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 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 Government Securities Fund, USAA Growth
and Tax Strategy Fund, USAA International Fund, USAA Managed
Allocation Fund, USAA Precious Metals and Minerals Fund, USAA
Treasury Money Market Trust, and USAA World Growth Fund) (the Trust)
as of and for the year ended May 31, 2020, 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 NCEN, 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 May 31, 2020.
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
July 27, 2020