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 Aggressive Growth Fund,
USAA Capital Growth Fund, USAA Growth & Income Fund, USAA Growth
Fund, USAA High Income Fund, USAA Income Fund, USAA Income Stock
Fund, USAA Intermediate-Term Bond Fund, USAA Money Market Fund,
USAA Science & Technology Fund, USAA Short-Term Bond Fund, USAA
Small Cap Stock Fund, and USAA Value Fund) (the Trust) as of and
for the year ended July 31, 2022, in accordance with the standards
of the Public Company Accounting Oversight Board (United States)
(PCAOB), 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 PCAOB. 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 July 31, 2022.
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.

Ernst & Young, LLP
San Antonio, TX
September 28, 2022

EXEMPT ORDER INFO

USAA MUTUAL FUNDS
Interfund Lending N-CEN Certification
Period Ending July 31, 2022

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.

/s/ Sean Fox
Date
Chief Compliance Officer
Victory Funds