# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001616
**Filing Date:** 2025-10
**Character Count:** 48658
**Document Hash:** 30cac39cbabcc4c7c18bc8579d66cc1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001616.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001004726-25-001616

**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:** 251422629

**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 Moderately Conservative Fund (Formerly USAA Cornerstone Moderately Conservative Fund) (Series ID: S000037225)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000114651 | Victory Cornerstone Moderately Conservative Fund | UCMCX           |

## 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 Moderately Conservative Fund

- **b. EDGAR series identifier (if any):** S000037225

- **c. LEI of Series:** 549300PX92BOQGUXP851

**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:** $193469422.24

**Total Liabilities:** $10755869.21

**Net Assets:** $182713553.03

**Cash Not Reported:** $1368793.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000114651 | 2.60%                | 0.00%                | 2.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2003512.26              | $1738843.88                                |
| Month 2  | $174654.63               | $-583939.58                                |
| Month 3  | $298766.61               | $3458210.17                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares, Inc - iShares MSCI Japan ETF                                            | ISHARES MSCI JAPAN ETF                            | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             |  | RF                | US        |     53719 | NS      | $4205123.32   | 2.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco RAFI Emerging Markets ETF                                                | INVESCO RAFI EMERGING MARKETS ETF                 | CUSIP: 46138E727<br>LEI: N/A                  | Long             |  | RF                | US        |     30630 | NS      | $747065.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Small-Cap ETF                                                   | ISHARES CORE S P SMALL CAP ETF                    | CUSIP: 464287804<br>LEI: 549300BZQ17QYN750B25 | Long             |  | RF                | US        |     14173 | NS      | $1672980.92   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                       | MSILF GOVERNMENT-INST                             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2642209 | NS      | $2642208.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                                                  | CIGNA GROUP THE                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       315 | NS      | $94774.05     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                                             | META PLATFORMS INC                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       412 | NS      | $304344.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                                                           | DELL TECHNOLOGIES INC                             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2852 | NS      | $348371.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                                                      | ABBVIE INC                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3145 | NS      | $661708.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY.                                                  | ARCHER DANIELS MIDLAND CO                         | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      1936 | NS      | $121271.04    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mortgage-Backed Secs Idx Fund                                           | VANGUARD MORTGAGE BACKED SECURITIES ETF           | CUSIP: 92206C771<br>LEI: N/A                  | Long             |  | RF                | US        |     45663 | NS      | $2128809.06   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Bond Market Index Fund                                            | VANGUARD TOTAL BOND MARKET ETF                    | CUSIP: 921937835<br>LEI: N/A                  | Long             |  | RF                | US        |     26807 | NS      | $1978356.60   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers USD High Yld Corporate Bd ETF                                          | XTRACKERS USD HIGH YIELD CORPORATE BOND ETF       | CUSIP: 233051432<br>LEI: N/A                  | Long             |  | RF                | US        |     20332 | NS      | $752284.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                                                       | OTIS WORLDWIDE CORP                               | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      2305 | NS      | $199105.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                                                          | NXP SEMICONDUCTOR NV                              | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      1931 | NS      | $453495.35    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                                                    | PEPSICO INC                                       | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      3165 | NS      | $470477.25    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Intl Quality Factor ETF                                             | ISHARES MSCI INTERNA                              | CUSIP: 46434V456<br>LEI: N/A                  | Long             |  | RF                | US        |     73832 | NS      | $3185112.48   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION                                       | COGNIZANT TECHNOLOGY SOLUTIONS CORP               | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      3339 | NS      | $241242.75    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                                                            | QUALCOMM INC                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3301 | NS      | $530569.73    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                                                                   | WELLTOWER INC                                     | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |       229 | NS      | $38536.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                                                | EVERSOURCE ENERGY                                 | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      3402 | NS      | $217966.14    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC.                                                                     | CUMMINS INC                                       | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       130 | NS      | $51797.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC.                                                                          | HP INC                                            | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      2031 | NS      | $57964.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                                                         | ISHARES CORE S P 500 ETF                          | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             |  | RF                | US        |     15926 | NS      | $10325144.32  | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                             | JPMORGAN CHASE CO                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1307 | NS      | $393955.94    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTENERGY CORP.                                                                | FIRSTENERGY CORP                                  | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      4763 | NS      | $207762.06    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                                                         | LAM RESEARCH CORP                                 | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      6391 | NS      | $640058.65    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                                                    | PAYCHEX INC                                       | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       158 | NS      | $22033.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                                                   | TAPESTRY INC                                      | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |       909 | NS      | $92554.38     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Tax Managed Fund FTSE Developed Markets ETF                             | VANGUARD FTSE DEVELOPED MARKET                    | CUSIP: 921943858<br>LEI: N/A                  | Long             |  | RF                | US        |     23301 | NS      | $1368001.71   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Canada ETF                                                          | ISHARES MSCI CANADA ETF                           | CUSIP: 464286509<br>LEI: 549300DXCD53F4JK3H45 | Long             |  | RF                | US        |     34657 | NS      | $1690915.03   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                 | PHILIP MORRIS INTERNATIONAL INC                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4458 | NS      | $745065.54    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                    | GOLDMAN SACHS GROUP INC THE                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1275 | NS      | $950193.75    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                               | ALTRIA GROUP INC                                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      9411 | NS      | $632513.31    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Small Cap Value ETF                                                     | VANGUARD SMALL CAP VALUE ETF                      | CUSIP: 922908611<br>LEI: N/A                  | Long             |  | RF                | US        |      8408 | NS      | $1755590.40   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| SPDR Gold Shares                                                                 | SPDR GOLD SHARES ETF                              | CUSIP: 78463V107<br>LEI: N/A                  | Long             |  | RF                | US        |     10133 | NS      | $3223003.31   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Short-Term Bond ETF                                                | VICTORYSHARES SHORT TERM BOND ETF                 | CUSIP: 92647N535<br>LEI: N/A                  | Long             |  | RF                | US        |     82859 | NS      | $4222494.64   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                                                    | BROADCOM INC                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2168 | NS      | $644741.52    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| T. ROWE PRICE GROUP, INC.                                                        | T ROWE PRICE GROUP INC                            | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |       107 | NS      | $11515.34     | 0.01%             |  |  |  | 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        |   2642209 | NS      | $2642208.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                                                    | ALPHABET INC CLASS A                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2607 | NS      | $555056.37    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                                           | ISHARES CORE MSCI EMERGING                        | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |      8000 | NS      | $496720.00    | 0.27%             |  |  |  | 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        |   2642209 | NS      | $2642208.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                                                            | MICROSOFT CORP                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3619 | NS      | $1833711.11   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                                                             | HOME DEPOT INC THE                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       598 | NS      | $243248.46    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                                           | LOWE S COS INC                                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       290 | NS      | $74837.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                                                  | AUTOMATIC DATA PROCESSING INC                     | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       395 | NS      | $120099.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                                                                | SYSCO CORP                                        | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2601 | NS      | $209302.47    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard European Stock Index Fund                                               | VANGUARD FTSE EUROPE ETF                          | CUSIP: 922042874<br>LEI: N/A                  | Long             |  | RF                | US        |     48936 | NS      | $3841476.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Inde | VANGUARD FTSE EMERGING MARKETS ETF                | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             |  | RF                | US        |     40386 | NS      | $2081090.58   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                                                               | LENNAR CORP CLASS A                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1659 | NS      | $220879.26    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                                                         | DEVON ENERGY CORP                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      4495 | NS      | $162269.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                                                       | AMERICAN TOWER CORP REIT                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       246 | NS      | $50147.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                                                      | UNITED PARCEL SERVICE INC                         | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      3256 | NS      | $284704.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                                                | MASCO CORP                                        | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      1609 | NS      | $118084.51    | 0.06%             |  |  |  | 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        |    210807 | NS      | $5751700.35   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd Economic Cycle Bond ETF                                    | VICTORYSHARES WESTEND ECONOMIC CYCLE BOND ETF     | CUSIP: 92647X780<br>LEI: N/A                  | Long             |  | RF                | US        |    265000 | NS      | $6683936.00   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                                                          | AO SMITH CORP                                     | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |       913 | NS      | $65087.77     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                                                              | EXPEDIA GROUP INC                                 | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1034 | NS      | $222103.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                                                                   | PROLOGIS INC                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |       997 | NS      | $113438.66    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                                                            | CARDINAL HEALTH INC                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1775 | NS      | $264084.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                                                        | AT T INC                                          | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     17438 | NS      | $510759.02    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                                                              | EVEREST GROUP LTD                                 | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       314 | NS      | $107350.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Intermediate Bond ETF                                         | VICTORYSHARES CORE INTERMEDIATE BOND ETF          | CUSIP: 92647N527<br>LEI: N/A                  | Long             |  | RF                | US        |    805047 | NS      | $38023013.85  | 20.81%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond ETF                                               | ISHARES 1 3 YEAR TREASURY BOND ETF                | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             |  | RF                | US        |     35334 | NS      | $2932015.32   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                                                   | MARATHON PETROLEUM CORP                           | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1466 | NS      | $263454.86    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares 20+ Year Treasury Bond ETF                               | ISHARES 20 YEAR TREASURY BO                       | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             |  | RF                | US        |     32881 | NS      | $2847494.60   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                                                     | NETAPP INC                                        | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1513 | NS      | $170651.27    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF                                                           | VANECK GOLD MINERS ETF USA                        | CUSIP: 92189F106<br>LEI: N/A                  | Long             |  | RF                | US        |      5491 | NS      | $346866.47    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                          | BRISTOL MYERS SQUIBB CO                           | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      7438 | NS      | $350924.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                                                                | FEDEX CORP                                        | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1130 | NS      | $261109.10    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                                                       | APPLE INC                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5892 | NS      | $1367768.88   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                                                                 | NRG ENERGY INC                                    | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1508 | NS      | $219504.48    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS, INC.                                                         | DARDEN RESTAURANTS INC                            | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       880 | NS      | $182107.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bond ETF                                              | ISHARES 7 10 YEAR TREASURY BOND ETF               | CUSIP: 464287440<br>LEI: N/A                  | Long             |  | RF                | US        |     39620 | NS      | $3809463.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Plus Int Bd ETF                                               | VICTORYSHARES CORE PLUS INTERMEDIATE BOND ETF     | CUSIP: 92647X863<br>LEI: N/A                  | Long             |  | RF                | US        |    978234 | NS      | $21442889.28  | 11.74%            |  |  |  | No            |                  1 | On Loan: —       |
| Schwab Fundamental EM Equity ETF                                                 | SCHWAB FUNDAMENTAL EMERGING MARKETS EQUITY ETF    | CUSIP: 808524730<br>LEI: N/A                  | Long             |  | RF                | US        |     22434 | NS      | $772626.96    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| AMERICAN EXPRESS COMPANY                                                         | AMERICAN EXPRESS CO                               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      2158 | NS      | $714902.24    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                                                   | MONOLITHIC POWER SYSTEMS INC                      | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       270 | NS      | $225655.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                                                             | STEEL DYNAMICS INC                                | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      1131 | NS      | $148070.52    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco DB Commodity Index Tracking Fund                                         | INVESCO DB COMMODITY INDEX TRACKING FUND          | CUSIP: 46138B103<br>LEI: N/A                  | Long             |  | RF                | US        |     22900 | NS      | $508609.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| VictoryShares Emerging Markets Value Momentum ETF                                | VICTORYSHARES EMERGING MARKETS                    | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |     19770 | NS      | $1081865.80   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, INC.                                                                      | ONEOK INC                                         | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       858 | NS      | $65534.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                                                            | GILEAD SCIENCES INC                               | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6413 | NS      | $724476.61    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                                                       | NIKE INC CLASS B                                  | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      4059 | NS      | $314044.83    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                                                                    | EQUINIX INC                                       | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       122 | NS      | $95915.18     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                                                     | EVERGY INC                                        | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1687 | NS      | $120215.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                                                 | CATERPILLAR INC                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1553 | NS      | $650769.12    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                                                       | AMERIPRISE FINANCIAL INC                          | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       736 | NS      | $378900.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                                                              | CISCO SYSTEMS INC                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      8871 | NS      | $612897.39    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Fundamental Intl Equity ETF                                               | SCHWAB FUNDAMENTAL INTERNATIONAL EQUITY ETF       | CUSIP: 808524755<br>LEI: N/A                  | Long             |  | RF                | US        |     89866 | NS      | $3777067.98   | 2.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Spdr S&P Emerging Markets Small Cap Etf                                          | SPDR S P EMERGING MARKETS SMALLCAP ETF            | CUSIP: 78463X756<br>LEI: N/A                  | Long             |  | RF                | US        |      7496 | NS      | $498034.24    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                                                | MERCK CO INC                                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5030 | NS      | $423123.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market Index Fund                                           | VANGUARD TOTAL STOCK MARKET ETF                   | CUSIP: 922908769<br>LEI: N/A                  | Long             |  | RF                | US        |      7690 | NS      | $2446958.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE All World ex US Index Fund Investor Shares                         | VANGUARD FTSE ALL WORLD EX US ETF                 | CUSIP: 922042775<br>LEI: N/A                  | Long             |  | RF                | US        |     21240 | NS      | $1473206.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco RAFI Developed Mkts ex-US ETF                                            | INVESCO RAFI DEVELOPED MARKETS EX US ETF          | CUSIP: 46138E743<br>LEI: N/A                  | Long             |  | RF                | US        |     35176 | NS      | $2116406.25   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                                                        | VALERO ENERGY CORP                                | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       165 | NS      | $25081.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate Index Fund                                                  | VANGUARD REAL ESTATE ETF                          | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |      7052 | NS      | $650476.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                                                              | COMCAST CORP                                      | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     13016 | NS      | $442153.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core US Aggregate Bond ETF                                               | ISHARES CORE U S AGGREGATE BOND ETF               | CUSIP: 464287226<br>LEI: N/A                  | Long             |  | RF                | US        |     59270 | NS      | $5894994.20   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                                                      | VERIZON COMMUNICATIONS INC                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      9354 | NS      | $413727.42    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                                                                | CROWN CASTLE INC                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |       792 | NS      | $78518.88     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Fundamental Intl Small Equity ETF                                         | SCHWAB FUNDAMENTAL INTERNATIONAL SMALL EQUITY ETF | CUSIP: 808524748<br>LEI: N/A                  | Long             |  | RF                | US        |     47088 | NS      | $2068575.84   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares JPMorgan USD Emerging Markets Bond ETF                                   | ISHARES JP MORGAN ETF                             | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             |  | RF                | US        |     26527 | NS      | $2496721.24   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Intl Momentum Factor ETF                                            | ISHARES MSCI INTERNAL MOM                         | CUSIP: 46434V449<br>LEI: N/A                  | Long             |  | RF                | US        |     71831 | NS      | $3343014.74   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                                                           | CVS HEALTH CORP                                   | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3771 | NS      | $275848.65    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                                                       | KIMBERLY CLARK CORP                               | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      2434 | NS      | $314326.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PUBLIC LIMITED COMPANY                                           | TE CONNECTIVITY PLC                               | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |       886 | NS      | $182959.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                                                              | EOG RESOURCES INC                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      1090 | NS      | $136053.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY                                                 | ACCENTURE PLC                                     | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      1657 | NS      | $430770.29    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                                                  | KLA CORP                                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       682 | NS      | $594704.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Corporate Bond Idx Fd                                        | VANGUARD SHORT TERM CORPORATE BOND ETF            | CUSIP: 92206C409<br>LEI: N/A                  | Long             |  | RF                | US        |     10471 | NS      | $836318.77    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF                                                   | ISHARES 0 5 YEAR TIPS BOND ETF                    | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             |  | RF                | US        |     14091 | NS      | $1463773.08   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                                                               | TARGET CORP                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      1584 | NS      | $152032.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                                                      | LOCKHEED MARTIN CORP                              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       380 | NS      | $173139.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                            | INVESCO GVT & AGNCY-INST                          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2642209 | NS      | $2642208.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                                                          | APPLIED MATERIALS INC                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2821 | NS      | $453503.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                                                      | PFIZER INC                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     17788 | NS      | $440430.88    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                                                   | LYONDELLBASELL INDUSTRIES NV                      | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      1879 | NS      | $105881.65    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Canada ETF                                                 | JPMORGAN BETABUILDERS CANADA ETF                  | CUSIP: 46641Q225<br>LEI: N/A                  | Long             |  | RF                | US        |     19897 | NS      | $1691443.97   | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer