# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-177881
**Filing Date:** 2025-7
**Character Count:** 19018
**Document Hash:** 4ab9f7351b37c9ce603daefd0e9af5f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177881.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 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:** 251149524

**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 MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**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

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

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034879 | Victory Precious Metals and Minerals Fund Shares               | USAGX           |
| C000066842 | Victory Precious Metals and Minerals Fund Institutional Shares | UIPMX           |
| C000220623 | Victory 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:** Victory Portfolios III

- **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:** Victory 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:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $744295596.86

**Total Liabilities:** $2142849.74

**Net Assets:** $742152747.12

**Cash Not Reported:** $4600504.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034879 | 16.77%               | 7.66%                | 2.93%                |
| Class ID C000220623 | 16.75%               | 7.66%                | 2.90%                |
| Class ID C000066842 | 16.79%               | 7.72%                | 2.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $49748.15                | $93580190.57                               |
| Month 2  | $7182406.94              | $46208261.21                               |
| Month 3  | $18596496.22             | $928139.65                                 |

### 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        |    413702 | NS      | $12683605.26  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND      | GLDMN SCHS FIN SQ GV-FST            | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    363350 | NS      | $363350.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DUNDEE PRECIOUS METALS INC.                         | DUNDEE PRECIOUS METALS INC          | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |   1890242 | NS      | $29134687.58  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KINROSS GOLD CORPORATION                            | KINROSS GOLD CORP                   | CUSIP: 496902404<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2984793 | NS      | $44025696.75  | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PAN AFRICAN RESOURCES PLC                           | PAN AFRICAN RESOURCES PLC           | CUSIP: N/A<br>LEI: 213800EAXURCXMX6RL85       | Long             | EC               | CORP              | GB        |   1531490 | NS      | $931248.16    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TOREX GOLD RESOURCES INC.                           | TOREX GOLD RESOURCES INC            | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |   1000598 | NS      | $32128223.20  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                          | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    363350 | NS      | $363350.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                                      | K92 MINING INC                      | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    123399 | NS      | $1281471.91   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW GOLD INC.                                       | NEW GOLD INC                        | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   1498768 | NS      | $6662647.43   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corporation                              | OCEANAGOLD CORP                     | CUSIP: 675222103<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |   2395545 | NS      | $10666652.06  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO               | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    363350 | NS      | $363350.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPRICORN METALS LTD                                | CAPRICORN METALS LTD                | CUSIP: N/A<br>LEI: 529900CRG304NUYMOV23       | Long             | EC               | CORP              | AU        |    175894 | NS      | $1106258.70   | 0.15%             |  |  |  | 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        |    248429 | NS      | $44250173.48  | 5.96%             |  |  |  | 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      | $4225438.22   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc. - iShares MSCI Global Gold Miners ETF | ISHARES MSCI GLOBAL GOLD MINERS ETF | CUSIP: 46434G855<br>LEI: 549300GPQXTYLBQN1755 | Long             |  | RF                | US        |     88799 | NS      | $3757085.69   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| WESTGOLD RESOURCES LIMITED                          | WESTGOLD RESOURCES LTD              | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   1058664 | NS      | $2044497.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Redevances OR Inc.                                  | OR ROYALTIES INC                    | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    187897 | NS      | $4802177.37   | 0.65%             |  |  |  | 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        |    363350 | NS      | $363350.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                          | AGINCO EAGLE MINES LTD              | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    779327 | NS      | $91875622.21  | 12.38%            |  |  |  | No            |                  1 | On Loan: No      |
| WEST AFRICAN RESOURCES LTD                          | WEST AFRICAN RESOURCES LTD          | CUSIP: N/A<br>LEI: 529900XLO8GMJNTUL013       | Long             | EC               | CORP              | AU        |   2213701 | NS      | $4037023.28   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN STAR RESOURCES LTD                         | NORTHERN STAR RESOURCES LTD         | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   2308386 | NS      | $31208275.57  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMELIUS RESOURCES LIMITED                          | RAMELIUS RESOURCES LTD              | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   5783609 | NS      | $10733646.03  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PJSC                                         | POLYUS PJSC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |     62088 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EVOLUTION MINING LIMITED                            | EVOLUTION MINING LTD                | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |   2210466 | NS      | $12606164.40  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSEUS MINING LIMITED                              | PERSEUS MINING LTD                  | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   7067605 | NS      | $17716491.79  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corporation                           | FRANCO NEVADA CORPORATION           | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     79460 | NS      | $13386363.65  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd.                                    | ORLA MINING LTD                     | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |    230767 | NS      | $2439207.19   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                       | WHEATON PRECIOUS METALS CORP        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    381243 | NS      | $33037170.33  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                               | ANGLOGOLD ASHANTI PLC               | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |    858680 | NS      | $36783510.43  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                                 | GOLD FIELDS LTD                     | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             |  | CORP              | ZA        |   2125451 | NS      | $48885373.00  | 6.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                 | NEWMONT CORP                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    827901 | NS      | $43646940.72  | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC.                                    | ALAMOS GOLD INC                     | CUSIP: 011532108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1016010 | NS      | $26314673.81  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Company Limited                  | ZIJIN MINING GROUP CO LTD           | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |  11632000 | NS      | $25961305.46  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD CORPORATION                                 | IAMGOLD CORP                        | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |   2107259 | NS      | $14455796.74  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc.                                    | LUNDIN GOLD INC                     | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    512673 | NS      | $24774338.02  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HOCHSCHILD MINING PLC                               | HOCHSCHILD MINING PLC               | CUSIP: N/A<br>LEI: 549300JK10TVQ3CCJQ89       | Long             | EC               | CORP              | GB        |    304419 | NS      | $1125260.31   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                             | BARRICK MINING CORP                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   1902273 | NS      | $36447550.68  | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF                              | VANECK GOLD MINERS ETF USA          | CUSIP: 92189F106<br>LEI: N/A                  | Long             |  | RF                | US        |    206558 | NS      | $10462162.70  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIS RESOURCES LIMITED                             | REGIS RESOURCES LTD                 | CUSIP: N/A<br>LEI: 213800XH9YUXBLYBD749       | Long             | EC               | CORP              | AU        |   1990872 | NS      | $6491569.51   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WESDOME GOLD MINES LTD.                             | WESDOME GOLD MINES LTD              | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |    328317 | NS      | $4361768.63   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY GOLD MINING COMPANY LIMITED                 | HARMONY GOLD MINING CO LTD          | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |   1888885 | NS      | $26875234.42  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| B2GOLD CORP.                                        | B2GOLD CORP                         | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   4579060 | NS      | $15383666.08  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer