# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160117
**Filing Date:** 2025-6
**Character Count:** 21768
**Document Hash:** 1405d7a2aecca62f5e8346dc91788415
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160117.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160117

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**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:** 251080049

**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 Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) (Series ID: S000012894)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034863 | Victory Aggressive Growth Fund Shares               | USAUX           |
| C000066835 | Victory Aggressive Growth Fund Institutional Shares | UIAGX           |

## 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 Aggressive Growth Fund

- **b. EDGAR series identifier (if any):** S000012894

- **c. LEI of Series:** 549300U9NIRZ9WDFHV64

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $2203529509.64

**Total Liabilities:** $1166046.12

**Net Assets:** $2202363463.52

**Cash Not Reported:** $30889931.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066835 | -4.59%               | -8.91%               | 3.81%                |
| Class ID C000034863 | -4.60%               | -8.90%               | 3.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10184431.52             | $-123320940.05                             |
| Month 2  | $-3803084.73             | $-205378877.19                             |
| Month 3  | $3224019.21              | $78322047.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APPLE INC.                          | APPLE INC                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    532224 | NS      | $113097600.00 | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                | THE TRADE DESK INC CLASS A       | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    306215 | NS      | $16422310.45  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.               | QUANTA SERVICES INC              | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    152936 | NS      | $44762837.84  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                    | SERVICENOW INC                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     68567 | NS      | $65482170.67  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.      | MONOLITHIC POWER SYSTEMS INC     | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     20602 | NS      | $12219046.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.               | KEURIG DR PEPPER INC             | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    355736 | NS      | $12304908.24  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION       | BOSTON SCIENTIFIC CORP           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    244172 | NS      | $25117973.64  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION            | LAM RESEARCH CORP                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    142517 | NS      | $10214193.39  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                     | GE VERNOVA LLC                   | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     15555 | NS      | $5768105.10   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                 | CLEAN HARBORS INC                | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     68039 | NS      | $14556263.66  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                          | ADOBE INC                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     58335 | NS      | $21874458.30  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                      | AUTODESK INC                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     41557 | NS      | $11397007.25  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                         | INTUIT INC                       | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     18854 | NS      | $11830319.38  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                       | ALPHABET INC CLASS C             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    673235 | NS      | $108316779.15 | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                        | NATERA INC                       | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107861 | NS      | $16279460.73  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.  | BJ S WHOLESALE CLUB HOLDINGS INC | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    115220 | NS      | $13545263.20  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC              | TRANE TECHNOLOGIES PLC           | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     71140 | NS      | $27268673.40  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY               | ELI LILLY CO                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     93829 | NS      | $84347579.55  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION         | PROGRESSIVE CORP                 | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     49103 | NS      | $13834279.22  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.           | O REILLY AUTOMOTIVE INC          | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     27983 | NS      | $39601541.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                      | SNOWFLAKE INC CLASS A            | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    117420 | NS      | $18727315.80  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                  | NVIDIA CORP                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   2058856 | NS      | $224250595.52 | 10.18%            |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                    | AMAZON COM INC                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    631655 | NS      | $116489815.10 | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                   | ULTA BEAUTY INC                  | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     65173 | NS      | $25785045.72  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                        | FISERV INC                       | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     73656 | NS      | $13594687.92  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                  | VERTIV HOLDINGS CO               | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    258631 | NS      | $22081914.78  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.            | DIAMONDBACK ENERGY INC           | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     32408 | NS      | $4278180.08   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                       | NETFLIX INC                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     91369 | NS      | $103404124.68 | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                        | DEXCOM INC                       | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    129907 | NS      | $9272761.66   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC.                         | REDDIT INC                       | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96458 | NS      | $11244109.06  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.          | CROWDSTRIKE HOLDINGS INC A       | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     11120 | NS      | $4769034.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.               | ARISTA NETWORKS INC              | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    603853 | NS      | $49678986.31  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.             | UBER TECHNOLOGIES INC            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    552869 | NS      | $44787917.69  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION               | MICROSOFT CORP                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    383629 | NS      | $151633198.54 | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                   | HEICO CORPORATION CL A           | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     53015 | NS      | $10652303.95  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.            | PALO ALTO NETWORKS INC           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    245154 | NS      | $45826637.22  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.          | BUILDERS FIRSTSOURCE INC         | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     44464 | NS      | $5319228.32   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                           | VISA INC CLASS A                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    272858 | NS      | $94272439.00  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                       | ON HOLDING AG                    | CUSIP: H5919C104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    588087 | NS      | $28292865.57  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                       | BROADCOM INC                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    462221 | NS      | $88963675.87  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                | META PLATFORMS INC               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    234609 | NS      | $128800341.00 | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.               | TRADEWEB MARKETS INC             | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197412 | NS      | $27302079.60  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                | MCKESSON CORP                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     52199 | NS      | $37206925.21  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.        | CADENCE DESIGN SYSTEMS INC       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     98968 | NS      | $29466732.32  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.              | BWX TECHNOLOGIES INC             | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     53193 | NS      | $5804420.16   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED | VERTEX PHARAMACEUTICALS INC      | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     25001 | NS      | $12738009.50  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION              | FAIR ISAAC CORP                  | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      4381 | NS      | $8716788.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                      | SYNOPSYS INC                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     30378 | NS      | $13943805.78  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                  | ORACLE CORP                      | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    120147 | NS      | $16907085.84  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                         | TESLA INC                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     77792 | NS      | $21949790.72  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.            | INTUITIVE SURGICAL INC           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     91142 | NS      | $47011043.60  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.             | BURLINGTON STORES INC            | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     88925 | NS      | $20011682.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                | APPLOVIN CORP                    | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     41478 | NS      | $11170440.18  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.            | MOTOROLA SOLUTIONS INC           | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     73746 | NS      | $32477000.94  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.              | CYBERARK SOFTWARE LTD            | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     49619 | NS      | $17473827.04  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer