NPORT-P false 0000908695 XXXXXXXX S000022885 C000066375 Victory Portfolios III 811-07852 0000908695 549300WIDR2J6W1Y9S11 15935 La Cantera Pkwy Building Two San Antonio 78256 800-235-8396 Victory Target Retirement 2030 Fund S000022885 549300TCAV7S8MSBVB53 2025-04-30 2025-04-30 N 1209320980.74 1466630.61 1207854350.13 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 3492429.71000000 N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A 825252885 353468.75000000 NS USD 353468.75000000 0.029264186527 Long STIV RF US N 1 N N VictoryShares Short-Term Bond ETF N/A 92647N535 1418858.00000000 NS USD 71808403.38000000 5.945121063004 Long RF US N 1 N N N USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares N/A 903288595 8894430.57900000 NS USD 81828761.33000000 6.774720919057 Long RF US N 1 N N N VictoryShares Hedged Equity Income ETF N/A 92647X772 326000.00000000 NS USD 8481965.80000000 0.702234155888 Long RF US N 1 N N N Victory Portfolios: Victory RS International Fund; Class R6 Shares N/A 92647Q264 4957923.83500000 NS USD 66089124.72000000 5.471613751516 Long RF US N 1 N N N USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares N/A 903288645 1144622.51500000 NS USD 13621007.93000000 1.127702849978 Long RF US N 1 N N N VictoryShares Emerging Markets Value Momentum ETF N/A 92647N543 609025.00000000 NS USD 28806882.50000000 2.384963261249 Long RF US N 1 N N N USAA Mutual Funds Trust: 500 Index Fund; Reward Shares N/A 903288769 691629.31800000 NS USD 48068237.60000000 3.979638571060 Long RF US N 1 N N N USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares N/A 903288678 196625.56300000 NS USD 6915321.05000000 0.572529382309 Long RF US N 1 N N N VictoryShares WestEnd US Sector ETF N/A 92647P126 904469.00000000 NS USD 35048173.75000000 2.901688746348 Long RF US N 1 N N N USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares N/A 903288561 213324.94100000 NS USD 6105359.81000000 0.505471525548 Long RF US N 1 N N N Victory Portfolios: Victory Sophus Emerging Markets Fund; Class R6 Shares N/A 92647Q371 427915.32200000 NS USD 8776543.25000000 0.726622646932 Long RF US N 1 N N N GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND N/A 38141W273 353468.75000000 NS USD 353468.75000000 0.029264186527 Long STIV RF US N 1 N N VictoryShares Free Cash Flow ETF N/A 92647X830 672759.00000000 NS USD 22147226.28000000 1.833600738169 Long RF US N 1 N N N VictoryShares Free Cash Flow Growth ETF N/A 92647X764 603261.00000000 NS USD 13838807.34000000 1.145734776590 Long RF US N 1 N N N USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares N/A 90291A700 509565.63300000 NS USD 24566159.17000000 2.033867673478 Long RF US N 1 N N N MSILF Government Portfolio N/A 61747C707 353468.75000000 NS USD 353468.75000000 0.029264186527 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares N/A 903287787 22154384.87600000 NS USD 197617113.09000000 16.36100520470 Long RF US N 1 N N N VictoryShares US Value Momentum ETF N/A 92647N576 285589.00000000 NS USD 22275942.00000000 1.844257297877 Long RF US N 1 N N VictoryShares International Value Momentum ETF N/A 92647N550 765880.00000000 NS USD 41024591.96000000 3.396485011258 Long RF US N 1 N N VictoryShares Small Cap Free Cash Flow ETF N/A 92647X822 493995.00000000 NS USD 11317425.45000000 0.936985941126 Long RF US N 1 N N N USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares N/A 903288660 1060263.73900000 NS USD 18278946.86000000 1.513340317732 Long RF US N 1 N N N USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares N/A 903288579 7134529.70700000 NS USD 48372111.41000000 4.004796721127 Long RF US N 1 N N N USAA Mutual Funds Trust: Target Managed Allocation Fund N/A 903287829 8973763.04300000 NS USD 93416873.28000000 7.734117385092 Long RF US N 1 N N N Victory Portfolios: Victory Trivalent International Fund-Core Equity; Class R6 Shares N/A 92646A120 5037445.29500000 NS USD 44329518.60000000 3.670104644258 Long RF US N 1 N N N Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares 549300K0CUZCEEMBX789 92647P654 3893400.03000000 NS USD 34106184.26000000 2.823700080753 Long RF US N 1 N N N VictoryShares US Small Mid Cap Value Momentum ETF N/A 92647N568 244422.00000000 NS USD 18676285.02000000 1.546236515850 Long RF US N 1 N N N Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares N/A 92647K598 683331.90800000 NS USD 14684802.70000000 1.215775950007 Long RF US N 1 N N N VictoryShares Corporate Bond ETF N/A 92647X855 2167524.00000000 NS USD 45876729.22000000 3.798200438245 Long RF US N 1 N N N USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares N/A 903288710 8022964.04300000 NS USD 89616508.36000000 7.419479703852 Long RF US N 1 N N N USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares N/A 903288587 7274352.77300000 NS USD 66414840.82000000 5.498580256208 Long RF US N 1 N N N VictoryShares International Volatility Wtd ETF 549300PQPRGG1DP3EJ39 92647N840 443850.00000000 NS USD 21056244.00000000 1.743276745059 Long RF US N 1 N N N HSBC US GOVERNMENT MONEY MARKET FUND N/A 40428X107 353468.75000000 NS USD 353468.75000000 0.029264186527 Long STIV RF US N 1 N N 2025-05-30 Victory Portfolios III Carol Trevino Carol Trevino Treasurer