# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160111
**Filing Date:** 2025-6
**Character Count:** 16336
**Document Hash:** c7e86460f25cd4cc05ca8286f28c5895
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160111.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160111

**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:** 251080047

**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 Income Fund (Formerly USAA Target Retirement Income Fund) (Series ID: S000022883)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000066373 | Victory Target Retirement Income Fund | URINX           |

## 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 Income Fund

- **b. EDGAR series identifier (if any):** S000022883

- **c. LEI of Series:** 549300TI4WOBPIG65291

**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:** $642512344.96

**Total Liabilities:** $451538.72

**Net Assets:** $642060806.24

**Cash Not Reported:** $764126.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066373 | 0.82%                | -0.64%               | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1016088.04              | $2883298.64                                |
| Month 2  | $-6769.33                | $-6159173.39                               |
| Month 3  | $-630235.69              | $3545367.54                                |

### 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        |   4249380 | NS      | $37224567.11  | 5.80%             |  |  |  | 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        |    101975 | NS      | $101975.00    | 0.02%             |  |  |  | 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        |    342786 | NS      | $7863510.84   | 1.22%             |  |  |  | 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        |     94664 | NS      | $2709281.50   | 0.42%             |  |  |  | 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        |    357379 | NS      | $4252805.42   | 0.66%             |  |  |  | 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        |   2861394 | NS      | $29787107.92  | 4.64%             |  |  |  | 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        |   2615168 | NS      | $29211431.77  | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                 | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    256416 | NS      | $12128476.80  | 1.89%             |  |  |  | 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        |   1886322 | NS      | $25144668.86  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF               | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |    208746 | NS      | $6871918.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Volatility Wtd ETF                                        | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |    154761 | NS      | $7341861.84   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Short-Term Bond ETF                                                     | VICTORYSHARES SHORT TERM BOND ETF              | CUSIP: 92647N535<br>LEI: N/A                  | Long             |  | RF                | US        |    443598 | NS      | $22450494.78  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                 | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |    267086 | NS      | $14306541.72  | 2.23%             |  |  |  | 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        |   7474923 | NS      | $68769287.58  | 10.71%            |  |  |  | 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        |    213615 | NS      | $14846213.87  | 2.31%             |  |  |  | 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        |    119279 | NS      | $5750449.03   | 0.90%             |  |  |  | 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        |   4467542 | NS      | $30289937.64  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                          | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    101975 | NS      | $101975.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                       | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    101975 | NS      | $101975.00    | 0.02%             |  |  |  | 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        |    200000 | NS      | $4582000.00   | 0.71%             |  |  |  | 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        |   8275469 | NS      | $75555035.65  | 11.77%            |  |  |  | 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        |     77373 | NS      | $1586912.31   | 0.25%             |  |  |  | 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        |    196639 | NS      | $4225767.88   | 0.66%             |  |  |  | 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        |    259379 | NS      | $4471691.05   | 0.70%             |  |  |  | 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        |    101975 | NS      | $101975.00    | 0.02%             |  |  |  | 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        |   1953787 | NS      | $17193329.45  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                 | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |     83804 | NS      | $6536712.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares       | VICTORY GOVERNMENT SECURITIES FUND             | CUSIP: 903287787<br>LEI: N/A                  | Long             |  | RF                | US        |  15558559 | NS      | $138782346.24 | 21.62%            |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Hedged Equity Income ETF                                                | VICTORYSHARES HEDGED EQUITY INCOME ETF         | CUSIP: 92647X772<br>LEI: N/A                  | Long             |  | RF                | US        |    284904 | NS      | $7412717.74   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF               | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |   1899203 | NS      | $40197581.10  | 6.26%             |  |  |  | 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        |    106772 | NS      | $8158448.52   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF            | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |    262123 | NS      | $10157266.25  | 1.58%             |  |  |  | No            |                  1 | On Loan: —       |
| USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares                      | VICTORY GROWTH FUND                            | CUSIP: 903288678<br>LEI: N/A                  | Long             |  | RF                | US        |     70985 | NS      | $2496547.62   | 0.39%             |  |  |  | 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