EXEMPT ORDER INFO

USAA MUTUAL FUNDS
Interfund Lending N-CEN Certification
Period Ending July 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.
/s/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 Aggressive Growth Fund,
USAA Capital Growth Fund, USAA Growth Fund, USAA Growth & Income
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, 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 July 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
September 29, 2021