# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-003005
**Filing Date:** 2026-4
**Character Count:** 17344
**Document Hash:** 4bed726449fba6e4313d3a2b21e93fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-003005.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001004726-26-003005

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 26891897

**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:** 2026-02-28

**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:** $1548468795.09

**Total Liabilities:** $1248310.75

**Net Assets:** $1547220484.34

**Cash Not Reported:** $2493120.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034879 | 4.12%                | 9.15%                | 22.42%               |
| Class ID C000220623 | 4.08%                | 9.10%                | 22.38%               |
| Class ID C000066842 | 4.11%                | 9.16%                | 22.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1675517.72              | $44797416.57                               |
| Month 2  | $-967.32                 | $107504816.16                              |
| Month 3  | $14349711.43             | $271354664.29                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lundin Gold Inc.                                    | LUNDIN GOLD INC                     | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    556248 | NS      | $52435519.73  | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSEUS MINING LIMITED                              | PERSEUS MINING LTD                  | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   7115122 | NS      | $30577599.77  | 1.98%             |  |  |  | No            |                  2 | On Loan: —       |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND      | GLDMN SCHS FIN SQ GV-FST            | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29133 | NS      | $29133.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DPM Metals Inc.                                     | DPM METALS INC                      | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |   1718611 | NS      | $74419800.32  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Limited                                 | GOLD FIELDS LTD                     | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             |  | CORP              | ZA        |   2139741 | NS      | $125902360.44 | 8.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                       | WHEATON PRECIOUS METALS CORP        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    341473 | NS      | $55648657.31  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TOREX GOLD RESOURCES INC.                           | TOREX GOLD RESOURCES INC            | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |   1007325 | NS      | $61381905.38  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                               | ANGLOGOLD ASHANTI PLC               | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |    858680 | NS      | $109905941.26 | 7.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE MINIERE BARRICK                             | BARRICK MINING CORP                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   1618357 | NS      | $82115434.18  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                                    | ROYAL GOLD INC                      | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    191845 | NS      | $57513212.55  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD CORPORATION                                 | IAMGOLD CORP                        | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |   2130244 | NS      | $52340095.08  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTGOLD RESOURCES LIMITED                          | WESTGOLD RESOURCES LTD              | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   1065782 | NS      | $5915367.50   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corporation                              | OCEANAGOLD CORP                     | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |    902563 | NS      | $38388210.01  | 2.48%             |  |  |  | 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      | $6103384.96   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| PAN AFRICAN RESOURCES PLC                           | PAN AFRICAN RESOURCES PLC           | CUSIP: N/A<br>LEI: 213800EAXURCXMX6RL85       | Long             | EC               | CORP              | GB        |   3991963 | NS      | $9644702.51   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO               | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     29133 | NS      | $29133.44     | 0.00%             |  |  |  | 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      |
| MINES AGNICO EAGLE LIMITEE                          | AGINCO EAGLE MINES LTD              | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    779327 | NS      | $195777410.37 | 12.65%            |  |  |  | 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        |     58267 | NS      | $58266.88     | 0.00%             |  |  |  | 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        |     32528 | NS      | $3233933.76   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EVOLUTION MINING LIMITED                            | EVOLUTION MINING LTD                | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |   3186387 | NS      | $37795531.13  | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN STAR RESOURCES LTD                         | NORTHERN STAR RESOURCES LTD         | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   1538613 | NS      | $33718929.72  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc.                                   | OR ROYALTIES INC                    | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    150150 | NS      | $7115033.73   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF                              | VANECK GOLD MINERS ETF USA          | CUSIP: 92189F106<br>LEI: N/A                  | Long             |  | RF                | US        |    113673 | NS      | $13167880.32  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                                      | K92 MINING INC                      | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    352936 | NS      | $8508347.88   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMELIUS RESOURCES LIMITED                          | RAMELIUS RESOURCES LTD              | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   6173742 | NS      | $20278670.91  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| KINROSS GOLD CORPORATION                            | KINROSS GOLD CORP                   | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |   3085769 | NS      | $114142595.31 | 7.38%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIS RESOURCES LIMITED                             | REGIS RESOURCES LTD                 | CUSIP: N/A<br>LEI: 213800XH9YUXBLYBD749       | Long             | EC               | CORP              | AU        |   2815426 | NS      | $19052237.18  | 1.23%             |  |  |  | No            |                  2 | 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      |
| Orla Mining Ltd.                                    | ORLA MINING LTD                     | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |    316166 | NS      | $6835508.92   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDEAVOUR MINING PLC                                | ENDEAVOUR MINING PLC                | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               | CORP              | GB        |    599719 | NS      | $43157430.79  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corporation                           | FRANCO NEVADA CORPORATION           | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     60434 | NS      | $16892630.08  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WESDOME GOLD MINES LTD.                             | WESDOME GOLD MINES LTD              | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |    579593 | NS      | $11397231.66  | 0.74%             |  |  |  | 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      | $43290575.26  | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Company Limited                  | ZIJIN MINING GROUP CO LTD           | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   9148000 | NS      | $52363202.52  | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| NEWMONT CORPORATION                                 | NEWMONT CORP                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    827901 | NS      | $107627130.00 | 6.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW GOLD INC.                                       | NEW GOLD INC                        | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   1508845 | NS      | $20266911.36  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| B2GOLD CORP.                                        | B2GOLD CORP                         | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   4609846 | NS      | $28323564.40  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer