EXEMPT ORDER INFO

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

March 14, 2022
Date
/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 500 Index Fund, USAA
Extended Market Index Fund, USAA Global Managed Volatility Fund,
USAA Nasdaq-100 Index Fund, USAA Target Retirement Income Fund,
USAA Target Retirement 2030 Fund, USAA Target Retirement 2040 Fund,
USAA Target Retirement 2050 Fund, USAA Target Retirement 2060 Fund,
and USAA Ultra Short-Term Bond Fund) (the Trust) as of and for the
year ended December 31, 2021, 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, 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
February 24, 2022