# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-23-011824
**Filing Date:** 2023-1
**Character Count:** 23196
**Document Hash:** 54e914c7d8fabf4c5618c8249d543220
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-011824.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-011824

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000908695
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 23550870

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Precious Metals and Minerals Fund (Series ID: S000012910)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000034879 | Precious Metals and Minerals Fund Shares               | USAGX           |
| C000066842 | Precious Metals and Minerals Fund Institutional Shares | UIPMX           |
| C000220623 | Precious Metals and Minerals Fund Class A              | UPMMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** USAA Mutual Funds Trust

- **b. Investment Company Act file number:** 811-07852

- **c. CIK number of Registrant:** 0000908695

- **d. LEI of Registrant:** 549300WIDR2J6W1Y9S11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-235-8396

**Item A.2. Information about the Series.**

- **a. Name of Series:** Precious Metals and Minerals Fund

- **b. EDGAR series identifier (if any):** S000012910

- **c. LEI of Series:** 54930094RTT4KG3I2H50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $519953454.64

**Total Liabilities:** $15681244.34

**Net Assets:** $504272210.30

**Cash Not Reported:** $1248243.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034879 | 0.52%                | 0.15%                | 19.42%               |
| Class ID C000220623 | 0.60%                | 0.07%                | 19.39%               |
| Class ID C000066842 | 0.51%                | 0.22%                | 19.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1800664.07             | $3185211.02                                |
| Month 2  | $10091.02                | $912853.06                                 |
| Month 3  | $-4743554.28             | $86548856.41                               |

### Schedule of Portfolio Investments

| Name                                           | Title                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ENDEAVOUR MINING PLC                           | ENDEAVOUR MINING PLC          | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               | CORP              | GB        |    570692 | NS      | $12113945.43  | 2.40%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST      | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3565244 | NS      | $3565243.71   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DUNDEE PRECIOUS METALS INC.                    | DUNDEE PRECIOUS METALS INC    | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |   1505141 | NS      | $7106056.02   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT BASIN GOLD LTD                           | GREAT BASIN GOLD LTD          | CUSIP: 390124105<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |   8566400 | NS      | $0.09         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KINROSS GOLD CORPORATION                       | KINROSS GOLD CORP             | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |   1108016 | NS      | $4576106.08   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| KOZA ALTIN ISLETMELERI ANONIM SIRKETI          | KOZA ALTIN ISLETMELERI AS     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TR        |    298319 | NS      | $5894935.94   | 1.17%             |  |  |  | No            |                  1 | On Loan: —       |
| SOCIETE AURIFERE BARRICK                       | BARRICK GOLD CORP             | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   2880649 | NS      | $47012191.68  | 9.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Gold Mining Co., Ltd.                 | SHANDONG GOLD MINING CO LT H  | CUSIP: N/A<br>LEI: 300300KC2K8BC07OSV77       | Long             | EC               | CORP              | CN        |    950700 | NS      | $1854976.89   | 0.37%             |  |  |  | Yes           |                  1 | On Loan: No      |
| YAMANA GOLD INC.                               | YAMANA GOLD INC               | CUSIP: 98462Y100<br>LEI: 54930002VY22NXG01418 | Long             | EC               | CORP              | CA        |   3769219 | NS      | $20541542.95  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR MINING INC.                                | SSR MINING INC                | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |    992179 | NS      | $15041433.64  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYMETAL INTERNATIONAL PLC                    | POLYMETAL INTERNATIONAL PLC   | CUSIP: N/A<br>LEI: 213800JKJ5HJWYS4GR61       | Long             | EC               | CORP              | JE        |    757840 | NS      | $2155133.75   | 0.43%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TOREX GOLD RESOURCES INC.                      | TOREX GOLD RESOURCES INC      | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |    859889 | NS      | $7959567.32   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST         | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3565244 | NS      | $3565243.69   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                                 | K92 MINING INC                | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    483061 | NS      | $2776253.93   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW GOLD INC.                                  | NEW GOLD INC                  | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   1183000 | NS      | $1310535.32   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTAMIN PLC                                   | CENTAMIN PLC                  | CUSIP: N/A<br>LEI: 213800PDI9G7OUKLPV84       | Long             | EC               | CORP              | JE        |   3704746 | NS      | $4765212.33   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corporation                         | OCEANAGOLD CORP               | CUSIP: 675222103<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |   2084516 | NS      | $3549101.59   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST      | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3565244 | NS      | $3565243.71   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Nautilus Minerals Inc                          | NAUTILUS MINERALS INC         | CUSIP: 639097104<br>LEI: 529900GCHKAJYEL0FW61 | Long             | EC               | CORP              | CA        |   5757622 | NS      | $0.04         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ROYAL GOLD, INC.                               | ROYAL GOLD INC                | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    141793 | NS      | $15927607.69  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLD ROAD RESOURCES LIMITED                    | GOLD ROAD RESOURCES LTD       | CUSIP: N/A<br>LEI: 213800HJWH96TDEMNY83       | Long             | EC               | CORP              | AU        |   1928577 | NS      | $2313703.14   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.          | CIA DE MINAS BUENAVENTURA SAA | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             |  | CORP              | PE        |     68157 | NS      | $556161.12    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSEUS MINING LIMITED                         | PERSEUS MINING LTD            | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   4308434 | NS      | $6598791.11   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI LTD                          | ANGLOGOLD ASHANTI LTD         | CUSIP: N/A<br>LEI: 378900EF3BA9A5F42A59       | Long             | EC               | CORP              | ZA        |    786708 | NS      | $14042384.42  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I           | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3565244 | NS      | $3565243.71   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                     | AGINCO EAGLE MINES LTD        | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    905641 | NS      | $45618719.52  | 9.05%             |  |  |  | No            |                  1 | On Loan: —       |
| WEST AFRICAN RESOURCES LTD                     | WEST AFRICAN RESOURCES LTD    | CUSIP: N/A<br>LEI: 529900XLO8GMJNTUL013       | Long             | EC               | CORP              | AU        |   1930796 | NS      | $1560977.44   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN STAR MINING CORP                      | NORTHERN STAR MINING CORP     | CUSIP: 665732988<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    375000 | NS      | $0.28         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DE GREY MINING LTD                             | DE GREY MINING LTD            | CUSIP: N/A<br>LEI: 529900MOX6JOKGFAYY28       | Long             | EC               | CORP              | AU        |   1165515 | NS      | $1029890.29   | 0.20%             |  |  |  | No            |                  2 | On Loan: —       |
| NORTHERN STAR RESOURCES LTD                    | NORTHERN STAR RESOURCES LTD   | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   2396263 | NS      | $17388687.46  | 3.45%             |  |  |  | No            |                  2 | On Loan: No      |
| RAMELIUS RESOURCES LIMITED                     | RAMELIUS RESOURCES LTD        | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   3271854 | NS      | $1914996.46   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| POLYUS PJSC                                    | POLYUS PJSC                   | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        |     62088 | NS      | $82963.23     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| EVOLUTION MINING LIMITED                       | EVOLUTION MINING LTD          | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |   4391696 | NS      | $8105147.78   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corporation                      | FRANCO NEVADA CORPORATION     | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    271530 | NS      | $39667605.72  | 7.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Aneka Tambang Tbk                           | ANEKA TAMBANG TBK             | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               | CORP              | ID        |  18415700 | NS      | $2323913.83   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                  | WHEATON PRECIOUS METALS CORP  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    674637 | NS      | $26333414.50  | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                            | GOLD FIELDS LTD               | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             |  | CORP              | ZA        |   1724650 | NS      | $19229847.50  | 3.81%             |  |  |  | No            |                  1 | On Loan: —       |
| NEWMONT CORPORATION                            | NEWMONT CORP                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   1348430 | NS      | $64009972.10  | 12.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corporation                      | ELDORADO GOLD CORP            | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    179157 | NS      | $1372342.62   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC.                               | ALAMOS GOLD INC               | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |   1119616 | NS      | $10854864.42  | 2.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Zhaojin Mining Industry Company Limited        | ZHAOJIN MINING INDUSTRY H     | CUSIP: N/A<br>LEI: 3003007KU2DRDX06PN04       | Long             | EC               | CORP              | CN        |   1459000 | NS      | $1615777.08   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Zijin Mining Group Company Limited             | ZIJIN MINING GROUP CO LTD     | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   8206000 | NS      | $10653186.01  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVER LAKE RESOURCES LIMITED                  | SILVER LAKE RESOURCES LTD     | CUSIP: N/A<br>LEI: 254900Z1BWS584OIKJ61       | Long             | EC               | CORP              | AU        |   4268850 | NS      | $3541658.43   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Karora Resources Inc                           | KARORA RESOURCES INC          | CUSIP: 48575L206<br>LEI: 549300S6PWY0YYVHMC70 | Long             | EC               | CORP              | CA        |    419439 | NS      | $1384616.48   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc.                             | CENTERRA GOLD INC             | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |   1499019 | NS      | $8013343.20   | 1.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Equinox Gold Corp.                             | EQUINOX GOLD CORP             | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |     68782 | NS      | $242399.02    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc.                               | LUNDIN GOLD INC               | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |     78200 | NS      | $771534.57    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD CORPORATION                            | IAMGOLD CORP                  | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    914093 | NS      | $1868963.38   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VICTORIA GOLD CORP.                            | VICTORIA GOLD CORP            | CUSIP: 92625W507<br>LEI: 549300VUIN6RQ5764L78 | Long             | EC               | CORP              | CA        |    112390 | NS      | $678518.07    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| REDEVANCES AURIFERES OSISKO LTEE               | OSISKO GOLD ROYALTIES LTD     | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    303400 | NS      | $3828028.25   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDSTORM GOLD LTD.                            | SANDSTORM GOLD LTD            | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |    658794 | NS      | $3418871.46   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT BASIN GOLD LTD                           | GREAT BASIN GOLD LTD          | CUSIP: ACI01UHY5<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   6500000 | NS      | $0.05         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| REGIS RESOURCES LIMITED                        | REGIS RESOURCES LTD           | CUSIP: N/A<br>LEI: 213800XH9YUXBLYBD749       | Long             | EC               | CORP              | AU        |   2128654 | NS      | $2815827.14   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| WESDOME GOLD MINES LTD.                        | WESDOME GOLD MINES LTD        | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |    722933 | NS      | $4880469.62   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING, INC.                             | COEUR MINING INC              | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    370107 | NS      | $1295374.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWCREST MINING LIMITED                        | NEWCREST MINING LTD           | CUSIP: N/A<br>LEI: 5299006MN50OZJUJI655       | Long             | EC               | CORP              | AU        |   1223419 | NS      | $16687747.71  | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| HARMONY GOLD MINING COMPANY LIMITED            | HARMONY GOLD MINING CO LTD    | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |   1463504 | NS      | $5221017.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| B2GOLD CORP.                                   | B2GOLD CORP                   | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   5999753 | NS      | $20921071.80  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** USAA Mutual Funds Trust

**Signature:** James K. De Vries

**Name of Signer:** James K. De Vries

**Title:** Treasurer