# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160118
**Filing Date:** 2025-6
**Character Count:** 16330
**Document Hash:** 1d50b0a4a53a7760cacf8863ee18d3fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160118.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160118

**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:** 251080054

**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:** 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:** $1568112307.29

**Total Liabilities:** $1234804.55

**Net Assets:** $1566877502.74

**Cash Not Reported:** $6257284.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066376 | 0.00%                | -2.26%               | 0.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2245872.70              | $-4663275.09                               |
| Month 2  | $-198310.05              | $-37392645.30                              |
| Month 3  | $3923260.48              | $6934091.95                                |

### 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 Volatility Wtd ETF                                        | VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF | CUSIP: 92647N840<br>LEI: 549300PQPRGG1DP3EJ39 | Long             |  | RF                | US        |    654183 | NS      | $31034441.52  | 1.98%             |  |  |  | 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        |   6866506 | NS      | $63171858.78  | 4.03%             |  |  |  | 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        |   8610387 | NS      | $58378421.64  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                   | VICTORYSHARES WESTEND US SECTOR ETF            | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |   1704689 | NS      | $66056698.75  | 4.22%             |  |  |  | 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        |   1254569 | NS      | $87192519.16  | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                     | VICTORYSHARES EMERGING MARKETS                 | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |   1056858 | NS      | $49989383.40  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Corporate Bond ETF                                                      | VICTORYSHARES CORPORATE BOND ETF               | CUSIP: 92647X855<br>LEI: N/A                  | Long             |  | RF                | US        |   1759335 | NS      | $37237204.94  | 2.38%             |  |  |  | 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      | $64758227.94  | 4.13%             |  |  |  | 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        |    957347 | NS      | $46153718.88  | 2.95%             |  |  |  | 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        |  15200470 | NS      | $169789250.49 | 10.84%            |  |  |  | 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        |    294056 | NS      | $294056.25    | 0.02%             |  |  |  | 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        |   2516074 | NS      | $29941276.60  | 1.91%             |  |  |  | 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        |   2749843 | NS      | $25106070.77  | 1.60%             |  |  |  | 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        |   1236473 | NS      | $28364690.62  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                            | MSILF GOVERNMENT-INST                          | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    294056 | NS      | $294056.25    | 0.02%             |  |  |  | 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        |   2670398 | NS      | $23392684.91  | 1.49%             |  |  |  | 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        |    772501 | NS      | $15843992.70  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                 | INVESCO GVT & AGNCY-INST                       | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    294056 | NS      | $294056.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                        | VICTORYSHARES INTERNATIONAL VA                 | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |   1327800 | NS      | $71124005.34  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                      | VICTORYSHARES FREE CASH FLOW ETF               | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |   1317454 | NS      | $43370585.68  | 2.77%             |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares Hedged Equity Income ETF                                                | VICTORYSHARES HEDGED EQUITY INCOME ETF         | CUSIP: 92647X772<br>LEI: N/A                  | Long             |  | RF                | US        |    673761 | NS      | $17530115.83  | 1.12%             |  |  |  | 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        |    400524 | NS      | $30604038.84  | 1.95%             |  |  |  | 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        |   1186292 | NS      | $25493410.18  | 1.63%             |  |  |  | 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        |    729883 | NS      | $16721619.53  | 1.07%             |  |  |  | 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        |  16036481 | NS      | $166939768.21 | 10.65%            |  |  |  | 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        |    291216 | NS      | $8334614.97   | 0.53%             |  |  |  | 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        |   8838074 | NS      | $77775046.84  | 4.96%             |  |  |  | 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        |    294056 | NS      | $294056.25    | 0.02%             |  |  |  | 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        |   8515887 | NS      | $113516770.22 | 7.24%             |  |  |  | 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        |    389787 | NS      | $13708821.70  | 0.87%             |  |  |  | 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        |   1724324 | NS      | $29727347.93  | 1.90%             |  |  |  | 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        |  11825704 | NS      | $105485278.05 | 6.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                   | VICTORYSHARES US VALUE MOMENTU                 | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |    553927 | NS      | $43206306.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer