# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-002993
**Filing Date:** 2026-4
**Character Count:** 14428
**Document Hash:** f89765c61ad3c634dc45a3e207751801
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-002993.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001004726-26-002993

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 26891885

**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 Conservative Fund (Formerly USAA Cornerstone Conservative Fund) (Series ID: S000037224)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000114650 | Victory Cornerstone Conservative Fund | USCCX           |

## 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 Conservative Fund

- **b. EDGAR series identifier (if any):** S000037224

- **c. LEI of Series:** 549300MH9XW7M0ZWBN87

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $250699396.61

**Total Liabilities:** $72196.96

**Net Assets:** $250627199.65

**Cash Not Reported:** $1350298.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000114650 | 0.21%                | 0.98%                | 1.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1449056.79              | $-2478701.83                               |
| Month 2  | $-0.03                   | $2086192.02                                |
| Month 3  | $86268.06                | $3269045.42                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VictoryShares WestEnd US Sector ETF                                                  | VICTORYSHARES WESTEND US SECTOR ETF          | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |    102587 | NS      | $4848918.18   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                           | MSILF GOVERNMENT-INST                        | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |      7688 | NS      | $7687.50      | 0.00%             |  |  |  | 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        |     29235 | NS      | $1922782.73   | 0.77%             |  |  |  | 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        |     77257 | NS      | $4623805.95   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Income Fund; Institutional Class Shares                     | VICTORY INCOME FUND                          | CUSIP: 903288611<br>LEI: N/A                  | Long             |  | RF                | US        |   1540013 | NS      | $18264557.22  | 7.29%             |  |  |  | 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        |     99364 | NS      | $1952504.03   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares      | VICTORY GOVERNMENT SECURITIES FUND           | CUSIP: 903287787<br>LEI: N/A                  | Long             |  | RF                | US        |   3159983 | NS      | $28787442.52  | 11.49%            |  |  |  | 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        |         0 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                    | VICTORYSHARES EMERGING MARKETS               | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |     55618 | NS      | $3384460.97   | 1.35%             |  |  |  | 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: High Income Fund; Institutional Class Shares                | VICTORY HIGH INCOME FUND                     | CUSIP: 903288579<br>LEI: N/A                  | Long             |  | RF                | US        |   1510312 | NS      | $10451356.53  | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                       | VICTORYSHARES INTERNATIONAL VA               | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |     93597 | NS      | $6921095.68   | 2.76%             |  |  |  | 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        |       226 | NS      | $6556.02      | 0.00%             |  |  |  | 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        |      7650 | NS      | $7650.00      | 0.00%             |  |  |  | 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        |     44000 | NS      | $1335844.40   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Pioneer Asset-Based Income ETF                                         | VICTORYSHARES PIONEER ASSET BASED INCOME ETF | CUSIP: 92647X731<br>LEI: N/A                  | Long             |  | RF                | US        |    140000 | NS      | $3509912.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                  | VICTORYSHARES US VALUE MOMENTU               | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |     35995 | NS      | $3591332.73   | 1.43%             |  |  |  | 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        |      7669 | NS      | $7668.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares            | VICTORY MARKET NEUTRAL INCOME FUND           | CUSIP: 92647P654<br>LEI: 549300K0CUZCEEMBX789 | Long             |  | RF                | US        |   1556231 | NS      | $14052767.70  | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Small Mid Cap Value Momentum ETF                                    | VICTORYSHARES US SMALL MID CAP               | CUSIP: 92647N568<br>LEI: N/A                  | Long             |  | RF                | US        |     18550 | NS      | $1831332.06   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow ETF                                                     | VICTORYSHARES FREE CASH FLOW ETF             | CUSIP: 92647X830<br>LEI: N/A                  | Long             |  | RF                | US        |     90000 | NS      | $3643200.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Intermediate Bond ETF                                             | VICTORYSHARES CORE INTERMEDIATE BOND ETF     | CUSIP: 92647N527<br>LEI: N/A                  | Long             |  | RF                | US        |    562145 | NS      | $26994371.54  | 10.77%            |  |  |  | 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        |     90000 | NS      | $2491668.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: 500 Index Fund; Reward Shares                               | VICTORY 500 INDEX FUND                       | CUSIP: 903288769<br>LEI: N/A                  | Long             |  | RF                | US        |    137581 | NS      | $11445385.02  | 4.57%             |  |  |  | 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        |    246893 | NS      | $8416580.32   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares     | VICTORY CORE PLUS INTERMEDIATE BOND FUND     | CUSIP: 903288595<br>LEI: N/A                  | Long             |  | RF                | US        |   6097984 | NS      | $57321048.24  | 22.87%            |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Short-Term Bond ETF                                                    | VICTORYSHARES SHORT TERM BOND ETF            | CUSIP: 92647N535<br>LEI: N/A                  | Long             |  | RF                | US        |    649270 | NS      | $33177697.00  | 13.24%            |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                | INVESCO GVT & AGNCY-INST                     | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |      7669 | NS      | $7668.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer