# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160103
**Filing Date:** 2025-6
**Character Count:** 15963
**Document Hash:** 2c8291a63df83869e6bb46a8e7764dd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160103.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160103

**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:** 251080040

**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 Target Retirement 2050 Fund (Formerly USAA Target Retirement 2050 Fund) (Series ID: S000022887)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000066377 | Victory Target Retirement 2050 Fund | URFFX           |

## 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 Target Retirement 2050 Fund

- **b. EDGAR series identifier (if any):** S000022887

- **c. LEI of Series:** 5493004XIFVCVGSBGK17

**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:** $989000997.60

**Total Liabilities:** $218709.54

**Net Assets:** $988782288.06

**Cash Not Reported:** $4717888.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066377 | -0.28%               | -2.71%               | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2128013.52              | $-5957470.27                               |
| Month 2  | $-71851.93               | $-28326034.56                              |
| Month 3  | $3237660.17              | $4768370.45                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF               | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |    991090 | NS      | $32626682.80  | 3.30%             |  |  |  | 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        |     42645 | NS      | $42645.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares   | VICTORY GLOBAL MANAGED VOLATILITY FUND         | CUSIP: 903288710<br>LEI: N/A                  | Long             |  | RF                | US        |  11191379 | NS      | $125007700.97 | 12.64%            |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares             | VICTORY SMALL CAP STOCK FUND                   | CUSIP: 903288645<br>LEI: N/A                  | Long             |  | RF                | US        |   1888878 | NS      | $22477648.60  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory Sophus Emerging Markets Fund; Class R6 Shares             | VICTORY SOPHUS EMERGING MARKETS FUND           | CUSIP: 92647Q371<br>LEI: N/A                  | Long             |  | RF                | US        |    590148 | NS      | $12103935.17  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory RS International Fund; Class R6 Shares                    | VICTORY RS INTERNATIONAL R6                    | CUSIP: 92647Q264<br>LEI: N/A                  | Long             |  | RF                | US        |   6170841 | NS      | $82257306.77  | 8.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow Growth ETF                                               | VICTORYSHARES FREE CASH FLOW GROWTH ETF        | CUSIP: 92647X764<br>LEI: N/A                  | Long             |  | RF                | US        |   1014836 | NS      | $23280337.84  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Target Managed Allocation Fund                               | VICTORY TARGET MANAGED ALLOCATION FUND         | CUSIP: 903287829<br>LEI: N/A                  | Long             |  | RF                | US        |  11812736 | NS      | $122970585.18 | 12.44%            |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF            | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |   1272654 | NS      | $49315342.50  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                          | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     42645 | NS      | $42645.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares      | VICTORY CORE PLUS INTERMEDIATE BOND FUND       | CUSIP: 903288595<br>LEI: N/A                  | Long             |  | RF                | US        |   4051248 | NS      | $37271483.99  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF               | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |    608750 | NS      | $12884498.13  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Multi-Factor Minimum Vol ETF                                         | VICTORYSHARES US MULTI FACTOR MIN VOL WTD ETF  | CUSIP: 92647N691<br>LEI: 5493004HRSYZ4WW5CD82 | Long             |  | RF                | US        |    288087 | NS      | $13885793.40  | 1.40%             |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                 | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |    997283 | NS      | $53419763.08  | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                       | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     42645 | NS      | $42645.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: 500 Index Fund; Reward Shares                                | VICTORY 500 INDEX FUND                         | CUSIP: 903288769<br>LEI: N/A                  | Long             |  | RF                | US        |    977661 | NS      | $67947416.50  | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios: Victory Trivalent International Fund-Core Equity; Class R6 Shares | VICTORY TRIVALENT INTL FUND C E R6             | CUSIP: 92646A120<br>LEI: N/A                  | Long             |  | RF                | US        |   5988923 | NS      | $52702525.99  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares  | VICTORY PRECIOUS METALS AND MINERALS FUND      | CUSIP: 903288561<br>LEI: N/A                  | Long             |  | RF                | US        |    163609 | NS      | $4682476.70   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares             | VICTORY SHORT TERM BOND FUND                   | CUSIP: 903288587<br>LEI: N/A                  | Long             |  | RF                | US        |    103032 | NS      | $940684.73    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares             | VICTORY MARKET NEUTRAL INCOME FUND             | CUSIP: 92647P654<br>LEI: 549300K0CUZCEEMBX789 | Long             |  | RF                | US        |    847768 | NS      | $7426448.30   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                 | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    746226 | NS      | $35296489.80  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares       | VICTORY GOVERNMENT SECURITIES FUND             | CUSIP: 903287787<br>LEI: N/A                  | Long             |  | RF                | US        |   4566112 | NS      | $40729719.10  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                 | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |    436053 | NS      | $34012134.00  | 3.44%             |  |  |  | No            |                  1 | On Loan: —       |
| USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares                | VICTORY INCOME STOCK FUND                      | CUSIP: 903288660<br>LEI: N/A                  | Long             |  | RF                | US        |   1201710 | NS      | $20717477.06  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares                       | VICTORY NASDAQ 100 INDEX FUND                  | CUSIP: 90291A700<br>LEI: N/A                  | Long             |  | RF                | US        |    792985 | NS      | $38229824.35  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares                 | VICTORY HIGH INCOME FUND                       | CUSIP: 903288579<br>LEI: N/A                  | Long             |  | RF                | US        |   1327511 | NS      | $9000522.67   | 0.91%             |  |  |  | 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        |     42645 | NS      | $42645.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Volatility Wtd ETF                                        | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |    442741 | NS      | $21003633.04  | 2.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares             | VICTORY INTEGRITY M C VAL R6                   | CUSIP: 92647K598<br>LEI: N/A                  | Long             |  | RF                | US        |    894364 | NS      | $19219876.21  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares                      | VICTORY GROWTH FUND                            | CUSIP: 903288678<br>LEI: N/A                  | Long             |  | RF                | US        |    323280 | NS      | $11369746.38  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Small Cap Free Cash Flow ETF                                            | VICTORYSHARES SMALL CAP FREE CASH FLOW ETF     | CUSIP: 92647X822<br>LEI: N/A                  | Long             |  | RF                | US        |    501847 | NS      | $11497314.77  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Small Mid Cap Value Momentum ETF                                     | VICTORYSHARES US SMALL MID CAP                 | CUSIP: 92647N568<br>LEI: N/A                  | Long             |  | RF                | US        |    281624 | NS      | $21518889.84  | 2.18%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer