# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-002369
**Filing Date:** 2026-3
**Character Count:** 16797
**Document Hash:** 43f01d530531a1dcfcd65e37c9b74996
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-002369.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001004726-26-002369

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20260430

**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:** 26803705

**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 2040 Fund (Formerly USAA Target Retirement 2040 Fund) (Series ID: S000022886)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000066376 | Victory Target Retirement 2040 Fund | URFRX           |

## 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 2040 Fund

- **b. EDGAR series identifier (if any):** S000022886

- **c. LEI of Series:** 5493004WQDF2J9IG0X82

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-31

**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:** $1805775291.96

**Total Liabilities:** $604024.95

**Net Assets:** $1805171267.01

**Cash Not Reported:** $6454959.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066376 | 0.87%                | 0.72%                | 2.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8586532.47              | $4858872.19                                |
| Month 2  | $56167956.78             | $-61910172.17                              |
| Month 3  | $7477825.80              | $38725779.40                               |

### 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 International Free Cash Flow Gr ETF                                     | VICTORYSHARES INTERNATIONAL FREE CASH FLOW GROWTH | CUSIP: 92647X749<br>LEI: N/A                  | Long             |  | RF                | US        |   1104000 | NS      | $32181600.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares                | VICTORY INCOME STOCK FUND                         | CUSIP: 903288660<br>LEI: N/A                  | Long             |  | RF                | US        |   1972942 | NS      | $37564814.84  | 2.08%             |  |  |  | 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        |   1638119 | NS      | $137323550.22 | 7.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF                  | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |   1676057 | NS      | $66153969.79  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF               | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |   1892689 | NS      | $90487946.94  | 5.01%             |  |  |  | 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        |   8467081 | NS      | $130223706.35 | 7.21%             |  |  |  | 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        |   1009485 | NS      | $30254265.45  | 1.68%             |  |  |  | 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        |    134062 | NS      | $134062.50    | 0.01%             |  |  |  | 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        |   1273217 | NS      | $77984547.99  | 4.32%             |  |  |  | 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        |  12967995 | NS      | $116971312.50 | 6.48%             |  |  |  | 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        |   8143166 | NS      | $95845067.96  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    134062 | NS      | $134062.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                    | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    823858 | NS      | $48838302.24  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Pioneer Asset-Based Income ETF                                          | VICTORYSHARES PIONEER ASSET BASED INCOME ETF      | CUSIP: 92647X731<br>LEI: N/A                  | Long             |  | RF                | US        |    840000 | NS      | $21037800.00  | 1.17%             |  |  |  | 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        |   8848617 | NS      | $93441399.73  | 5.18%             |  |  |  | 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        |   9053663 | NS      | $62832418.65  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    134062 | NS      | $134062.50    | 0.01%             |  |  |  | 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        |   3806907 | NS      | $33653060.67  | 1.86%             |  |  |  | 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        |    291970 | NS      | $15687563.31  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Emerging Markets Fund; Institutional Class Shares            | VICTORY EMERGING MARKETS FUND                     | CUSIP: 903288629<br>LEI: N/A                  | Long             |  | RF                | US        |    614467 | NS      | $16891691.92  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF                  | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |   1949335 | NS      | $42433709.08  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Hedged Equity Income ETF                                                | VICTORYSHARES HEDGED EQUITY INCOME ETF            | CUSIP: 92647X772<br>LEI: N/A                  | Long             |  | RF                | US        |    223761 | NS      | $6126576.18   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                    | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |   1252800 | NS      | $85964755.68  | 4.76%             |  |  |  | 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        |         0 | NS      | $0.08         | 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        |  12882064 | NS      | $142475631.37 | 7.89%             |  |  |  | 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        |    134062 | NS      | $134062.50    | 0.01%             |  |  |  | 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        |   9072575 | NS      | $84284217.55  | 4.67%             |  |  |  | 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        |   1751473 | NS      | $48911635.00  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                    | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |    732333 | NS      | $69704114.04  | 3.86%             |  |  |  | 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        |   1238380 | NS      | $31182408.50  | 1.73%             |  |  |  | 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        |   2847620 | NS      | $26112672.11  | 1.45%             |  |  |  | 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        |    514983 | NS      | $49404482.12  | 2.74%             |  |  |  | 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        |   2698855 | NS      | $38728569.25  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Short-Term Bond ETF                                                     | VICTORYSHARES SHORT TERM BOND ETF                 | CUSIP: 92647N535<br>LEI: N/A                  | Long             |  | RF                | US        |   1279554 | NS      | $65257254.00  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer