# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-177895
**Filing Date:** 2025-7
**Character Count:** 11454
**Document Hash:** 09610a1847544b4d623e47798d48d432
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177895.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**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:** 251149537

**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 Cornerstone Equity Fund (Formerly USAA Cornerstone Equity Fund) (Series ID: S000037227)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000114653 | Victory Cornerstone Equity Fund | UCEQX           |

## 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 Cornerstone Equity Fund

- **b. EDGAR series identifier (if any):** S000037227

- **c. LEI of Series:** 549300XGC2RDFOHG8M84

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $260895416.79

**Total Liabilities:** $796976.57

**Net Assets:** $260098440.22

**Cash Not Reported:** $527201.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000114653 | -2.84%               | 0.75%                | 5.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $352062.12               | $-7762603.34                               |
| Month 2  | $28253.84                | $1561183.14                                |
| Month 3  | $1543713.30              | $12440721.11                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MSILF Government Portfolio                                                           | MSILF GOVERNMENT-INST                      | CUSIP: 61747C707<br>LEI: N/A | Long             | STIV             | RF                | US        |    188706 | NS      | $188706.25    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: International Fund; Institutional Class Shares              | VICTORY INTERNATIONAL FUND                 | CUSIP: 903288637<br>LEI: N/A | Long             |  | RF                | US        |   1364225 | NS      | $41090471.88  | 15.80%            |  |  |  | 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        |         0 | NS      | $0.04         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Emerging Markets Fund; Institutional Class Shares           | VICTORY EMERGING MARKETS FUND              | CUSIP: 903288629<br>LEI: N/A | Long             |  | RF                | US        |    272156 | NS      | $5981979.67   | 2.30%             |  |  |  | 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        |    667968 | NS      | $16732598.40  | 6.43%             |  |  |  | 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        |    186062 | NS      | $4639567.61   | 1.78%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND                                       | GLDMN SCHS FIN SQ GV-FST                   | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             | RF                | US        |    188706 | NS      | $188706.25    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Target Managed Allocation Fund                              | VICTORY TARGET MANAGED ALLOCATION FUND     | CUSIP: 903287829<br>LEI: N/A | Long             |  | RF                | US        |    187742 | NS      | $2044505.34   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                | INVESCO GVT & AGNCY-INST                   | CUSIP: 825252885<br>LEI: N/A | Long             | STIV             | RF                | US        |    188706 | NS      | $188706.25    | 0.07%             |  |  |  | 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        |    629781 | NS      | $11197506.93  | 4.31%             |  |  |  | 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        |    188706 | NS      | $188706.25    | 0.07%             |  |  |  | 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        |     45942 | NS      | $1352981.15   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer International Equity Fund; Class Y Shares                                    | VICTORY PIONEER INTERNATIONAL EQUITY FUND  | CUSIP: 92648C181<br>LEI: N/A | Long             |  | RF                | US        |    102634 | NS      | $3027711.26   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                       | VICTORYSHARES INTERNATIONAL VA             | CUSIP: 92647N550<br>LEI: N/A | Long             |  | RF                | US        |    452611 | NS      | $25563469.28  | 9.83%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                     | VICTORYSHARES FREE CASH FLOW ETF           | CUSIP: 92647X830<br>LEI: N/A | Long             |  | RF                | US        |    491092 | NS      | $16643107.88  | 6.40%             |  |  |  | No            |                  1 | On Loan: —       |
| USAA Mutual Funds Trust: 500 Index Fund; Reward Shares                               | VICTORY 500 INDEX FUND                     | CUSIP: 903288769<br>LEI: N/A | Long             |  | RF                | US        |    682619 | NS      | $50493343.26  | 19.41%            |  |  |  | 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        |    406193 | NS      | $21369790.48  | 8.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                  | VICTORYSHARES WESTEND US SECTOR ETF        | CUSIP: 92647P126<br>LEI: N/A | Long             |  | RF                | US        |    537787 | NS      | $22076156.35  | 8.49%             |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares US Small Mid Cap Value Momentum ETF                                    | VICTORYSHARES US SMALL MID CAP             | CUSIP: 92647N568<br>LEI: N/A | Long             |  | RF                | US        |    114594 | NS      | $9286021.66   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                  | VICTORYSHARES US VALUE MOMENTU             | CUSIP: 92647N576<br>LEI: N/A | Long             |  | RF                | US        |    149156 | NS      | $12205435.48  | 4.69%             |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares Emerging Markets Value Momentum ETF                                    | VICTORYSHARES EMERGING MARKETS             | CUSIP: 92647N543<br>LEI: N/A | Long             |  | RF                | US        |    320458 | NS      | $15881898.48  | 6.11%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer