# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001627
**Filing Date:** 2025-10
**Character Count:** 15150
**Document Hash:** dedf6e3efe8f37054607e0c78c9fd333
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001627.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001004726-25-001627

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**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:** 251422639

**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:** 2025-08-31

**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:** $221688572.76

**Total Liabilities:** $86238.79

**Net Assets:** $221602333.97

**Cash Not Reported:** $362891.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000114650 | 1.97%                | 0.00%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.21                   | $3270385.90                                |
| Month 2  | $13058.77                | $-597592.69                                |
| Month 3  | $-1.47                   | $3104398.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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      |
| MSILF Government Portfolio                                                           | MSILF GOVERNMENT-INST                        | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     11650 | NS      | $11650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Intermediate Bond ETF                                             | VICTORYSHARES CORE INTERMEDIATE BOND ETF     | CUSIP: 92647N527<br>LEI: N/A                  | Long             |  | RF                | US        |    438782 | NS      | $20724024.89  | 9.35%             |  |  |  | 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      | $5009.85      | 0.00%             |  |  |  | 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        |    234786 | NS      | $7487313.17   | 3.38%             |  |  |  | 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        |   1462044 | NS      | $10175823.00  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares            | VICTORY SHORT TERM BOND FUND                 | CUSIP: 903288587<br>LEI: N/A                  | Long             |  | RF                | US        |       898 | NS      | $8242.86      | 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      | $3043561.57   | 1.37%             |  |  |  | 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      | $4571276.72   | 2.06%             |  |  |  | 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      | $2291412.46   | 1.03%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |   5614250 | NS      | $51987951.73  | 23.46%            |  |  |  | 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        |     45471 | NS      | $1629220.45   | 0.74%             |  |  |  | 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        |     91010 | NS      | $1727372.53   | 0.78%             |  |  |  | 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      | $31058540.24  | 14.02%            |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares Pioneer Asset-Based Income ETF                                         | VICTORYSHARES PIONEER ASSET BASED INCOME ETF | CUSIP: 92647X731<br>LEI: N/A                  | Long             |  | RF                | US        |    100000 | NS      | $2528000.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares      | VICTORY GOVERNMENT SECURITIES FUND           | CUSIP: 903287787<br>LEI: N/A                  | Long             |  | RF                | US        |   2874484 | NS      | $25726632.82  | 11.61%            |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares US Small Mid Cap Value Momentum ETF                                    | VICTORYSHARES US SMALL MID CAP               | CUSIP: 92647N568<br>LEI: N/A                  | Long             |  | RF                | US        |     18550 | NS      | $1656743.17   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Hedged Equity Income ETF                                               | VICTORYSHARES HEDGED EQUITY INCOME ETF       | CUSIP: 92647X772<br>LEI: N/A                  | Long             |  | RF                | US        |     70000 | NS      | $1885912.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND                                                 | HSBC US GOVT MMKT-I                          | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     11650 | NS      | $11650.00     | 0.01%             |  |  |  | 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      | $2455578.00   | 1.11%             |  |  |  | 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        |   1201397 | NS      | $10440140.24  | 4.71%             |  |  |  | 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      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND                                       | GLDMN SCHS FIN SQ GV-FST                     | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     11650 | NS      | $11650.00     | 0.01%             |  |  |  | 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      | $3359700.00   | 1.52%             |  |  |  | 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        |    126983 | NS      | $10265284.46  | 4.63%             |  |  |  | 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      | $1277320.00   | 0.58%             |  |  |  | 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        |   1509512 | NS      | $17585818.23  | 7.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares International Value Momentum ETF                                       | VICTORYSHARES INTERNATIONAL VA               | CUSIP: 92647N550<br>LEI: N/A                  | Long             |  | RF                | US        |     93597 | NS      | $5683209.84   | 2.56%             |  |  |  | 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      | $3397146.39   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                                | INVESCO GVT & AGNCY-INST                     | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     11650 | NS      | $11650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer