EXEMPT ORDER INFO

USAA MUTUAL FUNDS TRUST
Interfund Lending N-CEN Certification
Period Ending December 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

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 500 Index Fund, USAA
Extended Market Index Fund, USAA Global Managed Volatility Fund,
USAA Nasdaq-100 Index Fund, USAA Target Retirement 2030 Fund, USAA
Target Retirement 2040 Fund, USAA Target Retirement 2050 Fund,
USAA Target Retirement 2060 Fund, USAA Target Retirement Income Fund,
USAA Ultra Short-Term Bond Fund) (the Trust) as of and for the year
ended December 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 December 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
February 28, 2023