.		5,969		96
Solar Senior Capital Ltd.		2,456		32
South Plains Financial, Inc.		1,853		26
South State Corp.		10,617		506
Southern First Bancshares, Inc. (a)		1,026		28
Southern Missouri Bancorp, Inc.		1,259		31
Southern National Bancorp of Virginia, Inc.		3,351		32
Southside Bancshares, Inc. (c)		4,774		132
Spirit of Texas Bancshares, Inc. (a)		2,459		30
Starwood Property Trust, Inc.		44,612		667
State Auto Financial Corp.		2,356		42
Stellus Capital Investment Corp.		3,275		24
Sterling Bancorp		2,604		9
Sterling Bancorp		30,081		353
Stewart Information Services Corp.		3,425		111
Stifel Financial Corp.		9,677		459
Stock Yards Bancorp, Inc.		3,583		144
Summit Financial Group, Inc.		2,007		33

See notes to financial statements.

26

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Suro Capital Corp. (b)		2,108	$	18
Synovus Financial Corp.		22,784		468
TCF Financial Corp.		23,530		693
TCG BDC, Inc.		8,900		76
TD Ameritrade Holding Corp.		46,386		1,687
Territorial Bancorp, Inc.		1,437		34
Texas Capital Bancshares, Inc. (a)		7,801		241
TFS Financial Corp.		8,950		128
The Bancorp, Inc. (a)		7,627		75
The Bank of Princeton		960		19
The Blackstone Group, Inc. Class A		107,002		6,062
The Carlyle Group, Inc. (b)		33,972		948
The First of Long Island Corp.		3,729		61
The Hanover Insurance Group, Inc.		5,877		596
THL Credit, Inc.		5,936		19
Timberland Bancorp, Inc.		1,216		22
Tompkins Financial Corp. (g)		2,056		133
Towne Bank		10,502		198
TPG RE Finance Trust, Inc.		7,476		64
Tradeweb Markets, Inc. Class A		6,837		398
Tremont Mortgage Trust		1,386		4
TriCo Bancshares		4,250		129
TriplePoint Venture Growth BDC Corp.		5,170		53
Tristate Capital Holdings, Inc. (a)		4,115		65
Triumph Bancorp, Inc. (a)		3,526		86
Trupanion, Inc. (a) (b)		4,663		199
TrustCo Bank Corp.		13,945		88
Trustmark Corp.		8,318		204
Two Harbors Investment Corp.		43,233		218
U.S. Global Investors, Inc. Class A		1,820		3
UMB Financial Corp.		5,666		292
Umpqua Holdings Corp.		31,474		335
Union Bankshares, Inc.		602		11
United Bancorp, Inc.		896		10
United Bankshares, Inc.		19,640		543
United Community Banks, Inc.		11,453		230
United Fire Group, Inc.		3,197		89
United Insurance Holdings Corp.		3,686		29
United Security Bancshares		2,369		16
Unity Bancorp, Inc.		1,391		20
Universal Insurance Holdings, Inc.		4,741		84
Univest Financial Corp.		4,515		73
Valley National Bancorp		59,749		467
Value Line, Inc.		162		4
Velocity Financial, Inc. (a)		1,926		8
Vericity, Inc. (b)		601		6
Veritex Holdings, Inc.		6,862		121
Victory Capital Holdings, Inc. Class A (j)		2,055		35
Village Bank and Trust Financial Corp. (a)		118		4
Virtu Financial, Inc. Class A		4,861		115

See notes to financial statements.

27

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Virtus Investment Partners, Inc.		1,036	$	120
Voya Financial, Inc.		19,301		900
Waddell & Reed Financial, Inc. Class A		8,055		125
Walker & Dunlop, Inc.		4,596		234
Washington Federal, Inc.		11,330		304
Washington Trust Bancorp, Inc.		2,206		72
Webster Financial Corp.		11,826		338
WesBanco, Inc.		10,486		213
West Bancorp, Inc.		2,434		43
Westamerica Bancorp		3,035		174
Westbury Bancorp, Inc. (a)		609		12
Western Alliance Bancorp		15,771		598
Western Asset Mortgage Capital Corp. (b)		8,175		22
Western New England Bancorp, Inc.		3,666		21
Westwood Holdings Group, Inc.		1,330		21
White Mountains Insurance Group Ltd.		423		376
WhiteHorse Finance, Inc.		2,626		27
Wintrust Financial Corp.		8,228		359
WisdomTree Investments, Inc.		17,623		61
World Acceptance Corp. (a) (b)		1,137		74
WSFS Financial Corp.		7,411		213
				100,753
Health Care (16.1%):
10X Genomics, Inc. Class A (a)		1,819		162
1Life Healthcare, Inc. (a) (b)		9,332		339
89bio, Inc. (a)		951		19
9 Meters Biopharma, Inc. (a)		14,725		8
Abeona Therapeutics, Inc. (a)		11,820		34
Acadia Healthcare Co., Inc. (a)		11,515		289
ACADIA Pharmaceuticals, Inc. (a)		19,393		940
Accelerate Diagnostics, Inc. (a) (b)		5,575		85
Acceleron Pharma, Inc. (a)		5,521		526
Accuray, Inc. (a) (b)		14,306		29
AcelRx Pharmaceuticals, Inc. (a)		12,709		15
Acer Therapeutics, Inc. (a) (b)		896		3
Achieve Life Sciences, Inc. (a)		6,244		2
Aclaris Therapeutics, Inc. (a)		5,773		9
Acorda Therapeutics, Inc. (a) (b)		6,052		4
Adamis Pharmaceuticals Corp. (a)		11,777		6
Adaptive Biotechnologies Corp. (a)		11,520		557
Addus HomeCare Corp. (a)		2,302		213
Adial Pharmaceuticals, Inc. (a)		2,013		3
Aduro Biotech, Inc. (a)		8,567		20
Advaxis, Inc. (a)		9,319		5
Adverum Biotechnologies, Inc. (a)		10,800		226
Aeglea BioTherapeutics, Inc. (a)		7,049		65
Aerie Pharmaceuticals, Inc. (a) (b)		7,266		107
Agenus, Inc. (a) (b)		23,693		93
AgeX Therapeutics, Inc. (a) (b)		3,546		3
Agile Therapeutics, Inc. (a)		11,144		31

See notes to financial statements.

28

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Agios Pharmaceuticals, Inc. (a) (b)		7,530	$	403
Aileron Therapeutics, Inc. (a)		5,072		6
AIM ImmunoTech, Inc. (a) (b)		5,486		14
Aimmune Therapeutics, Inc. (a) (b)		5,706		95
Akcea Therapeutics, Inc. (a)		1,195		16
Akebia Therapeutics, Inc. (a)		22,327		303
Akero Therapeutics, Inc. (a)		1,446		36
Akers Biosciences, Inc. (a)		1,029		4
Albireo Pharma, Inc. (a)		2,040		54
Aldeyra Therapeutics, Inc. (a)		4,158		17
Alector, Inc. (a)		6,911		169
Alimera Sciences, Inc. (a)		626		4
Alkermes PLC (a)		21,085		409
Allakos, Inc. (a) (b)		2,050		147
Allena Pharmaceuticals, Inc. (a)		3,720		6
Allied Healthcare Products, Inc. (a)		290		3
Allogene Therapeutics, Inc. (a)		12,128		519
Allscripts Healthcare Solutions, Inc. (a)		22,138		150
Alnylam Pharmaceuticals, Inc. (a)		13,127		1,944
Alphatec Holdings, Inc. (a)		8,639		41
Alpine Immune Sciences, Inc. (a)		1,500		15
Altimmune, Inc. (a)		2,976		32
AMAG Pharmaceuticals, Inc. (a) (b)		4,553		35
Amedisys, Inc. (a)		4,899		972
American Renal Associates Holdings, Inc. Class A (a)		2,269		15
American Shared Hospital Services (a)		612		1
Amicus Therapeutics, Inc. (a)		35,958		542
AMN Healthcare Services, Inc. (a)		6,776		307
Amneal Pharmaceuticals, Inc. (a)		46,822		223
Amphastar Pharmaceuticals, Inc. (a)		5,671		127
Ampio Pharmaceuticals, Inc. (a)		25,778		16
AnaptysBio, Inc. (a)		3,899		87
AngioDynamics, Inc. (a)		5,388		55
ANI Pharmaceuticals, Inc. (a)		1,451		47
Anika Therapeutics, Inc. (a)		1,839		69
Anixa Biosciences, Inc. (a)		3,864		12
Annovis Bio, Inc. (a)		449		2
Antares Pharma, Inc. (a)		24,497		67
Apellis Pharmaceuticals, Inc. (a)		9,903		323
Apollo Endosurgery, Inc. (a)		2,345		4
Apollo Medical Holdings, Inc. (a)		5,980		99
Applied Genetic Technologies Corp. (a)		3,769		21
Applied Therapeutics, Inc. (a) (b)		2,106		76
Aprea Therapeutics, Inc. (a) (b)		1,274		49
Aptevo Therapeutics, Inc. (a)		494		4
Aptinyx, Inc. (a)		4,223		18
Apyx Medical Corp. (a)		4,886		27
AquaBounty Technologies, Inc. (a)		2,482		8
Aquestive Therapeutics, Inc. (a) (b)		5,026		24
Aravive, Inc. (a)		1,502		17

See notes to financial statements.

29

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
ARCA biopharma, Inc. (a)		307	$	2
Arcus Biosciences, Inc. (a) (b)		5,852		145
Arcutis Biotherapeutics, Inc. (a) (b)		3,015		91
Ardelyx, Inc. (a)		11,530		80
Arena Pharmaceuticals, Inc. (a)		8,731		550
Aridis Pharmaceuticals, Inc. (a)		1,005		7
Arrowhead Pharmaceuticals, Inc. (a)		15,229		658
Arvinas, Inc. (a) (b)		5,002		168
Aspira Women's Health, Inc. (a)		9,005		35
Assembly Biosciences, Inc. (a)		5,171		121
Assertio Holdings, Inc. (a)		17,195		15
Atara Biotherapeutics, Inc. (a)		11,314		165
Athenex, Inc. (a)		9,332		128
Atossa Therapeutics, Inc. (a)		1,517		6
Atreca, Inc. Class A (a)		1,230		26
AtriCure, Inc. (a)		6,445		290
Atrion Corp.		173		110
aTyr Pharma, Inc. (a)		1,259		6
Avanos Medical, Inc. Class I (a)		5,461		160
Avantor, Inc. (a)		54,770		931
Avenue Therapeutics, Inc. (a)		1,234		13
AVEO Pharmaceuticals, Inc. (a)		3,720		19
Avid Bioservices, Inc. (a) (b)		8,262		54
Avinger, Inc. (a)		4,901		2
Avrobio, Inc. (a)		4,969		87
Axcella Health, Inc. (a)		3,495		19
Axogen, Inc. (a) (b)		5,884		54
Axonics Modulation Technologies, Inc. (a) (b)		4,470		157
Axsome Therapeutics, Inc. (a)		4,240		349
Ayala Pharmaceuticals, Inc. (a)		607		6
Aytu BioScience, Inc. (a) (b)		17,996		26
AzurRx BioPharma, Inc. (a)		4,221		4
Baudax Bio, Inc. (a) (b)		2,866		12
Beam Therapeutics, Inc. (a)		4,242		119
Bellerophon Therapeutics, Inc. (a)		1,455		18
Bellicum Pharmaceuticals, Inc. (a)		798		6
Bioanalytical Systems, Inc. (a)		1,297		7
Biocept, Inc. (a)		22,043		16
BioCryst Pharmaceuticals, Inc. (a)		27,287		130
BioDelivery Sciences International, Inc. (a)		15,804		69
Biolase, Inc. (a)		7,370		3
BioLife Solutions, Inc. (a) (b)		2,535		41
BioMarin Pharmaceutical, Inc. (a)		22,196		2,739
Biomerica, Inc. (a) (b)		1,635		12
BioNano Genomics, Inc. (a) (b)		13,404		7
BioSpecifics Technologies Corp. (a)		937		57
Bio-Techne Corp.		5,849		1,545
BioTelemetry, Inc. (a) (b)		4,938		223
Bioxcel Therapeutics, Inc. (a)		1,869		99
Black Diamond Therapeutics, Inc. (a) (b)		2,657		112

See notes to financial statements.

30

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
bluebird bio, Inc. (a)		7,402	$	452
Blueprint Medicines Corp. (a)		7,289		569
Brickell Biotech, Inc. (a)		3,867		4
Bridgebio Pharma, Inc. (a) (b)		10,407		339
Brookdale Senior Living, Inc. (a)		27,101		80
Bruker Corp.		9,074		369
Cabaletta Bio, Inc. (a)		474		5
Caladrius Biosciences, Inc. (a)		2,133		4
Calithera Biosciences, Inc. (a)		10,304		54
Calyxt, Inc. (a)		1,055		5
Cancer Genetics, Inc. (a)		326		1
Cantel Medical Corp.		4,606		204
Capital Senior Living Corp. (a)		3,646		3
Capricor Therapeutics, Inc. (a)		2,279		10
Cara Therapeutics, Inc. (a) (b)		6,138		105
Cardiff Oncology, Inc. (a)		2,686		13
Cardiovascular Systems, Inc. (a)		4,323		136
CareDx, Inc. (a)		7,023		249
CASI Pharmaceuticals, Inc. (a)		7,805		20
Cassava Sciences, Inc. (a)		3,875		12
Castle Biosciences, Inc. (a)		2,080		78
Castlight Health, Inc. Class B (a)		7,040		6
Catabasis Pharmaceuticals, Inc. (a)		2,919		19
Catalent, Inc. (a)		20,054		1,471
Catalyst Biosciences, Inc. (a)		3,595		21
Catalyst Pharmaceuticals, Inc. (a)		16,345		76
Catasys, Inc. (a) (b)		1,314		33
Celcuity, Inc. (a)		810		6
Celldex Therapeutics, Inc. (a)		5,378		70
Cellectar Biosciences, Inc. (a)		3,874		5
CEL-SCI Corp. (a) (b)		6,012		90
Celsion Corp. (a)		4,674		17
Cerecor, Inc. (a)		11,744		31
Cerus Corp. (a)		21,507		142
Champions Oncology, Inc. (a)		939		9
Change Healthcare, Inc. (a)		40,828		457
Charles River Laboratories International, Inc. (a)		7,655		1,335
Checkpoint Therapeutics, Inc. (a)		6,572		13
Chembio Diagnostics, Inc. (a)		2,984		10
Chemed Corp.		2,429		1,095
Chemocentryx, Inc. (a)		6,758		389
Chiasma, Inc. (a)		3,851		21
Chimerix, Inc. (a)		7,601		24
Cidara Therapeutics, Inc. (a)		5,206		19
Clearside Biomedical, Inc. (a)		6,261		12
Cleveland BioLabs, Inc. (a)		803		2
Clovis Oncology, Inc. (a) (b)		13,019		88
CNS Pharmaceuticals, Inc. (a) (b)		1,134		2
Cocrystal Pharma, Inc. (a)		5,436		8
Codexis, Inc. (a)		8,137		93

See notes to financial statements.

31

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Co-Diagnostics, Inc. (a) (b)		4,340	$	84
Cohbar, Inc. (a)		5,516		9
Coherus Biosciences, Inc. (a) (b)		9,896		177
Collegium Pharmaceutical, Inc. (a)		4,677		82
Community Health Systems, Inc. (a)		12,877		39
Computer Programs & Systems, Inc.		1,757		40
Concert Pharmaceuticals, Inc. (a)		4,039		40
Conformis, Inc. (a) (b)		11,298		9
CONMED Corp. (b)		3,887		280
Constellation Pharmaceuticals, Inc. (a)		4,312		130
Corcept Therapeutics, Inc. (a)		16,956		285
Cortexyme, Inc. (a)		2,226		103
CorVel Corp. (a)		1,420		101
Corvus Pharmaceuticals, Inc. (a)		3,666		10
Covetrus, Inc. (a) (b)		13,176		236
Crinetics Pharmaceuticals, Inc. (a)		3,038		53
Cross Country Healthcare, Inc. (a)		4,221		26
CryoLife, Inc. (a)		4,950		95
CryoPort, Inc. (a) (b)		6,023		182
CTI BioPharma Corp. (a)		11,150		13
Cue BioPharma, Inc. (a)		4,545		111
Cumberland Pharmaceuticals, Inc. (a)		1,408		5
Curis, Inc. (a)		7,569		9
Cutera, Inc. (a)		2,613		32
Cyclacel Pharmaceuticals, Inc. (a)		776		4
Cyclerion Therapeutics, Inc. (a)		3,220		19
Cytokinetics, Inc. (a)		7,899		186
CytomX Therapeutics, Inc. (a)		6,564		55
CytoSorbents Corp. (a)		5,299		52
CytRx Corp. (a)		5,317		4
Dare Bioscience, Inc. (a)		4,033		4
Deciphera Pharmaceuticals, Inc. (a)		6,574		393
Delcath Systems, Inc. (a)		591		6
Denali Therapeutics, Inc. (a) (b)		13,139		318
Dicerna Pharmaceuticals, Inc. (a)		10,191		259
Digirad Corp. (a)		335		1
Diversicare Healthcare Services, Inc. (a)		542		1
Durect Corp. (a)		28,345		66
Dynavax Technologies Corp. (a) (b)		15,175		135
Eagle Pharmaceuticals, Inc. (a)		1,795		86
Editas Medicine, Inc. (a)		8,857		262
Eidos Therapeutics, Inc. (a) (b)		2,333		111
Eiger Biopharmaceuticals, Inc. (a)		3,624		35
Ekso Bionics Holdings, Inc. (a)		842		7
Elanco Animal Health, Inc. (a)		53,643		1,151
Electrocore, Inc. (a)		5,000		4
Electromed, Inc. (a)		1,227		19
Eloxx Pharmaceuticals, Inc. (a)		4,319		13
Emergent BioSolutions, Inc. (a) (b)		7,053		558
Enanta Pharmaceuticals, Inc. (a)		2,489		125

See notes to financial statements.

32

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Encompass Health Corp.		15,376	$	951
Endo International PLC (a) (b)		31,284		107
Endologix, Inc. (a) (b)		2,708		2
ENDRA Life Sciences, Inc. (a)		2,000		2
Entasis Therapeutics Holdings, Inc. (a)		344		1
Envista Holdings Corp. (a)		20,346		429
Enzo Biochem, Inc. (a)		6,796		15
Enzon Pharmaceuticals, Inc.		6,171		1
Epizyme, Inc. (a)		12,234		196
Equillium, Inc. (a)		1,130		3
Esperion Therapeutics, Inc. (a) (b)		3,483		179
Establishment Labs Holdings, Inc. (a)		2,432		45
Eton Pharmaceuticals, Inc. (a) (b)		2,532		14
Evelo Biosciences, Inc. (a)		1,522		7
Evofem Biosciences, Inc. (a)		11,574		33
Evoke Pharma, Inc. (a)		3,822		14
Evolent Health, Inc. Class A (a)		12,791		91
Evolus, Inc. (a) (b)		4,197		22
Exact Sciences Corp. (a)		21,401		1,861
Exagen, Inc. (a)		935		12
Exelixis, Inc. (a)		46,921		1,114
EyeGate Pharmaceuticals, Inc. (a)		731		4
Eyenovia, Inc. (a)		1,962		6
Fate Therapeutics, Inc. (a)		12,138		416
Fennec Pharmaceuticals, Inc. (a)		3,582		30
Fibrogen, Inc. (a)		10,787		437
Five Prime Therapeutics, Inc. (a)		5,791		35
Five Star Senior Living, Inc. (a)		1,803		7
Flexion Therapeutics, Inc. (a) (b)		5,303		70
Fluidigm Corp. (a)		8,440		34
FONAR Corp. (a)		1,057		23
Forte Biosciences, Inc. (a)		1,798		26
Fortress Biotech, Inc. (a)		10,539		28
Frequency Therapeutics, Inc. (a) (b)		4,433		103
Fulcrum Therapeutics, Inc. (a) (b)		2,629		48
Fulgent Genetics, Inc. (a) (b)		1,605		26
G1 Therapeutics, Inc. (a)		3,617		88
Galectin Therapeutics, Inc. (a)		7,191		22
Galera Therapeutics, Inc. (a)		1,461		10
Genesis Healthcare, Inc. (a)		11,462		8
GenMark Diagnostics, Inc. (a)		8,974		132
Genocea Biosciences, Inc. (a)		2,882		7
Genprex, Inc. (a)		5,318		17
Geron Corp. (a) (b)		44,879		98
Glaukos Corp. (a) (b)		5,132		197
Global Blood Therapeutics, Inc. (a) (b)		5,739		362
Globus Medical, Inc. (a)		10,312		492
GlycoMimetics, Inc. (a)		4,984		19
Gossamer Bio, Inc. (a) (b)		8,283		108
Gritstone Oncology, Inc. (a) (b)		3,259		22

See notes to financial statements.

33

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Guardant Health, Inc. (a)		12,086	$	980
Haemonetics Corp. (a)		7,116		637
Halozyme Therapeutics, Inc. (a)		16,442		441
Hancock Jaffe Laboratories, Inc. (a)		3,302		1
Hanger, Inc. (a)		4,385		73
Harpoon Therapeutics, Inc. (a)		1,387		23
Harrow Health, Inc. (a)		4,308		22
Harvard Bioscience, Inc. (a)		6,001		19
Health Catalyst, Inc. (a) (b)		5,369		157
HealthEquity, Inc. (a)		10,804		634
HealthStream, Inc. (a)		3,820		85
Heat Biologics, Inc. (a)		13,524		11
Helius Medical Technologies, Inc. (a) (b)		5,948		3
Heska Corp. (a)		1,405		131
Hill-Rom Holdings, Inc.		10,183		1,118
Histogen, Inc. (a)		1,907		7
HMS Holdings Corp. (a)		12,784		414
Homology Medicines, Inc. (a)		4,714		72
Hookipa Pharma, Inc. (a)		1,035		12
Horizon Therapeutics PLC (a)		30,473		1,695
Hoth Therapeutics, Inc. (a)		1,196		3
HTG Molecular Diagnostics, Inc. (a)		9,100		7
iCAD, Inc. (a)		3,612		36
ICU Medical, Inc. (a)		2,557		471
Ideaya Biosciences, Inc. (a)		2,594		37
Idera Pharmaceuticals, Inc. (a)		4,260		8
IGM Biosciences, Inc. (a)		1,183		86
Imac Holdings, Inc. (a)		976		1
IMARA, Inc. (a) (b)		1,278		35
ImmuCell Corp. (a)		1,006		5
Immunic, Inc. (a)		2,164		26
ImmunoGen, Inc. (a)		27,272		125
Immunomedics, Inc. (a)		36,494		1,293
Inari Medical, Inc. (a)		1,342		65
Infinity Pharmaceuticals, Inc. (a)		9,077		8
Infusystem Holdings, Inc. (a)		2,126		25
Inmune Bio, Inc. (a)		709		4
Innoviva, Inc. (a)		9,880		138
Inogen, Inc. (a)		2,039		72
Inovalon Holdings, Inc. Class A (a)		7,315		141
Inovio Pharmaceuticals, Inc. (a) (b)		25,519		688
Insmed, Inc. (a)		12,571		346
Inspire Medical System, Inc. (a)		3,993		347
Insulet Corp. (a)		7,413		1,439
Integer Holdings Corp. (a)		4,693		343
Integra LifeSciences Holdings Corp. (a) (b)		8,844		416
Intellia Therapeutics, Inc. (a) (b)		6,309		133
Intercept Pharmaceuticals, Inc. (a)		3,490		167
Interpace Biosciences, Inc. (a)		637		3
Intersect ENT, Inc. (a)		4,762		64

See notes to financial statements.

34

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
IntriCon Corp. (a)		1,315	$	18
Invacare Corp.		4,341		28
Invitae Corp. (a)		18,286		554
Ionis Pharmaceuticals, Inc. (a) (b)		17,100		1,008
iRadimed Corp. (a)		1,054		24
iRhythm Technologies, Inc. (a)		2,956		343
IRIDEX Corp. (a)		2,132		5
Ironwood Pharmaceuticals, Inc. (a)		20,098		207
IsoRay, Inc. (a)		11,374		6
IVERIC bio, Inc. (a)		12,226		62
Jaguar Health, Inc. (a)		5,081		2
Jounce Therapeutics, Inc. (a)		2,921		20
Kala Pharmaceuticals, Inc. (a)		7,494		79
Kaleido Biosciences, Inc. (a) (b)		2,371		18
KalVista Pharmaceuticals, Inc. (a)		1,501		18
Karuna Therapeutics, Inc. (a)		1,670		186
Keros Therapeutics, Inc. (a)		1,490		56
Kewaunee Scientific Corp.		380		4
Kezar Life Sciences, Inc. (a)		5,386		28
Kindred Biosciences, Inc. (a)		6,209		28
Kiniksa Pharmaceuticals Ltd. Class A (a)		1,502		38
Kodiak Sciences, Inc. (a)		4,562		247
Krystal Biotech, Inc. (a)		1,819		75
Kura Oncology, Inc. (a)		7,244		118
Lannett Co., Inc. (a)		4,002		29
Lantheus Holdings, Inc. (a)		8,436		121
Larimar Therapeutics, Inc. (a)		2,113		27
Leap Therapeutics, Inc. (a)		6,316		13
LeMaitre Vascular, Inc.		2,206		58
Lexicon Pharmaceuticals, Inc. (a)		6,295		13
LHC Group, Inc. (a)		4,620		805
Ligand Pharmaceuticals, Inc. (a) (b)		2,212		247
Lineage Cell Therapeutics, Inc. (a) (b)		24,183		21
Liquidia Technologies, Inc. (a) (b)		1,527		13
Livongo Health, Inc. (a) (b)		8,716		655
LogicBio Therapeutics, Inc. (a)		2,826		24
Luminex Corp.		6,621		215
Lumos Pharma, Inc. (a) (b)		1,074		18
Lyra Therapeutics, Inc. (a)		584		7
MacroGenics, Inc. (a)		5,866		164
Madrigal Pharmaceuticals, Inc. (a) (b)		1,609		182
Magellan Health, Inc. (a)		3,652		267
Magenta Therapeutics, Inc. (a)		5,341		40
MannKind Corp. (a)		33,687		59
Marinus Pharmaceuticals, Inc. (a) (b)		13,818		35
Marker Therapeutics, Inc. (a) (b)		5,320		11
Masimo Corp. (a)		6,733		1,534
Mateon Therapeutics, Inc. (a)		11,249		2
Matinas BioPharma Holdings, Inc. (a)		31,213		24
MediciNova, Inc. (a) (b)		6,594		36

See notes to financial statements.

35

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
MEDNAX, Inc. (a)		13,211	$	226
Medpace Holdings, Inc. (a) (b)		3,925		365
MEI Pharma, Inc. (a)		14,792		61
MeiraGTx Holdings PLC (a)		3,203		40
Menlo Therapeutics, Inc. (a)		25,229		44
Meridian Bioscience, Inc. (a)		6,193		144
Merit Medical Systems, Inc. (a)		7,356		336
Merrimack Pharmaceuticals, Inc.		2,114		7
Mersana Therapeutics, Inc. (a) (b)		9,118		213
Microbot Medical, Inc. (a)		1,098		8
Millendo Therapeutics, Inc. (a)		2,523		4
Minerva Neurosciences, Inc. (a)		6,264		23
Miragen Therapeutics, Inc. (a)		7,318		8
Mirum Pharmaceuticals, Inc. (a)		1,922		37
Misonix, Inc. (a)		2,072		28
Moderna, Inc. (a) (b)		47,725		3,065
Molecular Templates, Inc. (a)		4,303		59
Moleculin Biotech, Inc. (a)		9,750		9
Molina Healthcare, Inc. (a)		6,967		1,239
Momenta Pharmaceuticals, Inc. (a)		13,062		435
Monopar Therapeutics, Inc. (a)		591		4
Morphic Holding, Inc. (a)		1,234		33
Motus GI Holdings, Inc. (a)		3,780		5
MTBC, Inc. (a)		1,292		11
Mustang Bio, Inc. (a)		7,131		23
MyoKardia, Inc. (a)		6,559		634
Myomo, Inc. (a)		469		2
Myriad Genetics, Inc. (a)		9,025		102
NanoString Technologies, Inc. (a) (b)		4,884		143
NantHealth, Inc. (a)		3,719		17
NantKwest, Inc. (a) (b)		5,465		67
Natera, Inc. (a)		12,575		627
National Healthcare Corp. (c)		2,273		144
National Research Corp.		1,864		109
Natus Medical, Inc. (a)		4,887		107
Navidea Biopharmaceuticals, Inc. (a)		2,074		8
Nektar Therapeutics (a) (b)		14,963		347
Neogen Corp. (a)		6,583		511
NeoGenomics, Inc. (a)		16,052		497
Neos Therapeutics, Inc. (a)		7,947		5
NeuroBo Pharmaceuticals, Inc. (a)		415		3
Neurocrine Biosciences, Inc. (a)		12,335		1,505
NeuroMetrix, Inc. (a)		461		1
Neuronetics, Inc. (a)		2,676		5
Neurotrope, Inc. (a)		3,319		4
Nevro Corp. (a)		4,573		546
NextCure, Inc. (a)		2,777		60
Nextgen Healthcare, Inc. (a)		6,780		74
NGM Biopharmaceuticals, Inc. (a)		4,124		81
Northwest Biotherapeutics, Inc. (a) (b)		111,953		38

See notes to financial statements.

36

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
NovaBay Pharmaceuticals, Inc. (a)		3,816	$	4
Novan, Inc. (a)		11,167		5
Novavax, Inc. (a)		9,452		788
Novus Therapeutics, Inc. (a)		2,404		1
NuVasive, Inc. (a)		7,669		427
Obalon Therapeutics, Inc. (a)		1,158		1
Ocugen, Inc. (a)		16,494		4
Ocular Therapeutix, Inc. (a) (b)		9,921		83
Odonate Therapeutics, Inc. (a)		2,321		98
Omeros Corp. (a) (b)		8,523		125
Omnicell, Inc. (a)		6,162		435
Oncocyte Corp. (a)		9,719		19
Onconova Therapeutics, Inc. (a)		28,359		16
OncoSec Medical, Inc. (a)		1,531		3
Oncternal Therapeutics, Inc. (a)		2,244		6
OpGen, Inc. (a)		2,533		5
Opiant Pharmaceuticals, Inc. (a)		681		6
OPKO Health, Inc. (a) (b)		78,838		269
Optinose, Inc. (a)		3,936		29
Option Care Health, Inc. (a)		5,645		78
Oragenics, Inc. (a)		6,516		5
Oramed Pharmaceuticals, Inc. (a)		3,482		12
OraSure Technologies, Inc. (a)		9,660		112
Organogenesis Holdings, Inc. (a)		3,568		14
Orgenesis, Inc. (a)		3,143		19
ORIC Pharmaceuticals, Inc. (a) (b)		2,716		92
Orthofix Medical, Inc. (a)		2,584		83
Orthopediatrics Corp. (a)		2,221		97
Osmotica Pharmaceuticals PLC (a)		2,277		15
Otonomy, Inc. (a)		4,463		16
Outlook Therapeutics, Inc. (a) (b)		6,145		8
Ovid Therapeutics, Inc. (a)		5,892		43
Owens & Minor, Inc. (b)		9,111		69
Oyster Point Pharma, Inc. (a)		1,055		30
Pacific Biosciences of California, Inc. (a)		24,091		83
Pacira BioSciences, Inc. (a)		6,019		316
Palatin Technologies, Inc. (a) (b)		36,234		19
Paratek Pharmaceuticals, Inc. (a) (b)		6,091		32
Passage Bio, Inc. (a) (b)		2,897		79
Patterson Cos., Inc. (c)		10,309		227
PAVmed, Inc. (a)		6,627		14
PDL BioPharma, Inc. (a)		18,028		52
PDS Biotechnology Corp. (a)		2,093		4
Penumbra, Inc. (a)		4,653		832
Personalis, Inc. (a)		3,412		44
PetIQ, Inc. (a)		1,098		38
Pfenex, Inc. (a) (b)		3,690		31
PhaseBio Pharmaceuticals, Inc. (a)		2,516		12
Phathom Pharmaceuticals, Inc. (a) (b)		2,387		79
Phibro Animal Health Corp. Class A		2,176		57

See notes to financial statements.

37

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Phreesia, Inc. (a)		4,430	$	125
Pieris Pharmaceuticals, Inc. (a)		8,269		26
Plus Therapeutics, Inc. (a)		650		1
PLx Pharma, Inc. (a)		1,448		5
PolarityTE, Inc. (a) (b)		4,850		6
Portola Pharmaceuticals, Inc. (a)		12,272		221
PPD, Inc. (a)		22,858		613
PRA Health Sciences, Inc. (a)		7,916		770
Precigen, Inc. (a) (b)		10,639		53
Precipio, Inc. (a)		1,834		3
Precision BioSciences, Inc. (a)		6,714		56
Predictive Oncology, Inc. (a)		1,450		2
Premier, Inc. Class A (a) (b)		7,167		246
Pressure BioSciences, Inc. (a)		466		1
Prestige Consumer Healthcare, Inc. (a)		7,495		282
Prevail Therapeutics, Inc. (a)		5,003		75
Principia Biopharma, Inc. (a)		3,944		236
Pro-Dex, Inc. (a)		468		8
Progyny, Inc. (a)		6,301		163
ProPhase Labs, Inc.		1,521		2
Protagonist Therapeutics, Inc. (a)		4,689		83
Protalix BioTherapeutics, Inc. (a)		4,582		17
Protara Therapeutics, Inc. (a)		875		26
Proteostasis Therapeutics, Inc. (a)		7,540		10
Provention Bio, Inc. (a)		7,500		106
Psychemedics Corp.		790		4
PTC Therapeutics, Inc. (a)		9,596		487
Pulmatrix, Inc. (a)		4,060		7
Pulse Biosciences, Inc. (a)		2,707		28
Puma Biotechnology, Inc. (a)		5,493		57
Qualigen Therapeutics, Inc. (a) (b)		2,085		8
Quanterix Corp. (a)		3,760		103
Quidel Corp. (a)		4,448		995
R1 RCM, Inc. (a)		16,613		185
RA Medical Systems, Inc. (a)		3,841		2
RadNet, Inc. (a)		6,609		105
RAPT Therapeutics, Inc. (a) (b)		1,435		42
Reata Pharmaceuticals, Inc. Class A (a) (b)		3,129		488
Recro Pharma, Inc.		3,764		17
RegeneRx Biopharmaceuticals, Inc. (a)		13,237		4
REGENXBIO, Inc. (a)		4,258		157
Regulus Therapeutics, Inc. (a)		3,945		3
Repligen Corp. (a)		7,299		902
Replimune Group, Inc. (a)		2,721		68
ReShape Lifesciences, Inc. (a)		922		4
resTORbio, Inc. (a)		3,983		9
Retractable Technologies, Inc. (a)		1,593		11
Retrophin, Inc. (a)		5,927		121
Revance Therapeutics, Inc. (a)		7,962		194
REVOLUTION Medicines, Inc. (a)		5,259		166

See notes to financial statements.

38

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Rexahn Pharmaceuticals, Inc. (a)		649	$	2
Rhythm Pharmaceuticals, Inc. (a)		5,634		126
Rigel Pharmaceuticals, Inc. (a)		22,391		41
Rocket Pharmaceuticals, Inc. (a) (b)		8,068		169
Rockwell Medical, Inc. (a) (b)		7,664		15
RTI Surgical Holdings, Inc. (a)		9,060		29
Rubius Therapeutics, Inc. (a)		3,924		23
Sage Therapeutics, Inc. (a)		6,285		261
Salarius Pharmaceuticals, Inc. (a)		1,950		3
Sangamo Therapeutics, Inc. (a) (b)		18,239		163
Sarepta Therapeutics, Inc. (a)		11,277		1,808
Satsuma Pharmaceuticals, Inc. (a)		1,024		29
Savara, Inc. (a)		7,107		18
Scholar Rock Holding Corp. (a)		1,958		36
Schrodinger, Inc. (a) (b)		1,915		175
scPharmaceuticals, Inc. (a)		3,333		25
SCWorx Corp. (a) (d) (g)		955		3
SCYNEXIS, Inc. (a)		16,614		12
Seaspine Holdings Corp. (a)		2,977		31
Seattle Genetics, Inc. (a)		24,448		4,155
Second Sight Medical Products, Inc. (a)		2,220		2
Seelos Therapeutics, Inc. (a)		7,028		7
Select Medical Holdings Corp. (a)		13,290		196
Selecta Biosciences, Inc. (a) (b)		9,267		26
Sellas Life Sciences Group, Inc. (a)		1,040		3
Seneca BioPharma, Inc. (a)		2,879		2
Senestech, Inc. (a)		571		1
Senseonics Holdings, Inc. (a) (b)		24,879		10
Sensus Healthcare, Inc. (a)		2,054		6
Seres Therapeutics, Inc. (a)		4,882		23
Sesen Bio, Inc. (a)		17,081		12
Shockwave Medical, Inc. (a)		3,268		155
SI-BONE, Inc. (a)		4,063		65
Sientra, Inc. (a) (b)		7,993		31
Sierra Oncology, Inc. (a)		1,416		17
SIGA Technologies, Inc. (a)		8,858		52
Silk Road Medical, Inc. (a)		4,609		193
Simulations Plus, Inc.		2,181		130
SiNtx Technologies, Inc. (a)		1,904		4
SmileDirectClub, Inc. (a) (b)		9,712		77
Soleno Therapeutics, Inc. (a)		5,564		12
Solid Biosciences, Inc. (a)		4,648		14
Soliton, Inc. (a)		1,311		10
Sonoma Pharmaceuticals, Inc. (a)		281		2
Spectrum Pharmaceuticals, Inc. (a)		16,646		56
Spero Therapeutics, Inc. (a)		2,736		37
Spring Bank Pharmaceuticals, Inc. (a)		2,731		4
SpringWorks Therapeutics, Inc. (a)		2,604		109
STAAR Surgical Co. (a)		7,130		439
Stereotaxis, Inc. (a)		10,024		45

See notes to financial statements.

39

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Stoke Therapeutics, Inc. (a)		2,717	$	65
Strata Skin Sciences, Inc. (a)		3,629		4
Streamline Health Solutions, Inc. (a)		4,887		6
Strongbridge BioPharma PLC (a)		6,203		23
Sunesis Pharmaceuticals, Inc. (a)		17,794		5
SunLink Health Systems, Inc. (a)		685		1
Supernus Pharmaceuticals, Inc. (a)		7,509		178
Surface Oncology, Inc. (a)		2,191		14
Surgery Partners, Inc. (a)		4,078		47
Surmodics, Inc. (a)		1,945		84
Sutro Biopharma, Inc. (a)		4,223		33
Syndax Pharmaceuticals, Inc. (a)		5,159		76
Syneos Health, Inc. (a)		9,284		541
Synlogic, Inc. (a)		3,313		7
Synthetic Biologics, Inc. (a)		2,979		2
Syros Pharmaceuticals, Inc. (a)		4,226		45
T2 Biosystems, Inc. (a) (b)		19,036		24
Tabula Rasa Healthcare, Inc. (a) (b)		3,020		165
Tactile Systems Technology, Inc. (a)		2,361		98
Tandem Diabetes Care, Inc. (a)		8,590		850
TCR2 Therapeutics, Inc. (a)		1,215		19
Tela Bio, Inc. (a)		442		6
Teladoc Health, Inc. (a)		10,767		2,055
Teligent, Inc. (a)		571		1
Tenet Healthcare Corp. (a)		15,847		287
Tetraphase Pharmaceuticals, Inc. (a)		1,197		3
TFF Pharmaceuticals, Inc. (a)		2,481		14
The Ensign Group, Inc.		7,851		329
The Joint Corp. (a)		2,203		34
The Pennant Group, Inc. (a)		3,331		75
The Providence Service Corp. (a)		1,890		149
TherapeuticsMD, Inc. (a) (b)		33,805		42
Thermogenesis Holdings, Inc. (a)		942		5
Tilray, Inc. Class 2 (a) (b)		1,680		12
Timber Pharmaceuticals, Inc. (a)		1,953		4
Tivity Health, Inc. (a)		4,892		55
Tonix Pharmaceuticals Holding Corp. (a)		8,834		5
Tracon Pharmaceuticals, Inc. (a)		870		2
TransEnterix, Inc. (a) (b)		8,455		5
Translate Bio, Inc. (a)		7,299		131
TransMedics Group, Inc. (a)		2,926		52
Trevena, Inc. (a)		17,481		26
Trevi Therapeutics, Inc. (a)		540		4
Tricida, Inc. (a) (b)		6,216		171
Turning Point Therapeutics, Inc. (a)		5,770		373
Twist Bioscience Corp. (a)		5,306		240
Tyme Technologies, Inc. (a)		9,331		12
U.S. Physical Therapy, Inc.		1,383		112
Ultragenyx Pharmaceutical, Inc. (a) (b)		5,024		393
United Therapeutics Corp. (a)		6,291		761

See notes to financial statements.

40

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
UNITY Biotechnology, Inc. (a)		3,967	$	34
Unum Therapeutics, Inc. (a)		2,673		1
UroGen Pharma Ltd. (a) (b)		2,508		66
Urovant Sciences Ltd. (a)		873		9
Utah Medical Products, Inc.		423		37
Vaccinex, Inc. (a)		1,932		7
Vanda Pharmaceuticals, Inc. (a)		7,247		83
Vapotherm, Inc. (a)		3,320		136
Varex Imaging Corp. (a)		5,654		86
Vaxart, Inc. (a) (b)		11,975		106
Veeva Systems, Inc. Class A (a)		16,410		3,848
Venus Concept, Inc. (a)		2,221		8
Veracyte, Inc. (a)		6,313		164
Verastem, Inc. (a)		25,963		45
Vericel Corp. (a) (b)		6,502		90
Verrica Pharmaceuticals, Inc. (a)		1,737		19
Viela Bio, Inc. (a) (b)		2,571		111
Viking Therapeutics, Inc. (a) (b)		10,254		74
Vir Biotechnology, Inc. (a) (b)		8,921		365
Viveve Medical, Inc. (a)		2,360		1
VIVUS, Inc. (a)		2,825		2
Vocera Communications, Inc. (a)		3,339		71
Voyager Therapeutics, Inc. (a)		3,690		47
vTv Therapeutics, Inc. Class A (a)		1,368		3
X4 Pharmaceuticals, Inc. (a)		2,443		23
XBiotech, Inc. (a) (b)		1,844		25
Xencor, Inc. (a)		4,505		146
Xeris Pharmaceuticals, Inc. (a) (b)		5,625		15
XOMA Corp. (a)		1,778		35
Xtant Medical Holdings, Inc. (a)		2,135		2
Yield10 Bioscience, Inc. (a)		266		2
Y-mAbs Therapeutics, Inc. (a)		4,613		199
Zentalis Pharmaceuticals, Inc. (a) (b)		2,474		119
ZIOPHARM Oncology, Inc. (a) (b) (c)		29,185		96
Zogenix, Inc. (a)		7,724		209
Zomedica Pharmaceuticals Corp. (a) (b)		31,916		8
Zosano Pharma Corp. (a) (b)		9,050		8
Zynerba Pharmaceuticals, Inc. (a) (b)		3,734		13
				111,385
Industrials (12.7%):
AAON, Inc. (b)		5,337		290
AAR Corp.		5,017		104
ABM Industries, Inc.		9,634		350
Acacia Research Corp. (a)		7,779		32
ACCO Brands Corp.		14,771		105
Acme United Corp.		449		10
Acuity Brands, Inc.		5,733		549
ADT, Inc. (b)		17,900		143
Advanced Disposal Services, Inc. (a)		10,462		316
Advanced Drainage Systems, Inc.		8,442		417

See notes to financial statements.

41

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
AECOM (a)		17,496	$	658
Aegion Corp. (a)		3,560		56
AeroCentury Corp. (a)		205		1
Aerojet Rocketdyne Holdings, Inc. (a)		9,770		387
Aerovironment, Inc. (a)		2,986		238
AGCO Corp.		9,567		531
AIkido Pharma, Inc.		5,226		4
Air Industries Group (a)		3,291		4
Air Lease Corp.		16,241		476
Air T, Inc. (a)		279		3
Air Transport Services Group, Inc. (a) (b)		9,418		210
Alamo Group, Inc.		1,535		158
Albany International Corp.		3,693		217
Allegiant Travel Co. (b)		1,934		211
Allied Motion Technologies, Inc.		1,457		51
Allison Transmission Holdings, Inc.		15,223		560
Altra Industrial Motion Corp.		9,565		305
AMERCO, Inc. (b)		1,516		458
Ameresco, Inc. Class A (a)		3,440		96
American Superconductor Corp. (a)		3,045		25
American Woodmark Corp. (a)		2,021		153
AMREP Corp. (a)		465		2
Apogee Enterprises, Inc.		3,541		82
Applied Energetics, Inc. (a)		31,176		9
Applied Industrial Technologies, Inc.		5,207		325
Aqua Metals, Inc. (a)		9,182		13
ARC Document Solutions, Inc.		6,579		7
ArcBest Corp.		3,653		97
Arcosa, Inc.		6,971		294
Argan, Inc.		2,131		101
Armstrong Flooring, Inc. (a)		2,864		9
Armstrong World Industries, Inc.		5,952		464
Art's-Way Manufacturing Co., Inc. (a)		387		1
ASGN, Inc. (a)		7,238		483
Astec Industries, Inc.		3,266		151
Astronics Corp. (a) (c)		3,310		35
Astrotech Corp. (a)		840		2
Atkore International Group, Inc. (a)		6,823		187
Atlas Air Worldwide Holdings, Inc. (a) (b)		3,295		142
Avalon Holdings Corp. Class A (a)		319		1
Avis Budget Group, Inc. (a) (b) (c)		10,057		230
Axon Enterprise, Inc. (a)		8,248		809
AZZ, Inc.		3,167		109
Babcock & Wilcox Enterprises, Inc. (a)		3,980		9
Barnes Group, Inc.		6,192		245
Barrett Business Services, Inc.		1,026		55
Beacon Roofing Supply, Inc. (a)		7,986		211
BioHiTech Global, Inc. (a)		1,964		5
Bloom Energy Corp. Class A (a) (b)		2,947		32
BlueLinx Holdings, Inc. (a)		1,481		13

See notes to financial statements.

42

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
BMC Stock Holdings, Inc. (a) (b)		10,474	$	263
Brady Corp. Class A		5,767		270
Briggs & Stratton Corp. (b)		5,426		7
Brightview Holdings, Inc. (a)		5,470		61
Broadwind Energy, Inc. (a)		2,350		9
Builders FirstSource, Inc. (a)		18,234		377
BWX Technologies, Inc. (b)		11,528		653
CAI International, Inc. (a)		2,414		40
Capstone Turbine Corp. (a)		1,533		5
Carlisle Cos., Inc.		8,402		1,006
Casella Waste Systems, Inc. (a)		6,499		339
CBIZ, Inc. (a)		8,157		196
CECO Environmental Corp. (a)		4,522		30
Charah Solutions, Inc. (a)		1,709		5
Chart Industries, Inc. (a)		5,200		252
Chicago Rivet & Machine Co.		133		3
CIRCOR International, Inc. (a)		2,588		66
Civeo Corp. (a)		21,805		13
Clean Harbors, Inc. (a)		8,036		482
Colfax Corp. (a)		10,146		283
Columbus McKinnon Corp.		3,480		116
Comfort Systems USA, Inc.		5,213		212
Commercial Vehicle Group, Inc. (a)		5,053		15
Construction Partners, Inc. Class A (a) (b)		1,915		34
Continental Materials Corp. (a) (d) (g)		114		1
Cornerstone Building Brands, Inc. (a)		8,060		49
CoStar Group, Inc. (a) (c)		5,891		4,186
Covanta Holding Corp.		19,968		191
Covenant Transport Group, Inc. Class A (a)		1,954		28
CPI Aerostructures, Inc. (a)		1,834		6
CRA International, Inc.		1,100		43
Crane Co.		7,213		429
CSW Industrials, Inc.		2,320		160
Cubic Corp. (b)		3,842		185
Curtiss-Wright Corp.		6,302		563
Daseke, Inc. (a)		7,605		30
Deluxe Corp.		5,837		137
DLH Holdings Corp. (a)		1,745		13
DMC Global, Inc.		1,711		47
Document Security Systems, Inc. (a)		220		2
Donaldson Co., Inc.		17,691		822
Douglas Dynamics, Inc.		2,921		103
DPW Holdings, Inc. (a)		844		2
Ducommun, Inc. (a)		1,841		64
DXP Enterprise, Inc. (a)		2,145		43
Dycom Industries, Inc. (a)		3,937		161
Eagle Bulk Shipping, Inc. (a) (b)		7,742		17
Echo Global Logistics, Inc. (a)		3,804		82
EMCOR Group, Inc.		8,207		544
Encore Wire Corp.		2,973		145

See notes to financial statements.

43

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Energous Corp. (a) (b)		6,392	$	18
Energy Focus, Inc. (a) (b)		486		3
Energy Recovery, Inc. (a)		6,642		50
Enerpac Tool Group Corp.		8,036		141
EnerSys		6,425		414
Ennis, Inc. (c)		4,038		73
Enphase Energy, Inc. (a)		16,421		781
EnPro Industries, Inc.		2,967		146
ESCO Technologies, Inc.		3,284		278
Espey Manufacturing & Electronics Corp.		363		6
EVI Industries, Inc. (a) (b)		661		14
Evoqua Water Technologies Corp. (a)		11,604		216
Exponent, Inc.		7,453		603
Federal Signal Corp.		8,711		259
Fluor Corp.		17,912		216
Forrester Research, Inc. (a)		1,609		52
Forward Air Corp.		4,046		202
Foundation Building Materials, Inc. (a)		3,342		52
Franklin Covey Co. (a)		2,076		44
Franklin Electric Co., Inc.		5,201		273
FreightCar America, Inc. (a)		2,105		3
FTI Consulting, Inc. (a)		4,679		536
Fuel Tech, Inc. (a)		2,776		2
FuelCell Energy, Inc. (a) (b)		33,698		76
Gates Industrial Corp. PLC (a)		7,332		75
GATX Corp. (b)		4,167		254
GEE Group, Inc. (a)		2,210		1
Gencor Industries, Inc. (a)		1,545		20
Gibraltar Industries, Inc. (a)		4,305		207
Giga-tronics, Inc. (a)		326		1
GMS, Inc. (a)		6,119		150
Graco, Inc.		25,771		1,236
GrafTech International Ltd.		11,230		90
Graham Corp.		1,447		18
Granite Construction, Inc. (b)		5,738		110
Great Lakes Dredge & Dock Corp. (a)		9,587		89
Griffon Corp.		5,502		102
H&E Equipment Services, Inc.		5,255		97
Harsco Corp. (a)		11,539		156
Hawaiian Holdings, Inc.		6,644		93
HC2 Holdings, Inc. (a) (b)		6,339		21
HD Supply Holdings, Inc. (a)		22,334		775
Healthcare Services Group (b)		11,261		275
Heartland Express, Inc.		6,702		140
HEICO Corp. Class A		10,875		883
Heidrick & Struggles International, Inc.		2,787		60
Helios Technologies, Inc.		3,722		139
Herc Holdings, Inc. (a)		4,602		141
Heritage-Crystal Clean, Inc. (a)		2,503		44
Herman Miller, Inc.		8,893		210

See notes to financial statements.

44

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Hertz Global Holdings, Inc. (a) (b) (k)		22,250	$	31
Hexcel Corp.		13,336		603
Hillenbrand, Inc.		9,799		265
HNI Corp.		5,449		167
Houston Wire & Cable Co. (a)		2,342		6
Hub Group, Inc. Class A (a)		4,427		212
Hubbell, Inc.		7,746		970
Hudson Global, Inc. (a)		369		3
Hudson Technologies, Inc. (a)		5,305		5
Hurco Cos., Inc.		1,086		30
Huron Consulting Group, Inc. (a)		3,381		150
Hyster-Yale Materials Handling, Inc.		1,718		66
IAA, Inc. (a)		21,170		816
ICF International, Inc.		2,976		193
Ideal Power, Inc. (a)		271		2
IES Holdings, Inc. Class A (a)		3,544		82
Infrastructure And Energy Alternatives, Inc. Class A (a)		3,549		14
InnerWorkings, Inc. (a)		7,044		9
Innovative Solutions & Support, Inc. (a)		1,799		9
Insperity, Inc.		5,476		354
Insteel Industries, Inc.		2,591		49
Interface, Inc.		7,276		59
ITT, Inc.		12,624		742
JanOne, Inc. (a)		185		1
JELD-WEN Holding, Inc. (a)		11,350		183
JetBlue Airways Corp. (a)		34,918		381
Jewett-Cameron Trading Co. Ltd. (a)		328		2
John Bean Technologies Corp.		4,159		358
Kadant, Inc.		1,698		169
Kaman Corp.		3,997		166
KAR Auction Services, Inc.		19,988		275
Kelly Services, Inc. Class A		4,554		72
Kennametal, Inc.		11,431		328
Kforce, Inc. (b)		3,427		100
Kimball International, Inc. Class B		5,512		64
Kirby Corp. (a)		7,268		389
Knight-Swift Transportation Holdings, Inc.		17,132		715
Knoll, Inc.		7,068		86
Korn Ferry		7,959		245
Kratos Defense & Security Solutions, Inc. (a) (b)		17,631		276
Landstar System, Inc.		5,419		609
Lawson Products, Inc. (a)		500		16
LB Foster Co. Class A (a)		1,692		22
Lennox International, Inc.		4,951		1,155
Limbach Holdings, Inc. (a)		885		3
Lincoln Electric Holdings, Inc.		8,487		715
Lindsay Corp.		1,349		124
LSI Industries, Inc.		3,831		25
Lydall, Inc. (a)		2,558		35
Lyft, Inc. Class A (a) (b)		5,674		187

See notes to financial statements.

45

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Manitex International, Inc. (a)		2,458	$	12
ManpowerGroup, Inc.		8,882		611
Marten Transport Ltd.		5,719		144
MasTec, Inc. (a)		7,564		339
Mastech Digital, Inc. (a)		528		14
Matson, Inc.		5,138		150
Matthews International Corp. Class A		4,521		86
Maxar Technologies, Inc. (b)		7,578		136
McGrath RentCorp		3,493		189
Mercury Systems, Inc. (a)		8,320		654
Meritor, Inc. (a)		8,869		176
Mesa Air Group, Inc. (a)		3,491		12
Miller Industries, Inc.		1,669		50
Mistras Group, Inc. (a)		3,128		12
Mobile Mini, Inc.		6,339		187
Moog, Inc. Class A		3,835		203
MRC Global, Inc. (a)		11,167		66
MSA Safety, Inc.		4,899		561
MSC Industrial Direct Co., Inc.		5,418		394
Mueller Industries, Inc.		8,209		218
Mueller Water Products, Inc. Class A		22,812		215
MYR Group, Inc. (a)		2,161		69
National Presto Industries, Inc.		732		64
Navistar International Corp. (a) (b)		13,884		392
Nl Industries, Inc.		1,394		5
NN, Inc. (b)		4,816		23
Nordson Corp.		8,421		1,597
Northwest Pipe Co. (a)		1,531		38
NOW, Inc. (a)		14,703		127
nVent Electric PLC		26,559		497
Ocean Power Technologies, Inc. (a)		2,710		2
Odyssey Marine Exploration, Inc. (a) (b)		1,395		7
Omega Flex, Inc.		357		38
Orion Energy Systems, Inc. (a)		4,325		15
Orion Group Holdings, Inc. (a)		4,455		14
Oshkosh Corp.		8,927		639
Owens Corning, Inc.		16,500		920
PAM Transportation Services, Inc. (a)		308		9
Park Aerospace Corp.		2,968		33
Park-Ohio Holdings Corp.		1,361		23
Parsons Corp. (a)		16,588		601
Patrick Industries, Inc.		3,438		211
Patriot Transportation Holding, Inc.		313		3
Performant Financial Corp. (a)		4,575		3
Perma-Fix Environmental Services (a)		1,694		11
Perma-Pipe International Holdings, Inc. (a)		1,124		6
PGT Innovations, Inc. (a)		7,232		113
PICO Holdings, Inc. (a)		2,857		24
Pitney Bowes, Inc. (b)		24,962		65
Plug Power, Inc. (a) (b)		50,708		416

See notes to financial statements.

46

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Polar Power, Inc. (a)		682	$	3
Powell Industries, Inc.		1,309		36
Preformed Line Products Co.		478		24
Primoris Services Corp.		6,572		117
Proto Labs, Inc. (a) (b)		2,417		272
Quad/Graphics, Inc.		4,882		16
Quanex Building Products Corp.		4,708		65
Quest Resource Holding Corp. (a)		1,631		2
R.R. Donnelley & Sons Co.		9,710		12
Raven Industries, Inc.		5,181		111
RBC Bearings, Inc. (a)		3,243		435
RCM Technologies, Inc. (a)		1,700		2
Red Violet, Inc. (a)		1,405		25
Regal Beloit Corp.		5,586		488
Rekor Systems, Inc. (a)		2,385		10
Resideo Technologies, Inc. (a)		19,049		223
Resources Connection, Inc.		4,648		56
REV Group, Inc.		4,254		26
Rexnord Corp.		18,922		552
Rush Enterprises, Inc. Class A		3,990		165
Ryder System, Inc.		7,679		288
Saia, Inc. (a) (b)		3,770		419
Schneider National, Inc. Class B		6,555		162
SG Blocks, Inc. (a)		1,431		4
Shiftpixy, Inc. (a)		294		2
SIFCO Industries, Inc. (a)		568		2
Simpson Manufacturing Co., Inc.		5,482		462
Sino-Global Shipping America Ltd. (a)		2,362		1
SiteOne Landscape Supply, Inc. (a) (b)		4,717		538
SkyWest, Inc.		7,251		237
SP Plus Corp. (a)		3,597		74
Spirit AeroSystems Holdings, Inc. Class A		16,859		404
Spirit Airlines, Inc. (a) (b)		12,876		229
SPX Corp. (a)		6,519		268
SPX Flow, Inc. (a)		5,020		188
Standex International Corp.		1,649		95
Steelcase, Inc. Class A		12,350		149
Stericycle, Inc. (a)		12,144		679
Sterling Construction Co., Inc. (a)		4,422		46
Sunrun, Inc. (a)		18,007		355
Sunworks, Inc. (a)		2,769		2
Systemax, Inc.		2,521		52
Taylor Devices, Inc. (a)		463		5
Team, Inc. (a) (b)		3,554		20
Tennant Co.		2,419		157
Terex Corp.		10,487		197
Tetra Tech, Inc.		8,176		647
Textainer Group Holdings Ltd. (a)		7,381		60
The Brink's Co.		7,215		328
The Eastern Co.		932		17

See notes to financial statements.

47

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
The Exone Co. (a) (b)		1,577	$	13
The Goldfield Corp. (a)		3,381		13
The Gorman-Rupp Co.		3,422		106
The Greenbrier Cos., Inc.		4,340		99
The LS Starrett Co. Class A (a)		844		3
The Manitowoc Co., Inc. (a)		5,396		59
The Middleby Corp. (a)		7,102		561
The Shyft Group, Inc.		5,203		88
The Timken Co.		10,981		500
The Toro Co.		15,110		1,001
Thermon Group Holdings, Inc. (a)		4,268		62
Titan International, Inc. (b)		8,866		13
Titan Machinery, Inc. (a)		2,777		30
TPI Composites, Inc. (a)		4,981		116
TransUnion		26,489		2,305
Trex Co., Inc. (a) (b)		8,658		1,126
TriMas Corp. (a)		6,205		149
Trinet Group, Inc. (a)		7,129		434
Trinity Industries, Inc. (b)		18,426		392
Triumph Group, Inc.		6,283		57
TrueBlue, Inc. (a)		5,164		79
Tutor Perini Corp. (a)		5,443		66
Twin Disc, Inc. (a)		1,691		9
U.S. Ecology, Inc.		4,715		160
Uber Technologies, Inc. (a)		253,654		7,883
UFP Industries, Inc.		8,836		437
Ultralife Corp. (a)		2,537		18
UniFirst Corp.		1,906		341
Univar Solutions, Inc. (a)		21,300		359
Universal Logistics Holdings, Inc.		1,268		22
Upwork, Inc. (a)		14,714		212
USA Truck, Inc. (a)		1,052		8
Valmont Industries, Inc.		3,304		375
Vectrus, Inc. (a)		1,482		73
Veritiv Corp. (a)		1,895		32
Viad Corp.		2,948		56
Vicor Corp. (a)		2,735		197
Virco Manufacturing Corp. (a)		2,167		6
VirTra, Inc. (a)		1,304		5
Vivint Solar, Inc. (a) (b)		8,805		87
VSE Corp.		1,170		37
Wabash National Corp.		7,021		75
Watsco, Inc.		4,257		756
Watts Water Technologies, Inc. Class A		3,175		257
Welbilt, Inc. (a)		19,272		117
Werner Enterprises, Inc.		5,693		248
WESCO International, Inc. (a) (b)		7,572		266
Wilhelmina International, Inc. (a) (g)		555		2
Willdan Group, Inc. (a)		1,744		44
Williams Industrial Services Group, Inc. (a)		3,535		5

See notes to financial statements.

48

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Willis Lease Finance Corp. (a)		649	$	16
Willscot Corp. (a)		6,181		76
Woodward, Inc.		7,960		617
XPO Logistics, Inc. (a) (b)		14,097		1,088
YRC Worldwide, Inc. (a) (b)		4,497		8
				85,699
Information Technology (19.9%):
2u, Inc. (a) (b)		8,065		306
3d Systems Corp. (a) (b)		15,990		112
8x8, Inc. (a)		14,986		240
A10 Networks, Inc. (a)		9,960		68
Acacia Communications, Inc. (a)		6,254		420
ACI Worldwide, Inc. (a)		15,791		426
ACM Research, Inc. Class A (a)		366		23
ADDvantage Technologies Group, Inc. (a)		827		3
ADTRAN, Inc.		6,855		75
Advanced Energy Industries, Inc. (a)		5,598		379
Aehr Test Systems (a)		3,870		8
Agilysys, Inc. (a)		3,463		62
Airgain, Inc. (a) (b)		1,435		15
Akoustis Technologies, Inc. (a) (b)		5,642		47
Alarm.com Holdings, Inc. (a) (b)		4,919		319
Alliance Data Systems Corp.		7,607		343
Alpha & Omega Semiconductor Ltd. (a)		3,289		36
Altair Engineering, Inc. Class A (a)		2,205		88
Alteryx, Inc. Class A (a) (b)		2,440		401
Ambarella, Inc. (a)		5,428		249
American Software, Inc. Class A		3,085		49
Amkor Technology, Inc. (a)		19,868		245
Amtech Systems, Inc. (a)		1,842		9
Anaplan, Inc. (a)		21,877		991
Andrea Electronics Corp. (a)		10,534		—	(e)
Appfolio, Inc. Class A (a)		2,188		356
Appian Corp. (a) (b)		1,934		99
Applied DNA Sciences, Inc. (a)		692		6
Applied Optoelectronics, Inc. (a) (b)		2,941		32
Arlo Technologies, Inc. (a)		9,446		24
Arrow Electronics, Inc. (a)		12,036		827
Aspen Technology, Inc. (a)		9,434		977
AstroNova, Inc.		1,062		8
Asure Software, Inc. (a)		2,091		13
Atomera, Inc. (a)		3,113		28
Avalara, Inc. (a)		12,394		1,650
Avaya Holdings Corp. (a) (b)		11,136		138
Aviat Networks, Inc. (a)		643		12
Avid Technology, Inc. (a)		5,511		40
Avnet, Inc.		14,943		417
Aware, Inc. (a)		2,207		7
Axcelis Technologies, Inc. (a)		4,312		120
AXT, Inc. (a)		6,455		31

See notes to financial statements.

49

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Badger Meter, Inc.		3,966	$	250
Bel Fuse, Inc. Class B		1,485		16
Belden, Inc.		6,064		197
Benchmark Electronics, Inc.		5,265		114
Benefitfocus, Inc. (a)		4,206		45
Bill.com Holdings, Inc. (a)		5,979		539
BK Technologies Corp.		1,575		5
Black Knight, Inc. (a)		16,132		1,171
Blackbaud, Inc.		6,090		348
Blackline, Inc. (a)		7,396		613
Booz Allen Hamilton Holdings Corp.		19,250		1,497
Bottomline Technologies de, Inc. (a)		5,686		289
Box, Inc. Class A (a)		23,995		498
Boxlight Corp. Class A (a)		4,524		4
Bridgeline Digital, Inc. (a)		720		1
Brightcove, Inc. (a)		5,637		44
Brooks Automation, Inc.		10,789		477
BSQUARE Corp. (a)		2,070		3
Cabot Microelectronics Corp.		4,350		607
CACI International, Inc. Class A (a)		3,670		796
CalAmp Corp. (a)		4,502		36
Calix, Inc. Class A (a)		7,902		118
Cambium Networks Corp. (a)		1,079		8
Cardtronics PLC Class A (a)		5,832		140
Casa Systems, Inc. (a)		6,701		28
Cass Information Systems, Inc.		1,794		70
CCUR Holdings, Inc.		908		3
CDK Global, Inc.		18,594		770
Cemtrex, Inc. (a)		2,485		4
Cerence, Inc. (a) (b)		5,769		236
Ceridian HCM Holding, Inc. (a)		9,753		773
CEVA, Inc. (a)		3,182		119
ChannelAdvisor Corp. (a)		3,816		60
Ciena Corp. (a)		23,487		1,272
Cirrus Logic, Inc. (a)		7,654		473
Clearfield, Inc. (a)		1,925		27
ClearOne, Inc. (a)		896		2
ClearSign Technologies Corp. (a)		3,324		7
Cloudera, Inc. (a)		42,707		543
Cloudflare, Inc. Class A (a)		6,126		220
Coda Octopus Group, Inc. (a) (b)		757		4
Cognex Corp.		24,826		1,483
Coherent, Inc. (a)		3,752		491
Cohu, Inc.		5,540		96
CommScope Holding Co., Inc. (a)		24,700		206
Communications Systems, Inc.		1,273		6
CommVault Systems, Inc. (a)		6,522		252
Computer Task Group, Inc. (a)		2,331		9
Comtech Telecommunications Corp.		3,577		60
Conduent, Inc. (a)		33,395		80

See notes to financial statements.

50

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
CoreLogic, Inc.		10,014	$	673
Cornerstone OnDemand, Inc. (a)		9,552		368
Coupa Software, Inc. (a)		9,748		2,702
CPI Card Group, Inc. (a)		793		2
Cree, Inc. (a)		13,275		786
Crowdstrike Holdings, Inc. Class A (a)		3,269		328
CSG Systems International, Inc.		4,782		198
CSP, Inc.		565		5
CTS Corp.		4,123		83
CVD Equipment Corp. (a)		970		3
Cyberoptics Corp. (a)		1,207		39
Daktronics, Inc.		5,761		25
Dasan Zhone Solutions, Inc. (a)		2,026		18
Data I/O Corp. (a)		1,382		5
Datadog, Inc. Class A (a)		4,028		350
Dell Technologies, Inc. Class C (a)		34,877		1,917
Diebold Nixdorf, Inc. (a)		11,227		68
Digi International, Inc. (a)		3,798		44
Digimarc Corp. (a) (b)		1,871		30
Digital Ally, Inc. (a)		2,831		9
Diodes, Inc. (a)		6,407		325
DocuSign, Inc. (a)		27,096		4,667
Dolby Laboratories, Inc. Class A		9,308		613
Domo, Inc. Class B (a) (b)		1,599		51
Dropbox, Inc. Class A (a)		6,254		136
DSP Group, Inc. (a)		3,317		53
Dynatrace, Inc. (a)		22,668		920
Eastman Kodak Co. (a)		3,015		7
Ebix, Inc.		2,924		65
EchoStar Corp. Class A (a)		7,570		212
eGain Corp. (a)		3,716		41
eMagin Corp. (a)		7,148		6
EMCORE Corp. (a)		4,198		13
Endurance International Group Holdings, Inc. (a)		12,280		49
Entegris, Inc.		19,464		1,149
Envestnet, Inc. (a)		8,457		622
EPAM Systems, Inc. (a)		8,793		2,216
ePlus, Inc. (a)		1,816		128
Euronet Worldwide, Inc. (a)		8,251		791
Everbridge, Inc. (a)		4,911		679
Everi Holdings, Inc. (a)		12,624		65
Everspin Technologies, Inc. (a)		2,385		17
Evo Payments, Inc. Class A (a)		2,487		57
Evolving Systems, Inc. (a)		1,394		2
Exela Technologies, Inc. (a) (b)		14,443		8
ExlService Holdings, Inc. (a)		5,019		318
Extreme Networks, Inc. (a)		17,584		76
Fair Isaac Corp. (a)		4,438		1,855
FARO Technologies, Inc. (a)		2,264		121
Fastly, Inc. Class A (a)		1,943		165

See notes to financial statements.

51

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Fireeye, Inc. (a)		34,846	$	424
First Solar, Inc. (a)		11,752		582
Fitbit, Inc. Class A (a) (b)		32,769		212
Five9, Inc. (a)		9,803		1,085
Forescout Technologies, Inc. (a) (b)		7,372		156
FormFactor, Inc. (a)		10,372		304
Frequency Electronics, Inc. (a)		827		7
Genasys, Inc. (a)		5,571		27
Genpact Ltd.		26,895		982
GlobalSCAPE, Inc.		1,919		19
GoDaddy, Inc. Class A (a)		10,361		760
GreenSky, Inc. Class A (a) (b)		6,646		33
GSE Systems, Inc. (a)		2,954		3
GSI Technology, Inc. (a)		3,232		23
Guidewire Software, Inc. (a)		13,239		1,468
Harmonic, Inc. (a) (b)		11,367		54
HubSpot, Inc. (a)		6,381		1,432
I3 Verticals, Inc. Class A (a)		1,108		34
Ichor Holdings Ltd. (a)		3,298		88
Identiv, Inc. (a)		2,615		13
IEC Electronics Corp. (a)		1,639		16
II-VI, Inc. (a) (b)		12,428		587
Image Sensing Systems, Inc. (a)		609		2
Immersion Corp. (a)		4,076		25
Impinj, Inc. (a) (b)		2,898		80
Infinera Corp. (a)		24,825		147
Information Services Group, Inc. (a)		5,845		12
Innodata, Inc. (a)		3,620		5
Inphi Corp. (a)		7,215		848
Inpixon (a) (b)		4,075		6
Inseego Corp. (a) (b)		11,487		133
Insight Enterprises, Inc. (a) (b)		4,388		216
Intellicheck, Inc. (a)		2,074		16
Intelligent Systems Corp. (a)		870		30
InterDigital, Inc. (b)		4,601		261
inTEST Corp. (a)		1,492		5
Intevac, Inc. (a)		3,121		17
Inuvo, Inc. (a)		9,761		5
Issuer Direct Corp. (a)		451		5
Iteris, Inc. (a)		5,600		27
Itron, Inc. (a)		5,610		372
J2 Global, Inc. (a) (b)		7,140		451
Jabil, Inc.		18,246		585
KBR, Inc.		21,533		486
Key Tronic Corp. (a)		1,466		8
Kimball Electronics, Inc. (a)		3,907		53
Knowles Corp. (a)		13,388		204
Kopin Corp. (a)		12,135		16
Kulicke & Soffa Industries, Inc.		9,447		197
KVH Industries, Inc. (a)		2,270		20

See notes to financial statements.

52

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Lantronix, Inc. (a)		3,008	$	11
Lattice Semiconductor Corp. (a)		19,240		546
LightPath Technologies, Inc. Class A (a)		3,957		13
Limelight Networks, Inc. (a)		17,705		130
Littelfuse, Inc.		3,469		592
LivePerson, Inc. (a)		7,791		323
LiveRamp Holdings, Inc. (a)		8,240		350
LogMeIn, Inc.		7,052		598
Lumentum Holdings, Inc. (a)		11,208		913
Luna Innovations, Inc. (a)		4,869		28
MACOM Technology Solutions Holdings, Inc. (a)		7,289		250
Manhattan Associates, Inc. (a)		7,900		744
ManTech International Corp. Class A		3,790		260
Marin Software, Inc. (a)		877		1
Marvell Technology Group Ltd.		81,661		2,863
MAXIMUS, Inc.		9,175		646
MaxLinear, Inc. (a)		8,516		183
Medallia, Inc. (a) (b)		11,385		287
Mesa Laboratories, Inc.		631		137
Methode Electronics, Inc.		5,363		168
MicroStrategy, Inc. (a)		1,232		146
MicroVision, Inc. (a) (b)		23,969		33
Mitek Systems, Inc. (a)		6,561		63
MKS Instruments, Inc.		7,670		869
MobileIron, Inc. (a)		14,354		71
Model N, Inc. (a) (b)		4,898		170
MoneyGram International, Inc. (a)		9,600		31
MongoDB, Inc. (a) (b)		294		67
Monolithic Power Systems, Inc.		6,920		1,639
MoSys, Inc. (a)		541		1
MTS Systems Corp.		2,781		49
Napco Security Technologies, Inc. (a)		2,035		48
National Instruments Corp.		15,590		603
NCR Corp. (a)		19,769		343
NeoPhotonics Corp. (a)		7,214		64
Net Element, Inc. (a)		641		6
NETGEAR, Inc. (a)		4,223		109
Netlist, Inc. (a)		27,510		16
NetScout Systems, Inc. (a) (b)		10,321		264
NetSol Technologies, Inc. (a)		1,902		5
New Relic, Inc. (a)		8,049		555
NIC, Inc.		9,120		209
nLight, Inc. (a)		4,983		111
Novanta, Inc. (a)		5,137		548
Nuance Communications, Inc. (a)		44,455		1,125
Nutanix, Inc. Class A (a) (b)		14,764		350
NVE Corp.		570		35
NXT-ID, Inc. (a)		4,640		2
Okta, Inc. (a)		5,866		1,175
ON Semiconductor Corp. (a)		63,426		1,256

See notes to financial statements.

53

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
One Stop Systems, Inc. (a)		1,636	$	3
OneSpan, Inc. (a)		5,016		140
Onto Innovation, Inc. (a)		7,020		239
Optical Cable Corp. (a)		966		2
Orbital Energy Group, Inc. (a)		4,091		3
OSI Systems, Inc. (a)		2,604		194
PagerDuty, Inc. (a)		7,384		211
Palo Alto Networks, Inc. (a) (c)		14,922		3,428
PAR Technology Corp. (a)		2,852		85
ParkerVision, Inc. (a)		7,554		4
Paylocity Holding Corp. (a) (b)		5,777		843
Paysign, Inc. (a)		4,877		47
PC Connection, Inc.		1,625		75
PC-Telephone, Inc.		2,844		19
PDF Solutions, Inc. (a)		3,198		63
Pegasystems, Inc.		6,059		613
Perceptron, Inc. (a)		1,439		5
Perficient, Inc. (a)		4,783		171
Perspecta, Inc.		20,790		483
PFSweb, Inc. (a)		2,487		17
Photronics, Inc. (a)		8,759		97
Ping Identity Holding Corp. (a)		2,827		91
Pixelworks, Inc. (a)		6,074		20
Plantronics, Inc.		3,356		49
Plexus Corp. (a)		3,778		267
Pluralsight, Inc. Class A (a)		3,844		69
Power Integrations, Inc.		4,064		480
Powerfleet, Inc. (a)		4,775		22
PRGX Global, Inc. (a)		3,689		17
Progress Software Corp.		6,476		251
Proofpoint, Inc. (a)		8,286		921
PROS Holdings, Inc. (a) (b)		4,804		213
PTC, Inc. (a)		16,146		1,256
Pure Storage, Inc. Class A (a)		14,367		249
Q2 Holdings, Inc. (a) (b)		7,694		660
Qualys, Inc. (a)		4,912		511
Quicklogic Corp. (a)		1,742		5
Qumu Corp. (a)		2,092		8
Rambus, Inc. (a)		16,379		249
Rapid7, Inc. (a)		7,981		407
RealNetworks, Inc. (a)		2,828		4
RealPage, Inc. (a)		14,080		915
Research Frontiers, Inc. (a)		4,278		17
Resonant, Inc. (a) (b)		8,425		20
RF Industries Ltd.		1,412		7
Ribbon Communications, Inc. (a)		17,039		67
Richardson Electronics Ltd.		1,591		6
Rimini Street, Inc. (a)		3,898		20
RingCentral, Inc. Class A (a)		10,487		2,990
Riot Blockchain, Inc. (a) (b)		4,530		10

See notes to financial statements.

54

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Rogers Corp. (a)		2,729	$	340
Rubicon Technology, Inc. (a)		366		3
Sabre Corp.		37,524		302
Sailpoint Technologies Holding, Inc. (a)		13,344		353
Sanmina Corp. (a)		9,748		244
ScanSource, Inc. (a)		3,281		79
Science Applications International Corp.		8,862		688
Seachange International, Inc. (a)		4,731		7
SecureWorks Corp. Class A (a) (b)		12,706		145
Semtech Corp. (a)		8,982		469
ServiceSource International, Inc. (a)		11,838		19
SharpSpring, Inc. (a)		1,590		14
ShotSpotter, Inc. (a) (b)		1,400		35
SigmaTron International, Inc. (a)		593		2
Silicon Laboratories, Inc. (a)		5,436		545
Sitime Corp. (a)		710		34
Slack Technologies, Inc. Class A (a) (b)		45,495		1,414
SMART Global Holdings, Inc. (a)		1,897		52
Smartsheet, Inc. Class A (a)		2,215		113
Smith Micro Software, Inc. (a)		6,129		27
Socket Mobile, Inc. (a)		829		1
Solarwinds Corp. (a)		12,583		222
Sonim Technologies, Inc. (a)		7,529		6
Splunk, Inc. (a)		22,706		4,513
Sprout Social, Inc. Class A (a)		1,440		39
SPS Commerce, Inc. (a)		4,992		375
Square, Inc. Class A (a)		37,676		3,953
SS&C Technologies Holdings, Inc.		37,970		2,145
StarTek, Inc. (a)		2,009		10
Steel Connect, Inc. (a)		6,818		4
Summit Wireless Technologies, Inc. (a)		1,220		3
Sunpower Corp. (a) (b)		13,717		105
Superconductor Technologies, Inc. (a)		3,876		1
Support.com, Inc.		2,499		4
SVMK, Inc.. (a)		18,108		426
Switch, Inc. Class A (b)		813		14
Sykes Enterprises, Inc. (a)		5,517		153
Synacor, Inc. (a)		4,776		5
Synaptics, Inc. (a)		4,464		268
Synchronoss Technologies, Inc. (a)		5,318		19
SYNNEX Corp.		4,761		570
Tech Data Corp. (a) (f)		5,313		770
Telenav, Inc. (a)		5,487		30
Tenable Holdings, Inc. (a)		10,089		301
Teradata Corp. (a)		16,602		345
Teradyne, Inc.		25,365		2,143
TESSCO Technologies, Inc.		877		5
The Hackett Group, Inc.		4,132		56
The Rubicon Project, Inc. (a)		17,517		117
The Trade Desk, Inc. Class A (a)		4,802		1,952

See notes to financial statements.

55

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
TransAct Technologies, Inc.		1,268	$	6
Trimble, Inc. (a)		34,437		1,487
TTEC Holdings, Inc.		2,743		128
TTM Technologies, Inc. (a) (b)		13,577		161
Twilio, Inc. Class A (a)		12,010		2,635
Ubiquiti, Inc. (b)		1,285		224
Ultra Clean Holdings, Inc. (a)		5,770		131
Unisys Corp. (a) (b)		7,941		87
Universal Display Corp.		6,337		948
Universal Security Instruments, Inc. (a)		246		—	(e)
Upland Software, Inc. (a)		3,234		112
Varonis Systems, Inc. (a)		4,657		412
Veeco Instruments, Inc. (a)		6,483		87
Verint Systems, Inc. (a)		9,548		431
Veritone, Inc. (a)		3,553		53
Verra Mobility Corp. (a)		20,119		207
ViaSat, Inc. (a)		8,569		329
Viavi Solutions, Inc. (a)		32,966		420
VirnetX Holding Corp. (b)		10,006		65
Virtusa Corp. (a)		4,408		143
Vishay Intertechnology, Inc.		17,025		260
Vishay Precision Group, Inc. (a)		1,983		49
Vislink Technologies, Inc. (a) (b)		14,837		9
VMware, Inc. Class A (a) (b)		12,652		1,959
Wayside Technology Group, Inc.		571		15
Westell Technologies, Inc. Class A (a)		1,638		1
WEX, Inc. (a)		5,926		978
WidePoint Corp. (a)		14,097		10
Wireless Telecom Group, Inc. (a)		3,276		3
Workday, Inc. Class A (a)		15,411		2,888
Workiva, Inc. (a)		4,281		229
Xperi Holding Corp.		16,631		245
Yext, Inc. (a) (b)		13,825		230
Zendesk, Inc. (a)		15,750		1,394
Zix Corp. (a)		9,002		62
Zoom Video Communications, Inc. Class A (a)		3,795		962
Zscaler, Inc. (a) (b)		12,180		1,334
Zuora, Inc. Class A (a)		2,144		27
				138,140
Materials (3.7%):
Advanced Emissions Solutions, Inc.		2,923		14
Advansix, Inc. (a)		3,814		45
Alcoa Corp. (a)		29,697		334
Allegheny Technologies, Inc. (a)		17,033		174
American Vanguard Corp.		3,703		51
Ampco-Pittsburgh Corp. (a)		1,490		5
AptarGroup, Inc.		8,957		1,003
Ashland Global Holdings, Inc.		9,351		646
Axalta Coating Systems Ltd. (a)		35,602		803
Balchem Corp.		4,130		392

See notes to financial statements.

56

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Berry Global Group, Inc. (a)		19,828	$	879
Boise Cascade Co.		5,207		196
Cabot Corp.		8,732		324
Carpenter Technology Corp.		7,153		174
Century Aluminum Co. (a)		7,370		53
Chase Corp.		1,160		119
Clearwater Paper Corp. (a)		2,006		72
Cleveland-Cliffs, Inc. (b)		57,639		318
Coeur Mining, Inc. (a)		38,082		193
Commercial Metals Co.		18,017		368
Compass Minerals International, Inc.		4,789		233
Core Molding Technologies, Inc. (a)		1,201		5
Crown Holdings, Inc. (a)		20,153		1,313
Eagle Materials, Inc.		6,437		453
Ferro Corp. (a)		11,062		132
Flotek Industries, Inc. (a)		10,539		13
Forterra, Inc. (a)		3,394		38
Friedman Industries, Inc.		1,177		6
Futurefuel Corp.		3,751		45
GCP Applied Technologies, Inc. (a)		11,035		205
General Moly, Inc. (a)		15,660		3
Golden Minerals Co. (a)		14,655		6
Graphic Packaging Holding Co.		44,616		624
Greif, Inc. Class A		3,340		115
H.B. Fuller Co.		7,001		312
Hawkins, Inc.		1,336		57
Haynes International, Inc.		1,436		34
Hecla Mining Co.		82,270		269
Huntsman Corp.		33,002		593
Ingevity Corp. (a)		6,166		324
Innospec, Inc.		3,098		239
Intrepid Potash, Inc. (a)		14,370		14
Kaiser Aluminum Corp.		2,151		158
Koppers Holdings, Inc. (a)		2,857		54
Kraton Corp. (a)		4,606		80
Kronos Worldwide, Inc.		3,690		38
Livent Corp. (a)		17,943		111
Louisiana-Pacific Corp.		16,791		431
LSB Industries, Inc. (a)		3,448		4
Marrone Bio Innovations, Inc. (a)		21,063		25
Materion Corp.		2,902		178
Mayville Engineering Co., Inc. (a)		1,201		9
Minerals Technologies, Inc.		4,645		218
Myers Industries, Inc.		4,751		69
Nanophase Technologies Corp. (a)		3,143		1
Neenah, Inc.		2,231		110
NewMarket Corp.		1,121		449
Northern Technologies International Corp.		1,330		11
O-I Glass, Inc.		20,797		187
Olin Corp.		20,171		232

See notes to financial statements.

57

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Olympic Steel, Inc.		1,386	$	16
P.H. Glatfelter Co.		6,407		103
Paramount Gold Nevada Corp. (a)		3,456		4
PolyOne Corp.		13,677		359
PQ Group Holdings, Inc. (a)		7,119		94
Quaker Chemical Corp. (b)		1,135		211
Ramaco Resources, Inc. (a)		1,868		4
Rare Element Resources Ltd. (a)		8,918		8
Rayonier Advanced Materials, Inc. (a)		9,358		26
Reliance Steel & Aluminum Co.		9,737		924
Royal Gold, Inc.		8,821		1,097
RPM International, Inc.		18,289		1,374
Ryerson Holding Corp. (a)		2,885		16
Schnitzer Steel Industries, Inc.		3,781		67
Schweitzer-Mauduit International, Inc.		3,776		126
Sensient Technologies Corp.		5,626		293
Silgan Holdings, Inc.		11,372		368
Silver Bull Resources, Inc. (a)		34,571		2
Solitario Zinc Corp. (a)		9,088		3
Sonoco Products Co.		15,183		794
Southern Copper Corp.		14,299		569
Steel Dynamics, Inc.		32,183		840
Stepan Co.		2,948		286
Summit Materials, Inc. Class A (a)		15,926		256
SunCoke Energy, Inc.		11,968		35
Synalloy Corp. (a)		1,310		10
The Chemours Co.		21,261		326
The Scotts Miracle-Gro Co.		5,785		778
Timberline Resources Corp. (a)		5,289		—	(e)
TimkenSteel Corp. (a)		5,444		21
Trecora Resources (a)		3,741		23
Tredegar Corp.		4,452		69
Trinseo SA		3,794		84
U.S. Antimony Corp. (a)		9,287		5
U.S. Concrete, Inc. (a)		2,075		51
U.S. Gold Corp. (a)		346		2
UFP Technologies, Inc. (a)		1,120		49
United States Lime & Minerals, Inc.		313		26
United States Steel Corp. (b)		34,843		252
Universal Stainless & Alloy Products, Inc. (a)		1,407		12
Valhi, Inc.		428		4
Valvoline, Inc.		26,445		511
Verso Corp. Class A		5,069		61
Vista Gold Corp. (a)		16,117		14
W.R. Grace & Co.		10,458		531
Warrior Met Coal, Inc.		7,485		115
Westlake Chemical Corp.		6,011		322
Worthington Industries, Inc.		5,692		212
				24,914

See notes to financial statements.

58

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Real Estate (8.5%):
Acadia Realty Trust		14,475	$	188
Agree Realty Corp.		7,334		482
Alexander & Baldwin, Inc.		10,455		127
Alexander's, Inc.		455		110
Alpine Income Property Trust, Inc.		812		13
American Assets Trust, Inc.		10,099		281
American Campus Communities, Inc.		23,137		809
American Finance Trust, Inc.		8,941		71
American Homes 4 Rent Class A		43,931		1,182
American Realty Investors, Inc. (a)		349		3
Americold Realty Trust		31,991		1,161
Apple Hospitality REIT, Inc.		37,531		363
Armada Hoffler Properties, Inc.		7,978		79
Ashford Hospitality Trust, Inc.		16,459		12
Bluerock Residential Growth REIT, Inc.		3,786		31
Braemar Hotels & Resorts, Inc.		4,737		14
Brandywine Realty Trust		28,667		312
Brixmor Property Group, Inc.		49,845		639
BRT Apartments Corp.		2,226		24
Camden Property Trust		16,373		1,494
CareTrust REIT, Inc.		12,069		207
CatchMark Timber Trust, Inc. Class A		7,213		64
CBL & Associates Properties, Inc. (a) (b)		27,113		7
Cedar Realty Trust, Inc.		15,019		15
Chatham Lodging Trust		7,896		48
CIM Commercial Trust Corp.		1,645		18
Clipper Realty, Inc.		2,217		18
Colony Capital, Inc. (b)		76,981		185
Columbia Property Trust, Inc.		19,237		253
Community Healthcare Trust, Inc.		3,019		123
Condor Hospitality Trust, Inc.		969		4
CoreCivic, Inc.		17,901		168
CorEnergy Infrastructure Trust, Inc.		2,158		20
Corepoint Lodging, Inc.		8,898		37
CoreSite Realty Corp.		4,589		556
Corporate Office Properties Trust		18,860		478
Cousins Properties, Inc.		24,975		745
CTO Realty Growth, Inc.		665		26
CubeSmart		32,550		879
CyrusOne, Inc.		19,369		1,409
DiamondRock Hospitality Co.		33,501		185
Diversified Healthcare Trust		39,999		177
Douglas Emmett, Inc.		29,487		904
Easterly Government Properties, Inc.		12,630		292
EastGroup Properties, Inc.		6,566		779
Empire State Realty Trust, Inc.		17,996		126
EPR Properties (b)		11,724		388
Equity Commonwealth		20,429		658
Equity LifeStyle Properties, Inc.		30,626		1,914

See notes to financial statements.

59

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Essential Properties Realty Trust, Inc. (b)		14,230	$	211
eXp World Holdings, Inc. (a) (b)		5,044		86
Farmland Partners, Inc. (b)		3,867		26
First Industrial Realty Trust, Inc.		21,388		822
Forestar Group, Inc. (a)		2,827		43
Four Corners Property Trust, Inc.		9,222		225
Franklin Street Properties Corp.		18,036		92
Front Yard Residential Corp.		7,915		69
FRP Holdings, Inc. Class A (a)		973		39
Gaming and Leisure Properties, Inc.		32,224		1,115
Getty Realty Corp.		5,219		155
Gladstone Commercial Corp.		5,307		100
Gladstone Land Corp.		2,979		47
Global Medical REIT, Inc.		6,054		69
Global Net Lease, Inc.		15,042		252
Griffin Industrial Realty, Inc.		552		30
Healthcare Realty Trust, Inc.		22,687		665
Healthcare Trust of America, Inc. Class A		36,735		974
Hersha Hospitality Trust		6,509		37
Highwoods Properties, Inc.		17,467		652
Hudson Pacific Properties, Inc.		23,971		603
Independence Realty Trust, Inc.		13,535		156
Industrial Logistics Properties Trust		10,960		225
Innovative Industrial Properties, Inc. (b)		3,130		276
Investors Real Estate Trust		2,045		144
Invitation Homes, Inc.		85,944		2,365
iStar, Inc.		9,131		112
JBG SMITH Properties		20,441		604
Jernigan Capital, Inc.		3,325		45
Jones Lang LaSalle, Inc.		7,118		737
Kennedy-Wilson Holdings, Inc.		21,955		334
Kilroy Realty Corp.		17,994		1,056
Kite Realty Group Trust (b)		14,143		163
Lamar Advertising Co. Class A		9,995		667
Lexington Realty Trust (b)		36,396		384
Life Storage, Inc.		7,887		749
LTC Properties, Inc. (b)		5,539		209
Mack Cali Realty Corp.		14,319		219
Marcus & Millichap, Inc. (a)		4,028		116
Maui Land & Pineapple Co., Inc. (a)		1,237		14
Medalist Diversified REIT, Inc.		607		1
Medical Properties Trust, Inc.		79,951		1,503
Monmouth Real Estate Investment Corp.		16,458		238
National Health Investors, Inc.		7,507		456
National Retail Properties, Inc.		25,733		913
National Storage Affiliates Trust		11,457		328
New Senior Investment Group, Inc.		12,123		44
Newmark Group, Inc. Class A		25,172		122
NexPoint Residential Trust, Inc.		3,758		133
Office Properties Income Trust		8,104		210

See notes to financial statements.

60

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Omega Healthcare Investors, Inc.		38,151	$	1,134
One Liberty Properties, Inc.		2,878		51
Outfront Media, Inc.		22,087		313
Paramount Group, Inc.		29,455		227
Park Hotels & Resorts, Inc.		35,651		353
Pebblebrook Hotel Trust		21,985		300
Pennsylvania Real Estate Invesment Trust (b)		12,068		16
Physicians Realty Trust		31,333		549
Piedmont Office Realty Trust, Inc. Class A		18,631		309
Plymouth Industrial REIT, Inc.		2,494		32
Postal Realty Trust, Inc. Class A		753		12
PotlatchDeltic Corp.		10,019		381
Power REIT (a)		235		7
Preferred Apartment Communities, Inc. Class A		7,440		57
PS Business Parks, Inc.		3,420		453
QTS Realty Trust, Inc. Class A (b)		6,296		404
Rafael Holdings, Inc. Class B (a)		1,808		26
Rayonier, Inc.		16,046		398
RE/MAX Holdings, Inc.		2,012		63
Redfin Corp. (a) (b)		16,558		695
Retail Opportunity Investments Corp.		19,564		222
Retail Properties of America, Inc.		36,002		264
Retail Value, Inc.		2,765		34
Rexford Industrial Realty, Inc.		19,390		803
RLJ Lodging Trust		27,761		262
RPT Realty		13,549		94
Ryman Hospitality Properties, Inc.		9,242		320
Sabra Health Care REIT, Inc.		34,563		499
Safehold, Inc. (b)		2,488		143
Saul Centers, Inc.		2,223		72
Seritage Growth Properties Class A (a) (b)		2,988		34
Service Properties Trust		27,671		196
SITE Centers Corp.		26,956		218
Sotherly Hotels, Inc.		2,269		6
Spirit Realty Capital, Inc.		15,578		543
STAG Industrial, Inc.		25,005		733
STORE Capital Corp.		34,945		832
Summit Hotel Properties, Inc.		17,757		105
Sun Communities, Inc.		16,524		2,242
Sunstone Hotel Investors, Inc.		34,082		278
Tanger Factory Outlet Centers, Inc. (b)		15,716		112
Taubman Centers, Inc.		10,359		391
Tejon Ranch Co. (a)		4,189		60
Terreno Realty Corp.		10,700		563
The GEO Group, Inc.		18,161		215
The Howard Hughes Corp. (a)		6,743		350
The InterGroup Corp. (a)		151		4
The Macerich Co. (b)		18,847		169
The RMR Group, Inc. Class A		1,212		36
The St. Joe Co. (a)		3,764		73

See notes to financial statements.

61

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
UMH Properties, Inc.		5,746	$	74
Uniti Group, Inc.		26,112		244
Universal Health Realty Income Trust		2,175		173
Urban Edge Properties		19,595		233
Urstadt Biddle Properties, Inc. Class A		6,669		79
VEREIT, Inc.		172,170		1,107
VICI Properties, Inc.		85,246		1,721
W.P. Carey, Inc.		28,989		1,961
Washington Prime Group, Inc. (b)		31,504		26
Washington Real Estate Investment Trust		13,841		307
Weingarten Realty Investors		21,540		408
Wheeler Real Estate Investment Trust, Inc. (a)		930		2
Whitestone REIT		5,668		41
Xenia Hotels & Resorts, Inc.		16,025		150
				59,092
Utilities (2.4%):
ALLETE, Inc.		7,749		423
American States Water Co.		5,334		419
Artesian Resources Corp. Class A		1,409		51
Atlantic Power Corp. (a)		12,666		25
Avangrid, Inc. (b)		9,352		393
Avista Corp.		9,391		342
Black Hills Corp.		9,284		526
Cadiz, Inc. (a)		4,037		41
California Water Service Group		7,045		336
Chesapeake Utilities Corp.		2,183		183
El Paso Electric Co.		5,897		395
Essential Utilities, Inc.		34,609		1,463
Genie Energy Ltd. Class B		3,248		24
Global Water Resources, Inc.		1,516		16
Hawaiian Electric Industries, Inc.		16,883		609
IDACORP, Inc.		7,465		652
MDU Resources Group, Inc.		30,681		680
MGE Energy, Inc.		5,715		369
Middlesex Water Co.		2,433		163
National Fuel Gas Co.		13,826		580
New Jersey Resources Corp.		14,006		457
Northwest Natural Holding Co.		4,414		246
NorthWestern Corp.		7,386		403
OGE Energy Corp. (b)		29,617		899
ONE Gas, Inc.		7,288		562
Ormat Technologies, Inc. (b)		5,749		365
Otter Tail Corp. (c)		5,776		224
PG&E Corp. (a) (b)		83,734		743
PNM Resources, Inc.		10,714		412
Portland General Electric Co. (c)		13,993		585
Pure Cycle Corp. (a)		4,010		37
RGC Resources, Inc.		1,273		31
SJW Group		3,548		220
South Jersey Industries, Inc. (b)		12,438		311
Southwest Gas Holdings, Inc.		7,507		518
Spark Energy, Inc. Class A		1,307		9

See notes to financial statements.

62

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Spire, Inc.		7,754	$	510
Sunnova Energy International, Inc. (a) (b)		5,511		94
TerraForm Power, Inc. Class A		14,474		267
The York Water Co.		2,059		99
UGI Corp.		32,217		1,024
Unitil Corp. (c)		2,340		105
Vistra Corp.		76,400		1,423
				17,234
Total Common Stocks (Cost $449,058)				682,571
Rights (0.0%) (h)
Consumer Discretionary (0.0%): (h)
HG Holdings, Inc. (a) (f) (g)		2,421		—	(e)
Health Care (0.0%): (h)
Achillion Pharmaceuticals (a) (d) (g)		22,837		11
Alder Biopharmaceuticals, Inc. (a) (d) (g)		13,300		12
Biolase, Inc. (a) (d) (g)		7,370		—	(e)
Contra Oncomed Pharmaceuticals Class B (a) (d) (g)		3,414		—	(e)
Elanco Animal Health, Inc. (a) (d) (g)		8,052		—	(e)
Oncternal Therapeutics, Inc. (a) (d) (g)		254		—	(e)
Progenics Pharmaceuticals, Inc. (a) (d) (g)		10,103		2
Qualigen Therapeutics, Inc. (a) (d) (g)		7,487		—	(e)
Seelos Therapeutics, Inc. (a) (d) (g)		41		—	(e)
Stemline Therapeutics, Inc. (a) (d) (g)		5,762		2
				27
Total Rights (Cost $3)				27
Warrants (0.0%) (h)
Health Care (0.0%): (h)
Galectin Therapeutics, Inc. Class B (d) (g)		7,552		—	(e)
Total Warrants (Cost $—)				—	(e)
Mutual Funds (0.0%) (h)
180 Degree Capital Corp.		4,394		7
OFS Credit Co., Inc.		302		3
Total Mutual Funds (Cost $14)				10
Collateral for Securities Loaned^ (8.6%)
Fidelity Investments Money Market Government Portfolio I shares, 0.05% (i)		20,467,913		20,468
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.15% (i)		22,739,775		22,740
HSBC U.S. Government Money Market Fund I Shares, 0.11% (i)		2,815,852		2,816
Invesco Government & Agency Portfolio Institutional Shares, 0.09% (i)		13,192,157		13,192
Total Collateral for Securities Loaned (Cost $59,216)				59,216
Total Investments (Cost $508,291) — 107.9%				741,824
Liabilities in excess of other assets — (7.9)%				(54,423	)
NET ASSETS — 100.00%			$	687,401

See notes to financial statements.

63

USAA Mutual Funds Trust
USAA Extended Market Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

^  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.

(d)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of the Fund's net assets as of June 30, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(e)  Rounds to less than $1 thousand.

(f)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.1% of the Fund's net assets as of June 30, 2020. (See Note 2)

(g)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of June 30, 2020, illiquid securities were less than 0.05% of the Fund's net assets.

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

(i)  Rate disclosed is the daily yield on June 30, 2020.

(j)  Affiliated holding (See note 8)

(k)  Issuer is in bankruptcy on June 30, 2020.

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)
E-Mini Index Futures		62	9/18/20	$	4,387,357	$	4,456,560	$	69,203
Total unrealized appreciation								$	69,203
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	69,203

See notes to financial statements.

64

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA Extended Market Index Fund
Assets:
Affiliated investments, at value (Cost $44)	$	35
Unaffiliated investments, at value (Cost $508,247)		741,789	(a)
Cash and cash equivalents		2,924
Deposits with brokers for futures contracts		1,509
Receivables:
Interest and dividends		787
Capital shares issued		37
Investments sold		85
Variation margin on open futures contracts		45
Prepaid expenses		14
Total Assets		747,225
Liabilities:
Payables:
Collateral received on loaned securities		59,216
Investments purchased		55
Capital shares redeemed		331
Accrued expenses and other payables:
Investment advisory fees		56
Administration fees		85
Custodian fees		28
Transfer agent fees		1
Compliance fees		1
Trustees' fees		1
Other accrued expenses		50
Total Liabilities		59,824
Net Assets:
Capital		443,573
Total distributable earnings/(loss)		243,828
Net Assets	$	687,401
Shares (unlimited number of shares authorized with no par value):		36,715
Net asset value, offering and redemption price per share: (b)	$	18.72

(a)  Includes $57,518 of securities on loan.

(b)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

65

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA Extended Market Index Fund
Investment Income:
Dividends	$	5,318
Interest		15
Securities lending (net of fees)		340
Foreign tax withholding		(3	)
Total Income		5,670
Expenses:
Investment advisory fees		339
Administration fees		508
Sub-Administration fees		13
Custodian fees		20
Transfer agent fees		273
Trustees' fees		23
Compliance fees		2
Legal and audit fees		37
State registration and filing fees		16
Interfund lending fees		—	(a)
Other expenses		54
Total Expenses		1,285
Net Investment Income (Loss)		4,385
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		(1	)
Net realized gains (losses) from unaffiliated investment securities		2,384
Net realized gains (losses) from futures contracts		784
Net change in unrealized appreciation/depreciation on affiliated funds		(9	)
Net change in unrealized appreciation/depreciation on investment securities		(62,147	)
Net change in unrealized appreciation/depreciation on futures contracts		8
Net realized/unrealized gains (losses) on investments		(58,981	)
Change in net assets resulting from operations	$	(54,596	)

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

66

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Extended Market Index Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	4,385		$	7,976
Net realized gains (losses) from investments		3,167			9,961
Net change in unrealized appreciation/depreciation on investments		(62,148	)		161,215
Change in net assets resulting from operations		(54,596	)		179,152
Change in net assets resulting from distributions to shareholders		—			(24,534	)
Change in net assets resulting from capital transactions		(46,667	)		(22,360	)
Change in net assets		(101,263	)		132,258
Net Assets:
Beginning of period		788,664			656,406
End of period	$	687,401		$	788,664
Capital Transactions:
Proceeds from shares issued	$	30,446		$	45,950
Distributions reinvested		—	(a)		23,860
Cost of shares redeemed		(77,113	)		(92,170	)
Change in net assets resulting from capital transactions	$	(46,667	)	$	(22,360	)
Share Transactions:
Issued		1,812			2,434
Reinvested		—	(a)		1,189
Redeemed		(4,517	)		(4,867	)
Change in Shares		(2,705	)		(1,244	)

(a)  Rounds to less than 1 thousand.

See notes to financial statements.

67

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 Extended Market Index Fund
Six Months Ended June 30, 2020 (unaudited)	$	20.01		0.11	(c)		(1.40	)		(1.29	)		—			—
Year Ended December 31, 2019	$	16.14		0.20	(c)		4.31			4.51			(0.26	)		(0.38	)
Year Ended December 31, 2018	$	18.98		0.17			(1.96	)		(1.79	)		(0.17	)		(0.88	)
Year Ended December 31, 2017	$	17.34		0.18			2.88			3.06			(0.18	)		(1.24	)
Year Ended December 31, 2016	$	16.06		0.18			2.33			2.51			(0.18	)		(1.05	)
Year Ended December 31, 2015	$	18.02		0.14			(0.81	)		(0.67	)		(0.15	)		(1.14	)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year

(b)  Annualized for periods less than one year.

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

(d)  Prior to February 24, 2018, the Fund was a feeder fund in a master-feeder structure investing in Master Extended Market Index Series ("the Series") before converting to a stand-alone fund. Expenses include expenses allocated to the Fund by the Series prior to the conversion.

(e)  Reflects the period of February 24, 2018 to December 31, 2018, after the Fund converted to a stand-alone fund.

(f)  Represents the portfolio turnover of the Master Extended Market Index Series.

(g)  Prior to May 1, 2015, USAA Asset Management Company, the former investment adviser to the Fund, voluntarily agreed to limit the annual expenses of the Fund to 0.50% of the Fund's average daily net assets.

See notes to financial statements.

68

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)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Extended Market Index Fund
Six Months Ended June 30, 2020 (unaudited)		—		$	18.72		(6.45	)%		0.38	%		1.30	%		0.38	%	$	687,401		12	%
Year Ended December 31, 2019		(0.64	)	$	20.01		27.94	%		0.41	%		1.06	%		0.41	%	$	788,664		24	%
Year Ended December 31, 2018		(1.05	)	$	16.14		(9.70	)%		0.43	%(d)		0.90	%(d)		0.43	%(d)	$	656,406		12	%(e)
Year Ended December 31, 2017		(1.42	)	$	18.98		17.72	%		0.44	%		0.93	%		0.44	%	$	765,211		11	%(f)
Year Ended December 31, 2016		(1.23	)	$	17.34		15.48	%		0.48	%(g)		1.14	%		0.48	%(g)	$	671,703		13	%(f)
Year Ended December 31, 2015		(1.29	)	$	16.06		(3.76	)%		0.48	%		0.86	%		0.48	%	$	619,624		14	%(f)

See notes to financial statements.

69

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2020

  (Unaudited)

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 47 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 USAA Extended Market Index 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 risk associated with entering into those investments.

The Adviser has established the Pricing and Liquidity Committee (the "Committee"), and subject to 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"), 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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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

Debt securities of United States ("U.S.") issuers, along with corporate and municipal securities, including short-term investments maturing in 60 days or less, may be valued using evaluated bid or the last sales price to price securities by dealers or an independent pricing service approved by the Board. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by 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 June 30, 2020, 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
Common Stock	$	681,792	$	775	$	4		$	682,571
Rights		—		1		26			27
Warrants		—		—		—	(a)		—
Mutual Funds		10		—		—			10
Collateral for Securities Loaned		59,216		—		—			59,216
Total	$	741,018	$	776	$	30		$	741,824
Other Financial Investments^:
Assets:
Futures Contracts		69		—		—			69
Total	$	69	$	—	$	—		$	69

(a)  Amount is less than $1 thousand.

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

For the six months ended June 30, 2020, there were no transfers in or out of the Level 3 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:

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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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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 reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

During the period ended June 30, 2020, the Fund held 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 June 30, 2020 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure:	$	69

*  Includes cumulative appreciation/depreciation of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts are 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 June 30, 2020 (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:	$	784	$	8

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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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 on 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 discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Fund has 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, to earn additional income, net of income retained by Citibank. Borrowers are required to 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 cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. 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. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and 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. Cash collateral is listed on the Fund's Schedule of Portfolio of Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2020:

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	57,518	$	—	$	59,216

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 December 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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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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 affiliated trust based upon net assets or another appropriate basis.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2020, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	79,076	$	120,216

There were no purchases and sales of U.S. government securities during the six months ended June 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect 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 0.10% of the Fund's average daily net assets. The amount incurred and paid to VCM for the six months ended June 30, 2020, 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. Prior to that date, the Trust relied on a similar exemptive order granted by the SEC to the Trust and its affiliated persons. 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 June 30, 2020, 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 for its services an annual fee at a rate of 0.15% of average daily net assets of the Fund. Amounts incurred for the six months ended June 30, 2020, 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. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Compliance fees.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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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 reasonable out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, 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. The amount incurred and paid to VCTA for the six months ended June 30, 2020, 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:

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. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

Other Fees:

Citibank serves as the Fund's custodian.

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, 2021. 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 the Fund in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. 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 June 30, 2020, the expense limit (excluding voluntary waivers) is 0.43%.

Under this expense limitation agreement, 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, 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. As of June 30, 2020, there are no amounts available to be repaid to the Adviser.

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 June 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

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

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, 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. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue to result in, among other things (1) government imposition of various forms of "stay-at-home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees; (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults; (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

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.

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.

The Fund invests in small- and mid-capitalization companies, which may be more vulnerable than larger companies to adverse business or economic conditions. Securities of small- and mid-capitalization companies may be less liquid and more volatile than securities of larger companies or the market in general and, therefore, may involve greater risk than investing in securities of larger companies.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended June 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended June 30, 2020, 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) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

Interest charged to the Fund, if any, during the period is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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 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. 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 reflected on the Statement of Operations under Income on Interfund lending.

The average borrowing and lending for the days outstanding and average interest rate for the Fund during the six months ended June 30, 2020 were as follows (amounts in thousands):

Borrower or Lender	Amount Outstanding at June 30, 2020		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
Borrower	$	—	$	1,215		1		0.66	%	$	1,215

*For the six months ended June 30, 2020, 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.

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 December 31, 2020.

During the most recent tax year ended December 31, 2019 the Fund had no capital loss carryforwards, for 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

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USAA Mutual Funds Trust Notes to Financial Statements — continued
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fund's annual or semiannual reports may be viewed at usaa.com. Transactions in affiliated securities during the six months ended June 30, 2020 were as follows (amount in thousands):

	Fair Value 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Losses)			Net Realized Gains Distributions from Affiliated Underlying Funds		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/20		Dividend Income
Victory Capital Holdings, Inc.	$	—	$	47	$	(2	)	$	(1	)	$	—	$	(9	)	$	35	$	—

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USAA Mutual Funds Trust Supplemental Information
June 30, 2020

  (Unaudited)

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) 539-3863. 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

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 January 1, 2020 through June 30, 2020.

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. If these transactional costs were included, your costs would have been higher.

Beginning Account Value 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20- 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20- 6/30/20*		Annualized Expense Ratio During Period 1/1/20- 6/30/20
$	1,000.00	$	935.50	$	1,022.97	$	1.83	$	1.91		0.38	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

79

USAA Mutual Funds Trust Supplemental Information — continued
June 30, 2020

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

80

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:	Call
vcm.com	(800) 235-8396

37757-0820

JUNE 30, 2020

Semi Annual Report

USAA Global Managed Volatility Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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 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 logo 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.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Financial Statements
Schedule of Portfolio Investments	4
Statement of Assets and Liabilities	19
Statement of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	24
Supplemental Information	35
Proxy Voting and Portfolio Holdings Information	35
Expense Example	35
Liquidity Risk Management Program	36
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

1

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to attain long-term capital appreciation while attempting to reduce volatility during unfavorable market conditions.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

iShares Edge MSCI Min Vol EAFE ETF	14.4	%
iShares Edge MSCI USA Quality Factor ETF	4.9	%
iShares Edge MSCI Min Vol Emerging Markets ETF	4.2	%
iShares Core S&P 500 ETF	3.5	%
iShares Edge MSCI USA Momentum Factor ETF	3.5	%
Schwab Fundamental International Large Co. Index ETF	2.9	%
Schwab Fundamental U.S. Large Company Index ETF	2.3	%
Schwab Fundamental Emerging Markets Large Co. Index ETF	2.2	%
Invesco FTSE RAFI Developed Markets ex-US ETF	2.0	%
Schwab Fundamental International Small Co. Index ETF	1.9	%

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

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

2

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund (continued) June 30, 2020

  (Unaudited)

Asset Allocation*:

June 30, 2020
(% of Net Assets)

*Does not include purchased options, written options, futures, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

3

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (50.4%)
Australia (0.6%):
Consumer Staples (0.3%):
Coles Group Ltd.		52,678	$	626
Wesfarmers Ltd.		41,137		1,279
Woolworths Group Ltd.		34,520		889
				2,794
Financials (0.1%):
Westpac Banking Corp.		50,365		631
Materials (0.2%):
BHP Group Ltd.		51,994		1,294
Utilities (0.0%): (a)
AGL Energy Ltd.		28,379		336
				5,055
Austria (0.0%): (a)
Energy (0.0%): (a)
OMV AG (b)		6,562		221
Belgium (0.1%):
Health Care (0.1%):
UCB SA		4,682		543
Bermuda (0.4%):
Financials (0.4%):
Everest Re Group Ltd.		13,264		2,735
RenaissanceRe Holdings Ltd.		5,107		873
				3,608
Brazil (0.2%):
Financials (0.0%): (a)
Banco do Brasil SA		29,600		175
Industrials (0.1%):
WEG SA		37,300		347
Materials (0.1%):
Vale SA		99,700		1,026
				1,548
Canada (0.4%):
Consumer Discretionary (0.1%):
Magna International, Inc.		12,907		575
Restaurant Brands International, Inc.		9,467		515
				1,090

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Financials (0.3%):
Sun Life Financial, Inc.		26,106	$	960
The Toronto-Dominion Bank		36,636		1,635
				2,595
				3,685
China (0.8%):
Communication Services (0.1%):
NetEase, Inc., ADR		2,708		1,163
Consumer Discretionary (0.2%):
ANTA Sports Products Ltd.		48,000		427
Li Ning Co. Ltd.		88,500		283
New Oriental Education & Technology Group, Inc., ADR (b)		6,334		825
				1,535
Energy (0.0%): (a)
China Shenhua Energy Co. Ltd. Class H		150,000		233
Financials (0.4%):
China Merchants Bank Co. Ltd. Class H		171,000		793
Industrial & Commercial Bank of China Ltd. Class H		1,803,000		1,090
PICC Property & Casualty Co. Ltd. Class H		308,000		256
Ping An Insurance Group Co. of China Ltd.		121,500		1,211
				3,350
Industrials (0.0%): (a)
Country Garden Services Holdings Co. Ltd.		54,000		252
Materials (0.1%):
Anhui Conch Cement Co. Ltd. Class H		54,000		366
China National Building Material Co. Ltd. Class H		170,000		182
				548
Utilities (0.0%): (a)
China Resources Gas Group Ltd.		38,000		186
				7,267
Denmark (0.2%):
Consumer Staples (0.1%):
Carlsberg A/S Class B		4,766		632
Health Care (0.1%):
Novo Nordisk A/S Class B		14,455		942
Industrials (0.0%): (a)
Vestas Wind Systems A/S		5,381		551
				2,125
Finland (0.3%):
Energy (0.1%):
Neste Oyj		18,291		718
Industrials (0.1%):
Kone Oyj Class B		13,636		941

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Materials (0.1%):
Stora Enso Oyj Class R		25,920	$	310
UPM-Kymmene Oyj		21,236		615
				925
				2,584
France (0.8%):
Communication Services (0.0%): (a)
Publicis Groupe SA		9,642		313
Consumer Discretionary (0.2%):
Cie Generale des Etablissements Michelin SCA (b)		2,023		211
LVMH Moet Hennessy Louis Vuitton SE		2,277		1,005
Peugeot SA (b)		24,391		400
				1,616
Energy (0.1%):
TOTAL SA		30,497		1,176
Financials (0.1%):
AXA SA (b)		26,635		561
Credit Agricole SA (b)		32,457		308
				869
Health Care (0.1%):
Sanofi		8,071		823
Industrials (0.1%):
Cie de Saint-Gobain		14,473		522
Schneider Electric SE		8,194		911
				1,433
Materials (0.1%):
Air Liquide SA		6,327		915
Utilities (0.1%):
Veolia Environnement SA		24,011		542
				7,687
Germany (0.1%):
Financials (0.1%):
Deutsche Boerse AG		3,338		604
India (0.1%):
Information Technology (0.1%):
Infosys Ltd.		68,814		669
Indonesia (0.1%):
Financials (0.1%):
PT Bank Rakyat Indonesia (Persero) Tbk		2,449,100		526
Ireland (0.9%):
Communication Services (0.0%): (a)
WPP PLC		55,990		436

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Industrials (0.3%):
Allegion PLC		5,738	$	587
Eaton Corp. PLC		15,363		1,344
Experian PLC		18,865		662
				2,593
Information Technology (0.6%):
Accenture PLC Class A		22,519		4,835
Seagate Technology PLC		10,503		509
				5,344
				8,373
Italy (0.2%):
Energy (0.0%): (a)
Snam SpA		44,873		219
Financials (0.1%):
FinecoBank Banca Fineco SpA (b)		26,283		356
Intesa Sanpaolo SpA		127,764		245
				601
Health Care (0.0%): (a)
Recordati SpA		4,364		218
Utilities (0.1%):
Enel SpA		89,271		772
				1,810
Japan (1.6%):
Communication Services (0.2%):
KDDI Corp.		25,400		758
Nippon Telegraph & Telephone Corp.		19,700		459
NTT DOCOMO, Inc.		21,100		560
				1,777
Consumer Discretionary (0.2%):
Sekisui House Ltd.		27,400		523
Sony Corp.		14,700		1,015
Subaru Corp.		12,400		260
Suzuki Motor Corp.		12,300		420
				2,218
Consumer Staples (0.1%):
Asahi Group Holdings Ltd.		10,500		369
Seven & i Holdings Co. Ltd.		6,000		196
				565
Financials (0.2%):
MS&AD Insurance Group Holdings, Inc.		18,300		504
Nomura Holdings, Inc.		138,100		620
Tokio Marine Holdings, Inc.		11,300		495
				1,619

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Health Care (0.3%):
Astellas Pharma, Inc.		53,200	$	888
Daiichi Sankyo Co. Ltd.		13,100		1,072
Shionogi & Co. Ltd.		12,400		778
				2,738
Industrials (0.3%):
ITOCHU Corp.		32,600		706
MonotaRO Co. Ltd.		5,700		229
Obayashi Corp.		29,200		275
Secom Co. Ltd.		6,100		535
Taisei Corp.		8,900		324
West Japan Railway Co.		6,000		337
				2,406
Information Technology (0.2%):
FUJIFILM Holdings Corp.		12,700		544
Hitachi Ltd.		15,900		505
Nomura Research Institute Ltd.		8,800		240
Otsuka Corp.		4,800		254
Tokyo Electron Ltd.		2,500		617
				2,160
Materials (0.1%):
Nitto Denko Corp.		7,100		403
Oji Holdings Corp.		37,500		175
Shin-Etsu Chemical Co. Ltd.		4,600		540
				1,118
Utilities (0.0%): (a)
The Kansai Electric Power Co., Inc.		25,500		247
				14,848
Korea, Republic Of (0.4%):
Communication Services (0.1%):
NCSoft Corp.		710		528
Financials (0.0%): (a)
Shinhan Financial Group Co. Ltd.		18,766		454
Information Technology (0.3%):
Samsung Electronics Co. Ltd.		39,291		1,739
SK Hynix, Inc.		15,673		1,119
				2,858
				3,840
Mexico (0.2%):
Communication Services (0.1%):
America Movil SAB de CV Class L		1,491,875		958
Consumer Staples (0.1%):
Wal-Mart de Mexico SAB de CV		232,208		557
				1,515

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Netherlands (0.4%):
Consumer Staples (0.1%):
Koninklijke Ahold Delhaize NV		30,345	$	827
Financials (0.0%): (a)
EXOR NV		4,786		275
Industrials (0.1%):
Wolters Kluwer NV		10,413		814
Information Technology (0.1%):
NXP Semiconductors NV		4,875		556
Materials (0.1%):
LyondellBasell Industries NV Class A		11,848		778
				3,250
New Zealand (0.1%):
Communication Services (0.0%): (a)
Spark New Zealand Ltd.		80,904		239
Health Care (0.1%):
Fisher & Paykel Healthcare Corp. Ltd.		15,822		365
				604
Norway (0.0%): (a)
Communication Services (0.0%): (a)
Telenor ASA		27,261		398
Russian Federation (0.3%):
Energy (0.2%):
LUKOIL PJSC		17,683		1,319
Tatneft PJSC		67,875		531
				1,850
Financials (0.0%): (a)
Sberbank of Russia PJSC		192,150		549
Materials (0.1%):
MMC Norilsk Nickel PJSC		2,817		743
				3,142
Spain (0.1%):
Communication Services (0.1%):
Telefonica SA		150,150		718
Financials (0.0%): (a)
Banco Bilbao Vizcaya Argentaria SA		85,292		294
Utilities (0.0%): (a)
Endesa SA		8,908		221
				1,233
Sweden (0.4%):
Financials (0.1%):
Svenska Handelsbanken AB Class A (b)		52,750		501

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Industrials (0.3%):
Atlas Copco AB Class A		23,026	$	981
Sandvik AB (b)		50,280		947
Skanska AB Class B (b)		15,149		309
Volvo AB Class B		31,355		494
				2,731
Materials (0.0%): (a)
Boliden AB		12,181		279
				3,511
Switzerland (0.8%):
Communication Services (0.1%):
Swisscom AG Registered Shares		1,154		605
Consumer Discretionary (0.1%):
Garmin Ltd.		9,491		925
Consumer Staples (0.1%):
Nestle SA Registered Shares		11,798		1,309
Financials (0.1%):
Zurich Insurance Group AG		2,650		939
Health Care (0.3%):
Novartis AG Registered Shares		13,102		1,142
Roche Holding AG		3,354		1,162
				2,304
Information Technology (0.1%):
TE Connectivity Ltd.		16,033		1,308
				1,308
				7,390
Taiwan (0.5%):
Consumer Staples (0.1%):
Uni-President Enterprises Corp.		171,000		415
Financials (0.1%):
Mega Financial Holding Co. Ltd.		477,000		501
Yuanta Financial Holding Co. Ltd.		433,000		258
				759
Information Technology (0.3%):
MediaTek, Inc.		67,000		1,325
Taiwan Semiconductor Manufacturing Co. Ltd.		160,000		1,709
				3,034
				4,208
United Kingdom (0.9%):
Consumer Discretionary (0.1%):
Aptiv PLC		3,798		296
Compass Group PLC		21,144		291
				587

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Consumer Staples (0.2%):
Diageo PLC		21,050	$	699
Imperial Brands PLC		30,956		589
Unilever NV		16,106		859
				2,147
Energy (0.1%):
Royal Dutch Shell PLC Class A		53,199		852
Health Care (0.2%):
AstraZeneca PLC		8,791		915
GlaxoSmithKline PLC (c)		47,101		951
				1,866
Industrials (0.1%):
RELX PLC		29,418		681
Materials (0.1%):
Rio Tinto PLC		19,075		1,073
Utilities (0.1%):
National Grid PLC		30,128		368
United Utilities Group PLC		30,725		345
				713
				7,919
United States (39.5%):
Communication Services (4.8%):
Activision Blizzard, Inc.		16,552		1,256
Alphabet, Inc. Class C (b)		4,113		5,814
AT&T, Inc.		145,425		4,396
Charter Communications, Inc. Class A (b)		1,871		954
Comcast Corp. Class A		59,802		2,331
Discovery, Inc. Class A (b) (d)		28,703		606
Electronic Arts, Inc. (b)		27,445		3,624
Facebook, Inc. Class A (b)		9,250		2,101
Fox Corp. Class A		45,302		1,215
Liberty Media Corp-Liberty SiriusXM Class C (b)		48,256		1,663
Omnicom Group, Inc.		39,489		2,156
Sirius XM Holdings, Inc.		381,718		2,241
Take-Two Interactive Software, Inc. (b)		22,307		3,113
The Interpublic Group of Co., Inc.		38,540		661
T-Mobile U.S., Inc. (b)		20,124		2,096
Verizon Communications, Inc.		167,555		9,237
				43,464
Consumer Discretionary (5.1%):
Amazon.com, Inc. (b)		2,377		6,558
AutoZone, Inc. (b)		5,802		6,545
Best Buy Co., Inc.		18,507		1,615
Booking Holdings, Inc. (b)		664		1,057
Darden Restaurants, Inc.		12,059		914
Dollar General Corp.		24,325		4,634

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Domino's Pizza, Inc.		14,991	$	5,538
eBay, Inc.		47,779		2,506
Ford Motor Co.		113,520		690
Hasbro, Inc.		5,593		419
Lowe's Cos., Inc.		10,462		1,414
Lululemon Athletica, Inc. (b)		1,021		319
McDonald's Corp.		4,101		757
Nike, Inc. Class B		9,588		940
Norwegian Cruise Line Holdings Ltd. (b) (d)		11,799		194
NVR, Inc. (b)		643		2,095
Ralph Lauren Corp.		7,443		540
Ross Stores, Inc.		10,910		930
Starbucks Corp.		10,490		772
Target Corp. (c)		22,242		2,667
The Home Depot, Inc.		8,603		2,155
The TJX Cos., Inc.		27,067		1,369
Tractor Supply Co.		7,046		929
				45,557
Consumer Staples (4.3%):
Altria Group, Inc.		48,336		1,897
Campbell Soup Co.		13,663		678
Church & Dwight Co., Inc.		24,330		1,881
General Mills, Inc.		43,033		2,653
Kellogg Co.		14,884		983
Kimberly-Clark Corp.		18,149		2,565
PepsiCo, Inc.		12,158		1,608
Philip Morris International, Inc.		22,373		1,568
The Clorox Co.		15,136		3,320
The Hershey Co.		26,384		3,420
The J.M. Smucker Co.		18,931		2,003
The Kroger Co.		76,578		2,592
The Procter & Gamble Co.		65,823		7,871
Walgreens Boots Alliance, Inc.		19,187		813
Walmart, Inc.		42,527		5,094
				38,946
Energy (1.4%):
Cabot Oil & Gas Corp.		48,701		837
Chevron Corp.		42,172		3,763
ConocoPhillips		38,892		1,634
Continental Resources, Inc. (d)		19,556		343
Devon Energy Corp.		60,356		684
EOG Resources, Inc.		8,647		438
Exxon Mobil Corp.		28,482		1,274
Kinder Morgan, Inc.		45,769		694
ONEOK, Inc.		20,700		688
Phillips 66		18,646		1,340
Plains GP Holdings LP Class A (d)		35,924		320
Valero Energy Corp.		11,444		673
				12,688

See notes to financial statements.

12

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USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Financials (3.2%):
Aflac, Inc.		88,102	$	3,174
Ally Financial, Inc.		13,563		269
Ameriprise Financial, Inc.		5,628		844
Bank of America Corp.		64,881		1,541
Fidelity National Financial, Inc.		64,232		1,969
Huntington Bancshares, Inc.		56,837		514
M&T Bank Corp.		10,586		1,101
MetLife, Inc.		24,998		913
Principal Financial Group, Inc.		10,818		449
Regions Financial Corp.		42,850		477
S&P Global, Inc.		5,062		1,668
SEI Investments Co.		31,252		1,718
Synchrony Financial		25,374		562
T. Rowe Price Group, Inc.		10,295		1,271
The Allstate Corp.		37,986		3,684
The Bank of New York Mellon Corp.		31,476		1,217
The PNC Financial Services Group, Inc.		21,930		2,307
The Progressive Corp.		7,597		609
The Travelers Cos., Inc.		8,990		1,025
U.S. Bancorp		40,085		1,476
Wells Fargo & Co.		33,915		868
Zions Bancorp NA		24,101		820
				28,476
Health Care (5.6%):
AbbVie, Inc.		22,101		2,170
AmerisourceBergen Corp.		12,019		1,211
Amgen, Inc.		10,715		2,527
Baxter International, Inc.		7,827		674
Biogen, Inc. (b)		3,185		852
Bristol-Myers Squibb Co.		39,729		2,336
Cardinal Health, Inc.		11,366		593
Cerner Corp.		11,328		777
CVS Health Corp.		11,946		776
Eli Lilly & Co.		21,791		3,578
Gilead Sciences, Inc. (c)		32,938		2,534
Henry Schein, Inc. (b)		18,842		1,100
Humana, Inc.		1,653		641
Jazz Pharmaceuticals PLC (b)		8,233		908
Johnson & Johnson (c)		45,619		6,415
Laboratory Corp. of America Holdings (b)		3,496		581
McKesson Corp.		6,699		1,028
Medtronic PLC		26,297		2,411
Merck & Co., Inc.		86,677		6,703
Pfizer, Inc.		60,766		1,987
Quest Diagnostics, Inc.		14,054		1,602
Regeneron Pharmaceuticals, Inc. (b)		2,019		1,259
Thermo Fisher Scientific, Inc.		2,028		735
UnitedHealth Group, Inc.		12,190		3,595

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Universal Health Services, Inc. Class B		13,065	$	1,214
Zoetis, Inc.		12,482		1,711
				49,918
Industrials (2.0%):
AO Smith Corp.		53,023		2,498
Carrier Global Corp.		74,167		1,648
Cummins, Inc.		6,270		1,086
Dover Corp. (d)		6,453		623
Expeditors International of Washington, Inc.		6,355		483
General Dynamics Corp.		4,114		615
HD Supply Holdings, Inc. (b)		77,358		2,680
Huntington Ingalls Industries, Inc.		5,424		946
Illinois Tool Works, Inc.		2,822		493
Ingersoll Rand, Inc. (b) (c) (d)		6,887		194
L3Harris Technologies, Inc.		4,645		788
Lockheed Martin Corp.		4,386		1,601
Masco Corp.		12,620		634
Northrop Grumman Corp.		1,954		601
Trane Technologies PLC		7,805		695
United Rentals, Inc. (b)		3,338		498
Waste Management, Inc.		17,176		1,819
XPO Logistics, Inc. (b) (d)		4,091		316
				18,218
Information Technology (9.7%):
Adobe, Inc. (b)		2,603		1,133
Akamai Technologies, Inc. (b)		5,416		580
Amphenol Corp. Class A		16,676		1,598
Apple, Inc.		27,704		10,106
Applied Materials, Inc.		21,197		1,281
Arrow Electronics, Inc. (b)		9,183		631
Automatic Data Processing, Inc.		16,521		2,460
Booz Allen Hamilton Holdings Corp.		28,242		2,197
Broadridge Financial Solutions, Inc.		18,460		2,330
Cadence Design Systems, Inc. (b)		12,464		1,196
CDW Corp.		6,382		741
Cisco Systems, Inc.		79,635		3,714
Citrix Systems, Inc.		38,494		5,694
Cognizant Technology Solutions Corp. Class A		41,358		2,350
Corning, Inc.		18,466		478
Dell Technologies, Inc. Class C (b)		12,677		697
F5 Networks, Inc. (b)		5,527		771
Intel Corp.		51,155		3,061
International Business Machines Corp.		27,047		3,266
Intuit, Inc.		4,503		1,334
Jack Henry & Associates, Inc.		20,151		3,708
Juniper Networks, Inc.		63,029		1,441
KLA Corp.		3,552		691
Lam Research Corp.		3,880		1,255
Maxim Integrated Products, Inc.		9,810		595

See notes to financial statements.

14

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Micron Technology, Inc. (b)		15,354	$	791
Microsoft Corp. (c)		44,518		9,060
NortonLifeLock, Inc.		128,023		2,539
NVIDIA Corp.		4,493		1,707
Oracle Corp.		80,567		4,453
Qorvo, Inc. (b)		4,691		519
QUALCOMM, Inc.		18,967		1,730
Teradyne, Inc.		7,444		629
Texas Instruments, Inc.		19,281		2,448
The Western Union Co.		217,634		4,705
VeriSign, Inc. (b)		6,799		1,406
Visa, Inc. Class A		12,063		2,330
VMware, Inc. Class A (b) (d)		7,009		1,085
Western Digital Corp.		5,898		260
				86,970
Materials (0.9%):
Air Products & Chemicals, Inc.		17,655		4,263
Celanese Corp.		12,344		1,066
Eastman Chemical Co.		6,040		421
International Paper Co.		16,547		583
Steel Dynamics, Inc.		74,685		1,948
				8,281
Real Estate (0.9%):
American Tower Corp.		5,538		1,432
Crown Castle International Corp.		2,205		369
Equinix, Inc.		473		332
Equity LifeStyle Properties, Inc.		9,083		567
Equity Residential		13,289		782
Extra Space Storage, Inc.		7,970		736
Healthpeak Properties, Inc.		22,861		630
Prologis, Inc.		2,969		277
Public Storage		4,866		934
SBA Communications Corp.		988		294
Simon Property Group, Inc.		5,082		348
Ventas, Inc.		13,564		497
VEREIT, Inc.		60,099		386
W.P. Carey, Inc.		7,566		512
Welltower, Inc.		3,021		156
				8,252
Utilities (1.6%):
American Electric Power Co., Inc. (c)		16,010		1,275
CMS Energy Corp.		51,794		3,026
Consolidated Edison, Inc. (c)		8,008		576
DTE Energy Co.		24,621		2,647
Duke Energy Corp. (c)		1,811		145
Exelon Corp.		36,711		1,332
Pinnacle West Capital Corp.		27,063		1,983
The Southern Co. (c)		13,549		703

See notes to financial statements.

15

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
WEC Energy Group, Inc. (c)		8,924	$	782
Xcel Energy, Inc. (c)		23,294		1,456
				13,925
				354,695
Total Common Stocks (Cost $444,323)				452,858
Preferred Stocks (0.3%)
Brazil (0.2%):
Financials (0.2%):
Banco Bradesco SA		196,770		749
Itau Unibanco Holding SA		215,000		1,007
				1,756
Germany (0.1%):
Consumer Discretionary (0.1%):
Volkswagen AG (b)		6,726		1,022
Total Preferred Stocks (Cost $3,402)				2,778
Rights (0.0%) (a)
Spain (0.0%): (a)
Communication Services (0.0%): (a)
Telefonica SA Expires 7/16/20 (b)		149,774		30
United States (0.0%): (a)
Communication Services (0.0%): (a)
T-Mobile U.S., Inc. Expires 7/28/20 (b)		20,100		3
Total Rights (Cost $32)				33
Exchange-Traded Funds (47.6%)
United States (47.6%):
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		53,613		1,624
Invesco FTSE RAFI Developed Markets ex-US ETF		516,273		17,868
Invesco FTSE RAFI Emerging Markets ETF		639,231		11,052
Invesco FTSE RAFI US 1000 ETF (d)		58,332		6,318
iShares Core MSCI EAFE ETF		7,796		446
iShares Core S&P 500 ETF		101,663		31,484
iShares Edge MSCI International Quality Factor ETF (d)		15,555		457
iShares Edge MSCI Min Vol EAFE ETF		1,963,224		129,691
iShares Edge MSCI Min Vol Emerging Markets ETF (d)		725,326		37,717
iShares Edge MSCI USA Momentum Factor ETF (d)		238,086		31,189
iShares Edge MSCI USA Quality Factor ETF		461,910		44,306
iShares Edge MSCI USA Value Factor ETF (d)		108,917		7,872
JPMorgan Diversified Return Emerging Markets Equity ETF		60,700		2,790
JPMorgan US Quality Factor ETF		203,794		6,201
KraneShares Bosera MSCI China A ETF		177,000		6,006
Schwab Fundamental Emerging Markets Large Co. Index ETF (d)		853,728		19,986
Schwab Fundamental International Large Co. Index ETF		1,091,464		25,911
Schwab Fundamental International Small Co. Index ETF (d)		605,362		16,672

See notes to financial statements.

16

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Schwab Fundamental U.S. Large Company Index ETF		567,499	$	20,907
Vanguard FTSE Developed Markets ETF		224,427		8,706
				427,203
Total Exchange-Traded Funds (Cost $414,146)				427,203
Affiliated Exchange-Traded Funds (1.2%)
United States (1.2%):
VictoryShares International Volatility Wtd ETF, 2.16%		137,362		4,767
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF, 0.32% (c)		54,300		2,061
VictoryShares USAA MSCI International Value Momentum ETF, 1.66%		98,503		3,793
Total Affiliated Exchange-Traded Funds (Cost $12,686)				10,621
Purchased Options (0.0%) (a)
Total Purchased Options (Cost $239)				137
Collateral for Securities Loaned^ (2.4%)
United States (2.4%):
HSBC U.S. Government Money Market Fund I Shares, 0.11% (e)		21,828,965		21,829
Total Collateral for Securities Loaned (Cost $21,829)				21,829
Total Investments (Cost $896,657) — 101.9%				915,459
Liabilities in excess of other assets — (1.9)%				(17,367	)
NET ASSETS — 100.00%			$	898,092

At June 30, 2020 the Fund's investments in foreign securities were 22.1% of net assets.

^  Purchased with cash collateral from securities on loan.

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

(b)  Non-income producing security.

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

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

(e)  Rate disclosed is the daily yield on June 30, 2020.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

LP — Limited Partnership

PLC — Public Limited Company

See notes to financial statements.

17

USAA Mutual Funds Trust
USAA Global Managed Volatility Fund Schedule of Portfolio Investments — continued
June 30, 2020

  (Unaudited)

Purchased Options

Exchange-traded options

(Amounts not in thousands)

	Put/ Call	Strike Price		Contracts		Expiration Date	Value
S&P 500 Index Option	Put		2,550	USD	40	9/18/20	$	137,000
Total (Cost $239,200)

See notes to financial statements.

18

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA Global Managed Volatility Fund
Assets:
Affiliated investments, at value (Cost $12,686)	$	10,621
Unaffiliated investments, at value (Cost $883,971)		904,838	(a)
Foreign currency, at value (Cost $102)		102
Cash and cash equivalents		4,332
Deposits with brokers for futures contracts		26
Receivables:
Interest and dividends		647
Capital shares issued		1
Reclaims		55
From Adviser		206
Prepaid expenses		26
Total Assets		920,854
Liabilities:
Payables:
Collateral received on loaned securities		21,829
Investments purchased		300
Capital shares redeemed		7
Accrued expenses and other payables:
Investment advisory fees		445
Administration fees		38
Transfer agent fees		40
Compliance fees		1
Trustees' fees		10
Other accrued expenses		92
Total Liabilities		22,762
Net Assets:
Capital		869,758
Total distributable earnings/(loss)		28,334
Net Assets	$	898,092
Net Assets
Fund Shares	$	9,664
Institutional Shares		888,428
Total	$	898,092
Shares (unlimited number of shares authorized with no par value):
Fund Shares		978
Institutional Shares		88,641
Total		89,619
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	9.89
Institutional Shares	$	10.02

(a)  Includes $21,384 of securities on loan.

(b)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

19

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA Global Managed Volatility Fund
Investment Income:
Interest	$	18
Income distributions from affiliated funds		76
Unaffiliated dividend		10,823
Securities lending (net of fees)		70
Foreign tax withholding		(215	)
Total Income		10,772
Expenses:
Investment advisory fees		2,706
Administration fees — Fund Shares		8
Administration fees — Institutional Shares		223
Sub-Administration fees		35
Custodian fees		48
Transfer agent fees — Fund Shares		7
Transfer agent fees — Institutional Shares		223
Trustees' fees		23
Compliance fees		3
Legal and audit fees		48
State registration and filing fees		21
Other expenses		22
Total Expenses		3,367
Expenses waived/reimbursed by Adviser		(203	)
Net Expenses		3,164
Net Investment Income (Loss)		7,608
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency translations		(3,632	)
Net realized gains (losses) on written options		4,833
Net change in unrealized appreciation/depreciation on unaffiliated investment securities		(104,650	)
Net change in unrealized appreciation/depreciation on affiliated funds		(1,824	)
Net change in unrealized appreciation/depreciation on written options		(102	)
Net realized/unrealized gains (losses) on investments		(105,375	)
Change in net assets resulting from operations	$	(97,767	)

See notes to financial statements.

20

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Global Managed Volatility Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	7,608		$	20,040
Net realized gains (losses) from investments		1,201			22,591
Net change in unrealized appreciation/depreciation on investments		(106,576	)		154,580
Change in net assets resulting from operations		(97,767	)		197,211
Distributions to Shareholders:
Fund Shares		—			(479	)
Institutional Shares		—			(40,997	)
Change in net assets resulting from distributions to shareholders		—			(41,476	)
Change in net assets resulting from capital transactions		(21,332	)		(70,983	)
Change in net assets		(119,099	)		84,752
Net Assets:
Beginning of period		1,017,191			932,439
End of period	$	898,092		$	1,017,191
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	1,151		$	2,369
Distributions reinvested		—			478
Cost of shares redeemed		(2,189	)		(2,838	)
Total Fund Shares	$	(1,038	)	$	9
Institutional Shares
Proceeds from shares issued	$	7,424		$	4,308
Distributions reinvested		—			40,997
Cost of shares redeemed		(27,718	)		(116,297	)
Total Institutional Shares	$	(20,294	)	$	(70,992	)
Change in net assets resulting from capital transactions	$	(21,332	)	$	(70,983	)
Share Transactions:
Fund Shares
Issued		119			224
Reinvested		—			43
Redeemed		(228	)		(269	)
Total Fund Shares		(109	)		(2	)
Institutional Shares
Issued		843			425
Reinvested		—			3,672
Redeemed		(2,712	)		(10,721	)
Total Institutional Shares		(1,869	)		(6,624	)
Change in Shares		(1,978	)		(6,626	)

See notes to financial statements.

21

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 Global Managed Vol Fund
Fund Shares
Six Months Ended June 30, 2020 (unaudited)	$	10.97		0.07	(e)		(1.15	)		(1.08	)		—			—
Year Ended December 31, 2019	$	9.39		0.19	(e)		1.85			2.04			(0.22	)		(0.24	)
Year Ended December 31, 2018	$	10.73		0.25			(1.18	)		(0.93	)		(0.15	)		(0.26	)
Year Ended December 31, 2017	$	9.03		0.13	(e)		1.76			1.89			(0.14	)		(0.05	)
Year Ended December 31, 2016	$	8.59		0.13	(e)		0.42			0.55			(0.11	)		—
Year Ended December 31, 2015	$	8.97		0.10	(e)		(0.40	)		(0.30	)		(0.08	)		—
Institutional Shares
Six Months Ended June 30, 2020 (unaudited)	$	11.11		0.08	(e)		(1.17	)		(1.09	)		—			—
Year Ended December 31, 2019	$	9.49		0.21	(e)		1.88			2.09			(0.23	)		(0.24	)
Year Ended December 31, 2018	$	10.84		0.16			(1.08	)		(0.92	)		(0.17	)		(0.26	)
Year Ended December 31, 2017	$	9.12		0.18	(e)		1.76			1.94			(0.17	)		(0.05	)
Year Ended December 31, 2016	$	8.69		0.16	(e)		0.40			0.56			(0.13	)		—
Year Ended December 31, 2015	$	9.08		0.14	(e)		(0.44	)		(0.30	)		(0.09	)		—

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 5 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  The expense ratios exclude the impact of expenses paid by each underlying fund.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

See notes to financial statements.

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)(d)
USAA Global Managed Vol Fund
Fund Shares
Six Months Ended June 30, 2020 (unaudited)		—		$	9.89		(9.85	)%		0.90	%		1.45	%		1.15	%	$	9,664		25	%
Year Ended December 31, 2019		(0.46	)	$	10.97		21.69	%		0.90	%		1.81	%		1.09	%	$	11,921		53	%
Year Ended December 31, 2018		(0.41	)	$	9.39		(8.78	)%		0.90	%		1.57	%		1.18	%	$	10,229		35	%
Year Ended December 31, 2017		(0.19	)	$	10.73		20.95	%		0.90	%		1.30	%		1.09	%	$	11,284		48	%(f)
Year Ended December 31, 2016		(0.11	)	$	9.03		6.39	%		0.89	%		1.48	%		1.13	%	$	13,964		9	%
Year Ended December 31, 2015		(0.08	)	$	8.59		(3.28	)%		0.90	%(g)		1.14	%		1.15	%	$	15,911		16	%
Institutional Shares
Six Months Ended June 30, 2020 (unaudited)		—		$	10.02		(9.81	)%		0.70	%		1.69	%		0.74	%	$	888,428		25	%
Year Ended December 31, 2019		(0.47	)	$	11.11		21.97	%		0.70	%		1.97	%		0.75	%	$	1,005,270		53	%
Year Ended December 31, 2018		(0.43	)	$	9.49		(8.61	)%		0.70	%		1.87	%		0.74	%	$	922,210		35	%
Year Ended December 31, 2017		(0.22	)	$	10.84		21.24	%		0.72	%(h)		1.79	%		0.76	%	$	824,189		48	%(f)
Year Ended December 31, 2016		(0.13	)	$	9.12		6.46	%		0.78	%		1.85	%		0.81	%	$	295,644		9	%
Year Ended December 31, 2015		(0.09	)	$	8.69		(3.27	)%		0.80	%		1.61	%		0.88	%	$	189,078		16	%

(f)  Reflects increase trading activity due to large shareholder inflows.

(g)  Prior to May 1, 2015, USAA Asset Management Company, the former investment adviser to the Fund ("AMCO"), voluntarily agreed to limit the annual expenses of the Fund Shares to 0.90% of the Fund Shares' average daily net assets.

(h)  Prior to May 1, 2017, AMCO voluntarily agreed to limit the annual expenses of the Institutional Shares to 0.70% of the Institutional Shares' average daily net assets.

See notes to financial statements.

23

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2020

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 47 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 USAA Global Managed Volatility Fund (the "Fund"). The Fund offers two classes of shares: Fund Shares and Institutional Shares. 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 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.

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 risk associated with entering into those investments.

The Adviser has established the Pricing and Liquidity Committee (the "Committee"), and subject to 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"), American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or

24

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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 net asset value ("NAV"). These valuations are typically categorized as Level 1 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.

Options are valued by a pricing service at the National Best Bid/Offer (NBBO) composite price, which is derived from the best available bid and ask price in all participating options exchanges determined to most closely reflect market value of the options at the time of computation of the Fund's NAV. These valuations typically are categorized as Level 1 in the fair value hierarchy.

Debt securities of United States ("U.S.") issuers, along with corporate and municipal securities, including short-term investments maturing in 60 days or less, may be valued using evaluated bid or the last sales price to price securities by dealers or an independent pricing service approved by the Board. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by 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.

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. These valuations are considered as Level 2 in the fair value hierarchy.

A summary of the valuations as of June 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stock	$	378,176	$	74,682	$	—	$	452,858
Preferred Stocks		1,756		1,022		—		2,778
Rights		33		—		—		33
Exchange-Traded Funds		427,203		—		—		427,203
Affiliated Exchange-Traded Funds		10,621		—		—		10,621
Purchased Options		137		—		—		137
Collateral for Securities Loaned		21,829		—		—		21,829
Total	$	839,755	$	75,704	$	—	$	915,459

For the six months ended June 30, 2020, there were no transfers in or out of the Level 3 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

25

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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 fixed portfolio of securities 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.

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 Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified in the Schedule of Portfolio Investments.

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

26

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

in the underlying prices of the securities. As of June 30, 2020, the Fund had no open forward foreign exchange currency contracts.

Derivative Instruments:

The Fund may buy, sell, and enter into certain types of derivatives, including, but not limited to, futures contracts, options, and options on futures contracts, under circumstances in which such instruments are expected by the portfolio manager to aid in achieving the Fund's investment objective. The Fund also may use derivatives in circumstances where the portfolio manager believes they offer an economical means of gaining exposure to a particular asset class or securities market or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market. With exchange-listed futures contracts and options, counterparty credit risk to the Fund is limited to the exchange's clearinghouse which, as counterparty to all exchange-traded futures contracts and options, guarantees the transactions against default from the actual counterparty to the transaction. The Fund's derivative agreements held at June 30, 2020, did not include master netting provisions.

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 reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

The Fund held no futures contracts during the period ended June 30, 2020.

Options:

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options on underlying instruments, namely, equity securities, ETFs, and equity indexes, to gain exposure to, or hedge against, changes in the value of equity securities, ETFs, or equity indexes. A call option gives the purchaser the right to buy, and the writer the obligation to sell, the underlying instrument at a specified price during a specified period. Conversely, a put option gives the purchaser the right to sell, and the writer the obligation to buy, the underlying instrument at a specified price during a specified period. The purchaser of the option pays a premium to the writer of the option.

Premiums paid for purchased options are included on the Fund's Statement of Assets and Liabilities as an investment. If a purchased option expires unexercised, the premium paid is recognized as a realized loss. If a purchased call option on a security is exercised, the cost of the security acquired includes the

27

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

exercise price and the premium paid. If a purchased put option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium paid. The risk associated with purchasing a call or put option is limited to the premium paid.

Premiums received from writing options are included on the Fund's Statement of Assets and Liabilities as a liability. If a written option expires unexercised, the premium received is recognized as a realized gain. If a written call option on a security is exercised, the realized gain or loss on the security sold is determined from the exercise price, the original cost of the security, and the premium received. If a written put option on a security is exercised, the cost of the security acquired is the exercise price paid less the premium received. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

In an attempt to reduce the Fund's volatility over time, the Fund may implement a strategy that involves purchasing and selling options on indexes or ETFs that represent the Fund's exposure against a highly correlated stock portfolio. The combination of the diversified stock portfolio with index or ETF options is designed to provide the Fund with consistent returns over a wide range of equity market environments. This strategy may not fully protect the Fund against declines in the portfolio's value, and the Fund could experience a loss. Options on ETFs are similar to options on individual securities in that the holder of the ETF call (or put) has the right to receive (or sell) shares of the underlying ETF at the strike price on or before exercise date. Options on securities indexes are different from options on individual securities in that the holder of the index option has the right to receive an amount of cash equal to the difference between the exercise price and the settlement value of the underlying index as defined by the exchange. If an index option is exercised, the realized gain or loss is determined by the exercise price, the settlement value, and the premium amount paid or received.

Summary of Derivative Instruments:

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the six months ended June 30, 2020 (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 Written Options		Net Change in Unrealized Appreciation/Depreciation on Written Options
Equity Risk Exposure:	$	4,833	$	(102	)

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.

The Fund did not hold futures contracts during the six months ended June 30, 2020.

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 on 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 discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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, to earn additional income, net of income retained by Citibank. Borrowers are required to 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 cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. 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. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and 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. Cash collateral is listed on the Fund's Schedule of Portfolio Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2020:

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	21,384	$	—	$	21,829

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 investments 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 or losses from investment transactions 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

29

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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 December 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 include 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 affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing 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.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2020, were as follows for the Fund (amounts in thousands):

		Excluding U.S. Government Securities
Purchases		Sales
$	229,556	$	235,027

There were no purchases and sales of U.S. government securities during the six months ended June 30, 2020.

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 semiannual reports may be viewed at usaa.com. As of June 30, 2020, certain fund-of funds owned total outstanding shares of the Fund:

Affiliated USAA Fund	Ownership %
Target Income Fund		3.4
Target 2020 Fund		5.6
Target 2030 Fund		26.3
Target 2040 Fund		37.1
Target 2050 Fund		23.2
Target 2060 Fund		3.2

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect 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

30

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

to receive fees accrued daily and paid monthly at an annual rate of 0.60% of the Fund's average daily net assets. The amounts incurred and paid to VCM during the six months ended June 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

In addition, the Fund invests in affiliated USAA 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). For the period from January 1, 2020 through June 30, 2020, the Fund's Adviser fee was reimbursed by VCM in an amount of $17 thousand, of which $3 thousand is receivable from VCM.

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. Prior to that date, the Trust relied on a similar exemptive order granted by the SEC to the Trust and its affiliated persons. 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 June 30, 2020, 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 for its services an annual fee at a rate of 0.15% of average daily net assets for the Fund Shares and 0.05% of average daily net assets of the Institutional Shares. Amounts incurred during the six months ended June 30, 2020, 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. 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 during the six months ended June 30, 2020, are reflected on the Statement of Operations as Compliance 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 reasonable out-of -pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, 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. Transfer agent's fees for Institutional Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.05% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA during the six months ended June 30, 2020, 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.

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USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Adviser, Inc.

Other Fees:

Citibank serves as the Fund's custodian.

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, 2021. 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. 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 June 30, 2020, the expense limits (excluding voluntary waivers) are 0.90% and 0.70% for Fund Shares and Institutional Shares, respectively.

Under this expense limitation agreement, 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, 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. As of June 30, 2020, the following amounts are available to be repaid to the Adviser (amounts in thousands).

Expires 12/31/22		Expires 12/31/23		Total
$	249	$	203	$	452

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 June 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

6. Risks:

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

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, 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. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue

32

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

to result in, among other things (1) government imposition of various forms of "stay-at-home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees; (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults; (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

The Fund focuses on stocks and ETFs that emphasize certain investment factors such as momentum, value, and quality, or that could lower volatility in the Fund's returns. The Fund uses quantitative analysis to allocate exposure to individual factors in an attempt to limit the amount of risk any individual factor contributes to the Fund and to reduce the Fund's volatility. The Fund will adjust its investments among asset classes and factor exposures to take advantage of opportunities and to manage risk. The Fund may engage in active and frequent trading of portfolio holdings.

In an attempt to reduce the Fund's volatility over time, the Fund may implement an option-based risk management strategy. This strategy involves purchasing and selling options on component indices or corresponding ETFs. This option strategy may not fully protect the Fund against declines in the value of its portfolio, and the Fund could experience a loss. The Fund also invests in other derivatives, including equity futures. Futures typically are used as a liquid and economical means of managing tactical allocations to asset classes or factors.

Diversification in the Fund's portfolio, combined with the use of call and put options, is designed to provide the Fund with fairly consistent returns over a wide range of market environments.

7. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended June 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date in 2021. 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended June 30, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. For the year ended June 30, 2020, Citibank earned approximately $450 thousand in commitment fees from the combined Victory Funds Complex and USAA Mutual Funds Complex. 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) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to the Fund, if any, during the period are reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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 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. 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 are reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by

33

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

the Fund, if any, during the period are reflected on the Statement of Operations under Income on interfund lending.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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.

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 December 31, 2020.

During the most recent tax year ended December 31, 2019 the Fund had no capital loss carryforwards, for federal income tax purposes.

9. 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 in the Fund's Schedule of Portfolio Investments. The affiliated underlying fund's annual or semiannual reports may be viewed at usaa.com. Transactions in affiliated securities during the six months ended June 30, 2020 were as follows (amount in thousands):

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales		Net Realized Gains (Losses)		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020		Net Realized in Gains Distributions from Affiliated Underlying Funds		Dividend Income
VictoryShares International Volatility Wtd ETF	$	5,466	$	—	$	—	$	—	$	(699	)	$	4,767	$	—	$	41
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		2,437		—		—		—		(376	)		2,061		—		3
VictoryShares USAA MSCI International Value Momentum ETF		4,542		—		—		—		(749	)		3,793		—		32
	$	12,445	$	—	$	—	$	—	$	(1,824	)	$	10,621	$	—	$	76

34

USAA Mutual Funds Trust Supplemental Information
June 30, 2020

  (Unaudited)

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) 539-3863. 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

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 January 1, 2020 through June 30, 2020.

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. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20- 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20- 6/30/20*		Annualized Expense Ratio During Period 1/1/20- 6/30/20
Fund Shares	$	1,000.00	$	901.50	$	1,020.39	$	4.25	$	4.52		0.90	%
Institutional Shares		1,000.00		901.90		1,021.38		3.31		3.52		0.70	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

35

USAA Mutual Funds Trust Supplemental Information —continued
June 30, 2020

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the 1940 Act. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital, as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

36

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:	Call
vcm.com	(800) 235-8396

88395-0820

JUNE 30, 2020

Semi Annual Report

USAA Nasdaq-100 Index Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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 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 logo 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.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Financial Statements
Schedule of Portfolio Investments	4
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	14
Notes to Financial Statements	16
Supplemental Information	25
Proxy Voting and Portfolio Holdings Information	25
Expense Examples	25
Liquidity Risk Management Program	26
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

1

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to match, before fees and expenses, the performance of the stocks composing the Nasdaq-100 Index.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

Apple, Inc.	12.0	%
Microsoft Corp.	11.7	%
Amazon.com, Inc.	10.5	%
Facebook, Inc., Class A	4.1	%
Alphabet, Inc., Class A	3.7	%
Alphabet, Inc., Class C	3.6	%
Intel Corp.	2.5	%
NVIDIA Corp.	2.3	%
Adobe, Inc.	2.0	%
PayPal Holdings, Inc.	2.0	%

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

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

2

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund June 30, 2020

  (Unaudited)

Sector Allocation:

June 30, 2020
(% of Net Assets)

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

Percentages are of the net assets of the Fund and may not equal 100%

3

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (19.6%):
Activision Blizzard, Inc.		220,222	$	16,715
Alphabet, Inc. Class A (a)		77,138		109,386
Alphabet, Inc. Class C (a)		75,323		106,477
Baidu, Inc., ADR (a)		78,607		9,424
Charter Communications, Inc. Class A (a)		59,010		30,097
Comcast Corp. Class A		1,301,838		50,746
Electronic Arts, Inc. (a)		82,513		10,896
Facebook, Inc. Class A (a)		538,780		122,341
Fox Corp. Class A		97,935		2,627
Fox Corp. Class B		74,622		2,003
Liberty Global PLC Class A (a)		52,093		1,139
Liberty Global PLC Class C (a)		117,631		2,530
NetEase, Inc., ADR		21,173		9,091
Netflix, Inc. (a)		125,706		57,201
Sirius XM Holdings, Inc. (b)		1,251,650		7,347
Take-Two Interactive Software, Inc. (a)		32,567		4,545
T-Mobile U.S., Inc. (a)		353,209		36,787
				579,352
Communications Equipment (1.9%):
Cisco Systems, Inc.		1,206,826		56,286
Consumer Discretionary (17.0%):
Amazon.com, Inc. (a)		111,759		308,323
Booking Holdings, Inc. (a)		11,699		18,629
Dollar Tree, Inc. (a)		67,806		6,284
eBay, Inc.		200,841		10,534
Expedia Group, Inc.		38,717		3,183
JD.com, Inc., ADR (a)		265,333		15,968
Lululemon Athletica, Inc. (a)		35,532		11,086
Marriott International, Inc. Class A		92,680		7,945
Mercadolibre, Inc. (a)		14,208		14,006
O'Reilly Automotive, Inc. (a)		21,215		8,946
Ross Stores, Inc.		101,578		8,658
Starbucks Corp.		333,926		24,574
Tesla, Inc. (a)		52,983		57,212
Trip.com Group Ltd., ADR (a)		149,478		3,874
Ulta Beauty, Inc. (a)		16,095		3,274
				502,496
Consumer Staples (4.9%):
Costco Wholesale Corp.		126,213		38,269
Mondelez International, Inc. Class A		408,001		20,861
Monster Beverage Corp. (a)		150,504		10,433
PepsiCo, Inc.		396,578		52,452
The Kraft Heinz Co.		349,227		11,137
Walgreens Boots Alliance, Inc.		250,729		10,628
				143,780

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components (0.2%):
CDW Corp.		40,678	$	4,726
Health Care (7.2%):
Alexion Pharmaceuticals, Inc. (a)		63,117		7,084
Align Technology, Inc. (a)		22,512		6,178
Amgen, Inc.		168,134		39,656
Biogen, Inc. (a)		46,643		12,479
BioMarin Pharmaceutical, Inc. (a)		51,687		6,375
Cerner Corp.		86,990		5,963
DexCom, Inc. (a)		26,394		10,700
Gilead Sciences, Inc. (c)		358,528		27,585
IDEXX Laboratories, Inc. (a)		24,276		8,015
Illumina, Inc. (a)		42,016		15,561
Incyte Corp. (a)		62,130		6,460
Intuitive Surgical, Inc. (a)		33,332		18,994
Regeneron Pharmaceuticals, Inc. (a)		28,830		17,980
Seattle Genetics, Inc. (a)		49,476		8,407
Vertex Pharmaceuticals, Inc. (a)		74,107		21,514
				212,951
Industrials (2.0%):
Cintas Corp.		29,740		7,922
Copart, Inc. (a)		67,105		5,588
CoStar Group, Inc. (a) (c)		11,152		7,926
CSX Corp.		218,787		15,258
Fastenal Co.		163,724		7,014
PACCAR, Inc.		98,816		7,396
Verisk Analytics, Inc.		46,377		7,893
				58,997
IT Services (4.0%):
Automatic Data Processing, Inc.		122,839		18,289
Cognizant Technology Solutions Corp. Class A		154,510		8,779
Fiserv, Inc. (a)		191,353		18,680
Paychex, Inc.		102,529		7,767
PayPal Holdings, Inc. (a)		335,601		58,472
VeriSign, Inc. (a)		33,024		6,830
				118,817
Semiconductors & Semiconductor Equipment (12.4%):
Advanced Micro Devices, Inc. (a)		334,752		17,611
Analog Devices, Inc.		105,304		12,914
Applied Materials, Inc.		261,950		15,835
ASML Holding NV, NYS		21,970		8,086
Broadcom, Inc.		114,269		36,064
Intel Corp.		1,210,171		72,404
KLA Corp.		44,316		8,619
Lam Research Corp.		41,491		13,421
Maxim Integrated Products, Inc.		76,207		4,619
Microchip Technology, Inc.		70,121		7,384
Micron Technology, Inc. (a)		317,887		16,378

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
NVIDIA Corp.		175,781	$	66,781
NXP Semiconductors NV		79,754		9,095
QUALCOMM, Inc.		321,529		29,327
Skyworks Solutions, Inc.		47,685		6,097
Texas Instruments, Inc.		262,320		33,307
Xilinx, Inc.		69,501		6,838
				364,780
Software (17.5%):
Adobe, Inc. (a)		137,709		59,946
ANSYS, Inc. (a)		24,465		7,137
Autodesk, Inc. (a)		62,648		14,985
Cadence Design Systems, Inc. (a)		79,798		7,657
Check Point Software Technologies Ltd. (a)		40,869		4,391
Citrix Systems, Inc.		35,285		5,219
DocuSign, Inc. (a)		52,342		9,014
Intuit, Inc.		74,534		22,076
Microsoft Corp. (c)		1,699,198		345,804
Splunk, Inc. (a)		45,399		9,021
Synopsys, Inc. (a)		43,099		8,404
Workday, Inc. Class A (a)		49,733		9,318
Zoom Video Communications, Inc. Class A (a) (b)		47,891		12,142
				515,114
Technology Hardware, Storage & Peripherals (12.2%):
Apple, Inc.		971,181		354,287
NetApp, Inc.		63,217		2,805
Western Digital Corp.		85,661		3,782
				360,874
Utilities (0.7%):
Exelon Corp.		278,507		10,107
Xcel Energy, Inc. (c)		150,105		9,382
				19,489
Total Common Stocks (Cost $1,187,848)				2,937,662
Rights (0.0%) (d)
Communication Services (0.0%): (d)
T-Mobile U.S., Inc. Expires 7/28/20 (a)		353,881		59
Total Rights (Cost $—)				59
Collateral for Securities Loaned^ (0.4%)
HSBC U.S. Government Money Market Fund, I Shares, 0.11% (e)		12,393,785		12,394
Invesco Government & Agency Portfolio Institutional Shares, 0.09% (e)		435,215		435
Total Collateral for Securities Loaned (Cost $12,829)				12,829
Total Investments (Cost $1,200,677) — 100.0%				2,950,550
Liabilities in excess of other assets — 0.0%				(1,292	)
NET ASSETS — 100.00%			$	2,949,258

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Nasdaq-100 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

  (Unaudited)

^  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.

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

(e)  Rate disclosed is the daily yield on June 30, 2020.

ADR — American Depositary Receipt

NYS — New York Registered Shares

PLC — Public Limited Company

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini Futures		60	9/18/20	$	11,896,805	$	12,176,700	$	279,895
	Total unrealized appreciation							$	279,895
	Total unrealized depreciation								—
	Total net unrealized appreciation (depreciation)							$	279,895

See notes to financial statements.

7

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA Nasdaq-100 Index Fund
Assets:
Investments, at value (Cost $1,200,677)	$	2,950,550	(a)
Cash and cash equivalents		9,346
Deposits with brokers for futures contracts		2,816
Receivables:
Interest and dividends		687
Capital shares issued		1,954
Variation margin on open futures contracts		219
From Adviser		—	(b)
Prepaid expenses		295
Total Assets		2,965,867
Liabilities:
Payables:
Collateral received on loaned securities		12,829
Capital shares redeemed		2,722
Accrued expenses and other payables:
Investment advisory fees		470
Administration fees		350
Custodian fees		23
Transfer agent fees		115
Compliance fees		2
Trustees' fees		—	(b)
12b-1 fees		—	(b)
Other accrued expenses		98
Total Liabilities		16,609
Net Assets:
Capital		1,181,888
Total distributable earnings/(loss)		1,767,370
Net Assets	$	2,949,258
Net Assets
Fund Shares	$	2,922,949
Institutional Shares		19
Class A shares		19
Class C shares		19
Class R6 Shares		26,252
Total	$	2,949,258
Shares (unlimited number of shares authorized with no par value):
Fund Shares		102,877
Institutional Shares		1
Class A shares		1
Class C shares		1
Class R6 Shares		923
Total		103,803
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	28.41
Institutional Shares		28.41
Class A shares		28.41
Class C shares (d)		28.41
Class R6 Shares		28.43
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 shares	$	29.06

(a)  Includes $12,770 of securities on loan.

(b)  Rounds to less than $1 thousand.

(c)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

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

See notes to financial statements.

8

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA Nasdaq-100 Index Fund
Investment Income:
Dividends	$	12,933
Interest		58
Securities lending (net of fees)		21
Foreign tax withholding		(9	)
Total Income		13,003
Expenses*:
Investment advisory fees		2,552
Administration fees — Fund Shares		1,898
Administration fees — Institutional Shares		—	(a)
Administration fees — Class A shares		—	(a)
Administration fees — Class C shares		—	(a)
Administration fees — R6 Shares		5
Sub-Administration fees		11
12b-1 fees — Class A shares		—	(a)
12b-1 fees — Class C shares		—	(a)
Custodian fees		55
Transfer agent fees — Fund Shares		815
Transfer agent fees — Class R6 Shares		1
Trustees' fees		23
Compliance fees		7
Legal and audit fees		39
State registration and filing fees		51
Other expenses		170
Total Expenses		5,627
Expenses waived/reimbursed by Adviser		—	(a)
Net Expenses		5,627
Net Investment Income (Loss)		7,376
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(22,098	)
Net realized gains (losses) from futures contracts		2,221
Net change in unrealized appreciation/depreciation on investment securities		427,687
Net change in unrealized appreciation/depreciation on futures contracts		(158	)
Net realized/unrealized gains (losses) on investments		407,652
Change in net assets resulting from operations	$	415,028

*  Class A, Class C and Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

9

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Nasdaq-100 Index Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	7,376		$	13,488
Net realized gains (losses) from investments		(19,877	)		48,976
Net change in unrealized appreciation/depreciation on investments		427,529			625,270
Change in net assets resulting from operations		415,028			687,734
Distributions to Shareholders:
Fund Shares		—	(a)		(21,297	)
Class R6 Shares		—			(172	)
Change in net assets resulting from distributions to shareholders		—	(a)		(21,469	)
Change in net assets resulting from capital transactions		72,691			31,933
Change in net assets		487,719			698,198
Net Assets:
Beginning of period		2,461,539			1,763,341
End of period	$	2,949,258		$	2,461,539

(a)  Rounds to less than $1 thousand.

(continues on next page)

See notes to financial statements.

10

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	USAA Nasdaq-100 Index Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	601,190		$	415,059
Distributions reinvested		—	(a)		20,918
Cost of shares redeemed		(532,277	)		(405,319	)
Total Fund Shares	$	68,913		$	30,658
Institutional Shares (b)
Proceeds from shares issued	$	18		$	—
Total Institutional Shares	$	18		$	—
Class A shares (c)
Proceeds from shares issued	$	18		$	—
Total Class A shares	$	18		$	—
Class C shares (d)
Proceeds from shares issued	$	18		$	—
Total Class C shares	$	18		$	—
Class R6 Shares
Proceeds from shares issued	$	8,198		$	6,125
Distributions reinvested		—			99
Cost of shares redeemed		(4,474	)		(4,949	)
Total Class R6 Shares	$	3,724		$	1,275
Change in net assets resulting from capital transactions	$	72,691		$	31,933

(a)  Rounds to less than $1 thousand.

(b)  Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

(c)  Class A activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

(d)  Class C activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

(continues on next page)

See notes to financial statements.

11

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  (continued)

	USAA Nasdaq-100 Index Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Share Transactions:
Fund Shares
Issued		24,541			19,540
Reinvested		—	(a)		861
Redeemed		(21,987	)		(19,046	)
Total Fund Shares		2,554			1,355
Institutional Shares (b)
Issued		1			—
Total Institutional Shares		1			—
Class A shares (c)
Issued		1			—
Total Class A shares		1			—
Class C shares (d)
Issued		1			—
Total Class C shares		1			—
Class R6 Shares
Issued		323			287
Reinvested		—			4
Redeemed		(175	)		(232	)
Total Class R6 Shares		148			59
Change in Shares		2,705			1,414

(a)  Rounds to less than 1 thousand.

(b)  Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

(c)  Class A activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

(d)  Class C activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

See notes to financial statements.

12

This page is intentionally left blank.

13

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 Nasdaq-100 Index Fund
Fund Shares
Six Months Ended June 30, 2020 (unaudited)	$	24.35		0.07	(d)		3.99			4.06			—			—
Year Ended December 31, 2019	$	17.69		0.13	(d)		6.74			6.87			(0.13	)		(0.08	)
Year Ended December 31, 2018	$	17.89		0.11			(0.18	)		(0.07	)		(0.12	)		(0.01	)
Year Ended December 31, 2017	$	13.79		0.07			4.38			4.45			(0.08	)		(0.27	)
Year Ended December 31, 2016	$	12.99		0.09			0.78			0.87			(0.07	)		—
Year Ended December 31, 2015	$	12.23		0.08			1.04			1.12			(0.08	)		(0.28	)
Institutional Shares
June 29, 2020 (e) through June 30, 2020	$	27.86		—	(d)(f)		0.55			0.55			—			—
Class A shares
June 29, 2020 (e) through June 30, 2020	$	27.86		—	(d)(f)		0.55			0.55			—			—
Class C shares
June 29, 2020 (e) through June 30, 2020	$	27.86		—	(d)(f)		0.55			0.55			—			—
Class R6 Shares
Six Months Ended June 30, 2020 (unaudited)	$	24.35		0.09	(d)		3.99			4.08			—			—
Year Ended December 31, 2019	$	17.68		0.15	(d)		6.74			6.89			(0.14	)		(0.08	)
Year Ended December 31, 2018	$	17.89		0.12			(0.18	)		(0.06	)		(0.14	)		(0.01	)
March 1, 2017 (e) through December 31, 2017	$	15.31		0.08			2.87			2.95			(0.10	)		(0.27	)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See notes to financial statements.

14

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 Nasdaq-100 Index Fund
Fund Shares
Six Months Ended June 30, 2020 (unaudited)		—		$	28.41		16.67	%		0.44	%		0.58	%		0.44	%	$	2,922,949		6	%
Year Ended December 31, 2019		(0.21	)	$	24.35		38.86	%		0.48	%		0.63	%		0.48	%	$	2,442,662		9	%
Year Ended December 31, 2018		(0.13	)	$	17.69		(0.44	)%		0.48	%		0.64	%		0.48	%	$	1,750,674		5	%
Year Ended December 31, 2017		(0.35	)	$	17.89		32.29	%		0.51	%		0.60	%		0.51	%	$	1,623,579		5	%
Year Ended December 31, 2016		(0.07	)	$	13.79		6.68	%		0.53	%		0.77	%		0.53	%	$	1,078,319		4	%
Year Ended December 31, 2015		(0.36	)	$	12.99		9.09	%		0.57	%		0.62	%		0.57	%	$	935,004		10	%
Institutional Shares
June 29, 2020 (e) through June 30, 2020		—		$	28.41		1.97	%		0.44	%		3.28	%		100.13	%	$	19		6	%
Class A shares
June 29, 2020 (e) through June 30, 2020		—		$	28.41		1.97	%		0.70	%		3.04	%		94.69	%	$	19		6	%
Class C shares
June 29, 2020 (e) through June 30, 2020		—		$	28.41		1.97	%		1.45	%		2.30	%		96.38	%	$	19		6	%
Class R6 Shares
Six Months Ended June 30, 2020 (unaudited)		—		$	28.43		16.76	%		0.33	%		0.69	%		0.33	%	$	26,252		6	%
Year Ended December 31, 2019		(0.22	)	$	24.35		38.99	%		0.39	%		0.71	%		0.42	%	$	18,877		9	%
Year Ended December 31, 2018		(0.15	)	$	17.68		(0.38	)%		0.40	%		0.72	%		0.45	%	$	12,667		5	%
March 1, 2017 (e) through December 31, 2017		(0.37	)	$	17.89		19.27	%		0.40	%		0.66	%		1.01	%	$	5,860		5	%

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

(e)  Commencement of operations.

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

See notes to financial statements.

15

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2020

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 47 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 USAA Nasdaq-100 Index Fund (the "Fund"). The Fund offers five classes of shares: Fund Shares, Institutional Shares, Class A shares, Class C shares, and R6 Shares. The Fund is classified as non- diversified under the 1940 Act. The Institutional Shares, Class A, and Class C were effective June 29, 2020.

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.

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 risk associated with entering into those investments.

The Adviser has established the Pricing and Liquidity Committee (the "Committee"), and subject to 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.

16

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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 net asset value ("NAV"). These valuations are typically categorized as Level 1 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.

Debt securities of United States ("U.S.") issuers, along with corporate and municipal securities, including short-term investments maturing in 60 days or less, may be valued using evaluated bid or the last sales price to price securities by dealers or an independent pricing service approved by the Board. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by 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 June 30, 2020, 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
Common Stocks	$	2,937,662	$	—	$	—	$	2,937,662
Rights		59		—		—		59
Collateral for Securities Loaned		12,829		—		—		12,829
Total	$	2,950,550	$	—	$	—	$	2,950,550
Other Financial Investments^:
Assets:
Futures Contracts		280		—		—		280
Total	$	280	$	—	$	—	$	280

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

For the six months ended June 30, 2020, there were no transfers in or out of the Level 3 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.

17

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

Investment Companies:

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.

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 reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

During the period ended June 30, 2020, the Fund held 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 June 30, 2020 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure:	$	280

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

18

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the six months ended June 30, 2020 (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	$	2,221	$	(158	)

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 on 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 discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Fund has 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, to earn additional income, net of income retained by Citibank. Borrowers are required to 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 cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. 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. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and 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. Cash collateral is listed on the Fund's Schedule of Portfolio Investments and Financial Statements while non-cash collateral is not included.

19

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2020:

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	12,770	$	—	$	12,829

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 December 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 include 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 affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing 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.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2020, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	248,516	$	164,797

There were no purchases and sales of U.S. government securities during the six months ended June 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect 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 annual rate of 0.20% of the Fund's average daily net assets. The amounts incurred and paid to VCM during the six months ended June 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

20

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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. Prior to that date, the Trust relied on a similar exemptive order granted by the SEC to the Trust and its affiliated persons. 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. Victory Capital's internal investment team, Victory Solutions, manages the Fund's assets. For the six months ended June 30, 2020, 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 for its services an annual fee at a rate of 0.15%, 0.10%, 0.15%, 0.15% and 0.05% of average daily net assets of the Fund Shares, Institutional Shares, Class A shares, Class C shares and Class R6 Shares, respectively. Amounts incurred during the six months ended June 30, 2020, 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. 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 during the six months ended June 30, 2020, are reflected on the Statement of Operations as Compliance 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 reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, 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. Transfer agent's fees for Intuitional Shares, Class A shares, Class C shares and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, 0.10% and 0.01% of the Shares' average daily net assets, respectively, plus out-of-pocket expenses. Amounts incurred and paid to VCTA during the six months ended June 30, 2020, 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.

Distribution and Service 12b-1 Fees:

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. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

21

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

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, at an annual rate of up to 0.25% and 1.00% of the average daily net assets of the Class A shares and Class C shares, respectively. These amounts incurred and paid to the Distributor are reflected on the Statement of Operations as 12b-1 fees.

Class A shares are offered and sold with the imposition of a maximum initial sales charge of up to 2.25% of the offering price of the Fund. A contingent deferred sales charge of up to 1.00% may be imposed on redemptions of Class A shares purchased without an initial sales charge if shares are redeemed within 18 months of purchase.

Other Fees:

Citibank serves as the Fund's custodian.

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

The Distributor is entitled to receive commissions on sales of the Class A shares and of the Fund. For the six months ended June 30, 2020, the Distributor did not receive commissions earned on sales of Class A shares of the Fund.

The Adviser has entered into an expense limitation agreement with the Fund until at least June 30, 2021. 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. 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 June 30, 2020, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, 0.70%, 1.45%, and 0.40% for Fund Shares, Institutional Shares, Class A shares, Class C shares, and R6 Shares, respectively.

Under this expense limitation agreement, 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, 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. As of June 30, 2020, less than $1 thousand is available to be repaid to the Adviser.

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 June 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

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

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, 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. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer

22

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue to result in, among other things (1) government imposition of various forms of "stay-at-home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees; (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults; (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

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.

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 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.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended June 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended June 30, 2020, 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) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to the Fund, if any, during the period are reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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 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. 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 are reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by

23

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

the Fund, if any, during the period are reflected on the Statement of Operations under Income on interfund lending.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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.

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 December 31, 2020.

During the most recent tax year ended December 31, 2019, the Fund had no capital loss carryforwards, for federal income tax purposes.

24

USAA Mutual Funds Trust Supplemental Information
June 30, 2020

  (Unaudited)

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) 539-3863. 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

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 January 1, 2020 through June 30, 2020 (unless noted otherwise).

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. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20- 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20- 6/30/20*		Annualized Expense Ratio During Period 1/1/20- 6/30/20
Fund Shares	$	1,000.00	$	1,166.70	$	1,022.68	$	2.37	$	2.21		0.44	%
Institutional Shares**		1,000.00		1,019.70		1,022.68		0.01		2.21		0.44	%
Class A shares*		1,000.00		1,019.70		1,021.38		0.02		3.52		0.70	%
Class C shares**		1,000.00		1,019.70		1,017.65		0.04		7.27		1.45	%
Class R6 Shares		1,000.00		1,167.60		1,023.22		1.78		1.66		0.33	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**  Actual Expenses Paid are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 1/366 to reflect the stub period from commencement of operations June 29, 2020 through June 30, 2020.

25

USAA Mutual Funds Trust Supplemental Information —continued
June 30, 2020

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the 1940 Act. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital, as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

26

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:	Call
vcm.com	(800) 235-8396

37758-0820

JUNE 30, 2020

Semi Annual Report

USAA 500 Index Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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 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 logo 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.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Financial Statements
Schedule of Portfolio Investments	4
Statement of Assets and Liabilities	16
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	22
Supplemental Information	31
Proxy Voting and Portfolio Holdings Information	31
Expense Examples	31
Liquidity Risk Management Program	32
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

1

USAA Mutual Funds Trust
USAA 500 Index Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 Index.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

Apple, Inc.	6.1	%
Microsoft Corp.	5.9	%
Amazon.com, Inc.	4.8	%
Alphabet, Inc. Class C	3.4	%
Facebook, Inc.	2.0	%
Berkshire Hathaway, Inc. Class B	1.5	%
Johnson & Johnson	1.4	%
Visa, Inc. Class A	1.3	%
The Procter & Gamble Co.	1.1	%
JPMorgan Chase & Co.	1.1	%

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

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

2

USAA Mutual Funds Trust
USAA 500 Index Fund (continued) June 30, 2020

  (Unaudited)

Sector Allocation*:

June 30, 2020
(% of Net Assets)

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

Percentages are of the net assets of the Fund and may not equal 100%  

3

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (10.8%):
Activision Blizzard, Inc.		192,342	$	14,599
Alphabet, Inc. Class C (a)		181,193		256,136
Altice USA, Inc. Class A (a)		22,506		507
AT&T, Inc.		2,138,902		64,659
CenturyLink, Inc.		291,318		2,922
Charter Communications, Inc. Class A (a)		55,504		28,309
Comcast Corp. Class A		1,312,437		51,159
Discovery, Inc. Class A (a) (b)		38,427		811
DISH Network Corp. Class A (a)		66,253		2,286
Electronic Arts, Inc. (a)		85,751		11,324
Facebook, Inc. Class A (a)		666,227		151,280
Fox Corp. Class A		93,479		2,507
Liberty Broadband Corp. Class A (a)		50,015		6,111
Liberty Media Corp-Liberty SiriusXM Class A (a)		82,261		2,840
Live Nation Entertainment, Inc. (a) (b)		46,935		2,081
Match Group, Inc. (a) (b)		19,331		6,252
Match Group, Inc. (a) (b)		9,877		1,057
Netflix, Inc. (a)		119,520		54,386
Omnicom Group, Inc.		63,650		3,475
Pinterest, Inc. Class A (a)		25,945		575
Sirius XM Holdings, Inc. (b)		387,460		2,274
Snap, Inc. Class A (a)		281,642		6,616
Take-Two Interactive Software, Inc. (a)		34,205		4,774
The Walt Disney Co.		485,158		54,100
T-Mobile U.S., Inc. (a)		124,959		13,015
Twitter, Inc. (a)		230,584		6,869
Verizon Communications, Inc.		1,216,061		67,042
ViacomCBS, Inc. Class B (b)		153,620		3,582
Zillow Group, Inc. Class C (a) (b)		26,913		1,551
				823,099
Communications Equipment (1.0%):
Arista Networks, Inc. (a)		18,659		3,919
Cisco Systems, Inc.		1,267,520		59,117
Motorola Solutions, Inc.		49,979		7,004
Palo Alto Networks, Inc. (a) (c)		28,044		6,441
				76,481
Consumer Discretionary (11.3%):
Advance Auto Parts, Inc.		20,307		2,893
Amazon.com, Inc. (a)		133,970		369,599
AutoZone, Inc. (a)		6,935		7,823
Best Buy Co., Inc.		61,219		5,343
Booking Holdings, Inc. (a)		12,158		19,360
Bright Horizons Family Solutions, Inc. (a)		16,773		1,966
Burlington Stores, Inc. (a)		17,062		3,360
CarMax, Inc. (a) (b)		42,684		3,822
Carnival Corp. (b)		149,706		2,458

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Carvana Co. (a)		3,133	$	377
Chewy, Inc. Class A (a) (b)		15,227		680
Chipotle Mexican Grill, Inc. (a)		8,285		8,719
D.R. Horton, Inc.		101,092		5,606
Darden Restaurants, Inc.		36,527		2,768
Dollar General Corp.		67,612		12,881
Dollar Tree, Inc. (a)		61,471		5,697
Domino's Pizza, Inc.		10,013		3,699
eBay, Inc.		208,721		10,947
Expedia Group, Inc.		39,650		3,259
Ford Motor Co.		1,156,193		7,030
General Motors Co. Class C		366,294		9,267
Genuine Parts Co.		42,851		3,726
Hasbro, Inc.		36,801		2,758
Hilton Worldwide Holdings, Inc.		70,091		5,148
Las Vegas Sands Corp. (c)		103,774		4,726
Lennar Corp. Class A		77,947		4,803
Lowe's Cos., Inc.		219,492		29,658
Marriott International, Inc. Class A		82,996		7,115
McDonald's Corp.		204,416		37,709
MGM Resorts International		143,387		2,409
Nike, Inc. Class B		378,367		37,099
NVR, Inc. (a)		1,082		3,526
O'Reilly Automotive, Inc. (a)		22,282		9,396
PulteGroup, Inc.		79,650		2,710
Roku, Inc. (a)		5,722		667
Ross Stores, Inc.		96,579		8,232
Royal Caribbean Cruises Ltd. (b)		50,285		2,529
Starbucks Corp.		343,278		25,262
Target Corp. (c)		150,103		18,002
Tesla, Inc. (a)		40,441		43,669
The Home Depot, Inc.		322,869		80,882
The TJX Cos., Inc.		359,599		18,181
Tiffany & Co.		34,507		4,208
Tractor Supply Co.		34,346		4,526
Ulta Beauty, Inc. (a)		16,905		3,439
VF Corp.		101,987		6,215
Wynn Resorts Ltd.		25,224		1,879
Yum! Brands, Inc.		76,088		6,613
				862,641
Consumer Staples (7.1%):
Altria Group, Inc.		557,876		21,897
Archer-Daniels-Midland Co.		159,737		6,374
Brown-Forman Corp. Class B		78,567		5,002
Campbell Soup Co.		63,974		3,175
Church & Dwight Co., Inc.		68,377		5,286
Colgate-Palmolive Co.		249,007		18,242
Conagra Brands, Inc.		132,366		4,655
Constellation Brands, Inc. Class A		49,968		8,742
Costco Wholesale Corp.		128,358		38,919

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
General Mills, Inc.		180,046	$	11,100
Hormel Foods Corp. (b)		88,560		4,275
Kellogg Co.		81,212		5,365
Keurig Dr Pepper, Inc.		97,824		2,778
Kimberly-Clark Corp.		102,231		14,450
Lamb Weston Holdings, Inc.		38,764		2,478
McCormick & Co., Inc.		29,398		5,274
Molson Coors Beverage Co. Class B		40,379		1,387
Mondelez International, Inc. Class A		419,499		21,449
Monster Beverage Corp. (a)		151,417		10,496
PepsiCo, Inc.		416,523		55,089
Philip Morris International, Inc.		462,525		32,405
Sysco Corp.		149,177		8,154
The Clorox Co.		37,407		8,206
The Coca-Cola Co.		1,235,026		55,181
The Estee Lauder Cos., Inc. Class A		60,292		11,376
The Hershey Co.		42,067		5,453
The J.M. Smucker Co.		33,873		3,584
The Kraft Heinz Co.		204,630		6,526
The Kroger Co.		208,683		7,064
The Procter & Gamble Co.		727,534		86,991
Tyson Foods, Inc. Class A		73,679		4,399
Walgreens Boots Alliance, Inc.		216,215		9,165
Walmart, Inc.		447,720		53,628
				538,565
Electronic Equipment, Instruments & Components (0.4%):
Amphenol Corp. Class A		77,606		7,435
CDW Corp.		42,723		4,964
Corning, Inc.		228,434		5,916
Keysight Technologies, Inc. (a)		51,420		5,182
Trimble, Inc. (a)		64,718		2,795
Zebra Technologies Corp. (a)		14,931		3,822
				30,114
Energy (2.7%):
Apache Corp.		113,302		1,530
Baker Hughes Co.		202,278		3,113
Cheniere Energy, Inc. (a)		75,682		3,657
Chevron Corp.		560,461		50,010
Concho Resources, Inc.		41,024		2,113
ConocoPhillips		318,550		13,386
Diamondback Energy, Inc.		36,903		1,543
EOG Resources, Inc.		150,818		7,641
Exxon Mobil Corp.		1,229,213		54,970
Halliburton Co.		263,356		3,418
Hess Corp. (b)		76,675		3,973
Kinder Morgan, Inc.		636,014		9,648
Marathon Petroleum Corp.		195,206		7,297
Occidental Petroleum Corp.		270,183		4,944
ONEOK, Inc.		121,638		4,041

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Phillips 66		131,088	$	9,425
Pioneer Natural Resources Co.		46,366		4,530
Schlumberger Ltd.		407,846		7,500
The Williams Cos., Inc.		360,364		6,854
Valero Energy Corp.		121,102		7,123
				206,716
Financials (10.1%):
Aflac, Inc.		197,255		7,107
AGNC Investment Corp.		160,847		2,075
Alleghany Corp.		4,115		2,013
Ally Financial, Inc.		107,303		2,128
American Express Co.		206,038		19,615
American International Group, Inc.		250,392		7,807
Ameriprise Financial, Inc.		36,339		5,452
Annaly Capital Management, Inc.		411,328		2,698
Arch Capital Group Ltd. (a)		99,983		2,865
Arthur J. Gallagher & Co.		56,324		5,491
Bank of America Corp.		2,439,903		57,948
Berkshire Hathaway, Inc. Class B (a)		652,700		116,513
BlackRock, Inc. Class A		38,022		20,687
Brown & Brown, Inc.		68,957		2,811
Capital One Financial Corp.		135,244		8,465
Cboe Global Markets, Inc.		30,164		2,814
Cincinnati Financial Corp.		45,117		2,889
Citigroup, Inc.		611,795		31,263
Citizens Financial Group, Inc.		126,722		3,198
CME Group, Inc.		84,985		13,813
CNA Financial Corp.		9,433		303
Discover Financial Services		86,143		4,315
E*TRADE Financial Corp.		62,166		3,092
Equitable Holdings, Inc.		98,237		1,895
Everest Re Group Ltd.		9,603		1,980
FactSet Research Systems, Inc.		10,771		3,538
Fidelity National Financial, Inc.		84,094		2,578
Fifth Third Bancorp		197,966		3,817
First Republic Bank		50,879		5,393
Franklin Resources, Inc. (b)		90,779		1,904
Globe Life, Inc.		29,934		2,222
Huntington Bancshares, Inc.		298,055		2,693
Intercontinental Exchange, Inc.		164,274		15,047
JPMorgan Chase & Co.		895,450		84,226
KeyCorp		289,731		3,529
Loews Corp.		72,923		2,501
M&T Bank Corp.		36,480		3,793
Markel Corp. (a)		4,135		3,817
MarketAxess Holdings, Inc.		10,542		5,281
Marsh & McLennan Cos., Inc.		140,269		15,061
MetLife, Inc.		243,776		8,903
Moody's Corp.		51,547		14,161
Morgan Stanley		378,406		18,277

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
MSCI, Inc.		24,178	$	8,071
Nasdaq, Inc.		33,700		4,026
Northern Trust Corp.		62,457		4,955
Principal Financial Group, Inc. (b)		70,964		2,948
Prudential Financial, Inc.		118,578		7,221
Raymond James Financial, Inc.		38,971		2,682
Regions Financial Corp.		288,093		3,204
S&P Global, Inc.		70,034		23,075
State Street Corp.		98,983		6,290
SVB Financial Group (a)		13,836		2,982
Synchrony Financial		151,249		3,352
T. Rowe Price Group, Inc.		67,590		8,347
TD Ameritrade Holding Corp.		87,174		3,171
The Allstate Corp.		94,297		9,146
The Bank of New York Mellon Corp.		254,615		9,841
The Blackstone Group, Inc. Class A		201,095		11,394
The Charles Schwab Corp.		366,136		12,353
The Goldman Sachs Group, Inc.		103,234		20,401
The Hartford Financial Services Group, Inc.		106,361		4,100
The PNC Financial Services Group, Inc.		127,362		13,400
The Progressive Corp.		175,705		14,076
The Travelers Cos., Inc.		75,901		8,657
Tradeweb Markets, Inc. Class A		12,849		747
Truist Financial Corp.		404,506		15,189
U.S. Bancorp		428,384		15,773
W.R. Berkley Corp.		37,839		2,168
Wells Fargo & Co.		1,191,939		30,514
				774,061
Health Care (14.0%):
Abbott Laboratories		531,002		48,549
AbbVie, Inc.		523,481		51,395
Agilent Technologies, Inc.		89,767		7,933
Alexion Pharmaceuticals, Inc. (a)		62,803		7,049
Align Technology, Inc. (a)		21,902		6,011
Alnylam Pharmaceuticals, Inc. (a)		24,672		3,654
AmerisourceBergen Corp.		46,278		4,663
Amgen, Inc.		165,437		39,020
Anthem, Inc.		75,684		19,903
Baxter International, Inc.		152,751		13,152
Becton, Dickinson & Co.		84,244		20,157
Biogen, Inc. (a)		43,316		11,589
BioMarin Pharmaceutical, Inc. (a)		41,715		5,145
Bio-Rad Laboratories, Inc. Class A (a)		5,715		2,580
Boston Scientific Corp. (a)		384,705		13,507
Bristol-Myers Squibb Co.		679,252		39,940
Cardinal Health, Inc.		87,653		4,575
Centene Corp. (a)		144,572		9,188
Cerner Corp.		91,364		6,263
Cigna Corp.		101,439		19,035
CVS Health Corp.		371,733		24,151

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Danaher Corp.		196,606	$	34,766
DaVita, Inc. (a)		26,557		2,102
DENTSPLY SIRONA, Inc.		61,614		2,715
DexCom, Inc. (a)		25,083		10,169
Edwards Lifesciences Corp. (a)		186,021		12,856
Elanco Animal Health, Inc. (a)		100,815		2,162
Eli Lilly & Co.		266,130		43,693
Exact Sciences Corp. (a)		40,221		3,497
Gilead Sciences, Inc. (c)		344,849		26,533
HCA Healthcare, Inc.		77,881		7,559
Hologic, Inc. (a)		62,826		3,581
Humana, Inc.		35,928		13,931
IDEXX Laboratories, Inc. (a)		23,886		7,886
Illumina, Inc. (a)		38,555		14,279
Incyte Corp. (a)		57,699		5,999
Insulet Corp. (a)		13,933		2,707
Intuitive Surgical, Inc. (a)		31,323		17,849
IQVIA Holdings, Inc. (a)		56,723		8,048
Johnson & Johnson (c)		765,921		107,711
Laboratory Corp. of America Holdings (a)		29,179		4,847
McKesson Corp.		48,588		7,454
Merck & Co., Inc.		757,727		58,595
Mettler-Toledo International, Inc. (a)		6,195		4,990
PerkinElmer, Inc.		27,102		2,658
Pfizer, Inc.		1,667,543		54,529
Quest Diagnostics, Inc.		39,723		4,527
Regeneron Pharmaceuticals, Inc. (a)		20,267		12,640
ResMed, Inc.		40,686		7,812
Seattle Genetics, Inc. (a)		45,948		7,807
Stryker Corp.		103,198		18,595
Teleflex, Inc.		12,176		4,432
The Cooper Cos., Inc.		14,493		4,111
Thermo Fisher Scientific, Inc.		116,067		42,056
UnitedHealth Group, Inc.		266,719		78,669
Universal Health Services, Inc. Class B		23,616		2,194
Varian Medical Systems, Inc. (a)		26,975		3,305
Veeva Systems, Inc. Class A (a)		30,840		7,229
Vertex Pharmaceuticals, Inc. (a)		63,906		18,553
Waters Corp. (a)		16,824		3,035
West Pharmaceutical Services, Inc.		19,537		4,438
Zimmer Biomet Holdings, Inc.		62,081		7,410
Zoetis, Inc.		142,576		19,539
				1,064,927
Industrials (7.7%):
3M Co.		172,672		26,935
AMETEK, Inc.		64,525		5,767
C.H. Robinson Worldwide, Inc. (b)		39,559		3,128
Caterpillar, Inc.		157,347		19,904
Cintas Corp.		28,605		7,619
Copart, Inc. (a)		68,254		5,683

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
CoStar Group, Inc. (a) (c)		11,069	$	7,866
CSX Corp.		208,021		14,507
Cummins, Inc.		43,821		7,592
Deere & Co.		88,976		13,983
Delta Air Lines, Inc.		179,380		5,032
Dover Corp.		40,483		3,909
Eaton Corp. PLC		120,079		10,505
Emerson Electric Co.		173,696		10,774
Equifax, Inc.		31,069		5,340
Expeditors International of Washington, Inc.		49,435		3,759
Fastenal Co.		170,148		7,289
FedEx Corp.		71,822		10,071
Fortive Corp.		85,156		5,762
General Dynamics Corp.		70,706		10,568
General Electric Co.		2,349,444		16,047
HEICO Corp. Class A		20,439		1,660
Honeywell International, Inc.		206,257		29,823
Howmet Aerospace, Inc. (a)		130,917		2,075
IDEX Corp.		20,965		3,313
Illinois Tool Works, Inc.		84,858		14,837
J.B. Hunt Transport Services, Inc.		22,661		2,727
Jacobs Engineering Group, Inc.		38,645		3,277
Johnson Controls International PLC		271,560		9,271
Kansas City Southern		28,225		4,214
L3Harris Technologies, Inc.		64,121		10,879
Lockheed Martin Corp.		83,300		30,398
Lyft, Inc. Class A (a)		10,665		352
Masco Corp.		79,179		3,976
Norfolk Southern Corp.		75,285		13,218
Northrop Grumman Corp.		47,410		14,576
Old Dominion Freight Line, Inc.		31,681		5,373
PACCAR, Inc.		103,786		7,768
Parker-Hannifin Corp.		38,085		6,980
Raytheon Technologies Corp.		450,388		27,753
Republic Services, Inc. (c)		60,351		4,952
Rockwell Automation, Inc.		34,404		7,328
Rollins, Inc.		49,715		2,107
Roper Technologies, Inc.		28,371		11,015
Southwest Airlines Co.		163,895		5,602
Stanley Black & Decker, Inc.		47,909		6,678
Teledyne Technologies, Inc. (a)		9,616		2,990
Textron, Inc.		56,786		1,869
The Boeing Co.		169,409		31,053
TransDigm Group, Inc.		13,669		6,042
TransUnion		49,780		4,333
Uber Technologies, Inc. (a)		476,703		14,816
Union Pacific Corp.		197,271		33,353
United Airlines Holdings, Inc. (a)		80,763		2,795
United Parcel Service, Inc. Class B		201,609		22,415
United Rentals, Inc. (a)		21,401		3,190

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Verisk Analytics, Inc.		48,710	$	8,290
W.W. Grainger, Inc.		15,375		4,830
Waste Management, Inc.		126,691		13,418
Westinghouse Air Brake Technologies Corp.		53,516		3,081
Xylem, Inc.		54,010		3,508
				588,175
IT Services (5.5%):
Akamai Technologies, Inc. (a)		48,714		5,217
Automatic Data Processing, Inc.		129,017		19,209
Black Knight, Inc. (a)		30,319		2,200
Booz Allen Hamilton Holdings Corp. (b)		36,178		2,814
Broadridge Financial Solutions, Inc.		34,105		4,304
Cognizant Technology Solutions Corp. Class A		158,864		9,027
EPAM Systems, Inc. (a)		16,527		4,165
Fidelity National Information Services, Inc.		181,567		24,346
Fiserv, Inc. (a)		156,551		15,282
FleetCor Technologies, Inc. (a)		21,185		5,329
Gartner, Inc. (a)		26,488		3,214
Global Payments, Inc.		76,558		12,986
GoDaddy, Inc. Class A (a)		19,472		1,428
International Business Machines Corp.		260,931		31,513
Jack Henry & Associates, Inc.		20,579		3,787
Leidos Holdings, Inc.		41,295		3,868
Mastercard, Inc. Class A		269,602		79,721
Okta, Inc. (a)		11,025		2,208
Paychex, Inc.		94,083		7,127
PayPal Holdings, Inc. (a)		348,769		60,766
Square, Inc. Class A (a)		70,805		7,430
The Western Union Co.		107,771		2,330
Twilio, Inc. Class A (a)		22,571		4,953
VeriSign, Inc. (a)		30,668		6,343
Visa, Inc. Class A (b)		528,159		102,024
				421,591
Materials (1.8%):
Air Products & Chemicals, Inc.		65,602		15,840
Avery Dennison Corp.		22,912		2,614
Ball Corp.		89,623		6,228
Celanese Corp.		32,877		2,839
Corteva, Inc.		224,658		6,018
Crown Holdings, Inc. (a)		37,876		2,467
Dow, Inc.		222,365		9,064
DuPont de Nemours, Inc.		217,965		11,580
Ecolab, Inc.		79,657		15,848
FMC Corp.		34,360		3,423
Freeport-McMoRan, Inc.		431,289		4,990
International Flavors & Fragrances, Inc. (b)		25,999		3,184
International Paper Co.		109,296		3,848
Martin Marietta Materials, Inc.		18,685		3,860
Newmont Corp.		235,861		14,562

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Nucor Corp.		80,884	$	3,349
PPG Industries, Inc.		68,587		7,274
Southern Copper Corp.		26,871		1,069
The Sherwin-Williams Co.		26,110		15,088
Vulcan Materials Co.		38,501		4,460
				137,605
Real Estate (3.2%):
Alexandria Real Estate Equities, Inc.		37,485		6,082
American Tower Corp.		133,079		34,406
AvalonBay Communities, Inc.		44,471		6,877
Boston Properties, Inc.		45,168		4,082
Camden Property Trust		30,772		2,807
CBRE Group, Inc. Class A (a)		99,557		4,502
Crown Castle International Corp.		125,107		20,937
Digital Realty Trust, Inc.		84,786		12,049
Duke Realty Corp.		116,408		4,120
Equinix, Inc.		27,970		19,643
Equity LifeStyle Properties, Inc.		57,558		3,596
Equity Residential		110,535		6,502
Essex Property Trust, Inc.		20,672		4,737
Extra Space Storage, Inc.		40,791		3,768
Gaming and Leisure Properties, Inc.		60,565		2,096
Healthpeak Properties, Inc.		170,092		4,688
Host Hotels & Resorts, Inc.		222,765		2,404
Invitation Homes, Inc.		161,519		4,447
Medical Properties Trust, Inc.		150,256		2,825
Mid-America Apartment Communities, Inc.		36,135		4,144
Prologis, Inc.		233,389		21,782
Public Storage		49,711		9,539
Realty Income Corp.		100,922		6,005
Regency Centers Corp.		50,386		2,312
SBA Communications Corp.		33,157		9,878
Simon Property Group, Inc.		96,618		6,607
Sun Communities, Inc.		31,053		4,213
UDR, Inc.		93,183		3,483
Ventas, Inc.		117,890		4,317
VEREIT, Inc.		323,567		2,080
VICI Properties, Inc.		160,205		3,235
Vornado Realty Trust		54,957		2,100
W.P. Carey, Inc.		54,479		3,685
Welltower, Inc.		131,922		6,827
Weyerhaeuser Co.		209,861		4,713
				245,488
Semiconductors & Semiconductor Equipment (4.7%):
Advanced Micro Devices, Inc. (a)		351,588		18,497
Analog Devices, Inc.		101,286		12,422
Applied Materials, Inc.		257,748		15,581
Broadcom, Inc.		93,486		29,505
Intel Corp.		1,271,033		76,046

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
KLA Corp.		40,176	$	7,813
Lam Research Corp.		40,366		13,057
Marvell Technology Group Ltd.		153,470		5,381
Maxim Integrated Products, Inc.		69,087		4,187
Microchip Technology, Inc. (b)		68,997		7,266
Micron Technology, Inc. (a)		333,875		17,201
NVIDIA Corp.		178,791		67,924
Qorvo, Inc. (a)		31,180		3,446
QUALCOMM, Inc.		337,700		30,802
Skyworks Solutions, Inc.		46,920		5,999
Teradyne, Inc.		47,668		4,028
Texas Instruments, Inc.		275,512		34,982
Xilinx, Inc.		68,386		6,729
				360,866
Software (9.9%):
Adobe, Inc. (a)		141,590		61,635
ANSYS, Inc. (a)		25,695		7,496
Autodesk, Inc. (a)		60,950		14,579
Cadence Design Systems, Inc. (a)		82,929		7,958
Ceridian HCM Holding, Inc. (a)		18,330		1,453
Citrix Systems, Inc.		35,499		5,251
Coupa Software, Inc. (a)		18,321		5,076
Crowdstrike Holdings, Inc. Class A (a)		6,143		616
Datadog, Inc. Class A (a)		7,568		658
DocuSign, Inc. (a)		50,924		8,770
Fair Isaac Corp. (a)		8,340		3,486
Fortinet, Inc. (a)		42,908		5,890
Intuit, Inc.		70,866		20,990
Microsoft Corp. (c)		2,204,634		448,665
NortonLifeLock, Inc.		154,489		3,063
Oracle Corp.		637,774		35,250
Paycom Software, Inc. (a)		14,337		4,441
RingCentral, Inc. Class A (a)		19,710		5,617
Salesforce.com, Inc. (a)		256,242		48,002
ServiceNow, Inc. (a) (c)		54,838		22,213
Slack Technologies, Inc. Class A (a) (b)		85,501		2,658
Splunk, Inc. (a)		42,672		8,479
SS&C Technologies Holdings, Inc.		71,358		4,030
Synopsys, Inc. (a)		40,978		7,991
The Trade Desk, Inc. Class A (a)		9,024		3,668
Tyler Technologies, Inc. (a)		11,308		3,922
VMware, Inc. Class A (a) (b)		23,776		3,682
Workday, Inc. Class A (a)		28,961		5,426
Zoom Video Communications, Inc. Class A (a)		7,131		1,808
				752,773
Technology Hardware, Storage & Peripherals (6.4%):
Apple, Inc.		1,287,457		469,664
Dell Technologies, Inc. Class C (a)		65,547		3,601
Hewlett Packard Enterprise Co.		361,321		3,516

See notes to financial statements.

13

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
HP, Inc.		415,657	$	7,245
NetApp, Inc.		48,225		2,140
Western Digital Corp.		88,075		3,888
				490,054
Utilities (3.0%):
Alliant Energy Corp.		73,323		3,508
Ameren Corp.		70,215		4,940
American Electric Power Co., Inc. (c)		147,206		11,723
American Water Works Co., Inc.		54,343		6,992
Atmos Energy Corp.		35,945		3,579
Avangrid, Inc. (b)		17,576		738
CenterPoint Energy, Inc.		148,024		2,764
CMS Energy Corp.		79,592		4,650
Consolidated Edison, Inc. (c)		98,185		7,062
Dominion Energy, Inc.		251,940		20,453
DTE Energy Co.		50,518		5,431
Duke Energy Corp. (c)		220,600		17,624
Edison International		100,320		5,448
Entergy Corp.		59,455		5,577
Essential Utilities, Inc.		65,043		2,747
Evergy, Inc. (c)		67,350		3,993
Eversource Energy (c)		99,936		8,322
Exelon Corp.		292,514		10,615
FirstEnergy Corp.		160,921		6,241
NextEra Energy, Inc. (c)		145,385		34,917
NiSource, Inc.		95,561		2,173
Pinnacle West Capital Corp.		32,348		2,371
PPL Corp.		228,351		5,901
Public Service Enterprise Group, Inc.		150,189		7,383
Sempra Energy		73,027		8,561
The AES Corp.		174,390		2,527
The Southern Co. (c)		316,995		16,436
Vistra Corp.		143,582		2,674
WEC Energy Group, Inc. (c)		92,699		8,125
Xcel Energy, Inc. (c)		136,081		8,505
				231,980
Total Common Stocks (Cost $3,076,401)				7,605,136
Rights (0.0%) (d)
Communication Services (0.0%): (d)
T-Mobile U.S., Inc. Expires 7/28/20 (a)		125,296		21
Total Rights (Cost $0)				21

See notes to financial statements.

14

USAA Mutual Funds Trust
USAA 500 Index Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.7%)
HSBC U.S. Government Money Market Fund I Shares, 0.11% (e)		56,345,664	$	56,346
Total Collateral for Securities Loaned (Cost $56,346)				56,346
Total Investments (Cost $3,132,747) — 100.3%				7,661,503
Liabilities in excess of other assets — (0.3)%				(20,847	)
NET ASSETS — 100.00%			$	7,640,656

^  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.

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

(e)  Rate disclosed is the daily yield on June 30, 2020.

PLC — Public Limited Company

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		216	9/18/20	$	32,696,367	$	33,374,160	$	677,793
Total unrealized appreciation								$	677,793
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	677,793

See notes to financial statements.

15

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA 500 Index Fund
Assets:
Investments, at value (Cost $3,132,747)	$	7,661,503	(a)
Cash and cash equivalents		9,430
Deposits with brokers for futures contracts		3,701
Receivables:
Interest and dividends		5,795
Capital shares issued		3,914
Investments sold		20,076
Variation margin on open futures contracts		510
From Adviser		237
Prepaid expenses		97
Total Assets		7,705,263
Liabilities:
Payables:
Collateral received on loaned securities		56,346
Capital shares redeemed		6,758
Accrued expenses and other payables:
Investment advisory fees		629
Administration fees		377
Custodian fees		36
Transfer agent fees		288
Compliance fees		6
Other accrued expenses		167
Total Liabilities		64,607
Net Assets:
Capital		3,057,434
Total distributable earnings/(loss)		4,583,222
Net Assets	$	7,640,656
Net Assets
Member Shares	$	3,411,800
Reward Shares		4,228,856
Total	$	7,640,656
Shares (unlimited number of shares authorized with no par value):
Member Shares		79,731
Reward Shares		98,775
Total		178,506
Net asset value, offering and redemption price per share: (b)
Member Shares	$	42.79
Reward Shares		42.81

(a)  Includes $55,522 of securities on loan.

(b)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

16

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA 500 Index Fund
Investment Income:
Dividends	$	74,064
Interest		97
Securities lending (net of fees)		131
Total Income		74,292
Expenses:
Investment advisory fees		3,750
Administration fees — Member Shares		987
Administration fees — Reward Shares		1,263
Sub-Administration fees		14
Custodian fees		163
Transfer agent fees — Member Shares		1,383
Transfer agent fees — Reward Shares		183
Trustees' fees		24
Compliance fees		25
Legal and audit fees		40
State registration and filing fees		108
Interfund lending fees		—	(a)
Other expenses		206
Total Expenses		8,146
Expenses waived/reimbursed by Adviser		(880	)
Net Expenses		7,266
Net Investment Income (Loss)		67,026
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		39,136
Net realized gains (losses) from futures contracts		(1,472	)
Net change in unrealized appreciation/depreciation on investment securities		(266,313	)
Net change in unrealized appreciation/depreciation on futures contracts		(137	)
Net realized/unrealized gains (losses) on investments		(228,786	)
Change in net assets resulting from operations	$	(161,760	)

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

17

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA 500 Index Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	67,026		$	135,019
Net realized gains (losses) from investments		37,664			283,821
Net change in unrealized appreciation/depreciation on investments		(266,450	)		1,594,175
Change in net assets resulting from operations		(161,760	)		2,013,015
Distributions to Shareholders:
Member Shares		(27,334	)		(136,678	)
Reward Shares		(36,683	)		(262,717	)
Change in net assets resulting from distributions to shareholders		(64,017	)		(399,395	)
Change in net assets resulting from capital transactions		(283,126	)		(28,801	)
Change in net assets		(508,903	)		1,584,819
Net Assets:
Beginning of period		8,149,559			6,564,740
End of period	$	7,640,656		$	8,149,559
Capital Transactions:
Member Shares
Proceeds from shares issued	$	469,339		$	521,545
Distributions reinvested		26,966			174,935
Cost of shares redeemed		(603,456	)		(779,152	)
Total Member Shares	$	(107,151	)	$	(82,672	)
Reward Shares
Proceeds from shares issued	$	336,162		$	519,941
Distributions reinvested		34,881			212,589
Cost of shares redeemed		(547,018	)		(678,659	)
Total Reward Shares	$	(175,975	)	$	53,871
Change in net assets resulting from capital transactions	$	(283,126	)	$	(28,801	)
Share Transactions:
Member Shares
Issued		11,710			12,769
Reinvested		719			4,088
Redeemed		(14,720	)		(18,810	)
Total Member Shares		(2,291	)		(1,953	)
Reward Shares
Issued		8,090			12,496
Reinvested		931			4,967
Redeemed		(13,675	)		(16,390	)
Total Reward Shares		(4,654	)		1,073
Change in Shares		(6,945	)		(880	)

See notes to financial statements.

18

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19

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 500 Index Fund
Member Shares
Six Months Ended June 30, 2020 (unaudited)	$	43.93		0.35	(d)		(1.15	)		(0.80	)		(0.34	)		—
Year Ended December 31, 2019	$	35.22		0.71	(d)		10.19			10.90			(0.72	)		(1.47	)
Year Ended December 31, 2018	$	38.00		0.68			(2.40	)		(1.72	)		(0.66	)		(0.40	)
Year Ended December 31, 2017	$	31.81		0.59			6.21			6.80			(0.59	)		(0.02	)
Year Ended December 31, 2016	$	29.18		0.58			2.80			3.38			(0.61	)		(0.14	)
Year Ended December 31, 2015	$	29.41		0.56			(0.24	)		0.32			(0.52	)		(0.03	)
Reward Shares
Six Months Ended June 30, 2020 (unaudited)	$	43.95		0.38	(d)		(1.16	)		(0.78	)		(0.36	)		—
Year Ended December 31, 2019	$	35.24		0.75	(d)		10.19			10.94			(0.76	)		(1.47	)
Year Ended December 31, 2018	$	38.01		0.71			(2.38	)		(1.67	)		(0.70	)		(0.40	)
Year Ended December 31, 2017	$	31.82		0.61			6.22			6.83			(0.62	)		(0.02	)
Year Ended December 31, 2016	$	29.19		0.60			2.81			3.41			(0.64	)		(0.14	)
Year Ended December 31, 2015	$	29.42		0.59			(0.24	)		0.35			(0.55	)		(0.03	)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 5 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

See notes to financial statements.

20

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)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA 500 Index Fund
Member Shares
Six Months Ended June 30, 2020 (unaudited)		(0.34	)	$	42.79		(1.70	)%		0.25	%		1.73	%		0.26	%	$	3,411,800		2	%
Year Ended December 31, 2019		(2.19	)	$	43.93		31.19	%		0.25	%		1.73	%		0.26	%	$	3,603,465		13	%
Year Ended December 31, 2018		(1.06	)	$	35.22		(4.65	)%		0.25	%		1.75	%		0.26	%	$	2,957,995		4	%
Year Ended December 31, 2017		(0.61	)	$	38.00		21.53	%		0.25	%		1.71	%		0.27	%	$	3,285,829		3	%
Year Ended December 31, 2016		(0.75	)	$	31.81		11.70	%		0.25	%		1.95	%		0.28	%	$	2,962,450		4	%
Year Ended December 31, 2015		(0.55	)	$	29.18		1.13	%		0.25	%		1.88	%		0.28	%	$	2,777,361		4	%
Reward Shares
Six Months Ended June 30, 2020 (unaudited)		(0.36	)	$	42.81		(1.65	)%		0.15	%		1.83	%		0.18	%	$	4,228,856		2	%
Year Ended December 31, 2019		(2.23	)	$	43.95		31.29	%		0.15	%		1.83	%		0.18	%	$	4,546,094		13	%
Year Ended December 31, 2018		(1.10	)	$	35.24		(4.53	)%		0.15	%		1.85	%		0.18	%	$	3,606,745		4	%
Year Ended December 31, 2017		(0.64	)	$	38.01		21.64	%		0.15	%		1.81	%		0.18	%	$	3,636,257		3	%
Year Ended December 31, 2016		(0.78	)	$	31.82		11.79	%		0.15	%		2.04	%		0.18	%	$	3,010,831		4	%
Year Ended December 31, 2015		(0.58	)	$	29.19		1.23	%		0.15	%		1.99	%		0.18	%	$	2,613,832		4	%

See notes to financial statements.

21

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2020

  (Unaudited)

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 47 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 USAA 500 Index Fund (the "Fund"). The Fund offers two classes of shares: Member Shares and Reward Shares. 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 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.

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 risk associated with entering into those investments.

The Adviser has established the Pricing and Liquidity Committee (the "Committee"), and subject to 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"), American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or

22

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 net asset value ("NAV"). These valuations are typically categorized as Level 1 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, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by 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 June 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stocks	$	7,605,136	$	—	$	—	$	7,605,136
Rights		21		—		—		21
Collateral for Securities Loaned		56,346		—		—		56,346
Total	$	7,661,503	$	—	$	—	$	7,661,503
Other Financial Investments^:
Assets:
Futures Contracts		678		—		—		678
Total	$	678	$	—	$	—	$	678

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

For the six months ended June 30, 2020, there were no transfers in or out of the Level 3 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:

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.

23

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

During the period ended June 30, 2020, the Fund held futures contracts primarily for the strategy of gaining exposure to a particular asset class or securities market. The Fund held futures contacts at June 30, 2020 for trading purposes.

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 June 30, 2020 (amounts in thousands):

	Assets
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure:	$	678

*  Includes cumulative appreciation/depreciation of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts are 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 June 30, 2020 (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:	$	(1,472	)	$	(137	)

24

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 on 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 discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

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, to earn additional income, net of income retained by Citibank. Borrowers are required to 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 cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. 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. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and 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. Cash collateral is listed on the Fund's Schedule of Portfolio Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2020.

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	55,522	$	—	$	56,346

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 December 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.

25

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing 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.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2020, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	181,531	$	433,089

There were no purchases and sales of U.S. government securities during the six months ended June 30, 2020.

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 semiannual reports may be viewed at usaa.com. As of June 30, 2020, certain fund-of -funds owned total outstanding shares of the Fund:

Affiliated USAA Fund	Ownership %
Cornerstone Conservative Fund		0.1
Cornerstone Equity Fund		0.3

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect 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 annual rate of 0.10% of the Fund's average daily net assets. The amounts incurred and paid to VCM during the six months ended June 30, 2020, 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. Prior to that date, the Trust relied on a similar exemptive order granted by the SC to the Trust and its affiliated persons. 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.

26

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

Victory Capital's internal investment team, Victory Solutions, manages the Fund's assets. During the six months ended June 30, 2020, 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 for its services an annualized fee at a rate of 0.06% of average daily net assets of the Fund. Amounts incurred for the six months ended June 30, 2020, 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. 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 during the six months ended June 30, 2020, are reflected on the Statement of Operations as Compliance 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 reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, 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 during the six months ended June 30, 2020, 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:

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. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Adviser, Inc.

Other Fees:

Citibank serves as the Fund's custodian.

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, 2021. 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. Interest, taxes, brokerage commissions, other expenditures, which are capitalized

27

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 June 30, 2020, the expense limits (excluding voluntary waivers) are 0.25% and 0.15% for Member Shares and Reward Shares, respectively.

Under this expense limitation agreement, 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, 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. As of June 30, 2020, the following amounts are available to be repaid to the Adviser (amounts in thousands).

Expires 12/31/22		Expires 12/31/23		Total
$	862	$	880	$	1,742

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 June 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

6. Risks:

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

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, 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. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue to result in, among other things (1) government imposition of various forms of "stay-at-home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees; (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults; (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

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.

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

28

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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.

The Fund invests in large-capitalization companies. Such investments may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.

7. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended June 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended June 30, 2020, 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) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to the Fund, if any during the period are reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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

The average borrowing for the days outstanding and average interest rate for the Fund during the Six months ended June 30, 2020 were as follows:

Borrower or Lender	Amount Outstanding at June 30, 2020		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
Borrower	$	—	$	1,971		1		0.83	%		1,971

*  For the six months ended June 30, 2020, based on the number of days borrowings were outstanding.

29

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

8. Federal Income Tax Information:

The Fund intends to declare daily and 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 December 31, 2020.

During the most recent tax year ended December 31, 2019 the Fund had no capital loss carryforwards, for federal income tax purposes.

30

USAA Mutual Funds Trust Supplemental Information
June 30, 2020

  (Unaudited)

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) 539-3863. 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including account maintenance fees, 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 January 1, 2020 through June 30, 2020.

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. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20- 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20- 6/30/20*		Annualized Expense Ratio During Period 1/1/20- 6/30/20
Member Shares	$	1,000.00	$	983.00	$	1,023.62	$	1.23	$	1.26		0.25	%
Reward Shares		1,000.00		983.50		1,024.12		0.74		0.75		0.15	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

31

USAA Mutual Funds Trust Supplemental Information —continued
June 30, 2020

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the 1940 Act. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital, as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

32

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:	Call
vcm.com	(800) 235-8396

28651-0820

JUNE 30, 2020

Semi Annual Report

USAA Target Retirement Income Fund

USAA Target Retirement 2020 Fund

USAA Target Retirement 2030 Fund

USAA Target Retirement 2040 Fund

USAA Target Retirement 2050 Fund

USAA Target Retirement 2060 Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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 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 logo 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.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Financial Statements
Schedule of Portfolio Investments	8
Statements of Assets and Liabilities	14
Statements of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	26
Supplemental Information	45
Expense Examples	45
Proxy Voting and Portfolio Holdings Information	45
Liquidity Risk Management Program	46
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

1

USAA Mutual Funds Trust
USAA Target Retirement Income Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective is to seek capital appreciation over the long term and also considers the potential for current income.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

USAA Government Securities Fund Institutional Shares	27.5	%
USAA Income Fund Institutional Shares	15.7	%
USAA Short-Term Bond Fund Institutional Shares	14.7	%
USAA Global Managed Volatility Fund Institutional Shares	9.8	%
USAA Target Managed Allocation Fund	5.2	%
Victory Market Neutral Income Fund Class I	3.9	%
USAA High Income Fund Institutional Shares	3.7	%
VictoryShares USAA MSCI USA Value Momentum ETF	2.2	%
Victory RS International Fund Class R6	2.2	%
VictoryShares USAA MSCI International Value Momentum ETF	1.6	%

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

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

2

USAA Mutual Funds Trust
USAA Target Retirement 2020 Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective is to seek capital appreciation over the long term and also considers the potential for current income.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

USAA Government Securities Fund Institutional Shares	27.7	%
USAA Income Fund Institutional Shares	15.2	%
USAA Short-Term Bond Fund Institutional Shares	14.5	%
USAA Global Managed Volatility Fund Institutional Shares	9.6	%
USAA Target Managed Allocation Fund	5.3	%
Victory Market Neutral Income Fund Class I	3.7	%
USAA High Income Fund Institutional Shares	3.6	%
VictoryShares USAA MSCI USA Value Momentum ETF	2.2	%
Victory RS International Fund Class R6	1.9	%
VictoryShares USAA MSCI International Value Momentum ETF	1.6	%

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

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

3

USAA Mutual Funds Trust
USAA Target Retirement 2030 Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective is to seek capital appreciation over the long term and also considers the potential for current income.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	19.0	%
USAA Government Securities Fund Institutional Shares	15.8	%
USAA Target Managed Allocation Fund	10.0	%
USAA Income Fund Institutional Shares	7.5	%
VictoryShares USAA MSCI USA Value Momentum ETF	4.7	%
USAA Short-Term Bond Fund Institutional Shares	4.7	%
USAA High Income Fund Institutional Shares	4.2	%
USAA Growth Fund Institutional Shares	3.4	%
VictoryShares USAA MSCI International Value Momentum ETF	3.3	%
Victory RS International Fund Class R6	3.3	%

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

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

4

USAA Mutual Funds Trust
USAA Target Retirement 2040 Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective is to seek capital appreciation over the long term and also considers the potential for current income.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	24.1	%
USAA Target Managed Allocation Fund	12.4	%
USAA Government Securities Fund Institutional Shares	8.2	%
VictoryShares USAA MSCI USA Value Momentum ETF	6.3	%
USAA Growth Fund Institutional Shares	4.3	%
Victory RS International Fund Class R6	4.2	%
VictoryShares USAA MSCI International Value Momentum ETF	3.9	%
USAA Income Fund Institutional Shares	3.6	%
Victory Integrity Mid-Cap Value Fund Class R6	3.6	%
USAA High Income Fund Institutional Shares	3.5	%

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

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

5

USAA Mutual Funds Trust
USAA Target Retirement 2050 Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective is to seek capital appreciation over the long term and also considers the potential for current income.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	26.1	%
USAA Target Managed Allocation Fund	14.0	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.0	%
USAA Growth Fund Institutional Shares	5.0	%
Victory RS International Fund Class R6	4.8	%
VictoryShares USAA MSCI International Value Momentum ETF	4.5	%
Victory Integrity Mid-Cap Value Fund Class R6	3.9	%
USAA Government Securities Fund Institutional Shares	3.6	%
VictoryShares Dividend Accelerator ETF	3.5	%
Victory Trivalent International Core Equity Fund Class R6	3.3	%

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

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

6

USAA Mutual Funds Trust
USAA Target Retirement 2060 Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective is to seek capital appreciation over the long term and also considers the potential for current income.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

USAA Global Managed Volatility Fund Institutional Shares	26.5	%
USAA Target Managed Allocation Fund	13.8	%
VictoryShares USAA MSCI USA Value Momentum ETF	7.0	%
Victory RS International Fund Class R6	5.2	%
VictoryShares USAA MSCI International Value Momentum ETF	4.5	%
USAA Growth Fund Institutional Shares	4.5	%
Victory Integrity Mid-Cap Value Fund Class R6	3.9	%
VictoryShares Dividend Accelerator ETF	3.8	%
USAA Government Securities Fund Institutional Shares	3.4	%
Victory Trivalent International Core Equity Fund Class R6	3.4	%

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

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

7

USAA Mutual Funds Trust
USAA Target Retirement Income Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (10.7%)
VictoryShares Dividend Accelerator ETF		128,670	$	4,267
VictoryShares Emerging Market Volatility Wtd ETF (a)		57,190		1,272
VictoryShares International High Div Volatility Wtd ETF		56,126		1,419
VictoryShares International Volatility Wtd ETF		57,833		2,007
VictoryShares U.S. 500 Volatility Wtd ETF		59,913		3,029
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		77,905		2,395
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		96,550		3,664
VictoryShares USAA MSCI International Value Momentum ETF		131,566		5,065
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		62,796		2,861
VictoryShares USAA MSCI USA Value Momentum ETF		150,663		6,830
Total Affiliated Exchange-Traded Funds (Cost $35,686)				32,809
Affiliated Mutual Funds (89.1%)
USAA Global Managed Volatility Fund Institutional Shares		3,014,848		30,209
USAA Government Securities Fund Institutional Shares		8,296,252		84,954
USAA Growth Fund Institutional Shares		142,232		4,112
USAA High Income Fund Institutional Shares		1,601,024		11,399
USAA Income Fund Institutional Shares		3,542,537		48,462
USAA Income Stock Fund Institutional Shares		295,988		4,452
USAA Precious Metals and Minerals Fund Institutional Shares (b)		62,924		1,338
USAA Short-Term Bond Fund Institutional Shares		4,911,990		45,288
USAA Small Cap Stock Fund Institutional Shares		234,718		3,410
USAA Target Managed Allocation Fund		1,531,887		15,932
Victory Integrity Mid-Cap Value Fund Class R6		175,600		2,716
Victory Market Neutral Income Fund Class I		1,209,437		11,889
Victory RS International Fund Class R6		693,184		6,641
Victory Trivalent International Core Equity Fund Class R6		617,257		4,055
Total Affiliated Mutual Funds (Cost $258,072)				274,857
Collateral for Securities Loaned^ (0.1%)
HSBC U.S. Government Money Market Fund I Shares, 0.11% (c)		425,500		426
Total Collateral for Securities Loaned (Cost $426)				426
Total Investments (Cost $294,184) — 99.9%				308,092
Other assets in excess of liabilities — 0.1%				428
NET ASSETS — 100.00%			$	308,520

At June 30, 2020 the Fund's investments in foreign securities were 18.5% 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)  Rate disclosed is the daily yield on June 30, 2020.

ETF — Exchange-Traded Fund

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Target Retirement 2020 Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (11.5%)
VictoryShares Dividend Accelerator ETF		211,264	$	7,006
VictoryShares Emerging Market Volatility Wtd ETF		110,675		2,461
VictoryShares International High Div Volatility Wtd ETF		85,388		2,159
VictoryShares International Volatility Wtd ETF		117,231		4,069
VictoryShares U.S. 500 Volatility Wtd ETF		62,947		3,182
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		192,162		5,907
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		14,443		530
VictoryShares USAA Core Intermediate-Term Bond ETF		81,494		4,388
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		154,975		5,882
VictoryShares USAA MSCI International Value Momentum ETF		225,011		8,663
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		94,460		4,303
VictoryShares USAA MSCI USA Value Momentum ETF		258,940		11,739
Total Affiliated Exchange-Traded Funds (Cost $64,572)				60,289
Affiliated Mutual Funds (88.2%)
USAA Global Managed Volatility Fund Institutional Shares		5,053,920		50,640
USAA Government Securities Fund Institutional Shares		14,242,367		145,842
USAA Growth Fund Institutional Shares		281,757		8,146
USAA High Income Fund Institutional Shares		2,656,436		18,914
USAA Income Fund Institutional Shares		5,842,664		79,928
USAA Income Stock Fund Institutional Shares		381,654		5,740
USAA Intermediate-Term Bond Fund Institutional Shares		33		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares (b)		110,440		2,349
USAA Short-Term Bond Fund Institutional Shares		8,272,977		76,277
USAA Small Cap Stock Fund Institutional Shares		394,376		5,730
USAA Target Managed Allocation Fund		2,672,770		27,797
Victory Integrity Mid-Cap Value Fund Class R6		392,942		6,079
Victory Market Neutral Income Fund Class I		1,980,686		19,470
Victory RS International Fund Class R6		1,052,598		10,084
Victory Trivalent International Core Equity Fund Class R6		1,018,461		6,691
Total Affiliated Mutual Funds (Cost $427,734)				463,687
Total Investments (Cost $492,306) — 99.7%				523,976
Other assets in excess of liabilities — 0.3%				1,598
NET ASSETS — 100.00%			$	525,574

At June 30, 2020 the Fund's investments in foreign securities were 18.1% of net assets.

(a)  Amount is less than $1 thousand.

(b)  Non-income producing security.

ETF — Exchange-Traded Fund

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA Target Retirement 2030 Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (20.9%)
VictoryShares Dividend Accelerator ETF (a)		964,695	$	31,989
VictoryShares Emerging Market Volatility Wtd ETF		357,356		7,946
VictoryShares International High Div Volatility Wtd ETF		408,197		10,323
VictoryShares International Volatility Wtd ETF		431,793		14,985
VictoryShares U.S. 500 Volatility Wtd ETF		387,304		19,579
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		854,198		26,257
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		46,492		1,707
VictoryShares USAA Core Intermediate-Term Bond ETF		251,337		13,533
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		467,213		17,733
VictoryShares USAA MSCI International Value Momentum ETF		1,063,518		40,948
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		336,942		15,349
VictoryShares USAA MSCI USA Value Momentum ETF		1,293,160		58,625
Total Affiliated Exchange-Traded Funds (Cost $288,295)				258,974
Affiliated Mutual Funds (78.8%)
USAA Global Managed Volatility Fund Institutional Shares		23,592,860		236,400
USAA Government Securities Fund Institutional Shares		19,182,559		196,429
USAA Growth Fund Institutional Shares		1,464,216		42,330
USAA High Income Fund Institutional Shares		7,378,993		52,538
USAA Income Fund Institutional Shares		6,830,999		93,448
USAA Income Stock Fund Institutional Shares		1,601,368		24,085
USAA Intermediate-Term Bond Fund Institutional Shares		44		—	(b)
USAA Precious Metals and Minerals Fund Institutional Shares (c)		249,586		5,309
USAA Short-Term Bond Fund Institutional Shares		6,259,472		57,712
USAA Small Cap Stock Fund Institutional Shares		1,364,763		19,830
USAA Target Managed Allocation Fund		11,931,084		124,083
Victory Integrity Mid-Cap Value Fund Class R6		2,359,470		36,501
Victory Market Neutral Income Fund Class I		2,192,012		21,549
Victory RS International Fund Class R6		4,216,094		40,390
Victory Trivalent International Core Equity Fund Class R6		4,256,121		27,963
Total Affiliated Mutual Funds (Cost $912,124)				978,567
Collateral for Securities Loaned^ (0.0%) (d)
HSBC U.S. Government Money Market Fund I Shares, 0.11% (e)		187,000		187
Total Collateral for Securities Loaned (Cost $187)				187
Total Investments (Cost $1,200,606) — 99.7%				1,237,728
Other assets in excess of liabilities — 0.3%				3,326
NET ASSETS — 100.00%			$	1,241,054

At June 30, 2020 the Fund's investments in foreign securities were 33.2% of net assets.

^  Purchased with cash collateral from securities on loan.

(b)  Amount is less than $1 thousand.

(c)  Non-income producing security.

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

(e)  Rate disclosed is the daily yield on June 30, 2020.

ETF — Exchange-Traded Fund

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Target Retirement 2040 Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (26.0%)
VictoryShares Dividend Accelerator ETF		1,288,160	$	42,715
VictoryShares Emerging Market Volatility Wtd ETF		605,450		13,463
VictoryShares International High Div Volatility Wtd ETF		616,336		15,586
VictoryShares International Volatility Wtd ETF		606,805		21,059
VictoryShares U.S. 500 Volatility Wtd ETF		697,256		35,248
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		1,180,229		36,278
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		73,442		2,697
VictoryShares USAA Core Intermediate-Term Bond ETF		130,870		7,047
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		616,229		23,388
VictoryShares USAA MSCI International Value Momentum ETF		1,386,443		53,381
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		458,387		20,881
VictoryShares USAA MSCI USA Value Momentum ETF		1,934,746		87,711
Total Affiliated Exchange-Traded Funds (Cost $409,390)				359,454
Affiliated Mutual Funds (73.8%)
USAA Global Managed Volatility Fund Institutional Shares		33,262,939		333,295
USAA Government Securities Fund Institutional Shares		11,007,322		112,715
USAA Growth Fund Institutional Shares		2,061,824		59,607
USAA High Income Fund Institutional Shares		6,732,774		47,937
USAA Income Fund Institutional Shares		3,663,079		50,111
USAA Income Stock Fund Institutional Shares		2,394,600		36,015
USAA Intermediate-Term Bond Fund Institutional Shares		32		—	(a)
USAA Precious Metals and Minerals Fund Institutional Shares (b)		277,582		5,904
USAA Short-Term Bond Fund Institutional Shares		2,297,161		21,180
USAA Small Cap Stock Fund Institutional Shares		1,487,465		21,613
USAA Target Managed Allocation Fund		16,513,845		171,744
Victory Integrity Mid-Cap Value Fund Class R6		3,205,995		49,597
Victory Market Neutral Income Fund Class I		1,354,682		13,317
Victory RS International Fund Class R6		6,126,344		58,690
Victory Trivalent International Core Equity Fund Class R6		5,995,254		39,389
Total Affiliated Mutual Funds (Cost $954,867)				1,021,114
Total Investments (Cost $1,364,257) — 99.8%				1,380,568
Other assets in excess of liabilities — 0.2%				2,158
NET ASSETS — 100.00%			$	1,382,726

At June 30, 2020 the Fund's investments in foreign securities were 41.9% of net assets.

(a)  Amount is less than $1 thousand.

(b)  Non-income producing security.

ETF — Exchange-Traded Fund

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Target Retirement 2050 Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (28.4%)
VictoryShares Dividend Accelerator ETF		839,626	$	27,842
VictoryShares Emerging Market Volatility Wtd ETF		390,952		8,693
VictoryShares International High Div Volatility Wtd ETF		342,991		8,674
VictoryShares International Volatility Wtd ETF (a)		392,881		13,635
VictoryShares U.S. 500 Volatility Wtd ETF		457,233		23,114
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		704,349		21,650
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		40,255		1,478
VictoryShares USAA Core Intermediate-Term Bond ETF		19,425		1,046
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		437,570		16,608
VictoryShares USAA MSCI International Value Momentum ETF		925,868		35,648
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		298,137		13,581
VictoryShares USAA MSCI USA Value Momentum ETF		1,225,153		55,542
Total Affiliated Exchange-Traded Funds (Cost $258,003)				227,511
Affiliated Mutual Funds (71.3%)
USAA Global Managed Volatility Fund Institutional Shares		20,836,279		208,779
USAA Government Securities Fund Institutional Shares		2,824,808		28,926
USAA Growth Fund Institutional Shares		1,384,486		40,025
USAA High Income Fund Institutional Shares		2,544,615		18,118
USAA Income Fund Institutional Shares		1,124,236		15,380
USAA Income Stock Fund Institutional Shares		1,520,466		22,868
USAA Intermediate-Term Bond Fund Institutional Shares		25		—	(b)
USAA Precious Metals and Minerals Fund Institutional Shares (c)		155,949		3,317
USAA Short-Term Bond Fund Institutional Shares		297,743		2,745
USAA Small Cap Stock Fund Institutional Shares		1,074,876		15,618
USAA Target Managed Allocation Fund		10,751,998		111,821
Victory Integrity Mid-Cap Value Fund Class R6		2,007,729		31,060
Victory Market Neutral Income Fund Class I		636,442		6,256
Victory RS International Fund Class R6		4,040,575		38,709
Victory Trivalent International Core Equity Fund Class R6		3,962,789		26,036
Total Affiliated Mutual Funds (Cost $535,016)				569,658
Collateral for Securities Loaned^ (0.4%)
HSBC U.S. Government Money Market Fund I Shares, 0.11% (d)		2,695,550		2,696
Invesco Government & Agency Portfolio Institutional Shares, 0.09% (d)		105,400		105
Total Collateral for Securities Loaned (Cost $2,801)				2,801
Total Investments (Cost $795,820) — 100.1%				799,970
Liabilities in excess of other assets — (0.1)%				(974	)
NET ASSETS — 100.00%			$	798,996

At June 30, 2020 the Fund's investments in foreign securities were 46.4% of net assets.

^  Purchased with cash collateral from securities on loan.

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

(b)  Rounds to less than $1 thousand.

(c)  Non-income producing security.

(d)  Rate disclosed is the daily yield on June 30, 2020.

ETF — Exchange-Traded Fund

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA Target Retirement 2060 Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Affiliated Exchange-Traded Funds (29.1%)
VictoryShares Dividend Accelerator ETF		123,285	$	4,088
VictoryShares Emerging Market Volatility Wtd ETF		56,588		1,258
VictoryShares International High Div Volatility Wtd ETF		44,883		1,135
VictoryShares International Volatility Wtd ETF (a)		65,981		2,290
VictoryShares U.S. 500 Volatility Wtd ETF		59,017		2,984
VictoryShares U.S. Multi-Factor Minimum Volatility ETF		99,047		3,045
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		6,319		232
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		62,817		2,384
VictoryShares USAA MSCI International Value Momentum ETF		127,793		4,920
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		38,220		1,741
VictoryShares USAA MSCI USA Value Momentum ETF		166,806		7,562
Total Affiliated Exchange-Traded Funds (Cost $35,516)				31,639
Affiliated Mutual Funds (70.9%)
USAA Global Managed Volatility Fund Institutional Shares		2,880,849		28,866
USAA Government Securities Fund Institutional Shares		363,733		3,725
USAA Growth Fund Institutional Shares		169,327		4,895
USAA High Income Fund Institutional Shares		409,620		2,917
USAA Income Fund Institutional Shares		140,524		1,922
USAA Income Stock Fund Institutional Shares		242,422		3,646
USAA Intermediate-Term Bond Fund Institutional Shares		2		—	(b)
USAA Precious Metals and Minerals Fund Institutional Shares (c)		19,382		412
USAA Short-Term Bond Fund Institutional Shares		110		1
USAA Small Cap Stock Fund Institutional Shares		145,724		2,117
USAA Target Managed Allocation Fund		1,446,888		15,048
Victory Integrity Mid-Cap Value Fund Class R6		273,442		4,230
Victory RS International Fund Class R6		589,235		5,645
Victory Trivalent International Core Equity Fund Class R6		561,535		3,689
Total Affiliated Mutual Funds (Cost $76,409)				77,113
Collateral for Securities Loaned^ (0.0%) (d)
HSBC U.S. Government Money Market Fund I Shares, 0.11% (e)		17,750		18
Total Collateral for Securities Loaned (Cost $18)				18
Total Investments (Cost $111,943) — 100.0%				108,770
Other assets in excess of liabilities — 0.0%				32
NET ASSETS — 100.00%			$	108,802

At June 30, 2020 the Fund's investments in foreign securities were 47.7% of net assets.

^  Purchased with cash collateral from securities on loan.

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

(b)  Amount is less than $1 thousand.

(c)  Non-income producing security.

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

(e)  Rate disclosed is the daily yield on June 30, 2020.

ETF — Exchange-Traded Fund

See notes to financial statements.

13

USAA Mutual Funds Trust Statements of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA Target Retirement Income Fund			USAA Target Retirement 2020 Fund			USAA Target Retirement 2030 Fund
ASSETS:
Affiliated investments, at value (Cost $293,758, $492,306 and $1,200,419)	$	307,666		$	523,976		$	1,237,541
Unaffiliated investments, at value (Cost $426, $— and $187)		426	(a)		—			187	(b)
Cash and cash equivalents		785			1,428			2,785
Receivables:
Interest		—	(c)		—	(c)		—	(c)
Distributions from affiliated funds		281			478			522
Capital shares issued		10			88			971
Prepaid expenses		16			14			13
Total Assets		309,184			525,984			1,242,019
LIABILITIES:
Payables:
Collateral received on loaned securities		426			—			187
Capital shares redeemed		200			365			720
To Adviser		—			2			—
Accrued expenses and other payables:
Custodian fees		1			1			—	(c)
Compliance fees		—	(c)		—	(c)		1
Trustees' fees		1			1			1
Other accrued expenses		36			41			56
Total Liabilities		664			410			965
NET ASSETS:
Capital		292,368			479,129			1,168,296
Total distributable earnings/(loss)		16,152			46,445			72,758
Net Assets	$	308,520		$	525,574		$	1,241,054
Shares (unlimited number of shares authorized with no par value):
		27,753			45,232			104,124
Net asset value, offering and redemption price per share: (d)
	$	11.12		$	11.62		$	11.92

(a)  Includes $411 of securities on loan.

(b)  Includes $182 of securities on loan.

(c)  Rounds to less than $1 thousand.

(d)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

14

USAA Mutual Funds Trust Statements of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA Target Retirement 2040 Fund			USAA Target Retirement 2050 Fund			USAA Target Retirement 2060 Fund
ASSETS:
Affiliated investments, at value (Cost $1,364,257, $793,019 and $111,925)	$	1,380,568		$	797,169		$	108,752
Unaffiliated investments, at value (Cost $—, $2,801 and $18)		—			2,801	(a)		18	(b)
Cash and cash equivalents		2,532			2,310			177
Receivables:
Interest		—	(c)		1			—	(c)
Distributions from affiliated funds		273			73			9
Capital shares issued		130			144			39
From Adviser		—			—			13
Prepaid expenses		20			15			13
Total Assets		1,383,523			802,513			109,021
LIABILITIES:
Payables:
Collateral received on loaned securities		—			2,801			18
Capital shares redeemed		730			661			154
To Adviser		4			—			—
Accrued expenses and other payables:
Custodian fees		1			5			6
Compliance fees		1			1			—	(c)
Trustees' fees		1			1			6
Other accrued expenses		60			48			35
Total Liabilities		797			3,517			219
NET ASSETS:
Capital		1,309,024			753,748			107,669
Total distributable earnings/(loss)		73,702			45,248			1,133
Net Assets	$	1,382,726		$	798,996		$	108,802
Shares (unlimited number of shares authorized with no par value):
		118,170			67,127			9,402
Net asset value, offering and redemption price per share: (d)
	$	11.70		$	11.90		$	11.57

(a)  Includes $2,738 of securities on loan.

(b)  Includes $17 of securities on loan.

(c)  Rounds to less than $1 thousand.

(d)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

15

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA Target Retirement Income Fund			USAA Target Retirement 2020 Fund			USAA Target Retirement 2030 Fund
Investment Income:
Interest	$	3		$	2		$	12
Income distributions from affiliated funds		3,201			5,444			8,363
Securities lending (net of fees)		—	(a)		2			5
Total Income		3,204			5,448			8,380
Expenses:
Sub-Administration fees		8			8			8
Custodian fees		6			8			12
Trustees' fees		23			23			23
Compliance fees		1			2			4
Legal and audit fees		24			26			25
Printing		9			9			25
State registration and filing fees		18			19			25
Interfund lending fees		—	(a)		—	(a)		—
Other expenses		7			8			17
Total Expenses		96			103			139
Net Expenses		96			103			139
Net Investment Income (Loss)		3,108			5,345			8,241
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		(808	)		1,565			(4,215	)
Net change in unrealized appreciation/ depreciation on affiliated funds		(3,032	)		(7,791	)		(68,335	)
Net realized/unrealized gains (losses) on investments		(3,840	)		(6,226	)		(72,550	)
Change in net assets resulting from operations	$	(732	)	$	(881	)	$	(64,309	)

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

16

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA Target Retirement 2040 Fund			USAA Target Retirement 2050 Fund			USAA Target Retirement 2060 Fund
Investment Income:
Interest	$	14		$	10		$	3
Income distributions from affiliated funds		6,916			3,293			442
Securities lending (net of fees)		2			2			—	(a)
Total Income		6,932			3,305			445
Expenses:
Sub-Administration fees		8			8			8
Custodian fees		13			11			9
Trustees' fees		23			23			23
Compliance fees		5			3			—	(a)
Legal and audit fees		26			27			32
Printing		26			16			10
State registration and filing fees		30			23			14
Other expenses		20			12			4
Total Expenses		151			123			100
Expenses waived/reimbursed by Adviser		(12	)		—			(47	)
Net Expenses		139			123			53
Net Investment Income (Loss)		6,793			3,182			392
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from sales of affiliated funds		(3,758	)		961			164
Net change in unrealized appreciation/ depreciation on affiliated funds		(113,718	)		(70,818	)		(9,415	)
Net realized/unrealized gains (losses) on investments		(117,476	)		(69,857	)		(9,251	)
Change in net assets resulting from operations	$	(110,683	)	$	(66,675	)	$	(8,859	)

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

17

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Target Retirement Income Fund						USAA Target Retirement 2020 Fund						USAA Target Retirement 2030 Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	3,108		$	9,118		$	5,345		$	14,505		$	8,241		$	32,864
Net realized gains (losses) from investments		(808	)		12,036			1,565			40,715			(4,215	)		104,810
Net change in unrealized appreciation/depreciation on investments		(3,032	)		15,252			(7,791	)		19,408			(68,335	)		65,221
Change in net assets resulting from operations		(732	)		36,406			(881	)		74,628			(64,309	)		202,895
Change in net assets resulting from distributions to shareholders		(3,053	)		(20,806	)		—			(57,178	)		—			(143,003	)
Change in net assets resulting from capital transactions		(25,328	)		3,237			(55,016	)		9,867			(62,980	)		124,887
Change in net assets		(29,113	)		18,837			(55,897	)		27,317			(127,289	)		184,779
Net Assets:
Beginning of period		337,633			318,796			581,471			554,154			1,368,343			1,183,564
End of period	$	308,520		$	337,633		$	525,574		$	581,471		$	1,241,054		$	1,368,343
Capital Transactions:
Proceeds from shares issued	$	18,341		$	41,829		$	20,820		$	47,372		$	57,647		$	119,955
Distributions reinvested		3,023			20,602			—			56,837			—			142,769
Cost of shares redeemed		(46,692	)		(59,194	)		(75,836	)		(94,342	)		(120,627	)		(137,837	)
Change in net assets resulting from capital transactions	$	(25,328	)	$	3,237		$	(55,016	)	$	9,867		$	(62,980	)	$	124,887
Share Transactions:
Issued		1,668			3,693			1,840			3,891			4,900			9,245
Reinvested		282			1,823			—			4,825			—			11,294
Redeemed		(4,301	)		(5,234	)		(6,727	)		(7,742	)		(10,481	)		(10,584	)
Change in Shares		(2,351	)		282			(4,887	)		974			(5,581	)		9,955

See notes to financial statements.

18

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Target Retirement 2040 Fund						USAA Target Retirement 2050 Fund						USAA Target Retirement 2060 Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	6,793		$	35,111		$	3,182		$	19,342		$	392		$	2,432
Net realized gains (losses) from investments		(3,758	)		145,673			961			83,380			164			4,793
Net change in unrealized appreciation/depreciation on investments		(113,718	)		73,975			(70,818	)		47,604			(9,415	)		11,491
Change in net assets resulting from operations		(110,683	)		254,759			(66,675	)		150,326			(8,859	)		18,716
Change in net assets resulting from distributions to shareholders		—			(178,743	)		—			(95,648	)		—			(6,542	)
Change in net assets resulting from capital transactions		(58,143	)		165,208			(27,359	)		96,903			1,168			16,916
Change in net assets		(168,826	)		241,224			(94,034	)		151,581			(7,691	)		29,090
Net Assets:
Beginning of period		1,551,552			1,310,328			893,030			741,449			116,493			87,403
End of period	$	1,382,726		$	1,551,552		$	798,996		$	893,030		$	108,802		$	116,493
Capital Transactions:
Proceeds from shares issued	$	65,826		$	129,343		$	49,207		$	89,371		$	14,720		$	27,519
Distributions reinvested		—			178,580			—			95,564			—			6,537
Cost of shares redeemed		(123,969	)		(142,715	)		(76,566	)		(88,032	)		(13,552	)		(17,140	)
Change in net assets resulting from capital transactions	$	(58,143	)	$	165,208		$	(27,359	)	$	96,903		$	1,168		$	16,916
Share Transactions:
Issued		5,717			9,869			4,236			6,769			1,309			2,255
Reinvested		—			14,024			—			7,358			—			517
Redeemed		(10,930	)		(10,874	)		(6,640	)		(6,635	)		(1,202	)		(1,390	)
Change in Shares		(5,213	)		13,019			(2,404	)		7,492			107			1,382

See notes to financial statements.

19

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 Target Retirement Income Fund
Six Months Ended June 30, 2020 (unaudited)	$	11.22		0.11	(d)		(0.10	)		0.01			(0.11	)		—
Year Ended December 31, 2019	$	10.69		0.31	(d)		0.93			1.24			(0.31	)		(0.40	)
Year Ended December 31, 2018	$	11.69		0.29			(0.64	)		(0.35	)		(0.29	)		(0.36	)
Year Ended December 31, 2017	$	11.41		0.28			0.70			0.98			(0.28	)		(0.42	)
Year Ended December 31, 2016	$	11.09		0.28			0.42			0.70			(0.28	)		(0.10	)
Year Ended December 31, 2015	$	11.82		0.28			(0.50	)		(0.22	)		(0.28	)		(0.23	)
USAA Target Retirement 2020 Fund
Six Months Ended June 30, 2020 (unaudited)	$	11.60		0.11	(d)		(0.09	)		0.02			—			—
Year Ended December 31, 2019	$	11.28		0.31	(d)		1.25			1.56			(0.30	)		(0.94	)
Year Ended December 31, 2018	$	12.86		0.30			(0.92	)		(0.62	)		(0.30	)		(0.66	)
Year Ended December 31, 2017	$	12.28		0.30			1.25			1.55			(0.30	)		(0.67	)
Year Ended December 31, 2016	$	11.85		0.30			0.60			0.90			(0.38	)		(0.09	)
Year Ended December 31, 2015	$	12.56		0.30			(0.60	)		(0.30	)		(0.21	)		(0.20	)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  The expense ratios exclude the impact of expenses paid to each underlying fund.

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

(e)  Overall increase in purchases and sales of securities.

See notes to financial statements.

20

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 Target Retirement Income Fund
Six Months Ended June 30, 2020 (unaudited)		(0.11	)	$	11.12		0.11	%		0.06	%		1.96	%		0.06	%	$	308,520		8	%
Year Ended December 31, 2019		(0.71	)	$	11.22		11.72	%		0.07	%		2.75	%		0.07	%	$	337,633		16	%
Year Ended December 31, 2018		(0.65	)	$	10.69		(3.01	)%		0.07	%		2.53	%		0.07	%	$	318,796		29	%
Year Ended December 31, 2017		(0.70	)	$	11.69		8.66	%		0.07	%		2.44	%		0.07	%	$	349,866		41	%(e)
Year Ended December 31, 2016		(0.38	)	$	11.41		6.36	%		0.07	%		2.41	%		0.07	%	$	317,856		14	%
Year Ended December 31, 2015		(0.51	)	$	11.09		(1.95	)%		0.06	%		2.36	%		0.06	%	$	330,809		35	%
USAA Target Retirement 2020 Fund
Six Months Ended June 30, 2020 (unaudited)		—		$	11.62		0.17	%		0.04	%		1.98	%		0.04	%	$	525,574		9	%
Year Ended December 31, 2019		(1.24	)	$	11.60		13.83	%		0.04	%		2.51	%		0.04	%	$	581,471		28	%
Year Ended December 31, 2018		(0.96	)	$	11.28		(4.85	)%		0.04	%		2.41	%		0.04	%	$	554,154		34	%
Year Ended December 31, 2017		(0.97	)	$	12.86		12.71	%		0.04	%		2.33	%		0.04	%	$	617,583		39	%(e)
Year Ended December 31, 2016		(0.47	)	$	12.28		7.57	%		0.04	%		2.33	%		0.04	%	$	570,796		11	%
Year Ended December 31, 2015		(0.41	)	$	11.85		(2.40	)%		0.04	%		2.31	%		0.04	%	$	583,926		30	%

See notes to financial statements.

21

USAA Mutual Funds Trust Financial Highlights —continued

For a Share Outstanding Throughout Each Period

			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 Target Retirement 2030 Fund
Six Months Ended June 30, 2020 (unaudited)	$	12.47		0.08	(d)		(0.63	)		(0.55	)		—			—
Year Ended December 31, 2019	$	11.87		0.33	(d)		1.70			2.03			(0.31	)		(1.12	)
Year Ended December 31, 2018	$	13.84		0.30			(1.25	)		(0.95	)		(0.30	)		(0.72	)
Year Ended December 31, 2017	$	12.89		0.30			1.77			2.07			(0.32	)		(0.80	)
Year Ended December 31, 2016	$	12.34		0.30			0.77			1.07			(0.48	)		(0.04	)
Year Ended December 31, 2015	$	13.05		0.27			(0.63	)		(0.36	)		(0.08	)		(0.27	)
USAA Target Retirement 2040 Fund
Six Months Ended June 30, 2020 (unaudited)	$	12.58		0.06	(d)		(0.94	)		(0.88	)		—			—
Year Ended December 31, 2019	$	11.87		0.32	(d)		1.99			2.31			(0.29	)		(1.31	)
Year Ended December 31, 2018	$	14.25		0.27			(1.46	)		(1.19	)		(0.28	)		(0.91	)
Year Ended December 31, 2017	$	12.82		0.29			2.07			2.36			(0.29	)		(0.64	)
Year Ended December 31, 2016	$	12.23		0.26			0.83			1.09			(0.48	)		(0.02	)
Year Ended December 31, 2015	$	12.89		0.23			(0.58	)		(0.35	)		—	(f)		(0.31	)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  The expense ratios exclude the impact of expenses paid to each underlying fund.

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

(e)  Overall increase in purchases and sales of securities.

(f)  Amount is less than $0.005.

(g)  Overall decrease in purchases and sales of securities.

See notes to financial statements.

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 Target Retirement 2030 Fund
Six Months Ended June 30, 2020 (unaudited)		—		$	11.92		(4.41	)%		0.02	%		1.32	%		0.02	%	$	1,241,054		7	%
Year Ended December 31, 2019		(1.43	)	$	12.47		17.13	%		0.03	%		2.53	%		0.03	%	$	1,368,343		24	%
Year Ended December 31, 2018		(1.02	)	$	11.87		(6.99	)%		0.03	%		2.25	%		0.03	%	$	1,183,564		36	%
Year Ended December 31, 2017		(1.12	)	$	13.84		16.12	%		0.03	%		2.29	%		0.03	%	$	1,286,393		32	%
Year Ended December 31, 2016		(0.52	)	$	12.89		8.70	%		0.03	%		2.22	%		0.03	%	$	1,098,440		8	%
Year Ended December 31, 2015		(0.35	)	$	12.34		(2.81	)%		0.03	%		2.08	%		0.03	%	$	1,060,971		32	%
USAA Target Retirement 2040 Fund
Six Months Ended June 30, 2020 (unaudited)		—		$	11.70		(7.00	)%		0.02	%		0.97	%		0.02	%	$	1,382,726		5	%
Year Ended December 31, 2019		(1.60	)	$	12.58		19.57	%		0.02	%		2.41	%		0.02	%	$	1,551,552		29	%
Year Ended December 31, 2018		(1.19	)	$	11.87		(8.53	)%		0.02	%		2.08	%		0.02	%	$	1,310,328		35	%
Year Ended December 31, 2017		(0.93	)	$	14.25		18.46	%		0.03	%		2.15	%		0.03	%	$	1,424,068		32	%
Year Ended December 31, 2016		(0.50	)	$	12.82		8.97	%		0.03	%		1.99	%		0.03	%	$	1,195,926		9	%(g)
Year Ended December 31, 2015		(0.31	)	$	12.23		(2.71	)%		0.03	%		1.78	%		0.03	%	$	1,128,269		35	%

See notes to financial statements.

23

USAA Mutual Funds Trust Financial Highlights —continued

For a Share Outstanding Throughout Each Period

			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 Target Retirement 2050 Fund
Six Months Ended June 30, 2020 (unaudited)	$	12.84		0.05	(d)		(0.99	)		(0.94	)		—			—
Year Ended December 31, 2019	$	11.95		0.31	(d)		2.09			2.40			(0.28	)		(1.23	)
Year Ended December 31, 2018	$	14.45		0.26			(1.54	)		(1.28	)		(0.26	)		(0.96	)
Year Ended December 31, 2017	$	12.78		0.27			2.20			2.47			(0.28	)		(0.52	)
Year Ended December 31, 2016	$	12.18		0.23			0.87			1.10			(0.42	)		(0.08	)
Year Ended December 31, 2015	$	12.81		0.20			(0.52	)		(0.32	)		—	(f)		(0.31	)
USAA Target Retirement 2060 Fund
Six Months Ended June 30, 2020 (unaudited)	$	12.53		0.04	(d)		(1.00	)		(0.96	)		—			—
Year Ended December 31, 2019	$	11.05		0.28	(d)		1.94			2.22			(0.27	)		(0.47	)
Year Ended December 31, 2018	$	12.74		0.23			(1.39	)		(1.16	)		(0.23	)		(0.30	)
Year Ended December 31, 2017	$	11.07		0.22			1.93			2.15			(0.22	)		(0.26	)
Year Ended December 31, 2016	$	10.48		0.15			0.77			0.92			(0.30	)		(0.03	)
Year Ended December 31, 2015	$	10.93		0.18	(d)		(0.45	)		(0.27	)		(0.01	)		(0.17	)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  The expense ratios exclude the impact of expenses paid to each underlying fund.

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

(e)  Overall increase in purchases and sales of securities.

(f)  Amount is less than $0.005.

(g)  Overall decrease in purchases and sales of securities.

See notes to financial statements.

24

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 Target Retirement 2050 Fund
Six Months Ended June 30, 2020 (unaudited)		—		$	11.90		(7.32	)%		0.03	%		0.79	%		0.03	%	$	798,996		7	%
Year Ended December 31, 2019		(1.51	)	$	12.84		20.16	%		0.04	%		2.32	%		0.04	%	$	893,030		30	%
Year Ended December 31, 2018		(1.22	)	$	11.95		(9.02	)%		0.04	%		1.96	%		0.04	%	$	741,449		36	%
Year Ended December 31, 2017		(0.80	)	$	14.45		19.39	%		0.04	%		2.00	%		0.04	%	$	804,921		30	%
Year Ended December 31, 2016		(0.50	)	$	12.78		9.02	%		0.05	%		1.87	%		0.05	%	$	659,642		6	%(g)
Year Ended December 31, 2015		(0.31	)	$	12.18		(2.48	)%		0.04	%		1.58	%		0.04	%	$	603,281		39	%
USAA Target Retirement 2060 Fund
Six Months Ended June 30, 2020 (unaudited)		—		$	11.57		(7.66	)%		0.10	%		0.73	%		0.19	%	$	108,802		10	%
Year Ended December 31, 2019		(0.74	)	$	12.53		20.09	%		0.10	%		2.30	%		0.22	%	$	116,493		29	%
Year Ended December 31, 2018		(0.53	)	$	11.05		(9.18	)%		0.10	%		2.00	%		0.23	%	$	87,403		36	%
Year Ended December 31, 2017		(0.48	)	$	12.74		19.51	%		0.10	%		1.95	%		0.29	%	$	77,599		37	%(e)
Year Ended December 31, 2016		(0.33	)	$	11.07		8.80	%		0.10	%		1.85	%		0.41	%	$	53,142		4	%(g)
Year Ended December 31, 2015		(0.18	)	$	10.48		(2.47	)%		0.10	%		1.64	%		0.51	%	$	37,963		35	%

See notes to financial statements.

25

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2020

  (Unaudited)

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 47 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value. Each Fund is classified as diversified under the 1940 Act.

The accompanying financial statements are those of the following six Funds (collectively, the "Funds" and individually, a "Fund"):

Funds (Legal Name)	Funds (Short Name)
USAA Target Retirement Income Fund	Target Income Fund
USAA Target Retirement 2020 Fund	Target 2020 Fund
USAA Target Retirement 2030 Fund	Target 2030 Fund
USAA Target Retirement 2040 Fund	Target 2040 Fund
USAA Target Retirement 2050 Fund	Target 2050 Fund
USAA Target Retirement 2060 Fund	Target 2060 Fund

Each Fund is a "fund of funds" in that it invests in a selection of affiliated mutual funds and exchange- traded funds managed by the Funds' Adviser, Victory Capital Management Inc., an affiliate of the Fund.

Each Fund may rely on certain Securities and Exchange Commission ("SEC") exemptive orders or rules that permit funds meeting various conditions to invest in an exchange-traded fund (ETF) in amounts exceeding limits set forth in the Investment Company Act of 1940, as amended, that would otherwise be applicable.

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 Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect 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 Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Investment Valuation:

The Funds record 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 Funds' 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)

26

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 risk associated with entering into those investments.

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

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 the underlying affiliated Funds and other open-end investment companies, other than ETFs, are valued at their net asset value ("NAV") at the end of each business day and are categorized in Level 1 of the fair value hierarchy.

The underlying affiliated Funds have specific valuation procedures. In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. 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 June 30, 2020, 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
Target Income Fund
Affiliated Exchange-Traded Funds	$	32,809	$	—	$	—	$	32,809
Affiliated Munds Funds		274,857		—		—		274,857
Collateral for Securities Loaned		426		—		—		426
Total	$	308,092	$	—	$	—	$	308,092
Target 2020 Fund
Affiliated Exchange-Traded Funds	$	60,289	$	—	$	—	$	60,289
Affiliated Munds Funds		463,687		—		—		463,687
Total	$	523,976	$	—	$	—	$	523,976
Target 2030 Fund
Affiliated Exchange-Traded Funds	$	258,974	$	—	$	—	$	258,974
Affiliated Munds Funds		978,567		—		—		978,567
Collateral for Securities Loaned		187		—		—		187
Total	$	1,237,728	$	—	$	—	$	1,237,728

27

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Level 1		Level 2		Level 3		Total
Target 2040 Fund
Affiliated Exchange-Traded Funds	$	359,454	$	—	$	—	$	359,454
Affiliated Munds Funds		1,021,114		—		—		1,021,114
Total	$	1,380,568	$	—	$	—	$	1,380,568
Target 2050 Fund
Affiliated Exchange-Traded Funds	$	227,511	$	—	$	—	$	227,511
Affiliated Munds Funds		569,658		—		—		569,658
Collateral for Securities Loaned		2,801		—		—		2,801
Total	$	799,970	$	—	$	—	$	799,970
Target 2060 Fund
Affiliated Exchange-Traded Funds	$	31,639	$	—	$	—	$	31,639
Affiliated Munds Funds		77,113		—		—		77,113
Collateral for Securities Loaned		18		—		—		18
Total	$	108,770	$	—	$	—	$	108,770

For the six months ended June 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Investment Companies:

Exchange-Traded Funds:

The Funds 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 fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds 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 Funds 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.

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 on the last business day of the reporting period. Dividend income and capital gain distributions from the underlying USAA Mutual Funds are recorded on the ex-dividend date. 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 discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

28

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

Securities Lending:

The Funds, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend securities to qualified financial institutions, such as certain broker-dealers, to earn additional income, net of income retained by Citibank. Borrowers are required to 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 cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. 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. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and 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 Funds' 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. Cash collateral is listed on each Fund's Schedule of Portfolio of Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2020:

	Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
Target Income Fund	$	411	$	—	$	426
Target 2030 Fund		182		—		187
Target 2050 Fund		2,738		—		2,801
Target 2060 Fund		17		—		18

Federal Income Taxes:

It is each 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 December 31.

Management of the Funds have 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 Funds are charged to the Funds, 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 affiliated trust based upon net assets or another appropriate basis.

29

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2020, were as follows (amounts in thousands):

	Excluding U.S. Government Securities
	Purchases		Sales
Target Income Fund	$	26,266	$	52,010
Target 2020 Fund		46,663		97,138
Target 2030 Fund		89,800		141,938
Target 2040 Fund		75,219		121,890
Target 2050 Fund		56,708		78,661
Target 2060 Fund		13,251		10,459

There were no purchases and sales of U.S. government securities during the six months ended June 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the SEC. The Adviser is a wholly owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. The Adviser does not receive any fees from the Funds for these services.

Administration and Servicing Fees:

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

The Funds (as part of the Trust) have 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 during the six months ended June 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds 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 Funds reimburse VCM and Citi for reasonable out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

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

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Funds 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.

30

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 Funds pursuant to a Distribution Agreement between the Distributor and the Trust. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

Other Fees:

Citibank serves as the Funds' custodian.

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

The Adviser has entered into an expense limitation agreement with the Funds until at least June 30, 2021 (and until at least July 31, 2021 with respect to the Target Income Fund and Target 2020 Fund). 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 each respective Fund. Such excess amounts will be the liability of the Adviser. 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 June 30, 2020, the expense limits (excluding voluntary waivers) are as follows:

	In effect July 1, 2019 until June 30, 2021
Target Income Fund		0.07	%(a)
Target 2020 Fund		0.04	%(a)
Target 2030 Fund		0.03	%
Target 2040 Fund		0.02	%
Target 2050 Fund		0.04	%
Target 2060 Fund		0.10	%

(a)  In effect until July 31, 2021.

Under this expense limitation agreement, the Funds have 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, 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. As of June 30, 2020, the following amounts are available to be repaid to the Adviser (amounts in thousands):

	Expires 12/31/22		Expires 12/31/23		Total
Target 2030 Fund	$	1	$	—	$	1
Target 2040 Fund		1		12		13
Target 2060 Fund		54		47		101

The Adviser, may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for six months ended June 30, 2020.

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

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

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region.

31

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, 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. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue to result in, among other things (1) government imposition of various forms of "stay-at-home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees; (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults; (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

The risks of each Fund directly correspond to the risks of the underlying affiliated funds in which each 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 Funds are also 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).

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.

Overall stock market risks may affect the value of each 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:

For the six months ended June 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex and USAA Mutual Funds Complex, combined, 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended June 30, 2020, 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) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is presented on the Statements of Operations under Line of credit fees.

32

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

The Funds had no borrowings with Citibank during the six months ended June 30, 2020.

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 Funds to directly lend and borrow money to or from any other Fund in the Victory Funds Complex 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. 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 are reflected on the Statements of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the six months ended June 30, 2020, are reflected on the Statements of Operations under Income on interfund lending.

The average borrowing and lending for the days outstanding and average interest rate for each Fund during the six months ended June 30, 2020 were as follows (amounts in thousands):

	Borrower or Lender	Amount Outstanding at June 30, 2020		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
Target Income Fund	Borrower	$	—	$	930		3		0.64	%	$	930
Target 2020 Fund	Borrower		—		1,672		3		2.15	%		1,909

*  For the six months ended June 30, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

Distributions of net investment income, if any, are made quarterly by Target Income Fund and annually by each of the other Funds. Distributable net realized gains, if any, are declared and paid at least annually by each Fund. 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 Funds may be reclassified as an offset to capital on the accompanying Statements 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 December 31, 2020.

During the most recent tax year ended December 31, 2019. the Funds had no capital loss carryforwards, for 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 Funds do not invest in affiliated underlying funds for the purpose of exercising management or control. These underlying funds are noted as affiliated on each Fund's Schedule of Portfolio Investments. The affiliated underlying

33

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

fund's annual or semiannual reports may be viewed at usaa.com. Transactions in affiliated securities during the six months ended June 30, 2020 were as follows (amount in thousands):

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020		Dividend Income
Target Income
VictoryShares Dividend Accelerator ETF	$	3,224	$	1,024	$	—		$	—		$	19		$	4,267	$	24
VictoryShares Emerging Market Volatility Wtd ETF		1,518		—		—			—			(246	)		1,272		9
VictoryShares International High Div Volatility Wtd ETF		1,906		—		—			—			(487	)		1,419		20
VictoryShares International Volatility Wtd ETF		1,902		294		—			—			(189	)		2,007		17
VictoryShares U.S. 500 Volatility Wtd ETF		1,417		2,203		(618	)		(88	)		115			3,029		20
VictoryShares U.S. Multi- Factor Minimum Volatility ETF		2,577		—		—			—			(182	)		2,395		23
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		432		—		(320	)		(85	)		(27	)		—		6
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		3,920		299		—			—			(555	)		3,664		6
VictoryShares USAA MSCI International Value Momentum ETF		6,177		578		(1,000	)		(163	)		(527	)		5,065		42
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		2,089		1,023		(305	)		(69	)		123			2,861		10
VictoryShares USAA MSCI USA Value Momentum ETF		8,083		586		(773	)		(142	)		(924	)		6,830		52
USAA Capital Growth Fund Institutional Shares		951		—		(958	)		10			(3	)		—		—
USAA Global Managed Volatility Fund Institutional Shares		33,193		1,467		(1,496	)		(96	)		(2,859	)		30,209		—
USAA Government Securities Fund Institutional Shares		98,362		953		(17,690	)		277			3,052			84,954		1,126
USAA Growth Fund Institutional Shares		4,072		—		(333	)		(39	)		412			4,112		—
USAA High Income Fund Institutional Shares		6,518		7,217		(2,103	)		(143	)		(90	)		11,399		218

34

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020		Dividend Income
USAA Income Fund Institutional Shares	$	63,981	$	748	$	(17,045	)	$	252		$	526		$	48,462	$	747
USAA Income Stock Fund Institutional Shares		2,101		2,279		—			—			72			4,452		59
USAA Precious Metals and Minerals Fund Institutional Shares		1,070		—		—			—			268			1,338		—
USAA Short-Term Bond Fund Institutional Shares		47,454		769		(2,772	)		(107	)		(56	)		45,288		672
USAA Small Cap Stock Fund Institutional Shares		2,596		1,027		(314	)		(77	)		178			3,410		—
USAA Target Managed Allocation Fund		17,755		1,730		(3,076	)		(151	)		(326	)		15,932		—
Victory Integrity Mid-Cap Value Fund Class R6		3,185		1,020		(621	)		(181	)		(687	)		2,716		—
Victory Market Neutral Income Fund Class I		13,756		149		(2,270	)		23			231			11,889		150
Victory RS International Fund Class R6		4,949		2,286		(158	)		(16	)		(420	)		6,641		—
Victory Trivalent International Core Equity Fund Class R6		4,062		614		(158	)		(13	)		(450	)		4,055		—
	$	337,250	$	26,266	$	(52,010	)	$	(808	)	$	(3,032	)	$	307,666	$	3,201
Target 2020
VictoryShares Dividend Accelerator ETF	$	9,044	$	980	$	(2,870	)	$	156		$	(304	)	$	7,006	$	41
VictoryShares Emerging Market Volatility Wtd ETF		2,710		232		—			—			(481	)		2,461		18
VictoryShares International High Div Volatility Wtd ETF		2,900		—		—			—			(741	)		2,159		30
VictoryShares International Volatility Wtd ETF		3,209		984		—			—			(124	)		4,069		34
VictoryShares U.S. 500 Volatility Wtd ETF		34		2,510		—			—			638			3,182		13
VictoryShares U.S. Multi- Factor Minimum Volatility ETF		8,625		—		(2,232	)		67			(553	)		5,907		63
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		1,382		—		(521	)		(139	)		(192	)		530		20

35

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020			Dividend Income
VictoryShares USAA Core Intermediate-Term Bond ETF	$	1,654		$	2,600	$	—		$	—		$	134		$	4,388		$	46
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		5,903			762		—			—			(783	)		5,882			9
VictoryShares USAA MSCI International Value Momentum ETF		8,884			980		—			—			(1,201	)		8,663			72
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		2,893			1,735		(519	)		(103	)		297			4,303			14
VictoryShares USAA MSCI USA Value Momentum ETF		12,962			996		(529	)		(78	)		(1,612	)		11,739			84
USAA Global Managed Volatility Fund Institutional Shares		62,832			2,722		(10,228	)		1,214			(5,900	)		50,640			—
USAA Government Securities Fund Institutional Shares		162,802			4,913		(27,483	)		433			5,177			145,842			1,930
USAA Growth Fund Institutional Shares		9,418			—		(2,172	)		96			804			8,146			—
USAA High Income Fund Institutional Shares		14,501			11,869		(6,857	)		493			(1,092	)		18,914			369
USAA Income Fund Institutional Shares		107,231			1,248		(29,761	)		(405	)		1,615			79,928			1,248
USAA Income Stock Fund Institutional Shares		6,595			1,610		(1,992	)		(23	)		(450	)		5,740			79
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—			—			—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		1,879			—		—			—			470			2,349			—
USAA Short-Term Bond Fund Institutional Shares		77,548			3,934		(4,924	)		(217	)		(64	)		76,277			1,129
USAA Small Cap Stock Fund Institutional Shares		4,551			1,251		—			—			(72	)		5,730			—
USAA Target Managed Allocation Fund		32,224			2,450		(5,992	)		297			(1,182	)		27,797			—
Victory Integrity Mid-Cap Value Fund Class R6		8,951			—		(1,058	)		(226	)		(1,588	)		6,079			—

36

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020		Dividend Income
Victory Market Neutral Income Fund Class I	$	18,810	$	245	$	—		$	—		$	415		$	19,470	$	245
Victory RS International Fund Class R6		7,455		3,088		—			—			(459	)		10,084		—
Victory Trivalent International Core Equity Fund Class R6		5,680		1,554		—			—			(543	)		6,691		—
	$	580,677	$	46,663	$	(97,138	)	$	1,565		$	(7,791	)	$	523,976	$	5,444
Target 2030
VictoryShares Dividend Accelerator ETF	$	32,985	$	1,056	$	—		$	—		$	(2,052	)	$	31,989	$	197
VictoryShares Emerging Market Volatility Wtd ETF		8,809		690		—			—			(1,553	)		7,946		57
VictoryShares International High Div Volatility Wtd ETF		13,863		—		—			—			(3,540	)		10,323		145
VictoryShares International Volatility Wtd ETF		14,941		1,651		—			—			(1,607	)		14,985		129
VictoryShares U.S. 500 Volatility Wtd ETF		6,620		12,838		—			—			121			19,579		108
VictoryShares U.S. Multi- Factor Minimum Volatility ETF		29,581		—		(1,208	)		(55	)		(2,061	)		26,257		259
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		4,665		—		(1,836	)		(490	)		(632	)		1,707		68
VictoryShares USAA Core Intermediate-Term Bond ETF		5,662		7,483		—			—			388			13,533		143
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		19,391		1,125		—			—			(2,783	)		17,733		28
VictoryShares USAA MSCI International Value Momentum ETF		45,099		2,723		—			—			(6,874	)		40,948		341
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		12,423		5,404		(2,475	)		(484	)		481			15,349		54
VictoryShares USAA MSCI USA Value Momentum ETF		67,376		3,214		(2,490	)		(450	)		(9,025	)		58,625		424
USAA Capital Growth Fund Institutional Shares		16,107		—		(16,308	)		228			(27	)		—		—

37

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020			Dividend Income
USAA Global Managed Volatility Fund Institutional Shares	$	274,675		$	—	$	(11,106	)	$	(1,485	)	$	(25,684	)	$	236,400		$	—
USAA Government Securities Fund Institutional Shares		216,385			5,825		(33,038	)		701			6,556			196,429			2,485
USAA Growth Fund Institutional Shares		44,728			—		(6,692	)		79			4,215			42,330			—
USAA High Income Fund Institutional Shares		28,545			26,765		(1,034	)		(316	)		(1,422	)		52,538			1,016
USAA Income Fund Institutional Shares		129,899			3,957		(41,215	)		(10	)		817			93,448			1,457
USAA Income Stock Fund Institutional Shares		23,572			3,696		—			—			(3,183	)		24,085			353
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—			—			—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		4,245			—		—			—			1,064			5,309			—
USAA Short-Term Bond Fund Institutional Shares		54,205			3,565		—			—			(58	)		57,712			828
USAA Small Cap Stock Fund Institutional Shares		16,884			5,401		(2,508	)		(134	)		187			19,830			—
USAA Target Managed Allocation Fund		148,235			—		(16,817	)		(1,851	)		(5,484	)		124,083			—
Victory Integrity Mid-Cap Value Fund Class R6		45,679			—		—			—			(9,178	)		36,501			—
Victory Market Neutral Income Fund Class I		26,028			273		(5,211	)		52			407			21,549			271
Victory RS International Fund Class R6		41,475			2,905		—			—			(3,990	)		40,390			—
Victory Trivalent International Core Equity Fund Class R6		30,152			1,229		—			—			(3,418	)		27,963			—
	$	1,362,229		$	89,800	$	(141,938	)	$	(4,215	)	$	(68,335	)	$	1,237,541		$	8,363

38

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020		Dividend Income
Target 2040
VictoryShares Dividend Accelerator ETF	$	44,510	$	1,221	$	—		$	—		$	(3,016	)	$	42,715	$	264
VictoryShares Emerging Market Volatility Wtd ETF		14,838		1,258		—			—			(2,633	)		13,463		96
VictoryShares International High Div Volatility Wtd ETF		20,931		—		—			—			(5,345	)		15,586		219
VictoryShares International Volatility Wtd ETF		20,889		2,506		—			—			(2,336	)		21,059		181
VictoryShares U.S. 500 Volatility Wtd ETF		33,818		8,690		(2,777	)		(384	)		(4,099	)		35,248		254
VictoryShares U.S. Multi- Factor Minimum Volatility ETF		39,042		—		—			—			(2,764	)		36,278		341
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		6,212		—		(2,043	)		(545	)		(927	)		2,697		90
VictoryShares USAA Core Intermediate-Term Bond ETF		3,963		2,863		—			—			221			7,047		75
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		25,944		1,221		—			—			(3,777	)		23,388		37
VictoryShares USAA MSCI International Value Momentum ETF		60,534		2,474		—			—			(9,627	)		53,381		444
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		20,198		4,070		(1,402	)		(263	)		(1,722	)		20,881		71
VictoryShares USAA MSCI USA Value Momentum ETF		97,092		4,805		—			—			(14,186	)		87,711		610
USAA Capital Growth Fund Institutional Shares		15,897		—		(16,089	)		284			(92	)		—		—
USAA Global Managed Volatility Fund Institutional Shares		374,988		—		(4,775	)		(729	)		(36,189	)		333,295		—
USAA Government Securities Fund Institutional Shares		139,872		1,347		(33,224	)		1,342			3,378			112,715		1,575
USAA Growth Fund Institutional Shares		61,801		—		(8,214	)		73			5,947			59,607		—

39

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020			Dividend Income
USAA High Income Fund Institutional Shares	$	22,202		$	27,859	$	(1,106	)	$	(338	)	$	(680	)	$	47,937		$	859
USAA Income Fund Institutional Shares		74,931			824		(26,082	)		280			158			50,111			824
USAA Income Stock Fund Institutional Shares		33,377			7,349		—			—			(4,711	)		36,015			503
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—			—			—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		4,722			—		—			—			1,182			5,904			—
USAA Short-Term Bond Fund Institutional Shares		20,948			251		—			—			(19	)		21,180			306
USAA Small Cap Stock Fund Institutional Shares		25,496			3,483		(5,673	)		(430	)		(1,263	)		21,613			—
USAA Target Managed Allocation Fund		199,630			—		(17,153	)		(3,082	)		(7,651	)		171,744			—
Victory Integrity Mid-Cap Value Fund Class R6		62,068			—		—			—			(12,471	)		49,597			—
Victory Market Neutral Income Fund Class I		16,217			168		(3,352	)		34			250			13,317			167
Victory RS International Fund Class R6		60,941			4,146		—			—			(6,397	)		58,690			—
Victory Trivalent International Core Equity Fund Class R6		43,654			684		—			—			(4,949	)		39,389			—
	$	1,544,715		$	75,219	$	(121,890	)	$	(3,758	)	$	(113,718	)	$	1,380,568		$	6,916
Target 2050
VictoryShares Dividend Accelerator ETF	$	27,160		$	2,341	$	—		$	—		$	(1,659	)	$	27,842		$	170
VictoryShares Emerging Market Volatility Wtd ETF		9,126			1,108		—			—			(1,541	)		8,693			56
VictoryShares International High Div Volatility Wtd ETF		11,648			—		—			—			(2,974	)		8,674			122
VictoryShares International Volatility Wtd ETF		13,757			1,888		—			—			(2,010	)		13,635			119
VictoryShares U.S. 500 Volatility Wtd ETF		23,973			1,865		—			—			(2,724	)		23,114			154
VictoryShares U.S. Multi- Factor Minimum Volatility ETF		23,300			—		—			—			(1,650	)		21,650			204

40

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019			Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020			Dividend Income
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF	$	4,015		$	—	$	(1,571	)	$	(485	)	$	(481	)	$	1,478		$	58
VictoryShares USAA Core Intermediate-Term Bond ETF		1,009			—		—			—			37			1,046			11
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		17,668			1,416		—			—			(2,476	)		16,608			26
VictoryShares USAA MSCI International Value Momentum ETF		36,824			4,429		—			—			(5,605	)		35,648			296
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		13,331			2,294		(784	)		(177	)		(1,083	)		13,581			46
VictoryShares USAA MSCI USA Value Momentum ETF		59,856			4,116		—			—			(8,430	)		55,542			382
USAA Capital Growth Fund Institutional Shares		9,036			—		(9,144	)		164			(56	)		—			—
USAA Global Managed Volatility Fund Institutional Shares		229,717			1,414		—			—			(22,352	)		208,779			—
USAA Government Securities Fund Institutional Shares		65,668			594		(39,416	)		2,376			(296	)		28,926			666
USAA Growth Fund Institutional Shares		37,704			—		(1,477	)		(230	)		4,028			40,025			—
USAA High Income Fund Institutional Shares		1,145			16,205		—			—			768			18,118			205
USAA Income Fund Institutional Shares		32,893			321		(17,558	)		28			(304	)		15,380			320
USAA Income Stock Fund Institutional Shares		20,076			5,114		—			—			(2,322	)		22,868			315
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—		—			—			—			—	*		—
USAA Precious Metals and Minerals Fund Institutional Shares		2,653			—		—			—			664			3,317			—
USAA Short-Term Bond Fund Institutional Shares		6,348			57		(3,503	)		(87	)		(70	)		2,745			64

41

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019		Purchases at Cost			Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020		Dividend Income
USAA Small Cap Stock Fund Institutional Shares	$	15,018	$	2,306		$	(811	)	$	(172	)	$	(723	)	$	15,618	$	—
USAA Target Managed Allocation Fund		120,696		—			(3,125	)		(469	)		(5,281	)		111,821		—
Victory Integrity Mid-Cap Value Fund Class R6		38,870		—			—			—			(7,810	)		31,060		—
Victory Market Neutral Income Fund Class I		7,317		77			(1,272	)		13			121			6,256		79
Victory RS International Fund Class R6		35,278		7,368			—			—			(3,937	)		38,709		—
Victory Trivalent International Core Equity Fund Class R6		25,523		3,165			—			—			(2,652	)		26,036		—
	$	889,609	$	56,078		$	(78,661	)	$	961		$	(70,818	)	$	797,169	$	3,293
Target 2060
VictoryShares Dividend Accelerator ETF	$	3,477	$	785		$	—		$	—		$	(174	)	$	4,088	$	24
VictoryShares Emerging Market Volatility Wtd ETF		1,309		162			—			—			(213	)		1,258		8
VictoryShares International High Div Volatility Wtd ETF		1,524		—			—			—			(389	)		1,135		16
VictoryShares International Volatility Wtd ETF		1,855		716			—			—			(281	)		2,290		20
VictoryShares U.S. 500 Volatility Wtd ETF		3,092		413			(219	)		(29	)		(273	)		2,984		21
VictoryShares U.S. Multi- Factor Minimum Volatility ETF		3,276		1			—			—			(232	)		3,045		29
VictoryShares U.S. Small Cap High Div Volatility Wtd ETF		587		(1	)		(214	)		(57	)		(83	)		232		9
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF		2,409		275			—			—			(300	)		2,384		4
VictoryShares USAA MSCI International Value Momentum ETF		5,337		446			—			—			(863	)		4,920		41
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF		1,696		315			(107	)		(24	)		(139	)		1,741		6

42

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

	Fair Value 12/31/2019			Purchases at Cost			Proceeds from Sales			Realized Gains (Losses)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2020			Dividend Income
VictoryShares USAA MSCI USA Value Momentum ETF	$	7,764		$	845		$	—		$	—		$	(1,047	)	$	7,562		$	51
USAA Capital Growth Fund Institutional Shares		1,387			(1	)		(1,404	)		25			(7	)		—			—
USAA Intermediate-Term Bond Fund Institutional Shares		—	*		—			—			—			—			—	*		—
USAA Global Managed Volatility Fund Institutional Shares		30,165			1,819			(111	)		(15	)		(2,992	)		28,866			—
USAA Government Securities Fund Institutional Shares		8,716			79			(5,347	)		291			(14	)		3,725			84
USAA Growth Fund Institutional Shares		4,630			1			(197	)		(31	)		492			4,895			—
USAA High Income Fund Institutional Shares		2			3,039			(274	)		13			137			2,917			38
USAA Income Fund Institutional Shares		4,161			43			(2,282	)		42			(42	)		1,922			44
USAA Income Stock Fund Institutional Shares		2,362			1,644			—			—			(360	)		3,646			47
USAA Precious Metals and Minerals Fund Institutional Shares		330			(1	)		—			—			83			412			—
USAA Short-Term Bond Fund Institutional Shares		1			—			—			—			—			1			—
USAA Small Cap Stock Fund Institutional Shares		2,055			313			(111	)		(27	)		(113	)		2,117			—
USAA Target Managed Allocation Fund		15,641			149			—			—			(742	)		15,048			—
Victory Integrity Mid-Cap Value Fund Class R6		5,432			—			(109	)		(25	)		(1,068	)		4,230			—
Victory Market Neutral Income Fund Class I		84			—			(84	)		1			(1	)		—			—
Victory RS International Fund Class R6		4,748			1,338			—			—			(441	)		5,645			—
Victory Trivalent International Core Equity Fund Class R6		3,171			871			—			—			(353	)		3,689			—
	$	115,211		$	13,251		$	(10,459	)	$	164		$	(9,415	)	$	108,752		$	442

*  Rounds to less than $1 thousand.

43

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

9. Subsequent Events:

On June 11, 2020, the Board of the Trust approved a Plan of Reorganization and Termination pursuant to which the USAA Target Retirement 2020 Fund will be reorganized with and into the USAA Target Retirement Income Fund in what is expected to be a tax-free reorganization (the "Reorganization"). The Funds have the same investment objectives, substantially the same principal investment strategies, and the same principal risks. The Reorganization is expected to occur on or about September 26, 2020.

Effective July 20, 2020, the USAA Target Retirement 2020 Fund closed to new investors. Existing shareholders may continue to make additional investments into existing accounts after that date. However, the USAA Target Retirement 2020 Fund will stop accepting purchase requests from existing accounts shortly before the Reorganization is scheduled to occur.

44

USAA Mutual Funds Trust Supplemental Information
June 30, 2020

  (Unaudited)

Expense Examples

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 Funds 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 January 1, 2020 through June 30, 2020.

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. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20- 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20- 6/30/20*		Annualized Expense Ratio During Period 1/1/20- 6/30/20
Target Income Fund	$	1,000.00	$	1,001.10	$	1,024.57	$	0.30	$	0.30		0.06	%
Target 2020 Fund		1,000.00		1,001.70		1,024.66		0.20		0.20		0.04	%
Target 2030 Fund		1,000.00		955.90		1,024.76		0.10		0.10		0.02	%
Target 2040 Fund		1,000.00		930.00		1,024.76		0.10		0.10		0.02	%
Target 2050 Fund		1,000.00		926.80		1,024.71		0.14		0.15		0.03	%
Target 2060 Fund		1,000.00		923.40		1,024.37		0.48		0.50		0.10	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Funds 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

45

USAA Mutual Funds Trust Supplemental Information — continued
June 30, 2020

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the 1940 Act. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital, as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

46

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

15935 La Cantera Pkwy
Building Two
San Antonio, Texas 78256

Visit our website at:	Call
vcm.com	(800) 235-8396

88219-0820

JUNE 30, 2020

Semi Annual Report

USAA Ultra Short-Term Bond Fund

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on VictoryFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by notifying your financial intermediary directly, or if you are a direct investor, by calling (800) 235-8396 or logging on to usaa.com. Effective on or about November 6, 2020, a shareholder who has an account directly with the Fund will need to submit their request via email to TA.Processing@FISGlobal.com. Your election to receive reports in paper will apply to all funds held with the USAA Mutual Funds or your financial intermediary.

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 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 logo 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.

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings	2
Financial Statements
Schedule of Portfolio Investments	4
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Supplemental Information	31
Proxy Voting and Portfolio Holdings Information	31
Expense Examples	31
Liquidity Risk Management Program	32
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

1

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund June 30, 2020

  (Unaudited)

Investment Objective & Portfolio Holdings:

The Fund's investment objective seeks to provide high current income consistent with preservation of principal.

Top 10 Holdings*

June 30, 2020

(% of Net Assets)

Capital One NA	1.2	%
GLP Capital LP, Term Loan A1	1.1	%
Western Midstream Operating LP	1.1	%
FMC Corp.	1.1	%
Cooperatieve Rabobank UA	1.1	%
Western Digital Corp.	1.0	%
Air Canada Pass Through Trust	1.0	%
First Investors Auto Owner Trust	1.0	%
BBVA Bancomer SA	0.9	%
Royal Bank of Scotland Group PLC	0.9	%

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

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

2

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund (continued) June 30, 2020

  (Unaudited)

Portfolio Ratings Mix*
June 30, 2020
(% of Net Assets)

This chart reflects the highest long-term rating from a Nationally Recognized Statistical Rating Organization (NRSRO), with the four highest long-term credit ratings labeled, in descending order of credit quality, AAA, AA, A, and BBB. These categories represent investment-grade quality. NRSRO ratings are shown because they provide independent analysis of the credit quality of the Fund's investments. Victory Capital Management, Inc. ("Adviser") also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Adviser considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure specific characteristics. Any of the Fund's securities that are not rated by an NRSRO appear in the chart above as "Unrated," but these securities are analyzed and monitored by the Adviser on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government and pre-refunded and escrowed-to-maturity municipal bonds that are not rated are treated as AAA for credit quality purposes.

** Less than 0.05%

3

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Asset-Backed Securities (12.9%)
ARI Fleet Lease Trust, Series 2017-A Class A3, 2.28%, 4/15/26, Callable 10/15/20 @ 100 (a)	$	1,000	$	1,004
ARI Fleet Lease Trust, Series 2017-A Class A2, 1.91%, 4/15/26, Callable 10/15/20 @ 100 (a)		4		4
Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A Class C, 4.94%, 6/20/22 (a)		2,000		1,972
Bank of The West Auto Trust, Series 2019-1 Class A2, 2.40%, 10/17/22, Callable 7/15/23 @ 100 (a)		561		565
Bank of The West Auto Trust, Series 2019-1 Class A3, 2.43%, 4/15/24, Callable 7/15/23 @ 100 (a)		1,000		1,024
Bank of The West Auto Trust, Series 2019-1 Class C, 2.90%, 4/15/25, Callable 7/15/23 @ 100 (a)		1,000		1,015
BCC Funding Corp. XVI LLC, Series 2019-1A Class A2, 2.46%, 8/20/24, Callable 6/20/23 @ 100 (a)		1,000		1,001
Canadian Pacer Auto Receivables Trust, Series 2018-1A Class C, 3.82%, 4/19/24, Callable 5/19/21 @ 100 (a)		1,500		1,529
CarMax Auto Owner Trust, Series 2020-2 Class A2B, 1.48% (LIBOR03M+130bps), 1/17/23, Callable 11/15/23 @ 100 (b)		500		505
Credit Acceptance Auto Loan Trust, Series 2018-1A Class B, 3.60%, 4/15/27, Callable 6/15/21 @ 100 (a)		1,000		1,021
Credit Acceptance Auto Loan Trust, Series 2017-3A Class A, 2.65%, 6/15/26 (a)		260		262
Dell Equipment Finance Trust, Series 2017-2 Class D, 3.27%, 10/23/23, Callable 8/22/20 @ 100 (a)		350		350
Drive Auto Receivables Trust, Series 2018-1 Class D, 3.81%, 5/15/24, Callable 3/15/22 @ 100		1,190		1,207
Drive Auto Receivables Trust, Series 2018-2 Class D, 4.14%, 8/15/24, Callable 7/15/22 @ 100		2,000		2,049
Exeter Automobile Receivables Trust, Series 2019-4A Class A, 2.18%, 1/17/23, Callable 9/15/23 @ 100 (a)		466		468
Exeter Automobile Receivables Trust, Series 2020-1A Class C, 2.49%, 1/15/25, Callable 12/15/23 @ 100 (a)		682		682
Exeter Automobile Receivables Trust, Series 2018-3A Class B, 3.46%, 10/17/22, Callable 11/15/22 @ 100 (a)		420		420
First Investors Auto Owner Trust, Series 2016-2A Class D, 3.35%, 11/15/22, Callable 5/15/21 @ 100 (a)		2,250		2,277
Flagship Credit Auto Trust, Series 2016-1 Class C, 6.22%, 6/15/22, Callable 12/15/20 @ 100 (a)		1,891		1,923
GreatAmerica Leasing Receivables Funding LLC, Series 2017-1 Class A4, 2.36%, 1/20/23, Callable 12/20/20 @ 100 (a)		497		499
Hertz Vehicle Financing LP, Series 2019-1A Class B, 4.10%, 3/25/23 (a)		500		482
HPEFS Equipment Trust, Series 2019-1A Class B, 2.32%, 9/20/29, Callable 7/20/22 @ 100 (a)		500		509
Hyundai Auto Receivables Trust, Series 2018-A Class B, 3.14%, 6/17/24, Callable 6/15/22 @ 100		1,000		1,034
Kubota Credit Owner Trust, Series 2020-1A Class A2, 1.92%, 12/15/22, Callable 10/15/23 @ 100 (a)		500		506
Master Credit Card Trust, Series 2019-2A Class C, 2.83%, 7/21/21 (a)		500		503
NP SPE II LLC, Series 2019-2A Class A1, 2.86%, 11/19/49 (a)		2,039		2,033

See notes to financial statements.

4

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
NP SPE II LLC, Series 2017-1A Class A1, 3.37%, 10/21/47, Callable 10/20/27 @ 100 (a)	$	220	$	218
OSCAR US Funding Trust LLC, Series 2018-1A Class A3, 3.23%, 5/10/22 (a)		1,115		1,124
OSCAR US Funding Trust LLC, Series 2018-2A Class A2A, 3.15%, 8/10/21 (a)		50		50
Santander Drive Auto Receivables Trust, Series 2018-5 Class C, 3.81%, 12/16/24, Callable 8/15/22 @ 100		1,000		1,014
Santander Drive Auto Receivables Trust, Series 2020-1 Class A2A, 2.07%, 1/17/23, Callable 2/15/25 @ 100 (c)		500		504
SCF Equipment Leasing LLC, Series 2017-2A Class A, 3.41%, 12/20/23, Callable 7/20/20 @ 100 (a)		755		757
SCF Equipment Leasing LLC, Series 2019-1A Class B, 3.49%, 1/20/26, Callable 7/20/20 @ 100 (a)		1,000		1,015
SCF Equipment Leasing LLC, Series 2019-1A Class A1, 3.04%, 3/20/23, Callable 7/20/20 @ 100 (a)		627		627
Total Asset-Backed Securities (Cost $30,080)				30,153
Collateralized Mortgage Obligations (13.3%)
Austin Fairmont Hotel Trust, Series 2019-FAIR Class B, 1.43% (LIBOR01M+125bps), 9/15/32 (a) (b)		1,000		937
Austin Fairmont Hotel Trust, Series 2019-FAIR Class C, 1.63% (LIBOR01M+145bps), 9/15/32 (a) (b)		1,000		933
BBCMS Mortgage Trust, Series 2019-BWAY Class B, 1.49% (LIBOR01M+131bps), 11/25/34 (a) (b)		1,000		941
BX Commercial Mortgage Trust, Series 2020-BXLP Class C, 1.30% (LIBOR01M+112bps), 12/15/29 (a) (b)		1,000		973
BX Commercial Mortgage Trust, Series 2019-XL Class C, 1.43% (LIBOR01M+125bps), 10/15/36 (a) (b)		955		933
CIFC Funding Ltd., Series 2015-5A Class A1R, 1.85% (LIBOR03M+86bps), 10/25/27, Callable 7/25/20 @ 100 (a) (b)		2,000		1,960
CIFC Funding Ltd., Series 2012-2RA Class A1, 1.94% (LIBOR03M+80bps), 1/20/28, Callable 7/20/20 @ 100 (a) (b)		990		970
COMM Mortgage Trust, Series 2020-CBM Class C, 3.40%, 11/13/39 (a)		500		471
COMM Mortgage Trust, Series 2019-521F Class B, 1.28% (LIBOR01M+110bps), 6/15/34 (a) (b)		1,500		1,436
COSMO Mortgage Trust, Series 2017-CSMO Class C, 1.68% (LIBOR01M+150bps), 11/15/36 (a) (b)		1,500		1,406
FREMF Mortgage Trust, Series 2017-K724 Class B, 3.60%, 11/25/23 (a) (d)		1,000		1,032
GS Mortgage Securities Trust, Series 2011-GC3 Class X, 0.81%, 3/10/44 (a) (d) (e)		18,075		31
Holmes Master Issuer PLC, Series 2018-1A Class A2, 1.58% (LIBOR03M+36bps), 10/15/54, Callable 10/15/20 @ 100 (a) (b)		743		743
Hospitality Mortgage Trust, Series 2019-HIT Class B, 1.53% (LIBOR01M+135bps), 11/15/36 (a) (b)		1,229		1,140
Hospitality Mortgage Trust, Series 19-HIT Class A, 1.18% (LIBOR01M+100bps), 11/15/36 (a) (b)		861		813
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13 Class B, 4.21%, 1/15/46 (d)		2,000		2,038
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19 Class XA, 0.90%, 4/15/47 (d) (e)		5,872		105
KNDL Mortgage Trust, Series 2019-KNSQ Class B, 1.13% (LIBOR01M+95bps), 5/15/36 (a) (b)		1,000		974

See notes to financial statements.

5

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Madison Park Funding Ltd., Series 2013-11A Class AR, 2.20% (LIBOR03M+116bps), 7/23/29, Callable 7/23/20 @ 100 (a) (b)	$	2,000	$	1,957
Magnetite Ltd., Series 2019-21A Class A, 2.42% (LIBOR03M+128bps), 4/20/30, Callable 7/20/20 @ 100 (a) (b)		1,500		1,476
Morgan Stanley Capital I Trust, Series 2019-NUGS Class B, 2.80% (LIBOR01M+130bps), 12/15/21 (a) (b)		1,154		1,116
Morgan Stanley Capital I Trust, Series 2017-CLS Class A, 0.88% (LIBOR01M+70bps), 11/15/34 (a) (b)		2,000		1,986
Palmer Square Loan Funding Ltd., Series 2019-4A Class A1, 1.92% (LIBOR03M+90bps), 10/24/27, Callable 10/24/20 @ 100 (a) (b)		868		859
Palmer Square Loan Funding Ltd., Series 2018-5A Class A1, 1.99% (LIBOR03M+85bps), 1/20/27, Callable 7/20/20 @ 100 (a) (b)		656		644
Palmer Square Loan Funding Ltd., Series 2018-2A Class A2, 2.27% (LIBOR03M+105bps), 7/15/26, Callable 7/15/20 @ 100 (a) (b)		500		482
Palmer Square Loan Funding Ltd., Series 2018-2A Class A1, 1.87% (LIBOR03M+65bps), 7/15/26, Callable 7/15/20 @ 100 (a) (b)		675		664
Sound Point CLO VIII-R Ltd., Series 2015-1RA Class A, 2.58% (LIBOR03M+136bps), 4/15/30, Callable 7/15/20 @ 100 (a) (b)		1,500		1,465
Sound Point CLO X Ltd., Series 2015-3A Class AR, 2.03% (LIBOR03M+89bps), 1/20/28, Callable 7/20/20 @ 100 (a) (b)		967		955
Tryon Park CLO Ltd., Series 2013-1A Class A1SR, 2.11% (LIBOR03M+89bps), 4/15/29, Callable 7/15/20 @ 100 (a) (b)		1,610		1,581
Total Collateralized Mortgage Obligations (Cost $31,825)				31,021
Senior Secured Loans (2.4%)
Boyd Gaming Corp., Term Loan A1, 3.25% (LIBOR01W+275bps), 9/15/21 (b)		706		698
GLP Capital LP, Term Loan A1, 1.68% (LIBOR01M+150bps), 4/28/21 (b)		2,566		2,540
Western Digital Corp., 2/27/23 (b) (f) (m)		2,500		2,427
Total Senior Secured Loans (Cost $5,765)				5,665
Corporate Bonds (35.9%)
Communication Services (1.2%):
AMC Networks, Inc., 4.75%, 12/15/22, Callable 8/6/20 @ 100.79		668		670
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.34% (LIBOR03M+165bps), 2/1/24, Callable 1/1/24 @ 100 (b)		2,000		2,006
				2,676
Consumer Discretionary (4.1%):
Association of American Medical Colleges, 2.12%, 10/1/24		1,000		1,005
Daimler Finance North America LLC
0.81% (LIBOR03M+45bps), 2/22/21 (a) (b)		1,390		1,384
1.29% (LIBOR03M+90bps), 2/15/22 (a) (b)		1,000		987
General Motors Co., 1.27% (LIBOR03M+80bps), 8/7/20 (b)		2,000		1,998
Howard University
2.74%, 10/1/22		600		621
2.80%, 10/1/23		250		262
International Game Technology PLC, 6.25%, 2/15/22, Callable 8/15/21 @ 100 (a)		924		933

See notes to financial statements.

6

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Nissan Motor Acceptance Corp. 2.55%, 3/8/21 (a)	$	1,000	$	993
1.00% (LIBOR03M+69bps), 9/28/22 (a) (b)		500		465
Volkswagen Group of America Finance LLC, 1.16% (LIBOR03M+86bps), 9/24/21 (a) (b)		1,000		989
				9,637
Consumer Staples (1.2%):
JBS USA LUX SA/JBS USA Finance, Inc., 5.88%, 7/15/24, Callable 8/6/20 @ 101.96 (a)		1,000		1,014
Smithfield Foods, Inc., 2.65%, 10/3/21, Callable 9/3/21 @ 100 (a)		1,815		1,793
				2,807
Energy (9.3%):
Antero Resources Corp., 5.13%, 12/1/22, Callable 8/6/20 @ 100		1,000		722
Buckeye Partners LP, 4.15%, 7/1/23, Callable 4/1/23 @ 100		2,000		1,948
DCP Midstream Operating, LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		2,000		1,940
Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		1,000		980
EQM Midstream Partners LP, 4.00%, 8/1/24, Callable 5/1/24 @ 100		1,000		948
Kinder Morgan, Inc., 6.50%, 9/15/20		500		506
Marathon Petroleum Corp.
3.40%, 12/15/20, Callable 11/15/20 @ 100 (c)		397		401
4.75%, 12/15/23, Callable 10/15/23 @ 100 (g)		750		823
Midwest Connector Capital Co. LLC, 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a)		1,000		1,025
MPLX LP, 1.41% (LIBOR03M+110bps), 9/9/22, Callable 9/9/20 @ 100 (b)		2,000		1,970
NGPL PipeCo LLC, 4.38%, 8/15/22, Callable 5/15/22 @ 100 (a)		1,370		1,412
NuStar Logistics LP, 4.80%, 9/1/20		2,000		1,997
Occidental Petroleum Corp., 1.84% (LIBOR03M+145bps), 8/15/22, Callable 8/15/20 @ 100 (b)		2,000		1,818
Plains All American Pipeline LP/PAA Finance Corp., 2.85%, 1/31/23, Callable 10/31/22 @ 100 (c)		970		981
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.25%, 5/1/23, Callable 8/6/20 @ 100.88		1,140		1,118
Texas Eastern Transmission LP, 4.13%, 12/1/20, Callable 9/1/20 @ 100 (a) (c)		651		654
Western Midstream Operating LP, 4.00%, 7/1/22, Callable 4/1/22 @ 100		2,535		2,528
				21,771
Financials (13.4%):
AIG Global Funding
2.15%, 7/2/20 (a)		490		490
1.75% (LIBOR03M+65bps), 1/22/21 (a) (b)		467		468
Ally Financial, Inc., 4.63%, 5/19/22		1,000		1,041
Ares Capital Corp., 3.50%, 2/10/23, Callable 1/10/23 @ 100		2,000		2,009
Assurant, Inc., 1.53% (LIBOR03M+125bps), 3/26/21, Callable 7/22/20 @ 100 (b)		500		499
Athene Global Funding, 3.00%, 7/1/22 (a)		1,000		1,024
Bank of America Corp., 1.12% (LIBOR03M+79bps), 3/5/24, Callable 3/5/23 @ 100 (b)		2,000		1,993
BBVA USA, 1.04% (LIBOR03M+73bps), 6/11/21, Callable 5/11/21 @ 100 (b)		825		822
BMW US Capital LLC, 1.84% (LIBOR03M+53bps), 4/14/22 (a) (b)		1,000		986
Capital One NA, 1.27% (LIBOR03M+82bps), 8/8/22, Callable 7/8/22 @ 100 (b)		2,800		2,789
CIT Group, Inc., 4.13%, 3/9/21, Callable 2/9/21 @ 100		1,000		999

See notes to financial statements.

7

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Citigroup, Inc., 1.68% (LIBOR03M+69bps), 10/27/22, Callable 9/27/22 @ 100 (b)	$	885	$	879
DAE Funding LLC 4.50%, 8/1/22, Callable 8/6/20 @ 101.13 (a)		1,000		956
5.75%, 11/15/23, Callable 11/15/20 @ 102.88 (a)		1,000		961
Ford Motor Credit Co. LLC
0.99% (LIBOR03M+43bps), 11/2/20 (b)		500		482
2.19% (LIBOR03M+88bps), 10/12/21 (b)		930		877
3.10%, 5/4/23 (c)		1,000		947
FS KKR Capital Corp. 4.75%, 5/15/22, Callable 4/15/22 @ 100		1,000		993
4.13%, 2/1/25, Callable 1/1/25 @ 100		1,000		966
Hyundai Capital America, 2.75%, 9/18/20 (a)		1,000		1,002
Infinity Property & Casualty Corp., 5.00%, 9/19/22		1,000		1,059
Main Street Capital Corp. 4.50%, 12/1/22		1,000		1,003
5.20%, 5/1/24		1,000		1,026
Manufactures & Traders Trust Co., 0.99% (LIBOR03M+64bps), 12/1/21, Callable 8/6/20 @ 100 (b) (c)		2,000		1,992
Protective Life Global Funding 2.70%, 11/25/20 (a)		535		540
0.83% (LIBOR03M+52bps), 6/28/21 (a) (b)		1,000		1,001
SunTrust Bank, 0.98% (LIBOR03M+59bps), 5/17/22, Callable 4/17/22 @ 100 (b)		1,000		1,003
Synovus Bank, 2.29% (SOFR+95bps), 2/10/23, Callable 2/10/22 @ 100 (b)		478		482
The Goldman Sachs Group, Inc., 1.54% (LIBOR03M+78bps), 10/31/22, Callable 10/31/21 @ 100 (b)		1,000		999
Wells Fargo Bank NA, 0.97% (LIBOR03M+66bps), 9/9/22, Callable 9/9/21 @ 100 (b)		1,000		1,002
				31,290
Industrials (3.5%):
American Airlines Pass Through Trust 5.63%, 7/15/22 (a)		874		770
4.38%, 12/15/25 (a)		1,028		705
CNH Industrial Capital LLC, 4.38%, 11/6/20		656		661
L3Harris Technologies, Inc., 1.06% (LIBOR03M+75bps), 3/10/23 (b)		1,500		1,486
Spirit AeroSystems, Inc., 3.95%, 6/15/23, Callable 5/15/23 @ 100		513		434
Spirit Airlines Pass Through Trust, 4.45%, 10/1/25		1,686		1,261
United Airlines Pass Through Trust, 4.63%, 3/3/24		845		737
Wabtec Corp., 1.61% (LIBOR03M+105bps), 9/15/21 (b)		2,083		2,083
				8,137
Materials (0.9%):
Albemarle Corp., 1.44% (LIBOR03M+105bps), 11/15/22, Callable 11/15/20 @ 100 (a) (b)		636		608
Carpenter Technology Corp., 5.20%, 7/15/21, Callable 4/15/21 @ 100		1,500		1,507
				2,115

See notes to financial statements.

8

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Real Estate (1.3%):
CoreCivic, Inc., 5.00%, 10/15/22, Callable 7/15/22 @ 100	$	1,000	$	980
Lexington Realty Trust, 4.25%, 6/15/23, Callable 3/15/23 @ 100		1,000		1,000
Office Properties Income Trust, 4.15%, 2/1/22, Callable 12/1/21 @ 100		1,169		1,161
				3,141
Utilities (1.0%):
Puget Energy, Inc., 5.63%, 7/15/22, Callable 4/15/22 @ 100		733		783
Southern Power Co., 2.75%, 9/20/23, Callable 7/20/23 @ 100		1,500		1,573
				2,356
Total Corporate Bonds (Cost $86,137)				83,930
Yankee Dollar (25.0%)
Communication Services (0.7%):
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)		1,622		1,677
Consumer Staples (0.4%):
Reckitt Benckiser Treasury Services PLC, 0.86% (LIBOR03M+56bps), 6/24/22 (a) (b)		1,000		999
Energy (1.2%):
Aker BP ASA, 4.75%, 6/15/24, Callable 6/15/21 @ 102.38 (a)		1,690		1,702
Petroleos Mexicanos, 3.50%, 1/30/23 (c)		1,000		949
				2,651
Financials (17.3%):
ABN AMRO Bank NV, 1.55% (LIBOR03M+41bps), 1/19/21 (a) (b)		1,000		1,002
ANZ New Zealand International Ltd., 1.90% (LIBOR03M+101bps), 7/28/21 (a) (b)		800		805
Australia & New Zealand Banking Group Ltd., 0.85% (LIBOR03M+46bps), 5/17/21 (b)		1,250		1,254
Banco Santander SA 1.45% (LIBOR03M+109bps), 2/23/23 (b)		1,000		991
2.43% (LIBOR03M+112bps), 4/12/23 (b)		1,000		986
Bank of Montreal, 0.76%(SOFR+68bps), 3/10/23, MTN (b)		1,000		993
Barclays PLC, 1.82% (LIBOR03M+143bps), 2/15/23, Callable 2/15/22 @ 100 (b)		1,000		998
BBVA Bancomer SA, 6.50%, 3/10/21 (a)		2,149		2,206
Canadian Imperial Bank of Commerce, 0.87% (LIBOR03M+32bps), 2/2/21 (b)		1,000		1,001
Commonwealth Bank of Australia, 1.14% (LIBOR03M+83bps), 9/6/21 (a) (b) (c)		2,000		2,016
Cooperatieve Rabobank UA, 1.79% (LIBOR03M+48bps), 1/10/23 (b)		2,500		2,499
Credit Agricole SA, 2.04% (LIBOR03M+102bps), 4/24/23 (a) (b)		2,000		1,997
Credit Suisse Group Funding Guernsey Ltd., 3.43% (LIBOR03M+229bps), 4/16/21 (b)		700		710
Deutsche Bank AG 2.28% (LIBOR03M+97bps), 7/13/20 (b)		2,000		2,000
1.60% (LIBOR03M+123bps), 2/27/23 (b)		816		785
ING Bank NV, 1.27% (LIBOR03M+88bps), 8/15/21 (a) (b)		2,000		2,010
Lloyds Bank PLC, 3.30%, 5/7/21		1,000		1,022
National Australia Bank Ltd. 1.27% (LIBOR03M+71bps), 11/4/21 (a) (b)		1,000		1,006
1.91% (LIBOR03M+60bps), 4/12/23 (a) (b)		1,000		1,004

See notes to financial statements.

9

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
Nordea Bank Abp, 1.30% (LIBOR03M+94bps), 8/30/23 (a) (b)	$	1,000	$	992
Royal Bank of Scotland Group PLC, 6.13%, 12/15/22		2,000		2,181
Santander UK PLC, 0.97% (LIBOR03M+62bps), 6/1/21 (b)		2,000		2,005
Skandinaviska Enskilda Banken AB, 0.96% (LIBOR03M+65bps), 12/12/22 (a) (b)		2,000		2,008
Standard Chartered PLC, 2.29% (LIBOR03M+115bps), 1/20/23, Callable 1/20/22 @ 100 (a) (b)		2,000		1,999
Sumitomo Mitsui Financial Group, Inc., 2.09% (LIBOR03M+78bps), 7/12/22 (b)		1,000		1,000
Svenska Handelsbanken AB, 1.46% (LIBOR03M+115bps), 3/30/21 (b)		1,500		1,511
Swedbank AB, 1.01% (LIBOR03M+70bps), 3/14/22 (a) (b)		500		501
UBS Group Funding Switzerland AG, 1.34% (LIBOR03M+95bps), 8/15/23, Callable 8/15/22 @ 100 (a) (b)		2,000		2,001
Westpac Banking Corp., 1.23% (LIBOR03M+85bps), 8/19/21 (b)		1,000		1,006
				40,489
Industrials (3.2%):
Aercap Ireland Capital DAC/Aercap Global Aviation Trust 5.00%, 10/1/21		1,000		1,011
4.45%, 12/16/21, Callable 11/16/21 @ 100		1,000		1,010
Air Canada Pass Through Trust, 5.38%, 11/15/22 (a)		2,521		2,281
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100		2,000		1,919
Avolon Holdings Funding Ltd. 5.13%, 10/1/23, Callable 9/1/23 @ 100 (a)		500		462
2.88%, 2/15/25, Callable 1/15/25 @ 100 (a)		1,000		842
				7,525
Materials (1.5%):
Braskem Netherlands Finance BV, 3.50%, 1/10/23, Callable 12/10/22 @ 100 (a)		1,000		1,020
Methanex Corp., 5.25%, 3/1/22		1,085		1,076
Teck Resources Ltd., 4.50%, 1/15/21, Callable 10/15/20 @ 100		1,424		1,430
				3,526
Utilities (0.7%):
PPL WEM Ltd./Western Power Distribution Ltd., 5.38%, 5/1/21, Callable 2/1/21 @ 100 (a)		1,582		1,620
Total Yankee Dollar (Cost $59,066)				58,487
Municipal Bonds (7.1%)
Arizona (0.5%):
City of Phoenix Civic Improvement Corp. Revenue, Series C, 2.20%, 7/1/23		1,000		1,021
California (0.3%):
County of Riverside Revenue, 2.17%, 2/15/21		750		753
Michigan (0.4%):
Michigan Finance Authority Revenue, 2.14%, 12/1/22		1,000		1,014
Mississippi (0.6%):
Mississippi Business Finance Corp. Revenue, 0.45%, 12/1/27, Continuously Callable @100 (h)		1,300		1,300

See notes to financial statements.

10

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Principal Amount		Value
New Jersey (0.9%):
New Jersey Economic Development Authority Revenue Series NNN, 2.61%, 6/15/22	$	500	$	492
Series NNN, 2.78%, 6/15/23		408		389
Series NNN, 2.88%, 6/15/24		322		315
New Jersey Transportation Trust Fund Authority Revenue, 2.55%, 6/15/23		850		864
				2,060
Ohio (0.4%):
Buckeye Tobacco Settlement Financing Authority Revenue, Series A-1, 1.63%, 6/1/22		1,000		1,003
Oregon (0.4%):
Port of Morrow Revenue, 0.75%, 2/1/27, Continuously Callable @100 (h)		1,000		1,000
Pennsylvania (1.1%):
Delaware County IDA Revenue, 0.29%, 9/1/45, Continuously Callable @100 (h)		2,000		2,000
State Public School Building Authority Revenue, 2.62%, 4/1/23		450		452
				2,452
South Dakota (0.4%):
South Dakota Health & Educational Facilities Authority Revenue, Series B, 2.18%, 7/1/21		1,000		1,011
Texas (2.1%):
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 8/15/22) (i)		1,000		995
Port of Port Arthur Navigation District Revenue 0.65%, 4/1/33, Callable 8/3/20 @ 100 (NBGA — BASF S.E.) (h)		1,500		1,500
1.95%, 11/1/40, Continuously Callable @100 (h)		1,000		1,000
Series B, 0.90%, 4/1/40, Continuously Callable @100 (h)		1,500		1,500
				4,995
Total Municipal Bonds (Cost $16,580)				16,609
U.S. Treasury Obligations (0.7%)
U.S. Treasury Bills 0.13%, 7/28/20 (j)		500		500
0.14%, 10/6/20 (j)		1,000		999
Total U.S. Treasury Obligations (Cost $1,499)				1,499
Commercial Paper (2.8%)
Alliant Energy Corp., 0.27%, 7/1/20 (a) (j)		1,000		1,000
CSLB Holdings, Inc., 0.27%, 7/1/20 (a) (j)		1,000		1,000
FMC Corp., 0.41%, 7/1/20 (a) (j)		2,500		2,500
Glencore Funding LLC, 0.60%, 7/8/20 (a) (j)		1,100		1,100
Hannover Funding Co. LLC, 0.32%, 7/1/20 (a) (j)		1,000		1,000
Total Commercial Paper (Cost $6,600)				6,600

See notes to financial statements.

11

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned^ (0.0%) (k)
HSBC U.S. Government Money Market Fund I Shares, 0.11% (l)		92,250	$	92
Total Collateral for Securities Loaned (Cost $92)				92
Total Investments (Cost $237,644) — 100.1%				234,056
Liabilities in excess of other assets — (0.1)%				(205	)
NET ASSETS — 100.00%			$	233,851

^  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 based upon procedures approved by the Board of Trustees. As of June 30, 2020, the fair value of these securities was $104,028 (thousands) and amounted to 44.5% of net assets.

(b)  Variable or Floating-Rate Security. Rate disclosed is as of June 30, 2020.

(c)  All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(d)  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 June 30, 2020.

(e)  Interest-only security.

(f)  Security purchased on a when-issued basis.

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

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

(i)  Put Bond.

(j)  Rate represents the effective yield at June 30, 2020.

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

(l)  Rate disclosed is the daily yield on June 30, 2020.

(m)  The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.

bps — Basis points

IDA — Industrial Development Authority

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of June 30, 2020, based on the last reset date of the security

See notes to financial statements.

12

USAA Mutual Funds Trust
USAA Ultra Short-Term Bond Fund Schedule of Portfolio Investments — continued
June 30, 2020

  (Unaudited)

LIBOR01W — 1 Week US Dollar LIBOR, rate disclosed as of June 30, 2020, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of June 30, 2020, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

Credit Enhancements — Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.

NBGA  Principal and interest payments or, under certain circumstances, underlying mortgages are guaranteed by a nonbank guarantee agreement from one of the following: Florida General Obligation, Municipal Securities Purchase, Inc., Texas Permanent School Fund, or Utah General Obligation.

See notes to financial statements.

13

USAA Mutual Funds Trust Statement of Assets and Liabilities
June 30, 2020

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

	USAA Ultra Short-Term Bond Fund
Assets:
Investments, at value (Cost $237,644)	$	234,056	(a)
Cash and cash equivalents		4,203
Receivables:
Interest and dividends		1,206
Capital shares issued		60
From Adviser		3
Prepaid expenses		23
Total assets		239,551
Liabilities:
Payables:
Collateral received on loaned securities		92
Distributions		17
Investments purchased		4,479
Capital shares redeemed		965
Accrued expenses and other payables:
Investment advisory fees		47
Administration fees		28
Custodian fees		3
Transfer agent fees		9
Compliance fees		—	(b)
Trustees' fees		1
12b-1 fees		—	(b)
Other accrued expenses		59
Total liabilities		5,700
Net Assets:
Capital		240,724
Total distributable earnings/(loss)		(6,873	)
Net Assets	$	233,851
Net Assets
Fund Shares	$	217,071
Institutional Shares		9,942
Class A shares		18
Class R6 Shares		6,820
Total	$	233,851
Shares (unlimited number of shares authorized with no par value):
Fund Shares		21,919
Institutional Shares		1,004
Class A shares		2
Class R6 Shares		689
Total		23,614
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	9.90
Institutional Shares		9.90
Class A shares		9.91
Class R6 Shares		9.90

(a)  Includes $90 of securities on loan.

(b)  Rounds to less than $1 thousand.

(c)  Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

14

USAA Mutual Funds Trust Statement of Operations
For the Six Months Ended June 30, 2020

(Amounts in Thousands)  (Unaudited)

	USAA Ultra Short-Term Bond Fund
Investment Income:
Dividends	$	64
Interest		3,814
Securities lending (net of fees)		1
Total Income		3,879
Expenses:
Investment advisory fees		311
Administration fees — Fund Shares		182
Administration fees — Institutional Shares		5
Administration fees — Class A shares (b)		—	(a)
Administration fees — R6 Shares		2
Sub-Administration fees		10
12b-1 fees — Class A shares (b)		—	(a)
Custodian fees		13
Transfer agent fees — Fund Shares		100
Transfer agent fees — Institutional Shares		5
Transfer agent fees — Class A shares (b)		—	(a)
Transfer agent fees — Class R6 Shares		—	(a)
Trustees' fees		23
Compliance fees		1
Legal and audit fees		33
State registration and filing fees		36
Interfund lending fees		—	(a)
Other expenses		29
Total Expenses		750
Expenses waived/reimbursed by Adviser		(10	)
Net Expenses		740
Net Investment Income (Loss)		3,139
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(529	)
Net change in unrealized appreciation/depreciation on investment securities		(5,068	)
Net realized/unrealized gains (losses) on investments		(5,597	)
Change in net assets resulting from operations	$	(2,458	)

(a)  Rounds to less than $1 thousand.

(b)  Class A activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

See notes to financial statements.

15

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Ultra Short-Term Bond Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
From Investments:
Operations:
Net investment income (loss)	$	3,139		$	8,031
Net realized gains (losses) from investments		(529	)		1,015
Net change in unrealized appreciation/depreciation on investments		(5,068	)		3,778
Change in net assets resulting from operations		(2,458	)		12,824
Distributions to Shareholders:
Fund Shares		(2,941	)		(7,510	)
Institutional Shares		(130	)		(341	)
Class A shares (b)		—	(a)		—
Class R6 Shares		(84	)		(153	)
Change in net assets resulting from distributions to shareholders		(3,155	)		(8,004	)
Change in net assets resulting from capital transactions		(52,064	)		(10,474	)
Change in net assets		(57,677	)		(5,654	)
Net Assets:
Beginning of period		291,528			297,182
End of period	$	233,851		$	291,528
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	30,771		$	83,733
Distributions reinvested		2,837			7,296
Cost of shares redeemed		(86,578	)		(104,187	)
Total Fund Shares	$	(52,970	)	$	(13,158	)
Institutional Shares
Proceeds from shares issued	$	13,642		$	15,518
Distributions reinvested		125			334
Cost of shares redeemed		(13,277	)		(14,624	)
Total Institutional Shares	$	490		$	1,228
Class A shares (b)
Proceeds from shares issued	$	18		$	—
Distributions reinvested		—	(a)		—
Total Class A shares	$	18		$	—
Class R6 Shares
Proceeds from shares issued	$	2,788		$	2,228
Distributions reinvested		20			8
Cost of shares redeemed		(2,410	)		(780	)
Total Class R6 Shares	$	398		$	1,456
Change in net assets resulting from capital transactions	$	(52,064	)	$	(10,474	)

(a)  Rounds to less than $1 thousand.

(continues on next page)

See notes to financial statements.

16

USAA Mutual Funds Trust Statements of Changes in Net Assets

(Amounts in Thousands)  

	USAA Ultra Short-Term Bond Fund
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Share Transactions:
Fund Shares
Issued		3,095			8,379
Reinvested		289			729
Redeemed		(8,846	)		(10,424	)
Total Fund Shares		(5,462	)		(1,316	)
Institutional Shares
Issued		1,382			1,554
Reinvested		13			33
Redeemed		(1,370	)		(1,461	)
Total Institutional Shares		25			126
Class A shares (b)
Issued		2			—
Reinvested		—	(a)		—
Total Class A shares		2			—
Class R6 Shares
Issued		285			223
Reinvested		2			1
Redeemed		(248	)		(78	)
Total Class R6 Shares		39			146
Change in Shares		(5,396	)		(1,044	)

(a)  Rounds to less than 1 thousand.

(b)  Class A activity is for the period June 29, 2020 (commencement of operations) to June 30, 2020.

See notes to financial statements.

17

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 Ultra Short-Term Bond Fund
Fund Shares
Six Months Ended June 30, 2020 (unaudited)	$	10.05		0.12	(d)		(0.15	)		(0.03	)		(0.12	)		—
Year Ended December 31, 2019	$	9.89		0.27	(d)		0.16			0.43			(0.27	)		—
Year Ended December 31, 2018	$	9.97		0.22			(0.08	)		0.14			(0.22	)		—
Year Ended December 31, 2017	$	9.98		0.16			(0.01	)		0.15			(0.16	)		—
Year Ended December 31, 2016	$	9.94		0.13			0.04			0.17			(0.13	)		—	(f)
Year Ended December 31, 2015	$	10.07		0.13			(0.13	)		—	(f)		(0.13	)		—	(f)
Institutional Shares
Six Months Ended June 30, 2020 (unaudited)	$	10.05		0.12	(d)		(0.15	)		(0.03	)		(0.12	)		—
Year Ended December 31, 2019	$	9.89		0.27	(d)		0.16			0.43			(0.27	)		—
Year Ended December 31, 2018	$	9.97		0.22			(0.08	)		0.14			(0.22	)		—
Year Ended December 31, 2017	$	9.98		0.15			(0.01	)		0.14			(0.15	)		—
Year Ended December 31, 2016	$	9.94		0.13			0.04			0.17			(0.13	)		—	(f)
Year Ended December 31, 2015	$	10.07		0.13			(0.13	)		—	(f)		(0.13	)		—	(f)

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

(e)  Reflects increased trading activity due to large shareholder outflows.

(f)  Amount is less than $0.005.

(g)  Effective May 1, 2017, USAA Asset Management Company, the former investment adviser to the Fund ("AMCO"), voluntarily agreed to limit the annual expenses of the Institutional Shares to 0.55% of the Institutional Shares' average daily net assets.

See notes to financial statements.

18

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)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Ultra Short-Term Bond Fund
Fund Shares
Six Months Ended June 30, 2020 (unaudited)		(0.12	)	$	9.90		(0.30	)%		0.58	%		2.42	%		0.58	%	$	217,071		20	%
Year Ended December 31, 2019		(0.27	)	$	10.05		4.37	%		0.61	%		2.69	%		0.61	%	$	275,168		59	%
Year Ended December 31, 2018		(0.22	)	$	9.89		1.40	%		0.60	%		2.19	%		0.60	%	$	283,769		48	%
Year Ended December 31, 2017		(0.16	)	$	9.97		1.51	%		0.58	%		1.60	%		0.58	%	$	330,442		58	%(e)
Year Ended December 31, 2016		(0.13	)	$	9.98		1.73	%		0.61	%		1.30	%		0.61	%	$	372,155		28	%
Year Ended December 31, 2015		(0.13	)	$	9.94		0.01	%		0.59	%		1.28	%		0.59	%	$	426,994		20	%
Institutional Shares
Six Months Ended June 30, 2020 (unaudited)		(0.12	)	$	9.90		(0.28	)%		0.55	%		2.45	%		0.66	%	$	9,942		20	%
Year Ended December 31, 2019		(0.27	)	$	10.05		4.43	%		0.55	%		2.75	%		0.64	%	$	9,842		59	%
Year Ended December 31, 2018		(0.22	)	$	9.89		1.45	%		0.55	%		2.25	%		0.77	%	$	8,433		48	%
Year Ended December 31, 2017		(0.15	)	$	9.97		1.44	%		0.64	%(g)		1.51	%		0.75	%	$	7,115		58	%(e)
Year Ended December 31, 2016		(0.13	)	$	9.98		1.69	%		0.66	%		1.25	%		0.66	%	$	18,710		28	%
Year Ended December 31, 2015		(0.13	)	$	9.94		0.04	%		0.57	%		1.32	%		0.57	%	$	22,454		20	%

(continues on next page)

See notes to financial statements.

19

USAA Mutual Funds Trust Financial Highlights

For a Share Outstanding Throughout Each Period

			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 Ultra Short-Term Bond Fund
Class A shares
June 29, 2020 (g) through June 30, 2020	$	9.90		—	(f)		0.01			0.01			—	(f)		—
Class R6 Shares
Six Months Ended June 30, 2020 (unaudited)	$	10.05		0.13	(d)		(0.15	)		(0.02	)		(0.13	)		—
Year Ended December 31, 2019	$	9.88		0.29	(d)		0.17			0.46			(0.29	)		—
Year Ended December 31, 2018	$	9.97		0.24			(0.09	)		0.15			(0.24	)		—
March 1, 2017 (g) through December 31, 2017	$	9.98		0.15			(0.01	)		0.14			(0.15	)		—

*  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. generally accepted accounting principles and could differ from the Lipper reported return.

^  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a two year period beginning July 1, 2019 and in effect through June 30, 2021, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(a)  Not annualized for periods less than one year.

(b)  Annualized for periods less than one year.

(c)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

(e)  Reflects increased trading activity due to large shareholder outflows.

(f)  Amount is less than $0.005.

(g)  Commencement of operations.

See notes to financial statements.

20

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)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Ultra Short-Term Bond Fund
Class A shares
June 29, 2020 (g) through June 30, 2020		—	(f)	$	9.91		0.11	%		0.85	%		1.68	%		112.47	%	$	18		20	%
Class R6 Shares
Six Months Ended June 30, 2020 (unaudited)		(0.13	)	$	9.90		(0.20	)%		0.39	%		2.59	%		0.52	%	$	6,820		20	%
Year Ended December 31, 2019		(0.29	)	$	10.05		4.70	%		0.39	%		2.92	%		0.80	%	$	6,518		59	%
Year Ended December 31, 2018		(0.24	)	$	9.88		1.51	%		0.39	%		2.41	%		0.69	%	$	4,980		48	%
March 1, 2017 (g) through December 31, 2017		(0.15	)	$	9.97		1.42	%		0.39	%		1.81	%		1.05	%	$	5,091		58	%(e)

See notes to financial statements.

21

USAA Mutual Funds Trust Notes to Financial Statements
June 30, 2020

  (Unaudited)

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 47 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 USAA Ultra Short-Term Bond Fund (the "Fund"). The Fund offers four classes of shares: Fund Shares, Institutional Shares, Class A shares, (effective June 29, 2020) and R6 Shares. 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 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.

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 risk associated with entering into those investments.

The Adviser has established the Pricing and Liquidity Committee (the "Committee") and, subject to 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"), American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or

22

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities of United States ("U.S.") issuers, along with corporate and municipal securities, including short-term investments maturing in 60 days or less, may be valued using evaluated bid or the last sales price to price securities by dealers or an independent pricing service approved by the Board. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by 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 June 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	30,153	$	—	$	30,153
Collateralized Mortgage Obligations		—		31,021		—		31,021
Senior Secured Loans		—		5,665		—		5,665
Corporate Bonds		—		83,930		—		83,930
Yankee Dollar		—		58,487		—		58,487
Municipal Bonds		—		16,609		—		16,609
U.S. Treasury Obliations		—		1,499		—		1,499
Commercial Paper		—		6,600		—		6,600
Collateral for Securities Loaned		92		—		—		92
Total	$	92	$	233,964	$	—	$	234,056

For the six months ended June 30, 2020, there were no transfers in or out of the Level 3 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:

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.

23

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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 Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified in the Schedule of Portfolio Investments.

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.

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 on 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 discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

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, to earn additional income, net of income retained by Citibank. Borrowers are required to 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 cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. 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

24

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

business days. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and 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. Cash collateral is listed on the Fund's Schedule of Portfolio Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of June 30, 2020:

Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
$	90	$	—	$	92

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 December 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 include 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 affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing 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:

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 June 30, 2020, 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)
$	2,500	$	5,350	$	—	(a)

(a) Rounds to less than $1 thousand.

25

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2020, were as follows for the Fund (amounts in thousands):

Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
$	50,815	$	93,058	$	—	$	1,008

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly owned indirect 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 a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annual rate of 0.24% of average daily net assets. The amount incurred and paid to VCM for the six months ended June 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

No performance adjustments will be made for periods beginning July 1, 2019, through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter will be utilized in calculating future performance adjustments.

The performance adjustment for each share class was accrued daily and calculated monthly by comparing the Fund's performance to that of the Lipper Ultra Short Obligations Funds Index. The Lipper Ultra Short Obligations Funds Index, which measures the performance of funds tracked by Lipper that invest at least 65% of their assets in investment grade debt issues, or better, and maintain a portfolio dollar-weighted average maturity between 91 days and 365 days.

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)(a)
+/- 20 to 50	+/- 4
+/- 51 to 100	+/- 5
+/- 101 and greater	+/- 6

(a) Based on the difference between average annual performance of the relevant share class of the Fund and its relevant index, rounded to the nearest basis point. Average daily net assets of the share class are calculated over a rolling 36-month period.

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.

26

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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

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. Prior to that date, the Trust relied on a similar exemptive order granted by the SEC to the Trust and its affiliated persons. 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 June 30, 2020, 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 for its services an annualized fee at a rate of 0.15% of average daily net assets for the Fund Shares, Institutional Shares, Class A shares, and 0.05% of average daily net assets of the R6 Shares. Amounts incurred and paid for the six months ended June 30, 2020, 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. 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 June 30, 2020, are reflected on the Statement of Operations as Compliance 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 reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended June 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, provides transfer agent services to the Fund based on an annual charge of $25.5 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 shares, and R6 Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, 0.10%, and 0.01% of average daily net assets, respectively, plus out-of-pocket expenses. Amounts incurred and paid during the six months ended June 30, 2020 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:

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. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc.

27

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

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, at an annual rate of up to 0.25% of the average daily net assets of the Class A shares. These amounts incurred and paid to the Distributor are reflected on the Statement of Operations as 12b-1 fees.

Other Fees:

Citibank serves as the Fund's custodian.

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, 2021. 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. 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 June 30, 2020, the expense limits (excluding voluntary waivers) were 0.60%, 0.55%, 0.85%, and 0.39% for Fund Shares, Institutional Shares, Class A shares, and R6 Shares, respectively.

Under this expense limitation agreement, 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, 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. As of June 30, 2020, the following amounts are available to be repaid to the Adviser (amounts in thousands):

Expires 12/31/22		Expires 12/31/23		Total
$	27	$	10	$	37

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 June 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

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

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, 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. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue to result in, among other things (1) government imposition of various forms of "stay-at-home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of

28

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

many issuers as well as lay-offs of employees; (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults; (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

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.

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.

The Fund is actively managed, and the investment techniques and risk analyses used by the Fund's portfolio managers may not produce the desired results.

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. However, the use of LIBOR started to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in the financial markets that it measures. In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Funding Rate ("SOFR"), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, expecting that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate ("SONIA") in England. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time. The roughly three-year period until the end of 2021 is expected to be enough time for market participants to transition to the use of a different benchmark for both new and existing securities and transactions. Various financial industry groups have begun planning for that transition, but there are obstacles to converting certain longer-term securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur before the end of 2021.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended June 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. 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 (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or

29

USAA Mutual Funds Trust Notes to Financial Statements — continued
June 30, 2020

  (Unaudited)

emergency cash needs. For the six months ended June 30, 2020, 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) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to the Fund, if any, during the period are reflected on the Statement of Operations under line of credit fees.

The Fund had no borrowings with Citibank during the six months ended June 30, 2020.

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 Fund Complex 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. 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 reflected on the Statement of Operations under Income on Interfund lending.

The average borrowing and lending for the days outstanding and average interest rate for the Fund during the six months ended June 30, 2020 were as follows (amounts in thousands):

Borrower or Lender	Amount Outstanding at June 30, 2020		Average Borrowing*		Days Borrowing Outstanding		Average Interest Rate*			Maximum Borrowing During the Period
Borrower	$	—	$	4,541		1		0.89	%		4,541

*  For the six months ended June 30, 2020, based on the number of days borrowings were outstanding.

7. 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.

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 December 31, 2020.

At December 31, 2019, the Fund had net capital loss carryforwards as shown 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
$	2,069	$	698	$	2,767

For the most recent tax year ended December 31, 2019, the Fund utilized capital loss carryforwards of $1,015 thousand, to offset capital gains.

30

USAA Mutual Funds Trust Supplemental Information
June 30, 2020

  (Unaudited)

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) 539-3863. 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. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

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 January 1, 2020 through June 30, 2020 (unless noted otherwise).

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. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/20		Actual Ending Account Value 6/30/20		Hypothetical Ending Account Value 6/30/20		Actual Expenses Paid During Period 1/1/20- 6/30/20*		Hypothetical Expenses Paid During Period 1/1/20- 6/30/20*		Annualized Expense Ratio During Period 1/1/20- 6/30/20
Fund Shares	$	1,000.00	$	997.00	$	1,021.98	$	2.88	$	2.92		0.58	%
Institutional Shares		1,000.00		997.20		1,022.13		2.73		2.77		0.55	%
Class A shares**		1,000.00		1001.10		1,020.64		0.02		4.27		0.85	%
Class R6 Shares		1,000.00		998.00		1,022.92		1.94		1.96		0.39	%

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

**  Actual Expenses Paid are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 1/366 to reflect the stub period from commencement of operations June 29, 2020 through June 30, 2020.

31

USAA Mutual Funds Trust Supplemental Information —continued
June 30, 2020

  (Unaudited)

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the 1940 Act. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital, as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

32

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:	Call
vcm.com		(800	) 235-8396

94422-0820

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(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.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

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.

(Registrant) USAA Mutual Fund Trust

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

Date September 3, 2020

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.

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer

Date September 3, 2020

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

Date September 3, 2020