# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001613
**Filing Date:** 2025-10
**Character Count:** 19018
**Document Hash:** 58af022203fe159e3599a51eb8baa9c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001613.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001004726-25-001613

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**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:** 251422626

**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:** 2025-08-31

**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:** $876685556.13

**Total Liabilities:** $1286429.93

**Net Assets:** $875399126.20

**Cash Not Reported:** $3072258.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034879 | 2.54%                | -2.81%               | 22.07%               |
| Class ID C000220623 | 2.51%                | -2.82%               | 22.03%               |
| Class ID C000066842 | 2.55%                | -2.78%               | 22.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6405747.48              | $12654196.90                               |
| Month 2  | $4328590.33              | $-24672377.24                              |
| Month 3  | $6642390.90              | $151630783.17                              |

### 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        |    416483 | NS      | $14482277.34  | 1.65%             |  |  |  | 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        |     29260 | NS      | $29260.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DUNDEE PRECIOUS METALS INC.                         | DUNDEE PRECIOUS METALS INC          | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |   1902950 | NS      | $35281901.40  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KINROSS GOLD CORPORATION                            | KINROSS GOLD CORP                   | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |   2984793 | NS      | $62382173.70  | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PAN AFRICAN RESOURCES PLC                           | PAN AFRICAN RESOURCES PLC           | CUSIP: N/A<br>LEI: 213800EAXURCXMX6RL85       | Long             | EC               | CORP              | GB        |   2616730 | NS      | $2218636.81   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| TOREX GOLD RESOURCES INC.                           | TOREX GOLD RESOURCES INC            | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |   1007325 | NS      | $33604397.21  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                          | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29260 | NS      | $29260.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                                      | K92 MINING INC                      | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    252542 | NS      | $2848729.67   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW GOLD INC.                                       | NEW GOLD INC                        | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   1508845 | NS      | $8900119.79   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corporation                              | OCEANAGOLD CORP                     | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |    853130 | NS      | $15593914.21  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO               | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29260 | NS      | $29260.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPRICORN METALS LTD                                | CAPRICORN METALS LTD                | CUSIP: N/A<br>LEI: 529900CRG304NUYMOV23       | Long             | EC               | CORP              | AU        |    243654 | NS      | $1650268.13   | 0.19%             |  |  |  | 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      | $44612879.82  | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLD ROAD RESOURCES LIMITED                         | GOLD ROAD RESOURCES LTD             | CUSIP: N/A<br>LEI: 213800HJWH96TDEMNY83       | Long             | EC               | CORP              | AU        |   2057598 | NS      | $4534330.67   | 0.52%             |  |  |  | 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      | $4787154.09   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTGOLD RESOURCES LIMITED                          | WESTGOLD RESOURCES LTD              | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   1065782 | NS      | $2413764.94   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Redevances OR Inc.                                  | OR ROYALTIES INC                    | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    150150 | NS      | $4825312.77   | 0.55%             |  |  |  | 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        |     29260 | NS      | $29260.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MINES AGNICO EAGLE LIMITEE                          | AGINCO EAGLE MINES LTD              | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    779327 | NS      | $112375866.06 | 12.84%            |  |  |  | No            |                  1 | On Loan: No      |
| WEST AFRICAN RESOURCES LTD                          | WEST AFRICAN RESOURCES LTD          | CUSIP: N/A<br>LEI: 529900XLO8GMJNTUL013       | Long             | EC               | CORP              | AU        |   2444634 | NS      | $4862555.93   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN STAR RESOURCES LTD                         | NORTHERN STAR RESOURCES LTD         | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   1797111 | NS      | $22422404.78  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMELIUS RESOURCES LIMITED                          | RAMELIUS RESOURCES LTD              | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   6173742 | NS      | $12972482.28  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUS PAO                                          | POLYUS PJSC                         | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        |    620880 | NS      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EVOLUTION MINING LIMITED                            | EVOLUTION MINING LTD                | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |   3186387 | NS      | $18275738.78  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSEUS MINING LIMITED                              | PERSEUS MINING LTD                  | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   7115122 | NS      | $17828200.24  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corporation                           | FRANCO NEVADA CORPORATION           | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     60434 | NS      | $11391008.03  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd.                                    | ORLA MINING LTD                     | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |    316166 | NS      | $3496795.96   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                       | WHEATON PRECIOUS METALS CORP        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    341473 | NS      | $34296501.72  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                               | ANGLOGOLD ASHANTI PLC               | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |    858680 | NS      | $47968229.12  | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                                 | GOLD FIELDS LTD                     | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             |  | CORP              | ZA        |   2139741 | NS      | $71638528.68  | 8.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                 | NEWMONT CORP                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    827901 | NS      | $61595834.40  | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC.                                    | ALAMOS GOLD INC                     | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    447917 | NS      | $13647573.03  | 1.56%             |  |  |  | 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        |  11710000 | NS      | $38426441.91  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD CORPORATION                                 | IAMGOLD CORP                        | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |   2130244 | NS      | $19832571.64  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc.                                    | LUNDIN GOLD INC                     | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    516120 | NS      | $31740703.47  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HOCHSCHILD MINING PLC                               | HOCHSCHILD MINING PLC               | CUSIP: N/A<br>LEI: 549300JK10TVQ3CCJQ89       | Long             | EC               | CORP              | GB        |    415281 | NS      | $1577009.35   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                             | BARRICK MINING CORP                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   1618357 | NS      | $43096846.91  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF                              | VANECK GOLD MINERS ETF USA          | CUSIP: 92189F106<br>LEI: N/A                  | Long             |  | RF                | US        |    138773 | NS      | $8766290.41   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIS RESOURCES LIMITED                             | REGIS RESOURCES LTD                 | CUSIP: N/A<br>LEI: 213800XH9YUXBLYBD749       | Long             | EC               | CORP              | AU        |   2528685 | NS      | $7615095.23   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WESDOME GOLD MINES LTD.                             | WESDOME GOLD MINES LTD              | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |    456514 | NS      | $6060479.33   | 0.69%             |  |  |  | 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        |   1901584 | NS      | $25360924.06  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| B2GOLD CORP.                                        | B2GOLD CORP                         | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   4609846 | NS      | $19034246.15  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer