NPORT-EX 2 210_0000908695.htm
TABLE
OF
CONTENTS
Victory
Portfolios
III
1
Victory
California
Bond
Fund
2
Victory
Cornerstone
Aggressive
Fund
7
Victory
Cornerstone
Conservative
Fund
16
Victory
Cornerstone
Equity
Fund
18
Victory
Cornerstone
Moderate
Fund
20
Victory
Cornerstone
Moderately
Aggressive
Fund
25
Victory
Cornerstone
Moderately
Conservative
Fund
34
Victory
Emerging
Markets
Fund
38
Victory
Global
Equity
Income
Fund
49
Victory
Government
Securities
Fund
54
Victory
Growth
and
Tax
Strategy
Fund
59
Victory
International
Fund
76
Victory
New
York
Bond
Fund
93
Victory
Precious
Metals
and
Minerals
Fund
96
Victory
Sustainable
World
Fund
98
Victory
Target
Managed
Allocation
Fund
114
Victory
Tax
Exempt
Intermediate-Term
Fund
123
Victory
Tax
Exempt
Long-Term
Fund
149
Victory
Tax
Exempt
Short-Term
Fund
164
Victory
Virginia
Bond
Fund
174
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
California
Bond
Fund
2
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(99.0%)
California
(97.0%):
Alameda
Corridor
Transportation
Authority
Revenue
,
Series
A
,
0.00%
,
10/1/50
,
Continuously
Callable
@100
(a)
...................................................
$
1,250
$
663
Albany
Unified
School
District,
GO
,
Series
B
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
..
1,500
1,354
Bay
Area
Toll
Authority
Revenue
,
Series
A
,
3
.22
%
(
MUNIPSA
+
125
bps
)
,
4/1/36
,
(Put
Date
4/1/27)
(b)
(c)
......................................................
15,000
14,683
Burbank
Unified
School
District,
GO
4
.30
%
,
8/1/33
,
Continuously
Callable
@100
...............................
3,085
3,189
4
.35
%
,
8/1/34
,
Continuously
Callable
@100
...............................
3,000
3,096
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT
,
Series
B
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
...............................
2,875
2,909
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.50
%
,
7/1/54
,
Continuously
Callable
@100
....
1,000
894
California
Community
Choice
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/56
,
(Put
Date
5/1/35)
(c)
....................................................
1,000
1,022
California
Community
Housing
Agency
Revenue
,
Series
A
,
5
.00
%
,
8/1/50
,
Continuously
Callable
@100
(d)
...................................................
1,900
1,751
California
County
Tobacco
Securitization
Agency
Revenue
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...............................
500
418
Series
A
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
.........................
500
424
Series
A
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
.........................
1,000
877
California
Educational
Facilities
Authority
Revenue
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
2,000
2,043
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
2,000
2,022
Series
A
,
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
4
.25
%
,
11/1/50
,
Continuously
Callable
@100
........................
1,000
918
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
........................
5,500
5,263
Series
A
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........................
500
506
California
Enterprise
Development
Authority
Revenue
5
.00
%
,
6/1/44
,
Continuously
Callable
@100
(d)
.............................
750
731
4
.00
%
,
11/1/49
,
Continuously
Callable
@100
...............................
1,900
1,702
4
.00
%
,
11/1/50
,
Continuously
Callable
@100
...............................
680
604
4
.00
%
,
6/1/54
,
Continuously
Callable
@100
...............................
2,000
1,733
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
.............................
1,985
1,839
California
Health
Facilities
Financing
Authority
Revenue
Series
A
,
4
.00
%
,
3/1/39
,
Continuously
Callable
@100
.........................
7,375
6,643
Series
A
,
5
.00
%
,
11/15/39
,
Continuously
Callable
@100
.......................
2,100
2,103
Series
A
,
5
.25
%
,
12/1/44
,
Continuously
Callable
@100
........................
1,300
1,310
Series
A
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.........................
1,800
1,582
Series
A
,
5
.00
%
,
8/15/47
,
Continuously
Callable
@100
........................
2,900
2,789
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
10,000
8,643
Series
A
,
4
.00
%
,
4/1/49
,
Pre-refunded  4/1/30
@
100
.........................
55
58
Series
A
,
4
.00
%
,
4/1/49
,
Continuously
Callable
@100
.........................
1,645
1,402
Series
B
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@100
.......................
14,000
12,867
Series
B
,
5
.25
%
,
11/15/53
,
Continuously
Callable
@100
.......................
1,000
994
California
Infrastructure
&
Economic
Development
Bank
Revenue
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
...............................
4,000
3,624
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
2,000
2,016
Series
B
,
5
.00
%
,
11/1/57
,
Continuously
Callable
@100
........................
1,300
1,271
California
Municipal
Finance
Authority
Certificate
of
Participation
(INS
-
Assured
Guaranty
Corp.)
Series
A
,
5
.25
%
,
11/1/36
,
Continuously
Callable
@100
........................
1,000
1,029
Series
A
,
5
.25
%
,
11/1/52
,
Continuously
Callable
@100
........................
500
505
California
Municipal
Finance
Authority
Revenue
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
6,500
5,640
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
965
780
Series
A
,
5
.00
%
,
2/1/37
,
Continuously
Callable
@100
.........................
750
750
Series
A
,
5
.50
%
,
5/1/44
,
Continuously
Callable
@100
(d)
......................
290
290
Series
A
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
2,000
1,761
Series
A
,
5
.00
%
,
2/1/47
,
Continuously
Callable
@100
.........................
2,000
1,921
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
965
Series
A
,
5
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,000
925
Victory
Portfolios
III
Victory
California
Bond
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
11/15/52
,
Continuously
Callable
@103
.......................
$
750
$
562
Series
A
,
5
.00
%
,
4/1/54
,
Continuously
Callable
@103
.........................
1,540
1,496
Series
A
,
5
.75
%
,
5/1/54
,
Continuously
Callable
@100
(d)
......................
710
701
Series
A
,
4
.00
%
,
11/15/56
,
Continuously
Callable
@103
.......................
1,100
805
Series
A
,
5
.88
%
,
5/1/59
,
Continuously
Callable
@100
(d)
......................
305
309
California
Municipal
Finance
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-
DBE-8152
,
2
.25
%
,
7/1/54
,
Continuously
Callable
@100
(d)
(e)
...................
900
900
California
Municipal
Finance
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
4
.13
%
,
5/15/39
,
Continuously
Callable
@100
...............................
1,900
1,906
4
.13
%
,
5/15/46
,
Continuously
Callable
@100
...............................
2,100
1,989
Series
B
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@102
........................
2,500
2,504
California
Pollution
Control
Financing
Authority
Revenue
,
5
.00
%
,
11/21/45
,
Continuously
Callable
@100
(d)
...................................................
7,470
7,299
California
Public
Finance
Authority
Revenue
5
.00
%
,
10/15/37
,
Continuously
Callable
@100
..............................
1,000
1,002
5
.00
%
,
10/15/47
,
Continuously
Callable
@100
..............................
3,000
2,830
Series
A
,
5
.00
%
,
11/1/54
,
Continuously
Callable
@100
........................
1,000
987
California
School
Finance
Authority
Revenue
5
.00
%
,
8/1/41
,
Continuously
Callable
@100
(d)
.............................
1,600
1,504
5
.00
%
,
8/1/41
,
Pre-refunded  8/1/25
@
100
(d)
..............................
150
151
5
.00
%
,
8/1/46
,
Continuously
Callable
@100
(d)
.............................
2,050
1,864
5
.00
%
,
8/1/46
,
Pre-refunded  8/1/25
@
100
(d)
..............................
200
201
5
.00
%
,
7/1/49
,
Continuously
Callable
@103
(d)
.............................
1,000
982
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
(d)
......................
1,370
1,315
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
......................
650
613
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
......................
900
785
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
(d)
......................
3,150
2,980
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
(d)
......................
1,050
1,007
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
(d)
......................
2,000
1,865
Series
IS
,
5
.00
%
,
8/1/42
,
Continuously
Callable
@100
(d)
......................
1,000
981
Series
IS
,
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
(d)
......................
1,000
934
California
Statewide
Communities
Development
Authority
Revenue
5
.00
%
,
5/15/40
,
Continuously
Callable
@100
...............................
2,750
2,734
5
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
2,750
2,707
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
1,995
2,007
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...............................
4,000
4,023
Series
A
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.........................
1,500
1,326
Series
A
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
........................
2,000
1,931
Series
A
,
4
.00
%
,
8/15/51
,
Continuously
Callable
@100
........................
3,000
2,568
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
1,000
979
Series
A
,
5
.00
%
,
12/1/57
,
Continuously
Callable
@100
........................
2,500
2,424
California
Statewide
Communities
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
5
.25
%
,
8/15/52
,
Continuously
Callable
@100
..................
1,000
1,009
California
Statewide
Communities
Development
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
,
4
.00
%
,
11/1/46
,
Continuously
Callable
@100
.....................................................
4,000
3,640
California
Statewide
Communities
Development
Authority
Special
Tax
,
Series
A
,
5
.00
%
,
9/2/55
,
Continuously
Callable
@100
.....................................
1,255
1,220
Centinela
Valley
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/50
,
Continuously
Callable
@100
.........................
9,500
8,394
Chino
Valley
Unified
School
District,
GO
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...........................................................
1,000
921
City
&
County
of
San
Francisco
Community
Facilities
District
No.
2014-1
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
.............................
750
764
City
&
County
of
San
Francisco
Community
Facilities
District
No.
2016-1
Special
Tax
,
4
.00
%
,
9/1/52
,
Callable
9/1/28
@
103
(d)
........................................
1,750
1,393
City
&
County
of
San
Francisco
Infrastructure
&
Revitalization
Financing
District
No.
1
Tax
Allocation
Series
A
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
(d)
......................
1,250
1,128
Series
B
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
(d)
......................
640
578
City
of
Atwater
Wastewater
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
5/1/43
,
Continuously
Callable
@100
...............................
1,300
1,314
Victory
Portfolios
III
Victory
California
Bond
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
City
of
Fillmore
Wastewater
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/47
,
Continuously
Callable
@100
.....................................
$
2,000
$
2,010
City
of
Los
Angeles
Department
of
Airports
Revenue
AMT
Series
A
,
5
.00
%
,
5/15/55
,
Continuously
Callable
@100
........................
1,500
1,483
Series
C
,
4
.00
%
,
5/15/50
,
Continuously
Callable
@100
........................
1,840
1,526
City
of
Sacramento
Special
Tax
,
5
.38
%
,
9/1/52
,
Continuously
Callable
@103
(d)
..........
2,000
1,998
City
of
San
Mateo
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
2008-1
,
5
.25
%
,
9/1/44
,
Continuously
Callable
@100
...............................
4,000
4,177
City
of
Tulare
Sewer
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
11/15/44
,
Continuously
Callable
@100
...........................................
5,000
4,696
City
of
Upland
Certificate
of
Participation
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
...............................
3,000
2,534
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
...............................
2,000
1,961
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
,
Series
B-2
,
3
.50
%
,
1/15/53
,
Continuously
Callable
@100
...........................................
1,500
1,179
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
1/15/34
(f)
........................................................
15,000
10,882
1/15/35
(f)
........................................................
7,500
5,200
Golden
State
Tobacco
Securitization
Corp.
Revenue
,
Series
B
,
5
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....................................................
1,000
982
Hayward
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
8/1/44
,
Continuously
Callable
@100
...............................
3,000
3,045
Indio
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
5
.25
%
,
8/15/31
,
Continuously
Callable
@100
...........................................
2,940
2,943
Inglewood
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
...............................
3,550
3,329
Inglewood
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
C
,
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
450
448
Series
C
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
450
435
Irvine
Unified
School
District
Special
Tax
Series
A
,
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,015
973
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.........................
2,990
3,014
Series
B
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
995
1,015
Series
B
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
.........................
995
1,001
Series
C
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
995
999
Series
C
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
.........................
520
507
Series
D
,
5
.00
%
,
9/1/49
,
Continuously
Callable
@100
........................
995
999
Irvine
Unified
School
District
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,790
1,555
Series
A
,
5
.00
%
,
9/1/56
,
Continuously
Callable
@100
.........................
5,970
5,744
Local
Public
Schools
Funding
Authority
School
Improvement
District
No.
2016-1,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/52
,
Continuously
Callable
@100
...........................................................
1,500
1,345
Los
Angeles
County
Public
Works
Financing
Authority
Revenue
,
Series
D
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
...........................................
6,000
6,010
Los
Angeles
Housing
Authority
Revenue
,
Series
A
,
4
.40
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,773
Manteca
Unified
School
District
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,934
March
Joint
Powers
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
5,790
5,335
Middle
Fork
Project
Finance
Authority
Revenue
,
5
.00
%
,
4/1/33
,
Continuously
Callable
@100
2,205
2,261
Monrovia
Financing
Authority
Revenue
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
.....
3,435
3,438
Monrovia
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
....................................
2,345
2,357
Moreno
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
5
.00
%
,
8/1/47
,
Continuously
Callable
@100
.............................
6,500
6,544
Mountain
View
School
District/Los
Angeles
County,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
5
.00
%
,
8/1/48
,
Continuously
Callable
@100
.............
3,315
3,317
Norwalk
Redevelopment
Agency
Tax
Allocation
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
A
,
5
.00
%
,
10/1/30
,
Continuously
Callable
@100
........................
5,000
5,004
Victory
Portfolios
III
Victory
California
Bond
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
$
3,500
$
3,502
Norwalk-La
Mirada
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
8/1/30
(f)
..................................................
7,500
6,377
Palomar
Health,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
8/1/31
(f)
.......
12,230
9,353
Palomar
Health,
GO
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
A
,
8/1/26
(f)
...
5,500
5,182
Perris
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
9/1/48
,
Continuously
Callable
@100
.....................................
5,000
4,467
Poway
Unified
School
District
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.....................................
4,750
4,177
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
(NBGA
-
University
of
California
Medical
Center)
,
Series
O-1
,
1
.00
%
,
5/15/45
,
Callable
7/1/25
@
100
(e)
..
3,480
3,480
Rio
Elementary
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
2,800
2,524
River
Islands
Public
Financing
Authority
Special
Tax
(INS
-
Assured
Guaranty
Corp.)
,
Series
A-1
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@103
............................
1,500
1,528
River
Islands
Public
Financing
Authority
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
2016-1
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@103
...............
2,000
2,055
Riverside
County
Transportation
Commission
Revenue
,
Series
B1
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
...........................................
3,000
2,641
RNR
School
Financing
Authority
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
9/1/41
,
Continuously
Callable
@100
.........................
2,000
2,007
Sacramento
Area
Flood
Control
Agency
Special
Assessment
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
...................
2,000
2,002
San
Diego
County
Regional
Airport
Authority
Revenue
,
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.....................................................
1,500
1,505
San
Diego
County
Regional
Airport
Authority
Revenue
AMT
Series
B
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
3,000
2,558
Series
B
,
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
1,685
1,676
Series
B
,
5
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
5,250
5,151
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT
Series
A
,
5
.25
%
,
5/1/49
,
Continuously
Callable
@100
.........................
1,400
1,427
Series
A
,
5
.25
%
,
5/1/55
,
Continuously
Callable
@100
.........................
12,000
12,145
San
Leandro
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.............................
1,550
1,572
San
Ramon
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
2/1/38
,
Continuously
Callable
@100
.......
5,000
5,005
Santa
Clarita
Community
College
District,
GO
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
.
5,250
4,937
Stockton
Public
Financing
Authority
Revenue
4
.00
%
,
3/1/40
,
Continuously
Callable
@100
...............................
920
796
5
.00
%
,
3/1/47
,
Continuously
Callable
@100
...............................
4,385
4,119
Sweetwater
Union
High
School
District,
GO
,
Series
2018-A1
,
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
.....................................................
1,000
1,011
Tahoe-Truckee
Unified
School
District
Certificate
of
Participation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
6/1/43
,
Continuously
Callable
@100
..............
1,000
935
Temecula
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
.........................
7,500
6,785
Tobacco
Securitization
Authority
of
Southern
California
Revenue
5
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
720
708
5
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
2,175
2,132
Transbay
Joint
Powers
Authority
Tax
Allocation
,
Series
A
,
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
.....................................................
800
783
University
of
California
Revenue
,
Series
AL-2
,
0
.75
%
,
5/15/48
,
Callable
7/1/25
@
100
(e)
...
3,100
3,100
Vacaville
Unified
School
District,
GO
,
Series
D
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
1,850
1,695
Val
Verde
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
4,475
4,155
Washington
Township
Health
Care
District
Revenue
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
1,000
1,000
Series
A
,
5
.75
%
,
7/1/53
,
Continuously
Callable
@100
.........................
1,500
1,555
Washington
Township
Health
Care
District,
GO
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
3,280
2,721
Series
B
,
4
.50
%
,
8/1/53
,
Continuously
Callable
@100
.........................
750
704
Victory
Portfolios
III
Victory
California
Bond
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
West
Contra
Costa
Unified
School
District,
GO
,
Series
B
,
5
.00
%
,
8/1/54
,
Continuously
Callable
@100
.....................................................
$
1,000
$
1,021
411,486
Guam
(1.3%):
Antonio
B
Won
Pat
International
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.25
%
,
10/1/41
,
Continuously
Callable
@100
...........................................
100
103
Guam
Power
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
2,800
2,806
Series
A
,
5
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
2,635
2,674
5,583
Virgin
Islands
(0.7%):
Virgin
Islands
Public
Finance
Authority
Revenue
,
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
(d)
.........................................................
3,000
3,003
Total
Municipal
Bonds
(Cost
$444,367)
a
a
a
420,072
Total
Investments
(Cost
$444,367)
—
99.0%
420,072
Other
assets
in
excess
of
liabilities
—  1.0%
4,050
NET
ASSETS
-
100.00%
$
424,122
(a)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2025.
(c)
Put
Bond.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$37,102
(thousands)
and
amounted
to
8.7%
of
net
assets.
(e)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(f)
Zero-coupon
bond.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
7
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(33.3%)
Communication
Services
(3.6%):
Alphabet,
Inc.
,
Class
A
...................................................
4,088
$
702
Alphabet,
Inc.
,
Class
C
...................................................
32,646
5,643
Cable
One,
Inc.
........................................................
426
62
Cargurus,
Inc.
(a)
.......................................................
2,901
91
Comcast
Corp.
,
Class
A
..................................................
14,533
502
IDT
Corp.
,
Class
B
......................................................
836
51
Meta
Platforms,
Inc.
,
Class
A
..............................................
8,077
5,230
TEGNA,
Inc.
..........................................................
5,236
88
Verizon
Communications,
Inc.
..............................................
41,692
1,833
Yelp,
Inc.
(a)
...........................................................
2,639
101
Ziff
Davis,
Inc.
(a)
.......................................................
2,038
66
14,369
Consumer
Discretionary
(2.7%):
American
Eagle
Outfitters,
Inc.
.............................................
5,606
61
AutoNation,
Inc.
(a)
.....................................................
66
12
AutoZone,
Inc.
(a)
.......................................................
37
138
Best
Buy
Co.,
Inc.
......................................................
6,872
456
Booking
Holdings,
Inc.
...................................................
177
977
D.R.
Horton,
Inc.
.......................................................
3,818
451
Deckers
Outdoor
Corp.
(a)
.................................................
3,615
381
Expedia
Group,
Inc.
.....................................................
3,752
626
Frontdoor,
Inc.
(a)
.......................................................
1,459
80
General
Motors
Co.
.....................................................
31,020
1,539
G-III
Apparel
Group
Ltd.
(a)
...............................................
2,121
62
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
1,707
31
Installed
Building
Products,
Inc.
............................................
495
79
KB
Home
............................................................
1,252
65
Kontoor
Brands,
Inc.
....................................................
975
67
Lennar
Corp.
,
Class
A
....................................................
5,177
549
Lowe's
Cos.,
Inc.
.......................................................
3,515
793
Monarch
Casino
&
Resort,
Inc.
.............................................
755
63
Murphy
USA,
Inc.
......................................................
733
313
NVR,
Inc.
(a)
..........................................................
112
797
Phinia,
Inc.
...........................................................
2,021
88
PulteGroup,
Inc.
........................................................
5,970
585
Ralph
Lauren
Corp.
.....................................................
2,185
605
Signet
Jewelers
Ltd.
.....................................................
1,470
98
Taylor
Morrison
Home
Corp.
(a)
............................................
1,942
109
The
Buckle,
Inc.
........................................................
2,101
90
The
Home
Depot,
Inc.
...................................................
1,798
662
Toll
Brothers,
Inc.
......................................................
5,450
568
Tri
Pointe
Homes,
Inc.
(a)
.................................................
2,543
75
Winnebago
Industries,
Inc.
................................................
1,419
48
10,468
Consumer
Staples
(2.7%):
Altria
Group,
Inc.
.......................................................
29,332
1,778
Cal-Maine
Foods,
Inc.
...................................................
1,229
118
Coca-Cola
Consolidated,
Inc.
..............................................
2,760
316
Colgate-Palmolive
Co.
...................................................
7,162
666
Costco
Wholesale
Corp.
..................................................
1,283
1,335
Dole
PLC
............................................................
3,098
44
Edgewell
Personal
Care
Co.
...............................................
1,664
46
Ingredion,
Inc.
.........................................................
1,658
231
Interparfums,
Inc.
.......................................................
483
66
Kimberly-Clark
Corp.
....................................................
8,356
1,201
Philip
Morris
International,
Inc.
.............................................
7,060
1,275
Sprouts
Farmers
Market,
Inc.
(a)
............................................
825
143
Sysco
Corp.
...........................................................
6,574
480
Target
Corp.
..........................................................
1,155
109
The
Andersons,
Inc.
.....................................................
1,365
48
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
The
Kroger
Co.
........................................................
1,600
$
109
The
Procter
&
Gamble
Co.
................................................
4,058
689
The
Vita
Coco
Co.,
Inc.
(a)
................................................
1,656
59
U.S.
Foods
Holding
Corp.
(a)
...............................................
6,162
487
Walmart,
Inc.
..........................................................
14,832
1,464
10,664
Energy
(0.7%):
Cactus,
Inc.
,
Class
A
.....................................................
1,400
58
Core
Natural
Resources,
Inc.
...............................................
737
51
Coterra
Energy,
Inc.
.....................................................
13,209
321
Devon
Energy
Corp.
.....................................................
5,220
158
EOG
Resources,
Inc.
....................................................
11,382
1,236
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
2,841
61
Matador
Resources
Co.
...................................................
839
36
Murphy
Oil
Corp.
......................................................
5,167
108
Ovintiv,
Inc.
..........................................................
7,987
286
Ranger
Energy
Services,
Inc.
...............................................
4,100
44
Scorpio
Tankers,
Inc.
....................................................
1,099
44
SM
Energy
Co.
........................................................
3,884
91
Teekay
Corp.
Ltd.
......................................................
7,457
63
Teekay
Tankers
Ltd.
,
Class
A
...............................................
1,454
64
Valero
Energy
Corp.
.....................................................
2,220
286
2,907
Financials
(4.5%):
Acadian
Asset
Management,
Inc.
............................................
2,168
65
Amalgamated
Financial
Corp.
..............................................
2,996
91
American
Express
Co.
...................................................
2,653
780
Ameriprise
Financial,
Inc.
.................................................
2,690
1,370
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
2,433
24
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
2,595
105
Atlanticus
Holdings
Corp.
(a)
...............................................
1,419
70
Axis
Capital
Holdings
Ltd.
................................................
2,486
258
BancFirst
Corp.
........................................................
674
83
Bread
Financial
Holdings,
Inc.
.............................................
1,821
93
Capital
One
Financial
Corp.
...............................................
955
181
Cathay
General
Bancorp
..................................................
1,899
81
Cincinnati
Financial
Corp.
................................................
1,892
285
Cohen
&
Steers,
Inc.
....................................................
1,159
89
Corebridge
Financial,
Inc.
.................................................
17,393
567
Dime
Community
Bancshares,
Inc.
..........................................
3,176
82
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
1,177
64
East
West
Bancorp,
Inc.
..................................................
6,311
576
Enova
International,
Inc.
(a)
................................................
1,109
103
Essent
Group
Ltd.
......................................................
1,714
99
Everest
Group
Ltd.
......................................................
1,687
586
Fidelity
National
Financial,
Inc.
............................................
10,719
587
Fifth
Third
Bancorp
.....................................................
1,687
64
First
Bancorp
..........................................................
6,076
121
First
Financial
Bancorp
...................................................
2,148
52
Franklin
BSP
Realty
Trust,
Inc.
.............................................
2,790
31
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....................................
3,587
78
Hancock
Whitney
Corp.
..................................................
1,143
63
International
Bancshares
Corp.
.............................................
1,799
113
Jackson
Financial,
Inc.
,
Class
A
.............................................
1,508
124
JPMorgan
Chase
&
Co.
..................................................
10,943
2,889
Ladder
Capital
Corp.
....................................................
3,106
33
Live
Oak
Bancshares,
Inc.
................................................
1,654
45
MFA
Financial,
Inc.
.....................................................
2,300
21
Northeast
Community
Bancorp,
Inc.
.........................................
1,318
30
OFG
Bancorp
.........................................................
2,712
112
Old
Second
Bancorp,
Inc.
.................................................
5,139
85
PayPal
Holdings,
Inc.
(a)
..................................................
10,508
739
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
PJT
Partners,
Inc.
,
Class
A
................................................
710
$
107
Prudential
Financial,
Inc.
.................................................
3,849
400
QCR
Holdings,
Inc.
.....................................................
1,002
67
Regions
Financial
Corp.
..................................................
4,932
106
SEI
Investments
Co.
.....................................................
1,926
164
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
1,949
123
Synchrony
Financial
.....................................................
18,061
1,041
T.
Rowe
Price
Group,
Inc.
.................................................
557
52
The
Allstate
Corp.
......................................................
3,267
686
The
Bank
of
New
York
Mellon
Corp.
.........................................
4,977
441
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
1,985
84
The
Goldman
Sachs
Group,
Inc.
............................................
1,033
620
The
Hartford
Insurance
Group,
Inc.
..........................................
5,270
684
The
PNC
Financial
Services
Group,
Inc.
......................................
1,319
229
The
Progressive
Corp.
...................................................
2,511
715
Universal
Insurance
Holdings,
Inc.
..........................................
2,549
69
Veritex
Holdings,
Inc.
....................................................
2,607
63
Visa,
Inc.
,
Class
A
......................................................
1,127
412
W.R.
Berkley
Corp.
.....................................................
11,505
859
World
Acceptance
Corp.
(a)
................................................
552
85
17,846
Health
Care
(4.3%):
89bio,
Inc.
(a)
..........................................................
977
10
AbbVie,
Inc.
..........................................................
8,488
1,580
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
709
15
AdaptHealth
Corp.
(a)
....................................................
8,037
72
ADMA
Biologics,
Inc.
(a)
.................................................
1,329
26
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
447
14
Akero
Therapeutics,
Inc.
(a)
................................................
458
23
Alkermes
PLC
(a)
.......................................................
1,032
32
Amicus
Therapeutics,
Inc.
(a)
...............................................
2,526
15
Apogee
Therapeutics,
Inc.
(a)
...............................................
352
13
Arcellx,
Inc.
(a)
........................................................
338
21
Arcutis
Biotherapeutics,
Inc.
(a)
.............................................
716
9
Ardelyx,
Inc.
(a)
........................................................
1,567
6
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
981
16
Avanos
Medical,
Inc.
(a)
..................................................
2,689
34
Avidity
Biosciences,
Inc.
(a)
...............................................
763
24
Beam
Therapeutics,
Inc.
(a)
................................................
715
11
BioCryst
Pharmaceuticals,
Inc.
(a)
...........................................
1,272
14
Biohaven
Ltd.
(a)
.......................................................
730
11
Blueprint
Medicines
Corp.
(a)
..............................................
377
38
Bridgebio
Pharma,
Inc.
(a)
.................................................
876
30
Cardinal
Health,
Inc.
....................................................
10,486
1,620
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
850
21
Celldex
Therapeutics,
Inc.
(a)
...............................................
741
15
Cencora,
Inc.
..........................................................
386
112
Centene
Corp.
(a)
.......................................................
10,122
571
CG
oncology,
Inc.
(a)
....................................................
400
10
Corcept
Therapeutics,
Inc.
(a)
..............................................
717
56
CorVel
Corp.
(a)
........................................................
883
98
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
794
24
Cytokinetics,
Inc.
(a)
.....................................................
761
24
DaVita,
Inc.
(a)
.........................................................
116
16
Denali
Therapeutics,
Inc.
(a)
...............................................
1,164
15
Dyne
Therapeutics,
Inc.
(a)
................................................
779
9
Exelixis,
Inc.
(a)
........................................................
9,405
405
Gilead
Sciences,
Inc.
....................................................
11,125
1,225
Halozyme
Therapeutics,
Inc.
(a)
.............................................
693
39
HCA
Healthcare,
Inc.
....................................................
434
166
Ideaya
Biosciences,
Inc.
(a)
................................................
1,108
22
Immunovant,
Inc.
(a)
(b)
...................................................
866
13
Incyte
Corp.
(a)
.........................................................
5,919
385
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Innoviva,
Inc.
(a)
.......................................................
3,062
$
60
Insmed,
Inc.
(a)
.........................................................
996
69
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
5,360
68
Intellia
Therapeutics,
Inc.
(a)
...............................................
1,144
8
iRadimed
Corp.
........................................................
866
50
Johnson
&
Johnson
.....................................................
7,248
1,125
Krystal
Biotech,
Inc.
(a)
...................................................
173
22
Kymera
Therapeutics,
Inc.
(a)
..............................................
514
15
Lantheus
Holdings,
Inc.
(a)
................................................
1,048
79
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
104
29
McKesson
Corp.
.......................................................
2,298
1,653
Merck
&
Co.,
Inc.
......................................................
21,436
1,647
Mirum
Pharmaceuticals,
Inc.
(a)
.............................................
298
13
Molina
Healthcare,
Inc.
(a)
................................................
1,141
348
Niagen
Bioscience,
Inc.
(a)
................................................
6,420
70
Novavax,
Inc.
(a)
(b)
.....................................................
955
7
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
298
22
Option
Care
Health,
Inc.
(a)
................................................
1,615
53
Pediatrix
Medical
Group,
Inc.
(a)
............................................
4,925
70
Pfizer,
Inc.
............................................................
42,579
1,000
Progyny,
Inc.
(a)
........................................................
3,267
70
Protagonist
Therapeutics,
Inc.
(a)
............................................
362
17
PTC
Therapeutics,
Inc.
(a)
.................................................
439
21
Regeneron
Pharmaceuticals,
Inc.
............................................
546
268
Revolution
Medicines,
Inc.
(a)
..............................................
1,095
43
Rhythm
Pharmaceuticals,
Inc.
(a)
............................................
341
21
Royalty
Pharma
PLC
,
Class
A
..............................................
16,088
529
Scholar
Rock
Holding
Corp.
(a)
.............................................
527
15
Select
Medical
Holdings
Corp.
.............................................
5,681
87
SIGA
Technologies,
Inc.
..................................................
10,174
61
Soleno
Therapeutics,
Inc.
(a)
...............................................
156
11
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
380
18
Tenet
Healthcare
Corp.
(a)
.................................................
4,499
759
TG
Therapeutics,
Inc.
(a)
..................................................
760
27
The
Cigna
Group
.......................................................
1,012
320
Travere
Therapeutics,
Inc.
(a)
...............................................
558
8
Twist
Bioscience
Corp.
(a)
.................................................
510
15
United
Therapeutics
Corp.
(a)
..............................................
1,998
637
UnitedHealth
Group,
Inc.
.................................................
2,066
624
Universal
Health
Services,
Inc.
,
Class
B
.......................................
1,360
259
Vaxcyte,
Inc.
(a)
........................................................
768
25
Vera
Therapeutics,
Inc.
(a)
.................................................
414
8
Veracyte,
Inc.
(a)
........................................................
572
15
Vericel
Corp.
(a)
........................................................
367
15
17,141
Industrials
(3.5%):
ACCO
Brands
Corp.
....................................................
20,858
75
Acuity,
Inc.
...........................................................
1,917
498
Allison
Transmission
Holdings,
Inc.
.........................................
5,472
566
American
Woodmark
Corp.
(a)
..............................................
848
48
Apogee
Enterprises,
Inc.
..................................................
1,467
57
Applied
Industrial
Technologies,
Inc.
.........................................
606
137
Argan,
Inc.
...........................................................
571
120
ASGN,
Inc.
(a)
.........................................................
931
49
Boise
Cascade
Co.
......................................................
1,036
90
Builders
FirstSource,
Inc.
(a)
...............................................
283
30
Carlisle
Cos.,
Inc.
.......................................................
1,785
679
Caterpillar,
Inc.
........................................................
1,211
421
Cintas
Corp.
..........................................................
1,830
414
Columbus
McKinnon
Corp.
...............................................
2,714
40
Comfort
Systems
USA,
Inc.
...............................................
1,581
756
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
2,997
164
Cummins,
Inc.
.........................................................
3,770
1,212
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Delta
Air
Lines,
Inc.
.....................................................
17,353
$
840
Deluxe
Corp.
..........................................................
4,043
58
DNOW,
Inc.
(a)
........................................................
3,593
52
EMCOR
Group,
Inc.
....................................................
2,004
946
Exponent,
Inc.
.........................................................
972
74
Genco
Shipping
&
Trading
Ltd.
.............................................
4,547
60
GMS,
Inc.
(a)
..........................................................
859
65
Griffon
Corp.
..........................................................
1,111
76
Huron
Consulting
Group,
Inc.
(a)
............................................
502
72
Kforce,
Inc.
...........................................................
1,279
52
Korn
Ferry
...........................................................
941
64
Legalzoom.com,
Inc.
(a)
..................................................
7,234
66
Leidos
Holdings,
Inc.
....................................................
4,761
707
Liquidity
Services,
Inc.
(a)
.................................................
2,874
67
Lockheed
Martin
Corp.
...................................................
1,680
810
Masco
Corp.
..........................................................
5,650
353
Masterbrand,
Inc.
(a)
.....................................................
6,444
66
Matson,
Inc.
..........................................................
824
93
MRC
Global,
Inc.
(a)
.....................................................
7,579
94
Mueller
Industries,
Inc.
...................................................
835
65
Owens
Corning
........................................................
3,595
482
PACCAR,
Inc.
.........................................................
1,311
123
Resideo
Technologies,
Inc.
(a)
..............................................
4,239
88
Steelcase,
Inc.
,
Class
A
...................................................
7,110
73
Sterling
Infrastructure,
Inc.
(a)
..............................................
707
133
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
7,652
89
Terex
Corp.
...........................................................
1,665
75
Trane
Technologies
PLC
..................................................
858
369
TriNet
Group,
Inc.
......................................................
674
56
United
Airlines
Holdings,
Inc.
(a)
............................................
10,566
839
United
Rentals,
Inc.
.....................................................
151
107
Vertiv
Holdings
Co.
,
Class
A
...............................................
4,926
532
W.W.
Grainger,
Inc.
.....................................................
613
667
Wabash
National
Corp.
...................................................
3,324
29
13,698
Information
Technology
(8.9%):
A10
Networks,
Inc.
.....................................................
5,271
91
Adeia,
Inc.
............................................................
5,511
71
Amphenol
Corp.
,
Class
A
.................................................
5,448
490
Apple,
Inc.
...........................................................
42,276
8,491
Arista
Networks,
Inc.
(a)
..................................................
5,534
479
Belden,
Inc.
...........................................................
526
56
Benchmark
Electronics,
Inc.
...............................................
2,635
96
Box,
Inc.
,
Class
A
(a)
....................................................
3,191
121
Cisco
Systems,
Inc.
.....................................................
23,977
1,511
Clear
Secure,
Inc.
,
Class
A
................................................
2,932
73
Commvault
Systems,
Inc.
(a)
...............................................
725
133
Consensus
Cloud
Solutions,
Inc.
(a)
..........................................
2,401
53
Diodes,
Inc.
(a)
.........................................................
1,112
49
Docusign,
Inc.
(a)
.......................................................
7,219
640
Dropbox,
Inc.
,
Class
A
(a)
.................................................
18,875
545
Extreme
Networks,
Inc.
(a)
................................................
6,332
99
F5,
Inc.
(a)
............................................................
2,385
681
Fair
Isaac
Corp.
(a)
......................................................
244
421
Fortinet,
Inc.
(a)
........................................................
3,991
406
Gen
Digital,
Inc.
.......................................................
22,065
628
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
6,469
1,178
Hewlett
Packard
Enterprise
Co.
.............................................
43,066
744
Insight
Enterprises,
Inc.
(a)
................................................
735
96
International
Business
Machines
Corp.
........................................
1,353
350
Jabil,
Inc.
............................................................
273
46
KLA
Corp.
...........................................................
750
568
Knowles
Corp.
(a)
.......................................................
3,769
62
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Kulicke
&
Soffa
Industries,
Inc.
.............................................
1,883
$
60
Microsoft
Corp.
........................................................
8,041
3,702
Motorola
Solutions,
Inc.
..................................................
3,152
1,309
NetApp,
Inc.
..........................................................
5,584
554
NetScout
Systems,
Inc.
(a)
.................................................
3,104
71
NVIDIA
Corp.
.........................................................
66,092
8,931
Photronics,
Inc.
(a)
......................................................
2,695
45
QUALCOMM,
Inc.
.....................................................
6,117
888
Qualys,
Inc.
(a)
.........................................................
685
95
Sanmina
Corp.
(a)
.......................................................
1,335
113
ScanSource,
Inc.
(a)
.....................................................
1,835
74
TD
SYNNEX
Corp.
.....................................................
2,388
290
Verint
Systems,
Inc.
(a)
...................................................
2,439
43
Vishay
Intertechnology,
Inc.
...............................................
2,848
40
Zoom
Communications,
Inc.
(a)
.............................................
7,173
583
34,976
Materials
(0.8%):
AdvanSix,
Inc.
.........................................................
2,342
55
Cabot
Corp.
...........................................................
897
67
CF
Industries
Holdings,
Inc.
...............................................
8,340
757
Commercial
Metals
Co.
..................................................
958
45
CRH
PLC
............................................................
6,914
630
Hawkins,
Inc.
.........................................................
722
96
Louisiana-Pacific
Corp.
..................................................
2,225
200
LyondellBasell
Industries
NV
,
Class
A
........................................
7,812
441
O-I
Glass,
Inc.
(a)
.......................................................
4,693
62
Olympic
Steel,
Inc.
......................................................
1,840
55
Packaging
Corp.
of
America
...............................................
1,945
376
Reliance,
Inc.
..........................................................
839
246
Steel
Dynamics,
Inc.
.....................................................
386
47
SunCoke
Energy,
Inc.
....................................................
5,529
45
Sylvamo
Corp.
.........................................................
1,213
64
3,186
Real
Estate
(0.8%):
Acadia
Realty
Trust
.....................................................
1,247
24
American
Healthcare
REIT,
Inc.
............................................
828
29
American
Tower
Corp.
...................................................
2,318
497
Apple
Hospitality
REIT,
Inc.
...............................................
2,331
27
Broadstone
Net
Lease,
Inc.
................................................
2,489
40
CareTrust
REIT,
Inc.
....................................................
1,145
33
Compass,
Inc.
,
Class
A
(a)
.................................................
2,133
13
COPT
Defense
Properties
.................................................
1,135
31
Crown
Castle,
Inc.
......................................................
6,146
617
CubeSmart
...........................................................
5,516
236
Cushman
&
Wakefield
PLC
(a)
.............................................
2,170
22
Douglas
Emmett,
Inc.
....................................................
1,461
21
Equity
LifeStyle
Properties,
Inc.
............................................
4,190
266
Essential
Properties
Realty
Trust,
Inc.
........................................
1,337
43
Essex
Property
Trust,
Inc.
.................................................
298
85
Four
Corners
Property
Trust,
Inc.
............................................
1,284
35
Innovative
Industrial
Properties,
Inc.
.........................................
217
12
Kite
Realty
Group
Trust
..................................................
1,789
39
Lamar
Advertising
Co.
,
Class
A
.............................................
3,102
374
LXP
Industrial
Trust
.....................................................
4,616
40
National
Health
Investors,
Inc.
.............................................
398
29
National
Storage
Affiliates
Trust
............................................
1,756
60
Newmark
Group,
Inc.
,
Class
A
.............................................
1,960
21
Phillips
Edison
&
Co.,
Inc.
................................................
1,132
40
PotlatchDeltic
Corp.
.....................................................
717
28
Ryman
Hospitality
Properties,
Inc.
...........................................
387
38
Sabra
Health
Care
REIT,
Inc.
..............................................
1,579
28
SL
Green
Realty
Corp.
...................................................
561
32
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Sunstone
Hotel
Investors,
Inc.
..............................................
1,898
$
17
Tanger,
Inc.
...........................................................
777
23
Terreno
Realty
Corp.
....................................................
709
40
The
Macerich
Co.
......................................................
1,777
29
Urban
Edge
Properties
...................................................
1,584
29
VICI
Properties,
Inc.
....................................................
2,531
80
WP
Carey,
Inc.
.........................................................
2,103
132
3,110
Utilities
(0.8%):
Avista
Corp.
..........................................................
1,636
63
Black
Hills
Corp.
.......................................................
2,028
119
DTE
Energy
Co.
.......................................................
4,680
639
Edison
International
.....................................................
7,994
445
Entergy
Corp.
.........................................................
1,065
89
Evergy,
Inc.
...........................................................
6,239
414
MGE
Energy,
Inc.
......................................................
847
76
NiSource,
Inc.
.........................................................
12,282
486
Northwestern
Energy
Group,
Inc.
...........................................
1,697
94
NRG
Energy,
Inc.
.......................................................
3,604
562
OGE
Energy
Corp.
......................................................
4,136
184
Spire,
Inc.
............................................................
855
64
Unitil
Corp.
...........................................................
1,172
64
3,299
Total
Common
Stocks
(Cost
$103,980)
a
a
a
131,664
Exchange-Traded
Funds
(48.4%)
Invesco
DB
Commodity
Index
Tracking
Fund
(b)
................................
45,600
952
Invesco
RAFI
Developed
Markets
ex-US
ETF
..................................
43,991
2,479
Invesco
RAFI
Emerging
Markets
ETF
........................................
221,763
4,921
iShares
0-5
Year
TIPS
Bond
ETF
............................................
20,079
2,062
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
18,823
1,556
iShares
20+
Year
Treasury
Bond
ETF
.........................................
12,772
1,102
iShares
7-10
Year
Treasury
Bond
ETF
........................................
25,252
2,388
iShares
Core
MSCI
EAFE
ETF
.............................................
90,062
7,436
iShares
Core
S&P
500
ETF
................................................
32,517
19,255
iShares
Core
S&P
Small-Cap
ETF
...........................................
3,982
420
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
20,646
2,025
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
.........................
17,504
1,586
iShares
MSCI
Canada
ETF
................................................
125,287
5,633
iShares
MSCI
International
Momentum
Factor
ETF
(b)
............................
146,564
6,550
iShares
MSCI
International
Quality
Factor
ETF
.................................
165,207
7,074
iShares
MSCI
Japan
ETF
.................................................
126,379
9,367
JPMorgan
BetaBuilders
Canada
ETF
.........................................
71,548
5,634
Schwab
Fundamental
Emerging
Markets
Equity
ETF
.............................
332,382
10,440
Schwab
Fundamental
International
Equity
ETF
.................................
684,159
26,696
Schwab
Fundamental
International
Small
Equity
ETF
(b)
...........................
91,800
3,693
SPDR
Gold
Shares
(a)
(b)
..................................................
16,680
5,064
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
14,790
880
VanEck
Gold
Miners
ETF
.................................................
13,630
690
Vanguard
FTSE
All-World
ex-US
ETF
........................................
52,759
3,441
Vanguard
FTSE
Developed
Markets
ETF
......................................
475,689
26,439
Vanguard
FTSE
Emerging
Markets
ETF
(b)
....................................
220,611
10,369
Vanguard
FTSE
Europe
ETF
(b)
.............................................
112,242
8,616
Vanguard
Mortgage-Backed
Securities
ETF
....................................
21,540
985
Vanguard
Real
Estate
ETF
................................................
9,925
886
Vanguard
Total
Bond
Market
ETF
...........................................
72,980
5,311
Vanguard
Total
Stock
Market
ETF
...........................................
19,594
5,680
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(b)
..............................
42,134
1,536
Total
Exchange-Traded
Funds
(Cost
$153,213)
a
a
a
191,166
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(17.1%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
548,471
$
25,498
VictoryShares
Core
Plus
Intermediate
Bond
ETF
................................
567,170
12,251
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
46,000
2,280
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
730,818
18,307
VictoryShares
Short-Term
Bond
ETF
.........................................
103,145
5,237
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
..............................
155,000
3,860
Total
Affiliated
Exchange-Traded
Funds
(Cost
$70,377)
a
a
a
67,433
Collateral
for
Securities
Loaned
(3.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
3,178,762
3,178
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
3,178,762
3,179
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
3,178,762
3,179
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(c)
.
3,178,762
3,179
Total
Collateral
for
Securities
Loaned
(Cost
$12,715)
a
a
a
12,715
Total
Investments
(Cost
$340,285)
—
102.0%
402,978
Liabilities
in
excess
of
other
assets
—  (2.0)%
(7,882)
NET
ASSETS
-
100.00%
$
395,096
At
May
31,
2025,
the
Fund's
investments
in
foreign
securities
were
37.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
44
6/20/25
$
2,518,633
$
2,681,501
$
162,868
Swiss
Market
IX
Index
Futures
.........
22
6/20/25
3,330,316
3,268,442
(
61,874
)
Tokyo
Price
Index
Futures
............
25
6/12/25
4,552,437
4,860,822
308,385
$
409,379
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FTSE
100
Index
Futures
..............
63
6/20/25
$
7,295,671
$
7,452,576
$
(
156,905
)
Total
unrealized
appreciation
$
471,253
Total
unrealized
depreciation
(
218,779
)
Total
net
unrealized
appreciation
(depreciation)
$
252,474
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Core
Intermediate
Bond
ETF
...
$
32,406
$
—
$
(
6,474
)
$
(
1,116
)
$
682
$
25,498
548,471
$
320
$
—
VictoryShares
Core
Plus
Intermediate
Bond
ETF
...
8,585
3,759
—
—
(
93
)
12,251
567,170
100
—
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
$
740
$
1,488
$
—
$
—
$
52
$
2,280
46,000
$
5
$
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
13,860
3,614
—
—
833
18,307
730,818
2
—
VictoryShares
Short-Term
Bond
ETF
............
5,226
—
—
—
11
5,237
103,145
61
—
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
2,021
1,859
—
—
(
20
)
3,860
155,000
21
—
$
62,838
$
10,720
$
(
6,474
)
$
(
1,116
)
$
1,465
$
67,433
2,150,604
$
509
$
—
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Cornerstone
Conservative
Fund
16
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(35.3%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
438,782
$
20,399
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
55,618
2,757
VictoryShares
Free
Cash
Flow
ETF
..........................................
90,000
3,050
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
90,000
2,255
VictoryShares
Hedged
Equity
Income
ETF
.....................................
70,000
1,866
VictoryShares
International
Value
Momentum
ETF
...............................
93,597
5,287
VictoryShares
Short-Term
Bond
ETF
.........................................
589,469
29,927
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
44,000
1,097
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
18,550
1,503
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
25,995
2,127
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
102,587
4,211
Total
Affiliated
Exchange-Traded
Funds
(Cost
$71,397)
a
a
a
74,479
Affiliated
Mutual
Funds
(64.4%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
133,007
9,839
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
5,517,324
50,373
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
207
5
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
2,856,053
25,219
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,436,607
9,869
Victory
Income
Fund,
Institutional
Shares
.....................................
1,494,023
17,136
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
90,479
1,609
Victory
International
Fund,
Institutional
Shares
..................................
234,786
7,072
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
1,186,505
10,465
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
58,774
3,092
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
45,471
1,339
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
891
8
Total
Affiliated
Mutual
Funds
(Cost
$138,102)
a
a
a
136,026
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
6,244
7
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
6,244
6
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
6,244
6
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(c)
.
6,244
6
Total
Collateral
for
Securities
Loaned
(Cost
$25)
a
a
a
25
Total
Investments
(Cost
$209,524)
—
99.7%
210,530
Other
assets
in
excess
of
liabilities
—  0.3%
690
NET
ASSETS
-
100.00%
$
211,220
At
May
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
12.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Cornerstone
Conservative
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
8,274
$
1,522
$
—
$
—
$
43
$
9,839
133,007
$
21
$
—
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
...............
50,492
594
—
—
(
713
)
50,373
5,517,324
599
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
4
—
—
—
1
*
5
207
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
25,149
241
—
—
(
171
)
25,219
2,856,053
244
—
Victory
High
Income
Fund,
Institutional
Shares
......
9,748
175
—
—
(
54
)
9,869
1,436,607
175
—
Victory
Income
Fund,
Institutional
Shares
......
17,221
181
—
—
(
266
)
17,136
1,494,023
181
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
1,664
6
—
—
(
61
)
1,609
90,479
6
—
Victory
International
Fund,
Institutional
Shares
......
7,355
—
(
1,001
)
105
613
7,072
234,786
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
9,970
130
—
—
365
10,465
1,186,505
130
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
3,022
—
—
—
70
3,092
58,774
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
1,455
—
(
489
)
212
161
1,339
45,471
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
8
—
*
—
—
—
*
8
891
—
*
—
Victory
Target
Managed
Allocation
Fund
........
4,770
—
(
4,587
)
352
(
535
)
—
—
—
—
VictoryShares
Core
Intermediate
Bond
ETF
...
20,653
—
—
—
(
254
)
20,399
438,782
209
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
2,572
—
—
—
185
2,757
55,618
18
—
VictoryShares
Free
Cash
Flow
ETF
.................
3,179
—
—
—
(
129
)
3,050
90,000
10
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
1,420
665
—
—
170
2,255
90,000
—
*
—
VictoryShares
Hedged
Equity
Income
ETF
...........
—
1,830
—
—
36
1,866
70,000
12
—
VictoryShares
International
Value
Momentum
ETF
...
4,655
—
—
—
632
5,287
93,597
61
—
VictoryShares
Short-Term
Bond
ETF
............
29,868
—
—
—
59
29,927
589,469
348
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
489
638
—
—
(
30
)
1,097
44,000
2
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
1,530
—
—
—
(
27
)
1,503
18,550
6
—
VictoryShares
US
Value
Momentum
ETF
........
2,182
—
—
—
(
55
)
2,127
25,995
10
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
3,404
776
—
—
31
4,211
102,587
7
—
$
209,084
$
6,758
$
(
6,077
)
$
669
$
71
$
210,505
14,672,725
$
2,039
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Cornerstone
Equity
Fund
18
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(47.9%)
VictoryShares
Emerging
Markets
Value
Momentum
ETF
(a)
........................
320,458
$
15,882
VictoryShares
Free
Cash
Flow
ETF
(a)
........................................
491,092
16,643
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
707,968
17,735
VictoryShares
International
Value
Momentum
ETF
...............................
452,611
25,563
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
(a)
................................
186,062
4,640
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
114,594
9,286
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
149,156
12,205
VictoryShares
WestEnd
U.S.
Sector
ETF
(a)
....................................
552,787
22,692
Total
Affiliated
Exchange-Traded
Funds
(Cost
$103,929)
a
a
a
124,646
Affiliated
Mutual
Funds
(51.7%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
682,619
50,493
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
272,156
5,982
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
629,781
11,198
Victory
International
Fund,
Institutional
Shares
..................................
1,364,225
41,090
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
406,193
21,370
Victory
Pioneer
International
Equity
Fund,
Class
Y
...............................
102,634
3,028
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
45,942
1,353
Total
Affiliated
Mutual
Funds
(Cost
$88,940)
a
a
a
134,514
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(b)
........
188,706
188
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(b)
............
188,706
189
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(b)
...............
188,706
189
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(b)
.
188,706
189
Total
Collateral
for
Securities
Loaned
(Cost
$755)
a
a
a
755
Total
Investments
(Cost
$193,624)
—
99.9%
259,915
Other
assets
in
excess
of
liabilities
—  0.1%
236
NET
ASSETS
-
100.00%
$
260,151
At
May
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
35.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Cornerstone
Equity
Fund
Victory
500
Index
Fund,
Reward
Shares
.........
$
50,274
$
1,627
$
(
1,201
)
$
36
$
(
243
)
$
50,493
682,619
$
127
$
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
5,585
—
—
—
397
5,982
272,156
—
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
11,582
42
—
—
(
426
)
11,198
629,781
42
—
Victory
International
Fund,
Institutional
Shares
......
43,238
2,500
(
8,412
)
225
3,539
41,090
1,364,225
—
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
18,792
1,987
—
—
591
21,370
406,193
—
—
Victory
Pioneer
International
Equity
Fund,
Class
Y
.....
—
3,000
—
—
28
3,028
102,634
—
—
Victory
Portfolios
III
Victory
Cornerstone
Equity
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
$
1,045
$
—
$
—
$
—
$
308
$
1,353
45,942
$
—
$
—
Victory
Target
Managed
Allocation
Fund
........
11,264
—
(
11,051
)
1,113
(
1,326
)
—
—
—
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
14,821
—
—
—
1,061
15,882
320,458
102
—
VictoryShares
Free
Cash
Flow
ETF
.................
14,908
2,316
—
—
(
581
)
16,643
491,092
47
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
8,114
8,877
—
—
744
17,735
707,968
1
—
VictoryShares
International
Value
Momentum
ETF
...
24,249
—
(
1,952
)
115
3,151
25,563
452,611
316
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
4,142
638
—
—
(
140
)
4,640
186,062
17
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
8,625
802
—
—
(
141
)
9,286
114,594
36
—
VictoryShares
US
Value
Momentum
ETF
........
14,200
1,125
(
2,858
)
728
(
990
)
12,205
149,156
65
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
20,931
1,780
—
—
(
19
)
22,692
552,787
39
—
$
251,770
$
24,694
$
(
25,474
)
$
2,217
$
5,953
$
259,160
6,478,278
$
792
$
—
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
20
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(18.5%)
Communication
Services
(2.2%):
Alphabet,
Inc.
,
Class
A
...................................................
7,156
$
1,229
Alphabet,
Inc.
,
Class
C
...................................................
57,244
9,894
Comcast
Corp.
,
Class
A
..................................................
25,476
881
Meta
Platforms,
Inc.
,
Class
A
..............................................
14,139
9,155
Verizon
Communications,
Inc.
..............................................
72,978
3,208
24,367
Consumer
Discretionary
(1.5%):
AutoNation,
Inc.
(a)
.....................................................
113
21
AutoZone,
Inc.
(a)
.......................................................
71
265
Best
Buy
Co.,
Inc.
......................................................
12,030
797
Booking
Holdings,
Inc.
...................................................
312
1,722
D.R.
Horton,
Inc.
.......................................................
6,672
788
Deckers
Outdoor
Corp.
(a)
.................................................
6,329
668
Expedia
Group,
Inc.
.....................................................
7,155
1,193
General
Motors
Co.
.....................................................
54,297
2,694
Lennar
Corp.
,
Class
A
....................................................
9,061
961
Lowe's
Cos.,
Inc.
.......................................................
6,152
1,389
Murphy
USA,
Inc.
......................................................
1,281
547
NVR,
Inc.
(a)
..........................................................
199
1,416
PulteGroup,
Inc.
........................................................
10,451
1,024
Ralph
Lauren
Corp.
.....................................................
3,826
1,059
The
Home
Depot,
Inc.
...................................................
3,147
1,159
Toll
Brothers,
Inc.
......................................................
9,539
994
16,697
Consumer
Staples
(1.6%):
Altria
Group,
Inc.
.......................................................
51,342
3,112
Coca-Cola
Consolidated,
Inc.
..............................................
4,830
554
Colgate-Palmolive
Co.
...................................................
12,536
1,165
Costco
Wholesale
Corp.
..................................................
2,254
2,345
Ingredion,
Inc.
.........................................................
2,900
403
Kimberly-Clark
Corp.
....................................................
14,652
2,106
Philip
Morris
International,
Inc.
.............................................
12,357
2,232
Sysco
Corp.
...........................................................
11,521
841
Target
Corp.
..........................................................
2,019
190
The
Kroger
Co.
........................................................
2,801
191
The
Procter
&
Gamble
Co.
................................................
7,104
1,207
U.S.
Foods
Holding
Corp.
(a)
...............................................
10,785
853
Walmart,
Inc.
..........................................................
26,003
2,567
17,766
Energy
(0.3%):
Coterra
Energy,
Inc.
.....................................................
23,121
562
Devon
Energy
Corp.
.....................................................
9,134
276
EOG
Resources,
Inc.
....................................................
19,923
2,163
Ovintiv,
Inc.
..........................................................
13,999
502
Valero
Energy
Corp.
.....................................................
3,887
501
4,004
Financials
(2.4%):
American
Express
Co.
...................................................
4,635
1,363
Ameriprise
Financial,
Inc.
.................................................
4,718
2,403
Axis
Capital
Holdings
Ltd.
................................................
4,351
452
Capital
One
Financial
Corp.
...............................................
1,667
315
Cincinnati
Financial
Corp.
................................................
3,308
499
Corebridge
Financial,
Inc.
.................................................
30,483
994
East
West
Bancorp,
Inc.
..................................................
11,035
1,006
Everest
Group
Ltd.
......................................................
2,959
1,027
Fidelity
National
Financial,
Inc.
............................................
18,762
1,028
Fifth
Third
Bancorp
.....................................................
2,948
113
JPMorgan
Chase
&
Co.
..................................................
19,132
5,051
PayPal
Holdings,
Inc.
(a)
..................................................
18,393
1,293
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Prudential
Financial,
Inc.
.................................................
6,737
$
700
Regions
Financial
Corp.
..................................................
8,641
185
SEI
Investments
Co.
.....................................................
3,372
287
Synchrony
Financial
.....................................................
30,075
1,734
T.
Rowe
Price
Group,
Inc.
.................................................
968
91
The
Allstate
Corp.
......................................................
5,719
1,200
The
Bank
of
New
York
Mellon
Corp.
.........................................
8,715
772
The
Goldman
Sachs
Group,
Inc.
............................................
1,809
1,086
The
Hartford
Insurance
Group,
Inc.
..........................................
9,215
1,196
The
PNC
Financial
Services
Group,
Inc.
......................................
2,307
401
The
Progressive
Corp.
...................................................
4,396
1,253
Visa,
Inc.
,
Class
A
......................................................
1,975
721
W.R.
Berkley
Corp.
(b)
...................................................
20,109
1,502
26,672
Health
Care
(2.3%):
AbbVie,
Inc.
..........................................................
14,852
2,764
Cardinal
Health,
Inc.
....................................................
18,387
2,840
Cencora,
Inc.
..........................................................
678
197
Centene
Corp.
(a)
.......................................................
17,707
999
DaVita,
Inc.
(a)
.........................................................
205
28
Exelixis,
Inc.
(a)
........................................................
16,462
709
Gilead
Sciences,
Inc.
....................................................
19,466
2,143
HCA
Healthcare,
Inc.
....................................................
760
290
Incyte
Corp.
(a)
.........................................................
10,362
674
Johnson
&
Johnson
.....................................................
12,672
1,967
McKesson
Corp.
.......................................................
4,029
2,899
Merck
&
Co.,
Inc.
......................................................
37,522
2,883
Molina
Healthcare,
Inc.
(a)
................................................
1,697
518
Pfizer,
Inc.
............................................................
74,529
1,751
Regeneron
Pharmaceuticals,
Inc.
............................................
957
469
Royalty
Pharma
PLC
,
Class
A
..............................................
28,161
926
Tenet
Healthcare
Corp.
(a)
.................................................
7,864
1,327
The
Cigna
Group
.......................................................
1,771
561
United
Therapeutics
Corp.
(a)
..............................................
3,281
1,046
UnitedHealth
Group,
Inc.
.................................................
3,612
1,090
Universal
Health
Services,
Inc.
,
Class
B
.......................................
2,386
454
26,535
Industrials
(1.8%):
Acuity,
Inc.
...........................................................
3,356
872
Allison
Transmission
Holdings,
Inc.
.........................................
9,567
990
Builders
FirstSource,
Inc.
(a)
...............................................
496
53
Carlisle
Cos.,
Inc.
.......................................................
3,125
1,188
Caterpillar,
Inc.
........................................................
2,119
737
Cintas
Corp.
..........................................................
3,203
726
Comfort
Systems
USA,
Inc.
...............................................
2,768
1,324
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
5,245
287
Cummins,
Inc.
.........................................................
6,599
2,121
Delta
Air
Lines,
Inc.
.....................................................
30,375
1,470
EMCOR
Group,
Inc.
....................................................
3,505
1,654
Leidos
Holdings,
Inc.
....................................................
8,334
1,238
Lockheed
Martin
Corp.
...................................................
2,941
1,419
Masco
Corp.
..........................................................
9,907
618
Owens
Corning
........................................................
6,293
843
PACCAR,
Inc.
.........................................................
2,287
215
Trane
Technologies
PLC
..................................................
1,503
647
United
Airlines
Holdings,
Inc.
(a)
............................................
18,494
1,469
United
Rentals,
Inc.
.....................................................
271
192
Vertiv
Holdings
Co.
,
Class
A
...............................................
8,623
931
W.W.
Grainger,
Inc.
.....................................................
1,073
1,167
20,161
Information
Technology
(5.2%):
Amphenol
Corp.
,
Class
A
.................................................
9,537
858
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Apple,
Inc.
...........................................................
73,999
$
14,863
Arista
Networks,
Inc.
(a)
..................................................
10,984
952
Cisco
Systems,
Inc.
.....................................................
41,970
2,646
Docusign,
Inc.
(a)
.......................................................
12,636
1,120
Dropbox,
Inc.
,
Class
A
(a)
.................................................
33,093
955
F5,
Inc.
(a)
............................................................
4,179
1,193
Fair
Isaac
Corp.
(a)
......................................................
419
723
Fortinet,
Inc.
(a)
........................................................
6,986
711
Gen
Digital,
Inc.
.......................................................
38,623
1,100
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
11,315
2,061
Hewlett
Packard
Enterprise
Co.
.............................................
75,383
1,303
International
Business
Machines
Corp.
........................................
2,368
613
Jabil,
Inc.
............................................................
478
80
KLA
Corp.
...........................................................
1,323
1,001
Microsoft
Corp.
........................................................
14,075
6,479
Motorola
Solutions,
Inc.
..................................................
5,509
2,288
NetApp,
Inc.
..........................................................
9,774
969
NVIDIA
Corp.
.........................................................
115,687
15,633
QUALCOMM,
Inc.
.....................................................
10,708
1,555
TD
SYNNEX
Corp.
.....................................................
4,187
508
Zoom
Communications,
Inc.
(a)
.............................................
12,555
1,020
58,631
Materials
(0.4%):
CF
Industries
Holdings,
Inc.
...............................................
13,389
1,215
CRH
PLC
............................................................
12,102
1,103
Louisiana-Pacific
Corp.
..................................................
3,891
351
LyondellBasell
Industries
NV
,
Class
A
........................................
13,665
772
Packaging
Corp.
of
America
...............................................
3,402
657
Reliance,
Inc.
..........................................................
1,469
430
Steel
Dynamics,
Inc.
.....................................................
677
83
4,611
Real
Estate
(0.4%):
American
Tower
Corp.
...................................................
4,052
870
Crown
Castle,
Inc.
......................................................
10,744
1,078
CubeSmart
...........................................................
9,655
413
Equity
LifeStyle
Properties,
Inc.
............................................
7,322
465
Essex
Property
Trust,
Inc.
.................................................
522
148
Lamar
Advertising
Co.
,
Class
A
.............................................
5,430
655
National
Storage
Affiliates
Trust
............................................
3,069
106
VICI
Properties,
Inc.
....................................................
4,431
140
WP
Carey,
Inc.
.........................................................
3,682
231
4,106
Utilities
(0.4%):
DTE
Energy
Co.
.......................................................
8,202
1,121
Edison
International
.....................................................
13,973
778
Entergy
Corp.
.........................................................
1,863
155
Evergy,
Inc.
...........................................................
10,908
724
NiSource,
Inc.
.........................................................
21,499
850
NRG
Energy,
Inc.
.......................................................
6,309
984
OGE
Energy
Corp.
......................................................
7,225
321
4,933
Total
Common
Stocks
(Cost
$159,756)
a
a
a
208,483
Exchange-Traded
Funds
(43.6%)
Invesco
DB
Commodity
Index
Tracking
Fund
(b)
................................
114,500
2,391
Invesco
RAFI
Developed
Markets
ex-US
ETF
..................................
322,043
18,145
Invesco
RAFI
Emerging
Markets
ETF
........................................
528,518
11,728
iShares
0-5
Year
TIPS
Bond
ETF
............................................
119,830
12,308
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
156,318
12,920
iShares
20+
Year
Treasury
Bond
ETF
.........................................
188,374
16,253
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
iShares
7-10
Year
Treasury
Bond
ETF
........................................
202,123
$
19,115
iShares
Core
MSCI
EAFE
ETF
.............................................
94,716
7,820
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
98,418
5,579
iShares
Core
S&P
500
ETF
................................................
54,645
32,358
iShares
Core
S&P
Small-Cap
ETF
...........................................
150,215
15,828
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
236,460
23,197
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
.........................
120,824
10,947
iShares
MSCI
Canada
ETF
(b)
..............................................
341,801
15,367
iShares
MSCI
International
Momentum
Factor
ETF
..............................
383,740
17,149
iShares
MSCI
International
Quality
Factor
ETF
(b)
...............................
420,269
17,996
iShares
MSCI
Japan
ETF
(b)
...............................................
337,113
24,987
JPMorgan
BetaBuilders
Canada
ETF
.........................................
162,112
12,766
Schwab
Fundamental
Emerging
Markets
Equity
ETF
.............................
607,668
19,087
Schwab
Fundamental
International
Equity
ETF
(b)
...............................
1,106,144
43,162
Schwab
Fundamental
International
Small
Equity
ETF
.............................
266,700
10,729
SPDR
Gold
Shares
(a)
(b)
..................................................
54,580
16,570
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
34,497
2,052
VanEck
Gold
Miners
ETF
.................................................
33,293
1,686
Vanguard
FTSE
All-World
ex-US
ETF
(b)
.....................................
140,376
9,157
Vanguard
FTSE
Developed
Markets
ETF
......................................
639,905
35,566
Vanguard
FTSE
Emerging
Markets
ETF
......................................
114,700
5,391
Vanguard
FTSE
Europe
ETF
...............................................
278,815
21,402
Vanguard
Mortgage-Backed
Securities
ETF
....................................
280,927
12,850
Vanguard
Real
Estate
ETF
................................................
29,000
2,590
Vanguard
S&P
500
ETF
..................................................
1
1
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
91,596
7,244
Vanguard
Total
Bond
Market
ETF
...........................................
104,751
7,623
Vanguard
Total
Stock
Market
ETF
...........................................
47,424
13,747
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(b)
..............................
127,113
4,634
Total
Exchange-Traded
Funds
(Cost
$417,264)
a
a
a
490,345
Affiliated
Exchange-Traded
Funds
(36.1%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
4,534,400
210,806
VictoryShares
Core
Plus
Intermediate
Bond
ETF
(b)
..............................
4,831,796
104,367
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
131,500
6,517
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
1,258,986
31,537
VictoryShares
Short-Term
Bond
ETF
.........................................
402,475
20,434
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
..............................
1,325,000
32,996
Total
Affiliated
Exchange-Traded
Funds
(Cost
$444,786)
a
a
a
406,657
Collateral
for
Securities
Loaned
(4.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
13,139,542
13,139
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
13,139,542
13,139
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
13,139,542
13,140
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(c)
.
13,139,542
13,140
Total
Collateral
for
Securities
Loaned
(Cost
$52,558)
a
a
a
52,558
Total
Investments
(Cost
$1,074,364)
—
102.9%
1,158,043
Liabilities
in
excess
of
other
assets
—  (2.9)%
(32,462)
NET
ASSETS
-
100.00%
$
1,125,581
At
May
31,
2025,
the
Fund's
investments
in
foreign
securities
were
26.6%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
41
6/20/25
$
3,636,471
$
4,240,015
$
603,544
Euro
Stoxx
50
Futures
...............
143
6/20/25
8,081,739
8,714,879
633,140
Swiss
Market
IX
Index
Futures
.........
79
6/20/25
11,991,446
11,736,677
(
254,769
)
Tokyo
Price
Index
Futures
............
75
6/12/25
13,625,761
14,582,464
956,703
$
1,938,618
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FTSE
100
Index
Futures
..............
205
6/20/25
$
23,731,010
$
24,250,445
$
(
519,435
)
Total
unrealized
appreciation
$
2,193,387
Total
unrealized
depreciation
(
774,204
)
Total
net
unrealized
appreciation
(depreciation)
$
1,419,183
Affiliated
Holdings
(Amounts
in
thousands,
except
shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Core
Intermediate
Bond
ETF
...
$
261,681
$
—
$
(
47,332
)
$
(
8,182
)
$
4,639
$
210,806
4,534,400
$
2,642
$
—
VictoryShares
Core
Plus
Intermediate
Bond
ETF
...
73,480
31,686
—
—
(
799
)
104,367
4,831,796
854
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
2,382
3,889
—
—
246
6,517
131,500
16
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
23,635
6,468
—
—
1,434
31,537
1,258,986
3
—
VictoryShares
Short-Term
Bond
ETF
............
20,394
—
—
—
40
20,434
402,475
238
—
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
17,685
15,489
—
—
(
178
)
32,996
1,325,000
181
—
$
399,257
$
57,532
$
(
47,332
)
$
(
8,182
)
$
5,382
$
406,657
12,484,157
$
3,934
$
—
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
25
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(24.4%)
Communication
Services
(2.8%):
Alphabet,
Inc.
,
Class
A
...................................................
21,231
$
3,646
Alphabet,
Inc.
,
Class
C
...................................................
169,915
29,370
Cable
One,
Inc.
........................................................
1,300
190
Cargurus,
Inc.
(a)
.......................................................
6,857
215
Comcast
Corp.
,
Class
A
..................................................
75,650
2,615
IDT
Corp.
,
Class
B
......................................................
3,525
217
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
1,891
74
Meta
Platforms,
Inc.
,
Class
A
..............................................
41,945
27,159
TEGNA,
Inc.
..........................................................
19,816
331
Verizon
Communications,
Inc.
..............................................
216,497
9,517
Yelp,
Inc.
(a)
...........................................................
7,595
290
Ziff
Davis,
Inc.
(a)
.......................................................
8,097
263
73,887
Consumer
Discretionary
(2.0%):
AutoNation,
Inc.
(a)
.....................................................
345
63
AutoZone,
Inc.
(a)
.......................................................
207
773
Best
Buy
Co.,
Inc.
......................................................
35,688
2,365
Booking
Holdings,
Inc.
...................................................
923
5,094
Build-A-Bear
Workshop,
Inc.
..............................................
45
2
Cricut,
Inc.
,
Class
A
.....................................................
27,117
164
D.R.
Horton,
Inc.
.......................................................
19,803
2,338
Deckers
Outdoor
Corp.
(a)
.................................................
18,776
1,981
Expedia
Group,
Inc.
.....................................................
21,227
3,540
Frontdoor,
Inc.
(a)
.......................................................
3,544
195
General
Motors
Co.
.....................................................
161,080
7,991
G-III
Apparel
Group
Ltd.
(a)
...............................................
8,820
256
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
6,377
117
Installed
Building
Products,
Inc.
............................................
900
144
JAKKS
Pacific,
Inc.
.....................................................
7,353
148
KB
Home
............................................................
5,198
268
Kontoor
Brands,
Inc.
....................................................
3,022
207
Lennar
Corp.
,
Class
A
....................................................
26,882
2,852
Lowe's
Cos.,
Inc.
.......................................................
18,252
4,120
M/I
Homes,
Inc.
(a)
......................................................
1,590
170
Monarch
Casino
&
Resort,
Inc.
.............................................
1,839
154
Murphy
USA,
Inc.
......................................................
3,809
1,626
Nathan's
Famous,
Inc.
....................................................
981
105
NVR,
Inc.
(a)
..........................................................
582
4,141
Perdoceo
Education
Corp.
.................................................
4,627
157
Phinia,
Inc.
...........................................................
4,424
192
PulteGroup,
Inc.
........................................................
31,005
3,039
Ralph
Lauren
Corp.
.....................................................
11,350
3,142
Signet
Jewelers
Ltd.
.....................................................
3,553
237
Taylor
Morrison
Home
Corp.
(a)
............................................
6,675
376
The
Buckle,
Inc.
........................................................
5,081
216
The
Home
Depot,
Inc.
...................................................
9,338
3,439
Toll
Brothers,
Inc.
......................................................
28,301
2,950
Tri
Pointe
Homes,
Inc.
(a)
.................................................
9,298
274
Winmark
Corp.
........................................................
562
239
Winnebago
Industries,
Inc.
................................................
5,293
180
53,255
Consumer
Staples
(2.0%):
Altria
Group,
Inc.
.......................................................
152,313
9,232
Cal-Maine
Foods,
Inc.
...................................................
3,711
356
Coca-Cola
Consolidated,
Inc.
..............................................
14,350
1,645
Colgate-Palmolive
Co.
...................................................
37,190
3,456
Costco
Wholesale
Corp.
..................................................
6,687
6,956
Dole
PLC
............................................................
15,759
223
Edgewell
Personal
Care
Co.
...............................................
6,876
190
Ingles
Markets,
Inc.
,
Class
A
...............................................
2,940
183
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Ingredion,
Inc.
.........................................................
8,604
$
1,197
Interparfums,
Inc.
.......................................................
1,385
189
John
B
Sanfilippo
&
Son,
Inc.
..............................................
2,735
170
Kimberly-Clark
Corp.
....................................................
43,491
6,252
Philip
Morris
International,
Inc.
.............................................
36,660
6,620
SpartanNash
Co.
.......................................................
7,290
142
Sprouts
Farmers
Market,
Inc.
(a)
............................................
1,201
208
Sysco
Corp.
...........................................................
34,171
2,494
Target
Corp.
..........................................................
5,994
564
The
Andersons,
Inc.
.....................................................
5,490
195
The
Kroger
Co.
........................................................
8,309
567
The
Procter
&
Gamble
Co.
................................................
21,074
3,580
The
Vita
Coco
Co.,
Inc.
(a)
................................................
6,439
229
U.S.
Foods
Holding
Corp.
(a)
...............................................
31,997
2,532
Walmart,
Inc.
..........................................................
77,202
7,621
54,801
Energy
(0.5%):
Ardmore
Shipping
Corp.
(b)
...............................................
8,439
81
Berry
Corp.
...........................................................
22,735
54
Cactus,
Inc.
,
Class
A
.....................................................
2,287
94
Core
Natural
Resources,
Inc.
...............................................
73
5
Coterra
Energy,
Inc.
.....................................................
68,593
1,667
Devon
Energy
Corp.
.....................................................
27,122
821
EOG
Resources,
Inc.
....................................................
59,105
6,417
Evolution
Petroleum
Corp.
................................................
17,715
80
International
Seaways,
Inc.
................................................
5,464
202
Liberty
Energy,
Inc.
.....................................................
6,514
76
Matador
Resources
Co.
...................................................
2,642
114
Murphy
Oil
Corp.
......................................................
6,808
142
Ovintiv,
Inc.
..........................................................
41,585
1,490
Ranger
Energy
Services,
Inc.
...............................................
12,624
134
REX
American
Resources
Corp.
(a)
..........................................
2,595
109
RPC,
Inc.
............................................................
34,131
152
Scorpio
Tankers,
Inc.
....................................................
3,561
142
SM
Energy
Co.
........................................................
8,306
195
Teekay
Corp.
Ltd.
......................................................
24,511
207
Teekay
Tankers
Ltd.
,
Class
A
...............................................
5,055
223
Valero
Energy
Corp.
.....................................................
11,531
1,487
13,892
Financials
(3.3%):
1st
Source
Corp.
.......................................................
5,620
340
Acadian
Asset
Management,
Inc.
............................................
5,025
151
Amalgamated
Financial
Corp.
..............................................
10,625
321
American
Express
Co.
...................................................
13,761
4,046
Ameriprise
Financial,
Inc.
.................................................
14,007
7,133
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
13,621
134
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
2,822
114
Atlanticus
Holdings
Corp.
(a)
...............................................
2,081
102
Axis
Capital
Holdings
Ltd.
................................................
12,910
1,340
Bread
Financial
Holdings,
Inc.
.............................................
6,430
330
Cadence
Bank
.........................................................
621
19
Capital
One
Financial
Corp.
...............................................
4,947
936
Cathay
General
Bancorp
..................................................
7,575
325
Cincinnati
Financial
Corp.
................................................
9,815
1,480
CNB
Financial
Corp.
....................................................
7,351
159
CNO
Financial
Group,
Inc.
................................................
3,152
120
Cohen
&
Steers,
Inc.
....................................................
1,874
144
Community
Trust
Bancorp,
Inc.
.............................................
5,099
260
Corebridge
Financial,
Inc.
.................................................
90,385
2,948
CVB
Financial
Corp.
....................................................
11,562
217
Dime
Community
Bancshares,
Inc.
..........................................
9,858
253
Eagle
Bancorp,
Inc.
.....................................................
6,885
121
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
East
West
Bancorp,
Inc.
..................................................
32,757
$
2,987
Essent
Group
Ltd.
......................................................
6,075
352
Everest
Group
Ltd.
......................................................
8,774
3,046
Fidelity
National
Financial,
Inc.
............................................
55,662
3,049
Fifth
Third
Bancorp
.....................................................
8,771
335
First
Bancorp
..........................................................
21,237
424
First
Financial
Bancorp
...................................................
13,737
332
Franklin
BSP
Realty
Trust,
Inc.
.............................................
15,815
174
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....................................
8,159
178
Hancock
Whitney
Corp.
..................................................
4,187
229
Hanmi
Financial
Corp.
...................................................
11,742
269
Hope
Bancorp,
Inc.
.....................................................
22,905
230
International
Bancshares
Corp.
.............................................
6,249
391
Jackson
Financial,
Inc.
,
Class
A
.............................................
4,435
363
JPMorgan
Chase
&
Co.
..................................................
56,790
14,993
Ladder
Capital
Corp.
....................................................
19,184
202
Live
Oak
Bancshares,
Inc.
................................................
5,282
145
MFA
Financial,
Inc.
.....................................................
13,009
121
Northeast
Community
Bancorp,
Inc.
.........................................
7,358
166
OFG
Bancorp
.........................................................
9,207
379
Old
Second
Bancorp,
Inc.
.................................................
19,783
327
Pathward
Financial,
Inc.
..................................................
2,936
229
PayPal
Holdings,
Inc.
(a)
..................................................
54,566
3,835
PJT
Partners,
Inc.
,
Class
A
................................................
1,284
193
PROG
Holdings,
Inc.
....................................................
3,226
93
Prudential
Financial,
Inc.
.................................................
19,987
2,077
QCR
Holdings,
Inc.
.....................................................
4,962
334
Regional
Management
Corp.
...............................................
3,980
105
Regions
Financial
Corp.
..................................................
25,681
551
SEI
Investments
Co.
.....................................................
10,004
853
Selective
Insurance
Group,
Inc.
.............................................
2,226
196
Simmons
First
National
Corp.
,
Class
A
.......................................
14,849
279
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
5,711
362
Synchrony
Financial
.....................................................
89,221
5,144
T.
Rowe
Price
Group,
Inc.
.................................................
2,886
270
The
Allstate
Corp.
......................................................
16,968
3,561
The
Bank
of
New
York
Mellon
Corp.
.........................................
25,889
2,294
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
9,587
404
The
Goldman
Sachs
Group,
Inc.
............................................
5,362
3,220
The
Hartford
Insurance
Group,
Inc.
..........................................
27,347
3,551
The
PNC
Financial
Services
Group,
Inc.
......................................
6,842
1,189
The
Progressive
Corp.
...................................................
13,043
3,716
Unity
Bancorp,
Inc.
.....................................................
4,194
185
Universal
Insurance
Holdings,
Inc.
..........................................
8,903
242
Veritex
Holdings,
Inc.
....................................................
9,376
227
Visa,
Inc.
,
Class
A
......................................................
5,866
2,142
W.R.
Berkley
Corp.
.....................................................
59,691
4,458
Westamerica
Bancorp
....................................................
4,832
232
World
Acceptance
Corp.
(a)
................................................
974
151
89,778
Health
Care
(3.0%):
AbbVie,
Inc.
..........................................................
44,053
8,199
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
123
3
AdaptHealth
Corp.
(a)
....................................................
22,421
201
Addus
HomeCare
Corp.
(a)
................................................
1,008
112
Cardinal
Health,
Inc.
....................................................
54,576
8,429
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
257
6
Cencora,
Inc.
..........................................................
2,017
587
Centene
Corp.
(a)
.......................................................
52,536
2,965
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
3,832
112
Corcept
Therapeutics,
Inc.
(a)
..............................................
5
—
(c)
CorVel
Corp.
(a)
........................................................
2,775
309
DaVita,
Inc.
(a)
.........................................................
604
82
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Exelixis,
Inc.
(a)
........................................................
48,837
$
2,102
Gilead
Sciences,
Inc.
....................................................
57,754
6,358
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
82
3
HCA
Healthcare,
Inc.
....................................................
2,256
860
Incyte
Corp.
(a)
.........................................................
30,740
2,000
Innoviva,
Inc.
(a)
.......................................................
17,318
339
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
16,310
206
iRadimed
Corp.
........................................................
2,083
121
Johnson
&
Johnson
.....................................................
37,610
5,837
Lantheus
Holdings,
Inc.
(a)
................................................
2,877
217
McKesson
Corp.
.......................................................
11,952
8,600
Merck
&
Co.,
Inc.
......................................................
111,313
8,553
Molina
Healthcare,
Inc.
(a)
................................................
5,034
1,536
Niagen
Bioscience,
Inc.
(a)
................................................
20,980
227
Option
Care
Health,
Inc.
(a)
................................................
82
3
Pacira
BioSciences,
Inc.
(a)
................................................
77
2
Pediatrix
Medical
Group,
Inc.
(a)
............................................
18,929
268
Pfizer,
Inc.
............................................................
221,100
5,194
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
1,725
148
Progyny,
Inc.
(a)
........................................................
9,865
212
Regeneron
Pharmaceuticals,
Inc.
............................................
2,840
1,392
Royalty
Pharma
PLC
,
Class
A
..............................................
83,543
2,747
Select
Medical
Holdings
Corp.
.............................................
5,636
86
SIGA
Technologies,
Inc.
..................................................
35,671
213
Tenet
Healthcare
Corp.
(a)
.................................................
23,340
3,939
The
Cigna
Group
.......................................................
5,255
1,664
United
Therapeutics
Corp.
(a)
..............................................
9,735
3,104
UnitedHealth
Group,
Inc.
.................................................
10,718
3,236
Universal
Health
Services,
Inc.
,
Class
B
.......................................
7,082
1,348
Veracyte,
Inc.
(a)
........................................................
35
1
Vericel
Corp.
(a)
........................................................
32
1
81,522
Industrials
(2.4%):
ACCO
Brands
Corp.
....................................................
36,408
131
Acuity,
Inc.
...........................................................
9,956
2,587
Allison
Transmission
Holdings,
Inc.
.........................................
28,393
2,939
American
Woodmark
Corp.
(a)
..............................................
2,918
164
Apogee
Enterprises,
Inc.
..................................................
8,172
316
Argan,
Inc.
...........................................................
1,312
276
ASGN,
Inc.
(a)
.........................................................
1,607
85
BlueLinx
Holdings,
Inc.
(a)
................................................
3,268
219
Boise
Cascade
Co.
......................................................
3,255
283
Builders
FirstSource,
Inc.
(a)
...............................................
1,472
158
Carlisle
Cos.,
Inc.
.......................................................
9,271
3,525
Caterpillar,
Inc.
........................................................
6,283
2,187
Cintas
Corp.
..........................................................
9,503
2,152
Comfort
Systems
USA,
Inc.
...............................................
8,213
3,928
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
15,562
853
Cummins,
Inc.
.........................................................
19,578
6,294
Delta
Air
Lines,
Inc.
.....................................................
90,111
4,360
Deluxe
Corp.
..........................................................
16,088
230
EMCOR
Group,
Inc.
....................................................
10,399
4,907
Ennis,
Inc.
............................................................
9,224
172
ExlService
Holdings,
Inc.
(a)
...............................................
2,394
110
Franklin
Covey
Co.
(a)
...................................................
4,441
104
Genco
Shipping
&
Trading
Ltd.
.............................................
10,338
137
Griffon
Corp.
..........................................................
2,253
155
Hub
Group,
Inc.
,
Class
A
.................................................
5,488
185
Huron
Consulting
Group,
Inc.
(a)
............................................
1,335
191
Korn
Ferry
...........................................................
3,078
209
Legalzoom.com,
Inc.
(a)
..................................................
20,776
190
Leidos
Holdings,
Inc.
....................................................
24,724
3,672
Liquidity
Services,
Inc.
(a)
.................................................
8,217
192
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Lockheed
Martin
Corp.
...................................................
8,726
$
4,209
Masco
Corp.
..........................................................
29,428
1,837
Masterbrand,
Inc.
(a)
.....................................................
18,154
185
Matson,
Inc.
..........................................................
2,855
322
MillerKnoll,
Inc.
.......................................................
9,786
165
MRC
Global,
Inc.
(a)
.....................................................
18,946
235
Mueller
Industries,
Inc.
...................................................
1,627
127
Owens
Corning
........................................................
18,671
2,501
PACCAR,
Inc.
.........................................................
6,793
637
Resideo
Technologies,
Inc.
(a)
..............................................
13,912
288
Steelcase,
Inc.
,
Class
A
...................................................
18,055
186
Sterling
Infrastructure,
Inc.
(a)
..............................................
1,358
255
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
18,582
215
Terex
Corp.
...........................................................
2,022
91
Trane
Technologies
PLC
..................................................
4,459
1,919
TriNet
Group,
Inc.
......................................................
2,159
180
UFP
Industries,
Inc.
.....................................................
1,752
171
United
Airlines
Holdings,
Inc.
(a)
............................................
54,867
4,359
United
Rentals,
Inc.
.....................................................
796
564
Vertiv
Holdings
Co.
,
Class
A
...............................................
25,581
2,761
W.W.
Grainger,
Inc.
.....................................................
3,184
3,463
65,581
Information
Technology
(6.6%):
A10
Networks,
Inc.
.....................................................
15,293
264
Adeia,
Inc.
............................................................
12,058
155
Amkor
Technology,
Inc.
..................................................
4,245
77
Amphenol
Corp.
,
Class
A
.................................................
28,292
2,544
Apple,
Inc.
...........................................................
219,527
44,092
Arista
Networks,
Inc.
(a)
..................................................
32,587
2,823
Bel
Fuse,
Inc.
,
Class
B
...................................................
1,327
98
Box,
Inc.
,
Class
A
(a)
....................................................
3,461
131
Cisco
Systems,
Inc.
.....................................................
124,509
7,849
Clear
Secure,
Inc.
,
Class
A
................................................
9,246
229
Commvault
Systems,
Inc.
(a)
...............................................
1,562
286
Consensus
Cloud
Solutions,
Inc.
(a)
..........................................
6,241
137
Docusign,
Inc.
(a)
.......................................................
37,486
3,322
Dropbox,
Inc.
,
Class
A
(a)
.................................................
98,252
2,836
Extreme
Networks,
Inc.
(a)
................................................
14,670
230
F5,
Inc.
(a)
............................................................
12,408
3,541
Fair
Isaac
Corp.
(a)
......................................................
1,247
2,153
Fortinet,
Inc.
(a)
........................................................
20,725
2,109
Gen
Digital,
Inc.
.......................................................
114,580
3,263
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
33,574
6,116
Hewlett
Packard
Enterprise
Co.
.............................................
223,632
3,864
Immersion
Corp.
.......................................................
10,002
75
Insight
Enterprises,
Inc.
(a)
................................................
2,268
296
International
Business
Machines
Corp.
........................................
7,026
1,820
Jabil,
Inc.
............................................................
1,419
238
KLA
Corp.
...........................................................
3,923
2,969
Kulicke
&
Soffa
Industries,
Inc.
.............................................
3,954
127
Microsoft
Corp.
........................................................
41,755
19,222
Motorola
Solutions,
Inc.
..................................................
16,352
6,792
NetApp,
Inc.
..........................................................
28,997
2,875
NetScout
Systems,
Inc.
(a)
.................................................
7,260
166
NVIDIA
Corp.
.........................................................
343,198
46,376
PC
Connection,
Inc.
.....................................................
2,572
168
Photronics,
Inc.
(a)
......................................................
7,783
130
QUALCOMM,
Inc.
.....................................................
31,768
4,613
Qualys,
Inc.
(a)
.........................................................
1,412
196
Sanmina
Corp.
(a)
.......................................................
5,107
433
ScanSource,
Inc.
(a)
.....................................................
4,576
185
TD
SYNNEX
Corp.
.....................................................
12,433
1,509
The
Hackett
Group,
Inc.
..................................................
5,557
136
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Verint
Systems,
Inc.
(a)
...................................................
3,659
$
64
Zoom
Communications,
Inc.
(a)
.............................................
37,247
3,026
177,535
Materials
(0.6%):
AdvanSix,
Inc.
.........................................................
6,433
151
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
53
6
Cabot
Corp.
...........................................................
2,073
155
CF
Industries
Holdings,
Inc.
...............................................
39,721
3,603
Commercial
Metals
Co.
..................................................
2,330
108
CRH
PLC
............................................................
35,904
3,273
Greif,
Inc.
,
Class
A
......................................................
3,762
209
Hawkins,
Inc.
.........................................................
2,440
326
Louisiana-Pacific
Corp.
..................................................
11,547
1,040
LyondellBasell
Industries
NV
,
Class
A
........................................
40,553
2,291
Metallus,
Inc.
(a)
........................................................
692
9
Olympic
Steel,
Inc.
......................................................
8,217
244
Packaging
Corp.
of
America
...............................................
10,091
1,949
Reliance,
Inc.
..........................................................
4,360
1,277
Steel
Dynamics,
Inc.
.....................................................
2,008
247
SunCoke
Energy,
Inc.
....................................................
20,391
166
Sylvamo
Corp.
.........................................................
3,600
191
15,245
Real
Estate
(0.6%):
Acadia
Realty
Trust
.....................................................
7,133
137
Alexander
&
Baldwin,
Inc.
................................................
771
14
American
Healthcare
REIT,
Inc.
............................................
4,736
165
American
Tower
Corp.
...................................................
12,026
2,581
Apple
Hospitality
REIT,
Inc.
...............................................
12,819
149
Broadstone
Net
Lease,
Inc.
................................................
15,094
240
CareTrust
REIT,
Inc.
....................................................
6,547
188
Compass,
Inc.
,
Class
A
(a)
.................................................
11,995
71
COPT
Defense
Properties
.................................................
6,769
186
Crown
Castle,
Inc.
......................................................
31,895
3,201
CubeSmart
...........................................................
28,642
1,225
Cushman
&
Wakefield
PLC
(a)
.............................................
11,902
119
Douglas
Emmett,
Inc.
....................................................
7,990
114
Empire
State
Realty
Trust,
Inc.
.............................................
127
1
Equity
LifeStyle
Properties,
Inc.
............................................
21,746
1,382
Essential
Properties
Realty
Trust,
Inc.
........................................
7,634
248
Essex
Property
Trust,
Inc.
.................................................
1,548
439
Four
Corners
Property
Trust,
Inc.
............................................
7,346
203
Innovative
Industrial
Properties,
Inc.
.........................................
1,240
68
Kite
Realty
Group
Trust
..................................................
10,158
225
Lamar
Advertising
Co.
,
Class
A
.............................................
16,109
1,942
LXP
Industrial
Trust
.....................................................
26,765
230
National
Health
Investors,
Inc.
.............................................
2,324
168
National
Storage
Affiliates
Trust
............................................
9,127
314
Newmark
Group,
Inc.
,
Class
A
.............................................
11,206
123
Phillips
Edison
&
Co.,
Inc.
................................................
6,992
248
PotlatchDeltic
Corp.
.....................................................
4,094
161
RE/MAX
Holdings,
Inc.
(a)
................................................
6
—
(c)
Ryman
Hospitality
Properties,
Inc.
...........................................
2,242
218
Sabra
Health
Care
REIT,
Inc.
..............................................
9,314
163
SL
Green
Realty
Corp.
...................................................
3,025
172
Sunstone
Hotel
Investors,
Inc.
..............................................
10,404
93
Tanger,
Inc.
...........................................................
4,415
132
Terreno
Realty
Corp.
....................................................
3,959
223
The
Macerich
Co.
......................................................
9,958
161
The
St.
Joe
Co.
........................................................
169
8
Urban
Edge
Properties
...................................................
9,120
166
VICI
Properties,
Inc.
....................................................
13,147
417
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
WP
Carey,
Inc.
.........................................................
10,923
$
686
16,581
Utilities
(0.6%):
Black
Hills
Corp.
.......................................................
5,732
335
DTE
Energy
Co.
.......................................................
24,316
3,323
Edison
International
.....................................................
41,491
2,309
Entergy
Corp.
.........................................................
5,540
461
Evergy,
Inc.
...........................................................
32,389
2,151
MGE
Energy,
Inc.
......................................................
2,224
201
NiSource,
Inc.
.........................................................
63,779
2,522
NRG
Energy,
Inc.
.......................................................
18,716
2,918
OGE
Energy
Corp.
......................................................
21,465
955
ONE
Gas,
Inc.
.........................................................
177
13
Spire,
Inc.
............................................................
3,021
227
Unitil
Corp.
...........................................................
3,966
217
15,632
Total
Common
Stocks
(Cost
$510,409)
a
a
a
657,709
Exchange-Traded
Funds
(45.0%)
Invesco
DB
Commodity
Index
Tracking
Fund
(b)
................................
256,100
5,347
Invesco
RAFI
Developed
Markets
ex-US
ETF
..................................
653,206
36,805
Invesco
RAFI
Emerging
Markets
ETF
........................................
1,301,165
28,873
iShares
0-5
Year
TIPS
Bond
ETF
............................................
267,802
27,506
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
307,256
25,395
iShares
20+
Year
Treasury
Bond
ETF
.........................................
275,988
23,812
iShares
7-10
Year
Treasury
Bond
ETF
........................................
396,847
37,530
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
587,166
33,286
iShares
Core
S&P
500
ETF
................................................
148,403
87,877
iShares
Core
S&P
Small-Cap
ETF
...........................................
139,690
14,719
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
396,297
38,877
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
.........................
282,974
25,637
iShares
MSCI
Canada
ETF
(b)
..............................................
946,607
42,559
iShares
MSCI
International
Momentum
Factor
ETF
(b)
............................
1,126,357
50,337
iShares
MSCI
International
Quality
Factor
ETF
(b)
...............................
1,195,656
51,198
iShares
MSCI
Japan
ETF
(b)
...............................................
881,478
65,335
JPMorgan
BetaBuilders
Canada
ETF
.........................................
448,427
35,314
Schwab
Fundamental
Emerging
Markets
Equity
ETF
.............................
1,588,753
49,903
Schwab
Fundamental
International
Equity
ETF
.................................
2,818,363
109,972
Schwab
Fundamental
International
Small
Equity
ETF
(b)
...........................
593,600
23,881
SPDR
Gold
Shares
(a)
(b)
..................................................
142,211
43,175
SPDR
S&P
Biotech
ETF
..................................................
17,034
1,349
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
107,983
6,423
VanEck
Gold
Miners
ETF
.................................................
85,250
4,318
Vanguard
FTSE
All-World
ex-US
ETF
........................................
345,717
22,551
Vanguard
FTSE
Developed
Markets
ETF
......................................
2,815,952
156,511
Vanguard
FTSE
Emerging
Markets
ETF
(b)
....................................
288,803
13,574
Vanguard
FTSE
Europe
ETF
...............................................
748,247
57,435
Vanguard
Mortgage-Backed
Securities
ETF
....................................
594,901
27,211
Vanguard
Real
Estate
ETF
................................................
53,025
4,736
Vanguard
Total
Bond
Market
ETF
...........................................
169,151
12,309
Vanguard
Total
Stock
Market
ETF
...........................................
127,648
37,003
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(b)
..............................
286,722
10,454
Total
Exchange-Traded
Funds
(Cost
$1,014,412)
a
a
a
1,211,212
Affiliated
Exchange-Traded
Funds
(29.5%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
8,400,445
390,539
VictoryShares
Core
Plus
Intermediate
Bond
ETF
(b)
..............................
8,819,323
190,497
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
223,000
11,052
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
3,347,525
83,856
VictoryShares
Short-Term
Bond
ETF
.........................................
991,350
50,331
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
..............................
2,729,841
$
67,980
Total
Affiliated
Exchange-Traded
Funds
(Cost
$863,410)
a
a
a
794,255
Collateral
for
Securities
Loaned
(3.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(d)
........
25,797,574
25,797
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(d)
............
25,797,574
25,797
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(d)
...............
25,797,574
25,798
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(d)
.
25,797,574
25,798
Total
Collateral
for
Securities
Loaned
(Cost
$103,190)
a
a
a
103,190
Total
Investments
(Cost
$2,491,421)
—
102.7%
2,766,366
Liabilities
in
excess
of
other
assets
—  (2.7)%
(73,041)
NET
ASSETS
-
100.00%
$
2,693,325
At
May
31,
2025,
the
Fund's
investments
in
foreign
securities
were
31.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rounds
to
less
than
$1
thousand.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
272
6/20/25
$
15,211,089
$
16,576,554
$
1,365,465
Swiss
Market
IX
Index
Futures
.........
171
6/20/25
25,959,057
25,404,705
(
554,352
)
Tokyo
Price
Index
Futures
............
179
6/12/25
32,194,171
34,803,482
2,609,311
$
3,420,424
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FTSE
100
Index
Futures
..............
481
6/20/25
$
55,700,193
$
56,899,824
$
(
1,199,631
)
Total
unrealized
appreciation
$
3,974,776
Total
unrealized
depreciation
(
1,753,983
)
Total
net
unrealized
appreciation
(depreciation)
$
2,220,793
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Core
Intermediate
Bond
ETF
...
$
496,609
$
—
$
(
99,368
)
$
(
17,239
)
$
10,537
$
390,539
8,400,445
$
4,951
$
—
VictoryShares
Core
Plus
Intermediate
Bond
ETF
...
132,857
59,075
—
—
(
1,435
)
190,497
8,819,323
1,544
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
3,145
7,556
—
—
351
11,052
223,000
22
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
61,219
18,939
—
—
3,698
83,856
3,347,525
7
—
VictoryShares
Short-Term
Bond
ETF
............
50,232
—
—
—
99
50,331
991,350
586
—
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
38,651
29,738
—
—
(
409
)
67,980
2,729,841
396
—
$
782,713
$
115,308
$
(
99,368
)
$
(
17,239
)
$
12,841
$
794,255
24,511,484
$
7,506
$
—
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
34
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(13.0%)
Communication
Services
(1.2%):
Alphabet,
Inc.
,
Class
A
...................................................
2,607
$
447
AT&T,
Inc.
...........................................................
17,438
485
Comcast
Corp.
,
Class
A
..................................................
13,016
450
Meta
Platforms,
Inc.
,
Class
A
..............................................
412
267
Verizon
Communications,
Inc.
..............................................
9,354
411
2,060
Consumer
Discretionary
(0.7%):
Darden
Restaurants,
Inc.
..................................................
880
189
Expedia
Group,
Inc.
.....................................................
1,034
172
Lennar
Corp.
,
Class
A
....................................................
1,659
176
Lowe's
Cos.,
Inc.
.......................................................
290
66
NIKE,
Inc.
,
Class
B
.....................................................
4,059
246
Tapestry,
Inc.
..........................................................
909
71
The
Home
Depot,
Inc.
...................................................
598
220
1,140
Consumer
Staples
(1.5%):
Altria
Group,
Inc.
.......................................................
9,411
570
Archer-Daniels-Midland
Co.
...............................................
1,936
94
Kimberly-Clark
Corp.
....................................................
2,434
350
PepsiCo,
Inc.
..........................................................
3,165
416
Philip
Morris
International,
Inc.
.............................................
4,458
805
Sysco
Corp.
...........................................................
2,601
190
Target
Corp.
..........................................................
1,584
149
2,574
Energy
(0.3%):
Devon
Energy
Corp.
.....................................................
4,495
136
EOG
Resources,
Inc.
....................................................
1,090
118
Marathon
Petroleum
Corp.
................................................
1,466
236
ONEOK,
Inc.
..........................................................
858
70
Valero
Energy
Corp.
.....................................................
165
21
581
Financials
(1.3%):
American
Express
Co.
...................................................
2,158
634
Ameriprise
Financial,
Inc.
.................................................
736
375
Everest
Group
Ltd.
......................................................
314
109
JPMorgan
Chase
&
Co.
..................................................
1,307
345
T.
Rowe
Price
Group,
Inc.
.................................................
107
10
The
Goldman
Sachs
Group,
Inc.
............................................
1,275
766
2,239
Health
Care
(1.7%):
AbbVie,
Inc.
..........................................................
3,145
585
Bristol-Myers
Squibb
Co.
.................................................
7,438
359
Cardinal
Health,
Inc.
....................................................
1,775
274
CVS
Health
Corp.
......................................................
3,771
241
Gilead
Sciences,
Inc.
....................................................
6,413
706
Merck
&
Co.,
Inc.
......................................................
5,030
387
Pfizer,
Inc.
............................................................
17,788
418
The
Cigna
Group
.......................................................
315
100
3,070
Industrials
(1.1%):
A.O.
Smith
Corp.
.......................................................
913
59
Automatic
Data
Processing,
Inc.
............................................
395
129
Caterpillar,
Inc.
........................................................
1,553
540
Cummins,
Inc.
.........................................................
130
42
FedEx
Corp.
..........................................................
1,130
246
Lockheed
Martin
Corp.
...................................................
380
183
Masco
Corp.
..........................................................
1,609
100
Otis
Worldwide
Corp.
....................................................
2,305
220
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Paychex,
Inc.
..........................................................
158
$
25
United
Parcel
Service,
Inc.
,
Class
B
..........................................
3,256
318
1,862
Information
Technology
(4.5%):
Accenture
PLC
,
Class
A
..................................................
1,657
525
Apple,
Inc.
...........................................................
5,892
1,184
Applied
Materials,
Inc.
...................................................
2,821
442
Broadcom,
Inc.
........................................................
2,168
525
Cisco
Systems,
Inc.
.....................................................
8,871
559
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
3,339
271
Dell
Technologies,
Inc.
,
Class
C
............................................
2,852
317
HP,
Inc.
..............................................................
2,031
51
KLA
Corp.
...........................................................
682
516
Lam
Research
Corp.
.....................................................
6,391
516
Microsoft
Corp.
........................................................
3,619
1,666
Monolithic
Power
Systems,
Inc.
............................................
270
179
NetApp,
Inc.
..........................................................
1,513
150
NXP
Semiconductors
NV
.................................................
1,931
369
QUALCOMM,
Inc.
.....................................................
3,301
479
TE
Connectivity
PLC
....................................................
886
142
7,891
Materials
(0.1%):
LyondellBasell
Industries
NV
,
Class
A
........................................
1,879
106
Steel
Dynamics,
Inc.
.....................................................
1,131
139
245
Real
Estate
(0.2%):
American
Tower
Corp.
...................................................
246
53
Crown
Castle,
Inc.
......................................................
792
80
Equinix,
Inc.
..........................................................
122
108
Prologis,
Inc.
..........................................................
997
108
Welltower,
Inc.
.........................................................
229
35
384
Utilities
(0.4%):
Evergy,
Inc.
...........................................................
1,687
112
Eversource
Energy
......................................................
3,402
220
FirstEnergy
Corp.
.......................................................
4,763
200
NRG
Energy,
Inc.
.......................................................
1,508
235
767
Total
Common
Stocks
(Cost
$18,026)
a
a
a
22,813
Exchange-Traded
Funds
(43.4%)
Invesco
DB
Commodity
Index
Tracking
Fund
..................................
22,900
478
Invesco
RAFI
Developed
Markets
ex-US
ETF
..................................
35,176
1,982
Invesco
RAFI
Emerging
Markets
ETF
........................................
58,676
1,302
iShares
0-5
Year
TIPS
Bond
ETF
............................................
26,740
2,746
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
35,334
2,920
iShares
20+
Year
Treasury
Bond
ETF
.........................................
29,830
2,574
iShares
7-10
Year
Treasury
Bond
ETF
........................................
39,620
3,747
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
8,000
454
iShares
Core
S&P
500
ETF
................................................
8,340
4,939
iShares
Core
S&P
Small-Cap
ETF
...........................................
14,173
1,493
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
59,632
5,850
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(a)
.........................
26,527
2,403
iShares
MSCI
Canada
ETF
................................................
45,519
2,047
iShares
MSCI
International
Momentum
Factor
ETF
..............................
71,831
3,210
iShares
MSCI
International
Quality
Factor
ETF
(a)
...............................
81,444
3,487
iShares
MSCI
Japan
ETF
.................................................
54,196
4,017
JPMorgan
BetaBuilders
Canada
ETF
.........................................
25,995
2,047
Schwab
Fundamental
Emerging
Markets
Equity
ETF
.............................
72,547
2,279
Schwab
Fundamental
International
Equity
ETF
.................................
124,033
4,840
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Schwab
Fundamental
International
Small
Equity
ETF
.............................
50,100
$
2,016
SPDR
Gold
Shares
(a)
(b)
..................................................
9,704
2,946
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
7,496
446
VanEck
Gold
Miners
ETF
.................................................
5,854
296
Vanguard
FTSE
All-World
ex-US
ETF
........................................
23,591
1,539
Vanguard
FTSE
Developed
Markets
ETF
......................................
69,444
3,860
Vanguard
FTSE
Emerging
Markets
ETF
(a)
....................................
19,999
940
Vanguard
FTSE
Europe
ETF
...............................................
45,759
3,512
Vanguard
Mortgage-Backed
Securities
ETF
....................................
45,663
2,089
Vanguard
Real
Estate
ETF
................................................
7,052
630
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
10,471
828
Vanguard
Small-Cap
Value
ETF
............................................
8,408
1,589
Vanguard
Total
Stock
Market
ETF
...........................................
7,851
2,276
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(a)
...............................
20,332
741
Total
Exchange-Traded
Funds
(Cost
$66,702)
a
a
a
76,523
Affiliated
Exchange-Traded
Funds
(42.5%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
805,047
37,427
VictoryShares
Core
Plus
Intermediate
Bond
ETF
................................
978,234
21,130
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
19,770
980
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
185,807
4,654
VictoryShares
Short-Term
Bond
ETF
.........................................
82,859
4,207
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
..............................
265,000
6,599
Total
Affiliated
Exchange-Traded
Funds
(Cost
$81,705)
a
a
a
74,997
Collateral
for
Securities
Loaned
(3.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
1,725,634
1,726
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
1,725,634
1,725
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
1,725,634
1,726
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(c)
.
1,725,634
1,726
Total
Collateral
for
Securities
Loaned
(Cost
$6,903)
a
a
a
6,903
Total
Investments
(Cost
$173,336)
—
102.8%
181,236
Liabilities
in
excess
of
other
assets
—  (2.8)%
(4,870)
NET
ASSETS
-
100.00%
$
176,366
At
May
31,
2025,
the
Fund's
investments
in
foreign
securities
were
24.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
*
Rounds
to
less
than
$1
thousand.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
16
6/20/25
$
875,653
$
975,091
$
99,438
Swiss
Market
IX
Index
Futures
.........
11
6/20/25
1,672,273
1,634,221
(
38,052
)
Tokyo
Price
Index
Futures
............
13
6/12/25
2,348,198
2,527,627
179,429
$
240,815
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
3
6/20/25
$
309,134
$
310,245
$
(
1,111
)
FTSE
100
Index
Futures
..............
35
6/20/25
4,051,892
4,140,319
(
88,427
)
$
(
89,538
)
Total
unrealized
appreciation
$
278,867
Total
unrealized
depreciation
(
127,590
)
Total
net
unrealized
appreciation
(depreciation)
$
151,277
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Cornerstone
Moderately
Conservative
Fund
VictoryShares
Core
Intermediate
Bond
ETF
...
$
49,190
$
—
$
(
11,120
)
$
(
1,877
)
$
1,234
$
37,427
805,047
$
478
$
—
VictoryShares
Core
Plus
Intermediate
Bond
ETF
...
15,284
6,015
—
—
(
169
)
21,130
978,234
178
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
452
496
—
—
32
980
19,770
3
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
3,332
1,119
—
—
203
4,654
185,807
—
*
—
VictoryShares
Short-Term
Bond
ETF
............
4,198
—
—
—
9
4,207
82,859
49
—
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
3,537
3,098
—
—
(
36
)
6,599
265,000
36
—
$
75,993
$
10,728
$
(
11,120
)
$
(
1,877
)
$
1,273
$
74,997
2,336,717
$
744
$
—
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
38
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.3%)
Argentina
(0.2%):
Financials
(0.2%):
Grupo
Financiero
Galicia
SA
,
ADR
(a)
........................................
16,751
$
972
Belgium
(0.2%):
Materials
(0.2%):
Titan
SA
.............................................................
24,667
1,120
Brazil
(6.6%):
Communication
Services
(0.2%):
TIM
SA
..............................................................
321,700
1,096
Consumer
Discretionary
(1.0%):
Cury
Construtora
e
Incorporadora
SA
........................................
209,600
1,050
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
.........................
98,900
432
Smartfit
Escola
de
Ginastica
e
Danca
SA
......................................
193,400
812
Vibra
Energia
SA
.......................................................
710,456
2,507
Vivara
Participacoes
SA
..................................................
133,400
606
5,407
Consumer
Staples
(0.1%):
Tres
Tentos
Agroindustrial
SA
..............................................
157,816
385
Energy
(1.2%):
Brava
Energia
(a)
.......................................................
140,726
465
Petroleo
Brasileiro
SA
-
Petrobras
,
ADR
......................................
348,204
4,019
PRIO
SA
(a)
...........................................................
276,800
1,885
6,369
Financials
(2.2%):
B3
SA
-
Brasil
Bolsa
Balcao
...............................................
600,800
1,465
Banco
ABC
Brasil
SA
,
Preference
Shares
......................................
153,300
562
Banco
do
Brasil
SA
.....................................................
498,090
2,040
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
,
Preference
Shares
.......................
183,000
384
BB
Seguridade
Participacoes
SA
............................................
161,600
1,060
Itau
Unibanco
Holding
SA
,
ADR
............................................
669,157
4,410
Pagseguro
Digital
Ltd.
,
Class
A
.............................................
235,301
2,096
12,017
Health
Care
(0.2%):
Rede
D'Or
Sao
Luiz
SA
(b)
................................................
203,900
1,347
Industrials
(0.8%):
Embraer
SA
,
ADR
......................................................
23,676
1,089
Marcopolo
SA
,
Preference
Shares
...........................................
575,720
730
Motiva
Infraestrutura
de
Mobilidade
SA
(a)
....................................
601,520
1,418
WEG
SA
.............................................................
149,800
1,109
4,346
Materials
(0.3%):
Vale
SA
,
ADR
.........................................................
170,575
1,557
Real
Estate
(0.2%):
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
232,900
1,095
Utilities
(0.4%):
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
........................
64,500
1,324
Equatorial
Energia
SA
...................................................
74,800
479
Neoenergia
SA
.........................................................
116,000
508
2,311
35,930
Chile
(0.8%):
Consumer
Discretionary
(0.6%):
Falabella
SA
..........................................................
648,524
3,096
Consumer
Staples
(0.1%):
Cencosud
SA
..........................................................
257,170
885
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Real
Estate
(0.1%):
Cencosud
Shopping
SA
..................................................
187,520
$
384
4,365
China
(22.3%):
Communication
Services
(5.6%):
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..........................................
338,134
501
Kingnet
Network
Co.
Ltd.
,
Class
A
..........................................
381,900
841
NetEase,
Inc.
..........................................................
232,700
5,627
Tencent
Holdings
Ltd.
...................................................
349,663
22,044
Tencent
Music
Entertainment
Group
,
ADR
.....................................
83,370
1,404
30,417
Consumer
Discretionary
(5.9%):
361
Degrees
International
Ltd.
.............................................
835,000
458
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
1,037,804
14,776
BYD
Co.
Ltd.
.........................................................
111,000
5,517
DPC
Dash
Ltd.
(a)
......................................................
71,300
862
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
..................................
76,700
617
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
Class
A
................................
207,799
1,337
Hisense
Home
Appliances
Group
Co.
Ltd.
,
Class
H
...............................
337,000
1,109
JD.com,
Inc.
,
Class
SW
..................................................
40,750
660
Meituan
,
Class
W
(a)
(b)
...................................................
207,100
3,582
Midea
Group
Co.
Ltd.
,
Class
A
.............................................
189,200
2,073
TravelSky
Technology
Ltd.
,
Class
H
.........................................
361,000
512
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.
,
Class
A
................................
180,000
792
32,295
Consumer
Staples
(0.8%):
China
Resources
Beverage
Holdings
Co.
Ltd.
(a)
.................................
275,800
460
Giant
Biogene
Holding
Co.
Ltd.
(b)
..........................................
165,800
1,494
Hengan
International
Group
Co.
Ltd.
.........................................
433,500
1,171
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
180,000
1,245
4,370
Energy
(0.4%):
PetroChina
Co.
Ltd.
,
Class
H
..............................................
2,336,000
1,955
Financials
(5.1%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
3,208,000
2,056
China
Construction
Bank
Corp.
,
Class
H
......................................
9,870,000
8,825
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
971,000
6,012
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
599,800
1,863
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
H
.............................
2,120,000
1,747
FinVolution
Group
,
ADR
.................................................
45,897
384
Huatai
Securities
Co.
Ltd.
,
Class
A
..........................................
772,100
1,790
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
894,500
5,225
27,902
Health
Care
(1.1%):
3SBio,
Inc.
(b)
.........................................................
232,000
558
Aurisco
Pharmaceutical
Co.
Ltd.
,
Class
A
......................................
247,600
723
Gushengtang
Holdings
Ltd.
................................................
130,010
607
Shanghai
Conant
Optical
Co.
Ltd.
,
Class
H
....................................
174,500
659
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
953,199
2,298
WuXi
XDC
Cayman,
Inc.
(a)
...............................................
179,000
910
5,755
Industrials
(1.0%):
ANE
Cayman,
Inc.
(a)
....................................................
688,500
749
Anhui
Expressway
Co.
Ltd.
,
Class
H
.........................................
576,000
897
China
Communications
Services
Corp.
Ltd.
,
Class
H
..............................
754,000
433
CIMC
Enric
Holdings
Ltd.
................................................
604,000
464
Henan
Pinggao
Electric
Co.
Ltd.
,
Class
A
......................................
357,800
762
Yutong
Bus
Co.
Ltd.
,
Class
A
..............................................
108,800
373
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
,
Class
A
............................
116,300
416
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
ZTO
Express
Cayman,
Inc.
,
ADR
...........................................
84,115
$
1,480
5,574
Information
Technology
(1.3%):
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
...................................
248,400
650
GDS
Holdings
Ltd.
,
Class
A
(a)
(c)
...........................................
168,200
498
Lenovo
Group
Ltd.
......................................................
1,176,000
1,343
Luxshare
Precision
Industry
Co.
Ltd.
,
Class
A
...................................
221,200
928
Xiaomi
Corp.
,
Class
W
(a)
(b)
...............................................
608,400
3,916
7,335
Materials
(0.9%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
655,000
1,702
China
Hongqiao
Group
Ltd.
...............................................
521,500
927
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
....................................
433,300
1,187
Tianshan
Aluminum
Group
Co.
Ltd.
,
Class
A
...................................
797,300
851
4,667
Real
Estate
(0.2%):
Ever
Sunshine
Services
Group
Ltd.
..........................................
2,592,000
626
Greentown
China
Holdings
Ltd.
............................................
595,500
718
1,344
121,614
Greece
(0.4%):
Consumer
Discretionary
(0.4%):
JUMBO
SA
...........................................................
12,511
406
OPAP
SA
.............................................................
92,834
1,996
2,402
Hong
Kong
(0.9%):
Communication
Services
(0.2%):
NetEase
Cloud
Music,
Inc.
(a)
(b)
............................................
35,900
965
Consumer
Discretionary
(0.2%):
Bosideng
International
Holdings
Ltd.
.........................................
1,830,000
1,022
Consumer
Staples
(0.2%):
Want
Want
China
Holdings
Ltd.
............................................
1,276,000
819
Health
Care
(0.1%):
The
United
Laboratories
International
Holdings
Ltd.
..............................
416,000
774
Real
Estate
(0.0%):(d)
China
Jinmao
Holdings
Group
Ltd.
(a)
........................................
1,872,000
254
Utilities
(0.2%):
China
Water
Affairs
Group
Ltd.
.............................................
572,000
445
Kunlun
Energy
Co.
Ltd.
..................................................
718,000
717
1,162
4,996
Hungary
(1.2%):
Communication
Services
(0.2%):
Magyar
Telekom
Telecommunications
PLC
....................................
159,137
792
Financials
(0.6%):
OTP
Bank
Nyrt
........................................................
44,482
3,377
Health
Care
(0.4%):
Richter
Gedeon
Nyrt
....................................................
71,550
2,084
6,253
India
(14.8%):
Communication
Services
(0.8%):
Bharti
Airtel
Ltd.
.......................................................
52,311
1,136
Indus
Towers
Ltd.
(a)
....................................................
681,710
3,064
Just
Dial
Ltd.
(a)
........................................................
38,254
397
4,597
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Consumer
Discretionary
(1.4%):
ASK
Automotive
Ltd.
....................................................
148,949
$
787
Cartrade
Tech
Ltd.
(a)
....................................................
35,239
640
Ceat
Ltd.
(a)
...........................................................
32,229
1,424
Crompton
Greaves
Consumer
Electricals
Ltd.
...................................
242,660
1,002
Mahindra
&
Mahindra
Ltd.
(a)
..............................................
60,417
2,105
MakeMyTrip
Ltd.
(a)
.....................................................
16,662
1,694
7,652
Energy
(0.4%):
Aegis
Logistics
Ltd.
.....................................................
55,748
520
Bharat
Petroleum
Corp.
Ltd.
...............................................
285,459
1,064
Mangalore
Refinery
&
Petrochemicals
Ltd.
(a)
..................................
210,624
355
1,939
Financials
(4.2%):
Angel
One
Ltd.
........................................................
13,585
483
Axis
Bank
Ltd.
........................................................
107,705
1,503
Bajaj
Finance
Ltd.
......................................................
10,566
1,135
City
Union
Bank
Ltd.
....................................................
204,536
469
Home
First
Finance
Co.
India
Ltd.
(b)
.........................................
43,489
649
ICICI
Bank
Ltd.
........................................................
67,276
1,141
ICICI
Bank
Ltd.
,
ADR
...................................................
331,498
11,350
LIC
Housing
Finance
Ltd.
.................................................
275,432
1,924
Nippon
Life
India
Asset
Management
Ltd.
(b)
...................................
111,679
968
Nuvama
Wealth
Management
Ltd.
...........................................
6,173
520
Shriram
Finance
Ltd.
....................................................
180,780
1,353
The
Karur
Vysya
Bank
Ltd.
................................................
605,169
1,570
23,065
Health
Care
(1.3%):
Alivus
Life
Sciences
Ltd.
(a)
...............................................
15,271
186
Dr
Reddy's
Laboratories
Ltd.
(a)
.............................................
90,588
1,327
JB
Chemicals
&
Pharmaceuticals
Ltd.
........................................
26,637
522
Jubilant
Pharmova
Ltd.
(a)
.................................................
29,701
407
Narayana
Hrudayalaya
Ltd.
................................................
73,441
1,496
Onesource
Specialty
Pharma
Ltd.
(a)
.........................................
22,517
507
Strides
Pharma
Science
Ltd.
...............................................
49,933
474
Sun
Pharmaceutical
Industries
Ltd.
..........................................
112,185
2,202
7,121
Industrials
(1.6%):
Bharat
Electronics
Ltd.
...................................................
350,654
1,579
BLS
International
Services
Ltd.
.............................................
155,382
740
CMS
Info
Systems
Ltd.
..................................................
101,290
583
Elecon
Engineering
Co.
Ltd.
...............................................
88,343
687
Electrosteel
Castings
Ltd.
(a)
...............................................
325,460
392
Firstsource
Solutions
Ltd.
.................................................
113,232
492
HG
Infra
Engineering
Ltd.
(a)
..............................................
48,139
631
J
Kumar
Infraprojects
Ltd.
(a)
..............................................
103,409
856
RR
Kabel
Ltd.
.........................................................
41,899
699
Sagility
India
Ltd.
(a)
....................................................
1,260,989
583
Transformers
&
Rectifiers
India
Ltd.
.........................................
169,232
1,034
Transport
Corp.
of
India
Ltd.
...............................................
35,672
469
8,745
Information
Technology
(0.8%):
Infosys
Ltd.
,
ADR
......................................................
160,216
2,914
KPIT
Technologies
Ltd.
..................................................
39,100
612
Mastek
Ltd.
...........................................................
15,573
424
Zensar
Technologies
Ltd.
.................................................
57,327
559
4,509
Materials
(3.3%):
Castrol
India
Ltd.
.......................................................
323,898
820
Dhanuka
Agritech
Ltd.
(a)
.................................................
38,203
737
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Hindalco
Industries
Ltd.
(a)
................................................
426,941
$
3,168
Maharashtra
Seamless
Ltd.
................................................
73,712
597
MOIL
Ltd.
............................................................
197,218
872
National
Aluminium
Co.
Ltd.
..............................................
358,279
757
Ratnamani
Metals
&
Tubes
Ltd.
............................................
29,189
969
Shree
Digvijay
Cement
Co.
Ltd.
............................................
1,556,486
1,503
UltraTech
Cement
Ltd.
...................................................
30,492
4,001
UPL
Ltd.
(a)
...........................................................
261,050
1,919
Vedanta
Ltd.
..........................................................
239,778
1,223
Welspun
Corp.
Ltd.
.....................................................
143,707
1,576
18,142
Real
Estate
(0.3%):
ITC
Hotels
Ltd.
(a)
......................................................
207,166
524
Oberoi
Realty
Ltd.
......................................................
23,763
486
Sunteck
Realty
Ltd.
(a)
...................................................
92,971
452
1,462
Utilities
(0.7%):
Mahanagar
Gas
Ltd.
.....................................................
36,037
559
Power
Grid
Corp.
of
India
Ltd.
.............................................
717,624
2,434
VA
Tech
Wabag
Ltd.
(a)
...................................................
33,338
635
3,628
80,860
Indonesia
(2.8%):
Communication
Services
(0.4%):
PT
Telkom
Indonesia
Persero
Tbk
,
ADR
(a)
(c)
..................................
123,365
2,116
Consumer
Staples
(0.2%):
Japfa
Comfeed
Indonesia
Tbk
PT
...........................................
3,104,600
306
PT
Sumber
Alfaria
Trijaya
Tbk
(a)
...........................................
4,158,500
621
927
Energy
(0.2%):
PT
AKR
Corporindo
Tbk
.................................................
3,281,800
256
PT
United
Tractors
Tbk
..................................................
583,900
804
1,060
Financials
(1.5%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
11,387,980
3,701
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
17,784,846
4,841
8,542
Health
Care
(0.1%):
Kalbe
Farma
Tbk
PT
(a)
..................................................
4,876,000
453
Materials
(0.2%):
Aneka
Tambang
Tbk
(a)
..................................................
4,640,900
885
PT
Adaro
Minerals
Indonesia
Tbk
(a)
.........................................
7,369,900
466
1,351
Real
Estate
(0.1%):
PT
Ciputra
Development
Tbk
..............................................
9,295,500
560
Utilities
(0.1%):
PT
Perusahaan
Gas
Negara
Tbk
.............................................
4,368,100
487
15,496
Ireland
(0.3%):
Consumer
Discretionary
(0.3%):
PDD
Holdings,
Inc.
,
ADR
(a)
...............................................
17,628
1,701
Luxembourg
(0.2%):
Materials
(0.2%):
Ternium
SA
,
ADR
......................................................
45,797
1,254
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Macau
(0.2%):
Consumer
Discretionary
(0.2%):
Sands
China
Ltd.
.......................................................
540,400
$
1,055
Malaysia
(0.8%):
Consumer
Staples
(0.1%):
Carlsberg
Brewery
Malaysia
Bhd
...........................................
78,700
361
Health
Care
(0.3%):
KPJ
Healthcare
Bhd
.....................................................
2,501,100
1,598
Industrials
(0.1%):
My
EG
Services
Bhd
....................................................
2,768,800
600
Materials
(0.1%):
Malayan
Cement
Bhd
....................................................
626,500
744
Real
Estate
(0.2%):
Eco
World
Development
Group
Bhd
.........................................
1,204,900
538
Matrix
Concepts
Holdings
Bhd
.............................................
811,100
267
805
Utilities
(0.0%):(d)
Mega
First
Corp.
Bhd
....................................................
285,300
254
4,362
Mexico
(3.7%):
Communication
Services
(0.4%):
America
Movil
SAB
de
CV
,
ADR
...........................................
128,794
2,177
Consumer
Staples
(0.5%):
Coca-Cola
Femsa
SAB
de
CV
,
ADR
.........................................
12,536
1,191
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
932,600
1,657
2,848
Energy
(0.1%):
Vista
Energy
SAB
de
CV
,
ADR
(a)
...........................................
11,568
573
Financials
(1.5%):
Gentera
SAB
de
CV
.....................................................
229,125
451
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
808,437
7,148
Regional
SAB
de
CV
....................................................
94,114
732
8,331
Health
Care
(0.1%):
Genomma
Lab
Internacional
SAB
de
CV
,
Class
B
................................
325,155
377
Materials
(0.8%):
Cemex
SAB
de
CV
,
ADR
.................................................
294,281
2,016
GCC
SAB
de
CV
.......................................................
85,435
794
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
323,464
1,774
4,584
Real
Estate
(0.3%):
Corp
Inmobiliaria
Vesta
SAB
de
CV
(c)
.......................................
345,691
997
FIBRA
Macquarie
Mexico
(b)
..............................................
265,652
436
1,433
20,323
Netherlands
(0.6%):
Real
Estate
(0.6%):
NEPI
Rockcastle
NV
....................................................
392,094
3,015
Panama
(0.2%):
Industrials
(0.2%):
Copa
Holdings
SA
,
Class
A
................................................
9,943
1,072
Philippines
(0.2%):
Communication
Services
(0.1%):
Converge
Information
and
Communications
Technology
Solutions,
Inc.
................
1,387,100
501
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Financials
(0.1%):
Security
Bank
Corp.
.....................................................
315,300
$
362
Utilities
(0.0%):(d)
Manila
Water
Co.,
Inc.
...................................................
215,100
128
991
Poland
(0.9%):
Consumer
Discretionary
(0.4%):
LPP
SA
..............................................................
537
2,071
Financials
(0.5%):
Alior
Bank
SA
(a)
.......................................................
13,825
385
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
................................
122,361
2,463
2,848
4,919
Russian
Federation
(0.0%):
Communication
Services
(0.0%):
Mobile
TeleSystems
PJSC
,
ADR
(a)
(e)
(f)
......................................
253,826
—
Energy
(0.0%):
Gazprom
PJSC
(a)
(e)
(f)
...................................................
1,087,480
—
Rosneft
Oil
Co.
PJSC
,
GDR
(a)
(e)
(f)
.........................................
457,159
—
—
Financials
(0.0%):
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(e)
(f)
..................................
196,760
—
Sberbank
of
Russia
PJSC
(a)
(e)
(f)
...........................................
687,954
—
Sberbank
of
Russia
PJSC
,
ADR
(a)
(e)
(f)
.......................................
329,652
—
—
—
Saudi
Arabia
(2.8%):
Communication
Services
(0.6%):
Saudi
Telecom
Co.
......................................................
311,840
3,481
Consumer
Discretionary
(0.5%):
United
Electronics
Co.
...................................................
111,355
2,578
Financials
(1.4%):
Alinma
Bank
..........................................................
571,459
3,938
Saudi
Awwal
Bank
......................................................
396,101
3,563
7,501
Industrials
(0.2%):
Riyadh
Cables
Group
Co.
.................................................
37,019
1,370
Real
Estate
(0.1%):
Arabian
Centres
Co.
(b)
...................................................
74,640
393
15,323
Singapore
(0.7%):
Communication
Services
(0.3%):
Sea
Ltd.
,
ADR
(a)
.......................................................
9,539
1,530
Consumer
Discretionary
(0.4%):
Trip.com
Group
Ltd.
,
ADR
................................................
35,169
2,203
3,733
South
Africa
(3.6%):
Consumer
Discretionary
(0.5%):
Foschini
Group
Ltd.
.....................................................
271,216
2,027
Truworths
International
Ltd.
...............................................
91,543
373
2,400
Financials
(1.8%):
Capitec
Bank
Holdings
Ltd.
...............................................
15,026
2,881
Nedbank
Group
Ltd.
.....................................................
274,520
3,902
Santam
Ltd.
...........................................................
22,305
520
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Standard
Bank
Group
Ltd.
................................................
206,587
$
2,681
9,984
Health
Care
(0.5%):
Life
Healthcare
Group
Holdings
Ltd.
.........................................
1,028,575
819
Netcare
Ltd.
...........................................................
2,477,816
2,082
2,901
Industrials
(0.3%):
Bidvest
Group
Ltd.
......................................................
113,716
1,544
Materials
(0.5%):
Gold
Fields
Ltd.
........................................................
76,172
1,741
Pan
African
Resources
PLC
...............................................
1,949,339
1,190
2,931
19,760
South
Korea
(11.4%):
Communication
Services
(0.4%):
Krafton,
Inc.
(a)
........................................................
4,750
1,269
SOOP
Co.
Ltd.
.........................................................
10,313
632
1,901
Consumer
Discretionary
(0.4%):
Hyundai
Mobis
Co.
Ltd.
..................................................
8,889
1,630
Silicon2
Co.
Ltd.
(a)
.....................................................
11,654
398
2,028
Consumer
Staples
(0.2%):
E-MART,
Inc.
.........................................................
6,683
442
Kolmar
Korea
Co.
Ltd.
...................................................
7,807
469
911
Financials
(2.1%):
DB
Insurance
Co.
Ltd.
...................................................
12,920
942
JB
Financial
Group
Co.
Ltd.
...............................................
81,186
1,110
KB
Financial
Group,
Inc.
.................................................
27,418
2,064
KIWOOM
Securities
Co.
Ltd.
..............................................
17,430
2,051
Samsung
Securities
Co.
Ltd.
...............................................
58,062
2,541
Shinhan
Financial
Group
Co.
Ltd.
...........................................
70,006
2,929
11,637
Health
Care
(0.6%):
Classys,
Inc.
..........................................................
28,494
1,176
Hugel,
Inc.
(a)
.........................................................
1,848
443
PharmaResearch
Co.
Ltd.
.................................................
2,865
935
T&L
Co.
Ltd.
..........................................................
14,112
641
3,195
Industrials
(2.0%):
GS
Holdings
Corp.
......................................................
54,098
1,705
Hanwha
Aerospace
Co.
Ltd.
...............................................
2,557
1,500
Hanwha
Vision
Co.
Ltd.
(a)
................................................
3,461
130
HD
Hyundai
Electric
Co.
Ltd.
..............................................
6,755
1,850
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
..........................
6,230
1,424
Hyosung
Heavy
Industries
Corp.
............................................
2,251
1,007
Hyundai
Glovis
Co.
Ltd.
..................................................
4,746
390
Hyundai
Rotem
Co.
Ltd.
..................................................
22,336
2,365
Samsung
E&A
Co.
Ltd.
..................................................
27,543
434
10,805
Information
Technology
(5.4%):
Douzone
Bizon
Co.
Ltd.
..................................................
11,626
468
Innox
Advanced
Materials
Co.
Ltd.
..........................................
36,718
600
IsuPetasys
Co.
Ltd.
......................................................
13,279
369
LEENO
Industrial,
Inc.
...................................................
12,654
362
PSK,
Inc.
.............................................................
16,035
212
Samsung
Electronics
Co.
Ltd.
..............................................
401,407
16,294
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
SK
Hynix,
Inc.
.........................................................
77,345
$
11,413
29,718
Materials
(0.3%):
Hyosung
TNC
Corp.
.....................................................
2,013
354
OCI
Holdings
Co.
Ltd.
...................................................
3,746
193
Poongsan
Corp.
........................................................
17,926
805
Wonik
Materials
Co.
Ltd.
.................................................
25,073
370
1,722
61,917
Taiwan
(18.0%):
Consumer
Discretionary
(0.8%):
Johnson
Health
Tech
Co.
Ltd.
..............................................
145,000
710
Lion
Travel
Service
Co.
Ltd.
...............................................
94,000
516
Minth
Group
Ltd.
.......................................................
210,000
565
Taiwan
Paiho
Ltd.
......................................................
155,000
298
Tong
Yang
Industry
Co.
Ltd.
...............................................
535,000
2,308
4,397
Health
Care
(0.1%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
21,000
535
Industrials
(1.0%):
Advanced
Energy
Solution
Holding
Co.
Ltd.
...................................
24,000
811
Airtac
International
Group
................................................
82,344
2,527
Bizlink
Holding,
Inc.
....................................................
52,000
1,092
China
Airlines
Ltd.
......................................................
463,000
339
Fortune
Electric
Co.
Ltd.
.................................................
52,800
792
5,561
Information
Technology
(15.5%):
Arcadyan
Technology
Corp.
...............................................
57,000
403
ASE
Technology
Holding
Co.
Ltd.
,
ADR
......................................
320,730
3,008
ASE
Technology
Holding
Co.
Ltd.
...........................................
591,000
2,690
ASMedia
Technology,
Inc.
................................................
8,000
509
Chenbro
Micom
Co.
Ltd.
.................................................
51,000
538
Chicony
Electronics
Co.
Ltd.
..............................................
81,000
452
Chroma
ATE,
Inc.
......................................................
137,000
1,511
Compeq
Manufacturing
Co.
Ltd.
............................................
514,000
1,030
Elite
Material
Co.
Ltd.
...................................................
107,000
2,629
Genius
Electronic
Optical
Co.
Ltd.
..........................................
35,000
454
Getac
Holdings
Corp.
(a)
..................................................
188,000
754
Gold
Circuit
Electronics
Ltd.
...............................................
125,100
1,065
King
Slide
Works
Co.
Ltd.
................................................
10,000
671
King
Yuan
Electronics
Co.
Ltd.
.............................................
586,000
1,857
Lotes
Co.
Ltd.
.........................................................
21,000
897
MediaTek,
Inc.
.........................................................
181,000
7,434
MPI
Corp.
............................................................
19,000
497
Novatek
Microelectronics
Corp.
............................................
95,000
1,618
Phison
Electronics
Corp.
..................................................
29,000
484
Quanta
Computer,
Inc.
(a)
.................................................
395,000
3,495
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
1,520,000
48,493
Tripod
Technology
Corp.
.................................................
98,000
692
Wiwynn
Corp.
.........................................................
16,000
1,259
Yageo
Corp.
...........................................................
108,704
1,743
84,183
Materials
(0.6%):
Nan
Pao
Resins
Chemical
Co.
Ltd.
..........................................
32,000
373
Taiwan
Hon
Chuan
Enterprise
Co.
Ltd.
.......................................
334,000
1,626
Tung
Ho
Steel
Enterprise
Corp.
.............................................
622,000
1,334
3,333
98,009
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Thailand
(0.7%):
Consumer
Discretionary
(0.1%):
Com7
PCL,
NVDR
.....................................................
645,200
$
391
Consumer
Staples
(0.2%):
CP
ALL
PCL,
NVDR
....................................................
911,200
1,303
Energy
(0.4%):
PTT
Exploration
&
Production
PCL
,
Class
F
...................................
285,200
850
PTT
Exploration
&
Production
PCL,
NVDR
...................................
380,500
1,134
1,984
Real
Estate
(0.0%):(d)
Sansiri
PCL,
NVDR
.....................................................
619,300
25
Utilities
(0.0%):(d)
Gunkul
Engineering
PCL,
NVDR
...........................................
7,759,800
344
4,047
Turkey
(0.8%):
Consumer
Staples
(0.4%):
BIM
Birlesik
Magazalar
A/S
...............................................
163,340
1,985
Financials
(0.1%):
Turkiye
Sigorta
A/S
.....................................................
1,595,188
672
Industrials
(0.3%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
279,707
926
Pegasus
Hava
Tasimaciligi
A/S
(a)
...........................................
135,884
837
1,763
4,420
United
Arab
Emirates
(0.5%):
Industrials
(0.2%):
Air
Arabia
PJSC
........................................................
928,329
897
Real
Estate
(0.3%):
Emaar
Properties
PJSC
...................................................
438,461
1,570
2,467
United
Kingdom
(0.6%):
Consumer
Staples
(0.4%):
Unilever
PLC
.........................................................
37,519
2,390
Health
Care
(0.2%):
Hikma
Pharmaceuticals
PLC
...............................................
35,037
1,011
3,401
United
States
(0.7%):
Consumer
Discretionary
(0.2%):
SharkNinja,
Inc.
(a)
......................................................
11,659
1,072
Energy
(0.3%):
Schlumberger
NV
......................................................
44,195
1,461
Health
Care
(0.2%):
BeOne
Medicines
Ltd.
(a)
.................................................
60,200
1,148
3,681
Uruguay
(1.2%):
Consumer
Discretionary
(1.2%):
Arcos
Dorados
Holdings,
Inc.
,
Class
A
........................................
121,514
900
MercadoLibre,
Inc.
(a)
....................................................
2,201
5,641
6,541
Total
Common
Stocks
(Cost
$429,883)
535,999
Rights
(0.0%)(d)
South
Korea
(0.0%):(d)
Industrials
(0.0%):(d)
Hanwha
Aerospace
Co.
Ltd.
,
expiring
7/3/25
(a)
.................................
185
17
Total
Rights
(Cost
$–)
17
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
7/28/2021
$
4,261
Mobile
TeleSystems
PJSC
,
ADR
.................................
4/4/2016
2,117
Moscow
Exchange
MICEX-RTS
PJSC
............................
5/4/2020
331
Rosneft
Oil
Co.
PJSC
,
GDR
....................................
3/6/2020
2,920
Sberbank
of
Russia
PJSC
......................................
3/2/2015
800
Sberbank
of
Russia
PJSC
,
ADR
..................................
11/11/2020
4,362
Security
Description
Shares
Value
(000)
Exchange-Traded
Funds
(0.2%)
United
States
(0.2%):
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
................................
17,423
$
1,069
Total
Exchange-Traded
Funds
(Cost
$973)
1,069
Collateral
for
Securities
Loaned
(0.2%)^
United
States
(0.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(g)
........
262,665
263
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(g)
............
262,665
262
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(g)
...............
262,665
263
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(g)
.
262,665
263
Total
Collateral
for
Securities
Loaned
(Cost
$1,051)
1,051
Total
Investments
(Cost
$431,907)
—
98.7%
538,136
Other
assets
in
excess
of
liabilities
—
1.3%
7,378
NET
ASSETS
-
100.00%
$
545,514
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$14,809
(thousands)
and
amounted
to
2.7%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2025
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2025.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
49
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.0%)
Australia
(1.9%):
Consumer
Staples
(0.4%):
Coles
Group
Ltd.
.......................................................
17,307
$
241
Financials
(0.4%):
QBE
Insurance
Group
Ltd.
................................................
16,950
253
Industrials
(0.5%):
Computershare
Ltd.
.....................................................
12,619
327
Utilities
(0.6%):
Origin
Energy
Ltd.
......................................................
52,667
367
1,188
Bermuda
(0.3%):
Financials
(0.3%):
Everest
Group
Ltd.
......................................................
622
216
Canada
(6.7%):
Consumer
Discretionary
(0.6%):
Gildan
Activewear,
Inc.
..................................................
8,192
381
Energy
(2.2%):
Canadian
Natural
Resources
Ltd.
............................................
15,504
471
Cenovus
Energy,
Inc.
....................................................
17,761
234
Suncor
Energy,
Inc.
.....................................................
18,982
675
1,380
Financials
(2.6%):
Bank
of
Montreal
.......................................................
4,961
533
Canadian
Imperial
Bank
of
Commerce
........................................
12,344
840
Sun
Life
Financial,
Inc.
..................................................
4,577
295
1,668
Materials
(1.3%):
Kinross
Gold
Corp.
.....................................................
34,384
508
Nutrien
Ltd.
...........................................................
4,811
284
792
4,221
China
(0.9%):
Industrials
(0.9%):
Yangzijiang
Shipbuilding
Holdings
Ltd.
.......................................
327,800
537
France
(4.0%):
Health
Care
(0.3%):
Sanofi
SA
............................................................
1,923
191
Industrials
(2.3%):
Cie
de
Saint-Gobain
SA
..................................................
9,551
1,075
Eiffage
SA
............................................................
2,996
412
1,487
Utilities
(1.4%):
Engie
SA
.............................................................
39,867
860
2,538
Germany
(5.2%):
Communication
Services
(1.0%):
Deutsche
Telekom
AG
...................................................
17,129
649
Financials
(1.5%):
Allianz
SE
,
Registered
Shares
..............................................
2,308
915
Industrials
(1.2%):
Deutsche
Post
AG
......................................................
8,611
386
GEA
Group
AG
........................................................
5,776
387
773
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Materials
(1.5%):
Heidelberg
Materials
AG
.................................................
4,978
$
976
3,313
Hong
Kong
(1.6%):
Consumer
Staples
(1.0%):
WH
Group
Ltd.
........................................................
683,000
628
Industrials
(0.6%):
Techtronic
Industries
Co.
Ltd.
..............................................
35,000
390
1,018
Ireland
(1.5%):
Financials
(0.5%):
Bank
of
Ireland
Group
PLC
...............................................
23,666
321
Information
Technology
(1.0%):
TE
Connectivity
PLC
....................................................
4,079
653
974
Italy
(1.0%):
Utilities
(1.0%):
Enel
SpA
.............................................................
71,857
661
Japan
(7.6%):
Consumer
Discretionary
(0.7%):
Isuzu
Motors
Ltd.
.......................................................
30,700
415
Financials
(2.6%):
SBI
Holdings,
Inc.
......................................................
13,700
415
Sompo
Holdings,
Inc.
....................................................
16,900
512
Tokio
Marine
Holdings,
Inc.
...............................................
16,600
702
1,629
Health
Care
(0.3%):
Shionogi
&
Co.
Ltd.
.....................................................
12,900
215
Industrials
(1.7%):
Fujikura
Ltd.
..........................................................
13,100
608
Komatsu
Ltd.
..........................................................
14,400
438
1,046
Materials
(1.3%):
Nitto
Denko
Corp.
......................................................
31,900
580
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
8,300
265
845
Utilities
(1.0%):
Tokyo
Gas
Co.
Ltd.
.....................................................
19,200
644
4,794
Netherlands
(2.3%):
Communication
Services
(1.4%):
Koninklijke
KPN
NV
....................................................
191,587
901
Consumer
Staples
(0.9%):
Koninklijke
Ahold
Delhaize
NV
............................................
13,863
585
1,486
Portugal
(0.7%):
Energy
(0.7%):
Galp
Energia
SGPS
SA
...................................................
28,116
450
Singapore
(0.9%):
Financials
(0.9%):
DBS
Group
Holdings
Ltd.
.................................................
7,200
248
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
24,100
303
551
Spain
(3.9%):
Financials
(2.6%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
64,010
961
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Banco
Santander
SA
.....................................................
84,517
$
674
1,635
Utilities
(1.3%):
Iberdrola
SA
..........................................................
44,513
816
2,451
Sweden
(0.3%):
Information
Technology
(0.3%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
25,381
216
Switzerland
(5.9%):
Consumer
Staples
(1.4%):
Coca-Cola
HBC
AG
.....................................................
16,258
847
Health
Care
(2.6%):
Novartis
AG
,
Registered
Shares
.............................................
7,744
894
Roche
Holding
AG
......................................................
2,354
763
1,657
Information
Technology
(0.7%):
Logitech
International
SA
,
Class
R
..........................................
5,368
448
Materials
(1.2%):
Glencore
PLC
.........................................................
48,514
184
Holcim
AG
...........................................................
5,357
594
778
3,730
United
Kingdom
(5.2%):
Consumer
Staples
(2.3%):
Imperial
Brands
PLC
....................................................
10,966
416
Reckitt
Benckiser
Group
PLC
..............................................
2,746
186
Tesco
PLC
............................................................
167,625
877
1,479
Energy
(0.9%):
Shell
PLC
............................................................
16,748
553
Shell
PLC-DRIP
.......................................................
16,748
6
559
Financials
(1.3%):
HSBC
Holdings
PLC
....................................................
72,113
849
Industrials
(0.7%):
Intertek
Group
PLC
.....................................................
6,655
430
3,317
United
States
(49.1%):
Communication
Services
(0.5%):
Verizon
Communications,
Inc.
..............................................
6,817
300
Consumer
Discretionary
(3.1%):
Best
Buy
Co.,
Inc.
......................................................
6,114
405
Lowe's
Cos.,
Inc.
.......................................................
1,607
363
The
Home
Depot,
Inc.
...................................................
1,883
693
The
TJX
Cos.,
Inc.
......................................................
1,859
236
Williams-Sonoma,
Inc.
...................................................
1,656
268
1,965
Consumer
Staples
(5.4%):
Altria
Group,
Inc.
.......................................................
10,062
610
Colgate-Palmolive
Co.
...................................................
4,250
395
Kimberly-Clark
Corp.
....................................................
5,331
766
Philip
Morris
International,
Inc.
.............................................
4,706
850
Sysco
Corp.
...........................................................
4,313
315
Target
Corp.
..........................................................
1,848
174
The
Clorox
Co.
........................................................
2,483
327
3,437
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Energy
(3.5%):
Devon
Energy
Corp.
.....................................................
12,350
$
374
EOG
Resources,
Inc.
....................................................
6,910
750
Marathon
Petroleum
Corp.
................................................
2,630
423
Ovintiv,
Inc.
..........................................................
7,769
278
Valero
Energy
Corp.
.....................................................
3,017
389
2,214
Financials
(9.5%):
American
Express
Co.
...................................................
1,243
366
American
Financial
Group,
Inc.
.............................................
4,623
573
Ameriprise
Financial,
Inc.
.................................................
1,081
550
Capital
One
Financial
Corp.
...............................................
1,998
378
Cincinnati
Financial
Corp.
................................................
2,647
399
Fidelity
National
Financial,
Inc.
............................................
12,078
662
Interactive
Brokers
Group,
Inc.
.............................................
1,430
300
JPMorgan
Chase
&
Co.
..................................................
2,333
616
Synchrony
Financial
.....................................................
10,709
617
The
Goldman
Sachs
Group,
Inc.
............................................
826
496
The
PNC
Financial
Services
Group,
Inc.
......................................
1,978
344
The
Western
Union
Co.
...................................................
18,329
170
W.R.
Berkley
Corp.
.....................................................
7,257
542
6,013
Health
Care
(7.5%):
AbbVie,
Inc.
..........................................................
5,018
934
Bristol-Myers
Squibb
Co.
.................................................
12,738
615
Cardinal
Health,
Inc.
....................................................
2,041
315
Gilead
Sciences,
Inc.
....................................................
6,802
749
Johnson
&
Johnson
.....................................................
4,552
706
McKesson
Corp.
.......................................................
479
345
Merck
&
Co.,
Inc.
......................................................
4,545
349
The
Cigna
Group
.......................................................
1,318
417
UnitedHealth
Group,
Inc.
.................................................
1,075
325
4,755
Industrials
(4.8%):
Booz
Allen
Hamilton
Holding
Corp.
.........................................
3,186
339
C.H.
Robinson
Worldwide,
Inc.
.............................................
4,281
411
EMCOR
Group,
Inc.
....................................................
923
436
Expeditors
International
of
Washington,
Inc.
....................................
2,680
302
Lockheed
Martin
Corp.
...................................................
1,084
523
Masco
Corp.
..........................................................
7,025
438
Owens
Corning
........................................................
2,830
379
United
Parcel
Service,
Inc.
,
Class
B
..........................................
2,372
231
3,059
Information
Technology
(9.8%):
Apple,
Inc.
...........................................................
6,337
1,273
Applied
Materials,
Inc.
...................................................
3,422
536
Cisco
Systems,
Inc.
.....................................................
18,436
1,162
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
7,076
573
HP,
Inc.
..............................................................
22,233
554
KLA
Corp.
...........................................................
795
602
NetApp,
Inc.
..........................................................
6,779
672
QUALCOMM,
Inc.
.....................................................
6,027
875
6,247
Materials
(4.5%):
CF
Industries
Holdings,
Inc.
...............................................
7,121
646
LyondellBasell
Industries
NV
,
Class
A
........................................
5,336
301
Nucor
Corp.
...........................................................
3,060
335
Packaging
Corp.
of
America
...............................................
3,507
677
Reliance,
Inc.
..........................................................
1,400
410
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Steel
Dynamics,
Inc.
.....................................................
3,775
$
465
2,834
Utilities
(0.5%):
OGE
Energy
Corp.
......................................................
6,612
294
31,118
Total
Common
Stocks
(Cost
$55,516)
62,779
Total
Investments
(Cost
$55,516)
—
99.0%
62,779
Other
assets
in
excess
of
liabilities
—
1.0%
647
NET
ASSETS
-
100.00%
$
63,426
DRIP
—
Dividend
Reinvestment
Programmes
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Government
Securities
Fund
54
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(1.6%)
ABS
Other
(0.8%):
Consumers
2014
Securitization
Funding
LLC
,
Series
2014-A
,
Class
A3
,
3
.53
%
,
5/1/29
.....
$
2,517
$
2,472
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000
3,874
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
3,333
2,939
9,285
Agency
ABS
Other
(0.8%):
Nelnet
Student
Loan
Trust
................................................
Series
2006-3
,
Class
B
,
4
.87
%
(
SOFR90A
+
51
bps
)
,
6/25/41
,
Callable
6/25/25
@
100
(a)
1,214
1,084
Series
2015-3A
,
Class
A2
,
5
.04
%
(
SOFR30A
+
71
bps
)
,
2/27/51
,
Callable
5/25/30
@
100
(a)
(b)
.........................................................
835
833
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
2/25/33
@
100
(b)
..............
3,490
3,164
SLM
Student
Loan
Trust
..................................................
Series
2006-4
,
Class
B
,
4
.82
%
(
SOFR90A
+
46
bps
)
,
1/25/70
,
Callable
4/25/31
@
100
(a)
1,951
1,837
Series
2013-6
,
Class
A3
,
5
.09
%
(
SOFR30A
+
76
bps
)
,
6/26/28
(a)
..................
1,566
1,540
8,458
Total
Asset-Backed
Securities
(Cost
$18,494)
a
a
a
17,743
Collateralized
Mortgage
Obligations
(16.8%)
Agency
CMO
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
4772
,
Class
ZG
,
4
.50
%
,
12/15/47
.......
2,183
2,103
Agency
CMO
Floating
(0.1%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
3134
,
Class
FA
,
4
.75
%
(
SOFR30A
+
41
bps
)
,
3/15/36
(a)
...................
246
243
Series
4023
,
Class
PF
,
5
.00
%
(
SOFR30A
+
66
bps
)
,
10/15/41
(a)
...................
207
207
Federal
National
Mortgage
Association
.......................................
Series
2005-29
,
Class
FY
,
4
.74
%
(
SOFR30A
+
41
bps
)
,
4/25/35
(a)
.................
429
425
Series
2007-84
,
Class
F
,
4
.74
%
(
SOFR30A
+
41
bps
)
,
8/25/37
(a)
..................
276
272
1,147
Agency
CMO
Other
(4.4%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
4623
,
Class
H
,
2
.50
%
,
11/15/44
....................................
949
868
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
3,057
3,094
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
2,671
2,621
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
2,684
2,693
Series
7897
,
Class
V
,
5
.00
%
,
8/1/53
......................................
3,000
2,983
Federal
National
Mortgage
Association
.......................................
Series
2012-100
,
Class
BA
,
1
.50
%
,
9/25/27
................................
86
84
Series
2012-102
,
Class
GA
,
1
.38
%
,
9/25/27
................................
147
143
Series
2012-103
,
Class
HB
,
1
.50
%
,
9/25/27
................................
96
93
Series
2012-107
,
Class
GC
,
1
.50
%
,
10/25/27
...............................
140
137
Series
2012-73
,
Class
DC
,
1
.50
%
,
7/25/27
.................................
239
232
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,015
1,024
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
3,053
3,037
Series
2025-33
,
Class
P
,
5
.00
%
,
5/25/54
...................................
2,975
2,950
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
2,505
2,163
Series
2022-68
,
Class
WQ
,
3
.69
%
,
5/20/50
(c)
..............................
3,779
3,612
Series
2022-90
,
Class
QU
,
4
.00
%
,
11/20/49
................................
5,396
5,157
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
3,452
3,471
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
1,427
1,435
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
1,705
1,704
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
1,112
1,112
Series
2023-53
,
Class
QA
,
5
.00
%
,
6/20/49
.................................
3,037
3,041
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
3,239
3,191
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
617
610
Series
2024-20
,
Class
PA
,
4
.50
%
,
2/20/54
.................................
1,863
1,835
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
1,874
1,867
49,157
Victory
Portfolios
III
Victory
Government
Securities
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Agency
Commercial
MBS
(12.1%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K049
,
Class
A2
,
3
.01
%
,
7/25/25
...................................
$
1,946
$
1,938
Series
K051
,
Class
A2
,
3
.31
%
,
9/25/25
...................................
8,684
8,638
Series
K057
,
Class
A2
,
2
.57
%
,
7/25/26
...................................
6,979
6,846
Series
K080
,
Class
A2
,
3
.93
%
,
7/25/28
(c)
.................................
15,000
14,856
Series
K126
,
Class
A2
,
2
.07
%
,
1/25/31
...................................
2,860
2,532
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
...................................
5,000
4,341
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
...................................
2,000
1,741
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
...................................
3,000
2,630
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
...................................
5,000
4,365
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
5,183
4,546
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
...................................
3,423
3,026
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
...................................
3,000
2,704
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(c)
.................................
3,000
2,717
Series
K149
,
Class
A2
,
3
.53
%
,
8/25/32
...................................
3,000
2,805
Series
K523
,
Class
AS
,
4
.90
%
(
SOFR30A
+
55
bps
)
,
4/25/29
(a)
...................
2,999
3,001
Series
K536
,
Class
AS
,
4
.85
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(a)
..................
2,750
2,750
Series
K733
,
Class
AM
,
3
.75
%
,
9/25/25
...................................
5,000
4,976
Series
K759
,
Class
A2
,
4
.80
%
,
1/25/32
(c)
.................................
3,000
3,045
Series
KC03
,
Class
A2
,
3
.50
%
,
1/25/26
...................................
6,856
6,809
Series
KPLB2
,
Class
A
,
4
.83
%
,
6/25/33
(d)
.................................
5,000
5,041
Federal
National
Mortgage
Association
.......................................
Series
2015-M13
,
Class
A2
,
2
.67
%
,
6/25/25
(c)
..............................
401
401
Series
2016-M5
,
Class
A2
,
2
.47
%
,
4/25/26
.................................
2,404
2,362
Series
2017-M12
,
Class
A2
,
3
.06
%
,
6/25/27
(c)
..............................
3,668
3,583
Series
2017-M8
,
Class
A2
,
3
.06
%
,
5/25/27
(c)
...............................
5,960
5,824
Series
2018-M10
,
Class
A2
,
3
.35
%
,
7/25/28
(c)
..............................
7,859
7,675
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(c)
...............................
2,016
1,958
Series
2021-M3G
,
Class
A2
,
1
.24
%
,
1/25/31
(c)
.............................
3,000
2,537
Series
2022-M12
,
Class
A
,
3
.10
%
,
12/25/28
(c)
..............................
5,947
5,735
Series
2022-M13
,
Class
A2
,
2
.59
%
,
6/25/32
................................
8,671
7,640
Series
2022-M3
,
Class
A2
,
1
.71
%
,
11/25/31
(c)
..............................
4,000
3,358
Series
2023-M4
,
Class
A2
,
3
.77
%
,
9/25/32
(c)
...............................
4,000
3,794
134,174
Total
Collateralized
Mortgage
Obligations
(Cost
$186,417)
a
a
a
186,581
Corporate
Bonds
(0.8%)
Energy
(0.3%):
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
3,378
3,341
Financials
(0.2%):
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
2,234
2,194
Utilities
(0.3%):
Tennessee
Valley
Authority
,
3
.50
%
,
12/15/42
...................................
5,000
3,994
Total
Corporate
Bonds
(Cost
$9,956)
a
a
a
9,529
Municipal
Bonds
(0.7%)
Hawaii
(0.2%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue
,
Series
A-2
,
3
.24
%
,
1/1/31
..................................................
182
178
State
of
Hawaii,
GO
,
Series
GN
,
4
.94
%
,
10/1/37
,
Continuously
Callable
@100
...........
2,000
1,945
2,123
Louisiana
(0.5%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.15
%
,
2/1/33
..............................................
3,000
2,941
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,000
1,908
Victory
Portfolios
III
Victory
Government
Securities
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A1-A3
,
5
.08
%
,
6/1/31
...........................................
$
695
$
700
5,549
Total
Municipal
Bonds
(Cost
$7,876)
a
a
a
7,672
U.S.
Government
Agency
Mortgages
(47.3%)
Federal
Farm
Credit
Banks
Funding
Corporation
4
.58
%
,
4/2/29
.....................................................
1,500
1,493
5
.93
%
,
7/14/33
....................................................
2,500
2,501
6
.00
%
,
6/5/34
.....................................................
4,000
4,000
5
.14
%
,
10/30/34
....................................................
3,000
2,946
2
.55
%
,
12/21/34
....................................................
3,000
2,449
2
.20
%
,
9/2/36
.....................................................
2,000
1,500
5
.60
%
,
8/5/39
.....................................................
4,000
3,969
6
.19
%
,
6/17/44
....................................................
2,500
2,480
21,338
Federal
Home
Loan
Banks
1
.25
%
,
8/16/27
(c)
(e)
................................................
1,000
954
5
.25
%
,
9/25/34
....................................................
3,000
2,957
3,911
Federal
Home
Loan
Mortgage
Corporation
4
.05
%
,
10/1/29
....................................................
4,000
3,926
4
.40
%
,
11/1/29
.....................................................
3,355
3,336
3
.00
%
,
3/1/32
-
5/1/52
...............................................
13,558
12,204
3
.50
%
,
10/1/33
-
7/1/52
..............................................
13,977
12,769
4
.00
%
,
10/1/33
-
12/1/52
.............................................
21,941
20,608
5
.50
%
,
12/1/35
-
1/1/55
..............................................
27,973
27,841
1
.50
%
,
4/1/37
.....................................................
2,869
2,517
5
.00
%
,
3/1/38
-
5/1/55
...............................................
41,059
40,148
2
.50
%
,
5/1/42
.....................................................
2,399
2,098
4
.50
%
,
11/1/42
-
10/1/52
..............................................
9,250
8,845
3
.99
%
(
SOFR30A
+
227
bps
)
,
8/1/52
(a)
....................................
6,249
6,107
6
.50
%
,
2/1/53
.....................................................
2,759
2,841
6
.00
%
,
8/1/53
-
3/1/55
...............................................
13,174
13,337
156,577
Federal
National
Mortgage
Association
2
.25
%
,
11/1/26
.....................................................
1,745
1,692
3
.00
%
,
2/1/27
-
4/1/52
...............................................
19,228
16,681
2
.48
%
,
11/1/29
.....................................................
875
808
1
.74
%
,
2/1/31
.....................................................
3,001
2,569
1
.64
%
,
9/1/31
.....................................................
1,250
1,052
1
.21
%
,
10/1/32
(c)
..................................................
2,402
2,065
2
.13
%
,
1/1/34
.....................................................
4,000
3,321
5
.00
%
,
12/1/35
-
4/1/53
..............................................
17,248
16,925
5
.50
%
,
11/1/37
-
4/1/55
..............................................
25,761
25,613
4
.50
%
,
1/1/38
-
1/1/53
...............................................
32,374
30,768
4
.00
%
,
4/1/38
-
7/1/53
...............................................
38,632
35,832
6
.00
%
,
5/1/38
-
11/1/54
..............................................
2,753
2,800
2
.50
%
,
6/1/41
-
3/1/52
...............................................
19,670
16,444
3
.50
%
,
1/1/42
-
7/1/52
...............................................
31,460
28,384
3
.48
%
,
7/1/42
.....................................................
516
462
2
.44
%
,
10/1/51
....................................................
2,575
1,627
2
.00
%
,
11/1/51
-
12/1/51
..............................................
23,810
18,652
205,695
Victory
Portfolios
III
Victory
Government
Securities
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Government
National
Mortgage
Association
7
.00
%
,
5/15/27
-
7/15/32
.............................................
$
254
$
261
8
.00
%
,
5/15/27
-
9/15/30
.............................................
94
98
7
.50
%
,
2/15/28
-
10/20/54
.............................................
5,611
5,653
6
.00
%
,
4/15/28
-
10/20/53
.............................................
6,923
7,135
6
.50
%
,
5/15/28
-
8/20/34
.............................................
920
958
6
.75
%
,
5/15/28
....................................................
2
2
5
.50
%
,
4/20/33
-
2/20/54
.............................................
20,553
20,681
5
.00
%
,
5/20/33
-
9/20/53
.............................................
13,228
13,011
4
.50
%
,
9/15/39
-
9/20/53
.............................................
19,194
18,475
4
.00
%
,
7/15/40
-
11/20/40
.............................................
1,625
1,536
2
.50
%
,
2/20/50
-
7/20/53
.............................................
37,584
31,495
3
.00
%
,
8/20/51
-
12/20/52
.............................................
23,863
20,782
3
.50
%
,
4/20/52
-
6/20/52
.............................................
3,438
3,045
123,132
Small
Business
Administration
Pools
4
.65
%
(
PRIME
-
285
bps
)
,
9/25/31
(a)
.....................................
2,495
2,487
7
.13
%
(
PRIME
-
38
bps
)
,
2/25/32
(a)
......................................
2,142
2,219
8
.38
%
(
PRIME
+
88
bps
)
,
2/25/32
(a)
......................................
1,640
1,730
9
.10
%
(
PRIME
+
160
bps
)
,
2/25/32
(a)
.....................................
2,069
2,209
7
.63
%
(
PRIME
+
13
bps
)
,
6/25/32
(a)
......................................
1,570
1,640
5
.00
%
(
PRIME
-
250
bps
)
,
9/25/32
(a)
.....................................
2,087
2,092
5
.75
%
(
PRIME
-
175
bps
)
,
10/25/34
(a)
.....................................
882
895
13,272
Total
U.S.
Government
Agency
Mortgages
(Cost
$550,791)
a
a
a
523,925
U.S.
Treasury
Obligations
(31.9%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
5,000
5,237
1
.75
%
,
8/15/41
....................................................
7,000
4,546
2
.00
%
,
11/15/41
....................................................
5,000
3,370
3
.38
%
,
8/15/42
....................................................
5,000
4,116
3
.75
%
,
11/15/43
....................................................
6,000
5,139
3
.00
%
,
5/15/45
....................................................
8,000
5,995
5
.00
%
,
5/15/45
....................................................
5,000
5,052
U.S.
Treasury
Notes
0
.38
%
,
1/31/26
....................................................
6,000
5,847
3
.63
%
,
5/15/26
....................................................
5,200
5,174
0
.75
%
,
5/31/26
....................................................
4,000
3,868
1
.38
%
,
8/31/26
....................................................
7,000
6,773
1
.88
%
,
2/28/27
....................................................
10,250
9,894
2
.75
%
,
4/30/27
....................................................
10,000
9,786
2
.63
%
,
5/31/27
....................................................
10,500
10,242
3
.13
%
,
8/31/27
....................................................
13,000
12,789
4
.13
%
,
9/30/27
....................................................
6,000
6,033
1
.13
%
,
2/29/28
....................................................
7,500
6,968
1
.25
%
,
4/30/28
....................................................
5,000
4,643
2
.88
%
,
5/15/28
....................................................
5,000
4,863
1
.25
%
,
5/31/28
....................................................
5,000
4,633
1
.00
%
,
7/31/28
....................................................
3,000
2,745
1
.13
%
,
8/31/28
....................................................
5,000
4,582
1
.25
%
,
9/30/28
....................................................
3,500
3,214
1
.38
%
,
10/31/28
....................................................
8,200
7,546
2
.63
%
,
2/15/29
....................................................
12,000
11,475
2
.38
%
,
3/31/29
....................................................
14,100
13,336
2
.88
%
,
4/30/29
....................................................
16,000
15,401
2
.38
%
,
5/15/29
....................................................
11,300
10,670
2
.75
%
,
5/31/29
....................................................
13,750
13,164
3
.88
%
,
11/30/29
....................................................
14,000
13,958
3
.88
%
,
12/31/29
....................................................
8,000
7,975
3
.50
%
,
1/31/30
....................................................
10,000
9,806
4
.88
%
,
10/31/30
....................................................
11,000
11,452
Victory
Portfolios
III
Victory
Government
Securities
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
0
.88
%
,
11/15/30
....................................................
$
15,000
$
12,710
1
.63
%
,
5/15/31
....................................................
10,000
8,715
1
.25
%
,
8/15/31
....................................................
21,000
17,738
2
.88
%
,
5/15/32
....................................................
13,000
11,991
4
.13
%
,
11/15/32
....................................................
13,000
12,945
3
.50
%
,
2/15/33
....................................................
15,000
14,288
3
.38
%
,
5/15/33
....................................................
18,000
16,948
3
.88
%
,
8/15/34
....................................................
8,000
7,710
Total
U.S.
Treasury
Obligations
(Cost
$364,033)
a
a
a
353,337
Shares
Investment
Companies
(0.2%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
4
.18
%
(f)
............
1,694
1,694
Total
Investment
Companies
(Cost
$1,694)
a
a
a
1,694
Principal
Amount
(000)
Repurchase
Agreements
(0.8%)
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.
,
4
.31
%
,
purchased
on
5/30/25,
with
a
maturity
date
of
6/02/25,
with
a
repurchase
value
of
$9,003
(collateralized
by
U.S.
Treasury
Bonds
,
4.75%,
due
5/15/55,
with
an
aggregate
value
of
$9,180)
............
9,000
9,000
Total
Repurchase
Agreements
(Cost
$9,000)
a
a
a
9,000
Total
Investments
(Cost
$1,148,261)
—
100.1%
1,109,481
Liabilities
in
excess
of
other
assets
—  (0.1)%
(1,320)
NET
ASSETS
-
100.00%
$
1,108,161
(a)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2025.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$3,997
(thousands)
and
amounted
to
0.4%
of
net
assets.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
May
31,
2025.
(d)
Security
is
interest
only.
(e)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(f)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
LLC
—
Limited
Liability
Company
MBS
—
Mortgage-Backed
Securities
PRIME
—
US
Prime
rate,
rate
disclosed
as
of
May
31,
2025.
SOFR
—
Secured
Overnight
Financing
Rate
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2025.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2025.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
59
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(48.0%)
Communication
Services
(5.3%):
Alphabet,
Inc.
,
Class
A
...................................................
56,780
$
9,752
Alphabet,
Inc.
,
Class
C
...................................................
53,042
9,168
AT&T,
Inc.
...........................................................
2,783
77
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
189
75
Comcast
Corp.
,
Class
A
..................................................
29,196
1,009
Electronic
Arts,
Inc.
.....................................................
1,990
286
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,691
232
Meta
Platforms,
Inc.
,
Class
A
..............................................
22,559
14,607
Netflix,
Inc.
(a)
.........................................................
5,103
6,161
News
Corp.
,
Class
A
.....................................................
2,721
77
Omnicom
Group,
Inc.
....................................................
1,760
129
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
2,760
66
The
Walt
Disney
Co.
....................................................
13,618
1,539
T-Mobile
US,
Inc.
......................................................
3,497
847
44,025
Consumer
Discretionary
(4.6%):
Amazon.com,
Inc.
(a)
....................................................
76,433
15,670
AutoZone,
Inc.
(a)
.......................................................
236
881
Bath
&
Body
Works,
Inc.
.................................................
1,449
41
Best
Buy
Co.,
Inc.
......................................................
1,247
83
Booking
Holdings,
Inc.
...................................................
416
2,296
CarMax,
Inc.
(a)
........................................................
1,130
73
Carnival
Corp.
(a)
.......................................................
2,770
64
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
16,242
813
D.R.
Horton,
Inc.
.......................................................
3,028
358
Darden
Restaurants,
Inc.
..................................................
1,474
316
eBay,
Inc.
............................................................
6,771
495
Expedia
Group,
Inc.
.....................................................
575
96
Ford
Motor
Co.
........................................................
14,951
155
Garmin
Ltd.
...........................................................
1,028
209
Genuine
Parts
Co.
......................................................
1,110
141
Hasbro,
Inc.
...........................................................
1,004
67
Hilton
Worldwide
Holdings,
Inc.
............................................
3,004
746
Lennar
Corp.
,
Class
A
....................................................
1,491
158
Lennar
Corp.
,
Class
B
...................................................
1
—
(b)
Lowe's
Cos.,
Inc.
.......................................................
7,215
1,629
Marriott
International,
Inc.
,
Class
A
..........................................
2,951
779
McDonald's
Corp.
......................................................
7,151
2,244
NIKE,
Inc.
,
Class
B
.....................................................
9,000
545
O'Reilly
Automotive,
Inc.
(a)
...............................................
771
1,054
PulteGroup,
Inc.
........................................................
2,359
231
Ralph
Lauren
Corp.
.....................................................
420
116
Ross
Stores,
Inc.
.......................................................
2,808
393
Royal
Caribbean
Cruises
Ltd.
..............................................
2,197
565
Starbucks
Corp.
........................................................
10,260
861
Tapestry,
Inc.
..........................................................
3,019
237
Tesla,
Inc.
(a)
..........................................................
3,426
1,187
The
Home
Depot,
Inc.
...................................................
10,473
3,857
The
TJX
Cos.,
Inc.
......................................................
9,986
1,267
Tractor
Supply
Co.
......................................................
6,907
334
Victoria's
Secret
&
Co.
(a)
.................................................
1
—
(b)
Wynn
Resorts
Ltd.
......................................................
87
8
Yum!
Brands,
Inc.
......................................................
2,220
320
38,289
Consumer
Staples
(2.2%):
Altria
Group,
Inc.
.......................................................
11,731
711
Brown-Forman
Corp.
,
Class
B
(c)
...........................................
316
10
Colgate-Palmolive
Co.
...................................................
5,377
500
Constellation
Brands,
Inc.
,
Class
A
..........................................
980
175
Costco
Wholesale
Corp.
..................................................
4,112
4,277
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Kimberly-Clark
Corp.
....................................................
1,970
$
283
Mondelez
International,
Inc.
,
Class
A
.........................................
10,190
688
Monster
Beverage
Corp.
(a)
................................................
3,722
238
PepsiCo,
Inc.
..........................................................
2,100
276
Philip
Morris
International,
Inc.
.............................................
9,877
1,784
Sysco
Corp.
...........................................................
3,290
240
The
Coca-Cola
Co.
......................................................
23,340
1,683
The
Estee
Lauder
Cos.,
Inc.
...............................................
1,480
99
The
Hershey
Co.
.......................................................
910
146
The
J.M.
Smucker
Co.
...................................................
785
88
The
Kroger
Co.
........................................................
7,825
534
The
Procter
&
Gamble
Co.
................................................
16,183
2,749
Tyson
Foods,
Inc.
,
Class
A
................................................
1,740
98
Walmart,
Inc.
..........................................................
39,279
3,878
18,457
Energy
(1.1%):
Baker
Hughes
Co.
......................................................
8,513
315
Chevron
Corp.
.........................................................
716
98
ConocoPhillips
Co.
.....................................................
12,984
1,108
Coterra
Energy,
Inc.
.....................................................
2,120
52
Devon
Energy
Corp.
.....................................................
4,751
144
Diamondback
Energy,
Inc.
................................................
2,110
284
EOG
Resources,
Inc.
....................................................
3,683
400
Exxon
Mobil
Corp.
.....................................................
35,349
3,616
Hess
Corp.
............................................................
2,683
355
Marathon
Petroleum
Corp.
................................................
6,445
1,036
Occidental
Petroleum
Corp.
...............................................
1,424
58
ONEOK,
Inc.
..........................................................
5,513
446
Phillips
66
Co.
.........................................................
2,813
319
The
Williams
Cos.,
Inc.
..................................................
14,335
867
Valero
Energy
Corp.
.....................................................
2,568
331
9,429
Financials
(7.5%):
Aflac,
Inc.
............................................................
6,523
675
American
Express
Co.
...................................................
6,406
1,884
American
International
Group,
Inc.
..........................................
6,463
547
Ameriprise
Financial,
Inc.
.................................................
1,152
587
Aon
PLC
,
Class
A
......................................................
2,315
861
Arthur
J.
Gallagher
&
Co.
.................................................
2,370
823
Bank
of
America
Corp.
...................................................
80,661
3,560
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
16,505
8,318
Blackrock,
Inc.
........................................................
1,116
1,094
Capital
One
Financial
Corp.
...............................................
8,261
1,563
Chubb
Ltd.
...........................................................
3,365
1,000
Cincinnati
Financial
Corp.
................................................
970
146
Citigroup,
Inc.
.........................................................
838
63
CME
Group,
Inc.
.......................................................
1,700
491
Comerica,
Inc.
.........................................................
1,299
74
Fidelity
National
Information
Services,
Inc.
....................................
1,180
94
Fifth
Third
Bancorp
.....................................................
5,810
222
Fiserv,
Inc.
(a)
..........................................................
3,840
625
Global
Payments,
Inc.
....................................................
783
59
Huntington
Bancshares,
Inc.
...............................................
1,619
25
Intercontinental
Exchange,
Inc.
.............................................
5,129
922
JPMorgan
Chase
&
Co.
..................................................
30,491
8,050
KeyCorp
.............................................................
2,645
42
Lincoln
National
Corp.
...................................................
1,733
57
Loews
Corp.
..........................................................
2,090
187
M&T
Bank
Corp.
.......................................................
660
121
Marsh
&
McLennan
Cos.,
Inc.
.............................................
5,030
1,175
Mastercard,
Inc.
,
Class
A
.................................................
8,421
4,931
MetLife,
Inc.
..........................................................
4,994
392
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Millrose
Properties,
Inc.
..................................................
1,333
$
37
Moody's
Corp.
.........................................................
1,532
734
Morgan
Stanley
........................................................
14,862
1,903
MSCI,
Inc.
...........................................................
991
559
Nasdaq,
Inc.
..........................................................
3,477
290
Northern
Trust
Corp.
....................................................
40
4
PayPal
Holdings,
Inc.
(a)
..................................................
6,960
489
Principal
Financial
Group,
Inc.
.............................................
2,475
193
Prudential
Financial,
Inc.
.................................................
2,120
220
Raymond
James
Financial,
Inc.
.............................................
1,988
292
Regions
Financial
Corp.
..................................................
9,785
210
S&P
Global,
Inc.
.......................................................
3,289
1,687
State
Street
Corp.
.......................................................
2,324
224
Synchrony
Financial
.....................................................
6,100
352
T.
Rowe
Price
Group,
Inc.
.................................................
1,970
184
The
Allstate
Corp.
......................................................
3,038
638
The
Bank
of
New
York
Mellon
Corp.
.........................................
5,526
490
The
Charles
Schwab
Corp.
................................................
8,304
734
The
Goldman
Sachs
Group,
Inc.
............................................
3,096
1,859
The
Hartford
Insurance
Group,
Inc.
..........................................
2,900
376
The
PNC
Financial
Services
Group,
Inc.
......................................
2,716
472
The
Progressive
Corp.
...................................................
5,434
1,548
The
Travelers
Cos.,
Inc.
..................................................
2,350
648
Truist
Financial
Corp.
....................................................
2,758
109
U.S.
Bancorp
..........................................................
2,150
94
Visa,
Inc.
,
Class
A
......................................................
16,518
6,032
W.R.
Berkley
Corp.
.....................................................
4,011
300
Wells
Fargo
&
Co.
......................................................
34,972
2,615
Willis
Towers
Watson
PLC
................................................
801
254
Zions
Bancorp
NA
......................................................
1,309
62
62,197
Health
Care
(4.3%):
Abbott
Laboratories
.....................................................
15,054
2,011
AbbVie,
Inc.
..........................................................
16,170
3,009
Agilent
Technologies,
Inc.
.................................................
2,762
309
Amgen,
Inc.
...........................................................
4,703
1,355
Becton
Dickinson
&
Co.
..................................................
1,310
226
Biogen,
Inc.
(a)
.........................................................
816
106
Boston
Scientific
Corp.
(a)
.................................................
12,299
1,295
Cardinal
Health,
Inc.
....................................................
2,310
357
Cencora,
Inc.
..........................................................
1,410
411
CVS
Health
Corp.
......................................................
6,602
423
Danaher
Corp.
.........................................................
5,012
952
DaVita,
Inc.
(a)
.........................................................
748
102
Edwards
Lifesciences
Corp.
(a)
.............................................
5,760
450
Elevance
Health,
Inc.
....................................................
2,248
863
Eli
Lilly
&
Co.
.........................................................
8,708
6,424
Gilead
Sciences,
Inc.
....................................................
8,764
965
HCA
Healthcare,
Inc.
....................................................
2,570
980
Humana,
Inc.
..........................................................
886
206
IDEXX
Laboratories,
Inc.
(a)
...............................................
808
415
Intuitive
Surgical,
Inc.
(a)
.................................................
3,159
1,745
Johnson
&
Johnson
.....................................................
13,286
2,062
Labcorp
Holdings,
Inc.
...................................................
522
130
McKesson
Corp.
.......................................................
1,449
1,042
Merck
&
Co.,
Inc.
......................................................
15,316
1,177
Mettler-Toledo
International,
Inc.
(a)
.........................................
250
289
Quest
Diagnostics,
Inc.
...................................................
600
104
ResMed,
Inc.
..........................................................
1,315
322
Revvity,
Inc.
..........................................................
680
61
Stryker
Corp.
..........................................................
3,361
1,286
The
Cigna
Group
.......................................................
2,052
650
Thermo
Fisher
Scientific,
Inc.
..............................................
3,390
1,365
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
UnitedHealth
Group,
Inc.
.................................................
6,743
$
2,036
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
2,479
1,096
Waters
Corp.
(a)
........................................................
690
241
Zoetis,
Inc.
...........................................................
4,481
756
35,221
Industrials
(4.2%):
3M
Co.
..............................................................
610
90
Allegion
PLC
.........................................................
613
87
Amentum
Holdings,
Inc.
(a)
................................................
1,021
21
AMETEK,
Inc.
........................................................
2,775
496
Automatic
Data
Processing,
Inc.
............................................
4,040
1,315
Carrier
Global
Corp.
.....................................................
7,990
569
Caterpillar,
Inc.
........................................................
5,172
1,800
Cintas
Corp.
..........................................................
4,174
945
Copart,
Inc.
(a)
.........................................................
9,139
470
CSX
Corp.
............................................................
24,027
759
Cummins,
Inc.
.........................................................
1,300
418
Deere
&
Co.
..........................................................
3,331
1,686
Dover
Corp.
...........................................................
936
166
Eaton
Corp.
PLC
.......................................................
4,314
1,381
Emerson
Electric
Co.
....................................................
4,724
564
Equifax,
Inc.
..........................................................
1,023
270
Expeditors
International
of
Washington,
Inc.
....................................
1,577
178
Fastenal
Co.
...........................................................
10,764
445
FedEx
Corp.
..........................................................
1,690
369
Fortive
Corp.
..........................................................
1,835
129
GE
Vernova,
Inc.
.......................................................
2,834
1,340
General
Dynamics
Corp.
..................................................
1,726
481
General
Electric
Co.
.....................................................
11,332
2,787
Honeywell
International,
Inc.
..............................................
4,610
1,045
Howmet
Aerospace,
Inc.
..................................................
3,713
631
Illinois
Tool
Works,
Inc.
..................................................
1,946
477
Ingersoll
Rand,
Inc.
.....................................................
4,166
340
Jacobs
Solutions,
Inc.
....................................................
963
122
Johnson
Controls
International
PLC
..........................................
6,676
677
L3Harris
Technologies,
Inc.
...............................................
808
197
Lockheed
Martin
Corp.
...................................................
1,618
780
Masco
Corp.
..........................................................
2,230
139
Norfolk
Southern
Corp.
..................................................
2,167
536
Northrop
Grumman
Corp.
.................................................
1,346
653
Old
Dominion
Freight
Line,
Inc.
............................................
1,764
283
Otis
Worldwide
Corp.
....................................................
2,705
258
PACCAR,
Inc.
.........................................................
3,846
361
Parker-Hannifin
Corp.
...................................................
1,216
808
Paychex,
Inc.
..........................................................
2,957
467
Pentair
PLC
...........................................................
869
86
Quanta
Services,
Inc.
....................................................
1,444
495
Republic
Services,
Inc.
...................................................
2,086
537
Robert
Half,
Inc.
.......................................................
740
34
Rockwell
Automation,
Inc.
................................................
980
309
RTX
Corp.
............................................................
9,870
1,347
Southwest
Airlines
Co.
...................................................
4,050
135
Stanley
Black
&
Decker,
Inc.
..............................................
663
43
Textron,
Inc.
..........................................................
2,069
153
The
Boeing
Co.
(a)
......................................................
3,526
731
Trane
Technologies
PLC
..................................................
2,801
1,205
TransDigm
Group,
Inc.
...................................................
593
871
Union
Pacific
Corp.
.....................................................
6,447
1,429
United
Rentals,
Inc.
.....................................................
750
531
Veralto
Corp.
..........................................................
2,045
207
Verisk
Analytics,
Inc.
....................................................
1,450
456
W.W.
Grainger,
Inc.
.....................................................
478
520
Waste
Management,
Inc.
..................................................
3,791
914
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Westinghouse
Air
Brake
Technologies
Corp.
....................................
1,745
$
353
Xylem,
Inc.
...........................................................
1,548
195
35,091
Information
Technology
(16.9%):
Accenture
PLC
,
Class
A
..................................................
5,486
1,738
Adobe,
Inc.
(a)
.........................................................
4,438
1,842
Advanced
Micro
Devices,
Inc.
(a)
............................................
16,362
1,812
Akamai
Technologies,
Inc.
(a)
..............................................
1,250
95
Amphenol
Corp.
,
Class
A
.................................................
11,268
1,013
Analog
Devices,
Inc.
....................................................
2,646
566
ANSYS,
Inc.
(a)
........................................................
796
263
Apple,
Inc.
...........................................................
146,293
29,383
Applied
Materials,
Inc.
...................................................
10,023
1,571
Arista
Networks,
Inc.
(a)
..................................................
9,456
819
Autodesk,
Inc.
(a)
.......................................................
1,733
513
Broadcom,
Inc.
........................................................
41,300
9,998
Cadence
Design
Systems,
Inc.
(a)
............................................
2,583
742
Cisco
Systems,
Inc.
.....................................................
31,509
1,986
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
3,759
304
Corning,
Inc.
..........................................................
7,670
380
Fortinet,
Inc.
(a)
........................................................
7,291
742
Gartner,
Inc.
(a)
........................................................
387
169
Hewlett
Packard
Enterprise
Co.
.............................................
6,048
105
HP,
Inc.
..............................................................
9,218
230
International
Business
Machines
Corp.
........................................
4,045
1,048
Intuit,
Inc.
............................................................
2,547
1,919
Keysight
Technologies,
Inc.
(a)
.............................................
1,865
293
KLA
Corp.
...........................................................
1,554
1,176
Lam
Research
Corp.
.....................................................
15,932
1,287
Microchip
Technology,
Inc.
................................................
2,740
159
Micron
Technology,
Inc.
..................................................
10,075
952
Microsoft
Corp.
........................................................
71,508
32,919
Motorola
Solutions,
Inc.
..................................................
1,485
617
NetApp,
Inc.
..........................................................
2,469
245
NVIDIA
Corp.
.........................................................
243,911
32,960
Oracle
Corp.
..........................................................
18,586
3,077
QUALCOMM,
Inc.
.....................................................
11,987
1,741
Roper
Technologies,
Inc.
..................................................
798
455
Salesforce,
Inc.
........................................................
6,223
1,651
Seagate
Technology
Holdings
PLC
..........................................
2,325
274
ServiceNow,
Inc.
(a)
.....................................................
1,714
1,733
Synopsys,
Inc.
(a)
.......................................................
1,398
649
TE
Connectivity
PLC
....................................................
2,933
470
Texas
Instruments,
Inc.
...................................................
8,840
1,616
VeriSign,
Inc.
..........................................................
690
188
Western
Digital
Corp.
(a)
..................................................
920
47
139,747
Materials
(0.8%):
Air
Products
and
Chemicals,
Inc.
............................................
1,398
390
Avery
Dennison
Corp.
...................................................
660
117
Ball
Corp.
............................................................
2,732
146
CF
Industries
Holdings,
Inc.
...............................................
2,537
230
Corteva,
Inc.
..........................................................
4,359
308
Dow,
Inc.
............................................................
1,327
37
DuPont
de
Nemours,
Inc.
.................................................
2,966
198
Eastman
Chemical
Co.
...................................................
940
74
Ecolab,
Inc.
...........................................................
1,433
381
Freeport-McMoRan,
Inc.
.................................................
15,881
611
International
Flavors
&
Fragrances,
Inc.
.......................................
197
15
International
Paper
Co.
...................................................
2,781
133
Linde
PLC
............................................................
4,727
2,210
Martin
Marietta
Materials,
Inc.
.............................................
721
395
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
a
Value
(000)
Nucor
Corp.
...........................................................
2,641
$
289
PPG
Industries,
Inc.
.....................................................
1,640
182
The
Mosaic
Co.
........................................................
4,418
160
The
Sherwin-Williams
Co.
................................................
2,304
827
Vulcan
Materials
Co.
....................................................
1,110
294
6,997
Real
Estate
(0.5%):
American
Tower
Corp.
...................................................
2,283
490
AvalonBay
Communities,
Inc.
..............................................
510
105
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
3,165
396
Equinix,
Inc.
..........................................................
571
508
Equity
Residential
......................................................
2,215
155
Host
Hotels
&
Resorts,
Inc.
................................................
740
11
Iron
Mountain,
Inc.
.....................................................
3,566
352
Prologis,
Inc.
..........................................................
3,804
413
Public
Storage
.........................................................
495
153
Simon
Property
Group,
Inc.
...............................................
2,004
327
Ventas,
Inc.
...........................................................
1,230
79
Welltower,
Inc.
.........................................................
4,568
705
3,694
Utilities
(0.6%):
Ameren
Corp.
.........................................................
1,840
178
American
Electric
Power
Co.,
Inc.
...........................................
2,820
292
CenterPoint
Energy,
Inc.
..................................................
5,327
198
CMS
Energy
Corp.
......................................................
1,560
110
Consolidated
Edison,
Inc.
.................................................
1,480
155
Constellation
Energy
Corp.
................................................
3,573
1,094
DTE
Energy
Co.
.......................................................
918
125
Duke
Energy
Corp.
......................................................
1,811
213
Entergy
Corp.
.........................................................
880
73
Eversource
Energy
......................................................
1,380
89
Exelon
Corp.
..........................................................
1
—
(b)
NextEra
Energy,
Inc.
....................................................
12,560
887
NRG
Energy,
Inc.
.......................................................
2,788
435
Public
Service
Enterprise
Group,
Inc.
.........................................
3,040
246
Sempra
..............................................................
2,820
222
The
Southern
Co.
.......................................................
2,590
233
WEC
Energy
Group,
Inc.
.................................................
2,417
260
Xcel
Energy,
Inc.
.......................................................
2,090
147
4,957
Total
Common
Stocks
(Cost
$51,862)
a
a
a
398,104
Rights
(0.0%)(d)
Health
Care
(0.0%):(d)
ABIOMED,
Inc.,
CVR
,
expiring
1/2/26
(a)
(e)
...................................
568
1
Total
Rights
(Cost
$—)
a
a
a
1
Principal
Amount
(000)
Municipal
Bonds
(53.6%)
Alabama
(1.5%):
Alabama
Housing
Finance
Authority
Revenue
,
Series
D
,
4
.55
%
,
10/1/54
,
Continuously
Callable
@100
.....................................................
$
3,500
3,291
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-1
,
5
.50
%
,
6/1/49
,
Continuously
Callable
@100
...........................................................
1,000
1,050
Cooper
Green
Mercy
Health
Services
Authority
Revenue
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@100
.....................................................
2,000
2,008
County
of
Jefferson
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........
1,000
1,025
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A
,
5
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,000
1,011
Series
B
,
5
.25
%
,
3/1/55
,
Continuously
Callable
@100
.........................
1,600
1,658
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Walker
County
Board
of
Education
Special
Tax
,
4
.25
%
,
3/1/54
,
Continuously
Callable
@100
$
2,500
$
2,210
12,253
Alaska
(0.3%):
Alaska
Housing
Finance
Corp.
Revenue
,
Series
A
,
4
.65
%
,
6/1/51
,
Continuously
Callable
@100
3,000
2,852
Arizona
(1.5%):
Arizona
IDA
Revenue
5
.00
%
,
11/1/47
,
Continuously
Callable
@100
...............................
1,000
984
Series
B
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
400
349
Series
B
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
840
654
Series
F
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
959
La
Paz
County
IDA
Revenue
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
...............................
425
357
4
.00
%
,
2/15/46
,
Continuously
Callable
@100
...............................
345
271
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
300
223
Maricopa
County
&
Phoenix
IDA
Revenue
,
Series
A
,
4
.70
%
,
9/1/55
,
Continuously
Callable
@100
...........................................................
750
716
Maricopa
County
IDA
Revenue
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(f)
..............................
1,500
1,183
Series
A
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
500
502
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
735
624
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
1,000
792
Sierra
Vista
IDA
Revenue
,
5
.75
%
,
6/15/53
,
Continuously
Callable
@100
(f)
.............
2,000
2,006
Tempe
IDA
Revenue
,
Series
B
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@102
............
1,185
982
The
County
of
Pima
IDA
Revenue
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(f)
.......
1,000
773
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
1,300
1,300
12,675
California
(2.3%):
California
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
.....................................................
2,000
1,914
Los
Angeles
Housing
Authority
Revenue
,
Series
A
,
4
.40
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,773
State
of
California,
GO
,
5
.00
%
,
8/1/45
,
Continuously
Callable
@100
..................
1,000
1,000
Sutter
Butte
Flood
Control
Agency
Special
Assessment
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
...................
1,000
1,003
University
of
California
Revenue
,
Series
BP
,
0
.90
%
,
5/15/48
,
Continuously
Callable
@100
..
10,000
10,000
West
Contra
Costa
Unified
School
District,
GO
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
8/1/34
(g)
...................................................
4,435
3,117
18,807
Colorado
(1.5%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
5
.00
%
,
4/1/48
,
Continuously
Callable
@100
...............................
710
686
4
.00
%
,
1/1/52
,
Continuously
Callable
@100
...............................
675
530
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
...............................
730
691
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,000
878
4
.00
%
,
1/1/62
,
Continuously
Callable
@100
...............................
795
591
Series
A
,
5
.00
%
,
12/1/38
,
Continuously
Callable
@100
........................
1,000
1,017
Colorado
Health
Facilities
Authority
Revenue
5
.00
%
,
6/1/45
,
Pre-refunded  6/1/25
@
100
................................
1,000
1,000
Series
A
,
4
.00
%
,
9/1/50
,
Pre-refunded  9/1/30
@
100
.........................
1,000
1,050
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
1,000
817
Denver
Convention
Center
Hotel
Authority
Revenue
,
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
...........................................................
1,000
966
Denver
Health
&
Hospital
Authority
Certificate
of
Participation
,
5
.00
%
,
12/1/48
,
Continuously
Callable
@100
.....................................................
1,900
1,791
Park
Creek
Metropolitan
District
Revenue
Series
A
,
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
250
249
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
1,000
967
Rampart
Range
Metropolitan
District
No.
1
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.........................
1,000
1,004
12,237
Connecticut
(0.6%):
Connecticut
Housing
Finance
Authority
Revenue
,
Series
A-1
,
4
.65
%
,
11/15/51
,
Continuously
Callable
@100
.....................................................
1,500
1,446
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
,
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...........................................
$
1,000
$
1,005
State
of
Connecticut,
GO
Series
A
,
5
.00
%
,
4/15/36
,
Continuously
Callable
@100
........................
1,500
1,577
Series
A
,
5
.00
%
,
4/15/37
,
Continuously
Callable
@100
........................
1,000
1,034
5,062
Delaware
(0.0%):(d)
Delaware
State
Housing
Authority
Revenue
,
Series
A
,
4
.70
%
,
7/1/55
,
Continuously
Callable
@100
...........................................................
250
236
Florida
(3.3%):
Capital
Trust
Agency,
Inc.
Revenue
5
.00
%
,
8/1/40
,
Continuously
Callable
@100
...............................
600
600
5
.00
%
,
8/1/55
,
Continuously
Callable
@100
...............................
1,300
1,226
Capital
Trust
Authority
Revenue
,
Series
A
,
5
.13
%
,
12/15/54
,
Continuously
Callable
@100
..
1,000
890
City
of
Atlantic
Beach
Revenue
,
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@103
...
1,000
882
City
of
Pompano
Beach
Revenue
4
.00
%
,
9/1/50
,
Continuously
Callable
@103
...............................
1,500
1,162
Series
A
,
4
.00
%
,
9/1/51
,
Continuously
Callable
@103
.........................
500
383
County
of
Miami-Dade
Aviation
Revenue
,
Series
B
,
5
.25
%
,
10/1/55
,
Continuously
Callable
@100
...........................................................
1,500
1,559
Florida
Development
Finance
Corp.
Revenue
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,175
1,116
Series
A
,
5
.00
%
,
6/15/52
,
Continuously
Callable
@100
........................
1,250
1,197
Florida
Housing
Finance
Corp.
Revenue
Series
1
,
4
.65
%
,
7/1/55
,
Continuously
Callable
@100
.........................
3,000
2,759
Series
3
,
5
.13
%
,
1/1/56
,
Continuously
Callable
@100
.........................
765
764
Lee
County
IDA
Revenue
Series
A
,
5
.25
%
,
10/1/52
,
Continuously
Callable
@103
........................
850
770
Series
A
,
5
.25
%
,
11/15/54
,
Continuously
Callable
@100
.......................
2,000
1,963
Orange
County
Health
Facilities
Authority
Revenue
Series
A
,
4
.50
%
,
10/1/56
,
Continuously
Callable
@100
........................
1,000
887
Series
A
,
5
.25
%
,
10/1/56
,
Continuously
Callable
@100
........................
3,000
3,032
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
.....................................................
1,000
785
Palm
Beach
County
Health
Facilities
Authority
Revenue
,
Series
B
,
5
.00
%
,
11/15/55
,
Continuously
Callable
@103
...........................................
2,500
2,379
Sarasota
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
5/15/38
,
Continuously
Callable
@103
...........................................................
700
693
Seminole
County
IDA
Revenue
,
Series
A
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(f)
..
830
644
Southeast
Overtown
Park
West
Community
Redevelopment
Agency
Tax
Allocation
,
Series
A-1
,
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
(f)
..........................
800
801
Volusia
County
Educational
Facility
Authority
Revenue
,
5
.25
%
,
6/1/54
,
Continuously
Callable
@100
...........................................................
3,000
2,938
27,430
Georgia
(2.2%):
Development
Authority
of
Appling
County
Revenue
2
.05
%
,
9/1/29
,
Continuously
Callable
@100
(h)
.............................
100
100
Series
GA
,
2
.05
%
,
9/1/41
,
Continuously
Callable
@100
(h)
.....................
5,200
5,200
Development
Authority
of
Heard
County
Revenue
,
Series
GA
,
2
.06
%
,
9/1/26
,
Continuously
Callable
@100
(h)
...................................................
200
200
Georgia
Housing
&
Finance
Authority
Revenue
Series
A
,
4
.70
%
,
12/1/55
,
Continuously
Callable
@100
........................
2,000
1,946
Series
C
,
4
.60
%
,
12/1/54
,
Continuously
Callable
@100
........................
1,000
962
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.....................................................
1,000
996
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
D
,
5
.00
%
,
5/1/54
,
Continuously
Callable
@100
2,000
2,085
Municipal
Electric
Authority
of
Georgia
Revenue
,
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@100
.....................................................
425
362
The
Burke
County
Development
Authority
Revenue
(NBGA
-
Southern
Co.)
,
Series
GA
,
1
.55
%
,
11/1/52
,
Continuously
Callable
@100
(h)
.............................
6,710
6,710
18,561
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Idaho
(0.1%):
Idaho
Health
Facilities
Authority
Revenue
,
Series
A
,
5
.25
%
,
3/1/53
,
Continuously
Callable
@100
...........................................................
$
1,000
$
1,016
Illinois
(4.2%):
Chicago
Board
of
Education,
GO
Series
A
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
3,200
2,946
Series
H
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
2,000
1,842
Chicago
Midway
International
Airport
Revenue
,
Series
B
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
.....................................................
1,000
1,003
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
...........................................................
1,000
1,004
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...........................................
685
674
City
of
Chicago
Wastewater
Transmission
Revenue
,
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
1,000
955
City
of
Chicago,
GO
,
Series
A
,
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
.............
2,500
2,385
City
of
Galesburg
Revenue
,
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
.......
1,000
739
Cook
County
Community
College
District
No.
508,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...................
1,000
960
County
of
Cook
Sales
Tax
Revenue
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......
1,000
1,014
Illinois
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
11/1/36
,
Continuously
Callable
@102
...........................................................
1,000
978
Illinois
Finance
Authority
Revenue
3
.90
%
,
3/1/30
,
Continuously
Callable
@100
...............................
1,000
1,000
0.00%,
5/15/40
,
Continuously
Callable
@100
(i)
.............................
497
146
5
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
1,000
1,002
4
.00
%
,
10/15/44
,
Continuously
Callable
@103
..............................
2,000
1,539
Series
A
,
5
.00
%
,
5/15/37
,
Continuously
Callable
@100
........................
1,000
1,012
Series
A
,
5
.00
%
,
5/15/45
,
Continuously
Callable
@100
........................
1,000
961
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,000
789
Series
B
,
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
(f)
......................
750
685
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
45
46
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
25
25
Series
C
,
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
930
849
Illinois
Housing
Development
Authority
Revenue
,
Series
I
,
4
.63
%
,
4/1/50
,
Continuously
Callable
@100
.....................................................
3,000
2,917
Metropolitan
Pier
&
Exposition
Authority
Revenue
,
5
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................................
2,500
2,427
Northern
Illinois
University
Certificate
of
Participation
,
5
.50
%
,
4/1/49
,
Continuously
Callable
@100
...........................................................
1,000
1,045
Sangamon
County
Water
Reclamation
District,
GO
,
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@100
.....................................................
1,235
1,235
St.
Clair
County
Community
Unit
School
District
No.
187
Cahokia,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
1/1/54
,
Continuously
Callable
@100
....
1,000
998
State
of
Illinois,
GO
5
.50
%
,
5/1/39
,
Continuously
Callable
@100
...............................
225
236
Series
A
,
5
.50
%
,
3/1/47
,
Continuously
Callable
@100
.........................
1,000
1,025
Series
B
,
4
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
2,300
2,296
34,733
Indiana
(1.2%):
Evansville
Redevelopment
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
1,000
960
Indiana
Finance
Authority
Revenue
5
.25
%
,
3/1/54
,
Continuously
Callable
@100
...............................
4,000
3,958
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,100
1,037
Indiana
Housing
&
Community
Development
Authority
Revenue
,
Series
A-1
,
4
.70
%
,
7/1/55
,
Continuously
Callable
@100
...........................................
2,500
2,377
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
1,500
1,460
9,792
Iowa
(0.1%):
Iowa
Finance
Authority
Revenue
,
Series
A
,
4
.75
%
,
7/1/55
,
Continuously
Callable
@100
....
1,260
1,223
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kansas
(0.7%):
City
of
Coffeyville
Electric
System
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.00
%
,
6/1/42
(f)
.............................................
$
1,000
$
1,000
City
of
Lawrence
Revenue
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
........
1,500
1,501
City
of
Manhattan
Revenue
,
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@103
........
1,000
798
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
Series
A
,
5
.00
%
,
9/1/44
,
Continuously
Callable
@100
.........................
1,250
1,234
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.........................
1,000
985
5,518
Kentucky
(1.3%):
City
of
Ashland
Revenue
,
Series
A
,
5
.00
%
,
2/1/40
,
Continuously
Callable
@100
..........
1,000
1,006
Kentucky
Economic
Development
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
...........................................
1,000
775
Kentucky
Economic
Development
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
..........
1,000
993
Kentucky
Municipal
Energy
Agency
Revenue
,
5
.00
%
,
1/1/50
,
Continuously
Callable
@100
..
3,000
3,028
Kentucky
Public
Energy
Authority
Revenue
,
Series
B
,
5
.00
%
,
1/1/55
,
Continuously
Callable
@100
...........................................................
1,250
1,316
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
4,000
3,821
10,939
Louisiana
(0.9%):
City
of
Shreveport
Water
&
Sewer
Revenue
,
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
..
1,000
1,002
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
B
,
4
.00
%
,
12/1/44
,
Continuously
Callable
@100
....................................
500
431
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
C
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
1,000
1,000
Louisiana
Housing
Corp.
Revenue
,
Series
A
,
4
.70
%
,
6/1/55
,
Continuously
Callable
@100
...
1,000
953
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
1,000
1,010
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
1,000
1,005
Louisiana
Public
Facilities
Authority
Revenue
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.
1,000
941
Louisiana
Public
Facilities
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.25
%
,
6/1/51
,
Pre-refunded  6/1/25
@
100
................................
1,000
1,000
7,342
Maine
(0.3%):
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
1,000
729
Maine
State
Housing
Authority
Revenue
,
Series
A
,
4
.70
%
,
11/15/53
,
Continuously
Callable
@100
...........................................................
2,000
1,851
2,580
Maryland
(1.4%):
City
of
Gaithersburg
Revenue
,
5
.13
%
,
1/1/42
,
Continuously
Callable
@103
.............
865
870
Maryland
Economic
Development
Corp.
Revenue
,
4
.50
%
,
10/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,797
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,250
1,245
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............................
1,250
1,258
5
.00
%
,
10/1/54
,
Continuously
Callable
@100
...............................
2,500
2,500
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
...............................
1,500
1,480
Series
A
,
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
.........................
2,000
2,031
11,181
Massachusetts
(1.6%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
4/15/40
,
Continuously
Callable
@100
...............................
1,000
953
4
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
1,380
1,135
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,500
1,175
5
.00
%
,
10/1/57
,
Continuously
Callable
@103
(f)
.............................
1,000
878
Series
A
,
5
.00
%
,
6/1/39
,
Pre-refunded  6/1/29
@
100
.........................
1,000
1,080
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.........................
1,600
1,497
Series
A
,
5
.50
%
,
7/1/44
,
Continuously
Callable
@100
.........................
500
468
Series
B
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,000
722
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
B
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
$
850
$
677
Series
D
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
........................
1,000
975
Series
I
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
1,000
970
Series
T1
,
2
.57
%
(
MUNIPSA
+
60
bps
)
,
7/1/49
,
Continuously
Callable
@100
(f)
(j)
.....
1,250
1,247
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
242
,
4
.80
%
,
12/1/55
,
Continuously
Callable
@100
.....................................................
1,250
1,181
12,958
Michigan
(1.3%):
City
of
Wyandotte
Electric
System
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
1,000
1,000
Jackson
Public
Schools,
GO
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
,
5
.00
%
,
5/1/42
,
Continuously
Callable
@100
........................
1,000
1,012
Karegnondi
Water
Authority
Revenue
,
5
.00
%
,
11/1/41
,
Continuously
Callable
@100
.......
1,000
1,008
Kentwood
Economic
Development
Corp.
Revenue
,
4
.00
%
,
11/15/45
,
Continuously
Callable
@103
...........................................................
500
406
Lincoln
Consolidated
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
5/1/40
,
Continuously
Callable
@100
.............................
1,250
1,265
Livonia
Public
Schools,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...........................................
1,000
985
Michigan
Finance
Authority
Revenue
4
.00
%
,
2/1/42
,
Continuously
Callable
@100
...............................
745
579
4
.00
%
,
9/1/45
,
Continuously
Callable
@100
...............................
1,000
791
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
1,490
896
5
.63
%
,
11/1/52
,
Continuously
Callable
@100
...............................
2,000
2,031
Wayne
County
Airport
Authority
Revenue
,
Series
B
,
5
.00
%
,
12/1/44
,
Continuously
Callable
@100
...........................................................
1,000
988
10,961
Minnesota
(0.2%):
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
Revenue
5
.00
%
,
11/15/44
,
Pre-refunded
11/15/25
@
100
.............................
1,000
1,009
Series
A
,
5
.00
%
,
11/15/47
,
Continuously
Callable
@100
.......................
1,000
958
1,967
Mississippi
(0.1%):
Mississippi
Home
Corp.
Revenue
,
Series
A
,
4
.95
%
,
6/1/53
,
Continuously
Callable
@100
...
835
841
Missouri
(1.3%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
5
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
1,270
1,154
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
480
379
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...............................
500
503
Series
A
,
4
.00
%
,
2/15/49
,
Continuously
Callable
@100
........................
250
214
Series
A
,
4
.25
%
,
4/1/55
,
Continuously
Callable
@100
.........................
3,000
2,615
Missouri
Development
Finance
Board
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
1,000
797
Missouri
Housing
Development
Commission
Revenue
,
Series
A
,
4
.65
%
,
11/1/55
,
Continuously
Callable
@100
.....................................................
3,000
2,910
St.
Louis
Municipal
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
1,000
1,020
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,000
1,005
10,597
Montana
(0.0%):(d)
Montana
Board
of
Housing
Revenue
,
Series
A
,
4
.88
%
,
12/1/54
,
Continuously
Callable
@100
250
244
Nebraska
(0.6%):
Central
Plains
Energy
Project
Revenue
Series
1
,
5
.00
%
,
5/1/53
,
Continuously
Callable
@100
.........................
2,000
2,074
Series
A
,
5
.00
%
,
9/1/42
..............................................
1,000
1,012
Douglas
County
Hospital
Authority
No.
3
Revenue
,
5
.00
%
,
11/1/48
,
Continuously
Callable
@100
...........................................................
1,000
933
Nebraska
Investment
Finance
Authority
Revenue
,
Series
A
,
4
.65
%
,
9/1/55
,
Continuously
Callable
@100
.....................................................
1,000
964
4,983
Nevada
(0.5%):
Carson
City
Revenue
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
...................
1,000
972
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Las
Vegas
Convention
&
Visitors
Authority
Revenue
,
Series
C
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.....................................................
$
1,555
$
1,424
Las
Vegas
Redevelopment
Agency
Tax
Allocation
,
5
.00
%
,
6/15/45
,
Continuously
Callable
@100
...........................................................
1,500
1,466
3,862
New
Hampshire
(0.6%):
New
Hampshire
Business
Finance
Authority
Revenue
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
...............................
2,000
1,521
Series
A
,
5
.25
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
990
Series
A
,
5
.25
%
,
11/1/54
,
Continuously
Callable
@100
........................
1,000
1,004
Series
A
,
5
.00
%
,
6/1/55
,
Continuously
Callable
@100
.........................
850
820
Series
C
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,000
992
5,327
New
Jersey
(1.6%):
New
Jersey
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/43
,
Pre-refunded
12/15/28
@
100
..............................
370
396
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
...............................
630
632
Series
A
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,000
978
Series
A
,
5
.00
%
,
6/15/47
,
Continuously
Callable
@100
........................
1,000
978
Series
B
,
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
........................
1,000
1,002
Series
DDD
,
5
.00
%
,
6/15/42
,
Pre-refunded  6/15/27
@
100
.....................
2,000
2,085
New
Jersey
Economic
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/37
,
Continuously
Callable
@100
..........................
500
505
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
B
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.....................................................
1,000
1,014
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
1,000
1,017
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,000
1,024
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
5
.00
%
,
6/15/48
,
Pre-refunded
12/15/32
@
100
..............................
1,000
1,120
Series
A
,
12/15/38
(g)
................................................
1,500
826
South
Jersey
Transportation
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.25
%
,
11/1/52
,
Continuously
Callable
@100
...............................
500
510
The
Passaic
County
Improvement
Authority
Revenue
,
5
.38
%
,
7/1/53
,
Continuously
Callable
@100
...........................................................
500
504
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.25
%
,
6/1/46
,
Continuously
Callable
@100
...........................................................
500
501
13,092
New
Mexico
(0.2%):
New
Mexico
Mortgage
Finance
Authority
Revenue
,
Series
A
,
4
.75
%
,
9/1/55
,
Continuously
Callable
@100
.....................................................
1,945
1,831
New
York
(3.2%):
Build
NYC
Resource
Corp.
Revenue
,
Series
A
,
7
.00
%
,
4/15/53
,
Continuously
Callable
@100
(f)
.........................................................
1,000
1,026
City
of
Dunkirk,
GO
,
7
.50
%
,
7/24/25
(f)
.......................................
1,250
1,251
City
of
New
York,
GO
,
Series
B-3
,
2
.00
%
,
10/1/46
,
Continuously
Callable
@100
(h)
.......
5,700
5,700
Clinton
County
Capital
Resource
Corp.
Revenue
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
(f)
.........................................................
800
772
Mount
Vernon
City
School
District,
GO
,
5
.00
%
,
6/30/25
...........................
2,000
2,000
New
York
City
Housing
Development
Corp.
Revenue
,
Series
A-1
,
4
.80
%
,
11/1/55
,
Continuously
Callable
@100
...........................................
1,000
977
New
York
City
Municipal
Water
Finance
Authority
Revenue
,
Series
DD
,
2
.00
%
,
6/15/33
,
Continuously
Callable
@100
(h)
........................................
1,400
1,400
New
York
Liberty
Development
Corp.
Revenue
5
.25
%
,
10/1/35
....................................................
630
703
5
.50
%
,
10/1/37
....................................................
1,500
1,707
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,000
921
New
York
State
Dormitory
Authority
Revenue
5
.50
%
,
10/1/54
,
Continuously
Callable
@100
...............................
1,500
1,560
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
1,000
831
Series
A
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
.........................
625
522
St.
Lawrence
County
Industrial
Development
Agency
Revenue
,
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
.....................................................
1,190
1,176
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
266
,
4
.70
%
,
10/1/52
,
Continuously
Callable
@100
....................................
$
1,500
$
1,444
The
Genesee
County
Funding
Corp.
Revenue
,
Series
A
,
5
.25
%
,
12/1/52
,
Continuously
Callable
@100
...........................................................
500
498
Triborough
Bridge
&
Tunnel
Authority
Revenue
,
Series
A
,
4
.50
%
,
12/1/56
,
Continuously
Callable
@100
.....................................................
1,000
924
Village
of
Sylvan
Beach,
GO
,
5
.75
%
,
1/15/26
,
Continuously
Callable
@100
.............
3,000
3,000
26,412
North
Carolina
(0.7%):
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,000
1,021
4
.50
%
,
12/1/44
,
Continuously
Callable
@100
...............................
2,000
1,862
5
.00
%
,
1/1/49
,
Continuously
Callable
@103
...............................
1,500
1,441
Series
A
,
5
.13
%
,
10/1/54
,
Continuously
Callable
@100
........................
1,500
1,500
5,824
North
Dakota
(0.4%):
City
of
Grand
Forks
Revenue
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
............
1,450
1,175
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
1,000
919
North
Dakota
Housing
Finance
Agency
Revenue
,
Series
A
,
5
.05
%
,
7/1/53
,
Continuously
Callable
@100
.....................................................
935
933
3,027
Ohio
(1.5%):
Columbus
Regional
Airport
Authority
Revenue
,
Series
B
,
5
.25
%
,
1/1/55
,
Continuously
Callable
@100
.....................................................
580
606
County
of
Hamilton
Revenue
Series
A
,
5
.50
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,300
1,326
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@103
.........................
500
498
County
of
Ross
Revenue
,
5
.00
%
,
12/1/49
,
Continuously
Callable
@100
................
2,420
2,390
Northeast
Ohio
Medical
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...............................
775
782
Ohio
Higher
Educational
Facility
Commission
Revenue
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
750
585
5
.25
%
,
1/1/52
,
Continuously
Callable
@100
...............................
1,000
972
4
.00
%
,
10/1/52
,
Continuously
Callable
@100
...............................
2,000
1,481
Ohio
Housing
Finance
Agency
Revenue
,
Series
A
,
4
.70
%
,
9/1/55
,
Continuously
Callable
@100
3,000
2,928
Southeastern
Ohio
Port
Authority
Revenue
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...
750
667
12,235
Oklahoma
(0.2%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.50
%
,
8/15/57
,
Continuously
Callable
@100
.....................................................
1,000
974
Tulsa
County
Industrial
Authority
Revenue
,
5
.25
%
,
11/15/37
,
Continuously
Callable
@102
..
750
752
1,726
Oregon
(0.3%):
Oregon
State
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,000
763
Salem
Hospital
Facility
Authority
Revenue
4
.00
%
,
5/15/47
,
Continuously
Callable
@103
...............................
1,000
797
5
.00
%
,
5/15/53
,
Continuously
Callable
@102
...............................
1,250
1,127
2,687
Pennsylvania
(3.3%):
Allegheny
County
Hospital
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
...........................................
2,000
1,939
Butler
County
Hospital
Authority
Revenue
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
....
1,665
1,496
Canon-McMillan
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
.....................................
1,500
1,327
Commonwealth
of
Pennsylvania
Certificate
of
Participation
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
1,006
Lancaster
County
Hospital
Authority
Revenue
,
5
.00
%
,
11/1/35
......................
1,000
1,000
Lancaster
IDA
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
.................
500
392
Latrobe
IDA
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
...................
800
594
Lehigh
County
General
Purpose
Authority
Revenue
,
5
.25
%
,
2/1/54
,
Continuously
Callable
@100
...........................................................
1,400
1,401
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Montgomery
County
IDA
Revenue
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
$
625
$
526
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
825
661
Northampton
County
General
Purpose
Authority
Revenue
5
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
1,000
981
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
2,500
2,364
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/15/46
,
Continuously
Callable
@100
...........................................
1,575
1,268
Pennsylvania
Housing
Finance
Agency
Revenue
Series
147A
,
4
.73
%
,
4/1/53
,
Continuously
Callable
@100
......................
1,500
1,441
Series
148A
,
4
.80
%
,
10/1/55
,
Continuously
Callable
@100
.....................
2,000
1,934
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Revenue
,
Series
B
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
...........................................
1,000
1,017
Pennsylvania
Turnpike
Commission
Revenue
Series
A-1
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
......................
1,000
995
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
......................
1,000
1,003
Philadelphia
IDA
Revenue
,
5
.00
%
,
8/1/50
,
Continuously
Callable
@100
...............
1,050
1,000
Reading
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
3/1/38
,
Continuously
Callable
@100
...........................................
1,500
1,529
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
156
156
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
78
82
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
1,050
972
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@88
(k)
......................
525
374
The
School
District
of
Philadelphia,
GO
Series
A
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,000
1,020
Series
F
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,013
27,491
Rhode
Island
(0.4%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
,
Series
85-A
,
4
.70
%
,
4/1/55
,
Continuously
Callable
@100
...........................................
2,000
1,899
Rhode
Island
Turnpike
&
Bridge
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
.....................................................
1,000
1,002
2,901
South
Carolina
(0.6%):
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5
.00
%
,
11/15/47
,
Continuously
Callable
@103
..............................
1,000
948
5
.25
%
,
2/1/53
,
Continuously
Callable
@100
...............................
750
766
South
Carolina
Public
Service
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/55
,
Continuously
Callable
@100
........................
1,000
979
Series
B
,
5
.25
%
,
12/1/54
,
Continuously
Callable
@100
........................
1,000
1,019
South
Carolina
State
Housing
Finance
&
Development
Authority
Revenue
,
Series
A
,
4
.70
%
,
1/1/55
,
Continuously
Callable
@100
.....................................
1,000
933
4,645
South
Dakota
(0.2%):
South
Dakota
Housing
Development
Authority
Revenue
,
Series
C
,
5
.10
%
,
5/1/52
,
Continuously
Callable
@100
...........................................
2,000
1,994
Tennessee
(0.9%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.....................................................
1,500
1,522
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
1,465
1,407
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
500
454
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
757
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@100
........................
1,000
922
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
.........
2,500
2,642
7,704
Texas
(6.9%):
Barbers
Hill
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.25
%
,
2/15/54
,
Continuously
Callable
@100
....................................
2,000
1,796
Bexar
County
Health
Facilities
Development
Corp.
Revenue
,
5
.00
%
,
7/15/37
,
Continuously
Callable
@104
.....................................................
1,000
966
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Capital
Area
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8159
,
2
.30
%
,
3/1/41
(f)
(h)
.............................................
$
5,300
$
5,300
City
of
Arlington
Special
Tax
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
2/15/48
,
Continuously
Callable
@100
...............................
1,000
1,000
City
of
Arlington
Tax
Allocation
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
..........
1,700
1,294
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
1,001
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
1,000
1,001
City
of
Irving
Revenue
,
5
.00
%
,
8/15/43
,
Continuously
Callable
@100
.................
1,000
931
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
,
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...........................................................
1,000
919
City
of
Lewisville
Special
Assessment
(INS
-
ACA
Financial
Guaranty
Corp.)
,
5
.80
%
,
9/1/25
725
730
Clifton
Higher
Education
Finance
Corp.
Revenue
,
4
.25
%
,
8/15/52
,
Continuously
Callable
@100
...........................................................
1,500
1,272
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
5
.00
%
,
8/15/39
,
Continuously
Callable
@100
...............................
1,000
1,001
4
.25
%
,
4/1/53
,
Continuously
Callable
@100
...............................
3,250
2,919
County
of
Fort
Bend
Toll
Road
Revenue
,
5
.25
%
,
3/1/55
,
Continuously
Callable
@100
.....
3,000
3,090
East
Montgomery
County
Improvement
District
Sales
Tax
Revenue
,
4
.25
%
,
8/15/54
,
Continuously
Callable
@100
...........................................
2,500
2,243
EP
Cimarron
Ventanas
PFC
Revenue
,
4
.13
%
,
12/1/39
,
Continuously
Callable
@100
.......
2,000
1,846
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
1,000
507
Harris
County
Hospital
District
Revenue
,
4
.00
%
,
2/15/42
,
Continuously
Callable
@100
....
1,000
878
Hidalgo
County
Regional
Mobility
Authority
Revenue
,
Series
B
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
.....................................................
700
598
Houston
Higher
Education
Finance
Corp.
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,100
870
Houston
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-DBE-
8153
,
2
.30
%
,
3/1/60
,
Continuously
Callable
@100
(f)
(h)
.......................
4,075
4,075
Martin
County
Hospital
District,
GO
,
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
........
350
353
Matagorda
County
Navigation
District
No.
1
Revenue
,
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
...........................................
1,000
1,000
Mesquite
Health
Facilities
Development
Corp.
Revenue
,
0.00%
,
2/15/35
,
Continuously
Callable
@100
(i)
...................................................
338
4
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
5
.00
%
,
11/1/55
,
Continuously
Callable
@103
.....................................................
1,200
1,112
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A1
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
..........
225
229
Port
of
Port
Arthur
Navigation
District
Revenue
,
2
.40
%
,
11/1/40
,
Continuously
Callable
@100
(h)
.........................................................
4,500
4,500
Princeton
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
2/15/43
,
Continuously
Callable
@100
....................................
1,000
1,012
San
Antonio
Education
Facilities
Corp.
Revenue
5
.00
%
,
10/1/50
,
Continuously
Callable
@100
...............................
1,250
1,147
4
.00
%
,
4/1/54
,
Continuously
Callable
@100
...............................
1,000
744
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
..............................
1,000
927
Series
A
,
0.00%
,
11/15/45
,
Continuously
Callable
@100
(i)
.....................
818
12
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
.........................
750
754
Series
B
,
0.00%
,
11/15/36
,
Continuously
Callable
@100
(i)
.....................
818
12
Series
B
,
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
.......................
1,935
1,806
Series
B
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
.........................
2,960
2,900
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/27
..........
1,375
1,411
Victory
Street
Public
Facility
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8158
,
2
.30
%
,
8/1/62
,
Continuously
Callable
@100
(f)
(h)
.......................
4,900
4,900
57,060
Utah
(0.5%):
Military
Installation
Development
Authority
Revenue
,
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.....................................................
500
432
Utah
Charter
School
Finance
Authority
Revenue
4
.00
%
,
4/15/52
,
Continuously
Callable
@100
...............................
3,000
2,456
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.50
%
,
10/15/52
,
Continuously
Callable
@100
..............................
$
1,000
$
901
3,789
Vermont
(0.2%):
Vermont
Economic
Development
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@103
...........................................................
1,000
787
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
,
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
...........................................
1,000
899
1,686
Virginia
(0.2%):
Alexandria
IDA
Revenue
,
5
.00
%
,
10/1/45
,
Pre-refunded
10/1/25
@
100
................
1,000
1,006
Salem
Economic
Development
Authority
Revenue
,
6
.00
%
,
4/1/55
,
Continuously
Callable
@100
...........................................................
250
256
1,262
Washington
(0.5%):
Washington
Health
Care
Facilities
Authority
Revenue
4
.00
%
,
7/1/42
,
Continuously
Callable
@100
...............................
1,000
863
Series
A
,
5
.00
%
,
1/1/47
,
Pre-refunded  1/1/27
@
100
.........................
1,000
1,033
Washington
State
Housing
Finance
Commission
Revenue
5
.00
%
,
1/1/38
,
Continuously
Callable
@102
(f)
..............................
1,000
947
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
979
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
282
262
4,084
West
Virginia
(0.3%):
West
Virginia
Hospital
Finance
Authority
Revenue
,
Series
A
,
4
.38
%
,
6/1/53
,
Continuously
Callable
@100
.....................................................
3,000
2,730
Wisconsin
(1.8%):
Public
Finance
Authority
Revenue
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,000
1,024
5
.00
%
,
1/1/42
,
Continuously
Callable
@103
(f)
..............................
600
534
5
.50
%
,
12/1/44
,
Continuously
Callable
@100
(f)
.............................
1,000
969
4
.00
%
,
2/1/51
,
Continuously
Callable
@100
...............................
1,000
700
Series
A
,
5
.25
%
,
3/1/47
,
Continuously
Callable
@100
.........................
2,000
1,901
Series
A
,
5
.25
%
,
10/1/48
,
Continuously
Callable
@100
........................
1,500
1,391
Series
A
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
880
693
Series
A
,
5
.75
%
,
7/1/53
,
Continuously
Callable
@100
(f)
.......................
1,500
1,451
Series
A
,
5
.25
%
,
6/15/55
,
Continuously
Callable
@100
........................
500
482
Series
B
,
5
.50
%
,
6/15/55
,
Continuously
Callable
@100
........................
375
368
Public
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
600
603
University
of
Wisconsin
Hospitals
&
Clinics
Revenue
,
Series
A
,
4
.25
%
,
4/1/52
,
Continuously
Callable
@100
.....................................................
500
439
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
600
490
4
.38
%
,
8/15/55
,
Continuously
Callable
@100
...............................
3,000
2,753
4
.00
%
,
1/1/57
,
Continuously
Callable
@103
...............................
1,000
757
14,555
Wyoming
(0.1%):
Wyoming
Community
Development
Authority
Revenue
,
Series
1
,
4
.88
%
,
12/1/53
,
Continuously
Callable
@100
...........................................
1,000
1,010
Total
Municipal
Bonds
(Cost
$477,466)
a
a
a
443,922
Shares
Collateral
for
Securities
Loaned
(0.0%)^(d)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(l)
........
1,750
2
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(l)
............
1,750
2
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(l)
................
1,750
2
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(l)
.
1,750
1
Total
Collateral
for
Securities
Loaned
(Cost
$7)
a
a
a
7
Total
Investments
(Cost
$529,335)
—
101.6%
842,034
Liabilities
in
excess
of
other
assets
—  (1.6)%
(13,038)
NET
ASSETS
-
100.00%
$
828,996
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rounds
to
less
than
$1
thousand.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2025.
(f)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$30,442
(thousands)
and
amounted
to
3.7%
of
net
assets.
(g)
Zero-coupon
bond.
(h)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(i)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(j)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2025.
(k)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(l)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
CVR
—
Contingent
Value
Right
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
PLC
—
Public
Limited
Company
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
International
Fund
76
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.4%)
Australia
(4.8%):
Communication
Services
(0.0%):(a)
CAR
Group
Ltd.
(b)
.....................................................
45,192
$
1,035
Consumer
Discretionary
(0.9%):
Adairs
Ltd.
(b)
.........................................................
453,302
795
Aristocrat
Leisure
Ltd.
...................................................
467,159
18,766
Breville
Group
Ltd.
.....................................................
30,432
573
JB
Hi-Fi
Ltd.
..........................................................
22,790
1,583
Universal
Store
Holdings
Ltd.
..............................................
215,309
1,077
22,794
Financials
(0.7%):
ANZ
Group
Holdings
Ltd.
(b)
..............................................
186,274
3,485
Macquarie
Group
Ltd.
...................................................
99,136
13,671
QBE
Insurance
Group
Ltd.
................................................
137,882
2,059
19,215
Health
Care
(0.5%):
CSL
Ltd.
.............................................................
65,500
10,449
Paragon
Care
Ltd.
(b)
....................................................
2,295,162
584
Sigma
Healthcare
Ltd.
...................................................
601,993
1,210
Telix
Pharmaceuticals
Ltd.
(b)
..............................................
46,292
780
13,023
Industrials
(0.4%):
Brambles
Ltd.
.........................................................
310,207
4,639
Qantas
Airways
Ltd.
.....................................................
696,539
4,759
9,398
Information
Technology
(0.2%):
Catapult
Group
International
Ltd.
(b)
.........................................
371,168
1,399
Codan
Ltd.
...........................................................
101,305
1,174
Praemium
Ltd.
.........................................................
1,506,591
708
Technology
One
Ltd.
....................................................
46,689
1,236
4,517
Materials
(1.4%):
BHP
Group
Ltd.
........................................................
1,025,680
25,188
Catalyst
Metals
Ltd.
(b)
...................................................
294,727
1,229
Macmahon
Holdings
Ltd.
.................................................
3,852,138
734
Northern
Star
Resources
Ltd.
(b)
............................................
350,753
4,768
Ora
Banda
Mining
Ltd.
(b)
.................................................
1,330,645
989
Rio
Tinto
Ltd.
.........................................................
33,138
2,409
Vysarn
Ltd.
(b)
.........................................................
1,339,572
362
35,679
Real
Estate
(0.7%):
Charter
Hall
Group
......................................................
142,677
1,672
Goodman
Group
.......................................................
78,971
1,675
Scentre
Group
(b)
.......................................................
5,996,226
14,193
17,540
123,201
Austria
(0.8%):
Financials
(0.8%):
BAWAG
Group
AG
(c)
...................................................
126,571
15,767
Erste
Group
Bank
AG
....................................................
65,756
5,295
21,062
Information
Technology
(0.0%):(a)
ams-OSRAM
AG
(b)
.....................................................
53,378
520
21,582
Belgium
(1.0%):
Communication
Services
(0.1%):
Proximus
SADP
........................................................
129,896
1,133
Victory
Portfolios
III
Victory
International
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Consumer
Staples
(0.1%):
Anheuser-Busch
InBev
SA
................................................
46,659
$
3,294
Financials
(0.1%):
Ageas
SA
............................................................
55,433
3,619
Information
Technology
(0.3%):
Melexis
NV
(d)
.........................................................
92,854
6,242
Materials
(0.4%):
Solvay
SA
,
Class
A
(d)
...................................................
240,939
7,923
Titan
SA
.............................................................
55,818
2,534
10,457
24,745
Brazil
(1.0%):
Communication
Services
(0.1%):
Telefonica
Brasil
SA
.....................................................
699,814
3,507
Consumer
Discretionary
(0.1%):
Lojas
Renner
SA
.......................................................
697,203
2,214
Consumer
Staples
(0.2%):
Ambev
SA
............................................................
1,318,115
3,234
Natura
&
Co.
Holding
SA
(b)
...............................................
821,505
1,504
4,738
Energy
(0.2%):
PRIO
SA
(b)
...........................................................
391,700
2,667
Raizen
SA
,
Preference
Shares
..............................................
2,859,500
970
Ultrapar
Participacoes
SA
.................................................
370,682
1,056
4,693
Financials
(0.3%):
Banco
Bradesco
SA
,
Preference
Shares
.......................................
615,700
1,744
Banco
Bradesco
SA
,
ADR
................................................
1,756,609
5,059
6,803
Utilities
(0.1%):
Equatorial
Energia
SA
...................................................
462,900
2,966
24,921
Canada
(2.6%):
Consumer
Discretionary
(0.1%):
Aritzia,
Inc.
(b)
.........................................................
24,330
1,181
Gildan
Activewear,
Inc.
..................................................
27,809
1,295
2,476
Consumer
Staples
(0.0%):(a)
The
North
West
Co.,
Inc.
.................................................
21,528
898
Energy
(0.4%):
CES
Energy
Solutions
Corp.
...............................................
219,358
999
Enerflex
Ltd.
..........................................................
88,974
627
Headwater
Exploration,
Inc.
...............................................
296,453
1,348
Secure
Waste
Infrastructure
Corp.
...........................................
77,653
867
Suncor
Energy,
Inc.
(d)
...................................................
45,543
1,620
Whitecap
Resources,
Inc.
.................................................
642,042
4,005
9,466
Financials
(0.6%):
Bank
of
Montreal
.......................................................
19,043
2,045
Brookfield
Corp.
.......................................................
26,773
1,546
Canadian
Imperial
Bank
of
Commerce
........................................
44,045
2,999
Definity
Financial
Corp.
..................................................
18,444
1,002
Fairfax
Financial
Holdings
Ltd.
.............................................
2,586
4,401
Royal
Bank
of
Canada
...................................................
23,607
2,992
Sprott,
Inc.
...........................................................
17,953
1,041
16,026
Victory
Portfolios
III
Victory
International
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Health
Care
(0.1%):
Extendicare,
Inc.
.......................................................
113,142
$
1,190
Well
Health
Technologies
Corp.
(b)
..........................................
160,906
481
1,671
Industrials
(0.3%):
Element
Fleet
Management
Corp.
...........................................
239,335
5,703
Finning
International,
Inc.
.................................................
50,015
1,847
MDA
Space
Ltd.
(b)
.....................................................
39,875
825
8,375
Information
Technology
(0.3%):
Celestica,
Inc.
(b)
.......................................................
42,816
4,959
Shopify,
Inc.
,
Class
A
(b)
..................................................
12,535
1,339
6,298
Materials
(0.8%):
Alamos
Gold,
Inc.
......................................................
45,898
1,189
Barrick
Mining
Corp.
(b)
..................................................
153,596
2,946
Dundee
Precious
Metals,
Inc.
..............................................
228,201
3,517
IAMGOLD
Corp.
(b)
....................................................
134,895
924
Lundin
Gold,
Inc.
.......................................................
25,271
1,221
Lundin
Mining
Corp.
....................................................
420,521
3,981
Skeena
Resources
Ltd.
(b)
.................................................
70,285
900
Teck
Resources
Ltd.
,
Class
B
..............................................
96,148
3,564
Torex
Gold
Resources,
Inc.
(b)
..............................................
29,556
949
Wesdome
Gold
Mines
Ltd.
(b)
..............................................
79,316
1,054
20,245
Real
Estate
(0.0%):(a)
Altus
Group
Ltd.
(d)
.....................................................
19,590
778
66,233
Chile
(0.2%):
Consumer
Staples
(0.2%):
Cencosud
SA
..........................................................
1,582,901
5,450
China
(2.0%):
Communication
Services
(0.4%):
Baidu,
Inc.
,
Class
SW
(b)
..................................................
240,058
2,464
Kuaishou
Technology
,
Class
W
(b)
(c)
.........................................
193,800
1,303
Tencent
Holdings
Ltd.
...................................................
114,500
7,218
10,985
Consumer
Discretionary
(0.6%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
524,715
7,471
BYD
Co.
Ltd.
.........................................................
54,500
2,709
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(c)
................................
558,400
3,989
JD.com,
Inc.
,
Class
SW
..................................................
151,950
2,459
16,628
Consumer
Staples
(0.3%):
China
Mengniu
Dairy
Co.
Ltd.
.............................................
599,319
1,339
Giant
Biogene
Holding
Co.
Ltd.
(c)
..........................................
470,200
4,237
Tingyi
Cayman
Islands
Holding
Corp.
........................................
796,000
1,303
6,879
Financials
(0.4%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
2,989,000
1,915
Bank
of
China
Ltd.
,
Class
H
...............................................
4,221,000
2,446
China
Construction
Bank
Corp.
,
Class
H
......................................
2,444,000
2,185
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
1,632,000
3,101
9,647
Health
Care
(0.0%):(a)
3SBio,
Inc.
(c)
.........................................................
586,000
1,408
Victory
Portfolios
III
Victory
International
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Industrials
(0.1%):
Weichai
Power
Co.
Ltd.
,
Class
H
............................................
801,000
$
1,560
Information
Technology
(0.1%):
Xiaomi
Corp.
,
Class
W
(b)
(c)
...............................................
226,800
1,460
Materials
(0.1%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
852,000
1,894
50,461
Denmark
(1.9%):
Consumer
Discretionary
(0.8%):
Matas
A/S
............................................................
47,473
978
Pandora
A/S
..........................................................
100,859
18,439
19,417
Financials
(0.1%):
Jyske
Bank
A/S
,
Registered
Shares
..........................................
29,072
2,732
Health
Care
(1.0%):
H
Lundbeck
A/S
.......................................................
206,227
1,145
Novo
Nordisk
A/S
,
Class
B
................................................
343,955
24,441
25,586
Industrials
(0.0%):(a)
INVISIO
AB
..........................................................
26,860
1,005
Information
Technology
(0.0%):(a)
Netcompany
Group
A/S
(b)
(c)
..............................................
12,193
564
49,304
Finland
(0.2%):
Industrials
(0.1%):
Konecranes
Oyj
........................................................
15,444
1,206
Valmet
Oyj
(d)
.........................................................
33,388
1,091
2,297
Information
Technology
(0.1%):
Nokia
Oyj
............................................................
693,103
3,607
5,904
France
(7.9%):
Communication
Services
(0.4%):
Orange
SA
............................................................
378,629
5,651
Publicis
Groupe
SA
.....................................................
46,314
5,048
10,699
Consumer
Discretionary
(1.3%):
Accor
SA
............................................................
37,659
2,000
FDJ
UNITED
(c)
.......................................................
328,484
12,053
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
23,177
12,570
Renault
SA
...........................................................
90,055
4,630
Valeo
SE
(d)
...........................................................
129,615
1,365
32,618
Consumer
Staples
(0.8%):
Carrefour
SA
(d)
........................................................
204,405
3,056
L'Oreal
SA
...........................................................
41,615
17,612
20,668
Energy
(0.7%):
Gaztransport
Et
Technigaz
SA
..............................................
39,720
7,380
Technip
Energies
NV
....................................................
117,297
4,439
TotalEnergies
SE
.......................................................
106,210
6,252
18,071
Financials
(1.0%):
AXA
SA
.............................................................
156,331
7,368
BNP
Paribas
SA
........................................................
105,618
9,248
Victory
Portfolios
III
Victory
International
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Societe
Generale
SA
.....................................................
167,197
$
9,077
25,693
Health
Care
(0.2%):
BioMerieux
...........................................................
17,272
2,316
Ipsen
SA
(b)
...........................................................
23,693
2,789
5,105
Industrials
(2.2%):
Cie
de
Saint-Gobain
SA
..................................................
73,182
8,238
Eiffage
SA
............................................................
13,513
1,858
Rexel
SA
.............................................................
482,408
13,549
Safran
SA
............................................................
82,663
24,445
Schneider
Electric
SE
....................................................
20,587
5,194
SPIE
SA
.............................................................
37,601
1,911
55,195
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
42,345
7,031
Dassault
Systemes
SE
....................................................
37,586
1,409
8,440
Materials
(0.5%):
Arkema
SA
...........................................................
188,795
13,489
Real
Estate
(0.2%):
Klepierre
SA
..........................................................
115,708
4,529
Utilities
(0.3%):
Engie
SA
.............................................................
371,445
8,016
202,523
Germany
(8.0%):
Communication
Services
(0.7%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
108,239
13,127
Deutsche
Telekom
AG
...................................................
156,874
5,940
19,067
Consumer
Discretionary
(0.9%):
Continental
AG
........................................................
29,186
2,559
Mercedes-Benz
Group
AG
................................................
25,289
1,512
Volkswagen
AG
,
Preference
Shares
..........................................
152,722
16,534
Zalando
SE
(b)
(c)
.......................................................
37,622
1,344
21,949
Consumer
Staples
(0.2%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
52,118
4,175
Financials
(1.7%):
Allianz
SE
,
Registered
Shares
..............................................
97,887
38,818
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
5,786
3,748
42,566
Health
Care
(0.2%):
Fresenius
Medical
Care
AG
...............................................
29,695
1,686
Fresenius
SE
&
Co.
KGaA
................................................
97,559
4,781
6,467
Industrials
(1.6%):
Daimler
Truck
Holding
AG
................................................
93,134
4,044
Siemens
AG
,
Registered
Shares
.............................................
143,055
34,404
Siemens
Energy
AG
(b)
...................................................
23,934
2,339
40,787
Information
Technology
(1.7%):
SAP
SE
..............................................................
141,954
42,939
Materials
(0.5%):
BASF
SE
............................................................
82,055
3,956
Evonik
Industries
AG
....................................................
314,108
6,807
Victory
Portfolios
III
Victory
International
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Heidelberg
Materials
AG
.................................................
4,330
$
849
11,612
Utilities
(0.5%):
E.ON
SE
.............................................................
131,589
2,306
RWE
AG
.............................................................
304,245
11,454
13,760
203,322
Greece
(0.2%):
Financials
(0.2%):
National
Bank
of
Greece
SA
...............................................
446,757
5,319
Hong
Kong
(2.2%):
Consumer
Staples
(0.1%):
WH
Group
Ltd.
........................................................
2,450,335
2,254
Financials
(1.3%):
AIA
Group
Ltd.
........................................................
2,654,600
22,098
BOC
Hong
Kong
Holdings
Ltd.
............................................
594,500
2,500
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
38,500
1,926
Prudential
PLC
........................................................
486,348
5,531
32,055
Industrials
(0.1%):
CK
Hutchison
Holdings
Ltd.
...............................................
407,243
2,277
Real
Estate
(0.6%):
CK
Asset
Holdings
Ltd.
..................................................
3,796,440
15,682
Utilities
(0.1%):
Kunlun
Energy
Co.
Ltd.
..................................................
3,258,000
3,255
55,523
India
(1.4%):
Consumer
Discretionary
(0.1%):
Mahindra
&
Mahindra
Ltd.
(b)
..............................................
43,323
1,509
Consumer
Staples
(0.0%):(a)
Varun
Beverages
Ltd.
....................................................
190,539
1,062
Energy
(0.2%):
Reliance
Industries
Ltd.
..................................................
220,530
3,668
Financials
(0.5%):
Canara
Bank
..........................................................
1,100,625
1,479
ICICI
Bank
Ltd.
........................................................
231,996
3,935
Nippon
Life
India
Asset
Management
Ltd.
(c)
...................................
400,731
3,475
Power
Finance
Corp.
Ltd.
.................................................
900,300
4,281
13,170
Health
Care
(0.1%):
Narayana
Hrudayalaya
Ltd.
................................................
82,913
1,690
Zydus
Lifesciences
Ltd.
..................................................
106,151
1,156
2,846
Information
Technology
(0.2%):
HCL
Technologies
Ltd.
...................................................
64,138
1,227
KPIT
Technologies
Ltd.
..................................................
64,014
1,002
Persistent
Systems
Ltd.
...................................................
22,916
1,510
3,739
Materials
(0.1%):
Hindalco
Industries
Ltd.
(b)
................................................
281,498
2,088
National
Aluminium
Co.
Ltd.
..............................................
676,258
1,429
3,517
Real
Estate
(0.1%):
Oberoi
Realty
Ltd.
......................................................
141,655
2,896
Victory
Portfolios
III
Victory
International
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
666,340
$
2,260
34,667
Indonesia
(0.1%):
Financials
(0.1%):
PT
Bank
Negara
Indonesia
Persero
Tbk
.......................................
5,144,094
1,419
Ireland
(1.0%):
Consumer
Discretionary
(0.0%):(a)
Cairn
Homes
PLC
......................................................
432,192
1,072
Consumer
Staples
(0.0%):(a)
Greencore
Group
PLC
...................................................
402,778
1,213
Financials
(0.5%):
AIB
Group
PLC
........................................................
525,439
4,145
Bank
of
Ireland
Group
PLC
...............................................
616,465
8,462
12,607
Industrials
(0.2%):
AerCap
Holdings
NV
....................................................
39,362
4,556
Materials
(0.3%):
James
Hardie
Industries
PLC
(b)
............................................
321,580
7,396
26,844
Isle
of
Man
(0.0%):(a)
Consumer
Discretionary
(0.0%):(a)
Playtech
PLC
..........................................................
83,685
358
Israel
(0.1%):
Information
Technology
(0.1%):
Nice
Ltd.
(b)
...........................................................
8,459
1,434
Italy
(2.7%):
Communication
Services
(0.0%):(a)
MFE-MediaForEurope
NV
,
Class
A
..........................................
250,978
923
Consumer
Discretionary
(0.3%):
Ferrari
NV
............................................................
4,662
2,231
PRADA
SpA
..........................................................
634,200
4,136
6,367
Energy
(0.2%):
Eni
SpA
.............................................................
366,477
5,404
Financials
(1.2%):
Banco
BPM
SpA
.......................................................
1,310,352
15,060
BPER
Banca
SpA
(d)
....................................................
701,629
6,232
UniCredit
SpA
.........................................................
158,850
10,214
31,506
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
64,605
3,876
Industrials
(0.0%):(a)
Maire
SpA
............................................................
89,130
1,138
Information
Technology
(0.1%):
Reply
SpA
............................................................
16,653
2,809
Utilities
(0.7%):
Enel
SpA
.............................................................
1,815,211
16,683
Hera
SpA
............................................................
243,255
1,209
17,892
69,915
Japan
(19.4%):
Communication
Services
(1.5%):
Capcom
Co.
Ltd.
.......................................................
498,500
14,790
Dentsu
Group,
Inc.
......................................................
122,980
2,657
Victory
Portfolios
III
Victory
International
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Hakuhodo
DY
Holdings,
Inc.
..............................................
142,750
$
1,119
Internet
Initiative
Japan,
Inc.
...............................................
33,600
648
Kakaku.com,
Inc.
.......................................................
708,000
12,077
Konami
Group
Corp.
....................................................
40,700
5,525
Nippon
Television
Holdings,
Inc.
............................................
67,395
1,525
38,341
Consumer
Discretionary
(3.2%):
Adastria
Co.
Ltd.
.......................................................
23,400
455
Asics
Corp.
...........................................................
271,100
6,535
ASKUL
Corp.
.........................................................
46,700
501
Curves
Holdings
Co.
Ltd.
.................................................
118,700
561
Goldwin,
Inc.
..........................................................
6,300
361
Honda
Motor
Co.
Ltd.
...................................................
265,238
2,695
Isuzu
Motors
Ltd.
.......................................................
28,952
391
Koito
Manufacturing
Co.
Ltd.
..............................................
185,830
2,352
Nikon
Corp.
...........................................................
95,720
964
Nissan
Motor
Co.
Ltd.
(b)
.................................................
666,702
1,692
Nojima
Corp.
..........................................................
26,300
502
PAL
GROUP
Holdings
Co.
Ltd.
............................................
23,053
567
Rinnai
Corp.
..........................................................
63,696
1,588
Roland
Corp.
..........................................................
19,800
462
Sangetsu
Corp.
.........................................................
27,600
549
Sega
Sammy
Holdings,
Inc.
...............................................
71,790
1,354
Seria
Co.
Ltd.
.........................................................
25,600
469
Shoei
Co.
Ltd.
.........................................................
25,800
289
Sony
Group
Corp.
......................................................
191,200
5,118
Stanley
Electric
Co.
Ltd.
..................................................
77,431
1,490
Subaru
Corp.
..........................................................
133,521
2,451
Sumitomo
Electric
Industries
Ltd.
...........................................
233,700
4,903
Sumitomo
Rubber
Industries
Ltd.
...........................................
103,901
1,292
Suzuki
Motor
Corp.
.....................................................
191,700
2,433
Tama
Home
Co.
Ltd.
(d)
..................................................
19,200
474
Tamron
Co.
Ltd.
(d)
.....................................................
19,700
471
The
Monogatari
Corp.
...................................................
21,900
543
Toyo
Tire
Corp.
........................................................
30,100
625
Toyota
Motor
Corp.
.....................................................
1,460,600
27,810
Workman
Co.
Ltd.
......................................................
15,100
577
ZOZO,
Inc.
...........................................................
999,600
10,832
81,306
Consumer
Staples
(0.9%):
Ain
Holdings,
Inc.
......................................................
14,900
582
Asahi
Group
Holdings
Ltd.
................................................
261,700
3,450
Create
SD
Holdings
Co.
Ltd.
...............................................
14,500
318
G-7
Holdings,
Inc.
......................................................
42,700
397
Kagome
Co.
Ltd.
.......................................................
26,400
544
Kirin
Holdings
Co.
Ltd.
..................................................
67,377
967
Life
Corp.
............................................................
19,100
269
MatsukiyoCocokara
&
Co.
................................................
83,700
1,688
Milbon
Co.
Ltd.
........................................................
25,400
440
Rohto
Pharmaceutical
Co.
Ltd.
.............................................
27,600
389
Sugi
Holdings
Co.
Ltd.
...................................................
22,600
497
Sundrug
Co.
Ltd.
.......................................................
15,300
476
Toyo
Suisan
Kaisha
Ltd.
..................................................
153,500
10,185
Tsuruha
Holdings,
Inc.
...................................................
26,931
2,114
22,316
Financials
(3.2%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
133,976
1,046
eGuarantee,
Inc.
........................................................
38,000
417
Japan
Post
Insurance
Co.
Ltd.
..............................................
140,250
3,085
Mizuho
Financial
Group,
Inc.
..............................................
907,250
25,232
ORIX
Corp.
...........................................................
137,900
2,923
Resona
Holdings,
Inc.
....................................................
497,062
4,406
Victory
Portfolios
III
Victory
International
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
206,040
$
5,294
Sumitomo
Mitsui
Trust
Group,
Inc.
..........................................
179,220
4,850
T&D
Holdings,
Inc.
.....................................................
259,795
5,944
The
Chiba
Bank
Ltd.
(d)
..................................................
319,140
2,901
Tokio
Marine
Holdings,
Inc.
...............................................
627,200
26,528
82,626
Health
Care
(1.7%):
Alfresa
Holdings
Corp.
...................................................
79,109
1,065
As
One
Corp.
..........................................................
22,400
346
Eisai
Co.
Ltd.
..........................................................
35,247
1,009
Hoya
Corp.
...........................................................
142,800
16,862
Japan
Lifeline
Co.
Ltd.
...................................................
53,500
538
Nakanishi,
Inc.
.........................................................
30,300
406
Ono
Pharmaceutical
Co.
Ltd.
..............................................
60,304
657
Otsuka
Holdings
Co.
Ltd.
.................................................
51,400
2,614
Shionogi
&
Co.
Ltd.
.....................................................
970,246
16,202
Takeda
Pharmaceutical
Co.
Ltd.
............................................
79,133
2,376
42,075
Industrials
(4.9%):
Amada
Co.
Ltd.
........................................................
92,910
950
AZ-COM
MARUWA
Holdings,
Inc.
(d)
.......................................
59,100
435
Central
Japan
Railway
Co.
................................................
135,400
2,958
en
Japan,
Inc.
..........................................................
39,000
465
Fuji
Electric
Co.
Ltd.
....................................................
270,100
11,932
Fujikura
Ltd.
..........................................................
94,700
4,396
Galilei
Co.
Ltd.
........................................................
25,000
533
Hazama
Ando
Corp.
.....................................................
58,603
589
Hino
Motors
Ltd.
(b)
.....................................................
195,293
631
Hitachi
Ltd.
...........................................................
96,300
2,683
ITOCHU
Corp.
........................................................
79,700
4,231
JAC
Recruitment
Co.
Ltd.
.................................................
92,800
585
Japan
Airlines
Co.
Ltd.
...................................................
78,721
1,593
JGC
Holdings
Corp.
.....................................................
131,002
1,100
Komatsu
Ltd.
..........................................................
101,700
3,091
Kubota
Corp.
(d)
........................................................
296,440
3,401
Makita
Corp.
..........................................................
6,378
195
MEITEC
Group
Holdings,
Inc.
.............................................
23,600
528
MISUMI
Group,
Inc.
....................................................
527,200
6,955
Mitsubishi
Heavy
Industries
Ltd.
............................................
1,189,500
27,393
Nichias
Corp.
..........................................................
13,900
480
Nippon
Kanzai
Holdings
Co.
Ltd.
...........................................
16,800
318
Nippon
Parking
Development
Co.
Ltd.
........................................
289,300
489
Nippon
Yusen
KK
......................................................
286,400
10,444
Obayashi
Corp.
........................................................
278,900
4,209
Open
Up
Group,
Inc.
....................................................
47,400
598
Persol
Holdings
Co.
Ltd.
..................................................
1,266,270
2,365
Prestige
International,
Inc.
................................................
117,700
520
Raito
Kogyo
Co.
Ltd.
....................................................
31,928
638
Raiznext
Corp.
.........................................................
50,200
591
Sanwa
Holdings
Corp.
...................................................
673,800
23,200
SMS
Co.
Ltd.
..........................................................
28,500
284
Sumitomo
Heavy
Industries
Ltd.
............................................
56,182
1,175
Takeuchi
Manufacturing
Co.
Ltd.
...........................................
17,600
567
THK
Co.
Ltd.
.........................................................
43,155
1,177
Totech
Corp.
..........................................................
30,200
612
Yamato
Holdings
Co.
Ltd.
.................................................
146,370
2,032
124,343
Information
Technology
(2.8%):
Ai
Holdings
Corp.
......................................................
15,600
249
Alps
Alpine
Co.
Ltd.
....................................................
66,941
641
Argo
Graphics,
Inc.
.....................................................
16,400
575
BIPROGY,
Inc.
........................................................
13,300
539
Victory
Portfolios
III
Victory
International
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Canon,
Inc.
(d)
.........................................................
50,200
$
1,534
Daiwabo
Holdings
Co.
Ltd.
................................................
30,200
509
Dentsu
Soken,
Inc.
......................................................
11,300
533
Disco
Corp.
...........................................................
59,100
13,240
DTS
Corp.
............................................................
18,400
631
Fujitsu
Ltd.
...........................................................
782,200
17,916
Horiba
Ltd.
...........................................................
17,520
1,247
Kaga
Electronics
Co.
Ltd.
.................................................
25,300
466
MCJ
Co.
Ltd.
..........................................................
63,600
581
NEC
Corp.
...........................................................
266,500
6,957
NSD
Co.
Ltd.
..........................................................
21,000
519
Oracle
Corp.
..........................................................
125,700
14,727
Rohm
Co.
Ltd.
.........................................................
231,040
2,501
SCREEN
Holdings
Co.
Ltd.
...............................................
24,200
1,722
Systena
Corp.
.........................................................
194,100
534
Tokyo
Seimitsu
Co.
Ltd.
..................................................
25,300
1,403
Yokogawa
Electric
Corp.
.................................................
165,900
4,068
71,092
Materials
(0.4%):
ASAHI
YUKIZAI
Corp.
(d)
................................................
19,100
516
KH
Neochem
Co.
Ltd.
(d)
.................................................
22,900
392
Mitsubishi
Gas
Chemical
Co.,
Inc.
...........................................
98,540
1,513
Nippon
Steel
Corp.
......................................................
171,300
3,446
Taiheiyo
Cement
Corp.
...................................................
33,597
860
Tokyo
Steel
Manufacturing
Co.
Ltd.
.........................................
52,500
560
Tosoh
Corp.
...........................................................
230,500
3,412
10,699
Real
Estate
(0.8%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
125,900
4,245
Katitas
Co.
Ltd.
(d)
......................................................
38,000
580
Mitsubishi
Estate
Co.
Ltd.
.................................................
221,058
4,018
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
332,400
12,735
21,578
Utilities
(0.0%):(a)
Tohoku
Electric
Power
Co.,
Inc.
............................................
150,700
1,047
495,423
Luxembourg
(0.1%):
Communication
Services
(0.0%):(a)
RTL
Group
SA
(d)
......................................................
28,235
1,082
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
54,455
1,651
2,733
Malaysia
(0.1%):
Health
Care
(0.1%):
KPJ
Healthcare
Bhd
.....................................................
2,339,500
1,495
Mexico
(0.5%):
Communication
Services
(0.1%):
America
Movil
SAB
de
CV
,
ADR
...........................................
193,469
3,270
Consumer
Staples
(0.0%):(a)
Arca
Continental
SAB
de
CV
..............................................
159,550
1,755
Energy
(0.2%):
Vista
Energy
SAB
de
CV
,
ADR
(b)
...........................................
87,471
4,332
Financials
(0.1%):
Gentera
SAB
de
CV
.....................................................
1,071,188
2,111
Materials
(0.1%):
Fresnillo
PLC
.........................................................
114,195
1,795
13,263
Victory
Portfolios
III
Victory
International
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Netherlands
(5.4%):
Communication
Services
(0.8%):
Koninklijke
KPN
NV
....................................................
4,192,142
$
19,707
VEON
Ltd.
,
ADR
(b)
....................................................
17,803
942
20,649
Consumer
Discretionary
(0.1%):
Prosus
NV
(b)
..........................................................
66,947
3,439
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
65,596
2,768
Financials
(2.1%):
ABN
AMRO
Bank
NV
,
Class
CV
(c)
.........................................
201,030
5,196
Euronext
NV
(c)
........................................................
36,230
5,904
ING
Groep
NV
........................................................
1,486,789
31,579
NN
Group
NV
.........................................................
155,297
9,770
52,449
Health
Care
(0.2%):
Argenx
SE
(b)
..........................................................
3,434
1,970
Koninklijke
Philips
NV
(b)
................................................
167,213
3,855
5,825
Industrials
(0.9%):
Koninklijke
BAM
Groep
NV
..............................................
141,366
1,182
Randstad
NV
..........................................................
59,483
2,493
Wolters
Kluwer
NV
.....................................................
110,817
19,649
23,324
Information
Technology
(1.2%):
ASM
International
NV
...................................................
25,380
13,811
ASML
Holding
NV
.....................................................
20,031
14,756
BE
Semiconductor
Industries
NV
...........................................
13,861
1,675
30,242
138,696
New
Zealand
(0.4%):
Health
Care
(0.4%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
414,214
9,011
Norway
(0.8%):
Energy
(0.0%):(a)
Equinor
ASA
..........................................................
47,615
1,115
Industrials
(0.8%):
Kongsberg
Gruppen
ASA
.................................................
106,337
18,737
MPC
Container
Ships
ASA
................................................
368,827
580
19,317
Materials
(0.0%):(a)
Norsk
Hydro
ASA
......................................................
56,580
311
20,743
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
210,660
3,372
Russian
Federation
(0.0%):(a)
Communication
Services
(0.0%):
Mobile
TeleSystems
PJSC
,
ADR
(b)
(e)
(f)
......................................
177,615
—
Energy
(0.0%):
Gazprom
PJSC
,
ADR
(b)
(e)
(f)
..............................................
153,287
—
LUKOIL
PJSC
,
ADR
(b)
(e)
(f)
..............................................
34,917
—
—
Financials
(0.0%):(a)
Sberbank
of
Russia
PJSC
,
ADR
(b)
(e)
(f)
.......................................
505,824
—
(g)
Victory
Portfolios
III
Victory
International
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Sberbank
of
Russia
PJSC
(b)
(e)
(f)
...........................................
564,350
$
—
—
(g)
—
(g)
Saudi
Arabia
(0.1%):
Communication
Services
(0.0%):(a)
Etihad
Etisalat
Co.
......................................................
89,471
1,422
Financials
(0.1%):
Saudi
Awwal
Bank
......................................................
182,698
1,643
3,065
Singapore
(1.2%):
Communication
Services
(0.1%):
Sea
Ltd.
,
ADR
(b)
.......................................................
19,587
3,141
Financials
(0.5%):
DBS
Group
Holdings
Ltd.
.................................................
79,730
2,752
Singapore
Exchange
Ltd.
.................................................
978,700
10,632
13,384
Industrials
(0.3%):
Singapore
Technologies
Engineering
Ltd.
......................................
1,049,400
6,346
Information
Technology
(0.1%):
ASMPT
Ltd.
..........................................................
196,348
1,318
Utilities
(0.2%):
Sembcorp
Industries
Ltd.
.................................................
1,101,400
5,642
29,831
South
Africa
(0.3%):
Communication
Services
(0.1%):
MTN
Group
Ltd.
.......................................................
398,757
2,777
Financials
(0.2%):
Investec
PLC
..........................................................
196,393
1,402
Old
Mutual
Ltd.
........................................................
2,259,953
1,468
Sanlam
Ltd.
...........................................................
280,497
1,383
4,253
7,030
South
Korea
(1.6%):
Communication
Services
(0.1%):
KT
Corp.
.............................................................
82,607
3,022
SK
Telecom
Co.
Ltd.
....................................................
21,204
792
3,814
Consumer
Discretionary
(0.3%):
Coway
Co.
Ltd.
........................................................
23,077
1,484
Hankook
Tire
&
Technology
Co.
Ltd.
........................................
26,949
752
Hyundai
Mobis
Co.
Ltd.
..................................................
15,818
2,901
Kia
Corp.
............................................................
20,348
1,316
6,453
Financials
(0.6%):
DB
Insurance
Co.
Ltd.
...................................................
25,827
1,883
Hana
Financial
Group,
Inc.
................................................
61,344
3,227
KB
Financial
Group,
Inc.
.................................................
52,631
3,962
Shinhan
Financial
Group
Co.
Ltd.
...........................................
122,642
5,132
14,204
Industrials
(0.4%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
6,289
3,689
Hanwha
Vision
Co.
Ltd.
(b)
................................................
8,740
330
HD
Hyundai
Electric
Co.
Ltd.
..............................................
6,094
1,669
Hyundai
Rotem
Co.
Ltd.
..................................................
26,112
2,765
Samsung
E&A
Co.
Ltd.
..................................................
167,168
2,631
11,084
Victory
Portfolios
III
Victory
International
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Information
Technology
(0.2%):
Samsung
Electronics
Co.
Ltd.
..............................................
43,675
$
1,773
SK
Hynix,
Inc.
.........................................................
18,730
2,764
4,537
40,092
Spain
(2.8%):
Energy
(0.1%):
Repsol
SA
............................................................
139,784
1,883
Financials
(1.8%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
2,276,535
34,171
Banco
Santander
SA
.....................................................
733,895
5,854
Bankinter
SA
..........................................................
426,701
5,489
45,514
Health
Care
(0.0%):(a)
Pharma
Mar
SA
........................................................
10,800
1,042
Industrials
(0.6%):
Aena
SME
SA
(c)
.......................................................
60,845
16,367
Information
Technology
(0.1%):
Indra
Sistemas
SA
(d)
....................................................
32,028
1,320
Real
Estate
(0.1%):
Merlin
Properties
Socimi
SA
...............................................
132,173
1,637
Utilities
(0.1%):
Iberdrola
SA
..........................................................
150,722
2,762
70,525
Sweden
(2.0%):
Communication
Services
(0.1%):
Hemnet
Group
AB
......................................................
35,470
1,125
Modern
Times
Group
Mortgage
AB
,
Class
B
(b)
.................................
77,261
871
1,996
Consumer
Discretionary
(0.0%):(a)
Clas
Ohlson
AB
,
B
Shares
................................................
41,276
1,134
Consumer
Staples
(0.4%):
Cloetta
AB
,
B
Shares
....................................................
318,416
1,150
Essity
AB
,
Class
B
......................................................
293,077
8,578
9,728
Financials
(0.2%):
Avanza
Bank
Holding
AB
(d)
...............................................
54,270
1,935
Swedbank
AB
,
Class
A
...................................................
79,226
2,147
4,082
Health
Care
(0.0%):(a)
Xvivo
Perfusion
AB
(b)
...................................................
16,216
519
Industrials
(1.1%):
AddTech
AB
,
B
Shares
...................................................
25,562
879
Atlas
Copco
AB
,
Class
B
.................................................
1,344,039
19,144
Inwido
AB
............................................................
50,230
1,105
NCC
AB
,
Class
B
.......................................................
54,217
1,028
SKF
AB
,
B
Shares
(d)
....................................................
160,792
3,539
Volvo
AB
,
Class
B
......................................................
80,973
2,245
27,940
Information
Technology
(0.2%):
Mycronic
AB
..........................................................
27,408
1,083
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
401,928
3,423
4,506
Victory
Portfolios
III
Victory
International
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Materials
(0.0%):(a)
Hexpol
AB
...........................................................
114,672
$
1,067
50,972
Switzerland
(8.3%):
Consumer
Discretionary
(0.1%):
The
Swatch
Group
AG
,
Class
BR
(d)
.........................................
14,738
2,488
Consumer
Staples
(2.2%):
Coca-Cola
HBC
AG
.....................................................
468,109
24,389
Nestle
SA
,
Registered
Shares
..............................................
300,920
32,075
56,464
Financials
(1.6%):
Partners
Group
Holding
AG
...............................................
9,018
12,111
UBS
Group
AG
........................................................
749,919
23,935
Zurich
Insurance
Group
AG
...............................................
6,199
4,350
40,396
Health
Care
(3.6%):
Galenica
AG
(c)
........................................................
10,763
1,116
Novartis
AG
,
Registered
Shares
.............................................
429,796
49,635
Roche
Holding
AG
......................................................
117,342
38,031
Sandoz
Group
AG
......................................................
84,778
4,315
93,097
Industrials
(0.5%):
ABB
Ltd.
,
Registered
Shares
...............................................
46,244
2,621
Adecco
Group
AG
......................................................
66,804
1,867
Belimo
Holding
AG
,
Class
R
..............................................
823
797
dormakaba
Holding
AG
..................................................
1,399
1,246
Flughafen
Zurich
AG
,
Registered
Shares
......................................
6,109
1,696
Sulzer
AG
,
Registered
Shares
..............................................
27,087
5,112
13,339
Materials
(0.2%):
Holcim
AG
...........................................................
45,380
5,031
Real
Estate
(0.1%):
PSP
Swiss
Property
AG
,
Registered
Shares
.....................................
10,273
1,809
212,624
Taiwan
(1.5%):
Consumer
Discretionary
(0.1%):
Minth
Group
Ltd.
.......................................................
530,000
1,427
Financials
(0.1%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
1,308,000
1,766
Health
Care
(0.1%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
63,000
1,603
Industrials
(0.1%):
Airtac
International
Group
................................................
115,000
3,530
Information
Technology
(1.1%):
ASMedia
Technology,
Inc.
................................................
31,000
1,972
Elite
Material
Co.
Ltd.
...................................................
230,000
5,651
MediaTek,
Inc.
.........................................................
42,000
1,725
Quanta
Computer,
Inc.
(b)
.................................................
199,000
1,761
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
440,000
14,037
Wiwynn
Corp.
.........................................................
50,000
3,935
29,081
37,407
Thailand
(0.2%):
Communication
Services
(0.0%):(a)
Advanced
Info
Service
PCL,
NVDR
.........................................
169,700
1,476
Victory
Portfolios
III
Victory
International
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Financials
(0.2%):
Kasikornbank
PCL
......................................................
985,617
$
4,638
6,114
Turkey
(0.0%):(a)
Consumer
Staples
(0.0%):(a)
Coca-Cola
Icecek
A/S
....................................................
218,320
272
United
Arab
Emirates
(0.2%):
Real
Estate
(0.2%):
Emaar
Development
PJSC
................................................
1,296,355
4,728
United
Kingdom
(14.3%):
Communication
Services
(0.8%):
Auto
Trader
Group
PLC
(c)
................................................
1,110,269
11,888
BT
Group
PLC
........................................................
1,686,035
4,081
WPP
PLC
............................................................
441,358
3,564
19,533
Consumer
Discretionary
(1.3%):
Birkenstock
Holding
PLC
(b)
...............................................
36,351
1,955
Burberry
Group
PLC
....................................................
140,963
1,972
Currys
PLC
(b)
.........................................................
716,377
1,175
Games
Workshop
Group
PLC
..............................................
4,440
917
Greggs
PLC
...........................................................
353,786
9,843
Inchcape
PLC
.........................................................
146,337
1,344
Kingfisher
PLC
........................................................
657,707
2,462
Moonpig
Group
PLC
....................................................
215,506
724
Next
PLC
............................................................
78,743
13,663
34,055
Consumer
Staples
(2.9%):
British
American
Tobacco
PLC
.............................................
211,631
9,525
Coca-Cola
Europacific
Partners
PLC
.........................................
22,354
2,052
Cranswick
PLC
........................................................
10,872
780
Imperial
Brands
PLC
....................................................
586,353
22,233
J
Sainsbury
PLC
.......................................................
360,936
1,388
Marks
&
Spencer
Group
PLC
..............................................
851,048
4,295
Premier
Foods
PLC
.....................................................
295,222
829
Reckitt
Benckiser
Group
PLC
..............................................
65,963
4,483
Tate
&
Lyle
PLC
.......................................................
246,638
1,840
Unilever
PLC
.........................................................
422,473
26,882
74,307
Energy
(2.1%):
BP
PLC
..............................................................
2,797,720
13,600
Harbour
Energy
PLC
....................................................
615,892
1,477
Shell
PLC
............................................................
1,160,822
38,294
Shell
PLC-DRIP
.......................................................
1,160,822
416
53,787
Financials
(3.3%):
3i
Group
PLC
.........................................................
89,077
4,892
Barclays
PLC
.........................................................
7,541,012
33,389
HSBC
Holdings
PLC
....................................................
2,682,368
31,595
Intermediate
Capital
Group
PLC
............................................
56,107
1,518
Standard
Chartered
PLC
..................................................
833,150
12,996
84,390
Health
Care
(0.7%):
AstraZeneca
PLC
.......................................................
39,712
5,816
GSK
PLC
............................................................
391,829
7,958
Hikma
Pharmaceuticals
PLC
...............................................
175,836
5,075
18,849
Industrials
(1.0%):
Babcock
International
Group
PLC
...........................................
96,949
1,227
Balfour
Beatty
PLC
.....................................................
140,523
947
Victory
Portfolios
III
Victory
International
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Diploma
PLC
.........................................................
14,552
$
920
easyJet
PLC
...........................................................
981,106
7,632
IMI
PLC
.............................................................
76,142
2,042
Keller
Group
PLC
......................................................
47,176
976
Marlowe
PLC
(d)
.......................................................
198,936
992
Mitie
Group
PLC
.......................................................
544,327
1,147
Morgan
Sindall
Group
PLC
................................................
22,352
1,167
RELX
PLC
...........................................................
33,693
1,813
Rolls-Royce
Holdings
PLC
................................................
390,998
4,549
Volution
Group
PLC
.....................................................
84,684
695
24,107
Information
Technology
(0.1%):
Computacenter
PLC
.....................................................
32,799
1,151
FD
Technologies
PLC
(b)
.................................................
28,036
914
Softcat
PLC
...........................................................
64,474
1,559
3,624
Materials
(1.0%):
Anglo
American
PLC
....................................................
67,688
2,007
Endeavour
Mining
PLC
..................................................
125,505
3,848
Mondi
PLC
...........................................................
180,723
2,939
Rio
Tinto
PLC
.........................................................
291,251
17,234
26,028
Real
Estate
(0.3%):
Land
Securities
Group
PLC
...............................................
287,076
2,450
The
British
Land
Co.
PLC
................................................
930,875
4,903
7,353
Utilities
(0.8%):
Centrica
PLC
..........................................................
6,613,977
14,140
Drax
Group
PLC
.......................................................
260,580
2,328
National
Grid
PLC
......................................................
128,484
1,819
Telecom
Plus
PLC
......................................................
33,104
898
19,185
365,218
Total
Common
Stocks
(Cost
$1,721,255)
2,485,739
Rights
(0.0%)(a)
South
Korea
(0.0%):(a)
Industrials
(0.0%):(a)
Hanwha
Aerospace
Co.
Ltd.
,
expiring
7/3/25
(b)
.................................
973
90
Total
Rights
(Cost
$–)
90
Exchange-Traded
Funds
(0.4%)
United
States
(0.4%):
iShares
Core
MSCI
EAFE
ETF
.............................................
61,274
5,059
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
12,976
736
Vanguard
FTSE
All-World
ex-US
Small-Cap
ETF
...............................
20,211
2,581
Vanguard
FTSE
Developed
Markets
ETF
......................................
43,857
2,437
10,813
Total
Exchange-Traded
Funds
(Cost
$10,308)
10,813
Collateral
for
Securities
Loaned
(1.3%)^
United
States
(1.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(h)
........
8,004,832
8,005
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(h)
............
8,004,832
8,004
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(h)
...............
8,004,832
8,005
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(h)
.
8,004,832
8,005
Total
Collateral
for
Securities
Loaned
(Cost
$32,019)
32,019
Total
Investments
(Cost
$1,763,582)
—
99.1%
2,528,661
Other
assets
in
excess
of
liabilities
—
0.9%
22,749
NET
ASSETS
-
100.00%
$
2,551,410
Victory
Portfolios
III
Victory
International
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
,
ADR
.........................................
1/21/2016
$
486
LUKOIL
PJSC
,
ADR
.........................................
12/29/2015
2,087
Mobile
TeleSystems
PJSC
,
ADR
.................................
1/28/2022
1,372
Sberbank
of
Russia
PJSC
,
ADR
..................................
1/15/2016
556
Sberbank
of
Russia
PJSC
......................................
7/15/2019
2,134
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$86,071
(thousands)
and
amounted
to
3.4%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2025
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2025.
(g)
Rounds
to
less
than
$1
thousand.
(h)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ADR
—
American
Depositary
Receipt
DRIP
—
Dividend
Reinvestment
Programmes
ETF
—
Exchange-Traded
Fund
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
New
York
Bond
Fund
93
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(99.8%)
New
York
(99.8%):
Albany
Capital
Resource
Corp.
Revenue
,
5
.00
%
,
6/1/49
,
Continuously
Callable
@100
.....
$
1,500
$
1,050
Albany
County
Airport
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/15/48
,
Continuously
Callable
@100
...........................................................
1,000
1,006
Allegany
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
.....................................................
1,000
831
Brookhaven
Local
Development
Corp.
Revenue
5
.25
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,500
1,533
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
...............................
1,000
860
Series
B
,
4
.00
%
,
11/1/55
,
Continuously
Callable
@102
........................
1,000
797
Broome
County
Local
Development
Corp.
Revenue
,
4
.00
%
,
7/1/47
,
Continuously
Callable
@103
...........................................................
500
394
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
...............................
1,000
885
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@102
.........................
1,000
1,021
Build
NYC
Resource
Corp.
Revenue
5
.00
%
,
6/1/40
,
Continuously
Callable
@100
...............................
700
700
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
500
482
4
.00
%
,
8/1/42
,
Continuously
Callable
@100
...............................
1,000
819
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
2,000
1,938
5
.00
%
,
6/1/48
,
Continuously
Callable
@102
...............................
2,000
1,873
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............................
500
422
4
.75
%
,
6/15/53
,
Continuously
Callable
@100
...............................
500
454
5
.75
%
,
6/1/62
,
Continuously
Callable
@100
(a)
.............................
250
242
Series
A
,
5
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
500
474
Bushnell's
Basin
Fire
Association,
Inc.
Revenue
,
3
.00
%
,
11/1/30
.....................
1,715
1,559
City
of
Elmira,
GO
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.....................
1,575
1,644
City
of
Long
Beach,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.63
%
,
7/15/52
,
Continuously
Callable
@100
....................................
2,000
1,873
City
of
New
York,
GO
,
Series
B-3
,
2
.00
%
,
10/1/46
,
Continuously
Callable
@100
(b)
.......
2,120
2,120
Dutchess
County
Local
Development
Corp.
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
600
578
Series
A
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
.........................
2,000
2,003
Series
B
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
2,000
1,820
Series
B
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
1,750
1,476
Hempstead
Town
Local
Development
Corp.
Revenue
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...........................................................
300
284
Hudson
Yards
Infrastructure
Corp.
Revenue
,
Series
A
,
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...........................................................
2,000
1,787
Jefferson
County
Civic
Facility
Development
Corp.
Revenue
,
4
.00
%
,
11/1/47
,
Continuously
Callable
@100
.....................................................
1,000
752
Metropolitan
Transportation
Authority
Revenue
Series
A
,
4
.63
%
,
11/15/50
,
Continuously
Callable
@100
.......................
335
321
Series
A1
,
5
.25
%
,
11/15/56
,
Continuously
Callable
@100
......................
1,000
995
Series
B
,
4
.00
%
,
11/15/50
,
Continuously
Callable
@100
.......................
1,000
835
Series
D-1
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.....................
3,000
3,011
Series
D-3
,
4
.00
%
,
11/15/49
,
Continuously
Callable
@100
.....................
2,000
1,676
Monroe
County
Industrial
Development
Corp.
Revenue
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
2,000
1,687
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
1,500
1,467
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
...............................
1,000
825
5
.00
%
,
6/1/59
,
Continuously
Callable
@100
(a)
.............................
1,000
915
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
2,000
2,000
Monroe
County
Industrial
Development
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
1/15/38
,
Continuously
Callable
@100
.........................
500
500
Mount
Vernon
City
School
District,
GO
,
5
.00
%
,
6/30/25
...........................
500
500
Nassau
County
Local
Economic
Assistance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
...........................................
1,000
937
New
York
City
Housing
Development
Corp.
Revenue
4
.20
%
,
11/1/58
,
Continuously
Callable
@100
...............................
2,990
2,607
Series
A-1
,
4
.80
%
,
11/1/55
,
Continuously
Callable
@100
......................
1,000
977
Victory
Portfolios
III
Victory
New
York
Bond
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
York
City
Industrial
Development
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
2
.25
%
,
10/1/29
...............................................
$
720
$
691
New
York
City
Municipal
Water
Finance
Authority
Revenue
Series
BB
,
4
.25
%
,
6/15/53
,
Continuously
Callable
@100
......................
1,000
903
Series
DD
,
2
.00
%
,
6/15/33
,
Continuously
Callable
@100
(b)
....................
2,280
2,280
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue
,
Series
S-1
,
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
....................................
2,000
1,860
New
York
Convention
Center
Development
Corp.
Revenue
5
.00
%
,
11/15/45
,
Continuously
Callable
@100
..............................
500
487
Series
B
,
11/15/37
(c)
................................................
1,000
548
New
York
Convention
Center
Development
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
11/15/48
(c)
...........................................
2,000
566
New
York
Liberty
Development
Corp.
Revenue
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,500
1,382
Series
1
,
5
.00
%
,
11/15/44
,
Continuously
Callable
@100
(a)
.....................
1,000
971
New
York
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@100
250
254
New
York
State
Dormitory
Authority
Revenue
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
(a)
.............................
1,300
1,208
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
2,700
2,343
5
.75
%
,
7/1/43
,
Continuously
Callable
@100
...............................
1,000
1,000
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...............................
570
571
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
725
634
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
1,000
831
Series
1
,
4
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
883
Series
A
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
.........................
2,000
1,816
Series
A
,
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
2,000
1,712
Series
A
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
.........................
2,250
2,013
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
750
647
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
1,500
1,342
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
500
407
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
.........................
1,000
1,007
Series
A
,
5
.25
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,000
1,035
Series
A-1
,
3
.50
%
,
7/1/44
,
Continuously
Callable
@100
.......................
1,000
773
Series
A-1
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
.......................
3,000
2,765
New
York
State
Housing
Finance
Agency
Revenue
,
Series
C-1
,
4
.75
%
,
11/1/53
,
Continuously
Callable
@100
.....................................................
1,100
1,052
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-
8105
,
2
.30
%
,
8/1/50
,
Continuously
Callable
@100
(a)
(b)
.......................
299
299
New
York
State
Thruway
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,000
840
Series
B
,
4
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,000
872
New
York
Transportation
Development
Corp.
Revenue
AMT
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
6/30/54
,
Continuously
Callable
@100
...............................
1,000
974
Series
A
,
4
.50
%
,
12/31/54
,
Continuously
Callable
@100
.......................
1,000
886
Oneida
County
Local
Development
Corp.
Revenue
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...........................................................
750
595
Onondaga
Civic
Development
Corp.
Revenue
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
...............................
1,000
834
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...............................
1,090
1,070
Onondaga
County
Trust
for
Cultural
Resources
Revenue
,
5
.00
%
,
5/1/40
,
Continuously
Callable
@100
...........................................................
800
806
Southold
Local
Development
Corp.
Revenue
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
.
1,000
955
St.
Lawrence
County
Industrial
Development
Agency
Revenue
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...............................
1,770
1,681
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,000
988
Series
A
,
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
500
439
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
211
,
3
.80
%
,
10/1/48
,
Continuously
Callable
@100
....................................
1,140
991
Suffolk
County
Economic
Development
Corp.
Revenue
,
Series
C
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.....................................................
250
250
The
Genesee
County
Funding
Corp.
Revenue
,
Series
A
,
5
.25
%
,
12/1/52
,
Continuously
Callable
@100
...........................................................
750
747
Victory
Portfolios
III
Victory
New
York
Bond
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Trust
for
Cultural
Resources
of
The
City
of
New
York
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
$
1,000
$
859
Tompkins
County
Development
Corp.
Revenue
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
1,375
1,365
Triborough
Bridge
&
Tunnel
Authority
Revenue
Series
A
,
4
.00
%
,
11/15/52
,
Continuously
Callable
@100
.......................
3,000
2,551
Series
A
,
4
.50
%
,
12/1/56
,
Continuously
Callable
@100
........................
500
462
Series
A-1
,
4
.00
%
,
11/15/54
,
Continuously
Callable
@100
.....................
1,000
849
Series
B
,
11/15/32
(c)
................................................
1,000
764
TSASC,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
............
1,000
993
Westchester
County
Healthcare
Corp.
Revenue
,
Series
B
,
6
.00
%
,
11/1/30
,
Continuously
Callable
@100
.....................................................
115
115
Westchester
County
Local
Development
Corp.
Revenue
5
.00
%
,
7/1/42
,
Continuously
Callable
@103
...............................
815
814
5
.00
%
,
11/1/46
,
Continuously
Callable
@100
...............................
1,000
897
5
.00
%
,
6/1/47
,
Continuously
Callable
@100
...............................
1,000
935
Series
S
,
5
.00
%
,
1/1/51
,
Continuously
Callable
@103
.........................
1,000
947
Westchester
Tobacco
Asset
Securitization
Corp.
Revenue
,
Series
B
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
...........................................
500
500
108,189
Total
Municipal
Bonds
(Cost
$119,260)
a
a
a
108,189
Total
Investments
(Cost
$119,260)
—
99.8%
108,189
Other
assets
in
excess
of
liabilities
—  0.2%
257
NET
ASSETS
-
100.00%
$
108,446
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$3,635
(thousands)
and
amounted
to
3.4%
of
net
assets.
(b)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(c)
Zero-coupon
bond.
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Precious
Metals
and
Minerals
Fund
96
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.4%)
Australia
(12.2%):
Materials
(12.2%):
Capricorn
Metals
Ltd.
(a)
..................................................
175,894
$
1,106
Evolution
Mining
Ltd.
...................................................
2,210,466
12,606
Gold
Road
Resources
Ltd.
(a)
..............................................
1,928,577
4,225
Northern
Star
Resources
Ltd.
(a)
............................................
2,308,386
31,208
Perseus
Mining
Ltd.
.....................................................
7,067,605
17,716
Ramelius
Resources
Ltd.
(a)
...............................................
5,783,609
10,734
Regis
Resources
Ltd.
(a)
..................................................
1,990,872
6,492
West
African
Resources
Ltd.
(a)
.............................................
2,213,701
4,037
Westgold
Resources
Ltd.
(a)
................................................
1,058,664
2,045
90,169
Canada
(52.6%):
Materials
(52.6%):
Agnico
Eagle
Mines
Ltd.
.................................................
779,327
91,876
Alamos
Gold,
Inc.
......................................................
1,016,010
26,315
B2Gold
Corp.
.........................................................
4,579,060
15,384
Barrick
Mining
Corp.
....................................................
1,902,273
36,448
Dundee
Precious
Metals,
Inc.
..............................................
1,890,242
29,135
Franco-Nevada
Corp.
....................................................
79,460
13,386
IAMGOLD
Corp.
(a)
.....................................................
2,107,259
14,456
K92
Mining,
Inc.
(a)
.....................................................
123,399
1,281
Kinross
Gold
Corp.
.....................................................
2,984,793
44,026
Lundin
Gold,
Inc.
.......................................................
512,673
24,774
Nautilus
Minerals,
Inc.
(a)
(b)
...............................................
5,757,622
—
(c)
New
Gold,
Inc.
(a)
......................................................
1,498,768
6,663
OceanaGold
Corp.
......................................................
2,395,545
10,667
OR
Royalties,
Inc.
(a)
....................................................
187,897
4,802
Orla
Mining
Ltd.
(a)
.....................................................
230,767
2,439
Torex
Gold
Resources,
Inc.
(a)
..............................................
1,000,598
32,128
Wesdome
Gold
Mines
Ltd.
(a)
..............................................
328,317
4,362
Wheaton
Precious
Metals
Corp.
.............................................
381,243
33,037
391,179
China
(3.5%):
Materials
(3.5%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
11,632,000
25,961
Peru
(0.2%):
Materials
(0.2%):
Hochschild
Mining
PLC
..................................................
304,419
1,125
Russian
Federation
(0.0%):
Materials
(0.0%):
Polyus
PJSC
(a)
(b)
(d)
....................................................
62,088
—
South
Africa
(10.3%):
Materials
(10.3%):
Gold
Fields
Ltd.
,
ADR
...................................................
2,125,451
48,885
Harmony
Gold
Mining
Co.
Ltd.
.............................................
1,888,885
26,875
Pan
African
Resources
PLC
...............................................
1,531,490
931
76,691
United
Kingdom
(6.7%):
Materials
(6.7%):
Anglogold
Ashanti
PLC
(Johannesburg
Stock
Exchange)
...........................
858,680
36,784
Endeavour
Mining
PLC
..................................................
413,702
12,684
49,468
United
States
(11.9%):
Materials
(11.9%):
Newmont
Corp.
........................................................
827,901
43,647
Victory
Portfolios
III
Victory
Precious
Metals
and
Minerals
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Name
Acquisition
Date
Cost
Polyus
PJSC
...............................................
7/11/2019
$
6,442
Security
Description
Shares
Value
(000)
Royal
Gold,
Inc.
........................................................
248,429
$
44,250
87,897
Total
Common
Stocks
(Cost
$312,548)
722,490
Exchange-Traded
Funds
(1.9%)
United
States
(1.9%):
iShares
MSCI
Global
Gold
Miners
ETF
(e)
.....................................
88,799
3,757
VanEck
Gold
Miners
ETF
.................................................
206,558
10,462
14,219
Total
Exchange-Traded
Funds
(Cost
$13,855)
14,219
Collateral
for
Securities
Loaned
(0.2%)^
United
States
(0.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(f)
........
363,350
363
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(f)
............
363,350
364
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(f)
................
363,350
363
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(f)
.
363,350
363
Total
Collateral
for
Securities
Loaned
(Cost
$1,453)
1,453
Total
Investments
(Cost
$327,856)
—
99.5%
738,162
Other
assets
in
excess
of
liabilities
—
0.5%
4,008
NET
ASSETS
-
100.00%
$
742,170
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2025.
(c)
Rounds
to
less
than
$1
thousand.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2025
(amounts
in
thousands):
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Sustainable
World
Fund
98
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.4%)
Argentina
(0.0%):(a)
Financials
(0.0%):(a)
Grupo
Financiero
Galicia
SA
,
ADR
(b)
........................................
7,856
$
456
Australia
(1.4%):
Consumer
Discretionary
(0.6%):
Aristocrat
Leisure
Ltd.
...................................................
192,381
7,728
JB
Hi-Fi
Ltd.
..........................................................
8,108
563
8,291
Financials
(0.1%):
ANZ
Group
Holdings
Ltd.
(b)
..............................................
54,027
1,010
QBE
Insurance
Group
Ltd.
................................................
34,536
516
1,526
Health
Care
(0.4%):
CSL
Ltd.
.............................................................
28,896
4,609
Sigma
Healthcare
Ltd.
...................................................
178,470
359
Telix
Pharmaceuticals
Ltd.
(b)
..............................................
12,929
218
5,186
Industrials
(0.1%):
Brambles
Ltd.
.........................................................
36,878
552
Qantas
Airways
Ltd.
.....................................................
90,922
621
1,173
Information
Technology
(0.1%):
Catapult
Group
International
Ltd.
(b)
.........................................
138,804
523
Codan
Ltd.
...........................................................
27,810
322
Technology
One
Ltd.
....................................................
12,874
341
1,186
Materials
(0.1%):
Northern
Star
Resources
Ltd.
(b)
............................................
54,356
739
Ora
Banda
Mining
Ltd.
(b)
.................................................
352,443
262
Rio
Tinto
Ltd.
.........................................................
8,567
623
1,624
Real
Estate
(0.0%):(a)
Charter
Hall
Group
......................................................
35,009
410
Goodman
Group
.......................................................
21,338
453
863
19,849
Austria
(0.6%):
Financials
(0.6%):
BAWAG
Group
AG
(c)
...................................................
71,048
8,851
Belgium
(0.7%):
Consumer
Staples
(0.1%):
Anheuser-Busch
InBev
SA
................................................
12,089
853
Information
Technology
(0.3%):
Melexis
NV
(d)
.........................................................
73,295
4,927
Materials
(0.3%):
Solvay
SA
,
Class
A
.....................................................
136,655
4,494
10,274
Bermuda
(0.3%):
Financials
(0.3%):
Everest
Group
Ltd.
......................................................
12,000
4,166
Brazil
(0.5%):
Communication
Services
(0.0%):(a)
TIM
SA
..............................................................
166,800
568
Consumer
Discretionary
(0.1%):
Cury
Construtora
e
Incorporadora
SA
........................................
75,600
379
Victory
Portfolios
III
Victory
Sustainable
World
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Smartfit
Escola
de
Ginastica
e
Danca
SA
......................................
115,800
$
486
Vibra
Energia
SA
.......................................................
117,648
415
1,280
Energy
(0.1%):
Petroleo
Brasileiro
SA
-
Petrobras
,
ADR
......................................
70,435
813
Financials
(0.2%):
B3
SA
-
Brasil
Bolsa
Balcao
...............................................
321,000
783
Itau
Unibanco
Holding
SA
,
ADR
............................................
220,892
1,456
2,239
Industrials
(0.1%):
Embraer
SA
,
ADR
......................................................
12,156
559
WEG
SA
.............................................................
66,200
490
1,049
Real
Estate
(0.0%):(a)
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
87,900
413
Utilities
(0.0%):(a)
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
........................
28,600
587
6,949
Canada
(2.9%):
Consumer
Discretionary
(0.0%):(a)
Aritzia,
Inc.
(b)
.........................................................
6,414
311
Consumer
Staples
(0.7%):
George
Weston
Ltd.
.....................................................
45,056
9,072
Energy
(0.0%):(a)
Enerflex
Ltd.
..........................................................
25,665
181
Financials
(0.3%):
Fairfax
Financial
Holdings
Ltd.
.............................................
2,400
4,084
Health
Care
(0.0%):(a)
Extendicare,
Inc.
(d)
.....................................................
31,203
328
Well
Health
Technologies
Corp.
(b)
..........................................
43,771
131
459
Industrials
(0.1%):
Aecon
Group,
Inc.
......................................................
12,970
178
MDA
Space
Ltd.
(b)
.....................................................
14,856
308
486
Information
Technology
(0.8%):
Celestica,
Inc.
(b)
.......................................................
1,937
224
Constellation
Software,
Inc.
...............................................
3,028
10,980
11,204
Materials
(0.8%):
Agnico
Eagle
Mines
Ltd.
.................................................
87,357
10,299
IAMGOLD
Corp.
(b)
....................................................
43,007
295
Lundin
Gold,
Inc.
.......................................................
9,112
440
Skeena
Resources
Ltd.
(b)
.................................................
20,491
262
11,296
Real
Estate
(0.0%):(a)
Altus
Group
Ltd.
.......................................................
5,213
207
Utilities
(0.2%):
Atco
Ltd.
,
Class
I
.......................................................
75,019
2,815
40,115
Chile
(0.1%):
Consumer
Discretionary
(0.1%):
Falabella
SA
..........................................................
246,259
1,176
Victory
Portfolios
III
Victory
Sustainable
World
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
China
(3.6%):
Communication
Services
(1.3%):
China
Tower
Corp.
Ltd.
,
Class
H
(c)
..........................................
272,000
$
403
Kingnet
Network
Co.
Ltd.
,
Class
A
..........................................
198,900
438
NetEase,
Inc.
..........................................................
43,900
1,061
Tencent
Holdings
Ltd.
...................................................
245,300
15,465
Tencent
Music
Entertainment
Group
,
ADR
.....................................
40,958
690
18,057
Consumer
Discretionary
(0.5%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
224,776
3,200
BYD
Co.
Ltd.
.........................................................
22,500
1,118
DPC
Dash
Ltd.
(b)
......................................................
28,600
346
Hisense
Home
Appliances
Group
Co.
Ltd.
,
Class
H
(d)
............................
114,000
375
Meituan
,
Class
W
(b)
(c)
...................................................
77,400
1,339
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.
,
Class
A
................................
97,700
430
6,808
Consumer
Staples
(0.5%):
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
,
Class
A
..............................
955,628
5,870
Giant
Biogene
Holding
Co.
Ltd.
(c)
..........................................
56,200
507
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
72,000
498
6,875
Energy
(0.0%):(a)
PetroChina
Co.
Ltd.
,
Class
H
..............................................
844,000
706
Financials
(0.9%):
China
Construction
Bank
Corp.
,
Class
H
......................................
2,270,000
2,029
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
134,000
830
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
163,400
508
Huatai
Securities
Co.
Ltd.
,
Class
A
..........................................
688,200
1,596
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
10,854,370
7,872
12,835
Health
Care
(0.0%):(a)
Aurisco
Pharmaceutical
Co.
Ltd.
,
Class
A
......................................
99,500
291
Industrials
(0.1%):
Henan
Pinggao
Electric
Co.
Ltd.
,
Class
A
......................................
165,400
352
Yutong
Bus
Co.
Ltd.
,
Class
A
..............................................
88,100
302
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
,
Class
A
............................
107,800
386
1,040
Information
Technology
(0.2%):
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
...................................
203,600
533
Luxshare
Precision
Industry
Co.
Ltd.
,
Class
A
...................................
90,800
381
Xiaomi
Corp.
,
Class
W
(b)
(c)
...............................................
227,000
1,461
2,375
Materials
(0.1%):
China
Hongqiao
Group
Ltd.
...............................................
286,000
508
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
....................................
143,400
393
901
Real
Estate
(0.0%):(a)
Greentown
China
Holdings
Ltd.
............................................
262,000
316
50,204
Denmark
(0.6%):
Consumer
Discretionary
(0.5%):
Pandora
A/S
..........................................................
38,948
7,120
Health
Care
(0.1%):
H
Lundbeck
A/S
.......................................................
56,345
313
Industrials
(0.0%):(a)
INVISIO
AB
..........................................................
7,365
276
7,709
Victory
Portfolios
III
Victory
Sustainable
World
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Finland
(0.0%):(a)
Industrials
(0.0%):(a)
Konecranes
Oyj
........................................................
4,404
$
344
Valmet
Oyj
...........................................................
7,693
251
595
France
(2.1%):
Communication
Services
(0.1%):
Publicis
Groupe
SA
.....................................................
6,276
684
Consumer
Discretionary
(0.5%):
FDJ
UNITED
(c)
.......................................................
159,085
5,837
Renault
SA
...........................................................
9,724
500
6,337
Energy
(0.5%):
Gaztransport
Et
Technigaz
SA
..............................................
35,549
6,605
Technip
Energies
NV
....................................................
15,998
606
7,211
Financials
(0.1%):
AXA
SA
.............................................................
20,406
962
BNP
Paribas
SA
........................................................
8,980
786
1,748
Health
Care
(0.1%):
BioMerieux
...........................................................
4,459
598
Ipsen
SA
(b)
...........................................................
6,091
717
1,315
Industrials
(0.8%):
Cie
de
Saint-Gobain
SA
..................................................
9,350
1,052
Eiffage
SA
............................................................
3,536
486
Rexel
SA
.............................................................
266,249
7,478
Schneider
Electric
SE
....................................................
5,322
1,343
SPIE
SA
.............................................................
9,840
500
10,859
Information
Technology
(0.0%):(a)
Dassault
Systemes
SE
....................................................
9,664
362
Materials
(0.0%):(a)
Arkema
SA
...........................................................
5,436
388
Real
Estate
(0.0%):(a)
Klepierre
SA
..........................................................
11,026
432
Utilities
(0.0%):(a)
Engie
SA
.............................................................
24,228
523
29,859
Germany
(1.0%):
Communication
Services
(0.1%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
3,460
420
Deutsche
Telekom
AG
...................................................
42,027
1,591
2,011
Consumer
Staples
(0.1%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
7,827
627
Financials
(0.1%):
Allianz
SE
,
Registered
Shares
..............................................
1,657
657
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
1,494
968
1,625
Health
Care
(0.0%):(a)
Fresenius
Medical
Care
AG
...............................................
7,693
437
Industrials
(0.5%):
Siemens
AG
,
Registered
Shares
.............................................
27,486
6,610
Victory
Portfolios
III
Victory
Sustainable
World
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Siemens
Energy
AG
(b)
...................................................
6,041
$
590
7,200
Information
Technology
(0.1%):
SAP
SE
..............................................................
4,251
1,286
Materials
(0.1%):
Evonik
Industries
AG
....................................................
32,177
697
Utilities
(0.0%):(a)
E.ON
SE
.............................................................
34,513
605
14,488
Hong
Kong
(0.1%):
Consumer
Discretionary
(0.0%):(a)
Bosideng
International
Holdings
Ltd.
.........................................
894,000
499
Financials
(0.1%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
152,000
639
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
10,100
506
1,145
1,644
Hungary
(0.1%):
Health
Care
(0.1%):
Richter
Gedeon
Nyrt
....................................................
30,613
892
India
(1.3%):
Consumer
Discretionary
(0.1%):
Crompton
Greaves
Consumer
Electricals
Ltd.
...................................
96,611
399
Mahindra
&
Mahindra
Ltd.
(b)
..............................................
24,637
858
1,257
Energy
(0.1%):
Bharat
Petroleum
Corp.
Ltd.
...............................................
208,387
777
Financials
(0.3%):
ICICI
Bank
Ltd.
,
ADR
...................................................
89,423
3,062
LIC
Housing
Finance
Ltd.
.................................................
121,365
848
Shriram
Finance
Ltd.
....................................................
79,447
594
4,504
Health
Care
(0.3%):
Dr
Reddy's
Laboratories
Ltd.
(b)
............................................
104,202
1,526
Sun
Pharmaceutical
Industries
Ltd.
..........................................
107,022
2,101
3,627
Industrials
(0.1%):
Bharat
Electronics
Ltd.
...................................................
153,595
692
BLS
International
Services
Ltd.
.............................................
89,175
424
Larsen
&
Toubro
Ltd.
....................................................
22,862
983
2,099
Information
Technology
(0.1%):
Infosys
Ltd.
,
ADR
......................................................
89,376
1,626
Materials
(0.2%):
Hindalco
Industries
Ltd.
(b)
................................................
81,959
608
UltraTech
Cement
Ltd.
...................................................
11,493
1,508
Vedanta
Ltd.
..........................................................
112,372
573
Welspun
Corp.
Ltd.
.....................................................
45,476
499
3,188
Utilities
(0.1%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
267,959
909
17,987
Indonesia
(0.5%):
Communication
Services
(0.4%):
PT
Telkom
Indonesia
Persero
Tbk
(b)
.........................................
26,890,838
4,650
Victory
Portfolios
III
Victory
Sustainable
World
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Energy
(0.0%):(a)
PT
United
Tractors
Tbk
..................................................
251,700
$
347
Financials
(0.1%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
1,703,100
553
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
4,383,100
1,193
1,746
6,743
Ireland
(1.2%):
Consumer
Staples
(0.0%):(a)
Greencore
Group
PLC
...................................................
138,283
416
Financials
(0.1%):
Bank
of
Ireland
Group
PLC
...............................................
35,714
490
Health
Care
(0.2%):
Medtronic
PLC
........................................................
29,700
2,465
Industrials
(0.9%):
AerCap
Holdings
NV
....................................................
4,846
561
Eaton
Corp.
PLC
.......................................................
28,434
9,104
Trane
Technologies
PLC
..................................................
7,332
3,155
12,820
16,191
Isle
of
Man
(0.0%):(a)
Consumer
Discretionary
(0.0%):(a)
Playtech
PLC
..........................................................
23,272
100
Israel
(0.4%):
Health
Care
(0.2%):
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(b)
...................................
170,200
2,856
Information
Technology
(0.2%):
CyberArk
Software
Ltd.
(b)
................................................
5,215
1,996
Nice
Ltd.
(b)
...........................................................
2,040
346
2,342
5,198
Italy
(0.8%):
Consumer
Discretionary
(0.1%):
Ferrari
NV
............................................................
1,222
585
PRADA
SpA
..........................................................
118,300
771
1,356
Health
Care
(0.1%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
9,160
550
Industrials
(0.0%):(a)
Maire
SpA
............................................................
25,771
329
Information
Technology
(0.0%):(a)
Reply
SpA
............................................................
2,382
402
Utilities
(0.6%):
Enel
SpA
.............................................................
806,033
7,408
Hera
SpA
............................................................
67,780
337
7,745
10,382
Japan
(5.1%):
Communication
Services
(0.6%):
Internet
Initiative
Japan,
Inc.
...............................................
12,200
235
Kakaku.com,
Inc.
.......................................................
450,091
7,677
Konami
Group
Corp.
....................................................
7,800
1,059
8,971
Consumer
Discretionary
(0.7%):
Adastria
Co.
Ltd.
.......................................................
9,500
185
Asics
Corp.
...........................................................
26,300
634
Victory
Portfolios
III
Victory
Sustainable
World
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Central
Automotive
Products
Ltd.
...........................................
20,700
$
254
Goldwin,
Inc.
..........................................................
2,900
166
Nojima
Corp.
..........................................................
18,200
347
PAL
GROUP
Holdings
Co.
Ltd.
............................................
13,000
320
Shoei
Co.
Ltd.
.........................................................
11,100
124
Sony
Group
Corp.
......................................................
50,700
1,357
Sumitomo
Electric
Industries
Ltd.
...........................................
29,800
625
Suzuki
Motor
Corp.
.....................................................
50,900
646
Tama
Home
Co.
Ltd.
(d)
..................................................
6,700
165
Tamron
Co.
Ltd.
(d)
.....................................................
6,800
163
The
Monogatari
Corp.
...................................................
9,200
228
Toyota
Motor
Corp.
.....................................................
24,000
457
ZOZO,
Inc.
...........................................................
443,800
4,809
10,480
Consumer
Staples
(0.6%):
Ain
Holdings,
Inc.
......................................................
5,400
211
Asahi
Group
Holdings
Ltd.
................................................
37,400
493
MatsukiyoCocokara
&
Co.
................................................
21,700
438
Rohto
Pharmaceutical
Co.
Ltd.
.............................................
11,600
163
Toyo
Suisan
Kaisha
Ltd.
..................................................
99,549
6,605
7,910
Financials
(0.9%):
Mizuho
Financial
Group,
Inc.
..............................................
334,411
9,300
ORIX
Corp.
...........................................................
20,874
443
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
53,725
1,380
Tokio
Marine
Holdings,
Inc.
...............................................
20,300
859
11,982
Health
Care
(0.4%):
As
One
Corp.
..........................................................
8,100
125
Hoya
Corp.
...........................................................
37,202
4,393
Otsuka
Holdings
Co.
Ltd.
.................................................
13,500
686
Shionogi
&
Co.
Ltd.
.....................................................
38,600
645
5,849
Industrials
(0.6%):
AZ-COM
MARUWA
Holdings,
Inc.
.........................................
21,300
157
Central
Japan
Railway
Co.
................................................
16,400
358
en
Japan,
Inc.
..........................................................
16,100
192
Fuji
Electric
Co.
Ltd.
....................................................
75,900
3,353
Fujikura
Ltd.
..........................................................
11,700
543
Hitachi
Ltd.
...........................................................
26,900
750
ITOCHU
Corp.
........................................................
20,909
1,110
JAC
Recruitment
Co.
Ltd.
.................................................
37,500
237
Komatsu
Ltd.
..........................................................
25,800
784
Nichias
Corp.
..........................................................
4,300
149
Obayashi
Corp.
........................................................
32,700
493
Sanwa
Holdings
Corp.
...................................................
6,800
234
Takeuchi
Manufacturing
Co.
Ltd.
...........................................
6,300
203
Totech
Corp.
..........................................................
12,500
253
8,816
Information
Technology
(1.1%):
Argo
Graphics,
Inc.
.....................................................
6,100
214
Canon,
Inc.
(d)
.........................................................
14,100
431
Dentsu
Soken,
Inc.
......................................................
4,900
231
Disco
Corp.
...........................................................
15,700
3,517
NEC
Corp.
...........................................................
51,500
1,345
NSD
Co.
Ltd.
..........................................................
8,900
220
Oracle
Corp.
..........................................................
65,700
7,697
SCREEN
Holdings
Co.
Ltd.
...............................................
6,400
455
Yokogawa
Electric
Corp.
.................................................
22,500
552
14,662
Victory
Portfolios
III
Victory
Sustainable
World
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Materials
(0.1%):
Nippon
Steel
Corp.
......................................................
22,000
$
443
Tosoh
Corp.
...........................................................
29,082
430
873
Real
Estate
(0.1%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
13,600
459
Katitas
Co.
Ltd.
........................................................
18,500
282
741
70,284
Luxembourg
(0.0%):(a)
Materials
(0.0%):(a)
ArcelorMittal
SA
.......................................................
14,093
427
Malaysia
(0.0%):(a)
Health
Care
(0.0%):(a)
KPJ
Healthcare
Bhd
.....................................................
645,100
412
Mexico
(0.2%):
Consumer
Staples
(0.0%):(a)
Coca-Cola
Femsa
SAB
de
CV
,
ADR
.........................................
4,896
465
Financials
(0.1%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
163,140
1,443
Real
Estate
(0.1%):
Corp
Inmobiliaria
Vesta
SAB
de
CV
(d)
.......................................
189,103
545
2,453
Netherlands
(0.9%):
Communication
Services
(0.0%):(a)
Koninklijke
KPN
NV
....................................................
119,929
564
Consumer
Discretionary
(0.1%):
Prosus
NV
(b)
..........................................................
17,420
895
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
16,209
684
Financials
(0.1%):
Euronext
NV
(c)
........................................................
5,662
923
NN
Group
NV
.........................................................
8,305
522
1,445
Health
Care
(0.0%):(a)
Argenx
SE
(b)
..........................................................
886
508
Industrials
(0.0%):(a)
Koninklijke
BAM
Groep
NV
..............................................
57,721
483
Information
Technology
(0.5%):
ASM
International
NV
...................................................
11,058
6,017
ASML
Holding
NV
.....................................................
1,341
988
7,005
Real
Estate
(0.1%):
NEPI
Rockcastle
NV
....................................................
137,357
1,056
12,640
New
Zealand
(0.5%):
Health
Care
(0.5%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
301,993
6,569
Norway
(0.4%):
Energy
(0.0%):(a)
Equinor
ASA
..........................................................
12,562
294
Industrials
(0.4%):
Kongsberg
Gruppen
ASA
.................................................
31,422
5,537
5,831
Victory
Portfolios
III
Victory
Sustainable
World
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Panama
(0.0%):(a)
Industrials
(0.0%):(a)
Copa
Holdings
SA
,
Class
A
................................................
4,775
$
515
Poland
(0.1%):
Consumer
Discretionary
(0.0%):(a)
LPP
SA
..............................................................
115
443
Financials
(0.1%):
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
................................
37,135
748
1,191
Portugal
(0.0%):(a)
Energy
(0.0%):(a)
Galp
Energia
SGPS
SA
...................................................
29,957
480
Puerto
Rico
(0.1%):
Financials
(0.1%):
EVERTEC,
Inc.
........................................................
16,410
594
OFG
Bancorp
.........................................................
9,865
406
1,000
Russian
Federation
(0.0%):
Energy
(0.0%):
Gazprom
PJSC
(b)
(e)
(f)
...................................................
303,950
—
Rosneft
Oil
Co.
PJSC
,
GDR
(b)
(e)
(f)
.........................................
124,892
—
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
,
ADR
(b)
(e)
(f)
.......................................
91,313
—
—
Saudi
Arabia
(0.3%):
Consumer
Discretionary
(0.1%):
United
Electronics
Co.
...................................................
40,810
945
Financials
(0.2%):
Alinma
Bank
..........................................................
268,814
1,852
Saudi
Awwal
Bank
......................................................
140,900
1,268
3,120
Industrials
(0.0%):(a)
Riyadh
Cables
Group
Co.
.................................................
11,022
408
4,473
Singapore
(1.1%):
Communication
Services
(0.1%):
Sea
Ltd.
,
ADR
(b)
.......................................................
5,136
824
Consumer
Discretionary
(0.1%):
Trip.com
Group
Ltd.
,
ADR
................................................
13,908
871
Financials
(0.8%):
DBS
Group
Holdings
Ltd.
.................................................
22,195
766
Singapore
Exchange
Ltd.
.................................................
1,005,627
10,924
11,690
Industrials
(0.0%):(a)
Singapore
Technologies
Engineering
Ltd.
......................................
93,600
566
Utilities
(0.1%):
Sembcorp
Industries
Ltd.
.................................................
132,300
678
14,629
South
Africa
(0.7%):
Consumer
Discretionary
(0.5%):
Foschini
Group
Ltd.
.....................................................
40,119
300
Mr
Price
Group
Ltd.
.....................................................
454,035
6,118
6,418
Financials
(0.1%):
Capitec
Bank
Holdings
Ltd.
...............................................
5,277
1,012
Victory
Portfolios
III
Victory
Sustainable
World
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Investec
PLC
..........................................................
52,224
$
373
Nedbank
Group
Ltd.
.....................................................
40,850
580
1,965
Materials
(0.1%):
Gold
Fields
Ltd.
........................................................
27,220
623
9,006
South
Korea
(0.7%):
Communication
Services
(0.0%):(a)
Krafton,
Inc.
(b)
........................................................
1,821
487
Financials
(0.2%):
DB
Insurance
Co.
Ltd.
...................................................
4,862
354
KB
Financial
Group,
Inc.
.................................................
11,540
869
KIWOOM
Securities
Co.
Ltd.
..............................................
3,251
383
Samsung
Securities
Co.
Ltd.
...............................................
11,549
505
2,111
Health
Care
(0.0%):(a)
Classys,
Inc.
..........................................................
7,198
297
Industrials
(0.2%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
1,188
697
HD
Hyundai
Electric
Co.
Ltd.
..............................................
1,903
521
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
..........................
2,697
617
Hyundai
Rotem
Co.
Ltd.
..................................................
6,039
639
2,474
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
77,514
3,146
SK
Hynix,
Inc.
.........................................................
9,838
1,452
4,598
9,967
Spain
(1.5%):
Energy
(0.0%):(a)
Repsol
SA
............................................................
36,859
497
Financials
(1.0%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
763,357
11,458
Banco
Santander
SA
.....................................................
188,227
1,502
Bankinter
SA
..........................................................
47,597
612
13,572
Health
Care
(0.0%):(a)
Pharma
Mar
SA
........................................................
2,990
288
Industrials
(0.4%):
Aena
SME
SA
(c)
.......................................................
23,182
6,236
Utilities
(0.1%):
Iberdrola
SA
..........................................................
38,432
704
21,297
Sweden
(1.0%):
Communication
Services
(0.0%):(a)
Modern
Times
Group
Mortgage
AB
,
Class
B
(b)
.................................
20,800
235
Consumer
Discretionary
(0.0%):(a)
Clas
Ohlson
AB
,
B
Shares
................................................
15,106
415
Consumer
Staples
(0.4%):
Cloetta
AB
,
B
Shares
....................................................
98,745
357
Essity
AB
,
Class
B
......................................................
184,385
5,397
5,754
Financials
(0.1%):
Swedbank
AB
,
Class
A
...................................................
18,911
512
Victory
Portfolios
III
Victory
Sustainable
World
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Industrials
(0.5%):
Atlas
Copco
AB
,
Class
B
.................................................
344,687
$
4,909
Inwido
AB
............................................................
13,803
304
NCC
AB
,
Class
B
.......................................................
15,028
285
Volvo
AB
,
Class
B
......................................................
19,979
554
6,052
Information
Technology
(0.0%):(a)
Mycronic
AB
..........................................................
7,938
314
Materials
(0.0%):(a)
Hexpol
AB
...........................................................
32,705
304
13,586
Switzerland
(3.2%):
Consumer
Discretionary
(0.3%):
On
Holding
AG
,
Class
A
(b)
...............................................
61,247
3,638
Consumer
Staples
(0.8%):
Coca-Cola
HBC
AG
.....................................................
16,562
863
Nestle
SA
,
Registered
Shares
..............................................
90,552
9,652
10,515
Financials
(0.9%):
Chubb
Ltd.
...........................................................
18,188
5,406
Partners
Group
Holding
AG
...............................................
4,720
6,339
Zurich
Insurance
Group
AG
...............................................
1,586
1,113
12,858
Health
Care
(1.0%):
Novartis
AG
,
Registered
Shares
.............................................
17,912
2,069
Roche
Holding
AG
......................................................
37,202
12,057
Sandoz
Group
AG
......................................................
9,615
489
14,615
Industrials
(0.1%):
ABB
Ltd.
,
Registered
Shares
...............................................
12,617
715
dormakaba
Holding
AG
..................................................
393
350
Sulzer
AG
,
Registered
Shares
..............................................
2,221
419
1,484
Materials
(0.1%):
Holcim
AG
...........................................................
11,738
1,301
Real
Estate
(0.0%):(a)
PSP
Swiss
Property
AG
,
Registered
Shares
.....................................
2,651
467
44,878
Taiwan
(3.3%):
Financials
(0.7%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
4,755,000
9,409
Industrials
(0.0%):(a)
Fortune
Electric
Co.
Ltd.
.................................................
20,300
304
Information
Technology
(2.6%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
902,000
4,105
Chroma
ATE,
Inc.
......................................................
38,000
419
Compeq
Manufacturing
Co.
Ltd.
............................................
255,000
511
Elite
Material
Co.
Ltd.
...................................................
25,000
614
Gold
Circuit
Electronics
Ltd.
...............................................
58,800
501
King
Yuan
Electronics
Co.
Ltd.
.............................................
136,000
431
Lite-On
Technology
Corp.
................................................
1,150,000
3,843
Lotes
Co.
Ltd.
.........................................................
7,000
299
Quanta
Computer,
Inc.
(b)
.................................................
100,000
885
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
765,000
24,406
Wiwynn
Corp.
.........................................................
7,000
551
36,565
46,278
Victory
Portfolios
III
Victory
Sustainable
World
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Thailand
(0.0%):(a)
Consumer
Staples
(0.0%):(a)
CP
ALL
PCL,
NVDR
....................................................
416,500
$
595
Turkey
(0.1%):
Consumer
Staples
(0.0%):(a)
BIM
Birlesik
Magazalar
A/S
...............................................
31,898
388
Industrials
(0.1%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
132,648
439
Pegasus
Hava
Tasimaciligi
A/S
(b)
...........................................
59,522
367
806
1,194
United
Kingdom
(3.6%):
Consumer
Discretionary
(1.0%):
Birkenstock
Holding
PLC
(b)
...............................................
9,322
501
Games
Workshop
Group
PLC
..............................................
1,199
248
Greggs
PLC
...........................................................
158,846
4,420
Next
PLC
............................................................
51,096
8,866
14,035
Consumer
Staples
(0.7%):
Coca-Cola
Europacific
Partners
PLC
.........................................
5,767
529
Imperial
Brands
PLC
....................................................
208,530
7,907
Marks
&
Spencer
Group
PLC
..............................................
130,995
661
Unilever
PLC
.........................................................
14,663
933
10,030
Energy
(0.1%):
Harbour
Energy
PLC
....................................................
161,359
387
Shell
PLC
............................................................
19,368
639
Shell
PLC-DRIP
.......................................................
19,368
7
1,033
Financials
(0.8%):
3i
Group
PLC
.........................................................
23,075
1,267
Barclays
PLC
.........................................................
166,981
739
HSBC
Holdings
PLC
....................................................
607,905
7,161
Standard
Chartered
PLC
..................................................
83,554
1,303
10,470
Health
Care
(0.2%):
AstraZeneca
PLC
.......................................................
10,444
1,530
Hikma
Pharmaceuticals
PLC
...............................................
51,707
1,492
3,022
Industrials
(0.2%):
Balfour
Beatty
PLC
.....................................................
34,672
234
easyJet
PLC
...........................................................
59,510
463
Morgan
Sindall
Group
PLC
................................................
6,678
349
RELX
PLC
...........................................................
9,089
489
Rolls-Royce
Holdings
PLC
................................................
99,314
1,155
2,690
Information
Technology
(0.0%):(a)
Softcat
PLC
...........................................................
8,787
213
Materials
(0.5%):
Rio
Tinto
PLC
.........................................................
112,546
6,659
Real
Estate
(0.0%):(a)
The
British
Land
Co.
PLC
................................................
76,584
403
Utilities
(0.1%):
Drax
Group
PLC
.......................................................
61,202
547
National
Grid
PLC
......................................................
33,193
470
1,017
49,572
Victory
Portfolios
III
Victory
Sustainable
World
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
United
States
(57.4%):
Communication
Services
(6.3%):
Alphabet,
Inc.
,
Class
A
...................................................
190,469
$
32,903
Meta
Platforms,
Inc.
,
Class
A
..............................................
49,806
32,249
Netflix,
Inc.
(b)
.........................................................
14,806
17,874
Reddit,
Inc.
,
Class
A
(b)
...................................................
10,138
1,139
Take-Two
Interactive
Software,
Inc.
(b)
.......................................
9,800
2,217
The
Trade
Desk,
Inc.
,
Class
A
(b)
............................................
19,741
1,485
87,867
Consumer
Discretionary
(6.2%):
Amazon.com,
Inc.
(b)
....................................................
141,933
29,098
Atmus
Filtration
Technologies,
Inc.
..........................................
20,022
721
Booking
Holdings,
Inc.
...................................................
1,976
10,905
Brunswick
Corp.
.......................................................
11,627
588
Cavco
Industries,
Inc.
(b)
..................................................
1,330
577
Century
Communities,
Inc.
................................................
3,047
158
Installed
Building
Products,
Inc.
............................................
3,362
536
Latham
Group,
Inc.
(b)
...................................................
146,908
830
LKQ
Corp.
...........................................................
79,000
3,197
M/I
Homes,
Inc.
(b)
......................................................
1,864
199
MarineMax,
Inc.
(b)
.....................................................
21,020
446
Mattel,
Inc.
(b)
.........................................................
86,000
1,629
McDonald's
Corp.
......................................................
49,395
15,503
O'Reilly
Automotive,
Inc.
(b)
...............................................
2,926
4,001
PulteGroup,
Inc.
........................................................
59,561
5,839
Tesla,
Inc.
(b)
..........................................................
26,836
9,297
Thor
Industries,
Inc.
.....................................................
6,759
549
Toll
Brothers,
Inc.
......................................................
15,100
1,574
Tri
Pointe
Homes,
Inc.
(b)
.................................................
17,402
513
86,160
Consumer
Staples
(2.3%):
Casey's
General
Stores,
Inc.
...............................................
1,416
620
Colgate-Palmolive
Co.
...................................................
143,198
13,309
Ingredion,
Inc.
.........................................................
3,503
487
Keurig
Dr.
Pepper,
Inc.
...................................................
117,200
3,946
Mondelez
International,
Inc.
,
Class
A
.........................................
37,500
2,531
PepsiCo,
Inc.
..........................................................
61,636
8,102
U.S.
Foods
Holding
Corp.
(b)
...............................................
36,900
2,920
31,915
Energy
(2.1%):
APA
Corp.
............................................................
286,995
4,882
ConocoPhillips
Co.
.....................................................
53,031
4,526
Enterprise
Products
Partners
LP
.............................................
89,400
2,755
Expro
Group
Holdings
NV
(b)
..............................................
27,294
227
Exxon
Mobil
Corp.
.....................................................
143,806
14,712
Kodiak
Gas
Services,
Inc.
.................................................
10,795
381
Liberty
Energy,
Inc.
.....................................................
17,452
202
Valero
Energy
Corp.
.....................................................
12,100
1,561
29,246
Financials
(8.5%):
Acadian
Asset
Management,
Inc.
............................................
34,023
1,024
Bank
of
America
Corp.
...................................................
230,359
10,166
Cboe
Global
Markets,
Inc.
................................................
16,800
3,849
Citigroup,
Inc.
.........................................................
54,400
4,097
Home
Bancshares,
Inc.
...................................................
23,332
660
Houlihan
Lokey,
Inc.
....................................................
3,619
632
Jackson
Financial,
Inc.
,
Class
A
.............................................
51,604
4,227
JPMorgan
Chase
&
Co.
..................................................
65,986
17,420
KeyCorp
.............................................................
224,700
3,564
Mastercard,
Inc.
,
Class
A
.................................................
30,804
18,039
S&P
Global,
Inc.
.......................................................
27,505
14,106
Victory
Portfolios
III
Victory
Sustainable
World
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Synchrony
Financial
.....................................................
104,497
$
6,024
Texas
Capital
Bancshares,
Inc.
(b)
...........................................
9,201
660
The
PNC
Financial
Services
Group,
Inc.
......................................
55,986
9,731
The
Progressive
Corp.
...................................................
5,700
1,624
Tradeweb
Markets,
Inc.
,
Class
A
............................................
13,316
1,924
Unum
Group
..........................................................
187,407
15,313
Visa,
Inc.
,
Class
A
......................................................
15,531
5,672
118,732
Health
Care
(6.6%):
AbbVie,
Inc.
..........................................................
9,500
1,768
Align
Technology,
Inc.
(b)
.................................................
17,746
3,211
Amgen,
Inc.
...........................................................
25,913
7,468
BeOne
Medicines
Ltd.
(b)
.................................................
34,500
658
Boston
Scientific
Corp.
(b)
.................................................
24,506
2,579
Catalyst
Pharmaceuticals,
Inc.
(b)
............................................
22,228
555
CorVel
Corp.
(b)
........................................................
7,951
885
CVS
Health
Corp.
......................................................
25,200
1,614
Eli
Lilly
&
Co.
.........................................................
21,837
16,108
GE
HealthCare
Technologies,
Inc.
...........................................
16,400
1,157
Gilead
Sciences,
Inc.
....................................................
55,648
6,126
Halozyme
Therapeutics,
Inc.
(b)
.............................................
13,238
742
IDEXX
Laboratories,
Inc.
(b)
...............................................
16,680
8,563
Integer
Holdings
Corp.
(b)
.................................................
3,082
366
Intuitive
Surgical,
Inc.
(b)
.................................................
6,898
3,810
Johnson
&
Johnson
.....................................................
99,034
15,371
LeMaitre
Vascular,
Inc.
...................................................
7,453
613
McKesson
Corp.
.......................................................
7,902
5,685
Merck
&
Co.,
Inc.
......................................................
21,400
1,644
Neogen
Corp.
(b)
.......................................................
34,833
204
Privia
Health
Group,
Inc.
(b)
...............................................
22,758
518
STAAR
Surgical
Co.
(b)
..................................................
15,987
285
The
Cigna
Group
.......................................................
12,000
3,800
UnitedHealth
Group,
Inc.
.................................................
23,095
6,973
Vericel
Corp.
(b)
........................................................
16,300
673
91,376
Industrials
(5.5%):
AAON,
Inc.
...........................................................
5,987
576
Arcosa,
Inc.
...........................................................
7,006
604
CACI
International,
Inc.
,
Class
A
(b)
.........................................
6,400
2,739
Caterpillar,
Inc.
........................................................
29,618
10,308
Curtiss-Wright
Corp.
....................................................
24,958
10,984
Delta
Air
Lines,
Inc.
.....................................................
121,823
5,895
ESCO
Technologies,
Inc.
.................................................
5,197
942
FedEx
Corp.
..........................................................
8,000
1,745
General
Dynamics
Corp.
..................................................
5,300
1,476
GMS,
Inc.
(b)
..........................................................
6,147
466
Honeywell
International,
Inc.
..............................................
6,400
1,451
Hub
Group,
Inc.
,
Class
A
.................................................
5,458
184
Johnson
Controls
International
PLC
..........................................
19,000
1,926
Leidos
Holdings,
Inc.
....................................................
11,200
1,663
Lennox
International,
Inc.
.................................................
13,581
7,666
Lincoln
Electric
Holdings,
Inc.
.............................................
2,095
406
McGrath
RentCorp
......................................................
5,760
647
Quanta
Services,
Inc.
....................................................
13,162
4,509
RTX
Corp.
............................................................
12,800
1,747
Rush
Enterprises,
Inc.
,
Class
A
.............................................
11,911
591
Simpson
Manufacturing
Co.,
Inc.
...........................................
4,008
624
SPX
Technologies,
Inc.
(b)
................................................
2,858
435
SS&C
Technologies
Holdings,
Inc.
..........................................
41,200
3,329
Standex
International
Corp.
................................................
3,825
577
The
AZEK
Co.,
Inc.
(b)
...................................................
7,230
358
The
Toro
Co.
..........................................................
16,400
1,243
Victory
Portfolios
III
Victory
Sustainable
World
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Uber
Technologies,
Inc.
(b)
................................................
57,103
$
4,806
Vertiv
Holdings
Co.
,
Class
A
...............................................
75,631
8,163
76,060
Information
Technology
(16.8%):
Adobe,
Inc.
(b)
.........................................................
23,168
9,617
Advanced
Energy
Industries,
Inc.
...........................................
5,303
609
Alarm.com
Holdings,
Inc.
(b)
...............................................
4,104
236
Amphenol
Corp.
,
Class
A
.................................................
15,000
1,349
Analog
Devices,
Inc.
....................................................
8,100
1,733
Apple,
Inc.
...........................................................
203,690
40,911
Applied
Materials,
Inc.
...................................................
8,900
1,395
Arista
Networks,
Inc.
(b)
..................................................
50,861
4,407
Broadcom,
Inc.
........................................................
52,451
12,697
Cadence
Design
Systems,
Inc.
(b)
............................................
10,232
2,937
Cisco
Systems,
Inc.
.....................................................
214,387
13,515
Corpay,
Inc.
(b)
.........................................................
5,500
1,788
Diodes,
Inc.
(b)
.........................................................
8,301
369
DoubleVerify
Holdings,
Inc.
(b)
.............................................
25,778
354
ePlus,
Inc.
(b)
..........................................................
12,376
883
Fortinet,
Inc.
(b)
........................................................
96,331
9,805
Microsoft
Corp.
........................................................
102,535
47,203
Motorola
Solutions,
Inc.
..................................................
7,700
3,198
NVIDIA
Corp.
.........................................................
430,785
58,212
Palo
Alto
Networks,
Inc.
(b)
................................................
18,750
3,608
Progress
Software
Corp.
..................................................
7,929
488
Salesforce,
Inc.
........................................................
6,400
1,698
ServiceNow,
Inc.
(b)
.....................................................
5,416
5,476
Texas
Instruments,
Inc.
...................................................
48,077
8,791
Zebra
Technologies
Corp.
(b)
...............................................
6,800
1,970
233,249
Materials
(0.7%):
Alcoa
Corp.
...........................................................
139,262
3,728
Hawkins,
Inc.
.........................................................
7,378
985
NewMarket
Corp.
......................................................
1,326
854
PPG
Industries,
Inc.
.....................................................
17,200
1,906
Sealed
Air
Corp.
.......................................................
52,900
1,703
9,176
Real
Estate
(1.3%):
Camden
Property
Trust
...................................................
20,800
2,444
Equity
LifeStyle
Properties,
Inc.
............................................
35,400
2,250
Prologis,
Inc.
..........................................................
62,114
6,745
Simon
Property
Group,
Inc.
...............................................
45,206
7,372
18,811
Utilities
(1.1%):
American
Electric
Power
Co.,
Inc.
...........................................
20,400
2,111
Constellation
Energy
Corp.
................................................
18,774
5,748
Exelon
Corp.
..........................................................
70,600
3,094
Vistra
Corp.
...........................................................
27,384
4,397
15,350
797,942
Uruguay
(0.0%):(a)
Consumer
Discretionary
(0.0%):(a)
MercadoLibre,
Inc.
(b)
...................................................
157
402
Total
Common
Stocks
(Cost
$905,648)
1,369,449
Rights
(0.0%)(a)
South
Korea
(0.0%):(a)
Industrials
(0.0%):(a)
Hanwha
Aerospace
Co.
Ltd.
,
expiring
7/3/25
(b)
.................................
85
8
Total
Rights
(Cost
$–)
8
Victory
Portfolios
III
Victory
Sustainable
World
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
8/13/2021
$
1,231
Rosneft
Oil
Co.
PJSC
,
GDR
....................................
4/6/2021
964
Sberbank
of
Russia
PJSC
,
ADR
..................................
3/26/2021
1,405
Security
Description
Shares
Value
(000)
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
,
expiring
3/31/40
(b)
(f)
...............................
5,434
$
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
Core
MSCI
EAFE
ETF
.............................................
3,810
314
iShares
MSCI
EAFE
Small-Cap
ETF
.........................................
9,882
698
iShares
Russell
2000
ETF
.................................................
3,335
684
1,696
Total
Exchange-Traded
Funds
(Cost
$1,639)
1,696
Collateral
for
Securities
Loaned
(0.2%)^
United
States
(0.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(g)
........
765,770
766
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(g)
............
765,770
765
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(g)
...............
765,770
766
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.23
%
(g)
.
765,770
766
Total
Collateral
for
Securities
Loaned
(Cost
$3,063)
3,063
Total
Investments
(Cost
$910,350)
—
98.7%
1,374,216
Other
assets
in
excess
of
liabilities
—
1.3%
17,125
NET
ASSETS
-
100.00%
$
1,391,341
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$25,557
(thousands)
and
amounted
to
1.8%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2025
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2025.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2025.
ADR
—
American
Depositary
Receipt
DRIP
—
Dividend
Reinvestment
Programmes
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
LP
—
Limited
Partnership
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
114
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(91.0%)
Australia
(1.5%):
Energy
(0.3%):
Santos
Ltd.
...........................................................
175,441
$
745
Woodside
Energy
Group
Ltd.
..............................................
41,375
594
1,339
Financials
(0.8%):
ANZ
Group
Holdings
Ltd.
(a)
..............................................
66,109
1,237
Commonwealth
Bank
of
Australia
...........................................
12,559
1,425
Westpac
Banking
Corp.
..................................................
51,083
1,071
3,733
Real
Estate
(0.4%):
Scentre
Group
(a)
.......................................................
355,971
842
Vicinity
Ltd.
..........................................................
431,059
684
1,526
6,598
Canada
(18.0%):
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
,
Class
B
........................................
26,293
706
Consumer
Discretionary
(0.7%):
Dollarama,
Inc.
........................................................
11,116
1,430
Magna
International,
Inc.
.................................................
23,428
851
Restaurant
Brands
International,
Inc.
.........................................
10,133
724
3,005
Consumer
Staples
(1.0%):
Alimentation
Couche-Tard,
Inc.
.............................................
14,627
758
George
Weston
Ltd.
.....................................................
5,754
1,158
Loblaw
Cos.
Ltd.
.......................................................
7,086
1,196
Metro,
Inc.
...........................................................
13,481
1,051
4,163
Energy
(3.4%):
ARC
Resources
Ltd.
.....................................................
34,704
725
Cameco
Corp.
.........................................................
18,308
1,072
Canadian
Natural
Resources
Ltd.
............................................
87,439
2,655
Cenovus
Energy,
Inc.
....................................................
78,096
1,029
Enbridge,
Inc.
.........................................................
93,318
4,344
Imperial
Oil
Ltd.
.......................................................
8,997
642
Keyera
Corp.
..........................................................
23,755
724
Pembina
Pipeline
Corp.
..................................................
29,745
1,115
Suncor
Energy,
Inc.
.....................................................
45,771
1,628
Tourmaline
Oil
Corp.
....................................................
20,449
922
14,856
Financials
(6.6%):
Bank
of
Montreal
.......................................................
37,765
4,056
Brookfield
Corp.
.......................................................
25,472
1,471
Canadian
Imperial
Bank
of
Commerce
........................................
48,266
3,286
Fairfax
Financial
Holdings
Ltd.
.............................................
740
1,259
iA
Financial
Corp.,
Inc.
...................................................
8,155
830
Intact
Financial
Corp.
....................................................
6,753
1,532
Manulife
Financial
Corp.
.................................................
73,638
2,345
National
Bank
of
Canada
.................................................
21,855
2,151
Power
Corp.
of
Canada
...................................................
29,956
1,159
Sun
Life
Financial,
Inc.
..................................................
28,513
1,837
The
Bank
of
Nova
Scotia
.................................................
62,129
3,325
The
Toronto-Dominion
Bank
...............................................
78,884
5,448
TMX
Group
Ltd.
.......................................................
15,651
633
29,332
Industrials
(2.2%):
Canadian
National
Railway
Co.
.............................................
12,902
1,356
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Canadian
Pacific
Kansas
City
Ltd.
...........................................
55,676
$
4,548
GFL
Environmental,
Inc.
.................................................
10,644
538
Stantec,
Inc.
...........................................................
8,297
854
Thomson
Reuters
Corp.
..................................................
7,119
1,414
WSP
Global,
Inc.
.......................................................
7,041
1,443
10,153
Information
Technology
(2.2%):
CGI,
Inc.
.............................................................
7,031
756
Constellation
Software,
Inc.
...............................................
1,023
3,710
Shopify,
Inc.
,
Class
A
(a)
..................................................
43,443
4,643
9,109
Materials
(0.6%):
Agnico
Eagle
Mines
Ltd.
.................................................
8,955
1,056
Nutrien
Ltd.
...........................................................
18,845
1,113
Teck
Resources
Ltd.
,
Class
B
..............................................
15,759
584
2,753
Utilities
(1.1%):
AltaGas
Ltd.
..........................................................
22,273
622
Canadian
Utilities
Ltd.
,
Class
A
.............................................
19,412
543
Emera,
Inc.
...........................................................
25,520
1,170
Fortis,
Inc.
............................................................
31,381
1,534
Hydro
One
Ltd.
........................................................
26,425
973
4,842
78,919
France
(4.2%):
Consumer
Discretionary
(0.6%):
Hermes
International
SCA
................................................
386
1,064
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
2,694
1,461
Renault
SA
...........................................................
10,178
523
3,048
Consumer
Staples
(0.5%):
Danone
SA
...........................................................
19,802
1,693
Pernod
Ricard
SA
.......................................................
4,042
418
2,111
Energy
(0.2%):
TotalEnergies
SE
.......................................................
16,138
950
Financials
(0.5%):
AXA
SA
.............................................................
15,891
749
BNP
Paribas
SA
........................................................
16,707
1,463
2,212
Health
Care
(0.5%):
EssilorLuxottica
SA
(a)
...................................................
3,953
1,098
Sanofi
SA
............................................................
11,771
1,166
2,264
Industrials
(1.4%):
Airbus
SE
............................................................
6,152
1,131
Cie
de
Saint-Gobain
SA
..................................................
5,673
639
Safran
SA
............................................................
4,379
1,295
Schneider
Electric
SE
....................................................
7,075
1,785
Vinci
SA
.............................................................
9,789
1,398
6,248
Real
Estate
(0.3%):
Covivio
SA
...........................................................
7,367
442
Gecina
SA
............................................................
4,894
539
Unibail-Rodamco-Westfield
...............................................
6,916
656
1,637
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Utilities
(0.2%):
Veolia
Environnement
SA
.................................................
23,694
$
815
19,285
Germany
(3.6%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
28,819
1,091
Consumer
Staples
(0.2%):
Henkel
AG
&
Co.
KGaA
.................................................
11,602
852
Financials
(1.0%):
Allianz
SE
,
Registered
Shares
..............................................
5,264
2,088
Deutsche
Boerse
AG
....................................................
2,614
842
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
1,941
1,257
4,187
Industrials
(1.1%):
Deutsche
Post
AG
......................................................
25,008
1,122
Siemens
AG
,
Registered
Shares
.............................................
10,109
2,431
Siemens
Energy
AG
(a)
...................................................
7,891
771
4,324
Information
Technology
(0.7%):
SAP
SE
..............................................................
10,015
3,029
Materials
(0.1%):
BASF
SE
............................................................
9,220
444
Real
Estate
(0.1%):
Vonovia
SE
(a)
.........................................................
16,642
545
Utilities
(0.1%):
E.ON
SE
.............................................................
34,369
602
15,074
Ireland
(0.8%):
Industrials
(0.6%):
Eaton
Corp.
PLC
.......................................................
2,538
813
Experian
PLC
.........................................................
21,564
1,074
Trane
Technologies
PLC
..................................................
1,555
669
2,556
Information
Technology
(0.2%):
Accenture
PLC
,
Class
A
..................................................
2,519
798
3,354
Italy
(1.3%):
Consumer
Discretionary
(0.2%):
Ferrari
NV
............................................................
1,723
825
Financials
(0.7%):
FinecoBank
Banca
Fineco
SpA
.............................................
32,109
694
Intesa
Sanpaolo
SpA
.....................................................
240,107
1,340
UniCredit
SpA
.........................................................
15,072
969
3,003
Utilities
(0.4%):
Enel
SpA
.............................................................
180,656
1,661
5,489
Japan
(11.2%):
Communication
Services
(1.0%):
Nintendo
Co.
Ltd.
......................................................
20,500
1,673
Nippon
Telegraph
&
Telephone
Corp.
........................................
2,298,500
2,560
4,233
Consumer
Discretionary
(2.2%):
Denso
Corp.
..........................................................
89,800
1,213
Fast
Retailing
Co.
Ltd.
...................................................
3,900
1,299
Honda
Motor
Co.
Ltd.
...................................................
118,200
1,201
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Sony
Group
Corp.
......................................................
97,100
$
2,599
Toyota
Motor
Corp.
.....................................................
164,100
3,124
9,436
Consumer
Staples
(0.7%):
Ajinomoto
Co.,
Inc.
.....................................................
47,300
1,183
Japan
Tobacco,
Inc.
.....................................................
58,000
1,779
2,962
Energy
(0.4%):
Inpex
Corp.
...........................................................
143,000
1,912
Financials
(1.3%):
Mizuho
Financial
Group,
Inc.
..............................................
63,800
1,774
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
88,600
2,277
Tokio
Marine
Holdings,
Inc.
...............................................
36,400
1,540
5,591
Health
Care
(0.9%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
12,700
664
Hoya
Corp.
...........................................................
9,800
1,157
Takeda
Pharmaceutical
Co.
Ltd.
............................................
41,200
1,237
Terumo
Corp.
.........................................................
48,000
881
3,939
Industrials
(3.1%):
Central
Japan
Railway
Co.
................................................
94,300
2,060
Hitachi
Ltd.
...........................................................
83,500
2,327
ITOCHU
Corp.
........................................................
27,000
1,433
Marubeni
Corp.
........................................................
53,900
1,093
Mitsubishi
Corp.
.......................................................
77,200
1,562
Mitsubishi
Electric
Corp.
.................................................
43,300
864
Mitsubishi
Heavy
Industries
Ltd.
............................................
58,800
1,354
Recruit
Holdings
Co.
Ltd.
.................................................
25,500
1,519
Sumitomo
Corp.
........................................................
46,900
1,194
13,406
Information
Technology
(1.2%):
Advantest
Corp.
........................................................
17,300
875
Canon,
Inc.
...........................................................
32,200
984
Fujitsu
Ltd.
...........................................................
39,600
907
Keyence
Corp.
.........................................................
3,300
1,381
Tokyo
Electron
Ltd.
.....................................................
8,300
1,306
5,453
Real
Estate
(0.2%):
Mitsui
Fudosan
Co.
Ltd.
..................................................
71,200
682
Utilities
(0.2%):
Osaka
Gas
Co.
Ltd.
.....................................................
41,400
1,054
48,668
Netherlands
(1.1%):
Financials
(0.5%):
Adyen
NV
(a)
(b)
........................................................
389
745
ING
Groep
NV
........................................................
55,625
1,182
1,927
Information
Technology
(0.6%):
ASML
Holding
NV
.....................................................
3,280
2,416
4,343
Norway
(0.2%):
Energy
(0.2%):
SFL
Corp.
Ltd.
.........................................................
78,257
672
Singapore
(0.1%):
Financials
(0.1%):
DBS
Group
Holdings
Ltd.
.................................................
17,300
597
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Spain
(1.3%):
Consumer
Discretionary
(0.2%):
Industria
de
Diseno
Textil
SA
..............................................
13,063
$
708
Financials
(0.7%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
70,695
1,061
Banco
Santander
SA
.....................................................
253,190
2,020
3,081
Utilities
(0.4%):
Iberdrola
SA
..........................................................
82,328
1,509
5,298
Sweden
(1.3%):
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
30,579
895
Financials
(0.2%):
L
E
Lundbergforetagen
AB
,
Class
B
.........................................
18,269
934
Industrials
(0.9%):
Assa
Abloy
AB
,
Class
B
..................................................
17,913
569
Atlas
Copco
AB
,
Class
B
.................................................
70,498
1,004
Epiroc
AB
,
Class
B
.....................................................
36,820
720
Lifco
AB
,
Class
B
......................................................
25,430
1,036
Sandvik
AB
...........................................................
46,427
1,014
4,343
6,172
Switzerland
(3.2%):
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA
,
Registered
Shares
................................
6,854
1,294
Financials
(0.8%):
Chubb
Ltd.
...........................................................
1,613
479
Partners
Group
Holding
AG
...............................................
567
762
Swiss
Re
AG
..........................................................
5,218
922
Zurich
Insurance
Group
AG
...............................................
1,789
1,256
3,419
Health
Care
(1.1%):
Novartis
AG
,
Registered
Shares
.............................................
26,298
3,037
Roche
Holding
AG
......................................................
6,436
2,116
5,153
Industrials
(0.4%):
ABB
Ltd.
,
Registered
Shares
...............................................
18,504
1,049
Geberit
AG
,
Registered
Shares
.............................................
918
686
1,735
Materials
(0.6%):
Holcim
AG
...........................................................
11,554
1,281
Sika
AG
,
Registered
Shares
................................................
5,124
1,376
2,657
14,258
United
Kingdom
(4.1%):
Communication
Services
(0.1%):
Vodafone
Group
PLC
....................................................
588,695
610
Consumer
Discretionary
(0.1%):
Next
PLC
............................................................
3,535
613
Consumer
Staples
(0.6%):
Diageo
PLC
...........................................................
39,160
1,063
Unilever
PLC
.........................................................
26,673
1,697
2,760
Energy
(0.2%):
Shell
PLC
............................................................
22,359
738
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Shell
PLC-DRIP
.......................................................
22,359
$
8
746
Financials
(1.3%):
Barclays
PLC
.........................................................
281,795
1,248
HSBC
Holdings
PLC
....................................................
196,509
2,315
Lloyds
Banking
Group
PLC
...............................................
826,039
860
London
Stock
Exchange
Group
PLC
.........................................
4,761
724
Willis
Towers
Watson
PLC
................................................
1,783
564
5,711
Health
Care
(0.8%):
AstraZeneca
PLC
.......................................................
14,748
2,160
GSK
PLC
............................................................
55,345
1,124
3,284
Industrials
(0.6%):
BAE
Systems
PLC
......................................................
58,662
1,504
Rolls-Royce
Holdings
PLC
................................................
111,944
1,302
2,806
Real
Estate
(0.1%):
Segro
PLC
............................................................
53,769
505
Utilities
(0.3%):
United
Utilities
Group
PLC
................................................
83,060
1,315
18,350
United
States
(39.1%):
Communication
Services
(3.8%):
Alphabet,
Inc.
,
Class
C
...................................................
37,517
6,469
AT&T,
Inc.
...........................................................
37,843
1,052
Meta
Platforms,
Inc.
,
Class
A
..............................................
7,669
4,966
Netflix,
Inc.
(a)
.........................................................
2,265
2,734
The
Walt
Disney
Co.
....................................................
8,634
976
Verizon
Communications,
Inc.
..............................................
18,387
808
17,005
Consumer
Discretionary
(4.6%):
Amazon.com,
Inc.
(a)
....................................................
34,420
7,056
AutoZone,
Inc.
(a)
.......................................................
80
299
Booking
Holdings,
Inc.
...................................................
203
1,120
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
15,528
778
Expedia
Group,
Inc.
.....................................................
3,639
607
Ford
Motor
Co.
........................................................
148,668
1,543
General
Motors
Co.
.....................................................
15,851
786
Hilton
Worldwide
Holdings,
Inc.
............................................
5,142
1,277
Lowe's
Cos.,
Inc.
.......................................................
5,468
1,234
Marriott
International,
Inc.
,
Class
A
..........................................
3,637
960
NIKE,
Inc.
,
Class
B
.....................................................
9,836
596
O'Reilly
Automotive,
Inc.
(a)
...............................................
380
520
Ross
Stores,
Inc.
.......................................................
5,969
836
The
Home
Depot,
Inc.
...................................................
4,911
1,809
The
TJX
Cos.,
Inc.
......................................................
7,257
921
20,342
Consumer
Staples
(1.7%):
Keurig
Dr.
Pepper,
Inc.
...................................................
28,319
953
PepsiCo,
Inc.
..........................................................
6,221
818
Philip
Morris
International,
Inc.
.............................................
10,640
1,921
Sysco
Corp.
...........................................................
6,790
496
The
Coca-Cola
Co.
......................................................
16,125
1,163
The
Kroger
Co.
........................................................
9,507
649
Walmart,
Inc.
..........................................................
18,944
1,870
7,870
Energy
(0.7%):
Exxon
Mobil
Corp.
.....................................................
22,027
2,253
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
The
Williams
Cos.,
Inc.
..................................................
13,520
$
818
3,071
Financials
(5.9%):
Ameriprise
Financial,
Inc.
.................................................
2,034
1,036
Bank
of
America
Corp.
...................................................
25,297
1,116
Blackrock,
Inc.
........................................................
1,459
1,430
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
22,627
1,273
Brown
&
Brown,
Inc.
....................................................
8,591
970
Equitable
Holdings,
Inc.
..................................................
20,255
1,071
Fiserv,
Inc.
(a)
..........................................................
9,270
1,509
Intercontinental
Exchange,
Inc.
.............................................
3,589
645
JPMorgan
Chase
&
Co.
..................................................
14,921
3,939
Mastercard,
Inc.
,
Class
A
.................................................
6,078
3,559
Moody's
Corp.
.........................................................
2,296
1,101
MSCI,
Inc.
...........................................................
1,179
665
S&P
Global,
Inc.
.......................................................
2,718
1,394
The
Allstate
Corp.
......................................................
3,186
669
The
Charles
Schwab
Corp.
................................................
12,205
1,078
The
Goldman
Sachs
Group,
Inc.
............................................
2,207
1,325
The
Progressive
Corp.
...................................................
4,737
1,350
The
Travelers
Cos.,
Inc.
..................................................
2,928
807
Wells
Fargo
&
Co.
......................................................
15,498
1,159
26,096
Health
Care
(4.5%):
Abbott
Laboratories
.....................................................
6,101
815
AbbVie,
Inc.
..........................................................
7,064
1,315
Amgen,
Inc.
...........................................................
3,139
905
Bristol-Myers
Squibb
Co.
.................................................
13,278
641
CVS
Health
Corp.
......................................................
7,620
488
Danaher
Corp.
.........................................................
2,493
473
Edwards
Lifesciences
Corp.
(a)
.............................................
9,078
710
Elevance
Health,
Inc.
....................................................
2,251
864
Eli
Lilly
&
Co.
.........................................................
3,528
2,603
Gilead
Sciences,
Inc.
....................................................
4,749
523
Intuitive
Surgical,
Inc.
(a)
.................................................
3,430
1,895
Johnson
&
Johnson
.....................................................
3,657
568
Merck
&
Co.,
Inc.
......................................................
16,306
1,253
Pfizer,
Inc.
............................................................
34,963
821
Stryker
Corp.
..........................................................
2,133
816
The
Cigna
Group
.......................................................
2,174
688
Thermo
Fisher
Scientific,
Inc.
..............................................
1,887
760
UnitedHealth
Group,
Inc.
.................................................
3,436
1,037
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,759
1,051
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,645
727
Zoetis,
Inc.
...........................................................
4,480
756
19,709
Industrials
(2.9%):
3M
Co.
..............................................................
3,392
503
Broadridge
Financial
Solutions,
Inc.
.........................................
2,338
568
Cintas
Corp.
..........................................................
2,400
544
Copart,
Inc.
(a)
.........................................................
14,093
725
Cummins,
Inc.
.........................................................
2,214
712
GE
Vernova,
Inc.
.......................................................
2,027
959
General
Electric
Co.
.....................................................
5,408
1,330
Honeywell
International,
Inc.
..............................................
5,249
1,190
Parker-Hannifin
Corp.
...................................................
1,181
785
Quanta
Services,
Inc.
....................................................
2,392
819
RB
Global,
Inc.
........................................................
6,262
660
RTX
Corp.
............................................................
11,137
1,520
TransDigm
Group,
Inc.
...................................................
524
769
Uber
Technologies,
Inc.
(a)
................................................
11,927
1,004
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Shares
Value
(000)
Union
Pacific
Corp.
.....................................................
2,308
$
512
12,600
Information
Technology
(12.5%):
Adobe,
Inc.
(a)
.........................................................
2,903
1,205
Amphenol
Corp.
,
Class
A
.................................................
15,497
1,394
ANSYS,
Inc.
(a)
........................................................
1,435
475
Apple,
Inc.
...........................................................
48,499
9,741
Applied
Materials,
Inc.
...................................................
6,963
1,091
Arista
Networks,
Inc.
(a)
..................................................
8,675
752
Autodesk,
Inc.
(a)
.......................................................
3,399
1,006
Broadcom,
Inc.
........................................................
15,006
3,632
Cadence
Design
Systems,
Inc.
(a)
............................................
2,792
801
Corpay,
Inc.
(a)
.........................................................
3,096
1,007
Dynatrace,
Inc.
(a)
......................................................
15,325
828
Fortinet,
Inc.
(a)
........................................................
5,889
599
Gartner,
Inc.
(a)
........................................................
1,276
557
HubSpot,
Inc.
(a)
.......................................................
1,053
621
Intuit,
Inc.
............................................................
1,999
1,506
Keysight
Technologies,
Inc.
(a)
.............................................
3,023
475
KLA
Corp.
...........................................................
1,223
926
Lam
Research
Corp.
.....................................................
14,413
1,164
Microsoft
Corp.
........................................................
24,467
11,264
NVIDIA
Corp.
.........................................................
74,836
10,113
QUALCOMM,
Inc.
.....................................................
6,906
1,003
Salesforce,
Inc.
........................................................
6,190
1,643
ServiceNow,
Inc.
(a)
.....................................................
1,447
1,463
Snowflake,
Inc.
,
Class
A
(a)
................................................
4,840
995
Synopsys,
Inc.
(a)
.......................................................
1,964
911
Workday,
Inc.
,
Class
A
(a)
.................................................
2,340
580
55,752
Materials
(0.7%):
Linde
PLC
............................................................
2,264
1,059
The
Sherwin-Williams
Co.
................................................
2,039
732
Vulcan
Materials
Co.
....................................................
4,084
1,082
2,873
Real
Estate
(1.5%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
9,557
671
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
6,198
775
Equinix,
Inc.
..........................................................
1,047
931
Extra
Space
Storage,
Inc.
.................................................
5,437
822
Jones
Lang
LaSalle,
Inc.
(a)
................................................
4,260
949
Prologis,
Inc.
..........................................................
14,017
1,522
Weyerhaeuser
Co.
......................................................
22,618
586
Zillow
Group,
Inc.
,
Class
A
(a)
..............................................
7,693
509
6,765
Utilities
(0.3%):
NextEra
Energy,
Inc.
....................................................
11,948
844
Public
Service
Enterprise
Group,
Inc.
.........................................
6,665
540
1,384
173,467
Total
Common
Stocks
(Cost
$332,282)
400,544
Exchange-Traded
Funds
(3.7%)
United
States
(3.7%):
VanEck
Gold
Miners
ETF
.................................................
317,665
16,090
Total
Exchange-Traded
Funds
(Cost
$12,327)
16,090
Total
Investments
(Cost
$344,609)
—
94.7%
416,634
Other
assets
in
excess
of
liabilities
—
5.3%
23,520
NET
ASSETS
-
100.00%
$
440,154
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
At
May
31,
2025,
the
Fund's
investments
in
foreign
securities
were
55.2%
of
net
assets.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$745
(thousands)
and
amounted
to
0.2%
of
net
assets.
DRIP
—
Dividend
Reinvestment
Programmes
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
612
6/20/25
$
35,478,963
$
37,297,246
$
1,818,283
Swiss
Market
IX
Index
Futures
.........
259
6/20/25
38,849,999
38,478,471
(
371,528
)
Tokyo
Price
Index
Futures
............
307
6/12/25
56,630,135
59,690,888
3,060,753
$
4,507,508
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
754
6/20/25
$
43,518,240
$
43,328,610
$
189,630
E-Mini
Russell
2000
Index
Futures
......
358
6/20/25
36,977,144
37,022,570
(
45,426
)
FTSE
100
Index
Futures
..............
445
6/20/25
51,091,796
52,641,209
(
1,549,413
)
$
(
1,405,209
)
Total
unrealized
appreciation
$
5,068,666
Total
unrealized
depreciation
(
1,966,367
)
Total
net
unrealized
appreciation
(depreciation)
$
3,102,299
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
123
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(99.2%)
Alabama
(2.6%):
Alabama
Housing
Finance
Authority
Revenue
,
Series
A
,
4
.85
%
,
10/1/50
,
Continuously
Callable
@100
.....................................................
$
2,290
$
2,294
Black
Belt
Energy
Gas
District
Revenue
Series
A
,
5
.25
%
,
1/1/54
,
(Put
Date
10/1/30)
(a)
..............................
5,000
5,270
Series
A
,
5
.25
%
,
5/1/55
,
(Put
Date
9/1/32)
(a)
...............................
1,500
1,609
Series
C
,
5
.50
%
,
10/1/54
,
(Put
Date
6/1/32)
(a)
..............................
3,000
3,217
Series
D-1
,
5
.50
%
,
6/1/49
,
Continuously
Callable
@100
(a)
.....................
4,000
4,201
Series
D-3
,
4
.75
%
(
SOFR
+
185
bps
)
,
6/1/49
,
(Put
Date
2/1/29)
(a)
(b)
...............
2,500
2,535
County
of
Jefferson
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........
3,000
3,075
Energy
Southeast
A
Cooperative
District
Revenue
,
Series
B
,
5
.25
%
,
7/1/54
,
(Put
Date
6/1/32)
(a)
........................................................
3,000
3,177
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
Revenue
,
Series
A
,
5
.00
%
,
2/1/36
,
Continuously
Callable
@100
.........................
8,000
8,039
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
........................
2,000
2,029
Series
A
,
5
.25
%
,
1/1/54
,
(Put
Date
7/1/29)
(a)
...............................
15,000
15,666
Series
B
,
5
.25
%
,
3/1/55
,
(Put
Date
1/1/33)
,
Continuously
Callable
@100
(a)
.........
2,700
2,798
The
Health
Care
Authority
of
the
City
of
Huntsville
Revenue
Series
B1
,
4
.00
%
,
6/1/39
,
Continuously
Callable
@100
........................
2,000
1,870
Series
B1
,
4
.00
%
,
6/1/40
,
Continuously
Callable
@100
........................
2,555
2,344
The
Lower
Alabama
Gas
District
Revenue
,
Series
A
,
5
.00
%
,
9/1/34
...................
15,000
15,650
The
Southeast
Alabama
Gas
Supply
District
Revenue
,
Series
B
,
5
.00
%
,
6/1/49
,
(Put
Date
5/1/32)
(a)
........................................................
3,000
3,153
76,927
Alaska
(0.1%):
Alaska
Housing
Finance
Corp.
Revenue
,
Series
A
,
4
.60
%
,
12/1/48
,
Continuously
Callable
@100
...........................................................
3,000
2,858
Arizona
(2.1%):
Arizona
IDA
Revenue
4
.00
%
,
12/15/41
,
Continuously
Callable
@100
(c)
............................
955
794
Series
A
,
5
.10
%
,
10/1/50
,
Continuously
Callable
@100
........................
1,000
1,007
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.50
%
,
7/1/25
.........................................
2,115
2,119
Maricopa
County
&
Phoenix
IDA
Revenue
,
Series
A
,
4
.65
%
,
9/1/50
,
Continuously
Callable
@100
...........................................................
2,000
1,933
Maricopa
County
IDA
Revenue
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
(c)
.............................
2,000
1,988
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
(c)
.............................
1,250
1,074
4
.25
%
,
7/1/44
,
Continuously
Callable
@100
...............................
1,000
869
Series
D
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
1,500
1,515
Sierra
Vista
IDA
Revenue
5
.25
%
,
6/15/38
,
Continuously
Callable
@100
(c)
.............................
4,845
4,923
5
.25
%
,
6/15/42
,
Continuously
Callable
@100
(c)
.............................
4,460
4,469
5
.00
%
,
6/15/44
,
Continuously
Callable
@100
(c)
.............................
2,000
1,923
Tempe
IDA
Revenue
,
Series
A
,
4
.00
%
,
12/1/38
,
Continuously
Callable
@102
............
2,690
2,449
The
County
of
Pima
IDA
Revenue
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
1,690
1,562
4
.00
%
,
6/15/41
,
Continuously
Callable
@100
(c)
.............................
3,500
3,066
Series
A
,
6
.75
%
,
11/15/42
,
Continuously
Callable
@103
(c)
.....................
3,000
3,212
Series
B2
,
5
.63
%
,
11/15/30
,
Continuously
Callable
@100
(c)
....................
10,000
10,028
The
County
of
Yavapai
IDA
Revenue
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
........
1,000
943
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
11,100
11,110
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
1,675
1,676
5
.00
%
,
10/1/36
,
Continuously
Callable
@100
...............................
4,250
4,309
60,969
Arkansas
(0.3%):
Arkansas
Development
Finance
Authority
Revenue
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,300
1,328
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
...............................
2,000
2,033
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
1,013
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
University
of
Arkansas
-
Pulaski
Technical
College
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
....................
$
4,290
$
4,297
8,671
California
(1.1%):
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
4
.13
%
,
7/1/41
,
Continuously
Callable
@100
.........................
2,500
2,318
Series
B
,
4
.25
%
,
7/1/43
,
Continuously
Callable
@100
.........................
3,000
2,770
California
Health
Facilities
Financing
Authority
Revenue
Series
B
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......................
1,500
1,548
Series
B
,
5
.00
%
,
11/15/43
,
Continuously
Callable
@100
.......................
1,500
1,505
California
School
Finance
Authority
Revenue
4
.40
%
,
12/1/26
(c)
..................................................
4,000
4,024
5
.00
%
,
8/1/31
,
Continuously
Callable
@100
(c)
.............................
450
451
5
.00
%
,
8/1/31
,
Pre-refunded  8/1/25
@
100
(c)
..............................
50
50
5
.00
%
,
8/1/36
,
Continuously
Callable
@100
(c)
.............................
1,450
1,423
5
.00
%
,
8/1/36
,
Pre-refunded  8/1/25
@
100
(c)
..............................
150
151
Series
A
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
(c)
.......................
1,700
1,626
Cerritos
Community
College
District,
GO
Series
D
,
8/1/25
(d)
..................................................
1,510
1,503
Series
D
,
8/1/27
(d)
..................................................
1,000
943
Series
D
,
8/1/28
(d)
..................................................
1,000
914
City
of
Los
Angeles
Department
of
Airports
Revenue
AMT
,
Series
A
,
5
.25
%
,
5/15/50
,
Continuously
Callable
@100
...........................................
2,500
2,551
City
of
San
Diego
Tobacco
Settlement
Revenue
Funding
Corp.
Revenue
,
Series
C
,
4
.00
%
,
6/1/32
,
Continuously
Callable
@100
.....................................
370
367
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
1/15/35
(d)
..................................................
5,500
3,813
Fresno
Joint
Powers
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
4/1/36
,
Continuously
Callable
@100
.........................
420
430
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT
,
Series
A
,
5
.25
%
,
5/1/49
,
Continuously
Callable
@100
....................
1,000
1,019
The
El
Camino
Community
College
District
Foundation,
GO
,
Series
C
,
8/1/28
(d)
.........
5,500
5,029
32,435
Colorado
(1.6%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
4
.25
%
,
7/1/43
,
Continuously
Callable
@100
...............................
3,000
2,757
Series
A-1
,
6
.50
%
,
2/1/45
,
Continuously
Callable
@100
(c)
.....................
3,000
2,985
Colorado
Health
Facilities
Authority
Revenue
5
.00
%
,
12/1/28
....................................................
1,000
1,000
5
.00
%
,
12/1/29
....................................................
1,500
1,500
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
4,000
4,000
5
.00
%
,
11/1/41
,
Continuously
Callable
@100
...............................
2,500
2,562
Series
A
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
.........................
1,000
935
Series
A
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
1,250
1,144
Series
A
,
4
.00
%
,
11/1/39
,
Continuously
Callable
@100
........................
3,500
3,209
Series
A
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@103
........................
2,000
1,875
Series
A
,
4
.00
%
,
8/1/49
,
Continuously
Callable
@100
.........................
9,715
8,047
Series
A
,
5
.13
%
,
12/1/50
,
Continuously
Callable
@103
........................
1,515
1,520
Denver
Health
&
Hospital
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
(c)
......................
7,355
7,464
Series
A
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,250
1,160
Series
A
,
4
.00
%
,
12/1/38
,
Continuously
Callable
@100
........................
1,250
1,144
Series
A
,
4
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
1,000
888
Series
A
,
5
.13
%
,
12/1/50
,
Continuously
Callable
@100
........................
1,500
1,478
Gunnison
County
Housing
Authority
Revenue
,
5
.13
%
,
6/1/50
,
Continuously
Callable
@100
.
2,000
2,001
Park
Creek
Metropolitan
District
Revenue
Series
A
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,250
1,256
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
1,000
1,004
47,929
Connecticut
(1.9%):
City
of
Ansonia
Certificate
of
Participation
,
4
.75
%
,
12/1/45
,
Continuously
Callable
@100
...
3,000
2,962
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
City
of
New
Haven,
GO
Series
A
,
5
.00
%
,
8/1/28
..............................................
$
1,000
$
1,040
Series
A
,
5
.50
%
,
8/1/30
,
Continuously
Callable
@100
.........................
1,000
1,047
Series
A
,
5
.50
%
,
8/1/32
,
Continuously
Callable
@100
.........................
1,200
1,254
Series
A
,
5
.50
%
,
8/1/36
,
Continuously
Callable
@100
.........................
1,810
1,869
City
of
West
Haven,
GO
Series
B
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
400
407
Series
B
,
5
.00
%
,
11/1/37
,
Continuously
Callable
@100
........................
350
359
Connecticut
Housing
Finance
Authority
Revenue
,
Series
A-1
,
4
.65
%
,
11/15/51
,
Continuously
Callable
@100
.....................................................
3,000
2,892
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
1,950
2,010
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
725
738
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
1,170
1,186
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
1,125
1,126
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
1,275
1,275
Series
A
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,000
2,042
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
7,000
6,393
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
2,000
1,893
Series
A
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
2,000
1,853
Series
A
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
1,000
868
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.........................
2,400
2,266
Series
E
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
10,000
10,006
Harbor
Point
Infrastructure
Improvement
District
Tax
Allocation
,
5
.00
%
,
4/1/30
,
Continuously
Callable
@100
(c)
...................................................
7,000
7,113
Stamford
Housing
Authority
Revenue
,
Series
C
,
4
.75
%
,
10/1/32
.....................
1,500
1,482
State
of
Connecticut,
GO
,
Series
A
,
4
.00
%
,
4/15/37
,
Continuously
Callable
@100
.........
1,825
1,825
The
Metropolitan
District,
GO
,
4
.00
%
,
7/15/37
,
Continuously
Callable
@100
............
1,000
976
Town
of
Hamden,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
8/15/30
,
Continuously
Callable
@100
...........................................
1,200
1,253
56,135
Delaware
(0.1%):
Delaware
State
Housing
Authority
Revenue
Series
A
,
4
.65
%
,
7/1/50
,
Continuously
Callable
@100
.........................
500
483
Series
B
,
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,000
1,000
1,483
District
of
Columbia
(0.3%):
Deutsche
Bank
Spears/Lifers
Trust
Revenue
,
Series
8178
,
2
.30
%
,
5/1/30
(c)
(e)
...........
1,700
1,700
District
of
Columbia
Revenue
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,000
901
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
800
808
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Series
B
,
4
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
1,000
984
Series
B
,
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
........................
1,250
1,222
Series
B
,
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
........................
1,000
954
Washington
Convention
&
Sports
Authority
Revenue
Series
A
,
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
........................
1,250
1,178
Series
A
,
4
.00
%
,
10/1/39
,
Continuously
Callable
@100
........................
500
466
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
750
687
8,900
Florida
(7.7%):
Alachua
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
...........................................................
700
619
Capital
Projects
Finance
Authority
Revenue
5
.00
%
,
11/1/42
,
Continuously
Callable
@100
...............................
1,000
980
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
...............................
1,000
969
Series
A-1
,
5
.00
%
,
6/1/49
,
Continuously
Callable
@100
(c)
.....................
750
715
Capital
Trust
Agency,
Inc.
Revenue
,
6
.00
%
,
5/1/43
,
Continuously
Callable
@100
(c)
.......
3,710
3,753
Capital
Trust
Authority
Revenue
Series
A
,
5
.00
%
,
12/15/44
,
Continuously
Callable
@100
.......................
2,000
1,861
Series
A
,
5
.25
%
,
7/1/50
,
Continuously
Callable
@100
(c)
.......................
600
564
City
of
Cape
Coral
Water
&
Sewer
Revenue
4
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,485
1,468
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
...............................
$
1,400
$
1,370
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
3,000
2,894
City
of
Pompano
Beach
Revenue
3
.50
%
,
9/1/35
,
Continuously
Callable
@103
...............................
3,345
2,933
4
.00
%
,
9/1/40
,
Continuously
Callable
@103
...............................
2,500
2,167
Series
A
,
4
.00
%
,
9/1/36
,
Continuously
Callable
@103
.........................
1,050
974
Series
A
,
4
.00
%
,
9/1/41
,
Continuously
Callable
@103
.........................
1,215
1,035
City
of
Port
St.
Lucie
Special
Assessment
4
.00
%
,
7/1/31
,
Continuously
Callable
@100
...............................
3,195
3,211
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
2,000
2,009
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
2,785
2,785
City
of
Port
St.
Lucie
Utility
System
Revenue
,
4
.00
%
,
9/1/31
,
Continuously
Callable
@100
..
1,000
1,003
City
of
Tampa
Revenue
Series
A
,
9/1/36
,
Continuously
Callable
@80
(d)
.............................
700
431
Series
A
,
9/1/37
,
Continuously
Callable
@77
(d)
.............................
700
390
Series
A
,
9/1/38
,
Continuously
Callable
@74
(d)
.............................
850
465
Series
A
,
9/1/39
,
Continuously
Callable
@71
(d)
.............................
700
342
Series
A
,
9/1/40
,
Continuously
Callable
@67
(d)
.............................
850
408
Series
B
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
350
334
Series
B
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
700
659
Cityplace
Community
Development
District
Special
Assessment
(INS
-
Assured
Guaranty
Municipal
Corp.)
0.00%,
5/1/33
(f)
....................................................
3,470
3,532
0.00%,
5/1/38
,
Continuously
Callable
@100
(f)
..............................
7,900
7,899
County
of
Broward
Airport
System
Revenue
AMT
Series
A
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
4,395
3,777
Series
A
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
........................
10,330
8,570
County
of
Broward
Port
Facilities
Revenue
AMT
Series
B
,
4
.00
%
,
9/1/44
,
Continuously
Callable
@100
.........................
7,345
6,265
Series
B
,
4
.00
%
,
9/1/49
,
Continuously
Callable
@100
.........................
7,380
5,977
County
of
Broward
Tourist
Development
Tax
Revenue
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
7,000
6,724
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
9,300
8,790
4
.00
%
,
9/1/41
,
Continuously
Callable
@100
...............................
6,975
6,519
County
of
Hillsborough
Solid
Waste
&
Resource
Recovery
Revenue
AMT
,
Series
A
,
5
.25
%
,
9/1/50
,
Continuously
Callable
@100
.....................................
2,000
2,046
County
of
Lee
Airport
Revenue
,
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
...........
4,000
4,013
County
of
Lee
Airport
Revenue
AMT
,
5
.25
%
,
10/1/49
,
Continuously
Callable
@100
.......
3,800
3,815
County
of
Lee
Tourist
Development
Tax
Revenue
Series
B
,
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
........................
4,970
4,891
Series
B
,
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
........................
5,230
5,069
County
of
Miami
Dade
Aviation
Revenue
AMT
,
Series
A
,
5
.25
%
,
10/1/50
,
Continuously
Callable
@100
.....................................................
3,000
3,023
County
of
Miami-Dade
Water
&
Sewer
System
Revenue
,
4
.00
%
,
10/1/41
,
Continuously
Callable
@100
.....................................................
210
198
County
of
Pasco
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.50
%
,
9/1/41
,
Continuously
Callable
@100
...............................
750
815
5
.50
%
,
9/1/42
,
Continuously
Callable
@100
...............................
1,000
1,079
5
.50
%
,
9/1/43
,
Continuously
Callable
@100
...............................
750
805
Escambia
County
Health
Facilities
Authority
Revenue
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
3,100
3,187
5
.00
%
,
8/15/40
,
Continuously
Callable
@100
...............................
2,900
2,927
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
11/15/39
,
Continuously
Callable
@100
..............................
5,260
4,922
5
.00
%
,
2/1/40
,
Continuously
Callable
@100
...............................
2,845
2,787
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
...............................
1,500
1,518
5
.00
%
,
8/1/44
,
Continuously
Callable
@100
...............................
1,500
1,509
Series
A
,
5
.00
%
,
6/15/35
,
Continuously
Callable
@100
........................
1,000
1,016
Series
A
,
5
.00
%
,
6/15/40
,
Continuously
Callable
@100
........................
1,650
1,657
Series
A
,
5
.00
%
,
6/15/42
,
Continuously
Callable
@100
........................
2,250
2,254
Florida
Higher
Educational
Facilities
Financial
Authority
Revenue
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,250
1,273
5
.00
%
,
10/1/36
,
Continuously
Callable
@100
...............................
1,000
1,015
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
$
1,000
$
904
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
750
665
5
.00
%
,
3/1/39
,
Continuously
Callable
@100
...............................
7,055
5,694
4
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
800
696
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
...............................
1,000
826
Florida
Housing
Finance
Corp.
Revenue
,
Series
3
,
5
.05
%
,
7/1/50
,
Continuously
Callable
@100
825
820
Halifax
Hospital
Medical
Center
Revenue
,
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
....
2,750
2,748
Hillsborough
County
Aviation
Authority
Revenue
AMT
,
Series
B
,
5
.50
%
,
10/1/49
,
Continuously
Callable
@100
...........................................
1,000
1,039
Lee
County
IDA
Revenue
5
.00
%
,
11/15/39
,
Continuously
Callable
@103
..............................
1,500
1,497
Series
2019A-1
,
4
.00
%
,
4/1/37
,
Continuously
Callable
@100
...................
5,000
4,770
Series
A
,
5
.25
%
,
11/15/44
,
Continuously
Callable
@100
.......................
2,525
2,559
Miami-Dade
County
Expressway
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/28
,
Continuously
Callable
@100
.........................
10,000
10,011
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
7,000
7,007
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
1,610
1,611
Series
A
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
1,255
1,256
Series
A
,
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
2,000
2,001
Series
B
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
2,000
2,002
Series
B
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
2,000
2,002
Miami-Dade
County
Housing
Finance
Authority
Revenue
,
Series
A
,
4
.88
%
,
3/1/46
........
1,250
1,214
Northern
Palm
Beach
County
Improvement
District
Special
Assessment
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
...........................................
3,000
2,666
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/41
,
Continuously
Callable
@100
.....................................................
3,695
3,197
Palm
Beach
County
Health
Facilities
Authority
Revenue
4
.00
%
,
8/15/49
,
Continuously
Callable
@100
...............................
6,050
5,116
Series
A
,
5
.00
%
,
11/1/39
,
Continuously
Callable
@100
........................
1,150
1,154
Series
A
,
5
.00
%
,
11/1/42
,
Continuously
Callable
@100
........................
850
842
Series
B
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@103
.......................
250
226
Series
B
,
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
.......................
3,000
2,897
Pinellas
County
IDA
Revenue
,
5
.00
%
,
7/1/29
...................................
700
707
School
District
of
Broward
County
Certificate
of
Participation
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
2,000
2,004
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
2,000
2,004
Southeast
Overtown
Park
West
Community
Redevelopment
Agency
Tax
Allocation
,
Series
A-1
,
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
(c)
..........................
2,795
2,797
The
Lee
County
School
Board
Certificate
of
Participation
,
Series
A
,
5
.00
%
,
8/1/28
,
Continuously
Callable
@100
...........................................
3,750
3,754
223,902
Georgia
(1.7%):
Gainesville
&
Hall
County
Development
Authority
Revenue
,
5
.63
%
,
6/1/50
,
Continuously
Callable
@100
.....................................................
2,795
2,716
George
L
Smith
II
Congress
Center
Authority
Revenue
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
...........................................................
1,000
993
Georgia
Housing
&
Finance
Authority
Revenue
Series
A
,
4
.65
%
,
12/1/50
,
Continuously
Callable
@100
........................
5,000
4,920
Series
C
,
4
.55
%
,
12/1/49
,
Continuously
Callable
@100
........................
5,000
4,842
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
...............................
1,840
1,713
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
...............................
1,500
1,380
Main
Street
Natural
Gas,
Inc.
Revenue
Series
A
,
5
.00
%
,
5/15/37
.............................................
3,500
3,616
Series
A
,
5
.00
%
,
5/15/38
.............................................
2,500
2,568
Series
A
,
5
.00
%
,
6/1/53
,
(Put
Date
6/1/30)
(a)
...............................
7,500
7,818
Series
D
,
5
.00
%
,
5/1/54
,
(Put
Date
12/1/30)
,
Continuously
Callable
@100
(a)
........
6,000
6,254
Series
E-2
,
4
.62
%
(
SOFR
+
170
bps
)
,
12/1/53
,
(Put
Date
6/1/31)
(a)
(b)
..............
5,000
4,973
Savannah
Hospital
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
2,500
2,371
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Burke
County
Development
Authority
Revenue
,
2
.20
%
,
10/1/32
,
Continuously
Callable
@100
...........................................................
$
1,850
$
1,578
The
Cobb
County
Development
Authority
Revenue
,
Series
A
,
2
.25
%
,
4/1/33
,
(Put
Date
10/1/29)
(a)
.......................................................
4,975
4,586
50,328
Guam
(0.1%):
Territory
of
Guam
Revenue
Series
A
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
........................
1,500
1,506
Series
A
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
2,000
2,006
3,512
Hawaii
(0.1%):
State
of
Hawaii
Airports
System
Revenue
AMT
,
Series
C
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
.....................................................
2,500
2,510
Idaho
(0.6%):
Idaho
Health
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
3/1/35
,
Continuously
Callable
@100
.........................
5,805
5,970
Series
A
,
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
.........................
7,520
7,720
Idaho
Housing
&
Finance
Association
Revenue
,
Series
A
,
4
.00
%
,
7/15/38
,
Continuously
Callable
@100
.....................................................
3,000
2,952
16,642
Illinois
(14.4%):
Champaign
County
Community
Unit
School
District
No.
4
Champaign,
GO
4
.00
%
,
6/1/34
,
Continuously
Callable
@100
...............................
1,000
1,010
4
.00
%
,
6/1/35
,
Continuously
Callable
@100
...............................
1,290
1,294
4
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
1,575
1,573
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
5
.50
%
,
4/1/43
,
Continuously
Callable
@100
...........................................
5,000
5,243
Chicago
Board
of
Education,
GO
Series
A
,
12/1/25
(d)
.................................................
1,600
1,566
Series
A
,
12/1/26
(d)
.................................................
3,700
3,448
Series
A
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
4,700
4,587
Series
A
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
........................
7,965
7,547
Series
B
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
........................
21,900
18,918
Series
B
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
8,710
7,440
Chicago
Midway
International
Airport
Revenue
,
Series
B
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@100
.....................................................
3,000
2,945
Chicago
O'Hare
International
Airport
Revenue
Series
A
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
2,000
1,996
Series
A
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
.........................
1,000
972
Chicago
O'Hare
International
Airport
Revenue
AMT
Series
A
,
5
.25
%
,
1/1/48
,
Continuously
Callable
@100
.........................
12,500
12,645
Series
C
,
5
.25
%
,
1/1/45
,
Continuously
Callable
@100
.........................
1,600
1,624
Chicago
Park
District,
GO
Series
F-2
,
4
.00
%
,
1/1/34
,
Continuously
Callable
@100
.......................
1,200
1,199
Series
F-2
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.......................
1,300
1,263
Series
F-2
,
5
.00
%
,
1/1/37
,
Continuously
Callable
@100
.......................
2,000
2,066
Series
F-2
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
.......................
1,750
1,650
Series
F-2
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
.......................
1,500
1,535
Series
F-2
,
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
.......................
1,125
1,145
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue
,
Series
A
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
...........................................
5,005
4,145
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@100
............
6,385
5,294
City
of
Calumet
City,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.50
%
,
3/1/43
,
Continuously
Callable
@100
...........................................
1,000
929
City
of
Chicago
Lakeshore
East
Special
Assessment
3
.04
%
,
12/1/28
(c)
..................................................
270
257
3
.20
%
,
12/1/29
(c)
..................................................
325
307
3
.29
%
,
12/1/30
(c)
..................................................
350
329
3
.38
%
,
12/1/31
(c)
..................................................
373
348
3
.45
%
,
12/1/32
(c)
..................................................
300
278
City
of
Chicago
Wastewater
Transmission
Revenue
,
Series
B
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.....................................................
8,000
8,129
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
City
of
Chicago
Waterworks
Revenue
,
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
.......
$
2,665
$
2,701
City
of
Chicago
Waterworks
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.25
%
,
11/1/34
,
Continuously
Callable
@100
...............................
2,105
2,178
5
.25
%
,
11/1/35
,
Continuously
Callable
@100
...............................
1,635
1,688
Series
2017-2
,
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
....................
3,145
3,209
Series
2017-2
,
5
.00
%
,
11/1/37
,
Continuously
Callable
@100
....................
2,500
2,539
City
of
Chicago,
GO
Series
A
,
5
.50
%
,
1/1/41
,
Continuously
Callable
@100
.........................
1,500
1,526
Series
A
,
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
.........................
3,800
3,625
City
of
Galesburg
Revenue
Series
A
,
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
........................
1,125
990
Series
A
,
4
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
1,475
1,175
City
of
Springfield,
GO
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
.................
8,500
8,557
Cook
County
Community
College
District
No.
508,
GO
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
.....................................................
1,650
1,669
County
of
Cook
Sales
Tax
Revenue
4
.00
%
,
11/15/34
,
Continuously
Callable
@100
..............................
3,750
3,742
5
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
5,000
5,117
Illinois
Educational
Facilities
Authority
Revenue
3
.90
%
,
11/1/36
,
Continuously
Callable
@102
...............................
2,220
2,120
4
.00
%
,
11/1/36
,
Continuously
Callable
@102
...............................
9,750
9,536
4
.45
%
,
11/1/36
,
Continuously
Callable
@102
...............................
4,500
4,500
Illinois
Finance
Authority
Revenue
0.00%,
2/15/27
(g)
..................................................
6,822
52
0.00%,
5/15/31
,
Continuously
Callable
@100
(g)
............................
731
214
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
3,500
3,553
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
4,000
4,011
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
600
628
4
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
5,000
5,006
0.00%,
5/15/36
,
Continuously
Callable
@100
(g)
............................
546
160
4
.00
%
,
12/1/36
,
Continuously
Callable
@100
...............................
3,000
3,000
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
700
723
2
.45
%
,
10/1/39
,
(Put
Date
10/1/29)
(a)
....................................
14,000
13,065
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
700
715
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
...............................
1,000
884
Series
A
,
4
.00
%
,
5/15/27
.............................................
1,270
1,278
Series
A
,
5
.00
%
,
5/15/30
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
4
.00
%
,
10/1/31
,
Continuously
Callable
@100
........................
1,000
1,005
Series
A
,
4
.00
%
,
10/1/32
,
Continuously
Callable
@100
........................
1,000
997
Series
A
,
4
.00
%
,
10/1/34
,
Continuously
Callable
@100
........................
1,000
987
Series
A
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.......................
3,700
3,703
Series
A
,
5
.00
%
,
5/15/35
,
Continuously
Callable
@100
........................
1,100
1,100
Series
A
,
5
.00
%
,
11/15/35
,
Continuously
Callable
@100
.......................
3,000
3,003
Series
A
,
5
.00
%
,
2/15/37
,
Continuously
Callable
@100
........................
1,000
1,006
Series
A
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
1,850
1,671
Series
A
,
4
.00
%
,
8/1/40
,
Continuously
Callable
@100
.........................
3,780
3,407
Series
A
,
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
.........................
1,935
1,719
Series
A
,
4
.00
%
,
8/1/43
,
Continuously
Callable
@100
.........................
2,105
1,799
Series
A
,
4
.00
%
,
7/15/47
,
Continuously
Callable
@100
........................
6,500
5,624
Series
B
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
(c)
......................
750
709
Series
C
,
4
.00
%
,
2/15/36
,
Continuously
Callable
@100
........................
18,000
17,661
Series
R
,
5
.40
%
,
4/1/27
,
Continuously
Callable
@100
.........................
760
759
Illinois
Housing
Development
Authority
Revenue
Series
A
,
4
.88
%
,
4/1/50
,
Continuously
Callable
@100
.........................
2,000
2,015
Series
I
,
4
.63
%
,
4/1/50
,
Continuously
Callable
@100
.........................
3,000
2,917
Illinois
Municipal
Electric
Agency
Revenue
,
Series
A
,
4
.00
%
,
2/1/33
,
Continuously
Callable
@100
...........................................................
14,650
14,414
Illinois
State
Toll
Highway
Authority
Revenue
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
5,870
5,875
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
5,600
5,605
Kendall
Kane
&
Will
Counties
Community
Unit
School
District
No.
308,
GO
5
.00
%
,
2/1/35
,
Continuously
Callable
@100
...............................
5,000
5,030
5
.00
%
,
2/1/36
,
Continuously
Callable
@100
...............................
6,000
6,033
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
$
1,210
$
1,219
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,250
1,259
Madison-Macoupin
Etc
Counties
Community
College
District
No.
536,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
11/1/31
,
Continuously
Callable
@100
........................
1,000
1,019
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
2,000
2,037
Series
A
,
5
.00
%
,
11/1/33
,
Continuously
Callable
@100
........................
750
764
Metropolitan
Pier
&
Exposition
Authority
Revenue
5
.00
%
,
6/15/42
,
Continuously
Callable
@100
...............................
2,000
2,035
4
.00
%
,
12/15/42
,
Continuously
Callable
@100
..............................
8,000
7,161
Metropolitan
Pier
&
Exposition
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
6/15/26
(d)
.................................................
5,000
4,816
Northern
Illinois
Municipal
Power
Agency
Revenue
Series
A
,
4
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
1,800
1,811
Series
A
,
4
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
2,100
2,104
Series
A
,
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
4,000
3,970
Series
A
,
4
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
5,000
4,869
Northern
Illinois
University
Certificate
of
Participation
,
4
.25
%
,
4/1/44
,
Continuously
Callable
@100
...........................................................
1,000
946
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
1,300
1,149
Series
B
,
4
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
1,200
1,173
Series
B
,
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
.........................
1,375
1,286
Regional
Transportation
Authority
Revenue
Series
A
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
23,160
23,080
Series
A
,
4
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
11,650
11,519
Sales
Tax
Securitization
Corp.
Revenue
Series
A
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
.........................
5,060
4,832
Series
A
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
.........................
1,750
1,644
Sangamon
County
School
District
No.
186
Springfield,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
5
.00
%
,
2/1/26
,
Continuously
Callable
@100
.............
4,215
4,219
State
of
Illinois,
GO
,
Series
B
,
5
.25
%
,
5/1/43
,
Continuously
Callable
@100
.............
2,500
2,541
The
Illinois
Sports
Facilities
Authority
Revenue
,
5
.00
%
,
6/15/30
,
Continuously
Callable
@100
1,025
1,076
The
Illinois
Sports
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
5
.25
%
,
6/15/30
,
Continuously
Callable
@100
...............................
3,000
3,004
5
.25
%
,
6/15/31
,
Continuously
Callable
@100
...............................
5,000
5,006
5
.25
%
,
6/15/32
,
Continuously
Callable
@100
...............................
5,000
5,006
University
of
Illinois
Revenue
,
Series
A
,
4
.00
%
,
4/1/33
,
Continuously
Callable
@100
......
12,475
12,483
Village
of
Bolingbrook,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
1/1/30
,
Continuously
Callable
@100
.........................
1,500
1,553
Series
A
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
.........................
2,400
2,482
Series
A
,
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
.........................
2,350
2,427
Series
A
,
5
.00
%
,
1/1/38
,
Continuously
Callable
@100
.........................
1,500
1,532
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
12/1/25
.............................................
2,010
2,028
Series
A
,
5
.00
%
,
12/1/26
.............................................
2,110
2,165
Volo
Village
Special
Service
Area
No.
3
&
6
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
3/1/34
,
Continuously
Callable
@100
...............................
2,992
3,015
4
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
1,250
1,194
Will
County
Community
High
School
District
No.
210
Lincoln-Way,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
1/1/34
,
Continuously
Callable
@100
...........
650
654
Williamson
Jackson
Etc
Counties
Community
Unit
School
District
No.
4,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
1,835
1,845
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,925
1,935
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
...............................
2,025
2,034
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
6,000
6,022
418,797
Indiana
(3.3%):
City
of
Rockport
Revenue
,
Series
A
,
3
.05
%
,
6/1/25
...............................
5,750
5,750
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Hammond
Multi-School
Building
Corp.
Revenue
5
.00
%
,
7/15/33
,
Continuously
Callable
@100
...............................
$
1,165
$
1,202
5
.00
%
,
7/15/34
,
Continuously
Callable
@100
...............................
1,000
1,030
5
.00
%
,
7/15/35
,
Continuously
Callable
@100
...............................
1,250
1,280
5
.00
%
,
7/15/38
,
Continuously
Callable
@100
...............................
3,000
3,055
Indiana
Bond
Bank
Revenue
1/15/30
,
Continuously
Callable
@97
(d)
...................................
740
599
7/15/30
,
Continuously
Callable
@96
(d)
...................................
750
592
7/15/31
,
Continuously
Callable
@93
(d)
...................................
1,490
1,119
7/15/32
,
Continuously
Callable
@91
(d)
...................................
1,400
994
Indiana
Finance
Authority
Revenue
1
.40
%
,
8/1/29
,
Continuously
Callable
@100
...............................
7,000
6,254
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
...............................
1,250
1,272
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
1,500
1,525
5
.00
%
,
11/15/33
,
Continuously
Callable
@103
..............................
2,000
2,042
4
.00
%
,
4/1/35
,
Continuously
Callable
@100
...............................
1,210
1,122
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
...............................
1,255
1,152
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
3,660
3,507
4
.00
%
,
4/1/37
,
Continuously
Callable
@100
...............................
1,310
1,190
4
.00
%
,
4/1/38
,
Continuously
Callable
@100
...............................
2,045
1,831
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
4,030
3,758
5
.00
%
,
11/15/38
,
Continuously
Callable
@103
..............................
3,000
3,045
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
1,625
1,434
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
3,605
3,311
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
2,215
1,925
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
2,305
1,961
4
.00
%
,
4/1/42
,
Continuously
Callable
@100
...............................
2,400
2,028
4
.25
%
,
3/1/49
,
Continuously
Callable
@100
...............................
1,625
1,364
Series
A
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.........................
6,240
6,327
Series
A
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@103
.......................
8,400
7,511
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
7,240
7,275
Series
A
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........................
855
853
Series
A
,
4
.00
%
,
11/15/43
,
Continuously
Callable
@100
.......................
1,505
1,234
Series
A
,
4
.25
%
,
7/1/44
,
Continuously
Callable
@100
.........................
1,965
1,751
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
A-1
,
4
.65
%
,
7/1/50
,
Continuously
Callable
@100
.......................
2,500
2,385
Series
B-1
,
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
.......................
1,500
1,505
Series
D-1
,
4
.70
%
,
7/1/49
,
Continuously
Callable
@100
.......................
1,500
1,442
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
6,500
6,483
Terre
Haute
Sanitary
District
Revenue
,
4
.38
%
,
1/1/49
,
Continuously
Callable
@100
.......
5,000
4,493
95,601
Iowa
(0.8%):
Iowa
Finance
Authority
Revenue
Series
A
,
4
.70
%
,
7/1/50
,
Continuously
Callable
@100
.........................
3,000
2,848
Series
E
,
4
.00
%
,
8/15/35
,
Continuously
Callable
@100
........................
5,425
5,191
Series
E
,
4
.00
%
,
8/15/36
,
Continuously
Callable
@100
........................
15,105
14,396
Iowa
Higher
Education
Loan
Authority
Revenue
,
4
.75
%
,
10/1/42
,
Continuously
Callable
@100
1,500
1,453
Iowa
Tobacco
Settlement
Authority
Revenue
Series
A-2
,
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
.......................
270
258
Series
A-2
,
4
.00
%
,
6/1/39
,
Continuously
Callable
@100
.......................
300
283
Series
A-2
,
4
.00
%
,
6/1/40
,
Continuously
Callable
@100
.......................
200
185
24,614
Kansas
(0.1%):
City
of
Manhattan
Revenue
,
Series
A
,
4
.00
%
,
6/1/36
,
Continuously
Callable
@103
........
1,640
1,466
Kentucky
(1.9%):
City
of
Ashland
Revenue
4
.00
%
,
2/1/35
,
Continuously
Callable
@100
...............................
470
461
4
.00
%
,
2/1/37
,
Continuously
Callable
@100
...............................
1,115
1,057
Series
A
,
4
.00
%
,
2/1/36
,
Continuously
Callable
@100
.........................
2,410
2,282
County
of
Trimble
Revenue
,
3
.75
%
,
6/1/33
,
Continuously
Callable
@100
...............
15,000
14,827
Kenton
County
Airport
Board
Revenue
AMT
,
Series
A
,
5
.25
%
,
1/1/49
,
Continuously
Callable
@100
...........................................................
5,000
5,046
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kentucky
Economic
Development
Finance
Authority
Revenue
Series
A
,
5
.00
%
,
5/15/26
.............................................
$
1,485
$
1,469
Series
A
,
5
.00
%
,
5/15/31
,
Continuously
Callable
@100
........................
3,205
2,974
Series
B
,
5
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
480
477
Kentucky
Municipal
Power
Agency
Revenue
,
Series
A
,
3
.45
%
,
9/1/42
,
(Put
Date
3/1/26)
(a)
..
7,000
6,955
Kentucky
Public
Energy
Authority
Revenue
,
Series
A-2
,
4
.12
%
(
SOFR
+
120
bps
)
,
8/1/52
,
(Put
Date
8/1/30)
(a)
(b)
..................................................
7,500
7,521
Kentucky
State
Property
&
Building
Commission
Revenue
5
.00
%
,
5/1/37
,
Continuously
Callable
@100
...............................
5,000
5,148
Series
A
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.........................
2,000
2,016
Series
A
,
5
.00
%
,
2/1/33
,
Continuously
Callable
@100
.........................
2,250
2,267
Series
A
,
4
.00
%
,
11/1/36
,
Continuously
Callable
@100
........................
2,000
1,987
Series
A
,
4
.00
%
,
11/1/38
,
Continuously
Callable
@100
........................
500
480
54,967
Louisiana
(3.4%):
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
1,515
1,526
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
1,500
1,510
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
1,510
1,520
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
5,330
5,336
Series
B
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
5,125
5,131
Series
C
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
........................
1,000
1,039
Series
C
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
2,000
2,076
Louisiana
Housing
Corp.
Revenue
,
Series
A
,
4
.60
%
,
12/1/50
,
Continuously
Callable
@100
..
1,000
957
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
3
.50
%
,
11/1/32
,
Continuously
Callable
@100
.......................
18,750
17,806
Louisiana
Public
Facilities
Authority
Revenue
5
.00
%
,
7/1/33
,
Pre-refunded  7/1/25
@
100
................................
55
55
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
8,940
8,947
5
.00
%
,
5/15/34
,
Continuously
Callable
@100
...............................
2,975
3,021
5
.00
%
,
5/15/34
,
Pre-refunded  5/15/26
@
100
..............................
25
26
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
13,465
13,475
5
.00
%
,
7/1/34
,
Pre-refunded  7/1/25
@
100
................................
85
85
4
.00
%
,
5/15/35
,
Pre-refunded  5/15/26
@
100
..............................
35
35
4
.00
%
,
5/15/35
,
Continuously
Callable
@100
...............................
3,465
3,459
5
.00
%
,
5/15/35
,
Continuously
Callable
@100
...............................
2,000
2,026
4
.00
%
,
5/15/36
,
Continuously
Callable
@100
...............................
1,485
1,480
4
.00
%
,
5/15/36
,
Pre-refunded  5/15/26
@
100
..............................
15
15
5
.00
%
,
5/15/36
,
Continuously
Callable
@100
...............................
1,560
1,575
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
640
640
Series
A
,
4
.00
%
,
12/15/32
,
Continuously
Callable
@100
.......................
2,430
2,434
Series
A
,
4
.00
%
,
12/15/32
,
Pre-refunded
12/15/26
@
100
......................
305
310
Series
A
,
4
.00
%
,
12/15/33
,
Continuously
Callable
@100
.......................
3,095
3,072
Series
A
,
5
.25
%
,
5/15/50
,
Continuously
Callable
@100
........................
2,000
2,026
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Revenue
Series
A
,
4
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
1,000
1,005
Series
A
,
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
.........................
1,000
1,005
Series
A
,
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
1,000
1,000
New
Orleans
Aviation
Board
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
....................................
2,000
2,073
New
Orleans
Aviation
Board
Revenue
AMT
,
Series
C-2
,
5
.25
%
,
1/1/49
,
Continuously
Callable
@100
...........................................................
3,000
3,008
Port
New
Orleans
Board
of
Commissioners
Revenue
AMT
,
Series
B
,
5
.50
%
,
4/1/51
,
Continuously
Callable
@100
...........................................
500
513
St.
John
the
Baptist
Parish
School
District
No.
1,
GO
,
5
.25
%
,
3/1/43
,
Continuously
Callable
@100
...........................................................
5,000
5,051
Tangipahoa
Parish
Hospital
Service
District
No.
1
Revenue
4
.00
%
,
2/1/38
,
Continuously
Callable
@100
...............................
2,375
2,200
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
2,330
2,123
4
.00
%
,
2/1/41
,
Continuously
Callable
@100
...............................
1,500
1,326
4
.00
%
,
2/1/42
,
Continuously
Callable
@100
...............................
1,500
1,310
100,196
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Maine
(0.1%):
Maine
State
Housing
Authority
Revenue
,
Series
A
,
4
.65
%
,
11/15/50
,
Continuously
Callable
@100
...........................................................
$
2,500
$
2,334
Maryland
(2.0%):
City
of
Gaithersburg
Revenue
Series
A
,
5
.00
%
,
1/1/33
,
Continuously
Callable
@103
.........................
3,000
3,040
Series
A
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@103
.........................
1,000
1,004
Howard
County
Housing
Commission
Revenue
,
Series
A
,
1
.60
%
,
6/1/29
,
Continuously
Callable
@100
.....................................................
3,000
2,722
Maryland
Economic
Development
Corp.
Revenue
5
.00
%
,
10/1/50
,
Continuously
Callable
@100
...............................
4,000
3,982
Series
A
,
5
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
1,250
1,304
Series
A
,
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
1,000
1,042
Series
A
,
5
.00
%
,
6/1/32
,
Continuously
Callable
@100
.........................
1,000
1,041
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@100
.........................
2,000
2,064
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
...............................
3,190
3,275
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
6,505
6,671
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
1,000
1,001
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
3,600
3,688
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
2,500
2,557
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
2,200
2,202
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
...............................
865
784
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,500
1,399
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,585
1,437
4
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
1,645
1,469
5
.25
%
,
7/1/50
,
Continuously
Callable
@100
...............................
2,000
2,019
Series
A
,
5
.50
%
,
1/1/29
,
Continuously
Callable
@100
.........................
1,415
1,446
Series
A
,
5
.50
%
,
1/1/30
,
Continuously
Callable
@100
.........................
1,750
1,788
Series
A
,
5
.50
%
,
1/1/31
,
Continuously
Callable
@100
.........................
1,585
1,619
Series
A
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
1,000
1,012
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,000
1,011
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
1,310
1,324
Series
A
,
5
.50
%
,
1/1/36
,
Continuously
Callable
@100
.........................
5,000
5,087
Series
A
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
1,000
1,011
State
of
Maryland
Department
of
Transportation
Revenue
AMT
,
Series
A
,
5
.25
%
,
8/1/49
,
Continuously
Callable
@100
...........................................
2,000
2,037
59,036
Massachusetts
(2.0%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
1,250
1,255
4
.00
%
,
10/1/32
,
Continuously
Callable
@103
(c)
.............................
3,600
3,453
5
.00
%
,
4/15/33
,
Continuously
Callable
@100
...............................
2,155
2,156
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
1,250
1,253
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
1,000
1,011
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
895
905
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
1,215
1,224
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
800
821
5
.00
%
,
10/1/37
,
Continuously
Callable
@103
(c)
.............................
1,000
976
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
600
616
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
335
336
4
.00
%
,
9/1/41
,
Continuously
Callable
@100
...............................
1,010
904
5
.00
%
,
10/1/42
,
Continuously
Callable
@100
...............................
3,500
3,659
5
.25
%
,
7/1/50
,
Continuously
Callable
@103
...............................
1,000
987
6
.00
%
,
7/1/50
,
Continuously
Callable
@100
...............................
1,120
1,185
Series
A
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
.........................
450
461
Series
A
,
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
.........................
645
660
Series
A
,
5
.00
%
,
1/1/33
,
Continuously
Callable
@100
.........................
535
547
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
700
716
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
735
750
Series
A
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
1,000
1,002
Series
A
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
2,000
1,977
Series
A
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
1,000
974
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
$
2,250
$
2,174
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
(c)
.......................
1,000
969
Series
A
,
5
.50
%
,
8/15/50
,
Continuously
Callable
@100
........................
1,000
1,023
Series
B
,
4
.00
%
,
6/1/35
,
Continuously
Callable
@100
.........................
2,300
2,008
Series
B
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@100
.........................
2,750
2,215
Series
E
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
2,105
2,114
Series
I
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
2,000
2,031
Series
I
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
1,675
1,700
Series
I
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
2,000
2,015
Series
J2
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
........................
10,000
10,021
Series
T1
,
2
.57
%
(
MUNIPSA
+
60
bps
)
,
7/1/49
,
(Put
Date
1/29/26)
,
Continuously
Callable
@100
(a)
(b)
(c)
.....................................................
2,500
2,495
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
242
,
4
.75
%
,
12/1/50
,
Continuously
Callable
@100
.....................................................
2,000
1,918
58,511
Michigan
(2.2%):
Flint
Hospital
Building
Authority
Revenue
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
2,525
2,400
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
2,620
2,469
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
2,730
2,545
4
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
1,635
1,511
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,855
1,656
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
,
Series
D
,
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
...........................................
13,560
13,655
Livonia
Public
Schools,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
5/1/32
,
Continuously
Callable
@100
...............................
2,775
2,809
5
.00
%
,
5/1/33
,
Continuously
Callable
@100
...............................
2,875
2,909
5
.00
%
,
5/1/34
,
Continuously
Callable
@100
...............................
2,965
2,998
5
.00
%
,
5/1/35
,
Continuously
Callable
@100
...............................
3,065
3,098
5
.00
%
,
5/1/36
,
Continuously
Callable
@100
...............................
2,770
2,800
Michigan
Finance
Authority
Revenue
5
.00
%
,
11/1/34
,
Continuously
Callable
@100
...............................
1,000
1,041
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
...............................
1,000
1,035
4
.00
%
,
11/15/35
,
Continuously
Callable
@100
..............................
6,000
5,744
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,000
1,031
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
1,000
947
5
.00
%
,
11/1/37
,
Continuously
Callable
@100
...............................
1,250
1,284
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
2,125
1,266
5
.38
%
,
11/1/43
,
Continuously
Callable
@100
...............................
3,530
3,565
4
.00
%
,
2/15/50
,
Continuously
Callable
@100
...............................
3,205
2,745
Michigan
State
Housing
Development
Authority
Revenue
Series
A
,
4
.95
%
,
12/1/50
,
Continuously
Callable
@100
........................
2,000
2,002
Series
D
,
4
.45
%
,
12/1/49
,
Continuously
Callable
@100
........................
3,500
3,259
Summit
Academy
North
Revenue
,
4
.00
%
,
11/1/41
,
Continuously
Callable
@103
.........
2,870
2,450
65,219
Minnesota
(0.3%):
City
of
Minneapolis
Revenue
,
Series
A
,
5
.00
%
,
11/15/36
,
Continuously
Callable
@100
.....
5,000
5,040
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
Revenue
AMT
,
Series
B
,
5
.25
%
,
1/1/44
,
Continuously
Callable
@100
.....................................
3,000
3,067
8,107
Mississippi
(0.8%):
Mississippi
Business
Finance
Corp.
Revenue
,
3
.20
%
,
9/1/28
,
Continuously
Callable
@100
..
6,000
5,932
Mississippi
Development
Bank
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
.....................................
4,685
4,671
Mississippi
Home
Corp.
Revenue
,
Series
A
,
4
.90
%
,
12/1/50
,
Continuously
Callable
@100
...
3,000
2,972
Mississippi
Hospital
Equipment
&
Facilities
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
2,240
2,188
Series
A
,
4
.00
%
,
1/1/37
,
Continuously
Callable
@100
.........................
2,260
2,182
Series
A
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
.........................
1,850
1,730
Series
A
,
4
.00
%
,
1/1/40
,
Continuously
Callable
@100
.........................
2,675
2,456
22,131
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Missouri
(1.6%):
Cape
Girardeau
County
IDA
Revenue
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
...............................
$
500
$
511
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
750
756
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...............................
750
681
Series
A
,
6
.00
%
,
3/1/33
,
Continuously
Callable
@101
.........................
1,620
1,639
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
0.00%,
5/15/32
,
Continuously
Callable
@103
(g)
............................
606
178
0.00%,
5/15/36
,
Continuously
Callable
@103
(g)
............................
1,780
522
Series
A
,
5
.00
%
,
2/1/29
,
Continuously
Callable
@103
.........................
1,000
1,027
Series
A
,
5
.00
%
,
2/1/34
,
Continuously
Callable
@103
.........................
2,000
2,019
Missouri
Development
Finance
Board
Revenue
Series
A
,
5
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A
,
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
4,215
4,218
Missouri
Housing
Development
Commission
Revenue
Series
A
,
4
.63
%
,
11/1/50
,
Continuously
Callable
@100
........................
4,555
4,468
Series
C
,
4
.95
%
,
11/1/50
,
Continuously
Callable
@100
........................
3,000
3,023
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
Revenue
,
Series
A-R
,
2
.90
%
,
9/1/33
,
Continuously
Callable
@102
...........................
25,000
21,890
St.
Louis
County
IDA
Revenue
,
Series
A
,
5
.50
%
,
9/1/33
,
Continuously
Callable
@100
.....
2,540
2,541
Stoddard
County
IDA
Revenue
,
Series
B
,
6
.00
%
,
3/1/37
,
Continuously
Callable
@101
.....
1,640
1,659
46,133
Montana
(0.0%):(h)
Montana
Board
of
Housing
Revenue
,
Series
A
,
4
.85
%
,
12/1/50
,
Continuously
Callable
@100
1,400
1,373
Nebraska
(1.2%):
Central
Plains
Energy
Project
Revenue
Series
1
,
5
.00
%
,
5/1/53
,
(Put
Date
10/1/29)
,
Continuously
Callable
@100
(a)
.........
17,000
17,630
Series
A
,
5
.00
%
,
9/1/37
..............................................
3,210
3,326
Douglas
County
Hospital
Authority
No.
3
Revenue
5
.00
%
,
11/1/28
,
Continuously
Callable
@100
...............................
1,250
1,257
5
.00
%
,
11/1/30
,
Continuously
Callable
@100
...............................
1,600
1,607
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
Series
S
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@102
.........................
795
769
Series
S
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@102
.........................
1,240
1,188
Series
S
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@102
.........................
2,595
2,428
Series
S
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@102
.........................
1,800
1,658
Nebraska
Investment
Finance
Authority
Revenue
Series
A
,
4
.60
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,000
965
Series
G
,
4
.55
%
,
9/1/44
,
Continuously
Callable
@100
........................
1,000
972
Omaha
Airport
Authority
Revenue
AMT
,
5
.25
%
,
12/15/49
,
Continuously
Callable
@100
....
1,750
1,783
33,583
Nevada
(1.1%):
Carson
City
Revenue
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...............................
620
632
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
1,000
1,015
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
...............................
1,000
1,009
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,950
1,945
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...............................
2,775
2,643
City
of
North
Las
Vegas,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
6/1/35
,
Continuously
Callable
@100
...............................
1,870
1,877
4
.00
%
,
6/1/37
,
Continuously
Callable
@100
...............................
7,345
7,245
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
...............................
6,135
5,938
City
of
Sparks
Revenue
,
Series
A
,
2
.75
%
,
6/15/28
(c)
..............................
750
740
Las
Vegas
Convention
&
Visitors
Authority
Revenue
Series
C
,
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,000
2,005
Series
C
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
4,560
4,518
Reno-Tahoe
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/49
,
Continuously
Callable
@100
...........................................................
2,700
2,712
32,279
New
Hampshire
(0.7%):
New
Hampshire
Business
Finance
Authority
Revenue
4
.00
%
,
1/1/41
,
Continuously
Callable
@103
...............................
5,100
4,388
Series
A
,
5
.00
%
,
11/1/49
,
Continuously
Callable
@100
........................
3,000
2,949
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
5
.50
%
,
6/1/50
,
Continuously
Callable
@100
.........................
$
1,500
$
1,542
New
Hampshire
Health
and
Education
Facilities
Authority
Act
Revenue
5
.50
%
,
8/1/50
,
Continuously
Callable
@100
...............................
1,000
1,038
Series
A
,
5
.00
%
,
8/1/34
,
Continuously
Callable
@100
.........................
2,880
2,954
Series
A
,
5
.00
%
,
8/1/35
,
Continuously
Callable
@100
.........................
2,700
2,760
Series
A
,
5
.00
%
,
8/1/36
,
Continuously
Callable
@100
.........................
2,000
2,036
Series
A
,
5
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
1,500
1,523
New
Hampshire
Housing
Finance
Authority
Revenue
,
Series
C
,
4
.63
%
,
7/1/48
,
Continuously
Callable
@100
.....................................................
2,000
1,911
21,101
New
Jersey
(3.4%):
Casino
Reinvestment
Development
Authority,
Inc.
Revenue
,
Series
A
,
4
.00
%
,
11/1/44
,
Continuously
Callable
@100
...........................................
1,000
879
City
of
Atlantic
City,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
.........................
1,660
1,705
Series
B
,
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
.........................
1,250
1,272
City
of
Atlantic
City,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
.........................
630
648
Series
A
,
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
.........................
750
770
City
of
Newark
Mass
Transit
Access
Tax
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
5
.00
%
,
11/15/42
,
Continuously
Callable
@100
...................................
1,000
1,061
Essex
County
Improvement
Authority
Revenue
,
4
.00
%
,
6/15/38
,
Continuously
Callable
@100
550
518
New
Brunswick
Parking
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
2,000
2,031
New
Jersey
Economic
Development
Authority
Revenue
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
2,000
2,072
4
.00
%
,
11/1/38
,
Continuously
Callable
@100
...............................
1,500
1,409
4
.00
%
,
11/1/39
,
Continuously
Callable
@100
...............................
2,000
1,847
Series
A
,
3
.13
%
,
7/1/29
,
Continuously
Callable
@100
.........................
665
636
Series
A
,
3
.38
%
,
7/1/30
,
Continuously
Callable
@100
.........................
1,000
954
Series
B
,
5
.00
%
,
6/15/37
,
Continuously
Callable
@100
........................
16,280
16,686
New
Jersey
Educational
Facilities
Authority
Revenue
Series
B
,
5
.50
%
,
9/1/32
,
Continuously
Callable
@100
.........................
8,075
8,245
Series
F
,
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
150
150
Series
F
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
260
256
Series
F
,
4
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
975
951
New
Jersey
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
3,000
3,085
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
3,350
3,435
Series
A
,
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
1,800
1,775
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
...............................
2,000
2,070
5
.00
%
,
10/1/34
,
Continuously
Callable
@100
...............................
2,000
2,065
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
2,620
2,681
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/27
,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
1,500
1,501
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Series
A
,
12/15/38
(d)
................................................
11,405
6,281
Series
A
,
4
.25
%
,
6/15/40
,
Continuously
Callable
@100
........................
2,000
1,928
Series
AA
,
4
.00
%
,
6/15/36
,
Continuously
Callable
@100
......................
2,500
2,434
Series
AA
,
4
.00
%
,
6/15/37
,
Continuously
Callable
@100
......................
2,250
2,170
Series
AA
,
4
.25
%
,
6/15/44
,
Continuously
Callable
@100
......................
1,000
927
Series
CC
,
4
.13
%
,
6/15/50
,
Continuously
Callable
@100
......................
3,000
2,657
New
Jersey
Turnpike
Authority
Revenue
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
4,725
4,757
Series
B
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
3,500
3,510
Newark
Housing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
500
503
4
.00
%
,
12/1/30
,
Continuously
Callable
@100
...............................
750
755
4
.00
%
,
12/1/31
,
Continuously
Callable
@100
...............................
500
502
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Jersey
Transportation
Authority
Revenue
4
.50
%
,
11/1/42
,
Continuously
Callable
@100
...............................
$
1,000
$
989
Series
A
,
4
.00
%
,
11/1/40
,
Continuously
Callable
@100
........................
4,300
4,016
The
Passaic
County
Improvement
Authority
Revenue
,
5
.25
%
,
7/1/43
,
Continuously
Callable
@100
...........................................................
665
671
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
...........................................................
5,000
5,091
97,895
New
Mexico
(0.6%):
City
of
Farmington
Revenue
,
Series
B
,
2
.15
%
,
4/1/33
,
Continuously
Callable
@101
.......
10,000
8,236
City
of
Santa
Fe
Revenue
Series
A
,
5
.00
%
,
5/15/34
,
Continuously
Callable
@103
........................
575
578
Series
A
,
5
.00
%
,
5/15/39
,
Continuously
Callable
@103
........................
480
475
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@102
...........................................
1,075
1,024
New
Mexico
Mortgage
Finance
Authority
Revenue
,
Series
A
,
4
.70
%
,
9/1/50
,
Continuously
Callable
@100
.....................................................
5,000
4,758
Village
of
Los
Ranchos
de
Albuquerque
Revenue
4
.00
%
,
9/1/35
,
Continuously
Callable
@100
...............................
300
298
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
1,200
1,128
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
4
.00
%
,
5/1/33
,
Continuously
Callable
@103
(c)
.............................
600
563
4
.25
%
,
5/1/40
,
Continuously
Callable
@103
(c)
.............................
1,000
893
17,953
New
York
(5.0%):
Allegany
County
Capital
Resource
Corp.
Revenue
Series
A
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,390
1,351
Series
A
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,500
1,387
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
1,925
1,709
Build
NYC
Resource
Corp.
Revenue
4
.50
%
,
6/15/43
,
Continuously
Callable
@100
...............................
700
644
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
500
499
Series
A
,
6
.75
%
,
4/15/43
,
Continuously
Callable
@100
(c)
......................
1,810
1,873
Build
NYC
Resource
Corp.
Revenue
AMT
,
5
.50
%
,
7/1/50
,
Continuously
Callable
@100
....
500
511
City
of
Cortland,
GO
,
4
.50
%
,
5/15/26
........................................
2,500
2,521
City
of
Dunkirk,
GO
,
7
.50
%
,
7/24/25
(c)
.......................................
5,731
5,736
Empire
State
Development
Corp.
Revenue
Series
A
,
4
.00
%
,
3/15/39
,
Continuously
Callable
@100
........................
5,000
4,926
Series
E-2
,
4
.00
%
,
3/15/39
,
Continuously
Callable
@100
......................
5,785
5,618
Hudson
Yards
Infrastructure
Corp.
Revenue
,
Series
A
,
5
.00
%
,
2/15/38
,
Continuously
Callable
@100
...........................................................
2,500
2,526
Metropolitan
Transportation
Authority
Revenue
Series
A
,
4
.63
%
,
11/15/50
,
Continuously
Callable
@100
.......................
665
638
Series
C-1
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.....................
6,295
6,320
Series
C-1
,
4
.00
%
,
11/15/35
,
Continuously
Callable
@100
.....................
9,040
8,908
Series
C-1
,
5
.00
%
,
11/15/36
,
Continuously
Callable
@100
.....................
3,705
3,762
Series
D-1
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.....................
2,000
2,008
Series
F
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.......................
2,000
2,008
Series
F
,
5
.00
%
,
11/15/35
,
Continuously
Callable
@100
.......................
3,000
3,003
Metropolitan
Transportation
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
2
,
3
.72
%
(
SOFR
+
80
bps
)
,
11/1/32
,
(Put
Date
4/1/26)
(a)
(b)
.................
3,000
2,990
Series
A-1
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@100
.....................
9,820
9,212
Monroe
County
Industrial
Development
Corp.
Revenue
4
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,200
1,120
4
.00
%
,
12/1/39
,
Continuously
Callable
@100
...............................
1,200
1,104
Mount
Vernon
City
School
District,
GO
,
5
.00
%
,
6/30/25
...........................
3,000
3,000
Nassau
County
Local
Economic
Assistance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
997
New
York
City
Housing
Development
Corp.
Revenue
,
Series
A-1
,
4
.75
%
,
11/1/50
,
Continuously
Callable
@100
...........................................
1,500
1,464
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
4
.00
%
,
11/1/38
,
Continuously
Callable
@100
...........................................
1,250
1,215
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
York
Liberty
Development
Corp.
Revenue
2
.63
%
,
9/15/69
,
Continuously
Callable
@100
...............................
$
3,350
$
2,959
Series
A
,
2
.10
%
,
11/15/32
,
Continuously
Callable
@100
.......................
6,730
5,819
Series
A
,
2
.20
%
,
11/15/33
,
Continuously
Callable
@100
.......................
9,000
7,636
New
York
State
Dormitory
Authority
Revenue
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
(c)
.............................
600
569
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
3,280
2,846
Series
A
,
4
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
500
467
Series
A
,
4
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
350
323
Series
A
,
4
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,250
1,138
Series
A
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.........................
750
674
Series
A
,
4
.00
%
,
3/15/41
,
Continuously
Callable
@100
........................
21,605
19,984
Series
A
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,250
1,043
Series
A-1
,
4
.00
%
,
7/1/40
,
Continuously
Callable
@100
.......................
4,535
4,291
New
York
State
Dormitory
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
10/1/27
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
5
.00
%
,
10/1/28
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
5
.00
%
,
10/1/29
,
Continuously
Callable
@100
........................
1,300
1,301
New
York
Transportation
Development
Corp.
Revenue
AMT
(INS
-
Assured
Guaranty
Corp.)
,
4
.25
%
,
6/30/42
,
Continuously
Callable
@100
...............................
4,565
4,172
Niagara
Falls
City
School
District
Certificate
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/15/25
.......................................
1,670
1,671
Onondaga
Civic
Development
Corp.
Revenue
,
5
.13
%
,
8/1/44
,
Continuously
Callable
@100
..
500
451
Saratoga
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
.....................................................
790
791
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
266
,
4
.65
%
,
10/1/50
,
Continuously
Callable
@100
....................................
2,500
2,409
Town
of
Oyster
Bay,
GO
,
4
.00
%
,
2/15/26
......................................
3,000
3,027
Village
of
Sylvan
Beach,
GO
,
5
.75
%
,
1/15/26
,
Continuously
Callable
@100
.............
3,000
3,000
Westchester
County
Local
Development
Corp.
Revenue
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...........................................................
750
784
144,407
North
Carolina
(0.6%):
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
10/1/25
....................................................
320
321
5
.00
%
,
10/1/30
,
Continuously
Callable
@100
...............................
1,850
1,852
5
.00
%
,
10/1/40
,
Continuously
Callable
@103
...............................
1,050
1,049
4
.50
%
,
12/1/44
,
Continuously
Callable
@100
...............................
8,000
7,448
5
.00
%
,
10/1/45
,
Continuously
Callable
@103
...............................
1,000
958
Series
A
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.........................
3,050
2,558
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
........................
600
528
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@103
........................
1,800
1,741
16,455
North
Dakota
(0.5%):
City
of
Grand
Forks
Revenue
4
.00
%
,
12/1/36
,
Continuously
Callable
@100
...............................
2,475
2,332
4
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,100
1,011
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
...............................
1,700
1,526
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
1,750
1,558
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
350
362
Series
A
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
........................
695
714
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
4,500
4,137
North
Dakota
Housing
Finance
Agency
Revenue
Series
A
,
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,500
1,486
Series
D
,
4
.65
%
,
7/1/49
,
Continuously
Callable
@100
........................
3,000
2,823
15,949
Ohio
(4.0%):
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
1,000
956
4
.00
%
,
11/15/37
,
Continuously
Callable
@100
..............................
800
747
4
.00
%
,
11/15/38
,
Continuously
Callable
@100
..............................
500
461
City
of
Centerville
Revenue
,
5
.25
%
,
11/1/37
,
Continuously
Callable
@100
..............
2,250
2,162
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Cleveland-Cuyahoga
County
Port
Authority
Revenue
,
Series
A
,
5
.88
%
,
1/1/49
,
Continuously
Callable
@102
(c)
...................................................
$
640
$
597
Columbus
Regional
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.50
%
,
1/1/50
,
Continuously
Callable
@100
.....................................................
6,000
6,194
County
of
Allen
Hospital
Facilities
Revenue
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
...............................
7,500
6,870
Series
A
,
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
.........................
5,000
4,857
Series
A
,
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
10,800
10,351
County
of
Cuyahoga
Revenue
4
.00
%
,
2/15/29
,
Continuously
Callable
@100
...............................
7,430
7,327
5
.00
%
,
2/15/37
,
Continuously
Callable
@100
...............................
4,000
3,956
County
of
Fayette
Revenue
,
5
.25
%
,
12/1/49
,
Continuously
Callable
@100
..............
2,000
2,029
County
of
Hamilton
Revenue
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
...............................
1,350
1,356
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
...............................
1,400
1,395
5
.00
%
,
9/15/39
,
Continuously
Callable
@100
...............................
1,375
1,379
5
.00
%
,
9/15/40
,
Continuously
Callable
@100
...............................
1,100
1,097
Series
A
,
5
.50
%
,
1/1/43
,
Continuously
Callable
@103
.........................
750
758
Series
A
,
5
.50
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,500
1,530
County
of
Hamilton
Sales
Tax
Revenue
(INS
-
AMBAC
Assurance
Corp.)
,
Series
B
,
12/1/25
(d)
4,365
4,306
County
of
Hardin
Revenue
,
5
.25
%
,
5/1/40
,
Continuously
Callable
@103
...............
2,000
1,843
County
of
Montgomery
Revenue
3
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
7,000
5,743
5
.00
%
,
11/15/37
,
Continuously
Callable
@100
..............................
2,200
2,239
5
.25
%
,
9/1/49
,
Continuously
Callable
@100
...............................
1,000
1,004
County
of
Ross
Revenue
,
5
.00
%
,
12/1/44
,
Continuously
Callable
@100
................
2,405
2,412
County
of
Warren
Revenue
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............
2,360
2,241
Ohio
Higher
Educational
Facility
Commission
Revenue
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...............................
790
782
5
.25
%
,
5/1/49
,
Continuously
Callable
@100
...............................
3,000
3,006
Series
2025
,
5
.50
%
,
10/1/50
,
Continuously
Callable
@100
.....................
1,735
1,699
Ohio
Housing
Finance
Agency
Revenue
Series
A
,
4
.65
%
,
9/1/50
,
Continuously
Callable
@100
.........................
5,000
4,894
Series
C
,
4
.65
%
,
9/1/49
,
Continuously
Callable
@100
.........................
1,000
969
Southeastern
Ohio
Port
Authority
Revenue
5
.50
%
,
12/1/29
,
Continuously
Callable
@100
...............................
750
750
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
750
710
State
of
Ohio
Revenue
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
1,260
1,197
4
.00
%
,
11/15/38
,
Continuously
Callable
@100
..............................
1,270
1,155
4
.00
%
,
11/15/40
,
Continuously
Callable
@100
..............................
655
586
Series
A
,
5
.00
%
,
1/15/34
,
Continuously
Callable
@100
........................
7,210
7,259
Series
A
,
5
.00
%
,
1/15/35
,
Continuously
Callable
@100
........................
6,000
6,041
Series
A
,
5
.00
%
,
1/15/36
,
Continuously
Callable
@100
........................
3,070
3,091
Series
A
,
4
.00
%
,
1/15/38
,
Continuously
Callable
@100
........................
1,000
976
Series
A
,
4
.00
%
,
1/15/40
,
Continuously
Callable
@100
........................
1,800
1,665
Summit
County
Development
Finance
Authority
Revenue
,
5
.50
%
,
12/1/43
,
Continuously
Callable
@100
.....................................................
1,500
1,572
Village
of
Bluffton
Revenue
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
...............................
1,500
1,542
4
.00
%
,
12/1/32
,
Continuously
Callable
@100
...............................
1,500
1,491
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
1,600
1,575
4
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
1,795
1,748
116,518
Oklahoma
(0.3%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.00
%
,
8/15/33
,
Continuously
Callable
@100
.....................................................
4,100
4,135
Pontotoc
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.....................................................
2,000
1,807
Tulsa
County
Industrial
Authority
Revenue
5
.00
%
,
11/15/28
,
Continuously
Callable
@102
..............................
940
958
5
.00
%
,
11/15/30
,
Continuously
Callable
@102
..............................
1,780
1,810
8,710
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Oregon
(0.2%):
Clackamas
County
Hospital
Facility
Authority
Revenue
Series
A
,
5
.00
%
,
11/15/32
,
Continuously
Callable
@102
.......................
$
1,000
$
1,024
Series
A
,
5
.00
%
,
11/15/37
,
Continuously
Callable
@102
.......................
500
502
Oregon
State
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
275
283
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
1,750
1,763
Port
of
Portland
Airport
Revenue
AMT
,
Series
30A
,
5
.25
%
,
7/1/49
,
Continuously
Callable
@100
...........................................................
1,500
1,521
Salem
Hospital
Facility
Authority
Revenue
,
4
.00
%
,
5/15/40
,
Continuously
Callable
@103
...
800
692
5,785
Pennsylvania
(9.5%):
Adams
County
General
Authority
Revenue
,
5
.00
%
,
8/15/50
,
Continuously
Callable
@100
...
1,000
960
Allegheny
County
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.50
%
,
1/1/50
,
Continuously
Callable
@100
.....................................................
2,000
2,072
Allegheny
County
Hospital
Development
Authority
Revenue
Series
A
,
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
7,315
7,476
Series
A
,
5
.00
%
,
4/1/36
,
Continuously
Callable
@100
.........................
8,000
8,134
Series
A
,
4
.00
%
,
7/15/38
,
Continuously
Callable
@100
........................
1,500
1,420
Series
A
,
4
.00
%
,
7/15/39
,
Continuously
Callable
@100
........................
3,495
3,210
Allegheny
County
Sanitary
Authority
Revenue
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
1,000
870
Allegheny
County
Sanitary
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
1,500
1,500
4
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
1,475
1,463
Allentown
Commercial
and
IDA
Revenue
5
.75
%
,
6/15/43
,
Continuously
Callable
@100
...............................
600
621
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
(c)
.............................
2,500
2,280
Bucks
County
IDA
Revenue
5
.00
%
,
10/1/30
,
Continuously
Callable
@103
...............................
325
331
5
.00
%
,
10/1/31
,
Continuously
Callable
@103
...............................
450
458
5
.00
%
,
10/1/37
,
Continuously
Callable
@103
...............................
2,260
2,286
Butler
County
Hospital
Authority
Revenue
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
....
1,885
1,785
Chester
County
IDA
Revenue
5
.63
%
,
10/15/42
,
Continuously
Callable
@100
(c)
............................
8,875
8,819
4
.25
%
,
10/1/44
,
Continuously
Callable
@100
(c)
.............................
1,075
932
4
.50
%
,
10/1/49
,
Continuously
Callable
@100
(c)
.............................
800
700
Series
A
,
5
.13
%
,
10/15/37
,
Continuously
Callable
@100
.......................
2,750
2,699
Chester
County
IDA
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/48
,
Continuously
Callable
@100
.....................................
10,000
8,515
Clairton
Municipal
Authority
Revenue
,
Series
B
,
4
.38
%
,
12/1/42
,
Continuously
Callable
@100
2,250
2,063
Commonwealth
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
6/1/34
,
Continuously
Callable
@100
...........................................................
5,000
5,004
Commonwealth
of
Pennsylvania
Certificate
of
Participation
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,350
1,396
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
750
774
Series
A
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.........................
800
820
County
of
Beaver,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
4/15/30
,
Continuously
Callable
@100
...........................................
4,490
4,564
County
of
Lehigh
Revenue
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
2,000
1,932
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
2,000
1,891
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
2,000
1,872
County
of
Luzerne,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
11/15/29
,
Continuously
Callable
@100
...........................................
5,000
5,030
Cumberland
County
Municipal
Authority
Revenue
4
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,250
1,181
4
.00
%
,
11/1/37
,
Continuously
Callable
@100
...............................
2,130
1,975
Dauphin
County
General
Authority
Revenue
Series
A
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
2,000
2,004
Series
A
,
4
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
1,000
1,005
Delaware
County
Authority
Revenue
5
.00
%
,
10/1/30
....................................................
1,200
1,230
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
2,220
2,225
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
$
2,250
$
2,162
General
Authority
of
Southcentral
Pennsylvania
Revenue
,
5
.25
%
,
5/1/50
,
Continuously
Callable
@100
.....................................................
2,000
1,998
Lancaster
Higher
Education
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/42
,
Continuously
Callable
@100
.....................................................
3,360
3,234
Lancaster
Municipal
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/1/44
,
Continuously
Callable
@103
1,200
1,171
Latrobe
IDA
Revenue
4
.00
%
,
3/1/40
,
Continuously
Callable
@100
...............................
250
214
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...............................
250
210
4
.00
%
,
3/1/46
,
Continuously
Callable
@100
...............................
750
590
Lehigh
County
General
Purpose
Authority
Revenue
5
.00
%
,
2/1/43
,
Continuously
Callable
@100
...............................
1,520
1,540
5
.00
%
,
2/1/44
,
Continuously
Callable
@100
...............................
2,000
2,013
Montgomery
County
Higher
Education
&
Health
Authority
Revenue
5
.00
%
,
9/1/34
,
Continuously
Callable
@100
...............................
1,750
1,802
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...............................
1,850
1,898
4
.00
%
,
9/1/36
,
Continuously
Callable
@100
...............................
1,100
1,057
4
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,000
947
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,750
1,781
4
.00
%
,
9/1/38
,
Continuously
Callable
@100
...............................
900
835
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
909
Montgomery
County
IDA
Revenue
5
.00
%
,
11/1/44
,
Continuously
Callable
@100
...............................
1,440
1,369
5
.25
%
,
11/1/49
,
Continuously
Callable
@100
...............................
1,340
1,302
Montour
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
5
.00
%
,
4/1/33
,
Continuously
Callable
@100
.........................
1,000
1,004
Series
B
,
5
.00
%
,
4/1/34
,
Continuously
Callable
@100
.........................
1,500
1,505
Series
B
,
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
1,500
1,505
Northampton
County
General
Purpose
Authority
Revenue
,
4
.00
%
,
8/15/48
,
Continuously
Callable
@100
.....................................................
2,335
1,955
Northeastern
Pennsylvania
Hospital
and
Education
Authority
Revenue
,
Series
A
,
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
.....................................
1,525
1,501
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4
.00
%
,
7/1/33
,
Continuously
Callable
@103
...............................
1,750
1,729
4
.00
%
,
7/1/41
,
Continuously
Callable
@103
...............................
1,050
938
Series
A-2
,
4
.00
%
,
5/15/43
,
Continuously
Callable
@100
......................
1,125
988
Series
B-2
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@103
.......................
3,000
3,026
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Series
A
,
5
.25
%
,
7/15/25
,
Continuously
Callable
@100
........................
1,730
1,731
Series
B-1
,
4
.25
%
,
11/1/48
,
Continuously
Callable
@100
......................
10,000
9,047
Pennsylvania
Housing
Finance
Agency
Revenue
Series
-145A
,
4
.60
%
,
10/1/44
,
Continuously
Callable
@100
....................
3,000
2,915
Series
-146A
,
4
.50
%
,
10/1/44
,
Continuously
Callable
@100
....................
3,000
2,863
Series
-147A
,
4
.70
%
,
10/1/49
,
Continuously
Callable
@100
....................
2,000
1,933
Series
148A
,
4
.75
%
,
10/1/50
,
Continuously
Callable
@100
.....................
5,000
4,885
Pennsylvania
Turnpike
Commission
Revenue
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
8,255
8,301
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
2,000
2,083
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...............................
1,675
1,720
Series
B
,
4
.00
%
,
6/1/34
,
Continuously
Callable
@100
.........................
20,000
20,029
Series
B
,
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
2,000
2,011
Philadelphia
IDA
Revenue
5
.00
%
,
5/1/35
,
Continuously
Callable
@100
...............................
750
774
5
.00
%
,
5/1/38
,
Continuously
Callable
@100
...............................
2,500
2,566
5
.00
%
,
6/15/40
,
Continuously
Callable
@100
(c)
.............................
900
876
5
.50
%
,
6/15/43
,
Continuously
Callable
@100
(c)
.............................
1,750
1,692
Pittsburgh
Water
&
Sewer
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
9/1/35
,
Continuously
Callable
@100
.........................
300
301
Reading
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
2,000
2,043
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
...............................
1,500
1,526
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
E
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,000
1,037
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
E
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
$
1,600
$
1,657
Series
E
,
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
750
775
State
Public
School
Building
Authority
Revenue
,
Series
A
,
5
.00
%
,
6/1/29
,
Continuously
Callable
@100
.....................................................
10,000
10,242
State
Public
School
Building
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
6,100
6,234
Series
A
,
4
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
13,085
13,128
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
1,000
1,001
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
501
531
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
6,720
6,220
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@88
(f)
......................
3,358
2,390
The
School
District
of
Philadelphia,
GO
Series
A
,
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
.........................
1,000
1,034
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
1,000
1,027
Series
A
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,024
Series
A
,
4
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,700
1,613
Series
A
,
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,600
1,488
Series
F
,
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
.........................
9,895
10,055
Series
F
,
5
.00
%
,
9/1/32
,
Continuously
Callable
@100
.........................
5,000
5,076
Series
F
,
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
.........................
4,000
4,060
Series
F
,
5
.00
%
,
9/1/34
,
Continuously
Callable
@100
.........................
5,100
5,172
The
School
District
of
the
City
of
Erie,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
4/1/33
,
Continuously
Callable
@100
.............................
1,150
1,180
Westmoreland
County
IDA
Revenue
,
Series
A
,
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
.
1,400
1,259
Wilkes-Barre
Finance
Authority
Revenue
,
4
.00
%
,
3/1/42
,
Continuously
Callable
@100
.....
2,600
2,061
276,240
Rhode
Island
(0.7%):
Rhode
Island
Health
and
Educational
Building
Corp.
Revenue
5
.00
%
,
5/15/40
,
Continuously
Callable
@100
...............................
575
588
5
.00
%
,
5/15/41
,
Continuously
Callable
@100
...............................
625
634
5
.00
%
,
5/15/42
,
Continuously
Callable
@100
...............................
750
759
5
.00
%
,
5/15/43
,
Continuously
Callable
@100
...............................
675
679
5
.00
%
,
5/15/44
,
Continuously
Callable
@100
...............................
750
749
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
4
.60
%
,
10/1/44
,
Continuously
Callable
@100
...............................
3,000
2,953
Series
85-A
,
4
.65
%
,
10/1/50
,
Continuously
Callable
@100
.....................
3,000
2,894
Rhode
Island
Turnpike
&
Bridge
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
1,350
1,364
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
4,345
4,388
Tobacco
Settlement
Financing
Corp.
Revenue
Series
A
,
5
.00
%
,
6/1/28
,
Continuously
Callable
@100
.........................
2,000
2,001
Series
A
,
5
.00
%
,
6/1/29
,
Continuously
Callable
@100
.........................
2,000
2,001
Series
A
,
5
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
2,500
2,502
21,512
South
Carolina
(0.9%):
Charleston
County
Airport
District
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/49
,
Continuously
Callable
@100
.....................................................
3,250
3,309
Lexington
County
Health
Services
District,
Inc.
Revenue
4
.00
%
,
11/1/31
,
Continuously
Callable
@100
...............................
1,000
1,002
4
.00
%
,
11/1/32
,
Continuously
Callable
@100
...............................
1,000
1,006
Patriots
Energy
Group
Financing
Agency
Revenue
,
Series
A1
,
5
.25
%
,
10/1/54
,
(Put
Date
8/1/31)
(a)
........................................................
3,000
3,188
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5
.50
%
,
11/15/44
,
Continuously
Callable
@100
..............................
500
509
Series
C
,
5
.63
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,100
1,097
South
Carolina
Public
Service
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
9,835
9,881
Series
B
,
4
.13
%
,
12/1/44
,
Continuously
Callable
@100
........................
1,880
1,670
South
Carolina
State
Housing
Finance
&
Development
Authority
Revenue
Series
A
,
4
.65
%
,
7/1/50
,
Continuously
Callable
@100
.........................
2,500
2,350
Series
B
,
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,000
1,001
25,013
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Dakota
(0.2%):
South
Dakota
Housing
Development
Authority
Revenue
Series
A
,
4
.70
%
,
5/1/50
,
Continuously
Callable
@100
.........................
$
4,250
$
4,013
Series
C
,
5
.00
%
,
11/1/45
,
Continuously
Callable
@100
........................
2,000
1,994
Series
C
,
4
.70
%
,
11/1/49
,
Continuously
Callable
@100
........................
1,000
941
6,948
Tennessee
(1.0%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.....................................................
3,500
3,551
Knox
County
Health
Educational
&
Housing
Facility
Board
Revenue
Series
A-1
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.......................
450
466
Series
A-1
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.......................
420
432
Series
A-1
,
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
.......................
825
844
Series
A-1
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.......................
1,100
1,121
Series
A-1
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
.......................
550
557
Series
A-1
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.......................
625
629
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
...................
5,500
5,358
New
Memphis
Arena
Public
Building
Authority
Revenue
4/1/32
,
Continuously
Callable
@98
(d)
....................................
875
636
4/1/33
,
Continuously
Callable
@96
(d)
....................................
625
428
4/1/34
,
Continuously
Callable
@94
(d)
....................................
875
565
4/1/35
,
Continuously
Callable
@92
(d)
....................................
875
539
Shelby
County
Health
&
Educational
Facilities
Board
Revenue
,
Series
A1
,
5
.00
%
,
6/1/44
,
Continuously
Callable
@100
(c)
.........................................
1,000
965
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
,
Continuously
Callable
@100
(a)
.........................................................
12,500
13,209
Tennessee
Housing
Development
Agency
Revenue
,
Series
1A
,
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
.....................................................
500
497
29,797
Texas
(9.5%):
Arlington
Higher
Education
Finance
Corp.
Revenue
,
4
.88
%
,
6/15/56
,
(Put
Date
6/15/26)
(a)
(c)
2,000
2,001
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...............................
10,000
9,082
4
.13
%
,
8/15/49
,
Continuously
Callable
@100
...............................
4,600
4,076
4
.50
%
,
8/15/50
,
Continuously
Callable
@100
...............................
1,250
1,182
Austin
Convention
Enterprises,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
...........................................................
1,105
1,105
Barbers
Hill
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
2/15/49
,
Continuously
Callable
@100
....................................
5,000
4,385
Board
of
Managers
Joint
Guadalupe
County-City
of
Seguin
Hospital
Revenue
5
.00
%
,
12/1/25
....................................................
2,740
2,750
5
.00
%
,
12/1/27
,
Continuously
Callable
@100
...............................
2,990
2,996
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
1,640
1,643
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,600
1,602
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
...............................
1,700
1,701
5
.25
%
,
12/1/35
,
Continuously
Callable
@100
...............................
5,150
5,153
Central
Texas
Regional
Mobility
Authority
Revenue
,
1/1/26
(d)
......................
2,535
2,488
City
of
Arlington
Special
Tax
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
C
,
5
.00
%
,
2/15/34
,
Continuously
Callable
@100
........................
1,500
1,559
Series
C
,
5
.00
%
,
2/15/35
,
Continuously
Callable
@100
........................
1,500
1,556
Series
C
,
5
.00
%
,
2/15/36
,
Continuously
Callable
@100
........................
3,100
3,210
Series
C
,
5
.00
%
,
2/15/37
,
Continuously
Callable
@100
........................
3,305
3,408
Series
C
,
5
.00
%
,
2/15/38
,
Continuously
Callable
@100
........................
4,380
4,503
City
of
Corpus
Christi
Utility
System
Revenue
4
.00
%
,
7/15/32
,
Continuously
Callable
@100
...............................
1,800
1,810
4
.00
%
,
7/15/33
,
Continuously
Callable
@100
...............................
1,100
1,103
4
.00
%
,
7/15/34
,
Continuously
Callable
@100
...............................
1,050
1,042
4
.00
%
,
7/15/35
,
Continuously
Callable
@100
...............................
1,000
983
City
of
Galveston
Wharves
&
Terminal
Revenue
AMT
,
Series
A
,
5
.50
%
,
8/1/41
,
Continuously
Callable
@100
.....................................................
500
519
City
of
Houston
Airport
System
Revenue
AMT
,
Series
B
,
5
.50
%
,
7/15/39
,
Continuously
Callable
@100
.....................................................
3,000
3,085
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...............................
$
2,300
$
2,302
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
...............................
1,000
1,001
5
.00
%
,
9/1/32
,
Continuously
Callable
@100
...............................
5,615
5,619
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
...............................
5,345
5,349
5
.00
%
,
9/1/34
,
Continuously
Callable
@100
...............................
2,150
2,151
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...............................
1,575
1,576
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
4
.00
%
,
3/1/32
,
Continuously
Callable
@100
...............................
740
743
4
.00
%
,
3/1/33
,
Continuously
Callable
@100
...............................
1,000
1,004
4
.00
%
,
3/1/34
,
Continuously
Callable
@100
...............................
1,000
1,002
4
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
1,500
1,466
Clifton
Higher
Education
Finance
Corp.
Revenue
Series
A
,
4
.00
%
,
8/15/38
,
Continuously
Callable
@100
........................
1,085
1,041
Series
A
,
4
.00
%
,
8/15/39
,
Continuously
Callable
@100
........................
1,130
1,069
Series
A
,
4
.00
%
,
8/15/40
,
Continuously
Callable
@100
........................
1,180
1,099
Series
A
,
4
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
1,225
1,125
Series
A
,
4
.00
%
,
8/15/42
,
Continuously
Callable
@100
........................
1,035
940
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4
.00
%
,
8/15/33
,
Continuously
Callable
@100
...............................
2,130
2,121
4
.00
%
,
8/15/34
,
Continuously
Callable
@100
...............................
2,275
2,252
4
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
2,375
2,332
4
.00
%
,
8/15/36
,
Continuously
Callable
@100
...............................
3,710
3,611
4
.00
%
,
8/15/37
,
Continuously
Callable
@100
...............................
3,860
3,712
4
.00
%
,
8/15/38
,
Continuously
Callable
@100
...............................
4,015
3,802
4
.00
%
,
8/15/39
,
Continuously
Callable
@100
...............................
4,305
4,012
Series
A
,
4
.00
%
,
8/15/32
,
Continuously
Callable
@100
........................
1,300
1,283
El
Paso
County
Hospital
District
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.13
%
,
2/15/49
,
Continuously
Callable
@100
...............................
1,000
869
EP
Cimarron
Ventanas
PFC
Revenue
,
4
.13
%
,
12/1/39
,
Continuously
Callable
@100
.......
2,000
1,846
EP
Essential
Housing
WF
PFC
Revenue
,
4
.25
%
,
12/1/34
,
Continuously
Callable
@100
.....
1,150
1,130
Grayson
County
Junior
College
District,
GO
,
4
.00
%
,
2/15/49
,
Continuously
Callable
@100
..
1,350
1,147
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/28
,
Continuously
Callable
@100
...........................................
1,150
821
Harris
County
Municipal
Utility
District
No.
165,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
...............................
750
751
5
.00
%
,
3/1/31
,
Continuously
Callable
@100
...............................
2,030
2,032
Main
Street
Market
Square
Redevelopment
Authority
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...............................
1,215
1,219
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
...............................
1,380
1,383
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
2,000
2,006
5
.00
%
,
9/1/32
,
Continuously
Callable
@100
...............................
1,500
1,504
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
...............................
2,680
2,687
Matagorda
County
Navigation
District
No.
1
Revenue
,
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
...........................................
5,405
5,405
Mesquite
Health
Facilities
Development
Corp.
Revenue
0.00%,
2/15/26
(g)
..................................................
1,049
12
0.00%,
2/15/35
,
Continuously
Callable
@100
(g)
............................
364
4
Mission
Economic
Development
Corp.
Revenue
AMT
,
5
.00
%
,
12/1/64
,
(Put
Date
6/1/30)
(a)
.
800
814
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
(g)
......................
7,500
7,125
Series
B2
,
4
.63
%
,
10/1/30
,
Continuously
Callable
@100
.......................
1,000
977
Series
B3
,
4
.25
%
,
10/1/30
,
Continuously
Callable
@100
.......................
1,000
985
Newark
Higher
Education
Finance
Corp.
Revenue
4
.00
%
,
4/1/32
,
Continuously
Callable
@100
...............................
1,635
1,637
4
.00
%
,
4/1/33
,
Continuously
Callable
@100
...............................
2,000
1,967
4
.00
%
,
4/1/34
,
Continuously
Callable
@100
...............................
4,470
4,350
4
.00
%
,
4/1/35
,
Continuously
Callable
@100
...............................
1,650
1,587
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
...............................
2,150
2,053
North
East
Texas
Regional
Mobility
Authority
Revenue
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
...............................
7,000
7,024
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
B
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
$
5,485
$
5,517
North
Texas
Tollway
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/43
,
Continuously
Callable
@100
.........................
14,120
12,924
Series
A
,
4
.00
%
,
1/1/44
,
Continuously
Callable
@100
.........................
1,085
984
North
Texas
Tollway
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
1
,
1/1/29
(d)
.
20,000
17,741
North
Texas
Tollway
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
2,000
1,977
Series
B
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
1,695
1,667
Permanent
University
Fund
-
University
of
Texas
System
Revenue
Series
B
,
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
.........................
2,230
2,233
Series
B
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
3,250
3,255
Series
B
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
2,500
2,503
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
1
.75
%
,
4/1/40
,
Continuously
Callable
@100
(e)
.......................
16,600
16,600
Series
C
,
2
.35
%
,
4/1/40
,
Continuously
Callable
@100
(e)
.......................
2,800
2,800
San
Antonio
Education
Facilities
Corp.
Revenue
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
700
609
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
1,000
851
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
895
748
5
.25
%
,
10/1/45
,
Continuously
Callable
@100
...............................
2,000
1,931
5
.00
%
,
10/1/50
,
Continuously
Callable
@100
...............................
1,250
1,147
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/30
,
Continuously
Callable
@100
..............................
2,145
2,185
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
..............................
2,250
2,288
5
.00
%
,
11/15/32
,
Continuously
Callable
@100
..............................
2,365
2,400
5
.00
%
,
11/15/37
,
Continuously
Callable
@100
..............................
2,175
2,177
5
.00
%
,
10/1/44
,
Continuously
Callable
@103
...............................
1,200
1,201
Texas
Department
of
Housing
&
Community
Affairs
Revenue
,
Series
B
,
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
...........................................
600
593
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/30
..........
9,835
10,288
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue
4
.00
%
,
6/30/38
,
Continuously
Callable
@100
...............................
3,300
3,093
4
.00
%
,
12/31/38
,
Continuously
Callable
@100
..............................
3,850
3,582
4
.00
%
,
6/30/39
,
Continuously
Callable
@100
...............................
2,150
1,984
Town
of
Trophy
Club
Public
Improvement
District
No.
1
Special
Assessment
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/33
.................................
6,960
6,960
275,127
Utah
(0.1%):
Military
Installation
Development
Authority
Revenue
Series
A-1
,
4
.00
%
,
6/1/36
,
Continuously
Callable
@103
.......................
1,045
955
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.......................
1,000
864
1,819
Vermont
(0.4%):
Vermont
Economic
Development
Authority
Revenue
4
.00
%
,
5/1/37
,
Continuously
Callable
@103
...............................
4,190
3,701
Series
B
,
4
.00
%
,
5/1/33
,
Continuously
Callable
@103
.........................
3,950
3,668
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.75
%
,
10/1/43
,
Continuously
Callable
@100
(c)
.............................
3,000
2,699
Series
A
,
5
.00
%
,
12/1/36
,
Continuously
Callable
@100
........................
2,500
2,517
12,585
Virgin
Islands
(0.2%):
Virgin
Islands
Public
Finance
Authority
Revenue
,
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
(c)
.........................................................
6,500
6,506
Virginia
(1.1%):
Chesapeake
Hospital
Authority
Revenue
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
1,175
1,147
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
1,205
1,149
Salem
Economic
Development
Authority
Revenue
5
.50
%
,
4/1/45
,
Continuously
Callable
@100
...............................
530
523
6
.00
%
,
4/1/50
,
Continuously
Callable
@100
...............................
235
241
Stafford
County
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/33
,
Continuously
Callable
@100
...............................
750
757
5
.00
%
,
6/15/34
,
Continuously
Callable
@100
...............................
2,620
2,644
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
6/15/35
,
Continuously
Callable
@100
...............................
$
1,930
$
1,947
Virginia
College
Building
Authority
Revenue
,
4
.00
%
,
2/1/36
,
Continuously
Callable
@100
..
3,000
3,001
Virginia
Housing
Development
Authority
Revenue
Series
A
,
4
.60
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,500
1,425
Series
D
,
4
.65
%
,
1/1/50
,
Continuously
Callable
@100
........................
2,000
1,935
Series
E
,
4
.63
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,250
1,211
Series
H
,
4
.63
%
,
12/1/49
,
Continuously
Callable
@100
........................
1,200
1,148
Virginia
Small
Business
Financing
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/37
,
Continuously
Callable
@103
.........................
500
481
Series
A
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@103
.........................
6,000
5,698
Series
A
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@103
.........................
7,000
6,548
Series
A
,
4
.50
%
,
12/1/44
,
Continuously
Callable
@102
........................
1,850
1,701
31,556
Washington
(1.5%):
County
of
Spokane
Airport
Revenue
AMT
,
Series
B
,
5
.25
%
,
1/1/49
,
Continuously
Callable
@100
...........................................................
8,000
8,085
King
County
Public
Hospital
District
No.
2,
GO
,
5
.25
%
,
12/1/45
,
Continuously
Callable
@100
2,500
2,623
Port
of
Seattle
Revenue
AMT
,
Series
B
,
5
.25
%
,
7/1/49
,
Continuously
Callable
@100
......
4,000
4,078
Skagit
County
Public
Hospital
District
No.
1
Revenue
5
.50
%
,
12/1/38
,
Continuously
Callable
@100
...............................
300
313
5
.50
%
,
12/1/39
,
Continuously
Callable
@100
...............................
500
520
5
.50
%
,
12/1/40
,
Continuously
Callable
@100
...............................
500
518
5
.50
%
,
12/1/41
,
Continuously
Callable
@100
...............................
325
335
5
.50
%
,
12/1/42
,
Continuously
Callable
@100
...............................
300
308
5
.50
%
,
12/1/43
,
Continuously
Callable
@100
...............................
500
513
5
.50
%
,
12/1/44
,
Continuously
Callable
@100
...............................
450
460
Washington
Health
Care
Facilities
Authority
Revenue
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
2,355
2,395
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
1,775
1,770
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
2,250
2,282
5
.00
%
,
8/15/36
,
Continuously
Callable
@100
...............................
2,500
2,511
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
3,125
2,872
5
.00
%
,
8/15/37
,
Continuously
Callable
@100
...............................
2,400
2,400
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
(c)
.............................
2,080
1,809
Washington
State
Housing
Finance
Commission
Revenue
5
.88
%
,
7/1/43
,
Continuously
Callable
@103
(c)
.............................
1,000
1,063
Series
A
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@103
.........................
1,590
1,635
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@103
.........................
3,225
3,227
Series
A
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
(c)
.......................
1,000
1,004
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
2,536
2,355
43,076
West
Virginia
(0.9%):
West
Virginia
Economic
Development
Authority
Revenue
AMT
,
5
.45
%
,
1/1/55
,
(Put
Date
3/27/35)
(a)
(c)
.....................................................
800
793
West
Virginia
Hospital
Finance
Authority
Revenue
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
...............................
2,920
2,934
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
...............................
2,065
2,072
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
...............................
2,000
2,031
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
1,012
Series
A
,
5
.00
%
,
6/1/33
,
Continuously
Callable
@100
.........................
1,850
1,897
Series
A
,
5
.00
%
,
6/1/34
,
Continuously
Callable
@100
.........................
2,970
3,045
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@100
.........................
2,405
2,464
Series
A
,
4
.13
%
,
6/1/42
,
Continuously
Callable
@100
.........................
5,000
4,671
Series
B
,
5
.75
%
,
9/1/43
,
Continuously
Callable
@100
.........................
4,000
4,243
25,162
Wisconsin
(2.3%):
Public
Finance
Authority
Revenue
4
.00
%
,
3/1/29
(c)
...................................................
890
858
4
.00
%
,
6/15/29
,
Continuously
Callable
@100
(c)
.............................
195
192
4
.00
%
,
9/1/29
,
Continuously
Callable
@103
(c)
.............................
1,250
1,222
4
.00
%
,
3/1/30
(c)
...................................................
950
903
4
.00
%
,
3/1/34
,
Continuously
Callable
@100
(c)
.............................
3,520
3,174
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
...............................
785
795
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.25
%
,
5/15/37
,
Continuously
Callable
@102
(c)
.............................
$
1,000
$
1,000
5
.00
%
,
6/15/39
,
Continuously
Callable
@100
(c)
.............................
410
404
5
.00
%
,
9/1/39
,
Continuously
Callable
@103
(c)
.............................
2,230
2,161
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
...............................
3,500
3,503
5
.00
%
,
4/1/40
,
Continuously
Callable
@100
(c)
.............................
1,080
1,052
5
.00
%
,
4/1/40
,
Pre-refunded  4/1/30
@
100
(c)
..............................
95
104
4
.00
%
,
1/1/42
,
Continuously
Callable
@103
...............................
1,150
1,047
4
.00
%
,
4/1/42
,
Continuously
Callable
@100
(c)
.............................
900
767
5
.00
%
,
4/1/43
,
Continuously
Callable
@100
...............................
4,185
4,000
6
.63
%
,
7/1/43
,
Continuously
Callable
@100
(c)
.............................
485
495
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
...............................
3,275
3,131
4
.75
%
,
7/1/45
,
Continuously
Callable
@100
(c)
.............................
300
265
5
.25
%
,
11/15/50
,
Continuously
Callable
@103
..............................
1,000
1,013
5
.75
%
,
12/1/54
,
Continuously
Callable
@100
(c)
.............................
1,000
974
Series
A
,
5
.25
%
,
10/1/38
,
Continuously
Callable
@100
........................
3,250
3,171
Series
A
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
770
655
Series
A
,
5
.00
%
,
11/15/41
,
Continuously
Callable
@103
.......................
4,680
4,702
Series
A
,
5
.50
%
,
7/1/43
,
Continuously
Callable
@100
(c)
.......................
2,000
2,006
Series
A
,
6
.38
%
,
7/1/43
,
Continuously
Callable
@103
(c)
.......................
300
314
Series
A
,
5
.25
%
,
6/1/45
,
Continuously
Callable
@100
.........................
370
365
Series
A
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
........................
2,750
2,268
Series
A
,
5
.25
%
,
6/15/50
,
Continuously
Callable
@100
........................
750
738
Series
A-1
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
(c)
.....................
675
588
Series
B
,
5
.25
%
,
6/15/45
,
Continuously
Callable
@100
........................
550
542
Series
D
,
4
.05
%
,
11/1/30
,
Continuously
Callable
@100
........................
1,500
1,503
University
of
Wisconsin
Hospitals
&
Clinics
Revenue
,
Series
A
,
4
.00
%
,
4/1/44
,
Continuously
Callable
@100
.....................................................
1,300
1,157
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/27
.....................................................
360
359
4
.00
%
,
1/1/28
,
Continuously
Callable
@103
...............................
370
365
4
.00
%
,
1/1/29
,
Continuously
Callable
@103
...............................
390
381
4
.00
%
,
1/1/30
,
Continuously
Callable
@103
...............................
405
391
4
.00
%
,
1/1/37
,
Continuously
Callable
@103
...............................
1,460
1,314
4
.00
%
,
3/15/40
,
Continuously
Callable
@100
...............................
750
663
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
850
661
Series
A
,
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
.......................
9,830
9,462
Series
A
,
4
.38
%
,
11/1/39
,
Continuously
Callable
@100
........................
5,000
4,899
Series
B
,
4
.00
%
,
9/15/36
,
Continuously
Callable
@103
........................
530
490
Series
B
,
4
.00
%
,
9/15/41
,
Continuously
Callable
@103
........................
510
432
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
4
.00
%
,
2/15/35
,
Continuously
Callable
@100
...............................
500
498
4
.00
%
,
2/15/37
,
Continuously
Callable
@100
...............................
1,000
980
65,964
Wyoming
(0.1%):
Wyoming
Community
Development
Authority
Revenue
,
Series
1
,
4
.85
%
,
12/1/50
,
Continuously
Callable
@100
...........................................
1,440
1,455
Total
Municipal
Bonds
(Cost
$3,024,255)
a
a
a
2,885,081
Total
Investments
(Cost
$3,024,255)
—
99.2%
2,885,081
Other
assets
in
excess
of
liabilities
—  0.8%
22,387
NET
ASSETS
-
100.00%
$
2,907,468
(a)
Put
Bond.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2025.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$136,003
(thousands)
and
amounted
to
4.7%
of
net
assets.
(d)
Zero-coupon
bond.
(e)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(f)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(g)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(h)
Amount
represents
less
than
0.05%
of
net
assets.
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
SOFR
—
Secured
Overnight
Financing
Rate
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
149
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(98.7%)
Alabama
(1.0%):
Alabama
Housing
Finance
Authority
Revenue
,
Series
A
,
4
.88
%
,
10/1/55
,
Continuously
Callable
@100
.....................................................
$
3,250
$
3,237
County
of
Jefferson
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........
1,000
1,025
DCH
Healthcare
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
4,000
3,166
Homewood
Educational
Building
Authority
Revenue
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...............................
4,500
4,177
Series
A
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
3,000
2,379
Mobile
County
IDA
Revenue
AMT
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
.........................
500
468
Series
B
,
4
.75
%
,
12/1/54
,
Continuously
Callable
@100
........................
1,000
903
15,355
Alaska
(0.1%):
Northern
Tobacco
Securitization
Corp.
Revenue
,
Series
A
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.....................................................
1,000
822
Arizona
(2.3%):
Arizona
IDA
Revenue
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
600
580
Series
F
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
1,725
1,625
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
B
,
5
.50
%
,
7/1/29
..............................................
1,000
1,102
Series
B
,
5
.50
%
,
7/1/30
..............................................
1,500
1,680
Maricopa
County
IDA
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
1,600
1,452
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
1,000
792
Pinal
County
Electric
District
No.
3
Revenue
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
..
10,000
9,329
Sierra
Vista
IDA
Revenue
,
5
.75
%
,
6/15/53
,
Continuously
Callable
@100
(a)
.............
3,000
3,010
Tempe
IDA
Revenue
,
Series
A
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@102
............
2,500
2,072
The
County
of
Pima
IDA
Revenue
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(a)
.............................
2,500
1,934
Series
A
,
6
.88
%
,
11/15/52
,
Continuously
Callable
@103
(a)
.....................
3,750
3,986
The
County
of
Yavapai
IDA
Revenue
,
4
.00
%
,
8/1/43
,
Continuously
Callable
@100
........
1,725
1,553
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
1,200
1,200
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
6,000
5,707
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
1,250
1,196
37,218
Arkansas
(0.3%):
Arkansas
Development
Finance
Authority
Revenue
(INS
-
AMBAC
Assurance
Corp.)
7/1/28
(b)
.........................................................
1,000
889
7/1/29
(b)
.........................................................
1,165
992
7/1/30
(b)
.........................................................
1,150
937
7/1/36
(b)
.........................................................
2,500
1,501
4,319
California
(4.9%):
California
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
.....................................................
3,000
2,871
California
Health
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
11/15/56
,
Continuously
Callable
@100
.....................................................
1,000
971
California
Municipal
Finance
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-
DBE-8152
,
2
.25
%
,
7/1/54
,
Continuously
Callable
@100
(a)
(c)
...................
300
300
Cerritos
Community
College
District,
GO
Series
D
,
8/1/31
(b)
..................................................
1,000
827
Series
D
,
8/1/32
(b)
..................................................
2,500
1,924
Series
D
,
8/1/33
(b)
..................................................
2,175
1,650
Series
D
,
8/1/34
(b)
..................................................
1,000
725
Series
D
,
8/1/35
(b)
..................................................
1,500
1,036
Series
D
,
8/1/36
(b)
..................................................
2,200
1,446
Coachella
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
D
,
8/1/41
(b)
..................................................
8,500
4,029
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
El
Monte
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
6/1/42
(b)
.........................................................
$
10,000
$
4,451
Indio
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
5
.25
%
,
8/15/35
,
Continuously
Callable
@100
...........................................
1,440
1,441
Los
Alamitos
Unified
School
District
Certificate
of
Participation
5
.95
%
,
8/1/34
,
Continuously
Callable
@100
(d)
.............................
1,200
1,311
6
.05
%
,
8/1/42
,
Continuously
Callable
@100
(d)
.............................
4,000
4,323
Paramount
Unified
School
District,
GO
8/1/34
(b)
.........................................................
1,860
1,334
8/1/35
(b)
.........................................................
2,000
1,363
8/1/36
(b)
.........................................................
2,750
1,779
8/1/37
(b)
.........................................................
2,750
1,680
Sacramento
City
Schools
Joint
Powers
Financing
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
.........................
2,560
2,562
Series
A
,
5
.00
%
,
3/1/40
,
Continuously
Callable
@100
.........................
2,000
2,001
San
Diego
Public
Facilities
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/15/44
,
Continuously
Callable
@100
...........................................
2,500
2,500
San
Ysidro
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
G
,
8/1/36
(b)
..................................................
13,605
8,736
Series
G
,
8/1/37
(b)
..................................................
14,285
8,664
Santa
Ana
Unified
School
District
Certificate
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4/1/29
(b)
...........................................
11,815
10,051
Stockton
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
D
,
8/1/34
(b)
.........................................................
8,885
6,322
The
El
Camino
Community
College
District
Foundation,
GO
Series
C
,
8/1/34
(b)
..................................................
3,000
2,090
Series
C
,
8/1/38
(b)
..................................................
3,000
1,740
78,127
Colorado
(2.0%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
4
.00
%
,
1/1/52
,
Continuously
Callable
@100
...............................
675
530
5
.00
%
,
4/1/53
,
Continuously
Callable
@100
...............................
750
712
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
...............................
3,000
2,634
4
.00
%
,
1/1/62
,
Continuously
Callable
@100
...............................
795
591
Series
A
,
4
.00
%
,
12/1/48
,
Continuously
Callable
@100
........................
2,500
2,063
Colorado
Health
Facilities
Authority
Revenue
5
.50
%
,
11/1/47
,
Continuously
Callable
@100
...............................
1,000
1,033
Series
A
,
4
.00
%
,
8/1/44
,
Continuously
Callable
@100
.........................
2,070
1,802
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
7,250
5,925
Denver
Health
&
Hospital
Authority
Revenue
,
Series
A
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
...........................................................
750
656
E-470
Public
Highway
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
9/1/35
,
Continuously
Callable
@64
(b)
.............................
10,000
6,050
Park
Creek
Metropolitan
District
Revenue
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
3,500
3,384
Series
A
,
5
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
2,000
1,872
Rampart
Range
Metropolitan
District
No.
1
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.........................
4,000
4,016
Southlands
Metropolitan
District
No.
1,
GO
,
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.....................................................
1,000
911
32,179
Connecticut
(0.5%):
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
3,000
3,014
Series
A
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
3,000
2,477
Series
U
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
........................
3,000
2,588
8,079
District
of
Columbia
(0.1%):
District
of
Columbia
Revenue
5
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............................
1,275
1,220
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............................
1,140
1,073
2,293
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Florida
(8.1%):
Alachua
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@103
...........................................................
$
700
$
561
Capital
Projects
Finance
Authority
Revenue
,
5
.00
%
,
11/1/53
,
Continuously
Callable
@100
..
1,250
1,126
Capital
Trust
Agency,
Inc.
Revenue
,
6
.38
%
,
5/1/53
,
Continuously
Callable
@100
(a)
.......
1,750
1,783
City
of
Atlantic
Beach
Revenue
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@103
.......................
2,000
1,765
Series
B
,
5
.63
%
,
11/15/43
,
Continuously
Callable
@100
.......................
7,000
7,001
City
of
Jacksonville
Revenue
,
4
.00
%
,
11/1/45
,
Continuously
Callable
@100
.............
2,500
2,142
City
of
Pompano
Beach
Revenue
4
.00
%
,
9/1/50
,
Continuously
Callable
@103
...............................
8,000
6,198
Series
A
,
4
.00
%
,
9/1/51
,
Continuously
Callable
@103
.........................
2,895
2,219
City
of
Venice
Revenue
,
Series
A
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@103
(a)
.........
755
703
County
of
Hillsborough
Solid
Waste
&
Resource
Recovery
Revenue
AMT
,
Series
A
,
5
.25
%
,
9/1/54
,
Continuously
Callable
@100
.....................................
2,000
2,005
County
of
Lee
Airport
Revenue
AMT
,
5
.25
%
,
10/1/54
,
Continuously
Callable
@100
.......
2,500
2,515
County
of
Miami-Dade
Aviation
Revenue
AMT
,
Series
A
,
5
.50
%
,
10/1/55
,
Continuously
Callable
@100
.....................................................
1,000
1,027
County
of
Miami-Dade
Rickenbacker
Causeway
Revenue
,
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
.....................................................
1,750
1,710
County
of
Miami-Dade
Water
&
Sewer
System
Revenue
,
Series
B
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
...........................................
21,500
19,590
County
of
Pasco
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...........................................
1,000
1,004
Escambia
County
Health
Facilities
Authority
Revenue
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...............................
6,265
5,323
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
...............................
5,050
4,074
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
600
509
4
.00
%
,
2/1/52
,
Continuously
Callable
@100
...............................
4,000
3,142
4
.00
%
,
7/1/55
,
Continuously
Callable
@100
...............................
500
390
Series
A
,
5
.00
%
,
6/15/55
,
Continuously
Callable
@100
........................
1,500
1,422
Florida
Higher
Educational
Facilities
Financial
Authority
Revenue
5
.00
%
,
3/1/44
,
Continuously
Callable
@100
...............................
4,280
3,249
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
...............................
1,400
1,142
5
.00
%
,
3/1/49
,
Continuously
Callable
@100
...............................
1,250
901
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,150
904
4
.13
%
,
12/1/54
,
Continuously
Callable
@100
...............................
1,000
823
Florida
Housing
Finance
Corp.
Revenue
,
Series
3
,
5
.13
%
,
1/1/56
,
Continuously
Callable
@100
385
385
Lee
County
IDA
Revenue
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
..............................
12,350
11,264
Series
2019A-1
,
4
.00
%
,
4/1/49
,
Continuously
Callable
@100
...................
4,500
3,714
Series
A
,
5
.25
%
,
10/1/52
,
Continuously
Callable
@103
........................
1,000
906
Series
C
,
5
.00
%
,
11/15/54
,
Continuously
Callable
@103
.......................
2,000
1,874
Miami
Beach
Health
Facilities
Authority
Revenue
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
...........................................................
2,500
2,065
Miami-Dade
County
Expressway
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
5,000
5,004
Series
A
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.........................
5,000
4,984
Miami-Dade
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
8/1/47
,
Continuously
Callable
@100
.....................................................
2,000
1,705
Orange
County
Health
Facilities
Authority
Revenue
,
Series
B
,
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
.....................................................
1,500
1,306
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
.....................................................
2,070
1,626
Palm
Beach
County
Health
Facilities
Authority
Revenue
5
.00
%
,
11/15/45
,
Continuously
Callable
@103
..............................
150
145
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
...............................
5,000
4,685
Series
A
,
5
.00
%
,
11/1/52
,
Continuously
Callable
@100
........................
250
240
Series
B
,
5
.00
%
,
11/15/42
,
Continuously
Callable
@103
.......................
1,000
1,001
Polk
County
IDA
Revenue
5
.00
%
,
1/1/49
,
Continuously
Callable
@103
...............................
1,000
889
5
.00
%
,
1/1/55
,
Continuously
Callable
@103
...............................
1,000
878
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Sarasota
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
5/15/48
,
Continuously
Callable
@103
...........................................................
$
1,835
$
1,629
Sarasota
County
Public
Hospital
District
Revenue
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
5,000
4,249
St.
Johns
County
IDA
Revenue
,
4
.00
%
,
8/1/55
,
Continuously
Callable
@103
............
6,000
4,629
Tampa
Housing
Authority
Revenue
,
4
.85
%
,
7/1/36
,
Callable
7/1/25
@
100
..............
2,200
2,201
128,607
Georgia
(1.4%):
Columbia
County
Hospital
Authority
Revenue
,
Series
A
,
5
.13
%
,
4/1/53
,
Continuously
Callable
@100
...........................................................
1,000
1,006
Crisp
County
Hospital
Authority
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
....
3,000
2,503
Gainesville
&
Hall
County
Hospital
Authority
Revenue
,
4
.00
%
,
2/15/45
,
Continuously
Callable
@100
...........................................................
13,000
11,346
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.....................................................
1,500
1,494
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
5/15/49
.....................
3,000
2,960
Municipal
Electric
Authority
of
Georgia
Revenue
,
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@100
.....................................................
1,100
950
Private
Colleges
&
Universities
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
...........................................................
1,700
1,499
The
Burke
County
Development
Authority
Revenue
(NBGA
-
Southern
Co.)
,
Series
GA
,
1
.55
%
,
11/1/52
,
Continuously
Callable
@100
(c)
.............................
100
100
21,858
Hawaii
(0.1%):
State
of
Hawaii
Airports
System
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/51
,
Continuously
Callable
@100
.....................................................
1,750
1,772
Illinois
(12.1%):
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
5
.75
%
,
4/1/48
,
Continuously
Callable
@100
...........................................
2,500
2,610
Chicago
Board
of
Education,
GO
Series
A
,
4
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
4,220
3,346
Series
A
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
1,800
1,657
Chicago
Midway
International
Airport
Revenue
Series
B
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
.........................
2,500
2,508
Series
B
,
5
.00
%
,
1/1/46
,
Continuously
Callable
@100
.........................
3,500
3,457
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
...........................................................
5,000
5,020
Chicago
Park
District,
GO
,
Series
A
,
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
.........
3,000
2,927
City
of
Chicago
Wastewater
Transmission
Revenue
,
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
3,000
2,866
City
of
Galesburg
Revenue
,
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
.......
4,000
2,955
Cook
County
Community
College
District
No.
508,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...................
9,500
9,119
County
of
Cook
Sales
Tax
Revenue
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......
7,750
7,860
County
of
Will,
GO
,
4
.00
%
,
11/15/47
,
Continuously
Callable
@100
...................
2,000
1,710
Illinois
Finance
Authority
Revenue
5
.50
%
,
4/1/32
,
Continuously
Callable
@100
...............................
7,065
6,910
4
.00
%
,
3/1/38
,
Continuously
Callable
@100
...............................
2,000
1,952
5
.00
%
,
8/1/42
,
Continuously
Callable
@100
...............................
750
751
5
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
2,000
2,004
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
4,500
3,903
5
.00
%
,
8/1/47
,
Continuously
Callable
@100
...............................
750
704
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...............................
2,000
1,913
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,250
1,226
5
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
970
5
.00
%
,
3/1/52
,
Continuously
Callable
@100
...............................
1,075
955
4
.00
%
,
10/1/55
,
Continuously
Callable
@100
...............................
2,000
1,550
Series
A
,
4
.00
%
,
2/1/33
,
Continuously
Callable
@100
.........................
6,000
6,002
Series
A
,
5
.00
%
,
5/15/37
,
Continuously
Callable
@100
........................
700
708
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
12,395
11,344
Series
A
,
5
.00
%
,
2/15/47
,
Continuously
Callable
@100
........................
1,000
939
Series
A
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
........................
1,155
1,118
Series
A
,
5
.00
%
,
2/15/50
,
Continuously
Callable
@100
........................
500
459
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
3,500
2,761
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
$
485
$
494
Series
C
,
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
10,175
9,293
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
320
326
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
20
20
Illinois
State
Toll
Highway
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
...........................................................
4,000
3,482
Metropolitan
Pier
&
Exposition
Authority
Revenue
,
5
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................................
9,500
9,221
Northern
Illinois
Municipal
Power
Agency
Revenue
,
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
.....................................................
9,000
8,171
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
600
544
Regional
Transportation
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
6
.50
%
,
7/1/30
.....................................................
37,550
41,574
Sangamon
County
Water
Reclamation
District,
GO
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.........................
15,000
12,458
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@100
.........................
2,000
2,001
State
of
Illinois,
GO
,
Series
A
,
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
............
2,000
2,066
State
of
Illinois,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
2/1/31
,
Continuously
Callable
@100
...............................
1,000
1,005
4
.00
%
,
2/1/32
,
Continuously
Callable
@100
...............................
1,000
1,004
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
....................................
10,000
10,075
193,938
Indiana
(2.3%):
Evansville
Redevelopment
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
2/1/38
,
Continuously
Callable
@100
...............................
5,540
5,329
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
3,605
3,462
Indiana
Finance
Authority
Revenue
5
.00
%
,
11/15/43
,
Continuously
Callable
@103
..............................
1,970
1,968
5
.00
%
,
11/15/48
,
Continuously
Callable
@103
..............................
3,895
3,679
5
.25
%
,
3/1/54
,
Continuously
Callable
@100
...............................
1,000
990
Series
A
,
5
.50
%
,
4/1/46
,
Continuously
Callable
@100
.........................
5,000
5,003
Series
A
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
.......................
1,030
770
Series
A
,
5
.50
%
,
7/1/52
,
Continuously
Callable
@100
.........................
4,500
4,557
Series
A
,
5
.00
%
,
6/1/53
,
Continuously
Callable
@100
.........................
1,000
928
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
B-1
,
5
.05
%
,
7/1/55
,
Continuously
Callable
@100
.......................
1,800
1,808
Series
D-1
,
4
.75
%
,
7/1/54
,
Continuously
Callable
@100
.......................
1,000
960
Indianapolis
Local
Public
Improvement
Bond
Bank
Revenue
AMT
,
Series
B2
,
5
.00
%
,
1/1/55
,
Continuously
Callable
@100
...........................................
500
473
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
7,000
6,814
36,741
Iowa
(0.5%):
Iowa
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/15/43
,
Continuously
Callable
@100
...
6,235
6,071
Iowa
Higher
Education
Loan
Authority
Revenue
,
5
.38
%
,
10/1/52
,
Continuously
Callable
@100
1,000
1,004
Iowa
Tobacco
Settlement
Authority
Revenue
,
Series
A-2
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...........................................................
1,000
841
7,916
Kansas
(0.7%):
City
of
Coffeyville
Electric
System
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.00
%
,
6/1/42
(a)
............................................
2,500
2,500
City
of
Lawrence
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
........
5,000
4,869
City
of
Manhattan
Revenue
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@103
.........................
1,000
798
Series
A
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.........................
1,500
1,123
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
,
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.....................................
2,000
1,969
11,259
Kentucky
(1.3%):
City
of
Ashland
Revenue
,
Series
A
,
5
.00
%
,
2/1/40
,
Continuously
Callable
@100
..........
1,000
1,006
City
of
Hazard
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.................
3,000
2,546
County
of
Boyle
Revenue
,
Series
A
,
4
.50
%
,
6/1/53
,
Continuously
Callable
@100
.........
1,525
1,361
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kentucky
Bond
Development
Corp.
Revenue
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
$
1,070
$
875
Kentucky
Economic
Development
Finance
Authority
Revenue
Series
A
,
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
........................
5,500
4,262
Series
B
,
5
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
3,000
2,982
Kentucky
Economic
Development
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
500
449
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
2,000
1,985
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
6,000
5,732
21,198
Louisiana
(3.6%):
City
of
Shreveport
Water
&
Sewer
Revenue
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
...............................
1,000
1,002
Series
B
,
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
5,500
5,508
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
B
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
....................................
1,000
837
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,100
1,069
Jefferson
Sales
Tax
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
12/1/42
,
Continuously
Callable
@100
...............................
7,000
6,452
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
3
.50
%
,
11/1/32
,
Continuously
Callable
@100
.......................
6,250
5,935
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
1,685
1,702
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
5,000
4,933
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
8,210
6,856
Louisiana
Public
Facilities
Authority
Revenue
4
.00
%
,
5/15/41
,
Pre-refunded  5/15/26
@
100
..............................
15
15
4
.00
%
,
5/15/41
,
Continuously
Callable
@100
...............................
1,235
1,135
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
...............................
5,000
4,871
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
400
376
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
2,000
1,852
Series
A
,
5
.00
%
,
11/1/45
,
Pre-refunded
11/1/25
@
100
........................
3,000
3,025
Series
A
,
4
.00
%
,
12/15/50
,
Pre-refunded
12/15/27
@
100
......................
30
31
Series
A
,
4
.00
%
,
12/15/50
,
Continuously
Callable
@100
.......................
970
847
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
9,000
7,096
New
Orleans
Aviation
Board
Revenue
AMT
,
Series
C-2
,
5
.25
%
,
1/1/51
,
Continuously
Callable
@100
...........................................................
4,120
4,125
Port
New
Orleans
Board
of
Commissioners
Revenue
AMT
,
Series
B
,
5
.50
%
,
4/1/54
,
Continuously
Callable
@100
...........................................
300
312
57,979
Maine
(0.4%):
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
9,000
6,564
Maryland
(0.1%):
State
of
Maryland
Department
of
Transportation
Revenue
AMT
,
Series
A
,
5
.25
%
,
8/1/54
,
Continuously
Callable
@100
...........................................
2,000
2,024
Massachusetts
(2.1%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
4/15/40
,
Continuously
Callable
@100
...............................
1,000
953
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
3,280
3,153
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,000
783
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,500
1,417
5
.25
%
,
7/1/55
,
Continuously
Callable
@103
...............................
1,000
971
Series
A
,
5
.50
%
,
7/1/44
,
Continuously
Callable
@100
.........................
2,000
1,871
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
3,370
2,723
Series
B
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,700
1,227
Series
B
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
975
777
Series
D
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
........................
3,000
2,924
Series
E
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
1,000
924
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
I
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
$
4,000
$
3,882
Series
J2
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
........................
10,000
9,702
Massachusetts
Development
Finance
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
..................
1,250
1,094
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
242
,
4
.80
%
,
12/1/55
,
Continuously
Callable
@100
.....................................................
1,250
1,181
33,582
Michigan
(2.9%):
County
of
Genesee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
4
.00
%
,
2/1/41
,
Continuously
Callable
@100
.........................
2,000
1,939
Series
B
,
5
.00
%
,
2/1/46
,
Continuously
Callable
@100
.........................
2,900
2,861
Downriver
Utility
Wastewater
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
4/1/43
,
Continuously
Callable
@100
...............................
2,500
2,534
Flint
Hospital
Building
Authority
Revenue
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
....
2,500
2,232
Jackson
Public
Schools,
GO
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...............................
6,000
6,019
5
.00
%
,
5/1/48
,
Continuously
Callable
@100
...............................
3,000
2,983
Karegnondi
Water
Authority
Revenue
,
5
.00
%
,
11/1/45
,
Continuously
Callable
@100
.......
2,750
2,737
Livonia
Public
Schools,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...........................................
4,000
3,938
Michigan
Finance
Authority
Revenue
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
...............................
1,000
1,004
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...............................
5,000
4,421
4
.00
%
,
2/15/47
,
Continuously
Callable
@100
...............................
1,000
869
4
.00
%
,
2/15/50
,
Continuously
Callable
@100
...............................
2,000
1,713
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
...............................
1,000
750
5
.63
%
,
11/1/52
,
Continuously
Callable
@100
...............................
3,000
3,046
4
.00
%
,
11/1/55
,
Continuously
Callable
@100
...............................
4,000
3,280
Series
A
,
4
.00
%
,
11/15/50
,
Continuously
Callable
@100
.......................
3,000
2,445
Michigan
State
Building
Authority
Revenue
,
4
.00
%
,
10/15/49
,
Continuously
Callable
@100
.
2,500
2,169
Michigan
State
Housing
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/1/55
,
Continuously
Callable
@100
...........................................
1,000
1,002
45,942
Mississippi
(0.1%):
Mississippi
Home
Corp.
Revenue
,
Series
A
,
4
.95
%
,
6/1/53
,
Continuously
Callable
@100
...
1,665
1,676
Missouri
(3.3%):
Cape
Girardeau
County
IDA
Revenue
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
750
757
Series
A
,
6
.00
%
,
3/1/33
,
Continuously
Callable
@101
.........................
1,625
1,644
Hannibal
IDA
Revenue
,
5
.00
%
,
10/1/47
,
Continuously
Callable
@100
.................
3,000
2,783
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
...............................
440
397
0.00%,
5/15/40
,
Continuously
Callable
@103
(e)
.............................
2,148
630
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
...............................
410
346
4
.00
%
,
2/1/48
,
Continuously
Callable
@100
...............................
10,000
8,017
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
1,000
790
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...............................
1,000
1,006
Series
A
,
5
.00
%
,
2/1/42
,
Continuously
Callable
@103
.........................
3,500
3,468
Series
A
,
4
.00
%
,
2/15/54
,
Continuously
Callable
@100
........................
2,500
2,100
Missouri
Development
Finance
Board
Revenue
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
...............................
2,000
1,594
Series
D
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
........................
17,775
15,174
Missouri
Housing
Development
Commission
Revenue
Series
A
,
4
.65
%
,
11/1/55
,
Continuously
Callable
@100
........................
1,000
970
Series
C
,
5
.00
%
,
11/1/55
,
Continuously
Callable
@100
........................
1,000
1,000
St.
Louis
County
IDA
Revenue
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
2,000
1,878
Series
A
,
5
.88
%
,
9/1/43
,
Continuously
Callable
@100
.........................
5,000
5,002
St.
Louis
Municipal
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
3,065
3,127
Stoddard
County
IDA
Revenue
,
Series
B
,
6
.00
%
,
3/1/37
,
Continuously
Callable
@101
.....
1,645
1,664
52,347
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Montana
(0.3%):
City
of
Forsyth
Revenue
,
Series
A
,
3
.90
%
,
3/1/31
,
Continuously
Callable
@100
..........
$
4,000
$
3,926
Montana
Board
of
Housing
Revenue
,
Series
A
,
4
.88
%
,
12/1/54
,
Continuously
Callable
@100
250
244
Montana
Facility
Finance
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
..
1,000
869
5,039
Nebraska
(1.5%):
Central
Plains
Energy
Project
Revenue
,
Series
A
,
5
.00
%
,
9/1/42
......................
13,665
13,825
Douglas
County
Hospital
Authority
No.
3
Revenue
,
5
.00
%
,
11/1/48
,
Continuously
Callable
@100
...........................................................
3,400
3,172
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
,
Series
S
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@102
...............................
7,500
6,087
Omaha
Airport
Authority
Revenue
AMT
,
5
.25
%
,
12/15/54
,
Continuously
Callable
@100
....
1,500
1,519
24,603
Nevada
(1.2%):
Carson
City
Revenue
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...................
2,775
2,643
Las
Vegas
Convention
&
Visitors
Authority
Revenue
Series
C
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
4,400
4,030
Series
C
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
12,140
10,699
Reno-Tahoe
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,003
18,375
New
Hampshire
(0.4%):
New
Hampshire
Business
Finance
Authority
Revenue
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
...............................
3,000
2,281
Series
A
,
5
.25
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
990
Series
A
,
5
.25
%
,
11/1/54
,
Continuously
Callable
@100
........................
1,000
1,004
Series
C
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
2,750
2,728
7,003
New
Jersey
(3.2%):
City
of
Newark
Mass
Transit
Access
Tax
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
5
.38
%
,
11/15/52
,
Continuously
Callable
@100
...................................
1,000
1,055
New
Jersey
Economic
Development
Authority
Revenue
4
.00
%
,
11/1/44
,
Continuously
Callable
@100
...............................
3,000
2,618
4
.00
%
,
6/15/49
,
Continuously
Callable
@100
...............................
4,000
3,422
Series
A
,
5
.00
%
,
6/15/47
,
Continuously
Callable
@100
........................
3,000
2,935
Series
A
,
5
.00
%
,
11/1/52
,
Continuously
Callable
@100
........................
5,000
5,018
Series
B
,
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
........................
3,500
3,506
Series
WW
,
5
.25
%
,
6/15/40
,
Pre-refunded  6/15/25
@
100
......................
2,835
2,837
Series
WW
,
5
.25
%
,
6/15/40
,
Pre-refunded  6/15/25
@
100
......................
165
165
New
Jersey
Economic
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
..........................
1,200
1,209
New
Jersey
Educational
Facilities
Authority
Revenue
Series
B
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
5,000
5,068
Series
F
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
3,000
2,201
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
.....................................................
2,250
2,280
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........
1,250
1,221
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
,
Series
BB
,
4
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................
15,000
13,023
The
Camden
County
Improvement
Authority
Revenue
,
6
.00
%
,
6/15/52
,
Continuously
Callable
@100
...........................................................
1,325
1,366
The
Passaic
County
Improvement
Authority
Revenue
,
5
.38
%
,
7/1/53
,
Continuously
Callable
@100
...........................................................
500
504
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.25
%
,
6/1/46
,
Continuously
Callable
@100
...........................................................
3,000
3,006
51,434
New
Mexico
(0.5%):
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@102
...........................................
8,625
7,760
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
,
4
.25
%
,
5/1/40
,
Continuously
Callable
@103
(a)
...................................
670
598
8,358
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
York
(2.9%):
Allegany
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
.....................................................
$
4,000
$
3,323
Build
NYC
Resource
Corp.
Revenue
Series
A
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
700
671
Series
A
,
7
.00
%
,
4/15/53
,
Continuously
Callable
@100
(a)
......................
2,500
2,564
Empire
State
Development
Corp.
Revenue
,
Series
A
,
4
.00
%
,
3/15/45
,
Continuously
Callable
@100
...........................................................
5,000
4,534
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund
Revenue
,
Series
A
,
11/15/32
(b)
..
5,000
3,729
Metropolitan
Transportation
Authority
Revenue
,
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(f)
........................................................
5,490
5,906
Mount
Vernon
City
School
District,
GO
,
5
.00
%
,
6/30/25
...........................
2,000
2,000
New
York
City
Housing
Development
Corp.
Revenue
,
Series
A-1
,
4
.80
%
,
11/1/55
,
Continuously
Callable
@100
...........................................
1,000
977
New
York
Liberty
Development
Corp.
Revenue
,
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
1,500
1,382
New
York
State
Dormitory
Authority
Revenue
5
.25
%
,
10/1/49
,
Continuously
Callable
@100
...............................
2,000
2,016
Series
A
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
.........................
625
522
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
3,000
2,444
New
York
Transportation
Development
Corp.
Revenue
AMT
(INS
-
Assured
Guaranty
Corp.)
,
4
.63
%
,
6/30/54
,
Continuously
Callable
@100
...............................
5,000
4,608
Onondaga
Civic
Development
Corp.
Revenue
,
5
.38
%
,
8/1/54
,
Continuously
Callable
@100
..
750
654
Triborough
Bridge
&
Tunnel
Authority
Revenue
Series
A
,
11/15/31
(b)
................................................
5,000
3,821
Series
A
,
11/15/32
(b)
................................................
3,000
2,176
Series
B
,
11/15/32
(b)
................................................
2,500
1,909
TSASC,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
............
1,000
993
Village
of
Sylvan
Beach,
GO
,
5
.75
%
,
1/15/26
,
Continuously
Callable
@100
.............
2,000
2,000
46,229
North
Carolina
(0.3%):
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
1/1/49
,
Continuously
Callable
@103
...............................
2,725
2,618
5
.25
%
,
12/1/54
,
Continuously
Callable
@100
...............................
2,000
2,002
Series
A
,
4
.00
%
,
10/1/50
,
Continuously
Callable
@103
........................
1,000
772
5,392
North
Dakota
(0.7%):
City
of
Grand
Forks
Revenue
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
2,375
1,924
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
1,400
1,386
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
7,500
6,896
North
Dakota
Housing
Finance
Agency
Revenue
,
Series
A
,
5
.05
%
,
7/1/53
,
Continuously
Callable
@100
.....................................................
465
464
University
of
North
Dakota
Certificate
of
Participation
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.............................
1,500
1,252
11,922
Ohio
(3.4%):
City
of
Centerville
Revenue
,
5
.25
%
,
11/1/47
,
Continuously
Callable
@100
..............
2,700
2,421
City
of
Middleburg
Heights
Revenue
,
Series
A
,
4
.00
%
,
8/1/47
,
Continuously
Callable
@100
.
2,000
1,666
Columbus
Regional
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@100
.....................................................
2,000
2,061
County
of
Cuyahoga
Revenue
,
4
.75
%
,
2/15/47
,
Continuously
Callable
@100
............
9,000
8,139
County
of
Franklin
Revenue
,
Series
B
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@103
.......
5,000
4,601
County
of
Hamilton
Revenue
5
.00
%
,
1/1/51
,
Continuously
Callable
@100
...............................
2,500
2,337
Series
A
,
5
.50
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,335
1,361
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@103
.........................
2,000
1,992
County
of
Lucas
Revenue
,
Series
A
,
5
.25
%
,
11/15/48
,
Continuously
Callable
@100
.......
3,000
2,876
County
of
Montgomery
Revenue
4
.00
%
,
11/15/42
,
Continuously
Callable
@100
..............................
2,500
2,151
4
.00
%
,
11/15/45
,
Continuously
Callable
@100
..............................
2,000
1,668
5
.25
%
,
9/1/54
,
Continuously
Callable
@100
...............................
1,500
1,487
County
of
Ross
Revenue
,
5
.00
%
,
12/1/49
,
Continuously
Callable
@100
................
9,100
8,989
County
of
Warren
Revenue
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............
1,785
1,667
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ohio
Higher
Educational
Facility
Commission
Revenue
6
.00
%
,
9/1/47
,
Continuously
Callable
@100
...............................
$
4,475
$
4,574
5
.25
%
,
5/1/54
,
Continuously
Callable
@100
...............................
1,500
1,482
State
of
Ohio
Revenue
4
.00
%
,
11/15/40
,
Continuously
Callable
@100
..............................
655
586
Series
A
,
4
.00
%
,
1/15/50
,
Continuously
Callable
@100
........................
5,000
4,151
54,209
Oklahoma
(1.1%):
Norman
Regional
Hospital
Authority
Revenue
,
4
.00
%
,
9/1/45
,
Continuously
Callable
@100
.
4,250
2,742
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.50
%
,
8/15/57
,
Continuously
Callable
@100
.....................................................
4,250
4,139
Oklahoma
Municipal
Power
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
10,000
8,619
Tulsa
County
Industrial
Authority
Revenue
,
5
.25
%
,
11/15/45
,
Continuously
Callable
@102
..
2,000
1,956
17,456
Oregon
(0.7%):
City
of
Keizer
Special
Assessment
,
5
.20
%
,
6/1/31
,
Continuously
Callable
@100
..........
515
516
Deschutes
County
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
...........................................
2,000
1,757
Medford
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.....................................................
3,800
3,244
Oregon
State
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,000
763
Port
of
Portland
Airport
Revenue
AMT
,
Series
30A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,008
Salem
Hospital
Facility
Authority
Revenue
,
5
.00
%
,
5/15/53
,
Continuously
Callable
@102
...
1,000
901
Union
County
Hospital
Facility
Authority
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
450
430
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,325
1,241
Yamhill
County
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/51
,
Continuously
Callable
@102
...........................................................
1,180
990
10,850
Pennsylvania
(8.4%):
Adams
County
General
Authority
Revenue
,
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...
7,400
6,178
Allegheny
County
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@100
.....................................................
1,000
1,030
Allegheny
County
Hospital
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
...........................................
3,500
3,393
Allegheny
County
Sanitary
Authority
Revenue
,
4
.13
%
,
12/1/55
,
Continuously
Callable
@100
500
442
Allentown
Commercial
and
IDA
Revenue
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
(a)
.............................
2,000
1,781
6
.00
%
,
6/15/53
,
Continuously
Callable
@100
...............................
1,600
1,652
Altoona
Area
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
12/1/45
,
Pre-refunded
12/1/25
@
100
...............................
1,000
1,010
5
.00
%
,
12/1/48
,
Pre-refunded
12/1/25
@
100
...............................
300
303
Armstrong
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
3/15/38
,
Continuously
Callable
@100
........................
1,000
959
Series
A
,
4
.00
%
,
3/15/41
,
Continuously
Callable
@100
........................
2,250
2,106
Bucks
County
IDA
Revenue
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.............
3,000
2,461
Canon-McMillan
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
...............................
3,500
3,096
4
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
1,105
953
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
...............................
6,065
5,272
Chester
County
IDA
Revenue
6
.00
%
,
10/15/52
,
Continuously
Callable
@100
(a)
............................
1,775
1,758
4
.50
%
,
10/1/54
,
Continuously
Callable
@100
(a)
.............................
645
553
Series
A
,
5
.25
%
,
10/15/47
,
Continuously
Callable
@100
.......................
3,250
2,962
Commonwealth
of
Pennsylvania
Certificate
of
Participation
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
1,006
County
of
Allegheny,
GO
,
Series
C-77
,
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
......
3,170
3,190
County
of
Lehigh
Revenue
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............
11,000
8,959
Delaware
County
Authority
Revenue
,
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
.......
2,250
2,162
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Delaware
River
Joint
Toll
Bridge
Commission
Revenue
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...........................................................
$
5,000
$
5,013
General
Authority
of
Southcentral
Pennsylvania
Revenue
,
5
.25
%
,
5/1/55
,
Continuously
Callable
@100
.....................................................
2,000
1,978
Lancaster
IDA
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
.................
1,000
784
Lancaster
Municipal
Authority
Revenue
,
Series
B
,
5
.00
%
,
5/1/54
,
Continuously
Callable
@103
800
739
Montgomery
County
Higher
Education
&
Health
Authority
Revenue
,
Series
B
,
4
.00
%
,
5/1/52
,
Continuously
Callable
@100
...........................................
8,000
6,505
Montgomery
County
IDA
Revenue
5
.00
%
,
12/1/49
,
Continuously
Callable
@103
...............................
2,000
1,860
Series
A
,
5
.00
%
,
12/1/48
,
Continuously
Callable
@102
........................
2,000
1,907
Northampton
County
General
Purpose
Authority
Revenue
4
.00
%
,
8/15/40
,
Continuously
Callable
@100
...............................
4,000
3,531
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
2,440
2,308
Northeastern
Pennsylvania
Hospital
&
Education
Authority
Revenue
5
.00
%
,
5/1/44
,
Continuously
Callable
@100
...............................
1,000
922
5
.00
%
,
5/1/49
,
Continuously
Callable
@100
...............................
1,350
1,203
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4
.00
%
,
7/1/46
,
Continuously
Callable
@103
...............................
1,000
831
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
2,320
1,907
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Series
A
,
4
.00
%
,
7/15/46
,
Continuously
Callable
@100
........................
2,025
1,630
Series
B2
,
4
.38
%
,
11/1/54
,
Continuously
Callable
@100
.......................
1,200
1,038
Pennsylvania
Housing
Finance
Agency
Revenue
,
Series
148A
,
4
.80
%
,
10/1/55
,
Continuously
Callable
@100
.....................................................
2,000
1,934
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Revenue
,
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...........................................
5,645
4,921
Pennsylvania
Turnpike
Commission
Revenue
Series
2
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,000
1,028
Series
A
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
........................
5,000
4,344
Series
A-1
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
......................
3,000
2,985
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
......................
4,000
4,011
Series
A-2
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
......................
1,250
1,315
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
1,500
1,293
Series
B-1
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
.......................
9,000
9,036
Reading
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
4/1/44
,
Continuously
Callable
@100
.....................................
1,055
970
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
E
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
....................................
1,025
995
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
885
885
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
444
470
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
5,950
5,508
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@88
(d)
......................
2,973
2,116
The
School
District
of
Philadelphia,
GO
Series
B
,
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
.........................
2,500
2,510
Series
F
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,013
Series
F
,
5
.00
%
,
9/1/38
,
Pre-refunded  9/1/26
@
100
..........................
10
10
Series
F
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,990
2,017
Wilkes-Barre
Area
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
4/15/49
,
Continuously
Callable
@100
...............................
750
654
5
.00
%
,
4/15/59
,
Continuously
Callable
@100
...............................
3,000
2,982
134,379
Rhode
Island
(0.1%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
,
Series
85-A
,
4
.70
%
,
4/1/55
,
Continuously
Callable
@100
...........................................
1,000
950
South
Carolina
(0.6%):
Charleston
County
Airport
District
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.....................................................
1,500
1,517
City
of
Rock
Hill
Combined
Utility
System
Revenue
,
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.....................................................
2,500
2,178
Patriots
Energy
Group
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....
2,000
1,728
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5
.00
%
,
11/15/47
,
Continuously
Callable
@103
..............................
$
1,850
$
1,755
4
.00
%
,
4/1/54
,
Continuously
Callable
@103
...............................
1,165
889
5
.00
%
,
4/1/54
,
Continuously
Callable
@103
...............................
1,000
912
8,979
Tennessee
(1.0%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.....................................................
2,000
1,969
Knox
County
Health
Educational
&
Housing
Facility
Board
Revenue
,
Series
A-1
,
5
.50
%
,
7/1/54
,
Continuously
Callable
@100
.....................................
1,000
1,022
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
5,000
4,801
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
757
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@100
........................
1,500
1,383
Shelby
County
Health
&
Educational
Facilities
Board
Revenue
,
Series
A1
,
5
.25
%
,
6/1/56
,
Continuously
Callable
@100
(a)
.........................................
1,000
955
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
,
Continuously
Callable
@100
(f)
.........................................................
5,000
5,284
Tennessee
Housing
Development
Agency
Revenue
,
Series
1A
,
5
.05
%
,
7/1/55
,
Continuously
Callable
@100
.....................................................
500
495
16,666
Texas
(15.0%):
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
10,000
9,015
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
2,170
1,999
4
.13
%
,
8/15/54
,
Continuously
Callable
@100
...............................
500
432
4
.50
%
,
8/15/55
,
Continuously
Callable
@100
...............................
1,000
933
Series
A
,
5
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
3,000
3,019
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
7,200
6,968
Bexar
County
Health
Facilities
Development
Corp.
Revenue
5
.00
%
,
7/15/42
,
Continuously
Callable
@104
...............................
600
552
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
...............................
8,450
6,670
Capital
Area
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8159
,
2
.30
%
,
3/1/41
(a)
(c)
.............................................
2,500
2,500
Central
Texas
Regional
Mobility
Authority
Revenue
,
4
.00
%
,
1/1/41
,
Continuously
Callable
@100
...........................................................
5,000
4,549
Central
Texas
Turnpike
System
Revenue
(INS
-
AMBAC
Assurance
Corp.)
,
Series
A
,
8/15/30
(b)
........................................................
18,530
15,376
City
of
Arlington
Special
Tax
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
2/15/48
,
Continuously
Callable
@100
...............................
6,500
6,501
City
of
Corpus
Christi
Utility
System
Revenue
,
4
.00
%
,
7/15/39
,
Continuously
Callable
@100
5,900
5,564
City
of
Garland
Electric
Utility
System
Revenue
,
Series
A
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
.....................................................
1,000
842
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
,
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
.....................................................
3,715
3,717
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
,
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...........................................................
700
643
Clifton
Higher
Education
Finance
Corp.
Revenue
,
4
.25
%
,
8/15/52
,
Continuously
Callable
@100
...........................................................
1,500
1,272
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
5
.00
%
,
8/15/39
,
Continuously
Callable
@100
...............................
4,250
4,255
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
11,000
9,659
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
10,000
10,004
County
of
Bexar
Revenue
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
500
435
4
.00
%
,
8/15/49
,
Continuously
Callable
@100
...............................
1,700
1,408
Del
Mar
College
District,
GO
,
Series
A
,
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
.....
6,500
6,386
El
Paso
County
Hospital
District
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.25
%
,
2/15/54
,
Continuously
Callable
@100
...............................
1,250
1,086
Everman
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
2/15/50
,
Continuously
Callable
@100
....................................
4,500
3,912
Grand
Parkway
Transportation
Corp.
Revenue
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
2,000
1,717
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Greater
Texas
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/50
,
Continuously
Callable
@100
...........................................
$
2,000
$
1,692
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
6,100
3,094
Harris
County
Hospital
District
Revenue
,
4
.00
%
,
2/15/42
,
Continuously
Callable
@100
....
15,000
13,176
Kerrville
Health
Facilities
Development
Corp.
Revenue
,
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
.....................................................
1,900
1,900
Manor
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
.....................................
15,095
15,104
Matagorda
County
Navigation
District
No.
1
Revenue
Series
B-1
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.......................
9,615
9,573
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.......................
6,000
6,000
Midlothian
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
2/15/47
,
Continuously
Callable
@100
....................................
15,000
14,985
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
4
.00
%
,
11/1/55
,
Continuously
Callable
@103
...............................
1,250
955
Series
A-1
,
7
.50
%
,
11/15/37
...........................................
410
295
Series
A-2
,
7
.50
%
,
11/15/36
...........................................
2,565
1,845
Series
B
,
2
.00
%
(
2
.00
%
PIK)
,
11/15/61
,
Continuously
Callable
@105
(e)
...........
11,050
2,053
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A1
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
..........
1,000
994
North
Texas
Tollway
Authority
Revenue
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
3,750
3,581
Series
B
,
9/1/37
,
Pre-refunded  9/1/31
@
64.1040
(b)
..........................
3,000
1,550
North
Texas
Tollway
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
.........................
5,000
4,998
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
1
.75
%
,
4/1/40
,
Continuously
Callable
@100
(c)
.......................
1,500
1,500
Series
B
,
1
.75
%
,
4/1/40
,
Continuously
Callable
@100
(c)
.......................
1,400
1,400
Series
C
,
2
.35
%
,
4/1/40
,
Continuously
Callable
@100
(c)
.......................
880
880
Red
River
Education
Finance
Corp.
Revenue
4
.00
%
,
6/1/41
,
Continuously
Callable
@100
...............................
2,000
1,657
5
.50
%
,
10/1/46
,
Continuously
Callable
@100
...............................
3,000
2,863
San
Antonio
Education
Facilities
Corp.
Revenue
4
.00
%
,
4/1/54
,
Continuously
Callable
@100
...............................
1,000
744
5
.50
%
,
10/1/55
,
Continuously
Callable
@100
...............................
1,700
1,674
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
..............................
1,000
927
Series
A
,
0.00%
,
11/15/45
,
Continuously
Callable
@100
(e)
.....................
3,682
55
Series
B
,
0.00%
,
11/15/36
,
Continuously
Callable
@100
(e)
.....................
2,945
44
Series
B
,
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
.......................
9,000
8,399
Texas
Transportation
Commission
State
Highway
249
System
Revenue
,
5
.00
%
,
8/1/57
,
Continuously
Callable
@100
...........................................
5,000
4,970
Uptown
Development
Authority
Tax
Allocation
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
4,365
4,370
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
2,490
2,436
Series
A
,
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,645
1,580
Victory
Street
Public
Facility
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8158
,
2
.30
%
,
8/1/62
,
Continuously
Callable
@100
(a)
(c)
.......................
2,500
2,500
Waco
Educational
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
....
4,000
3,365
West
Harris
County
Regional
Water
Authority
Revenue
4
.00
%
,
12/15/45
,
Continuously
Callable
@100
..............................
1,600
1,415
4
.00
%
,
12/15/49
,
Continuously
Callable
@100
..............................
3,945
3,372
Ysleta
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
8/15/52
,
Continuously
Callable
@100
....................................
5,000
4,279
239,639
Utah
(0.2%):
Military
Installation
Development
Authority
Revenue
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.......................
1,500
1,296
Series
A-1
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.......................
1,000
784
Utah
Charter
School
Finance
Authority
Revenue
Series
A
,
5
.63
%
,
6/15/42
,
Continuously
Callable
@100
(a)
......................
500
491
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
$
1,550
$
1,272
3,843
Vermont
(0.6%):
Vermont
Economic
Development
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@103
...........................................................
1,350
1,062
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
..............................
7,000
6,293
6
.00
%
,
10/1/52
,
Continuously
Callable
@100
(a)
.............................
2,000
1,761
9,116
Virginia
(0.7%):
Alexandria
IDA
Revenue
5
.00
%
,
10/1/45
,
Pre-refunded
10/1/25
@
100
...............................
2,600
2,617
5
.00
%
,
10/1/50
,
Pre-refunded
10/1/25
@
100
...............................
2,400
2,415
Lewistown
Commerce
Center
Community
Development
Authority
Tax
Allocation
Series
A
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@102
(e)
.......................
1,598
1,119
Series
B
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@102
.........................
1,506
1,213
Series
C
,
4
.75
%
,
3/1/54
,
Continuously
Callable
@100
(e)
.......................
6,327
2,657
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2023-DBE-8106
,
2
.30
%
,
6/1/63
,
Continuously
Callable
@100
(a)
(c)
..........
500
500
10,521
Washington
(1.8%):
County
of
Spokane
Airport
Revenue
AMT
,
Series
B
,
5
.25
%
,
1/1/54
,
Continuously
Callable
@100
...........................................................
2,000
2,024
King
County
Public
Hospital
District
No.
1,
GO
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
9,000
9,087
King
County
Public
Hospital
District
No.
2,
GO
,
Series
A
,
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
.....................................................
4,000
3,525
Skagit
County
Public
Hospital
District
No.
1
Revenue
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,013
Washington
Health
Care
Facilities
Authority
Revenue
,
4
.00
%
,
7/1/42
,
Continuously
Callable
@100
...........................................................
5,500
4,747
Washington
Higher
Education
Facilities
Authority
Revenue
,
4
.00
%
,
5/1/50
,
Continuously
Callable
@100
.....................................................
1,250
1,052
Washington
State
Housing
Finance
Commission
Revenue
5
.00
%
,
1/1/43
,
Continuously
Callable
@102
(a)
.............................
3,055
2,800
6
.13
%
,
7/1/53
,
Continuously
Callable
@103
(a)
.............................
2,000
2,109
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,100
1,077
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
939
872
28,306
West
Virginia
(0.4%):
West
Virginia
Hospital
Finance
Authority
Revenue
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...............................
2,000
1,940
Series
A
,
4
.38
%
,
6/1/53
,
Continuously
Callable
@100
.........................
3,000
2,731
Series
B
,
6
.00
%
,
9/1/53
,
Continuously
Callable
@100
.........................
1,750
1,841
6,512
Wisconsin
(3.5%):
Public
Finance
Authority
Revenue
5
.25
%
,
5/15/42
,
Continuously
Callable
@102
(a)
.............................
2,200
2,151
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
6,000
6,032
5
.00
%
,
11/15/44
,
Continuously
Callable
@103
..............................
455
448
4
.00
%
,
1/1/45
,
Continuously
Callable
@100
...............................
1,500
1,314
5
.00
%
,
6/15/49
,
Continuously
Callable
@100
(a)
.............................
520
469
5
.00
%
,
6/15/49
,
Continuously
Callable
@100
...............................
1,480
1,419
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
..............................
2,400
2,263
4
.00
%
,
2/1/51
,
Continuously
Callable
@100
...............................
1,500
1,050
4
.00
%
,
10/1/51
,
Continuously
Callable
@103
...............................
2,185
1,730
4
.00
%
,
1/1/52
,
Continuously
Callable
@103
...............................
2,350
1,948
5
.13
%
,
4/1/52
,
Continuously
Callable
@100
...............................
3,000
2,773
5
.00
%
,
6/15/53
,
Continuously
Callable
@100
...............................
1,000
949
5
.00
%
,
2/1/54
,
Continuously
Callable
@100
...............................
500
462
5
.00
%
,
6/15/54
,
Continuously
Callable
@100
(a)
.............................
455
398
Series
A
,
5
.25
%
,
10/1/43
,
Continuously
Callable
@100
........................
3,090
2,916
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
4,740
3,994
Series
A
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
........................
11,000
9,073
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
$
1,000
$
787
Series
A
,
6
.63
%
,
7/1/53
,
Continuously
Callable
@103
(a)
.......................
570
592
Series
A
,
5
.25
%
,
6/15/55
,
Continuously
Callable
@100
........................
500
483
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
2,250
1,584
Series
A-1
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(a)
.....................
2,870
2,288
Series
B
,
5
.50
%
,
6/15/55
,
Continuously
Callable
@100
........................
375
368
Series
L
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
939
Series
L
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
1,000
927
Public
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,285
1,239
Series
A
,
5
.00
%
,
7/1/58
,
Continuously
Callable
@100
.........................
1,500
1,423
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
120
98
5
.00
%
,
3/15/50
,
Continuously
Callable
@100
...............................
1,175
1,121
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
500
337
4
.38
%
,
8/15/55
,
Continuously
Callable
@100
...............................
2,000
1,835
4
.00
%
,
1/1/57
,
Continuously
Callable
@103
...............................
3,000
2,270
Series
B
,
4
.00
%
,
9/15/45
,
Continuously
Callable
@103
........................
475
387
56,067
Total
Municipal
Bonds
(Cost
$1,739,750)
a
a
a
1,577,643
Total
Investments
(Cost
$1,739,750)
—
98.7%
1,577,643
Other
assets
in
excess
of
liabilities
—  1.3%
20,159
NET
ASSETS
-
100.00%
$
1,597,802
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$40,984
(thousands)
and
amounted
to
2.6%
of
net
assets.
(b)
Zero-coupon
bond.
(c)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(d)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(e)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(f)
Put
Bond.
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
PIK
—
Payment-in-Kind
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
164
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(100.9%)
Alabama
(7.9%):
Black
Belt
Energy
Gas
District
Revenue
4
.00
%
,
10/1/52
,
(Put
Date
12/1/26)
(a)
....................................
$
3,000
$
3,002
Series
A
,
5
.00
%
,
9/1/25
..............................................
200
201
Series
A
,
5
.00
%
,
9/1/26
..............................................
200
203
Series
B
,
5
.00
%
,
9/1/26
..............................................
2,330
2,362
Series
B
,
5
.00
%
,
10/1/55
,
(Put
Date
9/1/32)
(a)
..............................
3,585
3,739
Series
C
,
5
.50
%
,
6/1/26
..............................................
1,000
1,016
Series
C
,
5
.00
%
,
5/1/55
,
(Put
Date
7/1/31)
(a)
...............................
2,000
2,075
Series
C-1
,
5
.25
%
,
6/1/25
.............................................
600
600
Series
D
,
5
.00
%
,
11/1/26
.............................................
1,000
1,018
Series
D2
,
4
.32
%
(
SOFR
+
140
bps
)
,
7/1/52
,
(Put
Date
6/1/27)
(a)
(b)
................
3,300
3,335
Chatom
Industrial
Development
Board
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
8/1/30
.....................................................
1,275
1,381
Energy
Southeast
A
Cooperative
District
Revenue
Series
B
,
5
.00
%
,
12/1/26
.............................................
250
255
Series
B
,
5
.00
%
,
6/1/27
..............................................
200
205
Series
B
,
5
.00
%
,
12/1/27
.............................................
250
258
Selma
Industrial
Development
Board
Revenue
1
.38
%
,
5/1/34
,
(Put
Date
6/16/25)
(a)
.....................................
5,875
5,868
Series
A
,
3
.45
%
,
11/1/33
,
(Put
Date
10/1/31)
(a)
.............................
4,525
4,410
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A
,
5
.00
%
,
7/1/25
..............................................
640
640
Series
A
,
5
.00
%
,
7/1/26
..............................................
1,755
1,776
Series
A
,
5
.00
%
,
11/1/26
..............................................
2,060
2,085
Series
A
,
5
.00
%
,
11/1/27
..............................................
1,975
2,013
Series
A
,
5
.00
%
,
6/1/31
..............................................
325
337
Series
A
,
5
.00
%
,
11/1/33
..............................................
2,070
2,117
Series
B
,
5
.25
%
,
3/1/55
,
(Put
Date
1/1/33)
,
Continuously
Callable
@100
(a)
.........
9,950
10,310
Series
C
,
5
.00
%
,
10/1/55
,
(Put
Date
11/1/32)
(a)
.............................
1,500
1,573
50,779
Arizona
(1.3%):
Arizona
IDA
Revenue
3
.00
%
,
12/15/31
,
Continuously
Callable
@100
(c)
............................
415
383
Series
B
,
4
.00
%
,
7/1/31
..............................................
250
253
Chandler
IDA
Revenue
AMT
,
4
.00
%
,
6/1/49
,
(Put
Date
6/1/29)
(a)
....................
2,500
2,480
Maricopa
County
IDA
Revenue
4
.00
%
,
7/1/29
(c)
...................................................
750
745
3
.00
%
,
7/1/31
(c)
...................................................
500
481
Sierra
Vista
IDA
Revenue
,
5
.00
%
,
6/15/34
,
Continuously
Callable
@100
(c)
.............
1,250
1,294
Tempe
IDA
Revenue
Series
A
,
4
.00
%
,
12/1/26
.............................................
240
239
Series
A
,
4
.00
%
,
12/1/27
.............................................
355
351
Series
A
,
4
.00
%
,
12/1/28
.............................................
365
359
Series
A
,
4
.00
%
,
12/1/29
.............................................
380
371
Series
A
,
4
.00
%
,
12/1/30
,
Continuously
Callable
@102
........................
495
483
Series
A
,
4
.00
%
,
12/1/31
,
Continuously
Callable
@102
........................
465
452
The
County
of
Pima
IDA
Revenue
,
Series
A
,
5
.75
%
,
11/15/25
(c)
.....................
660
664
8,555
Arkansas
(1.0%):
Arkansas
Development
Finance
Authority
Revenue
5
.00
%
,
9/1/30
.....................................................
1,180
1,245
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
1,200
1,262
5
.00
%
,
9/1/44
,
(Put
Date
9/1/27)
(a)
......................................
4,000
4,104
6,611
California
(4.2%):
California
Community
Choice
Financing
Authority
Revenue
Series
B
,
5
.00
%
,
1/1/55
,
(Put
Date
12/1/32)
(a)
..............................
4,000
4,109
Series
C
,
5
.00
%
,
8/1/55
,
(Put
Date
10/1/32)
(a)
..............................
5,000
5,218
Series
G
,
5
.00
%
,
11/1/55
,
(Put
Date
8/1/32)
(a)
..............................
2,500
2,571
California
County
Tobacco
Securitization
Agency
Revenue
,
Series
A
,
5
.00
%
,
6/1/30
.......
200
214
California
Health
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.85
%
,
11/15/27
......
1,500
1,492
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
California
Municipal
Finance
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-
DBE-8152
,
2
.25
%
,
7/1/54
,
Continuously
Callable
@100
(c)
(d)
...................
$
1,000
$
1,000
California
Municipal
Finance
Authority
Revenue
AMT
Series
A
,
3
.75
%
,
7/1/41
,
(Put
Date
10/1/25)
(a)
..............................
2,500
2,469
Series
A
,
3
.95
%
,
11/1/46
,
(Put
Date
9/1/25)
(a)
..............................
2,500
2,500
California
Pollution
Control
Financing
Authority
Revenue
AMT
,
3
.70
%
,
7/1/43
,
(Put
Date
8/15/25)
(a)
(c)
.....................................................
1,500
1,498
California
School
Finance
Authority
Revenue
,
4
.40
%
,
12/1/26
(c)
.....................
1,000
1,006
City
of
Los
Angeles
Department
of
Airports
Revenue
AMT
,
Series
F
,
5
.00
%
,
5/15/33
......
2,030
2,163
Newman-Crows
Landing
Unified
School
District,
GO
,
8/1/25
.......................
1,000
995
Sierra
View
Local
Health
Care
District
Revenue
5
.00
%
,
7/1/27
.....................................................
315
328
5
.00
%
,
7/1/28
.....................................................
330
349
5
.00
%
,
7/1/29
.....................................................
315
338
5
.00
%
,
7/1/30
.....................................................
310
337
Southern
California
Public
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
9/1/26
...........
235
238
26,825
Colorado
(0.5%):
Colorado
Health
Facilities
Authority
Revenue
5
.00
%
,
11/1/25
.....................................................
350
353
Series
A
,
5
.00
%
,
8/1/29
..............................................
500
528
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
1,950
2,058
Southlands
Metropolitan
District
No.
1,
GO
,
Series
A-1
,
3
.50
%
,
12/1/27
................
600
593
3,532
Connecticut
(2.4%):
City
of
Bridgeport,
GO
,
Series
B
,
5
.00
%
,
8/15/26
................................
3,450
3,527
City
of
New
Haven,
GO
Series
A
,
5
.00
%
,
8/1/25
..............................................
580
581
Series
A
,
5
.00
%
,
8/1/26
..............................................
580
590
Series
A
,
5
.00
%
,
8/1/27
..............................................
1,000
1,029
City
of
New
Haven,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
5
.00
%
,
2/1/27
..............................................
600
619
Series
B
,
5
.00
%
,
2/1/28
..............................................
525
550
Series
B
,
5
.00
%
,
2/1/29
..............................................
550
586
City
of
West
Haven,
GO
,
Series
A
,
5
.00
%
,
11/1/27
...............................
650
671
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
,
Series
B-2
,
5
.00
%
,
7/1/53
,
(Put
Date
1/1/27)
(a)
...........................................
3,000
3,083
Connecticut
State
Higher
Education
Supplement
Loan
Authority
Revenue
AMT
,
Series
B-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/14/26)
(a)
...................................
2,725
2,750
Stamford
Housing
Authority
Revenue
,
Series
C
,
4
.75
%
,
10/1/32
.....................
1,500
1,482
15,468
District
of
Columbia
(0.8%):
Deutsche
Bank
Spears/Lifers
Trust
Revenue
,
Series
8178
,
2
.30
%
,
5/1/30
(c)
(d)
...........
5,000
5,000
Florida
(2.4%):
Alachua
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
12/1/37
,
(Put
Date
12/1/26)
(a)
.
3,000
3,029
Capital
Trust
Agency,
Inc.
Revenue
,
4
.00
%
,
8/1/30
...............................
160
161
Capital
Trust
Authority
Revenue
,
Series
A
,
4
.25
%
,
12/15/34
0
(a)
.....................
3,000
2,937
City
of
Pompano
Beach
Revenue
,
3
.50
%
,
9/1/30
,
Continuously
Callable
@103
...........
3,590
3,447
City
of
Venice
Revenue
Series
B-1
,
4
.63
%
,
1/1/30
,
Continuously
Callable
@100
(c)
.....................
750
744
Series
B-2
,
4
.50
%
,
1/1/30
,
Continuously
Callable
@100
(c)
.....................
575
567
County
of
Escambia
Revenue
,
Series
B
,
3
.45
%
,
11/1/33
,
(Put
Date
10/1/31)
(a)
...........
1,500
1,482
Florida
Development
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
6/15/27
.............................................
390
403
Series
A
,
5
.00
%
,
6/15/28
,
Continuously
Callable
@100
........................
410
423
Series
A
,
5
.00
%
,
6/15/29
,
Continuously
Callable
@100
........................
360
372
Series
A
,
5
.00
%
,
6/15/30
,
Continuously
Callable
@100
........................
475
490
Florida
Higher
Educational
Facilities
Financial
Authority
Revenue
,
5
.00
%
,
10/1/25
........
445
447
Lee
County
IDA
Revenue
,
Series
B-1
,
4
.75
%
,
11/15/29
,
Continuously
Callable
@100
......
1,000
1,004
15,506
Georgia
(7.2%):
George
L
Smith
II
Congress
Center
Authority
Revenue
,
2
.38
%
,
1/1/31
.................
1,000
913
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Main
Street
Natural
Gas,
Inc.
Revenue
Series
A
,
5
.00
%
,
5/15/28
.............................................
$
1,000
$
1,033
Series
A
,
5
.00
%
,
5/15/29
.............................................
1,775
1,847
Series
B
,
5
.00
%
,
12/1/52
,
(Put
Date
6/1/29)
(a)
..............................
6,000
6,212
Series
C
,
5
.00
%
,
12/1/25
.............................................
1,000
1,006
Series
C
,
5
.00
%
,
12/1/54
,
(Put
Date
12/1/31)
(a)
.............................
12,500
13,027
Series
D
,
5
.00
%
,
5/1/54
,
(Put
Date
12/1/30)
,
Continuously
Callable
@100
(a)
........
2,000
2,084
The
Burke
County
Development
Authority
Revenue
2
.88
%
,
12/1/49
,
(Put
Date
8/19/25)
(a)
....................................
1,775
1,770
Series
4
,
3
.80
%
,
10/1/32
,
(Put
Date
5/21/26)
(a)
..............................
1,000
1,002
The
Burke
County
Development
Authority
Revenue
(NBGA
-
Southern
Co.)
,
Series
GA
,
1
.55
%
,
11/1/52
,
Continuously
Callable
@100
(d)
.............................
11,300
11,300
The
Cobb
County
Development
Authority
Revenue
,
Series
A
,
2
.25
%
,
4/1/33
,
(Put
Date
10/1/29)
(a)
.......................................................
5,000
4,609
The
Monroe
County
Development
Authority
Revenue
,
3
.88
%
,
6/1/42
,
(Put
Date
3/6/26)
(a)
..
1,500
1,503
46,306
Illinois
(8.8%):
Chicago
Board
of
Education,
GO
Series
A
,
4
.00
%
,
12/1/27
.............................................
1,400
1,389
Series
B
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
1,000
1,015
Chicago
Park
District,
GO
Series
F-2
,
5
.00
%
,
1/1/27
.............................................
600
616
Series
F-2
,
5
.00
%
,
1/1/28
.............................................
1,000
1,042
Series
F-2
,
5
.00
%
,
1/1/29
.............................................
1,000
1,056
Series
F-2
,
5
.00
%
,
1/1/30
.............................................
1,305
1,396
Series
F-2
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
.......................
2,115
2,254
Series
F-2
,
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
.......................
1,750
1,859
Chicago
Park
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
1/1/31
,
Continuously
Callable
@100
.....................................
750
765
Chicago
Transit
Authority
Capital
Grant
Receipts
Revenue
5
.00
%
,
6/1/25
.....................................................
1,720
1,720
5
.00
%
,
6/1/26
.....................................................
1,000
1,015
City
of
Chicago
Lakeshore
East
Special
Assessment
2
.53
%
,
12/1/25
(c)
..................................................
328
325
2
.69
%
,
12/1/26
(c)
..................................................
305
297
2
.87
%
,
12/1/27
(c)
..................................................
255
245
City
of
Chicago
Waterworks
Revenue
5
.00
%
,
11/1/25
.....................................................
4,000
4,028
5
.00
%
,
11/1/26
.....................................................
1,000
1,025
Series
A-1
,
5
.00
%
,
11/1/25
............................................
2,000
2,014
Series
A-1
,
4
.00
%
,
11/1/26
............................................
2,500
2,527
Illinois
Development
Finance
Authority
Revenue
AMT
,
Series
A
,
4
.25
%
,
11/1/44
,
(Put
Date
11/3/25)
(a)
.......................................................
2,000
1,998
Illinois
Finance
Authority
Revenue
5
.00
%
,
10/1/29
....................................................
500
525
5
.00
%
,
10/1/30
....................................................
250
264
Series
B
,
5
.00
%
,
10/1/34
(c)
...........................................
900
911
Series
B
,
2
.67
%
(
MUNIPSA
+
70
bps
)
,
5/1/42
,
(Put
Date
5/1/26)
(a)
(b)
..............
2,250
2,243
Series
B-1
,
5
.00
%
,
8/15/43
,
(Put
Date
8/15/30)
(a)
............................
3,000
3,191
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
10/1/30
....................................................
325
344
5
.00
%
,
10/1/31
,
Continuously
Callable
@100
...............................
450
477
Series
B
,
5
.00
%
,
4/1/30
..............................................
250
263
Sales
Tax
Securitization
Corp.
Revenue
,
Series
A
,
5
.00
%
,
1/1/30
.....................
2,000
2,136
State
of
Illinois,
GO
Series
A
,
5
.00
%
,
11/1/25
..............................................
5,000
5,034
Series
C
,
5
.00
%
,
11/1/29
,
Continuously
Callable
@100
........................
8,985
9,281
The
Illinois
Sports
Facilities
Authority
Revenue
5
.00
%
,
6/15/28
....................................................
1,000
1,040
5
.00
%
,
6/15/30
....................................................
1,500
1,584
5
.00
%
,
6/15/31
....................................................
575
612
5
.00
%
,
6/15/32
,
Continuously
Callable
@100
...............................
480
508
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Western
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
4/1/29
.....................................................
$
750
$
760
4
.00
%
,
4/1/30
.....................................................
750
761
56,520
Indiana
(2.0%):
City
of
Rockport
Revenue
Series
A
,
3
.13
%
,
7/1/25
..............................................
1,500
1,499
Series
A
,
3
.70
%
,
6/1/47
,
(Put
Date
6/1/29)
(a)
...............................
2,000
2,010
Indiana
Bond
Bank
Revenue
1/15/27
(e)
........................................................
1,280
1,218
1/15/28
(e)
........................................................
1,100
1,013
1/15/29
(e)
........................................................
565
502
7/15/29
,
Continuously
Callable
@99
(e)
...................................
730
606
Indiana
Finance
Authority
Revenue
5
.00
%
,
4/1/26
.....................................................
790
797
5
.00
%
,
4/1/27
.....................................................
830
843
5
.00
%
,
4/1/28
.....................................................
870
888
5
.00
%
,
4/1/29
.....................................................
1,180
1,208
Indiana
Finance
Authority
Revenue
AMT
,
Series
A
,
3
.95
%
,
5/1/28
,
(Put
Date
9/2/25)
(a)
....
1,000
1,000
Indianapolis
Local
Public
Improvement
Bond
Bank
Revenue
AMT
,
Series
B2
,
5
.00
%
,
1/1/33
1,500
1,598
13,182
Kentucky
(8.2%):
City
of
Ashland
Revenue
5
.00
%
,
2/1/28
.....................................................
1,775
1,853
5
.00
%
,
2/1/30
.....................................................
740
791
County
of
Carroll
Revenue
,
1
.55
%
,
9/1/42
.....................................
5,000
4,873
County
of
Owen
Revenue
Series
A
,
2
.45
%
,
6/1/39
,
(Put
Date
10/1/29)
(a)
..............................
10,000
9,499
Series
B
,
2
.45
%
,
9/1/39
,
(Put
Date
10/1/29)
(a)
..............................
5,000
4,647
Kentucky
Economic
Development
Finance
Authority
Revenue
,
4
.50
%
,
10/1/27
,
Continuously
Callable
@100
.....................................................
5,000
5,002
Kentucky
Public
Energy
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/25
..............................................
375
375
Series
A
,
5
.00
%
,
5/1/55
,
(Put
Date
7/1/30)
(a)
...............................
1,000
1,038
Series
A
,
5
.25
%
,
6/1/55
,
(Put
Date
12/1/29)
(a)
..............................
5,000
5,247
Series
B
,
5
.00
%
,
8/1/25
..............................................
500
501
Series
B
,
5
.00
%
,
2/1/26
..............................................
275
277
Series
B
,
5
.00
%
,
1/1/55
,
(Put
Date
8/1/32)
,
Continuously
Callable
@100
(a)
.........
1,000
1,053
Series
C
,
4
.00
%
,
2/1/50
,
(Put
Date
2/1/28)
(a)
...............................
3,370
3,378
Series
C-1
,
4
.00
%
,
12/1/49
,
(Put
Date
6/1/25)
(a)
.............................
10,000
10,000
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
D
,
5
.00
%
,
10/1/47
,
(Put
Date
10/1/29)
(a)
....................................................
4,000
4,240
52,774
Louisiana
(0.7%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
2
.00
%
,
6/1/30
,
Continuously
Callable
@100
.................
1,000
915
Tangipahoa
Parish
Hospital
Service
District
No.
1
Revenue
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.....................................................
3,470
3,647
4,562
Maryland
(1.9%):
Maryland
Economic
Development
Corp.
Revenue
Series
A
,
5
.00
%
,
6/1/25
..............................................
1,500
1,500
Series
A
,
5
.00
%
,
6/1/26
..............................................
2,000
2,031
Series
A
,
5
.00
%
,
6/1/27
..............................................
1,340
1,380
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5
.00
%
,
7/1/28
.....................................................
1,910
1,993
5
.00
%
,
7/1/29
.....................................................
1,130
1,188
5
.00
%
,
7/1/30
.....................................................
1,000
1,058
Town
of
Chestertown
Revenue
Series
A
,
5
.00
%
,
3/1/31
..............................................
1,475
1,538
Series
A
,
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
.........................
1,550
1,609
12,297
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Massachusetts
(1.3%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
7/1/25
.....................................................
$
1,250
$
1,252
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
1,425
1,442
Series
B
,
5
.00
%
,
8/15/55
,
(Put
Date
8/15/31)
,
Continuously
Callable
@100
(a)
.......
1,000
1,071
Series
S
,
5
.00
%
,
7/15/26
..............................................
310
317
Series
S
,
5
.00
%
,
7/15/28
..............................................
340
361
Series
S
,
5
.00
%
,
7/15/30
..............................................
640
701
Series
T1
,
2
.57
%
(
MUNIPSA
+
60
bps
)
,
7/1/49
,
(Put
Date
1/29/26)
,
Continuously
Callable
@100
(a)
(b)
(c)
.....................................................
2,500
2,495
Massachusetts
Development
Finance
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
5
.00
%
,
10/1/30
........................................
975
1,037
8,676
Michigan
(1.8%):
Flint
Hospital
Building
Authority
Revenue
5
.00
%
,
7/1/29
.....................................................
1,995
2,025
5
.00
%
,
7/1/30
.....................................................
2,290
2,320
Michigan
Finance
Authority
Revenue
4
.00
%
,
2/1/27
.....................................................
95
94
4
.00
%
,
2/1/32
.....................................................
285
269
Michigan
Strategic
Fund
Revenue
AMT
,
4
.13
%
,
8/1/27
............................
5,000
4,960
Summit
Academy
North
Revenue
2
.25
%
,
11/1/26
.....................................................
550
538
4
.00
%
,
11/1/31
,
Continuously
Callable
@103
...............................
1,565
1,516
11,722
Minnesota
(0.1%):
Sanford
Canby
Community
Hospital
District
No.
1
Revenue
,
2
.97
%
,
11/1/26
,
Continuously
Callable
@100
(d)
...................................................
475
475
Mississippi
(0.6%):
Mississippi
Business
Finance
Corp.
Revenue
,
3
.20
%
,
9/1/28
,
Continuously
Callable
@100
..
4,000
3,955
Missouri
(0.1%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
4
.00
%
,
8/1/26
.....................................................
205
205
4
.00
%
,
8/1/28
.....................................................
415
411
4
.00
%
,
8/1/30
.....................................................
295
289
905
Nebraska
(1.0%):
Central
Plains
Energy
Project
Revenue
,
Series
1
,
5
.00
%
,
5/1/53
,
(Put
Date
10/1/29)
,
Continuously
Callable
@100
(a)
.........................................
6,000
6,222
Nevada
(0.7%):
County
of
Clark
Revenue
,
Series
R
,
3
.75
%
,
1/1/36
,
(Put
Date
3/31/26)
(a)
...............
2,500
2,497
State
of
Nevada
Department
of
Business
&
Industry
Revenue
AMT
,
3
.95
%
,
12/1/26
,
(Put
Date
12/1/25)
(a)
(c)
.....................................................
1,800
1,800
4,297
New
Hampshire
(0.2%):
New
Hampshire
Business
Finance
Authority
Revenue
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
(c)
.............................
1,000
990
4
.00
%
,
1/1/30
,
Continuously
Callable
@103
...............................
280
277
4
.00
%
,
1/1/31
,
Continuously
Callable
@103
...............................
295
289
1,556
New
Jersey
(1.1%):
New
Jersey
Higher
Education
Student
Assistance
Authority
Revenue
AMT
Series
1-B
,
5
.00
%
,
12/1/29
............................................
2,000
2,078
Series
2
,
5
.00
%
,
12/1/56
,
(Put
Date
6/2/26)
(a)
..............................
5,000
5,062
7,140
New
Mexico
(1.8%):
City
of
Farmington
Revenue
Series
A
,
2
.15
%
,
4/1/33
,
Continuously
Callable
@101
.........................
5,000
4,118
Series
C
,
3
.88
%
,
6/1/40
,
(Put
Date
6/1/29)
(a)
...............................
1,000
1,004
Series
E
,
3
.88
%
,
6/1/40
,
(Put
Date
6/1/29)
(a)
...............................
600
603
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
5
.00
%
,
6/1/27
.....................................................
770
785
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
6/1/28
.....................................................
$
780
$
799
5
.00
%
,
6/1/29
.....................................................
835
858
5
.00
%
,
6/1/30
.....................................................
525
540
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
...............................
690
714
Village
of
Los
Ranchos
de
Albuquerque
Revenue
5
.00
%
,
9/1/28
.....................................................
840
885
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
300
323
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
,
3
.75
%
,
5/1/28
(c)
.........................................................
702
692
11,321
New
York
(13.1%):
Build
NYC
Resource
Corp.
Revenue
,
Series
A
,
3
.40
%
,
7/1/27
.......................
185
185
City
of
Cortland,
GO
,
4
.50
%
,
5/15/26
........................................
7,500
7,563
City
of
Dunkirk,
GO
,
7
.50
%
,
7/24/25
(c)
.......................................
5,000
5,004
City
of
Mount
Vernon,
GO
4
.75
%
,
12/23/25
....................................................
6,500
6,506
5
.00
%
,
5/29/26
(c)
..................................................
2,200
2,225
City
of
Poughkeepsie,
GO
,
4
.00
%
,
4/15/26
.....................................
230
231
Long
Island
Power
Authority
Revenue
,
Series
C
,
2
.42
%
(
MUNIPSA
+
45
bps
)
,
9/1/38
,
(Put
Date
9/1/25)
(a)
(b)
......................................................
10,500
10,444
Metropolitan
Transportation
Authority
Revenue
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(a)
...........................
1,830
1,968
Series
A3
,
3
.57
%
(
SOFR
+
65
bps
)
,
11/15/42
,
(Put
Date
4/1/26)
(a)
(b)
...............
10,000
9,898
Metropolitan
Transportation
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
2
,
3
.72
%
(
SOFR
+
80
bps
)
,
11/1/32
,
(Put
Date
4/1/26)
(a)
(b)
.................
2,000
1,993
Mount
Vernon
City
School
District,
GO
,
5
.00
%
,
6/30/25
...........................
10,000
9,999
New
York
Liberty
Development
Corp.
Revenue
2
.63
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,650
1,457
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
14,950
13,776
Series
A
,
1
.90
%
,
11/15/31
,
Continuously
Callable
@100
.......................
2,000
1,737
New
York
State
Dormitory
Authority
Revenue
,
5
.00
%
,
12/1/25
(c)
....................
1,200
1,202
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-
8105
,
2
.30
%
,
8/1/50
,
Continuously
Callable
@100
(c)
(d)
.......................
9
9
Troy
Capital
Resource
Corp.
Revenue
5
.00
%
,
8/1/26
,
Continuously
Callable
@100
...............................
1,050
1,059
5
.00
%
,
9/1/27
.....................................................
1,250
1,293
Village
of
Sylvan
Beach,
GO
,
5
.75
%
,
1/15/26
,
Continuously
Callable
@100
.............
6,500
6,501
Village
of
Washingtonville,
GO
,
6
.25
%
,
6/26/25
.................................
1,300
1,302
84,352
North
Carolina
(1.2%):
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
3
.45
%
,
11/1/33
,
(Put
Date
10/1/31)
(a)
....................................
1,100
1,072
Series
A
,
1
.38
%
,
5/1/34
,
(Put
Date
6/16/25)
(a)
..............................
2,000
1,997
North
Carolina
Medical
Care
Commission
Revenue
Series
A
,
4
.00
%
,
10/1/27
.............................................
600
601
Series
B-1
,
2
.55
%
,
9/1/26
,
Continuously
Callable
@100
.......................
1,575
1,565
Series
B-1
,
4
.25
%
,
10/1/28
,
Continuously
Callable
@100
......................
250
251
Series
B-1
,
4
.75
%
,
9/1/29
,
Continuously
Callable
@100
.......................
410
410
Series
B2
,
2
.30
%
,
9/1/25
,
Continuously
Callable
@100
........................
1,250
1,243
Series
B-2
,
4
.50
%
,
9/1/29
,
Continuously
Callable
@100
.......................
625
619
7,758
North
Dakota
(0.4%):
City
of
Grand
Forks
Revenue
5
.00
%
,
12/1/31
....................................................
1,200
1,256
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
...............................
1,300
1,354
2,610
Ohio
(2.0%):
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
5
.00
%
,
11/15/29
....................................................
275
288
5
.00
%
,
11/15/30
....................................................
350
369
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
..............................
300
315
Cleveland-Cuyahoga
County
Port
Authority
Revenue
,
Series
A
,
5
.25
%
,
1/1/34
,
Continuously
Callable
@102
(c)
...................................................
500
501
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
County
of
Allen
Hospital
Facilities
Revenue
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
..
$
2,000
$
2,153
County
of
Hamilton
Revenue
,
5
.00
%
,
9/15/29
..................................
1,345
1,392
Ohio
Air
Quality
Development
Authority
Revenue
,
Series
B
,
2
.40
%
,
12/1/38
,
(Put
Date
10/1/29)
(a)
.......................................................
3,250
3,106
Ohio
Air
Quality
Development
Authority
Revenue
AMT
,
Series
A
,
3
.75
%
,
1/1/29
.........
1,000
988
Southeastern
Ohio
Port
Authority
Revenue
,
5
.00
%
,
12/1/25
,
Continuously
Callable
@100
...
1,000
1,000
State
of
Ohio
Revenue
5
.00
%
,
11/15/27
....................................................
425
440
5
.00
%
,
11/15/30
....................................................
710
750
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
..............................
465
489
Series
A
,
5
.00
%
,
1/15/30
.............................................
1,000
1,072
12,863
Oklahoma
(0.9%):
Muskogee
Industrial
Trust
Revenue
,
4
.00
%
,
9/1/28
...............................
5,000
5,043
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.00
%
,
8/15/25
...........
550
551
5,594
Oregon
(1.1%):
County
of
Gilliam
Revenue
AMT
,
Series
A
,
4
.25
%
,
7/1/38
,
(Put
Date
7/2/29)
(a)
..........
6,250
6,248
Oregon
State
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/28
.............................................
150
156
Series
A
,
5
.00
%
,
10/1/29
.............................................
300
315
Series
A
,
5
.00
%
,
10/1/30
.............................................
300
317
7,036
Pennsylvania
(5.5%):
Chester
County
IDA
Revenue
,
5
.00
%
,
3/1/27
,
Continuously
Callable
@100
.............
3,375
3,415
Clairton
Municipal
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/29
.............................................
860
863
Series
B
,
5
.00
%
,
12/1/25
.............................................
650
654
Series
B
,
5
.00
%
,
12/1/26
.............................................
675
686
Coatesville
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
8/1/25
..
800
802
Commonwealth
Financing
Authority
Revenue
,
5
.00
%
,
6/1/26
.......................
2,000
2,034
County
of
Lehigh
Revenue
5
.00
%
,
7/1/28
.....................................................
1,750
1,834
5
.00
%
,
7/1/29
.....................................................
2,000
2,122
Delaware
County
Authority
Revenue
5
.00
%
,
10/1/25
....................................................
525
526
5
.00
%
,
10/1/30
....................................................
1,200
1,230
Latrobe
IDA
Revenue
5
.00
%
,
3/1/28
.....................................................
135
139
5
.00
%
,
3/1/29
.....................................................
175
182
5
.00
%
,
3/1/30
.....................................................
150
157
5
.00
%
,
3/1/31
.....................................................
175
183
Luzerne
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
12/15/25
....................................................
550
556
5
.00
%
,
12/15/26
,
Continuously
Callable
@100
..............................
500
505
5
.00
%
,
12/15/27
,
Continuously
Callable
@100
..............................
1,000
1,009
Pennsylvania
Economic
Development
Financing
Authority
Revenue
AMT
Series
A
,
4
.25
%
,
4/1/34
,
(Put
Date
7/15/25)
(a)
..............................
5,000
4,996
Series
A
,
4
.25
%
,
8/1/37
,
(Put
Date
8/1/25)
(a)
...............................
3,000
3,002
Pennsylvania
Higher
Education
Assistance
Agency
Revenue
AMT
,
Series
1A
,
5
.00
%
,
6/1/30
.
500
522
Pennsylvania
Turnpike
Commission
Registration
Fee
Revenue
,
2
.82
%
(
MUNIPSA
+
85
bps
)
,
7/15/41
,
(Put
Date
7/15/26)
(a)
(b)
........................................
2,500
2,489
Philadelphia
IDA
Revenue
5
.00
%
,
6/15/28
(c)
..................................................
210
214
5
.00
%
,
6/15/29
,
Continuously
Callable
@100
(c)
.............................
220
224
5
.00
%
,
6/15/30
,
Continuously
Callable
@100
(c)
.............................
145
147
Series
DB-8161
,
2
.30
%
,
7/1/61
,
Callable
8/6/25
@
100
(c)
(d)
....................
5,000
5,000
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
177
177
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
89
94
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
1,190
1,101
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@88
(f)
......................
595
424
35,287
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Carolina
(0.3%):
Piedmont
Municipal
Power
Agency
Revenue
,
Series
D
,
4
.00
%
,
1/1/32
,
Continuously
Callable
@100
...........................................................
$
2,220
$
2,255
South
Dakota
(0.2%):
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
2
.97
%
,
11/1/25
,
Continuously
Callable
@100
(d)
.............................
330
330
2
.97
%
,
11/1/27
,
Continuously
Callable
@100
(d)
.............................
900
900
1,230
Tennessee
(1.8%):
Lewisburg
Industrial
Development
Board
Revenue
AMT
,
4
.10
%
,
7/2/35
,
(Put
Date
8/1/25)
(a)
1,500
1,499
Tennergy
Corp.
Revenue
Series
A
,
5
.25
%
,
12/1/25
.............................................
550
553
Series
A
,
4
.00
%
,
12/1/51
,
(Put
Date
9/1/28)
(a)
..............................
4,130
4,143
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
,
Continuously
Callable
@100
(a)
.......
5,000
5,284
11,479
Texas
(11.7%):
City
of
Dallas
Housing
Finance
Corp.
Revenue
,
5
.00
%
,
7/1/26
,
(Put
Date
12/1/25)
(a)
......
2,750
2,771
City
of
Galveston
Wharves
&
Terminal
Revenue
AMT
Series
A
,
5
.00
%
,
8/1/26
..............................................
250
253
Series
A
,
5
.00
%
,
8/1/27
..............................................
280
286
Series
A
,
5
.00
%
,
8/1/28
..............................................
230
237
Series
A
,
5
.00
%
,
8/1/29
..............................................
250
259
Series
A
,
5
.00
%
,
8/1/30
..............................................
345
359
Series
A
,
5
.00
%
,
8/1/31
..............................................
660
688
City
of
San
Antonio
Electric
&
Gas
Systems
Revenue
,
2
.84
%
(
MUNIPSA
+
87
bps
)
,
2/1/48
,
(Put
Date
12/1/25)
(a)
(b)
.................................................
5,000
4,983
County
of
Wise
Revenue
5
.00
%
,
8/15/29
....................................................
880
912
5
.00
%
,
8/15/31
....................................................
680
712
5
.00
%
,
8/15/32
,
Continuously
Callable
@100
...............................
450
469
5
.00
%
,
8/15/33
,
Continuously
Callable
@100
...............................
930
961
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
7/1/49
,
(Put
Date
12/1/26)
(a)
.....................................
1,400
1,435
Series
A
,
5
.00
%
,
11/15/54
,
(Put
Date
5/15/32)
(a)
............................
2,000
2,124
Houston
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-DBE-
8153
,
2
.30
%
,
3/1/60
,
Continuously
Callable
@100
(c)
(d)
.......................
5,880
5,880
Martin
County
Hospital
District,
GO
4
.00
%
,
4/1/27
.....................................................
300
304
4
.00
%
,
4/1/29
.....................................................
405
416
4
.00
%
,
4/1/32
,
Continuously
Callable
@100
...............................
350
358
Mission
Economic
Development
Corp.
Revenue
AMT
4
.10
%
,
1/1/26
,
(Put
Date
8/1/25)
(a)
......................................
1,250
1,249
5
.00
%
,
12/1/64
,
(Put
Date
6/1/30)
(a)
.....................................
800
814
Series
A
,
3
.95
%
,
5/1/46
,
(Put
Date
9/2/25)
(a)
...............................
1,250
1,250
Series
B
,
3
.95
%
,
7/1/40
,
(Put
Date
9/1/25)
(a)
...............................
1,750
1,750
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
7/1/23
(g)
............................................
1,087
1,033
Series
A
,
5
.00
%
,
7/1/24
(g)
............................................
2,300
2,185
Series
A
,
5
.00
%
,
7/1/25
(g)
............................................
2,135
2,028
Series
B2
,
4
.63
%
,
10/1/30
,
Continuously
Callable
@100
.......................
1,000
977
Series
B3
,
4
.25
%
,
10/1/30
,
Continuously
Callable
@100
.......................
1,000
985
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
1
.75
%
,
4/1/40
,
Continuously
Callable
@100
(d)
......................
9,500
9,500
Series
B
,
1
.75
%
,
4/1/40
,
Continuously
Callable
@100
(d)
......................
15,975
15,975
Series
C
,
2
.35
%
,
4/1/40
,
Continuously
Callable
@100
(d)
......................
6,655
6,655
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/27
..........
2,000
2,052
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
Revenue
5
.00
%
,
1/1/26
.....................................................
450
454
5
.00
%
,
1/1/55
,
(Put
Date
1/1/34)
(a)
......................................
2,000
2,108
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue
,
4
.00
%
,
6/30/31
,
Continuously
Callable
@100
...........................................
2,355
2,363
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Victory
Street
Public
Facility
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8158
,
2
.30
%
,
8/1/62
,
Continuously
Callable
@100
(c)
(d)
.......................
$
600
$
600
75,385
Vermont
(0.3%):
Vermont
Economic
Development
Authority
Revenue
4
.00
%
,
5/1/29
,
Continuously
Callable
@103
...............................
445
432
4
.00
%
,
5/1/30
,
Continuously
Callable
@103
...............................
230
221
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
,
5
.00
%
,
10/15/26
.....
1,000
1,006
1,659
Virginia
(1.9%):
James
City
County
Economic
Development
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/30
,
Continuously
Callable
@103
........................
220
213
Series
C3
,
5
.25
%
,
12/1/27
,
Continuously
Callable
@100
.......................
1,000
1,001
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2023-DBE-8106
,
2
.30
%
,
6/1/63
,
Continuously
Callable
@100
(c)
(d)
..........
3,255
3,255
Marquis
Community
Development
Authority
of
York
County
Revenue
,
1
.50
%
,
9/1/45
(c)
(g)
..
1,074
401
Marquis
Community
Development
Authority
of
York
County
Tax
Allocation
Series
A
,
1
.02
%
,
9/1/36
(g)
............................................
3,506
1,310
Series
C
,
9/1/41
(e)
..................................................
5,111
5
Prince
William
County
IDA
Revenue
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@102
........
1,700
1,700
Virginia
Housing
Development
Authority
Revenue
,
Series
F
,
3
.63
%
,
7/1/55
,
(Put
Date
4/1/26)
(a)
........................................................
1,355
1,354
Virginia
Small
Business
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/30
..........
1,250
1,317
Virginia
Small
Business
Financing
Authority
Revenue
AMT
,
4
.00
%
,
11/1/52
,
(Put
Date
11/20/25)
(a)
.......................................................
1,500
1,501
12,057
Washington
(0.9%):
Washington
Health
Care
Facilities
Authority
Revenue
5
.00
%
,
8/15/26
....................................................
2,000
2,025
5
.00
%
,
8/15/27
....................................................
2,175
2,216
Series
B-3
,
5
.00
%
,
8/1/49
,
Continuously
Callable
@100
.......................
1,000
1,006
Washington
State
Housing
Finance
Commission
Revenue
Series
A
,
5
.00
%
,
7/1/25
..............................................
345
345
Series
A
,
5
.00
%
,
7/1/26
..............................................
290
294
5,886
Wisconsin
(1.6%):
Public
Finance
Authority
Revenue
4
.00
%
,
3/1/26
(c)
...................................................
1,510
1,503
4
.00
%
,
3/1/27
(c)
...................................................
795
784
4
.00
%
,
3/1/28
(c)
...................................................
840
819
3
.25
%
,
1/1/30
.....................................................
1,795
1,679
5
.00
%
,
4/1/30
(c)
...................................................
500
506
Series
A
,
5
.00
%
,
6/1/30
..............................................
750
768
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/26
.....................................................
345
345
4
.00
%
,
3/15/30
....................................................
400
405
Series
B
,
4
.00
%
,
9/15/26
.............................................
110
110
Series
B
,
4
.00
%
,
9/15/27
.............................................
140
141
Series
B
,
4
.00
%
,
9/15/28
,
Continuously
Callable
@103
........................
200
199
Series
B
,
4
.00
%
,
9/15/29
,
Continuously
Callable
@103
........................
305
302
Series
B
,
4
.00
%
,
9/15/30
,
Continuously
Callable
@103
........................
320
315
Series
B
,
4
.00
%
,
9/15/31
,
Continuously
Callable
@103
........................
315
308
Series
B-2
,
5
.00
%
,
2/15/51
,
(Put
Date
2/15/27)
(a)
............................
2,000
2,034
10,218
Total
Municipal
Bonds
(Cost
$668,117)
a
a
a
649,855
Total
Investments
(Cost
$668,117)
—
100.9%
649,855
Liabilities
in
excess
of
other
assets
—  (0.9)%
(6,093)
NET
ASSETS
-
100.00%
$
643,762
(a)
Put
Bond.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2025.
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$49,411
(thousands)
and
amounted
to
7.7%
of
net
assets.
(d)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(e)
Zero-coupon
bond.
(f)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(g)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
SOFR
—
Secured
Overnight
Financing
Rate
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2025
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
174
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(98.8%)
Virginia
(89.8%):
Alexandria
IDA
Revenue
,
Series
C
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
.........
$
2,400
$
2,138
Amherst
IDA
Revenue
5
.00
%
,
9/1/26
,
Continuously
Callable
@100
...............................
580
580
4
.75
%
,
9/1/30
,
Continuously
Callable
@100
...............................
2,000
1,933
Arlington
County
IDA
Revenue
5
.00
%
,
2/15/43
,
Continuously
Callable
@100
...............................
1,775
1,786
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
1,585
1,408
Bristol
IDA
Revenue
,
5
.00
%
,
11/1/53
,
Continuously
Callable
@100
...................
8,030
7,844
Campbell
County
IDA
Revenue
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
............
4,600
4,131
Capital
Region
Airport
Commission
Revenue
Series
A
,
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
700
683
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
750
714
Charles
City
County
Economic
Development
Authority
Revenue
,
Series
A
,
2
.88
%
,
2/1/29
,
Continuously
Callable
@101
...........................................
10,000
9,849
Chesapeake
Bay
Bridge
&
Tunnel
District
Revenue
5
.50
%
,
7/1/25
.....................................................
1,755
1,758
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
5,805
5,683
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
3,435
3,317
Chesapeake
Bay
Bridge
&
Tunnel
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
5,000
5,023
Chesapeake
Hospital
Authority
Revenue
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,000
930
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
...............................
4,000
3,531
City
of
Chesapeake
VA
Chesapeake
Expressway
Toll
Road
Revenue
Series
B
,
4
.75
%
,
7/15/32
,
Continuously
Callable
@100
........................
6,520
6,761
Series
B
,
4
.88
%
,
7/15/40
,
Continuously
Callable
@100
........................
3,000
3,027
City
of
Petersburg,
GO
4
.25
%
,
9/1/48
,
Continuously
Callable
@100
...............................
1,000
943
4
.25
%
,
9/1/53
,
Continuously
Callable
@100
...............................
1,250
1,144
City
of
Richmond
Public
Utility
Revenue
4
.00
%
,
1/15/40
,
Continuously
Callable
@100
...............................
6,000
5,713
Series
A
,
4
.00
%
,
1/15/50
,
Continuously
Callable
@100
........................
2,220
1,973
County
of
Fairfax
Sewer
Revenue
Series
A
,
5
.00
%
,
7/15/46
,
Continuously
Callable
@100
........................
10,000
10,276
Series
A
,
4
.00
%
,
7/15/51
,
Continuously
Callable
@100
........................
10,000
8,832
Fairfax
County
Economic
Development
Authority
Revenue
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
.....................................................
4,000
3,990
Fairfax
County
IDA
Revenue
Series
A
,
4
.00
%
,
5/15/44
,
Continuously
Callable
@100
........................
6,900
6,109
Series
A
,
4
.00
%
,
5/15/48
,
Continuously
Callable
@100
........................
1,500
1,298
Farmville
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.38
%
,
7/1/53
,
(Put
Date
7/1/43)
(a)
........................................................
5,900
6,197
Front
Royal
&
Warren
County
IDA
Revenue
,
4
.00
%
,
1/1/50
,
Continuously
Callable
@103
..
7,000
5,896
Greater
Richmond
Convention
Center
Authority
Revenue
,
5
.00
%
,
6/15/32
,
Pre-
refunded  6/15/25
@
100
.............................................
1,500
1,501
Hampton
Roads
Transportation
Accountability
Commission
Revenue
,
Series
A
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
...........................................
6,000
5,110
Henrico
County
Economic
Development
Authority
Revenue
4
.25
%
,
6/1/26
,
Continuously
Callable
@100
...............................
140
140
5
.00
%
,
10/1/37
,
Continuously
Callable
@103
...............................
2,500
2,547
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
...............................
500
475
4
.00
%
,
10/1/45
,
Continuously
Callable
@103
...............................
725
649
4
.00
%
,
10/1/50
,
Continuously
Callable
@103
...............................
1,500
1,281
Series
A
,
5
.00
%
,
10/1/42
,
Continuously
Callable
@103
........................
1,000
1,029
Series
A
,
5
.00
%
,
10/1/47
,
Continuously
Callable
@103
........................
945
950
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@103
........................
7,380
7,396
James
City
County
Economic
Development
Authority
Revenue
4
.00
%
,
6/1/47
,
Continuously
Callable
@103
...............................
1,000
764
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
9,905
7,610
Series
A
,
6
.75
%
,
12/1/53
,
Continuously
Callable
@103
........................
855
904
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lewistown
Commerce
Center
Community
Development
Authority
Tax
Allocation
Series
A
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@102
(b)
......................
$
656
$
459
Series
B
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@102
.........................
610
491
Series
C
,
4
.75
%
,
3/1/54
,
Continuously
Callable
@100
(b)
......................
2,599
1,091
Lexington
IDA
Revenue
4
.00
%
,
1/1/31
,
Continuously
Callable
@102
...............................
750
745
4
.00
%
,
1/1/37
,
Continuously
Callable
@102
...............................
1,000
933
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
1,000
1,001
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2023-DBE-8106
,
2
.30
%
,
6/1/63
,
Continuously
Callable
@100
(c)
(d)
..........
8,100
8,100
Lynchburg
Economic
Development
Authority
Revenue
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
...............................
1,320
1,252
4
.00
%
,
1/1/41
,
Continuously
Callable
@100
...............................
1,135
1,034
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
...............................
3,000
2,698
4
.00
%
,
1/1/55
,
Continuously
Callable
@100
...............................
14,420
11,549
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
2,250
2,176
Lynchburg
Economic
Development
Authority
Revenue
(LOC
-
Branch
Banking
&
Trust
Co.)
,
Series
B
,
1
.60
%
,
1/1/47
,
Continuously
Callable
@100
(d)
......................
140
140
Manassas
Park
Economic
Development
Authority
Revenue
,
4
.00
%
,
12/15/52
,
Continuously
Callable
@100
.....................................................
4,500
3,692
Marquis
Community
Development
Authority
of
York
County
Revenue
,
7
.50
%
,
9/1/45
(b)
(c)
..
1,093
408
Marquis
Community
Development
Authority
of
York
County
Tax
Allocation
Series
B
,
5
.63
%
,
9/1/41
(b)
............................................
3,532
1,319
Series
C
,
9/1/41
(e)
..................................................
5,389
5
Montgomery
County
Economic
Development
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
1,750
1,719
Norfolk
Airport
Authority
Revenue
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........
2,800
2,848
Norfolk
Economic
Development
Authority
Revenue
Series
B
,
4
.00
%
,
11/1/48
,
Continuously
Callable
@100
........................
6,100
5,235
Series
B
,
5
.00
%
,
11/1/48
,
(Put
Date
11/1/28)
(a)
.............................
1,600
1,676
Prince
Edward
County
IDA
Revenue
4
.00
%
,
9/1/43
,
Continuously
Callable
@100
...............................
2,250
2,022
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
2,055
2,052
5
.25
%
,
9/1/57
,
Continuously
Callable
@100
...............................
3,000
3,046
Prince
William
County
IDA
Revenue
5
.00
%
,
1/1/37
,
Continuously
Callable
@102
...............................
1,000
969
5
.00
%
,
1/1/46
,
Continuously
Callable
@102
...............................
4,000
3,661
Radford
IDA
Revenue
(NBGA
-
Fannie
Mae)
,
3
.50
%
,
9/15/29
,
Continuously
Callable
@100
.
3,910
3,910
Roanoke
Economic
Development
Authority
Revenue
5
.00
%
,
7/1/47
.....................................................
5,000
5,128
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
5,000
4,282
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
1,640
1,652
Series
A
,
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
.........................
4,060
3,922
Rockingham
County
Economic
Development
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
1,000
971
Series
A
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
4,180
4,229
Salem
Economic
Development
Authority
Revenue
4
.00
%
,
4/1/38
,
Continuously
Callable
@100
...............................
250
229
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
225
203
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
250
221
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
...............................
750
627
5
.00
%
,
4/1/49
,
Continuously
Callable
@100
...............................
910
875
6
.00
%
,
4/1/55
,
Continuously
Callable
@100
...............................
250
256
Stafford
County
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/36
,
Continuously
Callable
@100
...............................
5,900
5,952
4
.00
%
,
6/15/37
,
Continuously
Callable
@100
...............................
6,495
6,142
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
B1
,
5
.00
%
,
6/1/47
,
Continuously
Callable
@100
...........................................................
5,000
4,306
University
of
Virginia
Revenue
Series
A
,
5
.00
%
,
4/1/42
,
Continuously
Callable
@100
.........................
4,000
4,062
Series
A-1
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.......................
3,600
3,296
Series
B
,
5
.00
%
,
9/1/49
,
Continuously
Callable
@100
.........................
10,000
10,106
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Virginia
Beach
Development
Authority
Revenue
5
.00
%
,
9/1/40
,
Continuously
Callable
@103
...............................
$
3,250
$
3,144
5
.00
%
,
9/1/44
,
Continuously
Callable
@103
...............................
4,865
4,628
4
.00
%
,
9/1/48
,
Continuously
Callable
@103
...............................
3,755
2,838
Virginia
College
Building
Authority
Revenue
5
.00
%
,
6/1/25
.....................................................
250
250
5
.00
%
,
6/1/26
.....................................................
250
253
5
.00
%
,
6/1/27
.....................................................
275
281
5
.00
%
,
6/1/28
.....................................................
295
304
5
.00
%
,
6/1/29
.....................................................
300
311
5
.00
%
,
6/1/30
.....................................................
325
338
5
.00
%
,
6/1/31
.....................................................
300
313
4
.00
%
,
1/15/33
,
Continuously
Callable
@100
...............................
965
970
4
.00
%
,
1/15/35
,
Continuously
Callable
@100
...............................
545
545
4
.00
%
,
1/15/36
,
Continuously
Callable
@100
...............................
650
645
4
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
925
850
4
.00
%
,
1/15/43
,
Continuously
Callable
@100
...............................
1,285
1,133
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
...............................
1,000
815
Series
A
,
3
.00
%
,
1/15/46
,
Continuously
Callable
@100
........................
1,000
710
Series
A
,
3
.00
%
,
1/15/51
,
Continuously
Callable
@100
........................
1,175
773
Series
E
,
5
.00
%
,
2/1/31
,
Continuously
Callable
@100
.........................
10,000
10,462
Series
E
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.........................
4,000
4,181
Virginia
Commonwealth
Transportation
Board
I-81
Regional
Fuels
Tax
Revenue
,
4
.00
%
,
5/15/46
,
Continuously
Callable
@100
....................................
5,195
4,637
Virginia
Commonwealth
Transportation
Board
Revenue
5
.00
%
,
3/15/32
,
Continuously
Callable
@100
...............................
3,350
3,474
5
.00
%
,
9/15/32
,
Continuously
Callable
@100
...............................
9,190
9,524
4
.00
%
,
5/15/42
,
Continuously
Callable
@100
...............................
10,000
9,206
Series
A
,
4
.00
%
,
5/15/36
,
Continuously
Callable
@100
........................
2,000
2,006
Virginia
Commonwealth
University
Health
System
Authority
Revenue
,
Series
B
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.....................................
5,500
5,504
Virginia
Commonwealth
University
Revenue
Series
A
,
4
.00
%
,
11/1/37
,
Continuously
Callable
@100
........................
750
739
Series
A
,
5
.00
%
,
11/1/38
,
Continuously
Callable
@100
........................
350
363
Series
A
,
4
.00
%
,
5/1/48
,
Continuously
Callable
@100
.........................
2,475
2,182
Virginia
Housing
Development
Authority
Revenue
Series
A
,
4
.65
%
,
9/1/55
,
Continuously
Callable
@100
.........................
1,200
1,144
Series
B
,
3
.60
%
,
5/1/46
,
Continuously
Callable
@100
.........................
6,555
5,458
Series
D
,
4
.75
%
,
8/1/53
,
Continuously
Callable
@100
........................
1,500
1,455
Series
D
,
4
.70
%
,
7/1/55
,
Continuously
Callable
@100
........................
1,250
1,207
Series
E
,
2
.65
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,640
1,070
Series
E
,
4
.65
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,000
956
Series
E
,
5
.20
%
,
10/1/58
,
Continuously
Callable
@100
........................
3,000
3,053
Series
E-2
,
4
.60
%
,
10/1/54
,
Continuously
Callable
@100
......................
1,000
949
Series
F
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
........................
5,000
5,027
Series
G
,
5
.15
%
,
11/1/52
,
Continuously
Callable
@100
........................
1,750
1,772
Series
H
,
4
.70
%
,
12/1/54
,
Continuously
Callable
@100
........................
800
782
Series
I
,
2
.45
%
,
11/1/45
,
Continuously
Callable
@100
........................
1,500
994
Series
K
,
1
.95
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,500
1,268
Series
K
,
2
.05
%
,
12/1/33
,
Continuously
Callable
@100
........................
665
549
Virginia
Resources
Authority
Revenue
4
.00
%
,
11/1/49
,
Continuously
Callable
@100
...............................
6,700
6,043
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
15
15
Series
A
,
4
.00
%
,
11/1/43
,
Continuously
Callable
@100
........................
1,445
1,379
Series
A
,
4
.00
%
,
11/1/47
,
Continuously
Callable
@100
........................
1,040
952
Series
B
,
4
.75
%
,
11/1/52
,
Continuously
Callable
@100
........................
750
756
Virginia
Small
Business
Financing
Authority
Revenue
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
...............................
15,830
13,340
4
.00
%
,
12/1/51
,
Continuously
Callable
@103
...............................
4,000
3,164
Series
A
,
4
.00
%
,
1/1/45
,
Continuously
Callable
@103
.........................
2,800
2,462
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
.........................
16,265
13,461
Series
A
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@102
........................
4,500
4,530
Series
A-1
,
5
.25
%
,
6/15/55
,
Continuously
Callable
@100
......................
2,000
2,030
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Virginia
Small
Business
Financing
Authority
Revenue
AMT
4
.00
%
,
11/1/52
,
(Put
Date
11/20/25)
(a)
...................................
$
1,500
$
1,501
Series
I-495
,
5
.00
%
,
12/31/57
,
Continuously
Callable
@100
....................
2,000
1,948
Western
Regional
Jail
Authority
Revenue
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
1,540
1,569
5
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,000
1,018
Winchester
Economic
Development
Authority
Revenue
,
5
.00
%
,
1/1/44
,
Continuously
Callable
@100
...........................................................
3,250
3,094
Wise
County
IDA
Revenue
,
Series
A
,
0
.75
%
,
10/1/40
,
(Put
Date
9/2/25)
(a)
..............
2,500
2,478
421,316
District
of
Columbia
(5.6%):
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
AMT
Series
A
,
5
.25
%
,
10/1/48
,
Continuously
Callable
@100
........................
1,160
1,177
Series
A
,
5
.25
%
,
10/1/49
,
Continuously
Callable
@100
........................
4,000
4,064
Series
A
,
4
.50
%
,
10/1/53
,
Continuously
Callable
@100
........................
2,175
1,990
Series
A
,
5
.25
%
,
10/1/53
,
Continuously
Callable
@100
........................
2,000
2,019
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
4
.00
%
,
10/1/52
,
Continuously
Callable
@100
...............................
3,000
2,600
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
1,500
1,502
Series
B
,
4
.00
%
,
10/1/53
,
Continuously
Callable
@100
........................
1,500
1,265
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
10/1/30
(e)
.............................
5,500
4,566
Washington
Metropolitan
Area
Transit
Authority
Dedicated
Revenue
,
Series
A
,
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
...........................................
2,500
2,235
Washington
Metropolitan
Area
Transit
Authority
Revenue
,
Series
B
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
...........................................
5,000
5,035
26,453
Guam
(3.4%):
Guam
Government
Waterworks
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/50
,
Continuously
Callable
@100
.....................................................
1,000
976
Guam
Power
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
4,000
4,009
Series
A
,
5
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
1,500
1,522
Series
A
,
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
........................
200
203
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
225
227
Port
Authority
of
Guam
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
....
1,500
1,456
Territory
of
Guam
Revenue
Series
A
,
5
.00
%
,
11/1/27
..............................................
200
205
Series
A
,
5
.00
%
,
11/1/28
..............................................
250
259
Series
A
,
5
.00
%
,
11/1/29
..............................................
250
261
Series
A
,
5
.00
%
,
11/1/30
..............................................
250
263
Series
A
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
........................
2,000
2,065
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
1,250
1,251
Series
D
,
5
.00
%
,
11/15/39
,
Continuously
Callable
@100
.......................
2,000
1,974
Series
F
,
5
.00
%
,
1/1/31
...............................................
500
527
Series
F
,
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
.........................
1,000
879
16,077
Total
Municipal
Bonds
(Cost
$515,973)
a
a
a
463,846
Total
Investments
(Cost
$515,973)
—
98.8%
463,846
Other
assets
in
excess
of
liabilities
—  1.2%
5,515
NET
ASSETS
-
100.00%
$
469,361
(a)
Put
Bond.
(b)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2025,
the
fair
value
of
these
securities
was
$8,508
(thousands)
and
amounted
to
1.8%
of
net
assets.
(d)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(e)
Zero-coupon
bond.
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2025
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
LOC—Principal
and
interest
payments
are
guaranteed
by
a
bank
letter
of
credit
or
other
bank
credit
agreement.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.