# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-177893
**Filing Date:** 2025-7
**Character Count:** 47462
**Document Hash:** 1d749a5ad037f84b9e875a32d351c98b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177893.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177893

**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:** 251149536

**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:** 2025-05-31

**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:** $108846526.48

**Total Liabilities:** $429651.71

**Net Assets:** $108416874.77

**Cash Not Reported:** $26041.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -214.78304372 | **1-Year:** -2834.89717443 | **5-Year:** -10082.56334225 | **10-Year:** -37097.52726418 | **30-Year:** -22361.86841990

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

- **3-Month:** -8.95356997 | **1-Year:** -192.36060449 | **5-Year:** -759.94484393 | **10-Year:** -2878.47910054 | **30-Year:** -1345.15217535

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034877 | -2.27%               | -0.83%               | -1.03%               |
| Class ID C000220622 | -2.27%               | -0.83%               | -0.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-284020.60              | $-2713322.60                               |
| Month 2  | $0.00                    | $-1284323.33                               |
| Month 3  | $0.00                    | $-1395407.92                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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      | $500377.50    | 0.46%             | 2041-06-01      | 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      | $438534.77    | 0.40%             | 2043-07-01      | Fixed         | 4.00%                 | 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      | $1872490.54   | 1.73%             | 2052-07-15      | Fixed         | 4.62%                 | 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      | $1787202.61   | 1.65%             | 2044-02-15      | Fixed         | 4.00%                 | 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      | $2000063.02   | 1.84%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990G3K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2342946.67   | 2.16%             | 2040-07-01      | Fixed         | 6.00%                 | 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        |    720000 | PA      | $691253.94    | 0.64%             | 2029-10-01      | Fixed         | 2.25%                 | 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      | $1532913.67   | 1.41%             | 2036-11-01      | Fixed         | 5.25%                 | 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      | $849009.09    | 0.78%             | 2054-11-15      | Fixed         | 4.00%                 | 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      | $886125.87    | 0.82%             | 2054-12-31      | Fixed         | 4.50%                 | 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      | $394298.21    | 0.36%             | 2047-01-01      | 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      | $2765041.35   | 2.55%             | 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: 64990GJS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2013239.65   | 1.86%             | 2045-07-01      | Fixed         | 4.00%                 | 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      | $1382181.70   | 1.27%             | 2069-09-15      | Fixed         | 2.80%                 | 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      | $1021186.45   | 0.94%             | 2035-06-01      | Fixed         | 5.00%                 | 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      | $934578.48    | 0.86%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                               | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AH83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1675807.95   | 1.55%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY N Y LOC DEV CORP REV                                             | DUTCHESS COUNTY LOCAL DEVELOPMENT CORP             | CUSIP: 267045FF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002896.42   | 1.85%             | 2045-07-01      | 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      | $2606527.12   | 2.40%             | 2058-11-01      | Fixed         | 4.20%                 | No            |                  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      | $482256.13    | 0.44%             | 2041-07-01      | Fixed         | 5.00%                 | 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      | $971488.27    | 0.90%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  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      | $946707.53    | 0.87%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 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      | $500013.01    | 0.46%             | 2038-01-15      | Fixed         | 5.00%                 | 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      | $321373.07    | 0.30%             | 2050-11-15      | Fixed         | 4.62%                 | 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      | $915022.66    | 0.84%             | 2059-06-01      | Fixed         | 5.00%                 | Yes           |                  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      | $954823.07    | 0.88%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  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      | $835383.07    | 0.77%             | 2050-11-15      | Fixed         | 4.00%                 | 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      | $840115.51    | 0.77%             | 2056-01-01      | Fixed         | 4.00%                 | 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      | $1052349.33   | 0.97%             | 2053-11-01      | Fixed         | 4.75%                 | 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      | $977287.22    | 0.90%             | 2055-11-01      | Fixed         | 4.80%                 | 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        |   2280000 | PA      | $2280000.00   | 2.10%             | 2033-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y HEALTH CARE CORP REV                                      | WESTCHESTER COUNTY HEALTHCARE CORP NY              | CUSIP: 957366DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115060.34    | 0.11%             | 2030-11-01      | Fixed         | 6.00%                 | 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      | $1712210.08   | 1.58%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  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      | $1005957.11   | 0.93%             | 2048-12-15      | Fixed         | 5.00%                 | 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        |    299121 | PA      | $299121.00    | 0.28%             | 2050-08-01      | Floating      | 3.30%                 | Yes           |                  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      | $1007073.14   | 0.93%             | 2053-07-01      | 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      | $2550754.17   | 2.35%             | 2052-11-15      | Fixed         | 4.00%                 | 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      | $473571.36    | 0.44%             | 2056-07-01      | 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      | $1364656.03   | 1.26%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GZR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407341.35    | 0.38%             | 2050-09-01      | Fixed         | 4.00%                 | 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      | $746911.50    | 0.69%             | 2052-12-01      | 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      | $1341768.38   | 1.24%             | 2049-03-15      | Fixed         | 4.00%                 | 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      | $834024.58    | 0.77%             | 2040-10-01      | Fixed         | 5.00%                 | 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      | $763696.44    | 0.70%             | 2032-11-15      | None          | 0.00%                 | 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: 64972GL77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903239.44    | 0.83%             | 2053-06-15      | Fixed         | 4.25%                 | 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      | $1681215.47   | 1.55%             | 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      | $872363.66    | 0.80%             | 2050-01-01      | Fixed         | 4.00%                 | 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      | $1049790.00   | 0.97%             | 2049-06-01      | Fixed         | 5.00%                 | 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        |   1140000 | PA      | $990550.60    | 0.91%             | 2048-10-01      | Fixed         | 3.80%                 | 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      | $594849.93    | 0.55%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY N Y LOC DEV CORP REV                                             | DUTCHESS COUNTY LOCAL DEVELOPMENT CORP             | CUSIP: 267045MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1475790.92   | 1.36%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                               | NEW YORK NY                                        | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2120000.00   | 1.96%             | 2046-10-01      | Variable      | 3.00%                 | 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      | $700418.75    | 0.65%             | 2040-06-01      | Fixed         | 5.00%                 | 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      | $859878.39    | 0.79%             | 2045-10-01      | 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      | $646724.11    | 0.60%             | 2049-03-15      | Fixed         | 4.00%                 | 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      | $421755.52    | 0.39%             | 2049-07-01      | Fixed         | 4.00%                 | 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      | $819477.46    | 0.76%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP REV                                              | MONROE CNTY NY INDL DEV CORP REVENUE               | CUSIP: 61075TWQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1686491.55   | 1.56%             | 2046-12-01      | 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        |   1715000 | PA      | $1559300.21   | 1.44%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 649907VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000260.16   | 0.92%             | 2043-07-01      | Fixed         | 5.75%                 | 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      | $937282.79    | 0.86%             | 2055-07-01      | Fixed         | 5.00%                 | 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      | $1820031.89   | 1.68%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $462034.03    | 0.43%             | 2056-12-01      | Fixed         | 4.50%                 | 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      | $565621.53    | 0.52%             | 2048-11-15      | None          | 0.00%                 | 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      | $1937537.08   | 1.79%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  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      | $752397.54    | 0.69%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990GLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $773140.87    | 0.71%             | 2044-07-01      | Fixed         | 3.50%                 | 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      | $974227.45    | 0.90%             | 2054-06-30      | Fixed         | 5.00%                 | 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      | $825035.32    | 0.76%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                               | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59259Y6S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011434.25   | 2.78%             | 2034-11-15      | Fixed         | 5.00%                 | 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      | $1816383.51   | 1.68%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNT VERNON N Y CITY SCH DIST                                                 | MOUNT VERNON NY CITY SCH DIST                      | CUSIP: 623606E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499941.83    | 0.46%             | 2025-06-30      | 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      | $1860039.06   | 1.72%             | 2045-07-15      | 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      | $453935.59    | 0.42%             | 2053-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ELMIRA CITY N Y                                                                | ELMIRA CITY NY                                     | CUSIP: 289587ZW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1644123.14   | 1.52%             | 2035-07-01      | 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      | $242409.10    | 0.22%             | 2062-06-01      | Fixed         | 5.75%                 | Yes           |                  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      | $1069661.63   | 0.99%             | 2043-01-01      | 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      | $1466560.59   | 1.35%             | 2046-12-01      | Fixed         | 5.00%                 | 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      | $993331.53    | 0.92%             | 2041-06-01      | Fixed         | 5.00%                 | 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      | $858848.04    | 0.79%             | 2046-07-01      | 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      | $813918.20    | 0.75%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                               | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990C5B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $882633.59    | 0.81%             | 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: 64990CQC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1208139.10   | 1.11%             | 2037-12-01      | Fixed         | 5.00%                 | Yes           |                  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      | $250192.62    | 0.23%             | 2033-07-01      | Fixed         | 5.00%                 | 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      | $486949.04    | 0.45%             | 2045-11-15      | Fixed         | 5.00%                 | 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      | $283711.28    | 0.26%             | 2048-07-01      | 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      | $988460.85    | 0.91%             | 2052-07-01      | Fixed         | 5.25%                 | 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      | $896827.01    | 0.83%             | 2046-11-01      | Fixed         | 5.00%                 | 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      | $577543.26    | 0.53%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $884675.52    | 0.82%             | 2052-08-01      | Fixed         | 5.00%                 | 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      | $253797.47    | 0.23%             | 2053-11-15      | 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 DE | CUSIP: 64990G4Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $633571.30    | 0.58%             | 2051-07-01      | Fixed         | 5.00%                 | 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      | $1872804.72   | 1.73%             | 2048-06-01      | Fixed         | 5.00%                 | 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      | $547773.82    | 0.51%             | 2037-11-15      | None          | 0.00%                 | 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      | $797235.72    | 0.74%             | 2055-11-01      | Fixed         | 4.00%                 | 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      | $994934.08    | 0.92%             | 2056-11-15      | Fixed         | 5.25%                 | 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      | $831307.91    | 0.77%             | 2057-07-01      | 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      | $571412.82    | 0.53%             | 2048-07-01      | Fixed         | 5.00%                 | 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      | $830759.20    | 0.77%             | 2052-12-01      | 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      | $806114.44    | 0.74%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer