USAA MUTUAL FUNDS TRUST USAA Money Market Fund USAA ... · To the Prospectus dated October 1, 2019 (“Prospectus”) The following replaces the third paragraph in the section titled

USAA MUTUAL FUNDS TRUST

USAA Money Market Fund Supplement dated May 8, 2020

To the Prospectus dated December 1, 2019 (“Prospectus”)

USAA Treasury Money Market Trust Supplement dated May 8, 2020

To the Prospectus dated October 1, 2019 (“Prospectus”)

The following replaces the third paragraph in the section titled “Interest Rate Risk” found under “Risks” in the Prospectuses for the above-named Funds:

Decisions by the Fed regarding interest rate and monetary policy can have a significant effect on the value of debt securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. Interest rates have been unusually low in recent years in the U.S. and abroad, and central banks have reduced rates further in an effort to combat the economic effects of the COVID-19 pandemic. Extremely low or negative interest rates may become more prevalent or may not work as intended. As there is little precedent for this situation, the impact on various markets that interest rate or other significant policy changes may have is unknown.

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

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 is being used by Victory Capital and its affiliates under license.

STATPRO-SUP2(0520)

ProspectusUSAA Money Market Fund

FundSharesUSAXX

Beginning January 1, 2021, as permitted by regulations adopted by theSecurities and Exchange Commission, paper copies of the Fund'sshareholder reports will no longer be sent by mail unless you specificallyrequest paper copies of the reports from the Fund or from your financialintermediary, such as a broker-dealer or bank. Instead, the reports will bemade available on usaa.com, and you will be notified by mail each time areport is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you willnot be affected by this change, and you need not take any action. You mayelect to receive shareholder reports and other communications from theFund or your financial intermediary electronically by notifying your financialintermediary directly, or if you are a direct investor, by calling (800)235-8396 or logging on to usaa.com.

You may elect to receive all future reports in paper free of charge. You caninform the Fund or your financial intermediary that you wish to continuereceiving paper copies of your shareholder reports by notifying your financialintermediary directly, or if you are a direct investor, by calling (800)235-8396 or logging on to usaa.com. Your election to receive reports inpaper will apply to all funds held with the USAA family of funds or yourfinancial intermediary.

Victory Capital means Victory Capital Management Inc., the investment manager of theUSAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Advisers,Inc., a broker dealer registered with FINRA and an affiliate of Victory Capital. VictoryCapital and its affiliates are not affiliated with United Services Automobile Association orits affiliates. USAA and the USAA logos are registered trademarks and the USAA MutualFunds and USAA Investments logos are trademarks of United Services AutomobileAssociation and are being used by Victory Capital and its affiliates under license.

The Securities and ExchangeCommission has not approvedor disapproved these securitiesor determined whether thisProspectus is accurate orcomplete. Any representation tothe contrary is a criminal offense.

USAA.com800-235-8396

December 1, 2019

USAA Money Market Fund Summary

Investment Objective .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Fees and Expenses.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Principal Investment Strategy .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Principal Risks .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Performance .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Investment Adviser ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Portfolio Managers .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Purchase and Sale of Shares.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Tax Information .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Payments to Broker-Dealers and Other FinancialIntermediaries .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Fund Prospectus

Investment Objective .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

More Information on the Fund’s Investment Strategy .... . . . . . . . . . 7

Risks .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Portfolio Holdings .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Fund Management ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Portfolio Managers .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Purchases.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Redemptions.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Exchanges .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Other Important Information About Purchases, Redemptions,and Exchanges.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Shareholder Information.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Financial Highlights ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

TABLE OF CONTENTS

INVESTMENT OBJECTIVEThe USAA Money Market Fund (the “Fund”) seeks the highest incomeconsistent with preservation of capital and the maintenance of liquidity.

FEES AND EXPENSESThe tables below describe the fees and expenses that you may pay, directlyand indirectly, to invest in the Fund. The annual fund operating expenses forthe Fund are based on expenses incurred during the Fund’s most recentlycompleted fiscal year.

Shareholder Fees

(fees paid directly from your investment) None

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Management Fee 0.24%

Distribution and/or Service (12b-1) Fees None

Other Expenses 0.38%

Total Annual Fund Operating Expenses 0.62%a

(a) Victory Capital Management Inc., the Fund’s investment adviser (“Adviser”) hascontractually agreed to waive its management fee and/or reimburse expenses so that the totalannual operating expenses (excluding certain items such as interest, taxes, and brokeragecommissions) do not exceed 0.62% of the Fund through at least June 30, 2021. The Adviseris permitted to recoup advisory fees waived and expenses reimbursed for up to three yearsafter the fiscal year in which the waiver or reimbursement took place, subject to the lesser ofany operating expense limits in effect at the time of: (a) the original waiver or expensereimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Thisagreement may only be terminated by the Fund’s Board of Trustees.

Example

This example is intended to help you compare the cost of investing in theFund with the cost of investing in other mutual funds. Although your actualcosts may be higher or lower, you would pay the following expenses on a$10,000 investment, assuming (1) a 5% annual return, (2) the Fund’soperating expenses remain the same, (3) you redeem all of your shares at theend of the periods shown, and (4) the expense limitation agreement for theFund is not continued beyond its expiration date.

1 Year 3 Years 5 Years 10 Years

$63 $199 $346 $774

Prospectus | 1

PRINCIPAL INVESTMENT STRATEGYThe Fund invests its assets in high-quality, U.S. dollar-denominated,short-term debt securities of domestic and foreign issuers that have beendetermined to present minimal credit risk and comply with strict Securitiesand Exchange Commission (“SEC”) guidelines applicable to money marketfunds.

The Fund restricts its investments to instruments that meet certain maturityand quality requirements under the federal securities laws applicable to moneymarket funds. Generally, such investments will be limited to a security with aremaining maturity of 397 calendar days or less that is determined to presentminimal credit risk; issued by a money market fund; or issued or guaranteedby the U.S. government or any agency or instrumentality thereof.

PRINCIPAL RISKSThe Fund’s investments are subject to the following principal risks:

Interest Rate Risk – When interest rates rise, debt security prices generallyfall. The opposite also generally is true: debt security prices rise when interestrates fall. Interest rate changes are influenced by a number of factorsincluding government policy, monetary policy, inflation expectations,perceptions of risk, and supply and demand of debt securities. The Fund’syield will vary. A sharp and unexpected rise in interest rates could cause theFund’s share price to drop below a dollar. A low interest rate environmentmay prevent the Fund from providing a positive yield and could also impairthe Fund’s ability to maintain a stable net asset value (“NAV”).

Credit Risk – Credit risk is expected to be low for the Fund because itinvests primarily in securities that are considered to be of high quality.However, there is the possibility that an issuer will fail to make timely interestand principal payments on its securities or that negative perceptions of theissuer’s ability to make such payments will cause the price of that security todecline.

Management Risk – The Fund is actively managed, and the investmenttechniques and risk analyses used by the Fund’s portfolio managers may notproduce the desired results.

Stable Net Asset Value Risk – You could lose money by investing in theFund. Although the Fund seeks to preserve the value of your investment at $1per share, it cannot guarantee it will do so. The Fund may impose a fee uponthe sale of your shares or may temporarily suspend your ability to sell sharesif the Fund’s liquidity falls below required minimums because of marketconditions or other factors. An investment in the Fund is not a deposit in abank and is not insured or guaranteed by the Federal Deposit InsuranceCorporation (“FDIC”) or any other government agency. The Fund’s sponsor

2 | USAA Money Market Fund

has no legal obligation to provide financial support to the Fund, and youshould not expect that the sponsor will provide financial support to the Fundat any time.

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

Liquidity Fees and Gates – The Fund may impose liquidity fees onredemptions and/or temporarily suspend redemptions (gates) if the Fund’sweekly liquid assets fall below certain thresholds, such as during times ofmarket stress. The imposition of a liquidity fee would reduce the amount youwould receive upon redemption of your shares of the Fund. The imposition ofa redemption gate also would delay your ability to redeem your investmentsin the Fund.

Under applicable federal securities laws, money market funds that qualify as“retail” (retail money market funds) or “government” (government moneymarket funds) are permitted to utilize amortized cost to value their portfoliosecurities and to transact at a stable $1 NAV per share. The Fund operates asa retail money market fund in compliance with the requirements of Rule 2a-7;and as a retail money market fund, shares of the Fund are available for saleonly to accounts that are beneficially owned by natural persons.

Any investment involves risk, and there is no assurance that the Fund’sobjective will be achieved.

PERFORMANCEThe following bar chart and table are intended to help you understand therisks of investing in the Fund. The bar chart provides some indication of therisks of investing in the Fund and illustrates the Fund’s volatility by showinghow performance has varied from year to year for each full calendar year overthe past 10 years. The table shows the Fund’s average annual total returns forthe periods indicated.

Remember, historical performance (before and after taxes) does notnecessarily indicate what will happen in the future. For the Fund’s mostcurrent performance information, log on to usaa.com or call (800) 235-8396.

Prospectus | 3

RISK/RETURN BAR CHARTAnnual Returns for Periods Ended December 31

0.84%

0.02% 0.01% 0.03% 0.01% 0.01% 0.01% 0.07%

0.58%

1.57%

0%

0.5%

1.0%

1.5%

2.0%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

The year-to-date return of the Fund Shares class as of September 30, 2019,was 1.49%.

During the periods shown in the chart: Returns Quarter endedHighest Quarter Return 0.49% December 31, 2018Lowest Quarter Return 0.00% March 31, 2016

AVERAGE ANNUAL TOTAL RETURNSFor Periods Ended December 31, 2018

1 Year

5 Years(or Life

of Class)

10 Years(or Life

of Class)

1.57% 0.45% 0.32%

INVESTMENT ADVISEREffective July 1, 2019, Victory Capital Management Inc. (the “Adviser”)serves as the Fund’s investment adviser.

The portfolio managers primarily responsible for the day-to-day managementof the Fund are members of USAA Investments, A Victory Capital InvestmentFranchise.


PORTFOLIO MANAGERS

TitleTenure withthe Fund

Cody Perkins, CFA Senior Portfolio Manager Since December2018

Andrew Hattman,CFA, CAIA

Portfolio Manager Since July 2019

PURCHASE AND SALE OF SHARESYou may purchase or sell Fund Shares any business day through theusaa.com website or by telephone at (800) 235-8396. You also may purchaseor sell Fund Shares through certain other financial intermediaries. If you haveopened an account directly with the Fund, you also may purchase and sellFund Shares by mail at P.O. Box 659453, San Antonio, Texas 78265-9825.

� Minimum initial purchase: $1,000. The minimum initial purchase iswaived with the establishment of a $50 monthly systematic investment.

� Minimum subsequent investment: $50 (Except on transfers frombrokerage accounts, which are exempt from the minimum.)

Investments in the USAA Money Market Fund are limited to naturalpersons. If the Fund later determines that a shareholder is not a naturalperson, that shareholder will be provided at least 60 days’ written notice andthen redeemed out of the Fund. The Fund may impose liquidity fees ortemporarily suspend redemptions (gates) if the Fund’s weekly liquid assets fallbelow certain thresholds, such as during times of market stress.

TAX INFORMATIONThe Fund intends to make distributions that generally will be taxed to you asordinary income, unless you are a tax-exempt investor or you invest throughan IRA, 401(k) plan, or other tax-deferred account (in which case you may betaxed later, upon withdrawal of your investment from such account).

Prospectus | 5

PAYMENTS TO BROKER-DEALERSAND OTHER FINANCIALINTERMEDIARIESIf you purchase shares of the Fund through a broker-dealer or other financialintermediary (such as a bank), the Fund and its related companies may paythe intermediary for the sale of such shares and certain servicing andadministrative functions. These payments may create a conflict of interest byinfluencing the broker-dealer or other intermediary and your financial adviserto recommend the Fund over another investment. Ask your financial adviseror visit your financial intermediary’s website for more information.


Victory Capital Management Inc. (“Victory Capital,”“Adviser,” or “Manager”) manages this Fund. For easierreading, Victory Capital may be referred to as “we” or “us”throughout the prospectus.

INVESTMENT OBJECTIVE■ What is the Fund’s investment objective?

The Fund seeks the highest income consistent with preservation of capital andthe maintenance of liquidity. The Fund’s Board of Trustees (the “Board”) maychange the investment objective without shareholder approval.

MORE INFORMATION ON THEFUND’S INVESTMENT STRATEGY■ What is the Fund’s investment strategy?

The Fund invests its assets in high-quality, U.S. dollar-denominated short-termdebt securities of domestic and foreign issuers that have been determined topresent minimal credit risk and comply with strict SEC guidelines applicableto money market funds.

■ What are the main types of money market instruments in whichthe Fund may invest?

The Fund’s portfolio may include, but is not limited to, variable-rate demandnotes; commercial paper; U.S. Treasury bills, bonds, notes, and certificates ofdeposit; repurchase agreements; asset-backed securities; eurodollar and Yankeeobligations; and other money market securities.

■ Are there any limits on how much can be invested in oneissuer?

Yes. The SEC has set certain diversification requirements for money marketfunds. Generally, these requirements limit a taxable money market fund’sinvestments in securities of any issuer to no more than 5% of the Fund’sassets. Also, SEC guidelines do not permit us to invest greater than 10% ofthe Fund’s assets in securities issued by or subject to guarantees by the sameinstitution. Purchases of securities issued or guaranteed by the U.S.government or its agencies or instrumentalities are not counted toward theselimitations.

Prospectus | 7

■ What is the credit quality of the Fund’s investments at the timeof purchase?

The Fund’s investments consist of high-quality securities that qualify aseligible securities under the federal securities laws that apply to money marketfunds. In general, an eligible security is defined as a security that is:

❖ Determined to present minimal credit risks to the Fund;

❖ Issued by a money market fund; or

❖ Issued or guaranteed by the U.S. government or any agency orinstrumentality thereof, including “prerefunded” and “escrowed tomaturity” tax-exempt securities.

In making the determination as to whether a particular investment presentsminimal credit risks, we consider, among other things, the issuer orguarantor’s financial condition, sources of liquidity, ability to react to futuremarketwide and issuer- or guarantor-specific events, the strength of the issueror guarantor’s industry within the economy, and the issuer or guarantor’scompetitive position within its industry. We also may consider comparativeprices/yields of the security, certain asset-specific factors, as well as ratingsreceived by the nationally recognized statistical rating organizations(“NRSROs”).

■ Will the Fund always maintain a net asset value (“NAV”) of $1per share?

We will endeavor to maintain a constant NAV of $1 per share; however, thereis no assurance that we will be able to do so. Remember, the shares areneither insured nor guaranteed by the U.S. government. As such, the Fundcarries some risk. For example, there is always a risk that the issuer of asecurity held by the Fund will fail to pay interest or principal when due. Weattempt to minimize this credit risk by investing only in securities that presentminimal credit risk.

There also is a risk that rising interest rates will cause the value of the Fund’ssecurities to decline. Certain of the securities in which the Fund may investpay interest at a rate that is periodically adjusted, referred to as adjustable ratesecurities. We attempt to minimize this interest rate risk by limiting thematurity of each security to 397 days or less and by maintaining adollar-weighted average portfolio maturity (“WAM”) for the Fund of 60 daysor less and a weighted average life (“WAL”) of 120 days or less. The maturityof each security is calculated based upon SEC guidelines.

Finally, there is the possibility that one or more investments in the Fund maycease to qualify as an “eligible security” resulting in the NAV ceasing to be$1 per share.

Under the federal securities laws applicable to money market funds, retailmoney market funds and government money market funds are permitted toutilize amortized cost to value their portfolio securities and to transact at a


stable NAV of $1 per share. The Fund qualifies as a retail money market fundin compliance with the requirements of Rule 2a-7; and as a retail moneymarket fund, shares of the Fund are available for sale only to accounts thatare beneficially owned by natural persons.

■ How are the decisions to buy and sell securities made?

We balance factors such as credit quality and maturity to purchase the bestrelative value available in the market at any given time. While rare, selldecisions are usually based on a change in our credit analysis or to takeadvantage of an opportunity to reinvest at a higher yield.

TEMPORARY DEFENSIVE STRATEGY

The Fund may, from time to time, take temporary defensive positions that areinconsistent with the Fund’s principal investment strategies in attempting torespond to adverse market, economic, political, or other conditions. The effectof taking such a temporary defensive position is that the Fund may notachieve its investment objective.

RISKSYou could lose money by investing in the Fund. Although the Fund seeks topreserve the value of your investment at $1 per share, it cannot guarantee itwill do so. An investment in the Fund is not a deposit in any bank and is notinsured or guaranteed by the FDIC or any other government agency. TheFund’s sponsor has no legal obligation to provide financial support to theFund, and you should not expect that the sponsor will provide financialsupport to the Fund at any time.

Money market funds sometimes are confused with savings accounts. Asavings account is a deposit with a bank. The bank is obligated to return theamount deposited and to pay interest on the account for the use of yourmoney. Up to a certain amount, the FDIC will insure that the bank meets itsobligations. This Fund is not a savings account; it is a mutual fund that issuesand redeems its shares at the Fund’s NAV per share. Just as a savings accountpays interest on the amount deposited, the Fund pays dividends on the sharesyou own. If these dividends are reinvested in the Fund, the value of youraccount may grow over time.

Credit Risk: Credit risk is expected to be low for the Fund because itgenerally invests in securities that are considered to be high quality. However,it remains possible that a borrower cannot make timely interest and principalpayments on its securities or that negative market perceptions of the issuer’sability to make such payments will cause the price of that security to decline.

Prospectus | 9

Interest Rate Risk: The Fund is subject to the risk that the market value ofthe fixed income securities in its portfolio will fluctuate because of changes ininterest rates, changes in supply of and demand for investment securities, orother market factors. If interest rates decrease, the yield of the Fund maydecrease.

Changes in government monetary policy, including changes in a central bank’s(e.g., the U.S. Federal Reserve (the “Fed”)) implementation of specific policygoals, may have a substantial impact on interest rates, which in turn cansignificantly impact the value of a Fund’s investments. There can be noassurance that a central bank’s policy will be continued, discontinued orchanged, or that any such policy will have the desired effect. A central bank’spolicy changes and related market speculation as to the timing of potentialinterest rate changes may expose fixed-income markets to heightenedvolatility and may reduce liquidity for certain Fund investments, causing thevalue of a Fund’s investments and share price to decline. For example, marketdevelopments and other factors, including a general rise in interest rates, havethe potential to cause investors to move out of fixed-income securities on alarge scale, which may increase redemptions from funds that hold largeamounts of fixed-income securities. Such a move, coupled with a reduction inthe ability or willingness of dealers and other institutional investors to buy orhold fixed-income securities, may result in decreased liquidity and increasedvolatility in the fixed-income markets. Heavy redemptions of fixed-incomemutual funds and decreased liquidity of fixed-income securities could hurt aFund’s performance.

The Fed’s policy changes and related market speculation as to the timing ofpotential interest rate increases may expose fixed-income markets toheightened volatility and may reduce liquidity for certain Fund investments,causing the value of the Fund’s investments and share price to decline.

Liquidity Fee and Redemption Gate Risk: The Fund may impose liquidityfees or temporarily suspend redemptions for a period of up to 10 businessdays in any 90-day period if the weekly liquidity of the Fund’s assets fallsbelow a certain threshold, subject to the determination by the Fund’s Boardthat such liquidity fee or redemption gate is in the best interest of the Fund. Ifthe weekly liquidity of the Fund’s assets falls below 30% of its total assets,the Fund may either impose a liquidity fee of up to 2% of the value of theshares redeemed or temporarily suspend redemptions. If the weekly liquidityof the Fund’s assets falls below 10% of its total assets, the Fund must imposea minimum 1% liquidity fee on redemptions, unless the Fund’s Boarddetermines that imposing such liquidity fee is not in the best interests of theFund. The imposition of a liquidity fee would reduce the amount you wouldreceive upon redemption of your shares of the Fund. The imposition of aredemption gate would delay your ability to redeem your investments in theFund.


Liquidity Risk: Certain securities held by the Fund may be difficult (orimpossible) to sell at the time and at the price the Fund would like due to avariety of factors, including general market conditions, the perceived financialstrength of the issuer, or specific restrictions on resale of the securities.Consequently, the Fund may have to hold these securities longer than it wouldlike and may forgo other investment opportunities. It also is possible that theFund could be prevented from realizing capital gains or could be forced toincur capital loses if the Manager is unable to sell a position at the time of theManager’s choosing. Lack of liquidity may impact valuation of such securitiesand the Fund’s NAV adversely, especially during times of financial distress. Inaddition, the Fund may not be able to raise cash when needed or may beforced to sell other investments to raise cash, which could impact the Fund’sperformance negatively. Infrequent trading of securities also may lead to anincrease in price volatility.

Management Risk: The Fund is subject to management risk, which is thepossibility that the investment techniques and risk analyses used in managingthe Fund’s portfolio will not produce the desired results.

Structural Risk: Variable-rate demand notes (“VRDNs”) generally arelong-term bonds with a demand feature that is used to shorten the maturity.The demand feature represents the right to sell the security back to theremarketer or liquidity provider for repurchase on short notice, normally oneday or seven days. Usually, the demand feature is backed by a letter of creditor similar guarantee from a bank. Since we are relying on the demand featureto shorten maturity, the ability to exercise the demand feature would bedependent upon the bank. We would only purchase VRDNs where we werecomfortable that the banks would be able to honor their obligation on thedemand feature.

Some VRDNs, sometimes referred to as “structured instruments” or “syntheticinstruments,” are created by combining an intermediate- or long-termmunicipal bond with a right to sell the instrument back to the remarketer orliquidity provider for repurchase on short notice, referred to as a “tenderoption.” Usually, the tender option is backed by a letter of credit or similarguarantee from a bank. The guarantee, however, is typically conditional,which means that the bank is not required to pay under the guarantee if thereis a default by the municipality or if certain other events occur. We will notpurchase a synthetic instrument unless we believe there is only minimal riskthat we will not be able to exercise our tender option.

ADDITIONAL INFORMATION

This prospectus does not tell you about every policy or risk of investing in theFund. For additional information about the Fund’s investment policies and thetypes of securities in which the Fund’s assets may be invested, you mayrequest a copy of the Fund’s statement of additional information (“SAI”) (theback cover of this prospectus tells you how to do this).

Prospectus | 11

PORTFOLIO HOLDINGSA description of the Fund’s policies and procedures with respect to thedisclosure of the Fund’s portfolio securities is available in the Fund’s SAI,which is available upon request.

Information relating to the portfolio holdings of the Fund will be posted tousaa.com five business days after the end of each month and will remainposted on the website for six months thereafter. In addition, the Fund willreport its dollar-weighted average maturity, weighted average life, and certainother information to the SEC monthly on Form N-MFP, which also will bemade public.

FUND MANAGEMENTEffective July 1, 2019, Victory Capital Management Inc. (the “Adviser”)serves as the investment adviser to the Fund pursuant to an investmentadvisory agreement. The Fund is one of 47 no-load mutual funds offered byUSAA Mutual Funds Trust (the “Trust”). Prior to July 1, 2019, the Fund wasmanaged by USAA Asset Management Company (“AMCO”), which theAdviser acquired as of that date. The Adviser oversees the operations of theFund according to investment policies and procedures adopted by the Board.The Adviser is a New York corporation that is registered as an investmentadviser with the SEC. As of October 31, 2019, the Adviser managed andadvised assets totaling in excess of $146.8 billion for individual andinstitutional clients. The Adviser’s principal address is 15935 La CanteraPkwy, Building Two, San Antonio, Texas 78256.

The Fund’s Board has the overall responsibility for overseeing themanagement of the Fund. A discussion regarding the basis of the Board’sapproval of the Fund’s Advisory Agreement is available in the Fund’s annualreport to shareholders for the period ended July 31.

The Adviser is a multi-boutique asset manager comprised of multipleinvestment teams, referred to as investment franchises, each of which utilizesan independent approach to investment. USAA Investments, A Victory CapitalInvestment Franchise, is responsible for the day-to-day investmentmanagement of the Fund.

For the period from August 1, 2018, to June 30, 2019, AMCO was paid aninvestment management fee, which is accrued daily and paid monthly, equalto an annualized rate of 0.24% of the Fund’s average daily net assets. For theperiod July 1, 2019, to July 31, 2019, the Manager received management fees.

See Fees and Expenses in this Prospectus for information about anycontractual agreement agreed to by the Adviser to waive fees and/or reimburseexpenses with respect to the Fund. From time to time, the Adviser also mayvoluntarily waive fees and/or reimburse expenses in amounts exceeding those


required to be waived or reimbursed under any contractual agreement thatmay be in place with respect to the Fund.

In addition to providing investment management services, the Adviser alsoprovides administration and servicing to the Fund. Victory Capital Advisers,Inc. acts as the Fund’s distributor, and Victory Capital Transfer Agency, Inc.,(formerly, USAA Shareholder Account Services) provides transfer agencyservices to the Fund. The Fund or the Fund’s distributor or transfer agent mayenter into agreements with third parties (“Servicing Agents”) to pay suchServicing Agents for certain administrative and servicing functions.

The Fund is authorized, although the Adviser has no present intention ofutilizing such authority, to use a “manager-of-managers” structure. TheAdviser could select (with approval of the Board and without shareholderapproval) one or more subadvisers to manage the day-to-day investment of theFund’s assets. The Adviser would monitor each subadviser’s performancethrough quantitative and qualitative analysis and periodically report to theBoard as to whether a subadviser’s agreement should be renewed, terminated,or modified. The Adviser also would be responsible for determining how theFund’s assets should be allocated to the subadvisers. The allocation for asubadviser could range from 0% to 100% of the Fund’s assets, and theAdviser could change the allocations without shareholder approval.

PORTFOLIO MANAGERSCody Perkins, CFA, Victory Capital Senior Portfolio Manager–USAAInvestments, A Victory Capital Investment Franchise, has co-managed theFund since December 2018. Mr. Perkins has 23 years of investmentmanagement experience, 18 years of which have been with AMCO, whichwas acquired by the Adviser’s parent company in 2019. Education: B.B.A.,University of Texas San Antonio. He holds the Chartered Financial Analyst(CFA) designation and is a member of the CFA Institute and the CFA Societyof San Antonio.

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager–USAAInvestments, A Victory Capital Investment Franchise, has co-managed theFund since July 2019. Mr. Hattman has eight years of investment managementexperience, all of which have been with AMCO, which was acquired by theAdviser’s parent company in 2019. Education: B.S., United States MilitaryAcademy; M.B.A., Harvard University. Mr. Hattman holds CFA and CharteredAlternative Investment Analyst (“CAIA”) designations.

The SAI provides additional information about the portfolio managers’compensation, other accounts managed, and ownership of Fund securities.

Prospectus | 13

PURCHASES

OPENING AN ACCOUNT WITH THE FUND

You may purchase shares in an investment account or through certainfinancial intermediaries as described below. You may call toll free at (800)235-8396, Monday through Friday, 7:30 a.m. to 8 p.m., and Saturday, 8 a.m.to 5 p.m., Central time, to inquire about opening an account with us. If youalready have an account with us, you will not need to fill out anotherapplication to invest in another fund of the USAA Funds unless theregistration is different or we need further information to verify your identity.

As required by federal law, we must obtain certain information from you priorto opening an account with us. If we are unable to verify your identity, wemay refuse to open your account, or we may open your account and takecertain actions without prior notice to you, including restricting accounttransactions pending verification of your identity. If we subsequently areunable to verify your identity, we may close your account and return to youthe value of your shares at the next calculated NAV. We prohibit openingaccounts for certain investors, including but not limited to, foreign financialinstitutions, shell banks, correspondent accounts for foreign shell banks, andcorrespondent accounts for foreign financial institutions. A “foreign shellbank” is a foreign bank without a physical presence in any country. A“correspondent account” is an account established for a foreign bank toreceive deposits from, or to make payments or other disbursements on behalfof, the foreign bank, or to handle other financial transactions related to suchforeign bank.

TAXPAYER IDENTIFICATION NUMBER

Each shareholder named on an account with us must provide a Social Securitynumber or other taxpayer identification number to avoid “backup” taxwithholding required by the Internal Revenue Code of 1986, as amended (the“Code”). See the section titled Taxes for additional tax information.

PURCHASING SHARES

Shares of the Fund are only available for sale in the United States and certainother areas subject to U.S. jurisdiction and may not be offered for sale innon-U.S. jurisdictions. Investors residing outside of the United States (exceptthose with Air/Army Post Office (“APO”), Fleet Post Office (“FPO”), orDiplomatic Post Office (“DPO”) addresses) generally may not purchase sharesof the Fund, even if they are U.S. citizens or lawful permanent residents.

The Fund has been designated as a retail money market fund. Accordingly,shares of the Fund are available for sale only to accounts beneficially ownedby natural persons (for example, an account owned by an individual who hasa Social Security number). If the Fund later determines that a shareholder is


not a natural person, that shareholder will be provided at least 60 days’written notice and then redeemed out of the Fund.

Shares of the Fund are available through an investment account and throughcertain financial intermediaries, as described below. You may purchase sharesof the Fund through your investment account on the Internet or by telephone;and if you have an account directly with the Fund, you also may purchaseshares by mail. Shares purchased through your investment account will besubject to applicable policies and procedures.

If shares of the Fund are purchased through a retirement account or aninvestment professional (i.e., a financial intermediary), the policies andprocedures relating to these purchases may differ from those discussed in thisprospectus and may vary. Additional fees also may apply to your investmentin the Fund, including a transaction fee, if you buy or sell shares of the Fundthrough a broker or other investment professional. For more information onthese fees, check with your investment professional.

ADDITIONAL INFORMATION REGARDING FINANCIALINTERMEDIARIES

Your ability to purchase, exchange, redeem, and transfer shares will beaffected by the policies of the financial intermediary through which you dobusiness. Some policy differences may include: minimum investmentrequirements, exchange policies, fund choices, cutoff time for investments,and trading restrictions.

In addition, your financial intermediary may charge a transaction or other feefor the purchase or sale of shares of the Fund. Those charges are retained bythe financial intermediary and are not shared with us. Please contact yourfinancial intermediary or plan sponsor for a complete description of itspolicies.

Copies of the Fund’s annual report, semiannual report, and SAI are availablefrom your financial intermediary or plan sponsor.

MINIMUM INITIAL PURCHASE

$1,000. The minimum initial purchase is waived with the establishment of a$50 monthly systematic investment plan. However, financial intermediariesmay set different investment minimums, and the Fund reserves the right towaive or lower purchase minimums in certain circumstances.

ADDITIONAL PURCHASES

$50 minimum per transaction, per account.

Prospectus | 15

EFFECTIVE DATE OF PURCHASE

When you make a purchase, your purchase price will be the NAV per sharenext calculated after we or the financial intermediary receive your request in“proper form” as provided in the section titled Important TransactionInformation. The Fund’s NAV per share is calculated as of the close of theregular trading session (generally 4 p.m. Eastern time) of the New York StockExchange (“NYSE”) each day it is open for trading. If we or the financialintermediary receive your purchase request in proper form prior to that time,your purchase price will be the NAV per share calculated for that day. If weor the financial intermediary receive your purchase request in proper formafter that time, the purchase price will be the NAV per share calculated as ofthe close of the next regular trading session of the NYSE.

As discussed in more detail under “Redemptions,” the Fund may impose aliquidity fee or redemption gate when the weekly liquidity of its assets fallsbelow a certain threshold. The Fund will notify shareholders of the impositionand lifting of any liquidity fee or redemption gate via the Fund’s website,usaa.com. Any unprocessed purchase order received prior to such notificationwill be treated as canceled unless reconfirmed/valid and processedaccordingly.

The Fund or the Fund’s distributor or transfer agent may enter intoagreements with Servicing Agents (such as financial intermediaries or plansponsors), which hold shares of the Fund in omnibus accounts for theircustomers, under which the Servicing Agents are authorized to receive ordersfor shares of the Fund on the Fund’s behalf. Under these arrangements, theFund will be deemed to have received an order when an authorized ServicingAgent receives the order. Accordingly, customer orders will be priced at theFund’s NAV per share next calculated after they are received by an authorizedServicing Agent even though the orders may be transmitted to the Fund by theServicing Agent after the time the Fund calculates its NAV.

PAYMENT

If you hold an account directly with the Fund and you plan to purchase sharesfrom us with a check, the instrument must be written in U.S. dollars anddrawn on a U.S. bank. In addition, initial purchases into an account byelectronic funds transfer or check may be held for up to 30 days before anyredemptions may be processed. We do not accept the following foreigninstruments: checks, money orders, traveler’s checks, or other similarinstruments. In addition, we do not accept cash or coins. If you plan topurchase shares through a financial intermediary, please check with thatfinancial intermediary regarding acceptable forms of payment.


REDEMPTIONSFor federal income tax purposes, a redemption of shares of the Fund is ataxable event, upon which you may recognize a capital gain or loss (unlessyou hold the shares of the Fund in a tax-deferred account or are a tax-exemptinvestor). A capital gain or loss is based on the difference between your basisin the redeemed shares and the proceeds you receive upon their redemption.See the section titled Taxes for information regarding basis election andreporting.

The Fund may elect to suspend the redemption of shares or postpone the dateof payment in limited circumstances (e.g., if the NYSE is closed or whenpermitted by order of the SEC).

Under normal market conditions, the Fund typically expects to meetredemption requests by paying out proceeds from cash or cash equivalentportfolio holdings, or by selling portfolio holdings. Under deteriorating marketconditions or market stress, the Fund also may borrow from a line of credit towhich the Fund and certain other affiliated Funds are parties. The Fund andthe other affiliated Funds are limited as to the amount that each mayindividually and collectively borrow under the line of credit. As a result,borrowings available to the Fund may be insufficient to satisfy Fundredemption requests. In addition, the Fund reserves the right to honorredemption orders wholly or partly with in-kind distributions of Fund portfoliosecurities instead of cash.

The Fund may impose liquidity fees or temporarily suspend redemptions for aperiod of up to 10 business days in any 90-day period if the weekly liquidityof the Fund’s assets falls below a certain threshold, subject to thedetermination by the Fund’s Board that such liquidity fee or redemption gateis in the best interest of the Fund. If the weekly liquidity of the Fund’s assetsfalls below 30% of its total assets, the Fund may either impose a liquidity feeof up to 2% of the value of the shares redeemed or temporarily suspendredemptions. If the weekly liquidity of the Fund’s assets falls below 10% ofits total assets, the Fund must impose a minimum 1% liquidity fee onredemptions, unless the Fund’s Board determines that imposing such liquidityfee is not in the best interests of the Fund. The Fund will notify shareholdersof the imposition and lifting of any liquidity fee or redemption gate via theFund’s website, usaa.com. When the redemption of the Fund’s shares hasbeen suspended, redemption orders will not be accepted until the Fund hasnotified shareholders that the redemption gate has been lifted. Any redemptionorder pending during the imposition of a redemption gate will be cancelledwithout notice and any shareholder that wishes to redeem will need to submita new request for redemption. Liquidity fees may be used to offset any lossesto the Fund when it seeks to process redemption requests during periods ofmarket stress. Although the tax treatment of liquidity fees is unclear, currentlyit is expected that a liquidity fee will not have a tax effect for the Fund. If theweekly liquidity of the Fund’s assets falls below 10% of its total assets, the

Prospectus | 17

Fund’s Board may determine to stop honoring redemptions and liquidate theFund. In such case, the Fund would first notify the SEC. The Fund wouldprovide notification to shareholders on its website.

REDEEMING SHARES

You may redeem Fund Shares through your investment account on theInternet or by telephone on any day the NAV per share is calculated. If youhave a direct account with the Fund, you also may redeem shares by mail.Shareholders will receive a redemption price of the NAV per share nextcalculated after we receive your request in “proper form” as provided in thesection titled Important Transaction Information. If we receive yourredemption request in proper form prior to the close of the NYSE’s regulartrading session (generally 4 p.m. Eastern time), your redemption price will bethe NAV per share calculated for that day. If we receive the redemptionrequest after that time, the redemption price will be the NAV per sharecalculated as of the close of the next regular trading session of the NYSE.Shares redeemed through your investment account will be subject toapplicable policies and procedures.

The Fund has undertaken certain authentication procedures regardingtelephone transactions and will employ reasonable procedures to confirm thatinstructions communicated by telephone are genuine. Before any discussionregarding your account, we will obtain certain information from you to verifyyour identity. Additionally, your telephone calls may be recorded ormonitored, and confirmations of account transactions are sent to the addressof record or by electronic delivery to your designated e-mail address.

If you hold Fund Shares through an investment account or an account directlywith the Fund, the Fund typically expects to pay out redemption proceeds onthe next business day after your order is received in proper form; however, itmay take up to seven days to send your proceeds. Payment for redemption ofshares purchased by electronic funds transfer (“EFT”) or check will be sentafter the EFT or check has cleared, which could take up to 30 days from theinitial purchase date into the Fund and, for any subsequent purchases into theFund, seven days from the purchase date.

If you hold Fund Shares in your account with a financial intermediary, pleasecontact your financial intermediary regarding redemption policies. Generally,any redemption request you place with your financial intermediary in properform prior to the close of the NYSE (generally 4 p.m. Eastern time) willreceive the NAV per share calculated for that day, subject to the financialintermediary’s applicable policies and procedures. Normally, the Fundtransmits proceeds to intermediaries for redemption orders that are received inproper form on the next business day after receipt. Under certaincircumstances and when deemed to be in the Fund’s best interests, proceedsmay not be sent to intermediaries for up to seven days after receipt of theredemption order.


EXCHANGESFor federal income tax purposes, an exchange between funds is a taxableevent, upon which you may recognize a capital gain or loss (unless you holdthe shares of the Fund in a tax-deferred account or are a tax-exempt investor).Such a gain or loss is based on the difference, if any, between your basis inthe exchanged shares and the aggregate NAV of the shares you receive in theexchange. See the section titled Taxes for information regarding basis electionand reporting.

EXCHANGE PRIVILEGE

You may exchange shares between funds in the USAA family of funds,provided the shares to be acquired are offered in your state of residence. TheFund, however, reserves the right to terminate or change the terms of anexchange offer.

If you have opened an account directly with the Fund, you may makeexchanges on usaa.com. If you have an investment account, you may makeexchanges on usaa.com or on mobile.usaa.com. After we receive theexchange orders, the Fund’s transfer agent will simultaneously processexchange redemptions and purchases at the share prices next calculatedpursuant to the procedures set forth herein. See the section titled EffectiveDate of Purchase for additional information. The investment minimumsapplicable to share purchases also apply to exchanges.

If you hold shares of the Fund in an account with a financial intermediary orplan sponsor, the policies and procedures on an exchange may differ fromthose discussed in this prospectus. Additional fees also may apply to yourinvestment in the Fund, including a transaction fee, if you buy, sell, orexchange shares of the Fund through a broker or other investmentprofessional. For more information on these fees, check with your investmentprofessional.

OTHER IMPORTANT INFORMATIONABOUT PURCHASES,REDEMPTIONS, AND EXCHANGES

Contacting the USAA Funds

The following features may be available to you to purchase, redeem, andexchange shares of the Fund you hold in an investment account or in anaccount opened directly with the Fund.

Prospectus | 19

Internet Access

� Review account information and make most account transactions. Thisincludes making purchases, exchanges, and redemptions; reviewingaccount activity; checking balances; and more.

Mobile Access

� Review account information and make most account transactions.

Telephone System (800) 235-8396

� Access account information and make most account transactions.

Telephone

� Call toll free (800) 235-8396 Monday – Friday, 7:30 a.m. to 8 p.m.and Saturday, 8 a.m. to 5 p.m., Central time, to speak with a memberservice representative.

Mail

� If you hold an account directly with the Fund and would like to make apurchase or request a redemption by mail, send your writteninstructions to:

Regular Mail:

USAA Mutual FundsP.O. Box 659453San Antonio, TX 78265-9825

Registered or Express Mail:

USAA Mutual Funds15935 La Cantera ParkwayBuilding TwoSan Antonio, TX 78256

Bank Wire

� To add to your account or request a redemption by bank wire, visit theusaa.com website or call (800) 235-8396 for instructions. This helps toensure that your account will be credited or debited promptly andcorrectly.

Electronic Funds Transfer

� Additional purchases on a regular basis may be deducted electronicallyfrom a bank account. Sign up for these services when opening anaccount, log on to usaa.com or call (800) 235-8396 for assistance.


Checkwriting

� Shareholders invested in the Fund through an account with the TransferAgent may request that checks be issued for their accounts. You willnot be charged for the use of checks or any subsequent reorders. Youmay write checks in the amount of $250 or more. Checks written forless than $250 may be returned unpaid. We reserve the right toassess a processing fee against your account for any redemption checknot honored by a clearing or paying agent. Because the value of youraccount changes daily as dividends accrue, you may not write a checkto close your account.

IMPORTANT TRANSACTION INFORMATION

Purchase, redemption, and exchange requests are not processed until receivedin proper form. “Proper form” means actual receipt of the order along with allinformation and supporting documentation necessary to effect the transaction.Complete information may include any verification or confirmation of identitythat the Fund’s transfer agent or other authorized Fund agent may request. Forpurchase requests, “proper form” also generally includes receipt of sufficientfunds to effect the purchase. The Fund, its transfer agent, or any authorizedFund agent may, in its sole discretion, determine whether any particulartransaction request is in good order and reserve the right to change or waiveany good order requirement at any time. Financial intermediaries may havetheir own requirements for recognizing a transaction in proper form or goodorder. If you hold your shares through a financial intermediary, please contactthem for specific proper form or good order requirements.

IRA DISTRIBUTION FEE

The Fund may apply a distribution fee to all full IRA distributions, except forthose due to death, disability, or divorce. Partial IRA distributions are notcharged a distribution fee.

ACCOUNT BALANCE

The Fund’s transfer agent may assess annually a small balance account fee of$12 to each shareholder account with a balance of less than $2,000 at the timeof assessment. Accounts exempt from the fee include: (1) any accountregularly purchasing additional shares each month through an automaticinvestment plan; (2) any UGMA/UTMA account; (3) all (non-IRA) moneymarket fund accounts; (4) any account whose registered owner has anaggregate balance of $50,000 or more invested in affiliated Funds; and (5) allIRAs (for the first year the account is open). The fee is not currently beingassessed. The Fund will provide advance notice in the event it is assessed inthe future.

Prospectus | 21

EXCESSIVE SHORT-TERM TRADING POLICY

At this time, the Board has not adopted policies designed to prevent excessiveshort-term trading activity for this Fund because the Fund is designed toaccommodate short-term investment activity, including checkwriting byshareholders. The Fund does reserve the right to reject any purchase orexchange order if in the best interest of the Fund, but at this time has notdesignated categories of short-term trading activity as detrimental to the Fund.In the future, the Fund can adopt such procedures if it determines certainpatterns of activity are detrimental to this Fund.

OTHER FUND RIGHTS

The Fund reserves the right to:

� Reject or restrict purchase or exchange orders when in the best interestof the Fund;

� Limit or discontinue the offering of shares of the Fund without noticeto the shareholders;

� Calculate the NAV per share and accept purchase, exchange, andredemption orders on a business day that the NYSE is closed;

� Redeem some or all of its shares in kind when in the best interest ofthe Fund;

� Require a signature guarantee for transactions or changes in accountinformation in those instances where the appropriateness of a signatureauthorization is in question (the SAI contains information on acceptableguarantors);

� Redeem an account with less than $500, with certain limitations;

� Restrict or liquidate an account when necessary or appropriate tocomply with federal law;

� Suspend redemptions as provided under SEC rules applicable to moneymarket funds; and

� Discontinue or otherwise limit the opening of accounts with us.

SHAREHOLDER INFORMATION

PAYMENTS TO FINANCIAL INTERMEDIARIES

Certain financial intermediaries perform recordkeeping, networking,administrative, sub-transfer agency, and shareholder services for their clientswith respect to their investments in the Fund that otherwise would beperformed by the Fund’s transfer agent or administrator and shareholderservicing agent. In some circumstances, we, or one of our affiliates, will pay a


financial intermediary for these services out of our own resources. In othercircumstances, the Fund will pay a fee to the financial intermediary forperforming those services. The Fund will not pay financial intermediariesmore than it would pay its direct service providers for transfer agency,administration, and/or shareholder services. In cases where intermediary feesare higher due to differences in the services being provided or other factors,the additional amounts will be paid by us and/or the distributor. In addition,these payments generally are based on either (1) a percentage of the averagedaily net assets of Fund shareholders’ accounts serviced by a financialintermediary or (2) a fixed dollar amount for each account serviced by afinancial intermediary. The aggregate amount of these payments may besubstantial.

In addition, we and the Fund’s distributor may make payments tointermediaries for various additional services, other expenses, and/or thefinancial intermediaries’ distribution of shares of the Fund. Such payments aresometimes referred to as “revenue sharing” and generally are negotiated witha financial intermediary on the basis of such factors as the number or value ofshares of the Fund that the financial intermediary sells or may sell; the valueof client assets invested; or the type and nature of services or supportfurnished by the financial intermediary. Such revenue sharing payments areintended to compensate a financial intermediary for one or more of thefollowing: (1) distribution, which may include expenses incurred by financialintermediaries for their sales activities with respect to the Fund, such aspreparing, printing, and distributing sales literature and advertising materialsand compensating registered representatives or other employees of suchfinancial intermediaries for their sales activities, as well as the opportunity forthe Fund to be made available by such financial intermediaries; (2)shareholder services, such as providing individual and custom investmentadvisory services to clients of the financial intermediaries; and (3) marketingand promotional services, including business planning assistance, educatingpersonnel about the Fund, including the Fund on preferred or recommendedlists or in certain sales programs sponsored by the intermediary, andsponsorship of sales meetings, which may include covering costs of providingspeakers. The distributor may sponsor seminars and conferences designed toeducate financial intermediaries about the Fund and may cover the expensesassociated with attendance at such meetings, including travel costs. Thesepayments and activities are intended to educate financial intermediaries aboutthe Fund and may help defray or compensate the financial intermediary forthe costs associated with offering the Fund.

The payments also may, to the extent permitted by applicable regulations,contribute to various non-cash and cash incentive arrangements to promote thesale of shares of the Fund, as well as sponsor various educational programs,sales contests and/or promotions. We and the Fund’s distributor may, fromtime to time, provide occasional gifts, meals, tickets or other entertainment, orsupport for due diligence trips. These payments are in addition to any feespaid by the Fund to compensate financial intermediaries for providing

Prospectus | 23

distribution-related services to the Fund and/or shareholder services to Fundshareholders. These payments may be a fixed dollar amount or may be basedon a percentage of the value of shares sold to, or held by, customers of thefinancial intermediary involved. The amount of these payments may besubstantial and may differ among financial intermediaries. In addition, certainfinancial intermediaries may have access to certain services from us or thedistributor, including research reports and economic analysis, and portfolioanalysis tools. In certain cases, the financial intermediary may not pay forthese services. These payments and other arrangements may create a conflictof interest by influencing the financial intermediary to recommend the Fundover another investment. Ask your salesperson or visit your financialintermediary’s website for more information. The amount of any paymentsdescribed by this paragraph is determined by us or the distributor, and all suchamounts are paid out of our available assets or the assets of the distributorand do not directly affect the total expense ratio of the Fund.

SHARE PRICE CALCULATION

The price at which you purchase and redeem shares of the Fund is equal tothe NAV per share calculated on the effective date of the purchase orredemption. The NAV per share is calculated by adding the value of theFund’s assets (i.e., the value of its investments and other assets), deductingliabilities, and dividing by the number of shares outstanding. Shares of theFund may be purchased and sold at the NAV per share without a sales charge.The Fund’s NAV per share is calculated as of the close of the NYSE(generally 4 p.m. Eastern time) each day that the NYSE is open for regulartrading. The NYSE is closed on most national holidays and Good Friday.

VALUATION OF SECURITIES

The Board has established a Valuation and Liquidity Committee (the“Committee”); and subject to Board oversight and approval, the Committeeadministers and oversees the Fund’s valuation policies and procedures. Amongother things, these policies and procedures allow the Fund to utilizeindependent pricing services, quotations from securities dealers, and a widevariety of sources and information to establish and adjust the fair value ofsecurities as events occur and circumstances warrant.

All securities held in the Fund are short-term debt securities, which are valuedpursuant to Rule 2a-7 under the 1940 Act. This method values a security at itspurchase price and, thereafter, assumes a constant amortization to maturity ofany premiums or discounts.

Securities for which amortized cost valuations are considered unreliable orwhose values have been materially affected by a significant event are valuedin good faith by us at fair value, using methods determined by the Committee,under procedures to stabilize net assets and valuation procedures approved bythe Board.


Repurchase agreements are valued at cost.

For additional information on how securities are valued, see Valuation ofSecurities in the Fund’s SAI.

DIVIDENDS AND OTHER DISTRIBUTIONS

Net investment income (dividends) is accrued daily and distributed on the lastbusiness day of each month. Daily dividends are declared at the time the NAVper share is calculated. For investment accounts, dividends begin accruing onshares the day after payment is received. Dividends continue to accruethrough either the settlement date or day after settlement date of a redemption,depending on the type of account.

Ordinarily, any net realized capital gains are distributed in December of eachyear. The Fund may make additional distributions to shareholders, or may notmake a distribution, when considered appropriate or necessary. For example,the Fund could make one or more additional distributions to avoid theimposition of any federal income or excise tax. We will automatically reinvestall income dividends and capital gain distributions, if any, in additional sharesof the Fund unless you request to receive these distributions by way ofelectronic funds transfer. When you choose to receive cash dividends by wayof electronic funds transfer, we will send them to you after the distributiondate each month. We will invest in your account any dividend or otherdistribution payment returned to the Fund by your financial institution at thecurrent NAV per share.

TAXES

The following tax information is quite general and refers to the federalincome tax law in effect as of the date of this prospectus.

■ Treatment of the Fund

The Fund, which is treated as a separate corporation for federal tax purposes,has qualified for each past taxable year, and intends to continue to qualify, fortreatment as a “regulated investment company” under the Code. By doing so,the Fund (but not its shareholders) is relieved of federal income tax on thepart of its investment company taxable income (consisting generally of taxablenet investment income, the excess, if any, of net short-term capital gain overnet long-term capital loss (“net short-term gain”), and net gains and lossesfrom certain foreign currency transactions, if any, all determined withoutregard to any deduction for dividends paid) and net capital gain (i.e., theexcess of net long-term capital gain over net short-term capital loss), if any,that it distributes to its shareholders.

Prospectus | 25

■ Shareholder Taxation

Distributions that shareholders receive from the Fund are subject to federalincome tax and may be subject to state and/or local taxes. Dividends anddistributions of net short-term capital gain are taxable to you as ordinaryincome, whether received in cash or reinvested in additional shares of theFund.

An individual shareholder is subject to a 3.8% federal tax on the lesser of (1)the individual’s “net investment income,” which generally includes taxabledistributions the Fund pays, or (2) the excess of his or her “modified adjustedgross income” over $200,000 (or $250,000 if married and filing jointly). Thistax is in addition to any other taxes due on that income. You should consultyour tax adviser regarding the effect, if any, this provision may have on yourinvestment in shares of the Fund.

■ Withholding

Federal law requires the Fund to withhold (referred to as “backupwithholding”) and remit to the U.S. Treasury 24% of (1) dividends, capitalgain distributions, and proceeds of redemptions, regardless of the extent towhich gain or loss may be realized, otherwise payable to any individualshareholder who fails to furnish the Fund with a correct taxpayeridentification number and (2) those dividends and distributions otherwisepayable to any individual shareholder who:

� Underreports dividend or interest income or

� Fails to certify that he or she is not subject to backup withholding.

Backup withholding is not an additional tax, and any amounts so withheldmay be credited against a shareholder’s federal income tax liability orrefunded. To avoid this withholding, you must certify on your application, oron a separate IRS Form W-9 supplied by the Fund’s transfer agent, that yourtaxpayer identification number is correct and you currently are not subject tobackup withholding.

■ Reporting

The Fund will report information to you annually concerning the tax status ofyour dividends and other distributions for federal income tax purposes. Inaddition, the Fund (or its administrative agent) must report to the IRS andfurnish to its shareholders the basis information for Covered Shares andindicate whether they had a short-term (one year or less) or long-term (morethan one year) holding period. You should consult with your tax adviser toobtain more information about how the basis reporting law applies to you.


SHAREHOLDER MAILINGS

■ Householding

Through our ongoing efforts to help reduce Fund expenses, each householdwill receive a single copy of the Fund’s most recent shareholder reports andprospectus. You will receive a single copy if you and/or a family member ownmore than one account in the Fund. This eliminates duplicate copies and savespaper and postage costs for the Fund. However, if you would like to receiveindividual copies, please contact us; and we will begin your individualdelivery within 30 days of your request.

■ Electronic Delivery

Log on to usaa.com and sign up to receive your statements, confirmations,financial reports, tax documents, and prospectuses electronically instead ofthrough the mail.

ADDITIONAL INFORMATION

The Trust enters into contractual arrangements with various parties, including,among others, the Fund’s manager, transfer agent, and distributor, whoprovide services to the Fund. Shareholders are not parties to, or intended (or“third-party”) beneficiaries of, any of those contractual arrangements, andthose contractual arrangements are not intended to create in any individualshareholder or group of shareholders any right to enforce them against theservice providers or to seek any remedy under them against the serviceproviders, either directly or on behalf of the Trust or the Fund.

This prospectus provides information concerning the Trust and the Fund thatyou should consider in determining whether to purchase shares of the Fund.Neither this prospectus nor the related SAI is intended to be, or should beread to give rise to, an agreement or contract between the Trust or the Fundand any investor, or to give rise to any rights in any shareholder or otherperson other than any rights under federal or state law that may not bewaived.

Prospectus | 27

FINANCIAL HIGHLIGHTSThe following financial highlights table is intended to help you understand theFund’s financial performance for the past five years. Certain informationreflects financial results for a single Fund share. The total returns in the tablerepresent the rate that an investor would have earned (or lost) on aninvestment in the Fund (assuming reinvestment of all income dividends andcapital gain distributions).

The information has been derived from financial statements audited by Ernst& Young LLP, an independent registered public accounting firm, whosereport, along with the Fund’s financial statements, is included in the Fund’sannual report to shareholders, which is available upon request.


USAA MONEY MARKET FUND

Year Ended July 31,2019 2018 2017 2016 2015

Net asset value at beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Income (loss) from investmentoperations:Net investment income .02 .01 .00(a) .00(a) .00(a)

Net realized and unrealizedgain(a) .00 .00 .00 .00 .00

Total from investment operations .02 .01 .00(a) .00(a) .00(a)

Less distributions from:Net investment income (.02) (.01) (.00)(a) (.00)(a) (.00)(a)

Realized capital gains — — (.00)(a) (.00)(a) —

Total distributions (.02) (.01) (.00)(a) (.00)(a) (.00)(a)

Net asset value at end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00

Total return (%)* 1.97 1.13 .31(b) .01(b) .01(b)

Net assets at end of period (000) $4,878,643 $4,623,610 $4,513,270 $5,606,434 $5,289,252Ratios to average daily net assets:**

Expenses (%) .62(d) .62 .63(b),(c) .41(b),(c) .24(b),(c)

Expenses, excludingreimbursements (%) .62 .62 .63(c) .67(c) .65(c)

Net investment income (%) 1.95 1.12 .29 .01 .01* 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 acceptedaccounting principles and could differ from the iMoneyNet reported return. Total returns forperiods of less than one year are not annualized.

** For the year ended July 31, 2019, average daily net assets were $4,836,080,000.

(a) Represents less than $0.01 per share.

(b) AMCO voluntarily agreed, on a temporary basis, to reimburse management, administrative,or other fees to limit the Fund’s expenses and attempt to prevent a negative yield.

(c) Reflects total annual operating expenses of the Fund before reductions of any expenses paidindirectly. The Fund’s expenses paid indirectly decreased the expense ratios by less than0.01%.

(d) Effective July 1, 2019, the Manager has contractually agreed to limit the annual expenses ofthe Fund to 0.62% of the Fund’s average daily net assets.

Prospectus | 29

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If you would like more information about the Fund, you may call (800) 235-8396 torequest a free copy of the Fund’s statement of additional information (“SAI”), annualor semiannual reports, or to ask other questions about the Fund. The SAI has beenfiled with the SEC and is incorporated by reference into and legally a part of thisprospectus. In the Fund’s annual report, you will find a discussion of the marketconditions and investment strategies that significantly affected the Fund’s performanceduring the last fiscal year. The Fund’s SAI and annual and semiannual reports alsomay be viewed, free of charge, on usaa.com/prospectus. A complete description of theFund’s policies and procedures with respect to the disclosure of the Fund’s portfoliosecurities is available in the Fund’s SAI.

To view these documents, along with other related documents, you may visit theEDGAR database on the SEC’s website (www.sec.gov). Additionally, copies of thisinformation may be obtained, after payment of a duplicating fee, by electronic requestat the following e-mail address: [email protected].

Investment Company Act File No. 811-7852

23457-1219

Documents

USAA MUTUAL FUNDS TRUST USAA Money Market Fund USAA ... · To the Prospectus dated October 1, 2019 (“Prospectus”) The following replaces the third paragraph in the section titled