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 California Bond Fund, 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 Global Equity
Income Fund, USAA Government Securities Fund, USAA Growth and Tax
Strategy Fund, USAA International Fund, USAA New York Bond Fund,
USAA Precious Metals and Minerals Fund, USAA Sustainable World
Fund, USAA Target Managed Allocation Fund, USAA Tax Exempt
Intermediate-Term Fund, USAA Tax Exempt Long-Term Fund, USAA Tax
Exempt Money Market Fund, USAA Tax Exempt Short-Term Fund, USAA
Treasury Money Market Trust, USAA Virginia Bond Fund) (the Trust)
as of and for the period ended February 28, 2023, 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 February 28, 2023.
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
April 28, 2023

EXEMPT ORDER INFO

USAA MUTUAL FUNDS TRUST
Interfund Lending N-CEN Certification
Period Ending February 28, 2023

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