# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-000421
**Filing Date:** 2026-1
**Character Count:** 47461
**Document Hash:** af620ba00cefe54d453b78810c849377
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-000421.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001004726-26-000421

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**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:** 26563039

**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 New York Bond Fund (Formerly USAA New York Bond Fund) (Series ID: S000012908)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034877 | Victory New York Bond Fund Shares               | USNYX           |
| C000220622 | Victory New York Bond Fund Institutional Shares | UNYIX           |

## 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 New York Bond Fund

- **b. EDGAR series identifier (if any):** S000012908

- **c. LEI of Series:** 5493008TGGLSTT7X4R47

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $107489491.16

**Total Liabilities:** $1416897.74

**Net Assets:** $106072593.42

**Cash Not Reported:** $21119.97

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -187.55802140 | **1-Year:** -2920.25949418 | **5-Year:** -9914.95039269 | **10-Year:** -35860.73638836 | **30-Year:** -22899.75007550

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -7.17589522 | **1-Year:** -205.87083271 | **5-Year:** -782.71767456 | **10-Year:** -2877.30492703 | **30-Year:** -1405.64046438

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034877 | 3.73%                | 1.82%                | 0.09%                |
| Class ID C000220622 | 3.75%                | 1.72%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $643.88                  | $3495795.21                                |
| Month 2  | $-74551.48               | $1656457.06                                |
| Month 3  | $42.07                   | $-145248.40                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MONROE CNTY N Y INDL DEV CORP REV                                              | MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP NY       | CUSIP: 61075TKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500200.12    | 0.47%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY N Y LOC ECONOMIC ASSISTANCE CORP EDL REV                           | NASSAU COUNTY LOCAL ECONOMIC ASSISTANCE CORP       | CUSIP: 63165CAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966565.86    | 0.91%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                              | MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP NY       | CUSIP: 61075TEC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002352.30   | 1.89%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ETL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250680.07    | 0.24%             | 2062-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ALBANY CNTY N Y ARPT AUTH ARPT REV                                             | ALBANY COUNTY AIRPORT AUTHORITY                    | CUSIP: 012123LE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009182.89   | 0.95%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN N Y LOC DEV CORP REV                                                | BROOKHAVEN NY LOCAL DEV CORP REVENUE               | CUSIP: 113168BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $799680.71    | 0.75%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                               | NEW YORK NY                                        | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3720000 | PA      | $3720000.00   | 3.51%             | 2046-10-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990G3K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2637658.29   | 2.49%             | 2040-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DE | CUSIP: 64990G4Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $650815.99    | 0.61%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV                           | ST LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY   | CUSIP: 791078EX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010959.32   | 0.95%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS                                   | NEW YORK STATE THRUWAY AUTHORITY                   | CUSIP: 650010BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $882708.21    | 0.83%             | 2056-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CONVENTION CTR DEV CORP N Y REV                                       | NEW YORK CONVENTION CENTER DEVELOPMENT CORP        | CUSIP: 649451GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $583603.74    | 0.55%             | 2037-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV                           | ST LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY   | CUSIP: 791078CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1568857.36   | 1.48%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS                                   | NEW YORK STATE THRUWAY AUTHORITY                   | CUSIP: 650010CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908943.41    | 0.86%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV                                   | NEW YORK ST DORM AUTH ST                           | CUSIP: 64990FX66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $690806.69    | 0.65%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA CNTY N Y LOC DEV CORP REV                                               | ONEIDA COUNTY LOCAL DEVELOPMENT CORP               | CUSIP: 682440CK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $631361.22    | 0.60%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER TOBACCO ASSET SECURITIZATION CORP N Y TOBACCO SETTLEMENT ASSET BKD | WESTCHESTER TOBACCO ASSET SECURITIZATION NY        | CUSIP: 957480BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503682.21    | 0.47%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY N Y CAP RESOURCE CORP REV                                               | ALBANY CAPITAL RESOURCE CORP                       | CUSIP: 012432DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1092664.15   | 1.03%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990CJC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1842317.81   | 1.74%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK CNTY N Y ECONOMIC DEV CORP REV                                         | SUFFOLK COUNTY ECONOMIC DEVELOPMENT CORP           | CUSIP: 86476RCU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250213.66    | 0.24%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHOLD N Y LOC DEV CORP REV                                                  | SOUTHOLD LOCAL DEVELOPMENT CORP                    | CUSIP: 844584AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999993.13    | 0.94%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY REV                                                    | NEW YORK STATE HOUSING FINANCE AGENCY              | CUSIP: 64987JG88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1096743.44   | 1.03%             | 2053-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CONVENTION CTR DEV CORP N Y REV                                       | NEW YORK CONVENTION CENTER DEVELOPMENT CORP        | CUSIP: 649451DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500071.72    | 0.47%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV                           | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY BUILD | CUSIP: 64972HS78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1894834.75   | 1.79%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA N Y CIVIC DEV CORP REV                                                | ONONDAGA CIVIC DEVELOPMENT CORP                    | CUSIP: 682832ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1104606.21   | 1.04%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GJS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2151707.90   | 2.03%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EHF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $712512.17    | 0.67%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                           | NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009454.35   | 0.95%             | 2054-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y REVS                                           | TRIBOROUGH BRIDGE TUNNEL AUTHORITY                 | CUSIP: 89602RHS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2775365.07   | 2.62%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TR CULTURAL RES REV                                          | NEW YORK CITY TRUST FOR CULTURAL RESOURCES         | CUSIP: 649717UA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911328.43    | 0.86%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GZR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $415973.24    | 0.39%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP REV                                             | NEW YORK CITY HOUSING DEVELOPMENT CORP             | CUSIP: 64966WLZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165320.63    | 0.16%             | 2055-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TSASC INC N Y                                                                  | TSASC INC NY REF SER A                             | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002665.56   | 0.95%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV                             | NEW YORK CITY HOUSING DEVELOPMENT CORP             | CUSIP: 64972C8V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2715115.82   | 2.56%             | 2058-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN N Y LOC DEV CORP REV                                            | HEMPSTEAD TOWN LOCAL DEVELOPMENT CORP              | CUSIP: 424682JU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297850.52    | 0.28%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENESEE CNTY N Y FDG CORP REV                                                  | GENESEE COUNTY FUNDING CORP THE                    | CUSIP: 371669AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761241.00    | 0.72%             | 2052-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                           | NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934378.20    | 0.88%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP NY REVENUE                 | CUSIP: 12008EQN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460469.17    | 0.43%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y REVS                                           | TRIBOROUGH BRIDGE TUNNEL AUTHORITY                 | CUSIP: 89602NA20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $814011.76    | 0.77%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                          | ONE BRYANT PARK LLC                                | CUSIP: 649519DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1387786.10   | 1.31%             | 2069-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EWQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $380782.23    | 0.36%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64985SJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $775451.32    | 0.73%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOMPKINS CNTY DEV CORP CONTINUING CARE RETIREMENT REV                          | TOMPKINS COUNTY DEVELOPMENT CORP                   | CUSIP: 890090AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1375350.80   | 1.30%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y REVS                                           | TRIBOROUGH BRIDGE TUNNEL AUTHORITY                 | CUSIP: 89602RLU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919619.06    | 0.87%             | 2054-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY N Y LOC DEV CORP REV                                             | DUTCHESS COUNTY LOCAL DEVELOPMENT CORP             | CUSIP: 267045GW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1822400.21   | 1.72%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELMIRA CITY N Y                                                                | ELMIRA CITY NY                                     | CUSIP: 289587ZW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1699485.95   | 1.60%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA CNTY N Y TR CULTURAL RES REV                                          | ONONDAGA COUNTY TRUST FOR CULTURAL RESOURCES       | CUSIP: 68276FDH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $812170.41    | 0.77%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990C5B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934203.87    | 0.88%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GGH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1849067.99   | 1.74%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK ST DORM AUTH REVENUE NON ST SUPPORTED DEB | CUSIP: 64990GD25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2866192.25   | 2.70%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 65000BN95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037248.38   | 0.98%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $828307.72    | 0.78%             | 2044-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                              | MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP NY       | CUSIP: 61075TTW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $858928.22    | 0.81%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN N Y LOC DEV CORP REV                                                | BROOKHAVEN LOCAL DEVELOPMENT CORP                  | CUSIP: 113168AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514421.73   | 1.43%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY N Y LOC DEV CORP REV                                             | DUTCHESS COUNTY LOCAL DEVELOPMENT CORP             | CUSIP: 267045HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $581574.78    | 0.55%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV                           | ST LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY   | CUSIP: 791078BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454556.58    | 0.43%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EPG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944751.43   | 1.83%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                           | NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080993.96   | 1.02%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                           | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972GS47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039180.00   | 0.98%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP REV                                          | WESTCHESTER COUNTY LOCAL DEVELOPMENT CORP          | CUSIP: 95737TCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920797.42    | 0.87%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP REV                                          | WESTCHESTER COUNTY LOCAL DEVELOPMENT CORP          | CUSIP: 95737TFF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966205.90    | 0.91%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV                             | NEW YORK CITY HOUSING DEVELOPMENT CORP             | CUSIP: 64972KJH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002693.10   | 0.95%             | 2055-11-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN N Y LOC DEV CORP REV                                                | BROOKHAVEN NY LOCAL DEV CORP REVENUE               | CUSIP: 113168BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951193.24    | 0.90%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EUH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449269.41    | 0.42%             | 2053-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                           | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972GZW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3410000.00   | 3.21%             | 2033-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| HUDSON YDS INFRASTRUCTURE CORP N Y SECOND INDENTURE REV                        | HUDSON YARDS INFRASTRUCTURE CORP                   | CUSIP: 44420RBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1916224.21   | 1.81%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP REV                                          | WESTCHESTER COUNTY LOCAL DEVELOPMENT CORP          | CUSIP: 95737TEJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $818197.52    | 0.77%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000172.12   | 1.89%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY INDL DEV AGY CIVIC FAC REV                                   | NEW YORK CITY NY INDL DEV AGY CIVIC FAC REVENUE    | CUSIP: 64971CUN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $600062.48    | 0.57%             | 2029-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST PWR AUTH GREEN TRANSMISSION PROJ REV                               | NEW YORK POWER AUTHORITY                           | CUSIP: 65000XBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261840.10    | 0.25%             | 2053-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP CHARTER SCH REV                                  | MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP NY       | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960353.39    | 0.91%             | 2059-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ELR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490984.04    | 0.46%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED    | CUSIP: 65000BJX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $575795.06    | 0.54%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOME CNTY N Y LOC DEV CORP REV                                               | BROOME COUNTY LOCAL DEVELOPMENT CORP               | CUSIP: 114731BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420101.74    | 0.40%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEV CORP LIBERTY REV                                          | NEW YORK LIBERTY DEVELOPMENT CORP                  | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987039.11    | 0.93%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CNTY N Y CIVIC FAC DEV CORP REV                                      | JEFFERSON CNTY NY CIVIC FAC DEV CORP               | CUSIP: 47325RAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $752401.28    | 0.71%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV                             | NEW YORK CITY HOUSING DEVELOPMENT CORP             | CUSIP: 64972KML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $671975.72    | 0.63%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EMX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834139.94    | 0.79%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGANY CNTY N Y CAP RESOURCE CORP REV                                        | ALLEGANY COUNTY CAPITAL RESOURCE CORP              | CUSIP: 017095AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $838428.88    | 0.79%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y REAL ESTATE TRANSFER TAX REV                   | TRIBOROUGH BRIDGE TUNNEL AUTHORITY                 | CUSIP: 896032BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498440.70    | 0.47%             | 2056-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                           | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972GL77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939142.99    | 0.89%             | 2053-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                               | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59261A5F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $331331.64    | 0.31%             | 2050-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 65000BMZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $804525.91    | 0.76%             | 2057-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH N Y                                                                 | CITY OF LONG BEACH NY                              | CUSIP: 542519ET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013502.96   | 1.90%             | 2052-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BK SPEARS/LIFERS TR VAR STS                                           | DEUTSCHE BANK SPEARS LIFERS TRUST                  | CUSIP: 25155W8E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    289581 | PA      | $289581.00    | 0.27%             | 2050-08-01      | Floating      | 3.05%                 | Yes           |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                               | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59261AYX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894696.66    | 0.84%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64985SGG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068061.75   | 1.01%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV                                   | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990KFP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389042.09   | 1.31%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUSHNELL BASIN FIRE ASSN INC N Y VOLUNTEER FIRE DEPT REV                       | BUSHNELL S BASIN FIRE ASSOCIATION INC              | CUSIP: 123201AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1344824.67   | 1.27%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO & ERIE CNTY N Y INDL LD DEV CORP REV                                   | BUFFALO ERIE COUNTY INDUSTRIAL LAND DEVELOPMENT    | CUSIP: 11943KDD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944968.19    | 0.89%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA N Y CIVIC DEV CORP REV                                                | ONONDAGA CIVIC DEVELOPMENT CORP                    | CUSIP: 682832DU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $861746.98    | 0.81%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO & ERIE CNTY N Y INDL LD DEV CORP REV                                   | BUFFALO ERIE CNTY NY INDL LAND DEV CORP REV        | CUSIP: 11943KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019449.62   | 0.96%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                              | MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP NY       | CUSIP: 61075TRT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473857.57   | 1.39%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                               | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261ACW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001945.42   | 0.94%             | 2056-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CONVENTION CTR DEV CORP N Y REV                                       | NEW YORK ST CONVENTION CENTERDEV CORP              | CUSIP: 649451HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $645702.21    | 0.61%             | 2048-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY REV                                                    | NEW YORK STATE HOUSING FINANCE AGENCY              | CUSIP: 64987J4J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509008.83    | 0.48%             | 2055-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP REV                                          | WESTCHESTER COUNTY LOCAL DEVELOPMENT CORP          | CUSIP: 95737TDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977687.61    | 0.92%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64985SNH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $176036.55    | 0.17%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY HOMEOWNER MTG REV                                          | STATE OF NEW YORK MORTGAGE AGENCY                  | CUSIP: 6498834X0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1017598.95   | 0.96%             | 2048-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                                | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ETA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480674.32    | 0.45%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer