# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-000413
**Filing Date:** 2026-1
**Character Count:** 13281
**Document Hash:** 5b407162b0f076fd7afc6c5c5bb3ee26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-000413.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001004726-26-000413

**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:** 26563028

**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:** 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:** $234170721.04

**Total Liabilities:** $42914.43

**Net Assets:** $234127806.61

**Cash Not Reported:** $1641604.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000114650 | 1.37%                | 0.62%                | 0.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1.15                   | $2172738.31                                |
| Month 2  | $306077.61               | $429237.08                                 |
| Month 3  | $430.22                  | $1271106.00                                |

### 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 Hedged Equity Income ETF                                               | VICTORYSHARES HEDGED EQUITY INCOME ETF       | CUSIP: 92647X772<br>LEI: N/A                  | Long             |  | RF                | US        |     70000 | NS      | $1905596.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd US Sector ETF                                                  | VICTORYSHARES WESTEND US SECTOR ETF          | CUSIP: 92647P126<br>LEI: N/A                  | Long             |  | RF                | US        |    102587 | NS      | $4896939.15   | 2.09%             |  |  |  | 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        |     39903 | NS      | $1891797.34   | 0.81%             |  |  |  | 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        |     58774 | NS      | $3694543.63   | 1.58%             |  |  |  | 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        |   1525573 | NS      | $17986502.93  | 7.68%             |  |  |  | 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        |     91495 | NS      | $1800618.84   | 0.77%             |  |  |  | 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        |   2992056 | NS      | $27048185.39  | 11.55%            |  |  |  | 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      | $3133212.22   | 1.34%             |  |  |  | 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        |   1485894 | NS      | $10341824.12  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                       | VICTORYSHARES INTERNATIONAL VA               | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |     93597 | NS      | $5858788.45   | 2.50%             |  |  |  | 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        |       207 | NS      | $5525.11      | 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      | $1292007.20   | 0.55%             |  |  |  | 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      | $3493000.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Value Momentum ETF                                                  | VICTORYSHARES US VALUE MOMENTU               | CUSIP: 92647N576<br>LEI: N/A                  | Long             |  | RF                | US        |     25995 | NS      | $2399460.68   | 1.02%             |  |  |  | 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        |   1318212 | NS      | $11455264.43  | 4.89%             |  |  |  | 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      | $1711949.82   | 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      | $3493800.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Intermediate Bond ETF                                             | VICTORYSHARES CORE INTERMEDIATE BOND ETF     | CUSIP: 92647N527<br>LEI: N/A                  | Long             |  | RF                | US        |    507145 | NS      | $24241835.29  | 10.35%            |  |  |  | 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      | $2556252.00   | 1.09%             |  |  |  | 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        |    121404 | NS      | $10400677.42  | 4.44%             |  |  |  | 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        |    219611 | NS      | $7310853.69   | 3.12%             |  |  |  | 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        |   5789116 | NS      | $54244012.53  | 23.17%            |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Short-Term Bond ETF                                                    | VICTORYSHARES SHORT TERM BOND ETF            | CUSIP: 92647N535<br>LEI: N/A                  | Long             |  | RF                | US        |    609469 | NS      | $31079871.66  | 13.27%            |  |  |  | No            |                  1 | 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