EXEMPT ORDER INFO

USAA MUTUAL FUNDS TRUST
Interfund Lending N-CEN Certification
Period Ending May 31, 2021
In regards to the InterFund Lending Program, I certify that the Adviser on
behalf of the Funds has implemented procedures reasonably designed to achieve
compliance with the terms and conditions of the InterFund Lending Order which
includes the following objectives: (a) that the InterFund Loan rate will be
higher than the Repo Rate, but lower than the Bank Loan Rate; (b) compliance
with the collateral requirements as set forth in the Application; (c)
Compliance with the percentage limitations on interfund borrowing and lending;
(d) Allocation of the interfund borrowing and lending demand in an equitable
manner and in accordance with procedures established by the Trustees; and (e)
that the InterFund Loan Rate does not exceed the interest rate on any
third-party borrowings of a borrowing Fund at the time of the InterFund Loan.
Colin Kinney
Chief Compliance Officer
Victory Funds

INTERNAL CONTROL RPT

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of USAA Mutual Funds Trust
In planning and performing our audits of the financial statements
of USAA Mutual Funds Trust (comprising USAA Cornerstone Aggressive
Fund, USAA Cornerstone Conservative Fund, USAA Cornerstone Equity
Fund, USAA Cornerstone Moderate  Fund, USAA Cornerstone Moderately
Aggressive Fund, USAA Cornerstone Moderately Conservative Fund, USAA
Emerging Markets Fund, USAA Government Securities Fund, USAA Growth
and Tax Strategy Fund, USAA International Fund, USAA Managed
Allocation Fund, USAA Precious Metals and Minerals Fund, USAA
Sustainable World Fund (formerly USAA World Growth Fund), and USAA
Treasury Money Market Trust) (the Trust) as of and for the year ended
May 31, 2021, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered the Trust's
internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-CEN, but not for the purpose
of expressing an opinion on the effectiveness of the Trust's internal
control over financial reporting. Accordingly, we express no such opinion.
The management of the Trust is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A trust's internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S.
generally accepted accounting principles. A trust's internal control over
financial reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the trust;
(2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with U.S.
generally accepted accounting principles, and that receipts and expenditures
of the trust are being made only in accordance with authorizations of
management and trustees of the trust; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or
disposition of a trust's assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that
a material misstatement of the trust's annual or interim financial
statements will not be prevented or detected on a timely basis.
Our consideration of the Trust's internal control over financial reporting
was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States). However, we noted no
deficiencies in the Trust's internal control over financial reporting
and its operation, including controls over safeguarding securities,
that we consider to be a material weakness as defined above as of May 31,
2021.
This report is intended solely for the information and use of management and
the Board of Trustees of the Trust and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
/s/ Ernst & Young LLP
San Antonio, TX
July 28, 2021