# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-002358
**Filing Date:** 2026-3
**Character Count:** 16431
**Document Hash:** 461d82e5e88b76836fc6d288c2d35cbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-002358.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001004726-26-002358

**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:** 26803690

**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:** 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:** $1167975671.53

**Total Liabilities:** $3883198.03

**Net Assets:** $1164092473.50

**Cash Not Reported:** $1676277.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066377 | 0.87%                | 0.79%                | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8851969.97              | $500139.01                                 |
| Month 2  | $42302447.52             | $-45562028.49                              |
| Month 3  | $2557446.84              | $31819459.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares             | VICTORY MARKET NEUTRAL INCOME FUND                | CUSIP: 92647P654<br>LEI: 549300K0CUZCEEMBX789 | Long             |  | RF                | US        |   1168458 | NS      | $10329169.95  | 0.89%             |  |  |  | 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        |    506770 | NS      | $13931103.84  | 1.20%             |  |  |  | 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        |    957548 | NS      | $957547.50    | 0.08%             |  |  |  | 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        |   9435309 | NS      | $104354520.84 | 8.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF                  | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |   1342090 | NS      | $52972292.30  | 4.55%             |  |  |  | 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        |   6579123 | NS      | $101186910.77 | 8.69%             |  |  |  | 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        |   2026096 | NS      | $29074484.10  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios II: Victory CEMP International Volatility Wtd Index ETF            | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF    | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |     75741 | NS      | $4311177.72   | 0.37%             |  |  |  | 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        |   1319723 | NS      | $25127531.56  | 2.16%             |  |  |  | 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        |    375468 | NS      | $36020222.21  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| 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        |    933634 | NS      | $23508900.02  | 2.02%             |  |  |  | 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        |   6205434 | NS      | $73037961.24  | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF               | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |   1483654 | NS      | $70932310.82  | 6.09%             |  |  |  | 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        |    135600 | NS      | $7285784.88   | 0.63%             |  |  |  | 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        |   4701630 | NS      | $42408702.85  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Free Cash Flow Gr ETF                                     | VICTORYSHARES INTERNATIONAL FREE CASH FLOW GROWTH | CUSIP: 92647X749<br>LEI: N/A                  | Long             |  | RF                | US        |    747000 | NS      | $21775050.00  | 1.87%             |  |  |  | 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        |   4196927 | NS      | $38989453.12  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                    | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |    932283 | NS      | $63971488.12  | 5.50%             |  |  |  | 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        |    400000 | NS      | $10018000.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    957548 | NS      | $957547.50    | 0.08%             |  |  |  | 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        |   6518399 | NS      | $68834292.72  | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    957548 | NS      | $957547.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF                  | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |    698750 | NS      | $15210599.63  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                    | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |    561857 | NS      | $53478054.93  | 4.59%             |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares Free Cash Flow Growth ETF                                               | VICTORYSHARES FREE CASH FLOW GROWTH ETF           | CUSIP: 92647X764<br>LEI: N/A                  | Long             |  | RF                | US        |   1484836 | NS      | $41465530.14  | 3.56%             |  |  |  | No            |                  1 | On Loan: —       |
| 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      | $16419057.63  | 1.41%             |  |  |  | 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        |   1234860 | NS      | $103518308.94 | 8.89%             |  |  |  | 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        |   1395853 | NS      | $9687219.91   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                    | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    576226 | NS      | $34158677.28  | 2.93%             |  |  |  | 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        |    957548 | NS      | $957547.50    | 0.08%             |  |  |  | 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        |   1036596 | NS      | $63491510.88  | 5.45%             |  |  |  | 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        |    106696 | NS      | $978400.49    | 0.08%             |  |  |  | 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        |    856847 | NS      | $25679704.59  | 2.21%             |  |  |  | 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