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 2027-04-30 2026-07-31 N 1911496506.15 669143.60 1910827362.55 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 8272239.99000000 N VictoryShares International Free Cash Flow Gr ETF N/A 92647X749 1174000.00000000 NS USD 36860899.80000000 1.929054425451 Long RF US N 1 N N N USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares N/A 903288660 2195261.11500000 NS USD 47198113.97000000 2.470035488031 Long RF US N 1 N N N USAA Mutual Funds Trust: 500 Index Fund; Reward Shares N/A 903288769 1645151.96800000 NS USD 149264638.06000000 7.811518768540 Long RF US N 1 N N N VictoryShares Free Cash Flow ETF N/A 92647X830 1816057.00000000 NS USD 90330675.18000000 4.727306974474 Long RF US N 1 N N N VictoryShares WestEnd US Sector ETF N/A 92647P126 1952689.00000000 NS USD 99704300.34000000 5.217860194703 Long RF US N 1 N N N Victory Portfolios: Victory RS International Fund; Class R6 Shares N/A 92647Q264 8662520.77600000 NS USD 139639834.91000000 7.307820562274 Long RF US N 1 N N N VictoryShares Small Cap Free Cash Flow ETF N/A 92647X822 1009485.00000000 NS USD 37885972.05000000 1.982699891812 Long RF US N 1 N N N HSBC US GOVERNMENT MONEY MARKET FUND N/A 40428X107 152968.75000000 NS USD 152968.75000000 0.008005367360 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares N/A 90291A700 1332575.93400000 NS USD 90455254.40000000 4.733826622583 Long RF US N 1 N N N USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares N/A 903287787 13558160.17800000 NS USD 119040646.36000000 6.229795987489 Long RF US N 1 N N N USAA Mutual Funds Trust: Target Managed Allocation Fund N/A 903287829 3728393.91600000 NS USD 46530356.07000000 2.435089479140 Long RF US N 1 N N N MSILF Government Portfolio N/A 61747C707 152968.75000000 NS USD 152968.75000000 0.008005367360 Long STIV RF US N 1 N N VictoryShares Emerging Markets Value Momentum ETF N/A 92647N543 823858.00000000 NS USD 49437411.78000000 2.587225447411 Long RF US N 1 N N N VictoryShares Pioneer Asset-Based Income ETF N/A 92647X731 840000.00000000 NS USD 20865600.00000000 1.091966778838 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 101670613.91000000 5.320763973900 Long RF US N 1 N N N USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares N/A 903288579 9090714.50600000 NS USD 61544137.21000000 3.220810964726 Long RF US N 1 N N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A 825252885 152968.75000000 NS USD 152968.75000000 0.008005367360 Long STIV RF US N 1 N N Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares 549300K0CUZCEEMBX789 92647P654 4444071.50500000 NS USD 41640950.00000000 2.179210472704 Long RF US N 1 N N N USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares N/A 903288561 200296.68100000 NS USD 8538647.51000000 0.446856041385 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 18937866.31000000 0.991082014061 Long RF US N 1 N N N VictoryShares Corporate Bond ETF N/A 92647X855 1949335.00000000 NS USD 41068199.91000000 2.149236540929 Long RF US N 1 N N N VictoryShares International Value Momentum ETF N/A 92647N550 1252800.00000000 NS USD 95052566.88000000 4.974419392506 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 0.000000004186 Long RF US N 1 N N N USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares N/A 903288710 11840878.59300000 NS USD 144103492.48000000 7.541418722814 Long RF US N 1 N N N GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND N/A 38141W273 152968.75000000 NS USD 152968.75000000 0.008005367360 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares N/A 903288595 9073854.22200000 NS USD 82027642.17000000 4.292781429533 Long RF US N 1 N N N VictoryShares Free Cash Flow Growth ETF N/A 92647X764 1871473.00000000 NS USD 59905850.73000000 3.135073942527 Long RF US N 1 N N N VictoryShares US Value Momentum ETF N/A 92647N576 757333.00000000 NS USD 82280292.32000000 4.306003458637 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 35157608.31000000 1.839915473215 Long RF US N 1 N N N USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares N/A 903288587 2913310.41900000 NS USD 26423725.50000000 1.382842114252 Long RF US N 1 N N N VictoryShares US Small Mid Cap Value Momentum ETF N/A 92647N568 514983.00000000 NS USD 56336822.78000000 2.948294748344 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 46177409.05000000 2.416618578686 Long RF US N 1 N N N VictoryShares Short-Term Bond ETF N/A 92647N535 1459060.00000000 NS USD 73638758.20000000 3.853763016127 Long RF US N 1 N N N 2026-08-31 Victory Portfolios III Carol D. Trevino Carol D. Trevino Treasurer XXXX