# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-002362
**Filing Date:** 2026-3
**Character Count:** 15694
**Document Hash:** fad6086fd383cd06c4ffa201f8af99c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-002362.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001004726-26-002362

**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:** 26803696

**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 2060 Fund (Formerly USAA Target Retirement 2060 Fund) (Series ID: S000041439)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000128656 | Victory Target Retirement 2060 Fund | URSIX           |

## 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 2060 Fund

- **b. EDGAR series identifier (if any):** S000041439

- **c. LEI of Series:** 549300SIHTC00VCH1R53

**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:** $181492198.02

**Total Liabilities:** $1718869.02

**Net Assets:** $179773329.00

**Cash Not Reported:** $543687.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000128656 | 0.86%                | 0.83%                | 3.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1113944.12              | $397988.84                                 |
| Month 2  | $5787064.84              | $-6226998.17                               |
| Month 3  | $17050.54                | $5634322.56                                |

### 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 CEMP International Volatility Wtd Index ETF            | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF    | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |     13224 | NS      | $752710.08    | 0.42%             |  |  |  | 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        |    421180 | NS      | $421180.00    | 0.23%             |  |  |  | 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        |     43625 | NS      | $2486337.08   | 1.38%             |  |  |  | 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        |    195000 | NS      | $5684250.00   | 3.16%             |  |  |  | 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        |    308357 | NS      | $4424923.74   | 2.46%             |  |  |  | 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        |     58285 | NS      | $515235.14    | 0.29%             |  |  |  | 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        |     20387 | NS      | $1095371.48   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                    | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |    148180 | NS      | $10167830.06  | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                    | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |     90347 | NS      | $5355770.16   | 2.98%             |  |  |  | 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        |    144334 | NS      | $4325689.98   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF               | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |    242452 | NS      | $11591436.16  | 6.45%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |    978849 | NS      | $10336646.02  | 5.75%             |  |  |  | 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        |    169652 | NS      | $10391215.20  | 5.78%             |  |  |  | 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        |    421180 | NS      | $421180.00    | 0.23%             |  |  |  | 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        |    448282 | NS      | $4164541.23   | 2.32%             |  |  |  | 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        |       134 | NS      | $1232.70      | 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        |   1364422 | NS      | $15090507.34  | 8.39%             |  |  |  | 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        |     59930 | NS      | $5749336.61   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF                  | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |     81206 | NS      | $1767716.57   | 0.98%             |  |  |  | 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        |    212019 | NS      | $5920842.59   | 3.29%             |  |  |  | No            |                  1 | On Loan: —       |
| USAA Mutual Funds Trust: Target Managed Allocation Fund                               | VICTORY TARGET MANAGED ALLOCATION FUND            | CUSIP: 903287829<br>LEI: N/A                  | Long             |  | RF                | US        |   1018128 | NS      | $11983371.04  | 6.67%             |  |  |  | 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        |   1018116 | NS      | $15658628.31  | 8.71%             |  |  |  | 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        |    134752 | NS      | $3393045.29   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                    | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |     92671 | NS      | $8820509.18   | 4.91%             |  |  |  | No            |                  1 | On Loan: —       |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    421180 | NS      | $421180.00    | 0.23%             |  |  |  | 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        |    252460 | NS      | $4806844.80   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF                  | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |    218406 | NS      | $8620484.82   | 4.80%             |  |  |  | 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        |    130149 | NS      | $3577783.61   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    421180 | NS      | $421180.00    | 0.23%             |  |  |  | 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        |    195894 | NS      | $16421835.68  | 9.13%             |  |  |  | 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        |    677737 | NS      | $6113187.08   | 3.40%             |  |  |  | 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