NPORT-P false 0000908695 XXXXXXXX S000022886 C000066376 Victory Portfolios III 811-07852 0000908695 549300WIDR2J6W1Y9S11 15935 La Cantera Pkwy Building Two San Antonio 78256 800-235-8396 Victory Target Retirement 2040 Fund S000022886 5493004WQDF2J9IG0X82 2026-04-30 2026-01-31 N 1805775291.96 604024.95 1805171267.01 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 6454959.87000000 N VictoryShares International Free Cash Flow Gr ETF N/A 92647X749 1104000.00000000 NS USD 32181600.00000000 1.782744972077 Long RF US N 1 N N N USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares N/A 903288660 1972941.95600000 NS USD 37564814.84000000 2.080955725725 Long RF US N 1 N N N USAA Mutual Funds Trust: 500 Index Fund; Reward Shares N/A 903288769 1638119.41100000 NS USD 137323550.22000000 7.607231110400 Long RF US N 1 N N N VictoryShares Free Cash Flow ETF N/A 92647X830 1676057.00000000 NS USD 66153969.79000000 3.664692154089 Long RF US N 1 N N N VictoryShares WestEnd US Sector ETF N/A 92647P126 1892689.00000000 NS USD 90487946.94000000 5.012707026401 Long RF US N 1 N N N Victory Portfolios: Victory RS International Fund; Class R6 Shares N/A 92647Q264 8467081.03700000 NS USD 130223706.35000000 7.213925278441 Long RF US N 1 N N N VictoryShares Small Cap Free Cash Flow ETF N/A 92647X822 1009485.00000000 NS USD 30254265.45000000 1.675977565281 Long RF US N 1 N N N HSBC US GOVERNMENT MONEY MARKET FUND N/A 40428X107 134062.50000000 NS USD 134062.50000000 0.007426580649 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares N/A 90291A700 1273217.11000000 NS USD 77984547.99000000 4.320063664605 Long RF US N 1 N N N USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares N/A 903287787 12967994.73400000 NS USD 116971312.50000000 6.479790291241 Long RF US N 1 N N N USAA Mutual Funds Trust: Target Managed Allocation Fund N/A 903287829 8143166.35200000 NS USD 95845067.96000000 5.309472276209 Long RF US N 1 N N N MSILF Government Portfolio N/A 61747C707 134062.50000000 NS USD 134062.50000000 0.007426580649 Long STIV RF US N 1 N N VictoryShares Emerging Markets Value Momentum ETF N/A 92647N543 823858.00000000 NS USD 48838302.24000000 2.705466408231 Long RF US N 1 N N N VictoryShares Pioneer Asset-Based Income ETF N/A 92647X731 840000.00000000 NS USD 21037800.00000000 1.165418505405 Long RF US N 1 N N N Victory Portfolios: Victory Trivalent International Fund-Core Equity; Class R6 Shares N/A 92646A120 8848617.39900000 NS USD 93441399.73000000 5.176317695593 Long RF US N 1 N N N USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares N/A 903288579 9053662.62900000 NS USD 62832418.65000000 3.480690159337 Long RF US N 1 N N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A 825252885 134062.50000000 NS USD 134062.50000000 0.007426580649 Long STIV RF US N 1 N N Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares 549300K0CUZCEEMBX789 92647P654 3806907.31600000 NS USD 33653060.67000000 1.864258604433 Long RF US N 1 N N N USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares N/A 903288561 291970.28300000 NS USD 15687563.31000000 0.869034622736 Long RF US N 1 N N N USAA Mutual Funds Trust: Emerging Markets Fund; Institutional Class Shares N/A 903288629 614466.78500000 NS USD 16891691.92000000 0.935739019820 Long RF US N 1 N N N VictoryShares Corporate Bond ETF N/A 92647X855 1949335.00000000 NS USD 42433709.08000000 2.350674966718 Long RF US N 1 N N N VictoryShares Hedged Equity Income ETF N/A 92647X772 223761.00000000 NS USD 6126576.18000000 0.339390300076 Long RF US N 1 N N N VictoryShares International Value Momentum ETF N/A 92647N550 1252800.00000000 NS USD 85964755.68000000 4.762138487966 Long RF US N 1 N N N USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares N/A 903288678 0.00200000 NS USD 0.08000000 0.000000004431 Long RF US N 1 N N N USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares N/A 903288710 12882064.31900000 NS USD 142475631.37000000 7.892637888369 Long RF US N 1 N N N GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND N/A 38141W273 134062.50000000 NS USD 134062.50000000 0.007426580649 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares N/A 903288595 9072574.54800000 NS USD 84284217.55000000 4.669042715797 Long RF US N 1 N N N VictoryShares Free Cash Flow Growth ETF N/A 92647X764 1751473.00000000 NS USD 48911635.00000000 2.709528779560 Long RF US N 1 N N N VictoryShares US Value Momentum ETF N/A 92647N576 732333.00000000 NS USD 69704114.04000000 3.861357385521 Long RF US N 1 N N Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares N/A 92647K598 1238380.00400000 NS USD 31182408.50000000 1.727393354296 Long RF US N 1 N N N USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares N/A 903288587 2847619.64100000 NS USD 26112672.11000000 1.446548180065 Long RF US N 1 N N N VictoryShares US Small Mid Cap Value Momentum ETF N/A 92647N568 514983.00000000 NS USD 49404482.12000000 2.736830738605 Long RF US N 1 N N N USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares N/A 903288645 2698855.00000000 NS USD 38728569.25000000 2.145423537244 Long RF US N 1 N N N VictoryShares Short-Term Bond ETF N/A 92647N535 1279554.00000000 NS USD 65257254.00000000 3.615017322322 Long RF US N 1 N N N 2026-03-02 Victory Portfolios III Carol Trevino Carol Trevino Treasurer XXXX