VICTORY TARGET MANAGED ALLOCATION FUND

NPORT-P false 0000908695 XXXXXXXX S000037224 C000114650 Victory Portfolios III 811-07852 0000908695 549300WIDR2J6W1Y9S11 15935 La Cantera Pkwy Building Two San Antonio 78256 800-235-8396 Victory Cornerstone Conservative Fund S000037224 549300MH9XW7M0ZWBN87 2026-02-28 2025-05-31 N 211280011.80 66206.94 211213804.86 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 235624.51000000 N USAA Mutual Funds Trust: Target Managed Allocation Fund N/A VICTORY TARGET MANAGED ALLOCATION FUND 903287829 0.00100000 NS USD 0.01000000 0.000000004734 Long RF US N 1 N N N MSILF Government Portfolio N/A MSILF GOVERNMENT-INST 61747C707 6243.75000000 NS USD 6243.75000000 0.002956127798 Long STIV RF US N 1 N N VictoryShares Core Intermediate Bond ETF N/A VICTORYSHARES CORE INTERMEDIATE BOND ETF 92647N527 438782.00000000 NS USD 20399106.81000000 9.658036710015 Long RF US N 1 N N N USAA Mutual Funds Trust: Emerging Markets Fund; Institutional Class Shares N/A VICTORY EMERGING MARKETS FUND 903288629 206.93300000 NS USD 4548.39000000 0.002153452991 Long RF US N 1 N N N USAA Mutual Funds Trust: International Fund; Institutional Class Shares N/A VICTORY INTERNATIONAL FUND 903288637 251413.48100000 NS USD 7572574.05000000 3.585264729745 Long RF US N 1 N N N USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares N/A VICTORY HIGH INCOME FUND 903288579 1436607.14000000 NS USD 9869491.05000000 4.672749045234 Long RF US N 1 N N N USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares N/A VICTORY SHORT TERM BOND FUND 903288587 887.49900000 NS USD 8093.99000000 0.003832131145 Long RF US N 1 N N N VictoryShares Emerging Markets Value Momentum ETF N/A VICTORYSHARES EMERGING MARKETS 92647N543 55618.00000000 NS USD 2756428.08000000 1.305041629180 Long RF US N 1 N N N VictoryShares WestEnd US Sector ETF N/A VICTORYSHARES WESTEND US SECTOR ETF 92647P126 102587.00000000 NS USD 4211196.35000000 1.993807342655 Long RF US N 1 N N N VictoryShares US Value Momentum ETF N/A VICTORYSHARES US VALUE MOMENTU 92647N576 25995.00000000 NS USD 2127170.85000000 1.007117338476 Long RF US N 1 N N USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares N/A VICTORY CORE PLUS INTERMEDIATE BOND FUND 903288595 5494370.07200000 NS USD 50163598.76000000 23.75015155531 Long RF US N 1 N N N USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares N/A VICTORY PRECIOUS METALS AND MINERALS FUND 903288561 45470.84700000 NS USD 1339116.44000000 0.634009903324 Long RF US N 1 N N N USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares N/A VICTORY INCOME STOCK FUND 903288660 90478.64700000 NS USD 1608710.34000000 0.761650187148 Long RF US N 1 N N N VictoryShares Short-Term Bond ETF N/A VICTORYSHARES SHORT TERM BOND ETF 92647N535 589469.00000000 NS USD 29927341.13000000 14.16921642495 Long RF US N 1 N N N USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares N/A VICTORY GOVERNMENT SECURITIES FUND 903287787 2846480.42800000 NS USD 25134422.18000000 11.89999024763 Long RF US N 1 N N N VictoryShares US Small Mid Cap Value Momentum ETF N/A VICTORYSHARES US SMALL MID CAP 92647N568 18550.00000000 NS USD 1503182.56000000 0.711687647971 Long RF US N 1 N N N VictoryShares Hedged Equity Income ETF N/A VICTORYSHARES HEDGED EQUITY INCOME ETF 92647X772 70000.00000000 NS USD 1866221.00000000 0.883569613850 Long RF US N 1 N N N HSBC US GOVERNMENT MONEY MARKET FUND N/A HSBC US GOVT MMKT-I 40428X107 6243.75000000 NS USD 6243.75000000 0.002956127798 Long STIV RF US N 1 N N VictoryShares Free Cash Flow Growth ETF N/A VICTORYSHARES FREE CASH FLOW GROWTH ETF 92647X764 90000.00000000 NS USD 2254500.00000000 1.067401821341 Long RF US N 1 N N N Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares 549300K0CUZCEEMBX789 VICTORY MARKET NEUTRAL INCOME FUND 92647P654 1186505.46500000 NS USD 10464978.20000000 4.954684759803 Long RF US N 1 N N N USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares N/A VICTORY SMALL CAP STOCK FUND 903288645 0.00300000 NS USD 0.04000000 0.000000018938 Long RF US N 1 N N N GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND N/A GLDMN SCHS FIN SQ GV-FST 38141W273 6243.75000000 NS USD 6243.75000000 0.002956127798 Long STIV RF US N 1 N N VictoryShares Free Cash Flow ETF N/A VICTORYSHARES FREE CASH FLOW ETF 92647X830 90000.00000000 NS USD 3050100.00000000 1.444081745519 Long RF US N 1 N N N USAA Mutual Funds Trust: 500 Index Fund; Reward Shares N/A VICTORY 500 INDEX FUND 903288769 133007.43600000 NS USD 9838560.04000000 4.658104637867 Long RF US N 1 N N N VictoryShares Small Cap Free Cash Flow ETF N/A VICTORYSHARES SMALL CAP FREE CASH FLOW ETF 92647X822 44000.00000000 NS USD 1097166.40000000 0.519457712874 Long RF US N 1 N N N USAA Mutual Funds Trust: Income Fund; Institutional Class Shares N/A VICTORY INCOME FUND 903288611 1494023.21100000 NS USD 17136446.23000000 8.113317328551 Long RF US N 1 N N N VictoryShares International Value Momentum ETF N/A VICTORYSHARES INTERNATIONAL VA 92647N550 93597.00000000 NS USD 5286358.56000000 2.502847085920 Long RF US N 1 N N N USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares N/A VICTORY NASDAQ 100 INDEX FUND 90291A700 58774.15900000 NS USD 3092108.50000000 1.463970833748 Long RF US N 1 N N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A INVESCO GVT & AGNCY-INST 825252885 6243.75000000 NS USD 6243.75000000 0.002956127798 Long STIV RF US N 1 N N 2025-06-30 Victory Portfolios III Carol Trevino Carol Trevino Treasurer XXXX