# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160114
**Filing Date:** 2025-6
**Character Count:** 15234
**Document Hash:** 359bcaf12064a5ac46ea72b3704c2fe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160114.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160114

**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:** 251080048

**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:** 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:** $149538157.93

**Total Liabilities:** $129487.12

**Net Assets:** $149408670.81

**Cash Not Reported:** $752664.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000128656 | -0.42%               | -2.95%               | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-141237.34              | $-554717.83                                |
| Month 2  | $-19416.43               | $-4595909.69                               |
| Month 3  | $-19866.84               | $1168345.43                                |

### 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 Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF               | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |     81206 | NS      | $1718765.59   | 1.15%             |  |  |  | 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        |   1723611 | NS      | $19252733.00  | 12.89%            |  |  |  | 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        |     23925 | NS      | $23925.00     | 0.02%             |  |  |  | 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        |    169814 | NS      | $11802042.21  | 7.90%             |  |  |  | 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        |    127334 | NS      | $2917221.94   | 1.95%             |  |  |  | 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        |    119715 | NS      | $5771475.14   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Volatility Wtd ETF                                        | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |     75768 | NS      | $3594433.92   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                 | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |     64597 | NS      | $5038566.00   | 3.37%             |  |  |  | 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        |    172019 | NS      | $3946115.86   | 2.64%             |  |  |  | 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        |   1768110 | NS      | $18406021.82  | 12.32%            |  |  |  | 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        |     50845 | NS      | $1042826.15   | 0.70%             |  |  |  | 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        |     20334 | NS      | $581957.79    | 0.39%             |  |  |  | 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        |    129084 | NS      | $2774009.44   | 1.86%             |  |  |  | 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        |     62741 | NS      | $2206596.78   | 1.48%             |  |  |  | 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        |    253894 | NS      | $3021336.60   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                 | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    108347 | NS      | $5124813.10   | 3.43%             |  |  |  | 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        |    658202 | NS      | $5871162.66   | 3.93%             |  |  |  | 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        |    229885 | NS      | $3963210.50   | 2.65%             |  |  |  | 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        |     23925 | NS      | $23925.00     | 0.02%             |  |  |  | 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      | $2102725.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF               | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |    165109 | NS      | $5435388.28   | 3.64%             |  |  |  | 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        |    378597 | NS      | $3483092.71   | 2.33%             |  |  |  | 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        |    938668 | NS      | $12512439.00  | 8.37%             |  |  |  | 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        |       130 | NS      | $1185.16      | 0.00%             |  |  |  | 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        |    882910 | NS      | $7769604.40   | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                          | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     23925 | NS      | $23925.00     | 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        |     23925 | NS      | $23925.00     | 0.02%             |  |  |  | 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        |     54930 | NS      | $4197201.30   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF            | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |    210979 | NS      | $8175436.25   | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                 | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |    148180 | NS      | $7937306.15   | 5.31%             |  |  |  | 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