TABLE
OF
CONTENTS
Victory
Portfolios
III
1
Victory
Target
Retirement
Income
Fund
2
Victory
Target
Retirement
2030
Fund
5
Victory
Target
Retirement
2040
Fund
8
Victory
Target
Retirement
2050
Fund
11
Victory
Target
Retirement
2060
Fund
14
Victory
Global
Managed
Volatility
Fund
17
Victory
Capital
Growth
Fund
30
Victory
Aggressive
Growth
Fund
46
Victory
Growth
Fund
49
Victory
Growth
&
Income
Fund
51
Victory
Income
Stock
Fund
59
Victory
Science
&
Technology
Fund
63
Victory
Small
Cap
Stock
Fund
68
Victory
Value
Fund
77
Victory
500
Index
Fund
81
Victory
Extended
Market
Index
Fund
91
Victory
Nasdaq-100
Index
Fund
133
Victory
Income
Fund
136
Victory
Ultra
Short-Term
Bond
Fund
156
Victory
Short-Term
Bond
Fund
168
Victory
Core
Plus
Intermediate
Bond
Fund
192
Victory
High
Income
Fund
221
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
2
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(24.9%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,899,203
$
40,671
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
256,416
13,380
VictoryShares
Free
Cash
Flow
ETF
..........................................
208,746
7,254
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
342,786
9,180
VictoryShares
Hedged
Equity
Income
ETF
.....................................
284,904
7,687
VictoryShares
International
Value
Momentum
ETF
...............................
267,086
15,524
VictoryShares
International
Volatility
Wtd
ETF
.................................
154,761
7,667
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
280,000
7,031
VictoryShares
Short-Term
Bond
ETF
(a)
.......................................
443,598
22,482
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
200,000
5,390
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
106,772
8,916
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
83,804
7,143
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
262,123
11,489
Total
Affiliated
Exchange-Traded
Funds
(Cost
$145,175)
a
a
a
163,814
Affiliated
Mutual
Funds
(74.8%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
204,317
16,206
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
7,594,023
69,789
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
2,514,666
30,101
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
15,762,085
139,652
Victory
Growth
Fund,
Institutional
Shares
.....................................
32,553
1,374
Victory
High
Income
Fund,
Institutional
Shares
.................................
4,547,556
31,515
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
260,902
4,746
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
196,639
4,666
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
4,312,823
37,478
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
119,279
6,833
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
94,664
2,779
Victory
RS
International
Fund,
Class
R6
......................................
1,708,878
23,583
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
8,405,702
76,744
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
357,379
4,796
Victory
Target
Managed
Allocation
Fund
......................................
2,321,407
25,605
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
1,665,925
16,010
Total
Affiliated
Mutual
Funds
(Cost
$463,880)
a
a
a
491,877
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
48,825
48
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
48,825
49
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
48,825
49
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(c)
.
48,825
49
Total
Collateral
for
Securities
Loaned
(Cost
$195)
a
a
a
195
Total
Investments
(Cost
$609,250)
—
99.7%
655,886
Other
assets
in
excess
of
liabilities
—  0.3%
1,951
NET
ASSETS
-
100.00%
$
657,837
At
July
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
22.3%
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
July
31,
2025.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
14,846
$
42
$
(
756
)
$
179
$
1,895
$
16,206
204,317
$
42
$
—
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
...............
69,039
825
—
—
(
75
)
69,789
7,594,023
824
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
29,211
—
(
1,207
)
278
1,819
30,101
2,514,666
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
139,228
1,361
—
—
(
937
)
139,652
15,762,085
1,362
—
Victory
Growth
Fund,
Institutional
Shares
......
2,497
—
(
1,507
)
1,178
(
794
)
1,374
32,553
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
30,290
549
—
—
676
31,515
4,547,556
549
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
4,472
27
—
—
247
4,746
260,902
27
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
4,226
—
—
—
440
4,666
196,639
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
37,225
556
—
—
(
303
)
37,478
4,312,823
556
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
5,750
—
—
—
1,083
6,833
119,279
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
2,709
—
—
—
70
2,779
94,664
—
—
Victory
RS
International
Fund,
Class
R6
.............
25,145
—
(
2,491
)
617
312
23,583
1,708,878
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
75,853
891
—
—
—
*
76,744
8,405,702
892
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
4,253
—
—
—
543
4,796
357,379
—
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
1,085
—
(
1,089
)
21
(
17
)
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
29,787
—
(
6,039
)
1,044
813
25,605
2,321,407
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
17,193
—
(
2,702
)
553
966
16,010
1,665,925
—
—
VictoryShares
Corporate
Bond
ETF
.................
40,198
—
—
—
473
40,671
1,899,203
411
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
12,128
—
—
—
1,252
13,380
256,416
255
—
VictoryShares
Free
Cash
Flow
ETF
.................
6,872
—
—
—
382
7,254
208,746
21
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
7,864
—
—
—
1,316
9,180
342,786
1
—
VictoryShares
Hedged
Equity
Income
ETF
...........
7,413
—
—
—
274
7,687
284,904
77
—
VictoryShares
International
Value
Momentum
ETF
...
14,307
—
—
—
1,217
15,524
267,086
271
—
VictoryShares
International
Volatility
Wtd
ETF
......
7,342
—
—
—
325
7,667
154,761
86
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
7,027
—
—
4
7,031
280,000
2
—
VictoryShares
Short-Term
Bond
ETF
............
22,450
—
—
—
32
22,482
443,598
265
—
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
$
4,582
$
—
$
—
$
—
$
808
$
5,390
200,000
$
15
$
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
8,158
—
—
—
758
8,916
106,772
41
—
VictoryShares
US
Value
Momentum
ETF
........
6,537
—
—
—
606
7,143
83,804
30
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
10,157
—
—
—
1,332
11,489
262,123
18
—
$
640,817
$
11,278
$
(
15,791
)
$
3,870
$
15,517
$
655,691
54,888,997
$
5,745
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
5
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(29.5%)
VictoryShares
Corporate
Bond
ETF
..........................................
2,167,524
$
46,418
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
549,025
28,649
VictoryShares
Free
Cash
Flow
ETF
..........................................
672,759
23,378
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
603,261
16,156
VictoryShares
Hedged
Equity
Income
ETF
.....................................
326,000
8,796
VictoryShares
International
Value
Momentum
ETF
...............................
700,880
40,738
VictoryShares
International
Volatility
Wtd
ETF
.................................
443,850
21,988
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
540,000
13,559
VictoryShares
Short-Term
Bond
ETF
.........................................
1,418,858
71,908
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
493,995
13,312
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
244,422
20,410
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
285,589
24,343
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
904,469
39,643
Total
Affiliated
Exchange-Traded
Funds
(Cost
$308,457)
a
a
a
369,298
Affiliated
Mutual
Funds
(70.1%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
693,426
55,003
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
9,036,148
83,042
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
189,154
4,481
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
8,022,964
96,035
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
22,444,193
198,856
Victory
Growth
Fund,
Institutional
Shares
.....................................
196,626
8,300
Victory
High
Income
Fund,
Institutional
Shares
.................................
7,262,309
50,328
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,066,492
19,399
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
683,332
16,215
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
3,951,529
34,339
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
509,566
29,193
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
213,325
6,263
Victory
RS
International
Fund,
Class
R6
......................................
4,632,902
63,934
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
7,554,186
68,970
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,144,623
15,361
Victory
Target
Managed
Allocation
Fund
......................................
7,524,212
82,992
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
4,451,516
42,779
Total
Affiliated
Mutual
Funds
(Cost
$779,729)
a
a
a
875,490
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
63,619
63
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
63,619
63
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
63,619
64
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(c)
.
63,619
64
Total
Collateral
for
Securities
Loaned
(Cost
$254)
a
a
a
254
Total
Investments
(Cost
$1,088,440)
—
99.6%
1,245,042
Other
assets
in
excess
of
liabilities
—  0.4%
4,512
NET
ASSETS
-
100.00%
$
1,249,554
At
July
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
27.1%
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
July
31,
2025.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
48,068
$
135
$
—
$
—
$
6,800
$
55,003
693,426
$
135
$
—
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
...............
82,150
981
—
—
(
89
)
83,042
9,036,148
980
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
2,000
2,000
—
—
481
4,481
189,154
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
89,617
—
—
—
6,418
96,035
8,022,964
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
198,252
1,939
—
—
(
1,335
)
198,856
22,444,193
1,938
—
Victory
Growth
Fund,
Institutional
Shares
......
6,915
—
—
—
1,385
8,300
196,626
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
48,372
877
—
—
1,079
50,328
7,262,309
877
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
18,279
111
—
—
1,009
19,399
1,066,492
112
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
14,685
—
—
—
1,530
16,215
683,332
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
34,106
509
—
—
(
276
)
34,339
3,951,529
509
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
24,566
—
—
—
4,627
29,193
509,566
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
6,105
—
—
—
158
6,263
213,325
—
—
Victory
RS
International
Fund,
Class
R6
.............
66,089
—
(
4,505
)
1,129
1,221
63,934
4,632,902
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
66,676
2,295
—
—
(
1
)
68,970
7,554,186
794
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
13,621
—
—
—
1,740
15,361
1,144,623
—
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
6,770
—
(
7,193
)
(
458
)
881
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
93,417
—
(
16,078
)
1,837
3,816
82,992
7,524,212
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
44,330
—
(
5,533
)
1,419
2,563
42,779
4,451,516
—
—
VictoryShares
Corporate
Bond
ETF
.................
45,877
—
—
—
541
46,418
2,167,524
470
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
28,807
—
(
3,114
)
34
2,922
28,649
549,025
574
—
VictoryShares
Free
Cash
Flow
ETF
.................
22,147
—
—
—
1,231
23,378
672,759
67
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
13,839
—
—
—
2,317
16,156
603,261
2
—
VictoryShares
Hedged
Equity
Income
ETF
...........
8,482
—
—
—
314
8,796
326,000
88
—
VictoryShares
International
Value
Momentum
ETF
...
41,025
—
(
3,730
)
454
2,989
40,738
700,880
760
—
VictoryShares
International
Volatility
Wtd
ETF
......
21,056
—
—
—
932
21,988
443,850
247
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
13,552
—
—
7
13,559
540,000
6
—
VictoryShares
Short-Term
Bond
ETF
............
71,808
—
—
—
100
71,908
1,418,858
847
—
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
$
11,318
$
—
$
—
$
—
$
1,994
$
13,312
493,995
$
37
$
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
18,676
—
—
—
1,734
20,410
244,422
93
—
VictoryShares
US
Value
Momentum
ETF
........
22,276
—
—
—
2,067
24,343
285,589
104
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
35,048
—
—
—
4,595
39,643
904,469
64
—
$
1,204,377
$
22,399
$
(
40,153
)
$
4,415
$
53,750
$
1,244,788
88,927,135
$
8,704
$
—
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
8
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(33.3%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,759,335
$
37,676
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
996,858
52,017
VictoryShares
Free
Cash
Flow
ETF
..........................................
1,317,454
45,782
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
1,236,473
33,114
VictoryShares
Hedged
Equity
Income
ETF
.....................................
673,761
18,178
VictoryShares
International
Value
Momentum
ETF
...............................
1,252,800
72,819
VictoryShares
International
Volatility
Wtd
ETF
.................................
654,183
32,408
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
840,000
21,092
VictoryShares
Short-Term
Bond
ETF
.........................................
1,279,554
64,848
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
729,883
19,669
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
400,524
33,446
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
553,927
47,215
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,704,689
74,716
Total
Affiliated
Exchange-Traded
Funds
(Cost
$443,467)
a
a
a
552,980
Affiliated
Mutual
Funds
(66.2%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,257,828
99,771
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
6,975,912
64,109
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
189,154
4,481
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
15,200,470
181,949
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
12,321,849
109,171
Victory
Growth
Fund,
Institutional
Shares
.....................................
389,787
16,453
Victory
High
Income
Fund,
Institutional
Shares
.................................
8,764,599
60,739
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,734,453
31,550
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
1,186,292
28,151
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
2,824,814
24,548
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
957,347
54,846
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
291,216
8,550
Victory
RS
International
Fund,
Class
R6
......................................
8,337,491
115,057
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
2,792,998
25,500
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,516,074
33,766
Victory
Target
Managed
Allocation
Fund
......................................
14,406,829
158,907
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
8,521,839
81,895
Total
Affiliated
Mutual
Funds
(Cost
$903,281)
a
a
a
1,099,443
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
120,656
120
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
120,656
121
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
120,656
121
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(c)
.
120,656
121
Total
Collateral
for
Securities
Loaned
(Cost
$483)
a
a
a
483
Total
Investments
(Cost
$1,347,231)
—
99.5%
1,652,906
Other
assets
in
excess
of
liabilities
—  0.5%
8,982
NET
ASSETS
-
100.00%
$
1,661,888
At
July
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
34.5%
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
July
31,
2025.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
87,193
$
246
$
—
$
—
$
12,332
$
99,771
1,257,828
$
246
$
—
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
...............
63,420
757
—
—
(
68
)
64,109
6,975,912
757
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
2,000
2,000
—
—
481
4,481
189,154
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
169,789
—
—
—
12,160
181,949
15,200,470
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
105,824
4,053
—
—
(
706
)
109,171
12,321,849
1,053
—
Victory
Growth
Fund,
Institutional
Shares
......
13,709
—
—
—
2,744
16,453
389,787
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
58,378
1,059
—
—
1,302
60,739
8,764,599
1,059
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
29,727
182
—
—
1,641
31,550
1,734,453
182
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
25,493
—
—
—
2,658
28,151
1,186,292
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
23,393
1,349
—
—
(
194
)
24,548
2,824,814
349
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
46,154
—
—
—
8,692
54,846
957,347
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
8,335
—
—
—
215
8,550
291,216
—
—
Victory
RS
International
Fund,
Class
R6
.............
113,517
—
(
2,507
)
377
3,670
115,057
8,337,491
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
25,204
296
—
—
—
*
25,500
2,792,998
296
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
29,941
—
—
—
3,825
33,766
2,516,074
—
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
13,837
—
(
14,868
)
(
624
)
1,655
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
166,940
—
(
18,089
)
1,220
8,836
158,907
14,406,829
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
77,775
—
(
3,004
)
610
6,514
81,895
8,521,839
—
—
VictoryShares
Corporate
Bond
ETF
.................
37,237
—
—
—
439
37,676
1,759,335
381
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
49,989
—
(
3,114
)
(
40
)
5,182
52,017
996,858
1,020
—
VictoryShares
Free
Cash
Flow
ETF
.................
43,371
—
—
—
2,411
45,782
1,317,454
132
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
28,365
—
—
—
4,749
33,114
1,236,473
5
—
VictoryShares
Hedged
Equity
Income
ETF
...........
17,530
—
—
—
648
18,178
673,761
182
—
VictoryShares
International
Value
Momentum
ETF
...
71,124
—
(
4,310
)
500
5,505
72,819
1,252,800
1,329
—
VictoryShares
International
Volatility
Wtd
ETF
......
31,034
—
—
—
1,374
32,408
654,183
364
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
21,080
—
—
12
21,092
840,000
8
—
VictoryShares
Short-Term
Bond
ETF
............
64,758
—
—
—
90
64,848
1,279,554
763
—
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
$
16,722
$
—
$
—
$
—
$
2,947
$
19,669
729,883
$
55
$
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
30,604
—
—
—
2,842
33,446
400,524
152
—
VictoryShares
US
Value
Momentum
ETF
........
43,206
—
—
—
4,009
47,215
553,927
202
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
66,057
—
—
—
8,659
74,716
1,704,689
120
—
$
1,560,626
$
31,022
$
(
45,892
)
$
2,043
$
104,624
$
1,652,423
102,068,393
$
8,655
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
11
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(32.4%)
VictoryShares
Corporate
Bond
ETF
..........................................
608,750
$
13,036
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
706,226
36,852
VictoryShares
Free
Cash
Flow
ETF
..........................................
991,090
34,440
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
1,014,836
27,178
VictoryShares
International
Value
Momentum
ETF
...............................
932,283
54,189
VictoryShares
International
Volatility
Wtd
ETF
.................................
442,741
21,933
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
400,000
10,044
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
501,847
13,524
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
288,087
14,176
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
281,624
23,517
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
436,053
37,168
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,292,654
56,657
Total
Affiliated
Exchange-Traded
Funds
(Cost
$258,829)
a
a
a
342,714
Affiliated
Mutual
Funds
(67.3%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
980,201
77,750
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
4,115,798
37,824
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
189,154
4,481
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
11,191,379
133,961
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
4,625,843
40,985
Victory
Growth
Fund,
Institutional
Shares
.....................................
311,512
13,149
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,351,286
9,364
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,208,769
21,988
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
894,364
21,223
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
1,148,195
9,978
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
801,681
45,928
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
163,609
4,804
Victory
RS
International
Fund,
Class
R6
......................................
6,027,508
83,180
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
104,649
955
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,888,878
25,349
Victory
Target
Managed
Allocation
Fund
......................................
11,265,401
124,257
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
5,879,514
56,502
Total
Affiliated
Mutual
Funds
(Cost
$566,057)
a
a
a
711,678
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
26,325
27
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
26,325
26
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
26,325
26
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(c)
.
26,325
26
Total
Collateral
for
Securities
Loaned
(Cost
$105)
a
a
a
105
Total
Investments
(Cost
$824,991)
—
99.7%
1,054,497
Other
assets
in
excess
of
liabilities
—  0.3%
3,204
NET
ASSETS
-
100.00%
$
1,057,701
At
July
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
38.4%
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
July
31,
2025.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
67,947
$
192
$
—
$
—
$
9,611
$
77,750
980,201
$
191
$
—
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
...............
37,418
447
—
—
(
41
)
37,824
4,115,798
447
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
2,000
2,000
—
—
481
4,481
189,154
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
125,008
—
—
—
8,953
133,961
11,191,379
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
40,861
400
—
—
(
276
)
40,985
4,625,843
400
—
Victory
Growth
Fund,
Institutional
Shares
......
11,370
—
(
497
)
382
1,894
13,149
311,512
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
9,001
163
—
—
200
9,364
1,351,286
163
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
20,717
127
—
—
1,144
21,988
1,208,769
127
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
19,220
—
—
—
2,003
21,223
894,364
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
7,426
2,637
—
—
(
85
)
9,978
1,148,195
137
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
38,230
500
—
—
7,198
45,928
801,681
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
4,682
—
—
—
122
4,804
163,609
—
—
Victory
RS
International
Fund,
Class
R6
.............
82,257
—
(
2,007
)
164
2,766
83,180
6,027,508
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
944
11
—
—
—
*
955
104,649
11
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
22,478
—
—
—
2,871
25,349
1,888,878
—
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
10,097
—
(
10,820
)
(
920
)
1,643
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
122,971
—
(
6,017
)
62
7,241
124,257
11,265,401
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
52,703
—
(
1,005
)
146
4,658
56,502
5,879,514
—
—
VictoryShares
Corporate
Bond
ETF
.................
12,884
—
—
—
152
13,036
608,750
132
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
35,296
—
(
2,076
)
(
71
)
3,703
36,852
706,226
721
—
VictoryShares
Free
Cash
Flow
ETF
.................
32,627
—
—
—
1,813
34,440
991,090
99
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
23,280
—
—
—
3,898
27,178
1,014,836
4
—
VictoryShares
International
Value
Momentum
ETF
...
53,420
—
(
3,730
)
371
4,128
54,189
932,283
995
—
VictoryShares
International
Volatility
Wtd
ETF
......
21,004
—
—
—
929
21,933
442,741
246
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
10,037
—
—
7
10,044
400,000
6
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
11,497
—
—
—
2,027
13,524
501,847
38
—
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
..
$
13,886
$
—
$
—
$
—
$
290
$
14,176
288,087
$
57
$
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
21,519
—
—
—
1,998
23,517
281,624
107
—
VictoryShares
US
Value
Momentum
ETF
........
34,012
—
—
—
3,156
37,168
436,053
159
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
49,315
880
—
—
6,462
56,657
1,292,654
89
—
$
984,070
$
17,394
$
(
26,152
)
$
134
$
78,946
$
1,054,392
60,043,932
$
4,129
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
14
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(34.3%)
VictoryShares
Corporate
Bond
ETF
..........................................
81,206
$
1,739
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
108,347
5,654
VictoryShares
Free
Cash
Flow
ETF
..........................................
165,109
5,737
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
172,019
4,607
VictoryShares
International
Value
Momentum
ETF
...............................
148,180
8,613
VictoryShares
International
Volatility
Wtd
ETF
.................................
75,768
3,754
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
127,334
3,431
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
43,625
2,147
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
54,930
4,587
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
64,597
5,506
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
220,979
9,685
Total
Affiliated
Exchange-Traded
Funds
(Cost
$42,051)
a
a
a
55,460
Affiliated
Mutual
Funds
(64.8%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
176,533
14,002
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
439,617
4,040
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
23,935
567
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
1,723,611
20,632
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
666,812
5,908
Victory
Growth
Fund,
Institutional
Shares
.....................................
50,973
2,151
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
231,235
4,206
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
129,084
3,063
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
57,274
498
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
128,411
7,357
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
20,334
597
Victory
RS
International
Fund,
Class
R6
......................................
938,668
12,954
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
132
1
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
253,894
3,407
Victory
Target
Managed
Allocation
Fund
......................................
1,543,409
17,024
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
882,910
8,485
Total
Affiliated
Mutual
Funds
(Cost
$83,843)
a
a
a
104,892
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(b)
........
26,325
27
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(b)
............
26,325
26
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(b)
...............
26,325
26
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(b)
.
26,325
26
Total
Collateral
for
Securities
Loaned
(Cost
$105)
a
a
a
105
Total
Investments
(Cost
$125,999)
—
99.2%
160,457
Other
assets
in
excess
of
liabilities
—  0.8%
1,216
NET
ASSETS
-
100.00%
$
161,673
At
July
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
38.2%
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
July
31,
2025.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
11,802
$
533
$
—
$
—
$
1,667
$
14,002
176,533
$
33
$
—
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
...............
3,497
545
—
—
(
2
)
4,040
439,617
45
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
500
—
—
—
67
567
23,935
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
19,253
—
—
—
1,379
20,632
1,723,611
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
5,890
58
—
—
(
40
)
5,908
666,812
57
—
Victory
Growth
Fund,
Institutional
Shares
......
2,207
—
(
496
)
224
216
2,151
50,973
—
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
3,963
24
—
—
219
4,206
231,235
24
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
2,774
—
—
—
289
3,063
129,084
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
—
500
—
—
(
2
)
498
57,274
—
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
5,771
500
—
—
1,086
7,357
128,411
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
582
—
—
—
15
597
20,334
—
—
Victory
RS
International
Fund,
Class
R6
.............
12,512
—
—
—
442
12,954
938,668
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
1
—
*
—
—
—
1
132
—
*
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
3,021
—
—
—
386
3,407
253,894
—
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
541
—
(
583
)
45
(
3
)
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
18,406
—
(
2,499
)
42
1,075
17,024
1,543,409
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
7,770
—
—
—
715
8,485
882,910
—
—
VictoryShares
Corporate
Bond
ETF
.................
1,719
—
—
—
20
1,739
81,206
18
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
5,125
—
—
—
529
5,654
108,347
107
—
VictoryShares
Free
Cash
Flow
ETF
.................
5,435
—
—
—
302
5,737
165,109
17
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
3,946
—
—
—
661
4,607
172,019
1
—
VictoryShares
International
Value
Momentum
ETF
...
7,937
—
—
—
676
8,613
148,180
150
—
VictoryShares
International
Volatility
Wtd
ETF
......
3,594
—
—
—
160
3,754
75,768
42
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
2,917
—
—
—
514
3,431
127,334
10
—
VictoryShares
THB
Mid
Cap
ETF
.................
—
—
—
—
—
—
—
—
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
..
2,103
—
—
—
44
2,147
43,625
9
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
4,197
—
—
—
390
4,587
54,930
21
—
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
US
Value
Momentum
ETF
........
$
5,039
$
—
$
—
$
—
$
467
$
5,506
64,597
$
24
$
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
8,176
440
—
—
1,069
9,685
220,979
15
—
$
148,678
$
2,600
$
(
3,578
)
$
311
$
12,341
$
160,352
8,528,926
$
573
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
17
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.6%)
Australia
(1.6%):
Consumer
Discretionary
(0.1%):
Aristocrat
Leisure
Ltd.
...................................................
3,065
$
137
Wesfarmers
Ltd.
........................................................
8,138
445
582
Consumer
Staples
(0.3%):
Coles
Group
Ltd.
.......................................................
6,973
93
Woolworths
Group
Ltd.
..................................................
53,124
1,072
1,165
Financials
(0.2%):
Medibank
Pvt.
Ltd.
......................................................
323,842
1,058
Health
Care
(0.0%):(a)
Pro
Medicus
Ltd.
.......................................................
725
149
Industrials
(0.6%):
Brambles
Ltd.
.........................................................
108,880
1,665
Computershare
Ltd.
.....................................................
20,681
557
Qantas
Airways
Ltd.
.....................................................
65,996
458
2,680
Materials
(0.4%):
BHP
Group
Ltd.
........................................................
57,944
1,463
Fortescue
Ltd.
.........................................................
22,741
257
1,720
7,354
Belgium
(0.1%):
Consumer
Discretionary
(0.1%):
D'ieteren
Group
........................................................
1,920
379
Bermuda
(0.0%):(a)
Financials
(0.0%):(a)
Everest
Group
Ltd.
......................................................
248
83
Brazil
(0.9%):
Energy
(0.3%):
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
.............................
207,700
1,211
Financials
(0.5%):
Banco
Bradesco
SA
.....................................................
431,700
1,033
Itau
Unibanco
Holding
SA
,
Preference
Shares
..................................
246,119
1,546
2,579
Industrials
(0.1%):
WEG
SA
.............................................................
72,700
482
Materials
(0.0%):(a)
Vale
SA
..............................................................
20,597
196
4,468
Canada
(2.8%):
Consumer
Discretionary
(0.7%):
Dollarama,
Inc.
........................................................
19,633
2,684
Gildan
Activewear,
Inc.
..................................................
2,802
142
Lululemon
Athletica,
Inc.
(b)
...............................................
2,181
437
3,263
Consumer
Staples
(0.5%):
George
Weston
Ltd.
.....................................................
2,966
564
Loblaw
Cos.
Ltd.
.......................................................
10,110
1,635
2,199
Energy
(0.9%):
Canadian
Natural
Resources
Ltd.
............................................
58,538
1,853
Cenovus
Energy,
Inc.
....................................................
44,619
679
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Suncor
Energy,
Inc.
.....................................................
50,063
$
1,975
4,507
Financials
(0.2%):
Bank
of
Montreal
.......................................................
1,321
146
Canadian
Imperial
Bank
of
Commerce
........................................
3,146
225
iA
Financial
Corp.,
Inc.
...................................................
1,856
182
Manulife
Financial
Corp.
.................................................
6,792
210
Sun
Life
Financial,
Inc.
..................................................
3,021
184
947
Industrials
(0.1%):
TFI
International,
Inc.
....................................................
5,125
446
Information
Technology
(0.4%):
Constellation
Software,
Inc.
...............................................
531
1,832
13,194
China
(2.6%):
Communication
Services
(0.3%):
NetEase,
Inc.
..........................................................
52,800
1,380
Consumer
Discretionary
(0.9%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
19,100
287
ANTA
Sports
Products
Ltd.
................................................
82,600
948
BYD
Co.
Ltd.
.........................................................
93,000
1,358
JD.com,
Inc.
,
Class
SW
..................................................
8,300
131
Meituan
,
Class
W
(b)
(c)
...................................................
28,500
440
Pop
Mart
International
Group
Ltd.
(c)
.........................................
23,600
736
Vipshop
Holdings
Ltd.
,
ADR
..............................................
35,070
529
4,429
Consumer
Staples
(0.1%):
Giant
Biogene
Holding
Co.
Ltd.
(c)
(d)
........................................
36,000
257
Tingyi
Cayman
Islands
Holding
Corp.
........................................
138,000
204
461
Energy
(0.5%):
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
139,000
603
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
....................................
123,500
253
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,636,000
1,599
2,455
Financials
(0.5%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
342,000
224
Bank
of
China
Ltd.
,
Class
H
...............................................
569,000
328
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
86,000
248
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
169,600
683
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
425,000
326
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
21,000
144
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
688,000
529
2,482
Industrials
(0.1%):
Yangzijiang
Shipbuilding
Holdings
Ltd.
.......................................
183,300
360
Information
Technology
(0.2%):
Lenovo
Group
Ltd.
......................................................
360,000
461
Xiaomi
Corp.
,
Class
W
(b)
(c)
...............................................
33,400
225
686
12,253
Denmark
(0.4%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
5,863
968
Health
Care
(0.2%):
Novo
Nordisk
A/S
,
Class
B
................................................
15,045
700
1,668
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Finland
(0.9%):
Communication
Services
(0.2%):
Elisa
Oyj
.............................................................
16,483
$
848
Health
Care
(0.2%):
Orion
Oyj
,
Class
B
......................................................
12,496
1,000
Industrials
(0.5%):
Kone
Oyj
,
Class
B
......................................................
33,815
2,076
Information
Technology
(0.0%):(a)
Nokia
Oyj
............................................................
36,519
149
4,073
France
(1.2%):
Communication
Services
(0.0%):(a)
Orange
SA
............................................................
5,423
82
Consumer
Discretionary
(0.2%):
FDJ
UNITED
.........................................................
11,974
374
Hermes
International
SCA
................................................
277
677
1,051
Consumer
Staples
(0.1%):
L'Oreal
SA
...........................................................
1,121
496
Energy
(0.4%):
TotalEnergies
SE
.......................................................
26,458
1,573
Health
Care
(0.0%):(a)
Ipsen
SA
.............................................................
747
88
Industrials
(0.4%):
Bouygues
SA
..........................................................
2,412
99
Cie
de
Saint-Gobain
SA
..................................................
2,985
342
Eiffage
SA
............................................................
1,217
163
Safran
SA
............................................................
3,650
1,204
Thales
SA
............................................................
396
107
Vinci
SA
.............................................................
674
94
2,009
Utilities
(0.1%):
Engie
SA
.............................................................
18,331
412
5,711
Germany
(1.6%):
Communication
Services
(0.5%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
4,319
488
Deutsche
Telekom
AG
...................................................
48,108
1,725
2,213
Financials
(0.6%):
Allianz
SE
,
Registered
Shares
..............................................
391
155
Commerzbank
AG
......................................................
6,066
221
Deutsche
Bank
AG
,
Registered
Shares
........................................
8,312
274
Deutsche
Boerse
AG
....................................................
319
92
Hannover
Rueck
SE
.....................................................
3,244
984
Talanx
AG
............................................................
8,978
1,190
2,916
Industrials
(0.4%):
Deutsche
Post
AG
......................................................
4,406
197
GEA
Group
AG
........................................................
13,940
1,001
Rational
AG
..........................................................
300
232
Rheinmetall
AG
........................................................
120
238
Siemens
Energy
AG
(b)
...................................................
2,264
262
1,930
Materials
(0.1%):
Heidelberg
Materials
AG
.................................................
1,710
394
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Utilities
(0.0%):(a)
E.ON
SE
.............................................................
4,853
$
88
7,541
Hong
Kong
(0.9%):
Consumer
Discretionary
(0.1%):
Bosideng
International
Holdings
Ltd.
.........................................
536,000
306
Geely
Automobile
Holdings
Ltd.
............................................
139,000
312
618
Consumer
Staples
(0.1%):
WH
Group
Ltd.
(c)
......................................................
581,500
582
Financials
(0.3%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
332,500
1,493
Industrials
(0.4%):
SITC
International
Holdings
Co.
Ltd.
.........................................
145,000
469
Techtronic
Industries
Co.
Ltd.
..............................................
96,500
1,154
1,623
4,316
Hungary
(0.1%):
Financials
(0.1%):
OTP
Bank
Nyrt
........................................................
3,431
279
India
(2.2%):
Communication
Services
(0.1%):
Bharti
Airtel
Ltd.
.......................................................
6,187
135
Consumer
Discretionary
(0.2%):
Bajaj
Auto
Ltd.
........................................................
4,751
432
Hero
MotoCorp
Ltd.
.....................................................
8,438
409
Page
Industries
Ltd.
.....................................................
383
213
1,054
Consumer
Staples
(0.4%):
Britannia
Industries
Ltd.
..................................................
10,744
707
ITC
Ltd.
.............................................................
212,509
996
Marico
Ltd.
...........................................................
36,224
293
1,996
Financials
(0.1%):
HDFC
Asset
Management
Co.
Ltd.
(c)
........................................
6,795
437
ICICI
Bank
Ltd.
........................................................
4,764
80
517
Health
Care
(0.1%):
Sun
Pharmaceutical
Industries
Ltd.
..........................................
8,901
173
Torrent
Pharmaceuticals
Ltd.
...............................................
7,102
302
475
Industrials
(0.2%):
Bharat
Electronics
Ltd.
...................................................
17,741
77
InterGlobe
Aviation
Ltd.
(b)
(c)
..............................................
13,440
902
979
Information
Technology
(0.7%):
HCL
Technologies
Ltd.
...................................................
63,291
1,055
Infosys
Ltd.
...........................................................
70,319
1,196
Tata
Consultancy
Services
Ltd.
.............................................
30,861
1,065
3,316
Materials
(0.4%):
Asian
Paints
Ltd.
.......................................................
26,834
733
Pidilite
Industries
Ltd.
...................................................
18,085
591
Tata
Steel
Ltd.
.........................................................
52,482
94
Vedanta
Ltd.
..........................................................
101,083
488
1,906
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Utilities
(0.0%):(a)
Power
Grid
Corp.
of
India
Ltd.
.............................................
23,793
$
79
10,457
Indonesia
(0.4%):
Financials
(0.4%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
2,611,600
711
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
4,258,700
954
1,665
Ireland
(1.8%):
Consumer
Discretionary
(0.2%):
PDD
Holdings,
Inc.
,
ADR
(b)
...............................................
7,109
807
Industrials
(0.5%):
Trane
Technologies
PLC
..................................................
5,671
2,484
Information
Technology
(1.1%):
Accenture
PLC
,
Class
A
..................................................
8,157
2,179
TE
Connectivity
PLC
....................................................
15,598
3,209
5,388
8,679
Israel
(0.7%):
Financials
(0.2%):
Bank
Leumi
Le-Israel
BM
................................................
14,869
275
Mizrahi
Tefahot
Bank
Ltd.
................................................
10,970
678
953
Information
Technology
(0.4%):
Check
Point
Software
Technologies
Ltd.
(b)
....................................
7,245
1,349
Nice
Ltd.
(b)
...........................................................
2,787
436
Wix.com
Ltd.
(b)
.......................................................
2,788
379
2,164
Materials
(0.1%):
ICL
Group
Ltd.
........................................................
54,755
341
3,458
Italy
(0.4%):
Consumer
Discretionary
(0.2%):
Ferrari
NV
............................................................
2,285
1,002
Financials
(0.2%):
FinecoBank
Banca
Fineco
SpA
.............................................
40,301
858
Utilities
(0.0%):(a)
Enel
SpA
.............................................................
29,490
260
2,120
Japan
(3.0%):
Communication
Services
(0.1%):
Capcom
Co.
Ltd.
.......................................................
23,400
596
KDDI
Corp.
...........................................................
6,100
100
696
Consumer
Discretionary
(0.7%):
Asics
Corp.
...........................................................
36,500
858
Bandai
Namco
Holdings,
Inc.
..............................................
25,500
825
Fast
Retailing
Co.
Ltd.
...................................................
3,600
1,098
Isuzu
Motors
Ltd.
.......................................................
11,600
149
Sony
Group
Corp.
......................................................
9,200
221
Subaru
Corp.
..........................................................
11,800
217
Suzuki
Motor
Corp.
.....................................................
14,200
156
3,524
Consumer
Staples
(0.2%):
Kobe
Bussan
Co.
Ltd.
....................................................
10,300
274
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
MatsukiyoCocokara
&
Co.
................................................
23,600
$
485
759
Financials
(0.1%):
SBI
Holdings,
Inc.
......................................................
5,400
201
Sompo
Holdings,
Inc.
....................................................
7,500
221
Tokio
Marine
Holdings,
Inc.
...............................................
6,400
257
679
Health
Care
(0.6%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
20,300
973
Hoya
Corp.
...........................................................
12,700
1,603
Otsuka
Holdings
Co.
Ltd.
.................................................
3,800
181
2,757
Industrials
(0.5%):
Nippon
Yusen
KK
......................................................
4,800
168
Recruit
Holdings
Co.
Ltd.
.................................................
32,800
1,946
Toyota
Tsusho
Corp.
.....................................................
10,500
241
2,355
Information
Technology
(0.7%):
Advantest
Corp.
........................................................
2,700
180
Canon,
Inc.
...........................................................
5,400
153
Fujitsu
Ltd.
...........................................................
5,200
113
Nomura
Research
Institute
Ltd.
.............................................
30,500
1,207
Oracle
Corp.
..........................................................
4,400
476
Tokyo
Electron
Ltd.
.....................................................
3,200
509
Trend
Micro,
Inc.
.......................................................
11,500
701
3,339
Materials
(0.1%):
Nitto
Denko
Corp.
......................................................
10,800
224
Utilities
(0.0%):(a)
Chubu
Electric
Power
Co.,
Inc.
.............................................
7,700
94
14,427
Luxembourg
(0.0%):(a)
Energy
(0.0%):(a)
Tenaris
SA
............................................................
8,067
141
Malaysia
(0.1%):
Materials
(0.1%):
Press
Metal
Aluminium
Holdings
Bhd
........................................
225,200
282
Mexico
(0.5%):
Consumer
Staples
(0.2%):
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
278,577
821
Financials
(0.3%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
142,026
1,266
Materials
(0.0%):(a)
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
26,764
168
2,255
Netherlands
(1.3%):
Communication
Services
(0.5%):
Koninklijke
KPN
NV
....................................................
322,936
1,443
Universal
Music
Group
NV
................................................
35,719
1,027
2,470
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
7,223
285
Industrials
(0.4%):
Wolters
Kluwer
NV
.....................................................
12,237
1,906
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Information
Technology
(0.3%):
ASML
Holding
NV
.....................................................
1,895
$
1,313
5,974
Norway
(0.3%):
Communication
Services
(0.1%):
Telenor
ASA
..........................................................
12,212
187
Energy
(0.0%):(a)
Equinor
ASA
..........................................................
3,521
91
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
37,255
1,114
Materials
(0.0%):(a)
Norsk
Hydro
ASA
......................................................
14,541
86
1,478
Philippines
(0.3%):
Financials
(0.1%):
Bank
of
the
Philippine
Islands
..............................................
111,700
226
BDO
Unibank,
Inc.
.....................................................
167,780
410
636
Industrials
(0.2%):
International
Container
Terminal
Services,
Inc.
..................................
83,250
639
1,275
Poland
(0.1%):
Financials
(0.1%):
Santander
Bank
Polska
SA
................................................
4,735
691
Russian
Federation
(0.0%):
Consumer
Staples
(0.0%):
X5
Retail
Group
NV
,
GDR
(b)
(e)
(f)
..........................................
18,705
—
Energy
(0.0%):
LUKOIL
PJSC
(b)
(e)
(f)
...................................................
34,009
—
Tatneft
PJSC
(b)
(e)
(f)
....................................................
90,761
—
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(b)
(e)
(f)
...........................................
409,312
—
Materials
(0.0%):
MMC
Norilsk
Nickel
PJSC
(b)
(e)
(f)
..........................................
524,900
—
—
Singapore
(0.8%):
Financials
(0.7%):
DBS
Group
Holdings
Ltd.
.................................................
5,100
188
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
130,000
1,685
Singapore
Exchange
Ltd.
.................................................
115,300
1,414
3,287
Industrials
(0.1%):
Singapore
Technologies
Engineering
Ltd.
......................................
63,800
429
3,716
South
Africa
(0.2%):
Consumer
Staples
(0.1%):
Clicks
Group
Ltd.
......................................................
20,014
419
Financials
(0.1%):
FirstRand
Ltd.
.........................................................
37,160
158
OUTsurance
Group
Ltd.
..................................................
60,102
255
Standard
Bank
Group
Ltd.
................................................
10,189
131
544
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Materials
(0.0%):(a)
Gold
Fields
Ltd.
........................................................
6,529
$
159
1,122
South
Korea
(0.6%):
Consumer
Discretionary
(0.3%):
Kia
Corp.
............................................................
19,630
1,437
Financials
(0.1%):
DB
Insurance
Co.
Ltd.
...................................................
3,221
296
KB
Financial
Group,
Inc.
.................................................
2,285
182
478
Industrials
(0.1%):
Hyundai
Rotem
Co.
Ltd.
..................................................
4,636
671
Information
Technology
(0.1%):
SK
Hynix,
Inc.
.........................................................
1,223
237
2,823
Spain
(1.3%):
Consumer
Discretionary
(0.4%):
Industria
de
Diseno
Textil
SA
..............................................
43,066
2,057
Financials
(0.7%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
173,432
2,892
Banco
Santander
SA
.....................................................
31,300
269
3,161
Industrials
(0.1%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
1,873
129
Aena
SME
SA
(c)
.......................................................
6,270
169
298
Utilities
(0.1%):
Endesa
SA
............................................................
6,296
183
Iberdrola
SA
..........................................................
16,296
286
469
5,985
Sweden
(0.1%):
Industrials
(0.0%):(a)
Volvo
AB
,
Class
B
......................................................
7,009
201
Information
Technology
(0.1%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
63,422
461
662
Switzerland
(3.1%):
Consumer
Staples
(0.6%):
Coca-Cola
HBC
AG
.....................................................
19,475
1,012
Nestle
SA
,
Registered
Shares
..............................................
22,181
1,939
2,951
Financials
(0.0%):(a)
Zurich
Insurance
Group
AG
...............................................
136
93
Health
Care
(1.3%):
Novartis
AG
,
Registered
Shares
.............................................
30,986
3,530
Roche
Holding
AG
......................................................
8,787
2,743
6,273
Industrials
(0.9%):
ABB
Ltd.
,
Registered
Shares
...............................................
19,469
1,272
Geberit
AG
,
Registered
Shares
.............................................
2,953
2,263
Kuehne
+
Nagel
International
AG
,
Class
R
.....................................
2,180
444
Schindler
Holding
AG
,
Class
PC
............................................
318
115
4,094
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Information
Technology
(0.2%):
Logitech
International
SA
,
Class
R
..........................................
8,737
$
810
Materials
(0.1%):
EMS-Chemie
Holding
AG
................................................
491
387
Glencore
PLC
.........................................................
40,419
162
Holcim
AG
...........................................................
1,429
114
663
14,884
Taiwan
(1.8%):
Financials
(0.2%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
596,000
819
Industrials
(0.1%):
Eva
Airways
Corp.
......................................................
188,000
237
Voltronic
Power
Technology
Corp.
..........................................
5,000
197
434
Information
Technology
(1.5%):
Advantech
Co.
Ltd.
.....................................................
23,295
259
Delta
Electronics,
Inc.
...................................................
11,000
207
MediaTek,
Inc.
.........................................................
29,000
1,313
Realtek
Semiconductor
Corp.
..............................................
57,000
1,090
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
26,000
1,001
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
13,904
3,360
7,230
8,483
Thailand
(0.2%):
Communication
Services
(0.2%):
Advanced
Info
Service
PCL
...............................................
83,800
745
United
Kingdom
(4.1%):
Communication
Services
(0.1%):
Auto
Trader
Group
PLC
(c)
................................................
62,290
688
Consumer
Discretionary
(0.7%):
Compass
Group
PLC
....................................................
9,332
328
InterContinental
Hotels
Group
PLC
..........................................
11,110
1,278
Next
PLC
............................................................
10,341
1,678
3,284
Consumer
Staples
(1.2%):
British
American
Tobacco
PLC
.............................................
3,863
207
Imperial
Brands
PLC
....................................................
61,852
2,410
Reckitt
Benckiser
Group
PLC
..............................................
12,697
951
Tesco
PLC
............................................................
29,324
165
Unilever
PLC
.........................................................
35,025
2,032
5,765
Energy
(0.7%):
BP
PLC
..............................................................
175,096
938
Shell
PLC
............................................................
62,867
2,259
3,197
Financials
(0.1%):
HSBC
Holdings
PLC
....................................................
40,096
488
Standard
Chartered
PLC
..................................................
5,184
93
581
Health
Care
(0.4%):
GSK
PLC
............................................................
90,176
1,658
Industrials
(0.6%):
RELX
PLC
...........................................................
31,730
1,648
Rolls-Royce
Holdings
PLC
................................................
73,926
1,049
2,697
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Information
Technology
(0.2%):
The
Sage
Group
PLC
....................................................
70,039
$
1,124
Materials
(0.1%):
Anglogold
Ashanti
PLC
..................................................
3,068
140
Rio
Tinto
PLC
.........................................................
4,454
265
405
Utilities
(0.0%):(a)
Centrica
PLC
..........................................................
102,384
223
19,622
United
States
(62.6%):
Communication
Services
(6.7%):
Alphabet,
Inc.
,
Class
A
...................................................
15,629
2,999
Alphabet,
Inc.
,
Class
C
...................................................
55,842
10,770
AT&T,
Inc.
...........................................................
23,496
644
Electronic
Arts,
Inc.
.....................................................
8,904
1,358
Meta
Platforms,
Inc.
,
Class
A
..............................................
17,879
13,828
Netflix,
Inc.
(b)
.........................................................
1,096
1,271
T-Mobile
US,
Inc.
......................................................
1,652
394
Verizon
Communications,
Inc.
..............................................
11,463
490
31,754
Consumer
Discretionary
(6.8%):
Airbnb,
Inc.
,
Class
A
(b)
..................................................
27,155
3,596
AutoZone,
Inc.
(b)
......................................................
163
614
Best
Buy
Co.,
Inc.
......................................................
1,123
73
Booking
Holdings,
Inc.
...................................................
1,146
6,308
Chipotle
Mexican
Grill,
Inc.
(b)
.............................................
35,435
1,520
Darden
Restaurants,
Inc.
..................................................
1,459
294
Deckers
Outdoor
Corp.
(b)
.................................................
13,394
1,422
Domino's
Pizza,
Inc.
.....................................................
2,267
1,050
Expedia
Group,
Inc.
.....................................................
10,524
1,897
General
Motors
Co.
.....................................................
8,340
445
Lowe's
Cos.,
Inc.
.......................................................
13,895
3,107
Marriott
International,
Inc.
,
Class
A
..........................................
304
80
NVR,
Inc.
(b)
..........................................................
177
1,336
O'Reilly
Automotive,
Inc.
(b)
...............................................
42,810
4,209
PulteGroup,
Inc.
........................................................
849
96
Starbucks
Corp.
........................................................
5,220
465
The
TJX
Cos.,
Inc.
......................................................
29,979
3,733
Ulta
Beauty,
Inc.
(b)
.....................................................
3,255
1,676
Williams-Sonoma,
Inc.
...................................................
2,153
403
32,324
Consumer
Staples
(6.2%):
Altria
Group,
Inc.
.......................................................
106,708
6,609
Colgate-Palmolive
Co.
...................................................
53,642
4,498
Costco
Wholesale
Corp.
..................................................
3,262
3,065
Kimberly-Clark
Corp.
....................................................
15,732
1,960
Monster
Beverage
Corp.
(b)
................................................
51,454
3,023
Philip
Morris
International,
Inc.
.............................................
20,230
3,319
Sysco
Corp.
...........................................................
14,145
1,126
The
Kroger
Co.
........................................................
5,514
387
The
Procter
&
Gamble
Co.
................................................
30,606
4,605
Walmart,
Inc.
..........................................................
7,549
740
29,332
Energy
(1.9%):
Coterra
Energy,
Inc.
.....................................................
13,394
327
EOG
Resources,
Inc.
....................................................
42,940
5,154
Expand
Energy
Corp.
....................................................
3,289
344
Valero
Energy
Corp.
.....................................................
22,333
3,066
8,891
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Financials
(6.4%):
American
Express
Co.
...................................................
1,684
$
504
Ameriprise
Financial,
Inc.
.................................................
7,779
4,031
Capital
One
Financial
Corp.
...............................................
2,459
529
Fidelity
National
Financial,
Inc.
............................................
5,160
291
Fifth
Third
Bancorp
.....................................................
3,269
136
JPMorgan
Chase
&
Co.
..................................................
4,308
1,276
Loews
Corp.
..........................................................
1,924
174
M&T
Bank
Corp.
.......................................................
1,605
303
Mastercard,
Inc.
,
Class
A
.................................................
13,091
7,416
MSCI,
Inc.
...........................................................
5,435
3,051
PayPal
Holdings,
Inc.
(b)
..................................................
5,294
364
SEI
Investments
Co.
.....................................................
9,822
865
Synchrony
Financial
.....................................................
6,196
432
T.
Rowe
Price
Group,
Inc.
.................................................
733
74
The
Allstate
Corp.
......................................................
1,934
393
The
Goldman
Sachs
Group,
Inc.
............................................
784
567
The
Progressive
Corp.
...................................................
20,240
4,899
Visa,
Inc.
,
Class
A
......................................................
8,275
2,859
W.R.
Berkley
Corp.
.....................................................
27,081
1,863
Wells
Fargo
&
Co.
......................................................
5,999
484
30,511
Health
Care
(6.2%):
AbbVie,
Inc.
..........................................................
20,884
3,947
Bristol-Myers
Squibb
Co.
.................................................
26,620
1,153
Cardinal
Health,
Inc.
....................................................
3,042
472
Cencora,
Inc.
..........................................................
1,342
384
CVS
Health
Corp.
......................................................
5,956
370
DaVita,
Inc.
(b)
.........................................................
475
67
Dexcom,
Inc.
(b)
........................................................
5,662
457
Eli
Lilly
&
Co.
.........................................................
637
471
Gilead
Sciences,
Inc.
....................................................
36,712
4,122
HCA
Healthcare,
Inc.
....................................................
214
76
Incyte
Corp.
(b)
........................................................
10,883
815
Johnson
&
Johnson
.....................................................
18,625
3,068
McKesson
Corp.
.......................................................
6,185
4,290
Merck
&
Co.,
Inc.
......................................................
40,565
3,169
Mettler-Toledo
International,
Inc.
(b)
.........................................
1,475
1,820
Pfizer,
Inc.
............................................................
18,889
440
The
Cigna
Group
.......................................................
1,343
359
UnitedHealth
Group,
Inc.
.................................................
1,477
369
Zoetis,
Inc.
...........................................................
24,428
3,561
29,410
Industrials
(6.2%):
3M
Co.
..............................................................
2,838
423
Automatic
Data
Processing,
Inc.
............................................
12,756
3,948
Builders
FirstSource,
Inc.
(b)
...............................................
2,309
294
Carlisle
Cos.,
Inc.
.......................................................
203
72
Cintas
Corp.
..........................................................
24,553
5,464
Cummins,
Inc.
.........................................................
290
107
Delta
Air
Lines,
Inc.
.....................................................
3,204
170
EMCOR
Group,
Inc.
....................................................
4,009
2,516
Expeditors
International
of
Washington,
Inc.
....................................
2,803
326
Ferguson
Enterprises,
Inc.
.................................................
5,491
1,226
GE
Vernova,
Inc.
.......................................................
1,419
937
Leidos
Holdings,
Inc.
....................................................
2,542
406
Lennox
International,
Inc.
.................................................
2,261
1,377
Lockheed
Martin
Corp.
...................................................
1,951
821
Otis
Worldwide
Corp.
....................................................
27,680
2,372
Owens
Corning
........................................................
1,727
241
Paychex,
Inc.
..........................................................
1,638
236
Rollins,
Inc.
...........................................................
24,566
1,407
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Snap-on,
Inc.
..........................................................
858
$
276
United
Airlines
Holdings,
Inc.
(b)
............................................
1,648
146
Verisk
Analytics,
Inc.
....................................................
6,009
1,675
Vertiv
Holdings
Co.
,
Class
A
...............................................
10,064
1,465
W.W.
Grainger,
Inc.
.....................................................
3,224
3,351
29,256
Information
Technology
(20.6%):
Adobe,
Inc.
(b)
.........................................................
11,169
3,995
Apple,
Inc.
...........................................................
90,449
18,774
Applied
Materials,
Inc.
...................................................
18,714
3,370
AppLovin
Corp.
,
Class
A
(b)
...............................................
2,992
1,169
Arista
Networks,
Inc.
(b)
..................................................
32,409
3,993
Autodesk,
Inc.
(b)
.......................................................
1,986
602
Broadcom,
Inc.
........................................................
8,984
2,639
Cisco
Systems,
Inc.
.....................................................
9,726
662
Docusign,
Inc.
(b)
.......................................................
5,416
410
Dropbox,
Inc.
,
Class
A
(b)
.................................................
2,514
68
F5,
Inc.
(b)
............................................................
1,157
363
Fair
Isaac
Corp.
(b)
......................................................
1,892
2,718
Fortinet,
Inc.
(b)
........................................................
34,942
3,491
Gartner,
Inc.
(b)
........................................................
5,441
1,843
GoDaddy,
Inc.
,
Class
A
(b)
................................................
7,692
1,243
HP,
Inc.
..............................................................
12,552
311
International
Business
Machines
Corp.
........................................
2,276
576
Jabil,
Inc.
............................................................
2,230
498
KLA
Corp.
...........................................................
4,898
4,305
Lam
Research
Corp.
.....................................................
35,135
3,332
Manhattan
Associates,
Inc.
(b)
..............................................
4,232
930
Microsoft
Corp.
........................................................
19,098
10,189
Motorola
Solutions,
Inc.
..................................................
958
420
NetApp,
Inc.
..........................................................
12,327
1,284
Nutanix,
Inc.
,
Class
A
(b)
..................................................
17,956
1,350
NVIDIA
Corp.
.........................................................
134,779
23,973
Palantir
Technologies,
Inc.
,
Class
A
(b)
........................................
4,811
762
Palo
Alto
Networks,
Inc.
(b)
................................................
3,218
559
Pure
Storage,
Inc.
,
Class
A
(b)
..............................................
14,777
879
QUALCOMM,
Inc.
.....................................................
12,899
1,893
ServiceNow,
Inc.
(b)
.....................................................
647
610
VeriSign,
Inc.
..........................................................
1,155
310
97,521
Materials
(0.6%):
CF
Industries
Holdings,
Inc.
...............................................
16,050
1,490
CRH
PLC
............................................................
3,993
381
Packaging
Corp.
of
America
...............................................
890
173
Reliance,
Inc.
..........................................................
1,095
318
Steel
Dynamics,
Inc.
.....................................................
2,668
340
2,702
Real
Estate
(0.6%):
American
Tower
Corp.
...................................................
2,491
519
Camden
Property
Trust
...................................................
4,811
525
Equinix,
Inc.
..........................................................
294
231
Healthpeak
Properties,
Inc.
................................................
33,383
566
Prologis,
Inc.
..........................................................
4,119
440
Welltower,
Inc.
.........................................................
4,089
675
2,956
Utilities
(0.4%):
DTE
Energy
Co.
.......................................................
3,273
453
Evergy,
Inc.
...........................................................
4,568
323
Exelon
Corp.
..........................................................
5,397
243
NiSource,
Inc.
.........................................................
8,909
378
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Name
Acquisition
Date
Cost
LUKOIL
PJSC
............................................
4/22/2020
$
2,312
MMC
Norilsk
Nickel
PJSC
...................................
9/30/2019
1,604
Sberbank
of
Russia
PJSC
.....................................
4/22/2020
1,393
Tatneft
PJSC
..............................................
12/21/2020
608
X5
Retail
Group
NV
,
GDR
...................................
11/11/2021
637
Security
Description
Shares
Value
(000)
NRG
Energy,
Inc.
.......................................................
2,373
$
397
1,794
296,451
Uruguay
(0.6%):
Consumer
Discretionary
(0.6%):
MercadoLibre,
Inc.
(b)
...................................................
1,259
2,989
Total
Common
Stocks
(Cost
$360,125)
471,703
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
,
expiring
3/31/40
(b)
(f)
...............................
1,403
—
Total
Warrants
(Cost
$–)
—
Total
Investments
(Cost
$360,125)
—
99.6%
471,703
Other
assets
in
excess
of
liabilities
—
0.4%
1,707
NET
ASSETS
-
100.00%
$
473,410
(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
July
31,
2025,
the
fair
value
of
these
securities
was
$4,436
(thousands)
and
amounted
to
0.9%
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
July
31,
2025
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2025.
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Capital
Growth
Fund
30
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Australia
(1.9%):
Consumer
Discretionary
(0.3%):
Aristocrat
Leisure
Ltd.
...................................................
77,655
$
3,476
Financials
(0.5%):
ANZ
Group
Holdings
Ltd.
................................................
70,767
1,389
Macquarie
Group
Ltd.
...................................................
18,540
2,567
QBE
Insurance
Group
Ltd.
................................................
45,601
676
4,632
Health
Care
(0.1%):
CSL
Ltd.
.............................................................
7,303
1,263
Industrials
(0.2%):
Brambles
Ltd.
.........................................................
49,463
757
Qantas
Airways
Ltd.
.....................................................
120,906
838
1,595
Materials
(0.4%):
BHP
Group
Ltd.
........................................................
101,258
2,557
Northern
Star
Resources
Ltd.
..............................................
72,293
718
Rio
Tinto
Ltd.
.........................................................
11,482
816
4,091
Real
Estate
(0.4%):
Charter
Hall
Group
......................................................
46,420
598
Goodman
Group
.......................................................
28,470
637
Scentre
Group
.........................................................
1,161,186
2,778
4,013
19,070
Austria
(0.4%):
Financials
(0.4%):
BAWAG
Group
AG
(a)
...................................................
33,950
4,284
Belgium
(0.5%):
Consumer
Staples
(0.1%):
Anheuser-Busch
InBev
SA
................................................
23,374
1,344
Information
Technology
(0.2%):
Melexis
NV
...........................................................
17,822
1,363
Materials
(0.2%):
Solvay
SA
,
Class
A
.....................................................
38,878
1,218
Titan
SA
.............................................................
12,916
532
1,750
4,457
Bermuda
(0.4%):
Financials
(0.4%):
Axis
Capital
Holdings
Ltd.
................................................
11,939
1,120
Everest
Group
Ltd.
......................................................
8,093
2,718
3,838
Brazil
(0.3%):
Consumer
Discretionary
(0.1%):
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
.........................
51,800
227
Vivara
Participacoes
SA
..................................................
69,800
317
544
Consumer
Staples
(0.0%):(b)
Tres
Tentos
Agroindustrial
SA
..............................................
82,637
201
Energy
(0.1%):
Brava
Energia
(c)
.......................................................
73,688
260
PRIO
SA
(c)
...........................................................
29,200
220
480
Victory
Portfolios
III
Victory
Capital
Growth
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Financials
(0.0%):(b)
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
,
Preference
Shares
.......................
95,700
$
187
Pagseguro
Digital
Ltd.
,
Class
A
.............................................
21,339
167
354
Industrials
(0.0%):(b)
Marcopolo
SA
,
Preference
Shares
...........................................
301,440
445
Utilities
(0.1%):
Equatorial
Energia
SA
...................................................
39,100
238
Neoenergia
SA
.........................................................
60,700
266
504
2,528
Canada
(2.4%):
Consumer
Discretionary
(0.2%):
Lululemon
Athletica,
Inc.
(c)
...............................................
7,792
1,562
Consumer
Staples
(0.3%):
George
Weston
Ltd.
.....................................................
14,403
2,737
Energy
(0.1%):
Parex
Resources,
Inc.
....................................................
98,390
1,168
Financials
(0.7%):
Manulife
Financial
Corp.
.................................................
125,460
3,882
National
Bank
of
Canada
.................................................
25,372
2,640
6,522
Industrials
(0.2%):
Bombardier,
Inc.
,
Class
B
(c)
...............................................
14,745
1,720
Information
Technology
(0.5%):
Constellation
Software,
Inc.
...............................................
1,417
4,889
Materials
(0.4%):
Agnico
Eagle
Mines
Ltd.
.................................................
26,527
3,294
Stella-Jones,
Inc.
.......................................................
20,931
1,193
4,487
23,085
Chile
(0.1%):
Consumer
Staples
(0.1%):
Cencosud
SA
..........................................................
134,662
406
Real
Estate
(0.0%):(b)
Cencosud
Shopping
SA
..................................................
98,191
192
598
China
(0.5%):
Communication
Services
(0.2%):
Tencent
Holdings
Ltd.
...................................................
29,100
2,037
Consumer
Discretionary
(0.1%):
361
Degrees
International
Ltd.
.............................................
437,000
346
TravelSky
Technology
Ltd.
,
Class
H
.........................................
188,000
299
645
Consumer
Staples
(0.0%):(b)
China
Resources
Beverage
Holdings
Co.
Ltd.
...................................
144,200
210
Financials
(0.0%):(b)
FinVolution
Group
,
ADR
.................................................
24,032
206
Health
Care
(0.1%):
3SBio,
Inc.
(a)
.........................................................
121,500
491
Shanghai
Conant
Optical
Co.
Ltd.
,
Class
H
(d)
..................................
91,500
510
1,001
Industrials
(0.1%):
ANE
Cayman,
Inc.
(c)
....................................................
360,500
374
Victory
Portfolios
III
Victory
Capital
Growth
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
China
Communications
Services
Corp.
Ltd.
,
Class
H
..............................
394,000
$
230
604
Information
Technology
(0.0%):(b)
GDS
Holdings
Ltd.
,
Class
A
(c)
.............................................
88,100
397
5,100
Denmark
(0.5%):
Consumer
Discretionary
(0.3%):
Pandora
A/S
..........................................................
19,189
3,168
Health
Care
(0.2%):
Novo
Nordisk
A/S
,
Class
B
................................................
42,028
1,955
5,123
Finland
(0.2%):
Financials
(0.2%):
Nordea
Bank
Abp
.......................................................
109,054
1,591
France
(2.9%):
Communication
Services
(0.1%):
Publicis
Groupe
SA
.....................................................
8,355
763
Consumer
Discretionary
(0.2%):
FDJ
UNITED
.........................................................
25,576
797
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
2,103
1,129
1,926
Consumer
Staples
(0.3%):
L'Oreal
SA
...........................................................
7,496
3,316
Energy
(0.3%):
Gaztransport
Et
Technigaz
SA
..............................................
11,054
2,079
Technip
Energies
NV
....................................................
20,889
902
2,981
Financials
(0.3%):
AXA
SA
.............................................................
27,391
1,330
BNP
Paribas
SA
........................................................
12,070
1,101
2,431
Health
Care
(0.1%):
BioMerieux
...........................................................
5,944
850
Ipsen
SA
.............................................................
4,494
530
1,380
Industrials
(1.2%):
Cie
de
Saint-Gobain
SA
..................................................
11,797
1,353
Eiffage
SA
............................................................
4,707
632
Rexel
SA
.............................................................
82,455
2,492
Safran
SA
............................................................
15,428
5,087
Schneider
Electric
SE
....................................................
7,084
1,833
SPIE
SA
.............................................................
13,098
771
12,168
Information
Technology
(0.1%):
Capgemini
SE
.........................................................
5,279
786
Materials
(0.1%):
Arkema
SA
...........................................................
18,292
1,244
Real
Estate
(0.1%):
Klepierre
SA
..........................................................
14,720
562
Utilities
(0.1%):
Engie
SA
.............................................................
32,422
729
28,286
Germany
(3.1%):
Communication
Services
(0.4%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
13,361
1,509
Victory
Portfolios
III
Victory
Capital
Growth
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Deutsche
Telekom
AG
...................................................
55,918
$
2,005
3,514
Consumer
Discretionary
(0.1%):
Volkswagen
AG
,
Preference
Shares
..........................................
12,563
1,314
Consumer
Staples
(0.1%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
10,499
809
Financials
(0.7%):
Allianz
SE
,
Registered
Shares
..............................................
14,897
5,887
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
1,959
1,282
7,169
Health
Care
(0.0%):(b)
Fresenius
Medical
Care
AG
...............................................
10,236
519
Industrials
(0.6%):
Siemens
AG
,
Registered
Shares
.............................................
17,701
4,508
Siemens
Energy
AG
(c)
...................................................
8,039
931
5,439
Information
Technology
(0.8%):
SAP
SE
..............................................................
26,462
7,566
Materials
(0.1%):
Evonik
Industries
AG
....................................................
42,820
850
Utilities
(0.3%):
E.ON
SE
.............................................................
45,909
837
RWE
AG
.............................................................
52,131
2,139
2,976
30,156
Greece
(0.0%):(b)
Consumer
Discretionary
(0.0%):(b)
JUMBO
SA
...........................................................
6,551
221
OPAP
SA
.............................................................
12,351
277
498
Hong
Kong
(1.0%):
Communication
Services
(0.1%):
NetEase
Cloud
Music,
Inc.
(a)
(c)
............................................
18,800
609
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
127,000
619
Energy
(0.0%):(b)
CGN
Mining
Co.
Ltd.
(d)
.................................................
785,000
201
Financials
(0.4%):
AIA
Group
Ltd.
........................................................
262,000
2,443
BOC
Hong
Kong
Holdings
Ltd.
............................................
203,000
912
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
13,200
714
4,069
Health
Care
(0.1%):
The
United
Laboratories
International
Holdings
Ltd.
..............................
218,000
409
Real
Estate
(0.3%):
China
Jinmao
Holdings
Group
Ltd.
..........................................
978,000
178
CK
Asset
Holdings
Ltd.
..................................................
657,500
3,013
3,191
Utilities
(0.0%):(b)
China
Water
Affairs
Group
Ltd.
.............................................
298,000
234
9,332
Hungary
(0.0%):(b)
Communication
Services
(0.0%):(b)
Magyar
Telekom
Telecommunications
PLC
....................................
83,329
414
Victory
Portfolios
III
Victory
Capital
Growth
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
India
(1.1%):
Communication
Services
(0.0%):(b)
Just
Dial
Ltd.
(c)
........................................................
20,030
$
191
Consumer
Discretionary
(0.1%):
ASK
Automotive
Ltd.
....................................................
77,994
450
Cartrade
Tech
Ltd.
(c)
....................................................
18,453
459
Ceat
Ltd.
.............................................................
5,814
219
Whirlpool
of
India
Ltd.
...................................................
14,010
212
1,340
Energy
(0.0%):(b)
Mangalore
Refinery
&
Petrochemicals
Ltd.
....................................
139,569
200
Financials
(0.2%):
Angel
One
Ltd.
........................................................
7,113
210
City
Union
Bank
Ltd.
....................................................
107,101
261
LIC
Housing
Finance
Ltd.
.................................................
40,040
267
Nippon
Life
India
Asset
Management
Ltd.
(a)
...................................
58,478
540
Nuvama
Wealth
Management
Ltd.
...........................................
3,233
266
The
Karur
Vysya
Bank
Ltd.
................................................
144,855
434
1,978
Health
Care
(0.1%):
Jubilant
Pharmova
Ltd.
...................................................
18,849
256
Narayana
Hrudayalaya
Ltd.
................................................
12,425
271
Onesource
Specialty
Pharma
Ltd.
(c)
.........................................
11,791
265
Strides
Pharma
Science
Ltd.
...............................................
26,146
259
1,051
Industrials
(0.3%):
CMS
Info
Systems
Ltd.
..................................................
53,038
277
Firstsource
Solutions
Ltd.
.................................................
59,291
230
GE
Vernova
T&D
India
Ltd.
...............................................
7,962
247
J
Kumar
Infraprojects
Ltd.
................................................
54,148
433
RR
Kabel
Ltd.
.........................................................
21,940
359
Sagility
India
Ltd.
(c)
....................................................
801,346
423
Transport
Corp.
of
India
Ltd.
...............................................
18,679
249
VRL
Logistics
Ltd.
......................................................
49,647
350
2,568
Information
Technology
(0.0%):(b)
KPIT
Technologies
Ltd.
..................................................
20,474
285
Zensar
Technologies
Ltd.
.................................................
30,018
275
560
Materials
(0.2%):
Dhanuka
Agritech
Ltd.
...................................................
20,004
434
MOIL
Ltd.
............................................................
103,269
403
National
Aluminium
Co.
Ltd.
..............................................
187,606
394
Welspun
Corp.
Ltd.
.....................................................
42,483
451
1,682
Real
Estate
(0.1%):
ITC
Hotels
Ltd.
(c)
......................................................
108,479
285
Oberoi
Realty
Ltd.
......................................................
12,443
230
Sunteck
Realty
Ltd.
.....................................................
48,682
217
732
Utilities
(0.1%):
Mahanagar
Gas
Ltd.
.....................................................
18,870
291
VA
Tech
Wabag
Ltd.
.....................................................
17,457
314
605
10,907
Indonesia
(0.2%):
Consumer
Staples
(0.0%):(b)
PT
Japfa
Comfeed
Indonesia
Tbk
...........................................
1,625,600
157
Victory
Portfolios
III
Victory
Capital
Growth
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Energy
(0.0%):(b)
PT
AKR
Corporindo
Tbk
.................................................
1,718,400
$
140
Health
Care
(0.0%):(b)
PT
Kalbe
Farma
Tbk
....................................................
3,036,900
263
Materials
(0.1%):
Aneka
Tambang
Tbk
....................................................
2,430,100
421
Real
Estate
(0.1%):
PT
Ciputra
Development
Tbk
..............................................
4,867,400
271
Utilities
(0.0%):(b)
PT
Perusahaan
Gas
Negara
Tbk
.............................................
2,287,200
226
1,478
Ireland
(0.2%):
Financials
(0.0%):(b)
Bank
of
Ireland
Group
PLC
...............................................
47,383
635
Industrials
(0.1%):
AerCap
Holdings
NV
....................................................
6,451
692
Materials
(0.1%):
James
Hardie
Industries
PLC
(c)
............................................
39,022
1,024
2,351
Israel
(0.1%):
Information
Technology
(0.1%):
Nice
Ltd.
(c)
...........................................................
3,405
532
Italy
(0.8%):
Consumer
Discretionary
(0.1%):
Ferrari
NV
............................................................
1,627
713
PRADA
SpA
..........................................................
157,800
859
1,572
Financials
(0.2%):
Banca
Mediolanum
SpA
..................................................
35,416
625
Banco
BPM
SpA
.......................................................
82,069
1,046
1,671
Health
Care
(0.1%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
12,198
700
Information
Technology
(0.1%):
Reply
SpA
............................................................
3,811
597
Utilities
(0.3%):
Enel
SpA
.............................................................
362,960
3,200
7,740
Japan
(6.7%):
Communication
Services
(0.6%):
Capcom
Co.
Ltd.
.......................................................
98,700
2,513
Kakaku.com,
Inc.
.......................................................
123,800
2,104
Konami
Group
Corp.
....................................................
10,400
1,412
6,029
Consumer
Discretionary
(1.1%):
Asics
Corp.
...........................................................
34,800
818
Sony
Group
Corp.
......................................................
67,500
1,624
Sumitomo
Electric
Industries
Ltd.
...........................................
39,700
985
Suzuki
Motor
Corp.
.....................................................
65,700
722
Toyota
Motor
Corp.
.....................................................
257,500
4,581
ZOZO,
Inc.
...........................................................
160,000
1,584
10,314
Consumer
Staples
(0.3%):
Asahi
Group
Holdings
Ltd.
................................................
48,500
615
MatsukiyoCocokara
&
Co.
................................................
43,100
885
Victory
Portfolios
III
Victory
Capital
Growth
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Toyo
Suisan
Kaisha
Ltd.
..................................................
27,100
$
1,732
3,232
Financials
(1.2%):
Mizuho
Financial
Group,
Inc.
..............................................
161,920
4,750
ORIX
Corp.
...........................................................
27,900
627
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
71,400
1,801
Tokio
Marine
Holdings,
Inc.
...............................................
111,400
4,474
11,652
Health
Care
(0.6%):
Hoya
Corp.
...........................................................
19,300
2,435
Otsuka
Holdings
Co.
Ltd.
.................................................
18,100
862
Shionogi
&
Co.
Ltd.
.....................................................
148,000
2,476
5,773
Industrials
(1.8%):
Central
Japan
Railway
Co.
................................................
21,900
511
Fuji
Electric
Co.
Ltd.
....................................................
35,900
1,785
Fujikura
Ltd.
..........................................................
15,300
1,039
Hitachi
Ltd.
...........................................................
35,800
1,096
ITOCHU
Corp.
........................................................
27,800
1,458
Komatsu
Ltd.
..........................................................
33,700
1,086
MISUMI
Group,
Inc.
....................................................
90,700
1,306
Mitsubishi
Heavy
Industries
Ltd.
............................................
171,500
4,095
Nippon
Yusen
KK
......................................................
30,200
1,059
Obayashi
Corp.
........................................................
43,400
639
Sanwa
Holdings
Corp.
...................................................
120,300
3,283
17,357
Information
Technology
(0.9%):
Disco
Corp.
...........................................................
7,700
2,276
Fujitsu
Ltd.
...........................................................
130,700
2,847
Ibiden
Co.
Ltd.
.........................................................
13,900
588
NEC
Corp.
...........................................................
68,500
1,967
SCREEN
Holdings
Co.
Ltd.
...............................................
10,100
788
Yokogawa
Electric
Corp.
.................................................
30,300
808
9,274
Materials
(0.1%):
Nippon
Steel
Corp.
......................................................
29,200
563
Tosoh
Corp.
...........................................................
38,200
575
1,138
Real
Estate
(0.1%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
18,300
605
65,374
Luxembourg
(0.1%):
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
18,757
585
Malaysia
(0.2%):
Consumer
Staples
(0.0%):(b)
Carlsberg
Brewery
Malaysia
Bhd
...........................................
41,200
175
Health
Care
(0.0%):(b)
KPJ
Healthcare
Bhd
.....................................................
609,300
370
Industrials
(0.0%):(b)
Zetrix
Ai
Bhd
..........................................................
1,449,800
298
Materials
(0.1%):
Malayan
Cement
Bhd
....................................................
328,000
431
Real
Estate
(0.1%):
Eco
World
Development
Group
Bhd
.........................................
630,900
300
Victory
Portfolios
III
Victory
Capital
Growth
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Matrix
Concepts
Holdings
Bhd
.............................................
641,100
$
201
501
1,775
Mexico
(0.1%):
Energy
(0.0%):(b)
Vista
Energy
SAB
de
CV
,
ADR
(c)
...........................................
6,058
271
Financials
(0.0%):(b)
Gentera
SAB
de
CV
.....................................................
119,977
271
Health
Care
(0.0%):(b)
Genomma
Lab
Internacional
SAB
de
CV
,
Class
B
................................
170,261
197
Materials
(0.1%):
GCC
SAB
de
CV
(d)
.....................................................
44,736
418
Real
Estate
(0.0%):(b)
FIBRA
Macquarie
Mexico
(a)
..............................................
139,104
228
1,385
Netherlands
(2.1%):
Communication
Services
(0.4%):
Koninklijke
KPN
NV
....................................................
852,294
3,807
Consumer
Discretionary
(0.1%):
Prosus
NV
,
Class
N
(c)
...................................................
23,443
1,339
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
21,429
846
Financials
(0.7%):
Euronext
NV
..........................................................
7,536
1,215
ING
Groep
NV
........................................................
206,927
4,822
NN
Group
NV
.........................................................
11,037
743
6,780
Health
Care
(0.1%):
Argenx
SE
(c)
..........................................................
1,182
794
Industrials
(0.2%):
Wolters
Kluwer
NV
.....................................................
16,521
2,573
Information
Technology
(0.5%):
ASM
International
NV
...................................................
3,325
1,610
ASML
Holding
NV
.....................................................
4,378
3,034
4,644
20,783
New
Zealand
(0.2%):
Health
Care
(0.2%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
91,707
1,986
Norway
(0.4%):
Energy
(0.2%):
Aker
BP
ASA
.........................................................
40,389
972
Equinor
ASA
..........................................................
16,810
432
1,404
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
78,409
2,344
3,748
Philippines
(0.1%):
Communication
Services
(0.0%):(b)
Converge
Information
and
Communications
Technology
Solutions,
Inc.
................
726,300
222
Financials
(0.0%):(b)
Security
Bank
Corp.
.....................................................
165,090
215
Victory
Portfolios
III
Victory
Capital
Growth
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
Manila
Water
Co.,
Inc.
...................................................
387,300
$
244
681
Poland
(0.0%):(b)
Financials
(0.0%):(b)
Alior
Bank
SA
.........................................................
7,239
195
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
,
Class
B
............................................
39,870
761
Russian
Federation
(0.0%):
Consumer
Discretionary
(0.0%):
Detsky
Mir
PJSC
(c)
(e)
(f)
.................................................
214,920
—
Financials
(0.0%):
Bank
St
Petersburg
PJSC
(c)
(e)
(f)
............................................
372,110
—
—
Saudi
Arabia
(0.1%):
Consumer
Discretionary
(0.0%):(b)
United
Electronics
Co.
...................................................
9,523
228
Industrials
(0.1%):
Riyadh
Cables
Group
Co.
.................................................
9,610
335
Real
Estate
(0.0%):(b)
Arabian
Centres
Co.
(a)
...................................................
39,083
216
779
Singapore
(0.5%):
Communication
Services
(0.1%):
Sea
Ltd.
,
ADR
(c)
.......................................................
6,828
1,069
Financials
(0.2%):
DBS
Group
Holdings
Ltd.
.................................................
29,400
1,079
Singapore
Exchange
Ltd.
.................................................
96,900
1,189
2,268
Industrials
(0.1%):
Singapore
Technologies
Engineering
Ltd.
......................................
124,400
837
Utilities
(0.1%):
Sembcorp
Industries
Ltd.
.................................................
176,500
1,050
5,224
South
Africa
(0.1%):
Financials
(0.0%):(b)
Santam
Ltd.
...........................................................
11,680
283
Materials
(0.1%):
Pan
African
Resources
PLC
(d)
.............................................
694,928
492
775
South
Korea
(0.7%):
Communication
Services
(0.0%):(b)
Netmarble
Corp.
(a)
.....................................................
1,671
71
SOOP
Co.
Ltd.
.........................................................
1,173
67
138
Consumer
Discretionary
(0.0%):(b)
Silicon2
Co.
Ltd.
(c)
.....................................................
6,102
226
Consumer
Staples
(0.0%):(b)
E-MART,
Inc.
.........................................................
3,500
225
Kolmar
Korea
Co.
Ltd.
...................................................
4,088
285
510
Financials
(0.1%):
DB
Insurance
Co.
Ltd.
...................................................
2,439
224
JB
Financial
Group
Co.
Ltd.
...............................................
18,538
308
Victory
Portfolios
III
Victory
Capital
Growth
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
KIWOOM
Securities
Co.
Ltd.
..............................................
2,809
$
433
965
Health
Care
(0.1%):
Classys,
Inc.
..........................................................
8,035
333
Hugel,
Inc.
(c)
.........................................................
968
234
PharmaResearch
Co.
Ltd.
.................................................
965
384
951
Industrials
(0.3%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
43
31
HD
Hyundai
Electric
Co.
Ltd.
..............................................
643
229
Hyosung
Heavy
Industries
Corp.
............................................
1,179
1,028
Hyundai
Glovis
Co.
Ltd.
..................................................
2,485
263
Hyundai
Rotem
Co.
Ltd.
..................................................
4,859
703
Samsung
E&A
Co.
Ltd.
..................................................
14,423
273
2,527
Information
Technology
(0.1%):
Douzone
Bizon
Co.
Ltd.
..................................................
6,088
311
IsuPetasys
Co.
Ltd.
......................................................
6,953
321
LEENO
Industrial,
Inc.
...................................................
6,626
225
PSK,
Inc.
.............................................................
8,396
124
981
Materials
(0.1%):
Hyosung
TNC
Corp.
.....................................................
1,054
178
OCI
Holdings
Co.
Ltd.
...................................................
1,962
132
Poongsan
Corp.
........................................................
5,649
652
962
7,260
Spain
(1.4%):
Energy
(0.1%):
Repsol
SA
............................................................
49,057
744
Financials
(0.9%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
346,249
5,774
Banco
Santander
SA
.....................................................
253,302
2,176
Bankinter
SA
..........................................................
63,166
902
8,852
Industrials
(0.3%):
Aena
SME
SA
(a)
.......................................................
121,680
3,276
Utilities
(0.1%):
Iberdrola
SA
..........................................................
51,693
908
13,780
Sweden
(0.7%):
Communication
Services
(0.1%):
Tele2
AB
,
B
Shares
.....................................................
46,386
717
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
76,636
1,890
Financials
(0.0%):(b)
Swedbank
AB
,
Class
A
...................................................
25,213
672
Industrials
(0.4%):
Atlas
Copco
AB
,
Class
B
.................................................
217,031
2,938
Volvo
AB
,
Class
B
......................................................
26,577
764
3,702
6,981
Switzerland
(3.2%):
Consumer
Staples
(0.8%):
Coca-Cola
HBC
AG
.....................................................
107,244
5,573
Victory
Portfolios
III
Victory
Capital
Growth
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Nestle
SA
,
Registered
Shares
..............................................
31,576
$
2,760
8,333
Financials
(0.4%):
Partners
Group
Holding
AG
...............................................
515
693
UBS
Group
AG
........................................................
58,080
2,159
Zurich
Insurance
Group
AG
...............................................
2,114
1,442
4,294
Health
Care
(1.4%):
Novartis
AG
,
Registered
Shares
.............................................
61,374
6,992
Roche
Holding
AG
......................................................
19,288
6,021
Sandoz
Group
AG
......................................................
12,796
732
13,745
Industrials
(0.2%):
ABB
Ltd.
,
Registered
Shares
...............................................
16,786
1,097
Sulzer
AG
,
Registered
Shares
..............................................
2,957
569
1,666
Information
Technology
(0.2%):
Logitech
International
SA
,
Class
R
..........................................
17,886
1,659
Materials
(0.1%):
Holcim
AG
...........................................................
15,738
1,255
Real
Estate
(0.1%):
PSP
Swiss
Property
AG
,
Registered
Shares
.....................................
3,538
600
31,552
Taiwan
(0.9%):
Consumer
Discretionary
(0.1%):
Lion
Travel
Service
Co.
Ltd.
...............................................
49,000
239
Minth
Group
Ltd.
.......................................................
110,000
363
Tong
Yang
Industry
Co.
Ltd.
...............................................
160,000
559
1,161
Consumer
Staples
(0.0%):(b)
Charoen
Pokphand
Enterprise
..............................................
53,000
206
Health
Care
(0.0%):(b)
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
11,000
300
Industrials
(0.2%):
Advanced
Energy
Solution
Holding
Co.
Ltd.
...................................
14,000
577
Bizlink
Holding,
Inc.
....................................................
27,265
820
China
Airlines
Ltd.
......................................................
302,000
207
1,604
Information
Technology
(0.6%):
Arcadyan
Technology
Corp.
...............................................
30,000
222
ASMedia
Technology,
Inc.
................................................
4,000
252
Chenbro
Micom
Co.
Ltd.
.................................................
27,000
458
Chroma
ATE,
Inc.
......................................................
30,000
430
Elite
Material
Co.
Ltd.
...................................................
20,000
733
Ennoconn
Corp.
........................................................
21,000
213
Genius
Electronic
Optical
Co.
Ltd.
..........................................
18,000
259
Getac
Holdings
Corp.
....................................................
66,000
259
Gold
Circuit
Electronics
Ltd.
...............................................
24,400
302
King
Slide
Works
Co.
Ltd.
................................................
5,000
440
King
Yuan
Electronics
Co.
Ltd.
.............................................
166,000
649
MPI
Corp.
............................................................
10,000
348
Phison
Electronics
Corp.
..................................................
15,000
263
Taiwan
Union
Technology
Corp.
............................................
30,000
271
Tripod
Technology
Corp.
.................................................
51,000
475
5,574
Victory
Portfolios
III
Victory
Capital
Growth
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
Materials
(0.0%):(b)
Nan
Pao
Resins
Chemical
Co.
Ltd.
..........................................
22,000
$
281
9,126
Thailand
(0.0%):(b)
Consumer
Discretionary
(0.0%):(b)
Com7
PCL,
NVDR
.....................................................
337,800
224
Utilities
(0.0%):(b)
Gunkul
Engineering
PCL,
NVDR
...........................................
4,063,200
215
439
United
Arab
Emirates
(0.0%):(b)
Industrials
(0.0%):(b)
Air
Arabia
PJSC
........................................................
486,102
491
United
Kingdom
(4.9%):
Communication
Services
(0.2%):
Auto
Trader
Group
PLC
(a)
................................................
148,799
1,642
Consumer
Discretionary
(0.5%):
Birkenstock
Holding
PLC
(c)
...............................................
12,407
622
Greggs
PLC
...........................................................
15,580
324
Next
PLC
............................................................
24,600
3,992
Pepco
Group
NV
.......................................................
41,771
259
5,197
Consumer
Staples
(0.7%):
Coca-Cola
Europacific
Partners
PLC
.........................................
7,626
739
Imperial
Brands
PLC
....................................................
105,868
4,126
Unilever
PLC
.........................................................
42,562
2,469
7,334
Energy
(0.8%):
BP
PLC
..............................................................
332,138
1,780
Harbour
Energy
PLC
....................................................
214,758
565
Shell
PLC
............................................................
163,641
5,879
8,224
Financials
(1.3%):
3i
Group
PLC
.........................................................
27,201
1,486
Barclays
PLC
.........................................................
1,137,999
5,561
HSBC
Holdings
PLC
....................................................
317,758
3,871
Standard
Chartered
PLC
..................................................
110,825
1,986
12,904
Health
Care
(0.3%):
AstraZeneca
PLC
.......................................................
13,917
2,030
Hikma
Pharmaceuticals
PLC
...............................................
26,157
676
2,706
Industrials
(0.3%):
easyJet
PLC
...........................................................
79,504
515
RELX
PLC
...........................................................
11,893
618
Rolls-Royce
Holdings
PLC
................................................
132,680
1,883
3,016
Information
Technology
(0.1%):
Softcat
PLC
...........................................................
24,037
517
Materials
(0.3%):
Rio
Tinto
PLC
.........................................................
46,954
2,796
Real
Estate
(0.1%):
LondonMetric
Property
PLC
...............................................
229,074
576
Utilities
(0.3%):
Centrica
PLC
..........................................................
652,137
1,417
Drax
Group
PLC
.......................................................
81,945
765
Victory
Portfolios
III
Victory
Capital
Growth
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
National
Grid
PLC
......................................................
44,444
$
625
2,807
47,719
United
States
(60.0%):
Communication
Services
(7.0%):
Alphabet,
Inc.
,
Class
C
...................................................
76,437
14,742
Alphabet,
Inc.
,
Class
A
...................................................
19,634
3,768
Comcast
Corp.
,
Class
A
..................................................
92,332
3,068
Electronic
Arts,
Inc.
.....................................................
15,585
2,376
Meta
Platforms,
Inc.
,
Class
A
..............................................
34,392
26,600
Netflix,
Inc.
(c)
.........................................................
6,454
7,483
T-Mobile
US,
Inc.
......................................................
11,530
2,749
Verizon
Communications,
Inc.
..............................................
185,144
7,917
68,703
Consumer
Discretionary
(5.0%):
Amazon.com,
Inc.
(c)
....................................................
39,900
9,341
Booking
Holdings,
Inc.
...................................................
949
5,223
Deckers
Outdoor
Corp.
(c)
.................................................
17,364
1,843
DoorDash,
Inc.
,
Class
A
(c)
................................................
10,280
2,573
Expedia
Group,
Inc.
.....................................................
18,977
3,420
General
Motors
Co.
.....................................................
130,604
6,966
Lowe's
Cos.,
Inc.
.......................................................
16,879
3,774
NVR,
Inc.
(c)
..........................................................
360
2,718
PulteGroup,
Inc.
........................................................
23,556
2,660
Ralph
Lauren
Corp.
.....................................................
10,496
3,136
Tapestry,
Inc.
..........................................................
18,901
2,042
The
Home
Depot,
Inc.
...................................................
8,133
2,989
Toll
Brothers,
Inc.
......................................................
22,737
2,691
49,376
Consumer
Staples
(4.1%):
Altria
Group,
Inc.
.......................................................
18,685
1,157
Coca-Cola
Consolidated,
Inc.
..............................................
13,270
1,483
Colgate-Palmolive
Co.
...................................................
18,759
1,573
Costco
Wholesale
Corp.
..................................................
6,165
5,793
Ingredion,
Inc.
.........................................................
8,059
1,060
Kimberly-Clark
Corp.
....................................................
41,168
5,130
Philip
Morris
International,
Inc.
.............................................
37,579
6,165
Sysco
Corp.
...........................................................
32,304
2,571
The
Kroger
Co.
........................................................
47,863
3,355
The
Procter
&
Gamble
Co.
................................................
17,861
2,688
U.S.
Foods
Holding
Corp.
(c)
...............................................
29,590
2,466
Walmart,
Inc.
..........................................................
70,161
6,874
40,315
Energy
(0.8%):
Coterra
Energy,
Inc.
.....................................................
63,433
1,547
Marathon
Petroleum
Corp.
................................................
28,731
4,890
Ovintiv,
Inc.
..........................................................
40,111
1,652
8,089
Financials
(6.3%):
American
Express
Co.
...................................................
11,407
3,414
Ameriprise
Financial,
Inc.
.................................................
12,417
6,434
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
32,942
2,031
Cincinnati
Financial
Corp.
................................................
9,196
1,356
Corebridge
Financial,
Inc.
.................................................
45,972
1,635
Fidelity
National
Financial,
Inc.
............................................
51,475
2,905
JPMorgan
Chase
&
Co.
..................................................
30,788
9,121
PayPal
Holdings,
Inc.
(c)
..................................................
50,461
3,470
Synchrony
Financial
.....................................................
78,329
5,457
The
Allstate
Corp.
......................................................
15,692
3,189
The
Bank
of
New
York
Mellon
Corp.
.........................................
16,361
1,660
The
Goldman
Sachs
Group,
Inc.
............................................
10,080
7,294
Victory
Portfolios
III
Victory
Capital
Growth
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
The
Hartford
Insurance
Group,
Inc.
..........................................
22,597
$
2,811
The
PNC
Financial
Services
Group,
Inc.
......................................
6,410
1,220
The
Progressive
Corp.
...................................................
16,832
4,074
Visa,
Inc.
,
Class
A
......................................................
5,554
1,919
W.R.
Berkley
Corp.
.....................................................
50,386
3,467
61,457
Health
Care
(6.8%):
Abbott
Laboratories
.....................................................
43,793
5,526
AbbVie,
Inc.
..........................................................
40,424
7,641
Amrize
Ltd.
(c)
.........................................................
15,737
796
Bristol-Myers
Squibb
Co.
.................................................
39,155
1,696
Cardinal
Health,
Inc.
....................................................
37,418
5,808
Centene
Corp.
(c)
.......................................................
41,109
1,072
Exelixis,
Inc.
(c)
........................................................
45,163
1,636
Gilead
Sciences,
Inc.
....................................................
52,697
5,917
Johnson
&
Johnson
.....................................................
35,237
5,805
McKesson
Corp.
.......................................................
9,273
6,431
Merck
&
Co.,
Inc.
......................................................
100,192
7,827
Molina
Healthcare,
Inc.
(c)
................................................
4,655
735
Pfizer,
Inc.
............................................................
204,469
4,762
Royalty
Pharma
PLC
,
Class
A
..............................................
77,259
2,843
Tenet
Healthcare
Corp.
(c)
.................................................
15,046
2,427
United
Therapeutics
Corp.
(c)
..............................................
6,308
1,733
UnitedHealth
Group,
Inc.
.................................................
10,040
2,505
Universal
Health
Services,
Inc.
,
Class
B
.......................................
6,705
1,116
66,276
Industrials
(6.2%):
Acuity,
Inc.
...........................................................
9,207
2,867
Allison
Transmission
Holdings,
Inc.
.........................................
26,602
2,396
Automatic
Data
Processing,
Inc.
............................................
23,287
7,207
Cintas
Corp.
..........................................................
8,788
1,956
Comfort
Systems
USA,
Inc.
...............................................
7,164
5,038
Cummins,
Inc.
.........................................................
18,106
6,656
Delta
Air
Lines,
Inc.
.....................................................
59,344
3,158
EMCOR
Group,
Inc.
....................................................
9,271
5,817
GE
Vernova,
Inc.
.......................................................
9,736
6,429
Leidos
Holdings,
Inc.
....................................................
22,864
3,650
Lockheed
Martin
Corp.
...................................................
6,023
2,536
Owens
Corning
........................................................
16,441
2,292
Uber
Technologies,
Inc.
(c)
................................................
42,411
3,722
United
Airlines
Holdings,
Inc.
(c)
............................................
37,986
3,355
W.W.
Grainger,
Inc.
.....................................................
2,944
3,060
60,139
Information
Technology
(21.2%):
Adobe,
Inc.
(c)
.........................................................
9,639
3,448
Amphenol
Corp.
.......................................................
26,164
2,787
Apple,
Inc.
...........................................................
197,898
41,078
Arista
Networks,
Inc.
(c)
..................................................
30,136
3,713
Cisco
Systems,
Inc.
.....................................................
131,460
8,950
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
51,830
3,719
Docusign,
Inc.
(c)
.......................................................
34,666
2,622
Dropbox,
Inc.
,
Class
A
(c)
.................................................
94,767
2,575
F5,
Inc.
(c)
............................................................
11,746
3,681
Fair
Isaac
Corp.
(c)
......................................................
1,179
1,694
Fortinet,
Inc.
(c)
........................................................
43,469
4,343
Gen
Digital,
Inc.
.......................................................
96,131
2,835
GoDaddy,
Inc.
,
Class
A
(c)
.................................................
28,976
4,682
Hewlett
Packard
Enterprise
Co.
.............................................
85,891
1,777
International
Business
Machines
Corp.
........................................
21,907
5,546
KLA
Corp.
...........................................................
1,514
1,331
Microsoft
Corp.
........................................................
53,277
28,423
Motorola
Solutions,
Inc.
..................................................
6,973
3,061
Victory
Portfolios
III
Victory
Capital
Growth
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
Value
(000)
NetApp,
Inc.
..........................................................
26,816
$
2,792
NVIDIA
Corp.
.........................................................
311,636
55,432
Palantir
Technologies,
Inc.
,
Class
A
(c)
........................................
44,954
7,118
QUALCOMM,
Inc.
.....................................................
36,478
5,353
Salesforce,
Inc.
........................................................
15,416
3,982
VeriSign,
Inc.
..........................................................
12,949
3,482
Zoom
Communications,
Inc.
(c)
.............................................
34,445
2,551
206,975
Materials
(1.0%):
CF
Industries
Holdings,
Inc.
...............................................
28,136
2,612
CRH
PLC
............................................................
33,203
3,169
Louisiana-Pacific
Corp.
..................................................
10,817
978
Reliance,
Inc.
..........................................................
4,032
1,170
Steel
Dynamics,
Inc.
.....................................................
17,668
2,253
10,182
Utilities
(1.6%):
DTE
Energy
Co.
.......................................................
21,331
2,952
Edison
International
(d)
...................................................
25,036
1,305
Evergy,
Inc.
...........................................................
30,348
2,149
NiSource,
Inc.
.........................................................
58,981
2,504
NRG
Energy,
Inc.
.......................................................
17,308
2,894
OGE
Energy
Corp.
......................................................
20,111
913
PG&E
Corp.
..........................................................
195,009
2,734
15,451
586,963
Total
Common
Stocks
(Cost
$711,801)
969,730
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
,
expiring
3/31/40
(c)
(f)
...............................
1,780
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.3%)
United
States
(0.3%):
iShares
Core
MSCI
EAFE
ETF
.............................................
25,680
2,102
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
................................
10,693
685
2,787
Total
Exchange-Traded
Funds
(Cost
$2,846)
2,787
Collateral
for
Securities
Loaned
(0.1%)^
United
States
(0.1%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(g)
........
197,177
197
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(g)
............
197,177
198
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(g)
...............
197,177
197
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(g)
.
197,177
197
Total
Collateral
for
Securities
Loaned
(Cost
$789)
789
Total
Investments
(Cost
$715,436)
—
99.5%
973,306
Other
assets
in
excess
of
liabilities
—
0.5%
4,846
NET
ASSETS
-
100.00%
$
978,152
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2025,
the
fair
value
of
these
securities
was
$11,357
(thousands)
and
amounted
to
1.2%
of
net
assets.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Non-income
producing
security.
(d)
All
or
a
portion
of
this
security
is
on
loan.
Victory
Portfolios
III
Victory
Capital
Growth
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Name
Acquisition
Date
Cost
Bank
St
Petersburg
PJSC
......................................
12/15/2021
$
410
Detsky
Mir
PJSC
............................................
9/30/2020
348
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2025
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2025.
(g)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
46
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(15.8%):
Alphabet,
Inc.,
Class
C
...................................................
577,601
$
111,396
Meta
Platforms,
Inc.,
Class
A
..............................................
229,572
177,560
Netflix,
Inc.(a)
.........................................................
82,175
95,274
Reddit,
Inc.,
Class
A(a)
...................................................
56,761
9,115
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
279,182
24,278
417,623
Communications
Equipment
(4.1%):
Arista
Networks,
Inc.(a)
..................................................
613,321
75,573
Motorola
Solutions,
Inc.
..................................................
72,848
31,979
107,552
Consumer
Discretionary
(12.6%):
Amazon.com,
Inc.(a)
....................................................
624,369
146,171
Burlington
Stores,
Inc.(a)
.................................................
91,803
25,059
Chewy,
Inc.,
Class
A(a)
..................................................
51,309
1,883
Chipotle
Mexican
Grill,
Inc.(
a)(b)
...........................................
163,381
7,006
DoorDash,
Inc.,
Class
A(a)
................................................
15,332
3,837
DraftKings,
Inc.(a)
......................................................
84,338
3,799
Duolingo,
Inc.(a)
.......................................................
12,839
4,449
Expedia
Group,
Inc.
.....................................................
15,145
2,730
Las
Vegas
Sands
Corp.
...................................................
82,736
4,335
On
Holding
AG,
Class
A(a)
................................................
578,098
28,078
O'Reilly
Automotive,
Inc.(a)
...............................................
414,637
40,767
SharkNinja,
Inc.(a)
......................................................
38,780
4,502
Tesla,
Inc.(a)
..........................................................
108,526
33,455
Ulta
Beauty,
Inc.(a)
.....................................................
32,964
16,977
Viking
Holdings
Ltd.(a)
..................................................
24,507
1,439
Wingstop,
Inc.
.........................................................
18,914
7,137
331,624
Consumer
Staples
(1.2%):
BellRing
Brands,
Inc.(a)
..................................................
41,562
2,269
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
111,237
11,780
Keurig
Dr.
Pepper,
Inc.
...................................................
396,813
12,956
Maplebear,
Inc.(a)
......................................................
85,559
4,104
31,109
Energy
(0.4%):
Diamondback
Energy,
Inc.
................................................
32,059
4,766
Texas
Pacific
Land
Corp.
.................................................
4,818
4,664
9,430
Financials
(5.4%):
Huntington
Bancshares,
Inc.
...............................................
534,692
8,785
LPL
Financial
Holdings,
Inc.
...............................................
30,585
12,104
The
Progressive
Corp.
...................................................
25,070
6,068
Toast,
Inc.,
Class
A(a)
....................................................
89,578
4,375
Tradeweb
Markets,
Inc.,
Class
A
............................................
110,676
15,334
Visa,
Inc.,
Class
A
......................................................
275,023
95,012
141,678
Health
Care
(6.4%):
Dexcom,
Inc.(a)
........................................................
117,943
9,526
Doximity,
Inc.,
Class
A(a)
.................................................
107,095
6,292
Eli
Lilly
&
Co.
.........................................................
51,829
38,357
Exelixis,
Inc.(a)
........................................................
174,049
6,304
Incyte
Corp.(a)
.........................................................
88,417
6,621
Insmed,
Inc.(a)
.........................................................
67,300
7,220
Intuitive
Surgical,
Inc.(a)
.................................................
77,794
37,426
McKesson
Corp.
.......................................................
35,823
24,845
Medpace
Holdings,
Inc.(a)
................................................
11,296
4,826
Natera,
Inc.(a)
.........................................................
73,109
9,772
Neurocrine
Biosciences,
Inc.(a)
.............................................
41,248
5,289
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
6,919
$
1,966
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
20,711
9,462
167,906
Industrials
(9.2%):
Armstrong
World
Industries,
Inc.
............................................
12,814
2,411
Builders
FirstSource,
Inc.(a)
...............................................
43,987
5,592
BWX
Technologies,
Inc.
..................................................
59,962
9,110
Clean
Harbors,
Inc.(a)
...................................................
55,315
13,044
GE
Vernova,
Inc.
.......................................................
9,808
6,476
HEICO
Corp.,
Class
A
...................................................
52,446
13,536
Howmet
Aerospace,
Inc.
..................................................
58,322
10,485
Paycom
Software,
Inc.
...................................................
15,649
3,623
Paylocity
Holding
Corp.(a)
................................................
18,950
3,503
Quanta
Services,
Inc.
....................................................
141,429
57,439
Rollins,
Inc.
...........................................................
48,329
2,768
Trane
Technologies
PLC
..................................................
70,274
30,786
Uber
Technologies,
Inc.(a)
................................................
643,884
56,501
Vertiv
Holdings
Co.,
Class
A
...............................................
161,876
23,569
W.W.
Grainger,
Inc.
.....................................................
3,980
4,137
242,980
IT
Services
(0.7%):
Snowflake,
Inc.,
Class
A(a)
................................................
84,732
18,937
Semiconductors
&
Semiconductor
Equipment
(20.4%):
Astera
Labs,
Inc.(a)
.....................................................
28,360
3,878
Broadcom,
Inc.
........................................................
456,807
134,164
Lam
Research
Corp.
.....................................................
140,990
13,371
Monolithic
Power
Systems,
Inc.
............................................
20,382
14,497
NVIDIA
Corp.
.........................................................
2,035,324
362,023
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR(b)
...........................
40,006
9,666
537,599
Software
(19.4%):
Adobe,
Inc.(a)
.........................................................
55,071
19,698
AppLovin
Corp.,
Class
A(a)
...............................................
55,028
21,499
Autodesk,
Inc.
.........................................................
35,815
10,856
Cadence
Design
Systems,
Inc.(a)
............................................
97,763
35,641
Corpay,
Inc.(a)
.........................................................
10,725
3,465
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
2,573
1,170
CyberArk
Software
Ltd.(a)
................................................
28,359
11,669
Docusign,
Inc.(a)
.......................................................
18,304
1,384
Elastic
NV(a)
..........................................................
27,381
2,292
Fair
Isaac
Corp.(a)
......................................................
5,804
8,339
Intuit,
Inc.
............................................................
20,935
16,437
Manhattan
Associates,
Inc.(a)
..............................................
8,832
1,940
Microsoft
Corp.
........................................................
379,412
202,416
Oracle
Corp.
..........................................................
118,859
30,163
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
121,545
19,247
Palo
Alto
Networks,
Inc.(a)
................................................
242,264
42,057
ServiceNow,
Inc.(a)
.....................................................
70,324
66,324
Synopsys,
Inc.(a)
.......................................................
25,120
15,913
510,510
Technology
Hardware,
Storage
&
Peripherals
(4.1%):
Apple,
Inc.
...........................................................
526,521
109,290
Total
Common
Stocks
(Cost
$983,905)
a
a
a
2,626,238
Total
Investments
(Cost
$983,905)
—
99.7%
2,626,238
Other
assets
in
excess
of
liabilities
—  0.3%
7,598
NET
ASSETS
-
100.00%
$
2,633,836
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Growth
Fund
49
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(18.2%):
Alphabet,
Inc.
,
Class
A
...................................................
320,380
$
61,481
Alphabet,
Inc.
,
Class
C
...................................................
338,107
65,207
Meta
Platforms,
Inc.
,
Class
A
..............................................
236,865
183,201
Netflix,
Inc.
(a)
.........................................................
107,360
124,473
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
94,202
8,192
The
Walt
Disney
Co.
....................................................
284,783
33,921
476,475
Communications
Equipment
(0.6%):
Arista
Networks,
Inc.
(a)
..................................................
137,019
16,883
Consumer
Discretionary
(13.3%):
Alibaba
Group
Holding
Ltd.
,
ADR
..........................................
23,893
2,882
Amazon.com,
Inc.
(a)
....................................................
634,148
148,460
Burlington
Stores,
Inc.
(a)
.................................................
93,951
25,645
Chipotle
Mexican
Grill,
Inc.
(a)
(b)
...........................................
113,388
4,862
NIKE,
Inc.
,
Class
B
.....................................................
135,588
10,127
Starbucks
Corp.
........................................................
187,628
16,729
Tesla,
Inc.
(a)
..........................................................
350,243
107,970
Ulta
Beauty,
Inc.
(a)
.....................................................
33,590
17,299
Yum
China
Holdings,
Inc.
.................................................
70,126
3,274
Yum!
Brands,
Inc.
......................................................
77,545
11,178
348,426
Consumer
Staples
(2.1%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
114,414
12,116
Keurig
Dr.
Pepper,
Inc.
...................................................
404,404
13,204
Monster
Beverage
Corp.
(a)
................................................
506,462
29,755
55,075
Energy
(0.2%):
Diamondback
Energy,
Inc.
................................................
33,241
4,942
Financials
(7.4%):
Block,
Inc.
(a)
..........................................................
142,450
11,006
FactSet
Research
Systems,
Inc.
.............................................
29,529
11,897
Huntington
Bancshares,
Inc.
...............................................
549,376
9,026
LPL
Financial
Holdings,
Inc.
...............................................
31,424
12,435
PayPal
Holdings,
Inc.
(a)
..................................................
129,194
8,883
SEI
Investments
Co.
.....................................................
168,185
14,821
The
Progressive
Corp.
...................................................
25,562
6,187
Tradeweb
Markets,
Inc.
,
Class
A
............................................
108,850
15,081
Visa,
Inc.
,
Class
A
......................................................
306,350
105,835
195,171
Health
Care
(8.3%):
Dexcom,
Inc.
(a)
........................................................
78,769
6,362
Eli
Lilly
&
Co.
.........................................................
53,529
39,615
Illumina,
Inc.
(a)
........................................................
83,261
8,552
Insmed,
Inc.
(a)
.........................................................
68,851
7,386
Intuitive
Surgical,
Inc.
(a)
.................................................
60,154
28,940
Natera,
Inc.
(a)
.........................................................
75,269
10,060
Novartis
AG
,
ADR
......................................................
112,060
12,746
Novo
Nordisk
A/S
,
ADR
(b)
...............................................
328,716
15,473
Regeneron
Pharmaceuticals,
Inc.
............................................
38,798
21,163
Roche
Holding
AG
,
ADR
.................................................
254,904
9,918
Thermo
Fisher
Scientific,
Inc.
..............................................
29,215
13,663
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
98,689
45,088
218,966
Industrials
(6.7%):
Builders
FirstSource,
Inc.
(a)
...............................................
45,693
5,809
BWX
Technologies,
Inc.
..................................................
61,856
9,398
Clean
Harbors,
Inc.
(a)
...................................................
57,083
13,461
Deere
&
Co.
..........................................................
26,979
14,147
Victory
Portfolios
III
Victory
Growth
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Expeditors
International
of
Washington,
Inc.
....................................
112,050
$
13,025
GE
Vernova,
Inc.
.......................................................
10,121
6,683
HEICO
Corp.
,
Class
A
...................................................
54,417
14,044
Howmet
Aerospace,
Inc.
..................................................
60,028
10,791
Quanta
Services,
Inc.
....................................................
26,158
10,624
The
Boeing
Co.
(a)
......................................................
289,832
64,296
Uber
Technologies,
Inc.
(a)
................................................
154,034
13,516
175,794
IT
Services
(2.0%):
Shopify,
Inc.
,
Class
A
(a)
..................................................
272,842
33,344
Snowflake,
Inc.
,
Class
A
(a)
................................................
86,361
19,302
52,646
Semiconductors
&
Semiconductor
Equipment
(16.7%):
Broadcom,
Inc.
........................................................
151,986
44,638
Lam
Research
Corp.
.....................................................
149,811
14,208
Monolithic
Power
Systems,
Inc.
............................................
21,542
15,322
NVIDIA
Corp.
.........................................................
1,911,650
340,025
QUALCOMM,
Inc.
.....................................................
91,277
13,396
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
40,826
9,864
437,453
Software
(19.7%):
AppLovin
Corp.
,
Class
A
(a)
...............................................
29,104
11,371
Autodesk,
Inc.
(a)
.......................................................
149,599
45,345
Fair
Isaac
Corp.
(a)
......................................................
3,659
5,257
Intuit,
Inc.
............................................................
21,479
16,864
Microsoft
Corp.
........................................................
445,665
237,762
Oracle
Corp.
..........................................................
455,960
115,709
Palo
Alto
Networks,
Inc.
(a)
................................................
66,730
11,584
Salesforce,
Inc.
........................................................
113,457
29,309
ServiceNow,
Inc.
(a)
.....................................................
20,029
18,890
Synopsys,
Inc.
(a)
.......................................................
25,624
16,232
Workday,
Inc.
,
Class
A
(a)
.................................................
39,373
9,032
517,355
Technology
Hardware,
Storage
&
Peripherals
(4.5%):
Apple,
Inc.
...........................................................
562,595
116,778
Total
Common
Stocks
(Cost
$848,857)
a
a
a
2,615,964
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
929,575
929
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
929,575
929
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
929,575
930
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(c)
.
929,575
930
Total
Collateral
for
Securities
Loaned
(Cost
$3,718)
a
a
a
3,718
Total
Investments
(Cost
$852,575)
—
99.8%
2,619,682
Other
assets
in
excess
of
liabilities
—  0.2%
5,964
NET
ASSETS
-
100.00%
$
2,625,646
^
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
July
31,
2025.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
51
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(9.2%):
Alphabet,
Inc.,
Class
A
...................................................
35,921
$
6,893
Alphabet,
Inc.,
Class
C
...................................................
240,264
46,337
AT&T,
Inc.
...........................................................
109,981
3,015
Charter
Communications,
Inc.,
Class
A(a)
.....................................
1,450
391
Comcast
Corp.,
Class
A
..................................................
338,747
11,257
Electronic
Arts,
Inc.
.....................................................
23,464
3,578
Fox
Corp.,
Class
A
......................................................
3,244
181
Fox
Corp.,
Class
B
......................................................
2,015
103
Liberty
Media
Corp.-Liberty
Formula
One,
Series
A(a)
............................
346
31
Liberty
Media
Corp.-Liberty
Formula
One,
Series
C(a)
............................
3,342
335
Live
Nation
Entertainment,
Inc.(a)
...........................................
2,372
350
Meta
Platforms,
Inc.,
Class
A
..............................................
77,243
59,743
Netflix,
Inc.(a)
.........................................................
18,554
21,511
News
Corp.,
Class
A
.....................................................
5,548
163
News
Corp.,
Class
B
....................................................
1,496
50
Omnicom
Group,
Inc.
....................................................
2,950
213
Pinterest,
Inc.,
Class
A(a)
.................................................
8,884
343
ROBLOX
Corp.,
Class
A(a)
...............................................
8,859
1,221
Spotify
Technology
SA(a)
.................................................
2,334
1,462
Take-Two
Interactive
Software,
Inc.(a)
........................................
2,499
557
The
New
York
Times
Co.,
Class
A
...........................................
31,700
1,645
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
44,231
3,846
The
Walt
Disney
Co.
....................................................
27,487
3,274
T-Mobile
US,
Inc.
......................................................
7,048
1,680
Verizon
Communications,
Inc.
..............................................
491,387
21,012
Warner
Bros
Discovery,
Inc.(a)
.............................................
34,126
449
189,640
Communications
Equipment
(1.4%):
Arista
Networks,
Inc.(a)
..................................................
61,456
7,573
Cisco
Systems,
Inc.
.....................................................
300,752
20,475
F5,
Inc.(a)
............................................................
373
117
Motorola
Solutions,
Inc.
..................................................
1,130
496
28,661
Consumer
Discretionary
(9.3%):
Airbnb,
Inc.,
Class
A(a)
..................................................
4,142
549
Amazon.com,
Inc.(a)
....................................................
208,458
48,802
AutoZone,
Inc.(a)
.......................................................
166
626
Best
Buy
Co.,
Inc.
......................................................
1,946
127
Booking
Holdings,
Inc.
...................................................
324
1,783
Burlington
Stores,
Inc.(a)
.................................................
38,155
10,415
Carnival
Corp.(a)
.......................................................
10,572
315
Carvana
Co.(a)
.........................................................
1,209
472
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
58,776
2,520
D.R.
Horton,
Inc.
.......................................................
19,930
2,847
Darden
Restaurants,
Inc.
..................................................
20,268
4,088
Deckers
Outdoor
Corp.(a)
.................................................
1,470
156
Domino's
Pizza,
Inc.
.....................................................
6,840
3,168
DoorDash,
Inc.,
Class
A(a)
................................................
3,394
849
DraftKings,
Inc.(a)
......................................................
4,782
215
Duolingo,
Inc.(a)
.......................................................
360
125
eBay,
Inc.
............................................................
4,599
422
Expedia
Group,
Inc.
.....................................................
1,206
217
Ford
Motor
Co.
........................................................
38,965
431
Garmin
Ltd.
...........................................................
16,572
3,625
General
Motors
Co.
.....................................................
9,600
512
Genuine
Parts
Co.
......................................................
1,383
178
Hilton
Worldwide
Holdings,
Inc.
............................................
2,355
631
Las
Vegas
Sands
Corp.
...................................................
3,671
192
Lennar
Corp.,
Class
A
....................................................
39,256
4,404
Lennar
Corp.,
Class
B
...................................................
100
11
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Lowe's
Cos.,
Inc.
.......................................................
60,721
$
13,575
Lululemon
Athletica,
Inc.(a)
...............................................
1,045
210
Marriott
International,
Inc.,
Class
A
..........................................
2,264
597
McDonald's
Corp.
......................................................
32,154
9,649
NIKE,
Inc.,
Class
B
.....................................................
51,193
3,824
NVR,
Inc.(a)
..........................................................
27
204
O'Reilly
Automotive,
Inc.(a)
...............................................
8,485
834
PulteGroup,
Inc.
........................................................
24,654
2,784
Ralph
Lauren
Corp.
.....................................................
11,400
3,406
Rivian
Automotive,
Inc.,
Class
A(a)(b)
........................................
7,379
95
Ross
Stores,
Inc.
.......................................................
3,201
437
Royal
Caribbean
Cruises
Ltd.
..............................................
2,457
781
Starbucks
Corp.
........................................................
11,349
1,012
Tesla,
Inc.(a)
..........................................................
72,259
22,275
The
Home
Depot,
Inc.
...................................................
43,919
16,141
The
TJX
Cos.,
Inc.
......................................................
83,813
10,437
Tractor
Supply
Co.
......................................................
5,289
301
Ulta
Beauty,
Inc.(a)
.....................................................
13,889
7,153
Williams-Sonoma,
Inc.
...................................................
26,983
5,047
Yum!
Brands,
Inc.
......................................................
35,477
5,114
191,556
Consumer
Staples
(8.2%):
Altria
Group,
Inc.
.......................................................
408,764
25,319
Archer-Daniels-Midland
Co.
...............................................
8,853
480
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
45,726
4,842
Brown-Forman
Corp.,
Class
A
..............................................
816
23
Brown-Forman
Corp.,
Class
B
.............................................
5,377
155
Church
&
Dwight
Co.,
Inc.
................................................
4,560
428
Colgate-Palmolive
Co.
...................................................
108,601
9,106
Constellation
Brands,
Inc.,
Class
A
..........................................
2,870
479
Costco
Wholesale
Corp.
..................................................
8,216
7,720
Dollar
General
Corp.
....................................................
4,070
427
Dollar
Tree,
Inc.(a)
......................................................
3,871
440
General
Mills,
Inc.
......................................................
10,126
496
Hormel
Foods
Corp.
.....................................................
5,381
151
Ingredion,
Inc.
.........................................................
9,000
1,184
Kellanova
............................................................
5,509
440
Kenvue,
Inc.(b)
........................................................
35,582
763
Keurig
Dr.
Pepper,
Inc.
...................................................
185,709
6,063
Kimberly-Clark
Corp.
....................................................
109,600
13,658
McCormick
&
Co.,
Inc.
..................................................
4,911
347
Mondelez
International,
Inc.,
Class
A
.........................................
23,981
1,551
Monster
Beverage
Corp.(a)
................................................
12,861
756
PepsiCo,
Inc.
..........................................................
73,248
10,102
Philip
Morris
International,
Inc.
.............................................
133,563
21,911
Sprouts
Farmers
Market,
Inc.(a)
............................................
1,745
264
Sysco
Corp.
...........................................................
145,792
11,605
Target
Corp.
..........................................................
34,913
3,509
The
Clorox
Co.
........................................................
8,283
1,040
The
Coca-Cola
Co.
......................................................
79,236
5,379
The
Estee
Lauder
Cos.,
Inc.
...............................................
4,325
404
The
Hershey
Co.
.......................................................
2,734
509
The
Kraft
Heinz
Co.
.....................................................
21,884
601
The
Kroger
Co.
........................................................
122,199
8,566
The
Procter
&
Gamble
Co.
................................................
140,512
21,143
Tyson
Foods,
Inc.,
Class
A
................................................
5,172
271
U.S.
Foods
Holding
Corp.(a)
...............................................
4,117
343
Walmart,
Inc.
..........................................................
80,732
7,910
168,385
Electronic
Equipment,
Instruments
&
Components
(0.1%):
Amphenol
Corp.
.......................................................
8,182
871
CDW
Corp.
...........................................................
892
156
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Corning,
Inc.
..........................................................
5,326
$
337
Jabil,
Inc.
............................................................
708
158
Keysight
Technologies,
Inc.(a)
.............................................
1,161
190
TE
Connectivity
PLC
....................................................
2,014
414
Teledyne
Technologies,
Inc.(a)
.............................................
315
174
Trimble,
Inc.(a)
........................................................
1,616
136
Zebra
Technologies
Corp.(a)
...............................................
343
116
2,552
Energy
(3.2%):
Chevron
Corp.
.........................................................
30,845
4,677
Coterra
Energy,
Inc.
.....................................................
237,647
5,796
Devon
Energy
Corp.
.....................................................
155,671
5,171
Diamondback
Energy,
Inc.
................................................
13,174
1,958
EOG
Resources,
Inc.
....................................................
154,772
18,576
Marathon
Petroleum
Corp.
................................................
58,667
9,985
Ovintiv,
Inc.
..........................................................
62,178
2,561
Schlumberger
NV
......................................................
139,400
4,712
Valero
Energy
Corp.
.....................................................
90,439
12,418
65,854
Financials
(14.6%):
Affirm
Holdings,
Inc.(a)
..................................................
2,827
194
Aflac,
Inc.
............................................................
5,113
508
American
Express
Co.
...................................................
39,733
11,892
American
Financial
Group,
Inc.
.............................................
19,731
2,464
American
International
Group,
Inc.
..........................................
6,054
470
Ameriprise
Financial,
Inc.
.................................................
17,373
9,002
Aon
PLC,
Class
A
......................................................
2,203
784
Apollo
Global
Management,
Inc.
............................................
4,251
618
Arch
Capital
Group
Ltd.
..................................................
3,815
328
Ares
Management
Corp.,
Class
A
...........................................
2,128
395
Arthur
J.
Gallagher
&
Co.
.................................................
2,669
767
Axis
Capital
Holdings
Ltd.
................................................
13,000
1,220
Bank
of
America
Corp.
...................................................
79,189
3,743
Bank
OZK
............................................................
66,992
3,303
Berkshire
Hathaway,
Inc.(a)
...............................................
3
2,160
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
14,098
6,653
Blackrock,
Inc.
........................................................
1,515
1,676
Blackstone,
Inc.
........................................................
7,611
1,316
Block,
Inc.(a)
..........................................................
5,652
437
Brown
&
Brown,
Inc.
....................................................
2,502
229
Capital
One
Financial
Corp.
...............................................
40,752
8,762
Cboe
Global
Markets,
Inc.
................................................
1,100
265
Chubb
Ltd.
...........................................................
4,203
1,118
Cincinnati
Financial
Corp.
................................................
20,770
3,064
Citigroup,
Inc.
.........................................................
19,623
1,839
Citizens
Financial
Group,
Inc.
..............................................
4,528
216
CME
Group,
Inc.
.......................................................
3,786
1,054
Coinbase
Global,
Inc.,
Class
A(a)
...........................................
2,129
804
Corebridge
Financial,
Inc.
.................................................
3,935
140
East
West
Bancorp,
Inc.
..................................................
50,932
5,106
Equitable
Holdings,
Inc.
..................................................
53,800
2,763
Erie
Indemnity
Co.,
Class
A
...............................................
265
94
Evercore,
Inc.
.........................................................
17,817
5,365
Everest
Group
Ltd.
......................................................
16,047
5,389
FactSet
Research
Systems,
Inc.
.............................................
399
161
Fidelity
National
Financial,
Inc.
............................................
83,673
4,722
Fidelity
National
Information
Services,
Inc.
....................................
5,531
439
Fifth
Third
Bancorp
.....................................................
6,994
291
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
97
193
First
Horizon
Corp.
.....................................................
221,282
4,826
Fiserv,
Inc.(a)
..........................................................
5,796
805
Global
Payments,
Inc.
....................................................
2,546
204
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Huntington
Bancshares,
Inc.
...............................................
234,798
$
3,858
Interactive
Brokers
Group,
Inc.
.............................................
62,586
4,103
Intercontinental
Exchange,
Inc.
.............................................
6,001
1,109
Janus
Henderson
Group
PLC
..............................................
63,449
2,747
JPMorgan
Chase
&
Co.
..................................................
101,649
30,112
KeyCorp
.............................................................
11,507
206
KKR
&
Co.,
Inc.
.......................................................
7,152
1,048
Loews
Corp.
..........................................................
1,825
165
LPL
Financial
Holdings,
Inc.
...............................................
13,395
5,301
M&T
Bank
Corp.
.......................................................
1,685
318
Markel
Group,
Inc.(a)
....................................................
131
263
Marsh
&
McLennan
Cos.,
Inc.
.............................................
5,188
1,033
Mastercard,
Inc.,
Class
A
.................................................
8,635
4,891
MetLife,
Inc.
..........................................................
5,920
450
Moody's
Corp.
.........................................................
1,893
976
Morgan
Stanley
........................................................
12,922
1,841
MSCI,
Inc.
...........................................................
787
442
Nasdaq,
Inc.
..........................................................
4,511
434
Northern
Trust
Corp.
....................................................
25,011
3,251
PayPal
Holdings,
Inc.(a)
..................................................
10,209
702
Principal
Financial
Group,
Inc.
.............................................
30,746
2,393
Prudential
Financial,
Inc.
.................................................
3,722
386
Raymond
James
Financial,
Inc.
.............................................
1,914
320
Regions
Financial
Corp.
..................................................
9,445
239
Rithm
Capital
Corp.
.....................................................
147,600
1,776
Robinhood
Markets,
Inc.,
Class
A(a)
.........................................
7,754
799
S&P
Global,
Inc.
.......................................................
3,227
1,778
SoFi
Technologies,
Inc.(a)
.................................................
11,406
258
State
Street
Corp.
.......................................................
46,986
5,251
Synchrony
Financial
.....................................................
138,374
9,641
T.
Rowe
Price
Group,
Inc.
.................................................
2,279
231
The
Allstate
Corp.
......................................................
59,200
12,032
The
Bank
of
New
York
Mellon
Corp.
.........................................
141,988
14,405
The
Carlyle
Group,
Inc.
..................................................
2,688
163
The
Charles
Schwab
Corp.
................................................
18,038
1,763
The
Goldman
Sachs
Group,
Inc.
............................................
31,597
22,863
The
Hartford
Insurance
Group,
Inc.
..........................................
2,984
371
The
PNC
Financial
Services
Group,
Inc.
......................................
56,638
10,776
The
Progressive
Corp.
...................................................
16,394
3,968
Toast,
Inc.,
Class
A(a)
....................................................
4,733
231
Tradeweb
Markets,
Inc.,
Class
A
............................................
44,641
6,185
Travelers
Companies,
Inc.
.................................................
2,377
619
Truist
Financial
Corp.
....................................................
13,770
602
U.S.
Bancorp
..........................................................
16,378
736
Unum
Group
..........................................................
28,866
2,073
Visa,
Inc.,
Class
A
......................................................
70,713
24,429
W.R.
Berkley
Corp.
.....................................................
84,991
5,848
Wells
Fargo
&
Co.
......................................................
100,336
8,090
Willis
Towers
Watson
PLC
................................................
1,040
328
Zions
Bancorp
NA
......................................................
50,163
2,690
300,273
Health
Care
(12.8%):
Abbott
Laboratories
.....................................................
63,890
8,062
AbbVie,
Inc.
..........................................................
99,579
18,822
Agilent
Technologies,
Inc.
.................................................
4,615
530
Align
Technology,
Inc.(a)
.................................................
1,107
143
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
2,033
797
Amgen,
Inc.
...........................................................
8,751
2,582
Baxter
International,
Inc.
.................................................
8,297
181
Becton
Dickinson
&
Co.
..................................................
4,666
832
Biogen,
Inc.(a)
.........................................................
2,386
305
Boston
Scientific
Corp.(a)
.................................................
24,035
2,522
Bristol-Myers
Squibb
Co.
.................................................
437,267
18,938
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Cardinal
Health,
Inc.
....................................................
42,768
$
6,638
Cencora,
Inc.
..........................................................
2,980
852
Centene
Corp.(a)
.......................................................
8,022
209
CVS
Health
Corp.
......................................................
98,768
6,133
Danaher
Corp.
.........................................................
10,638
2,097
Dexcom,
Inc.(a)
........................................................
37,591
3,036
Edwards
Lifesciences
Corp.(a)
.............................................
9,374
743
Elevance
Health,
Inc.
....................................................
14,150
4,006
Eli
Lilly
&
Co.
.........................................................
35,177
26,033
GE
HealthCare
Technologies,
Inc.
...........................................
7,445
531
Gilead
Sciences,
Inc.
....................................................
214,008
24,031
HCA
Healthcare,
Inc.
....................................................
2,781
984
Hologic,
Inc.(a)
........................................................
3,602
241
Humana,
Inc.
..........................................................
1,964
491
IDEXX
Laboratories,
Inc.(a)
...............................................
1,298
694
Illumina,
Inc.(a)
........................................................
2,507
257
Incyte
Corp.(a)
.........................................................
3,111
233
Insmed,
Inc.(a)
.........................................................
27,503
2,951
Insulet
Corp.(a)
........................................................
1,142
329
Intuitive
Surgical,
Inc.(a)
.................................................
15,992
7,694
IQVIA
Holdings,
Inc.(a)
..................................................
2,797
520
Johnson
&
Johnson
.....................................................
207,240
34,141
Labcorp
Holdings,
Inc.
...................................................
1,360
354
McKesson
Corp.
.......................................................
6,737
4,672
Medtronic
PLC
........................................................
107,680
9,717
Merck
&
Co.,
Inc.
......................................................
185,649
14,503
Mettler-Toledo
International,
Inc.(a)
.........................................
337
416
Molina
Healthcare,
Inc.(a)
................................................
872
138
Natera,
Inc.(a)
.........................................................
32,188
4,302
Pfizer,
Inc.
............................................................
453,095
10,553
Quest
Diagnostics,
Inc.
...................................................
22,894
3,833
Regeneron
Pharmaceuticals,
Inc.
............................................
1,697
926
ResMed,
Inc.
..........................................................
2,374
646
Royalty
Pharma
PLC,
Class
A
..............................................
154,547
5,687
STERIS
PLC
..........................................................
1,598
362
Stryker
Corp.
..........................................................
5,831
2,290
The
Cigna
Group
.......................................................
25,903
6,926
The
Cooper
Cos.,
Inc.(a)
..................................................
3,233
229
Thermo
Fisher
Scientific,
Inc.
..............................................
6,146
2,874
UnitedHealth
Group,
Inc.
.................................................
37,962
9,474
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
2,435
692
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
12,653
5,781
Waters
Corp.(a)
........................................................
968
280
West
Pharmaceutical
Services,
Inc.
..........................................
1,164
278
Zimmer
Biomet
Holdings,
Inc.
.............................................
3,222
295
Zoetis,
Inc.
...........................................................
7,255
1,058
262,844
Industrials
(8.3%):
3M
Co.
..............................................................
38,426
5,734
Automatic
Data
Processing,
Inc.
............................................
60,721
18,793
Broadridge
Financial
Solutions,
Inc.
.........................................
17,100
4,232
Builders
FirstSource,
Inc.(a)
...............................................
18,165
2,309
BWX
Technologies,
Inc.
..................................................
24,711
3,754
C.H.
Robinson
Worldwide,
Inc.
.............................................
21,300
2,456
Carlisle
Cos.,
Inc.
.......................................................
15,908
5,643
Caterpillar,
Inc.
........................................................
43,172
18,910
Clean
Harbors,
Inc.(a)
...................................................
22,794
5,375
Comfort
Systems
USA,
Inc.
...............................................
4,700
3,306
Cummins,
Inc.
.........................................................
28,042
10,309
Expeditors
International
of
Washington,
Inc.
....................................
47,225
5,489
FedEx
Corp.
..........................................................
24,653
5,510
GE
Vernova,
Inc.
.......................................................
4,042
2,669
HEICO
Corp.,
Class
A
...................................................
21,650
5,588
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Howmet
Aerospace,
Inc.
..................................................
23,992
$
4,313
Leidos
Holdings,
Inc.
....................................................
15,600
2,491
Lockheed
Martin
Corp.
...................................................
24,909
10,486
Masco
Corp.
..........................................................
80,020
5,452
Otis
Worldwide
Corp.
....................................................
141,337
12,111
Owens
Corning
........................................................
26,033
3,630
PACCAR,
Inc.
.........................................................
23,700
2,341
Quanta
Services,
Inc.
....................................................
10,406
4,226
SS&C
Technologies
Holdings,
Inc.
..........................................
58,710
5,019
Trane
Technologies
PLC
..................................................
16,258
7,122
Uber
Technologies,
Inc.(a)
................................................
61,624
5,407
United
Parcel
Service,
Inc.,
Class
B
..........................................
43,733
3,768
W.W.
Grainger,
Inc.
.....................................................
2,800
2,911
169,354
Internet
Software
&
Services
(0.0%):(c)
VeriSign,
Inc.
..........................................................
632
170
IT
Services
(1.8%):
Accenture
PLC,
Class
A
..................................................
62,191
16,611
Cloudflare,
Inc.,
Class
A(a)
................................................
2,070
430
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
127,589
9,156
CoreWeave,
Inc.,
Class
A(a)(b)
.............................................
1,742
199
Gartner,
Inc.(a)
........................................................
509
172
GoDaddy,
Inc.,
Class
A(a)
.................................................
962
156
International
Business
Machines
Corp.
........................................
6,317
1,599
MongoDB,
Inc.(a)
......................................................
534
127
Okta,
Inc.(a)
..........................................................
1,087
106
Snowflake,
Inc.,
Class
A(a)
................................................
36,725
8,208
Twilio,
Inc.,
Class
A(a)
...................................................
948
122
36,886
Materials
(2.2%):
Amcor
PLC
...........................................................
474,200
4,434
CF
Industries
Holdings,
Inc.
...............................................
113,887
10,572
CRH
PLC
............................................................
33,082
3,158
LyondellBasell
Industries
NV,
Class
A
........................................
90,074
5,218
Olin
Corp.
............................................................
38,442
728
Packaging
Corp.
of
America
...............................................
31,727
6,147
Reliance,
Inc.
..........................................................
24,847
7,209
Steel
Dynamics,
Inc.
.....................................................
31,308
3,994
The
Mosaic
Co.
........................................................
109,700
3,950
45,410
Real
Estate
(2.1%):
American
Healthcare
REIT,
Inc.
............................................
42,400
1,638
Brixmor
Property
Group,
Inc.
..............................................
70,700
1,848
Camden
Property
Trust
...................................................
17,400
1,900
CareTrust
REIT,
Inc.
....................................................
52,600
1,673
Cousins
Properties,
Inc.
..................................................
55,400
1,501
Crown
Castle,
Inc.
......................................................
2,920
307
Digital
Realty
Trust,
Inc.
..................................................
4,700
829
Equinix,
Inc.
..........................................................
5,347
4,198
Equity
Residential
......................................................
36,200
2,288
First
Industrial
Realty
Trust,
Inc.
............................................
35,600
1,735
Invitation
Homes,
Inc.
...................................................
72,000
2,207
Kimco
Realty
Corp.
.....................................................
108,118
2,295
Omega
Healthcare
Investors,
Inc.
...........................................
55,600
2,163
Prologis,
Inc.
..........................................................
23,761
2,537
Public
Storage
.........................................................
10,900
2,964
Realty
Income
Corp.
....................................................
10,000
561
Simon
Property
Group,
Inc.
...............................................
19,936
3,265
Ventas,
Inc.
...........................................................
41,300
2,775
Welltower,
Inc.
.........................................................
35,500
5,860
42,544
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Semiconductors
&
Semiconductor
Equipment
(8.8%):
Advanced
Micro
Devices,
Inc.(a)
............................................
10,965
$
1,933
Analog
Devices,
Inc.
....................................................
3,366
756
Applied
Materials,
Inc.
...................................................
32,759
5,899
Broadcom,
Inc.
........................................................
90,943
26,710
First
Solar,
Inc.(a)
......................................................
689
120
Intel
Corp.
............................................................
29,601
586
KLA
Corp.
...........................................................
5,580
4,905
Lam
Research
Corp.
.....................................................
126,114
11,961
Marvell
Technology,
Inc.
.................................................
5,796
466
Microchip
Technology,
Inc.
................................................
3,592
243
Micron
Technology,
Inc.
..................................................
7,554
824
Monolithic
Power
Systems,
Inc.
............................................
8,752
6,225
NVIDIA
Corp.
.........................................................
584,799
104,018
ON
Semiconductor
Corp.(a)
...............................................
2,821
159
QUALCOMM,
Inc.
.....................................................
56,808
8,337
Skyworks
Solutions,
Inc.
.................................................
38,927
2,668
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
16,268
3,931
Teradyne,
Inc.
.........................................................
1,088
117
Texas
Instruments,
Inc.
...................................................
6,171
1,117
180,975
Software
(9.9%):
Adobe,
Inc.(a)
.........................................................
5,590
2,000
AppLovin
Corp.,
Class
A(a)
...............................................
14,403
5,627
Atlassian
Corp.(a)
......................................................
2,073
398
Autodesk,
Inc.(a)
.......................................................
17,436
5,285
Bentley
Systems,
Inc.,
Class
B
.............................................
1,664
97
Cadence
Design
Systems,
Inc.(a)
............................................
3,573
1,303
Corpay,
Inc.(a)
.........................................................
715
231
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
3,142
1,428
Datadog,
Inc.,
Class
A(a)
.................................................
4,038
565
Docusign,
Inc.(a)
.......................................................
2,531
191
Dynatrace,
Inc.(a)
......................................................
3,885
204
Fair
Isaac
Corp.(a)
......................................................
1,776
2,552
Fortinet,
Inc.(a)
........................................................
8,371
836
Gen
Digital,
Inc.
.......................................................
7,384
218
Guidewire
Software,
Inc.(a)
...............................................
1,057
239
HubSpot,
Inc.(a)
.......................................................
667
347
Intuit,
Inc.
............................................................
12,122
9,517
Microsoft
Corp.
........................................................
222,889
118,911
MicroStrategy,
Inc.(a)
....................................................
3,324
1,336
Nutanix,
Inc.,
Class
A(a)
..................................................
3,239
243
Oracle
Corp.
..........................................................
70,859
17,982
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
28,132
4,455
Palo
Alto
Networks,
Inc.(a)
................................................
35,201
6,111
PTC,
Inc.(a)
...........................................................
1,561
335
Roper
Technologies,
Inc.
..................................................
1,409
776
Salesforce,
Inc.
........................................................
12,257
3,166
ServiceNow,
Inc.(a)
.....................................................
10,717
10,107
Synopsys,
Inc.(a)
.......................................................
12,630
8,001
Tyler
Technologies,
Inc.(a)
................................................
563
329
Workday,
Inc.,
Class
A(a)
.................................................
2,815
646
Zoom
Communications,
Inc.(a)
.............................................
3,399
252
Zscaler,
Inc.(a)
.........................................................
1,272
363
204,051
Technology
Hardware,
Storage
&
Peripherals
(4.1%):
Apple,
Inc.
...........................................................
319,331
66,284
Dell
Technologies,
Inc.,
Class
C
............................................
2,049
272
Hewlett
Packard
Enterprise
Co.
.............................................
207,828
4,300
HP,
Inc.
..............................................................
182,920
4,536
NetApp,
Inc.
..........................................................
75,669
7,879
Pure
Storage,
Inc.,
Class
A(a)
..............................................
2,099
125
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Seagate
Technology
Holdings
PLC
..........................................
1,436
$
226
Super
Micro
Computer,
Inc.(a)
.............................................
3,467
204
Western
Digital
Corp.
....................................................
2,350
185
84,011
Utilities
(3.7%):
Alliant
Energy
Corp.
....................................................
5,434
353
Ameren
Corp.
.........................................................
37,625
3,805
American
Electric
Power
Co.,
Inc.
...........................................
66,791
7,557
American
Water
Works
Co.,
Inc.
............................................
4,124
578
Atmos
Energy
Corp.
.....................................................
3,352
523
CenterPoint
Energy,
Inc.
..................................................
13,776
535
CMS
Energy
Corp.
......................................................
6,299
465
Consolidated
Edison,
Inc.
.................................................
7,624
789
Constellation
Energy
Corp.
................................................
6,635
2,308
Dominion
Energy,
Inc.
...................................................
18,058
1,055
DTE
Energy
Co.
.......................................................
4,384
607
Duke
Energy
Corp.
......................................................
16,458
2,002
Edison
International
.....................................................
206,358
10,755
Entergy
Corp.
.........................................................
9,110
824
Evergy,
Inc.
...........................................................
115,735
8,194
Eversource
Energy
......................................................
7,770
513
Exelon
Corp.
..........................................................
21,394
961
FirstEnergy
Corp.
.......................................................
12,202
521
NextEra
Energy,
Inc.
....................................................
43,613
3,099
NiSource,
Inc.
.........................................................
89,252
3,789
NRG
Energy,
Inc.
.......................................................
51,555
8,620
OGE
Energy
Corp.
......................................................
81,903
3,720
PG&E
Corp.
..........................................................
46,343
650
PPL
Corp.
............................................................
15,657
559
Public
Service
Enterprise
Group,
Inc.
.........................................
10,566
949
Sempra
..............................................................
13,818
1,129
The
Southern
Co.
.......................................................
23,276
2,199
Vistra
Corp.
...........................................................
7,130
1,487
WEC
Energy
Group,
Inc.
.................................................
49,056
5,351
Xcel
Energy,
Inc.
.......................................................
12,204
896
74,793
Total
Common
Stocks
(Cost
$1,423,174)
a
a
a
2,047,959
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.20%(d)
........
70,823
70
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.24%(d)
............
70,823
71
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.26%(d)
...............
70,823
71
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.22%(d)
.
70,823
71
Total
Collateral
for
Securities
Loaned
(Cost
$283)
a
a
a
283
Total
Investments
(Cost
$1,423,457)
—
99.7%
2,048,242
Other
assets
in
excess
of
liabilities
—  0.3%
5,365
NET
ASSETS
-
100.00%
$
2,053,607
^
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)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Income
Stock
Fund
59
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(3.3%):
Comcast
Corp.
,
Class
A
..................................................
724,856
$
24,087
Electronic
Arts,
Inc.
.....................................................
50,500
7,701
The
New
York
Times
Co.
,
Class
A
...........................................
80,400
4,172
Verizon
Communications,
Inc.
..............................................
1,094,096
46,783
82,743
Consumer
Discretionary
(7.7%):
D.R.
Horton,
Inc.
.......................................................
43,264
6,180
Darden
Restaurants,
Inc.
..................................................
49,100
9,902
Domino's
Pizza,
Inc.
.....................................................
16,600
7,689
Garmin
Ltd.
...........................................................
38,358
8,391
Lennar
Corp.
,
Class
A
....................................................
94,827
10,638
Lowe's
Cos.,
Inc.
.......................................................
141,703
31,681
McDonald's
Corp.
......................................................
63,600
19,084
NIKE,
Inc.
,
Class
B
.....................................................
52,765
3,941
PulteGroup,
Inc.
........................................................
58,971
6,659
Ralph
Lauren
Corp.
.....................................................
29,200
8,724
Texas
Roadhouse,
Inc.
...................................................
61
11
The
Home
Depot,
Inc.
...................................................
87,231
32,058
The
TJX
Cos.,
Inc.
......................................................
184,783
23,011
Williams-Sonoma,
Inc.
...................................................
65,800
12,308
Wyndham
Hotels
&
Resorts,
Inc.
............................................
600
52
Yum!
Brands,
Inc.
......................................................
83,900
12,094
192,423
Consumer
Staples
(10.9%):
Altria
Group,
Inc.
.......................................................
969,978
60,080
Colgate-Palmolive
Co.
...................................................
240,240
20,144
Ingredion,
Inc.
.........................................................
23,200
3,052
Kimberly-Clark
Corp.
....................................................
265,548
33,093
PepsiCo,
Inc.
..........................................................
122,382
16,879
Philip
Morris
International,
Inc.
.............................................
268,732
44,085
Sysco
Corp.
...........................................................
348,631
27,751
Target
Corp.
..........................................................
70,486
7,084
The
Clorox
Co.
........................................................
13,137
1,649
The
Kroger
Co.
........................................................
282,019
19,770
The
Procter
&
Gamble
Co.
................................................
249,358
37,521
271,108
Energy
(6.6%):
Chevron
Corp.
.........................................................
79,202
12,010
Coterra
Energy,
Inc.
.....................................................
612,213
14,932
Devon
Energy
Corp.
.....................................................
399,703
13,278
EOG
Resources,
Inc.
....................................................
397,518
47,710
Marathon
Petroleum
Corp.
................................................
149,382
25,423
Ovintiv,
Inc.
..........................................................
161,867
6,666
Schlumberger
NV
......................................................
360,700
12,192
Valero
Energy
Corp.
.....................................................
232,516
31,927
164,138
Financials
(18.9%):
American
Express
Co.
...................................................
83,229
24,911
American
Financial
Group,
Inc.
.............................................
51,317
6,409
Ameriprise
Financial,
Inc.
.................................................
41,940
21,733
Axis
Capital
Holdings
Ltd.
................................................
33,022
3,099
Bank
OZK
............................................................
170,321
8,397
Capital
One
Financial
Corp.
...............................................
87,600
18,834
Cincinnati
Financial
Corp.
................................................
49,665
7,326
East
West
Bancorp,
Inc.
..................................................
129,806
13,013
Equitable
Holdings,
Inc.
..................................................
136,991
7,034
Evercore,
Inc.
.........................................................
45,642
13,745
Everest
Group
Ltd.
......................................................
40,577
13,626
Fidelity
National
Financial,
Inc.
............................................
214,660
12,113
Victory
Portfolios
III
Victory
Income
Stock
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
First
Horizon
Corp.
.....................................................
567,625
$
12,380
Interactive
Brokers
Group,
Inc.
.............................................
149,128
9,777
Janus
Henderson
Group
PLC
..............................................
161,661
7,000
JPMorgan
Chase
&
Co.
..................................................
186,262
55,178
Morgan
Stanley
........................................................
381
54
Northern
Trust
Corp.
....................................................
60,538
7,870
Principal
Financial
Group,
Inc.
.............................................
72,424
5,637
Rithm
Capital
Corp.
.....................................................
333,500
4,012
State
Street
Corp.
.......................................................
112,035
12,520
Synchrony
Financial
.....................................................
342,135
23,837
The
Allstate
Corp.
......................................................
148,887
30,261
The
Bank
of
New
York
Mellon
Corp.
.........................................
345,227
35,023
The
Goldman
Sachs
Group,
Inc.
............................................
72,806
52,682
The
PNC
Financial
Services
Group,
Inc.
......................................
133,675
25,434
Unum
Group
..........................................................
71,564
5,139
W.R.
Berkley
Corp.
.....................................................
208,514
14,348
Wells
Fargo
&
Co.
......................................................
169,800
13,691
Zions
Bancorp
NA
......................................................
130,217
6,982
472,065
Health
Care
(15.5%):
Abbott
Laboratories
.....................................................
91,500
11,546
AbbVie,
Inc.
..........................................................
181,593
34,325
Bristol-Myers
Squibb
Co.
.................................................
1,050,124
45,481
Cardinal
Health,
Inc.
....................................................
100,111
15,539
CVS
Health
Corp.
......................................................
198,955
12,355
Elevance
Health,
Inc.
....................................................
27,019
7,649
Gilead
Sciences,
Inc.
....................................................
497,016
55,810
Johnson
&
Johnson
.....................................................
437,508
72,075
McKesson
Corp.
.......................................................
12,100
8,392
Medtronic
PLC
........................................................
224,025
20,216
Merck
&
Co.,
Inc.
......................................................
371,557
29,026
Pfizer,
Inc.
............................................................
925,179
21,547
Quest
Diagnostics,
Inc.
...................................................
54,235
9,080
Royalty
Pharma
PLC
,
Class
A
..............................................
397,102
14,613
The
Cigna
Group
.......................................................
55,200
14,759
UnitedHealth
Group,
Inc.
.................................................
60,000
14,974
387,387
Industrials
(14.0%):
3M
Co.
..............................................................
97,840
14,600
Allison
Transmission
Holdings,
Inc.
.........................................
215
19
Automatic
Data
Processing,
Inc.
............................................
155,925
48,259
Broadridge
Financial
Solutions,
Inc.
.........................................
43,300
10,717
C.H.
Robinson
Worldwide,
Inc.
.............................................
54,300
6,262
Carlisle
Cos.,
Inc.
.......................................................
40,334
14,307
Caterpillar,
Inc.
........................................................
111,254
48,731
Comfort
Systems
USA,
Inc.
...............................................
11,800
8,299
Cummins,
Inc.
.........................................................
71,581
26,315
Expeditors
International
of
Washington,
Inc.
....................................
121,823
14,161
FedEx
Corp.
..........................................................
63,290
14,145
Leidos
Holdings,
Inc.
....................................................
40,200
6,418
Lockheed
Martin
Corp.
...................................................
63,971
26,930
Masco
Corp.
..........................................................
207,802
14,158
Otis
Worldwide
Corp.
....................................................
363,078
31,112
Owens
Corning
........................................................
67,595
9,425
PACCAR,
Inc.
.........................................................
60,442
5,969
SS&C
Technologies
Holdings,
Inc.
..........................................
151,588
12,958
Trane
Technologies
PLC
..................................................
41,432
18,150
United
Parcel
Service,
Inc.
,
Class
B
..........................................
112,741
9,714
W.W.
Grainger,
Inc.
.....................................................
7,040
7,318
347,967
Information
Technology
(8.6%):
Accenture
PLC
,
Class
A
..................................................
148,012
39,534
Victory
Portfolios
III
Victory
Income
Stock
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Applied
Materials,
Inc.
...................................................
69,660
$
12,543
Cisco
Systems,
Inc.
.....................................................
700,671
47,702
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
316,263
22,695
Hewlett
Packard
Enterprise
Co.
.............................................
510,830
10,569
HP,
Inc.
..............................................................
457,780
11,353
KLA
Corp.
...........................................................
12,013
10,560
Lam
Research
Corp.
.....................................................
151,611
14,379
NetApp,
Inc.
..........................................................
191,412
19,932
QUALCOMM,
Inc.
.....................................................
126,738
18,600
Skyworks
Solutions,
Inc.
.................................................
99,864
6,844
214,711
Materials
(4.7%):
Amcor
PLC
...........................................................
1,234,500
11,543
CF
Industries
Holdings,
Inc.
...............................................
292,215
27,126
CRH
PLC
............................................................
85,879
8,197
LyondellBasell
Industries
NV
,
Class
A
........................................
231,164
13,391
Olin
Corp.
............................................................
100,092
1,896
Packaging
Corp.
of
America
...............................................
80,781
15,651
Reliance,
Inc.
..........................................................
63,782
18,505
Steel
Dynamics,
Inc.
.....................................................
80,459
10,263
The
Mosaic
Co.
........................................................
280,600
10,105
116,677
Real
Estate
(4.5%):
American
Healthcare
REIT,
Inc.
............................................
117,700
4,548
Brixmor
Property
Group,
Inc.
..............................................
185,100
4,837
Camden
Property
Trust
...................................................
44,200
4,827
CareTrust
REIT,
Inc.
....................................................
123,500
3,927
Cousins
Properties,
Inc.
..................................................
136,300
3,694
Crown
Castle,
Inc.
......................................................
7,545
793
CubeSmart
...........................................................
52,134
2,028
Digital
Realty
Trust,
Inc.
..................................................
12,300
2,170
Equinix,
Inc.
..........................................................
14,054
11,035
Equity
Residential
......................................................
95,200
6,017
First
Industrial
Realty
Trust,
Inc.
............................................
92,500
4,506
Healthpeak
Properties,
Inc.
................................................
128,078
2,170
Invitation
Homes,
Inc.
...................................................
181,800
5,572
Kimco
Realty
Corp.
.....................................................
266,129
5,650
Omega
Healthcare
Investors,
Inc.
...........................................
137,800
5,360
Prologis,
Inc.
..........................................................
60,917
6,505
Public
Storage
.........................................................
26,900
7,315
Realty
Income
Corp.
....................................................
25,600
1,437
Simon
Property
Group,
Inc.
...............................................
51,169
8,381
Ventas,
Inc.
...........................................................
107,800
7,242
Welltower,
Inc.
.........................................................
91,300
15,071
113,085
Utilities
(4.9%):
Ameren
Corp.
.........................................................
80,600
8,151
American
Electric
Power
Co.,
Inc.
...........................................
142,300
16,100
Edison
International
.....................................................
511,346
26,651
Entergy
Corp.
.........................................................
1,070
97
Evergy,
Inc.
...........................................................
284,992
20,178
NiSource,
Inc.
.........................................................
202,900
8,613
NRG
Energy,
Inc.
.......................................................
120,795
20,197
OGE
Energy
Corp.
......................................................
212,311
9,643
WEC
Energy
Group,
Inc.
.................................................
108,600
11,846
121,476
Total
Common
Stocks
(Cost
$2,127,815)
a
a
a
2,483,780
Total
Investments
(Cost
$2,127,815)
—
99.6%
2,483,780
Other
assets
in
excess
of
liabilities
—  0.4%
9,948
NET
ASSETS
-
100.00%
$
2,493,728
Victory
Portfolios
III
Victory
Income
Stock
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
63
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.1%)
Communication
Services
(16.3%):
Alphabet,
Inc.,
Class
A
...................................................
220,575
$
42,328
Live
Nation
Entertainment,
Inc.(a)
...........................................
12,342
1,823
Meta
Platforms,
Inc.,
Class
A
..............................................
141,788
109,664
Netflix,
Inc.(a)
.........................................................
24,924
28,897
Pinterest,
Inc.,
Class
A(a)
.................................................
101,432
3,915
Reddit
,
Inc.,
Class
A(a)
...................................................
53,369
8,571
Take-Two
Interactive
Software,
Inc.(a)
........................................
52,291
11,647
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
93,597
8,139
214,984
Communications
Equipment
(2.3%):
Arista
Networks,
Inc.(a)
..................................................
182,452
22,482
F5,
Inc.(a)
............................................................
5,074
1,590
Motorola
Solutions,
Inc.
..................................................
14,071
6,177
30,249
Consumer
Discretionary
(3.7%):
Airbnb,
Inc.,
Class
A(a)
..................................................
19,799
2,622
Amazon.com,
Inc.(a)
....................................................
192,927
45,166
MercadoLibre
,
Inc.(a)
....................................................
742
1,761
49,549
Electronic
Equipment,
Instruments
&
Components
(4.4%):
Amphenol
Corp.,
Class
A
.................................................
72,145
7,685
Coherent
Corp.(a)
......................................................
155,145
16,694
Fabrinet
(a)
............................................................
23,330
7,553
Flex
Ltd.(a)
...........................................................
45,589
2,274
Jabil,
Inc.
............................................................
15,213
3,395
Novanta
,
Inc.(a)
........................................................
42,588
5,239
Trimble,
Inc.(a)
........................................................
165,102
13,850
56,690
Financials
(4.0%):
Block,
Inc.(a)
..........................................................
26,740
2,066
Mastercard
,
Inc.,
Class
A
.................................................
17,780
10,072
PayPal
Holdings,
Inc.(a)
..................................................
91,606
6,299
Shift4
Payments,
Inc.,
Class
A(a)(b)
.........................................
77,528
7,985
Toast,
Inc.,
Class
A(a)
....................................................
125,017
6,106
Visa,
Inc.,
Class
A
......................................................
53,860
18,607
WEX,
Inc.(a)
..........................................................
11,025
1,870
53,005
Health
Care
(10.6%):
Abbott
Laboratories
.....................................................
1,555
196
AbbVie,
Inc.
..........................................................
1,563
295
Absci
Corp.(a)(b)
.......................................................
363,982
1,030
Acadia
Healthcare
Co.,
Inc.(a)
..............................................
2,342
51
Agilent
Technologies,
Inc.
.................................................
912
105
agilon
health,
Inc.(a)
.....................................................
8,730
16
Agios
Pharmaceuticals,
Inc.(a)
.............................................
756
28
Akero
Therapeutics,
Inc.(a)
................................................
977
48
Align
Technology,
Inc.(a)
.................................................
434
56
Alignment
Healthcare,
Inc.(a)
..............................................
3,384
47
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
222
87
Amicus
Therapeutics,
Inc.(a)
...............................................
6,407
38
AnaptysBio
,
Inc.(a)(b)
...................................................
223,884
5,496
Apellis
Pharmaceuticals,
Inc.(a)
............................................
2,132
48
Apogee
Therapeutics,
Inc.(a)
...............................................
98,604
3,773
Arcellx
,
Inc.(a)
........................................................
63,086
4,504
Argenx
SE,
ADR(a)
.....................................................
172
115
Ascendis
Pharma
A/S,
ADR(a)
.............................................
389
67
AstraZeneca
PLC,
ADR
..................................................
2,531
185
Avidity
Biosciences,
Inc.(a)
...............................................
39,797
1,461
Biogen,
Inc.(a)
.........................................................
376
48
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Biohaven
Ltd.(a)
.......................................................
99,956
$
1,509
Bio-
Techne
Corp.
.......................................................
1,199
66
Boston
Scientific
Corp.(a)
.................................................
4,540
476
Bridgebio
Pharma,
Inc.(a)
.................................................
106,934
5,055
Bristol-Myers
Squibb
Co.
.................................................
3,544
153
CAMP4
Therapeutics
Corp.(a)(b)
...........................................
227,800
371
Celldex
Therapeutics,
Inc.(a)
...............................................
1,370
30
Cencora
,
Inc.
..........................................................
944
270
Charles
River
Laboratories
International,
Inc.(a)
.................................
358
61
Crinetics
Pharmaceuticals,
Inc.(a)
...........................................
143,937
4,115
Cytokinetics,
Inc.(a)
.....................................................
835
31
Daiichi
Sankyo
Co.
Ltd.
..................................................
2,916
71
Danaher
Corp.
.........................................................
1,444
285
DiaSorin
SpA
.........................................................
229
22
Disc
Medicine,
Inc.(a)
...................................................
92,268
5,514
Dyne
Therapeutics,
Inc.(a)
................................................
103,201
1,017
Edwards
Lifesciences
Corp.(a)
.............................................
3,146
249
Elanco
Animal
Health,
Inc.(a)
..............................................
3,604
49
Elevance
Health,
Inc.
....................................................
574
162
Eli
Lilly
&
Co.
.........................................................
15,543
11,503
Encompass
Health
Corp.
..................................................
904
100
Exact
Sciences
Corp.(a)
..................................................
1,891
89
Galderma
Group
AG
....................................................
903
139
Gilead
Sciences,
Inc.
....................................................
2,352
264
Glaukos
Corp.(a)
.......................................................
756
65
GSK
PLC
............................................................
3,111
57
Guardant
Health,
Inc.(a)
..................................................
223,234
9,148
HCA
Healthcare,
Inc.
....................................................
331
117
ICON
PLC(a)
.........................................................
570
96
Ideaya
Biosciences,
Inc.(a)
................................................
116,979
2,848
Immunocore
Holdings
PLC,
ADR(a)
.........................................
1,421
47
Insmed
,
Inc.(a)
.........................................................
91,821
9,851
Insulet
Corp.(a)
........................................................
292
84
Intuitive
Surgical,
Inc.(a)
.................................................
735
354
Ionis
Pharmaceuticals,
Inc.(a)
..............................................
1,023
44
Janux
Therapeutics,
Inc.(a)
................................................
60,364
1,450
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
H(a)
.............................
1,200
12
Johnson
&
Johnson
.....................................................
2,475
408
Krystal
Biotech,
Inc.(a)
...................................................
21,077
3,243
Kymera
Therapeutics,
Inc.(a)
..............................................
27,679
1,211
Labcorp
Holdings,
Inc.
...................................................
410
107
Medtronic
PLC
........................................................
1,845
167
Merck
&
Co.,
Inc.
......................................................
4,807
376
Merus
NV(a)
..........................................................
26,431
1,751
Metsera
,
Inc.(a)(b)
......................................................
876
29
MoonLake
Immunotherapeutics
(a)
..........................................
72,498
3,657
Natera
,
Inc.(a)
.........................................................
53,310
7,125
Nuvalent
,
Inc.,
Class
A(a)
.................................................
59,458
4,659
Olema
Pharmaceuticals,
Inc.(a)
.............................................
256,131
1,317
Option
Care
Health,
Inc.(a)
................................................
1,900
56
ORIC
Pharmaceuticals,
Inc.(a)
.............................................
360,193
3,591
PACS
Group,
Inc.(a)
.....................................................
1,833
20
Protagonist
Therapeutics,
Inc.(a)
............................................
77,727
4,186
PTC
Therapeutics,
Inc.(a)
.................................................
862
45
QIAGEN
NV
..........................................................
1,298
64
Revolution
Medicines,
Inc.(a)
..............................................
154,615
5,762
Spyre
Therapeutics,
Inc.(a)(b)
..............................................
77,126
1,309
Stryker
Corp.
..........................................................
268
105
Tecan
Group
AG,
Class
R
.................................................
105
21
Thermo
Fisher
Scientific,
Inc.
..............................................
473
221
Twist
Bioscience
Corp.(a)
.................................................
83,568
2,805
Tyra
Biosciences,
Inc.(a)(b)
...............................................
107,017
1,170
UCB
SA
.............................................................
524
113
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Ultragenyx
Pharmaceutical,
Inc.(a)
..........................................
103,885
$
2,838
United
Therapeutics
Corp.(a)
..............................................
375
103
UnitedHealth
Group,
Inc.
.................................................
1,792
447
Vaxcyte
,
Inc.(a)
........................................................
77,327
2,625
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
16,295
4,631
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
17,145
7,833
Viridian
Therapeutics,
Inc.(a)
..............................................
248,604
4,356
Waters
Corp.(a)
........................................................
311
90
Xenon
Pharmaceuticals,
Inc.(a)
.............................................
1,137
35
Zymeworks
,
Inc.(a)
.....................................................
82,922
1,041
140,985
Industrials
(0.1%):
Uber
Technologies,
Inc.(a)
................................................
15,596
1,369
IT
Services
(3.6%):
Accenture
PLC,
Class
A
..................................................
11,341
3,029
Gartner,
Inc.(a)
........................................................
8,247
2,793
GoDaddy
,
Inc.,
Class
A(a)
.................................................
33,657
5,438
Shopify,
Inc.,
Class
A(a)
..................................................
25,532
3,120
Snowflake,
Inc.,
Class
A(a)
................................................
111,862
25,001
Wix.com
Ltd.(a)
........................................................
48,083
6,541
45,922
Semiconductors
&
Semiconductor
Equipment
(24.3%):
Applied
Materials,
Inc.
...................................................
29,456
5,304
ASML
Holding
NV,
NYS
.................................................
2,310
1,605
Broadcom,
Inc.
........................................................
112,718
33,105
Cirrus
Logic,
Inc.(a)
.....................................................
13,997
1,410
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
163,709
18,262
First
Solar,
Inc.(a)
......................................................
7,401
1,293
Impinj
,
Inc.(a)
.........................................................
29,708
4,592
Infineon
Technologies
AG
.................................................
41,850
1,644
KLA
Corp.
...........................................................
9,068
7,971
Lam
Research
Corp.
.....................................................
133,566
12,667
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
142,052
19,481
Marvell
Technology,
Inc.
.................................................
163,903
13,173
MaxLinear
,
Inc.(a)
......................................................
531,773
8,413
MKS,
Inc.
............................................................
13,432
1,278
Monolithic
Power
Systems,
Inc.
............................................
24,088
17,132
Navitas
Semiconductor
Corp.(a)(b)
..........................................
781,020
5,725
NVIDIA
Corp.
.........................................................
769,524
136,875
NXP
Semiconductors
NV
.................................................
16,447
3,516
QUALCOMM,
Inc.
.....................................................
18,086
2,654
Semtech
Corp.(a)
.......................................................
225,827
11,540
Silicon
Motion
Technology
Corp.,
ADR
.......................................
54,382
4,162
SK
Hynix,
Inc.
.........................................................
7,540
1,462
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
163,934
6,312
319,576
Software
(27.0%):
Adobe,
Inc.(a)
.........................................................
10,416
3,726
Appfolio
,
Inc.,
Class
A(a)
.................................................
11,793
3,153
AppLovin
Corp.,
Class
A(a)
...............................................
98,406
38,447
Atlassian
Corp.,
Class
A(a)
................................................
27,853
5,342
Autodesk,
Inc.(a)
.......................................................
19,066
5,779
Cadence
Design
Systems,
Inc.(a)
............................................
3,715
1,354
Confluent,
Inc.,
Class
A(a)
................................................
319,541
5,664
Corpay
,
Inc.(a)
.........................................................
15,271
4,933
CyberArk
Software
Ltd.(a)
................................................
24,161
9,942
Docusign
,
Inc.(a)
.......................................................
58,372
4,415
Dropbox,
Inc.,
Class
A(a)
.................................................
88,277
2,399
Dynatrace
,
Inc.(a)
......................................................
107,597
5,661
Elastic
NV(a)
..........................................................
10,777
902
Fair
Isaac
Corp.(a)
......................................................
10,975
15,768
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Figma
,
Inc.,
Class
A(a)
...................................................
900
$
104
Fortinet,
Inc.(a)
........................................................
82,953
8,287
Gitlab
,
Inc.,
Class
A(a)
...................................................
73,206
3,207
HubSpot
,
Inc.(a)
.......................................................
4,355
2,263
Intuit,
Inc.
............................................................
11,740
9,217
Klaviyo
,
Inc.,
Class
A(a)
..................................................
262,386
8,160
Manhattan
Associates,
Inc.(a)
..............................................
5,650
1,241
Microsoft
Corp.
........................................................
184,841
98,613
MicroStrategy
,
Inc.(a)
....................................................
13,464
5,411
Monday.com
Ltd.(a)
.....................................................
16,121
4,228
Nutanix
,
Inc.,
Class
A(a)
..................................................
72,701
5,465
Oracle
Corp.
..........................................................
48,011
12,184
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
27,746
4,394
Pegasystems
,
Inc.
.......................................................
101,572
5,963
RingCentral,
Inc.,
Class
A(a)
...............................................
83,896
2,139
Salesforce,
Inc.
........................................................
27,413
7,082
Samsara,
Inc.,
Class
A(a)
.................................................
30,615
1,164
SAP
SE,
ADR(b)
.......................................................
9,842
2,822
ServiceNow
,
Inc.(a)
.....................................................
32,053
30,230
Synopsys,
Inc.(a)
.......................................................
9,189
5,821
Unity
Software,
Inc.(a)
...................................................
173,766
5,797
Varonis
Systems,
Inc.(a)
..................................................
424,786
23,716
Workday,
Inc.,
Class
A(a)
.................................................
10,926
2,506
Zoom
Communications,
Inc.(a)
.............................................
6,685
495
Zscaler
,
Inc.(a)
.........................................................
5,700
1,628
359,622
Technology
Hardware,
Storage
&
Peripherals
(2.8%):
Apple,
Inc.
...........................................................
130,389
27,065
Dell
Technologies,
Inc.,
Class
C
............................................
17,855
2,369
NetApp,
Inc.
..........................................................
40,453
4,212
Pure
Storage,
Inc.,
Class
A(a)
..............................................
58,542
3,484
37,130
Total
Common
Stocks
(Cost
$648,424)
a
a
a
1,309,081
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR,
expiring
1/2/26(a)(d)
...................................
145
—(e)
Total
Rights
(Cost
$—)
a
a
a
—(e)
Warrants
(0.0%)(c)
Health
Care
(0.0%):(c)
Athenex
,
Inc.,
expiring
8/15/27(a)(d)
.........................................
5,153,482
—(e)
Total
Warrants
(Cost
$52)
a
a
a
—(e)
Exchange-Traded
Funds
(0.4%)
iShares
Expanded
Tech
Sector
ETF(b)
........................................
42,652
4,945
Total
Exchange-Traded
Funds
(Cost
$3,863)
a
a
a
4,945
Collateral
for
Securities
Loaned
(1.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.20%(f)
........
5,378,592
5,379
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.24%(f)
............
5,378,592
5,379
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.26%(f)
................
5,378,592
5,378
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.22%(f)
.
5,378,592
5,378
Total
Collateral
for
Securities
Loaned
(Cost
$21,514)
a
a
a
21,514
Total
Investments
(Cost
$673,853)
—
101.1%
1,335,540
Liabilities
in
excess
of
other
assets
—  (1.1)%
(13,962)
NET
ASSETS
-
100.00%
$
1,321,578
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
5.3%
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)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2025.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
ETF
—
Exchange-Traded
Fund
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
68
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.0%)
Communication
Services
(2.8%):
Cable
One,
Inc.(a)
......................................................
11,045
$
1,414
Cargurus,
Inc.(b)
.......................................................
75,339
2,473
Cogent
Communications
Holdings,
Inc.
.......................................
35,876
1,636
IDT
Corp.,
Class
B
......................................................
21,756
1,282
Lionsgate
Studios
Corp.(b)
................................................
110,500
654
Madison
Square
Garden
Sports
Corp.(b)
......................................
4,390
887
Magnite,
Inc.(b)
........................................................
257,125
5,916
Nexstar
Media
Group,
Inc.
................................................
6,449
1,207
Nexxen
International
Ltd.(b)
...............................................
28,247
290
TEGNA,
Inc.
..........................................................
135,728
2,267
Yelp,
Inc.(b)
..........................................................
68,353
2,353
Ziff
Davis,
Inc.(b)
......................................................
53,294
1,658
22,037
Consumer
Discretionary
(9.9%):
Advance
Auto
Parts,
Inc.
.................................................
19,532
1,037
American
Eagle
Outfitters,
Inc.
.............................................
145,086
1,567
Atmus
Filtration
Technologies,
Inc.
..........................................
57,840
2,250
Bath
&
Body
Works,
Inc.
.................................................
37,790
1,094
Beazer
Homes
USA,
Inc.(b)
...............................................
33,890
796
Boot
Barn
Holdings,
Inc.(b)
...............................................
2,664
458
Brunswick
Corp.
.......................................................
15,714
916
Cricut,
Inc.,
Class
A(a)
...................................................
77,631
380
First
Watch
Restaurant
Group,
Inc.(b)
........................................
53,776
930
Frontdoor,
Inc.(b)
.......................................................
37,822
2,213
Garrett
Motion,
Inc.
.....................................................
129,840
1,693
Genius
Sports
Ltd.(b)
....................................................
228,406
2,570
G-III
Apparel
Group
Ltd.(b)
...............................................
91,978
2,171
Global-e
Online
Ltd.(b)
..................................................
43,103
1,429
Green
Brick
Partners,
Inc.(b)
...............................................
20,521
1,271
Group
1
Automotive,
Inc.
.................................................
1,680
692
Hamilton
Beach
Brands
Holding
Co.,
Class
A
...................................
30,243
471
Installed
Building
Products,
Inc.
............................................
12,954
2,620
KB
Home
............................................................
32,731
1,809
Kontoor
Brands,
Inc.
....................................................
25,596
1,425
Kura
Sushi
USA,
Inc.,
Class
A(a)(b)
.........................................
17,278
1,516
Latham
Group,
Inc.(b)
...................................................
201,043
1,363
Life
Time
Group
Holdings,
Inc.(b)
...........................................
61,355
1,762
Lindblad
Expeditions
Holdings,
Inc.(b)
.......................................
21,968
262
Marriott
Vacations
Worldwide
Corp.
.........................................
17,834
1,328
Modine
Manufacturing
Co.(b)
..............................................
18,568
2,498
Monarch
Casino
&
Resort,
Inc.
.............................................
19,551
2,013
Newell
Brands,
Inc.
.....................................................
166,331
933
Norwegian
Cruise
Line
Holdings
Ltd.(b)
......................................
71,073
1,817
Penn
Entertainment,
Inc.(b)
................................................
45,864
828
Phinia,
Inc.
...........................................................
52,127
2,643
PVH
Corp.
...........................................................
12,900
947
Sally
Beauty
Holdings,
Inc.(b)
.............................................
128,550
1,252
SharkNinja,
Inc.(b)
......................................................
11,973
1,390
Signet
Jewelers
Ltd.
.....................................................
49,275
3,898
Sportradar
Group
AG(b)
..................................................
121,227
3,585
Steven
Madden
Ltd.
.....................................................
39,744
954
Sweetgreen,
Inc.,
Class
A(a)(b)
.............................................
128,376
1,653
Taylor
Morrison
Home
Corp.(b)
............................................
94,614
5,609
The
Buckle,
Inc.
........................................................
75,962
3,750
The
Cheesecake
Factory,
Inc.(a)
............................................
10,070
644
The
Goodyear
Tire
&
Rubber
Co.(b)
.........................................
138,500
1,424
Topgolf
Callaway
Brands
Corp.(b)
..........................................
86,167
797
Tri
Pointe
Homes,
Inc.(b)
.................................................
94,341
2,906
Universal
Technical
Institute,
Inc.(b)
.........................................
7,512
242
Victoria's
Secret
&
Co.(b)
.................................................
57,372
1,079
Visteon
Corp.(b)
.......................................................
12,964
1,441
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Winmark
Corp.
........................................................
1,337
$
505
Winnebago
Industries,
Inc.
................................................
37,155
1,104
YETI
Holdings,
Inc.(b)
...................................................
13,920
511
78,446
Consumer
Staples
(3.3%):
Cal-Maine
Foods,
Inc.
...................................................
31,998
3,556
Dole
PLC
............................................................
202,729
2,887
Edgewell
Personal
Care
Co.
...............................................
73,519
1,855
elf
Beauty,
Inc.(b)
......................................................
11,652
1,412
Interparfums,
Inc.
.......................................................
12,496
1,507
Medifast,
Inc.(b)
.......................................................
59,889
825
Nomad
Foods
Ltd.
......................................................
117,660
1,981
Oddity
Tech
Ltd.(a)(b)
...................................................
41,031
2,875
Sprouts
Farmers
Market,
Inc.(b)
............................................
12,623
1,913
SunOpta,
Inc.(b)
.......................................................
428,590
2,499
The
Andersons,
Inc.
.....................................................
35,342
1,270
The
Chefs'
Warehouse,
Inc.(b)
..............................................
26,900
1,844
The
Simply
Good
Foods
Co.(b)
.............................................
16,920
515
United
Natural
Foods,
Inc.(b)
..............................................
28,583
790
25,729
Energy
(4.5%):
Atlas
Energy
Solutions,
Inc.(a)
.............................................
63,660
828
Cactus,
Inc.,
Class
A
.....................................................
36,510
1,545
California
Resources
Corp.
................................................
46,698
2,250
Centrus
Energy
Corp.,
Class
A(a)(b)
.........................................
9,122
1,965
Core
Natural
Resources,
Inc.
...............................................
35,616
2,629
Gulfport
Energy
Corp.(b)
.................................................
14,440
2,514
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
73,541
1,752
Matador
Resources
Co.
...................................................
21,935
1,094
Murphy
Oil
Corp.
......................................................
187,819
4,660
Northern
Oil
&
Gas,
Inc.
..................................................
45,610
1,284
NPK
International,
Inc.(b)
.................................................
80,881
729
Patterson-UTI
Energy,
Inc.
................................................
127,998
756
Plains
GP
Holdings
LP,
Class
A
.............................................
84,020
1,647
Ranger
Energy
Services,
Inc.
...............................................
84,314
1,129
Scorpio
Tankers,
Inc.
....................................................
56,396
2,550
SM
Energy
Co.
........................................................
100,684
2,778
Talos
Energy,
Inc.(b)
....................................................
98,000
838
Teekay
Corp.
Ltd.
......................................................
197,718
1,424
Teekay
Tankers
Ltd.,
Class
A
...............................................
37,550
1,590
Uranium
Energy
Corp.(b)
.................................................
157,135
1,362
35,324
Financials
(19.9%):
Acadian
Asset
Management,
Inc.
............................................
57,385
2,398
AGNC
Investment
Corp.(a)
...............................................
119,400
1,126
Amalgamated
Financial
Corp.
..............................................
77,776
2,255
Ameris
Bancorp
........................................................
69,990
4,784
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
63,503
611
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
96,842
4,382
Atlanticus
Holdings
Corp.(b)
..............................................
26,967
1,338
BancFirst
Corp.
........................................................
17,569
2,188
Bank
of
Hawaii
Corp.
....................................................
27,465
1,700
Banner
Corp.
..........................................................
19,516
1,211
BOK
Financial
Corp.
....................................................
13,220
1,342
Bread
Financial
Holdings,
Inc.
.............................................
68,197
4,180
Brighthouse
Financial,
Inc.(b)
..............................................
25,750
1,232
Cathay
General
Bancorp
..................................................
49,168
2,223
CNO
Financial
Group,
Inc.
................................................
36,100
1,330
Cohen
&
Steers,
Inc.
....................................................
30,114
2,215
CVB
Financial
Corp.
....................................................
79,800
1,491
Dime
Community
Bancshares,
Inc.
..........................................
82,442
2,284
Donnelley
Financial
Solutions,
Inc.(b)
........................................
30,205
1,600
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Dynex
Capital,
Inc.
.....................................................
88,000
$
1,095
Enova
International,
Inc.(b)
................................................
28,818
3,013
Essent
Group
Ltd.
......................................................
76,650
4,292
Etoro
Group
Ltd.,
Class
A(a)(b)
.............................................
11,966
717
Euronet
Worldwide,
Inc.(b)
................................................
19,300
1,876
First
Bancorp
..........................................................
32,200
1,613
First
Bancorp
Puerto
Rico
.................................................
157,530
3,281
First
Financial
Bancorp
...................................................
55,596
1,348
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
54,535
1,570
First
Merchants
Corp.
....................................................
44,150
1,683
Flagstar
Financial,
Inc.
...................................................
180,512
2,038
FNB
Corp.
............................................................
138,570
2,123
Franklin
BSP
Realty
Trust,
Inc.
.............................................
73,133
739
Glacier
Bancorp,
Inc.
....................................................
46,120
2,021
Globe
Life,
Inc.
........................................................
26,940
3,784
Hamilton
Insurance
Group
Ltd.,
Class
B(b)
....................................
133,016
2,859
Hancock
Whitney
Corp.
..................................................
68,120
4,068
Independent
Bank
Corp.
..................................................
24,025
1,527
International
Bancshares
Corp.
.............................................
47,135
3,214
Jackson
Financial,
Inc.,
Class
A
.............................................
39,164
3,429
Kemper
Corp.
.........................................................
28,760
1,771
Kinsale
Capital
Group,
Inc.
................................................
2,832
1,248
Ladder
Capital
Corp.
....................................................
187,632
2,049
Live
Oak
Bancshares,
Inc.
................................................
43,406
1,372
Marex
Group
PLC
......................................................
48,596
1,875
MFA
Financial,
Inc.
.....................................................
59,613
542
NBT
Bancorp,
Inc.
......................................................
38,300
1,585
Northeast
Community
Bancorp,
Inc.
.........................................
21,227
439
Northwest
Bancshares,
Inc.
................................................
129,500
1,515
OFG
Bancorp
.........................................................
70,308
2,997
Old
National
Bancorp
....................................................
125,600
2,651
Old
Second
Bancorp,
Inc.
.................................................
123,709
2,099
PJT
Partners,
Inc.,
Class
A
................................................
18,382
3,283
Primerica,
Inc.
.........................................................
5,770
1,533
Prosperity
Bancshares,
Inc.
................................................
50,710
3,378
QCR
Holdings,
Inc.
.....................................................
43,108
3,061
Renasant
Corp.
........................................................
62,460
2,289
Shift4
Payments,
Inc.,
Class
A(a)(b)
.........................................
33,078
3,407
Skyward
Specialty
Insurance
Group,
Inc.(b)
....................................
50,200
2,539
SouthState
Corp.
.......................................................
32,994
3,107
StepStone
Group,
Inc.,
Class
A
.............................................
35,002
2,078
Stewart
Information
Services
Corp.
..........................................
20,000
1,299
Texas
Capital
Bancshares,
Inc.(b)
...........................................
38,199
3,208
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
102,922
4,684
Toast,
Inc.,
Class
A
(b)
...................................................
49,598
2,422
UMB
Financial
Corp.
....................................................
23,370
2,570
Universal
Insurance
Holdings,
Inc.
..........................................
66,013
1,561
Valley
National
Bancorp
..................................................
210,800
1,954
Veritex
Holdings,
Inc.
....................................................
72,553
2,301
Virtus
Investment
Partners,
Inc.
.............................................
7,050
1,363
White
Mountains
Insurance
Group
Ltd.
.......................................
1,480
2,646
World
Acceptance
Corp.(b)
................................................
14,297
2,249
157,255
Health
Care
(13.9%):
89bio,
Inc.(b)
..........................................................
25,266
240
ACADIA
Pharmaceuticals,
Inc.(b)
...........................................
18,357
437
AdaptHealth
Corp.(b)
....................................................
208,624
1,871
ADMA
Biologics,
Inc.(b)
.................................................
35,589
666
Agios
Pharmaceuticals,
Inc.(b)
.............................................
22,208
827
Akero
Therapeutics,
Inc.(b)
................................................
12,177
595
Alignment
Healthcare,
Inc.(b)
..............................................
64,121
884
Alkermes
PLC(b)
.......................................................
26,718
708
Amicus
Therapeutics,
Inc.(b)
..............................................
65,506
392
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
AnaptysBio,
Inc.(b)
.....................................................
29,654
$
728
Apogee
Therapeutics,
Inc.(b)
..............................................
35,822
1,371
Arcellx,
Inc.(b)
........................................................
8,747
624
Arcus
Biosciences,
Inc.(b)
................................................
115,037
1,050
Arcutis
Biotherapeutics,
Inc.(b)
.............................................
19,752
288
Ardelyx,
Inc.(b)
........................................................
42,026
178
Arrowhead
Pharmaceuticals,
Inc.(b)
.........................................
24,601
389
Avanos
Medical,
Inc.(b)
..................................................
70,347
786
Avidity
Biosciences,
Inc.(b)
...............................................
19,708
724
Beam
Therapeutics,
Inc.(b)
................................................
19,642
387
BioCryst
Pharmaceuticals,
Inc.(b)
...........................................
34,864
284
Biohaven
Ltd.(b)
.......................................................
18,089
273
BioLife
Solutions,
Inc.(b)
.................................................
115,510
2,456
Bridgebio
Pharma,
Inc.(b)
.................................................
51,924
2,454
Brookdale
Senior
Living,
Inc.(b)
............................................
116,733
905
Catalyst
Pharmaceuticals,
Inc.(b)
............................................
21,980
469
Celldex
Therapeutics,
Inc.(b)
..............................................
19,216
422
Certara,
Inc.(b)
........................................................
96,917
954
CG
oncology,
Inc.(b)
....................................................
11,181
298
Collegium
Pharmaceutical,
Inc.(b)
...........................................
23,686
707
Corcept
Therapeutics,
Inc.(b)
..............................................
18,471
1,241
CorVel
Corp.(b)
........................................................
33,941
3,007
Crinetics
Pharmaceuticals,
Inc.(b)
...........................................
19,935
570
Cytokinetics,
Inc.(b)
.....................................................
19,722
742
Denali
Therapeutics,
Inc.(b)
...............................................
29,454
407
Dyne
Therapeutics,
Inc.(b)
................................................
17,860
176
Edgewise
Therapeutics,
Inc.(b)
.............................................
73,713
1,051
Encompass
Health
Corp.
..................................................
15,060
1,658
Envista
Holdings
Corp.(b)
................................................
56,198
1,062
Exact
Sciences
Corp.(b)
..................................................
40,990
1,924
EyePoint
Pharmaceuticals,
Inc.(b)
...........................................
80,193
788
GeneDx
Holdings
Corp.(b)
................................................
1,882
192
Halozyme
Therapeutics,
Inc.(b)
.............................................
17,637
1,058
Harvard
Bioscience,
Inc.(a)(b)
..............................................
216,859
101
HealthEquity,
Inc.(b)
....................................................
13,357
1,296
ICU
Medical,
Inc.(b)
....................................................
7,880
1,012
Ideaya
Biosciences,
Inc.(b)
................................................
28,726
699
Immunome,
Inc.(b)
.....................................................
87,861
924
Immunovant,
Inc.(b)
.....................................................
72,654
1,168
Innoviva,
Inc.(b)
.......................................................
164,891
2,996
Insmed,
Inc.(b)
........................................................
46,527
4,991
Integra
LifeSciences
Holdings
Corp.(b)
.......................................
138,816
1,824
Intellia
Therapeutics,
Inc.(a)(b)
.............................................
140,246
1,632
iRadimed
Corp.
........................................................
22,165
1,293
iRhythm
Technologies,
Inc.(b)
..............................................
2,454
344
Kiniksa
Pharmaceuticals
International
PLC(b)
..................................
60,575
1,833
Krystal
Biotech,
Inc.(b)
..................................................
4,481
690
Kymera
Therapeutics,
Inc.(b)
..............................................
13,340
584
Lantheus
Holdings,
Inc.(b)
................................................
27,383
1,949
LENZ
Therapeutics,
Inc.(a)(b)
.............................................
36,670
1,092
LivaNova
PLC(b)
......................................................
28,100
1,186
Madrigal
Pharmaceuticals,
Inc.(b)
...........................................
2,652
802
Merus
NV(b)
..........................................................
18,154
1,203
Mirum
Pharmaceuticals,
Inc.(b)
.............................................
8,263
427
MoonLake
Immunotherapeutics(b)
..........................................
18,927
955
Natera,
Inc.(b)
.........................................................
3,670
491
Niagen
Bioscience,
Inc.(b)
................................................
166,766
1,559
Novavax,
Inc.(a)(b)
.....................................................
26,431
176
Nuvalent,
Inc.,
Class
A(b)
.................................................
7,724
605
Option
Care
Health,
Inc.(b)
................................................
42,011
1,233
OrthoPediatrics
Corp.(b)
..................................................
148,798
3,083
Owlet,
Inc.(a)(b)
.......................................................
37,051
270
Pacira
BioSciences,
Inc.(b)
................................................
35,518
749
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Pediatrix
Medical
Group,
Inc.(b)
............................................
127,547
$
1,562
Perrigo
Co.
PLC
.......................................................
31,900
851
Progyny,
Inc.(b)
........................................................
85,471
2,009
Protagonist
Therapeutics,
Inc.(b)
............................................
9,358
504
Prothena
Corp.
PLC(b)
...................................................
82,152
564
PTC
Therapeutics,
Inc.(b)
.................................................
11,592
604
Repligen
Corp.(b)
......................................................
17,137
2,006
Revolution
Medicines,
Inc.(b)
..............................................
56,675
2,112
Rhythm
Pharmaceuticals,
Inc.(b)
............................................
19,904
1,696
Scholar
Rock
Holding
Corp.(b)
.............................................
33,923
1,257
Select
Medical
Holdings
Corp.
.............................................
148,151
2,191
SI-BONE,
Inc.(b)
.......................................................
173,527
2,955
SIGA
Technologies,
Inc.
..................................................
267,831
1,770
Soleno
Therapeutics,
Inc.(b)
...............................................
20,403
1,764
Stoke
Therapeutics,
Inc.(b)
................................................
84,869
1,091
Summit
Therapeutics,
Inc.(a)(b)
............................................
40,607
1,071
Supernus
Pharmaceuticals,
Inc.(b)
...........................................
34,600
1,214
Surgery
Partners,
Inc.(b)
..................................................
48,170
1,057
Syndax
Pharmaceuticals,
Inc.(b)
............................................
162,271
1,610
Taysha
Gene
Therapies,
Inc.(a)(b)
...........................................
182,616
499
TG
Therapeutics,
Inc.(b)
..................................................
20,129
715
The
Ensign
Group,
Inc.
...................................................
8,910
1,337
Travere
Therapeutics,
Inc.(b)
...............................................
14,573
225
Twist
Bioscience
Corp.(b)
.................................................
13,107
440
Vaxcyte,
Inc.(b)
........................................................
19,000
645
Vera
Therapeutics,
Inc.(b)
.................................................
11,909
248
Veracyte,
Inc.(b)
.......................................................
15,836
372
Vericel
Corp.(b)
........................................................
11,073
387
Viking
Therapeutics,
Inc.(b)
...............................................
56,768
1,849
Xenon
Pharmaceuticals,
Inc.(b)
.............................................
27,490
840
Zymeworks,
Inc.(b)
.....................................................
87,411
1,098
109,953
Industrials
(16.7%):
ACCO
Brands
Corp.
....................................................
541,606
2,031
ACV
Auctions,
Inc.,
Class
A(b)
.............................................
62,076
882
Alamo
Group,
Inc.
......................................................
4,000
890
Ameresco,
Inc.,
Class
A(b)
................................................
47,075
796
American
Woodmark
Corp.(b)
.............................................
22,123
1,164
Apogee
Enterprises,
Inc.
..................................................
37,991
1,595
Applied
Industrial
Technologies,
Inc.
.........................................
15,711
4,266
ArcBest
Corp.
.........................................................
12,321
901
Archer
Aviation,
Inc.,
Class
A(b)
............................................
219,311
2,200
Argan,
Inc.
...........................................................
14,837
3,635
ASGN,
Inc.(b)
.........................................................
24,524
1,230
Bloom
Energy
Corp.,
Class
A(b)
............................................
11,352
424
BlueLinx
Holdings,
Inc.(b)
................................................
10,600
777
Boise
Cascade
Co.
......................................................
27,108
2,272
BWX
Technologies,
Inc.
..................................................
3,569
542
Casella
Waste
Systems,
Inc.(b)
.............................................
43,972
4,781
CECO
Environmental
Corp.(b)
.............................................
53,474
2,404
Columbus
McKinnon
Corp.
...............................................
68,399
1,002
Comfort
Systems
USA,
Inc.
...............................................
4,877
3,430
Deluxe
Corp.
..........................................................
105,769
1,703
DNOW,
Inc.(b)
........................................................
93,545
1,456
Enovix
Corp.(a)(b)
......................................................
105,060
1,408
ExlService
Holdings,
Inc.(b)
...............................................
27,248
1,183
Exponent,
Inc.
.........................................................
25,232
1,740
Fluor
Corp.(b)
.........................................................
31,763
1,803
FTAI
Aviation
Ltd.
......................................................
18,598
2,559
Gates
Industrial
Corp.
PLC(b)
..............................................
241,943
6,000
Genco
Shipping
&
Trading
Ltd.
.............................................
117,804
1,877
Granite
Construction,
Inc.
.................................................
10,940
1,033
Griffon
Corp.
..........................................................
29,063
2,362
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Hayward
Holdings,
Inc.(b)
................................................
73,180
$
1,125
Helios
Technologies,
Inc.
.................................................
31,000
1,137
Hub
Group,
Inc.,
Class
A
.................................................
31,000
1,086
Huron
Consulting
Group,
Inc.(b)
............................................
13,017
1,719
ICF
International,
Inc.
...................................................
13,660
1,146
JBT
Marel
Corp.
.......................................................
13,870
1,911
Kforce,
Inc.
...........................................................
33,160
1,156
Korn
Ferry
...........................................................
41,409
2,935
Kornit
Digital
Ltd.(b)
....................................................
57,075
1,143
Legalzoom.com,
Inc.(b)
..................................................
187,977
1,690
Liquidity
Services,
Inc.(b)
.................................................
74,451
1,778
Masterbrand,
Inc.(b)
.....................................................
167,360
1,846
Matson,
Inc.
..........................................................
29,541
3,154
Mayville
Engineering
Co.,
Inc.(b)
...........................................
76,797
1,288
Mueller
Industries,
Inc.
...................................................
21,445
1,831
NEXTracker,
Inc.,
Class
A(b)
..............................................
16,408
956
Powell
Industries,
Inc.
...................................................
5,778
1,370
RBC
Bearings,
Inc.(b)
...................................................
10,939
4,237
Redwire
Corp.(b)
.......................................................
32,321
462
Resideo
Technologies,
Inc.(b)
..............................................
146,565
4,001
Ryder
System,
Inc.
......................................................
8,640
1,535
Science
Applications
International
Corp.
......................................
11,000
1,226
Sensata
Technologies
Holding
PLC
..........................................
39,600
1,218
SkyWest,
Inc.(b)
.......................................................
14,900
1,728
Spire
Global,
Inc.(a)(b)
...................................................
25,702
258
Steelcase,
Inc.,
Class
A
...................................................
269,941
2,788
Sterling
Infrastructure,
Inc.(b)
..............................................
18,576
4,971
Sun
Country
Airlines
Holdings,
Inc.(b)
.......................................
198,758
2,304
Tecogen,
Inc.(b)
........................................................
17,257
167
Terex
Corp.
...........................................................
72,976
3,712
The
Brink's
Co.
........................................................
16,993
1,484
The
Greenbrier
Cos.,
Inc.
.................................................
23,000
1,046
The
Manitowoc
Co.,
Inc.(b)
...............................................
36,530
466
The
Timken
Co.
........................................................
31,851
2,424
Titan
International,
Inc.(b)
................................................
89,600
758
Titan
Machinery,
Inc.(b)
..................................................
38,297
740
Transcat,
Inc.(b)
........................................................
14,359
1,097
TriNet
Group,
Inc.
......................................................
17,452
1,183
UFP
Industries,
Inc.
.....................................................
13,383
1,312
V2X,
Inc.(b)
..........................................................
53,520
2,536
Valmont
Industries,
Inc.
..................................................
3,647
1,327
Wabash
National
Corp.
...................................................
86,317
860
WillScot
Holdings
Corp.
..................................................
95,557
2,805
132,262
Information
Technology
(15.6%):
A10
Networks,
Inc.
.....................................................
137,921
2,540
ACI
Worldwide,
Inc.(b)
..................................................
27,180
1,157
Adeia,
Inc.
............................................................
142,529
1,846
ADTRAN
Holdings,
Inc.(b)
...............................................
93,786
871
Agilysys,
Inc.(b)
.......................................................
10,992
1,254
Astera
Labs,
Inc.(b)
.....................................................
15,743
2,152
AvePoint,
Inc.(b)
.......................................................
13,120
250
Bel
Fuse,
Inc.,
Class
B
...................................................
20,971
2,727
Belden,
Inc.
...........................................................
34,649
4,284
Benchmark
Electronics,
Inc.
...............................................
68,447
2,635
Box,
Inc.,
Class
A(b)
....................................................
82,767
2,657
Celestica,
Inc.(b)
.......................................................
1,380
276
Cellebrite
DI
Ltd.(b)
.....................................................
38,953
545
Ciena
Corp.(b)
.........................................................
9,035
839
Clear
Secure,
Inc.,
Class
A
................................................
76,077
2,237
Commvault
Systems,
Inc.(b)
...............................................
21,163
4,020
Confluent,
Inc.,
Class
A(b)
................................................
56,877
1,008
Consensus
Cloud
Solutions,
Inc.(b)
..........................................
62,330
1,258
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Core
Scientific,
Inc.(a)(b)
.................................................
53,120
$
719
Crane
NXT
Co.
........................................................
30,360
1,802
Credo
Technology
Group
Holding
Ltd.(b)
.....................................
10,373
1,157
CyberArk
Software
Ltd.(b)
................................................
4,020
1,654
Digital
Turbine,
Inc.(b)
...................................................
499,515
2,722
Diodes,
Inc.(b)
.........................................................
28,783
1,421
Extreme
Networks,
Inc.(b)
................................................
238,978
4,220
Figma,
Inc.,
Class
A(b)
...................................................
489
56
indie
Semiconductor,
Inc.,
Class
A(a)(b)
......................................
1,206,704
4,718
Insight
Enterprises,
Inc.(b)
................................................
19,048
2,259
InterDigital,
Inc.
.......................................................
1,427
368
JFrog
Ltd.(b)
..........................................................
57,799
2,509
Knowles
Corp.(b)
.......................................................
168,788
3,428
Kulicke
&
Soffa
Industries,
Inc.
.............................................
74,093
2,427
Lattice
Semiconductor
Corp.(b)
.............................................
24,716
1,232
MaxLinear,
Inc.(b)
......................................................
59,200
937
NetScout
Systems,
Inc.(b)
.................................................
81,003
1,735
Nova
Ltd.(b)
..........................................................
4,383
1,151
Nutanix,
Inc.,
Class
A(b)
..................................................
35,202
2,646
Okta,
Inc.(b)
..........................................................
18,637
1,823
Onto
Innovation,
Inc.(b)
..................................................
12,325
1,168
Photronics,
Inc.(b)
......................................................
70,696
1,439
Plexus
Corp.(b)
........................................................
8,300
1,058
Porch
Group,
Inc.(b)
.....................................................
615,178
7,764
PROS
Holdings,
Inc.(b)
..................................................
63,258
992
PTC,
Inc.(b)
..........................................................
10,164
2,183
Pure
Storage,
Inc.,
Class
A(b)
..............................................
48,148
2,866
Qualys,
Inc.(b)
.........................................................
25,026
3,330
Rambus,
Inc.(b)
........................................................
26,695
1,974
Sanmina
Corp.(b)
.......................................................
45,425
5,271
ScanSource,
Inc.(b)
.....................................................
47,526
1,846
Semtech
Corp.(b)
.......................................................
40,254
2,057
Silicon
Laboratories,
Inc.(b)
...............................................
4,119
543
Silicon
Motion
Technology
Corp.,
ADR
.......................................
16,966
1,299
SPS
Commerce,
Inc.(b)
..................................................
23,937
2,606
Synaptics,
Inc.(b)
.......................................................
22,839
1,432
The
Descartes
Systems
Group,
Inc.(b)
........................................
30,073
3,180
Tower
Semiconductor
Ltd.
(b)
..............................................
27,380
1,253
TTM
Technologies,
Inc.(b)
................................................
27,398
1,295
Varonis
Systems,
Inc.(b)
..................................................
34,866
1,947
Veeco
Instruments,
Inc.(b)
................................................
105,914
2,201
Verint
Systems,
Inc.(b)
...................................................
63,660
1,355
Vertex,
Inc.,
Class
A(b)
...................................................
13,030
432
Vishay
Intertechnology,
Inc.
...............................................
73,988
1,213
Weave
Communications,
Inc.(b)
............................................
36,964
270
Zeta
Global
Holdings
Corp.,
Class
A(b)
.......................................
54,168
848
123,362
Materials
(3.8%):
AdvanSix,
Inc.
.........................................................
60,807
1,223
Avient
Corp.
..........................................................
33,023
1,043
Axalta
Coating
Systems
Ltd.(b)
.............................................
13,330
378
Cabot
Corp.
...........................................................
23,223
1,676
Carpenter
Technology
Corp.
...............................................
13,368
3,334
Commercial
Metals
Co.
..................................................
52,786
2,737
Graphic
Packaging
Holding
Co.
............................................
53,070
1,187
Hawkins,
Inc.
.........................................................
18,606
3,038
Ingevity
Corp.(b)
.......................................................
24,551
1,026
Knife
River
Corp.(b)
....................................................
18,456
1,522
Materion
Corp.
........................................................
21,263
2,239
Minerals
Technologies,
Inc.
................................................
16,240
944
O-I
Glass,
Inc.(b)
.......................................................
118,763
1,545
Olympic
Steel,
Inc.
......................................................
42,639
1,326
Ryerson
Holding
Corp.
...................................................
76,324
1,572
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Sealed
Air
Corp.
.......................................................
97,716
$
2,860
SunCoke
Energy,
Inc.
....................................................
143,161
1,058
Sylvamo
Corp.
.........................................................
31,421
1,448
30,156
Real
Estate
(5.8%):
Acadia
Realty
Trust
.....................................................
32,145
602
American
Healthcare
REIT,
Inc.
............................................
21,526
832
Apple
Hospitality
REIT,
Inc.
...............................................
60,433
710
Broadstone
Net
Lease,
Inc.
................................................
159,544
2,591
CareTrust
REIT,
Inc.
....................................................
77,566
2,467
Compass,
Inc.,
Class
A(b)
.................................................
236,327
1,876
COPT
Defense
Properties
.................................................
50,304
1,372
Curbline
Properties
Corp.
.................................................
65,900
1,456
Cushman
&
Wakefield
PLC(b)
.............................................
191,859
2,339
DiamondRock
Hospitality
Co.
..............................................
124,818
964
Douglas
Emmett,
Inc.
....................................................
133,880
2,030
Easterly
Government
Properties,
Inc.
.........................................
42,520
935
Essential
Properties
Realty
Trust,
Inc.
........................................
113,022
3,446
Four
Corners
Property
Trust,
Inc.
............................................
99,482
2,511
Howard
Hughes
Holdings,
Inc.(b)
...........................................
9,600
660
Independence
Realty
Trust,
Inc.
.............................................
65,530
1,099
Innovative
Industrial
Properties,
Inc.
.........................................
5,622
291
Kite
Realty
Group
Trust
..................................................
45,969
1,010
LXP
Industrial
Trust
.....................................................
279,616
2,170
National
Health
Investors,
Inc.
.............................................
10,541
736
Newmark
Group,
Inc.,
Class
A
.............................................
50,925
772
Phillips
Edison
&
Co.,
Inc.
................................................
30,232
1,022
PotlatchDeltic
Corp.
.....................................................
18,581
760
Ryman
Hospitality
Properties,
Inc.
...........................................
10,154
965
Sabra
Health
Care
REIT,
Inc.
..............................................
109,178
1,968
Sila
Realty
Trust,
Inc.
....................................................
42,370
1,035
SL
Green
Realty
Corp.
...................................................
14,544
833
STAG
Industrial,
Inc.
....................................................
28,200
968
Summit
Hotel
Properties,
Inc.
..............................................
149,027
778
Sunstone
Hotel
Investors,
Inc.
..............................................
49,204
431
Tanger,
Inc.
...........................................................
19,844
596
Terreno
Realty
Corp.
....................................................
18,355
1,018
The
Macerich
Co.
......................................................
45,028
752
The
St.
Joe
Co.
........................................................
33,400
1,687
Urban
Edge
Properties
...................................................
41,364
816
Veris
Residential,
Inc.
....................................................
74,147
1,044
45,542
Utilities
(2.8%):
Avista
Corp.
..........................................................
55,927
2,086
Black
Hills
Corp.
.......................................................
85,681
4,951
H2O
America
.........................................................
22,880
1,105
MGE
Energy,
Inc.
......................................................
22,275
1,892
National
Fuel
Gas
Co.
...................................................
11,000
955
Northwestern
Energy
Group,
Inc.
...........................................
71,052
3,815
ONE
Gas,
Inc.
.........................................................
19,534
1,420
Portland
General
Electric
Co.
..............................................
32,501
1,336
Spire,
Inc.
............................................................
42,319
3,151
Unitil
Corp.
...........................................................
27,955
1,442
22,153
Total
Common
Stocks
(Cost
$680,428)
a
a
a
782,219
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
Flexion
Therapeutics,
Inc.,
CVR,
expiring
1/1/26(b)(d)
............................
58,207
1
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
expiring
11/1/27(b)(d)(e)(f
)
............
7,105
—
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Name
Acquisition
Date
Cost
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
......................
11/3/2022
$
–
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
......................
11/3/2022
–
Security
Description
Shares
a
Value
(000)
OmniAb
Operations,
Inc.,
15.00
Earnout
S
hares,
expiring
11/1/27(b)(d)(e
)
(f
)
............
7,105
$
—
1
Total
Rights
(Cost
$36)
a
a
a
1
Warrants
(0.1%)
Industrials
(0.1%):
Enovix
Corp.,
expiring
10/1/26(a)(b)
.........................................
15,008
70
Total
Warrants
(Cost
$—)
a
a
a
70
Collateral
for
Securities
Loaned
(2.3%)^
Goldman
Sachs
Financial
Square
Government
Fun
d,
Institutional
Shares,
4.20%(g
)
........
4,629,391
4,630
HSBC
U.S.
Government
Money
Market
Fun
d,
Institutional
Shares,
4.24%(g
)
............
4,629,391
4,630
Invesco
Government
&
Agency
Portfoli
o,
Institutional
Shares,
4.26%(g
)
...............
4,629,391
4,629
Morgan
Stanley
Institutional
Liquidity
Government
Portfoli
o,
Institutional
Shares,
4.22%(g
)
.
4,629,391
4,629
Total
Collateral
for
Securities
Loaned
(Cost
$18,518)
a
a
a
18,518
Total
Investments
(Cost
$698,982)
—
101.4%
800,808
Liabilities
in
excess
of
other
assets
—  (1.4)%
(10,685)
NET
ASSETS
-
100.00%
$
790,123
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
7.5%
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)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2025.
(e)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
July
31,
2025.
(g)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Value
Fund
77
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.7%)
Communication
Services
(4.4%):
Alphabet,
Inc.
,
Class
A
...................................................
95,314
$
18,291
AT&T,
Inc.
...........................................................
178,416
4,890
Comcast
Corp.
,
Class
A
..................................................
165,263
5,492
Electronic
Arts,
Inc.
.....................................................
36,078
5,502
Meta
Platforms,
Inc.
,
Class
A
..............................................
4,550
3,519
Nexstar
Media
Group,
Inc.
................................................
17,134
3,206
Take-Two
Interactive
Software,
Inc.
(a)
........................................
47,400
10,557
Verizon
Communications,
Inc.
..............................................
147,982
6,328
57,785
Consumer
Discretionary
(6.2%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
17,717
2,346
Aptiv
PLC
(a)
..........................................................
77,647
5,330
BorgWarner,
Inc.
.......................................................
166,822
6,139
Deckers
Outdoor
Corp.
(a)
.................................................
51,222
5,438
Etsy,
Inc.
(a)
...........................................................
63,154
3,680
Expedia
Group,
Inc.
.....................................................
33,430
6,025
H&R
Block,
Inc.
.......................................................
54,279
2,950
Lear
Corp.
............................................................
33,114
3,122
Lowe's
Cos.,
Inc.
.......................................................
23,851
5,332
Mattel,
Inc.
(a)
.........................................................
578,000
9,832
NVR,
Inc.
(a)
..........................................................
713
5,383
PulteGroup,
Inc.
........................................................
52,355
5,912
PVH
Corp.
...........................................................
70,202
5,154
Toll
Brothers,
Inc.
......................................................
70,500
8,344
Ulta
Beauty,
Inc.
(a)
.....................................................
9,716
5,004
79,991
Consumer
Staples
(6.1%):
Altria
Group,
Inc.
.......................................................
129,528
8,023
Coca-Cola
Consolidated,
Inc.
..............................................
37,747
4,218
Colgate-Palmolive
Co.
...................................................
71,793
6,020
Ingredion,
Inc.
.........................................................
42,035
5,529
Keurig
Dr.
Pepper,
Inc.
...................................................
396,492
12,946
Mondelez
International,
Inc.
,
Class
A
.........................................
157,400
10,182
Sysco
Corp.
...........................................................
81,562
6,492
The
Procter
&
Gamble
Co.
................................................
79,934
12,028
U.S.
Foods
Holding
Corp.
(a)
...............................................
161,900
13,491
78,929
Energy
(5.2%):
Devon
Energy
Corp.
.....................................................
184,247
6,120
Enterprise
Products
Partners
LP
.............................................
429,524
13,311
EOG
Resources,
Inc.
....................................................
61,391
7,368
Exxon
Mobil
Corp.
.....................................................
138,900
15,507
Marathon
Petroleum
Corp.
................................................
38,238
6,508
Valero
Energy
Corp.
.....................................................
114,980
15,788
Weatherford
International
PLC
.............................................
54,408
3,077
67,679
Financials
(22.2%):
Affiliated
Managers
Group,
Inc.
............................................
31,117
6,531
American
Express
Co.
...................................................
17,032
5,098
Ameriprise
Financial,
Inc.
.................................................
15,117
7,833
Axis
Capital
Holdings
Ltd.
................................................
31,556
2,961
Cboe
Global
Markets,
Inc.
................................................
52,500
12,655
Citigroup,
Inc.
.........................................................
261,500
24,503
East
West
Bancorp,
Inc.
..................................................
71,315
7,149
Evercore,
Inc.
.........................................................
20,306
6,115
Everest
Group
Ltd.
......................................................
58,074
19,501
Fairfax
Financial
Holdings
Ltd.
.............................................
11,600
20,520
Fidelity
National
Financial,
Inc.
............................................
138,161
7,796
Interactive
Brokers
Group,
Inc.
.............................................
7,371
483
Victory
Portfolios
III
Victory
Value
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
JPMorgan
Chase
&
Co.
..................................................
97,219
$
28,800
KeyCorp
.............................................................
1,207,900
21,646
MGIC
Investment
Corp.
..................................................
170,527
4,417
PayPal
Holdings,
Inc.
(a)
..................................................
73,703
5,068
Principal
Financial
Group,
Inc.
.............................................
55,815
4,344
Regions
Financial
Corp.
..................................................
195,455
4,951
Rithm
Capital
Corp.
.....................................................
116,771
1,405
SEI
Investments
Co.
.....................................................
75,821
6,681
Synchrony
Financial
.....................................................
107,712
7,504
Synovus
Financial
Corp.
..................................................
43,215
2,041
The
Allstate
Corp.
......................................................
25,537
5,190
The
Goldman
Sachs
Group,
Inc.
............................................
13,192
9,546
The
PNC
Financial
Services
Group,
Inc.
......................................
75,600
14,384
The
Progressive
Corp.
...................................................
30,378
7,353
U.S.
Bancorp
..........................................................
281,375
12,651
Unum
Group
..........................................................
228,900
16,437
Voya
Financial,
Inc.
.....................................................
55,259
3,868
W.R.
Berkley
Corp.
.....................................................
97,718
6,724
Zions
Bancorp
NA
......................................................
62,841
3,370
287,525
Health
Care
(14.9%):
AbbVie,
Inc.
..........................................................
74,770
14,133
Agilent
Technologies,
Inc.
.................................................
23,386
2,685
Bristol-Myers
Squibb
Co.
.................................................
165,247
7,157
Centene
Corp.
(a)
.......................................................
51,798
1,350
CVS
Health
Corp.
......................................................
176,788
10,979
Elevance
Health,
Inc.
....................................................
10,816
3,062
Exelixis,
Inc.
(a)
........................................................
99,122
3,590
GE
HealthCare
Technologies,
Inc.
...........................................
78,700
5,613
Gilead
Sciences,
Inc.
....................................................
118,392
13,294
Humana,
Inc.
..........................................................
12,123
3,029
Incyte
Corp.
(a)
.........................................................
36,652
2,745
Jazz
Pharmaceuticals
PLC
(a)
..............................................
39,098
4,482
Johnson
&
Johnson
.....................................................
118,978
19,600
McKesson
Corp.
.......................................................
17,160
11,901
Medpace
Holdings,
Inc.
(a)
................................................
9,747
4,164
Medtronic
PLC
........................................................
144,200
13,013
Merck
&
Co.,
Inc.
......................................................
192,787
15,061
Pfizer,
Inc.
............................................................
207,776
4,839
Regeneron
Pharmaceuticals,
Inc.
............................................
6,331
3,453
Royalty
Pharma
PLC
,
Class
A
..............................................
212,585
7,823
Tenet
Healthcare
Corp.
(a)
.................................................
20,657
3,332
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
...................................
844,800
13,052
The
Cigna
Group
.......................................................
68,672
18,361
United
Therapeutics
Corp.
(a)
..............................................
8,828
2,425
UnitedHealth
Group,
Inc.
.................................................
16,421
4,098
193,241
Industrials
(16.1%):
A.O.
Smith
Corp.
.......................................................
81,970
5,803
Acuity,
Inc.
...........................................................
12,305
3,831
Allison
Transmission
Holdings,
Inc.
.........................................
31,060
2,798
Automatic
Data
Processing,
Inc.
............................................
20,448
6,329
Builders
FirstSource,
Inc.
(a)
...............................................
33,087
4,206
CACI
International,
Inc.
,
Class
A
(a)
.........................................
30,700
14,139
Carlisle
Cos.,
Inc.
.......................................................
14,360
5,094
Caterpillar,
Inc.
........................................................
24,487
10,726
Comfort
Systems
USA,
Inc.
...............................................
8,287
5,828
Eaton
Corp.
PLC
.......................................................
35,900
13,811
EMCOR
Group,
Inc.
....................................................
9,559
5,998
Expeditors
International
of
Washington,
Inc.
....................................
34,459
4,006
FedEx
Corp.
..........................................................
41,700
9,320
Ferguson
Enterprises,
Inc.
.................................................
25,689
5,737
Victory
Portfolios
III
Victory
Value
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
General
Dynamics
Corp.
..................................................
25,700
$
8,008
Genpact
Ltd.
..........................................................
78,227
3,446
Honeywell
International,
Inc.
..............................................
54,700
12,163
Johnson
Controls
International
PLC
..........................................
78,100
8,200
Leidos
Holdings,
Inc.
....................................................
71,721
11,450
Lincoln
Electric
Holdings,
Inc.
.............................................
16,942
4,125
Lockheed
Martin
Corp.
...................................................
15,614
6,573
Lyft,
Inc.
,
Class
A
(a)
....................................................
246,074
3,460
Masco
Corp.
..........................................................
78,595
5,355
Otis
Worldwide
Corp.
....................................................
64,936
5,564
Owens
Corning
........................................................
42,656
5,948
PACCAR,
Inc.
.........................................................
50,647
5,002
RTX
Corp.
............................................................
61,767
9,733
SS&C
Technologies
Holdings,
Inc.
..........................................
197,100
16,848
United
Parcel
Service,
Inc.
,
Class
B
..........................................
29,251
2,520
WESCO
International,
Inc.
................................................
14,299
2,959
208,980
Information
Technology
(10.6%):
Accenture
PLC
,
Class
A
..................................................
24,911
6,654
Adobe,
Inc.
(a)
.........................................................
9,634
3,446
Amdocs
Ltd.
..........................................................
62,375
5,324
Amphenol
Corp.
,
Class
A
.................................................
67,700
7,211
Analog
Devices,
Inc.
....................................................
39,000
8,761
Apple,
Inc.
...........................................................
16,261
3,375
Applied
Materials,
Inc.
...................................................
78,432
14,122
Arrow
Electronics,
Inc.
(a)
.................................................
22,315
2,589
Cisco
Systems,
Inc.
.....................................................
144,244
9,820
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
68,971
4,949
Corpay,
Inc.
(a)
.........................................................
26,700
8,625
Dropbox,
Inc.
,
Class
A
(a)
.................................................
153,880
4,181
Gen
Digital,
Inc.
.......................................................
134,240
3,959
Jabil,
Inc.
............................................................
24,997
5,579
Lam
Research
Corp.
.....................................................
66,802
6,336
NetApp,
Inc.
..........................................................
52,601
5,477
ON
Semiconductor
Corp.
(a)
...............................................
77,238
4,353
QUALCOMM,
Inc.
.....................................................
40,888
6,001
Salesforce,
Inc.
........................................................
38,900
10,049
Teradata
Corp.
(a)
.......................................................
111,336
2,330
Zebra
Technologies
Corp.
(a)
...............................................
32,900
11,154
Zoom
Communications,
Inc.
(a)
.............................................
34,870
2,582
136,877
Materials
(3.6%):
Avery
Dennison
Corp.
...................................................
30,225
5,071
CF
Industries
Holdings,
Inc.
...............................................
68,647
6,373
Louisiana-Pacific
Corp.
..................................................
48,151
4,353
LyondellBasell
Industries
NV
,
Class
A
........................................
46,801
2,711
NewMarket
Corp.
......................................................
4,994
3,431
PPG
Industries,
Inc.
.....................................................
82,800
8,735
Sealed
Air
Corp.
.......................................................
252,629
7,394
Steel
Dynamics,
Inc.
.....................................................
39,225
5,004
The
Mosaic
Co.
........................................................
99,227
3,573
46,645
Real
Estate
(4.0%):
American
Healthcare
REIT,
Inc.
............................................
32,678
1,263
Brixmor
Property
Group,
Inc.
..............................................
53,658
1,402
Camden
Property
Trust
...................................................
110,373
12,053
CareTrust
REIT,
Inc.
....................................................
40,935
1,302
Cousins
Properties,
Inc.
..................................................
42,681
1,157
Crown
Castle,
Inc.
......................................................
2,098
220
Digital
Realty
Trust,
Inc.
..................................................
3,675
648
Equinix,
Inc.
..........................................................
3,914
3,073
Equity
LifeStyle
Properties,
Inc.
............................................
166,200
9,959
Victory
Portfolios
III
Victory
Value
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Equity
Residential
......................................................
27,492
$
1,737
First
Industrial
Realty
Trust,
Inc.
............................................
27,251
1,328
Invitation
Homes,
Inc.
...................................................
52,030
1,595
Kimco
Realty
Corp.
.....................................................
73,897
1,569
Omega
Healthcare
Investors,
Inc.
...........................................
39,633
1,542
Prologis,
Inc.
..........................................................
16,918
1,807
Public
Storage
.........................................................
7,756
2,109
Realty
Income
Corp.
....................................................
7,113
399
Simon
Property
Group,
Inc.
...............................................
14,198
2,325
Ventas,
Inc.
...........................................................
30,328
2,037
Welltower,
Inc.
.........................................................
25,340
4,183
51,708
Utilities
(4.4%):
American
Electric
Power
Co.,
Inc.
...........................................
98,300
11,122
Edison
International
.....................................................
125,154
6,523
Evergy,
Inc.
...........................................................
79,472
5,627
Exelon
Corp.
..........................................................
339,200
15,244
National
Fuel
Gas
Co.
...................................................
92,285
8,009
NRG
Energy,
Inc.
.......................................................
19,519
3,263
OGE
Energy
Corp.
......................................................
77,456
3,518
PG&E
Corp.
..........................................................
228,737
3,207
56,513
Total
Common
Stocks
(Cost
$1,068,013)
a
a
a
1,265,873
Total
Investments
(Cost
$1,068,013)
—
97.7%
1,265,873
Other
assets
in
excess
of
liabilities
—  2.3%
30,061
NET
ASSETS
-
100.00%
$
1,295,934
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
7.7%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
500
Index
Fund
81
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(10.1%):
Alphabet,
Inc.,
Class
A
...................................................
1,439,567
$
276,253
Alphabet,
Inc.,
Class
C
...................................................
1,257,959
242,610
AT&T,
Inc.
...........................................................
1,779,936
48,788
Charter
Communications,
Inc.,
Class
A(a)
.....................................
23,267
6,267
Comcast
Corp.,
Class
A
..................................................
914,765
30,398
Electronic
Arts,
Inc.
.....................................................
55,663
8,488
Fox
Corp.,
Class
A
......................................................
51,302
2,861
Fox
Corp.,
Class
B
......................................................
31,256
1,598
Liberty
Media
Corp.-Liberty
Formula
One,
Series
A(a)
............................
4,825
435
Liberty
Media
Corp.-Liberty
Formula
One,
Series
C(a)
............................
53,468
5,366
Live
Nation
Entertainment,
Inc.(a)
...........................................
37,965
5,607
Meta
Platforms,
Inc.,
Class
A
..............................................
537,655
415,844
Netflix,
Inc.(a)
.........................................................
104,808
121,514
News
Corp.,
Class
A
.....................................................
91,007
2,668
News
Corp.,
Class
B
....................................................
23,040
770
Omnicom
Group,
Inc.
....................................................
46,841
3,375
Pinterest,
Inc.,
Class
A(a)
.................................................
143,193
5,527
ROBLOX
Corp.,
Class
A(a)
...............................................
142,978
19,701
Spotify
Technology
SA(a)
.................................................
37,733
23,641
Take-Two
Interactive
Software,
Inc.(a)
........................................
40,181
8,950
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
109,617
9,532
The
Walt
Disney
Co.
....................................................
444,912
52,994
T-Mobile
US,
Inc.
......................................................
113,938
27,164
Verizon
Communications,
Inc.
..............................................
1,043,481
44,619
Warner
Bros
Discovery,
Inc.(a)
.............................................
547,801
7,215
1,372,185
Communications
Equipment
(0.9%):
Arista
Networks,
Inc.(a)
..................................................
255,007
31,422
Cisco
Systems,
Inc.
.....................................................
978,748
66,633
F5,
Inc.(a)
............................................................
13,902
4,357
Motorola
Solutions,
Inc.
..................................................
41,048
18,020
120,432
Consumer
Discretionary
(10.1%):
Airbnb,
Inc.,
Class
A(a)
..................................................
102,160
13,527
Amazon.com,
Inc.(a)
....................................................
2,354,712
551,262
AutoZone,
Inc.(a)
.......................................................
4,113
15,499
Best
Buy
Co.,
Inc.
......................................................
47,165
3,069
Booking
Holdings,
Inc.
...................................................
8,041
44,258
Burlington
Stores,
Inc.(a)
.................................................
15,299
4,176
Carnival
Corp.
(a)
.......................................................
264,765
7,882
Carvana
Co.(a)
.........................................................
30,215
11,789
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
330,070
14,153
D.R.
Horton,
Inc.
.......................................................
66,752
9,535
Darden
Restaurants,
Inc.
..................................................
28,594
5,767
Deckers
Outdoor
Corp.(a)
.................................................
35,787
3,799
Domino's
Pizza,
Inc.
.....................................................
8,290
3,840
DoorDash,
Inc.,
Class
A(a)
................................................
83,847
20,983
DraftKings,
Inc.(a)
......................................................
116,879
5,264
Duolingo,
Inc.(a)
.......................................................
9,072
3,144
eBay,
Inc.
............................................................
113,080
10,375
Expedia
Group,
Inc.
.....................................................
29,502
5,317
Ford
Motor
Co.
........................................................
959,309
10,620
Garmin
Ltd.
...........................................................
40,012
8,753
General
Motors
Co.
.....................................................
236,591
12,620
Genuine
Parts
Co.
......................................................
33,737
4,348
Hilton
Worldwide
Holdings,
Inc.
............................................
58,114
15,579
Las
Vegas
Sands
Corp.
...................................................
89,611
4,696
Lennar
Corp.,
Class
A
....................................................
56,063
6,289
Lennar
Corp.,
Class
B
...................................................
1,832
196
Lowe's
Cos.,
Inc.
.......................................................
138,547
30,975
Victory
Portfolios
III
Victory
500
Index
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Lululemon
Athletica,
Inc.(a)
...............................................
25,577
$
5,129
Marriott
International,
Inc.,
Class
A
..........................................
55,869
14,740
McDonald's
Corp.
......................................................
177,066
53,132
NIKE,
Inc.,
Class
B
.....................................................
286,235
21,379
NVR,
Inc.(a)
..........................................................
683
5,156
O'Reilly
Automotive,
Inc.(a)
...............................................
209,577
20,606
PulteGroup,
Inc.
........................................................
48,761
5,506
Rivian
Automotive,
Inc.,
Class
A(a)(b)
........................................
184,855
2,379
Ross
Stores,
Inc.
.......................................................
78,836
10,764
Royal
Caribbean
Cruises
Ltd.
..............................................
61,031
19,400
Starbucks
Corp.
........................................................
280,517
25,011
Tesla,
Inc.
(a)
..........................................................
694,656
214,142
The
Home
Depot,
Inc.
...................................................
246,439
90,569
The
TJX
Cos.,
Inc.
......................................................
275,801
34,345
Tractor
Supply
Co.
......................................................
129,836
7,394
Ulta
Beauty,
Inc.(a)
.....................................................
10,974
5,652
Williams-Sonoma,
Inc.
...................................................
28,934
5,412
Yum!
Brands,
Inc.
......................................................
68,342
9,851
1,378,282
Consumer
Staples
(5.1%):
Altria
Group,
Inc.
.......................................................
416,031
25,769
Archer-Daniels-Midland
Co.
...............................................
117,018
6,340
Brown-Forman
Corp.,
Class
A
..............................................
8,474
243
Brown-Forman
Corp.,
Class
B
.............................................
69,405
2,002
Church
&
Dwight
Co.,
Inc.
................................................
60,212
5,646
Colgate-Palmolive
Co.
...................................................
199,881
16,760
Constellation
Brands,
Inc.,
Class
A
..........................................
38,078
6,360
Costco
Wholesale
Corp.
..................................................
109,721
103,098
Dollar
General
Corp.
....................................................
53,701
5,633
Dollar
Tree,
Inc.(a)
......................................................
51,022
5,793
General
Mills,
Inc.
......................................................
133,881
6,557
Hormel
Foods
Corp.
.....................................................
69,406
1,950
Kellanova
............................................................
72,751
5,808
Kenvue,
Inc.
..........................................................
472,704
10,135
Keurig
Dr.
Pepper,
Inc.
...................................................
316,638
10,338
Kimberly-Clark
Corp.
....................................................
81,581
10,167
McCormick
&
Co.,
Inc.
..................................................
64,640
4,565
Mondelez
International,
Inc.,
Class
A
.........................................
319,525
20,670
Monster
Beverage
Corp.(a)
................................................
170,598
10,023
PepsiCo,
Inc.
..........................................................
338,420
46,675
Philip
Morris
International,
Inc.
.............................................
384,962
63,153
Sprouts
Farmers
Market,
Inc.(a)
............................................
23,694
3,591
Sysco
Corp.
...........................................................
118,977
9,470
Target
Corp.
..........................................................
111,712
11,227
The
Clorox
Co.
........................................................
29,906
3,755
The
Coca-Cola
Co.
......................................................
1,058,421
71,856
The
Estee
Lauder
Cos.,
Inc.
...............................................
57,025
5,323
The
Hershey
Co.
.......................................................
36,140
6,727
The
Kraft
Heinz
Co.
.....................................................
289,752
7,957
The
Kroger
Co.
........................................................
162,734
11,408
The
Procter
&
Gamble
Co.
................................................
580,731
87,383
Tyson
Foods,
Inc.,
Class
A
................................................
67,768
3,544
U.S.
Foods
Holding
Corp.(a)
...............................................
56,093
4,674
Walmart,
Inc.
..........................................................
1,076,981
105,523
700,123
Electronic
Equipment,
Instruments
&
Components
(0.7%):
Amphenol
Corp.,
Class
A
.................................................
297,595
31,697
CDW
Corp.
...........................................................
32,129
5,603
Corning,
Inc.
..........................................................
192,842
12,195
Jabil,
Inc.
............................................................
25,505
5,692
Keysight
Technologies,
Inc.(a)
.............................................
41,908
6,869
TE
Connectivity
PLC
....................................................
73,087
15,038
Victory
Portfolios
III
Victory
500
Index
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Teledyne
Technologies,
Inc.(a)
.............................................
11,375
$
6,268
Trimble,
Inc.(a)
........................................................
58,086
4,873
Zebra
Technologies
Corp.(a)
...............................................
12,296
4,168
92,403
Energy
(3.1%):
Baker
Hughes
Co.
......................................................
243,625
10,975
Cheniere
Energy,
Inc.
....................................................
54,196
12,784
Chevron
Corp.
.........................................................
505,571
76,665
ConocoPhillips
Co.
.....................................................
312,118
29,757
Coterra
Energy,
Inc.
.....................................................
183,214
4,469
Devon
Energy
Corp.
.....................................................
148,971
4,949
Diamondback
Energy,
Inc.
................................................
45,968
6,834
EOG
Resources,
Inc.
....................................................
134,415
16,133
EQT
Corp.
............................................................
145,663
7,829
Expand
Energy
Corp.
....................................................
54,205
5,680
Exxon
Mobil
Corp.
.....................................................
1,067,236
119,146
Halliburton
Co.
........................................................
208,993
4,681
Kinder
Morgan,
Inc.
.....................................................
478,013
13,413
Marathon
Petroleum
Corp.
................................................
75,580
12,863
Occidental
Petroleum
Corp.
...............................................
241,584
10,615
ONEOK,
Inc.
..........................................................
153,720
12,622
Phillips
66
Co.
.........................................................
100,362
12,403
Schlumberger
NV
......................................................
334,629
11,310
Targa
Resources
Corp.
...................................................
52,487
8,734
Texas
Pacific
Land
Corp.
.................................................
5,618
5,439
The
Williams
Cos.,
Inc.
..................................................
300,117
17,992
Valero
Energy
Corp.
.....................................................
76,766
10,541
415,834
Financials
(14.0%):
Affirm
Holdings,
Inc.(a)
..................................................
65,446
4,487
Aflac,
Inc.
............................................................
119,590
11,882
American
Express
Co.
...................................................
173,277
51,864
American
International
Group,
Inc.
..........................................
141,529
10,987
Ameriprise
Financial,
Inc.
.................................................
23,430
12,141
Aon
PLC,
Class
A
......................................................
51,658
18,375
Apollo
Global
Management,
Inc.
............................................
99,553
14,467
Arch
Capital
Group
Ltd.
..................................................
88,939
7,654
Ares
Management
Corp.,
Class
A
...........................................
49,795
9,239
Arthur
J.
Gallagher
&
Co.
.................................................
62,619
17,987
Bank
of
America
Corp.
...................................................
1,863,199
88,073
Berkshire
Hathaway,
Inc.,
Class
A(a)
.........................................
83
59,748
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
331,663
156,505
Blackrock,
Inc.
........................................................
35,582
39,354
Blackstone,
Inc.
........................................................
178,659
30,901
Block,
Inc.(a)
..........................................................
132,090
10,205
Brown
&
Brown,
Inc.
....................................................
58,192
5,317
Capital
One
Financial
Corp.
...............................................
156,254
33,595
Cboe
Global
Markets,
Inc.
................................................
25,602
6,171
Chubb
Ltd.
...........................................................
98,656
26,246
Cincinnati
Financial
Corp.
................................................
37,545
5,538
Citigroup,
Inc.
.........................................................
461,185
43,213
Citizens
Financial
Group,
Inc.
..............................................
105,103
5,016
CME
Group,
Inc.
.......................................................
88,850
24,725
Coinbase
Global,
Inc.,
Class
A(a)
...........................................
49,904
18,852
Corebridge
Financial,
Inc.
.................................................
90,710
3,226
Erie
Indemnity
Co.,
Class
A
...............................................
6,034
2,150
Everest
Group
Ltd.
......................................................
7,797
2,618
FactSet
Research
Systems,
Inc.
.............................................
9,214
3,712
Fidelity
National
Information
Services,
Inc.
....................................
129,260
10,265
Fifth
Third
Bancorp
.....................................................
162,940
6,773
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
2,248
4,484
Fiserv,
Inc.(a)
..........................................................
135,868
18,878
Victory
Portfolios
III
Victory
500
Index
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Global
Payments,
Inc.
....................................................
59,051
$
4,721
Huntington
Bancshares,
Inc.
...............................................
352,737
5,796
Interactive
Brokers
Group,
Inc.
.............................................
103,322
6,774
Intercontinental
Exchange,
Inc.
.............................................
140,878
26,039
JPMorgan
Chase
&
Co.
..................................................
686,530
203,378
KeyCorp
.............................................................
266,906
4,783
KKR
&
Co.,
Inc.
.......................................................
167,817
24,599
Loews
Corp.
..........................................................
42,137
3,815
LPL
Financial
Holdings,
Inc.
...............................................
19,494
7,714
M&T
Bank
Corp.
.......................................................
39,277
7,412
Markel
Group,
Inc.(a)
....................................................
3,048
6,121
Marsh
&
McLennan
Cos.,
Inc.
.............................................
121,756
24,254
Mastercard,
Inc.,
Class
A
.................................................
203,361
115,198
MetLife,
Inc.
..........................................................
138,358
10,508
Moody's
Corp.
.........................................................
44,436
22,917
Morgan
Stanley
........................................................
303,541
43,242
MSCI,
Inc.
...........................................................
18,410
10,335
Nasdaq,
Inc.
..........................................................
105,517
10,153
Northern
Trust
Corp.
....................................................
46,870
6,093
PayPal
Holdings,
Inc.(a)
..................................................
239,270
16,452
Principal
Financial
Group,
Inc.
.............................................
54,293
4,226
Prudential
Financial,
Inc.
.................................................
86,924
9,004
Raymond
James
Financial,
Inc.
.............................................
44,602
7,454
Regions
Financial
Corp.
..................................................
219,457
5,559
Robinhood
Markets,
Inc.,
Class
A(a)
.........................................
182,096
18,765
S&P
Global,
Inc.
.......................................................
75,837
41,794
SoFi
Technologies,
Inc.(a)
.................................................
264,855
5,980
State
Street
Corp.
.......................................................
69,673
7,786
Synchrony
Financial
.....................................................
92,990
6,479
T.
Rowe
Price
Group,
Inc.
.................................................
52,940
5,371
The
Allstate
Corp.
......................................................
64,871
13,185
The
Bank
of
New
York
Mellon
Corp.
.........................................
176,229
17,878
The
Carlyle
Group,
Inc.
..................................................
62,135
3,769
The
Charles
Schwab
Corp.
................................................
423,693
41,408
The
Goldman
Sachs
Group,
Inc.
............................................
75,596
54,701
The
Hartford
Insurance
Group,
Inc.
..........................................
69,607
8,658
The
PNC
Financial
Services
Group,
Inc.
......................................
97,342
18,521
The
Progressive
Corp.
...................................................
144,725
35,029
The
Travelers
Cos.,
Inc.
..................................................
55,667
14,487
Toast,
Inc.,
Class
A(a)
....................................................
109,930
5,369
Tradeweb
Markets,
Inc.,
Class
A
............................................
28,202
3,907
Truist
Financial
Corp.
....................................................
322,614
14,101
U.S.
Bancorp
..........................................................
383,904
17,260
Visa,
Inc.,
Class
A
......................................................
423,114
146,173
W.R.
Berkley
Corp.
.....................................................
72,594
4,995
Wells
Fargo
&
Co.
......................................................
804,979
64,905
Willis
Towers
Watson
PLC
................................................
24,249
7,658
1,909,374
Health
Care
(8.7%):
Abbott
Laboratories
.....................................................
428,119
54,024
AbbVie,
Inc.
..........................................................
437,413
82,680
Agilent
Technologies,
Inc.
.................................................
69,571
7,987
Align
Technology,
Inc.(a)
.................................................
16,481
2,126
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
30,704
12,043
Amgen,
Inc.
...........................................................
132,848
39,203
Baxter
International,
Inc.
.................................................
123,664
2,691
Becton
Dickinson
&
Co.
..................................................
70,563
12,578
Biogen,
Inc.(a)
.........................................................
35,723
4,573
Boston
Scientific
Corp.(a)
.................................................
364,825
38,277
Bristol-Myers
Squibb
Co.
.................................................
502,790
21,776
Cardinal
Health,
Inc.
....................................................
58,570
9,091
Cencora,
Inc.
..........................................................
45,070
12,894
Centene
Corp.(a)
.......................................................
119,339
3,111
Victory
Portfolios
III
Victory
500
Index
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
CVS
Health
Corp.
......................................................
312,115
$
19,382
Danaher
Corp.
.........................................................
161,430
31,828
Dexcom,
Inc.(a)
........................................................
95,047
7,677
Edwards
Lifesciences
Corp.(a)
.............................................
141,635
11,233
Elevance
Health,
Inc.
....................................................
55,694
15,766
Eli
Lilly
&
Co.
.........................................................
210,688
155,924
GE
HealthCare
Technologies,
Inc.
...........................................
112,287
8,008
Gilead
Sciences,
Inc.
....................................................
307,434
34,522
HCA
Healthcare,
Inc.
....................................................
42,084
14,897
Hologic,
Inc.(a)
........................................................
53,678
3,587
Humana,
Inc.
..........................................................
29,563
7,387
IDEXX
Laboratories,
Inc.(a)
...............................................
19,622
10,484
Illumina,
Inc.(a)
........................................................
37,469
3,848
Incyte
Corp.(a)
.........................................................
46,270
3,465
Insulet
Corp.(a)
........................................................
17,118
4,937
Intuitive
Surgical,
Inc.(a)
.................................................
88,234
42,449
IQVIA
Holdings,
Inc.(a)
..................................................
42,174
7,839
Johnson
&
Johnson
.....................................................
595,580
98,116
Labcorp
Holdings,
Inc.
...................................................
20,403
5,306
McKesson
Corp.
.......................................................
30,877
21,414
Medtronic
PLC
........................................................
316,822
28,590
Merck
&
Co.,
Inc.
......................................................
621,599
48,559
Mettler-Toledo
International,
Inc.(a)
.........................................
5,075
6,261
Molina
Healthcare,
Inc.(a)
................................................
12,821
2,024
Natera,
Inc.(a)
.........................................................
31,547
4,217
Pfizer,
Inc.
............................................................
1,404,800
32,718
Quest
Diagnostics,
Inc.
...................................................
27,102
4,537
Regeneron
Pharmaceuticals,
Inc.
............................................
25,686
14,011
ResMed,
Inc.
..........................................................
35,848
9,749
STERIS
PLC
..........................................................
23,994
5,434
Stryker
Corp.
..........................................................
88,500
34,757
The
Cigna
Group
.......................................................
64,969
17,371
The
Cooper
Cos.,
Inc.(a)
..................................................
48,174
3,405
Thermo
Fisher
Scientific,
Inc.
..............................................
93,317
43,643
UnitedHealth
Group,
Inc.
.................................................
224,245
55,963
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
36,790
10,456
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
63,349
28,942
Waters
Corp.(a)
........................................................
14,489
4,184
West
Pharmaceutical
Services,
Inc.
..........................................
17,426
4,169
Zimmer
Biomet
Holdings,
Inc.
.............................................
48,250
4,422
Zoetis,
Inc.
...........................................................
109,850
16,015
1,190,550
Industrials
(8.8%):
3M
Co.
..............................................................
132,891
19,830
AMETEK,
Inc.
........................................................
56,593
10,461
Automatic
Data
Processing,
Inc.
............................................
100,323
31,050
Axon
Enterprise,
Inc.(a)
..................................................
18,152
13,714
Booz
Allen
Hamilton
Holding
Corp.
.........................................
29,760
3,194
Broadridge
Financial
Solutions,
Inc.
.........................................
28,688
7,101
Carlisle
Cos.,
Inc.
.......................................................
10,430
3,700
Carrier
Global
Corp.
.....................................................
196,923
13,513
Caterpillar,
Inc.
........................................................
116,248
50,919
Cintas
Corp.
..........................................................
84,814
18,875
Comfort
Systems
USA,
Inc.
...............................................
8,513
5,987
Copart,
Inc.(a)
.........................................................
217,794
9,873
CSX
Corp.
............................................................
463,072
16,458
Cummins,
Inc.
.........................................................
33,391
12,275
Curtiss-Wright
Corp.
....................................................
9,154
4,487
Deere
&
Co.
..........................................................
62,051
32,538
Delta
Air
Lines,
Inc.
.....................................................
159,990
8,513
Dover
Corp.
...........................................................
33,450
6,059
Eaton
Corp.
PLC
.......................................................
96,660
37,187
EMCOR
Group,
Inc.
....................................................
10,834
6,798
Victory
Portfolios
III
Victory
500
Index
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Emerson
Electric
Co.
....................................................
138,696
$
20,182
Equifax,
Inc.
..........................................................
30,325
7,285
Expeditors
International
of
Washington,
Inc.
....................................
33,106
3,848
Fastenal
Co.
...........................................................
282,738
13,043
FedEx
Corp.
..........................................................
54,076
12,085
Ferguson
Enterprises,
Inc.
.................................................
48,031
10,727
Fortive
Corp.
..........................................................
82,530
3,956
GE
Vernova,
Inc.
.......................................................
67,531
44,590
General
Dynamics
Corp.
..................................................
65,880
20,529
General
Electric
Co.
.....................................................
263,564
71,447
Graco,
Inc.
...........................................................
40,184
3,375
HEICO
Corp.
..........................................................
10,288
3,362
HEICO
Corp.,
Class
A
...................................................
18,622
4,806
Honeywell
International,
Inc.
..............................................
158,911
35,334
Howmet
Aerospace,
Inc.
..................................................
98,734
17,749
Hubbell,
Inc.
..........................................................
13,018
5,695
IDEX
Corp.
...........................................................
18,298
2,992
Illinois
Tool
Works,
Inc.
..................................................
72,141
18,466
Ingersoll
Rand,
Inc.
.....................................................
99,018
8,380
J.B.
Hunt
Transport
Services,
Inc.
...........................................
19,016
2,739
Jacobs
Solutions,
Inc.
....................................................
28,949
4,107
Johnson
Controls
International
PLC
..........................................
162,049
17,015
L3Harris
Technologies,
Inc.
...............................................
45,941
12,625
Leidos
Holdings,
Inc.
....................................................
31,021
4,952
Lennox
International,
Inc.
.................................................
7,854
4,783
Lockheed
Martin
Corp.
...................................................
57,903
24,376
Norfolk
Southern
Corp.
..................................................
55,629
15,465
Northrop
Grumman
Corp.
.................................................
35,485
20,461
Old
Dominion
Freight
Line,
Inc.
............................................
44,792
6,685
Otis
Worldwide
Corp.
....................................................
96,943
8,307
PACCAR,
Inc.
.........................................................
127,059
12,548
Parker-Hannifin
Corp.
...................................................
31,521
23,070
Paychex,
Inc.
..........................................................
79,418
11,462
Pentair
PLC
...........................................................
39,856
4,073
Quanta
Services,
Inc.
....................................................
36,185
14,696
Republic
Services,
Inc.
...................................................
49,825
11,492
Rockwell
Automation,
Inc.
................................................
27,695
9,741
Rollins,
Inc.
...........................................................
70,746
4,052
RTX
Corp.
............................................................
330,554
52,085
Snap-on,
Inc.
..........................................................
12,468
4,005
Southwest
Airlines
Co.
...................................................
137,439
4,251
SS&C
Technologies
Holdings,
Inc.
..........................................
52,245
4,466
Textron,
Inc.
..........................................................
43,554
3,387
The
Boeing
Co.(a)
......................................................
186,463
41,365
Trane
Technologies
PLC
..................................................
55,045
24,114
TransDigm
Group,
Inc.
...................................................
13,659
21,970
TransUnion
...........................................................
47,300
4,502
Uber
Technologies,
Inc.(a)
................................................
497,583
43,663
Union
Pacific
Corp.
.....................................................
147,475
32,735
United
Airlines
Holdings,
Inc.(a)
............................................
79,697
7,038
United
Parcel
Service,
Inc.,
Class
B
..........................................
181,268
15,618
United
Rentals,
Inc.
.....................................................
15,953
14,086
Veralto
Corp.
..........................................................
58,237
6,105
Verisk
Analytics,
Inc.
....................................................
34,361
9,577
Vertiv
Holdings
Co.,
Class
A
...............................................
92,082
13,407
W.W.
Grainger,
Inc.
.....................................................
11,119
11,559
Waste
Management,
Inc.
..................................................
99,257
22,746
Watsco,
Inc.
...........................................................
8,468
3,818
Westinghouse
Air
Brake
Technologies
Corp.
....................................
41,604
7,990
XPO,
Inc.(a)
..........................................................
27,832
3,348
Xylem,
Inc.
...........................................................
59,429
8,595
1,193,462
Victory
Portfolios
III
Victory
500
Index
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
IT
Services
(1.3%):
Accenture
PLC,
Class
A
..................................................
167,564
$
44,756
Cloudflare,
Inc.,
Class
A(a)
................................................
75,129
15,603
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
120,681
8,660
CoreWeave,
Inc.,
Class
A(a)(b)
.............................................
65,372
7,461
Gartner,
Inc.(a)
........................................................
18,350
6,214
GoDaddy,
Inc.,
Class
A(a)
.................................................
34,647
5,598
International
Business
Machines
Corp.
........................................
230,035
58,234
MongoDB,
Inc.(a)
......................................................
19,166
4,560
Okta,
Inc.(a)
..........................................................
40,484
3,959
Snowflake,
Inc.,
Class
A(a)
................................................
78,367
17,515
Twilio,
Inc.,
Class
A(a)
...................................................
35,402
4,567
VeriSign,
Inc.
..........................................................
22,811
6,133
183,260
Materials
(1.8%):
Air
Products
and
Chemicals,
Inc.
............................................
54,470
15,681
Amcor
PLC
...........................................................
562,548
5,260
Avery
Dennison
Corp.
...................................................
18,659
3,130
Ball
Corp.
............................................................
67,431
3,861
CF
Industries
Holdings,
Inc.
...............................................
39,107
3,630
Corteva,
Inc.
..........................................................
167,900
12,111
Dow,
Inc.
............................................................
171,685
3,998
DuPont
de
Nemours,
Inc.
.................................................
102,559
7,374
Ecolab,
Inc.
...........................................................
62,679
16,407
Freeport-McMoRan,
Inc.
.................................................
352,467
14,183
International
Flavors
&
Fragrances,
Inc.
.......................................
61,465
4,366
International
Paper
Co.
...................................................
128,346
5,999
Linde
PLC
............................................................
115,745
53,273
LyondellBasell
Industries
NV,
Class
A
........................................
62,282
3,608
Martin
Marietta
Materials,
Inc.
.............................................
14,713
8,458
Newmont
Corp.
........................................................
274,481
17,045
Nucor
Corp.
...........................................................
56,356
8,063
Packaging
Corp.
of
America
...............................................
21,481
4,162
PPG
Industries,
Inc.
.....................................................
55,390
5,844
Reliance,
Inc.
..........................................................
12,715
3,689
RPM
International,
Inc.
..................................................
30,846
3,622
Smurfit
WestRock
PLC
...................................................
125,169
5,555
Steel
Dynamics,
Inc.
.....................................................
33,921
4,327
The
Sherwin-Williams
Co.
................................................
57,550
19,042
Vulcan
Materials
Co.
....................................................
32,438
8,910
241,598
Real
Estate
(1.9%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
41,477
3,170
American
Tower
Corp.
...................................................
115,454
24,059
AvalonBay
Communities,
Inc.
..............................................
34,818
6,486
CBRE
Group,
Inc.,
Class
A(a)
..............................................
72,869
11,349
CoStar
Group,
Inc.(a)
....................................................
102,380
9,746
Crown
Castle,
Inc.
......................................................
107,008
11,245
Digital
Realty
Trust,
Inc.
..................................................
83,010
14,646
Equinix,
Inc.
..........................................................
24,042
18,877
Equity
Residential
......................................................
92,418
5,841
Essex
Property
Trust,
Inc.
.................................................
15,605
4,060
Extra
Space
Storage,
Inc.
.................................................
51,428
6,910
Gaming
and
Leisure
Properties,
Inc.
.........................................
63,635
2,901
Invitation
Homes,
Inc.
...................................................
149,078
4,569
Iron
Mountain,
Inc.
.....................................................
71,865
6,997
Mid-America
Apartment
Communities,
Inc.
....................................
28,292
4,030
Prologis,
Inc.
..........................................................
228,497
24,399
Public
Storage
.........................................................
38,827
10,559
Realty
Income
Corp.
....................................................
222,392
12,483
SBA
Communications
Corp.
...............................................
25,981
5,838
Simon
Property
Group,
Inc.
...............................................
79,835
13,076
Victory
Portfolios
III
Victory
500
Index
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Sun
Communities,
Inc.
...................................................
30,648
$
3,801
UDR,
Inc.
............................................................
79,967
3,142
Ventas,
Inc.
...........................................................
110,291
7,409
VICI
Properties,
Inc.
....................................................
259,139
8,448
Welltower,
Inc.
.........................................................
161,701
26,692
Weyerhaeuser
Co.
......................................................
176,376
4,418
Zillow
Group,
Inc.,
Class
A(a)
..............................................
11,438
878
Zillow
Group,
Inc.,
Class
C(a)
..............................................
39,490
3,141
259,170
Semiconductors
&
Semiconductor
Equipment
(12.8%):
Advanced
Micro
Devices,
Inc.(a)
............................................
399,352
70,410
Analog
Devices,
Inc.
....................................................
122,422
27,500
Applied
Materials,
Inc.
...................................................
198,159
35,680
Broadcom,
Inc.
........................................................
1,143,276
335,780
First
Solar,
Inc.(a)
......................................................
24,719
4,319
Intel
Corp.
............................................................
1,075,632
21,297
KLA
Corp.
...........................................................
32,674
28,721
Lam
Research
Corp.
.....................................................
315,117
29,886
Marvell
Technology,
Inc.
.................................................
211,792
17,022
Microchip
Technology,
Inc.
................................................
129,916
8,781
Micron
Technology,
Inc.
..................................................
275,212
30,037
Monolithic
Power
Systems,
Inc.
............................................
11,300
8,037
NVIDIA
Corp.
.........................................................
5,804,916
1,032,520
ON
Semiconductor
Corp.(a)
...............................................
101,619
5,727
QUALCOMM,
Inc.
.....................................................
271,556
39,854
Teradyne,
Inc.
.........................................................
38,886
4,178
Texas
Instruments,
Inc.
...................................................
224,602
40,666
1,740,415
Software
(12.1%):
Adobe,
Inc.(a)
.........................................................
105,162
37,615
AppLovin
Corp.,
Class
A(a)
...............................................
52,341
20,450
Atlassian
Corp.,
Class
A(a)
................................................
38,715
7,425
Autodesk,
Inc.(a)
.......................................................
52,703
15,975
Bentley
Systems,
Inc.,
Class
B
.............................................
30,113
1,746
Cadence
Design
Systems,
Inc.(a)
............................................
67,130
24,474
Corpay,
Inc.(a)
.........................................................
16,630
5,372
Crowdstrike
Holdings,
Inc.
,
Class
A(a)
.......................................
59,066
26,850
Datadog,
Inc.,
Class
A(a)
.................................................
75,624
10,586
Docusign,
Inc.(a)
.......................................................
48,688
3,683
Dynatrace,
Inc.(a)
......................................................
71,887
3,782
Fair
Isaac
Corp.(a)
......................................................
5,818
8,359
Fortinet,
Inc.(a)
........................................................
157,075
15,692
Gen
Digital,
Inc.
.......................................................
136,759
4,033
Guidewire
Software,
Inc.(a)
...............................................
20,396
4,614
HubSpot,
Inc.(a)
.......................................................
12,446
6,467
Intuit,
Inc.
............................................................
67,300
52,839
Microsoft
Corp.
........................................................
1,816,501
969,103
MicroStrategy,
Inc.(a)
....................................................
62,482
25,109
Nutanix,
Inc.,
Class
A(a)
..................................................
62,494
4,698
Oracle
Corp.
..........................................................
409,161
103,833
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
529,714
83,880
Palo
Alto
Networks,
Inc.(a)
................................................
163,434
28,372
PTC,
Inc.(a)
...........................................................
29,065
6,243
Roper
Technologies,
Inc.
..................................................
26,441
14,553
Salesforce,
Inc.
........................................................
230,730
59,604
ServiceNow,
Inc.(a)
.....................................................
51,097
48,191
Synopsys,
Inc.(a)
.......................................................
45,608
28,891
Tyler
Technologies,
Inc.(a)
................................................
10,492
6,133
Workday,
Inc.,
Class
A(a)
.................................................
52,747
12,099
Zoom
Communications,
Inc.(a)
.............................................
63,092
4,672
Zscaler,
Inc.(a)
.........................................................
23,729
6,776
1,652,119
Victory
Portfolios
III
Victory
500
Index
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Technology
Hardware,
Storage
&
Peripherals
(6.0%):
Apple,
Inc.
...........................................................
3,701,221
$
768,263
Dell
Technologies,
Inc.,
Class
C
............................................
74,159
9,840
Hewlett
Packard
Enterprise
Co.
.............................................
320,369
6,628
HP,
Inc.
..............................................................
229,551
5,693
NetApp,
Inc.
..........................................................
48,770
5,078
Pure
Storage,
Inc.,
Class
A(a)
..............................................
75,290
4,481
Seagate
Technology
Holdings
PLC
..........................................
51,868
8,144
Super
Micro
Computer,
Inc.(a)
.............................................
125,858
7,422
Western
Digital
Corp.
....................................................
84,637
6,660
822,209
Utilities
(2.3%):
Alliant
Energy
Corp.
....................................................
62,425
4,058
Ameren
Corp.
.........................................................
67,400
6,816
American
Electric
Power
Co.,
Inc.
...........................................
131,408
14,867
American
Water
Works
Co.,
Inc.
............................................
47,712
6,691
Atmos
Energy
Corp.
.....................................................
38,743
6,041
CenterPoint
Energy,
Inc.
..................................................
159,193
6,180
CMS
Energy
Corp.
......................................................
72,669
5,363
Consolidated
Edison,
Inc.
.................................................
88,464
9,156
Constellation
Energy
Corp.
................................................
77,388
26,919
Dominion
Energy,
Inc.
...................................................
209,965
12,272
DTE
Energy
Co.
.......................................................
50,756
7,025
Duke
Energy
Corp.
......................................................
191,895
23,342
Edison
International
.....................................................
93,912
4,895
Entergy
Corp.
.........................................................
105,734
9,562
Evergy,
Inc.
...........................................................
55,195
3,908
Eversource
Energy
......................................................
89,767
5,934
Exelon
Corp.
..........................................................
248,564
11,170
FirstEnergy
Corp.
.......................................................
140,970
6,021
NextEra
Energy,
Inc.
....................................................
509,117
36,178
NiSource,
Inc.
.........................................................
114,659
4,867
NRG
Energy,
Inc.
.......................................................
47,464
7,936
PG&E
Corp.
..........................................................
536,855
7,527
PPL
Corp.
............................................................
181,114
6,464
Public
Service
Enterprise
Group,
Inc.
.........................................
122,756
11,022
Sempra
..............................................................
160,726
13,128
The
Southern
Co.
.......................................................
271,485
25,650
Vistra
Corp.
...........................................................
83,030
17,315
WEC
Energy
Group,
Inc.
.................................................
78,359
8,547
Xcel
Energy,
Inc.
.......................................................
141,733
10,409
319,263
Total
Common
Stocks
(Cost
$3,015,237)
a
a
a
13,590,679
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.20%(c)
........
2,315,388
2,315
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.24%(c)
............
2,315,388
2,316
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.26%(c)
...............
2,315,388
2,316
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.22%(c)
.
2,315,388
2,315
Total
Collateral
for
Securities
Loaned
(Cost
$9,262)
a
a
a
9,262
Total
Investments
(Cost
$3,024,499)
—
99.8%
13,599,941
Other
assets
in
excess
of
liabilities
—  0.2%
29,221
NET
ASSETS
-
100.00%
$
13,629,162
^
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
July
31,
2025.
PLC
—
Public
Limited
Company
Victory
Portfolios
III
Victory
500
Index
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
107
9/19/25
$
34,016,156
$
34,102,238
$
86,082
Total
unrealized
appreciation
$
86,082
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
86,082
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
91
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.8%)
Communication
Services
(3.5%):
Advantage
Solutions,
Inc.
(a)
...............................................
9,388
$
13
Altice
USA,
Inc.
,
Class
A
(a)
...............................................
27,159
71
AMC
Entertainment
Holdings,
Inc.
(a)
(b)
......................................
50,980
148
AMC
Networks,
Inc.
,
Class
A
(a)
............................................
3,670
22
Angi,
Inc.
(a)
..........................................................
5,055
82
Anterix,
Inc.
(a)
........................................................
2,075
46
Asset
Entities,
Inc.
,
Class
B
(a)
(b)
...........................................
1,394
5
AST
SpaceMobile,
Inc.
(a)
(b)
..............................................
19,297
1,026
Atlanta
Braves
Holdings,
Inc.
(a)
............................................
6,646
296
ATN
International,
Inc.
...................................................
1,096
19
Bandwidth,
Inc.
,
Class
A
(a)
................................................
3,134
44
Boston
Omaha
Corp.
,
Class
A
(a)
............................................
3,398
46
Bumble,
Inc.
,
Class
A
(a)
..................................................
7,920
62
Cable
One,
Inc.
........................................................
532
68
Cardlytics,
Inc.
(a)
......................................................
5,381
11
Cargurus,
Inc.
(a)
.......................................................
9,560
314
Cars.com,
Inc.
(a)
.......................................................
6,689
86
Cinemark
Holdings,
Inc.
(b)
................................................
12,264
329
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
......................................
39,039
41
Cogent
Communications
Holdings,
Inc.
.......................................
5,193
237
CuriosityStream,
Inc.
....................................................
3,247
16
Daily
Journal
Corp.
(a)
...................................................
144
57
DHI
Group,
Inc.
(a)
......................................................
4,264
11
EchoStar
Corp.
,
Class
A
(a)
(b)
..............................................
15,751
513
Entravision
Communications
Corp.
,
Class
A
....................................
6,633
15
Eventbrite,
Inc.
,
Class
A
(a)
................................................
8,163
20
EverQuote,
Inc.
,
Class
A
(a)
................................................
3,114
77
FingerMotion,
Inc.
(a)
....................................................
4,104
7
Frontier
Communications
Parent,
Inc.
(a)
......................................
28,019
1,029
fuboTV,
Inc.
(a)
(b)
......................................................
38,933
155
Gaia,
Inc.
(a)
..........................................................
1,747
7
Gannett
Co.,
Inc.
(a)
.....................................................
13,914
53
GCI
Liberty,
Inc.
(a)
(c)
...................................................
12,260
—
(d)
Getty
Images
Holdings,
Inc.
(a)
(b)
...........................................
12,996
23
Globalstar,
Inc.
(a)
......................................................
5,883
138
Gogo,
Inc.
(a)
..........................................................
8,580
136
Gray
Media,
Inc.
.......................................................
9,844
44
IAC,
Inc.
(a)
...........................................................
8,539
336
Ibotta,
Inc.
,
Class
A
(a)
...................................................
1,383
50
IDT
Corp.
,
Class
B
......................................................
2,404
142
iHeartMedia,
Inc.
,
Class
A
(a)
..............................................
12,762
24
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
8,754
72
Iridium
Communications,
Inc.
..............................................
11,183
273
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
4,956
191
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
15,496
950
Liberty
Global
Ltd.
,
Class
A
(a)
.............................................
36,700
368
Liberty
Latin
America
Ltd.
,
Class
C
(a)
........................................
18,919
135
Liberty
Media
Corp.-Liberty
Live
(a)
.........................................
9,743
821
Lionsgate
Studios
Corp.
(a)
................................................
27,320
162
Lumen
Technologies,
Inc.
(a)
...............................................
111,965
498
Madison
Square
Garden
Entertainment
Corp.
(a)
.................................
4,645
175
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
2,001
404
Magnite,
Inc.
(a)
........................................................
16,253
374
Match
Group,
Inc.
......................................................
29,017
994
MediaAlpha,
Inc.
,
Class
A
(a)
..............................................
3,497
35
National
CineMedia,
Inc.
.................................................
7,626
37
Newsmax,
Inc.
(a)
.......................................................
7,698
102
Nexstar
Media
Group,
Inc.
................................................
3,350
627
Nextdoor
Holdings,
Inc.
(a)
................................................
24,191
42
Ooma,
Inc.
(a)
.........................................................
2,743
31
Paramount
Global
,
Class
B
(b)
..............................................
73,189
920
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Playstudios,
Inc.
(a)
......................................................
9,258
$
11
PubMatic,
Inc.
,
Class
A
(a)
................................................
4,659
56
QuinStreet,
Inc.
(a)
......................................................
6,242
102
Reddit,
Inc.
,
Class
A
(a)
...................................................
13,640
2,190
Reservoir
Media,
Inc.
(a)
..................................................
3,892
31
Roku,
Inc.
(a)
..........................................................
15,332
1,444
Rumble,
Inc.
(a)
(b)
......................................................
15,901
134
Scholastic
Corp.
........................................................
2,546
63
Shenandoah
Telecommunications
Co.
........................................
5,846
86
Shutterstock,
Inc.
(b)
.....................................................
2,783
53
Sinclair,
Inc.
..........................................................
4,677
68
Snap,
Inc.
,
Class
A
(a)
(b)
..................................................
127,902
1,206
Sphere
Entertainment
Co.
(a)
...............................................
3,240
139
Spok
Holdings,
Inc.
.....................................................
2,320
43
Stagwell,
Inc.
(a)
........................................................
13,359
77
Teads
Holding
Co.
(a)
....................................................
3,008
8
TechTarget,
Inc.
(a)
......................................................
3,386
24
TEGNA,
Inc.
..........................................................
18,857
315
Telephone
and
Data
Systems,
Inc.
...........................................
11,731
458
The
Arena
Group
Holdings,
Inc.
(a)
(b)
........................................
790
5
The
E.W.
Scripps
Co.
,
Class
A
(a)
...........................................
7,920
24
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
43,882
1,079
The
Marcus
Corp.
......................................................
2,633
43
The
New
York
Times
Co.
,
Class
A
...........................................
19,003
986
Thryv
Holdings,
Inc.
(a)
..................................................
4,680
62
TKO
Group
Holdings,
Inc.
................................................
8,128
1,366
Townsquare
Media,
Inc.
,
Class
A
............................................
1,294
9
Travelzoo
(a)
..........................................................
717
7
TripAdvisor,
Inc.
(a)
.....................................................
13,014
228
TrueCar,
Inc.
(a)
........................................................
7,273
13
Trump
Media
&
Technology
Group
Corp.
(a)
(b)
.................................
15,386
271
United
States
Cellular
Corp.
(a)
.............................................
1,610
117
Vimeo,
Inc.
(a)
.........................................................
16,406
62
Vivid
Seats,
Inc.
,
Class
A
(a)
(b)
.............................................
7,194
11
Warner
Music
Group
Corp.
,
Class
A
.........................................
16,261
476
WideOpenWest,
Inc.
(a)
...................................................
5,595
19
Yelp,
Inc.
(a)
...........................................................
7,342
253
Ziff
Davis,
Inc.
(a)
.......................................................
4,861
151
ZipRecruiter,
Inc.
(a)
.....................................................
7,661
32
ZoomInfo
Technologies,
Inc.
(a)
.............................................
34,828
377
25,129
Consumer
Discretionary
(12.9%):
1-800-Flowers.com,
Inc.
,
Class
A
(a)
(b)
.......................................
3,475
21
Abercrombie
&
Fitch
Co.
(a)
...............................................
5,528
531
Academy
Sports
&
Outdoors,
Inc.
...........................................
7,809
397
Accel
Entertainment,
Inc.
(a)
...............................................
5,917
76
Acushnet
Holdings
Corp.
.................................................
3,258
259
ADT,
Inc.
............................................................
66,298
554
Adtalem
Global
Education,
Inc.
(a)
...........................................
4,178
477
Advance
Auto
Parts,
Inc.
.................................................
7,013
372
Allied
Gaming
&
Entertainment,
Inc.
(a)
.......................................
213
—
(d)
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
...............................
12,453
55
American
Eagle
Outfitters,
Inc.
.............................................
18,845
204
American
Outdoor
Brands,
Inc.
(a)
...........................................
1,135
11
American
Public
Education,
Inc.
(a)
..........................................
1,937
57
America's
Car-Mart,
Inc.
,
Class
MA
(a)
.......................................
886
40
Aptiv
PLC
(a)
..........................................................
25,637
1,760
Aramark
.............................................................
31,038
1,321
Arhaus,
Inc.
(a)
.........................................................
5,908
52
Arko
Corp.
...........................................................
8,707
36
Asbury
Automotive
Group,
Inc.
(a)
...........................................
2,318
515
Atmus
Filtration
Technologies,
Inc.
..........................................
9,763
380
AutoNation,
Inc.
(a)
.....................................................
3,289
634
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Bally's
Corp.
(a)
(b)
......................................................
1,152
$
11
BARK,
Inc.
(a)
.........................................................
10,705
9
Barnes
&
Noble
Education,
Inc.
(a)
..........................................
899
8
Bassett
Furniture
Industries,
Inc.
............................................
790
12
Bath
&
Body
Works,
Inc.
.................................................
25,502
739
Beazer
Homes
USA,
Inc.
(a)
...............................................
3,234
76
Beyond,
Inc.
(a)
(b)
......................................................
6,618
59
Biglari
Holdings,
Inc.
,
Class
B
(a)
...........................................
360
111
BJ's
Restaurants,
Inc.
(a)
..................................................
2,358
84
Bloomin'
Brands,
Inc.
....................................................
9,775
89
Boot
Barn
Holdings,
Inc.
(a)
...............................................
3,609
620
BorgWarner,
Inc.
.......................................................
25,950
955
Boyd
Gaming
Corp.
.....................................................
6,631
563
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
6,749
763
Brightstar
Lottery
PLC
(b)
.................................................
13,151
195
Brinker
International,
Inc.
(a)
...............................................
5,213
822
Brunswick
Corp.
.......................................................
7,620
444
Build-A-Bear
Workshop,
Inc.
,
Class
A
........................................
1,445
73
Caesars
Entertainment,
Inc.
(a)
..............................................
23,227
620
Caleres,
Inc.
..........................................................
3,768
52
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
6,944
96
Capri
Holdings
Ltd.
(a)
...................................................
13,649
248
CarMax,
Inc.
(a)
........................................................
18,068
1,023
Carriage
Services,
Inc.
...................................................
1,518
68
Carter's,
Inc.
..........................................................
4,111
100
Cava
Group,
Inc.
(a)
(b)
...................................................
11,785
1,037
Cavco
Industries,
Inc.
(a)
..................................................
895
361
Century
Communities,
Inc.
................................................
3,191
180
Champion
Homes,
Inc.
(a)
.................................................
6,702
408
Chegg,
Inc.
(a)
.........................................................
10,927
14
Chewy,
Inc.
,
Class
A
(a)
..................................................
22,815
837
Choice
Hotels
International,
Inc.
(b)
..........................................
3,102
396
Churchill
Downs,
Inc.
....................................................
7,745
829
Citi
Trends,
Inc.
(a)
......................................................
820
25
Clarus
Corp.
..........................................................
3,094
11
Columbia
Sportswear
Co.
.................................................
3,164
179
Cooper-Standard
Holdings,
Inc.
(a)
...........................................
1,929
46
Coursera,
Inc.
(a)
.......................................................
15,927
201
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
.....................................
2,574
160
Cricut,
Inc.
,
Class
A
(b)
...................................................
4,865
24
Crocs,
Inc.
(a)
..........................................................
6,400
638
Dana,
Inc.
............................................................
15,408
245
Dave
&
Buster's
Entertainment,
Inc.
(a)
(b)
.....................................
4,017
117
Denny's
Corp.
(a)
.......................................................
5,552
21
Designer
Brands,
Inc.
,
Class
A
(b)
...........................................
3,572
10
Dick's
Sporting
Goods,
Inc.
................................................
6,476
1,370
Dillard's,
Inc.
,
Class
A
(b)
.................................................
918
429
Dine
Brands
Global,
Inc.
.................................................
1,733
39
Dorman
Products,
Inc.
(a)
.................................................
3,079
371
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(b)
.....................................
3,322
84
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
13,615
807
El
Pollo
Loco
Holdings,
Inc.
(a)
.............................................
3,086
32
Envela
Corp.
(a)
........................................................
538
3
Escalade,
Inc.
.........................................................
913
11
Ethan
Allen
Interiors,
Inc.
.................................................
2,704
80
Etsy,
Inc.
(a)
...........................................................
12,266
715
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
3,147
15
EVgo,
Inc.
(a)
..........................................................
14,718
50
Faraday
Future
Intelligent
Electric,
Inc.
(a)
(b)
...................................
10,456
22
Figs,
Inc.
,
Class
A
(a)
....................................................
17,327
113
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
4,658
81
Five
Below,
Inc.
(a)
......................................................
6,395
873
Flexsteel
Industries,
Inc.
..................................................
374
13
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
12,608
$
966
Foot
Locker,
Inc.
(a)
.....................................................
9,902
248
Fox
Factory
Holding
Corp.
(a)
..............................................
4,874
148
Frontdoor,
Inc.
(a)
.......................................................
8,708
509
Full
House
Resorts,
Inc.
(a)
................................................
3,683
17
Funko,
Inc.
,
Class
A
(a)
...................................................
3,605
14
GameStop
Corp.
,
Class
A
(a)
(b)
.............................................
48,723
1,094
Garrett
Motion,
Inc.
.....................................................
23,699
309
Genesco,
Inc.
(a)
........................................................
1,112
27
Genius
Sports
Ltd.
(a)
....................................................
25,566
288
Gentex
Corp.
..........................................................
26,645
704
Gentherm,
Inc.
(a)
.......................................................
3,544
114
GigaCloud
Technology,
Inc.
,
Class
A
(a)
(b)
.....................................
2,928
65
G-III
Apparel
Group
Ltd.
(a)
...............................................
4,381
103
Global
Business
Travel
Group
I
(a)
...........................................
21,678
139
Golden
Entertainment,
Inc.
................................................
2,250
63
Graham
Holdings
Co.
,
Class
B
.............................................
377
360
Grand
Canyon
Education,
Inc.
(a)
............................................
3,307
558
Green
Brick
Partners,
Inc.
(a)
...............................................
4,793
297
Group
1
Automotive,
Inc.
.................................................
1,478
609
Groupon,
Inc.
(a)
.......................................................
2,492
77
Guess?,
Inc.
...........................................................
3,443
45
H&R
Block,
Inc.
.......................................................
15,750
856
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
639
10
Hanesbrands,
Inc.
(a)
.....................................................
41,161
168
Harley-Davidson,
Inc.
...................................................
14,323
348
Hasbro,
Inc.
...........................................................
15,668
1,178
Haverty
Furniture
Cos.,
Inc.
...............................................
1,496
31
Helen
of
Troy
Ltd.
(a)
....................................................
2,622
58
Hilton
Grand
Vacations,
Inc.
(a)
.............................................
7,802
350
Holley,
Inc.
(a)
.........................................................
5,445
11
Hooker
Furnishings
Corp.
.................................................
1,114
11
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......................................
495
59
Hyatt
Hotels
Corp.
,
Class
A
................................................
4,765
672
Inspired
Entertainment,
Inc.
(a)
.............................................
2,779
25
Installed
Building
Products,
Inc.
............................................
2,762
559
iRobot
Corp.
(a)
(b)
......................................................
3,155
13
J.
Jill,
Inc.
............................................................
735
12
Jack
in
the
Box,
Inc.
(b)
...................................................
2,099
41
JAKKS
Pacific,
Inc.
.....................................................
923
16
Johnson
Outdoors,
Inc.
,
Class
A
............................................
950
32
KB
Home
............................................................
8,204
453
KinderCare
Learning
Cos.,
Inc.
(a)
...........................................
3,607
35
Kohl's
Corp.
(b)
........................................................
12,715
138
Kontoor
Brands,
Inc.
....................................................
6,472
360
Krispy
Kreme,
Inc.
(b)
....................................................
10,072
36
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
.........................................
737
65
Lakeland
Industries,
Inc.
(b)
................................................
982
14
Lands'
End,
Inc.
(a)
......................................................
1,268
15
Latham
Group,
Inc.
(a)
...................................................
4,741
32
Laureate
Education,
Inc.
(a)
................................................
15,098
341
La-Z-Boy,
Inc.
,
Class
Z
..................................................
4,825
174
LCI
Industries
.........................................................
2,888
274
Lear
Corp.
............................................................
6,338
598
Legacy
Education,
Inc.
(a)
.................................................
880
10
Legacy
Housing
Corp.
(a)
.................................................
953
21
Leggett
&
Platt,
Inc.
.....................................................
15,556
149
Leslie's,
Inc.
(a)
........................................................
18,731
7
Levi
Strauss
&
Co.
,
Class
A
...............................................
11,222
221
LGI
Homes,
Inc.
(a)
.....................................................
2,417
129
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
12,041
346
Light
&
Wonder,
Inc.
(a)
(b)
................................................
9,997
963
Lincoln
Educational
Services
Corp.
(a)
........................................
3,410
78
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Lindblad
Expeditions
Holdings,
Inc.
(a)
.......................................
4,269
$
51
Lithia
Motors,
Inc.
......................................................
3,023
871
LKQ
Corp.
...........................................................
30,569
901
Lucid
Group,
Inc.
(a)
(b)
...................................................
142,138
350
Lucky
Strike
Entertainment
Corp.
(b)
.........................................
9,030
89
Luminar
Technologies,
Inc.
(a)
..............................................
4,746
14
M/I
Homes,
Inc.
(a)
......................................................
3,125
376
Macy's,
Inc.
...........................................................
32,024
404
Malibu
Boats,
Inc.
,
Class
A
(a)
..............................................
2,143
71
Marine
Products
Corp.
...................................................
851
7
MarineMax,
Inc.
(a)
.....................................................
2,177
49
Marriott
Vacations
Worldwide
Corp.
.........................................
3,733
278
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
1,830
35
Mattel,
Inc.
(a)
.........................................................
38,161
649
Meritage
Homes
Corp.
...................................................
8,357
563
MGM
Resorts
International
(a)
..............................................
24,742
902
Mister
Car
Wash,
Inc.
(a)
..................................................
11,379
66
Mobileye
Global,
Inc.
,
Class
A
(a)
(b)
.........................................
11,143
159
Modine
Manufacturing
Co.
(a)
..............................................
6,110
822
Mohawk
Industries,
Inc.
(a)
................................................
6,060
694
Monarch
Casino
&
Resort,
Inc.
.............................................
1,505
155
Monro,
Inc.
...........................................................
3,358
47
Motorcar
Parts
of
America,
Inc.
(a)
...........................................
2,016
21
Movado
Group,
Inc.
.....................................................
1,679
26
Murphy
USA,
Inc.
......................................................
2,137
775
Nathan's
Famous,
Inc.
....................................................
324
31
National
Vision
Holdings,
Inc.
(a)
............................................
9,160
222
Nerdy,
Inc.
(a)
..........................................................
3,143
5
Newell
Brands,
Inc.
.....................................................
49,367
277
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
53,048
1,356
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
7,289
996
OneSpaWorld
Holdings
Ltd.
...............................................
11,647
258
OneWater
Marine,
Inc.
(a)
(b)
...............................................
1,353
21
Outdoor
Holding
Co.
(a)
..................................................
9,517
11
Oxford
Industries,
Inc.
...................................................
1,659
63
Papa
John's
International,
Inc.
..............................................
3,796
161
Patrick
Industries,
Inc.
...................................................
3,800
369
Peloton
Interactive,
Inc.
,
Class
A
(a)
..........................................
44,286
316
Penn
Entertainment,
Inc.
(a)
................................................
17,657
319
Penske
Automotive
Group,
Inc.
.............................................
2,167
363
Perdoceo
Education
Corp.
.................................................
7,090
204
Petco
Health
&
Wellness
Co.,
Inc.
(a)
.........................................
15,642
47
Phinia,
Inc.
...........................................................
4,615
234
Planet
Fitness,
Inc.
,
Class
A
(a)
.............................................
9,940
1,085
Playa
Hotels
Resorts
NV
(a)
...............................................
10,786
14
Playboy,
Inc.
(a)
........................................................
4,730
9
Polaris,
Inc.
...........................................................
6,234
330
Pool
Corp.
............................................................
4,346
1,339
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............................................
6,911
69
Potbelly
Corp.
(a)
.......................................................
2,825
34
PVH
Corp.
...........................................................
5,677
417
QuantumScape
Corp.
(a)
..................................................
47,101
405
Ralph
Lauren
Corp.
.....................................................
4,430
1,323
RCI
Hospitality
Holdings,
Inc.
.............................................
924
33
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
5,749
353
Revolve
Group,
Inc.
(a)
...................................................
4,718
98
RH
(a)
...............................................................
1,810
372
Rocky
Brands,
Inc.
......................................................
767
20
Rush
Street
Interactive,
Inc.
(a)
.............................................
10,541
212
Sabre
Corp.
(a)
.........................................................
42,122
128
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
11,614
113
Savers
Value
Village,
Inc.
(a)
...............................................
4,463
46
Seaport
Entertainment
Group,
Inc.
(a)
.........................................
1,407
32
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Serve
Robotics,
Inc.
(a)
(b)
.................................................
4,950
$
50
Service
Corp.
International
................................................
16,582
1,265
Shake
Shack,
Inc.
,
Class
A
(a)
..............................................
4,559
549
SharkNinja,
Inc.
(a)
......................................................
8,319
966
Sharplink
Gaming,
Inc.
(a)
(b)
...............................................
7,013
132
Shoe
Carnival,
Inc.
......................................................
1,960
40
Signet
Jewelers
Ltd.
.....................................................
4,686
371
Six
Flags
Entertainment
Corp.
(a)
............................................
11,699
350
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
13,323
843
Sleep
Number
Corp.
(a)
(b)
.................................................
2,045
15
Smith
&
Wesson
Brands,
Inc.
..............................................
4,936
39
Smith
Douglas
Homes
Corp.
(a)
.............................................
907
17
Soho
House
&
Co.,
Inc.
(a)
................................................
5,014
32
Solid
Power,
Inc.
(a)
.....................................................
15,646
50
Somnigroup
International,
Inc.
.............................................
23,912
1,731
Sonic
Automotive,
Inc.
,
Class
A
............................................
1,516
110
Sonos,
Inc.
(a)
.........................................................
13,863
150
Standard
Motor
Products,
Inc.
..............................................
2,442
74
Steven
Madden
Ltd.
.....................................................
8,414
202
Stitch
Fix,
Inc.
,
Class
A
(a)
................................................
12,415
59
Stoneridge,
Inc.
(a)
......................................................
3,029
23
Strategic
Education,
Inc.
..................................................
2,755
204
Strattec
Security
Corp.
(a)
.................................................
432
27
Stride,
Inc.
(a)
..........................................................
5,031
645
Sturm
Ruger
&
Co.,
Inc.
..................................................
1,895
65
Superior
Group
of
Cos.,
Inc.
...............................................
1,138
11
Sweetgreen,
Inc.
,
Class
A
(a)
...............................................
12,104
156
Tapestry,
Inc.
..........................................................
24,659
2,664
Target
Hospitality
Corp.
(a)
................................................
3,647
28
Taylor
Morrison
Home
Corp.
(a)
............................................
11,634
690
Texas
Roadhouse,
Inc.
...................................................
7,864
1,456
The
Buckle,
Inc.
........................................................
3,681
182
The
Cheesecake
Factory,
Inc.
(b)
............................................
5,434
347
The
Children's
Place,
Inc.
(a)
...............................................
603
3
The
Gap,
Inc.
..........................................................
28,748
559
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
30,664
315
The
Lovesac
Co.
(a)
.....................................................
1,527
27
The
ODP
Corp.
(a)
......................................................
3,222
57
The
ONE
Group
Hospitality,
Inc.
(a)
..........................................
2,473
7
The
RealReal,
Inc.
(a)
....................................................
10,550
55
The
Wendy's
Co.
(b)
.....................................................
20,711
204
Thor
Industries,
Inc.
(b)
...................................................
6,034
549
ThredUp,
Inc.
,
Class
A
(a)
.................................................
10,461
86
Tile
Shop
Holdings,
Inc.
(a)
................................................
3,173
20
Toll
Brothers,
Inc.
......................................................
11,626
1,376
TopBuild
Corp.
(a)
......................................................
3,380
1,252
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
15,398
142
Traeger,
Inc.
(a)
........................................................
5,887
10
Travel
+
Leisure
Co.
.....................................................
7,522
446
Tri
Pointe
Homes,
Inc.
(a)
.................................................
10,423
321
Udemy,
Inc.
(a)
.........................................................
9,507
72
Under
Armour,
Inc.
,
Class
A
(a)
.............................................
35,492
236
United
Parks
&
Resorts,
Inc.
(a)
(b)
...........................................
6,401
303
Universal
Technical
Institute,
Inc.
(a)
.........................................
5,953
192
Upbound
Group,
Inc.
....................................................
6,079
125
Urban
Outfitters,
Inc.
(a)
..................................................
6,641
500
Vail
Resorts,
Inc.
.......................................................
4,288
644
Valvoline,
Inc.
(a)
.......................................................
15,092
532
Venu
Holding
Corp.
(a)
(b)
.................................................
3,004
41
VF
Corp.
.............................................................
43,697
512
Victoria's
Secret
&
Co.
(a)
.................................................
8,049
151
Viking
Holdings
Ltd.
(a)
..................................................
22,107
1,298
Visteon
Corp.
(a)
........................................................
3,186
354
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Warby
Parker,
Inc.
,
Class
A
(a)
..............................................
11,480
$
275
Wayfair,
Inc.
,
Class
A
(a)
..................................................
11,222
737
Weyco
Group,
Inc.
......................................................
671
20
Whirlpool
Corp.
(b)
......................................................
6,443
535
Wingstop,
Inc.
.........................................................
3,304
1,247
Winmark
Corp.
........................................................
346
131
Winnebago
Industries,
Inc.
................................................
3,166
94
Wolverine
World
Wide,
Inc.
...............................................
9,421
213
Worthington
Enterprises,
Inc.
..............................................
3,737
232
Wyndham
Hotels
&
Resorts,
Inc.
............................................
8,968
771
Wynn
Resorts
Ltd.
......................................................
9,688
1,056
XPEL,
Inc.
(a)
(b)
.......................................................
2,524
82
Xponential
Fitness,
Inc.
,
Class
A
(a)
..........................................
3,034
32
YETI
Holdings,
Inc.
(a)
...................................................
9,749
358
Zspace,
Inc.
(a)
.........................................................
108
—
(d)
Zumiez,
Inc.
(a)
........................................................
1,581
22
91,899
Consumer
Staples
(4.0%):
Albertsons
Cos.,
Inc.
,
Class
A
..............................................
49,305
948
Alico,
Inc.
............................................................
585
19
B&G
Foods,
Inc.
(b)
.....................................................
8,843
36
BellRing
Brands,
Inc.
(a)
..................................................
14,935
815
Beyond
Meat,
Inc.
(a)
(b)
..................................................
8,195
25
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
15,605
1,653
BRC,
Inc.
,
Class
A
(a)
....................................................
8,088
14
Bunge
Global
SA
.......................................................
15,829
1,262
Calavo
Growers,
Inc.
....................................................
1,930
51
Cal-Maine
Foods,
Inc.
...................................................
5,309
590
Casey's
General
Stores,
Inc.
...............................................
4,404
2,291
Celsius
Holdings,
Inc.
(a)
..................................................
19,209
871
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
7,048
250
Coca-Cola
Consolidated,
Inc.
..............................................
6,151
687
Conagra
Brands,
Inc.
....................................................
56,563
1,033
Coty,
Inc.
,
Class
A
(a)
....................................................
43,697
212
Darling
Ingredients,
Inc.
(a)
................................................
18,549
601
Edgewell
Personal
Care
Co.
...............................................
5,478
138
elf
Beauty,
Inc.
(a)
.......................................................
6,405
776
Energizer
Holdings,
Inc.
..................................................
7,744
174
FitLife
Brands,
Inc.
(a)
(b)
.................................................
833
10
Flowers
Foods,
Inc.
.....................................................
23,219
368
Fresh
Del
Monte
Produce,
Inc.
.............................................
4,638
174
Freshpet,
Inc.
(a)
........................................................
5,674
388
Grocery
Outlet
Holding
Corp.
(a)
............................................
10,805
142
Guardian
Pharmacy
Services,
Inc.
,
Class
A
(a)
...................................
2,375
50
Herbalife
Ltd.
(a)
.......................................................
11,656
107
HF
Foods
Group,
Inc.
(a)
..................................................
3,920
11
Ingles
Markets,
Inc.
,
Class
A
...............................................
1,703
107
Ingredion,
Inc.
.........................................................
7,600
1,000
Interparfums,
Inc.
.......................................................
2,151
259
Ispire
Technology,
Inc.
(a)
.................................................
1,742
5
J
&
J
Snack
Foods
Corp.
..................................................
1,812
205
John
B
Sanfilippo
&
Son,
Inc.
..............................................
1,049
66
Lamb
Weston
Holdings,
Inc.
...............................................
16,663
951
Lifevantage
Corp.
(b)
....................................................
1,099
14
Lifeway
Foods,
Inc.
(a)
...................................................
545
14
Limoneira
Co.
.........................................................
1,864
27
Mama's
Creations,
Inc.
(a)
.................................................
3,817
32
Maplebear,
Inc.
(a)
......................................................
23,869
1,145
Medifast,
Inc.
(a)
.......................................................
1,158
16
MGP
Ingredients,
Inc.
....................................................
1,614
46
Mission
Produce,
Inc.
(a)
..................................................
5,332
66
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
19,855
967
National
Beverage
Corp.
(a)
................................................
2,795
128
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
1,087
$
41
Nature's
Sunshine
Products,
Inc.
(a)
..........................................
1,578
22
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
5,510
46
Oil-Dri
Corp.
of
America
.................................................
1,141
64
Olaplex
Holdings,
Inc.
(a)
.................................................
13,662
19
Performance
Food
Group
Co.
(a)
............................................
18,262
1,833
Post
Holdings,
Inc.
(a)
....................................................
5,865
621
PriceSmart,
Inc.
........................................................
3,014
324
Reynolds
Consumer
Products,
Inc.
..........................................
6,397
144
Seaboard
Corp.
........................................................
31
98
Seneca
Foods
Corp.
,
Class
A
(a)
.............................................
594
62
SpartanNash
Co.
.......................................................
3,910
104
Spectrum
Brands
Holdings,
Inc.
............................................
2,846
152
The
Andersons,
Inc.
.....................................................
3,816
137
The
Beauty
Health
Co.
(a)
.................................................
7,989
12
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
978
202
The
Campbell's
Company
.................................................
23,398
747
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
4,316
296
The
Hain
Celestial
Group,
Inc.
(a)
...........................................
9,791
15
The
Honest
Co.,
Inc.
(a)
...................................................
10,770
50
The
J.M.
Smucker
Co.
...................................................
12,362
1,327
The
Marzetti
Company
...................................................
2,465
438
The
Simply
Good
Foods
Co.
(a)
.............................................
10,996
335
The
Vita
Coco
Co.,
Inc.
(a)
................................................
5,102
180
Tootsie
Roll
Industries,
Inc.
................................................
2,105
80
TreeHouse
Foods,
Inc.
(a)
.................................................
5,888
113
Turning
Point
Brands,
Inc.
................................................
1,956
162
United
Natural
Foods,
Inc.
(a)
..............................................
6,988
193
Universal
Corp.
........................................................
2,806
153
Upexi,
Inc.
(a)
(b)
.......................................................
3,336
15
USANA
Health
Sciences,
Inc.
(a)
............................................
1,285
38
Utz
Brands,
Inc.
........................................................
8,345
109
Village
Super
Market,
Inc.
,
Class
A
..........................................
1,162
40
Vital
Farms,
Inc.
(a)
.....................................................
3,998
149
Walgreens
Boots
Alliance,
Inc.
.............................................
84,936
989
WD-40
Co.
...........................................................
1,606
344
Weis
Markets,
Inc.
......................................................
1,927
140
Westrock
Coffee
Co.
(a)
(b)
................................................
3,849
26
WK
Kellogg
Co.
.......................................................
7,381
170
Zevia
PBC
,
Class
A
(a)
...................................................
5,486
17
28,751
Energy
(3.5%):
Aemetis,
Inc.
(a)
(b)
......................................................
5,521
15
Amplify
Energy
Corp.
(a)
.................................................
3,931
15
Antero
Midstream
Corp.
..................................................
39,725
729
Antero
Resources
Corp.
(a)
................................................
34,420
1,202
APA
Corp.
............................................................
42,107
812
Archrock,
Inc.
.........................................................
19,581
457
Ardmore
Shipping
Corp.
..................................................
4,457
48
Atlas
Energy
Solutions,
Inc.
(b)
.............................................
9,141
119
Berry
Corp.
...........................................................
8,497
26
Bristow
Group,
Inc.
(a)
...................................................
3,271
113
Cactus,
Inc.
,
Class
A
.....................................................
8,048
340
California
Resources
Corp.
................................................
8,728
421
Calumet,
Inc.
(a)
........................................................
8,128
130
Centrus
Energy
Corp.
,
Class
A
(a)
(b)
.........................................
1,858
400
Chord
Energy
Corp.
.....................................................
6,808
751
Civitas
Resources,
Inc.
...................................................
10,397
316
Clean
Energy
Fuels
Corp.
(a)
...............................................
18,677
38
CNX
Resources
Corp.
(a)
.................................................
16,786
509
Comstock
Resources,
Inc.
(a)
...............................................
9,251
165
Comstock,
Inc.
(a)
.......................................................
3,304
11
Core
Laboratories,
Inc.
...................................................
5,417
59
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Core
Natural
Resources,
Inc.
...............................................
6,122
$
452
Crescent
Energy
Co.
,
Class
A
..............................................
22,763
210
CVR
Energy,
Inc.
.......................................................
3,541
95
Delek
US
Holdings,
Inc.
..................................................
6,976
156
DHT
Holdings,
Inc.
.....................................................
14,921
165
DMC
Global,
Inc.
(a)
....................................................
1,833
15
Dorian
LPG
Ltd.
.......................................................
4,309
124
DT
Midstream,
Inc.
.....................................................
12,069
1,240
Empire
Petroleum
Corp.
(a)
................................................
2,692
12
Energy
Services
of
America
Corp.
...........................................
1,245
14
Evolution
Petroleum
Corp.
................................................
3,387
16
Excelerate
Energy,
Inc.
,
Class
A
............................................
3,608
93
Expro
Group
Holdings
NV
(a)
..............................................
13,375
144
Flowco
Holdings,
Inc.
...................................................
2,301
43
Forum
Energy
Technologies,
Inc.
(a)
.........................................
1,240
24
FutureFuel
Corp.
.......................................................
2,672
11
Gevo,
Inc.
(a)
(b)
........................................................
26,324
34
Golar
LNG
Ltd.
........................................................
10,515
433
Gran
Tierra
Energy,
Inc.
(a)
................................................
3,524
16
Granite
Ridge
Resources,
Inc.
..............................................
7,240
38
Green
Plains,
Inc.
(a)
.....................................................
7,395
61
Gulf
Island
Fabrication,
Inc.
(a)
.............................................
1,520
10
Gulfport
Energy
Corp.
(a)
.................................................
2,090
364
Hallador
Energy
Co.
(a)
...................................................
3,266
58
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
16,637
99
Helmerich
&
Payne,
Inc.
..................................................
11,308
183
HF
Sinclair
Corp.
.......................................................
20,453
899
Infinity
Natural
Resources,
Inc.
,
Class
A
(a)
....................................
1,614
24
Innovex
International,
Inc.
(a)
..............................................
4,332
71
International
Seaways,
Inc.
................................................
4,730
189
Kinetik
Holdings,
Inc.
...................................................
4,632
201
Kodiak
Gas
Services,
Inc.
.................................................
6,362
206
Kosmos
Energy
Ltd.
(a)
...................................................
53,987
116
Liberty
Energy,
Inc.
.....................................................
18,495
228
Lightbridge
Corp.
(a)
(b)
..................................................
2,515
34
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
21,705
517
Mammoth
Energy
Services,
Inc.
(a)
..........................................
4,956
13
Matador
Resources
Co.
...................................................
13,747
686
Murphy
Oil
Corp.
......................................................
15,842
393
Nabors
Industries
Ltd.
(a)
(b)
...............................................
1,703
59
NACCO
Industries,
Inc.
,
Class
A
............................................
317
12
National
Energy
Services
Reunited
Corp.
(a)
....................................
9,319
62
Natural
Gas
Services
Group,
Inc.
(a)
..........................................
1,157
28
New
Fortress
Energy,
Inc.
(a)
(b)
.............................................
20,860
57
NextDecade
Corp.
(a)
....................................................
19,570
222
Nordic
American
Tankers
Ltd.
..............................................
23,969
67
Northern
Oil
&
Gas,
Inc.
..................................................
11,385
321
NOV,
Inc.
............................................................
44,278
557
NPK
International,
Inc.
(a)
.................................................
9,366
84
Oceaneering
International,
Inc.
(a)
...........................................
11,708
254
Oil
States
International,
Inc.
(a)
.............................................
6,582
33
OPAL
Fuels,
Inc.
,
Class
A
(a)
(b)
.............................................
1,520
4
Ovintiv,
Inc.
..........................................................
30,823
1,269
Par
Pacific
Holdings,
Inc.
(a)
...............................................
5,792
182
Patterson-UTI
Energy,
Inc.
................................................
41,258
244
PBF
Energy,
Inc.
,
Class
A
.................................................
9,752
220
Peabody
Energy
Corp.
...................................................
14,302
231
Permian
Resources
Corp.
.................................................
63,872
904
PrimeEnergy
Resources
Corp.
(a)
............................................
61
10
ProPetro
Holding
Corp.
(a)
................................................
9,184
49
Range
Resources
Corp.
...................................................
27,738
1,019
Ranger
Energy
Services,
Inc.
...............................................
2,316
31
REX
American
Resources
Corp.
(a)
..........................................
1,679
88
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Riley
Exploration
Permian,
Inc.
.............................................
1,082
$
28
Ring
Energy,
Inc.
(a)
.....................................................
16,491
13
RPC,
Inc.
............................................................
11,322
53
SandRidge
Energy,
Inc.
..................................................
3,606
37
Scorpio
Tankers,
Inc.
....................................................
5,250
237
SEACOR
Marine
Holdings,
Inc.
(a)
..........................................
2,186
11
Select
Water
Solutions,
Inc.
................................................
10,905
105
SFL
Corp.
Ltd.
.........................................................
12,295
113
Sitio
Royalties
Corp.
,
Class
A
..............................................
8,993
163
SM
Energy
Co.
........................................................
13,400
370
Solaris
Energy
Infrastructure,
Inc.
...........................................
3,155
103
Summit
Midstream
Corp.
(a)
...............................................
1,193
30
Talos
Energy,
Inc.
(a)
.....................................................
15,646
134
Tamboran
Resources
Corp.
(a)
..............................................
1,042
21
Teekay
Corp.
Ltd.
......................................................
5,757
41
Teekay
Tankers
Ltd.
,
Class
A
...............................................
2,805
119
TETRA
Technologies,
Inc.
(a)
..............................................
14,542
60
Tidewater,
Inc.
(a)
.......................................................
5,532
277
Transocean
Ltd.
(a)
......................................................
87,372
255
Uranium
Energy
Corp.
(a)
.................................................
51,531
447
VAALCO
Energy,
Inc.
...................................................
11,825
44
Venture
Global,
Inc.
,
Class
A
(b)
............................................
52,719
808
Vital
Energy,
Inc.
(a)
.....................................................
3,490
65
Vitesse
Energy,
Inc.
(b)
...................................................
2,944
70
W&T
Offshore,
Inc.
(b)
...................................................
10,841
19
Weatherford
International
PLC
.............................................
8,482
480
World
Kinect
Corp.
.....................................................
6,454
176
24,649
Financials
(17.6%):
1st
Source
Corp.
.......................................................
2,162
129
Acacia
Research
Corp.
(a)
.................................................
10,878
39
Acadian
Asset
Management,
Inc.
............................................
4,157
174
ACNB
Corp.
..........................................................
1,167
49
ACRES
Commercial
Realty
Corp.
(a)
.........................................
655
13
Advanced
Flower
Capital,
Inc.
.............................................
1,796
8
Aether
Holdings,
Inc.
(a)
..................................................
451
4
Affiliated
Managers
Group,
Inc.
............................................
3,273
687
Affinity
Bancshares,
Inc.
..................................................
458
9
AG
Mortgage
Investment
Trust,
Inc.
.........................................
3,209
24
AGNC
Investment
Corp.
(b)
...............................................
120,689
1,138
Alerus
Financial
Corp.
...................................................
2,635
56
Ally
Financial,
Inc.
......................................................
36,205
1,370
Amalgamated
Financial
Corp.
..............................................
2,168
63
A-Mark
Precious
Metals,
Inc.
,
Class
A
........................................
2,064
44
Ambac
Financial
Group,
Inc.
(a)
............................................
4,855
41
Amerant
Bancorp,
Inc.
...................................................
4,252
82
American
Coastal
Insurance
Corp.
...........................................
2,719
28
American
Financial
Group,
Inc.
.............................................
8,494
1,061
Ameris
Bancorp
........................................................
7,737
529
AMERISAFE,
Inc.
......................................................
2,203
99
Ames
National
Corp.
....................................................
963
17
Angel
Oak
Mortgage
REIT,
Inc.
............................................
2,000
19
Annaly
Capital
Management,
Inc.
...........................................
71,950
1,463
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
16,243
156
Arbor
Realty
Trust,
Inc.
(b)
................................................
21,874
244
Ares
Commercial
Real
Estate
Corp.
(b)
........................................
5,763
26
ARMOUR
Residential
REIT,
Inc.
(b)
.........................................
9,630
157
Arrow
Financial
Corp.
...................................................
1,875
50
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
8,190
371
Associated
Banc-Corp.
...................................................
19,520
483
Assurant,
Inc.
.........................................................
5,989
1,122
Assured
Guaranty
Ltd.
...................................................
5,484
464
Atlantic
Union
Bankshares
Corp.
............................................
16,805
533
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Atlanticus
Holdings
Corp.
(a)
...............................................
1,080
$
54
AvidXchange
Holdings,
Inc.
(a)
.............................................
19,295
190
Axis
Capital
Holdings
Ltd.
................................................
9,012
846
Axos
Financial,
Inc.
(a)
...................................................
6,432
555
Banc
of
California,
Inc.
..................................................
15,312
222
BancFirst
Corp.
........................................................
2,432
303
Bank
First
Corp.
.......................................................
1,053
125
Bank
of
Hawaii
Corp.
....................................................
4,631
287
Bank
of
Marin
Bancorp
..................................................
1,680
38
Bank
OZK
............................................................
13,024
642
Bank7
Corp.
..........................................................
429
19
BankFinancial
Corp.
.....................................................
1,161
13
BankUnited,
Inc.
.......................................................
8,851
323
Bankwell
Financial
Group,
Inc.
.............................................
684
27
Banner
Corp.
..........................................................
3,998
248
Bar
Harbor
Bankshares,
Inc.
...............................................
1,730
50
BayCom
Corp.
.........................................................
1,179
32
BCB
Bancorp,
Inc.
......................................................
1,605
13
Berkshire
Hills
Bancorp,
Inc.
..............................................
5,398
133
BGC
Group,
Inc.
,
Class
A
.................................................
42,628
395
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
......................................
19,099
353
Blue
Foundry
Bancorp
(a)
.................................................
2,099
18
Blue
Owl
Capital,
Inc.
...................................................
68,464
1,325
Blue
Ridge
Bankshares,
Inc.
(a)
.............................................
6,113
22
BOK
Financial
Corp.
....................................................
3,041
309
Bowhead
Specialty
Holdings,
Inc.
(a)
.........................................
2,332
76
Bread
Financial
Holdings,
Inc.
.............................................
5,380
330
Bridge
Investment
Group
Holdings,
Inc.
,
Class
A
................................
4,296
44
Bridgewater
Bancshares,
Inc.
(a)
............................................
2,332
36
Brighthouse
Financial,
Inc.
(a)
..............................................
6,750
323
BrightSpire
Capital,
Inc.
..................................................
14,884
77
Brookline
Bancorp,
Inc.
..................................................
10,223
105
Burke
&
Herbert
Financial
Services
Corp.
.....................................
1,554
90
Business
First
Bancshares,
Inc.
.............................................
3,264
78
Byline
Bancorp,
Inc.
.....................................................
2,792
73
C&F
Financial
Corp.
....................................................
339
22
Cadence
Bank
.........................................................
21,760
758
California
Bancorp
(a)
....................................................
2,619
39
Camden
National
Corp.
..................................................
1,917
72
Cannae
Holdings,
Inc.
...................................................
6,576
141
Cantaloupe,
Inc.
(a)
......................................................
7,743
86
Capital
Bancorp,
Inc.
....................................................
1,320
42
Capital
City
Bank
Group,
Inc.
..............................................
1,597
63
Capitol
Federal
Financial,
Inc.
..............................................
14,300
86
Carter
Bankshares,
Inc.
(a)
.................................................
2,572
45
Cass
Information
Systems,
Inc.
.............................................
1,378
55
Cathay
General
Bancorp
..................................................
7,881
356
CB
Financial
Services,
Inc.
(b)
..............................................
504
16
Central
Pacific
Financial
Corp.
.............................................
3,094
82
CF
Bankshares,
Inc.
.....................................................
361
9
Chemung
Financial
Corp.
.................................................
394
20
Cherry
Hill
Mortgage
Investment
Corp.
.......................................
3,324
9
Chicago
Atlantic
Real
Estate
Finance,
Inc.
.....................................
2,011
26
Chimera
Investment
Corp.
................................................
9,268
124
ChoiceOne
Financial
Services,
Inc.
(b)
........................................
1,594
47
Citizens
&
Northern
Corp.
................................................
1,683
32
Citizens
Community
Bancorp,
Inc.
..........................................
979
14
Citizens
Financial
Services,
Inc.
............................................
513
28
Citizens,
Inc.
(a)
(b)
......................................................
4,962
19
City
Holding
Co.
.......................................................
1,676
205
Civista
Bancshares,
Inc.
..................................................
1,709
33
Claros
Mortgage
Trust,
Inc.
................................................
13,003
37
CNA
Financial
Corp.
....................................................
32,080
1,422
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
CNB
Financial
Corp.
....................................................
3,164
$
73
CNO
Financial
Group,
Inc.
................................................
11,436
421
Coastal
Financial
Corp.
(a)
................................................
1,480
142
Cohen
&
Co.,
Inc.
......................................................
1,726
20
Cohen
&
Steers,
Inc.
....................................................
3,259
240
Colony
Bankcorp,
Inc.
...................................................
1,761
29
Columbia
Banking
System,
Inc.
............................................
24,814
591
Columbia
Financial,
Inc.
(a)
................................................
3,081
44
Comerica,
Inc.
.........................................................
15,523
1,049
Commerce
Bancshares,
Inc.
...............................................
15,377
941
Community
Financial
System,
Inc.
..........................................
6,198
327
Community
Trust
Bancorp,
Inc.
.............................................
2,060
111
Community
West
Bancshares
..............................................
1,921
37
Compass
Diversified
Holdings
.............................................
7,705
49
ConnectOne
Bancorp,
Inc.
................................................
5,483
126
Consumer
Portfolio
Services,
Inc.
(a)
.........................................
899
7
Crawford
&
Co.
,
Class
A
.................................................
2,398
23
Credit
Acceptance
Corp.
(a)
................................................
782
383
Cullen/Frost
Bankers,
Inc.
.................................................
7,098
904
Customers
Bancorp,
Inc.
(a)
................................................
3,434
219
CVB
Financial
Corp.
....................................................
15,365
287
DeFi
Development
Corp.
(a)
...............................................
326
5
Diamond
Hill
Investment
Group,
Inc.
........................................
291
39
Dime
Community
Bancshares,
Inc.
..........................................
4,939
137
Donegal
Group,
Inc.
,
Class
A
..............................................
1,768
30
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
3,088
164
Dynex
Capital,
Inc.
.....................................................
12,409
154
Eagle
Bancorp
Montana,
Inc.
..............................................
775
12
Eagle
Bancorp,
Inc.
.....................................................
3,404
55
Eagle
Financial
Services,
Inc.
..............................................
485
16
East
West
Bancorp,
Inc.
..................................................
16,272
1,631
Eastern
Bankshares,
Inc.
..................................................
23,052
356
ECB
Bancorp,
Inc.
(a)
....................................................
816
13
eHealth,
Inc.
(a)
........................................................
2,896
10
Ellington
Credit
Co.
(b)
...................................................
4,173
24
Ellington
Financial,
Inc.
..................................................
10,890
138
Employers
Holdings,
Inc.
.................................................
2,778
115
Enact
Holdings,
Inc.
.....................................................
3,688
128
Encore
Capital
Group,
Inc.
(a)
..............................................
2,633
97
Enova
International,
Inc.
(a)
................................................
2,843
297
Enterprise
Financial
Services
Corp.
..........................................
4,297
237
Equitable
Holdings,
Inc.
..................................................
36,044
1,851
Equity
Bancshares,
Inc.
,
Class
A
............................................
1,762
66
Esquire
Financial
Holdings,
Inc.
............................................
831
80
Essent
Group
Ltd.
......................................................
11,671
653
Euronet
Worldwide,
Inc.
(a)
................................................
4,818
468
Evercore,
Inc.
.........................................................
4,299
1,295
EVERTEC,
Inc.
........................................................
7,474
270
EZCORP,
Inc.
,
Class
A
(a)
.................................................
5,787
83
F&G
Annuities
&
Life,
Inc.
................................................
15,688
501
Farmers
&
Merchants
Bancorp,
Inc.
..........................................
1,435
34
Farmers
National
Banc
Corp.
..............................................
4,179
57
FB
Bancorp,
Inc.
(a)
.....................................................
2,017
24
FB
Financial
Corp.
......................................................
4,762
232
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
1,171
202
Federated
Hermes,
Inc.
...................................................
8,974
445
Fidelis
Insurance
Holdings
Ltd.
.............................................
6,264
95
Fidelity
D&D
Bancorp,
Inc.
...............................................
525
21
Fidelity
National
Financial,
Inc.
............................................
30,927
1,745
Finance
of
America
Cos.,
Inc.
,
Class
A
(a)
(b)
...................................
401
9
Financial
Institutions,
Inc.
.................................................
2,267
58
Finward
Bancorp
(b)
.....................................................
393
11
Finwise
Bancorp
(a)
.....................................................
948
17
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
First
American
Financial
Corp.
.............................................
11,686
$
702
First
Bancorp
..........................................................
4,745
238
First
Bancorp
Puerto
Rico
.................................................
18,770
391
First
Bank
............................................................
2,526
38
First
Busey
Corp.
.......................................................
10,156
227
First
Business
Financial
Services,
Inc.
........................................
868
41
First
Capital,
Inc.
.......................................................
343
12
First
Commonwealth
Financial
Corp.
.........................................
12,158
201
First
Community
Bankshares,
Inc.
...........................................
1,795
66
First
Community
Corp.
...................................................
790
20
First
Financial
Bancorp
...................................................
11,218
272
First
Financial
Bankshares,
Inc.
.............................................
16,414
568
First
Financial
Corp.
.....................................................
1,320
71
First
Financial
Northwest,
Inc.
(c)
...........................................
869
—
(d)
First
Foundation,
Inc.
(a)
..................................................
8,219
40
First
Guaranty
Bancshares,
Inc.
.............................................
490
4
First
Hawaiian,
Inc.
.....................................................
14,831
360
First
Horizon
Corp.
.....................................................
59,642
1,301
First
Internet
Bancorp
....................................................
800
18
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
10,725
309
First
Merchants
Corp.
....................................................
6,815
260
First
Mid
Bancshares,
Inc.
................................................
2,514
95
First
National
Corp.
(b)
...................................................
842
18
First
Savings
Financial
Group,
Inc.
..........................................
556
14
First
United
Corp.
......................................................
687
23
First
Western
Financial,
Inc.
(a)
.............................................
807
17
FirstCash
Holdings,
Inc.
..................................................
4,577
610
Firstsun
Capital
Bancorp
(a)
................................................
1,405
50
Five
Star
Bancorp
......................................................
1,751
53
Flagstar
Financial,
Inc.
(b)
.................................................
35,575
402
Flushing
Financial
Corp.
..................................................
3,648
44
Flywire
Corp.
(a)
.......................................................
13,335
145
FNB
Corp.
............................................................
42,214
647
Fold
Holdings,
Inc.
(a)
....................................................
879
4
Forge
Global
Holdings,
Inc.
(a)
.............................................
847
19
Franklin
BSP
Realty
Trust,
Inc.
.............................................
9,500
96
Franklin
Financial
Services
Corp.
...........................................
458
18
Franklin
Resources,
Inc.
..................................................
33,714
809
Freedom
Holding
Corp.
(a)
(b)
..............................................
2,074
385
FS
Bancorp,
Inc.
.......................................................
739
29
Fulton
Financial
Corp.
...................................................
21,347
383
FVCBankcorp,
Inc.
.....................................................
1,650
21
Galaxy
Digital,
Inc.
(a)
...................................................
19,155
544
GBank
Financial
Holdings,
Inc.
(a)
(b)
.........................................
1,031
39
GCM
Grosvenor,
Inc.
,
Class
A
.............................................
5,627
66
Genworth
Financial,
Inc.
(a)
................................................
48,183
379
German
American
Bancorp,
Inc.
............................................
4,245
163
Glacier
Bancorp,
Inc.
....................................................
13,436
589
Globe
Life,
Inc.
........................................................
9,767
1,372
Goosehead
Insurance,
Inc.
,
Class
A
..........................................
2,780
253
Granite
Point
Mortgage
Trust,
Inc.
...........................................
4,855
12
Great
Southern
Bancorp,
Inc.
..............................................
1,002
57
Green
Dot
Corp.
,
Class
A
(a)
...............................................
5,595
57
Greene
County
Bancorp,
Inc.
..............................................
768
18
Greenlight
Capital
Re
Ltd.
,
Class
A
(a)
........................................
3,016
39
Guaranty
Bancshares,
Inc.
.................................................
932
41
Guild
Holdings
Co.
,
Class
A
...............................................
1,064
21
HA
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................................
14,181
368
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....................................
7,131
153
Hamilton
Lane,
Inc.
,
Class
A
...............................................
3,226
491
Hancock
Whitney
Corp.
..................................................
10,059
601
Hanmi
Financial
Corp.
...................................................
3,472
79
Hanover
Bancorp,
Inc.
...................................................
422
9
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
HarborOne
Bancorp,
Inc.
.................................................
4,365
$
52
Hawthorn
Bancshares,
Inc.
................................................
624
18
HBT
Financial,
Inc.
.....................................................
1,461
36
HCI
Group,
Inc.
........................................................
1,095
153
Heritage
Commerce
Corp.
................................................
6,895
64
Heritage
Financial
Corp.
..................................................
3,939
89
Heritage
Insurance
Holdings,
Inc.
(a)
.........................................
2,622
55
Hilltop
Holdings,
Inc.
....................................................
5,303
157
Hippo
Holdings,
Inc.
(a)
..................................................
1,656
43
Home
Bancorp,
Inc.
.....................................................
773
40
Home
Bancshares,
Inc.
...................................................
21,775
613
HomeStreet,
Inc.
(a)
.....................................................
2,057
27
HomeTrust
Bancshares,
Inc.
...............................................
1,709
66
Hope
Bancorp,
Inc.
.....................................................
14,340
143
Horace
Mann
Educators
Corp.
..............................................
4,801
204
Horizon
Bancorp,
Inc.
...................................................
5,014
78
Houlihan
Lokey,
Inc.
....................................................
6,404
1,221
I3
Verticals,
Inc.
,
Class
A
(a)
...............................................
2,708
76
Independent
Bank
Corp.
..................................................
2,316
71
Independent
Bank
Corp.
..................................................
5,699
362
Innventure,
Inc.
(a)
......................................................
2,072
10
International
Bancshares
Corp.
.............................................
6,557
447
International
Money
Express,
Inc.
(a)
.........................................
3,171
28
Invesco
Ltd.
...........................................................
52,917
1,112
Invesco
Mortgage
Capital,
Inc.
(b)
...........................................
7,645
58
Investar
Holding
Corp.
...................................................
944
20
Investors
Title
Co.
......................................................
161
34
Jack
Henry
&
Associates,
Inc.
(b)
............................................
8,633
1,466
Jackson
Financial,
Inc.
,
Class
A
.............................................
8,321
729
James
River
Group
Holdings
Ltd.
...........................................
4,025
23
Jefferies
Financial
Group,
Inc.
..............................................
19,572
1,129
John
Marshall
Bancorp,
Inc.
...............................................
1,412
26
Kearny
Financial
Corp.
...................................................
6,753
40
Kemper
Corp.
.........................................................
7,243
446
Kestrel
Group
Ltd.
(a)
(b)
..................................................
511
14
Kingstone
Cos.,
Inc.
(a)
...................................................
1,202
20
Kingsway
Financial
Services,
Inc.
(a)
.........................................
2,208
31
Kinsale
Capital
Group,
Inc.
................................................
2,631
1,159
KKR
Real
Estate
Finance
Trust,
Inc.
.........................................
6,543
59
Ladder
Capital
Corp.
....................................................
13,318
145
Lakeland
Financial
Corp.
.................................................
2,932
186
Landmark
Bancorp,
Inc.
..................................................
470
11
Lazard,
Inc.
...........................................................
13,048
678
LCNB
Corp.
..........................................................
1,480
22
Lemonade,
Inc.
(a)
(b)
....................................................
6,918
261
LendingClub
Corp.
(a)
....................................................
13,043
203
LendingTree,
Inc.
(a)
.....................................................
1,280
60
Lincoln
National
Corp.
...................................................
20,097
766
LINKBANCORP,
Inc.
...................................................
2,675
18
Live
Oak
Bancshares,
Inc.
................................................
4,118
130
loanDepot,
Inc.
,
Class
A
(a)
................................................
8,388
13
Lument
Finance
Trust,
Inc.
(b)
..............................................
3,315
7
MainStreet
Bancshares,
Inc.
(b)
.............................................
676
14
MarketAxess
Holdings,
Inc.
...............................................
4,370
898
Marqeta,
Inc.
,
Class
A
(a)
.................................................
45,687
260
MBIA,
Inc.
(a)
.........................................................
4,928
26
Medallion
Financial
Corp.
................................................
1,720
18
Mercantile
Bank
Corp.
...................................................
1,808
83
Merchants
Bancorp
.....................................................
2,355
69
Mercury
General
Corp.
...................................................
3,149
218
Meridian
Corp.
........................................................
938
14
Metrocity
Bankshares,
Inc.
................................................
2,140
59
Metropolitan
Bank
Holding
Corp.
...........................................
1,062
75
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
MFA
Financial,
Inc.
.....................................................
11,990
$
109
MGIC
Investment
Corp.
..................................................
27,766
719
Mid
Penn
Bancorp,
Inc.
..................................................
2,081
57
Middlefield
Banc
Corp.
..................................................
808
22
Midland
States
Bancorp,
Inc.
..............................................
2,318
39
MidWestOne
Financial
Group,
Inc.
..........................................
2,244
62
Millrose
Properties,
Inc.
..................................................
14,350
430
Moelis
&
Co.
,
Class
A
...................................................
8,741
613
Morningstar,
Inc.
.......................................................
2,966
820
Mr.
Cooper
Group,
Inc.
(a)
.................................................
7,447
1,160
MVB
Financial
Corp.
....................................................
1,339
30
National
Bank
Holdings
Corp.
,
Class
A
.......................................
4,409
163
National
Bankshares,
Inc.
.................................................
681
19
Navient
Corp.
.........................................................
11,634
151
NB
Bancorp,
Inc.
(a)
.....................................................
4,078
70
NBT
Bancorp,
Inc.
......................................................
6,060
251
NCR
Atleos
Corp.
(a)
....................................................
8,516
261
Nelnet,
Inc.
,
Class
A
.....................................................
1,923
240
NerdWallet,
Inc.
,
Class
A
(a)
...............................................
4,737
50
New
York
Mortgage
Trust,
Inc.
.............................................
10,394
66
NewtekOne,
Inc.
.......................................................
2,814
32
Nexpoint
Real
Estate
Finance,
Inc.
..........................................
1,858
26
NI
Holdings,
Inc.
(a)
.....................................................
668
9
Nicolet
Bankshares,
Inc.
..................................................
1,583
204
NMI
Holdings,
Inc.
(a)
...................................................
9,096
339
Northeast
Bank
........................................................
802
80
Northeast
Community
Bancorp,
Inc.
.........................................
1,385
29
Northfield
Bancorp,
Inc.
..................................................
4,281
46
Northpointe
Bancshares,
Inc.
(b)
............................................
2,378
35
Northrim
Bancorp,
Inc.
...................................................
625
52
Northwest
Bancshares,
Inc.
................................................
16,197
189
Norwood
Financial
Corp.
.................................................
921
22
Oak
Valley
Bancorp
.....................................................
749
20
OceanFirst
Financial
Corp.
................................................
6,644
111
OFG
Bancorp
.........................................................
5,246
224
Ohio
Valley
Banc
Corp.
(b)
................................................
406
13
Old
National
Bancorp
....................................................
37,691
796
Old
Point
Financial
Corp.
.................................................
490
20
Old
Republic
International
Corp.
............................................
27,102
980
Old
Second
Bancorp,
Inc.
.................................................
4,935
84
OneMain
Holdings,
Inc.
..................................................
14,083
814
Onity
Group,
Inc.
(a)
.....................................................
739
28
OP
Bancorp
...........................................................
1,271
16
Open
Lending
Corp.
(a)
...................................................
12,383
27
Oportun
Financial
Corp.
(a)
................................................
3,866
24
Oppenheimer
Holdings,
Inc.
,
Class
A
.........................................
664
50
OppFi,
Inc.
...........................................................
2,749
29
Orange
County
Bancorp,
Inc.
..............................................
1,110
28
Orchid
Island
Capital,
Inc.
(b)
..............................................
12,501
87
Origin
Bancorp,
Inc.
.....................................................
3,322
121
Orrstown
Financial
Services,
Inc.
...........................................
2,150
71
Oscar
Health,
Inc.
,
Class
A
(a)
(b)
............................................
21,494
302
P10,
Inc.
,
Class
A
.......................................................
6,762
83
Pacific
Premier
Bancorp,
Inc.
..............................................
11,241
244
Palomar
Holdings,
Inc.
(a)
.................................................
3,103
411
Park
National
Corp.
.....................................................
1,869
303
Parke
Bancorp,
Inc.
.....................................................
1,069
22
Pathward
Financial,
Inc.
..................................................
2,788
211
Patria
Investments
Ltd.
,
Class
A
(b)
..........................................
7,152
100
Patriot
National
Bancorp,
Inc.
(a)
............................................
6,965
11
Paymentus
Holdings,
Inc.
,
Class
A
(a)
........................................
3,587
100
Payoneer
Global,
Inc.
(a)
..................................................
32,167
211
Paysafe
Ltd.
(a)
.........................................................
3,458
42
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Paysign,
Inc.
(a)
........................................................
4,333
$
32
PCB
Bancorp
..........................................................
1,260
26
Peapack-Gladstone
Financial
Corp.
..........................................
1,724
44
PennyMac
Financial
Services,
Inc.
..........................................
5,845
544
PennyMac
Mortgage
Investment
Trust
........................................
10,163
120
Peoples
Bancorp
of
North
Carolina,
Inc.
.......................................
515
15
Peoples
Bancorp,
Inc.
....................................................
4,043
116
Peoples
Financial
Services
Corp.
............................................
1,066
52
Perella
Weinberg
Partners
.................................................
7,005
140
Pinnacle
Financial
Partners,
Inc.
............................................
9,077
798
Pioneer
Bancorp,
Inc.
(a)
..................................................
1,214
15
Piper
Sandler
Cos.
......................................................
2,046
645
PJT
Partners,
Inc.
,
Class
A
................................................
2,689
480
Plumas
Bancorp
........................................................
585
24
Ponce
Financial
Group,
Inc.
(a)
.............................................
2,194
31
Popular,
Inc.
..........................................................
7,984
915
PRA
Group,
Inc.
(a)
.....................................................
4,440
67
Preferred
Bank
.........................................................
1,452
132
Primerica,
Inc.
.........................................................
3,893
1,034
Primis
Financial
Corp.
...................................................
2,150
24
Princeton
Bancorp,
Inc.
..................................................
534
16
Priority
Technology
Holdings,
Inc.
(a)
........................................
2,784
19
ProAssurance
Corp.
(a)
...................................................
5,934
141
PROG
Holdings,
Inc.
....................................................
4,623
147
Prosperity
Bancshares,
Inc.
................................................
10,867
724
Provident
Bancorp,
Inc.
(a)
................................................
1,764
22
Provident
Financial
Services,
Inc.
...........................................
14,553
265
QCR
Holdings,
Inc.
.....................................................
1,926
137
Radian
Group,
Inc.
......................................................
15,742
513
RBB
Bancorp
.........................................................
1,911
35
Ready
Capital
Corp.
(b)
...................................................
19,735
83
Red
River
Bancshares,
Inc.
................................................
483
29
Redwood
Trust,
Inc.
.....................................................
15,419
84
Regional
Management
Corp.
...............................................
1,028
34
Reinsurance
Group
of
America,
Inc.
.........................................
7,854
1,511
Remitly
Global,
Inc.
(a)
...................................................
19,445
321
RenaissanceRe
Holdings
Ltd.
..............................................
5,516
1,344
Renasant
Corp.
........................................................
10,963
402
Repay
Holdings
Corp.
(a)
.................................................
8,346
41
Republic
Bancorp,
Inc.
,
Class
A
............................................
944
65
Rhinebeck
Bancorp,
Inc.
(a)
................................................
418
5
Richmond
Mutual
Bancorp,
Inc.
(b)
..........................................
888
12
Rithm
Capital
Corp.
.....................................................
62,782
755
Rithm
Property
Trust,
Inc.
.................................................
4,397
11
Riverview
Bancorp,
Inc.
..................................................
2,116
10
RLI
Corp.
............................................................
9,677
639
Rocket
Cos.,
Inc.
,
Class
A
(b)
...............................................
27,943
413
Root,
Inc.
,
Class
A
(a)
....................................................
1,159
140
Runway
Growth
Finance
Corp.
.............................................
4,275
46
Ryan
Specialty
Holdings,
Inc.
..............................................
12,730
779
S&T
Bancorp,
Inc.
......................................................
4,464
164
Safety
Insurance
Group,
Inc.
...............................................
1,716
121
SB
Financial
Group,
Inc.
.................................................
628
12
Seacoast
Banking
Corp.
of
Florida
...........................................
10,005
282
Security
National
Financial
Corp.
,
Class
A
(a)
...................................
1,614
14
SEI
Investments
Co.
.....................................................
11,183
985
Selective
Insurance
Group,
Inc.
.............................................
7,159
558
Selectquote,
Inc.
(a)
.....................................................
15,567
27
ServisFirst
Bancshares,
Inc.
...............................................
6,022
474
Seven
Hills
Realty
Trust
..................................................
1,586
16
Sezzle,
Inc.
(a)
.........................................................
1,940
300
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
.........................................
7,854
809
Shore
Bancshares,
Inc.
...................................................
3,483
54
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Siebert
Financial
Corp.
(a)
.................................................
1,303
$
5
Sierra
Bancorp
.........................................................
1,419
42
Silvercrest
Asset
Management
Group,
Inc.
,
Class
A
...............................
965
16
Simmons
First
National
Corp.
,
Class
A
.......................................
14,686
282
SiriusPoint
Ltd.
(a)
......................................................
12,678
249
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
4,183
212
SLM
Corp.
...........................................................
24,675
785
SmartFinancial,
Inc.
.....................................................
1,639
56
Sound
Financial
Bancorp,
Inc.
..............................................
224
10
South
Plains
Financial,
Inc.
................................................
1,425
53
Southern
First
Bancshares,
Inc.
(a)
...........................................
844
35
Southern
Missouri
Bancorp,
Inc.
............................................
1,113
60
Southside
Bancshares,
Inc.
................................................
3,346
98
SouthState
Corp.
.......................................................
11,940
1,124
SR
Bancorp,
Inc.
.......................................................
799
11
Starwood
Property
Trust,
Inc.
..............................................
38,018
740
Stellar
Bancorp,
Inc.
.....................................................
5,484
162
StepStone
Group,
Inc.
,
Class
A
.............................................
7,951
472
Sterling
Bancorp,
Inc.
(c)
..................................................
2,117
—
(d)
Stewart
Information
Services
Corp.
..........................................
3,239
210
Stifel
Financial
Corp.
....................................................
11,843
1,352
Stock
Yards
Bancorp,
Inc.
.................................................
3,198
239
StoneX
Group,
Inc.
(a)
...................................................
4,618
449
Sunrise
Realty
Trust,
Inc.
.................................................
1,029
10
SWK
Holdings
Corp.
....................................................
1,282
19
Synovus
Financial
Corp.
..................................................
16,442
777
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
5,321
447
TFS
Financial
Corp.
.....................................................
6,125
80
The
Baldwin
Insurance
Group,
Inc.
(a)
........................................
8,026
296
The
Bancorp,
Inc.
(a)
.....................................................
5,208
329
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
5,508
251
The
First
Bancorp,
Inc.
...................................................
1,104
28
The
Hanover
Insurance
Group,
Inc.
..........................................
4,234
727
The
Hingham
Institution
for
Savings
(b)
.......................................
181
44
The
Western
Union
Co.
...................................................
38,956
314
Third
Coast
Bancshares,
Inc.
(a)
.............................................
1,248
47
Timberland
Bancorp,
Inc.
.................................................
826
26
Tiptree,
Inc.
...........................................................
2,511
52
Tompkins
Financial
Corp.
.................................................
1,541
100
Towne
Bank
..........................................................
8,894
312
TPG
RE
Finance
Trust,
Inc.
...............................................
7,607
66
TPG,
Inc.
............................................................
15,284
872
TriCo
Bancshares
.......................................................
3,570
147
Triumph
Financial,
Inc.
(a)
.................................................
2,618
148
Trupanion,
Inc.
(a)
(b)
....................................................
3,583
170
TrustCo
Bank
Corp.
.....................................................
2,148
72
Trustmark
Corp.
........................................................
6,611
246
TWFG,
Inc.
(a)
.........................................................
1,542
48
Two
Harbors
Investment
Corp.
.............................................
12,090
118
UMB
Financial
Corp.
....................................................
8,659
952
Union
Bankshares,
Inc.
...................................................
391
11
United
Bankshares,
Inc.
..................................................
16,516
587
United
Community
Banks,
Inc.
.............................................
14,343
437
United
Fire
Group,
Inc.
...................................................
2,492
66
United
Security
Bancshares
................................................
1,407
12
Unity
Bancorp,
Inc.
.....................................................
755
37
Universal
Insurance
Holdings,
Inc.
..........................................
2,991
71
Univest
Financial
Corp.
..................................................
3,329
96
Unum
Group
..........................................................
20,584
1,478
Upstart
Holdings,
Inc.
(a)
..................................................
9,828
803
USCB
Financial
Holdings,
Inc.
.............................................
1,133
19
UWM
Holdings
Corp.
...................................................
16,416
66
Valley
National
Bancorp
..................................................
56,949
528
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Velocity
Financial,
Inc.
(a)
.................................................
2,497
$
41
Veritex
Holdings,
Inc.
....................................................
6,151
195
Victory
Capital
Holdings,
Inc.
,
Class
A
(e)
.....................................
6,192
427
Virtu
Financial,
Inc.
,
Class
A
...............................................
9,642
426
Virtus
Investment
Partners,
Inc.
.............................................
762
147
Voya
Financial,
Inc.
.....................................................
11,433
800
WaFd,
Inc.
............................................................
9,363
273
Walker
&
Dunlop,
Inc.
...................................................
3,805
285
Washington
Trust
Bancorp,
Inc.
.............................................
2,199
59
Waterstone
Financial,
Inc.
.................................................
1,747
23
Webster
Financial
Corp.
..................................................
19,887
1,146
WesBanco,
Inc.
........................................................
11,101
334
West
Bancorp,
Inc.
......................................................
1,688
30
Westamerica
Bancorp
....................................................
2,949
141
Western
Alliance
Bancorp
.................................................
12,484
968
Western
New
England
Bancorp,
Inc.
.........................................
2,020
22
Westwood
Holdings
Group,
Inc.
............................................
755
13
WEX,
Inc.
(a)
..........................................................
4,035
685
White
Mountains
Insurance
Group
Ltd.
.......................................
297
531
Wintrust
Financial
Corp.
..................................................
7,816
1,000
WisdomTree,
Inc.
.......................................................
14,087
187
World
Acceptance
Corp.
(a)
................................................
531
84
WSFS
Financial
Corp.
...................................................
6,668
366
Zions
Bancorp
NA
......................................................
17,291
927
125,809
Health
Care
(12.2%):
10X
Genomics,
Inc.
,
Class
A
(a)
.............................................
12,242
165
4D
Molecular
Therapeutics,
Inc.
(a)
..........................................
4,633
21
89bio,
Inc.
(a)
..........................................................
16,716
159
Aardvark
Therapeutics,
Inc.
(a)
.............................................
1,374
17
Abeona
Therapeutics,
Inc.
(a)
...............................................
5,173
33
Absci
Corp.
(a)
(b)
.......................................................
12,783
36
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
10,600
231
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
19,751
471
Accuray,
Inc.
(a)
........................................................
10,620
14
Achieve
Life
Sciences,
Inc.
(a)
..............................................
2,948
8
Aclaris
Therapeutics,
Inc.
(a)
...............................................
10,151
16
Actuate
Therapeutics,
Inc.
(a)
...............................................
492
4
AdaptHealth
Corp.
(a)
....................................................
10,181
91
Adaptive
Biotechnologies
Corp.
(a)
..........................................
17,157
176
Addus
HomeCare
Corp.
(a)
................................................
2,124
227
ADMA
Biologics,
Inc.
(a)
.................................................
27,418
513
Agenus,
Inc.
(a)
........................................................
2,903
16
agilon
health,
Inc.
(a)
.....................................................
35,372
63
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
6,580
245
AirSculpt
Technologies,
Inc.
(a)
(b)
...........................................
1,242
8
Akebia
Therapeutics,
Inc.
(a)
...............................................
29,650
109
Akero
Therapeutics,
Inc.
(a)
................................................
8,529
417
Aldeyra
Therapeutics,
Inc.
(a)
..............................................
6,661
33
Alector,
Inc.
(a)
.........................................................
8,199
12
Alignment
Healthcare,
Inc.
(a)
..............................................
15,496
214
Alkermes
PLC
(a)
.......................................................
19,182
508
Allogene
Therapeutics,
Inc.
(a)
..............................................
16,857
21
Alpha
Teknova,
Inc.
(a)
(b)
.................................................
982
4
Alphatec
Holdings,
Inc.
(a)
................................................
12,873
136
ALT5
Sigma
Corp.
(a)
....................................................
1,592
10
Altimmune,
Inc.
(a)
(b)
....................................................
9,221
34
Alumis,
Inc.
(a)
(b)
......................................................
7,680
32
Amedisys,
Inc.
(a)
.......................................................
3,794
374
American
Well
Corp.
,
Class
A
(a)
............................................
1,243
9
Amicus
Therapeutics,
Inc.
(a)
...............................................
35,244
211
AMN
Healthcare
Services,
Inc.
(a)
...........................................
4,457
82
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
16,953
133
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
4,089
$
86
Amylyx
Pharmaceuticals,
Inc.
(a)
............................................
7,614
61
AnaptysBio,
Inc.
(a)
.....................................................
3,106
76
Anavex
Life
Sciences
Corp.
(a)
(b)
...........................................
9,732
110
AngioDynamics,
Inc.
(a)
..................................................
4,460
40
ANI
Pharmaceuticals,
Inc.
(a)
..............................................
2,129
135
Anika
Therapeutics,
Inc.
(a)
................................................
1,513
13
Annexon,
Inc.
(a)
.......................................................
10,824
26
Anteris
Technologies
Global
Corp.
(a)
(b)
......................................
3,851
12
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
12,265
274
Apogee
Therapeutics,
Inc.
(a)
...............................................
4,417
169
Aquestive
Therapeutics,
Inc.
(a)
.............................................
10,590
41
Arcellx,
Inc.
(a)
........................................................
4,693
335
Arcturus
Therapeutics
Holdings,
Inc.
(a)
.......................................
2,861
35
Arcus
Biosciences,
Inc.
(a)
.................................................
7,473
68
Arcutis
Biotherapeutics,
Inc.
(a)
.............................................
12,414
181
Ardelyx,
Inc.
(a)
........................................................
27,238
115
ArriVent
Biopharma,
Inc.
(a)
(b)
.............................................
2,247
44
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
13,661
216
ARS
Pharmaceuticals,
Inc.
(a)
(b)
............................................
6,455
114
Artivion,
Inc.
(a)
........................................................
4,700
145
Arvinas,
Inc.
(a)
........................................................
7,422
55
Assembly
Biosciences,
Inc.
(a)
..............................................
399
7
Astrana
Health,
Inc.
(a)
...................................................
4,372
104
Astria
Therapeutics,
Inc.
(a)
................................................
5,213
36
Atea
Pharmaceuticals,
Inc.
(a)
..............................................
7,907
29
Atlantic
International
Corp.
(a)
(b)
............................................
2,613
4
Atossa
Therapeutics,
Inc.
(a)
...............................................
13,699
11
AtriCure,
Inc.
(a)
.......................................................
5,647
198
aTyr
Pharma,
Inc.
(a)
(b)
...................................................
10,012
47
Aura
Biosciences,
Inc.
(a)
.................................................
5,377
37
Avanos
Medical,
Inc.
(a)
..................................................
5,217
58
Avantor,
Inc.
(a)
........................................................
78,991
1,062
Aveanna
Healthcare
Holdings,
Inc.
(a)
........................................
5,749
23
Avidity
Biosciences,
Inc.
(a)
...............................................
13,066
480
Avita
Medical,
Inc.
(a)
(b)
..................................................
2,873
15
Axogen,
Inc.
(a)
........................................................
5,019
66
Axsome
Therapeutics,
Inc.
(a)
..............................................
4,814
488
Azenta,
Inc.
(a)
.........................................................
5,305
173
Beam
Therapeutics,
Inc.
(a)
................................................
10,625
209
Benitec
Biopharma,
Inc.
(a)
................................................
2,806
31
Beta
Bionics,
Inc.
(a)
(b)
...................................................
3,861
65
Bicara
Therapeutics,
Inc.
(a)
...............................................
3,786
42
BioAge
Labs,
Inc.
(a)
....................................................
2,190
10
BioCryst
Pharmaceuticals,
Inc.
(a)
...........................................
23,755
193
Biohaven
Ltd.
(a)
.......................................................
10,533
159
BioLife
Solutions,
Inc.
(a)
.................................................
5,380
114
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
22,541
1,304
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
2,198
532
BioSig
Technologies,
Inc.
(a)
...............................................
1,782
8
Biote
Corp.
,
Class
A
(a)
...................................................
3,237
13
Bio-Techne
Corp.
.......................................................
18,475
1,011
Bioventus,
Inc.
,
Class
A
(a)
................................................
5,177
34
Black
Diamond
Therapeutics,
Inc.
(a)
.........................................
4,685
12
Bridgebio
Pharma,
Inc.
(a)
.................................................
19,154
905
BrightSpring
Health
Services,
Inc.
(a)
.........................................
9,403
194
Brookdale
Senior
Living,
Inc.
(a)
............................................
24,546
190
Bruker
Corp.
..........................................................
12,266
471
Butterfly
Network,
Inc.
(a)
.................................................
21,158
36
Cabaletta
Bio,
Inc.
(a)
....................................................
4,616
7
Candel
Therapeutics,
Inc.
(a)
(b)
.............................................
4,135
27
Capricor
Therapeutics,
Inc.
(a)
..............................................
4,568
37
Cardiff
Oncology,
Inc.
(a)
(b)
...............................................
6,873
16
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
CareDx,
Inc.
(a)
........................................................
6,091
$
75
Cargo
Therapeutics,
Inc.
(a)
................................................
3,594
16
Caribou
Biosciences,
Inc.
(a)
...............................................
9,013
18
Cartesian
Therapeutics,
Inc.
(a)
(b)
...........................................
881
11
Cassava
Sciences,
Inc.
(a)
.................................................
4,407
9
Castle
Biosciences,
Inc.
(a)
................................................
3,244
49
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
13,168
281
Celcuity,
Inc.
(a)
(b)
......................................................
3,575
140
Celldex
Therapeutics,
Inc.
(a)
...............................................
7,636
168
Ceribell,
Inc.
(a)
........................................................
2,338
34
Certara,
Inc.
(a)
.........................................................
14,139
139
Cerus
Corp.
(a)
.........................................................
20,245
26
CG
oncology,
Inc.
(a)
....................................................
5,301
141
Charles
River
Laboratories
International,
Inc.
(a)
.................................
5,781
981
Chemed
Corp.
.........................................................
1,710
705
Cibus,
Inc.
(a)
..........................................................
3,150
5
Cidara
Therapeutics,
Inc.
(a)
(b)
.............................................
893
57
Claritev
Corp.
(a)
.......................................................
835
33
ClearPoint
Neuro,
Inc.
(a)
.................................................
2,753
29
Clover
Health
Investments
Corp.
(a)
..........................................
45,120
130
Codexis,
Inc.
(a)
........................................................
9,136
24
Cogent
Biosciences,
Inc.
(a)
................................................
11,100
127
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
3,631
108
Community
Health
Systems,
Inc.
(a)
..........................................
13,855
36
Compass
Therapeutics,
Inc.
(a)
..............................................
10,035
30
Concentra
Group
Holdings
Parent,
Inc.
.......................................
13,612
272
CONMED
Corp.
.......................................................
3,560
182
Corcept
Therapeutics,
Inc.
(a)
..............................................
11,170
750
CorMedix,
Inc.
(a)
......................................................
7,745
90
CorVel
Corp.
(a)
........................................................
3,418
303
Corvus
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
6,050
25
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
10,301
295
Cross
Country
Healthcare,
Inc.
(a)
...........................................
3,579
48
CryoPort,
Inc.
(a)
.......................................................
5,576
41
Cullinan
Therapeutics,
Inc.
(a)
..............................................
4,108
32
CVRx,
Inc.
(a)
(b)
.......................................................
1,669
13
Cytek
Biosciences,
Inc.
(a)
.................................................
13,258
48
Cytokinetics,
Inc.
(a)
.....................................................
13,891
523
CytomX
Therapeutics,
Inc.
(a)
..............................................
11,830
26
DaVita,
Inc.
(a)
.........................................................
8,562
1,202
Day
One
Biopharmaceuticals,
Inc.
(a)
.........................................
8,705
58
Definitive
Healthcare
Corp.
(a)
..............................................
4,251
17
Delcath
Systems,
Inc.
(a)
..................................................
3,374
36
Denali
Therapeutics,
Inc.
(a)
...............................................
14,909
206
DENTSPLY
SIRONA,
Inc.
................................................
23,514
336
Design
Therapeutics,
Inc.
(a)
(b)
.............................................
3,317
13
Dianthus
Therapeutics,
Inc.
(a)
..............................................
2,596
54
Disc
Medicine,
Inc.
(a)
...................................................
2,491
149
DocGo,
Inc.
(a)
.........................................................
9,238
13
Doximity,
Inc.
,
Class
A
(a)
.................................................
15,821
929
Dynavax
Technologies
Corp.
(a)
.............................................
13,532
149
Dyne
Therapeutics,
Inc.
(a)
................................................
10,011
99
Edgewise
Therapeutics,
Inc.
(a)
.............................................
9,097
130
Editas
Medicine,
Inc.
(a)
..................................................
9,436
24
Elanco
Animal
Health,
Inc.
(a)
..............................................
58,617
802
Electromed,
Inc.
(a)
......................................................
713
13
Eledon
Pharmaceuticals,
Inc.
(a)
.............................................
6,214
20
Elicio
Therapeutics,
Inc.
(a)
................................................
650
6
Embecta
Corp.
.........................................................
6,361
65
Emergent
BioSolutions,
Inc.
(a)
.............................................
5,992
35
Enanta
Pharmaceuticals,
Inc.
(a)
.............................................
2,168
16
Encompass
Health
Corp.
..................................................
11,824
1,302
Enhabit,
Inc.
(a)
........................................................
5,024
34
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Enliven
Therapeutics,
Inc.
(a)
...............................................
3,776
$
71
Enovis
Corp.
(a)
........................................................
6,600
177
Entrada
Therapeutics,
Inc.
(a)
...............................................
2,420
14
Envista
Holdings
Corp.
(a)
.................................................
19,672
372
Erasca,
Inc.
(a)
.........................................................
18,299
26
Esperion
Therapeutics,
Inc.
(a)
(b)
............................................
22,247
32
Establishment
Labs
Holdings,
Inc.
(a)
(b)
.......................................
3,064
129
Eton
Pharmaceuticals,
Inc.
(a)
..............................................
2,926
41
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
13,510
136
Evolus,
Inc.
(a)
.........................................................
6,633
59
Exact
Sciences
Corp.
(a)
..................................................
22,148
1,040
Exagen,
Inc.
(a)
........................................................
1,102
9
Exelixis,
Inc.
(a)
........................................................
31,463
1,140
Exozymes,
Inc.
(a)
......................................................
65
1
EyePoint
Pharmaceuticals,
Inc.
(a)
...........................................
6,995
69
Fate
Therapeutics,
Inc.
(a)
.................................................
11,572
13
Foghorn
Therapeutics,
Inc.
(a)
..............................................
3,099
16
Fortrea
Holdings,
Inc.
(a)
..................................................
10,523
60
Fulcrum
Therapeutics,
Inc.
(a)
..............................................
5,523
37
Fulgent
Genetics,
Inc.
(a)
..................................................
2,260
39
GeneDx
Holdings
Corp.
(a)
................................................
2,963
302
Geron
Corp.
(a)
.........................................................
70,872
82
Glaukos
Corp.
(a)
.......................................................
6,556
564
Globus
Medical,
Inc.
(a)
..................................................
13,360
703
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
9,671
46
Gossamer
Bio,
Inc.
(a)
....................................................
20,985
43
GRAIL,
Inc.
(a)
(b)
......................................................
3,518
120
Greenwich
Lifesciences,
Inc.
(a)
(b)
..........................................
582
6
Guardant
Health,
Inc.
(a)
..................................................
14,006
574
Gyre
Therapeutics,
Inc.
(a)
(b)
..............................................
1,739
12
Haemonetics
Corp.
(a)
....................................................
5,635
417
Halozyme
Therapeutics,
Inc.
(a)
.............................................
14,520
871
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
5,165
182
Harrow,
Inc.
(a)
.........................................................
3,640
116
Health
Catalyst,
Inc.
(a)
...................................................
7,519
27
HealthEquity,
Inc.
(a)
....................................................
10,017
972
HealthStream,
Inc.
......................................................
2,831
74
Henry
Schein,
Inc.
(a)
....................................................
12,496
845
Heron
Therapeutics,
Inc.
(a)
(b)
..............................................
17,265
30
HilleVax,
Inc.
(a)
.......................................................
2,023
4
Hims
&
Hers
Health,
Inc.
(a)
...............................................
23,922
1,583
Humacyte,
Inc.
(a)
(b)
....................................................
14,421
35
ICU
Medical,
Inc.
(a)
....................................................
2,692
346
Ideaya
Biosciences,
Inc.
(a)
................................................
9,343
228
Immunome,
Inc.
(a)
......................................................
9,032
95
Immunovant,
Inc.
(a)
.....................................................
8,095
130
InfuSystem
Holdings,
Inc.
(a)
...............................................
2,012
11
Inhibikase
Therapeutics,
Inc.
(a)
(b)
...........................................
4,650
7
Inhibrx
Biosciences,
Inc.
(a)
................................................
1,110
24
Inmune
Bio,
Inc.
(a)
(b)
...................................................
1,428
4
Innoviva,
Inc.
(a)
.......................................................
7,323
133
Inogen,
Inc.
(a)
.........................................................
2,547
16
Insight
Molecular
Diagnostics,
Inc.
(a)
........................................
1,895
5
Insmed,
Inc.
(a)
.........................................................
21,225
2,277
Inspire
Medical
Systems,
Inc.
(a)
............................................
3,285
409
Instil
Bio,
Inc.
(a)
(b)
.....................................................
351
8
Integer
Holdings
Corp.
(a)
.................................................
4,032
438
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
7,709
101
Intellia
Therapeutics,
Inc.
(a)
(b)
.............................................
11,522
134
Invivyd,
Inc.
(a)
........................................................
7,263
5
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
18,499
795
Iovance
Biotherapeutics,
Inc.
(a)
(b)
..........................................
31,928
82
iRadimed
Corp.
........................................................
932
54
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
iRhythm
Technologies,
Inc.
(a)
..............................................
3,722
$
522
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
16,824
13
iTeos
Therapeutics,
Inc.
(a)
................................................
4,150
42
Janux
Therapeutics,
Inc.
(a)
................................................
5,861
141
Jazz
Pharmaceuticals
PLC
(a)
..............................................
6,869
787
Journey
Medical
Corp.
(a)
.................................................
873
6
KalVista
Pharmaceuticals,
Inc.
(a)
...........................................
4,498
61
Keros
Therapeutics,
Inc.
(a)
................................................
3,894
56
Kewaunee
Scientific
Corp.
(a)
..............................................
225
12
Kindly
MD,
Inc.
(a)
......................................................
102
1
Kiniksa
Pharmaceuticals
International
PLC
(a)
..................................
4,777
145
Kodiak
Sciences,
Inc.
(a)
..................................................
5,625
37
Korro
Bio,
Inc.
(a)
.......................................................
562
8
KORU
Medical
Systems,
Inc.
(a)
............................................
4,820
17
Krystal
Biotech,
Inc.
(a)
...................................................
2,952
454
Kura
Oncology,
Inc.
(a)
...................................................
9,587
58
Kymera
Therapeutics,
Inc.
(a)
..............................................
6,313
276
Kyverna
Therapeutics,
Inc.
(a)
..............................................
1,971
7
Lantheus
Holdings,
Inc.
(a)
................................................
7,981
568
Larimar
Therapeutics,
Inc.
(a)
..............................................
3,961
14
LeMaitre
Vascular,
Inc.
...................................................
2,447
199
LENSAR,
Inc.
(a)
.......................................................
1,005
13
LENZ
Therapeutics,
Inc.
(a)
(b)
.............................................
2,769
82
Lexicon
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
19,851
21
Lifecore
Biomedical,
Inc.
(a)
...............................................
3,701
26
LifeMD,
Inc.
(a)
........................................................
4,173
43
LifeStance
Health
Group,
Inc.
(a)
............................................
13,592
54
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
2,233
294
Lineage
Cell
Therapeutics,
Inc.
(a)
(b)
.........................................
25,868
26
Liquidia
Corp.
(a)
(b)
.....................................................
8,175
153
Lucid
Diagnostics,
Inc.
(a)
.................................................
3,465
3
Lyell
Immunopharma,
Inc.
(a)
..............................................
644
8
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
2,393
724
MannKind
Corp.
(a)
.....................................................
34,777
131
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
12,232
29
Masimo
Corp.
(a)
.......................................................
5,954
916
MaxCyte,
Inc.
(a)
.......................................................
11,023
23
Maze
Therapeutics,
Inc.
(a)
(b)
..............................................
1,471
22
MBX
Biosciences,
Inc.
(a)
.................................................
1,659
22
Medpace
Holdings,
Inc.
(a)
................................................
2,780
1,188
MeiraGTx
Holdings
PLC
(a)
...............................................
6,280
48
Merit
Medical
Systems,
Inc.
(a)
.............................................
6,855
582
Merrimack
Pharmaceuticals,
Inc.
(a)
(c)
........................................
1,827
—
(d)
Mesa
Laboratories,
Inc.
..................................................
615
47
Metsera,
Inc.
(a)
(b)
......................................................
6,015
198
MiMedx
Group,
Inc.
(a)
...................................................
13,623
98
Mineralys
Therapeutics,
Inc.
(a)
.............................................
4,740
67
Mirum
Pharmaceuticals,
Inc.
(a)
.............................................
4,750
245
Moderna,
Inc.
(a)
.......................................................
40,837
1,207
Monopar
Therapeutics,
Inc.
(a)
..............................................
443
18
Monte
Rosa
Therapeutics,
Inc.
(a)
...........................................
5,223
26
MoonLake
Immunotherapeutics
(a)
..........................................
6,293
317
Myomo,
Inc.
(a)
........................................................
3,312
6
Myriad
Genetics,
Inc.
(a)
..................................................
10,156
39
National
HealthCare
Corp.
................................................
1,339
129
National
Research
Corp.
..................................................
1,421
18
Nautilus
Biotechnology,
Inc.
(a)
.............................................
5,083
4
Nektar
Therapeutics
(a)
...................................................
14,090
305
Neogen
Corp.
(a)
.......................................................
25,521
119
NeoGenomics,
Inc.
(a)
....................................................
14,927
72
Neonc
Technologies
Holdings,
Inc.
(a)
........................................
167
1
Neumora
Therapeutics,
Inc.
(a)
(b)
...........................................
7,252
14
Neurocrine
Biosciences,
Inc.
(a)
.............................................
11,384
1,460
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Neurogene,
Inc.
(a)
(b)
....................................................
1,336
$
29
Neuronetics,
Inc.
(a)
.....................................................
4,040
18
NeuroPace,
Inc.
(a)
......................................................
2,560
22
Niagen
Bioscience,
Inc.
(a)
................................................
5,787
54
Nkarta,
Inc.
(a)
(b)
.......................................................
5,538
12
Novavax,
Inc.
(a)
(b)
.....................................................
17,422
116
Novocure
Ltd.
(a)
.......................................................
11,692
135
Nurix
Therapeutics,
Inc.
(a)
................................................
8,788
99
Nutex
Health,
Inc.
(a)
(b)
..................................................
408
35
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
5,292
415
Nuvation
Bio,
Inc.
(a)
(b)
..................................................
26,480
63
Nuvectis
Pharma,
Inc.
(a)
..................................................
1,091
8
Ocugen,
Inc.
(a)
(b)
......................................................
32,879
34
Ocular
Therapeutix,
Inc.
(a)
................................................
15,836
183
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
5,901
30
Omeros
Corp.
(a)
(b)
.....................................................
6,320
24
OmniAb,
Inc.
(a)
........................................................
11,079
21
Omnicell,
Inc.
(a)
.......................................................
5,357
166
OPKO
Health,
Inc.
(a)
....................................................
40,729
52
OptimizeRx
Corp.
(a)
....................................................
1,899
24
Option
Care
Health,
Inc.
(a)
................................................
19,218
564
Oramed
Pharmaceuticals,
Inc.
(a)
............................................
3,245
7
OraSure
Technologies,
Inc.
(a)
..............................................
8,054
26
Organogenesis
Holdings,
Inc.
(a)
............................................
7,372
34
Organon
&
Co.
........................................................
30,766
298
ORIC
Pharmaceuticals,
Inc.
(a)
.............................................
5,585
56
Orthofix
Medical,
Inc.
(a)
.................................................
4,347
48
OrthoPediatrics
Corp.
(a)
..................................................
1,889
39
Oruka
Therapeutics,
Inc.
..................................................
3,583
49
Outset
Medical,
Inc.
(a)
...................................................
1,975
32
Owens
&
Minor,
Inc.
(a)
..................................................
8,589
60
Pacific
Biosciences
of
California,
Inc.
(a)
......................................
30,552
42
Pacira
BioSciences,
Inc.
(a)
................................................
5,216
110
PACS
Group,
Inc.
(a)
.....................................................
4,543
50
Palvella
Therapeutics,
Inc.
(a)
..............................................
741
27
PDL
BioPharma,
Inc.
(a)
(b)
(c)
..............................................
17,605
1
Pediatrix
Medical
Group,
Inc.
(a)
............................................
9,987
122
Penumbra,
Inc.
(a)
.......................................................
4,475
1,129
Perrigo
Co.
PLC
.......................................................
16,276
434
Personalis,
Inc.
(a)
(b)
....................................................
6,068
33
Perspective
Therapeutics,
Inc.
(a)
............................................
6,096
23
Phathom
Pharmaceuticals,
Inc.
(a)
(b)
.........................................
4,368
37
Phibro
Animal
Health
Corp.
,
Class
A
.........................................
2,364
63
Phreesia,
Inc.
(a)
........................................................
6,464
174
Praxis
Precision
Medicines,
Inc.
(a)
(b)
........................................
2,149
117
Precigen,
Inc.
(a)
(b)
.....................................................
18,405
31
Premier,
Inc.
,
Class
A
....................................................
9,602
206
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
5,800
429
Prime
Medicine,
Inc.
(a)
(b)
................................................
5,830
22
Privia
Health
Group,
Inc.
(a)
...............................................
12,810
250
PROCEPT
BioRobotics
Corp.
(a)
(b)
..........................................
6,235
302
Pro-Dex,
Inc.
(a)
(b)
......................................................
218
11
Progyny,
Inc.
(a)
........................................................
9,299
219
ProKidney
Corp.
(a)
(b)
...................................................
10,446
29
Protagonist
Therapeutics,
Inc.
(a)
............................................
6,970
375
Protalix
BioTherapeutics,
Inc.
(a)
(b)
..........................................
7,857
11
Protara
Therapeutics,
Inc.
(a)
...............................................
3,677
11
PTC
Therapeutics,
Inc.
(a)
.................................................
9,176
478
Pulmonx
Corp.
(a)
.......................................................
3,766
7
Pulse
Biosciences,
Inc.
(a)
(b)
...............................................
1,399
21
Puma
Biotechnology,
Inc.
(a)
...............................................
4,013
12
Quanterix
Corp.
(a)
......................................................
3,702
22
Quantum-Si,
Inc.
,
Class
SI
(a)
(b)
............................................
15,446
23
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
QuidelOrtho
Corp.
(a)
....................................................
7,848
$
181
RadNet,
Inc.
(a)
........................................................
8,180
448
Rapid
Micro
Biosystems,
Inc.
,
Class
A
(a)
......................................
2,025
7
Rapport
Therapeutics,
Inc.
(a)
..............................................
1,985
29
Rapt
Therapeutics,
Inc.
(a)
.................................................
914
10
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..................................
36,853
219
REGENXBIO,
Inc.
(a)
...................................................
5,262
45
Relay
Therapeutics,
Inc.
(a)
................................................
15,034
53
Repligen
Corp.
(a)
.......................................................
6,328
741
Replimune
Group,
Inc.
(a)
(b)
...............................................
6,988
49
Revolution
Medicines,
Inc.
(a)
..............................................
19,288
719
Revvity,
Inc.
(b)
........................................................
13,996
1,230
Rezolute,
Inc.
(a)
.......................................................
8,204
49
Rhythm
Pharmaceuticals,
Inc.
(a)
............................................
6,933
591
Rigel
Pharmaceuticals,
Inc.
(a)
..............................................
2,001
42
Rocket
Pharmaceuticals,
Inc.
(a)
.............................................
11,441
35
Royalty
Pharma
PLC
,
Class
A
..............................................
39,615
1,458
RxSight,
Inc.
(a)
........................................................
4,349
34
Sage
Therapeutics,
Inc.
(a)
.................................................
6,407
56
Sagimet
Biosciences,
Inc.
,
Class
A
(a)
(b)
......................................
2,680
23
Sana
Biotechnology,
Inc.
(a)
(b)
.............................................
14,673
60
Sanara
Medtech,
Inc.
(a)
..................................................
296
7
Sangamo
Therapeutics,
Inc.
(a)
.............................................
25,851
14
SANUWAVE
Health,
Inc.
(a)
(b)
.............................................
896
34
Sarepta
Therapeutics,
Inc.
(a)
...............................................
11,024
181
Savara,
Inc.
(a)
(b)
.......................................................
8,759
23
Scholar
Rock
Holding
Corp.
(a)
.............................................
8,611
319
Schrodinger,
Inc.
(a)
.....................................................
7,382
150
scPharmaceuticals,
Inc.
(a)
.................................................
4,031
20
Seer,
Inc.
(a)
...........................................................
3,154
7
Select
Medical
Holdings
Corp.
.............................................
13,005
192
SELLAS
Life
Sciences
Group,
Inc.
(a)
(b)
......................................
10,853
17
Semler
Scientific,
Inc.
(a)
(b)
...............................................
1,037
37
Senseonics
Holdings,
Inc.
(a)
(b)
.............................................
79,709
39
Septerna,
Inc.
(a)
(b)
.....................................................
3,151
39
SI-BONE,
Inc.
(a)
.......................................................
4,324
74
SIGA
Technologies,
Inc.
..................................................
4,630
31
Sight
Sciences,
Inc.
(a)
...................................................
2,985
10
Simulations
Plus,
Inc.
....................................................
1,824
24
Sionna
Therapeutics,
Inc.
(a)
(b)
.............................................
3,000
50
Soleno
Therapeutics,
Inc.
(a)
...............................................
4,968
430
Solid
Biosciences,
Inc.
(a)
.................................................
6,534
45
Solventum
Corp.
(a)
.....................................................
16,502
1,178
Sonida
Senior
Living,
Inc.
(a)
..............................................
2,008
49
Sotera
Health
Co.
(a)
.....................................................
17,379
200
Spero
Therapeutics,
Inc.
(a)
(b)
..............................................
3,832
9
Spyre
Therapeutics,
Inc.
(a)
(b)
..............................................
6,040
103
STAAR
Surgical
Co.
(a)
..................................................
5,801
104
Standard
BioTools,
Inc.
(a)
................................................
42,660
57
Stereotaxis,
Inc.
(a)
......................................................
7,768
18
Stoke
Therapeutics,
Inc.
(a)
................................................
4,922
63
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
6,279
220
Surgery
Partners,
Inc.
(a)
..................................................
8,988
197
Surmodics,
Inc.
(a)
......................................................
1,594
57
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
9,692
96
Tactile
Systems
Technology,
Inc.
(a)
..........................................
2,519
25
Talkspace,
Inc.
(a)
.......................................................
16,001
39
Tandem
Diabetes
Care,
Inc.
(a)
..............................................
7,779
121
Tango
Therapeutics,
Inc.
(a)
................................................
6,818
41
Tarsus
Pharmaceuticals,
Inc.
(a)
.............................................
4,291
167
Taysha
Gene
Therapies,
Inc.
(a)
(b)
...........................................
24,948
68
Tectonic
Therapeutic,
Inc.
(a)
...............................................
1,199
27
Teladoc
Health,
Inc.
(a)
...................................................
20,545
148
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Teleflex,
Inc.
..........................................................
5,232
$
625
Tempus
AI,
Inc.
(a)
(b)
....................................................
10,904
617
Tenet
Healthcare
Corp.
(a)
.................................................
10,871
1,753
Terns
Pharmaceuticals,
Inc.
(a)
..............................................
7,679
45
TG
Therapeutics,
Inc.
(a)
..................................................
17,021
604
The
Ensign
Group,
Inc.
...................................................
6,610
992
The
Joint
Corp.
(a)
......................................................
1,544
17
The
Oncology
Institute,
Inc.
(a)
.............................................
4,361
16
The
Pennant
Group,
Inc.
(a)
................................................
3,882
86
Theravance
Biopharma,
Inc.
(a)
.............................................
5,340
60
Third
Harmonic
Bio,
Inc.
(a)
...............................................
2,389
13
Tonix
Pharmaceuticals
Holding
Corp.
(a)
(b)
....................................
845
32
Tourmaline
Bio,
Inc.
(a)
...................................................
1,874
41
TransMedics
Group,
Inc.
(a)
................................................
3,875
461
Travere
Therapeutics,
Inc.
(a)
...............................................
10,350
160
Treace
Medical
Concepts,
Inc.
(a)
............................................
5,071
27
Trevi
Therapeutics,
Inc.
(a)
................................................
8,151
60
TruBridge,
Inc.
(a)
......................................................
1,650
34
TuHURA
Biosciences,
Inc.
(a)
(b)
............................................
2,407
6
Tvardi
Therapeutics,
Inc.
(a)
(b)
.............................................
702
18
Twist
Bioscience
Corp.
(a)
.................................................
6,723
226
Tyra
Biosciences,
Inc.
(a)
(b)
...............................................
3,682
40
U.S.
Physical
Therapy,
Inc.
................................................
1,756
128
UFP
Technologies,
Inc.
(a)
.................................................
878
199
Ultragenyx
Pharmaceutical,
Inc.
(a)
..........................................
10,494
287
United
Therapeutics
Corp.
(a)
..............................................
5,245
1,441
Universal
Health
Services,
Inc.
,
Class
B
.......................................
6,421
1,069
Upstream
Bio,
Inc.
(a)
....................................................
2,198
34
Utah
Medical
Products,
Inc.
...............................................
335
19
Vanda
Pharmaceuticals,
Inc.
(a)
.............................................
6,247
27
Varex
Imaging
Corp.
(a)
..................................................
4,695
34
Vaxcyte,
Inc.
(a)
........................................................
14,887
505
Ventyx
Biosciences,
Inc.
(a)
................................................
7,064
20
Vera
Therapeutics,
Inc.
(a)
.................................................
5,669
118
Veracyte,
Inc.
(a)
........................................................
9,155
215
Verastem,
Inc.
(a)
.......................................................
5,562
34
Vericel
Corp.
(a)
........................................................
5,906
206
Viatris,
Inc.
...........................................................
136,362
1,192
Vigil
Neuroscience,
Inc.
(a)
................................................
3,386
27
Viking
Therapeutics,
Inc.
(a)
...............................................
12,966
422
Vir
Biotechnology,
Inc.
(a)
.................................................
10,376
53
Viridian
Therapeutics,
Inc.
(a)
..............................................
8,700
152
Voyager
Therapeutics,
Inc.
(a)
..............................................
4,924
16
WaVe
Life
Sciences
Ltd.
(a)
................................................
14,515
118
Waystar
Holding
Corp.
(a)
.................................................
13,669
505
Xencor,
Inc.
(a)
.........................................................
7,813
65
Xeris
Biopharma
Holdings,
Inc.
(a)
..........................................
17,336
88
XOMA
Royalty
Corp.
(a)
.................................................
1,350
34
Y-mAbs
Therapeutics,
Inc.
,
Class
Y
(a)
........................................
3,766
17
Zenas
Biopharma,
Inc.
(a)
(b)
...............................................
1,125
18
Zevra
Therapeutics,
Inc.
(a)
................................................
6,327
70
Zimvie,
Inc.
(a)
.........................................................
3,137
59
Zymeworks,
Inc.
(a)
.....................................................
7,978
100
87,591
Industrials
(19.5%):
3D
Systems
Corp.
(a)
(b)
..................................................
14,826
24
A.O.
Smith
Corp.
.......................................................
13,619
964
AAON,
Inc.
...........................................................
8,005
668
AAR
Corp.
(a)
.........................................................
4,188
313
ABM
Industries,
Inc.
....................................................
7,281
336
ACCO
Brands
Corp.
....................................................
9,930
37
Acme
United
Corp.
(b)
...................................................
362
15
Acuity,
Inc.
...........................................................
3,668
1,142
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
ACV
Auctions,
Inc.
,
Class
A
(a)
.............................................
19,267
$
274
Advanced
Drainage
Systems,
Inc.
(b)
.........................................
8,486
974
Aebi
Schmidt
Holding
AG
(a)
..............................................
3,809
39
AECOM
.............................................................
15,709
1,771
AeroVironment,
Inc.
(a)
...................................................
3,317
888
AerSale
Corp.
(a)
.......................................................
3,977
24
AGCO
Corp.
..........................................................
7,358
868
Air
Lease
Corp.
........................................................
12,368
685
Alamo
Group,
Inc.
......................................................
1,371
305
Alaska
Air
Group,
Inc.
(a)
.................................................
14,384
762
Albany
International
Corp.
................................................
3,541
192
Alight,
Inc.
,
Class
A
.....................................................
55,266
296
Allegiant
Travel
Co.
(a)
...................................................
1,645
85
Allegion
PLC
.........................................................
10,218
1,695
Allient,
Inc.
...........................................................
1,652
67
Allison
Transmission
Holdings,
Inc.
.........................................
9,971
898
Alta
Equipment
Group,
Inc.
...............................................
2,197
17
Amentum
Holdings,
Inc.
(a)
................................................
23,463
586
Ameresco,
Inc.
,
Class
A
(a)
................................................
3,713
63
American
Airlines
Group,
Inc.
(a)
............................................
77,361
889
American
Superconductor
Corp.
(a)
..........................................
4,921
280
American
Woodmark
Corp.
(a)
..............................................
1,681
88
Amprius
Technologies,
Inc.
(a)
..............................................
10,130
70
API
Group
Corp.
(a)
.....................................................
44,281
1,597
Apogee
Enterprises,
Inc.
..................................................
2,477
104
Applied
Industrial
Technologies,
Inc.
.........................................
4,492
1,220
ArcBest
Corp.
.........................................................
2,658
194
Archer
Aviation,
Inc.
,
Class
A
(a)
............................................
53,242
534
Arcosa,
Inc.
...........................................................
5,697
489
Argan,
Inc.
...........................................................
1,546
379
Aris
Water
Solutions,
Inc.
,
Class
A
...........................................
3,522
75
Armstrong
World
Industries,
Inc.
............................................
5,109
961
Array
Technologies,
Inc.
(a)
................................................
17,673
115
ASGN,
Inc.
(a)
.........................................................
4,995
250
Astec
Industries,
Inc.
....................................................
2,644
105
Astronics
Corp.
(a)
......................................................
3,561
129
Asure
Software,
Inc.
(a)
...................................................
2,832
27
Atkore,
Inc.
...........................................................
3,923
302
Avis
Budget
Group,
Inc.
(a)
................................................
4,053
690
AZZ,
Inc.
............................................................
3,489
382
Barrett
Business
Services,
Inc.
.............................................
2,928
135
BlackSky
Technology,
Inc.
(a)
(b)
............................................
2,985
57
Blade
Air
Mobility,
Inc.
(a)
................................................
6,419
26
Bloom
Energy
Corp.
,
Class
A
(a)
............................................
26,136
977
Blue
Bird
Corp.
(a)
......................................................
3,672
164
BlueLinx
Holdings,
Inc.
(a)
................................................
895
66
Boise
Cascade
Co.
......................................................
4,404
369
Bowman
Consulting
Group
Ltd.
(a)
..........................................
1,608
56
Brady
Corp.
,
Class
A
....................................................
5,132
362
BrightView
Holdings,
Inc.
(a)
..............................................
6,983
111
Builders
FirstSource,
Inc.
(a)
...............................................
12,818
1,630
BWX
Technologies,
Inc.
..................................................
10,851
1,649
Byrna
Technologies,
Inc.
(a)
................................................
2,042
45
C.H.
Robinson
Worldwide,
Inc.
.............................................
14,019
1,617
CACI
International,
Inc.
,
Class
A
(a)
.........................................
2,592
1,194
Cadre
Holdings,
Inc.
.....................................................
3,262
108
Casella
Waste
Systems,
Inc.
(a)
.............................................
7,394
804
CBIZ,
Inc.
(a)
..........................................................
5,765
352
CECO
Environmental
Corp.
(a)
.............................................
3,513
158
Centuri
Holdings,
Inc.
(a)
.................................................
2,853
62
ChargePoint
Holdings,
Inc.
(a)
(b)
............................................
2,298
21
Chart
Industries,
Inc.
(a)
..................................................
5,324
1,059
Civeo
Corp.
...........................................................
1,387
35
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Clean
Harbors,
Inc.
(a)
...................................................
6,028
$
1,421
Columbus
McKinnon
Corp.
...............................................
3,229
47
Concentrix
Corp.
(b)
.....................................................
5,378
279
Concrete
Pumping
Holdings,
Inc.
...........................................
2,466
17
Conduent,
Inc.
(a)
.......................................................
16,644
44
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
5,473
552
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
22,579
1,437
CoreCivic,
Inc.
(a)
......................................................
12,587
252
Covenant
Logistics
Group,
Inc.
.............................................
1,847
45
CRA
International,
Inc.
...................................................
770
136
Crane
Co.
............................................................
6,787
1,329
CSG
Systems
International,
Inc.
............................................
3,278
205
CSW
Industrials,
Inc.
....................................................
1,974
512
Custom
Truck
One
Source,
Inc.
(a)
...........................................
7,443
46
Dayforce,
Inc.
(a)
.......................................................
18,347
1,058
Deluxe
Corp.
..........................................................
5,127
83
Distribution
Solutions
Group,
Inc.
(a)
.........................................
1,055
32
DNOW,
Inc.
(a)
........................................................
12,207
190
Donaldson
Co.,
Inc.
.....................................................
13,805
994
Douglas
Dynamics,
Inc.
..................................................
2,633
75
Driven
Brands
Holdings,
Inc.
(a)
............................................
6,813
115
Ducommun,
Inc.
(a)
.....................................................
1,625
148
Dun
&
Bradstreet
Holdings,
Inc.
............................................
39,237
357
DXP
Enterprises,
Inc.
(a)
..................................................
1,506
171
Dycom
Industries,
Inc.
(a)
.................................................
3,313
891
Energy
Recovery,
Inc.
(a)
.................................................
6,166
83
Energy
Vault
Holdings,
Inc.
(a)
.............................................
9,406
11
Enerpac
Tool
Group
Corp.
................................................
6,324
244
EnerSys
..............................................................
4,569
422
Ennis,
Inc.
............................................................
2,816
50
Enovix
Corp.
(a)
(b)
......................................................
19,250
258
Enpro,
Inc.
...........................................................
2,485
528
Enviri
Corp.
(a)
.........................................................
8,923
80
Eos
Energy
Enterprises,
Inc.
(a)
(b)
...........................................
28,267
161
Esab
Corp.
............................................................
6,754
906
ESCO
Technologies,
Inc.
.................................................
3,054
592
Espey
Mfg.
&
Electronics
Corp.
............................................
221
10
Everus
Construction
Group,
Inc.
(a)
..........................................
6,033
448
EVI
Industries,
Inc.
.....................................................
537
12
ExlService
Holdings,
Inc.
(a)
...............................................
18,642
810
Exponent,
Inc.
.........................................................
5,973
412
Federal
Signal
Corp.
.....................................................
7,076
896
First
Advantage
Corp.
(a)
..................................................
9,232
160
Flowserve
Corp.
........................................................
15,484
868
Fluence
Energy,
Inc.
(a)
(b)
.................................................
8,835
72
Fluor
Corp.
(a)
.........................................................
19,319
1,097
Forrester
Research,
Inc.
(a)
................................................
1,211
12
Fortune
Brands
Innovations,
Inc.
............................................
14,232
776
Franklin
Covey
Co.
(a)
...................................................
1,233
24
Franklin
Electric
Co.,
Inc.
.................................................
4,637
436
FreightCar
America,
Inc.
(a)
................................................
1,575
16
Frontier
Group
Holdings,
Inc.
(a)
(b)
..........................................
9,604
42
FTAI
Aviation
Ltd.
......................................................
12,012
1,653
FTAI
Infrastructure,
Inc.
..................................................
12,548
79
FTI
Consulting,
Inc.
(a)
...................................................
4,009
667
FuelCell
Energy,
Inc.
(a)
..................................................
2,442
12
Gates
Industrial
Corp.
PLC
(a)
..............................................
30,165
748
GATX
Corp.
..........................................................
4,202
642
Genco
Shipping
&
Trading
Ltd.
.............................................
4,543
72
Gencor
Industries,
Inc.
(a)
.................................................
1,099
16
Generac
Holdings,
Inc.
(a)
.................................................
6,921
1,347
Genpact
Ltd.
..........................................................
19,086
841
Gibraltar
Industries,
Inc.
(a)
................................................
3,442
227
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Global
Industrial
Co.
....................................................
878
$
30
GMS,
Inc.
(a)
..........................................................
4,535
497
GrafTech
International
Ltd.
(a)
..............................................
20,677
29
Graham
Corp.
(a)
.......................................................
1,201
69
Granite
Construction,
Inc.
.................................................
5,153
487
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........................................
7,725
86
Griffon
Corp.
..........................................................
4,661
379
GXO
Logistics,
Inc.
(a)
...................................................
13,352
664
Hayward
Holdings,
Inc.
(a)
................................................
24,904
383
Healthcare
Services
Group,
Inc.
(a)
...........................................
8,502
111
Heartland
Express,
Inc.
...................................................
5,052
39
Heidrick
&
Struggles
International,
Inc.
.......................................
2,333
104
Helios
Technologies,
Inc.
.................................................
3,909
143
Herc
Holdings,
Inc.
(b)
...................................................
3,894
455
Hertz
Global
Holdings,
Inc.
(a)
(b)
...........................................
35,215
226
Hexcel
Corp.
..........................................................
9,494
569
Hillenbrand,
Inc.
.......................................................
8,255
171
Hillman
Solutions
Corp.
(a)
................................................
22,962
181
HireQuest,
Inc.
........................................................
528
5
HNI
Corp.
............................................................
5,377
277
Hub
Group,
Inc.
,
Class
A
.................................................
7,043
247
Hudson
Technologies,
Inc.
(a)
..............................................
4,376
41
Huntington
Ingalls
Industries,
Inc.
...........................................
4,638
1,293
Hurco
Cos.,
Inc.
(a)
......................................................
628
12
Huron
Consulting
Group,
Inc.
(a)
............................................
1,999
264
Hyliion
Holdings
Corp.
(a)
(b)
..............................................
13,214
20
Hyster-Yale,
Inc.
.......................................................
1,028
43
IBEX
Holdings
Ltd.
(a)
...................................................
1,137
34
ICF
International,
Inc.
...................................................
2,144
180
IES
Holdings,
Inc.
(a)
....................................................
2,291
809
Innodata,
Inc.
(a)
(b)
.....................................................
3,589
197
Innovative
Solutions
and
Support,
Inc.
(a)
......................................
1,451
23
Insperity,
Inc.
..........................................................
4,224
252
Insteel
Industries,
Inc.
....................................................
2,161
78
Interface,
Inc.
.........................................................
6,707
138
Intuitive
Machines,
Inc.
(a)
(b)
..............................................
12,433
139
ITT,
Inc.
.............................................................
9,313
1,583
Janus
International
Group,
Inc.
(a)
...........................................
15,724
135
JBT
Marel
Corp.
.......................................................
6,083
838
JELD-WEN
Holding,
Inc.
(a)
...............................................
9,647
43
JetBlue
Airways
Corp.
(a)
.................................................
33,513
149
Joby
Aviation,
Inc.
(a)
(b)
..................................................
53,276
888
Kadant,
Inc.
...........................................................
1,386
461
Karat
Packaging,
Inc.
....................................................
772
21
Karman
Holdings,
Inc.
(a)
.................................................
3,491
180
KBR,
Inc.
............................................................
15,235
712
Kelly
Services,
Inc.
,
Class
A
...............................................
3,512
43
Kennametal,
Inc.
.......................................................
8,927
221
Kforce,
Inc.
...........................................................
2,060
72
Kirby
Corp.
(a)
.........................................................
6,632
632
Knight-Swift
Transportation
Holdings,
Inc.
....................................
18,699
795
Korn
Ferry
...........................................................
6,055
429
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
17,859
1,048
KULR
Technology
Group,
Inc.
(a)
(b)
.........................................
3,706
20
L.B.
Foster
Co.
,
Class
A
(a)
................................................
1,088
26
Landstar
System,
Inc.
....................................................
4,116
549
Legalzoom.com,
Inc.
(a)
..................................................
13,929
125
Leonardo
DRS,
Inc.
.....................................................
8,829
367
Limbach
Holdings,
Inc.
(a)
................................................
1,190
163
Lincoln
Electric
Holdings,
Inc.
.............................................
6,362
1,549
Lindsay
Corp.
.........................................................
1,257
172
Liquidity
Services,
Inc.
(a)
.................................................
2,760
66
Loar
Holdings,
Inc.
(a)
...................................................
9,002
665
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
LSI
Industries,
Inc.
......................................................
3,042
$
56
Lyft,
Inc.
,
Class
A
(a)
....................................................
45,449
639
ManpowerGroup,
Inc.
...................................................
5,398
223
Marten
Transport
Ltd.
....................................................
6,744
82
Masco
Corp.
..........................................................
25,062
1,707
MasTec,
Inc.
(a)
........................................................
7,288
1,379
Masterbrand,
Inc.
(a)
.....................................................
14,699
162
Matrix
Service
Co.
(a)
....................................................
3,040
46
Matson,
Inc.
..........................................................
3,790
405
Matthews
International
Corp.
,
Class
A
........................................
3,461
81
Maximus,
Inc.
.........................................................
6,622
489
Mayville
Engineering
Co.,
Inc.
(a)
...........................................
1,761
29
McGrath
RentCorp
......................................................
2,882
360
MDU
Resources
Group,
Inc.
...............................................
23,544
406
Mercury
Systems,
Inc.
(a)
.................................................
6,974
367
Microvast
Holdings,
Inc.
(a)
(b)
.............................................
22,740
72
Miller
Industries,
Inc.
....................................................
1,269
52
MillerKnoll,
Inc.
.......................................................
7,905
150
Mistras
Group,
Inc.
(a)
...................................................
2,004
16
Montrose
Environmental
Group,
Inc.
(a)
.......................................
3,516
80
Moog,
Inc.
,
Class
A
.....................................................
3,297
638
MRC
Global,
Inc.
(a)
.....................................................
9,841
144
MSA
Safety,
Inc.
.......................................................
4,387
780
MSC
Industrial
Direct
Co.,
Inc.
.............................................
5,407
468
Mueller
Industries,
Inc.
...................................................
12,730
1,087
Mueller
Water
Products,
Inc.
,
Class
A
........................................
18,227
451
MYR
Group,
Inc.
(a)
.....................................................
1,809
350
NANO
Nuclear
Energy,
Inc.
(a)
(b)
...........................................
3,182
113
National
Presto
Industries,
Inc.
.............................................
631
61
NeoVolta,
Inc.
(a)
(b)
.....................................................
3,167
15
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
17,101
996
NN,
Inc.
(a)
...........................................................
4,557
9
Nordson
Corp.
.........................................................
6,114
1,310
NuScale
Power
Corp.
(a)
(b)
................................................
14,119
709
NV5
Global,
Inc.
(a)
.....................................................
6,781
152
nVent
Electric
PLC
......................................................
19,370
1,519
NWPX
Infrastructure,
Inc.
(a)
..............................................
1,105
46
Omega
Flex,
Inc.
.......................................................
377
12
OPENLANE,
Inc.
(a)
....................................................
12,526
309
Orion
Group
Holdings,
Inc.
(a)
..............................................
4,191
31
Oshkosh
Corp.
.........................................................
7,613
963
Owens
Corning
........................................................
10,036
1,399
Palladyne
AI
Corp.
(a)
(b)
..................................................
2,746
22
PAMT
Corp.
(a)
........................................................
542
6
Pangaea
Logistics
Solutions
Ltd.
............................................
3,152
15
Park
Aerospace
Corp.
....................................................
1,969
35
Park-Ohio
Holdings
Corp.
................................................
1,066
17
Parsons
Corp.
(a)
.......................................................
12,596
935
Paycom
Software,
Inc.
...................................................
6,093
1,411
Paylocity
Holding
Corp.
(a)
................................................
5,303
980
Performant
Healthcare,
Inc.
(a)
..............................................
7,873
28
Perma-Fix
Environmental
Services,
Inc.
(a)
.....................................
1,642
19
Perma-Pipe
International
Holdings,
Inc.
(a)
.....................................
787
17
Pitney
Bowes,
Inc.
......................................................
21,145
240
Planet
Labs
PBC
(a)
.....................................................
24,765
155
Plug
Power,
Inc.
(a)
(b)
....................................................
127,019
190
Powell
Industries,
Inc.
...................................................
1,118
265
Power
Solutions
International,
Inc.
(a)
........................................
768
72
Preformed
Line
Products
Co.
..............................................
394
61
Primoris
Services
Corp.
..................................................
6,357
599
Proficient
Auto
Logistics,
Inc.
(a)
............................................
2,302
16
Proto
Labs,
Inc.
(a)
......................................................
2,760
119
Pursuit
Attractions
and
Hospitality,
Inc.
(a)
.....................................
2,426
73
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Quad/Graphics,
Inc.
.....................................................
2,820
$
15
Quanex
Building
Products
Corp.
............................................
5,357
104
Radiant
Logistics,
Inc.
(a)
.................................................
4,039
24
RBC
Bearings,
Inc.
(a)
...................................................
3,688
1,428
RCM
Technologies,
Inc.
(a)
................................................
503
12
Redwire
Corp.
(a)
(b)
.....................................................
3,000
43
Regal
Rexnord
Corp.
....................................................
7,854
1,201
Resideo
Technologies,
Inc.
(a)
..............................................
16,717
456
Resolute
Holdings
Management,
Inc.
(a)
.......................................
466
19
Resources
Connection,
Inc.
................................................
3,533
18
REV
Group,
Inc.
.......................................................
5,698
282
Richtech
Robotics,
Inc.
,
Class
B
(a)
(b)
........................................
6,925
13
Robert
Half,
Inc.
.......................................................
11,753
434
Rocket
Lab
Corp.
(a)
(b)
...................................................
50,535
2,321
Rush
Enterprises,
Inc.
,
Class
A
.............................................
8,180
443
RXO,
Inc.
(a)
..........................................................
19,078
295
Ryder
System,
Inc.
......................................................
4,767
847
Safe
Bulkers,
Inc.
.......................................................
6,253
25
Saia,
Inc.
(a)
...........................................................
3,166
957
Satellogic,
Inc.
,
Class
A
(a)
................................................
5,332
17
Schneider
National,
Inc.
,
Class
B
............................................
6,077
149
Science
Applications
International
Corp.
......................................
5,547
618
Sensata
Technologies
Holding
PLC
..........................................
17,206
529
SES
AI
Corp.
(a)
(b)
......................................................
24,625
32
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
19,332
104
Simpson
Manufacturing
Co.,
Inc.
...........................................
4,958
890
SiteOne
Landscape
Supply,
Inc.
(a)
...........................................
5,252
724
Skillsoft
Corp.
(a)
.......................................................
410
6
Sky
Harbour
Group
Corp.
(a)
(b)
.............................................
2,416
24
SkyWest,
Inc.
(a)
........................................................
4,640
538
SKYX
Platforms
Corp.
(a)
(b)
...............................................
6,623
7
Spire
Global,
Inc.
(a)
(b)
...................................................
2,695
27
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
..................................
13,807
544
Spirit
Aviation
Holdings,
Inc.
(a)
(b)
..........................................
2,369
10
SPX
Technologies,
Inc.
(a)
.................................................
5,403
985
StandardAero,
Inc.
(a)
....................................................
21,345
609
Standex
International
Corp.
................................................
1,406
232
Stanley
Black
&
Decker,
Inc.
..............................................
18,383
1,244
Steelcase,
Inc.
,
Class
A
...................................................
10,062
104
Sterling
Infrastructure,
Inc.
(a)
..............................................
3,495
935
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
5,460
63
Sunrun,
Inc.
(a)
(b)
.......................................................
24,425
251
Symbotic,
Inc.
(a)
(b)
.....................................................
5,206
281
T1
Energy,
Inc.
(a)
(b)
....................................................
14,061
17
Taylor
Devices,
Inc.
(a)
...................................................
333
15
Tecogen,
Inc.
(a)
........................................................
1,472
14
Tennant
Co.
...........................................................
2,159
178
Terex
Corp.
...........................................................
7,564
385
Tetra
Tech,
Inc.
........................................................
31,255
1,148
The
Brink's
Co.
........................................................
4,946
432
The
Eastern
Co.
........................................................
612
14
The
GEO
Group,
Inc.
(a)
..................................................
15,855
411
The
Gorman-Rupp
Co.
...................................................
2,429
100
The
Greenbrier
Cos.,
Inc.
.................................................
3,562
162
The
Manitowoc
Co.,
Inc.
(a)
...............................................
3,897
50
The
Middleby
Corp.
(a)
...................................................
6,279
912
The
Timken
Co.
........................................................
7,455
567
The
Toro
Co.
..........................................................
11,729
871
Thermon
Group
Holdings,
Inc.
(a)
...........................................
3,755
106
Titan
International,
Inc.
(a)
.................................................
5,604
47
Titan
Machinery,
Inc.
(a)
..................................................
2,383
46
Transcat,
Inc.
(a)
........................................................
1,066
81
Trex
Co.,
Inc.
(a)
........................................................
12,685
815
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
TriNet
Group,
Inc.
......................................................
5,573
$
378
Trinity
Industries,
Inc.
...................................................
9,541
222
TrueBlue,
Inc.
(a)
.......................................................
3,204
23
TTEC
Holdings,
Inc.
(a)
..................................................
2,032
10
Tutor
Perini
Corp.
(a)
....................................................
5,198
250
Twin
Disc,
Inc.
........................................................
1,158
10
UFP
Industries,
Inc.
.....................................................
7,052
691
U-Haul
Holding
Co.
.....................................................
12,827
667
UL
Solutions,
Inc.
,
Class
A
................................................
7,319
535
Ultralife
Corp.
(a)
.......................................................
1,033
8
UniFirst
Corp.
.........................................................
1,758
301
Universal
Logistics
Holdings,
Inc.
...........................................
740
18
Upwork,
Inc.
(a)
........................................................
14,466
173
V2X,
Inc.
(a)
..........................................................
2,230
106
Valmont
Industries,
Inc.
..................................................
2,353
856
Verra
Mobility
Corp.
(a)
..................................................
18,809
475
Vestis
Corp.
...........................................................
15,324
93
Vicor
Corp.
(a)
.........................................................
2,723
121
Virco
Mfg.
Corp.
.......................................................
1,377
11
Virgin
Galactic
Holdings,
Inc.
(a)
(b)
..........................................
4,580
17
VSE
Corp.
............................................................
2,239
350
Wabash
National
Corp.
...................................................
4,638
46
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
3,220
845
Werner
Enterprises,
Inc.
..................................................
6,967
193
WESCO
International,
Inc.
................................................
5,692
1,178
Wheels
Up
Experience,
Inc.
(a)
(b)
...........................................
49,891
70
Willdan
Group,
Inc.
(a)
...................................................
1,592
136
Willis
Lease
Finance
Corp.
................................................
328
46
WillScot
Holdings
Corp.
..................................................
21,099
619
Woodward,
Inc.
........................................................
6,697
1,722
Xometry,
Inc.
,
Class
A
(a)
.................................................
5,121
166
Zurn
Elkay
Water
Solutions
Corp.
...........................................
17,720
784
139,707
Information
Technology
(12.5%):
8x8,
Inc.
(a)
...........................................................
14,816
29
908
Devices,
Inc.
(a)
.....................................................
2,941
19
A10
Networks,
Inc.
.....................................................
8,259
152
ACI
Worldwide,
Inc.
(a)
..................................................
12,299
523
ACM
Research,
Inc.
,
Class
A
(a)
............................................
5,901
179
Adeia,
Inc.
............................................................
12,167
158
ADTRAN
Holdings,
Inc.
(a)
...............................................
8,058
75
Advanced
Energy
Industries,
Inc.
...........................................
4,440
617
Aehr
Test
Systems
(a)
(b)
..................................................
3,261
55
Aeluma,
Inc.
(a)
(b)
......................................................
896
20
Aeva
Technologies,
Inc.
(a)
................................................
3,629
68
Agilysys,
Inc.
(a)
.......................................................
3,154
360
Akamai
Technologies,
Inc.
(a)
..............................................
17,072
1,303
Alarm.com
Holdings,
Inc.
(a)
...............................................
5,581
305
Alkami
Technology,
Inc.
(a)
................................................
7,775
173
Allegro
MicroSystems,
Inc.
(a)
..............................................
14,577
458
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.......................................
2,806
71
Ambarella,
Inc.
(a)
......................................................
4,730
313
Amdocs
Ltd.
..........................................................
13,191
1,126
Amkor
Technology,
Inc.
..................................................
11,853
267
Amplitude,
Inc.
,
Class
A
(a)
................................................
8,345
102
Appfolio,
Inc.
,
Class
A
(a)
.................................................
2,606
697
Appian
Corp.
,
Class
A
(a)
.................................................
4,589
127
Applied
Digital
Corp.
(a)
(b)
................................................
19,034
250
Applied
Optoelectronics,
Inc.
(a)
(b)
..........................................
6,113
140
Arlo
Technologies,
Inc.
(a)
.................................................
11,592
188
Arrow
Electronics,
Inc.
(a)
.................................................
6,130
711
Arteris,
Inc.
(a)
.........................................................
3,123
31
Asana,
Inc.
,
Class
A
(a)
...................................................
10,563
155
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Astera
Labs,
Inc.
(a)
.....................................................
14,950
$
2,044
Atomera,
Inc.
(a)
........................................................
3,147
16
AudioEye,
Inc.
(a)
.......................................................
814
10
Aurora
Innovation,
Inc.
(a)
.................................................
116,697
678
AvePoint,
Inc.
(a)
.......................................................
13,640
260
Aviat
Networks,
Inc.
(a)
...................................................
1,293
28
Avnet,
Inc.
............................................................
9,892
524
Axcelis
Technologies,
Inc.
(a)
..............................................
3,734
253
Backblaze,
Inc.
,
Class
A
(a)
................................................
4,390
22
Badger
Meter,
Inc.
......................................................
3,491
659
Bel
Fuse,
Inc.
,
Class
B
...................................................
1,382
180
Belden,
Inc.
...........................................................
4,629
572
Benchmark
Electronics,
Inc.
...............................................
4,116
158
BigBear.ai
Holdings,
Inc.
(a)
(b)
.............................................
33,357
212
BILL
Holdings,
Inc.
(a)
...................................................
11,067
474
Bit
Digital,
Inc.
(a)
(b)
....................................................
23,875
69
Bitdeer
Technologies
Group
(a)
(b)
...........................................
9,807
126
BK
Technologies
Corp.
(a)
.................................................
288
11
Blackbaud,
Inc.
(a)
......................................................
4,495
303
BlackLine,
Inc.
(a)
......................................................
6,075
327
Blend
Labs,
Inc.
,
Class
A
(a)
...............................................
23,894
79
Box,
Inc.
,
Class
A
(a)
....................................................
16,532
531
Braze,
Inc.
,
Class
A
(a)
...................................................
8,362
233
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................................................
14,169
334
Calix,
Inc.
(a)
..........................................................
6,978
396
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....................................
61,641
596
Cellebrite
DI
Ltd.
(a)
.....................................................
12,902
180
Cerence,
Inc.
(a)
........................................................
4,616
40
CEVA,
Inc.
(a)
.........................................................
2,666
57
Ciena
Corp.
(a)
.........................................................
16,556
1,537
Cipher
Mining,
Inc.
(a)
...................................................
29,513
161
Cirrus
Logic,
Inc.
(a)
.....................................................
6,071
611
Cleanspark,
Inc.
(a)
(b)
....................................................
32,442
369
Clear
Secure,
Inc.
,
Class
A
................................................
10,071
296
Clearfield,
Inc.
(a)
.......................................................
1,340
59
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.................................
28,704
582
Climb
Global
Solutions,
Inc.
...............................................
447
53
Cognex
Corp.
.........................................................
19,934
813
Coherent
Corp.
(a)
......................................................
18,320
1,971
Cohu,
Inc.
(a)
..........................................................
5,271
94
Commerce.com,
Inc.
,
Class
1
(a)
............................................
7,378
35
CommScope
Holding
Co.,
Inc.
(a)
...........................................
23,733
195
Commvault
Systems,
Inc.
(a)
...............................................
5,159
980
CompoSecure,
Inc.
,
Class
A
(a)
(b)
...........................................
5,074
72
Confluent,
Inc.
,
Class
A
(a)
................................................
32,081
569
Consensus
Cloud
Solutions,
Inc.
(a)
..........................................
2,188
44
Core
Scientific,
Inc.
(a)
(b)
.................................................
30,652
415
CoreCard
Corp.
(a)
......................................................
615
18
Corsair
Gaming,
Inc.
(a)
..................................................
5,213
47
Couchbase,
Inc.
(a)
......................................................
4,178
101
CPI
Card
Group,
Inc.
(a)
..................................................
613
12
Crane
NXT
Co.
........................................................
5,875
349
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
17,537
1,956
Crexendo,
Inc.
(a)
.......................................................
1,282
7
CS
Disco,
Inc.
(a)
.......................................................
2,344
9
CSP,
Inc.
.............................................................
687
7
CTS
Corp.
............................................................
3,429
134
Daktronics,
Inc.
(a)
......................................................
5,153
84
Dave,
Inc.
(a)
..........................................................
1,123
265
Diebold
Nixdorf,
Inc.
(a)
(b)
................................................
4,341
244
Digi
International,
Inc.
(a)
.................................................
4,242
138
Digimarc
Corp.
(a)
......................................................
1,831
22
Digital
Turbine,
Inc.
(a)
...................................................
10,562
58
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
DigitalOcean
Holdings,
Inc.
(a)
.............................................
7,280
$
203
Diodes,
Inc.
(a)
.........................................................
5,317
262
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
7,214
543
Domo,
Inc.
,
Class
B
(a)
...................................................
3,822
63
DoubleVerify
Holdings,
Inc.
(a)
.............................................
16,155
247
Dropbox,
Inc.
,
Class
A
(a)
.................................................
22,045
599
D-Wave
Quantum,
Inc.
,
Class
D
(a)
(b)
........................................
35,179
605
DXC
Technology
Co.
(a)
..................................................
21,137
288
E2open
Parent
Holdings,
Inc.
(a)
............................................
26,754
88
Eastman
Kodak
Co.
(a)
...................................................
7,254
49
eGain
Corp.
(a)
.........................................................
1,865
12
Elastic
NV
(a)
..........................................................
10,848
908
Enphase
Energy,
Inc.
(a)
..................................................
15,027
486
Entegris,
Inc.
..........................................................
17,823
1,398
EPAM
Systems,
Inc.
(a)
...................................................
6,506
1,026
ePlus,
Inc.
(a)
..........................................................
3,076
199
Everspin
Technologies,
Inc.
(a)
..............................................
1,797
11
Evolv
Technologies
Holdings,
Inc.
(a)
.........................................
13,180
86
Exodus
Movement,
Inc.
,
Class
A
(a)
(b)
........................................
902
28
Expensify,
Inc.
,
Class
A
(a)
................................................
6,301
13
Extreme
Networks,
Inc.
(a)
................................................
15,334
271
Fabrinet
(a)
............................................................
4,253
1,377
Fastly,
Inc.
,
Class
A
(a)
...................................................
15,509
105
Fatpipe,
Inc.
(a)
........................................................
849
6
Five9,
Inc.
(a)
..........................................................
8,855
229
FormFactor,
Inc.
(a)
.....................................................
9,069
258
Frequency
Electronics,
Inc.
................................................
954
25
Freshworks,
Inc.
,
Class
A
(a)
...............................................
22,405
291
Gitlab,
Inc.
,
Class
A
(a)
...................................................
16,180
709
Globant
SA
(a)
.........................................................
5,122
432
Grid
Dynamics
Holdings,
Inc.
(a)
............................................
9,241
88
Harmonic,
Inc.
(a)
.......................................................
13,002
111
Hut
8
Corp.
(a)
(b)
.......................................................
10,965
233
Ichor
Holdings
Ltd.
(a)
...................................................
3,888
77
Immersion
Corp.
(b)
.....................................................
3,210
22
Impinj,
Inc.
(a)
.........................................................
3,341
516
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
......................................
22,302
87
Informatica,
Inc.
,
Class
A
(a)
...............................................
20,756
513
Information
Services
Group,
Inc.
............................................
3,644
16
Innoviz
Technologies
Ltd.
(a)
(b)
.............................................
22,491
35
Inseego
Corp.
(a)
.......................................................
1,491
10
Insight
Enterprises,
Inc.
(a)
................................................
3,746
444
Intapp,
Inc.
(a)
.........................................................
8,654
347
Intellicheck,
Inc.
(a)
.....................................................
1,922
10
InterDigital,
Inc.
(b)
.....................................................
3,019
779
IonQ,
Inc.
(a)
(b)
........................................................
29,662
1,183
IPG
Photonics
Corp.
(a)
...................................................
2,912
218
Itron,
Inc.
(a)
..........................................................
5,353
667
Jamf
Holding
Corp.
(a)
...................................................
7,759
62
Kaltura,
Inc.
(a)
........................................................
8,904
16
Kimball
Electronics,
Inc.
(a)
...............................................
2,793
52
Klaviyo,
Inc.
,
Class
A
(a)
..................................................
9,602
299
Knowles
Corp.
(a)
.......................................................
10,022
204
Kopin
Corp.
(a)
.........................................................
17,493
31
Kulicke
&
Soffa
Industries,
Inc.
.............................................
6,037
198
KVH
Industries,
Inc.
(a)
..................................................
1,024
5
Kyndryl
Holdings,
Inc.
(a)
.................................................
26,902
1,016
Lattice
Semiconductor
Corp.
(a)
.............................................
16,102
802
Life360,
Inc.
(a)
(b)
......................................................
7,993
612
LightPath
Technologies,
Inc.
,
Class
A
(a)
......................................
4,179
12
Lightwave
Logic,
Inc.
(a)
(b)
...............................................
14,194
33
Littelfuse,
Inc.
.........................................................
2,902
747
LiveRamp
Holdings,
Inc.
(a)
...............................................
7,439
244
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Lumentum
Holdings,
Inc.
(a)
...............................................
7,914
$
871
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
7,592
1,041
Magnachip
Semiconductor
Corp.
(a)
..........................................
3,352
14
Manhattan
Associates,
Inc.
(a)
..............................................
7,136
1,567
MARA
Holdings,
Inc.
(a)
(b)
...............................................
40,955
659
MaxLinear,
Inc.
(a)
......................................................
9,480
150
Meridianlink,
Inc.
(a)
....................................................
3,281
52
Methode
Electronics,
Inc.
.................................................
3,728
24
MicroVision,
Inc.
(a)
(b)
...................................................
28,348
31
Mirion
Technologies,
Inc.
(a)
...............................................
25,665
574
Mitek
Systems,
Inc.
(a)
...................................................
5,105
46
MKS,
Inc.
............................................................
7,937
755
M-Tron
Industries,
Inc.
,
Class
M
(a)
..........................................
257
11
N-able,
Inc.
(a)
.........................................................
7,778
63
Napco
Security
Technologies,
Inc.
...........................................
4,012
122
Navitas
Semiconductor
Corp.
(a)
(b)
..........................................
14,697
108
nCino,
Inc.
(a)
(b)
.......................................................
12,417
347
NCR
Voyix
Corp.
(a)
.....................................................
15,787
215
Neonode,
Inc.
(a)
(b)
.....................................................
1,496
30
NETGEAR,
Inc.
(a)
.....................................................
3,056
71
NetScout
Systems,
Inc.
(a)
.................................................
8,136
174
NextNav,
Inc.
(a)
........................................................
7,169
106
nLight,
Inc.
(a)
.........................................................
5,493
115
Novanta,
Inc.
(a)
........................................................
4,239
521
NVE
Corp.
...........................................................
545
35
Olo,
Inc.
,
Class
A
(a)
.....................................................
13,234
139
ON24,
Inc.
(a)
.........................................................
4,015
20
Ondas
Holdings,
Inc.
(a)
..................................................
15,334
32
OneSpan,
Inc.
.........................................................
4,153
61
Onestream,
Inc.
(a)
......................................................
8,485
202
Onto
Innovation,
Inc.
(a)
..................................................
5,768
547
OSI
Systems,
Inc.
(a)
.....................................................
1,875
414
Ouster,
Inc.
(a)
.........................................................
5,710
133
PagerDuty,
Inc.
(a)
......................................................
10,164
164
PAR
Technology
Corp.
(a)
.................................................
4,692
285
PC
Connection,
Inc.
.....................................................
1,148
71
PDF
Solutions,
Inc.
(a)
...................................................
3,674
82
Pegasystems,
Inc.
.......................................................
10,368
609
Penguin
Solutions,
Inc.
(a)
.................................................
6,026
142
Photronics,
Inc.
(a)
......................................................
6,809
139
Plexus
Corp.
(a)
........................................................
3,165
404
Porch
Group,
Inc.
(a)
.....................................................
7,208
91
Power
Integrations,
Inc.
..................................................
6,545
318
Powerfleet,
Inc.
(a)
......................................................
14,340
58
Prairie
Operating
Co.
(a)
(b)
................................................
2,022
6
Procore
Technologies,
Inc.
(a)
..............................................
13,224
947
Progress
Software
Corp.
..................................................
5,011
241
PROS
Holdings,
Inc.
(a)
..................................................
5,086
80
Q2
Holdings,
Inc.
(a)
.....................................................
7,092
576
Qorvo,
Inc.
(a)
.........................................................
10,986
918
Qualys,
Inc.
(a)
.........................................................
4,273
569
Quantum
Computing,
Inc.
(a)
(b)
.............................................
13,466
200
QXO,
Inc.
(a)
..........................................................
60,750
1,219
Rackspace
Technology,
Inc.
(a)
.............................................
6,755
8
Rambus,
Inc.
(a)
........................................................
12,701
939
Rapid7,
Inc.
(a)
.........................................................
7,286
154
Red
Cat
Holdings,
Inc.
(a)
(b)
...............................................
8,495
70
Red
Violet,
Inc.
........................................................
1,286
57
Rekor
Systems,
Inc.
(a)
...................................................
12,252
14
ReposiTrak,
Inc.
(b)
.....................................................
1,336
22
Ribbon
Communications,
Inc.
(a)
............................................
16,827
63
Richardson
Electronics
Ltd.
...............................................
1,289
13
Rigetti
Computing,
Inc.
(a)
(b)
..............................................
32,806
476
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Rimini
Street,
Inc.
(a)
....................................................
5,351
$
26
RingCentral,
Inc.
,
Class
A
(a)
...............................................
9,255
236
Riot
Platforms,
Inc.
(a)
...................................................
39,517
530
Rogers
Corp.
(a)
........................................................
2,166
142
Rubrik,
Inc.
,
Class
A
(a)
..................................................
12,135
1,152
Samsara,
Inc.
,
Class
A
(a)
.................................................
33,534
1,275
Sandisk
Corp.
(a)
.......................................................
13,736
590
Sanmina
Corp.
(a)
.......................................................
6,145
713
ScanSource,
Inc.
(a)
.....................................................
2,440
95
SEMrush
Holdings,
Inc.
,
Class
A
(a)
..........................................
4,651
42
Semtech
Corp.
(a)
.......................................................
10,195
521
SentinelOne,
Inc.
,
Class
A
(a)
...............................................
35,549
652
ServiceTitan,
Inc.
(a)
.....................................................
4,099
478
Silicon
Laboratories,
Inc.
(a)
...............................................
3,781
498
Silvaco
Group,
Inc.
(a)
...................................................
518
2
Sirius
XM
Holdings,
Inc.
.................................................
36,822
778
SiTime
Corp.
(a)
........................................................
2,231
453
SkyWater
Technology,
Inc.
(a)
(b)
............................................
2,879
26
Skyworks
Solutions,
Inc.
.................................................
17,822
1,222
SmartRent,
Inc.
(a)
(b)
....................................................
19,108
19
SolarEdge
Technologies,
Inc.
(a)
(b)
..........................................
6,824
175
SoundHound
AI,
Inc.
,
Class
A
(a)
(b)
..........................................
42,807
442
SoundThinking,
Inc.
(a)
...................................................
975
11
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
11,897
107
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
5,888
101
SPS
Commerce,
Inc.
(a)
...................................................
4,460
486
Stratasys
Ltd.
(a)
........................................................
6,160
67
Synaptics,
Inc.
(a)
.......................................................
4,466
280
TD
SYNNEX
Corp.
.....................................................
9,363
1,352
Telos
Corp.
(a)
.........................................................
5,630
14
Tenable
Holdings,
Inc.
(a)
.................................................
14,263
447
Teradata
Corp.
(a)
.......................................................
11,085
232
Terawulf,
Inc.
(a)
(b)
.....................................................
33,755
174
The
Hackett
Group,
Inc.
..................................................
2,897
68
TSS,
Inc.
(a)
(b)
.........................................................
1,513
41
TTM
Technologies,
Inc.
(a)
................................................
11,809
558
Tucows,
Inc.
,
Class
A
(a)
..................................................
979
17
Turtle
Beach
Corp.
(a)
....................................................
1,338
19
UiPath,
Inc.
,
Class
A
(a)
..................................................
48,548
570
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
5,152
116
Unisys
Corp.
(a)
........................................................
7,497
31
Unity
Software,
Inc.
(a)
...................................................
37,898
1,264
Universal
Display
Corp.
..................................................
5,186
749
Unusual
Machines,
Inc.
(a)
(b)
..............................................
2,245
21
Varonis
Systems,
Inc.
(a)
..................................................
12,709
710
Veeco
Instruments,
Inc.
(a)
.................................................
6,895
143
Verint
Systems,
Inc.
(a)
...................................................
6,978
148
Vertex,
Inc.
,
Class
A
(a)
...................................................
7,566
251
Viant
Technology,
Inc.
,
Class
A
(a)
...........................................
1,667
24
Viasat,
Inc.
(a)
.........................................................
13,413
220
Viavi
Solutions,
Inc.
(a)
...................................................
26,063
262
Vishay
Intertechnology,
Inc.
...............................................
14,471
237
Vishay
Precision
Group,
Inc.
(a)
.............................................
1,292
34
Vontier
Corp.
..........................................................
17,481
725
Vuzix
Corp.
(a)
(b)
.......................................................
6,890
14
Weave
Communications,
Inc.
(a)
............................................
7,479
55
WM
Technology,
Inc.
(a)
..................................................
8,109
7
Workiva,
Inc.
(a)
........................................................
5,831
372
Xerox
Holdings
Corp.
...................................................
13,618
55
Xperi,
Inc.
(a)
..........................................................
4,935
30
Yext,
Inc.
(a)
...........................................................
11,733
95
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
.......................................
22,150
347
89,563
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Materials
(4.4%):
AdvanSix,
Inc.
.........................................................
2,996
$
60
Albemarle
Corp.
.......................................................
13,945
946
Alcoa
Corp.
...........................................................
30,724
921
Algoma
Steel
Group,
Inc.
.................................................
10,535
56
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
1,290
152
American
Battery
Technology
Co.
(a)
(b)
.......................................
10,222
22
American
Infrastructure
Corp.
(a)
(c)
..........................................
242
—
(d)
American
Vanguard
Corp.
(a)
...............................................
3,443
13
AptarGroup,
Inc.
.......................................................
7,795
1,225
Ardagh
Metal
Packaging
SA
...............................................
16,068
64
Arq,
Inc.
(a)
...........................................................
3,787
20
Arras
Minerals
Corp.
(a)
..................................................
4,451
3
Ascent
Industries
Co.
(a)
..................................................
892
12
Ashland,
Inc.
..........................................................
5,361
276
ASP
Isotopes,
Inc.
(a)
(b)
..................................................
7,299
66
Aspen
Aerogels,
Inc.
(a)
..................................................
9,441
72
ATI,
Inc.
(a)
...........................................................
16,615
1,278
Avient
Corp.
..........................................................
10,655
336
Axalta
Coating
Systems
Ltd.
(a)
.............................................
25,901
734
Balchem
Corp.
.........................................................
3,858
588
Cabot
Corp.
...........................................................
6,301
455
Carpenter
Technology
Corp.
...............................................
5,690
1,419
Celanese
Corp.
.........................................................
12,971
678
Century
Aluminum
Co.
(a)
.................................................
6,066
129
Clearwater
Paper
Corp.
(a)
.................................................
1,796
41
Cleveland-Cliffs,
Inc.
(a)
..................................................
57,812
608
Coeur
Mining,
Inc.
(a)
....................................................
74,360
646
Commercial
Metals
Co.
..................................................
13,329
691
Compass
Minerals
International,
Inc.
(a)
.......................................
3,683
73
Contango
ORE,
Inc.
(a)
...................................................
923
17
Core
Molding
Technologies,
Inc.
(a)
..........................................
883
15
Crown
Holdings,
Inc.
....................................................
13,751
1,366
Dakota
Gold
Corp.
(a)
....................................................
8,697
31
Eagle
Materials,
Inc.
.....................................................
3,855
865
Eastman
Chemical
Co.
...................................................
13,660
992
Ecovyst,
Inc.
(a)
........................................................
12,428
107
Element
Solutions,
Inc.
...................................................
26,701
630
Flotek
Industries,
Inc.
(a)
..................................................
1,516
18
FMC
Corp.
...........................................................
14,746
576
Friedman
Industries,
Inc.
.................................................
692
11
Ginkgo
Bioworks
Holdings,
Inc.
(a)
(b)
........................................
4,357
57
Graphic
Packaging
Holding
Co.
............................................
35,427
792
Greif,
Inc.
,
Class
A
......................................................
3,005
191
H.B.
Fuller
Co.
........................................................
6,414
361
Hawkins,
Inc.
.........................................................
2,266
370
Hecla
Mining
Co.
.......................................................
69,555
399
Huntsman
Corp.
........................................................
19,419
188
Idaho
Strategic
Resources,
Inc.
(a)
(b)
.........................................
1,393
23
Ingevity
Corp.
(a)
.......................................................
4,253
178
Innospec,
Inc.
.........................................................
2,919
233
Intrepid
Potash,
Inc.
(a)
...................................................
1,233
41
Kaiser
Aluminum
Corp.
..................................................
1,868
144
Knife
River
Corp.
(a)
....................................................
6,707
553
Koppers
Holdings,
Inc.
...................................................
2,220
73
Louisiana-Pacific
Corp.
..................................................
8,136
736
LSB
Industries,
Inc.
(a)
...................................................
6,102
47
Magnera
Corp.
(a)
.......................................................
4,004
50
Materion
Corp.
........................................................
2,421
255
Mativ
Holdings,
Inc.
.....................................................
6,142
41
McEwen,
Inc.
(a)
.......................................................
5,265
54
Mercer
International,
Inc.
.................................................
4,170
16
Metallus,
Inc.
(a)
........................................................
4,181
66
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Minerals
Technologies,
Inc.
................................................
3,715
$
216
MP
Materials
Corp.
(a)
...................................................
14,255
877
Myers
Industries,
Inc.
....................................................
4,266
63
NewMarket
Corp.
......................................................
935
642
Novusterra,
Inc.
(a)
(c)
....................................................
579
—
O-I
Glass,
Inc.
(a)
.......................................................
17,909
233
Olin
Corp.
............................................................
13,611
258
Olympic
Steel,
Inc.
......................................................
1,121
35
Orion
SA
.............................................................
6,375
62
Perimeter
Solutions,
Inc.
(a)
................................................
16,721
270
Perpetua
Resources
Corp.
(a)
...............................................
8,373
126
Piedmont
Lithium,
Inc.
(a)
(b)
...............................................
2,246
16
PureCycle
Technologies,
Inc.
(a)
(b)
..........................................
19,503
262
Quaker
Chemical
Corp.
..................................................
1,635
187
Ramaco
Resources,
Inc.
,
Class
A
............................................
3,848
78
Ranpak
Holdings
Corp.
(a)
................................................
8,683
32
Rayonier
Advanced
Materials,
Inc.
(a)
........................................
7,232
28
Royal
Gold,
Inc.
........................................................
7,816
1,184
Ryerson
Holding
Corp.
...................................................
3,130
65
Sealed
Air
Corp.
.......................................................
17,200
503
Sensient
Technologies
Corp.
...............................................
4,977
559
Silgan
Holdings,
Inc.
....................................................
10,492
488
Smith-Midland
Corp.
(a)
..................................................
500
17
Solesence,
Inc.
(a)
.......................................................
1,729
6
Sonoco
Products
Co.
....................................................
11,604
523
Stepan
Co.
............................................................
2,526
128
SunCoke
Energy,
Inc.
....................................................
9,832
73
Sylvamo
Corp.
.........................................................
4,000
184
The
Chemours
Co.
......................................................
17,626
211
The
Mosaic
Co.
........................................................
37,580
1,353
The
Scotts
Miracle-Gro
Co.
...............................................
5,206
326
TMC
the
metals
Co.,
Inc.
(a)
(b)
.............................................
22,095
131
Tredegar
Corp.
(a)
.......................................................
3,444
30
TriMas
Corp.
..........................................................
3,715
133
Trinseo
PLC
(b)
........................................................
3,433
9
Tronox
Holdings
PLC
...................................................
13,461
43
U.S.
Gold
Corp.
(a)
......................................................
1,295
13
United
States
Antimony
Corp.
(a)
(b)
..........................................
10,350
32
United
States
Lime
&
Minerals,
Inc.
.........................................
1,257
125
Vista
Gold
Corp.
(a)
.....................................................
12,926
12
Warrior
Met
Coal,
Inc.
...................................................
6,099
313
Westlake
Corp.
........................................................
3,914
310
Worthington
Steel,
Inc.
...................................................
3,834
117
31,353
Real
Estate
(7.0%):
Acadia
Realty
Trust
.....................................................
15,455
289
Agree
Realty
Corp.
.....................................................
13,395
960
Alexander
&
Baldwin,
Inc.
................................................
8,431
152
Alexander's,
Inc.
.......................................................
247
62
Alpine
Income
Property
Trust,
Inc.
..........................................
1,455
20
American
Assets
Trust,
Inc.
................................................
5,437
103
American
Healthcare
REIT,
Inc.
............................................
18,816
727
American
Homes
4
Rent
,
Class
A
...........................................
40,562
1,407
Americold
Realty
Trust,
Inc.
...............................................
33,812
544
AMREP
Corp.
(a)
.......................................................
212
5
Anywhere
Real
Estate,
Inc.
(a)
..............................................
12,015
55
Apartment
Investment
and
Management
Co.
....................................
15,461
130
Apple
Hospitality
REIT,
Inc.
...............................................
26,280
309
Armada
Hoffler
Properties,
Inc.
.............................................
9,192
63
Belpointe
Prep
LLC
(a)
...................................................
418
27
Braemar
Hotels
&
Resorts,
Inc.
.............................................
6,382
14
Brandywine
Realty
Trust
.................................................
19,557
78
Brixmor
Property
Group,
Inc.
..............................................
36,172
945
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Broadstone
Net
Lease,
Inc.
................................................
22,230
$
361
BRT
Apartments
Corp.
...................................................
1,157
17
BXP,
Inc.
.............................................................
18,832
1,232
Camden
Property
Trust
...................................................
12,506
1,366
CareTrust
REIT,
Inc.
....................................................
22,677
721
CBL
&
Associates
Properties,
Inc.
...........................................
3,183
86
Centerspace
...........................................................
1,953
106
Chatham
Lodging
Trust
..................................................
5,477
37
City
Office
REIT,
Inc.
....................................................
4,394
30
Community
Healthcare
Trust,
Inc.
...........................................
3,106
48
Compass,
Inc.
,
Class
A
(a)
.................................................
54,900
436
COPT
Defense
Properties
.................................................
13,371
365
Cousins
Properties,
Inc.
..................................................
19,815
537
CTO
Realty
Growth,
Inc.
.................................................
3,673
61
CubeSmart
...........................................................
26,900
1,047
Curbline
Properties
Corp.
.................................................
11,338
251
Cushman
&
Wakefield
PLC
(a)
.............................................
27,161
331
DiamondRock
Hospitality
Co.
..............................................
23,683
183
DigitalBridge
Group,
Inc.
.................................................
20,616
221
Diversified
Healthcare
Trust
...............................................
25,398
83
Douglas
Elliman,
Inc.
(a)
..................................................
7,947
22
Douglas
Emmett,
Inc.
....................................................
19,099
290
Easterly
Government
Properties,
Inc.
.........................................
4,967
109
EastGroup
Properties,
Inc.
................................................
6,194
1,011
Elme
Communities
......................................................
10,250
155
Empire
State
Realty
Trust,
Inc.
.............................................
16,171
117
EPR
Properties
........................................................
8,851
487
Equity
LifeStyle
Properties,
Inc.
............................................
22,217
1,331
Essential
Properties
Realty
Trust,
Inc.
........................................
23,384
713
eXp
World
Holdings,
Inc.
(b)
...............................................
10,125
109
Farmland
Partners,
Inc.
...................................................
4,897
51
Federal
Realty
Investment
Trust
............................................
10,189
939
First
Industrial
Realty
Trust,
Inc.
............................................
15,637
762
Five
Point
Holdings
LLC
,
Class
A
(a)
.........................................
5,682
30
Forestar
Group,
Inc.
(a)
...................................................
2,160
54
Four
Corners
Property
Trust,
Inc.
............................................
11,769
297
Franklin
Street
Properties
Corp.
.............................................
7,748
13
FrontView
REIT,
Inc.
....................................................
1,974
23
FRP
Holdings,
Inc.
(a)
....................................................
1,415
37
Getty
Realty
Corp.
......................................................
6,113
170
Gladstone
Commercial
Corp.
..............................................
5,343
70
Gladstone
Land
Corp.
....................................................
3,877
36
Global
Medical
REIT,
Inc.
................................................
7,317
49
Global
Net
Lease,
Inc.
...................................................
22,846
160
Healthcare
Realty
Trust,
Inc.
...............................................
41,449
637
Healthpeak
Properties,
Inc.
................................................
84,885
1,438
Highwoods
Properties,
Inc.
................................................
12,585
365
Host
Hotels
&
Resorts,
Inc.
................................................
81,514
1,281
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
5,905
406
Hudson
Pacific
Properties,
Inc.
(a)
...........................................
15,658
38
Independence
Realty
Trust,
Inc.
.............................................
27,507
461
Industrial
Logistics
Properties
Trust
..........................................
5,956
32
Innovative
Industrial
Properties,
Inc.
.........................................
3,262
169
InvenTrust
Properties
Corp.
...............................................
9,143
252
JBG
SMITH
Properties
(b)
................................................
8,631
183
Jones
Lang
LaSalle,
Inc.
(a)
................................................
5,608
1,516
Kennedy-Wilson
Holdings,
Inc.
.............................................
13,925
102
Kilroy
Realty
Corp.
(b)
...................................................
13,751
507
Kimco
Realty
Corp.
.....................................................
78,930
1,676
Kite
Realty
Group
Trust
..................................................
25,868
569
Lamar
Advertising
Co.
,
Class
A
.............................................
10,404
1,272
Landbridge
Co.
LLC
(b)
..................................................
2,726
155
Lineage,
Inc.
..........................................................
8,194
354
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
LTC
Properties,
Inc.
.....................................................
5,314
$
181
LXP
Industrial
Trust
.....................................................
34,199
265
Marcus
&
Millichap,
Inc.
.................................................
2,847
89
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
..........................................
710
12
Medical
Properties
Trust,
Inc.
(b)
............................................
58,534
241
Modiv
Industrial,
Inc.
....................................................
991
14
National
Health
Investors,
Inc.
.............................................
5,288
369
National
Storage
Affiliates
Trust
............................................
8,295
244
NET
Lease
Office
Properties
(a)
.............................................
1,709
57
NETSTREIT
Corp.
(b)
...................................................
9,477
173
Newmark
Group,
Inc.
,
Class
A
.............................................
18,340
278
NexPoint
Diversified
Real
Estate
Trust
........................................
4,150
18
NexPoint
Residential
Trust,
Inc.
............................................
2,486
78
NNN
REIT,
Inc.
........................................................
22,198
916
Omega
Healthcare
Investors,
Inc.
...........................................
34,431
1,339
One
Liberty
Properties,
Inc.
...............................................
1,769
40
Opendoor
Technologies,
Inc.
(a)
(b)
...........................................
72,810
134
Orion
Properties,
Inc.
....................................................
5,932
16
Outfront
Media,
Inc.
.....................................................
16,163
283
Paramount
Group,
Inc.
(a)
.................................................
21,750
133
Park
Hotels
&
Resorts,
Inc.
................................................
23,039
246
Pebblebrook
Hotel
Trust
..................................................
13,687
137
Phillips
Edison
&
Co.,
Inc.
................................................
14,837
501
Piedmont
Realty
Trust,
Inc.
,
Class
A
.........................................
14,452
109
Plymouth
Industrial
REIT,
Inc.
.............................................
4,640
67
Postal
Realty
Trust,
Inc.
,
Class
A
............................................
2,565
35
PotlatchDeltic
Corp.
.....................................................
9,196
376
Rayonier,
Inc.
.........................................................
18,351
428
RE/MAX
Holdings,
Inc.
(a)
................................................
1,801
14
Regency
Centers
Corp.
...................................................
21,488
1,534
Rexford
Industrial
Realty,
Inc.
..............................................
28,152
1,028
RLJ
Lodging
Trust
......................................................
17,311
128
Ryman
Hospitality
Properties,
Inc.
...........................................
7,213
686
Sabra
Health
Care
REIT,
Inc.
..............................................
27,798
501
Safehold,
Inc.
.........................................................
5,768
81
Saul
Centers,
Inc.
.......................................................
1,485
48
Seritage
Growth
Properties
,
Class
A
(a)
........................................
3,798
12
Service
Properties
Trust
..................................................
17,858
47
Sila
Realty
Trust,
Inc.
....................................................
6,456
158
SITE
Centers
Corp.
.....................................................
5,784
62
SL
Green
Realty
Corp.
...................................................
8,445
483
Smartstop
Self
Storage
REIT,
Inc.
...........................................
3,663
124
STAG
Industrial,
Inc.
....................................................
22,098
759
Stratus
Properties,
Inc.
(a)
.................................................
704
11
Strawberry
Fields
REIT,
Inc.
(b)
.............................................
690
7
Summit
Hotel
Properties,
Inc.
..............................................
12,385
65
Sunstone
Hotel
Investors,
Inc.
..............................................
23,271
204
Tanger,
Inc.
...........................................................
13,127
394
Tejon
Ranch
Co.
(a)
.....................................................
2,854
51
Terreno
Realty
Corp.
....................................................
12,053
669
The
Macerich
Co.
......................................................
29,851
499
The
RMR
Group,
Inc.
,
Class
A
.............................................
1,615
26
The
St.
Joe
Co.
........................................................
6,825
345
UMH
Properties,
Inc.
....................................................
9,274
151
Uniti
Group,
Inc.
(a)
.....................................................
27,117
144
Universal
Health
Realty
Income
Trust
........................................
1,485
58
Urban
Edge
Properties
...................................................
14,920
294
Veris
Residential,
Inc.
....................................................
10,727
151
Vornado
Realty
Trust
....................................................
21,240
816
Whitestone
REIT
.......................................................
5,140
63
WP
Carey,
Inc.
(b)
.......................................................
25,747
1,652
Xenia
Hotels
&
Resorts,
Inc.
...............................................
11,582
147
50,048
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Utilities
(2.7%):
ALLETE,
Inc.
.........................................................
6,870
$
453
American
States
Water
Co.
................................................
4,531
333
Artesian
Resources
Corp.
,
Class
A
...........................................
1,037
34
Avista
Corp.
..........................................................
9,467
353
Black
Hills
Corp.
.......................................................
8,580
496
Cadiz,
Inc.
(a)
..........................................................
5,671
18
California
Water
Service
Group
.............................................
7,015
319
Chesapeake
Utilities
Corp.
................................................
2,706
324
Clearway
Energy,
Inc.
,
Class
C
.............................................
13,597
444
Consolidated
Water
Co.
Ltd.
,
Class
OR
.......................................
1,732
50
Essential
Utilities,
Inc.
...................................................
33,330
1,227
Genie
Energy
Ltd.
,
Class
B
................................................
1,413
29
Global
Water
Resources,
Inc.
..............................................
1,205
11
H2O
America
.........................................................
3,705
179
Hawaiian
Electric
Industries,
Inc.
(a)
.........................................
20,413
219
IDACORP,
Inc.
........................................................
6,407
803
MGE
Energy,
Inc.
......................................................
4,332
368
Middlesex
Water
Co.
....................................................
2,014
104
Montauk
Renewables,
Inc.
(a)
(b)
............................................
4,800
10
National
Fuel
Gas
Co.
...................................................
10,613
921
New
Jersey
Resources
Corp.
...............................................
11,884
546
Northwest
Natural
Holding
Co.
.............................................
4,734
189
Northwestern
Energy
Group,
Inc.
...........................................
7,236
389
OGE
Energy
Corp.
......................................................
23,879
1,085
Oklo,
Inc.
(a)
..........................................................
11,708
897
ONE
Gas,
Inc.
.........................................................
7,331
533
Ormat
Technologies,
Inc.
.................................................
7,201
644
Otter
Tail
Corp.
........................................................
4,532
350
Pinnacle
West
Capital
Corp.
...............................................
14,193
1,286
Portland
General
Electric
Co.
..............................................
12,956
533
Pure
Cycle
Corp.
(a)
.....................................................
2,612
26
ReNew
Energy
Global
PLC
(a)
.............................................
17,711
135
RGC
Resources,
Inc.
....................................................
910
18
Southwest
Gas
Holdings,
Inc.
..............................................
7,607
594
Spire,
Inc.
............................................................
6,834
509
Talen
Energy
Corp.
(a)
...................................................
5,290
1,997
The
AES
Corp.
........................................................
84,440
1,110
The
York
Water
Co.
.....................................................
1,650
50
TXNM
Energy,
Inc.
.....................................................
9,902
562
UGI
Corp.
(b)
..........................................................
25,525
923
Unitil
Corp.
...........................................................
1,866
96
19,167
Total
Common
Stocks
(Cost
$444,480)
a
a
a
713,666
Preferred
Stocks
(0.0%)
Communication
Services
(0.0%):
SRAX,
Inc.
(a)
(c)
.......................................................
3,374
—
Total
Preferred
Stocks
(Cost
$—(d))
a
a
a
—
Rights
(0.0%)(f)
Communication
Services
(0.0%):(f)
Communications
Systems,
Inc.,
CVR
,
expiring
1/1/29
(a)
(c)
.........................
259
—
(d)
Consumer
Staples
(0.0%):(f)
Spectrum
Pharmaceuticals,
Inc.,
CVR
,
expiring
1/1/26
(a)
(c)
........................
20,024
—
(d)
Health
Care
(0.0%):(f)
Akouos,
Inc.,
CVR
,
expiring
1/1/26
(a)
(c)
......................................
2,413
2
Albireo
Pharma,
Inc.,
CVR
,
expiring
3/2/26
(a)
(c)
................................
2,070
5
Applied
Genetics,
CVR
,
expiring
1/1/26
(a)
(c)
..................................
7,439
—
(d)
AstraZeneca
PLC,
CVR
,
expiring
1/1/26
(a)
(c)
..................................
4,321
1
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Carisma
Therapeutics,
Inc.,
CVR
,
expiring
1/1/27
(a)
(c)
............................
22,411
$
—
Cartesian
Therapeutics,
Inc.,
CVR
,
expiring
9/22/25
(a)
(c)
..........................
14,929
3
Checkpoint
Therapeuti
CVR
,
expiring
6/4/29
(a)
(c)
...............................
3,863
1
Chinook
Therapeutics,
Inc.,
RTS
,
expiring
1/1/26
(a)
(c)
............................
5,192
5
Cincor
Pharma,
Inc.,
CVR
,
expiring
1/2/34
(a)
(c)
.................................
1,987
6
Coherus
Biosciences,
Inc.,
CVR
,
expiring
9/12/28
(a)
(c)
...........................
5,561
1
Concert
Pharmaceuticals,
Inc.,
CVR
,
expiring
3/5/26
(a)
(c)
.........................
5,168
2
Epizyme,
Inc.,
CVR
,
expiring
12/31/25
(a)
(c)
...................................
15,309
—
(d)
Flexion
Therapeutics,
Inc.,
CVR
,
expiring
1/1/26
(a)
(b)
(c)
..........................
6,526
—
(d)
F-star
Therapeutics,
Inc.,
CVR
,
expiring
12/30/49
(a)
(c)
............................
1,298
—
(d)
Imara,
Inc.,
CVR
,
expiring
1/1/27
(a)
(c)
.......................................
1,789
1
Inhibrx,
Inc.,
CVR
,
expiring
6/2/28
(a)
(c)
......................................
4,624
3
Jounce
Therapeutics,
Inc.,
CVR
,
expiring
5/4/26
(a)
(c)
.............................
4,884
—
(d)
Magenta
Therapeutics,
Inc.,
RTS
,
expiring
9/22/25
(a)
(c)
...........................
4,843
—
(d)
MediPacific,
Inc.,
CVR
,
expiring
1/1/26
(a)
(c)
...................................
5,536
—
(d)
Miragen
Therapeutics,
Inc.,
CVR
,
expiring
12/31/99
(a)
(c)
..........................
7,890
—
(d)
Novartis
AG
CVR
,
expiring
12/31/26
(a)
(c)
.....................................
6,837
8
Ocuphire
Pharma,
Inc.,
CVR
,
expiring
12/31/99
(a)
(c)
.............................
168
—
(d)
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
,
expiring
11/1/27
(a)
(c)
(g)
(h)
............
698
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
,
expiring
11/1/27
(a)
(c)
(g)
(h)
............
698
—
Opiant
Pharma,
Inc.,
CVR
,
expiring
1/1/26
(a)
(c)
.................................
533
—
(d)
Palisade
Bio,
Inc.,
CVR
,
expiring
1/1/26
(a)
(c)
..................................
2,758
1
Paratek
Pharmaceuticals,
Inc.,
CVR
,
expiring
1/1/26
(a)
(b)
(c)
........................
5,165
—
(d)
Prevail
Therapeutics,
Inc.,
CVR
,
expiring
12/4/28
(a)
(c)
............................
4,938
2
Satsuma
Pharmaceuticals,
Inc.,
CVR
,
expiring
1/1/29
(a)
(c)
.........................
3,019
1
Tetraphase
Pharmaceuticals,
Inc.,
CVR
,
expiring
1/1/26
(a)
(c)
.......................
1,178
—
Verve
Therapeutics,
Inc.
RTS
,
expiring
12/31/26
(a)
(c)
.............................
7,841
5
Xeris
Biopharma
Holdings,
Inc.,
CVR
,
expiring
10/6/49
(a)
(c)
.......................
8,140
—
Zimmer
Biomet
Holdings,
Inc.,
CVR
,
expiring
1/1/27
(a)
(c)
.........................
5,527
1
Zynerba
Pharmaceuticals,
Inc.,
CVR
,
expiring
1/1/26
(a)
(b)
(c)
.......................
5,691
1
49
Total
Rights
(Cost
$6)
a
a
a
49
Warrants
(0.0%)(f)
Health
Care
(0.0%):(f)
Galectin
Therapeutics,
Inc.
,
expiring
5/23/26
(a)
.................................
7,552
—
(d)
Industrials
(0.0%):(f)
Enovix
Corp.
,
expiring
10/1/26
(a)
(b)
.........................................
2,761
13
Total
Warrants
(Cost
$—)
a
a
a
13
Collateral
for
Securities
Loaned
(3.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(i)
........
6,664,100
6,665
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(i)
............
6,661,189
6,661
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(i)
................
6,661,189
6,661
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(i)
.
6,658,277
6,658
Total
Collateral
for
Securities
Loaned
(Cost
$26,645)
a
a
a
26,645
Total
Investments
(Cost
$471,131)
—
103.5%
740,373
Liabilities
in
excess
of
other
assets
—  (3.5)%
(24,706)
NET
ASSETS
-
100.00%
$
715,667
^
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)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2025.
(d)
Rounds
to
less
than
$1
thousand.
(e)
Affiliated
security.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Name
Acquisition
Date
Cost
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
......................
11/3/2022
$
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
......................
11/3/2022
—
(h)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
July
31,
2025.
(amounts
in
thousands):
(i)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
CVR
—
Contingent
Value
Right
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
21
9/19/25
$
2,301,143
$
2,331,210
$
30,067
Total
unrealized
appreciation
$
30,067
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
30,067
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2025
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Capital
Holdings,
Inc.
,
Class
A
..............
$
341
$
20
$
(
5
)
$
1
$
70
$
427
6,192
$
3
$
—
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
133
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(15.0%):
Alphabet,
Inc.
,
Class
A
...................................................
1,037,108
$
199,021
Alphabet,
Inc.
,
Class
C
...................................................
972,580
187,572
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
59,596
16,053
Comcast
Corp.
,
Class
A
..................................................
1,618,245
53,774
Electronic
Arts,
Inc.
.....................................................
105,884
16,146
Meta
Platforms,
Inc.
,
Class
A
..............................................
387,256
299,519
Netflix,
Inc.
(a)
.........................................................
186,633
216,382
Take-Two
Interactive
Software,
Inc.
(a)
........................................
77,134
17,180
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
189,198
16,453
T-Mobile
US,
Inc.
......................................................
496,715
118,422
Warner
Bros
Discovery,
Inc.
(a)
.............................................
1,038,344
13,675
1,154,197
Communications
Equipment
(1.5%):
Cisco
Systems,
Inc.
.....................................................
1,732,133
117,924
Consumer
Discretionary
(13.2%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
185,111
24,511
Amazon.com,
Inc.
(a)
....................................................
1,895,249
443,697
Booking
Holdings,
Inc.
...................................................
14,194
78,125
DoorDash,
Inc.
,
Class
A
(a)
................................................
172,668
43,210
Lululemon
Athletica,
Inc.
(a)
...............................................
47,520
9,529
Marriott
International,
Inc.
,
Class
A
..........................................
118,058
31,147
MercadoLibre,
Inc.
(a)
....................................................
22,016
52,264
O'Reilly
Automotive,
Inc.
(a)
...............................................
369,144
36,294
PDD
Holdings,
Inc.
,
ADR
(a)
...............................................
288,128
32,688
Ross
Stores,
Inc.
.......................................................
139,783
19,086
Starbucks
Corp.
........................................................
492,690
43,928
Tesla,
Inc.
(a)
..........................................................
648,642
199,957
1,014,436
Consumer
Staples
(4.9%):
Coca-Cola
Europacific
Partners
PLC
.........................................
195,285
18,927
Costco
Wholesale
Corp.
..................................................
194,451
182,714
Keurig
Dr.
Pepper,
Inc.
...................................................
577,226
18,847
Mondelez
International,
Inc.
,
Class
A
.........................................
560,007
36,227
Monster
Beverage
Corp.
(a)
................................................
417,927
24,553
PepsiCo,
Inc.
..........................................................
598,422
82,534
The
Kraft
Heinz
Co.
.....................................................
497,092
13,650
377,452
Electronic
Equipment,
Instruments
&
Components
(0.1%):
CDW
Corp.
...........................................................
54,204
9,452
Energy
(0.5%):
Baker
Hughes
Co.
......................................................
421,190
18,974
Diamondback
Energy,
Inc.
................................................
123,892
18,418
37,392
Financials
(0.4%):
PayPal
Holdings,
Inc.
(a)
..................................................
419,262
28,828
Health
Care
(4.6%):
Amgen,
Inc.
...........................................................
234,330
69,151
AstraZeneca
PLC
,
ADR
..................................................
252,884
18,483
Biogen,
Inc.
(a)
.........................................................
59,341
7,596
Dexcom,
Inc.
(a)
........................................................
164,878
13,317
GE
HealthCare
Technologies,
Inc.
...........................................
192,698
13,743
Gilead
Sciences,
Inc.
....................................................
541,412
60,795
IDEXX
Laboratories,
Inc.
(a)
...............................................
34,185
18,265
Intuitive
Surgical,
Inc.
(a)
.................................................
156,299
75,194
Regeneron
Pharmaceuticals,
Inc.
............................................
45,500
24,819
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
111,525
50,952
352,315
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Industrials
(4.8%):
Automatic
Data
Processing,
Inc.
............................................
176,378
$
54,589
Axon
Enterprise,
Inc.
(a)
..................................................
33,337
25,186
Cintas
Corp.
..........................................................
174,617
38,861
Copart,
Inc.
(a)
.........................................................
410,551
18,610
CSX
Corp.
............................................................
807,598
28,702
Fastenal
Co.
...........................................................
490,522
22,628
Honeywell
International,
Inc.
..............................................
279,701
62,191
Old
Dominion
Freight
Line,
Inc.
............................................
88,910
13,270
PACCAR,
Inc.
.........................................................
224,238
22,146
Paychex,
Inc.
..........................................................
153,878
22,209
Thomson
Reuters
Corp.
..................................................
195,981
39,375
Verisk
Analytics,
Inc.
....................................................
59,281
16,522
364,289
IT
Services
(1.1%):
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
208,074
14,931
Shopify,
Inc.
,
Class
A
(a)
..................................................
530,424
64,823
79,754
Materials
(1.2%):
Linde
PLC
............................................................
205,640
94,648
Real
Estate
(0.2%):
CoStar
Group,
Inc.
(a)
....................................................
178,351
16,977
Semiconductors
&
Semiconductor
Equipment
(24.4%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
709,179
125,035
Analog
Devices,
Inc.
....................................................
215,346
48,373
Applied
Materials,
Inc.
...................................................
349,372
62,908
ARM
Holdings
PLC
,
ADR
(a)
(b)
............................................
54,750
7,740
ASML
Holding
NV
,
NYS
.................................................
37,500
26,052
Broadcom,
Inc.
........................................................
1,388,109
407,688
GLOBALFOUNDRIES,
Inc.
(a)
(b)
..........................................
226,251
8,460
Intel
Corp.
............................................................
1,885,927
37,341
KLA
Corp.
...........................................................
57,426
50,479
Lam
Research
Corp.
.....................................................
555,728
52,705
Marvell
Technology,
Inc.
.................................................
370,162
29,750
Microchip
Technology,
Inc.
................................................
227,450
15,373
Micron
Technology,
Inc.
..................................................
485,544
52,992
NVIDIA
Corp.
.........................................................
4,358,731
775,288
NXP
Semiconductors
NV
.................................................
108,104
23,110
ON
Semiconductor
Corp.
(a)
...............................................
171,909
9,689
QUALCOMM,
Inc.
.....................................................
478,761
70,263
Texas
Instruments,
Inc.
...................................................
395,986
71,697
1,874,943
Software
(19.2%):
Adobe,
Inc.
(a)
.........................................................
185,665
66,411
AppLovin
Corp.
,
Class
A
(a)
...............................................
133,501
52,159
Atlassian
Corp.
,
Class
A
(a)
................................................
69,382
13,306
Autodesk,
Inc.
(a)
.......................................................
91,921
27,862
Cadence
Design
Systems,
Inc.
(a)
............................................
118,091
43,052
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
108,116
49,146
Datadog,
Inc.
,
Class
A
(a)
.................................................
136,035
19,042
Fortinet,
Inc.
(a)
........................................................
330,304
32,997
Intuit,
Inc.
............................................................
121,853
95,671
Microsoft
Corp.
........................................................
1,327,597
708,273
MicroStrategy,
Inc.
(a)
....................................................
109,973
44,194
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
991,178
156,953
Palo
Alto
Networks,
Inc.
(a)
................................................
290,025
50,348
Roper
Technologies,
Inc.
..................................................
46,099
25,373
Synopsys,
Inc.
(a)
.......................................................
80,294
50,864
Workday,
Inc.
,
Class
A
(a)
.................................................
92,214
21,152
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Zscaler,
Inc.
(a)
.........................................................
66,150
$
18,890
1,475,693
Technology
Hardware,
Storage
&
Peripherals
(7.2%):
Apple,
Inc.
...........................................................
2,667,311
553,654
Utilities
(1.4%):
American
Electric
Power
Co.,
Inc.
...........................................
228,858
25,893
Constellation
Energy
Corp.
................................................
135,810
47,240
Exelon
Corp.
..........................................................
428,772
19,269
Xcel
Energy,
Inc.
.......................................................
244,491
17,956
110,358
Total
Common
Stocks
(Cost
$2,426,679)
a
a
a
7,662,312
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(c)
........
2,469,126
2,470
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(c)
............
2,469,126
2,469
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(c)
...............
2,469,126
2,469
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(c)
.
2,469,126
2,469
Total
Collateral
for
Securities
Loaned
(Cost
$9,877)
a
a
a
9,877
Total
Investments
(Cost
$2,436,556)
—
99.8%
7,672,189
Other
assets
in
excess
of
liabilities
—  0.2%
13,876
NET
ASSETS
-
100.00%
$
7,686,065
^
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
July
31,
2025.
ADR
—
American
Depositary
Receipt
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
58
9/19/25
$
25,374,725
$
27,103,400
$
1,728,675
Total
unrealized
appreciation
$
1,728,675
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
1,728,675
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Income
Fund
136
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(11.0%)
ABS
Auto
(5.2%):
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
C
,
5
.41
%
,
11/15/29
,
Callable
7/15/27
@
100
$
1,500
$
1,518
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
8/15/25
@
100
(a)
..............
685
684
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
8/15/25
@
100
(a)
...............
1,400
1,399
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
1,100
1,120
Series
2025-A
,
Class
A3
,
4
.46
%
,
1/17/34
,
Callable
10/15/28
@
100
(a)
.............
1,000
1,002
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2020-1A
,
Class
D
,
3
.34
%
,
8/20/26
,
Callable
9/20/25
@
100
(a)
..............
292
291
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
3,500
3,537
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
4,000
4,160
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A4
,
5
.31
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
....
1,350
1,372
CarMax
Auto
Owner
Trust
................................................
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
9/15/26
@
100
.................
2,930
2,964
Series
2023-2
,
Class
B
,
5
.18
%
,
11/15/28
,
Callable
5/15/27
@
100
................
5,000
5,049
CarMax
Select
Receivables
Trust
...........................................
Series
2024-A
,
Class
B
,
5
.35
%
,
1/15/30
,
Callable
2/15/28
@
100
.................
2,400
2,423
Series
2025-A
,
Class
B
,
5
.01
%
,
9/16/30
,
Callable
10/15/28
@
100
................
2,000
2,013
Carvana
Auto
Receivables
Trust
,
Series
2021-N4
,
Class
A2
,
1
.80
%
,
9/11/28
,
Callable
10/10/27
@
100
...........................................................
1,518
1,482
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
5/25/28
@
100
(a)
.............
2,750
2,863
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
12/25/27
@
100
(a)
............
964
978
Series
2024-2A
,
Class
B
,
5
.55
%
,
1/25/30
,
Callable
10/25/27
@
100
(a)
.............
2,500
2,565
Series
2024-3A
,
Class
A4
,
5
.08
%
,
12/25/29
,
Callable
12/25/27
@
100
(a)
...........
2,000
2,033
Series
2024-4A
,
Class
B
,
5
.23
%
,
4/25/30
,
Callable
2/25/28
@
100
(a)
..............
1,500
1,523
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
...........................................................
1,000
1,007
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
2/15/27
@
100
(a)
..............
2,031
2,044
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.............
2,000
2,032
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
6/15/27
@
100
(a)
...........................................................
30
30
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
7/15/26
@
100
(a)
.............
2,081
2,086
Series
2023-2A
,
Class
A
,
5
.92
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
773
776
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
2,000
2,025
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
2,842
2,906
Series
2024-3A
,
Class
A
,
4
.68
%
,
9/15/34
,
Callable
5/15/28
@
100
(a)
..............
2,000
2,000
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
10/15/25
@
100
.............................................................
903
897
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
...........................................................
1,750
1,792
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
6/20/26
@
100
(a)
.............
4,000
4,043
Series
2023-1
,
Class
A3
,
5
.42
%
,
10/22/29
,
Callable
10/20/26
@
100
(a)
............
2,222
2,244
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
1,746
1,755
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
9/20/27
@
100
(a)
..............
3,000
3,045
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
5/15/28
@
100
(a)
.............
3,232
3,284
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
2/15/29
@
100
(a)
..............
647
653
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,467
2,502
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
6,150
6,367
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
4/15/27
@
100
(a)
............................................
2,143
2,151
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
2/15/28
@
100
(a)
..............
1,660
1,698
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
2/15/28
@
100
(a)
..............
998
1,031
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
...................................................
1,000
987
GLS
Auto
Select
Receivables
Trust
..........................................
Victory
Portfolios
III
Victory
Income
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
.............
$
3,110
$
3,202
Series
2025-1A
,
Class
A2
,
4
.71
%
,
4/15/30
,
Callable
2/15/29
@
100
(a)
.............
1,308
1,310
GM
Financial
Automobile
Leasing
Trust
,
Series
2024-1
,
Class
B
,
5
.33
%
,
3/20/28
,
Callable
7/20/26
@
100
.....................................................
70
70
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2025-1
,
Class
B
,
5
.00
%
,
8/16/30
,
Callable
3/16/28
@
100
........................................
2,000
2,024
GreenState
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
12/15/27
@
100
(a)
..................................................
4,000
4,042
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
1/15/27
@
100
(a)
...........................................................
7,000
7,037
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-1A
,
Class
B
,
6
.22
%
,
6/25/27
(a)
...........
1,000
1,006
Hertz
Vehicle
Financing
LLC
..............................................
Series
2022-2A
,
Class
C
,
2
.95
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
3,500
3,323
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
333
333
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
208
207
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
3/15/27
@
100
(a)
..............
2,400
2,404
Series
2023-2A
,
Class
A3
,
5
.42
%
,
2/15/28
,
Callable
8/15/27
@
100
(a)
.............
2,316
2,320
Series
2023-2A
,
Class
B
,
5
.45
%
,
4/15/28
,
Callable
8/15/27
@
100
(a)
..............
2,719
2,725
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
7/15/27
@
100
(a)
..............
2,307
2,328
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
11/15/27
@
100
(a)
............
1,450
1,472
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A4
,
4
.89
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..................................................
1,800
1,828
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2025-1
,
Class
A4
,
4
.92
%
,
4/15/31
,
Callable
6/15/28
@
100
.....................................................
3,000
3,049
Merchants
Fleet
Funding
LLC
,
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
...........................................................
4,299
4,344
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
11/15/27
@
100
(a)
.............
1,500
1,549
Series
2025-1A
,
Class
A4
,
4
.79
%
,
1/15/31
,
Callable
8/15/29
@
100
(a)
.............
2,000
2,000
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
8/15/29
@
100
(a)
..............
1,215
1,215
PenFed
Auto
Receivables
Owner
Trust
,
Series
2024-A
,
Class
A4
,
4
.75
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
...................................................
4,500
4,508
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
(a)
................................
378
378
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...............................
4,996
5,022
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
4/20/27
@
100
(a)
1,182
1,197
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
A4
,
5
.21
%
,
4/16/29
,
Callable
5/15/28
@
100
(a)
..............
3,450
3,474
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
5/15/28
@
100
(a)
...............
3,450
3,473
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
900
916
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
3,000
3,075
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
2/15/28
@
100
(a)
..............
3,980
4,020
Series
2025-1A
,
Class
B
,
4
.78
%
,
12/15/31
,
Callable
7/15/29
@
100
(a)
.............
3,000
2,996
Securitized
Term
Auto
Receivables
Trust
,
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...................................................
1,040
1,045
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
10/20/27
@
100
(a)
.............
1,500
1,530
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,218
1,238
Series
2024-2A
,
Class
B
,
5
.41
%
,
8/20/30
,
Callable
5/20/28
@
100
(a)
..............
4,349
4,434
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
6/20/28
@
100
(a)
.............
3,000
3,012
Tesla
Auto
Lease
Trust
...................................................
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
.............
1,337
1,343
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
6/20/26
@
100
(a)
.............
3,000
3,022
Toyota
Auto
Receivables
Owner
Trust
,
Series
2024-D
,
Class
A4
,
4
.43
%
,
4/15/30
,
Callable
5/15/28
@
100
.....................................................
2,883
2,893
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
8/20/25
@
100
(a)
...........................................................
1,956
1,956
USB
Auto
Owner
Trust
...................................................
Series
2025-1A
,
Class
A4
,
4
.62
%
,
12/16/30
,
Callable
4/15/28
@
100
(a)
............
1,500
1,511
Series
2025-1A
,
Class
B
,
4
.81
%
,
1/15/31
,
Callable
4/15/28
@
100
(a)
..............
1,000
1,006
Veridian
Auto
Receivables
Trust
............................................
Victory
Portfolios
III
Victory
Income
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
8/15/27
@
100
(a)
............
$
3,000
$
3,034
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
8/15/27
@
100
(a)
..............
1,600
1,627
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
8/15/27
@
100
(a)
..............
3,500
3,591
Western
Funding
Auto
Loan
Trust
,
Series
2025-1
,
Class
A
,
4
.75
%
,
7/16/35
(a)
............
2,000
1,999
Westlake
Automobile
Receivables
Trust
,
Series
2025-1A
,
Class
B
,
4
.98
%
,
9/16/30
,
Callable
8/15/28
@
100
(a)
...................................................
1,563
1,569
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
1,915
1,926
Series
2024-1A
,
Class
B
,
5
.50
%
,
2/18/39
(a)
................................
3,167
3,209
203,123
ABS
Card
(0.7%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
1,985
2,051
Capital
One
Multi-Asset
Execution
Trust
,
Series
2021-A2
,
Class
A2
,
1
.39
%
,
7/15/30
.......
1,985
1,828
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
.......................
1,575
1,582
Citibank
Credit
Card
Issuance
Trust
,
Series
2018-A7
,
Class
A7
,
3
.96
%
,
10/13/30
.........
5,000
4,953
Golden
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
1
.44
%
,
8/15/28
(a)
................................
4,500
4,347
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
................................
4,467
4,303
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
2,344
2,255
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
1,273
1,336
Trillium
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
C
,
6
.32
%
,
3/26/33
(a)
..............
3,603
3,726
26,381
ABS
Other
(4.3%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/25
@
100
(a)
.........................................................
8,500
8,220
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
2,530
2,523
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
2,875
2,932
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
............................................
1,365
1,380
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
C
,
2
.69
%
,
6/15/28
,
Callable
8/15/25
@
100
(a)
.........................................................
1,221
1,209
Auxilior
Term
Funding
LLC
,
Series
2024-1A
,
Class
A3
,
5
.49
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
...........................................................
85
86
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
4/13/31
@
100
(a)
.........................................................
1,900
1,933
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
..............
677
680
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
...............
985
997
Series
2024-1
,
Class
B
,
5
.08
%
,
3/15/32
,
Callable
12/14/27
@
100
(a)
..............
4,000
4,035
Series
2025-1
,
Class
B
,
4
.69
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
990
990
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
8/15/25
@
100
(a)
...........................................................
2,827
2,339
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
...............
2,518
2,561
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
1/20/29
@
100
(a)
...............
228
229
CyrusOne
Data
Centers
Issuer
I
LLC
,
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
...................................................
3,256
3,163
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
11/22/25
@
100
(a)
.............
646
647
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
5/22/26
@
100
(a)
..............
1,124
1,130
Dext
ABS
LLC
,
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
.......
2,333
2,474
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
5,667
5,381
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
4,875
4,591
DLLAA
LLC
,
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
5/20/29
@
100
(a)
......
2,375
2,421
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
2/20/29
@
100
(a)
......
2,257
2,323
DLLMT
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.34
%
,
3/22/27
,
Callable
1/20/27
@
100
(a)
.............
705
708
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
1/20/27
@
100
(a)
.............
2,286
2,310
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
.............
1,758
1,781
Victory
Portfolios
III
Victory
Income
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(b)
...............
$
6,538
$
6,283
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
....
1,597
1,605
Frontier
Issuer
LLC
.....................................................
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...............
4,667
4,778
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
1,000
1,047
Series
2024-1
,
Class
C
,
11
.16
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
3,650
4,053
GreatAmerica
Leasing
Receivables
Funding
LLC
,
Series
2025-1
,
Class
A4
,
4
.58
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
............................................
1,990
2,000
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
12/20/26
@
100
(a)
.............
2,635
2,656
Series
2025-1A
,
Class
B
,
4
.51
%
,
9/20/32
,
Callable
3/20/29
@
100
(a)
..............
2,000
1,996
John
Deere
Owner
Trust
,
Series
2024-B
,
Class
A4
,
5
.19
%
,
5/15/31
,
Callable
3/15/28
@
100
.
1,100
1,123
Kubota
Credit
Owner
Trust
,
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
...........................................................
1,300
1,325
M&T
Equipment
LEAF1
Notes
,
Series
2024-1A
,
Class
A4
,
4
.94
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.........................................................
1,600
1,609
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500
1,486
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
1,750
1,787
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
9/13/30
@
100
(a)
..............
210
214
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
5/20/27
@
100
(a)
.......
376
360
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
...............
1,985
2,016
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
1,404
1,410
NP
SPE
II
LLC
,
Series
2017-1A
,
Class
A2
,
4
.22
%
,
10/21/47
(a)
......................
15,625
14,277
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
4,143
3,961
Pawnee
Equipment
Receivables
LLC
,
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
7/15/26
@
100
(a)
.........................................................
1,000
1,001
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
............
3,500
3,574
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
837
846
Post
Road
Equipment
Finance
LLC
,
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
...................................................
2,061
2,064
Progress
Residential
Trust
.................................................
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
4,368
4,262
Series
2021-SFR6
,
Class
B
,
1
.75
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
3,938
3,838
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
8,545
8,264
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
8/20/29
@
100
(a)
..............
3,000
3,074
Series
2024-1A
,
Class
A3
,
5
.52
%
,
1/20/32
,
Callable
3/20/30
@
100
(a)
.............
2,945
2,998
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
(a)
.................
4,000
3,925
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
4,000
3,839
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
2,438
2,319
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
685
695
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
1,624
1,641
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
6/15/28
@
100
(a)
.............
3,500
3,487
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
11/15/28
@
100
(a)
...........
1,990
1,995
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
6,321
5,567
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
4,500
4,546
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
2,000
2,043
171,007
Agency
ABS
Other
(0.8%):
CIT
Education
Loan
Trust
,
Series
2007-1
,
Class
B
,
4
.90
%
(
SOFR90A
+
56
bps
)
,
6/25/42
,
Callable
9/25/26
@
100
(a)
(c)
..........................................
1,663
1,357
Navient
Student
Loan
Trust
................................................
Series
2005-4
,
Class
B
,
4
.88
%
(
SOFR90A
+
54
bps
)
,
9/22/35
,
Callable
9/22/25
@
100
(c)
873
821
Series
2015-2
,
Class
B
,
5
.96
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
7/25/33
@
100
(c)
3,000
2,943
Series
2018-2A
,
Class
B
,
5
.61
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
6/25/37
@
100
(a)
(c)
.........................................................
3,500
3,160
Victory
Portfolios
III
Victory
Income
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
SLM
Student
Loan
Trust
..................................................
Series
2003-14
,
Class
B
,
5
.15
%
(
SOFR90A
+
81
bps
)
,
10/25/65
,
Callable
10/25/25
@
100
(c)
...........................................................
$
719
$
685
Series
2005-9
,
Class
B
,
4
.90
%
(
SOFR90A
+
56
bps
)
,
1/25/41
,
Callable
4/25/29
@
100
(c)
1,078
1,017
Series
2006-10
,
Class
B
,
4
.82
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
10/25/30
@
100
(c)
881
826
Series
2007-1
,
Class
B
,
4
.82
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
7/25/29
@
100
(c)
3,191
2,929
Series
2007-7
,
Class
B
,
5
.35
%
(
SOFR90A
+
101
bps
)
,
10/27/70
,
Callable
10/25/25
@
100
(c)
...........................................................
5,740
5,741
Series
2012-6
,
Class
B
,
5
.46
%
(
SOFR30A
+
111
bps
)
,
4/27/43
,
Callable
2/25/30
@
100
(c)
12,862
12,052
31,531
Total
Asset-Backed
Securities
(Cost
$433,630)
a
a
a
432,042
Collateralized
Mortgage
Obligations
(5.5%)
Agency
CMO
Other
(0.4%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
1,536
1,551
Federal
National
Mortgage
Association
.......................................
Series
2017-M2
,
Class
A2
,
2
.81
%
,
2/25/27
(d)
...............................
1,641
1,606
Series
2022-M12
,
Class
A
,
3
.10
%
,
12/25/28
(d)
..............................
2,295
2,211
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
1,940
1,926
Government
National
Mortgage
Association
....................................
Series
2024-1
,
Class
GA
,
4
.50
%
,
6/20/50
..................................
5,501
5,422
Series
2024-160
,
Class
MA
,
4
.50
%
,
6/20/52
................................
4,207
4,131
16,847
Agency
Commercial
MBS
(1.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
8,000
7,494
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
5,455
5,129
Series
K121
,
Class
A2
,
1
.55
%
,
10/25/30
..................................
435
379
Series
K135
,
Class
A2
,
2
.15
%
,
10/25/31
(d)
................................
1,200
1,054
Series
K138
,
Class
A2
,
2
.48
%
,
1/25/32
...................................
980
872
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
...................................
9,091
8,485
Series
KIR1
,
Class
A2
,
2
.85
%
,
3/25/26
...................................
12,000
11,856
Series
S8FX
,
Class
A1
,
3
.02
%
,
3/25/27
...................................
5,081
5,012
Federal
National
Mortgage
Association
.......................................
Series
2017-M7
,
Class
A2
,
2
.96
%
,
2/25/27
(d)
...............................
1,925
1,885
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(d)
...............................
5,027
4,888
47,054
Commercial
MBS
(3.9%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
3,000
3,016
Series
2025-OANA
,
Class
B
,
6
.18
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(c)
..........
2,000
1,999
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
5,000
4,885
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
4,000
3,821
BANK
,
Series
2017-BNK4
,
Class
B
,
4
.00
%
,
5/15/50
,
Callable
4/15/27
@
100
...........
5,600
5,342
Benchmark
Mortgage
Trust
,
Series
2020-B22
,
Class
A5
,
1
.97
%
,
1/15/54
,
Callable
1/15/31
@
100
.............................................................
2,000
1,714
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
5
.51
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
(c)
.............
4,904
4,902
Series
2021-TY
,
Class
C
,
6
.16
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
(c)
.............
1,538
1,528
Series
2022-STAR
,
Class
A
,
7
.57
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(c)
...........
7,726
7,721
BX
Commercial
Mortgage
Trust
............................................
Series
2020-VIV4
,
Class
A
,
2
.84
%
,
3/9/44
,
Callable
3/9/30
@
100
(a)
(b)
............
2,265
2,066
Series
2022-CSMO
,
Class
A
,
6
.46
%
(
TSFR1M
+
211
bps
)
,
6/15/27
(a)
(b)
(c)
..........
1,985
1,996
Series
2022-CSMO
,
Class
B
,
7
.48
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(b)
(c)
..........
5,000
5,029
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
(b)
..........
9,231
8,597
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
4,000
3,947
Series
2025-GW
,
Class
A
,
5
.94
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,000
2,005
BXP
Trust
............................................................
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
6,500
5,327
Victory
Portfolios
III
Victory
Income
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
$
3,500
$
2,724
COMM
Mortgage
Trust
..................................................
Series
2012-CR4
,
Class
AM
,
3
.25
%
,
10/15/45
,
Callable
8/15/25
@
100
(b)
..........
8,600
7,938
Series
2012-CR4
,
Class
XA
,
1
.14
%
,
10/15/45
(b)
(d)
..........................
10,719
175
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(d)
........
6,300
6,274
Series
2015-PC1
,
Class
B
,
4
.40
%
,
7/10/50
,
Callable
8/10/25
@
100
(d)
.............
1,153
1,137
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(b)
..........
3,500
2,978
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(b)
............................
4,000
4,186
CSMC
Trust
,
Series
2020-WEST
,
Class
A
,
3
.04
%
,
2/15/35
,
Callable
2/15/30
@
100
(a)
(b)
...
2,500
2,097
DBJPM
Mortgage
Trust
,
Series
2016-SFC
,
Class
B
,
3
.24
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
(b)
.........................................................
2,500
—
(e)
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
.............................................................
2,000
1,999
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
5
.84
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(b)
(c)
....................................................
4,336
4,337
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(b)
...........................
1,697
1,456
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
(d)
..........................
1,920
1,913
GS
Mortgage
Securities
Trust
,
Series
2020-GC45
,
Class
A5
,
2
.91
%
,
2/13/53
,
Callable
1/13/30
@
100
...........................................................
4,231
3,913
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(b)
(d)
.........
1,833
1,857
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
4,150
4,050
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(d)
.........................
2,000
1,847
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(d)
..........................
3,242
3,321
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
6
.18
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
3,100
3,105
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
(b)
......
6,000
5,326
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(b)
(d)
....
1,000
1,004
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(d)
.......................................................
2,407
2,405
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(b)
............................
1,980
1,867
Series
2020-1MW
,
Class
C
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
1,000
935
NRTH
Mortgage
Trust
,
Series
2024-PARK
,
Class
A
,
5
.98
%
(
TSFR1M
+
164
bps
)
,
3/15/39
(a)
(b)
(c)
.............................................................
3,074
3,074
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(b)
................
6,480
5,870
SCG
Commercial
Mortgage
Trust
,
Series
2025-FL
,
Class
A
,
5
.60
%
(
TSFR1M
+
125
bps
)
,
8/15/30
(a)
(b)
(c)
....................................................
1,000
1,000
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/10/40
(a)
(b)
......................
4,000
4,087
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(b)
...................
5,200
4,543
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.78
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
1,993
1,980
151,293
Total
Collateralized
Mortgage
Obligations
(Cost
$225,145)
a
a
a
215,194
Shares
Preferred
Stocks
(0.8%)
Consumer
Staples
(0.1%):
CHS,
Inc.
,
Series
1
,
7
.88
%
(f)
..............................................
190,818
5,097
Financials
(0.0%):(g)
Citigroup
Capital
XIII
,
10
.94
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(c)
.....................
40,000
1,179
Real
Estate
(0.7%):
Mid-America
Apartment
Communities,
Inc.
,
Series
I
,
8
.50
%
........................
219,731
11,876
Prologis,
Inc.
,
Series
Q
,
8
.54
%
(f)
...........................................
283,503
15,372
27,248
Total
Preferred
Stocks
(Cost
$29,485)
a
a
a
33,524
Victory
Portfolios
III
Victory
Income
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(35.9%)
Communication
Services
(1.2%):
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
3
.50
%
,
6/1/41
,
Callable
12/1/40
@
100
.........................................
$
5,000
$
3,572
Comcast
Corp.
3
.90
%
,
3/1/38
,
Callable
9/1/37
@
100
....................................
3,000
2,581
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
3,500
2,104
CSC
Holdings
LLC
,
5
.50
%
,
4/15/27
,
Callable
9/4/25
@
100
(a)
......................
3,000
2,905
Discovery
Communications
LLC
,
3
.63
%
,
5/15/30
,
Callable
2/15/30
@
100
..............
3,000
2,657
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
3,111
3,007
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
8,000
7,786
T-Mobile
US,
Inc.
4
.75
%
,
2/1/28
,
Callable
8/15/25
@
100.79
.................................
2,857
2,860
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
7,500
7,275
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
5,000
4,466
Verizon
Communications,
Inc.
4
.13
%
,
8/15/46
....................................................
5,000
3,989
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
3,000
1,860
Warnermedia
Holdings,
Inc.
3
.76
%
,
3/15/27
,
Callable
2/15/27
@
100
..................................
1,580
1,549
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
3,759
2,513
49,124
Consumer
Discretionary
(1.7%):
AutoNation,
Inc.
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
....................................
3,750
3,219
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
4,500
4,139
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
3,250
2,774
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
5,600
5,211
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
6,166
5,385
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
1,000
964
Kohl's
Corp.
,
5
.13
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
3,000
2,166
Marriott
International,
Inc.
4
.63
%
,
6/15/30
,
Callable
3/15/30
@
100
..................................
2,333
2,330
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................................
2,750
2,498
Mattel,
Inc.
3
.38
%
,
4/1/26
,
Callable
8/15/25
@
100
(a)
.................................
500
494
3
.75
%
,
4/1/29
,
Callable
8/15/25
@
100.94
(a)
...............................
7,750
7,429
Nordstrom,
Inc.
4
.38
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
2,000
1,822
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
(h)
..................................
4,250
3,737
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
5,367
4,443
Smithsonian
Institution
,
2
.65
%
,
9/1/39
........................................
2,000
1,564
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
3,000
3,013
Tractor
Supply
Co.
,
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
4,000
4,059
Vanderbilt
University
Medical
Center
,
4
.17
%
,
7/1/37
,
Callable
1/1/37
@
100
............
1,000
877
Volkswagen
Group
of
America
Finance
LLC
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
3,000
3,190
5
.80
%
,
3/27/35
,
Callable
12/27/34
@
100
(a)
...............................
2,000
2,007
Worthington
Enterprises,
Inc.
,
4
.30
%
,
8/1/32
,
Callable
5/1/32
@
100
..................
5,890
5,339
66,660
Consumer
Staples
(2.5%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
6,500
5,527
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
2,000
1,183
Anheuser-Busch
Cos.
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
,
4
.70
%
,
2/1/36
,
Callable
8/1/35
@
100
......................................................
6,000
5,822
BAT
Capital
Corp.
,
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
........................
10,000
8,932
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
3,400
3,356
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
12,000
10,825
Cargill,
Inc.
,
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
..........................
6,000
5,189
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
5,645
4,892
Victory
Portfolios
III
Victory
Income
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
$
3,000
$
2,718
Keurig
Dr.
Pepper,
Inc.
,
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
....................
5,000
4,105
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
4,000
3,566
Mars,
Inc.
,
5
.65
%
,
5/1/45
,
Callable
11/1/44
@
100
(a)
.............................
3,900
3,874
McCormick
&
Co.,
Inc.
2
.50
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
2,000
1,827
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
2,000
1,726
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
8,000
8,217
SC
Johnson
&
Son,
Inc.
,
4
.35
%
,
9/30/44
,
Callable
3/30/44
@
100
(a)
..................
7,000
5,645
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
5,000
4,941
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
10,750
9,506
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
5,000
4,365
The
Kroger
Co.
,
5
.00
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
4,000
3,954
100,170
Energy
(3.3%):
APA
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
(a)
............................
5,404
3,720
Berkshire
Hathaway
Energy
Co.
,
4
.50
%
,
2/1/45
,
Callable
8/1/44
@
100
................
4,000
3,444
Buckeye
Partners
LP
,
5
.60
%
,
10/15/44
,
Callable
4/15/44
@
100
......................
10,000
8,507
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
6,364
5,421
ConocoPhillips
Co.
4
.15
%
,
11/15/34
,
Callable
5/15/34
@
100
..................................
4,500
4,196
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
3,485
3,316
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
3,000
2,958
Diamondback
Energy,
Inc.
,
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................
2,000
1,855
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
3,000
3,048
Eastern
Energy
Gas
Holdings
LLC
5
.65
%
,
10/15/54
,
Callable
4/15/54
@
100
.................................
3,000
2,870
6
.20
%
,
1/15/55
,
Callable
7/15/54
@
100
..................................
3,385
3,492
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(f)
......................
2,000
2,010
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
6,000
5,881
EOG
Resources,
Inc.
,
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.....................
3,000
3,022
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
2,000
2,161
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(a)
..................
3,450
3,502
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
6,500
5,892
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(a)
(h)
................
4,000
3,591
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
3,000
3,054
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6
.25
%
,
11/1/28
,
Callable
9/4/25
@
102.08
(a)
...............................
4,000
4,018
6
.00
%
,
2/1/31
,
Callable
2/1/26
@
103
(a)
..................................
3,000
2,896
Marathon
Petroleum
Corp.
,
4
.75
%
,
9/15/44
,
Callable
3/15/44
@
100
..................
2,000
1,668
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
8/20/25
@
102.38
................................
2,000
1,948
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
1,332
1,224
Occidental
Petroleum
Corp.
6
.45
%
,
9/15/36
....................................................
1,461
1,487
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
10,235
7,144
ONEOK,
Inc.
,
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
.............................
3,000
2,916
Phillips
66
Co.
4
.65
%
,
11/15/34
,
Callable
5/15/34
@
100
..................................
1,000
955
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
...................................
750
638
Plains
All
American
Pipeline
LP
,
5
.95
%
,
6/15/35
,
Callable
3/15/35
@
100
..............
2,400
2,464
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
6,250
5,962
Rockies
Express
Pipeline
LLC
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................................
6,500
6,366
4
.80
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
................................
3,000
2,894
Sabal
Trail
Transmission
LLC
,
4
.68
%
,
5/1/38
,
Callable
11/1/37
@
100
(a)
...............
5,000
4,508
Tampa
Electric
Co.
,
5
.15
%
,
3/1/35
,
Callable
12/1/34
@
100
........................
1,500
1,501
Targa
Resources
Corp.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
2,400
2,404
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
8/15/25
@
102.75
..................................................
3,500
3,555
Victory
Portfolios
III
Victory
Income
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
$
1,000
$
961
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500
419
127,868
Financials
(9.6%):
200
Park
Funding
Trust
,
5
.74
%
,
2/15/55
,
Callable
8/15/54
@
100
(a)
..................
4,000
3,930
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
6,000
6,006
American
Honda
Finance
Corp.
,
5
.20
%
,
3/5/35
..................................
1,500
1,497
American
International
Group,
Inc.
,
3
.88
%
,
1/15/35
,
Callable
7/15/34
@
100
............
7,000
6,393
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
1,648
1,677
American
National
Group,
Inc.
,
6
.00
%
,
7/15/35
,
Callable
4/15/35
@
100
...............
3,000
3,016
Amrize
Finance
US
LLC
,
5
.40
%
,
4/7/35
,
Callable
1/7/35
@
100
(a)
...................
1,877
1,892
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
....................
5,000
5,038
Ashtead
Capital,
Inc.
,
4
.00
%
,
5/1/28
,
Callable
8/15/25
@
100.67
(a)
(h)
.................
2,500
2,451
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
4,412
4,427
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(f)
.......................
3,500
3,422
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
3,000
2,643
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
2,500
2,128
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
500
488
Brown
&
Brown,
Inc.
,
5
.55
%
,
6/23/35
,
Callable
3/23/35
@
100
......................
1,261
1,275
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
.....
3,500
3,616
Citizens
Financial
Group,
Inc.
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(c)
(f)
.......................
5,000
4,999
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(c)
..................
2,500
2,485
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
1,845
1,924
CNO
Global
Funding
,
4
.95
%
,
9/9/29
(a)
.......................................
2,227
2,246
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
4,000
2,751
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
3,000
2,988
Cullen/Frost
Capital
Trust
II
,
6
.14
%
(
TSFR3M
+
181
bps
)
,
3/1/34
,
Callable
9/4/25
@
100
(c)
..
5,000
4,491
Equitable
Holdings,
Inc.
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
..................................
2,000
1,991
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
................................
10,000
9,936
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
4,000
3,670
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
6,500
6,352
Fifth
Third
Bancorp
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(c)
(f)
.......................
3,750
3,740
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
....................
6,957
6,657
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
9,225
7,898
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
8,850
9,028
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
5,000
5,144
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,550
1,596
Ford
Motor
Credit
Co.
LLC
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
3,400
3,375
6
.80
%
,
11/7/28
,
Callable
10/7/28
@
100
..................................
2,000
2,069
6
.13
%
,
3/8/34
,
Callable
12/8/33
@
100
...................................
2,000
1,953
Fulton
Financial
Corp.
,
6
.61
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
9/15/25
@
100
(c)
.....
2,932
2,900
Glencore
Funding
LLC
,
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
....................
6,500
5,846
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
6,500
5,706
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
(h)
................................
1,750
1,772
Globe
Life,
Inc.
,
5
.85
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
2,308
2,391
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(a)
............
6,589
6,395
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
2,750
2,742
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
7,676
6,436
Huntington
Capital
Trust
I
,
5
.27
%
(
TSFR3M
+
96
bps
)
,
2/1/27
,
Callable
9/4/25
@
100
(c)
.....
2,300
2,253
ILFC
E-Capital
Trust
I
,
6
.43
%
(
TSFR3M
-
–
0
)
,
12/21/65
,
Callable
9/4/25
@
100
(a)
(c)
......
10,000
8,402
Victory
Portfolios
III
Victory
Income
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
JPMorgan
Chase
&
Co.
5
.06
%
(
TSFR3M
+
76
bps
)
,
2/1/27
,
Callable
9/4/25
@
100
(c)
....................
$
4,000
$
3,955
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
2,750
2,386
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(c)
....................
7,250
7,343
KeyBank
NA
3
.40
%
,
5/20/26
,
MTN
................................................
2,500
2,473
3
.90
%
,
4/13/29
....................................................
3,000
2,891
4
.90
%
,
8/8/32
.....................................................
1,000
973
KeyCorp
,
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
.........
3,784
3,705
Lincoln
National
Corp.
,
6
.94
%
(
TSFR3M
+
262
bps
)
,
5/17/66
,
Callable
8/11/26
@
100
(c)
....
2,341
2,021
LPL
Holdings,
Inc.
,
5
.75
%
,
6/15/35
,
Callable
3/15/35
@
100
........................
3,980
4,024
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
2,500
2,476
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
7,000
6,123
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
1,500
1,518
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
8,000
6,818
National
Rural
Utilities
Cooperative
Finance
Corp.
,
7
.48
%
(
TSFR3M
+
317
bps
)
,
4/30/43
,
Callable
9/4/25
@
100
(c)
.............................................
7,125
7,125
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
3,000
3,085
PNC
Bank
NA
,
2
.70
%
,
10/22/29
............................................
6,000
5,577
PPL
Capital
Funding,
Inc.
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
....................................
1,490
1,501
7
.22
%
(
TSFR3M
+
293
bps
)
,
3/30/67
,
Callable
9/4/25
@
100
(c)
(h)
................
6,130
6,088
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
4,000
3,567
Protective
Life
Global
Funding
,
5
.43
%
,
1/14/32
(a)
...............................
3,500
3,599
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
2,500
1,899
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
6,000
6,083
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
4,000
3,596
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
6,909
7,320
Santander
Holdings
USA,
Inc.
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
2,500
2,615
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(c)
......................
1,000
1,018
Simon
Property
Group
LP
4
.75
%
,
9/26/34
,
Callable
6/26/34
@
100
..................................
1,450
1,412
5
.85
%
,
3/8/53
,
Callable
9/8/52
@
100
....................................
3,400
3,403
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(c)
.........
1,250
1,331
Stellantis
Finance
US,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
................
13,800
11,644
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
8,500
7,547
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(c)
.........
4,500
4,423
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(c)
....................
10,000
10,335
Teachers
Insurance
&
Annuity
Association
of
America
,
4
.90
%
,
9/15/44
(a)
..............
5,000
4,498
The
Allstate
Corp.
,
7
.53
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
9/4/25
@
100
(c)
.........
5,000
5,025
The
Bank
of
New
York
Mellon
Corp.
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(f)
......................
7,000
6,771
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
....................
3,030
3,102
The
Charles
Schwab
Corp.
,
6
.14
%
(
SOFR
+
201
bps
)
,
8/24/34
,
Callable
8/24/33
@
100
(c)
....
1,385
1,495
The
Hartford
Insurance
Group,
Inc.
,
6
.71
%
(
TSFR3M
+
239
bps
)
,
2/12/47
,
Callable
9/4/25
@
100
(a)
(c)
.........................................................
8,000
7,447
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(a)
..
1,255
1,312
The
PNC
Financial
Services
Group,
Inc.
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
1,382
1,347
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
1,408
1,459
Truist
Bank
,
4
.63
%
(
H15T5Y
+
115
bps
)
,
9/17/29
(c)
...............................
2,450
2,427
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(c)
(f)
.......................
2,000
1,972
5
.87
%
(
SOFR
+
236
bps
)
,
6/8/34
,
Callable
6/8/33
@
100
,
MTN
(c)
.................
3,000
3,134
U.S.
Bancorp
,
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(c)
.............
4,000
3,945
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
4,550
4,769
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
5,588
3,841
Webster
Financial
Corp.
,
6
.82
%
(
TSFR3M
+
253
bps
)
,
12/30/29
,
Callable
9/30/25
@
100
(c)
..
3,000
2,968
Wells
Fargo
&
Co.
,
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(c)
(f)
............
2,500
2,474
377,895
Victory
Portfolios
III
Victory
Income
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Health
Care
(2.9%):
Amgen,
Inc.
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
..................................
$
4,500
$
2,859
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
3,500
2,712
Baxter
International,
Inc.
,
3
.13
%
,
12/1/51
,
Callable
6/1/51
@
100
....................
10,000
6,299
Biogen,
Inc.
,
5
.75
%
,
5/15/35
,
Callable
2/15/35
@
100
.............................
1,900
1,952
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
3,500
3,427
Bon
Secours
Charity
Health
System,
Inc.
,
5
.25
%
,
11/1/25
..........................
3,000
2,977
Bristol-Myers
Squibb
Co.
,
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................
4,100
4,379
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
2,000
1,679
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
6
.63
%
,
7/15/30
,
Callable
7/16/26
@
103.31
(a)
..........................................
3,600
3,701
CVS
Pass-Through
Trust
,
6
.04
%
,
12/10/28
.....................................
2,450
2,477
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
15,750
14,313
Eastern
Maine
Healthcare
Systems
,
5
.02
%
,
7/1/36
...............................
17,000
14,825
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
...
6,500
5,594
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
2,156
1,797
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
3,500
3,091
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
(a)
...........................................................
3,450
3,478
Humana,
Inc.
,
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
..............................
1,500
1,504
Northwell
Healthcare,
Inc.
,
3
.39
%
,
11/1/27
,
Callable
8/1/27
@
100
...................
3,900
3,765
Orlando
Health
Obligated
Group
,
2
.89
%
,
10/1/35
................................
1,660
1,394
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
8,500
7,459
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
4,500
3,831
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
1,300
1,337
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
..................................
1,300
1,346
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
.................................
1,300
1,334
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
.................................
1,300
1,291
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
4,000
2,882
Tenet
Healthcare
Corp.
,
6
.13
%
,
6/15/30
,
Callable
9/4/25
@
103.06
...................
1,500
1,514
Trinity
Health
Corp.
,
2
.63
%
,
12/1/40
,
Callable
6/1/40
@
100
........................
3,000
2,128
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
..............
9,827
8,322
113,667
Industrials
(4.9%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
5,000
4,401
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
(h)
..................................................
4,606
4,516
4
.00
%
,
9/22/27
....................................................
5,736
5,511
3
.58
%
,
1/15/28
....................................................
2,288
2,218
4
.00
%
,
2/15/29
....................................................
3,075
2,920
3
.60
%
,
10/15/29
....................................................
6,211
5,834
Aon
North
America,
Inc.
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
...................................
2,000
2,045
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
....................................
2,000
1,948
Ashtead
Capital,
Inc.
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
6,000
5,189
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
4,500
4,671
BNSF
Funding
Trust
I
,
6
.61
%
(
US0003M
+
235
bps
)
,
12/15/55
,
Callable
1/15/26
@
100
(c)
(i)
.
6,325
6,346
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
3,135
2,997
3
.80
%
,
9/20/31
(a)
..................................................
2,123
2,051
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
2,500
2,557
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
5,000
3,954
Delta
Air
Lines
Pass
Through
Trust
,
3
.88
%
,
7/30/27
..............................
5,271
5,144
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
2,000
2,002
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
(h)
...........................
4,000
3,938
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
13,000
11,343
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
6,805
6,650
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
7,258
6,598
Victory
Portfolios
III
Victory
Income
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
$
5,295
$
5,294
Leidos,
Inc.
,
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
............................
15,000
13,138
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
3
.71
%
,
12/1/35
,
Callable
9/1/35
@
100
.......
3,935
3,429
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
1,000
762
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
5,000
5,291
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
10,000
8,032
Ryder
System,
Inc.
,
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
.....................
5,000
5,109
Spirit
Airlines
Pass
Through
Trust
4
.10
%
,
4/1/28
.....................................................
7,362
6,672
3
.38
%
,
2/15/30
....................................................
6,245
5,419
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
4,000
3,769
5
.71
%
,
5/1/40
,
Callable
11/1/39
@
100
...................................
6,000
5,957
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,250
2,167
The
Conservation
Fund
A
Nonprofit
Corp.
,
3
.47
%
,
12/15/29
,
Callable
9/15/29
@
100
......
7,000
6,597
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
6,400
6,013
Union
Pacific
Corp.
3
.38
%
,
2/1/35
,
Callable
8/1/34
@
100
....................................
2,000
1,767
4
.25
%
,
4/15/43
,
Callable
10/15/42
@
100
.................................
5,000
4,089
United
Airlines
Pass
Through
Trust
4
.30
%
,
8/15/25
....................................................
2,392
2,391
2
.90
%
,
5/1/28
.....................................................
3,754
3,512
United
Airlines,
Inc.
,
4
.63
%
,
4/15/29
,
Callable
10/15/28
@
100
(a)
....................
4,000
3,904
Verisk
Analytics,
Inc.
,
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
........................
3,500
3,553
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
3,150
3,189
192,887
Information
Technology
(1.4%):
Amphenol
Corp.
,
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
.........................
4,875
4,258
Broadcom,
Inc.
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(a)
................................
5,000
4,277
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
2,000
1,778
Dell
International
LLC/EMC
Corp.
,
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
.............
700
676
Hewlett
Packard
Enterprise
Co.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
3,000
2,910
HP,
Inc.
,
5
.50
%
,
1/15/33
,
Callable
10/15/32
@
100
...............................
3,000
3,052
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
4,776
4,337
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
3,365
3,313
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
5,950
5,653
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
4,250
2,618
Motorola
Solutions,
Inc.
,
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
......................
1,000
1,038
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
9,250
8,063
5
.38
%
,
7/15/40
....................................................
3,000
2,885
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
4,750
3,264
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
2,830
2,838
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
6,400
5,734
56,694
Materials
(2.0%):
Amcor
Flexibles
North
America,
Inc.
,
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
(a)
........
3,000
3,054
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
7,071
6,504
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
4,750
4,031
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
6,500
5,815
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
6,000
5,979
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
4,000
3,654
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
4,500
4,135
Ecolab,
Inc.
2
.13
%
,
8/15/50
,
Callable
2/15/50
@
100
..................................
5,000
2,692
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
.................................
500
304
Freeport-McMoRan,
Inc.
,
4
.63
%
,
8/1/30
,
Callable
9/4/25
@
102.31
...................
2,000
1,982
Huntsman
International
LLC
4
.50
%
,
5/1/29
,
Callable
2/1/29
@
100
....................................
4,000
3,803
5
.70
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
3,960
3,648
Victory
Portfolios
III
Victory
Income
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
LYB
International
Finance
III
LLC
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
$
2,990
$
2,168
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,500
1,821
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
5,000
4,399
Monsanto
Co.
,
3
.95
%
,
4/15/45
,
Callable
10/15/44
@
100
..........................
5,000
3,093
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
5,000
4,461
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
5,875
3,676
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
........................
3,870
3,761
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
...............
4,000
4,093
The
Dow
Chemical
Co.
,
4
.25
%
,
10/1/34
,
Callable
4/1/34
@
100
.....................
1,750
1,572
Vulcan
Materials
Co.
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
2,000
1,903
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
1,400
1,420
77,968
Real
Estate
(1.5%):
Alexandria
Real
Estate
Equities,
Inc.
,
3
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
...........
5,000
3,381
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
11,878
10,061
CBRE
Services,
Inc.
,
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
.......................
4,000
4,040
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
5,354
4,835
Crown
Castle,
Inc.
,
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.......................
1,250
1,092
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
5,000
4,368
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
2,000
1,885
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
3,617
3,201
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
2,000
1,994
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
3,502
3,025
Host
Hotels
&
Resorts
LP
,
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
..................
3,500
3,283
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
7,350
5,820
Phillips
Edison
Grocery
Center
Operating
Partnership
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
.............................................................
1,500
1,452
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
.......................
1,158
1,187
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
9/4/25
@
102.06
(a)
.....
8,000
7,638
57,262
Utilities
(4.9%):
AEP
Texas,
Inc.
4
.70
%
,
5/15/32
,
Callable
2/15/32
@
100
..................................
6,000
5,896
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..................................
1,500
1,532
Alabama
Power
Co.
,
3
.85
%
,
12/1/42
.........................................
3,000
2,403
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
4,250
4,013
Black
Hills
Corp.
,
3
.88
%
,
10/15/49
,
Callable
4/15/49
@
100
........................
10,000
7,237
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
8,500
7,573
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
2,000
1,934
Delmarva
Power
&
Light
Co.
,
4
.15
%
,
5/15/45
,
Callable
11/15/44
@
100
...............
5,000
4,066
Dominion
Energy
South
Carolina,
Inc.
,
4
.10
%
,
6/15/46
,
Callable
12/15/45
@
100
.........
5,000
3,837
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
1,094
1,144
Duke
Energy
Carolinas
LLC
,
3
.88
%
,
3/15/46
,
Callable
9/15/45
@
100
.................
5,000
3,885
Duke
Energy
Corp.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
.......................
2,000
2,051
Duke
Energy
Progress
LLC
,
4
.15
%
,
12/1/44
,
Callable
6/1/44
@
100
..................
7,000
5,721
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
3,967
3,439
Entergy
Louisiana
LLC
,
4
.95
%
,
1/15/45
,
Callable
9/4/25
@
100
.....................
7,000
6,210
Entergy
Mississippi
LLC
,
3
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
....................
5,000
4,872
Entergy
Texas,
Inc.
3
.45
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
9,420
9,144
3
.55
%
,
9/30/49
,
Callable
3/30/49
@
100
..................................
5,000
3,518
Evergy
Kansas
Central,
Inc.
,
5
.25
%
,
3/15/35
,
Callable
12/15/34
@
100
................
2,500
2,516
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
8,750
5,880
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
4,500
2,817
Georgia
Power
Co.
,
5
.25
%
,
3/15/34
,
Callable
9/15/33
@
100
........................
5,000
5,086
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
5,475
5,260
Victory
Portfolios
III
Victory
Income
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
ITC
Holdings
Corp.
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
................................
$
4,000
$
4,025
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
..................................
2,000
1,947
MidAmerican
Energy
Co.
3
.15
%
,
4/15/50
,
Callable
10/15/49
@
100
.................................
7,000
4,713
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
....................................
2,500
1,537
Mississippi
Power
Co.
,
4
.25
%
,
3/15/42
.......................................
3,168
2,710
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(a)
.............
3,550
3,557
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
3,392
2,697
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
3,750
3,077
5
.80
%
,
6/1/54
,
Callable
12/1/53
@
100
(a)
.................................
1,000
964
Oncor
Electric
Delivery
Co.
LLC
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
..................................
1,417
1,444
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
...................................
5,000
3,845
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
7,000
4,563
Potomac
Electric
Power
Co.
,
4
.15
%
,
3/15/43
,
Callable
9/15/42
@
100
.................
5,000
4,145
Public
Service
Co.
of
Colorado
,
2
.70
%
,
1/15/51
,
Callable
7/15/50
@
100
...............
7,000
4,118
Public
Service
Electric
&
Gas
Co.
,
3
.80
%
,
3/1/46
,
Callable
9/1/45
@
100
,
MTN
..........
8,000
6,203
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
4,052
3,781
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
9,000
7,362
Southwestern
Public
Service
Co.
,
3
.15
%
,
5/1/50
,
Callable
11/1/49
@
100
...............
10,000
6,434
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
9,000
7,954
The
Southern
Co.
,
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(c)
........
5,450
5,419
Tri-State
Generation
and
Transmission
Association,
Inc.
4
.70
%
,
11/1/44
,
Callable
5/1/44
@
100
...................................
5,000
4,023
4
.25
%
,
6/1/46
,
Callable
12/1/45
@
100
...................................
10,000
7,315
Union
Electric
Co.
,
5
.20
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
2,500
2,536
194,403
Total
Corporate
Bonds
(Cost
$1,532,054)
a
a
a
1,414,598
Yankee
Dollars
(10.1%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
................
5,500
4,707
Consumer
Discretionary
(0.3%):
Brightstar
Lottery
PLC
,
5
.25
%
,
1/15/29
,
Callable
9/4/25
@
101.31
(a)
.................
5,500
5,458
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
7,192
6,093
11,551
Consumer
Staples
(0.6%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
............
5,000
4,664
Bacardi
Ltd.
,
4
.70
%
,
5/15/28
,
Callable
2/15/28
@
100
(a)
...........................
12,000
12,044
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
....................................
2,179
2,233
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
.................................
2,786
3,029
21,970
Energy
(0.9%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
9,250
8,761
Canadian
Natural
Resources
Ltd.
,
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
...........
2,400
2,390
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
5,000
5,006
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
6,000
5,296
TransCanada
PipeLines
Ltd.
,
6
.80
%
(
TSFR3M
+
247
bps
)
,
5/15/67
,
Callable
9/4/25
@
100
(c)
.
10,124
9,347
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
3,750
4,261
35,061
Financials
(4.5%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(c)
.............
2,000
2,110
Ascot
Group
Ltd.
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
...............................
7,802
7,021
6
.35
%
(
H15T5Y
+
238
bps
)
,
6/15/35
,
Callable
3/15/30
@
100
(a)
(c)
................
866
886
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(c)
(h)
.....................................
1,000
1,061
Victory
Portfolios
III
Victory
Income
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
$
4,000
$
4,357
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
6,500
5,676
Barclays
PLC
7
.39
%
(
H15T1Y
+
330
bps
)
,
11/2/28
,
Callable
11/2/27
@
100
(c)
..................
5,000
5,287
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
5,000
4,427
6
.22
%
(
SOFR
+
298
bps
)
,
5/9/34
,
Callable
5/9/33
@
100
(c)
......................
3,000
3,185
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
8
.45
%
(
H15T5Y
+
466
bps
)
,
6/29/38
,
Callable
6/29/33
@
100
(a)
(c)
................
3,125
3,323
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(c)
..................
5,000
5,214
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(a)
..........................................
4,500
4,491
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
9/1/25
@
100
(c)
(f)
........................
1,000
998
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(f)
.......................
4,000
3,943
BPCE
SA
3
.50
%
,
10/23/27
(a)
..................................................
5,000
4,881
6
.51
%
(
SOFR
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(a)
(c)
..................
3,500
3,672
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(a)
..................................................
4,701
4,815
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
1,500
1,608
Deutsche
Bank
AG
4
.88
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(c)
................
10,000
9,906
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
.....................
5,000
4,518
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
........
8,500
7,909
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
5,000
4,839
Lloyds
Banking
Group
PLC
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(c)
(i)
...............
5,000
4,885
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
2,121
2,433
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(c)
......
8,750
7,764
Mizuho
Financial
Group,
Inc.
,
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
.
5,000
4,320
NatWest
Group
PLC
,
5
.08
%
(
US0003M
+
191
bps
)
,
1/27/30
,
Callable
1/27/29
@
100
(c)
(i)
....
6,000
6,078
RenaissanceRe
Holdings
Ltd.
,
5
.80
%
,
4/1/35
,
Callable
1/1/35
@
100
..................
2,857
2,937
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(c)
..............
8,500
8,394
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
(h)
..............
9,000
9,332
Standard
Chartered
PLC
,
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
3,750
3,739
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
8,500
7,374
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
.............................
1,500
1,490
The
Toronto-Dominion
Bank
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
...................
10,000
9,864
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(c)
..................
3,200
3,217
UBS
Group
AG
,
3
.87
%
(
US0003M
+
141
bps
)
,
1/12/29
,
Callable
1/12/28
@
100
(a)
(c)
(i)
.....
4,445
4,372
Washington
Aircraft
1
Co.
DAC
(NBGA
-
United
States
Government)
,
2
.64
%
,
9/15/26
.....
800
783
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
5,000
4,958
176,067
Health
Care
(1.1%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
3,939
3,810
Royalty
Pharma
PLC
5
.40
%
,
9/2/34
,
Callable
6/2/34
@
100
(h)
..................................
8,500
8,575
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
10,167
7,624
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
2,500
1,692
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
10,240
8,962
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
3,864
3,919
STERIS
Irish
FinCo
Unlimited
Co.
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
3,000
2,685
3
.75
%
,
3/15/51
,
Callable
9/15/50
@
100
..................................
8,000
5,626
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
3
.15
%
,
10/1/26
....................
1,963
1,922
44,815
Industrials
(1.3%):
Air
Canada
Pass
Through
Trust
3
.60
%
,
3/15/27
(a)
(h)
................................................
5,501
5,365
3
.75
%
,
12/15/27
(a)
..................................................
3,396
3,269
Victory
Portfolios
III
Victory
Income
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
$
3,000
$
3,135
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
3,500
3,336
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
6,000
5,612
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
3,000
2,939
LG
Energy
Solution
Ltd.
,
5
.50
%
,
7/2/34
(a)
.....................................
3,000
2,970
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
5,500
5,614
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
6,000
6,073
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
9/4/25
@
100
(a)
.......................
5,000
4,986
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
4,000
4,107
Turkish
Airlines
Pass
Through
Trust
,
4
.20
%
,
3/15/27
(a)
............................
2,708
2,614
50,020
Information
Technology
(0.4%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
4,000
3,966
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
7,000
6,105
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
1,765
1,823
SK
Hynix,
Inc.
,
2
.38
%
,
1/19/31
(a)
...........................................
5,000
4,424
16,318
Materials
(0.5%):
ArcelorMittal
SA
,
7
.00
%
,
10/15/39
..........................................
4,000
4,405
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/31/30
,
Callable
10/31/29
@
100
(a)
..........
4,000
2,840
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
7,235
6,688
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
4,414
4,461
Rio
Tinto
Finance
USA
PLC
,
5
.25
%
,
3/14/35
,
Callable
12/14/34
@
100
................
2,660
2,699
21,093
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
5,500
4,810
Utilities
(0.3%):
Enel
Chile
SA
,
4
.88
%
,
6/12/28
,
Callable
3/12/28
@
100
...........................
5,000
5,029
Enel
Finance
International
NV
,
2
.50
%
,
7/12/31
,
Callable
4/12/31
@
100
(a)
..............
5,000
4,397
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
(h)
.............
4,000
3,646
13,072
Total
Yankee
Dollars
(Cost
$411,571)
a
a
a
399,484
Municipal
Bonds
(2.4%)
California
(0.2%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
Series
B
,
6
.03
%
,
7/1/38
.
3,340
3,382
City
of
El
Cajon
Revenue
Series
A
,
2
.09
%
,
4/1/29
..............................................
425
390
Series
A
,
2
.19
%
,
4/1/30
..............................................
425
381
Series
A
,
2
.29
%
,
4/1/31
,
Continuously
Callable
@100
.........................
550
482
Vista
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.13
%
,
9/1/30
,
Continuously
Callable
@100
...........
2,590
2,579
7,214
Connecticut
(0.1%):
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
1,500
1,477
Town
of
Hamden,
GO
,
4
.93
%
,
8/15/30
,
Continuously
Callable
@100
..................
3,845
3,802
5,279
Florida
(0.3%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
4,080
3,603
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
8,500
7,366
St.
Johns
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
2
.54
%
,
10/1/30
,
Continuously
Callable
@100
....................................
2,500
2,258
13,227
Georgia
(0.1%):
Savannah
Hospital
Authority
Revenue
,
Series
B
,
3
.99
%
,
7/1/38
......................
5,000
4,428
Victory
Portfolios
III
Victory
Income
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Hawaii
(0.2%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue
,
Series
A-2
,
3
.24
%
,
1/1/31
..................................................
$
6,506
$
6,354
Illinois
(0.1%):
State
of
Illinois
Sales
Tax
Revenue
Series
B
,
2
.51
%
,
6/15/32
,
Continuously
Callable
@100
........................
2,000
1,727
Series
B
,
2
.66
%
,
6/15/33
,
Continuously
Callable
@100
........................
1,500
1,274
3,001
Indiana
(0.0%):(g)
Indiana
Finance
Authority
Revenue
,
Series
A
,
3
.62
%
,
7/1/36
........................
1,500
1,380
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,950
2,868
Series
A
,
4
.48
%
,
8/1/39
..............................................
3,775
3,587
6,455
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
Series
B
,
4
.25
%
,
6/1/29
..............................................
2,495
2,371
Series
B
,
4
.35
%
,
6/1/30
..............................................
1,325
1,246
Series
B
,
4
.40
%
,
6/1/31
..............................................
1,385
1,285
4,902
New
Jersey
(0.1%):
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
E
,
4
.02
%
,
7/1/39
...........
3,000
2,579
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
1,030
987
3,566
Oklahoma
(0.3%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
C
,
5
.45
%
,
8/15/28
...........
9,750
9,427
Pennsylvania
(0.3%):
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
Series
SE
,
3
.73
%
,
7/15/43
...
3,000
2,317
Public
Parking
Authority
of
Pittsburgh
Revenue
2
.33
%
,
12/1/29
....................................................
895
818
2
.58
%
,
12/1/31
,
Continuously
Callable
@100
...............................
825
728
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
3
.05
%
,
4/1/29
.....................................................
800
767
3
.10
%
,
4/1/30
.....................................................
950
899
3
.15
%
,
4/1/31
.....................................................
250
233
State
Public
School
Building
Authority
Revenue
3
.05
%
,
4/1/28
.....................................................
2,000
1,931
3
.15
%
,
4/1/30
.....................................................
4,460
4,221
11,914
Texas
(0.3%):
County
of
Bexar
Revenue
,
2
.53
%
,
8/15/34
,
Continuously
Callable
@100
...............
2,800
2,300
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
3
.34
%
,
11/15/37
......
2,000
1,693
Port
of
Corpus
Christi
Authority
of
Nueces
County
Revenue
,
3
.49
%
,
12/1/25
............
1,000
997
San
Antonio
Education
Facilities
Corp.
Revenue
2
.38
%
,
4/1/28
.....................................................
1,500
1,394
2
.65
%
,
4/1/30
.....................................................
1,150
1,013
2
.73
%
,
4/1/31
.....................................................
750
639
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
2
.08
%
,
9/1/28
.....................................................
600
558
2
.57
%
,
9/1/32
,
Continuously
Callable
@100
...............................
1,000
863
2
.69
%
,
9/1/33
,
Continuously
Callable
@100
...............................
1,000
848
Waco
Educational
Finance
Corp.
Revenue
1
.69
%
,
3/1/28
.....................................................
1,500
1,399
2
.06
%
,
3/1/31
,
Continuously
Callable
@100
...............................
1,500
1,311
13,015
Wisconsin
(0.1%):
Public
Finance
Authority
Revenue
,
3
.63
%
,
6/1/51
................................
6,575
4,173
Total
Municipal
Bonds
(Cost
$104,664)
a
a
a
94,335
Victory
Portfolios
III
Victory
Income
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Government
Agency
Mortgages
(9.3%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(c)
(f)
................................
$
6,000
$
5,993
FCCU
Auto
Receivables
Trust
5
.60
%
,
8/5/39
.....................................................
4,000
3,973
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
12/1/35
-
1/1/55
..............................................
41,207
41,245
1
.50
%
,
4/1/37
.....................................................
4,200
3,708
5
.00
%
,
3/1/38
-
4/1/55
...............................................
38,239
37,487
2
.50
%
,
5/1/42
.....................................................
3,946
3,454
3
.50
%
,
5/1/42
-
11/1/52
..............................................
13,554
12,294
4
.50
%
,
11/1/42
-
10/1/52
..............................................
8,479
8,138
4
.00
%
,
1/1/43
-
12/1/54
..............................................
11,792
11,038
3
.00
%
,
1/1/52
-
5/1/52
...............................................
7,827
6,749
6
.00
%
,
8/1/53
-
3/1/55
...............................................
11,286
11,476
135,589
Federal
National
Mortgage
Association
2
.50
%
,
2/1/28
-
3/1/52
...............................................
10,247
8,768
6
.50
%
,
4/1/31
-
3/1/32
...............................................
138
143
5
.00
%
,
6/1/33
-
5/1/55
...............................................
30,034
29,479
5
.50
%
,
9/1/35
-
6/1/55
...............................................
36,155
36,198
6
.00
%
,
5/1/36
-
8/1/54
...............................................
11,844
12,088
4
.00
%
,
4/1/38
-
7/1/53
...............................................
12,995
12,250
3
.50
%
,
12/1/42
-
6/1/52
..............................................
15,001
13,646
3
.00
%
,
2/1/50
-
12/1/51
..............................................
7,744
6,679
4
.50
%
,
12/1/52
-
3/1/53
..............................................
6,311
6,015
125,266
Government
National
Mortgage
Association
7
.00
%
,
1/15/26
-
7/15/32
.............................................
170
174
6
.50
%
,
4/15/26
-
10/15/31
.............................................
216
223
7
.50
%
,
6/15/26
-
8/15/29
.............................................
31
32
6
.00
%
,
9/15/28
-
9/20/53
.............................................
5,703
5,836
5
.50
%
,
4/20/33
-
9/20/53
.............................................
20,441
20,502
5
.00
%
,
8/15/33
-
4/20/54
.............................................
20,046
19,722
2
.50
%
,
9/20/51
-
7/20/53
.............................................
10,131
8,526
3
.00
%
,
3/20/52
-
12/20/53
.............................................
10,961
9,535
3
.50
%
,
4/20/52
....................................................
6,031
5,388
4
.50
%
,
8/20/52
-
9/20/53
.............................................
24,835
23,724
93,662
Total
U.S.
Government
Agency
Mortgages
(Cost
$367,887)
a
a
a
364,483
U.S.
Treasury
Obligations
(23.4%)
U.S.
Treasury
Bonds
1
.13
%
,
5/15/40
....................................................
10,000
6,172
3
.88
%
,
8/15/40
....................................................
22,000
20,034
1
.38
%
,
11/15/40
....................................................
30,000
18,998
1
.88
%
,
2/15/41
....................................................
9,000
6,148
2
.25
%
,
5/15/41
....................................................
70,000
50,400
2
.75
%
,
8/15/42
....................................................
35,000
26,485
2
.88
%
,
5/15/43
....................................................
10,000
7,623
4
.38
%
,
8/15/43
....................................................
20,000
18,853
3
.38
%
,
5/15/44
....................................................
12,000
9,752
3
.00
%
,
11/15/44
....................................................
25,000
19,023
2
.50
%
,
2/15/45
....................................................
55,000
38,251
3
.00
%
,
11/15/45
....................................................
21,000
15,809
2
.50
%
,
2/15/46
....................................................
15,000
10,275
2
.25
%
,
8/15/46
....................................................
42,950
27,803
2
.88
%
,
11/15/46
....................................................
10,000
7,278
3
.00
%
,
2/15/47
....................................................
23,000
17,067
2
.75
%
,
11/15/47
....................................................
12,000
8,426
3
.00
%
,
2/15/48
....................................................
25,000
18,352
Victory
Portfolios
III
Victory
Income
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
3
.13
%
,
5/15/48
....................................................
$
30,000
$
22,477
3
.38
%
,
11/15/48
....................................................
25,000
19,527
3
.00
%
,
2/15/49
....................................................
24,000
17,456
1
.25
%
,
5/15/50
....................................................
30,000
14,213
1
.63
%
,
11/15/50
....................................................
35,000
18,167
2
.88
%
,
5/15/52
....................................................
10,000
6,934
4
.00
%
,
11/15/52
....................................................
10,000
8,617
4
.13
%
,
8/15/53
....................................................
17,000
14,965
4
.75
%
,
11/15/53
....................................................
10,000
9,761
4
.25
%
,
2/15/54
....................................................
10,000
8,991
U.S.
Treasury
Inflation
Indexed
Bonds
,
0
.88
%
,
1/15/29
............................
12,730
12,538
U.S.
Treasury
Notes
4
.25
%
,
10/15/25
....................................................
6,000
5,999
4
.63
%
,
9/15/26
....................................................
9,000
9,047
4
.38
%
,
12/15/26
....................................................
20,000
20,081
2
.38
%
,
5/15/27
....................................................
10,000
9,724
1
.25
%
,
3/31/28
....................................................
7,000
6,535
3
.88
%
,
7/15/28
....................................................
15,000
14,997
2
.88
%
,
8/15/28
....................................................
16,000
15,535
4
.25
%
,
2/28/29
....................................................
10,000
10,115
3
.25
%
,
6/30/29
....................................................
20,000
19,517
4
.25
%
,
6/30/29
....................................................
15,000
15,178
3
.63
%
,
8/31/29
....................................................
10,000
9,888
3
.88
%
,
9/30/29
....................................................
20,000
19,961
3
.88
%
,
7/31/30
....................................................
20,000
19,927
4
.13
%
,
8/31/30
....................................................
50,000
50,356
4
.38
%
,
11/30/30
....................................................
6,000
6,109
4
.25
%
,
2/28/31
....................................................
9,000
9,106
4
.13
%
,
11/15/32
....................................................
5,000
4,988
3
.88
%
,
8/15/33
....................................................
54,000
52,701
4
.00
%
,
2/15/34
....................................................
38,000
37,264
4
.38
%
,
5/15/34
....................................................
5,000
5,030
3
.88
%
,
8/15/34
....................................................
35,000
33,863
4
.25
%
,
11/15/34
....................................................
35,000
34,781
4
.25
%
,
5/15/35
....................................................
30,000
29,738
Total
U.S.
Treasury
Obligations
(Cost
$1,051,736)
a
a
a
920,835
Commercial
Paper
(0.8%)
Energy
(0.4%):
ONEOK,
Inc.
,
4
.69
%
,
8/4/25
(a)
(j)
...........................................
5,000
4,998
Plains
All
American
Pipeline
LP
,
4
.53
%
,
8/1/25
(a)
(j)
..............................
10,000
9,998
14,996
Financials
(0.3%):
Brookfield
Corporate
Treasury
Ltd.
4
.70
%
,
8/5/25
(a)
(j)
..................................................
1,000
999
4
.70
%
,
8/6/25
(a)
(j)
..................................................
5,000
4,996
4
.70
%
,
8/7/25
(a)
(j)
..................................................
5,000
4,996
10,991
Utilities
(0.1%):
American
Transmission
Co.
LLC
,
4
.32
%
,
8/1/25
(a)
(j)
.............................
4,400
4,399
Total
Commercial
Paper
(Cost
$30,391)
a
a
a
30,386
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(k)
........
5,737,213
5,738
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(k)
............
5,737,213
5,737
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(k)
...............
5,737,213
5,737
Victory
Portfolios
III
Victory
Income
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Shares
a
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(k)
.
5,737,213
$
5,737
Total
Collateral
for
Securities
Loaned
(Cost
$22,949)
a
a
a
22,949
Total
Investments
(Cost
$4,209,512)
—
99.8%
3,927,830
Other
assets
in
excess
of
liabilities
—  0.2%
9,346
NET
ASSETS
-
100.00%
$
3,937,176
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
10.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2025,
the
fair
value
of
these
securities
was
$1,036,937
(thousands)
and
amounted
to
26.3%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2025.
(d)
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
July
31,
2025.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(j)
Rate
represents
the
effective
yield
at
July
31,
2025.
(k)
Rate
disclosed
is
the
daily
yield
on
July
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
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2025.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
July
31,
2025,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2025.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2025.
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
July
31,
2025
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
156
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(19.4%)
ABS
Auto
(9.8%):
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2020-1A
,
Class
D
,
3
.34
%
,
8/20/26
,
Callable
9/20/25
@
100
(a)
..............
$
125
$
125
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
750
758
CarMax
Auto
Owner
Trust
,
Series
2023-1
,
Class
D
,
6
.27
%
,
11/15/29
,
Callable
2/15/27
@
100
500
510
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
8/10/26
@
100
................
76
75
Series
2021-N2
,
Class
C
,
1
.07
%
,
3/10/28
,
Callable
4/10/27
@
100
................
47
45
Chase
Auto
Owner
Trust
,
Series
2024-3A
,
Class
D
,
5
.87
%
,
9/25/31
,
Callable
12/25/27
@
100
(a)
...........................................................
500
511
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
A1
,
5
.65
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
.............
188
189
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
132
133
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
150
151
Series
2023-2A
,
Class
A2
,
5
.44
%
(
SOFR30A
+
110
bps
)
,
10/15/35
,
Callable
10/15/26
@
100
(a)
(b)
.........................................................
481
483
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
6/15/27
@
100
(a)
...........................................................
6
6
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A
,
Class
A
,
6
.48
%
,
3/15/33
,
Callable
10/15/26
@
100
(a)
.............
565
567
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
10/15/26
@
100
(a)
.............
500
507
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
750
756
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
474
485
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A3
,
6
.24
%
,
1/16/29
,
Callable
6/15/28
@
100
(a)
.............
746
752
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
6/15/28
@
100
(a)
..............
250
258
Enterprise
Fleet
Financing
LLC
,
Series
2022-4
,
Class
A2
,
5
.76
%
,
10/22/29
,
Callable
6/20/26
@
100
(a)
...........................................................
196
197
Exeter
Automobile
Receivables
Trust
,
Series
2023-4A
,
Class
B
,
6
.31
%
,
Callable
10/15/27
@
100
.............................................................
165
165
FCCU
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
5/15/28
@
100
(a)
...........................................................
646
657
Flagship
Credit
Auto
Trust
,
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
8/15/25
@
100
(a)
448
447
Ford
Credit
Auto
Owner
Trust
,
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
...........................................................
250
241
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
...................................................
1,250
1,234
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1
,
Class
B2
,
5
.75
%
(
SOFR30A
+
140
bps
)
,
5/20/32
,
Callable
11/20/27
@
100
(a)
(b)
.........................................................
701
704
Series
2024-2
,
Class
B2
,
5
.70
%
(
SOFR30A
+
135
bps
)
,
10/20/32
,
Callable
8/20/28
@
100
(a)
(b)
.........................................................
642
645
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
82
82
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
7/15/26
@
100
(a)
..............
30
30
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
3/15/27
@
100
(a)
..............
300
301
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
3/15/27
@
100
(a)
.............
1,000
1,007
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
8/15/27
@
100
(a)
..............
750
754
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000
1,009
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1
,
Class
B
,
5
.20
%
,
4/17/28
,
Callable
7/15/27
@
100
(a)
...............
500
501
Series
2025-1
,
Class
C
,
5
.70
%
,
1/15/30
,
Callable
7/15/27
@
100
(a)
...............
675
680
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
354
356
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
351
353
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
500
508
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
225
229
Navistar
Financial
Dealer
Note
Master
Owner
Trust
,
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
260
262
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
414
414
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
750
747
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Prestige
Auto
Receivables
Trust
............................................
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...............................
$
1,499
$
1,506
Series
2025-1A
,
Class
B
,
5
.34
%
,
Callable
11/15/28
@
100
(a)
...................
500
503
Series
2025-1A
,
Class
C
,
5
.52
%
,
2/15/30
,
Callable
5/15/29
@
100
(a)
..............
177
178
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
216
216
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
24
24
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
10
10
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
5
5
Series
2022-C
,
Class
E
,
11
.37
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
............
6
6
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
122
122
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
315
317
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
157
159
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
434
434
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
573
574
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
390
392
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
169
170
Series
2025-B
,
Class
B
,
4
.93
%
,
12/29/32
,
Callable
9/25/28
@
100
(a)
..............
464
467
Series
2025-B
,
Class
C
,
5
.12
%
,
12/29/32
,
Callable
9/25/28
@
100
(a)
..............
464
468
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A3
,
6
.13
%
,
9/21/26
,
Callable
11/20/25
@
100
(a)
371
372
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
9/25/26
@
100
(a)
........
390
394
United
Auto
Credit
Securitization
Trust
,
Series
2025-1
,
Class
B
,
5
.05
%
,
2/10/28
(a)
........
1,000
1,000
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1
,
Class
B
,
4
.98
%
,
9/17/35
(a)
.................................
636
636
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
................................
197
197
Westlake
Automobile
Receivables
Trust
.......................................
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
2/15/27
@
100
(a)
..............
378
378
Series
2023-2A
,
Class
C
,
6
.29
%
,
3/15/28
,
Callable
2/15/27
@
100
(a)
..............
500
503
Series
2025-1A
,
Class
A2B
,
4
.82
%
(
SOFR30A
+
48
bps
)
,
Callable
1/18/28
@
100
(a)
(b)
.
1,000
1,000
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2024-1A
,
Class
A2
,
5
.18
%
(
TSFR1M
+
83
bps
)
,
2/18/39
(a)
(b)
......................................................
587
589
28,454
ABS
Card
(0.7%):
Evergreen
Credit
Card
Trust
,
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
.............
507
511
Master
Credit
Card
Trust
II
,
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
...............
500
500
Trillium
Credit
Card
Trust
II
,
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
..............
1,000
1,001
2,012
ABS
Other
(8.9%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/25
@
100
(a)
.........................................................
1,500
1,451
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
293
292
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
118
118
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
A2
,
6
.09
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
210
211
Auxilior
Term
Funding
LLC
,
Series
2024-1A
,
Class
A2
,
5
.84
%
,
Callable
3/15/27
@
100
(a)
..
354
356
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
1/15/27
@
100
(a)
...........................................................
214
216
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
..............
246
247
Series
2023-2
,
Class
A2
,
6
.28
%
,
4/14/32
,
Callable
4/14/27
@
100
(a)
..............
254
257
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
4/14/27
@
100
(a)
...............
500
512
Series
2025-1
,
Class
A2
,
4
.48
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
............
750
750
Series
2025-1
,
Class
C
,
4
.89
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
500
502
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
4/20/28
@
100
(a)
...........................................................
240
239
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
500
506
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
7/15/27
@
100
(a)
.........................................................
319
321
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
A2
,
5
.90
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
..............
$
725
$
732
Series
2025-A
,
Class
A2
,
4
.91
%
,
2/20/32
,
Callable
1/20/29
@
100
(a)
..............
500
501
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
1/20/29
@
100
(a)
...............
152
153
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
233
226
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
224
229
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
C
,
6
.22
%
,
9/22/28
,
Callable
11/22/25
@
100
(a)
..............
1,000
1,003
Series
2024-2
,
Class
D
,
5
.29
%
,
2/24/31
,
Callable
6/22/27
@
100
(a)
...............
254
255
Series
2025-1
,
Class
C
,
5
.25
%
,
2/24/31
,
Callable
12/22/27
@
100
(a)
..............
300
302
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
..............
316
317
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
...............
750
761
Series
2025-1
,
Class
C
,
5
.39
%
,
8/15/35
,
Callable
6/15/29
@
100
(a)
...............
1,000
997
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
(a)
...............................
31
31
Series
2025-1A
,
Class
A3
,
4
.95
%
,
9/20/29
,
Callable
5/20/29
@
100
(a)
.............
522
527
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2025-1
,
Class
A2
,
5
.14
%
(
SOFR30A
+
80
bps
)
,
4/15/30
(b)
.........................................
500
502
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2025-1
,
Class
A2
,
4
.52
%
,
Callable
10/15/27
@
100
(a)
....................
750
750
Series
2025-1
,
Class
A3
,
4
.49
%
,
4/16/29
(a)
................................
500
501
HPEFS
Equipment
Trust
..................................................
Series
2022-3A
,
Class
C
,
6
.13
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
..............
434
434
Series
2023-2A
,
Class
B
,
6
.25
%
,
1/21/31
,
Callable
12/20/26
@
100
(a)
.............
1,000
1,005
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
520
526
Kubota
Credit
Owner
Trust
,
Series
2025-1A
,
Class
A2
,
4
.61
%
,
12/15/27
(a)
.............
750
750
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
1/15/29
@
100
(a)
...
400
400
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
8/20/25
@
100
(a)
............................................
293
229
NMEF
Funding
LLC
....................................................
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
7/15/26
@
100
(a)
..............
102
102
Series
2023-A
,
Class
A2
,
6
.57
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
..............
241
242
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
.............
364
366
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
..............
650
648
Series
2025-A
,
Class
A2
,
4
.72
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
.............
500
500
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
709
712
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
250
252
NP
SPE
II
LLC
,
Series
2017-1A
,
Class
A1
,
3
.37
%
,
10/21/47
(a)
......................
92
89
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
346
331
Pawnee
Equipment
Receivables
LLC
,
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
7/15/26
@
100
(a)
.........................................................
725
726
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
7/20/27
@
100
(a)
............
571
572
Series
2025-1A
,
Class
A2
,
4
.94
%
,
10/20/28
,
Callable
8/20/28
@
100
(a)
............
500
502
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
419
424
Post
Road
Equipment
Finance
LLC
..........................................
Series
2025-1A
,
Class
A2
,
4
.90
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
.............
500
502
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
164
165
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
259
259
Progress
Residential
Trust
,
Series
2021-SFR5
,
Class
B
,
1
.66
%
,
7/17/38
(a)
(c)
............
600
586
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
(a)
.................
250
245
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
411
417
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
400
408
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
.............
261
263
Wingspire
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
11/20/27
@
100
(a)
..................................................
292
291
25,711
Total
Asset-Backed
Securities
(Cost
$55,998)
a
a
a
56,177
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Loan
Obligations
(1.4%)
Cash
Flow
CLO
(1.4%):
CIFC
Funding
IV
Ltd.
,
Series
2017-4A
,
Class
A1R
,
5
.53
%
(
TSFR3M
+
121
bps
)
,
10/24/30
,
Callable
10/24/25
@
100
(a)
(b)
.........................................
$
183
$
183
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2022-1A
,
Class
A2
,
5
.92
%
(
TSFR3M
+
160
bps
)
,
4/15/30
,
Callable
10/15/25
@
100
(a)
(b)
.........................................................
1,000
999
Series
2022-3A
,
Class
A1BR
,
5
.72
%
(
TSFR3M
+
140
bps
)
,
4/15/31
,
Callable
10/15/25
@
100
(a)
(b)
.........................................................
500
500
Series
2022-3A
,
Class
BR
,
6
.32
%
(
TSFR3M
+
200
bps
)
,
4/15/31
,
Callable
10/15/25
@
100
(a)
(b)
.........................................................
500
500
Series
2024-3A
,
Class
A2
,
5
.96
%
(
TSFR3M
+
165
bps
)
,
8/8/32
,
Callable
8/8/25
@
100
(a)
(b)
.........................................................
750
752
Venture
CLO
Ltd.
,
Series
2024-49A
,
Class
X
,
5
.68
%
(
TSFR3M
+
135
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(b)
.................................................
592
594
Voya
CLO
Ltd.
,
Series
2019-2A
,
Class
AR
,
5
.53
%
(
TSFR3M
+
120
bps
)
,
7/20/32
,
Callable
10/20/25
@
100
(a)
(b)
................................................
425
425
3,953
Total
Collateralized
Loan
Obligations
(Cost
$3,950)
a
a
a
3,953
Collateralized
Mortgage
Obligations
(10.4%)
Agency
CMO
Other
(1.8%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
259
255
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
853
856
Federal
National
Mortgage
Association
,
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
........
728
722
Government
National
Mortgage
Association
....................................
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
339
341
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
417
416
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
250
250
Series
2023-168
,
Class
GB
,
6
.00
%
,
2/20/50
................................
650
655
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
792
781
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
470
467
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
349
348
5,091
Agency
Commercial
MBS
(0.3%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
K536
,
Class
AS
,
4
.82
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(b)
.......................................................
1,000
1,000
Commercial
MBS
(8.3%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
850
855
Series
2025-OANA
,
Class
B
,
6
.18
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(c)
..........
500
500
BBCMS
Mortgage
Trust
..................................................
Series
2019-BWAY
,
Class
B
,
5
.77
%
(
TSFR1M
+
142
bps
)
,
11/15/34
(a)
(b)
(c)
..........
1,000
24
Series
2020-BID
,
Class
C
,
8
.10
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
(c)
...........
1,470
1,468
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
B
,
5
.89
%
(
TSFR1M
+
155
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
750
745
BPR
Trust
............................................................
Series
2021-TY
,
Class
B
,
5
.61
%
(
TSFR1M
+
126
bps
)
,
9/15/38
(a)
(b)
(c)
.............
435
432
Series
2022-STAR
,
Class
A
,
7
.57
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(c)
...........
1,250
1,249
BX
Commercial
Mortgage
Trust
............................................
Series
2021-SOAR
,
Class
B
,
5
.33
%
(
TSFR1M
+
98
bps
)
,
6/15/38
(a)
(b)
(c)
...........
438
438
Series
2021-SOAR
,
Class
C
,
5
.56
%
(
TSFR1M
+
121
bps
)
,
6/15/38
(a)
(b)
(c)
...........
438
438
Series
2021-VOLT
,
Class
C
,
5
.56
%
(
TSFR1M
+
121
bps
)
,
9/15/36
(a)
(b)
(c)
...........
727
724
Series
2021-XL2
,
Class
C
,
5
.65
%
(
TSFR1M
+
131
bps
)
,
10/15/38
(a)
(b)
(c)
...........
700
700
BX
Mortgage
Trust
,
Series
2021-PAC
,
Class
C
,
5
.56
%
(
TSFR1M
+
121
bps
)
,
10/15/36
(a)
(b)
(c)
1,000
995
BX
Trust
.............................................................
Series
2021-RISE
,
Class
B
,
5
.71
%
(
TSFR1M
+
136
bps
)
,
11/15/36
(a)
(b)
(c)
...........
423
422
Series
2022-LBA6
,
Class
B
,
5
.64
%
(
TSFR1M
+
130
bps
)
,
1/15/39
(a)
(b)
(c)
...........
500
500
Series
2022-LBA6
,
Class
C
,
5
.94
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
(c)
...........
1,000
999
Series
2025-ROIC
,
Class
A
,
5
.49
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
388
387
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
25-GW
,
Class
B
,
6
.19
%
(
TSFR1M
+
185
bps
)
,
7/15/42
(a)
(b)
(c)
..............
$
500
$
501
CEDR
Commercial
Mortgage
Trust
,
Series
2022-SNAI
,
Class
B
,
5
.68
%
(
TSFR1M
+
134
bps
)
,
2/15/39
(a)
(b)
(c)
....................................................
1,000
953
COMM
Mortgage
Trust
..................................................
Series
2019-521F
,
Class
B
,
5
.59
%
(
TSFR1M
+
125
bps
)
,
6/15/34
(a)
(b)
(c)
............
1,500
1,370
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
300
314
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
5
.84
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(b)
(c)
....................................................
334
334
GFH
Mortgage
Trust
....................................................
Series
2025-IND
,
Class
A
,
5
.15
%
,
6/15/33
(a)
(c)
.............................
250
251
Series
2025-IND
,
Class
B
,
5
.55
%
,
6/15/33
(a)
(c)
.............................
800
803
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(c)
...........................
849
728
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(c)
(d)
..........................
600
598
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
6
.18
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
500
501
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2021-MHC
,
Class
A
,
5
.51
%
(
TSFR1M
+
116
bps
)
,
4/15/38
(a)
(b)
(c)
.....................................
866
866
LBA
Trust
,
Series
2024-7IND
,
Class
B
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
10/15/41
(a)
(b)
(c)
......
500
500
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
B
,
5
.56
%
(
TSFR1M
+
122
bps
)
,
4/15/38
(a)
(b)
(c)
....................................................
800
801
ONE
Mortgage
Trust
,
Series
2021-PARK
,
Class
B
,
5
.41
%
(
TSFR1M
+
106
bps
)
,
3/15/36
(a)
(b)
(c)
.............................................................
1,000
962
One
New
York
Plaza
Trust
,
Series
2020-1NYP
,
Class
A
,
5
.41
%
(
TSFR1M
+
106
bps
)
,
1/15/36
(a)
(b)
(c)
...........................................................
875
853
SHR
Trust
............................................................
Series
2024-LXRY
,
Class
A
,
6
.29
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(c)
..........
421
421
Series
2024-LXRY
,
Class
B
,
6
.79
%
(
TSFR1M
+
245
bps
)
,
10/15/41
(a)
(b)
(c)
..........
500
500
SMRT
,
Series
2022-MINI
,
Class
B
,
5
.69
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
(c)
..........
1,000
994
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.78
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
750
745
TTAN
,
Series
2021-MHC
,
Class
B
,
5
.56
%
(
TSFR1M
+
121
bps
)
,
3/15/38
(a)
(b)
(c)
..........
283
283
24,154
Total
Collateralized
Mortgage
Obligations
(Cost
$31,511)
a
a
a
30,245
Senior
Secured
Loans
(1.5%)
Communication
Services
(0.4%):
Lamar
Media
Corp.,
New
Term
Loan
B,
First
Lien
,
5
.83
%
(
SOFR01M
+
150
bps
)
,
2/8/27
(b)
..
1,000
998
Financials
(0.2%):
Delos
Finance
SARL,
Term,
First
Lien
,
6
.05
%
(
SOFR03M
+
175
bps
)
,
10/31/27
(b)
.........
571
573
Materials
(0.9%):
Celanese
US
Holdings
LLC,
Delayed
Draw
Term
Loan,
First
Lien
,
3/13/26
(e)
(f)
..........
1,250
1,231
The
Chemours
Co.,
Term
Loan
B,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
8/18/28
(b)
......
1,461
1,459
2,690
Total
Senior
Secured
Loans
(Cost
$4,272)
a
a
a
4,261
Corporate
Bonds
(27.4%)
Communication
Services
(0.4%):
TEGNA,
Inc.
,
4
.63
%
,
3/15/28
,
Callable
9/4/25
@
100
.............................
1,250
1,221
Consumer
Discretionary
(1.5%):
Daimler
Truck
Finance
North
America
LLC
,
5
.32
%
(
SOFR
+
96
bps
)
,
9/25/27
(a)
(b)
........
750
751
General
Motors
Financial
Co.,
Inc.
,
5
.52
%
(
SOFRINDX
+
117
bps
)
,
4/4/28
(b)
............
1,000
997
Las
Vegas
Sands
Corp.
,
5
.63
%
,
6/15/28
,
Callable
5/15/28
@
100
.....................
500
508
Mattel,
Inc.
,
5
.88
%
,
12/15/27
,
Callable
9/4/25
@
101.47
(a)
.........................
500
501
Nissan
Motor
Acceptance
Co.
LLC
2
.00
%
,
3/9/26
,
Callable
2/9/26
@
100
(a)
..................................
500
489
5
.30
%
,
9/13/27
(a)
..................................................
500
496
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Stellantis
Finance
US,
Inc.
,
5
.35
%
,
3/17/28
,
Callable
2/17/28
@
100
(a)
................
$
500
$
503
4,245
Consumer
Staples
(1.0%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
5
.88
%
,
2/15/28
,
Callable
9/4/25
@
100
(a)
.............................................
750
750
Coty,
Inc.
,
5
.00
%
,
4/15/26
,
Callable
9/4/25
@
100
(a)
.............................
1,250
1,248
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
1,000
988
2,986
Energy
(2.2%):
Energy
Transfer
LP
,
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(b)
(g)
...........
500
502
EQT
Corp.
,
7
.50
%
,
6/1/27
,
Callable
8/15/25
@
101.88
(a)
..........................
1,250
1,272
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
1,000
995
HF
Sinclair
Corp.
,
6
.38
%
,
4/15/27
,
Callable
8/15/25
@
101.59
......................
1,250
1,264
Sunoco
LP/Sunoco
Finance
Corp.
,
6
.00
%
,
4/15/27
,
Callable
9/4/25
@
100
..............
1,000
999
Viper
Energy,
Inc.
,
5
.38
%
,
11/1/27
,
Callable
11/1/25
@
100
(a)
.......................
1,250
1,251
6,283
Financials
(15.7%):
American
Express
Co.
,
5
.62
%
(
SOFR
+
126
bps
)
,
4/25/29
,
Callable
4/25/28
@
100
(b)
.......
750
760
American
Honda
Finance
Corp.
,
5
.17
%
(
SOFR
+
82
bps
)
,
3/3/28
(b)
....................
1,000
1,001
American
National
Group,
Inc.
,
5
.75
%
,
10/1/29
,
Callable
9/1/29
@
100
................
500
510
Antares
Holdings
LP
,
3
.95
%
,
7/15/26
,
Callable
6/15/26
@
100
(a)
(h)
..................
1,500
1,479
Ares
Capital
Corp.
,
3
.88
%
,
1/15/26
,
Callable
12/15/25
@
100
.......................
1,000
995
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
882
885
Athene
Global
Funding
,
5
.57
%
(
SOFRINDX
+
121
bps
)
,
3/25/27
(a)
(b)
..................
1,000
1,008
Aviation
Capital
Group
LLC
,
4
.88
%
,
10/1/25
,
Callable
9/4/25
@
100
(a)
................
1,000
999
Bank
of
America
NA
,
5
.36
%
(
SOFR
+
102
bps
)
,
8/18/26
,
Callable
7/17/26
@
100
(b)
........
500
504
Blackstone
Private
Credit
Fund
7
.05
%
,
9/29/25
....................................................
750
752
4
.95
%
,
9/26/27
,
Callable
8/26/27
@
100
..................................
500
498
Blackstone
Secured
Lending
Fund
,
3
.63
%
,
1/15/26
,
Callable
12/15/25
@
100
............
1,000
994
Blue
Owl
Capital
Corp.
3
.40
%
,
7/15/26
,
Callable
6/15/26
@
100
..................................
505
498
2
.63
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
750
723
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
1,500
1,463
BMW
US
Capital
LLC
,
5
.28
%
(
SOFRINDX
+
92
bps
)
,
3/21/28
(a)
(b)
...................
1,000
1,002
Capital
Impact
Partners
,
5
.34
%
,
8/1/30
,
Callable
5/1/30
@
100
......................
650
652
Citibank
NA
,
5
.06
%
(
SOFR
+
71
bps
)
,
11/19/27
,
Callable
11/19/26
@
100
(b)
.............
1,000
1,001
Citigroup,
Inc.
,
4
.00
%
(
H15T5Y
+
360
bps
)
,
Callable
12/10/25
@
100
(b)
(g)
..............
127
126
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(b)
(g)
....
850
850
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
770
803
CNO
Global
Funding
,
4
.88
%
,
12/10/27
(a)
.....................................
1,000
1,005
Corebridge
Global
Funding
5
.66
%
(
SOFR
+
130
bps
)
,
9/25/26
(a)
(b)
....................................
295
297
5
.10
%
(
SOFR
+
75
bps
)
,
1/7/28
(a)
(b)
......................................
1,000
999
Credit
Acceptance
Corp.
,
9
.25
%
,
12/15/28
,
Callable
12/15/25
@
104.63
(a)
..............
429
454
F&G
Global
Funding
,
5
.88
%
,
6/10/27
(a)
......................................
500
510
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(g)
...........
500
499
Ford
Motor
Credit
Co.
LLC
7
.30
%
(
SOFR
+
295
bps
)
,
3/6/26
(b)
.......................................
500
504
5
.80
%
(
SOFR
+
145
bps
)
,
11/5/26
(b)
......................................
750
747
GA
Global
Funding
Trust
,
4
.40
%
,
9/23/27
(a)
...................................
500
498
Glencore
Funding
LLC
,
5
.41
%
(
SOFRINDX
+
106
bps
)
,
4/4/27
(a)
(b)
...................
1,000
1,005
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
,
8
.00
%
,
6/15/27
,
Callable
3/15/27
@
100
(a)
....
1,250
1,296
Hyundai
Capital
America,
Inc.
,
5
.40
%
(
SOFR
+
104
bps
)
,
3/19/27
(a)
(b)
.................
1,000
1,003
JPMorgan
Chase
&
Co.
,
5
.12
%
(
SOFR
+
77
bps
)
,
9/22/27
,
Callable
9/22/26
@
100
(b)
.......
1,000
1,002
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
,
4
.75
%
,
6/15/29
,
Callable
9/4/25
@
101.19
(a)
...........................................
500
485
MassMutual
Global
Funding
II
,
5
.09
%
(
SOFR
+
74
bps
)
,
4/9/27
(a)
(b)
..................
750
753
Mercedes-Benz
Finance
North
America
LLC
,
5
.29
%
(
SOFR
+
93
bps
)
,
3/31/28
(a)
(b)
........
1,000
999
MetLife,
Inc.
,
3
.85
%
(
H15T5Y
+
358
bps
)
,
Callable
9/15/25
@
100
(b)
(g)
................
500
498
MGIC
Investment
Corp.
,
5
.25
%
,
8/15/28
,
Callable
8/20/25
@
100
....................
500
499
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Morgan
Stanley
,
5
.37
%
(
SOFR
+
102
bps
)
,
4/13/28
,
Callable
4/13/27
@
100
(b)
............
$
1,000
$
1,006
New
York
Life
Global
Funding
,
5
.29
%
(
SOFRINDX
+
93
bps
)
,
4/2/26
(a)
(b)
..............
750
753
NextEra
Energy
Capital
Holdings,
Inc.
,
5
.15
%
(
SOFRINDX
+
80
bps
)
,
2/4/28
(b)
..........
1,000
1,006
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
250
256
Pacific
Life
Global
Funding
II
,
4
.97
%
(
SOFR
+
62
bps
)
,
6/4/26
(a)
(b)
...................
100
100
PayPal
Holdings,
Inc.
,
5
.02
%
(
SOFR
+
67
bps
)
,
3/6/28
(b)
...........................
750
753
Protective
Life
Global
Funding
,
5
.21
%
,
4/14/26
(a)
...............................
1,000
1,005
Reliance
Standard
Life
Global
Funding
II
,
5
.24
%
,
2/2/26
(a)
........................
1,300
1,302
Rocket
Mortgage
LLC/Rocket
Mortgage
Co.-Issuer,
Inc.
,
2
.88
%
,
10/15/26
,
Callable
9/4/25
@
100.72
(a)
.........................................................
1,250
1,219
Santander
Holdings
USA,
Inc.
5
.81
%
(
SOFR
+
233
bps
)
,
9/9/26
,
Callable
9/9/25
@
100
(b)
......................
1,000
1,001
5
.47
%
(
SOFR
+
161
bps
)
,
3/20/29
,
Callable
3/20/28
@
100
(b)
....................
400
407
Sixth
Street
Specialty
Lending,
Inc.
,
2
.50
%
,
8/1/26
,
Callable
7/1/26
@
100
(h)
............
1,000
978
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
..............
500
491
Synchrony
Bank
,
5
.40
%
,
8/22/25
............................................
752
752
Texas
Capital
Bank
NA
,
5
.25
%
,
1/31/26
......................................
1,000
998
The
Bank
of
New
York
Mellon
Corp.
,
5
.03
%
(
SOFRINDX
+
68
bps
)
,
6/9/28
,
Callable
6/9/27
@
100
(b)
...........................................................
1,000
1,002
The
Goldman
Sachs
Group,
Inc.
,
5
.64
%
(
SOFR
+
129
bps
)
,
4/23/28
,
Callable
4/23/27
@
100
(b)
1,000
1,008
Truist
Financial
Corp.
,
5
.26
%
(
TSFR3M
+
93
bps
)
,
5/15/27
,
Callable
9/4/25
@
100
(b)
.......
717
712
45,305
Health
Care
(1.8%):
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
8/20/25
@
100.71
........................
1,250
1,213
Charles
River
Laboratories
International,
Inc.
,
4
.25
%
,
5/1/28
,
Callable
8/20/25
@
100.71
(a)
.
1,000
971
HCA,
Inc.
,
5
.22
%
(
SOFR
+
87
bps
)
,
3/1/28
,
Callable
2/1/28
@
100
(b)
..................
1,250
1,258
Lifespan
Corp.
,
5
.05
%
,
2/15/30
,
Callable
8/15/29
@
100
...........................
250
252
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.
,
1
.97
%
,
11/1/25
........................
670
665
PeaceHealth
Obligated
Group
,
1
.38
%
,
11/15/25
,
Callable
9/4/25
@
100
................
1,000
989
5,348
Industrials
(2.1%):
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/15/25
....................................................
219
215
3
.58
%
,
1/15/28
....................................................
257
250
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
1,244
1,215
Regal
Rexnord
Corp.
,
6
.05
%
,
2/15/26
........................................
1,400
1,406
United
Airlines
Pass
Through
Trust
4
.30
%
,
8/15/25
....................................................
598
598
4
.88
%
,
1/15/26
....................................................
563
562
United
Rentals
North
America,
Inc.
,
3
.88
%
,
11/15/27
,
Callable
8/15/25
@
100.65
.........
1,000
975
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
8/15/25
@
103.13
(a)
...........................
1,000
1,016
6,237
Materials
(0.3%):
Fortitude
Group
Holdings
LLC
,
6
.25
%
,
4/1/30
,
Callable
1/1/30
@
100
(a)
...............
250
257
Sasol
Financing
USA
LLC
,
4
.38
%
,
9/18/26
,
Callable
8/18/26
@
100
..................
500
493
750
Real
Estate
(0.9%):
Boston
Properties
LP
,
3
.65
%
,
2/1/26
,
Callable
11/3/25
@
100
.......................
500
497
EPR
Properties
,
4
.50
%
,
6/1/27
,
Callable
3/1/27
@
100
............................
500
496
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
.........
1,500
1,500
2,493
Utilities
(1.5%):
Dominion
Energy,
Inc.
,
4
.35
%
(
H15T5Y
+
320
bps
)
,
Callable
1/15/27
@
100
(b)
(g)
.........
500
490
FirstEnergy
Pennsylvania
Electric
Co.
,
3
.60
%
,
6/1/29
,
Callable
3/1/29
@
100
(a)
..........
330
318
Jersey
Central
Power
&
Light
Co.
,
4
.30
%
,
1/15/26
,
Callable
10/15/25
@
100
(a)
..........
1,248
1,245
Monongahela
Power
Co.
,
3
.55
%
,
5/15/27
,
Callable
2/15/27
@
100
(a)
..................
968
952
The
Southern
Co.
,
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(b)
........
500
497
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vistra
Operations
Co.
LLC
,
5
.63
%
,
2/15/27
,
Callable
8/15/25
@
100
(a)
................
$
1,000
$
999
4,501
Total
Corporate
Bonds
(Cost
$78,890)
a
a
a
79,369
Yankee
Dollars
(15.9%)
Consumer
Discretionary
(0.8%):
Melco
Resorts
Finance
Ltd.
,
5
.25
%
,
4/26/26
,
Callable
9/4/25
@
100
(a)
................
750
749
Nissan
Motor
Co.
Ltd.
,
3
.52
%
,
9/17/25
,
Callable
9/4/25
@
100
(a)
....................
416
415
Royal
Caribbean
Cruises
Ltd.
,
5
.50
%
,
8/31/26
,
Callable
2/28/26
@
100
(a)
..............
1,250
1,254
2,418
Energy
(1.1%):
Northriver
Midstream
Finance
LP
,
5
.63
%
,
2/15/26
,
Callable
9/4/25
@
100
(a)
............
1,000
995
TechnipFMC
PLC
,
6
.50
%
,
2/1/26
,
Callable
9/4/25
@
100
(a)
........................
1,350
1,350
Var
Energi
ASA
,
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
.......................
750
794
3,139
Financials
(11.8%):
ABN
AMRO
Bank
NV
6
.14
%
(
SOFRINDX
+
178
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
.............
1,000
1,012
6
.34
%
(
H15T1Y
+
165
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
................
480
489
Avolon
Holdings
Funding
Ltd.
,
4
.95
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
............
500
502
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
337
345
Banco
Santander
SA
,
5
.73
%
(
SOFR
+
138
bps
)
,
3/14/28
,
Callable
3/14/27
@
100
(b)
........
1,500
1,509
Bank
of
Montreal
,
4
.97
%
(
SOFRINDX
+
62
bps
)
,
9/15/26
,
MTN
(b)
....................
1,500
1,503
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
500
503
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(b)
......................
1,000
1,008
BBVA
Global
Finance
Ltd.
,
7
.00
%
,
12/1/25
....................................
1,053
1,057
Beazley
Insurance
DAC
,
5
.50
%
,
9/10/29
......................................
450
449
BNP
Paribas
SA
,
5
.80
%
(
SOFR
+
143
bps
)
,
5/9/29
,
Callable
5/9/28
@
100
(a)
(b)
...........
750
758
BPCE
SA
6
.33
%
(
SOFRINDX
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
............
500
507
6
.61
%
(
SOFR
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
................
500
510
Canadian
Imperial
Bank
of
Commerce
,
5
.58
%
(
SOFR
+
122
bps
)
,
10/2/26
(b)
.............
1,000
1,009
Commonwealth
Bank
of
Australia
,
4
.87
%
(
SOFR
+
52
bps
)
,
6/15/26
(a)
(b)
...............
1,500
1,502
Credit
Agricole
SA
5
.64
%
(
SOFR
+
129
bps
)
,
7/5/26
(a)
(b)
.....................................
750
755
5
.56
%
(
SOFR
+
121
bps
)
,
9/11/28
,
Callable
9/11/27
@
100
(a)
(b)
..................
500
503
Danske
Bank
A/S
,
6
.26
%
(
H15T1Y
+
118
bps
)
,
9/22/26
,
Callable
9/22/25
@
100
(a)
(b)
......
500
501
Deutsche
Bank
AG
,
5
.56
%
(
SOFR
+
122
bps
)
,
11/16/27
,
Callable
11/16/26
@
100
(b)
.......
781
783
Enel
Finance
International
NV
,
7
.05
%
,
10/14/25
(a)
...............................
500
502
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
500
518
HSBC
Holdings
PLC
,
5
.91
%
(
SOFR
+
157
bps
)
,
8/14/27
,
Callable
8/14/26
@
100
(b)
........
600
606
ING
Groep
NV
5
.37
%
(
SOFRINDX
+
101
bps
)
,
4/1/27
,
Callable
4/1/26
@
100
(b)
.................
500
501
5
.91
%
(
SOFRINDX
+
156
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(b)
................
500
505
Intesa
Sanpaolo
SpA
,
5
.71
%
,
1/15/26
(a)
.......................................
1,420
1,423
Lloyds
Banking
Group
PLC
5
.90
%
(
SOFRINDX
+
156
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
.................
500
505
5
.41
%
(
SOFRINDX
+
106
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(b)
...............
750
752
National
Australia
Bank
Ltd.
,
5
.00
%
(
SOFR
+
65
bps
)
,
1/12/27
(a)
(b)
...................
1,250
1,253
Nationwide
Building
Society
,
5
.63
%
(
SOFR
+
129
bps
)
,
2/16/28
,
Callable
2/16/27
@
100
(a)
(b)
1,400
1,411
NatWest
Markets
PLC
5
.12
%
(
SOFR
+
76
bps
)
,
9/29/26
(a)
(b)
.....................................
1,000
1,002
5
.31
%
(
SOFR
+
95
bps
)
,
3/21/28
(a)
(b)
.....................................
400
402
Nordea
Bank
Abp
,
5
.06
%
(
SOFR
+
70
bps
)
,
3/17/28
(a)
(b)
...........................
750
751
Phoenix
Group
Holdings
PLC
,
5
.38
%
,
7/6/27
,
MTN
..............................
1,000
1,005
Royal
Bank
of
Canada
,
4
.94
%
(
SOFRINDX
+
59
bps
)
,
11/2/26
,
MTN
(b)
................
500
501
Santander
UK
Group
Holdings
PLC
6
.83
%
(
SOFR
+
275
bps
)
,
11/21/26
,
Callable
11/21/25
@
100
(b)
..................
500
503
2
.47
%
(
SOFR
+
122
bps
)
,
1/11/28
,
Callable
1/11/27
@
100
(b)
....................
500
484
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Skandinaviska
Enskilda
Banken
AB
,
5
.10
%
(
SOFR
+
75
bps
)
,
6/2/28
(a)
(b)
...............
$
1,000
$
1,004
Standard
Chartered
PLC
6
.28
%
(
SOFR
+
193
bps
)
,
7/6/27
,
Callable
7/6/26
@
100
(a)
(b)
....................
500
506
5
.59
%
(
SOFR
+
124
bps
)
,
1/21/29
,
Callable
1/21/28
@
100
(a)
(b)
..................
750
754
The
Bank
of
Nova
Scotia
,
5
.23
%
(
SOFR
+
89
bps
)
,
2/14/29
,
Callable
2/14/28
@
100
(b)
......
1,000
1,001
The
Toronto-Dominion
Bank
,
4
.94
%
(
SOFR
+
59
bps
)
,
9/10/26
(b)
.....................
1,500
1,502
Westpac
Banking
Corp.
,
4
.87
%
(
SOFR
+
52
bps
)
,
6/3/26
(b)
..........................
1,500
1,502
34,098
Industrials
(1.1%):
Air
Canada
,
3
.88
%
,
8/15/26
,
Callable
2/15/26
@
100
(a)
...........................
500
495
Air
Canada
Pass
Through
Trust
,
3
.75
%
,
12/15/27
(a)
..............................
769
740
Avolon
Holdings
Funding
Ltd.
,
5
.50
%
,
1/15/26
,
Callable
12/15/25
@
100
(a)
(h)
..........
500
501
Element
Fleet
Management
Corp.
,
5
.64
%
,
3/13/27
,
Callable
2/13/27
@
100
(a)
...........
500
507
LG
Energy
Solution
Ltd.
,
5
.25
%
,
4/2/28
(a)
.....................................
1,000
1,010
3,253
Information
Technology
(0.1%):
Kioxia
Holdings
Corp.
,
6
.25
%
,
7/24/30
,
Callable
7/24/27
@
103.13
(a)
.................
250
249
Materials
(0.4%):
Rio
Tinto
Finance
USA
PLC
,
5
.19
%
(
SOFRINDX
+
84
bps
)
,
3/14/28
(b)
.................
1,000
1,007
Real
Estate
(0.2%):
Scentre
Group
Trust
1/Scentre
Group
Trust
2
,
3
.63
%
,
1/28/26
,
Callable
12/28/25
@
100
(a)
..
715
711
Utilities
(0.4%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
(i)
.............................
1,000
1,005
Total
Yankee
Dollars
(Cost
$45,569)
a
a
a
45,880
Municipal
Bonds
(0.4%)
California
(0.1%):
California
State
Public
Works
Board
Revenue
,
Series
B
,
4
.45
%
,
4/1/27
................
375
376
Guam
(0.1%):
Antonio
B
Won
Pat
International
Airport
Authority
Revenue
Series
A
,
2
.50
%
,
10/1/25
,
ETM
.........................................
125
125
Series
A
,
2
.50
%
,
10/1/25
.............................................
175
174
299
Ohio
(0.2%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
425
429
Total
Municipal
Bonds
(Cost
$1,100)
a
a
a
1,104
U.S.
Government
Agency
Mortgages
(1.4%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(b)
(g)
................................
250
250
FCCU
Auto
Receivables
Trust
4
.58
%
,
4/2/29
.....................................................
750
749
Federal
Home
Loan
Banks
5
.00
%
,
4/2/27
.....................................................
1,000
1,000
4
.00
%
,
10/7/27
....................................................
1,000
994
1,994
Federal
Home
Loan
Mortgage
Corporation
4
.70
%
,
11/26/27
....................................................
1,000
997
Total
U.S.
Government
Agency
Mortgages
(Cost
$3,994)
a
a
a
3,990
U.S.
Treasury
Obligations
(0.9%)
U.S.
Treasury
Bills
4
.15
%
,
8/7/25
(j)
....................................................
1,000
999
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.19
%
,
9/9/25
(j)
....................................................
$
1,000
$
996
4
.23
%
,
9/23/25
(j)
...................................................
750
745
Total
U.S.
Treasury
Obligations
(Cost
$2,740)
a
a
a
2,740
Commercial
Paper
(19.2%)
Consumer
Discretionary
(0.9%):
AutoNation,
Inc.
5
.00
%
,
8/1/25
(a)
(j)
..................................................
2,000
1,999
3
.56
%
,
8/4/25
(a)
(j)
..................................................
750
750
2,749
Consumer
Staples
(2.2%):
Bacardi
Martini
BV
,
4
.94
%
,
9/4/25
(a)
(j)
.......................................
500
498
Bacardi
USA,
Inc.
4
.83
%
,
8/14/25
(a)
(j)
.................................................
1,000
998
4
.85
%
,
8/21/25
(a)
(j)
.................................................
1,250
1,247
CVS
Corp.
,
5
.01
%
,
8/28/25
(a)
(j)
............................................
1,750
1,743
CVS
Health
Corp.
,
5
.05
%
,
9/16/25
(a)
(j)
.......................................
1,000
993
Dairy
Farmers
of
America
,
4
.53
%
,
8/1/25
(a)
(j)
..................................
1,000
1,000
6,479
Energy
(2.8%):
Canadian
Nat
RES
,
4
.75
%
,
8/20/25
(a)
(j)
......................................
750
748
Canadian
Natural
Resources
Ltd.
4
.75
%
,
8/19/25
(a)
(j)
.................................................
1,000
997
4
.76
%
,
8/25/25
(a)
(j)
.................................................
1,000
997
Ovintiv,
Inc.
,
5
.01
%
,
8/20/25
(a)
(j)
...........................................
2,500
2,493
Plains
All
Amer
Pipeline
,
4
.54
%
,
8/4/25
(a)
(j)
...................................
750
750
Plains
All
American
Pipeline
LP
,
4
.53
%
,
8/1/25
(a)
(j)
..............................
1,000
1,000
Targa
Resources
Corp.
,
4
.80
%
,
8/29/25
(a)
(j)
....................................
1,000
996
7,981
Financials
(1.7%):
Brookfield
COR
Treasury
,
4
.84
%
,
9/26/25
(a)
(j)
.................................
500
496
Brookfield
Corporate
Treasury
Ltd.
4
.70
%
,
8/7/25
(a)
(j)
..................................................
750
750
4
.73
%
,
8/22/25
(a)
(j)
.................................................
1,000
997
Imperial
Brands
Finance
PLC
,
4
.55
%
,
8/1/25
(a)
(j)
...............................
1,000
1,000
Vw
Credit,
Inc.
,
4
.65
%
,
8/12/25
(a)
(j)
.........................................
1,750
1,747
4,990
Health
Care
(0.6%):
HCA,
Inc.
4
.82
%
,
8/1/25
(a)
(j)
..................................................
750
750
4
.83
%
,
8/4/25
(a)
(j)
..................................................
500
500
4
.89
%
,
8/22/25
(a)
(j)
.................................................
260
259
4
.74
%
,
8/28/25
(a)
(j)
.................................................
250
249
1,758
Industrials
(3.9%):
Air
Lease
Corp.
4
.70
%
,
8/5/25
(a)
(j)
..................................................
2,000
1,999
4
.69
%
,
8/7/25
(a)
(j)
..................................................
750
749
Global
Payments,
Inc.
,
4
.90
%
,
8/7/25
(a)
(j)
.....................................
2,800
2,797
Quanta
Services,
Inc.
,
4
.78
%
,
8/1/25
(a)
(j)
.....................................
2,800
2,800
Sonoco
Products
Co.
,
4
.91
%
,
8/1/25
(a)
(j)
......................................
2,800
2,800
11,145
Information
Technology
(1.8%):
Arrow
Electronics,
Inc.
,
4
.78
%
,
8/5/25
(a)
(j)
....................................
2,800
2,798
Jabil,
Inc.
5
.12
%
,
8/1/25
(a)
(j)
..................................................
1,500
1,500
5
.09
%
,
8/6/25
(a)
(j)
..................................................
1,000
999
5,297
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Materials
(1.3%):
FMC
Corp.
5
.14
%
,
8/7/25
(a)
(j)
..................................................
$
1,000
$
999
5
.14
%
,
8/12/25
(a)
(j)
.................................................
1,500
1,497
5
.15
%
,
8/15/25
(a)
(j)
.................................................
300
299
Glencore
Funding
LLC
,
4
.58
%
,
8/19/25
(a)
(j)
...................................
1,000
998
3,793
Real
Estate
(1.2%):
Boston
Properties
LP
,
4
.61
%
,
8/13/25
(a)
(j)
.....................................
750
749
Crown
Castle
International
Corp.
,
5
.05
%
,
9/3/25
(a)
(j)
.............................
750
746
Crown
Castle,
Inc.
,
4
.97
%
,
8/5/25
(a)
(j)
.......................................
2,000
1,999
3,494
Utilities
(2.8%):
Evergy
Missouri
West,
Inc.
,
4
.53
%
,
8/1/25
(a)
(j)
.................................
2,500
2,500
Eversource
Energy
4
.64
%
,
8/11/25
(a)
(j)
.................................................
1,000
999
4
.65
%
,
8/18/25
(a)
(j)
.................................................
250
249
Guadalupe
Valley
Electric
Cooperative,
Inc.
4
.38
%
,
8/6/25
(a)
(j)
..................................................
2,500
2,498
5
.17
%
,
8/13/25
(a)
(j)
.................................................
250
249
National
Fuel
Gas
Co.
,
4
.87
%
,
8/14/25
(a)
(j)
....................................
1,500
1,497
7,992
Total
Commercial
Paper
(Cost
$55,685)
a
a
a
55,678
Shares
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(k)
........
643,731
643
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(k)
............
643,731
644
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(k)
...............
643,731
644
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(k)
.
643,731
644
Total
Collateral
for
Securities
Loaned
(Cost
$2,575)
a
a
a
2,575
Total
Investments
(Cost
$286,284)
—
98.8%
285,972
Other
assets
in
excess
of
liabilities
—  1.2%
3,391
NET
ASSETS
-
100.00%
$
289,363
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
21.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2025,
the
fair
value
of
these
securities
was
$199,544
(thousands)
and
amounted
to
69.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2025.
(c)
Security
is
interest
only.
(d)
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
July
31,
2025.
(e)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(f)
The
Fund
may
enter
into
certain
credit
agreements
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
July
31,
2025,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$1,231
(thousands),
which
included
$(19)
(thousands)
unrealized
loss.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(j)
Rate
represents
the
effective
yield
at
July
31,
2025.
(k)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
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.
ETM
—
Escrowed
to
Maturity
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
LLC
—
Limited
Liability
Company
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2025.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
168
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(31.3%)
ABS
Auto
(17.5%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A
,
Class
A4
,
4
.71
%
,
1/25/30
,
Callable
9/25/28
@
100
(a)
.............
$
1,308
$
1,310
Series
2025-1A
,
Class
B
,
4
.99
%
,
3/25/30
,
Callable
9/25/28
@
100
(a)
..............
694
690
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
9/25/28
@
100
(a)
..............
785
787
Series
2025-1A
,
Class
D
,
5
.68
%
,
3/25/33
,
Callable
9/25/28
@
100
(a)
..............
602
598
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.76
%
,
1/15/29
,
Callable
5/15/27
@
100
(a)
...............
2,000
2,038
Series
2023-1
,
Class
D
,
6
.74
%
,
4/15/34
,
Callable
5/15/27
@
100
(a)
...............
1,268
1,300
Series
2023-A
,
Class
C
,
6
.08
%
,
1/17/34
,
Callable
8/15/27
@
100
(a)
...............
2,826
2,856
Series
2023-A
,
Class
D
,
7
.33
%
,
1/17/34
,
Callable
8/15/27
@
100
(a)
...............
1,333
1,381
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
7/15/27
@
100
................
1,263
1,276
Series
2024-1
,
Class
C
,
5
.41
%
,
11/15/29
,
Callable
7/15/27
@
100
................
1,500
1,518
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B
,
Class
C
,
5
.22
%
,
9/15/32
,
Callable
1/15/28
@
100
(a)
...............
1,682
1,685
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
1/15/28
@
100
(a)
...............
950
950
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2022-3
,
Class
E
,
8
.08
%
,
10/13/28
,
Callable
2/13/26
@
100
(a)
..............
1,500
1,526
Series
2023-2
,
Class
C
,
5
.96
%
,
8/13/29
,
Callable
1/12/27
@
100
(a)
...............
484
485
Series
2024-4
,
Class
C
,
4
.91
%
,
8/12/31
,
Callable
9/12/27
@
100
(a)
...............
2,500
2,499
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
10/15/28
@
100
(a)
.............
500
504
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
10/15/28
@
100
(a)
............
611
620
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
10/15/28
@
100
(a)
.............
1,045
1,056
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
8/15/25
@
100
(a)
..............
456
456
Series
2024-A
,
Class
C
,
5
.38
%
,
11/15/32
,
Callable
10/15/27
@
100
(a)
.............
813
821
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
.............
3,150
3,198
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
550
560
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
1,031
1,047
Series
2025-A
,
Class
C
,
4
.90
%
,
1/17/34
,
Callable
10/15/28
@
100
(a)
..............
1,625
1,612
Series
2025-B
,
Class
B
,
4
.97
%
,
3/15/34
,
Callable
2/15/29
@
100
(a)
...............
900
908
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
C
,
5
.19
%
,
12/10/30
,
Callable
9/10/28
@
100
(a)
.............
1,895
1,920
Series
2025-1A
,
Class
D
,
5
.63
%
,
9/10/32
,
Callable
9/10/28
@
100
(a)
..............
2,400
2,430
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2020-1A
,
Class
B
,
2
.68
%
,
8/20/26
,
Callable
9/20/25
@
100
(a)
..............
667
666
Series
2020-1A
,
Class
D
,
3
.34
%
,
8/20/26
,
Callable
9/20/25
@
100
(a)
..............
208
208
Series
2021-1A
,
Class
C
,
2
.13
%
,
8/20/27
,
Callable
8/20/26
@
100
(a)
..............
1,000
971
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800
766
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
2,500
2,526
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
................................
2,000
2,030
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
................................
1,000
1,017
Bridgecrest
Lending
Auto
Securitization
Trust
,
Series
2024-4
,
Class
B
,
4
.77
%
,
8/15/30
,
Callable
12/15/28
@
100
.............................................
1,714
1,713
CarMax
Auto
Owner
Trust
................................................
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
................
1,800
1,786
Series
2021-4
,
Class
D
,
1
.48
%
,
3/15/28
,
Callable
12/15/25
@
100
................
6,894
6,775
Series
2022-2
,
Class
A3
,
3
.49
%
,
2/16/27
,
Callable
6/15/26
@
100
................
280
279
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
5/15/27
@
100
................
1,000
1,013
Series
2023-3
,
Class
D
,
6
.44
%
,
12/16/30
,
Callable
8/15/27
@
100
................
1,000
1,024
Series
2023-4
,
Class
D
,
7
.16
%
,
4/15/30
,
Callable
9/15/27
@
100
.................
1,000
1,039
Series
2024-1
,
Class
C
,
5
.47
%
,
8/15/29
,
Callable
11/15/27
@
100
................
1,000
1,015
Series
2024-2
,
Class
D
,
6
.42
%
,
10/15/30
,
Callable
12/15/27
@
100
...............
3,000
3,086
Series
2024-3
,
Class
D
,
5
.67
%
,
1/15/31
,
Callable
2/15/28
@
100
.................
1,238
1,255
Series
2024-4
,
Class
D
,
5
.36
%
,
8/15/31
,
Callable
5/15/28
@
100
.................
1,480
1,498
CarMax
Select
Receivables
Trust
,
Series
2024-A
,
Class
B
,
5
.35
%
,
1/15/30
,
Callable
2/15/28
@
100
.............................................................
1,500
1,514
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1
,
Class
D
,
1
.82
%
,
9/8/27
,
Callable
12/8/25
@
100
.................
2,068
2,043
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
8/10/26
@
100
................
158
155
Series
2021-N1
,
Class
B
,
1
.09
%
,
1/10/28
,
Callable
8/10/26
@
100
................
267
261
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
8/10/26
@
100
................
$
204
$
199
Series
2021-N1
,
Class
D
,
1
.50
%
,
1/10/28
,
Callable
8/10/26
@
100
................
237
232
Series
2021-N2
,
Class
A2
,
0
.97
%
,
3/10/28
,
Callable
4/10/27
@
100
...............
392
384
Series
2021-N2
,
Class
B
,
0
.75
%
,
3/10/28
,
Callable
4/10/27
@
100
................
191
185
Series
2021-N2
,
Class
C
,
1
.07
%
,
3/10/28
,
Callable
4/10/27
@
100
................
188
182
Series
2021-N2
,
Class
D
,
1
.27
%
,
3/10/28
,
Callable
4/10/27
@
100
................
335
324
Series
2021-N3
,
Class
A2
,
1
.11
%
,
6/12/28
,
Callable
7/10/27
@
100
...............
1,566
1,523
Series
2021-N3
,
Class
B
,
0
.66
%
,
6/12/28
,
Callable
7/10/27
@
100
................
353
339
Series
2021-N3
,
Class
C
,
1
.02
%
,
6/12/28
,
Callable
7/10/27
@
100
................
179
172
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
5/25/28
@
100
(a)
.............
5,000
5,242
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
12/25/27
@
100
(a)
............
643
652
Series
2024-1A
,
Class
C
,
5
.36
%
,
1/25/30
,
Callable
12/25/27
@
100
(a)
.............
2,000
2,040
Series
2024-1A
,
Class
D
,
5
.87
%
,
6/25/31
,
Callable
12/25/27
@
100
(a)
.............
2,340
2,393
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
10/25/27
@
100
(a)
.............
4,028
4,154
Series
2024-3A
,
Class
D
,
5
.87
%
,
9/25/31
,
Callable
12/25/27
@
100
(a)
.............
2,750
2,809
Series
2024-4A
,
Class
D
,
5
.79
%
,
11/25/31
,
Callable
2/25/28
@
100
(a)
.............
700
714
Series
2024-5A
,
Class
C
,
4
.62
%
,
8/26/30
,
Callable
4/25/28
@
100
(a)
..............
500
497
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
4/25/28
@
100
(a)
..............
713
705
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
1,192
1,197
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
800
806
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
1,500
1,514
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
196
198
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
1,582
1,619
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
2,294
2,351
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
7/15/27
@
100
(a)
..............
1,800
1,832
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.............
3,000
3,048
Series
2023-2
,
Class
A4
,
5
.74
%
,
10/15/30
,
Callable
5/15/27
@
100
(a)
.............
3,000
3,057
Series
2024-1
,
Class
A4
,
5
.03
%
,
10/15/30
,
Callable
8/15/27
@
100
(a)
.............
2,000
2,019
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
6/15/27
@
100
(a)
...........................................................
25
25
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-1A
,
Class
B
,
4
.95
%
,
8/16/32
,
Callable
1/15/26
@
100
(a)
..............
254
254
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
7/15/26
@
100
(a)
..............
1,100
1,115
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
10/15/26
@
100
(a)
.............
2,000
2,027
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
10/15/26
@
100
(a)
.............
100
103
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
4,000
4,092
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
1,895
1,938
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
4,886
5,057
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
6/15/27
@
100
(a)
..............
1,000
1,035
Series
2024-2A
,
Class
C
,
6
.70
%
,
10/16/34
,
Callable
4/15/28
@
100
(a)
.............
1,000
1,033
Series
2025-1A
,
Class
C
,
5
.71
%
,
7/16/35
,
Callable
11/15/28
@
100
(a)
.............
1,000
1,016
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
10/15/25
@
100
.............................................................
1,217
1,210
DT
Auto
Owner
Trust
....................................................
Series
2021-2A
,
Class
E
,
2
.97
%
,
7/17/28
,
Callable
9/15/25
@
100
(a)
..............
2,665
2,658
Series
2022-2A
,
Class
D
,
5
.46
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
..............
2,000
2,006
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
............
2,250
2,304
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
6/15/28
@
100
(a)
..............
2,445
2,521
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
6/15/28
@
100
(a)
..............
1,310
1,360
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
12/20/25
@
100
(a)
.............
500
499
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
6/20/26
@
100
(a)
.............
2,000
2,021
Series
2023-1
,
Class
A3
,
5
.42
%
,
10/22/29
,
Callable
10/20/26
@
100
(a)
............
1,778
1,796
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
436
439
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
4,000
4,149
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
9/20/27
@
100
(a)
..............
2,000
2,030
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
2,528
2,602
Series
2024-4
,
Class
A3
,
4
.56
%
,
11/20/28
,
Callable
7/20/28
@
100
(a)
.............
2,000
2,005
Series
2025-1
,
Class
A3
,
4
.82
%
,
2/20/29
,
Callable
10/20/28
@
100
(a)
.............
286
289
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Exeter
Automobile
Receivables
Trust
.........................................
Series
2022-5A
,
Class
C
,
6
.51
%
,
12/15/27
,
Callable
11/15/27
@
100
..............
$
565
$
566
Series
2025-1A
,
Class
C
,
5
.09
%
,
5/15/31
,
Callable
7/15/29
@
100
................
1,000
1,004
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
5/15/28
@
100
(a)
.............
2,828
2,873
Series
2024-1A
,
Class
B
,
5
.71
%
,
7/15/30
,
Callable
5/15/28
@
100
(a)
..............
1,713
1,745
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
5/15/28
@
100
(a)
.............
551
563
Series
2024-1A
,
Class
D
,
6
.78
%
,
7/15/32
,
Callable
5/15/28
@
100
(a)
..............
852
874
Series
2025-1A
,
Class
A4
,
5
.18
%
,
5/15/31
,
Callable
2/15/29
@
100
(a)
.............
2,000
2,025
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
2/15/29
@
100
(a)
..............
647
653
Series
2025-1A
,
Class
C
,
5
.61
%
,
12/15/31
,
Callable
2/15/29
@
100
(a)
.............
683
690
First
Investors
Auto
Owner
Trust
,
Series
2023-1A
,
Class
C
,
6
.81
%
,
12/17/29
,
Callable
9/15/27
@
100
(a)
.........................................................
3,000
3,093
Flagship
Credit
Auto
Trust
................................................
Series
2019-3
,
Class
E
,
3
.84
%
,
12/15/26
,
Callable
8/15/25
@
100
(a)
..............
333
333
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
8/15/25
@
100
(a)
...............
2,548
2,541
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
9/15/26
@
100
(a)
...............
2,430
2,381
Series
2022-2
,
Class
B
,
4
.76
%
,
5/17/27
(a)
.................................
1,266
1,266
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
127
127
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
1,571
1,587
Series
2023-B
,
Class
D
,
6
.97
%
,
6/15/28
,
Callable
4/15/26
@
100
.................
565
571
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2
,
Class
D
,
2
.60
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
850
821
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822
834
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
3,000
3,054
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
7,400
7,525
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
...............
1,253
1,254
Series
2023-1
,
Class
C
,
5
.72
%
,
8/15/28
,
Callable
1/15/27
@
100
(a)
...............
2,000
2,009
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
4/15/27
@
100
(a)
...............
714
717
Series
2024-1
,
Class
C
,
5
.77
%
,
11/15/29
,
Callable
4/15/27
@
100
(a)
..............
1,000
1,006
Series
2024-1
,
Class
D
,
6
.83
%
,
3/15/30
,
Callable
4/15/27
@
100
(a)
...............
1,000
1,017
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
2/15/28
@
100
(a)
............
3,000
3,058
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
2/15/28
@
100
(a)
..............
1,660
1,698
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
2/15/28
@
100
(a)
..............
998
1,031
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
.............
1,250
1,234
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
11/15/27
@
100
(a)
.............
1,750
1,787
Series
2024-2A
,
Class
B
,
5
.77
%
,
11/15/28
,
Callable
10/15/28
@
100
(a)
............
1,333
1,344
Series
2024-3A
,
Class
B
,
5
.08
%
,
1/16/29
(a)
................................
2,000
2,007
Series
2025-1A
,
Class
C
,
5
.07
%
,
11/15/30
,
Callable
1/15/30
@
100
(a)
.............
6,000
6,009
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
D
,
8
.22
%
,
2/18/31
,
Callable
8/15/28
@
100
(a)
..............
2,000
2,163
Series
2024-1A
,
Class
B
,
5
.32
%
,
3/15/30
,
Callable
8/15/28
@
100
(a)
..............
875
882
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
8/15/28
@
100
(a)
..............
1,000
1,015
Series
2024-2A
,
Class
C
,
5
.93
%
,
6/17/30
,
Callable
7/15/28
@
100
(a)
..............
2,000
2,043
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
3/15/29
@
100
(a)
.............
2,279
2,265
Series
2025-1A
,
Class
C
,
5
.26
%
,
3/15/31
,
Callable
2/15/29
@
100
(a)
..............
1,806
1,819
Series
2025-1A
,
Class
D
,
5
.74
%
,
4/15/32
,
Callable
2/15/29
@
100
(a)
..............
1,950
1,973
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2
,
Class
B
,
5
.54
%
,
5/20/27
,
Callable
10/20/25
@
100
....................................................
833
834
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2024-1A
,
Class
B
,
5
.33
%
,
3/15/29
(a)
................................
2,000
2,016
Series
2024-2A
,
Class
B
,
5
.35
%
,
3/15/31
(a)
................................
1,409
1,439
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
12/15/27
@
100
(a)
............
4,500
4,547
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
12/15/27
@
100
(a)
.............
1,200
1,214
Series
2024-1A
,
Class
C
,
5
.77
%
,
2/15/30
,
Callable
12/15/27
@
100
(a)
.............
1,929
1,963
Series
2024-1A
,
Class
D
,
6
.50
%
,
6/15/32
,
Callable
12/15/27
@
100
(a)
.............
1,641
1,673
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
..............
565
566
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
1/15/27
@
100
(a)
..............
$
4,000
$
4,021
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
1/15/27
@
100
(a)
...............
3,000
3,024
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
1/15/27
@
100
(a)
..............
2,625
2,661
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-1A
,
Class
B
,
6
.22
%
,
6/25/27
(a)
................................
1,000
1,006
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
4,000
4,029
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
9/15/28
@
100
.............................................................
941
943
JPMorgan
Chase
Bank
NA
,
Series
2021-3
,
Class
F
,
3
.69
%
,
2/26/29
,
Callable
8/25/25
@
100
(a)
241
241
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
692
691
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
7/15/26
@
100
(a)
..............
79
79
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
7/15/26
@
100
(a)
..............
1,600
1,605
Series
2022-1A
,
Class
C
,
6
.85
%
,
4/15/30
,
Callable
7/15/26
@
100
(a)
..............
2,000
2,029
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
3/15/27
@
100
(a)
..............
1,200
1,202
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
3/15/27
@
100
(a)
.............
2,000
2,014
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
3/15/27
@
100
(a)
..............
1,811
1,851
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
8/15/27
@
100
(a)
..............
1,400
1,427
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
7/15/27
@
100
(a)
.............
1,820
1,871
Series
2024-1A
,
Class
C
,
5
.64
%
,
6/15/29
,
Callable
11/15/27
@
100
(a)
.............
614
621
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
3/15/28
@
100
(a)
..............
762
760
Series
2025-1A
,
Class
B
,
5
.05
%
,
5/15/30
,
Callable
9/15/28
@
100
(a)
..............
2,000
2,018
Series
2025-1A
,
Class
C
,
5
.11
%
,
7/15/30
,
Callable
9/15/28
@
100
(a)
..............
3,000
3,009
Series
2025-1A
,
Class
D
,
5
.52
%
,
5/17/32
,
Callable
9/15/28
@
100
(a)
..............
4,000
4,027
Lobel
Automobile
Receivables
Trust
.........................................
Series
2023-2
,
Class
A
,
7
.59
%
,
4/16/29
,
Callable
9/15/26
@
100
(a)
...............
33
33
Series
2025-1
,
Class
B
,
5
.20
%
,
4/17/28
,
Callable
7/15/27
@
100
(a)
...............
2,000
2,004
Series
2025-1
,
Class
C
,
5
.70
%
,
1/15/30
,
Callable
7/15/27
@
100
(a)
...............
4,000
4,030
Series
2025-1
,
Class
D
,
6
.19
%
,
2/15/30
,
Callable
7/15/27
@
100
(a)
...............
2,500
2,527
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A3
,
4
.73
%
,
6/17/30
,
Callable
11/15/28
@
100
(a)
..................................................
2,500
2,519
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
1,888
1,901
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
4,000
4,057
Series
2023-1A
,
Class
D
,
8
.20
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
730
743
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
1,754
1,766
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
2,638
2,665
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
4,107
4,173
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
5,820
5,934
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1
,
Class
A
,
5
.59
%
,
4/25/29
(a)
.................................
2,000
2,013
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
.................................
650
654
Series
2024-1
,
Class
C
,
6
.13
%
,
4/25/29
(a)
.................................
950
954
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
828
828
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A
,
Class
C
,
6
.52
%
,
11/15/29
,
Callable
7/15/27
@
100
(a)
.............
1,690
1,742
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
11/15/27
@
100
(a)
............
2,775
2,840
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
11/15/27
@
100
(a)
.............
2,000
2,065
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
11/15/27
@
100
(a)
.............
2,250
2,339
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
11/15/27
@
100
(a)
............
4,500
4,720
Series
2025-1A
,
Class
A4
,
4
.79
%
,
1/15/31
,
Callable
8/15/29
@
100
(a)
.............
2,000
2,000
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
8/15/29
@
100
(a)
..............
1,214
1,214
Series
2025-1A
,
Class
C
,
5
.20
%
,
10/15/31
,
Callable
8/15/29
@
100
(a)
.............
1,860
1,860
Series
2025-1A
,
Class
D
,
5
.60
%
,
11/15/34
,
Callable
8/15/29
@
100
(a)
.............
2,000
1,999
Oscar
US
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
8/10/25
@
100
(a)
...........................................................
1,389
1,376
Oscar
US
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
8/10/25
@
100
(a)
...........................................................
3,175
3,127
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
4/10/26
@
100
(a)
...........................................................
1,069
1,055
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
2,000
1,993
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
$
407
$
407
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
2,299
2,296
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
1,833
1,831
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
3/15/26
@
100
(a)
...............
1,412
1,417
Series
2024-A
,
Class
A4
,
4
.75
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
1,000
1,002
Series
2024-A
,
Class
C
,
5
.20
%
,
9/16/30
,
Callable
9/15/28
@
100
(a)
...............
1,000
1,001
Series
2024-A
,
Class
D
,
5
.78
%
,
9/15/32
,
Callable
9/15/28
@
100
(a)
...............
1,000
994
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
8/15/27
@
100
(a)
..............
2,000
2,005
Series
2023-2A
,
Class
C
,
7
.12
%
,
8/15/29
,
Callable
3/15/28
@
100
(a)
..............
4,000
4,081
Series
2024-2A
,
Class
B
,
4
.56
%
,
2/15/29
,
Callable
9/15/28
@
100
(a)
..............
800
797
Series
2025-1A
,
Class
C
,
5
.52
%
,
2/15/30
,
Callable
5/15/29
@
100
(a)
..............
529
533
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
895
897
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
19
19
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
52
52
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
66
66
Series
2022-C
,
Class
E
,
11
.37
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
............
19
19
Series
2023-A
,
Class
B
,
6
.49
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
231
232
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
230
231
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
539
541
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
551
555
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
2,504
2,530
Series
2024-A
,
Class
D
,
6
.11
%
,
6/15/32
,
Callable
6/15/28
@
100
(a)
...............
1,624
1,638
Series
2024-A
,
Class
E
,
7
.76
%
,
6/15/32
,
Callable
6/15/28
@
100
(a)
...............
1,624
1,644
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,500
1,501
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,896
1,898
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
694
697
SBNA
Auto
Receivables
Trust
,
Series
2025-SF1
,
Class
D
,
5
.34
%
,
9/15/31
,
Callable
2/15/30
@
100
(a)
...........................................................
1,667
1,669
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
2,700
2,747
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
2,500
2,562
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
11/15/27
@
100
(a)
.............
5,635
5,828
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
11/15/27
@
100
(a)
............
2,730
2,831
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
2/15/28
@
100
(a)
..............
1,990
2,010
Series
2024-1A
,
Class
C
,
5
.62
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
2,000
2,029
Series
2025-1A
,
Class
B
,
4
.78
%
,
12/15/31
,
Callable
7/15/29
@
100
(a)
.............
1,000
999
Series
2025-1A
,
Class
C
,
5
.08
%
,
2/17/32
,
Callable
7/15/29
@
100
(a)
..............
560
559
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
1,040
1,045
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
843
848
Series
2025-A
,
Class
D
,
6
.75
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
1,258
1,269
Series
2025-B
,
Class
D
,
5
.46
%
,
12/29/32
,
Callable
9/25/28
@
100
(a)
..............
2,049
2,064
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
10/20/27
@
100
(a)
.............
2,709
2,773
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,260
1,281
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
1/20/28
@
100
(a)
..............
1,500
1,525
Series
2024-2A
,
Class
B
,
5
.41
%
,
8/20/30
,
Callable
5/20/28
@
100
(a)
..............
1,857
1,893
Series
2024-3A
,
Class
A4
,
4
.60
%
,
11/20/31
,
Callable
6/20/28
@
100
(a)
............
1,000
1,005
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
6/20/28
@
100
(a)
.............
1,000
1,004
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
8/20/25
@
100
(a)
...............
4,950
4,953
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
11/20/25
@
100
(a)
..............
2,025
2,034
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
6/20/26
@
100
(a)
.............
1,000
1,007
Series
2024-A
,
Class
B
,
5
.55
%
,
5/22/28
,
Callable
6/20/26
@
100
(a)
...............
1,000
1,006
Series
2024-B
,
Class
B
,
5
.11
%
,
8/21/28
,
Callable
11/20/26
@
100
(a)
..............
2,083
2,089
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1
,
Class
A4
,
5
.38
%
,
2/20/29
,
Callable
7/20/27
@
100
(a)
..............
1,500
1,523
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
7/20/27
@
100
(a)
...............
1,950
1,995
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
8/20/25
@
100
(a)
...........................................................
1,760
1,761
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
9/25/26
@
100
(a)
........
$
3,794
$
3,831
United
Auto
Credit
Securitization
Trust
.......................................
Series
2024-1
,
Class
B
,
6
.57
%
,
6/10/27
(a)
.................................
1,335
1,337
Series
2025-1
,
Class
C
,
5
.15
%
,
6/10/30
,
Callable
8/10/28
@
100
(a)
...............
4,000
4,005
USB
Auto
Owner
Trust
,
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
4/15/28
@
100
(a)
1,400
1,407
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
8/15/27
@
100
(a)
.............
1,516
1,521
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
8/15/27
@
100
(a)
............
2,000
2,023
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
8/15/27
@
100
(a)
..............
3,133
3,186
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
8/15/27
@
100
(a)
..............
2,500
2,565
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A
,
Class
A3
,
6
.87
%
,
11/15/27
(a)
...............................
198
198
Series
2023-A
,
Class
B
,
7
.11
%
,
2/15/30
,
Callable
4/15/28
@
100
(a)
...............
3,000
3,058
Series
2024-A
,
Class
A3
,
5
.62
%
,
12/15/28
,
Callable
11/15/28
@
100
(a)
............
1,250
1,255
Series
2024-A
,
Class
B
,
5
.77
%
,
7/15/30
,
Callable
11/15/28
@
100
(a)
..............
750
757
Series
2024-A
,
Class
C
,
6
.44
%
,
7/15/30
,
Callable
11/15/28
@
100
(a)
..............
1,000
1,021
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1
,
Class
B
,
4
.98
%
,
9/17/35
(a)
.................................
2,544
2,544
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
................................
3,214
3,214
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-3A
,
Class
D
,
2
.12
%
,
1/15/27
,
Callable
11/15/25
@
100
(a)
.............
435
433
Series
2022-2A
,
Class
C
,
4
.85
%
,
9/15/27
,
Callable
9/15/26
@
100
(a)
..............
410
410
Series
2022-3A
,
Class
C
,
6
.44
%
,
12/15/27
,
Callable
9/15/26
@
100
(a)
.............
1,771
1,779
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
1/15/27
@
100
(a)
..............
634
634
Series
2023-4A
,
Class
D
,
7
.19
%
,
7/16/29
,
Callable
7/15/27
@
100
(a)
..............
3,000
3,103
Series
2023-P1
,
Class
C
,
6
.44
%
,
6/15/27
,
Callable
8/15/26
@
100
(a)
..............
1,200
1,209
Series
2024-3A
,
Class
B
,
4
.72
%
,
11/15/29
,
Callable
4/15/28
@
100
(a)
.............
1,000
999
Series
2024-3A
,
Class
C
,
4
.92
%
,
11/15/29
,
Callable
4/15/28
@
100
(a)
.............
1,000
1,000
Series
2025-1A
,
Class
B
,
4
.98
%
,
9/16/30
,
Callable
8/15/28
@
100
(a)
..............
625
627
Series
2025-1A
,
Class
C
,
5
.14
%
,
10/15/30
,
Callable
8/15/28
@
100
(a)
.............
1,000
1,009
Series
2025-P1
,
Class
C
,
5
.15
%
,
11/15/30
,
Callable
3/15/28
@
100
(a)
.............
1,000
1,011
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
514
517
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
................................
1,345
1,358
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
................................
3,333
3,380
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
2,769
2,851
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
3,644
3,771
Series
2024-1A
,
Class
C
,
5
.69
%
,
2/18/39
(a)
................................
2,625
2,663
Series
2024-2A
,
Class
B
,
4
.84
%
,
6/21/39
(a)
................................
833
834
Series
2024-2A
,
Class
C
,
4
.89
%
,
6/21/39
(a)
................................
2,000
2,004
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
2,056
2,070
World
Omni
Select
Auto
Trust
..............................................
Series
2021-A
,
Class
D
,
1
.44
%
,
11/15/27
,
Callable
10/15/25
@
100
...............
4,250
4,219
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
1/15/27
@
100
.................
2,750
2,791
496,398
ABS
Card
(1.0%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
2,000
2,067
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
.......................
1,890
1,898
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
789
793
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
903
906
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
1,774
1,787
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
1,111
1,113
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
A
,
1
.14
%
,
8/15/28
(a)
.................
5,000
4,833
Master
Credit
Card
Trust
II
................................................
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
2,200
2,203
Series
2023-3A
,
Class
C
,
7
.08
%
,
10/21/30
(a)
...............................
1,500
1,538
Series
2024-1A
,
Class
B
,
5
.53
%
,
1/21/28
(a)
................................
919
922
Series
2024-1A
,
Class
C
,
6
.02
%
,
1/21/28
(a)
................................
1,680
1,684
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/15/31
..............
800
806
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
................................
1,000
1,008
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
1,500
1,524
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
$
3,033
$
3,036
Series
2024-1A
,
Class
B
,
5
.50
%
,
12/26/28
(a)
...............................
1,000
1,002
Series
2024-1A
,
Class
C
,
5
.99
%
,
12/26/28
(a)
...............................
1,120
1,122
28,242
ABS
Other
(12.8%):
AFG
ABS
I
LLC
.......................................................
Series
2023-1
,
Class
A2
,
6
.30
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
..............
76
76
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
...............
1,667
1,693
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/25
@
100
(a)
.........................................................
5,500
5,319
AMSR
Trust
..........................................................
Series
2021-SFR1
,
Class
A
,
1
.95
%
,
6/17/38
(a)
(b)
............................
2,000
1,859
Series
2021-SFR1
,
Class
B
,
2
.15
%
,
6/17/38
(a)
(b)
............................
2,000
1,849
Series
2021-SFR1
,
Class
C
,
2
.35
%
,
6/17/38
(a)
(b)
............................
1,200
1,114
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
3,008
3,000
Amur
Equipment
Finance
Receivables
XI
LLC
..................................
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
.............
276
276
Series
2022-2A
,
Class
B
,
5
.65
%
,
10/20/28
,
Callable
6/20/26
@
100
(a)
.............
2,000
2,014
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
750
765
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
1,966
2,009
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
500
520
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,912
1,941
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
2,722
2,751
Amur
Equipment
Finance
Receivables
XIV
LLC
................................
Series
2024-2A
,
Class
B
,
5
.20
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
1,000
1,014
Series
2024-2A
,
Class
C
,
5
.38
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
1,000
1,010
Atalaya
Equipment
Leasing
Trust
,
Series
2021-1A
,
Class
C
,
2
.69
%
,
6/15/28
,
Callable
8/15/25
@
100
(a)
.........................................................
1,629
1,612
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
A3
,
5
.70
%
,
2/15/30
,
Callable
2/15/28
@
100
(a)
.............
3,000
3,043
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
1,239
1,271
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
1,200
1,238
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
1,000
1,046
Series
2024-1A
,
Class
A3
,
5
.49
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
.............
2,000
2,034
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
..............
614
633
Series
2024-1A
,
Class
C
,
6
.01
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
..............
750
773
Series
2024-1A
,
Class
D
,
6
.79
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
..............
3,000
3,129
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A2
,
4
.64
%
,
10/13/28
(a)
..........
2,000
2,002
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
1/15/27
@
100
(a)
...........................................................
571
575
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
8/15/27
@
100
(a)
..............
851
850
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
8/15/27
@
100
(a)
..............
903
918
Capital
Automotive
REIT
.................................................
Series
2024-2A
,
Class
A1
,
4
.90
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
667
661
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........
1,825
1,761
Capteris
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
A2
,
5
.58
%
,
7/20/32
,
Callable
3/20/29
@
100
(a)
.........................................................
2,468
2,501
CARS-DB5
LP
,
Series
2021-1A
,
Class
A1
,
1
.44
%
,
8/15/51
,
Callable
8/15/25
@
100
(a)
.....
2,772
2,663
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
2,815
2,828
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
...............
2,010
2,034
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
...............
3,556
3,602
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
4/14/27
@
100
(a)
...............
3,250
3,340
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
4/14/27
@
100
(a)
...............
1,300
1,351
Series
2024-1
,
Class
C
,
5
.22
%
,
3/15/32
,
Callable
12/14/27
@
100
(a)
..............
2,000
2,015
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
1,087
1,084
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
8/15/25
@
100
(a)
...........................................................
2,827
2,339
Clarus
Capital
Funding
LLC
...............................................
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
4/20/28
@
100
(a)
..............
$
1,170
$
1,164
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
4/20/28
@
100
(a)
..............
585
579
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
4,500
4,553
CNH
Equipment
Trust
,
Series
2022-A
,
Class
A3
,
2
.94
%
,
7/15/27
,
Callable
10/15/26
@
100
..
349
347
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
7/15/27
@
100
(a)
.........................................................
911
919
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
A2
,
5
.90
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
..............
1,450
1,464
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
...............
2,518
2,561
Series
2024-A
,
Class
C
,
6
.52
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
...............
1,500
1,536
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
1/20/29
@
100
(a)
...............
455
457
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
2,790
2,710
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
2,694
2,746
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
11/22/25
@
100
(a)
..............
1,818
1,827
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
1,100
1,105
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
2,283
2,303
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
5/22/26
@
100
(a)
..............
1,235
1,251
Series
2024-1
,
Class
C
,
5
.73
%
,
3/22/30
,
Callable
12/22/26
@
100
(a)
..............
1,350
1,362
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
12/22/26
@
100
(a)
..............
1,464
1,484
Series
2024-2
,
Class
C
,
4
.99
%
,
8/22/30
,
Callable
6/22/27
@
100
(a)
...............
1,000
1,000
Series
2024-2
,
Class
D
,
5
.29
%
,
2/24/31
,
Callable
6/22/27
@
100
(a)
...............
1,118
1,122
Series
2025-1
,
Class
D
,
5
.64
%
,
8/22/31
,
Callable
12/22/27
@
100
(a)
..............
629
637
Dext
ABS
LLC
........................................................
Series
2021-1
,
Class
C
,
2
.29
%
,
9/15/28
,
Callable
2/15/26
@
100
(a)
...............
2,781
2,763
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
..............
316
317
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
...............
5,430
5,509
Series
2023-1
,
Class
D
,
8
.82
%
,
3/15/33
,
Callable
4/15/27
@
100
(a)
...............
600
625
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
...............
3,000
3,045
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
...............
1,666
1,767
Series
2025-1
,
Class
B
,
4
.98
%
,
8/15/35
,
Callable
6/15/29
@
100
(a)
...............
1,000
1,003
Series
2025-1
,
Class
C
,
5
.39
%
,
8/15/35
,
Callable
6/15/29
@
100
(a)
...............
1,000
997
Series
2025-1
,
Class
D
,
5
.65
%
,
2/15/36
,
Callable
6/15/29
@
100
(a)
...............
2,000
1,964
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
..............
3,333
3,165
Series
2021-1A
,
Class
B
,
2
.36
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
..............
3,000
2,836
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
3,273
3,057
Diamond
Resorts
Owner
Trust
.............................................
Series
2021-1A
,
Class
A
,
1
.51
%
,
11/21/33
,
Callable
9/20/25
@
100
(a)
.............
495
493
Series
2021-1A
,
Class
B
,
2
.05
%
,
11/21/33
,
Callable
9/20/25
@
100
(a)
.............
286
284
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
1/20/28
@
100
(a)
.............
2,000
2,020
Series
2025-1A
,
Class
A3
,
4
.95
%
,
9/20/29
,
Callable
5/20/29
@
100
(a)
.............
2,087
2,110
DLLAD
LLC
..........................................................
Series
2024-1A
,
Class
A3
,
5
.30
%
,
7/20/29
,
Callable
2/20/29
@
100
(a)
.............
1,000
1,015
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
2/20/29
@
100
(a)
.............
1,290
1,327
DLLMT
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.34
%
,
3/22/27
,
Callable
1/20/27
@
100
(a)
.............
1,411
1,415
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
1/20/27
@
100
(a)
.............
1,143
1,155
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
.............
1,406
1,424
FirstKey
Homes
Trust
....................................................
Series
2021-SFR1
,
Class
B
,
1
.79
%
,
8/17/38
(a)
(b)
............................
3,000
2,902
Series
2021-SFR1
,
Class
C
,
1
.89
%
,
8/17/38
(a)
(b)
............................
3,000
2,893
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(b)
............................
2,308
2,217
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
(b)
...........................
1,000
967
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
(b)
...........................
1,750
1,692
Flexential
Issuer
,
Series
2021-1A
,
Class
A2
,
3
.25
%
,
11/27/51
,
Callable
11/25/25
@
100
(a)
..
5,000
4,828
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
....
1,597
1,605
Frontier
Issuer
LLC
.....................................................
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...............
1,867
1,911
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
1,100
1,151
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1
,
Class
C
,
11
.16
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
$
2,475
$
2,749
FRTKL
,
Series
2021-SFR1
,
Class
B
,
1
.72
%
,
9/17/38
(a)
(b)
.........................
1,500
1,446
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
7/20/26
@
100
(a)
..............
654
676
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
7/20/26
@
100
(a)
..............
1,200
1,251
Series
2023-1A
,
Class
D
,
7
.00
%
,
8/22/33
,
Callable
7/20/26
@
100
(a)
..............
800
822
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
...............
1,500
1,513
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
..............
1,480
1,497
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
650
658
Series
2024-2
,
Class
B
,
5
.23
%
,
5/15/31
,
Callable
10/15/28
@
100
(a)
..............
1,000
1,015
Series
2025-1
,
Class
A3
,
4
.49
%
,
4/16/29
(a)
................................
2,000
2,004
Series
2025-1
,
Class
B
,
4
.77
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
...............
2,000
1,998
HPEFS
Equipment
Trust
..................................................
Series
2022-2A
,
Class
D
,
4
.94
%
,
3/20/30
,
Callable
11/20/25
@
100
(a)
.............
704
703
Series
2022-3A
,
Class
C
,
6
.13
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
..............
434
434
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
12/20/26
@
100
(a)
.............
1,500
1,524
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
3,838
3,881
Series
2024-2A
,
Class
D
,
5
.82
%
,
4/20/32
,
Callable
1/20/28
@
100
(a)
..............
2,343
2,383
Series
2025-1A
,
Class
C
,
4
.79
%
,
9/20/32
,
Callable
3/20/29
@
100
(a)
..............
1,654
1,651
Series
2025-1A
,
Class
D
,
4
.99
%
,
3/21/33
,
Callable
3/20/29
@
100
(a)
..............
2,000
1,995
John
Deere
Owner
Trust
,
Series
2024-B
,
Class
A4
,
5
.19
%
,
5/15/31
,
Callable
3/15/28
@
100
.
1,100
1,123
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A
,
Class
A3
,
2
.67
%
,
10/15/26
,
Callable
1/15/26
@
100
(a)
............
359
358
Series
2023-2A
,
Class
A4
,
5
.23
%
,
6/15/28
,
Callable
4/15/27
@
100
(a)
.............
1,500
1,520
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
.............
1,300
1,325
Series
2025-1A
,
Class
A2
,
4
.61
%
,
12/15/27
(a)
..............................
5,000
5,004
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.............
2,596
2,635
Series
2024-1A
,
Class
A3
,
4
.76
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
1,000
1,004
Series
2025-1A
,
Class
A3
,
4
.78
%
,
9/17/29
,
Callable
5/16/29
@
100
(a)
.............
2,739
2,742
MMAF
Equipment
Finance
LLC
............................................
Series
2020-BA
,
Class
A5
,
0
.85
%
,
4/14/42
,
Callable
8/14/25
@
100
(a)
.............
5,000
4,993
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
2,000
1,957
Series
2022-A
,
Class
A3
,
3
.20
%
,
1/13/28
(a)
................................
904
898
Series
2023-A
,
Class
A3
,
5
.54
%
,
12/13/29
(a)
...............................
2,250
2,280
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
1,500
1,532
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
9/13/30
@
100
(a)
..............
1,100
1,123
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
1/15/29
@
100
(a)
...
3,279
3,281
MVW
LLC
...........................................................
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
5/20/27
@
100
(a)
............
405
388
Series
2021-1WA
,
Class
B
,
1
.44
%
,
1/22/41
,
Callable
5/20/27
@
100
(a)
............
424
405
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
8/20/25
@
100
(a)
.............
4,516
3,704
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
8/20/25
@
100
(a)
.............
1,466
1,144
NMEF
Funding
LLC
....................................................
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
7/15/26
@
100
(a)
..............
102
102
Series
2022-B
,
Class
B
,
7
.12
%
,
6/15/29
,
Callable
7/15/26
@
100
(a)
...............
1,000
1,008
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
...............
2,500
2,539
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
.............
2,077
2,085
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
..............
3,535
3,523
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
3,309
3,324
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
5,982
6,035
NP
SPE
II
LLC
,
Series
2017-1A
,
Class
A1
,
3
.37
%
,
10/21/47
(a)
......................
916
892
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
2,110
2,017
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
8/14/25
@
100
(a)
.........................................................
5,500
5,560
Pawnee
Equipment
Receivables
LLC
.........................................
Series
2022-1
,
Class
A3
,
5
.17
%
,
2/15/28
,
Callable
7/15/26
@
100
(a)
..............
119
119
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
7/15/26
@
100
(a)
...............
2,375
2,377
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
............
2,500
2,553
Series
2024-1A
,
Class
B
,
5
.79
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
.............
2,500
2,542
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
7/20/27
@
100
(a)
............
$
1,429
$
1,431
Series
2024-2A
,
Class
B
,
4
.83
%
,
10/20/31
,
Callable
7/20/27
@
100
(a)
.............
2,239
2,247
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
1,675
1,694
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
1,529
1,552
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
1,800
1,822
Post
Road
Equipment
Finance
LLC
..........................................
Series
2022-1A
,
Class
B
,
5
.15
%
,
1/16/29
,
Callable
3/15/26
@
100
(a)
..............
606
606
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,254
1,268
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,994
2,014
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,250
1,278
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
546
550
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
2,195
2,199
Series
2025-1A
,
Class
D
,
5
.43
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
1,680
1,682
Series
2025-1A
,
Class
E
,
7
.08
%
,
5/17/32
,
Callable
8/15/28
@
100
(a)
..............
2,353
2,372
Progress
Residential
Trust
.................................................
Series
2021-SFR4
,
Class
B
,
1
.81
%
,
5/17/38
(a)
(b)
............................
4,500
4,435
Series
2021-SFR5
,
Class
B
,
1
.66
%
,
7/17/38
(a)
(b)
............................
2,400
2,343
Series
2021-SFR5
,
Class
C
,
1
.81
%
,
7/17/38
(a)
(b)
............................
1,500
1,461
Series
2021-SFR6
,
Class
B
,
1
.75
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
2,813
2,742
SCF
Equipment
Leasing
LLC
..............................................
Series
2022-2A
,
Class
C
,
6
.50
%
,
8/20/32
,
Callable
9/20/25
@
100
(a)
..............
276
276
Series
2022-2A
,
Class
D
,
6
.50
%
,
10/20/32
,
Callable
9/20/25
@
100
(a)
.............
1,319
1,330
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
8/20/29
@
100
(a)
..............
857
878
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
8/20/29
@
100
(a)
..............
4,863
5,019
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
A3
,
5
.11
%
,
11/21/33
,
Callable
9/20/31
@
100
(a)
............
400
407
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,250
1,271
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,500
1,516
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
(a)
.................
3,000
2,944
Tricon
Residential
Trust
..................................................
Series
2022-SFR1
,
Class
B
,
4
.20
%
,
4/17/39
(a)
(b)
............................
1,000
985
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(b)
........
866
849
Trinity
Rail
Leasing
LLC
,
Series
2019-2A
,
Class
A1
,
2
.39
%
,
10/18/49
,
Callable
8/17/25
@
100
(a)
...........................................................
451
442
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
4,861
4,904
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
1,077
1,101
Vantage
Data
Centers
Issuer
LLC
,
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
8/15/25
@
100
(a)
.........................................................
6,500
6,470
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
1,000
951
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
2,159
2,173
Series
2024-1A
,
Class
D
,
6
.64
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
167
170
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
1,097
1,112
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
2,000
2,038
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
749
767
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
1,391
1,406
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
525
536
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
437
446
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
388
399
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
.............
522
526
Series
2025-1A
,
Class
D
,
6
.49
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
..............
709
716
Verizon
Master
Trust
....................................................
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
2,000
2,026
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
833
844
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
2,466
2,470
Series
2025-1
,
Class
C
,
5
.09
%
,
1/21/31
,
Callable
1/20/28
@
100
.................
1,875
1,883
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A3
,
4
.29
%
,
10/16/28
,
Callable
6/15/28
@
100
(a)
............
667
666
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
6/15/28
@
100
(a)
.............
2,500
2,491
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
11/15/28
@
100
(a)
...........
4,000
4,009
Wingspire
Equipment
Finance
LLC
..........................................
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
B
,
5
.06
%
,
9/20/32
,
Callable
11/20/27
@
100
(a)
.............
$
2,189
$
2,189
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
11/20/27
@
100
(a)
.............
1,751
1,744
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
11/20/27
@
100
(a)
.............
1,000
1,006
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
4,000
4,041
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
2,000
2,021
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
1,000
1,022
Series
2025-2A
,
Class
B
,
6
.59
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
.............
1,167
1,202
361,331
Agency
ABS
Other
(0.0%):(c)
Navient
Student
Loan
Trust
,
Series
2005-3
,
Class
B
,
4
.88
%
(
SOFR90A
+
54
bps
)
,
9/22/37
,
Callable
9/22/25
@
100
(d)
............................................
1,048
1,030
Total
Asset-Backed
Securities
(Cost
$880,870)
a
a
a
887,001
Collateralized
Loan
Obligations
(0.1%)
Cash
Flow
CLO
(0.1%):
Columbia
Cent
CLO
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
10/24/25
@
100
(a)
...........................................................
1,000
997
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2024-1A
,
Class
A1
,
5
.37
%
(
TSFR3M
+
105
bps
)
,
10/15/32
,
Callable
10/15/25
@
100
(a)
(d)
.........................................................
794
794
Series
2024-3A
,
Class
A2
,
5
.96
%
(
TSFR3M
+
165
bps
)
,
8/8/32
,
Callable
8/8/25
@
100
(a)
(d)
.........................................................
1,000
1,002
Race
Point
X
CLO
Ltd.
,
Series
2016-10A
,
Class
A1R
,
5
.68
%
(
TSFR3M
+
136
bps
)
,
7/25/31
,
Callable
10/25/25
@
100
(a)
(d)
.........................................
528
529
3,322
Total
Collateralized
Loan
Obligations
(Cost
$3,316)
a
a
a
3,322
Collateralized
Mortgage
Obligations
(4.1%)
Agency
CMO
Other
(1.1%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
2,253
2,275
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
3,455
3,393
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
5,120
5,136
Federal
National
Mortgage
Association
.......................................
Series
2012-104
,
Class
HC
,
1
.25
%
,
9/25/27
................................
115
113
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,299
1,305
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
2,820
2,805
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
3,396
3,370
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,687
1,695
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
1,358
1,365
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
1,667
1,664
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
2,131
2,102
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
1,896
1,885
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
2,327
2,320
Series
2025-2
,
Class
EA
,
4
.50
%
,
9/20/40
..................................
2,304
2,297
31,725
Commercial
MBS
(3.0%):
1345T
,
Series
2025-AOA
,
Class
A
,
5
.94
%
(
TSFR1M
+
160
bps
)
,
6/15/30
(a)
(b)
(d)
..........
1,250
1,255
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(d)
..........
2,500
2,514
Series
2025-OANA
,
Class
B
,
6
.18
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(d)
..........
2,000
1,999
AOA
Trust
,
Series
2025-1301
,
Class
A
,
5
.23
%
,
8/11/30
(b)
(e)
........................
1,259
1,259
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(e)
................
2,000
1,924
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
8
.10
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
(d)
.............................................................
2,000
1,998
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
5
.54
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(d)
....................................................
2,000
1,994
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
5
.51
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
(d)
.............
$
3,731
$
3,730
Series
2021-TY
,
Class
B
,
5
.61
%
(
TSFR1M
+
126
bps
)
,
9/15/38
(a)
(b)
(d)
.............
750
746
Series
2021-TY
,
Class
C
,
6
.16
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
(d)
.............
2,712
2,692
Series
2021-TY
,
Class
D
,
6
.81
%
(
TSFR1M
+
246
bps
)
,
9/15/38
(a)
(b)
(d)
.............
1,313
1,302
Series
2022-STAR
,
Class
A
,
7
.57
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(d)
...........
4,000
3,997
BX
Commercial
Mortgage
Trust
,
Series
2021-VOLT
,
Class
B
,
5
.41
%
(
TSFR1M
+
106
bps
)
,
9/15/36
(a)
(b)
(d)
....................................................
2,422
2,412
BX
Trust
.............................................................
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
2,750
2,714
Series
2025-GW
,
Class
A
,
5
.94
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(d)
............
3,000
3,008
Series
2025-ROIC
,
Class
A
,
5
.49
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(d)
...........
2,327
2,320
COMM
Mortgage
Trust
..................................................
Series
2012-CR4
,
Class
XA
,
1
.14
%
,
10/15/45
(b)
(e)
..........................
10,719
175
Series
2015-PC1
,
Class
B
,
4
.40
%
,
7/10/50
,
Callable
8/10/25
@
100
(e)
.............
1,552
1,530
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(d)
.............................................................
2,000
1,999
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(b)
...........................
11,481
9,848
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
(e)
..........................
2,400
2,392
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
5,000
4,879
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(e)
..........................
1,326
1,358
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(e)
.......................................................
1,926
1,924
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(b)
(e)
......
4,000
3,755
MILE
Trust
,
Series
2025-STNE
,
Class
A
,
5
.84
%
(
TSFR1M
+
150
bps
)
,
7/15/42
(a)
(b)
(d)
.....
3,000
3,004
SCG
Commercial
Mortgage
Trust
,
Series
2025-FL
,
Class
B
,
5
.90
%
(
TSFR1M
+
155
bps
)
,
8/15/30
(a)
(b)
(d)
....................................................
3,250
3,250
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/10/40
(a)
(b)
.....................
2,357
2,375
SHR
Trust
,
Series
2024-LXRY
,
Class
A
,
6
.29
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(d)
.....
2,105
2,104
SREIT
Trust
,
Series
2021-MFP2
,
Class
C
,
5
.83
%
(
TSFR1M
+
149
bps
)
,
11/15/36
(a)
(b)
(d)
....
2,000
1,999
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.78
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(d)
....................................................
3,000
2,981
TTAN
...............................................................
Series
2021-MHC
,
Class
B
,
5
.56
%
(
TSFR1M
+
121
bps
)
,
3/15/38
(a)
(b)
(d)
...........
1,701
1,701
Series
2021-MHC
,
Class
C
,
5
.81
%
(
TSFR1M
+
146
bps
)
,
3/15/38
(a)
(b)
(d)
...........
2,290
2,292
Series
2021-MHC
,
Class
D
,
6
.21
%
(
TSFR1M
+
186
bps
)
,
3/15/38
(a)
(b)
(d)
...........
916
917
84,347
Private
CMO
Other
(0.0%):(c)
Sequoia
Mortgage
Trust
,
Series
2013-5
,
Class
A2
,
3
.00
%
,
5/25/43
,
Callable
4/25/27
@
100
(a)
(e)
.........................................................
495
443
Total
Collateralized
Mortgage
Obligations
(Cost
$117,707)
a
a
a
116,515
Shares
Preferred
Stocks
(0.2%)
Financials
(0.2%):
Citigroup
Capital
XIII
,
10
.94
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(d)
.....................
200,000
5,894
Total
Preferred
Stocks
(Cost
$5,470)
a
a
a
5,894
Principal
Amount
(000)
Senior
Secured
Loans
(0.2%)
Consumer
Discretionary
(0.0%):(c)
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
8
.08
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(d)
.......................................
414
415
Materials
(0.2%):
Celanese
US
Holdings
LLC,
Delayed
Draw
Term
Loan,
First
Lien
,
3/13/26
(f)
(g)
.........
4,500
4,433
Total
Senior
Secured
Loans
(Cost
$4,919)
a
a
a
4,848
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(33.7%)
Communication
Services
(0.3%):
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
6
.10
%
,
6/1/29
,
Callable
5/1/29
@
100
..........................................
$
2,000
$
2,085
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
1,750
1,703
T-Mobile
US,
Inc.
,
4
.75
%
,
2/1/28
,
Callable
8/15/25
@
100.79
.......................
2,641
2,644
Warnermedia
Holdings,
Inc.
,
3
.76
%
,
3/15/27
,
Callable
2/15/27
@
100
.................
948
930
7,362
Consumer
Discretionary
(2.0%):
Advance
Auto
Parts,
Inc.
,
5
.95
%
,
3/9/28
,
Callable
2/9/28
@
100
(h)
...................
2,500
2,512
Association
of
American
Medical
Colleges
2
.27
%
,
10/1/25
....................................................
4,145
4,116
2
.39
%
,
10/1/26
....................................................
4,275
4,169
Brunswick
Corp.
,
5
.85
%
,
3/18/29
,
Callable
2/18/29
@
100
.........................
2,000
2,056
Daimler
Truck
Finance
North
America
LLC
5
.00
%
,
1/15/27
(a)
..................................................
2,000
2,013
5
.13
%
,
9/25/27
,
Callable
8/25/27
@
100
(a)
................................
2,000
2,021
Duke
University
Health
System,
Inc.
,
2
.26
%
,
6/1/26
..............................
700
688
General
Motors
Financial
Co.,
Inc.
5
.35
%
,
7/15/27
....................................................
2,000
2,025
5
.05
%
,
4/4/28
.....................................................
3,000
3,031
Genuine
Parts
Co.
,
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
........................
2,000
2,023
Hyatt
Hotels
Corp.
,
5
.05
%
,
3/30/28
,
Callable
2/29/28
@
100
........................
2,000
2,021
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
.............................
1,000
1,024
Mattel,
Inc.
3
.38
%
,
4/1/26
,
Callable
8/15/25
@
100
(a)
.................................
1,800
1,780
5
.88
%
,
12/15/27
,
Callable
9/4/25
@
101.47
(a)
..............................
7,250
7,261
Nissan
Motor
Acceptance
Co.
LLC
2
.00
%
,
3/9/26
,
Callable
2/9/26
@
100
(a)
..................................
4,216
4,126
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
................................
3,296
3,162
5
.30
%
,
9/13/27
(a)
..................................................
1,500
1,489
Stellantis
Finance
US,
Inc.
,
5
.35
%
,
3/17/28
,
Callable
2/17/28
@
100
(a)
................
1,250
1,257
Tapestry,
Inc.
,
5
.10
%
,
3/11/30
,
Callable
2/11/30
@
100
............................
2,000
2,026
The
Home
Depot,
Inc.
,
5
.15
%
,
6/25/26
.......................................
1,875
1,888
Volkswagen
Group
of
America
Finance
LLC
4
.95
%
,
3/25/27
(a)
..................................................
2,500
2,505
6
.20
%
,
11/16/28
,
Callable
10/16/28
@
100
(a)
...............................
2,000
2,074
5
.25
%
,
3/22/29
,
Callable
2/22/29
@
100
(a)
(h)
..............................
2,000
2,022
57,289
Consumer
Staples
(1.4%):
Bimbo
Bakeries
USA,
Inc.
,
6
.05
%
,
1/15/29
,
Callable
12/15/28
@
100
(a)
...............
4,000
4,158
Coca-Cola
Consolidated,
Inc.
,
5
.25
%
,
6/1/29
,
Callable
5/1/29
@
100
..................
2,000
2,050
Coty,
Inc.
,
5
.00
%
,
4/15/26
,
Callable
9/4/25
@
100
(a)
.............................
5,500
5,493
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
4
.75
%
,
1/15/29
,
Callable
9/4/25
@
102.38
(a)
...........................................
1,000
979
Keurig
Dr.
Pepper,
Inc.
,
5
.05
%
,
3/15/29
,
Callable
2/15/29
@
100
.....................
3,000
3,052
Mars,
Inc.
,
4
.45
%
,
3/1/27
(a)
...............................................
3,000
3,004
Philip
Morris
International,
Inc.
4
.88
%
,
2/15/28
,
Callable
1/15/28
@
100
..................................
5,000
5,061
5
.25
%
,
9/7/28
,
Callable
8/7/28
@
100
....................................
3,000
3,075
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
1,500
1,482
Sodexo,
Inc.
5
.15
%
,
8/15/30
,
Callable
7/15/30
@
100
(a)
................................
3,000
3,041
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
................................
3,000
2,653
Sysco
Corp.
,
5
.10
%
,
9/23/30
,
Callable
8/23/30
@
100
.............................
3,000
3,058
The
Campbell's
Co.
,
5
.20
%
,
3/19/27
.........................................
2,000
2,023
The
J.M.
Smucker
Co.
,
5
.90
%
,
11/15/28
,
Callable
10/15/28
@
100
...................
2,000
2,090
41,219
Energy
(3.2%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
9/4/25
@
102.54
(a)
..................
4,500
4,594
APA
Corp.
,
7
.75
%
,
12/15/29
(a)
.............................................
2,250
2,418
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
10/15/25
@
104.19
(a)
...............
2,000
2,078
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Colonial
Pipeline
Co.
,
3
.75
%
,
10/1/25
,
Callable
9/4/25
@
100
(a)
.....................
$
2,454
$
2,449
Columbia
Pipelines
Holding
Co.
LLC
6
.06
%
,
8/15/26
,
Callable
7/15/26
@
100
(a)
................................
53
53
6
.04
%
,
8/15/28
,
Callable
7/15/28
@
100
(a)
................................
2,000
2,079
Devon
Energy
Corp.
,
5
.25
%
,
10/15/27
,
Callable
8/15/25
@
100.88
...................
13,330
13,357
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(d)
(i)
......................
3,667
3,685
7
.13
%
(
H15T5Y
+
531
bps
)
,
Callable
5/15/30
@
100
(d)
(i)
.......................
2,300
2,353
EQM
Midstream
Partners
LP
,
6
.50
%
,
7/1/27
(a)
..................................
2,500
2,567
EQT
Corp.
,
7
.50
%
,
6/1/27
,
Callable
8/15/25
@
101.88
(a)
..........................
8,285
8,431
Expand
Energy
Corp.
,
5
.38
%
,
2/1/29
,
Callable
8/20/25
@
101.34
.....................
2,587
2,590
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
6,931
6,893
Helmerich
&
Payne,
Inc.
,
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
....................
1,750
1,476
HF
Sinclair
Corp.
,
6
.38
%
,
4/15/27
,
Callable
8/15/25
@
101.59
......................
5,789
5,853
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.00
%
,
4/15/30
,
Callable
9/4/25
@
103
(a)
.......
2,333
2,295
Marathon
Petroleum
Corp.
,
5
.15
%
,
3/1/30
,
Callable
2/1/30
@
100
....................
2,000
2,038
NuStar
Logistics
LP
,
6
.00
%
,
6/1/26
,
Callable
3/1/26
@
100
.........................
850
853
ONEOK,
Inc.
,
4
.25
%
,
9/24/27
,
Callable
8/24/27
@
100
............................
2,000
1,992
Parsley
Energy
LLC/Parsley
Finance
Corp.
,
4
.13
%
,
2/15/28
,
Callable
9/4/25
@
100
(a)
.....
8,699
8,535
Permian
Resources
Operating
LLC
,
5
.38
%
,
1/15/26
,
Callable
9/4/25
@
100
(a)
...........
900
899
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
8/15/25
@
102.75
..................................................
1,750
1,777
Valero
Energy
Corp.
,
5
.15
%
,
2/15/30
,
Callable
1/15/30
@
100
.......................
3,000
3,054
Viper
Energy,
Inc.
,
5
.38
%
,
11/1/27
,
Callable
11/1/25
@
100
(a)
.......................
6,850
6,853
Western
Midstream
Operating
LP
,
4
.75
%
,
8/15/28
,
Callable
5/15/28
@
100
.............
2,000
1,993
91,165
Financials
(15.2%):
Ally
Financial,
Inc.
5
.75
%
,
11/20/25
,
Callable
10/21/25
@
100
.................................
7,719
7,724
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(d)
....................
4,611
4,847
American
Express
Co.
,
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(d)
(i)
..........
10,500
10,263
American
Honda
Finance
Corp.
4
.40
%
,
10/5/26
....................................................
2,000
1,998
4
.55
%
,
7/9/27
.....................................................
1,000
1,002
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
1,705
1,735
American
National
Group,
Inc.
,
5
.75
%
,
10/1/29
,
Callable
9/1/29
@
100
................
3,000
3,060
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
1,550
1,323
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
....................
2,500
2,519
Arch
Capital
Finance
LLC
,
4
.01
%
,
12/15/26
,
Callable
9/15/26
@
100
.................
1,911
1,898
Ashtead
Capital,
Inc.
,
4
.38
%
,
8/15/27
,
Callable
8/20/25
@
100
(a)
....................
5,381
5,338
Assurant,
Inc.
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
..................................
7,059
7,082
7
.00
%
(
US0003M
+
414
bps
)
,
3/27/48
,
Callable
3/27/28
@
100
(d)
(j)
...............
1,250
1,276
Athene
Global
Funding
,
4
.95
%
,
1/7/27
(a)
......................................
3,000
3,014
Bank
of
America
Corp.
,
6
.30
%
(
TSFR3M
+
481
bps
)
,
Callable
3/10/26
@
100
(d)
(h)
(i)
.......
2,000
2,010
Blackstone
Private
Credit
Fund
7
.05
%
,
9/29/25
....................................................
2,500
2,507
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
3,808
3,683
Block,
Inc.
,
2
.75
%
,
6/1/26
,
Callable
5/1/26
@
100
...............................
4,219
4,136
Blue
Owl
Credit
Income
Corp.
,
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
...............
2,677
2,798
BMW
US
Capital
LLC
,
4
.60
%
,
8/13/27
(a)
.....................................
2,000
2,006
Brown
&
Brown,
Inc.
4
.60
%
,
12/23/26
....................................................
500
501
4
.70
%
,
6/23/28
,
Callable
5/23/28
@
100
..................................
1,636
1,640
Capital
One
Financial
Corp.
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(d)
......................
2,000
2,042
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(d)
......................
1,000
1,044
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
1,000
974
Citigroup,
Inc.
4
.00
%
(
H15T5Y
+
360
bps
)
,
Callable
12/10/25
@
100
(d)
(i)
......................
2,282
2,266
6
.25
%
(
TSFR3M
+
478
bps
)
,
Callable
8/15/26
@
100
(d)
(i)
......................
2,500
2,516
Citizens
Bank
NA
,
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(d)
............
1,000
999
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(d)
(i)
....
11,093
11,091
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
$
1,845
$
1,924
CNO
Global
Funding
5
.88
%
,
6/4/27
(a)
...................................................
2,000
2,045
4
.88
%
,
12/10/27
(a)
..................................................
2,000
2,011
4
.95
%
,
9/9/29
(a)
...................................................
1,953
1,970
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
6,090
6,065
Diageo
Investment
Corp.
,
5
.13
%
,
8/15/30
,
Callable
7/15/30
@
100
...................
1,091
1,120
Enact
Holdings,
Inc.
,
6
.25
%
,
5/28/29
,
Callable
4/28/29
@
100
.......................
5,150
5,326
Enstar
Finance
LLC
,
5
.75
%
(
H15T5Y
+
547
bps
)
,
9/1/40
,
Callable
9/1/25
@
100
(d)
........
8,903
8,881
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
563
552
Equitable
Holdings,
Inc.
,
4
.95
%
(
H15T5Y
+
474
bps
)
,
Callable
9/15/25
@
100
(d)
(i)
........
800
798
F&G
Global
Funding
,
5
.88
%
,
6/10/27
(a)
......................................
2,000
2,042
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(d)
(i)
...........
11,761
11,730
First
Financial
Bancorp
,
5
.13
%
,
8/25/25
.......................................
9,000
8,908
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,223
2,268
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(d)
...........
3,000
3,051
Fiserv,
Inc.
,
4
.75
%
,
3/15/30
,
Callable
2/15/30
@
100
.............................
2,000
2,004
Flagstar
Financial,
Inc.
,
7
.30
%
(
TSFR3M
+
304
bps
)
,
11/6/28
,
Callable
11/6/25
@
100
(d)
....
2,242
2,111
Ford
Motor
Credit
Co.
LLC
3
.38
%
,
11/13/25
,
Callable
10/13/25
@
100
.................................
3,000
2,983
6
.95
%
,
3/6/26
,
Callable
2/6/26
@
100
....................................
1,600
1,612
5
.13
%
,
11/5/26
.....................................................
2,000
1,995
4
.95
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
1,000
992
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
2,000
1,819
FS
KKR
Capital
Corp.
,
3
.40
%
,
1/15/26
,
Callable
12/15/25
@
100
....................
4,000
3,969
Fulton
Financial
Corp.
,
6
.61
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
9/15/25
@
100
(d)
....
10,118
10,006
GA
Global
Funding
Trust
1
.63
%
,
1/15/26
(a)
..................................................
2,500
2,465
4
.40
%
,
9/23/27
(a)
..................................................
500
498
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
5,000
4,886
5
.34
%
,
4/4/27
(a)
...................................................
3,000
3,035
Goodman
US
Finance
Three
LLC
,
3
.70
%
,
3/15/28
,
Callable
12/15/27
@
100
(a)
(h)
........
1,500
1,465
HA
Sustainable
Infrastructure
Capital,
Inc.
,
6
.15
%
,
1/15/31
,
Callable
12/15/30
@
100
......
3,000
3,027
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
3
.38
%
,
6/15/26
,
Callable
3/15/26
@
100
(a)
................................
264
259
8
.00
%
,
6/15/27
,
Callable
3/15/27
@
100
(a)
................................
4,600
4,771
Horace
Mann
Educators
Corp.
,
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
................
4,000
4,266
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(a)
............
6,966
6,760
HSB
Group,
Inc.
,
5
.49
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
9/4/25
@
100
(d)
..........
2,750
2,679
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(d)
(i)
....
750
737
Hyundai
Capital
America,
Inc.
4
.30
%
,
9/24/27
(a)
..................................................
2,000
1,984
5
.68
%
,
6/26/28
,
Callable
5/26/28
@
100
(a)
................................
1,000
1,025
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(a)
.................................
5,000
5,079
Kemper
Corp.
2
.40
%
,
9/30/30
,
Callable
6/30/30
@
100
..................................
2,020
1,772
3
.80
%
,
2/23/32
,
Callable
11/23/31
@
100
..................................
6,701
6,090
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
,
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...........................................
2,500
2,618
LPL
Holdings,
Inc.
,
5
.70
%
,
5/20/27
,
Callable
4/20/27
@
100
........................
700
711
Main
Street
Capital
Corp.
,
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
...................
3,500
3,435
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
3,000
2,999
Mercedes-Benz
Finance
North
America
LLC
,
4
.65
%
,
4/1/27
(a)
......................
1,250
1,253
MetLife,
Inc.
,
3
.85
%
(
H15T5Y
+
358
bps
)
,
Callable
9/15/25
@
100
(d)
(i)
................
9,373
9,344
MGIC
Investment
Corp.
,
5
.25
%
,
8/15/28
,
Callable
8/20/25
@
100
....................
2,000
1,998
MMI
Capital
Trust
I
,
7
.63
%
,
12/15/27
........................................
1,000
1,053
Morgan
Stanley
Bank
NA
,
4
.97
%
(
SOFR
+
93
bps
)
,
7/14/28
,
Callable
7/14/27
@
100
(d)
.....
3,500
3,535
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
5
.00
%
,
10/15/27
,
Callable
9/4/25
@
100.83
(h)
........................................................
1,651
1,515
NextEra
Energy
Capital
Holdings,
Inc.
,
4
.85
%
,
2/4/28
.............................
3,000
3,032
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
3,500
3,599
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
$
4,000
$
4,088
Old
Republic
International
Corp.
,
3
.88
%
,
8/26/26
,
Callable
7/26/26
@
100
..............
3,000
2,975
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
................................
3,000
3,021
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(a)
................................
2,000
2,045
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
9/4/25
@
104.19
(a)
.......................
2,398
2,454
Principal
Life
Global
Funding
II
,
4
.60
%
,
8/19/27
(a)
..............................
2,500
2,507
Radian
Group,
Inc.
,
6
.20
%
,
5/15/29
,
Callable
4/15/29
@
100
........................
3,245
3,369
Rocket
Mortgage
LLC/Rocket
Mortgage
Co.-Issuer,
Inc.
,
2
.88
%
,
10/15/26
,
Callable
9/4/25
@
100.72
(a)
.........................................................
5,940
5,793
Sammons
Financial
Group
Global
Funding
,
5
.05
%
,
1/10/28
(a)
.......................
3,000
3,033
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
6,230
5,545
Signature
Bank
,
7
.41
%
(
US0003M
+
256
bps
)
,
11/1/29
,
Callable
9/4/25
@
100
(d)
(j)
(k)
......
2,000
1,098
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
..............
1,622
1,591
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
5,000
4,439
Synchrony
Bank
,
5
.40
%
,
8/22/25
............................................
3,000
2,999
Synchrony
Financial
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
2,816
2,763
5
.94
%
(
SOFRINDX
+
213
bps
)
,
8/2/30
,
Callable
8/2/29
@
100
(d)
.................
1,000
1,026
Synovus
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
4,000
4,048
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(d)
....................
6,188
6,396
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(d)
.
8,256
8,093
Texas
Capital
Bank
NA
,
5
.25
%
,
1/31/26
......................................
1,530
1,527
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(d)
(i)
.......................
12,825
12,800
4
.98
%
(
SOFR
+
109
bps
)
,
3/14/30
,
Callable
3/14/29
@
100
(d)
....................
2,000
2,040
The
Charles
Schwab
Corp.
,
4
.00
%
(
H15T5Y
+
317
bps
)
,
Callable
6/1/26
@
100
(d)
(i)
.......
1,000
985
The
Goldman
Sachs
Group,
Inc.
,
4
.94
%
(
SOFR
+
132
bps
)
,
4/23/28
,
Callable
4/23/27
@
100
(d)
1,000
1,006
The
Hanover
Insurance
Group,
Inc.
,
4
.50
%
,
4/15/26
,
Callable
1/15/26
@
100
............
6,000
5,980
The
Huntington
National
Bank
,
9
.61
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
8/6/25
@
100
(d)
13,590
13,590
The
PNC
Financial
Services
Group,
Inc.
3
.40
%
(
H15T5Y
+
260
bps
)
,
Callable
9/15/26
@
100
(d)
(i)
.......................
7,750
7,477
6
.20
%
(
H15T5Y
+
324
bps
)
,
Callable
9/15/27
@
100
(d)
(i)
.......................
830
841
Toyota
Motor
Credit
Corp.
4
.55
%
,
8/7/26
.....................................................
2,000
2,004
5
.25
%
,
9/11/28
.....................................................
2,000
2,057
4
.80
%
,
5/15/30
....................................................
2,000
2,027
Truist
Financial
Corp.
,
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(d)
(i)
...........
10,141
10,121
U.S.
Bancorp
5
.30
%
(
TSFR3M
+
318
bps
)
,
Callable
4/15/27
@
100
(d)
(i)
......................
5,200
5,181
3
.10
%
,
4/27/26
,
Callable
3/27/26
@
100
,
MTN
.............................
4,250
4,203
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(d)
....................
4,500
4,656
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
3,000
3,144
Webster
Financial
Corp.
,
6
.82
%
(
TSFR3M
+
253
bps
)
,
12/30/29
,
Callable
9/30/25
@
100
(d)
..
8,750
8,657
Wells
Fargo
&
Co.
,
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(d)
(i)
............
10,800
10,689
Western
Alliance
Bancorp
,
3
.00
%
(
TSFR3M
+
225
bps
)
,
6/15/31
,
Callable
6/15/26
@
100
(d)
..
500
474
432,106
Health
Care
(1.1%):
Charles
River
Laboratories
International,
Inc.
,
4
.25
%
,
5/1/28
,
Callable
8/20/25
@
100.71
(a)
.
4,000
3,884
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
4,231
3,845
Elevance
Health,
Inc.
,
5
.15
%
,
6/15/29
,
Callable
5/15/29
@
100
......................
2,000
2,041
HCA,
Inc.
,
5
.00
%
,
3/1/28
,
Callable
2/1/28
@
100
................................
1,500
1,516
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
5
.20
%
,
6/15/29
,
Callable
5/15/29
@
100
(a)
................................
3,000
3,053
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
..................................
2,504
2,234
Humana,
Inc.
,
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
............................
3,448
3,517
PeaceHealth
Obligated
Group
,
1
.38
%
,
11/15/25
,
Callable
9/4/25
@
100
................
5,617
5,558
Solventum
Corp.
5
.45
%
,
2/25/27
,
Callable
1/25/27
@
100
..................................
2,000
2,031
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
3,000
3,086
30,765
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Industrials
(2.5%):
AGCO
Corp.
,
5
.45
%
,
3/21/27
,
Callable
2/21/27
@
100
............................
$
3,000
$
3,028
American
Airlines
Pass
Through
Trust
,
4
.00
%
,
9/22/27
............................
1,291
1,240
Aon
North
America,
Inc.
,
5
.15
%
,
3/1/29
,
Callable
2/1/29
@
100
.....................
2,000
2,042
CNH
Industrial
Capital
LLC
,
5
.10
%
,
4/20/29
,
Callable
3/20/29
@
100
.................
2,000
2,034
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
3,505
3,316
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
2,000
2,002
Georgia-Pacific
LLC
,
4
.40
%
,
6/30/28
,
Callable
5/30/28
@
100
(a)
....................
2,000
2,004
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
3,300
3,364
Illinois
Central
Railroad
Co.
,
7
.70
%
,
9/15/96
,
Callable
9/15/26
@
102.92
...............
1,100
1,160
JB
Hunt
Transport
Services,
Inc.
,
4
.90
%
,
3/15/30
,
Callable
2/15/30
@
100
..............
2,000
2,026
JH
North
America
Holdings,
Inc.
,
5
.88
%
,
1/31/31
,
Callable
7/31/27
@
102.94
(a)
.........
3,792
3,809
Lennox
International,
Inc.
,
1
.35
%
,
8/1/25
......................................
4,580
4,580
Lineage
OP
LP
,
5
.25
%
,
7/15/30
,
Callable
6/15/30
@
100
(a)
.........................
2,000
2,009
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
1,905
1,974
Molex
Electronic
Technologies
LLC
,
4
.75
%
,
4/30/28
,
Callable
3/30/28
@
100
(a)
.........
2,000
2,001
Quanta
Services,
Inc.
,
4
.75
%
,
8/9/27
,
Callable
7/9/27
@
100
........................
3,000
3,019
Regal
Rexnord
Corp.
,
6
.05
%
,
2/15/26
........................................
6,150
6,178
Republic
Services,
Inc.
,
5
.00
%
,
11/15/29
,
Callable
10/15/29
@
100
...................
3,000
3,069
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
9/4/25
@
103.75
(a)
..........................
1,100
1,123
Ryder
System,
Inc.
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
...............................
3,000
3,066
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
.............................
3,000
3,077
Stanley
Black
&
Decker,
Inc.
,
6
.27
%
,
3/6/26
,
Callable
8/15/25
@
100
(h)
...............
2,000
2,002
United
Airlines
Pass
Through
Trust
4
.88
%
,
1/15/26
....................................................
1,669
1,665
5
.88
%
,
10/15/27
....................................................
1,040
1,059
United
Airlines,
Inc.
,
4
.38
%
,
4/15/26
,
Callable
10/15/25
@
100
(a)
....................
2,750
2,733
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
3,937
3,985
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
8/15/25
@
103.13
(a)
...........................
2,289
2,326
69,891
Information
Technology
(1.0%):
Atlassian
Corp.
,
5
.25
%
,
5/15/29
,
Callable
4/15/29
@
100
..........................
4,000
4,080
Dell
International
LLC/EMC
Corp.
,
4
.75
%
,
4/1/28
,
Callable
3/1/28
@
100
..............
2,500
2,519
Hewlett
Packard
Enterprise
Co.
,
4
.45
%
,
9/25/26
.................................
2,500
2,498
Keysight
Technologies,
Inc.
,
5
.35
%
,
7/30/30
,
Callable
6/30/30
@
100
.................
3,000
3,086
Microchip
Technology,
Inc.
,
4
.90
%
,
3/15/28
....................................
2,000
2,015
RELX
Capital,
Inc.
,
4
.75
%
,
3/27/30
,
Callable
2/27/30
@
100
........................
3,000
3,036
Skyworks
Solutions,
Inc.
,
1
.80
%
,
6/1/26
,
Callable
5/1/26
@
100
.....................
5,000
4,870
Synopsys,
Inc.
4
.55
%
,
4/1/27
.....................................................
3,000
3,004
4
.65
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
2,000
2,014
27,122
Materials
(1.5%):
Amcor
Flexibles
North
America,
Inc.
,
4
.80
%
,
3/17/28
(a)
...........................
2,000
2,011
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
5,000
4,983
Berry
Global,
Inc.
1
.57
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
4,181
4,116
4
.88
%
,
7/15/26
,
Callable
9/4/25
@
100
(a)
.................................
3,226
3,224
Celanese
US
Holdings
LLC
,
6
.67
%
,
7/15/27
,
Callable
6/15/27
@
100
.................
1,273
1,306
Chevron
Phillips
Chemical
Co.
LLC/Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(a)
............................................
3,000
3,024
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
9/4/25
@
100.73
...................
8,000
7,922
Huntsman
International
LLC
,
4
.50
%
,
5/1/29
,
Callable
2/1/29
@
100
..................
3,000
2,852
International
Flavors
&
Fragrances,
Inc.
,
1
.23
%
,
10/1/25
,
Callable
9/1/25
@
100
(a)
........
6,350
6,304
Sonoco
Products
Co.
,
4
.45
%
,
9/1/26
.........................................
1,143
1,141
Steel
Dynamics,
Inc.
,
5
.00
%
,
12/15/26
,
Callable
9/4/25
@
100
.......................
1,000
1,001
Syensqo
Finance
America
LLC
,
5
.65
%
,
6/4/29
,
Callable
5/4/29
@
100
(a)
...............
2,000
2,059
The
Sherwin-Williams
Co.
,
4
.55
%
,
3/1/28
,
Callable
2/1/28
@
100
....................
2,000
2,008
41,951
Real
Estate
(3.2%):
Boston
Properties
LP
,
3
.65
%
,
2/1/26
,
Callable
11/3/25
@
100
.......................
1,001
995
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
CBRE
Services,
Inc.
,
4
.80
%
,
6/15/30
,
Callable
5/15/30
@
100
.......................
$
2,000
$
2,011
CubeSmart
LP
,
4
.38
%
,
2/15/29
,
Callable
11/15/28
@
100
..........................
4,033
3,991
DOC
DR
LLC
4
.30
%
,
3/15/27
,
Callable
12/15/26
@
100
.................................
1,700
1,692
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
2,531
2,500
Essex
Portfolio
LP
,
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
..........................
1,149
1,070
Extra
Space
Storage
LP
,
5
.90
%
,
1/15/31
,
Callable
11/15/30
@
100
....................
3,000
3,154
Federal
Realty
OP
LP
,
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
........................
4,000
4,085
Healthcare
Realty
Holdings
LP
,
3
.75
%
,
7/1/27
,
Callable
4/1/27
@
100
.................
896
882
Highwoods
Realty
LP
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
950
929
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
1,534
1,489
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
4,150
4,435
Kilroy
Realty
LP
,
4
.38
%
,
10/1/25
,
Callable
9/4/25
@
100
..........................
4,574
4,568
Kimco
Realty
OP
LLC
,
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
.......................
2,699
2,668
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
3,894
3,857
LXP
Industrial
Trust
,
6
.75
%
,
11/15/28
,
Callable
10/15/28
@
100
.....................
2,000
2,111
Mid-America
Apartments
LP
,
5
.30
%
,
2/15/32
,
Callable
12/15/31
@
100
................
2,000
2,056
Nationwide
Health
Properties,
Inc.
,
6
.90
%
,
10/1/37
,
MTN
..........................
2,950
3,086
NNN
REIT,
Inc.
4
.00
%
,
11/15/25
,
Callable
8/20/25
@
100
..................................
6,000
5,984
2
.50
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
2,000
1,818
4
.60
%
,
2/15/31
,
Callable
1/15/31
@
100
..................................
3,000
2,969
Public
Storage
Operating
Co.
,
4
.38
%
,
7/1/30
,
Callable
6/1/30
@
100
..................
2,500
2,485
Realty
Income
Corp.
,
5
.05
%
,
1/13/26
,
Callable
8/15/25
@
100
......................
2,000
1,998
Sabra
Health
Care
LP
,
5
.13
%
,
8/15/26
........................................
3,400
3,420
SBA
Tower
Trust
1
.88
%
,
1/15/26
,
Callable
9/4/25
@
100
(a)
.................................
3,500
3,453
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
842
863
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
2,000
1,989
The
NHP
Foundation
,
5
.85
%
,
12/1/28
,
Callable
6/1/28
@
100
.......................
3,000
3,123
UDR,
Inc.
2
.95
%
,
9/1/26
,
Callable
6/1/26
@
100
,
MTN
...............................
1,580
1,552
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...............................
4,620
4,540
3
.20
%
,
1/15/30
,
Callable
10/15/29
@
100
.................................
1,178
1,115
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/1/26
@
100
..........................
2,000
1,944
W.P.
Carey,
Inc.
,
4
.65
%
,
7/15/30
,
Callable
6/15/30
@
100
..........................
4,000
3,974
Welltower
OP
LLC
,
4
.50
%
,
7/1/30
,
Callable
6/1/30
@
100
.........................
4,000
3,990
90,796
Utilities
(2.3%):
AEP
Texas,
Inc.
,
5
.45
%
,
5/15/29
,
Callable
4/15/29
@
100
..........................
2,000
2,060
Alliant
Energy
Finance
LLC
,
5
.40
%
,
6/6/27
,
Callable
5/6/27
@
100
(a)
.................
2,000
2,015
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
3,000
3,100
Calpine
Corp.
,
5
.13
%
,
3/15/28
,
Callable
9/4/25
@
100.85
(a)
........................
571
568
CenterPoint
Energy,
Inc.
,
5
.40
%
,
6/1/29
,
Callable
5/1/29
@
100
......................
1,858
1,913
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(d)
.........
2,843
2,749
Dominion
Energy,
Inc.
,
4
.35
%
(
H15T5Y
+
320
bps
)
,
Callable
1/15/27
@
100
(d)
(i)
.........
4,000
3,923
DTE
Energy
Co.
4
.95
%
,
7/1/27
,
Callable
6/1/27
@
100
....................................
3,000
3,028
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
....................................
2,000
2,022
Essential
Utilities,
Inc.
,
4
.80
%
,
8/15/27
,
Callable
7/15/27
@
100
.....................
2,500
2,517
Exelon
Corp.
,
5
.13
%
,
3/15/31
,
Callable
2/15/31
@
100
............................
2,500
2,551
Florida
Power
&
Light
Co.
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
3,000
3,061
4
.40
%
,
5/15/28
,
Callable
3/15/28
@
100
..................................
2,800
2,810
KeySpan
Gas
East
Corp.
,
2
.74
%
,
8/15/26
,
Callable
5/15/26
@
100
(a)
..................
700
684
National
Fuel
Gas
Co.
,
5
.50
%
,
10/1/26
.......................................
2,750
2,772
NiSource,
Inc.
,
5
.20
%
,
7/1/29
,
Callable
6/1/29
@
100
.............................
2,000
2,047
NSTAR
Electric
Co.
,
4
.85
%
,
3/1/30
,
Callable
2/1/30
@
100
........................
2,000
2,030
Oncor
Electric
Delivery
Co.
LLC
,
4
.50
%
,
3/20/27
(a)
.............................
2,500
2,507
ONE
Gas,
Inc.
,
5
.10
%
,
4/1/29
,
Callable
3/1/29
@
100
.............................
2,500
2,558
Pinnacle
West
Capital
Corp.
,
4
.90
%
,
5/15/28
,
Callable
4/15/28
@
100
.................
2,000
2,018
Public
Service
Enterprise
Group,
Inc.
,
5
.20
%
,
4/1/29
,
Callable
3/1/29
@
100
............
3,000
3,074
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
AES
Corp.
,
1
.38
%
,
1/15/26
,
Callable
12/15/25
@
100
..........................
$
2,800
$
2,755
The
Southern
Co.
,
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(d)
........
10,493
10,434
Wisconsin
Electric
Power
Co.
,
5
.00
%
,
5/15/29
,
Callable
4/15/29
@
100
................
3,000
3,063
66,259
Total
Corporate
Bonds
(Cost
$944,901)
a
a
a
955,925
Yankee
Dollars
(7.0%)
Communication
Services
(0.1%):
Flutter
Treasury
DAC
,
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
..................
1,484
1,495
Videotron
Ltd.
,
5
.13
%
,
4/15/27
,
Callable
9/4/25
@
100
(a)
..........................
2,750
2,750
4,245
Consumer
Discretionary
(0.7%):
Brightstar
Lottery
PLC
,
6
.25
%
,
1/15/27
,
Callable
7/15/26
@
100
(a)
...................
5,250
5,304
Flutter
Treasury
DAC
,
6
.38
%
,
4/29/29
,
Callable
4/15/26
@
103.19
(a)
.................
4,617
4,748
Honda
Motor
Co.
Ltd.
,
4
.44
%
,
7/8/28
,
Callable
6/8/28
@
100
.......................
4,000
3,995
Phinia
Holdings
Jersey
Ltd.
,
5
.00
%
,
10/1/25
(a)
..................................
2,087
2,092
Royal
Caribbean
Cruises
Ltd.
,
5
.50
%
,
8/31/26
,
Callable
2/28/26
@
100
(a)
..............
2,600
2,608
18,747
Consumer
Staples
(0.5%):
Bacardi-Martini
BV
,
5
.55
%
,
2/1/30
,
Callable
1/1/30
@
100
(a)
.......................
3,000
3,082
BAT
International
Finance
PLC
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
..................................
4,000
3,987
5
.93
%
,
2/2/29
,
Callable
1/2/29
@
100
....................................
2,000
2,089
Japan
Tobacco,
Inc.
,
4
.85
%
,
5/15/28
,
Callable
4/15/28
@
100
(a)
.....................
2,000
2,020
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
2,000
1,707
12,885
Energy
(1.1%):
Canadian
Natural
Resources
Ltd.
,
5
.00
%
,
12/15/29
,
Callable
11/15/29
@
100
(a)
..........
4,750
4,781
Enbridge,
Inc.
5
.30
%
,
4/5/29
,
Callable
3/5/29
@
100
....................................
2,000
2,045
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(d)
..................
4,400
4,359
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
9/4/25
@
101.38
(a)
(h)
................
5,396
5,345
TechnipFMC
PLC
,
6
.50
%
,
2/1/26
,
Callable
9/4/25
@
100
(a)
........................
5,090
5,088
TransCanada
PipeLines
Ltd.
,
4
.88
%
,
1/15/26
,
Callable
10/15/25
@
100
................
1,145
1,145
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
500
529
Var
Energi
ASA
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
................................
3,000
3,012
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
...............................
3,333
3,526
5
.88
%
,
5/22/30
,
Callable
4/22/30
@
100
(a)
................................
2,000
2,058
31,888
Financials
(2.8%):
Amcor
Group
Finance
PLC
,
5
.45
%
,
5/23/29
,
Callable
4/23/29
@
100
..................
2,000
2,057
ASB
Bank
Ltd.
,
5
.28
%
(
H15T5Y
+
225
bps
)
,
6/17/32
,
Callable
6/17/27
@
100
(a)
(d)
........
1,368
1,374
Aspen
Insurance
Holdings
Ltd.
,
5
.75
%
,
7/1/30
,
Callable
6/1/30
@
100
.................
1,212
1,232
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(d)
..................................
7,630
8,095
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
...............................
1,037
1,062
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(d)
..................
2,000
2,012
4
.84
%
(
SOFR
+
134
bps
)
,
9/10/28
,
Callable
9/10/27
@
100
(d)
....................
2,000
2,010
5
.09
%
(
SOFR
+
96
bps
)
,
2/25/29
,
Callable
2/25/28
@
100
(d)
.....................
2,000
2,022
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
2,198
2,211
5
.50
%
,
9/10/29
....................................................
5,599
5,582
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
9/1/25
@
100
(d)
(i)
.........
4,969
4,959
Brookfield
Finance,
Inc.
,
4
.35
%
,
4/15/30
,
Callable
1/15/30
@
100
....................
2,000
1,975
Canadian
Imperial
Bank
of
Commerce
4
.51
%
(
SOFR
+
93
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(d)
.....................
3,000
2,999
4
.86
%
(
SOFR
+
103
bps
)
,
3/30/29
,
Callable
3/31/28
@
100
(d)
....................
2,500
2,520
7
.26
%
,
4/10/32
(a)
..................................................
671
687
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
$
6,319
$
6,551
HSBC
Holdings
PLC
,
4
.90
%
(
SOFR
+
103
bps
)
,
3/3/29
,
Callable
3/3/28
@
100
(d)
.........
2,500
2,516
Lloyds
Banking
Group
PLC
4
.58
%
,
12/10/25
....................................................
1,000
999
4
.72
%
(
H15T1Y
+
175
bps
)
,
8/11/26
,
Callable
8/11/25
@
100
(d)
..................
9,450
9,449
5
.99
%
(
H15T1Y
+
148
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(d)
....................
2,000
2,026
Mizuho
Financial
Group,
Inc.
,
4
.35
%
,
10/20/25
(a)
(h)
.............................
1,000
998
National
Bank
of
Canada
,
4
.70
%
(
SOFR
+
56
bps
)
,
3/5/27
,
Callable
3/5/26
@
100
(d)
........
2,500
2,497
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
2,000
1,981
NatWest
Group
PLC
,
7
.47
%
(
H15T1Y
+
285
bps
)
,
11/10/26
,
Callable
11/10/25
@
100
(d)
.....
2,087
2,102
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(d)
.
4,488
4,455
Santander
UK
Group
Holdings
PLC
,
6
.53
%
(
SOFR
+
260
bps
)
,
1/10/29
,
Callable
1/10/28
@
100
(d)
...........................................................
2,000
2,082
Standard
Chartered
PLC
6
.19
%
(
H15T1Y
+
185
bps
)
,
7/6/27
,
Callable
7/6/26
@
100
(a)
(d)
(h)
................
2,000
2,026
5
.69
%
(
H15T1Y
+
105
bps
)
,
5/14/28
,
Callable
5/14/27
@
100
(a)
(d)
................
1,000
1,017
79,496
Health
Care
(0.1%):
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
1,004
971
Royalty
Pharma
PLC
,
1
.20
%
,
9/2/25
,
Callable
8/15/25
@
100
.......................
1,419
1,413
Smith
&
Nephew
PLC
,
5
.15
%
,
3/20/27
,
Callable
2/20/27
@
100
.....................
1,500
1,515
3,899
Industrials
(0.5%):
Element
Fleet
Management
Corp.
5
.64
%
,
3/13/27
,
Callable
2/13/27
@
100
(a)
................................
2,000
2,027
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
................................
1,000
1,050
LG
Energy
Solution
Ltd.
5
.38
%
,
7/2/27
(a)
...................................................
2,857
2,885
5
.25
%
,
4/2/28
(a)
...................................................
3,500
3,535
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
9/4/25
@
100
(a)
.......................
4,350
4,337
The
Weir
Group
PLC
,
2
.20
%
,
5/13/26
,
Callable
4/13/26
@
100
(a)
....................
890
870
14,704
Information
Technology
(0.5%):
CGI,
Inc.
,
4
.95
%
,
3/14/30
,
Callable
2/14/30
@
100
(a)
.............................
2,000
2,025
Kioxia
Holdings
Corp.
,
6
.25
%
,
7/24/30
,
Callable
7/24/27
@
103.13
(a)
.................
2,500
2,491
NXP
BV/NXP
Funding
LLC
,
5
.35
%
,
3/1/26
,
Callable
1/1/26
@
100
..................
3,000
3,005
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
5,177
5,346
12,867
Materials
(0.4%):
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
..........
3,500
2,672
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
3,000
3,032
Nutrien
Ltd.
,
4
.50
%
,
3/12/27
...............................................
2,000
2,000
Rio
Tinto
Finance
USA
PLC
,
4
.50
%
,
3/14/28
,
Callable
2/14/28
@
100
.................
2,000
2,008
Smurfit
Kappa
Treasury
Funding
DAC
,
7
.50
%
,
11/20/25
...........................
3,000
3,024
12,736
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
4,390
4,330
Utilities
(0.1%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
(l)
.............................
3,000
3,016
Total
Yankee
Dollars
(Cost
$196,134)
a
a
a
198,813
Municipal
Bonds
(1.1%)
Alabama
(0.1%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-2
,
6
.00
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
2,000
2,099
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
California
(0.3%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
Series
B
,
5
.71
%
,
7/1/30
..............................................
$
2,780
$
2,834
Series
B
,
5
.76
%
,
7/1/31
..............................................
2,560
2,613
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
4
.82
%
,
8/1/25
...................................................
1,505
1,505
6,952
Colorado
(0.0%):(c)
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
435
424
Florida
(0.1%):
Hillsborough
County
IDA
Revenue
,
2
.16
%
,
8/1/25
...............................
2,910
2,910
Georgia
(0.1%):
Athens
Housing
Authority
Revenue
,
2
.32
%
,
12/1/25
..............................
3,215
3,193
Illinois
(0.1%):
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.57
%
,
12/1/27
....................................................
750
750
4
.63
%
,
12/1/28
....................................................
1,000
1,000
1,750
Indiana
(0.0%):(c)
Indiana
Finance
Authority
Revenue
,
Series
B
,
2
.45
%
,
11/15/25
......................
360
357
Maryland
(0.1%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
1
.89
%
,
1/1/26
.......
4,135
4,065
Massachusetts
(0.0%):(c)
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
5
.52
%
,
7/1/35
........
1,250
1,264
New
Jersey
(0.1%):
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.20
%
,
11/1/25
...............
3,515
3,488
New
York
(0.0%):(c)
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
,
Series
B
,
3
.35
%
,
11/1/25
325
323
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
1,410
1,425
Texas
(0.1%):
San
Antonio
Education
Facilities
Corp.
Revenue
1
.99
%
,
4/1/26
.....................................................
860
842
2
.19
%
,
4/1/27
.....................................................
525
500
1,342
Total
Municipal
Bonds
(Cost
$29,535)
a
a
a
29,592
U.S.
Government
Agency
Mortgages
(0.8%)
CoBank
ACB
Series
I
,
6
.25
%
(
US0003M
+
466
bps
)
(d)
(i)
(j)
................................
5,700
5,728
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(d)
(i)
................................
11,400
11,387
Federal
Home
Loan
Mortgage
Corporation
6
.63
%
(
RFUCCT1Y
+
163
bps
)
,
4/1/35
(d)
..................................
84
84
5
.50
%
,
10/1/38
....................................................
1,288
1,310
1,394
Federal
National
Mortgage
Association
2
.50
%
,
4/1/27
-
8/1/27
...............................................
1,552
1,523
1
.50
%
,
3/1/37
.....................................................
2,968
2,635
4,158
Total
U.S.
Government
Agency
Mortgages
(Cost
$22,365)
a
a
a
22,667
U.S.
Treasury
Obligations
(15.0%)
U.S.
Treasury
Notes
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.25
%
,
10/15/25
....................................................
$
6,000
$
5,999
3
.88
%
,
1/15/26
....................................................
3,000
2,994
4
.50
%
,
3/31/26
....................................................
7,000
7,009
4
.63
%
,
9/15/26
....................................................
59,000
59,306
4
.38
%
,
12/15/26
....................................................
25,000
25,102
0
.50
%
,
8/31/27
....................................................
74,000
68,970
4
.13
%
,
11/15/27
....................................................
27,000
27,118
4
.00
%
,
6/30/28
....................................................
55,000
55,176
3
.75
%
,
12/31/28
....................................................
17,000
16,918
1
.63
%
,
8/15/29
....................................................
50,000
45,848
4
.13
%
,
8/31/30
....................................................
55,000
55,391
4
.00
%
,
1/31/31
....................................................
56,000
55,969
Total
U.S.
Treasury
Obligations
(Cost
$420,686)
a
a
a
425,800
Commercial
Paper
(6.8%)
Consumer
Staples
(1.6%):
Bacardi
Martini
BV
,
4
.94
%
,
9/4/25
(a)
(m)
......................................
14,500
14,431
Bacardi
USA,
Inc.
,
4
.85
%
,
8/21/25
(a)
(m)
......................................
3,000
2,991
CVS
Corp.
5
.00
%
,
8/25/25
(a)
(m)
................................................
1,000
996
5
.03
%
,
9/8/25
(a)
(m)
.................................................
6,500
6,465
CVS
Health
Corp.
4
.86
%
,
8/8/25
(a)
(m)
.................................................
5,000
4,995
4
.90
%
,
8/11/25
(a)
(m)
................................................
4,500
4,493
4
.91
%
,
8/12/25
(a)
(m)
................................................
7,000
6,989
4
.96
%
,
8/18/25
(a)
(m)
................................................
4,000
3,990
45,350
Energy
(1.8%):
Canadian
Natural
Resources
Ltd.
4
.74
%
,
8/13/25
(a)
(m)
................................................
4,200
4,193
4
.75
%
,
8/19/25
(a)
(m)
................................................
2,100
2,094
4
.76
%
,
8/25/25
(a)
(m)
................................................
17,000
16,944
Ovintiv,
Inc.
5
.01
%
,
8/20/25
(a)
(m)
................................................
19,500
19,446
5
.01
%
,
9/22/25
(a)
(m)
................................................
8,600
8,537
51,214
Health
Care
(0.9%):
HCA,
Inc.
4
.83
%
,
8/4/25
(a)
(m)
.................................................
5,000
4,997
4
.83
%
,
8/5/25
(a)
(m)
.................................................
5,000
4,997
4
.83
%
,
8/6/25
(a)
(m)
.................................................
5,000
4,996
4
.86
%
,
8/12/25
(a)
(m)
................................................
5,000
4,992
4
.74
%
,
8/28/25
(a)
(m)
................................................
6,600
6,576
26,558
Industrials
(0.5%):
Global
Payments,
Inc.
,
4
.90
%
,
8/7/25
(a)
(m)
....................................
5,000
4,995
Sonoco
Products
Co.
,
4
.91
%
,
8/1/25
(a)
(m)
.....................................
8,900
8,899
13,894
Materials
(1.0%):
FMC
Corp.
5
.12
%
,
8/1/25
(a)
(m)
.................................................
7,300
7,299
5
.14
%
,
8/7/25
(a)
(m)
.................................................
10,900
10,889
5
.14
%
,
8/13/25
(a)
(m)
................................................
6,900
6,887
5
.15
%
,
8/15/25
(a)
(m)
................................................
3,000
2,994
28,069
Real
Estate
(0.6%):
Crown
Castle,
Inc.
4
.97
%
,
8/5/25
(a)
(m)
.................................................
7,100
7,095
4
.97
%
,
8/7/25
(a)
(m)
.................................................
2,900
2,897
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.03
%
,
8/26/25
(a)
(m)
................................................
$
6,000
$
5,979
15,971
Utilities
(0.4%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
4
.38
%
,
8/6/25
(a)
(m)
.................................................
3,000
2,998
5
.17
%
,
8/13/25
(a)
(m)
................................................
8,500
8,484
11,482
Total
Commercial
Paper
(Cost
$192,559)
a
a
a
192,538
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(n)
........
2,076,215
2,077
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(n)
............
2,076,215
2,076
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(n)
...............
2,076,215
2,076
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(n)
.
2,076,215
2,076
Total
Collateral
for
Securities
Loaned
(Cost
$8,305)
a
a
a
8,305
Total
Investments
(Cost
$2,826,767)
—
100.6%
2,851,220
Liabilities
in
excess
of
other
assets
—  (0.6)%
(18,372)
NET
ASSETS
-
100.00%
$
2,832,848
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
9.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2025,
the
fair
value
of
these
securities
was
$1,478,541
(thousands)
and
amounted
to
52.2%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2025.
(e)
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
July
31,
2025.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
The
Fund
may
enter
into
certain
credit
agreements
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
July
31,
2025,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$4,433
(thousands),
which
included
$(68)
(thousands)
unrealized
loss.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(j)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(k)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(l)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(m)
Rate
represents
the
effective
yield
at
July
31,
2025.
(n)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
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
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IBOR
—
Interbank
Offered
Rate
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
RFUCCT1Y
—
Refinitiv
USD
IBOR
Customer
Cash
Fallbacks
Term
1
Year,
rate
disclosed
as
of
July
31,
2025
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2025.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
July
31,
2025,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2025.
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.
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
192
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(19.8%)
ABS
Auto
(9.8%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A
,
Class
B
,
4
.99
%
,
3/25/30
,
Callable
9/25/28
@
100
(a)
..............
$
961
$
956
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
9/25/28
@
100
(a)
..............
1,081
1,084
Series
2025-1A
,
Class
D
,
5
.68
%
,
3/25/33
,
Callable
9/25/28
@
100
(a)
..............
749
744
Ally
Bank
Auto
Credit-Linked
Notes
,
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
1/15/28
@
100
(a)
...................................................
2,188
2,189
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
10/15/28
@
100
(a)
.............
1,105
1,115
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
10/15/28
@
100
(a)
............
1,351
1,370
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
10/15/28
@
100
(a)
.............
1,155
1,167
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
8/15/25
@
100
(a)
..............
742
741
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
8/15/25
@
100
(a)
...............
1,517
1,516
Series
2022-A
,
Class
C
,
4
.17
%
,
1/15/31
,
Callable
8/15/25
@
100
(a)
...............
2,200
2,199
Series
2024-A
,
Class
C
,
5
.38
%
,
11/15/32
,
Callable
10/15/27
@
100
(a)
.............
751
758
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
.............
78
79
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
748
762
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
1,246
1,265
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
C
,
5
.19
%
,
12/10/30
,
Callable
9/10/28
@
100
(a)
.............
1,524
1,544
Series
2025-1A
,
Class
D
,
5
.63
%
,
9/10/32
,
Callable
9/10/28
@
100
(a)
..............
2,613
2,646
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2020-1A
,
Class
B
,
2
.68
%
,
8/20/26
,
Callable
9/20/25
@
100
(a)
..............
667
666
Series
2020-1A
,
Class
D
,
3
.34
%
,
8/20/26
,
Callable
9/20/25
@
100
(a)
..............
300
300
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
3,250
3,284
Series
2023-3A
,
Class
C
,
7
.05
%
,
2/22/28
(a)
................................
8,750
8,909
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
................................
10,272
10,450
Series
2023-6A
,
Class
B
,
6
.40
%
,
12/20/29
(a)
...............................
2,811
2,924
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
3,749
3,899
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A3
,
5
.35
%
,
11/15/28
,
Callable
5/15/27
@
100
(a)
...
18
18
CarMax
Auto
Owner
Trust
................................................
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
10/15/25
@
100
................
3,981
3,950
Series
2021-4
,
Class
D
,
1
.48
%
,
3/15/28
,
Callable
12/15/25
@
100
................
2,831
2,782
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
9/15/26
@
100
.................
2,716
2,747
Series
2023-2
,
Class
B
,
5
.18
%
,
11/15/28
,
Callable
5/15/27
@
100
................
3,250
3,282
Series
2024-3
,
Class
D
,
5
.67
%
,
1/15/31
,
Callable
2/15/28
@
100
.................
1,822
1,846
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1
,
Class
C
,
1
.32
%
,
11/9/26
,
Callable
12/8/25
@
100
................
551
546
Series
2021-N1
,
Class
D
,
1
.50
%
,
1/10/28
,
Callable
8/10/26
@
100
................
237
232
Series
2021-N2
,
Class
D
,
1
.27
%
,
3/10/28
,
Callable
4/10/27
@
100
................
357
345
Series
2021-N4
,
Class
D
,
2
.30
%
,
9/11/28
,
Callable
10/10/27
@
100
...............
167
162
Series
2021-P2
,
Class
C
,
1
.60
%
,
6/10/27
,
Callable
2/10/27
@
100
................
10,000
9,684
Chase
Auto
Owner
Trust
..................................................
Series
2024-1A
,
Class
D
,
5
.87
%
,
6/25/31
,
Callable
12/25/27
@
100
(a)
.............
2,742
2,805
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
10/25/27
@
100
(a)
.............
2,175
2,243
Series
2024-3A
,
Class
B
,
5
.28
%
,
1/25/30
,
Callable
12/25/27
@
100
(a)
.............
2,776
2,827
Series
2024-3A
,
Class
C
,
5
.41
%
,
2/28/30
,
Callable
12/25/27
@
100
(a)
.............
3,671
3,752
Series
2024-4A
,
Class
C
,
5
.46
%
,
7/25/30
,
Callable
2/25/28
@
100
(a)
..............
2,716
2,775
Series
2024-4A
,
Class
D
,
5
.79
%
,
11/25/31
,
Callable
2/25/28
@
100
(a)
.............
2,535
2,586
Series
2024-5A
,
Class
C
,
4
.62
%
,
8/26/30
,
Callable
4/25/28
@
100
(a)
..............
3,616
3,594
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
4/25/28
@
100
(a)
..............
1,610
1,593
Series
2025-1A
,
Class
D
,
5
.24
%
,
11/26/32
,
Callable
1/25/29
@
100
(a)
.............
3,170
3,169
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
826
830
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
936
943
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
1,404
1,417
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
1,858
1,902
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
2,874
2,946
Series
2024-1A
,
Class
B
,
5
.44
%
,
5/15/36
,
Callable
7/15/27
@
100
(a)
..............
2,545
2,588
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
7/15/27
@
100
(a)
..............
2,200
2,239
Credit
Acceptance
Auto
Loan
Trust
..........................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
7/15/26
@
100
(a)
..............
$
150
$
152
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
10/15/26
@
100
(a)
.............
1,602
1,647
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
3,840
3,928
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
2,875
2,897
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
2,724
2,785
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
4,691
4,856
Series
2023-5A
,
Class
A
,
6
.13
%
,
12/15/33
,
Callable
6/15/27
@
100
(a)
.............
4,598
4,645
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
6/15/27
@
100
(a)
..............
5,730
5,930
Series
2024-1A
,
Class
C
,
6
.71
%
,
7/17/34
,
Callable
6/15/27
@
100
(a)
..............
3,207
3,286
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
10/15/25
@
100
.............................................................
2,331
2,316
DT
Auto
Owner
Trust
,
Series
2021-2A
,
Class
E
,
2
.97
%
,
7/17/28
,
Callable
9/15/25
@
100
(a)
.
4,450
4,439
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
............
1,436
1,470
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
6/15/28
@
100
(a)
..............
770
799
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
12/20/25
@
100
(a)
.............
1,125
1,122
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
6/20/26
@
100
(a)
.............
2,750
2,779
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
5
5
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
2,349
2,436
Series
2024-1
,
Class
A2
,
5
.23
%
,
3/20/30
,
Callable
9/20/27
@
100
(a)
..............
8
8
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
3,291
3,388
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
5/15/28
@
100
(a)
.............
597
609
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
2/15/29
@
100
(a)
..............
1,374
1,387
Series
2025-1A
,
Class
C
,
5
.61
%
,
12/15/31
,
Callable
2/15/29
@
100
(a)
.............
1,212
1,225
Flagship
Credit
Auto
Trust
,
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
8/15/25
@
100
(a)
3,136
3,127
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
191
191
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
2,584
2,610
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-1
,
Class
C
,
1
.91
%
,
10/17/33
,
Callable
4/15/26
@
100
(a)
..............
1,921
1,880
Series
2021-1
,
Class
D
,
2
.31
%
,
10/17/33
,
Callable
4/15/26
@
100
(a)
..............
1,650
1,615
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
2,250
2,169
Series
2021-2
,
Class
D
,
2
.60
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
500
483
Series
2022-1
,
Class
C
,
4
.67
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
2,000
1,990
Series
2022-1
,
Class
D
,
5
.16
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
2,457
2,447
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
4,111
4,170
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
10,250
10,436
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
10,940
11,125
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
4,925
5,099
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
3,710
3,839
Series
2023-2
,
Class
D
,
6
.60
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,881
1,930
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
............................................
4,385
4,389
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
2/15/28
@
100
(a)
...........................................................
1,185
1,224
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-2A
,
Class
E
,
2
.87
%
,
5/15/28
,
Callable
2/15/26
@
100
(a)
..............
2,500
2,474
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
11/15/27
@
100
(a)
.............
4,738
4,839
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
8/15/28
@
100
(a)
..............
1,381
1,402
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
3/15/29
@
100
(a)
.............
2,266
2,252
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2
,
Class
B
,
5
.54
%
,
5/20/27
,
Callable
10/20/25
@
100
....................................................
1,250
1,251
GM
Financial
Revolving
Receivables
Trust
,
Series
2021-1
,
Class
C
,
1
.67
%
,
6/12/34
,
Callable
9/11/26
@
100
(a)
...................................................
1,388
1,338
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2023-1
,
Class
B
,
5
.73
%
,
6/15/28
(a)
.................................
3,050
3,070
Series
2024-2A
,
Class
B
,
5
.35
%
,
3/15/31
(a)
................................
2,259
2,306
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
C
,
5
.77
%
,
2/15/30
,
Callable
12/15/27
@
100
(a)
.............
982
999
Series
2024-1A
,
Class
D
,
6
.50
%
,
6/15/32
,
Callable
12/15/27
@
100
(a)
.............
940
958
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
1/15/27
@
100
(a)
...............
$
3,276
$
3,302
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
1/15/27
@
100
(a)
..............
2,457
2,491
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
3,739
3,766
Series
2023-2A
,
Class
B
,
6
.49
%
,
9/25/29
(a)
................................
3,038
3,134
Series
2023-2A
,
Class
C
,
7
.13
%
,
9/25/29
(a)
................................
1,075
1,105
Series
2023-3A
,
Class
A
,
5
.94
%
,
2/25/28
(a)
................................
2,875
2,916
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
................................
1,112
1,128
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
C
,
2
.52
%
,
12/27/27
(a)
............
1,833
1,759
Hertz
Vehicle
Financing
LLC
..............................................
Series
2022-2A
,
Class
A
,
2
.33
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
3,750
3,598
Series
2022-2A
,
Class
B
,
2
.65
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
2,480
2,370
Series
2022-2A
,
Class
C
,
2
.95
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
3,500
3,323
Series
2022-4A
,
Class
A
,
3
.73
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
1,000
999
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
1,667
1,664
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1
,
Class
B1
,
6
.15
%
,
5/20/32
,
Callable
11/20/27
@
100
(a)
.............
1,523
1,540
Series
2024-2
,
Class
B1
,
5
.44
%
,
10/20/32
,
Callable
8/20/28
@
100
(a)
.............
5,007
5,032
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
9/15/28
@
100
.............................................................
1,265
1,267
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
382
381
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
3/15/27
@
100
(a)
..............
2,760
2,765
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
3/15/27
@
100
(a)
.............
4,600
4,632
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
3/15/27
@
100
(a)
..............
2,037
2,082
Series
2023-2A
,
Class
B
,
5
.45
%
,
4/15/28
,
Callable
8/15/27
@
100
(a)
..............
4,531
4,542
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
8/15/27
@
100
(a)
..............
7,300
7,338
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
8/15/27
@
100
(a)
..............
1,698
1,730
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
7/15/27
@
100
(a)
..............
4,094
4,132
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
7/15/27
@
100
(a)
.............
3,794
3,901
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
11/15/27
@
100
(a)
............
2,818
2,860
Series
2023-4A
,
Class
C
,
6
.76
%
,
3/15/29
,
Callable
11/15/27
@
100
(a)
.............
3,288
3,367
Series
2023-4A
,
Class
D
,
7
.37
%
,
4/15/31
,
Callable
11/15/27
@
100
(a)
.............
4,696
4,875
Series
2024-1A
,
Class
C
,
5
.64
%
,
6/15/29
,
Callable
11/15/27
@
100
(a)
.............
2,888
2,921
Series
2024-2A
,
Class
B
,
5
.50
%
,
7/16/29
,
Callable
2/15/28
@
100
(a)
..............
2,716
2,751
Series
2024-2A
,
Class
C
,
5
.66
%
,
10/15/29
,
Callable
2/15/28
@
100
(a)
.............
2,716
2,756
Series
2024-2A
,
Class
D
,
6
.37
%
,
10/15/31
,
Callable
2/15/28
@
100
(a)
.............
2,218
2,308
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
3/15/28
@
100
(a)
..............
2,556
2,549
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
3,237
3,258
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
5,014
5,066
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
7,372
7,491
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
..............
1,358
1,385
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
.................................
708
712
Series
2024-1
,
Class
C
,
6
.13
%
,
4/25/29
(a)
.................................
1,149
1,154
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
1,263
1,265
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
11/15/27
@
100
(a)
............
3,145
3,218
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
11/15/27
@
100
(a)
............
5,171
5,424
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
8/15/29
@
100
(a)
..............
2,907
2,906
Series
2025-1A
,
Class
C
,
5
.20
%
,
10/15/31
,
Callable
8/15/29
@
100
(a)
.............
2,969
2,968
Oscar
US
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
8/10/25
@
100
(a)
...........................................................
172
171
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
4/10/26
@
100
(a)
...........................................................
1,527
1,507
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
3,162
3,151
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,222
1,222
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
3/15/26
@
100
(a)
...............
1,382
1,386
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Prestige
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
C
,
1
.53
%
,
2/15/28
,
Callable
9/15/26
@
100
(a)
...........................................................
$
195
$
194
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
1,370
1,374
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
21
21
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
.............
68
68
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
262
263
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
267
268
Series
2023-B
,
Class
B
,
5
.64
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
1,888
1,897
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
797
803
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
3,712
3,751
Series
2024-B
,
Class
B
,
4
.97
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
4,296
4,294
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
4,431
4,434
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
5,109
5,114
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
3,053
3,065
Santander
Consumer
Auto
Receivables
Trust
,
Series
2021-AA
,
Class
E
,
3
.28
%
,
3/15/27
,
Callable
11/15/25
@
100
(a)
...........................................
940
933
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
4/20/27
@
100
(a)
76
77
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
5/15/28
@
100
(a)
...............
2,749
2,767
Series
2025-SF1
,
Class
D
,
5
.34
%
,
9/15/31
,
Callable
2/15/30
@
100
(a)
.............
1,718
1,720
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
1,199
1,229
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
11/15/27
@
100
(a)
.............
6,570
6,795
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
11/15/27
@
100
(a)
............
3,459
3,586
Series
2024-1A
,
Class
C
,
5
.62
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
2,716
2,756
Series
2025-1A
,
Class
C
,
5
.08
%
,
2/17/32
,
Callable
7/15/29
@
100
(a)
..............
2,681
2,678
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
1,097
1,103
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...............
1,297
1,306
Series
2025-B
,
Class
D
,
5
.46
%
,
12/29/32
,
Callable
9/25/28
@
100
(a)
..............
1,972
1,986
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
10/20/27
@
100
(a)
.............
2,541
2,601
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
1/20/28
@
100
(a)
..............
1,841
1,871
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
8/20/25
@
100
(a)
...............
6,381
6,385
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
.............
1,362
1,368
Tesla
Electric
Vehicle
Trust
,
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
7/20/27
@
100
(a)
...........................................................
2,900
2,967
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
8/20/25
@
100
(a)
...........................................................
3,071
3,072
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
9/25/26
@
100
(a)
........
1,874
1,892
United
Auto
Credit
Securitization
Trust
,
Series
2024-1
,
Class
B
,
6
.57
%
,
6/10/27
(a)
........
2,323
2,326
USB
Auto
Owner
Trust
...................................................
Series
2025-1A
,
Class
C
,
4
.96
%
,
3/17/31
,
Callable
4/15/28
@
100
(a)
..............
1,857
1,867
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
4/15/28
@
100
(a)
.............
729
733
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
8/15/27
@
100
(a)
..............
2,509
2,551
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
8/15/27
@
100
(a)
..............
3,280
3,365
Western
Funding
Auto
Loan
Trust
,
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
...........
1,531
1,531
Westlake
Automobile
Receivables
Trust
,
Series
2023-P1
,
Class
C
,
6
.44
%
,
6/15/27
,
Callable
8/15/26
@
100
(a)
...................................................
1,200
1,209
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
1,182
1,189
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,819
2,895
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
3,036
3,126
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
3,425
3,544
Series
2024-1A
,
Class
C
,
5
.69
%
,
2/18/39
(a)
................................
4,009
4,068
Series
2024-2A
,
Class
A1
,
4
.87
%
,
6/21/39
(a)
...............................
4,222
4,240
Series
2024-2A
,
Class
C
,
4
.89
%
,
6/21/39
(a)
................................
4,524
4,533
Series
2024-3A
,
Class
B
,
5
.07
%
,
9/19/39
(a)
................................
3,366
3,392
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
3,655
3,681
Series
2025-2A
,
Class
C
,
4
.86
%
,
5/18/40
(a)
................................
2,370
2,361
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
World
Omni
Auto
Receivables
Trust
,
Series
2021-C
,
Class
C
,
1
.06
%
,
4/17/28
,
Callable
9/15/25
@
100
...........................................................
$
5,000
$
4,976
World
Omni
Select
Auto
Trust
,
Series
2021-A
,
Class
C
,
1
.09
%
,
11/15/27
,
Callable
10/15/25
@
100
.............................................................
736
732
508,617
ABS
Card
(1.4%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
107
111
BA
Credit
Card
Trust
,
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
......................
18
18
CARDS
II
Trust
........................................................
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
................................
2,282
2,292
Series
2025-1A
,
Class
C
,
5
.42
%
,
3/15/31
(a)
................................
3,650
3,652
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
5,295
5,321
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
3,029
3,038
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
6,394
6,441
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
1,992
1,996
Golden
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
1
.44
%
,
8/15/28
(a)
................................
4,500
4,347
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
................................
2,233
2,151
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
1,719
1,654
Master
Credit
Card
Trust
II
................................................
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
2,575
2,578
Series
2023-4A
,
Class
B
,
6
.56
%
,
10/21/32
(a)
...............................
1,646
1,729
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
4,190
4,397
Series
2024-1A
,
Class
B
,
5
.53
%
,
1/21/28
(a)
................................
2,838
2,846
Series
2024-1A
,
Class
C
,
6
.02
%
,
1/21/28
(a)
................................
2,515
2,521
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/15/31
..............
27
27
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
10,200
9,837
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
1,053
1,070
Series
2023-2A
,
Class
B
,
5
.35
%
,
3/26/33
(a)
................................
2,900
2,944
Series
2023-2A
,
Class
C
,
6
.32
%
,
3/26/33
(a)
................................
2,702
2,794
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
................................
3,625
3,628
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
3,319
3,322
Series
2024-1A
,
Class
B
,
5
.50
%
,
12/26/28
(a)
...............................
2,995
3,001
Series
2024-1A
,
Class
C
,
5
.99
%
,
12/26/28
(a)
...............................
1,677
1,680
73,395
ABS
Other
(8.5%):
Aligned
Data
Centers
Issuer
LLC
...........................................
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/25
@
100
(a)
.............
3,000
2,901
Series
2021-1A
,
Class
B
,
2
.48
%
,
8/15/46
,
Callable
8/15/25
@
100
(a)
..............
1,500
1,446
AMSR
Trust
..........................................................
Series
2021-SFR1
,
Class
C
,
2
.35
%
,
6/17/38
(a)
(b)
............................
1,800
1,671
Series
2021-SFR1
,
Class
D
,
2
.60
%
,
6/17/38
(a)
(b)
............................
1,500
1,384
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
879
876
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
752
753
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
1,998
2,042
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
563
586
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,638
1,663
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
2,616
2,644
Amur
Equipment
Finance
Receivables
XIV
LLC
,
Series
2024-2A
,
Class
C
,
5
.38
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
............................................
4,527
4,572
Amur
Equipment
Finance
Receivables
XV
LLC
,
Series
2025-1A
,
Class
C
,
5
.39
%
,
1/20/32
,
Callable
5/20/29
@
100
(a)
............................................
2,636
2,663
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
1,890
1,939
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
1,337
1,379
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
1,018
1,065
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
197
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
..............
$
1,666
$
1,717
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
4/13/31
@
100
(a)
.........................................................
3,969
4,038
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
8/15/27
@
100
(a)
..............
1,615
1,613
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
8/15/27
@
100
(a)
..............
836
850
Capital
Automotive
REIT
,
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........................................................
3,275
3,161
CARS-DB5
LP
,
Series
2021-1A
,
Class
A2
,
2
.28
%
,
8/15/51
,
Callable
8/15/28
@
100
(a)
.....
2,079
1,760
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
3,086
3,100
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
...............
2,493
2,526
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
4/14/27
@
100
(a)
...............
1,424
1,480
Series
2025-1
,
Class
C
,
4
.89
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
1,212
1,217
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
450
449
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
B1
,
1
.98
%
,
3/15/61
,
Callable
8/15/25
@
100
(a)
...........................................................
1,885
1,442
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
4/20/28
@
100
(a)
...........................................................
925
916
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
6,182
6,255
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC
,
Series
2025-1A
,
Class
A2
,
6
.00
%
,
5/20/55
,
Callable
5/20/28
@
100
(a)
.............................
935
952
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
7/15/27
@
100
(a)
.........................................................
364
367
Crossroads
Asset
Trust
,
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
1/20/29
@
100
(a)
.
613
616
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
4,218
4,097
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
3,893
3,968
DB
Master
Finance
LLC
,
Series
2021-1A
,
Class
A2II
,
2
.49
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
...........................................................
7,510
6,940
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
11/22/25
@
100
(a)
..............
2,125
2,135
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
1,975
1,984
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
3,569
3,600
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
5/22/26
@
100
(a)
..............
1,164
1,179
Series
2024-1
,
Class
C
,
5
.73
%
,
3/22/30
,
Callable
12/22/26
@
100
(a)
..............
1,237
1,248
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
12/22/26
@
100
(a)
..............
1,250
1,267
Series
2025-1
,
Class
D
,
5
.64
%
,
8/22/31
,
Callable
12/22/27
@
100
(a)
..............
925
937
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
...............
8,330
8,451
Series
2023-2
,
Class
C
,
6
.93
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
...............
3,476
3,571
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
...............
1,566
1,661
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A
,
Class
B
,
2
.36
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
..............
6,000
5,673
Series
2021-1A
,
Class
C
,
3
.48
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
..............
3,000
2,834
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
4,418
4,126
Diamond
Resorts
Owner
Trust
,
Series
2021-1A
,
Class
B
,
2
.05
%
,
11/21/33
,
Callable
9/20/25
@
100
(a)
...........................................................
286
284
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
(a)
...............................
100
100
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
5/20/29
@
100
(a)
.............
203
207
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
2/20/29
@
100
(a)
......
36
37
DLLMT
LLC
,
Series
2024-1A
,
Class
A3
,
4
.84
%
,
8/21/28
,
Callable
5/20/28
@
100
(a)
......
15
15
FirstKey
Homes
Trust
....................................................
Series
2021-SFR2
,
Class
C
,
1
.71
%
,
9/17/38
(a)
(b)
............................
6,512
6,244
Series
2021-SFR2
,
Class
D
,
2
.06
%
,
9/17/38
(a)
(b)
............................
4,500
4,317
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
(b)
...........................
2,399
2,319
Ford
Credit
Floorplan
Master
Owner
Trust
A
...................................
Series
2020-2
,
Class
C
,
1
.87
%
,
9/15/27
...................................
1,447
1,429
Series
2023-1
,
Class
B
,
5
.31
%
,
5/15/28
(a)
.................................
3,430
3,443
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
.................................
3,886
3,906
Series
2024-2
,
Class
B
,
5
.56
%
,
4/15/31
(a)
.................................
3,174
3,265
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-4
,
Class
B
,
4
.61
%
,
9/15/31
(a)
.................................
$
6,005
$
6,031
Frontier
Issuer
LLC
.....................................................
Series
2023-1
,
Class
A2
,
6
.60
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
9,439
9,554
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...............
6,585
6,742
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
22,560
23,611
Series
2024-1
,
Class
A2
,
6
.19
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
2,716
2,779
Series
2024-1
,
Class
C
,
11
.16
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
16,618
18,454
FRTKL
,
Series
2021-SFR1
,
Class
D
,
2
.17
%
,
9/17/38
(a)
(b)
.........................
1,500
1,442
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
7/20/26
@
100
(a)
..............
1,538
1,589
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
7/20/26
@
100
(a)
..............
1,411
1,471
Series
2023-1A
,
Class
E
,
7
.00
%
,
6/20/35
,
Callable
7/20/26
@
100
(a)
..............
1,176
1,156
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
910
921
Series
2025-1
,
Class
C
,
5
.01
%
,
1/18/33
,
Callable
5/15/29
@
100
(a)
...............
3,430
3,440
HPEFS
Equipment
Trust
..................................................
Series
2022-3A
,
Class
C
,
6
.13
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
..............
2,405
2,407
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
12/20/26
@
100
(a)
.............
2,350
2,388
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
2,259
2,284
Series
2024-2A
,
Class
B
,
5
.35
%
,
10/20/31
,
Callable
1/20/28
@
100
(a)
.............
3,621
3,655
Series
2024-2A
,
Class
D
,
5
.82
%
,
4/20/32
,
Callable
1/20/28
@
100
(a)
..............
1,940
1,972
Series
2025-1A
,
Class
C
,
4
.79
%
,
9/20/32
,
Callable
3/20/29
@
100
(a)
..............
1,978
1,974
Series
2025-1A
,
Class
D
,
4
.99
%
,
3/21/33
,
Callable
3/20/29
@
100
(a)
..............
4,770
4,759
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A
,
Class
A3
,
2
.67
%
,
10/15/26
,
Callable
1/15/26
@
100
(a)
............
359
358
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
.............
5
5
Series
2025-1A
,
Class
A4
,
4
.87
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
.............
63
64
Lyra
Music
Assets
Delaware,
LP
,
Series
2025-1A
,
Class
A2
,
5
.60
%
,
9/20/65
,
Callable
12/20/27
@
100
(a)
.........................................................
5,000
5,000
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A3
,
5
.74
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.............
1,622
1,631
Series
2025-1A
,
Class
A4
,
4
.91
%
,
3/16/32
,
Callable
5/16/29
@
100
(a)
.............
1,804
1,809
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
3,682
3,603
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
48
49
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
9/13/30
@
100
(a)
..............
73
74
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
1/15/29
@
100
(a)
...
2,619
2,620
MVW
LLC
,
Series
2021-1WA
,
Class
B
,
1
.44
%
,
1/22/41
,
Callable
5/20/27
@
100
(a)
.......
265
253
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
8/20/25
@
100
(a)
.............
6,097
5,001
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
8/20/25
@
100
(a)
.............
1,832
1,429
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
...............
1,043
1,059
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
.............
3,296
3,309
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
5/15/28
@
100
(a)
..............
3,217
3,205
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
2,860
2,872
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
2,991
3,018
NP
SPE
II
LLC
,
Series
2017-1A
,
Class
A2
,
4
.22
%
,
10/21/47
(a)
......................
5,875
5,368
NP
SPE
X
LP
..........................................................
Series
2019-2A
,
Class
A2
,
3
.10
%
,
11/19/49
(a)
..............................
1,737
1,630
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
..............................
2,035
1,945
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
8/14/25
@
100
(a)
.........................................................
3,596
3,635
PEAC
Solutions
Receivables
LLC
...........................................
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
3,629
3,670
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
3,315
3,365
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
2,601
2,633
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,139
1,150
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
461
471
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
948
955
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
2,254
2,258
Progress
Residential
Trust
.................................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-SFR3
,
Class
D
,
2
.29
%
,
5/17/26
(a)
(b)
............................
$
2,000
$
1,968
Series
2021-SFR4
,
Class
C
,
2
.04
%
,
5/17/38
(a)
(b)
............................
2,351
2,318
Series
2021-SFR4
,
Class
D
,
2
.31
%
,
5/17/38
(a)
(b)
............................
2,500
2,466
Series
2021-SFR5
,
Class
D
,
2
.11
%
,
7/17/38
(a)
(b)
............................
2,000
1,951
Series
2021-SFR6
,
Class
D
,
2
.23
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
3,000
2,925
Series
2021-SFR7
,
Class
B
,
1
.94
%
,
8/17/40
(a)
(b)
............................
3,250
3,010
Retained
Vantage
Data
Centers
Issuer
LLC
.....................................
Series
2024-1A
,
Class
A2
,
4
.99
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
.............
5,195
5,115
Series
2024-1A
,
Class
B
,
5
.78
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
..............
1,400
1,396
SCF
Equipment
Leasing
LLC
..............................................
Series
2022-2A
,
Class
C
,
6
.50
%
,
8/20/32
,
Callable
9/20/25
@
100
(a)
..............
827
829
Series
2022-2A
,
Class
D
,
6
.50
%
,
10/20/32
,
Callable
9/20/25
@
100
(a)
.............
2,144
2,162
Series
2023-1A
,
Class
A3
,
6
.17
%
,
5/20/32
,
Callable
8/20/29
@
100
(a)
.............
2,270
2,289
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
5,955
6,055
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
4,440
4,487
Series
2025-1A
,
Class
D
,
5
.88
%
,
11/20/35
,
Callable
9/20/31
@
100
(a)
.............
3,001
3,036
Sotheby's
Artfi
Master
Trust
,
Series
2024-1A
,
Class
A1
,
6
.43
%
,
12/22/31
,
Callable
9/20/25
@
100
(a)
...........................................................
4,847
4,877
Subway
Funding
LLC
,
Series
2024-1A
,
Class
A2II
,
6
.27
%
,
7/30/54
,
Callable
7/30/28
@
100
(a)
3,150
3,203
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
(a)
.................
4,281
4,201
Tricon
Residential
Trust
..................................................
Series
2022-SFR2
,
Class
B
,
5
.24
%
,
7/17/40
,
Callable
7/17/28
@
100
(a)
(b)
..........
1,800
1,801
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(b)
........
2,301
2,254
Trinity
Rail
Leasing
LLC
.................................................
Series
2019-1A
,
Class
A
,
3
.82
%
,
4/17/49
(a)
................................
2,915
2,886
Series
2021-1A
,
Class
A
,
2
.26
%
,
7/19/51
,
Callable
8/19/25
@
100
(a)
..............
836
774
Series
2022-1A
,
Class
A
,
4
.55
%
,
5/19/52
,
Callable
8/21/25
@
100
(a)
..............
2,244
2,194
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
4,134
4,170
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
1,642
1,679
Vantage
Data
Centers
Issuer
LLC
,
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
8/15/25
@
100
(a)
.........................................................
586
584
Vantage
Data
Centers
LLC
,
Series
2020-2A
,
Class
A2
,
1
.99
%
,
9/15/45
,
Callable
9/15/25
@
100
(a)
...........................................................
9,000
8,430
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2II
,
3
.71
%
,
2/15/57
,
Callable
2/15/30
@
100
(a)
............
4,500
3,967
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
3,263
3,103
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
7,500
7,072
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
3,151
3,171
Series
2024-1A
,
Class
D
,
6
.64
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
1,511
1,539
Series
2024-1A
,
Class
F
,
8
.87
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
93
96
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
795
806
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
1,077
1,103
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
2,102
2,125
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
793
809
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
661
675
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
819
843
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
.............
1,052
1,060
Series
2025-1A
,
Class
C
,
5
.57
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
..............
2,290
2,295
Series
2025-1A
,
Class
D
,
6
.49
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
..............
489
494
Verizon
Master
Trust
....................................................
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
3,866
3,916
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
1,145
1,160
Series
2024-4
,
Class
C
,
5
.60
%
,
6/20/29
,
Callable
6/20/26
@
100
.................
814
819
Series
2024-7
,
Class
C
,
4
.84
%
,
8/20/32
,
Callable
8/20/29
@
100
(a)
...............
6,425
6,381
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
3,113
3,118
Series
2025-2
,
Class
C
,
5
.34
%
,
1/20/33
,
Callable
1/20/30
@
100
(a)
...............
7,427
7,501
Wingspire
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
11/20/27
@
100
(a)
..................................................
1,447
1,455
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
3,481
3,516
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
$
2,593
$
2,620
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
2,560
2,615
Series
2025-2A
,
Class
B
,
6
.59
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
.............
1,522
1,569
439,236
Agency
ABS
Other
(0.1%):
SLM
Student
Loan
Trust
..................................................
Series
2003-14
,
Class
B
,
5
.15
%
(
SOFR90A
+
81
bps
)
,
10/25/65
,
Callable
10/25/25
@
100
(c)
...........................................................
288
274
Series
2012-6
,
Class
B
,
5
.46
%
(
SOFR30A
+
111
bps
)
,
4/27/43
,
Callable
2/25/30
@
100
(c)
2,500
2,343
2,617
Total
Asset-Backed
Securities
(Cost
$1,021,239)
a
a
a
1,023,865
Collateralized
Loan
Obligations
(1.7%)
Cash
Flow
CLO
(1.7%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A
,
Class
A2R
,
5
.93
%
(
TSFR3M
+
160
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(c)
.........................................................
4,197
4,205
Series
2022-1A
,
Class
BR
,
6
.03
%
(
TSFR3M
+
170
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(c)
.........................................................
3,997
4,008
720
East
CLO
II
Ltd.
....................................................
Series
2023-2A
,
Class
A2
,
6
.47
%
(
TSFR3M
+
215
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(c)
.........................................................
3,755
3,761
Series
2023-2A
,
Class
D
,
9
.47
%
(
TSFR3M
+
515
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(c)
.........................................................
2,816
2,818
720
East
CLO
IV
Ltd.
,
Series
2024-1A
,
Class
A2
,
6
.12
%
(
TSFR3M
+
180
bps
)
,
4/15/37
,
Callable
4/15/26
@
100
(a)
(c)
.................................................
2,767
2,772
720
East
CLO
VII
Ltd.
,
Series
2025-7A
,
Class
A2
,
5
.68
%
(
TSFR3M
+
140
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(c)
..........................................
2,587
2,591
AIMCO
CLO
Ltd.
......................................................
Series
2022-17A
,
Class
XR
,
5
.48
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
7/22/26
@
100
(a)
(c)
.........................................................
2,878
2,883
Series
2023-20A
,
Class
B1
,
6
.52
%
(
TSFR3M
+
220
bps
)
,
10/16/36
,
Callable
10/16/25
@
100
(a)
(c)
.........................................................
2,822
2,824
Series
2023-20A
,
Class
C1
,
7
.02
%
(
TSFR3M
+
270
bps
)
,
10/16/36
,
Callable
10/16/25
@
100
(a)
(c)
.........................................................
2,822
2,821
Ballyrock
CLO
Ltd.
,
Series
2025-30A
,
Class
A1B
(
TSFR3M
+
150
bps
)
,
10/25/38
(a)
(c)
.....
1,900
1,900
Barrow
Hanley
CLO
II
Ltd.
,
Series
2023-2A
,
Class
C
,
7
.83
%
(
TSFR3M
+
350
bps
)
,
10/20/35
,
Callable
10/20/25
@
100
(a)
(c)
.........................................
2,816
2,820
Columbia
Cent
CLO
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
10/24/25
@
100
(a)
...........................................................
3,750
3,739
Dryden
CLO
Ltd.
.......................................................
Series
2021-93A
,
Class
A2R
,
5
.92
%
(
TSFR3M
+
160
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(c)
.........................................................
2,169
2,172
Series
2021-93A
,
Class
XR
,
5
.47
%
(
TSFR3M
+
115
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(c)
.........................................................
3,175
3,180
Series
2023-102A
,
Class
A2
,
6
.32
%
(
TSFR3M
+
200
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(c)
.........................................................
1,690
1,691
Series
2024-121A
,
Class
B
,
6
.02
%
(
TSFR3M
+
170
bps
)
,
1/15/37
,
Callable
1/15/27
@
100
(a)
(c)
.........................................................
4,420
4,434
Golub
Capital
Partners
CLO
Ltd.
,
Series
2023-68A
,
Class
B
,
7
.12
%
(
TSFR3M
+
280
bps
)
,
7/25/36
,
Callable
10/25/25
@
100
(a)
(c)
...................................
2,345
2,351
Magnetite
XXXV
Ltd.
,
Series
2022-35A
,
Class
AR
,
5
.97
%
(
TSFR3M
+
165
bps
)
,
10/25/36
,
Callable
10/25/25
@
100
(a)
(c)
.........................................
4,705
4,710
Mountain
View
CLO
Ltd.
,
Series
2013-1A
,
Class
CRR
,
6
.78
%
(
TSFR3M
+
246
bps
)
,
10/12/30
,
Callable
10/12/25
@
100
(a)
(c)
.........................................
4,000
3,996
NGC
Ltd.
,
Series
2024-1A
,
Class
X
,
5
.48
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
7/20/26
@
100
(a)
(c)
.........................................................
3,053
3,060
Octagon
68
Ltd.
,
Series
2023-1A
,
Class
X
,
5
.63
%
(
TSFR3M
+
130
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(c)
................................................
3,135
3,137
Palmer
Square
Loan
Funding
Ltd.
...........................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-2A
,
Class
A2
,
6
.22
%
(
TSFR3M
+
190
bps
)
,
10/15/30
,
Callable
10/15/25
@
100
(a)
(c)
.........................................................
$
3,000
$
3,001
Series
2024-3A
,
Class
A2
,
5
.96
%
(
TSFR3M
+
165
bps
)
,
8/8/32
,
Callable
8/8/25
@
100
(a)
(c)
.........................................................
3,625
3,633
Trestles
CLO
IV
Ltd.
,
Series
2021-4A
,
Class
B2
,
2
.72
%
,
7/21/34
,
Callable
10/21/25
@
100
(a)
1,000
913
Trimaran
Cavu
Ltd.
,
Series
2021-3A
,
Class
C1
,
7
.06
%
(
TSFR3M
+
273
bps
)
,
1/18/35
,
Callable
10/18/25
@
100
(a)
(c)
................................................
5,000
4,999
Venture
CLO
Ltd.
......................................................
Series
2023-47A
,
Class
AJR
,
6
.08
%
(
TSFR3M
+
175
bps
)
,
4/20/36
,
Callable
7/20/26
@
100
(a)
(c)
.........................................................
2,349
2,362
Series
2023-48A
,
Class
B1
,
7
.08
%
(
TSFR3M
+
275
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(c)
.........................................................
3,053
3,058
Series
2024-49A
,
Class
X
,
5
.68
%
(
TSFR3M
+
135
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(c)
.........................................................
1,610
1,613
Series
2024-50A
,
Class
X
,
5
.58
%
(
TSFR3M
+
125
bps
)
,
10/20/37
,
Callable
10/20/26
@
100
(a)
(c)
.........................................................
3,079
3,087
88,539
Total
Collateralized
Loan
Obligations
(Cost
$88,484)
a
a
a
88,539
Collateralized
Mortgage
Obligations
(9.9%)
Agency
CMO
FLT
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5522
,
Class
BF
,
5
.40
%
(
SOFR30A
+
105
bps
)
,
3/25/55
(c)
..................
9,783
9,686
Series
5525
,
Class
FA
,
5
.55
%
(
SOFR30A
+
120
bps
)
,
4/25/55
(c)
..................
1,651
1,641
11,327
Agency
CMO
Other
(1.1%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
3,207
3,238
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
6,248
6,137
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
15,006
15,052
Series
5547
,
Class
V
,
5
.00
%
,
4/25/39
.....................................
4,237
4,217
Federal
National
Mortgage
Association
.......................................
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,831
1,839
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
1,167
1,161
Series
2025-33
,
Class
P
,
5
.00
%
,
5/25/54
...................................
9,951
9,870
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
2,388
2,068
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
3,963
3,983
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
2,350
2,346
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
3,085
3,067
Series
2025-98
,
Class
ET
,
4
.50
%
,
6/20/65
.................................
6,112
6,029
59,007
Agency
Commercial
MBS
(1.5%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
...................................
5,065
4,454
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
164
145
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
...................................
20,137
17,906
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
...................................
7,631
6,928
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(d)
.................................
10,994
10,025
Series
K149
,
Class
A2
,
3
.53
%
,
8/25/32
...................................
13,418
12,624
Series
K-159
,
Class
A2
,
4
.50
%
,
7/25/33
(d)
.................................
17,895
17,780
Series
K536
,
Class
AS
,
4
.82
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(c)
..................
3,434
3,435
Federal
National
Mortgage
Association
,
Series
2017-M7
,
Class
A2
,
2
.96
%
,
2/25/27
(d)
.....
1,925
1,885
75,182
Commercial
MBS
(7.1%):
1345T
,
Series
2025-AOA
,
Class
A
,
5
.94
%
(
TSFR1M
+
160
bps
)
,
6/15/30
(a)
(b)
(c)
..........
1,547
1,553
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
3,515
3,534
Series
2025-OANA
,
Class
C
,
6
.43
%
(
TSFR1M
+
209
bps
)
,
6/15/40
(a)
(b)
(c)
..........
715
717
Series
2025-OANA
,
Class
D
,
7
.43
%
(
TSFR1M
+
309
bps
)
,
6/15/40
(a)
(b)
(c)
..........
1,005
1,010
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
AOA
Mortgage
Trust
....................................................
Series
2021-1177
,
Class
B
,
5
.63
%
(
TSFR1M
+
129
bps
)
,
10/15/38
(a)
(b)
(c)
...........
$
3,000
$
2,805
Series
2021-1177
,
Class
D
,
6
.28
%
(
TSFR1M
+
194
bps
)
,
10/15/38
(a)
(b)
(c)
...........
10,600
9,451
AOA
Trust
............................................................
Series
2025-1301
,
Class
A
,
5
.23
%
,
8/11/30
(b)
(d)
............................
3,768
3,768
Series
2025-1301
,
Class
B
,
5
.48
%
,
8/11/30
(b)
(d)
............................
2,394
2,394
Series
2025-1301
,
Class
C
,
5
.83
%
,
8/11/30
(b)
(d)
............................
4,787
4,787
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1
,
Class
C
,
3
.60
%
,
5/15/53
,
Callable
5/15/30
@
100
(a)
(d)
..........
1,500
1,389
Series
2021-MF2
,
Class
B
,
2
.56
%
,
6/15/54
,
Callable
7/15/31
@
100
(a)
(d)
..........
5,150
4,469
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
1,450
1,417
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
1,310
1,260
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
12,860
12,285
BANK
,
Series
2017-BNK4
,
Class
AS
,
3
.78
%
,
5/15/50
,
Callable
4/15/27
@
100
..........
5,000
4,877
BBCCRE
Trust
,
Series
2015-GTP
,
Class
A
,
3
.97
%
,
8/10/33
,
Callable
8/10/25
@
100
(a)
(b)
...
5,935
5,476
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
8
.10
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
(c)
.............................................................
3,781
3,777
Benchmark
Mortgage
Trust
................................................
Series
2021-B25
,
Class
300D
,
2
.99
%
,
4/15/54
,
Callable
4/15/31
@
100
(a)
(d)
........
2,417
1,276
Series
2022-B36
,
Class
XA
,
0
.64
%
,
7/15/55
,
Callable
6/15/32
@
100
(b)
(d)
.........
40,611
1,664
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
5
.54
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
2,570
2,563
BPR
Trust
............................................................
Series
2021-TY
,
Class
B
,
5
.61
%
(
TSFR1M
+
126
bps
)
,
9/15/38
(a)
(b)
(c)
.............
750
746
Series
2021-TY
,
Class
C
,
6
.16
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
(c)
.............
1,388
1,378
Series
2021-TY
,
Class
D
,
6
.81
%
(
TSFR1M
+
246
bps
)
,
9/15/38
(a)
(b)
(c)
.............
2,752
2,731
Series
2022-STAR
,
Class
A
,
7
.57
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(c)
...........
2,804
2,802
BSTN
Commercial
Mortgage
Trust
,
Series
2025-1C
,
Class
A
,
5
.37
%
,
6/15/44
(a)
(b)
(d)
.....
1,345
1,364
BX
Commercial
Mortgage
Trust
............................................
Series
2021-VOLT
,
Class
A
,
5
.16
%
(
TSFR1M
+
81
bps
)
,
9/15/36
(a)
(b)
(c)
............
429
427
Series
2021-VOLT
,
Class
B
,
5
.41
%
(
TSFR1M
+
106
bps
)
,
9/15/36
(a)
(b)
(c)
...........
209
208
Series
2021-VOLT
,
Class
C
,
5
.56
%
(
TSFR1M
+
121
bps
)
,
9/15/36
(a)
(b)
(c)
...........
3,636
3,621
Series
2022-CSMO
,
Class
A
,
6
.46
%
(
TSFR1M
+
211
bps
)
,
6/15/27
(a)
(b)
(c)
..........
4,013
4,035
Series
2022-CSMO
,
Class
C
,
8
.23
%
(
TSFR1M
+
389
bps
)
,
6/15/27
(a)
(b)
(c)
..........
7,500
7,578
Series
2022-CSMO
,
Class
D
,
8
.68
%
(
TSFR1M
+
434
bps
)
,
6/15/27
(a)
(b)
(c)
..........
2,400
2,422
Series
2023-XL3
,
Class
A
,
6
.10
%
(
TSFR1M
+
176
bps
)
,
12/9/40
(a)
(b)
(c)
............
140
140
BX
Mortgage
Trust
,
Series
2021-PAC
,
Class
B
,
5
.36
%
(
TSFR1M
+
101
bps
)
,
10/15/36
(a)
(b)
(c)
3,250
3,236
BX
Trust
.............................................................
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
3,000
2,960
Series
2022-CLS
,
Class
C
,
6
.79
%
,
10/13/27
(a)
(b)
............................
2,500
2,379
Series
2025-GW
,
Class
A
,
5
.94
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
3,299
3,308
Series
2025-GW
,
Class
C
,
6
.44
%
(
TSFR1M
+
210
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,474
2,478
Series
2025-GW
,
Class
D
,
7
.09
%
(
TSFR1M
+
275
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,049
2,053
Series
2025-ROIC
,
Class
A
,
5
.49
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
2,664
2,656
Series
2025-ROIC
,
Class
B
,
5
.74
%
(
TSFR1M
+
139
bps
)
,
3/15/30
(a)
(b)
(c)
...........
3,042
3,025
Series
25-GW
,
Class
B
,
6
.19
%
(
TSFR1M
+
185
bps
)
,
7/15/42
(a)
(b)
(c)
..............
4,124
4,132
BXP
Trust
............................................................
Series
2021-601L
,
Class
A
,
2
.62
%
,
1/15/44
(a)
(b)
............................
2,824
2,390
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
5,545
4,672
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
3,750
3,073
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
5,750
4,476
CAMB
Commercial
Mortgage
Trust
,
Series
2021-CX2
,
Class
A
,
2
.70
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
(b)
................................................
2,000
1,730
COMM
Mortgage
Trust
..................................................
Series
2015-PC1
,
Class
B
,
4
.40
%
,
7/10/50
,
Callable
8/10/25
@
100
(d)
.............
1,567
1,545
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(b)
..........
1,075
915
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(b)
............................
3,622
3,790
Series
2024-277P
,
Class
B
,
7
.00
%
,
8/10/44
(a)
(b)
(d)
..........................
453
479
CSMC
Trust
..........................................................
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
(b)
...........................
1,950
1,797
Series
2019-UVIL
,
Class
C
,
3
.28
%
,
12/15/41
(a)
(b)
(d)
.........................
5,000
4,480
Series
2020-WEST
,
Class
A
,
3
.04
%
,
2/15/35
,
Callable
2/15/30
@
100
(a)
(b)
.........
2,500
2,097
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
DBJPM
Mortgage
Trust
..................................................
Series
2016-C1
,
Class
A4
,
3
.28
%
,
5/10/49
,
Callable
4/10/26
@
100
...............
$
580
$
574
Series
2016-SFC
,
Class
B
,
3
.24
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
(b)
...........
2,500
—
(e)
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
.............................................................
2,750
2,750
GFH
Mortgage
Trust
,
Series
2025-IND
,
Class
B
,
5
.55
%
,
6/15/33
(a)
(b)
.................
1,850
1,857
GS
Mortgage
Securities
Corp.
Trust
,
Series
2023-SHIP
,
Class
C
,
5
.51
%
,
9/10/38
(a)
(b)
(d)
...
1,882
1,880
GS
Mortgage
Securities
Trust
..............................................
Series
2019-GSA1
,
Class
A4
,
3
.05
%
,
11/10/52
,
Callable
11/10/29
@
100
...........
4,000
3,743
Series
2019-GSA1
,
Class
AS
,
3
.34
%
,
11/10/52
,
Callable
11/10/29
@
100
...........
5,000
4,594
Hilton
USA
Trust
.......................................................
Series
2016-HHV
,
Class
A
,
3
.72
%
,
11/5/38
(a)
(b)
............................
2,286
2,245
Series
2016-HHV
,
Class
B
,
4
.19
%
,
11/5/38
(a)
(b)
(d)
..........................
4,650
4,590
Series
2016-HHV
,
Class
C
,
4
.19
%
,
11/5/38
(a)
(b)
(d)
..........................
1,873
1,842
Series
2016-HHV
,
Class
D
,
4
.19
%
,
11/5/38
(a)
(b)
(d)
..........................
1,866
1,826
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(b)
(d)
.........
1,593
1,614
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
12,372
12,073
Series
2019-30HY
,
Class
A
,
3
.23
%
,
7/10/39
(a)
(b)
............................
1,906
1,792
Series
2019-30HY
,
Class
D
,
3
.44
%
,
7/10/39
(a)
(b)
(d)
..........................
4,947
4,477
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(d)
.........................
7,369
6,807
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(d)
..........................
7,119
7,292
Series
2025-SPRL
,
Class
B
,
5
.76
%
,
1/13/40
(a)
(b)
(d)
..........................
2,624
2,684
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
6
.18
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
8,466
8,479
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
C
,
3
.82
%
,
3/15/32
(a)
(b)
(d)
....
2,500
2,193
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(b)
(d)
....
4,904
4,922
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2013-C10
,
Class
C
,
4
.10
%
,
12/15/47
,
Callable
12/15/26
@
100
(d)
...........
541
524
Series
2019-OSB
,
Class
A
,
3
.40
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(b)
............
5,000
4,671
Series
2019-OSB
,
Class
C
,
3
.75
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(b)
(d)
..........
2,436
2,233
Series
2019-OSB
,
Class
D
,
3
.78
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(b)
(d)
..........
2,000
1,808
Series
2021-2NU
,
Class
D
,
2
.08
%
,
1/5/40
(a)
(b)
.............................
2,700
1,976
Series
2021-2NU
,
Class
XA
,
0
.09
%
,
1/5/40
(a)
(b)
(d)
..........................
226,300
447
Jackson
Park
Trust
......................................................
Series
2019-LIC
,
Class
A
,
2
.77
%
,
10/14/39
(a)
(b)
............................
5,000
4,546
Series
2019-LIC
,
Class
C
,
3
.13
%
,
10/14/39
(a)
(b)
(d)
..........................
5,000
4,462
JW
Commercial
Mortgage
Trust
,
Series
2024-MRCO
,
Class
A
,
5
.96
%
(
TSFR1M
+
162
bps
)
,
6/15/39
(a)
(b)
(c)
....................................................
2,716
2,719
LBA
Trust
,
Series
2024-7IND
,
Class
B
,
6
.08
%
(
TSFR1M
+
174
bps
)
,
10/15/41
(a)
(b)
(c)
......
2,059
2,061
LEX
Mortgage
Trust
....................................................
Series
2022-BMR2
,
Class
C
,
6
.44
%
(
TSFR1M
+
209
bps
)
,
5/15/39
,
Callable
5/15/26
@
100
(a)
(b)
(c)
.......................................................
2,250
2,051
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(d)
......
4,351
4,347
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(b)
............................
8,617
8,127
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
8,081
7,586
Series
2020-1MW
,
Class
C
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
5,000
4,675
Series
2020-1MW
,
Class
D
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
6,475
6,027
MHC
Commercial
Mortgage
Trust
..........................................
Series
2021-MHC
,
Class
B
,
5
.56
%
(
TSFR1M
+
122
bps
)
,
4/15/38
(a)
(b)
(c)
...........
400
400
Series
2021-MHC
,
Class
D
,
6
.06
%
(
TSFR1M
+
172
bps
)
,
4/15/38
(a)
(b)
(c)
...........
1,600
1,606
MHC
Trust
,
Series
2021-MHC2
,
Class
D
,
5
.96
%
(
TSFR1M
+
161
bps
)
,
5/15/38
(a)
(b)
(c)
.....
1,520
1,521
MHP
,
Series
2022-MHIL
,
Class
D
,
5
.95
%
(
TSFR1M
+
161
bps
)
,
1/15/39
(a)
(b)
(c)
..........
2,000
2,000
MILE
Trust
,
Series
2025-STNE
,
Class
C
,
6
.44
%
(
TSFR1M
+
210
bps
)
,
7/15/42
(a)
(b)
(c)
.....
1,841
1,843
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
C
,
2
.81
%
,
11/9/43
(a)
(b)
........
2,750
2,221
MTN
Commercial
Mortgage
Trust
,
Series
2022-LPFL
,
Class
C
,
6
.74
%
(
TSFR1M
+
239
bps
)
,
3/15/39
(a)
(b)
(c)
....................................................
3,000
3,001
NRTH
Mortgage
Trust
,
Series
2024-PARK
,
Class
A
,
5
.98
%
(
TSFR1M
+
164
bps
)
,
3/15/39
(a)
(b)
(c)
.............................................................
3,860
3,860
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(b)
................
13,034
11,808
ONE
Mortgage
Trust
,
Series
2021-PARK
,
Class
D
,
5
.96
%
(
TSFR1M
+
161
bps
)
,
3/15/36
(a)
(b)
(c)
.............................................................
5,000
4,678
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/10/40
(a)
(b)
.....................
$
2,357
$
2,375
SHR
Trust
............................................................
Series
2024-LXRY
,
Class
B
,
6
.79
%
(
TSFR1M
+
245
bps
)
,
10/15/41
(a)
(b)
(c)
..........
4,487
4,485
Series
2024-LXRY
,
Class
C
,
7
.29
%
(
TSFR1M
+
295
bps
)
,
10/15/41
(a)
(b)
(c)
..........
2,022
2,021
Series
2024-LXRY
,
Class
D
,
7
.94
%
(
TSFR1M
+
360
bps
)
,
10/15/41
(a)
(b)
(c)
..........
1,122
1,121
SLG
Office
Trust
.......................................................
Series
2021-OVA
,
Class
B
,
2
.71
%
,
7/15/41
(a)
(b)
............................
4,000
3,489
Series
2021-OVA
,
Class
C
,
2
.85
%
,
7/15/41
(a)
(b)
............................
4,000
3,481
SREIT
Trust
,
Series
2021-MFP2
,
Class
D
,
6
.03
%
(
TSFR1M
+
168
bps
)
,
11/15/36
(a)
(b)
(c)
....
1,000
998
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.78
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
4,335
4,308
TTAN
,
Series
2021-MHC
,
Class
D
,
6
.21
%
(
TSFR1M
+
186
bps
)
,
3/15/38
(a)
(b)
(c)
..........
1,374
1,375
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2015-NXS3
,
Class
B
,
4
.49
%
,
9/15/57
,
Callable
10/15/25
@
100
(d)
..........
2,000
1,992
Series
2015-NXS4
,
Class
AS
,
3
.97
%
,
12/15/48
,
Callable
11/15/25
@
100
...........
3,500
3,480
Series
2015-NXS4
,
Class
B
,
4
.22
%
,
12/15/48
,
Callable
11/15/25
@
100
(d)
..........
5,000
4,965
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(b)
(d)
..........................
4,200
4,087
Series
2020-C56
,
Class
AS
,
3
.11
%
,
6/15/53
,
Callable
4/15/30
@
100
..............
2,000
1,796
Series
2021-SAVE
,
Class
D
,
7
.06
%
(
TSFR1M
+
271
bps
)
,
2/15/40
(a)
(b)
(c)
...........
1,200
1,199
366,199
Private
CMO
Floating
(0.0%):(f)
Structured
Asset
Mortgage
Investments
II
Trust
,
Series
2005-AR5
,
Class
B1
,
5
.22
%
(
TSFR1M
+
86
bps
)
,
7/19/35
,
Callable
8/19/25
@
100
(c)
........................
290
188
Total
Collateralized
Mortgage
Obligations
(Cost
$528,370)
a
a
a
511,903
Shares
Preferred
Stocks
(0.3%)
Consumer
Staples
(0.2%):
CHS,
Inc.
,
Series
2
,
7
.10
%
(g)
..............................................
400,000
10,232
Financials
(0.1%):
Citigroup
Capital
XIII
,
10
.94
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(c)
.....................
87,500
2,579
U.S.
Bancorp
,
Series
A
,
5
.60
%
(
TSFR3M
+
128
bps
)
(c)
(g)
...........................
5,000
4,170
6,749
Total
Preferred
Stocks
(Cost
$15,932)
a
a
a
16,981
Principal
Amount
(000)
Senior
Secured
Loans
(2.0%)
Communication
Services
(0.1%):
Altafiber,
Term
B-4
Loans,
First
Lien
,
7
.08
%
(
SOFR01M
+
275
bps
)
,
11/22/28
(c)
..........
484
484
Frontier
Communications
Holdings,
LLC,
Initial
Term
Loans,
First
Lien
,
6
.79
%
(
SOFR06M
+
250
bps
)
,
7/1/31
(c)
.........................................
245
245
Lumen
Technologies,
Inc.,
Term
Loan
A,
First
Lien
,
6/1/28
(h)
.......................
6,476
6,611
7,340
Consumer
Discretionary
(0.6%):
Academy,
Ltd.,
Refinancing
Term
Loans,
First
Lien
,
8
.08
%
(
SOFR01M
+
375
bps
)
,
11/8/27
(c)
.
108
108
Alterra
Mountain
Co.,
Term
B-6
Loan,
First
Lien
,
8/17/28
(h)
........................
344
344
Aramark
Services,
Inc.,
Term
Loan
B8,
First
Lien
,
6
.33
%
(
SOFR01M
+
200
bps
)
,
6/24/30
(c)
..
2,945
2,946
BJ's
Wholesale
Club,
Inc.,
Tranch
B
Term,
First
Lien
,
5
.88
%
(
SOFR06M
+
175
bps
)
,
2/5/29
(c)
.
825
829
Burlington
Coat
Factory
Warehouse
Corp.,
Term
Loan
B7,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
9/24/31
(c)
........................................
4,789
4,766
Charter
Communications
Operating
LLC,
Term
Loan
B-5,
First
Lien
,
6
.54
%
(
SOFR03M
+
225
bps
)
,
12/15/31
(c)
.......................................
4,652
4,649
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
8
.08
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(c)
.......................................
61
62
DK
Crown
Holdings
Inc.,
Term
B
Loans,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(c)
.
998
996
Flutter
Financing
B.V.,
2024
Refinancing
Term
B
Loan,
First
Lien
,
6
.05
%
(
SOFR03M
+
175
bps
)
,
12/2/30
(c)
........................................
1,876
1,868
Four
Seasons
Hotels
Ltd.,
Term
Loan
B,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
11/30/29
(c)
3,316
3,332
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien
,
7
.58
%
(
SOFR01M
+
325
bps
)
,
1/23/32
(c)
899
898
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Light
&
Wonder
International,
Inc.,
Term
B-2
Loans,
First
Lien
,
6
.59
%
(
SOFR01M
+
225
bps
)
,
4/16/29
(c)
........................................................
$
970
$
971
PetSmart,
Inc.,
Initial
Term
Loans,
First
Lien
,
2/11/28
(h)
...........................
4,500
4,485
The
E.W.
Scripps
Co.,
Tranche
B-2
Term
Loan,
First
Lien
,
6/30/28
(h)
.................
1,200
1,212
Topgolf
Callaway
Brands
Corp.,
Initial
Term
Loans,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
3/18/30
(c)
........................................................
1,875
1,849
29,315
Consumer
Staples
(0.1%):
Reynolds
Consumer
Products
LLC,
Initial
Term
Loan,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(c)
.........................................................
1,696
1,701
US
Foods,
Inc.,
Replacement
B
2024
Term
Loan,
First
Lien
,
6
.08
%
(
SOFR03M
+
175
bps
)
,
10/3/31
(c)
........................................................
2,438
2,454
4,155
Energy
(0.1%):
Hilcorp
Energy
I
LP,
Initial
Loan,
First
Lien
,
6
.34
%
(
SOFR01M
+
200
bps
)
,
2/11/30
(c)
......
2,394
2,396
Murphy
USA,
Inc.,
Tranche
B
Term
Loan,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
4/7/32
(c)
.
750
756
3,152
Financials
(0.8%):
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
7
.05
%
(
SOFR06M
+
275
bps
)
,
2/18/31
(c)
........................................
142
141
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
6
.95
%
(
SOFR03M
+
275
bps
)
,
2/18/31
(c)
........................................
2,502
2,491
AS
Mileage
Plan
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
6
.33
%
(
SOFR03M
+
200
bps
)
,
10/1/31
(c)
4,164
4,164
Asplundh
Tree
Expert
LLC,
Term
Loan
B,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
5/8/31
(c)
.
587
587
Boost
Newco
Borrower
LLC,
Term
Loan
B-2,
First
Lien
,
6
.30
%
(
SOFR03M
+
200
bps
)
,
1/31/31
(c)
........................................................
3,284
3,288
Broadstreet
Partners,
Inc.,
2024
Term
B
Loans,
First
Lien
,
7
.08
%
(
SOFR01M
+
275
bps
)
,
6/16/31
(c)
........................................................
990
991
CNT
Holdings
I
Corp.,
2025
Replacement
Term
Loans,
First
Lien
,
6
.78
%
(
SOFR03M
+
250
bps
)
,
11/8/32
(c)
........................................
2,696
2,699
Colossus
Acquireco
LLC,
Term
Loan
B,
First
Lien
,
6/14/32
(h)
......................
1,500
1,491
Delta
2
(LUX)
SARL,
Incremental
Term
Loan,
First
Lien
,
6
.29
%
(
SOFR03M
+
200
bps
)
,
9/30/31
(c)
........................................................
350
350
Delta
2
(LUX)
SARL,
Term
Loan
B,
First
Lien
,
6
.30
%
(
SOFR03M
+
200
bps
)
,
9/30/31
(c)
....
750
749
Directv
Financing
LLC,
2024
Refinancing
Term
B
Loan,
First
Lien
,
9
.53
%
(
SOFR03M
+
525
bps
)
,
8/2/29
(c)
.........................................
2,437
2,414
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien
,
7
.58
%
(
SOFR01M
+
325
bps
)
,
1/29/29
(c)
........................................................
474
474
Focus
Financial
Partners,
LLC,
Tranche
B
Incremental
Term
Loan,
First
Lien
,
7
.08
%
(
SOFR01M
+
275
bps
)
,
9/15/31
(c)
........................................
97
97
Jefferies
Finance
LLC,
Initial
Term
Loan,
First
Lien
,
7
.35
%
(
SOFR01M
+
300
bps
)
,
10/21/31
(c)
4,378
4,386
OEG
Borrower,
LLC,
Amendment
No.1
Term
Loan,
First
Lien
,
7
.81
%
(
SOFR03M
+
350
bps
)
,
6/30/31
(c)
........................................................
893
898
OneDigital
Borrower
LLC,
2025
Refinancing
Term
Loans,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
7/2/31
(c)
.........................................
1,807
1,807
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien
,
8
.03
%
(
SOFR03M
+
375
bps
)
,
6/5/28
(c)
...
233
229
Ryan
Specialty
Group
LLC,
Term
Loan
B1,
First
Lien
,
6
.58
%
(
SOFR01M
+
225
bps
)
,
9/15/31
(c)
498
497
Truist
Insurance
Holdings,
LLC,
Term
Loan
B,
First
Lien
,
7
.05
%
(
SOFR03M
+
275
bps
)
,
5/6/31
(c)
.........................................................
563
563
Voyager
Parent
LLC,
Term
B
Loans,
First
Lien
,
7/1/32
(h)
..........................
7,875
7,876
36,192
Industrials
(0.0%):(f)
Arcosa
Inc.,
2025
Refinancing
Term
B
Loan,
First
Lien
,
6
.33
%
(
SOFR01M
+
200
bps
)
,
8/15/31
(c)
........................................................
1,654
1,660
Janus
International
Group,
LLC,
Term
Loan
B,
First
Lien
,
6
.78
%
(
SOFR03M
+
250
bps
)
,
8/5/30
(c)
.........................................................
177
177
Knife
River
Corp.,
Initial
Tranche
B
Term
Loans,
First
Lien
,
6
.31
%
(
SOFR03M
+
200
bps
)
,
3/8/32
(c)
.........................................................
1,721
1,725
The
GEO
Group,
Inc.,
Term
Loan,
First
Lien
,
9
.58
%
(
SOFR01M
+
525
bps
)
,
4/16/29
(c)
.....
871
872
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
TricorBraun
Holdings
Inc.,
Closing
Date
Initial
Term
Loans,
First
Lien
,
7
.58
%
(
SOFR01M
+
325
bps
)
,
3/3/28
(c)
.........................................
$
456
$
455
4,889
Information
Technology
(0.2%):
Open
Text
Corp.,
Term
Loan
B,
First
Lien
,
6
.08
%
(
SOFR01M
+
175
bps
)
,
1/31/30
(c)
.......
4,569
4,568
Proofpoint,
Inc.,
Term
Loan,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
8/31/28
(c)
..........
468
468
Sandisk
Corporation,
Term
B
Loan,
First
Lien
,
7
.32
%
(
SOFR03M
+
300
bps
)
,
2/21/32
(c)
.....
5,035
5,016
10,052
Materials
(0.1%):
The
Chemours
Co.,
Term
Loan
B,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
8/18/28
(c)
......
3,234
3,230
Utilities
(0.0%):(f)
NRG
Energy,
Inc.,
2024
New
Term
Loans,
First
Lien
,
4/16/31
(h)
.....................
1,598
1,598
Sgh2
LLC,
Term
Loan
B,
First
Lien
,
7/16/32
(h)
.................................
1,199
1,199
2,797
Total
Senior
Secured
Loans
(Cost
$100,583)
a
a
a
101,122
Corporate
Bonds
(18.1%)
Communication
Services
(1.3%):
AMC
Networks,
Inc.
,
10
.50
%
,
7/15/32
,
Callable
7/15/28
@
105.25
(a)
.................
825
839
AT&T,
Inc.
,
4
.50
%
,
5/15/35
,
Callable
11/15/34
@
100
............................
489
464
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
4
.80
%
,
3/1/50
,
Callable
9/1/49
@
100
..........................................
254
197
Clear
Channel
Outdoor
Holdings,
Inc.
,
9
.00
%
,
9/15/28
(a)
..........................
874
916
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.
,
10
.00
%
,
2/15/31
,
Callable
2/15/27
@
105
(a)
.........................................................
4,339
4,183
DISH
Network
Corp.
,
11
.75
%
,
11/15/27
,
Callable
9/4/25
@
105.88
(a)
.................
7,304
7,605
EchoStar
Corp.
,
10
.75
%
,
11/30/29
,
Callable
11/30/26
@
105.38
......................
6,835
7,203
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
9/4/25
@
101.69
(a)
......
14,903
15,049
Paramount
Global
,
4
.38
%
,
3/15/43
..........................................
7,134
5,407
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
5
.15
%
,
3/20/28
,
Callable
3/20/27
@
100
(a)
......................................
213
214
T-Mobile
US,
Inc.
5
.30
%
,
5/15/35
,
Callable
2/15/35
@
100
..................................
2,140
2,155
5
.50
%
,
1/15/55
,
Callable
7/15/54
@
100
..................................
1,155
1,090
Warnermedia
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
.................
9,066
6,060
WMG
Acquisition
Corp.
,
3
.88
%
,
7/15/30
,
Callable
9/4/25
@
101.94
(a)
................
15,910
14,865
66,247
Consumer
Discretionary
(0.8%):
AutoNation,
Inc.
,
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
........................
4,648
4,706
Boyne
USA,
Inc.
,
4
.75
%
,
5/15/29
,
Callable
9/4/25
@
101.19
(a)
......................
858
833
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
................
2,428
2,447
Daimler
Truck
Finance
North
America
LLC
,
5
.38
%
,
6/25/34
,
Callable
3/25/34
@
100
(a)
....
2,668
2,674
DR
Horton,
Inc.
,
5
.50
%
,
10/15/35
,
Callable
7/15/35
@
100
.........................
2,591
2,627
ERAC
USA
Finance
LLC
,
4
.90
%
,
5/1/33
,
Callable
2/1/33
@
100
(a)
...................
2,829
2,822
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
481
420
Hyatt
Hotels
Corp.
5
.75
%
,
3/30/32
,
Callable
1/30/32
@
100
..................................
487
499
5
.50
%
,
6/30/34
,
Callable
3/30/34
@
100
..................................
430
430
Las
Vegas
Sands
Corp.
,
6
.20
%
,
8/15/34
,
Callable
5/15/34
@
100
.....................
3,707
3,800
LKQ
Corp.
,
6
.25
%
,
6/15/33
,
Callable
3/15/33
@
100
.............................
870
909
Marriott
International,
Inc.
,
5
.50
%
,
4/15/37
,
Callable
1/15/37
@
100
..................
1,833
1,831
Meritage
Homes
Corp.
,
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
....................
2,078
2,071
O'Reilly
Automotive,
Inc.
,
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
...................
2,319
2,296
PulteGroup,
Inc.
,
6
.00
%
,
2/15/35
............................................
939
978
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
50
41
Toll
Brothers
Finance
Corp.
3
.80
%
,
11/1/29
,
Callable
8/1/29
@
100
(i)
..................................
1,943
1,886
5
.60
%
,
6/15/35
,
Callable
3/15/35
@
100
..................................
2,475
2,484
Tractor
Supply
Co.
,
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
.........................
1,326
1,146
Vanderbilt
University
Medical
Center
,
4
.17
%
,
7/1/37
,
Callable
1/1/37
@
100
............
1,445
1,268
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Volkswagen
Group
of
America
Finance
LLC
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
$
1,495
$
1,590
5
.60
%
,
3/22/34
,
Callable
12/22/33
@
100
(a)
...............................
2,208
2,215
39,973
Consumer
Staples
(0.9%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
6,383
5,428
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,880
1,112
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
6
.50
%
,
2/15/28
,
Callable
9/4/25
@
103.25
(a)
...........................................
1,937
1,969
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
3,399
3,355
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
3,113
3,203
Dollar
Tree,
Inc.
,
2
.65
%
,
12/1/31
,
Callable
9/1/31
@
100
...........................
524
461
JBS
USA
Holding
LUX
SARL/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
5
.50
%
,
1/15/36
,
Callable
10/15/35
@
100
(a)
...............................
3,648
3,634
6
.25
%
,
3/1/56
,
Callable
9/1/55
@
100
(a)
..................................
2,424
2,396
Kellanova
,
4
.50
%
,
4/1/46
.................................................
263
225
Kraft
Heinz
Foods
Co.
,
5
.40
%
,
3/15/35
,
Callable
12/15/34
@
100
....................
6,153
6,128
Mars,
Inc.
,
5
.20
%
,
3/1/35
,
Callable
12/1/34
@
100
(a)
.............................
5,137
5,161
PepsiCo,
Inc.
,
5
.00
%
,
7/23/35
,
Callable
4/23/35
@
100
............................
5,194
5,204
Post
Holdings,
Inc.
,
6
.38
%
,
3/1/33
,
Callable
9/1/27
@
103.19
(a)
.....................
459
460
Smithfield
Foods,
Inc.
,
2
.63
%
,
9/13/31
,
Callable
6/13/31
@
100
(a)
....................
2,135
1,841
Sodexo,
Inc.
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
................................
1,400
1,238
5
.80
%
,
8/15/35
,
Callable
5/15/35
@
100
(a)
................................
1,666
1,704
Sysco
Corp.
,
5
.40
%
,
3/23/35
,
Callable
12/23/34
@
100
............................
3,024
3,066
The
Hershey
Co.
,
5
.10
%
,
2/24/35
,
Callable
11/24/34
@
100
........................
720
729
The
J.M.
Smucker
Co.
,
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
....................
688
735
The
Kroger
Co.
,
5
.50
%
,
9/15/54
,
Callable
3/15/54
@
100
..........................
15
14
48,063
Energy
(1.4%):
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
2,227
1,897
Cheniere
Energy
Partners
LP
,
5
.55
%
,
10/30/35
,
Callable
4/30/35
@
100
(a)
..............
2,947
2,962
Cheniere
Energy,
Inc.
,
4
.63
%
,
10/15/28
,
Callable
8/15/25
@
101.16
...................
500
497
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
10/15/25
@
104.19
(a)
...............
7,682
7,983
Civitas
Resources,
Inc.
,
9
.63
%
,
6/15/33
,
Callable
6/15/28
@
104.81
(a)
.................
1,297
1,334
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
3,695
3,644
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC
,
5
.50
%
,
6/15/31
,
Callable
6/15/26
@
102.75
(a)
1,000
977
Diamondback
Energy,
Inc.
5
.40
%
,
4/18/34
,
Callable
1/18/34
@
100
..................................
1,843
1,849
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................................
626
581
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
1,808
1,837
Eastern
Energy
Gas
Holdings
LLC
,
5
.80
%
,
1/15/35
,
Callable
10/15/34
@
100
...........
4,319
4,482
Enterprise
Products
Operating
LLC
,
5
.20
%
,
1/15/36
,
Callable
10/15/35
@
100
...........
4,149
4,152
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
3,040
3,065
Florida
Gas
Transmission
Co.
LLC
,
5
.75
%
,
7/15/35
,
Callable
4/15/35
@
100
(a)
..........
2,769
2,826
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(i)
...................
4,771
4,401
Occidental
Petroleum
Corp.
,
6
.45
%
,
9/15/36
...................................
2,313
2,355
ONEOK,
Inc.
,
5
.15
%
,
10/15/43
,
Callable
4/15/43
@
100
...........................
1,513
1,334
Permian
Resources
Operating
LLC
,
6
.25
%
,
2/1/33
,
Callable
8/1/27
@
103.13
(a)
..........
168
169
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
5
.70
%
,
9/15/34
,
Callable
6/15/34
@
100
2,316
2,350
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
...
1,887
1,863
Viper
Energy
Partners
LLC
,
5
.70
%
,
8/1/35
,
Callable
5/1/35
@
100
....................
6,392
6,355
Viper
Energy,
Inc.
,
5
.38
%
,
11/1/27
,
Callable
11/1/25
@
100
(a)
.......................
13,400
13,406
70,319
Financials
(5.8%):
Acrisure
LLC/Acrisure
Finance,
Inc.
,
6
.75
%
,
7/1/32
,
Callable
7/1/28
@
103.38
(a)
.........
1,650
1,671
American
Express
Co.
,
5
.28
%
(
SOFR
+
142
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(c)
.......
1,675
1,696
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
2,538
2,582
Amrize
Finance
US
LLC
,
5
.40
%
,
4/7/35
,
Callable
1/7/35
@
100
(a)
...................
3,559
3,588
Aon
Corp./Aon
Global
Holdings
PLC
,
5
.35
%
,
2/28/33
,
Callable
11/28/32
@
100
.........
100
103
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Arthur
J.
Gallagher
&
Co.
5
.45
%
,
7/15/34
,
Callable
4/15/34
@
100
..................................
$
671
$
683
5
.55
%
,
2/15/55
,
Callable
8/15/54
@
100
..................................
2,436
2,300
Athene
Global
Funding
,
2
.67
%
,
6/7/31
(a)
......................................
3,000
2,624
Bank
of
America
Corp.
2
.30
%
(
SOFR
+
122
bps
)
,
7/21/32
,
Callable
7/21/31
@
100
(c)
....................
3,000
2,611
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
2,050
1,745
Blue
Owl
Finance
LLC
,
6
.25
%
,
4/18/34
,
Callable
1/18/34
@
100
.....................
2,282
2,352
Boost
Newco
Borrower
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(a)
............
28,135
29,746
Brown
&
Brown,
Inc.
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
..................................
930
947
5
.55
%
,
6/23/35
,
Callable
3/23/35
@
100
..................................
2,084
2,107
6
.25
%
,
6/23/55
,
Callable
12/12/54
@
100
.................................
1,650
1,692
Capital
One
Financial
Corp.
,
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(c)
...
3,500
2,980
Citigroup,
Inc.
,
4
.00
%
(
H15T5Y
+
360
bps
)
,
Callable
12/10/25
@
100
(c)
(g)
..............
2,435
2,418
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(c)
(g)
....
24,190
24,187
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
2,650
2,763
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
978
673
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
1,000
996
Diageo
Investment
Corp.
,
5
.63
%
,
4/15/35
,
Callable
1/15/35
@
100
...................
537
560
Enstar
Finance
LLC
,
5
.75
%
(
H15T5Y
+
547
bps
)
,
9/1/40
,
Callable
9/1/25
@
100
(c)
........
3,427
3,418
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(c)
(g)
...........
9,355
9,331
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,500
2,550
Fiserv,
Inc.
5
.15
%
,
8/12/34
,
Callable
5/12/34
@
100
..................................
2,317
2,301
4
.40
%
,
7/1/49
,
Callable
1/1/49
@
100
....................................
250
200
Focus
Financial
Partners
LLC
,
6
.75
%
,
9/15/31
,
Callable
9/15/27
@
103.38
(a)
............
226
231
Ford
Motor
Credit
Co.
LLC
5
.11
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
4,286
4,191
6
.13
%
,
3/8/34
,
Callable
12/8/33
@
100
...................................
3,162
3,088
Global
Atlantic
Fin
Co.
,
7
.95
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
...................
1,675
1,894
Global
Payments,
Inc.
4
.15
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
2,388
1,752
5
.95
%
,
8/15/52
,
Callable
2/15/52
@
100
(i)
.................................
1,416
1,346
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
,
8
.00
%
,
6/15/27
,
Callable
3/15/27
@
100
(a)
....
4,277
4,436
Huntington
Bancshares,
Inc.
,
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
.
3,398
2,849
Jane
Street
Group/JSG
Finance,
Inc.
,
6
.75
%
,
5/1/33
,
Callable
5/1/28
@
103.38
(a)
.........
7,075
7,243
Janus
Henderson
US
Holdings,
Inc.
,
5
.45
%
,
9/10/34
,
Callable
6/10/34
@
100
............
3,027
2,979
Jefferies
Finance
LLC/JFIN
Co.-Issuer
Corp.
,
6
.63
%
,
10/15/31
,
Callable
10/15/27
@
103.31
(a)
1,771
1,763
JPMorgan
Chase
&
Co.
2
.96
%
(
SOFR
+
126
bps
)
,
1/25/33
,
Callable
1/25/32
@
100
(c)
....................
3,168
2,845
5
.77
%
(
SOFR
+
149
bps
)
,
4/22/35
,
Callable
4/22/34
@
100
(c)
....................
1,914
2,008
5
.58
%
(
SOFR
+
164
bps
)
,
7/23/36
,
Callable
7/23/35
@
100
(c)
....................
4,795
4,857
KeyCorp
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
2,335
2,286
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(c)
.................
3,445
3,681
KeyCorp
Capital
II
,
6
.88
%
,
3/17/29
..........................................
750
768
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
,
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...........................................
6,221
6,514
LPL
Holdings,
Inc.
,
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
.......................
1,568
1,574
M&T
Bank
Corp.
,
5
.40
%
(
H15T5Y
+
143
bps
)
,
7/30/35
,
Callable
7/30/30
@
100
(c)
........
4,787
4,792
Marsh
&
McLennan
Cos.,
Inc.
,
5
.40
%
,
3/15/55
,
Callable
9/15/54
@
100
...............
513
489
MetLife,
Inc.
3
.85
%
(
H15T5Y
+
358
bps
)
,
Callable
9/15/25
@
100
(c)
(g)
......................
7,523
7,500
9
.25
%
,
4/8/38
,
Callable
4/8/33
@
100
(a)
..................................
3,431
4,064
Mobius
Merger
Sub,
Inc.
,
9
.00
%
,
6/1/30
,
Callable
6/1/26
@
104.5
(a)
..................
5,647
5,182
Morgan
Stanley
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
3,757
3,802
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
4,875
4,155
Morgan
Stanley
Private
Bank
NA
,
4
.73
%
(
SOFR
+
108
bps
)
,
7/18/31
,
Callable
7/18/30
@
100
(c)
4,795
4,816
New
York
Life
Global
Funding
,
5
.35
%
,
1/23/35
(a)
...............................
5,230
5,348
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
$
912
$
984
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
293
311
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
690
695
Ryan
Specialty
LLC
,
5
.88
%
,
8/1/32
,
Callable
8/1/27
@
102.94
(a)
....................
3,760
3,771
Santander
Holdings
USA,
Inc.
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(c)
......................
3,728
3,795
6
.34
%
(
SOFR
+
214
bps
)
,
5/31/35
,
Callable
5/31/34
@
100
(c)
....................
2,344
2,459
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.
,
6
.75
%
,
8/15/32
,
Callable
8/15/27
@
103.38
(a)
.........................................................
250
258
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(c)
.........
4,561
4,856
Stonepeak
Nile
Parent
LLC
,
7
.25
%
,
3/15/32
,
Callable
3/15/28
@
103.63
(a)
.............
2,242
2,354
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
4,914
4,871
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(c)
....................
4,787
4,948
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(g)
......................
10,998
10,976
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(c)
....................
2,322
2,349
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
....................
2,668
2,731
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
559
592
The
Goldman
Sachs
Group,
Inc.
,
5
.85
%
(
SOFR
+
155
bps
)
,
4/25/35
,
Callable
4/25/34
@
100
(c)
2,231
2,336
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(a)
..
3,315
3,466
The
PNC
Financial
Services
Group,
Inc.
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
1,826
1,892
5
.58
%
(
SOFR
+
139
bps
)
,
1/29/36
,
Callable
1/29/35
@
100
(c)
(i)
..................
3,565
3,657
5
.37
%
(
SOFR
+
142
bps
)
,
7/21/36
,
Callable
7/21/35
@
100
(c)
....................
4,795
4,843
Toyota
Motor
Credit
Corp.
,
5
.35
%
,
1/9/35
.....................................
5,063
5,182
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(c)
(g)
.......................
12,301
12,277
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(c)
(g)
......................
1,886
1,859
U.S.
Bancorp
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(c)
....................
2,465
2,431
4
.84
%
(
SOFR
+
160
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
2,000
1,974
Voyager
Parent
LLC
,
9
.25
%
,
7/1/32
,
Callable
7/1/28
@
104.63
(a)
....................
6,813
7,209
Wells
Fargo
&
Co.
,
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(c)
(g)
............
1,758
1,740
Willis
North
America,
Inc.
5
.35
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
1,602
1,634
5
.90
%
,
3/5/54
,
Callable
9/5/53
@
100
....................................
1,469
1,446
303,173
Health
Care
(1.5%):
Agilent
Technologies,
Inc.
,
4
.75
%
,
9/9/34
,
Callable
6/9/34
@
100
....................
82
80
Alcon
Finance
Corp.
,
5
.75
%
,
12/6/52
,
Callable
6/6/52
@
100
(a)
.....................
952
947
Bayer
US
Finance
II
LLC
,
4
.63
%
,
6/25/38
,
Callable
12/25/37
@
100
(a)
................
2,000
1,772
Bon
Secours
Charity
Health
System,
Inc.
,
5
.25
%
,
11/1/25
..........................
5,000
4,962
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
3,000
2,890
Centene
Corp.
4
.63
%
,
12/15/29
,
Callable
9/4/25
@
102.31
................................
14,817
14,115
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
...................................
4,803
4,032
CHS/Community
Health
Systems,
Inc.
,
4
.75
%
,
2/15/31
,
Callable
2/15/26
@
102.38
(a)
.....
500
418
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
6
.63
%
,
7/15/30
,
Callable
7/16/26
@
103.31
(a)
..........................................
6,566
6,750
CVS
Health
Corp.
,
6
.75
%
(
H15T5Y
+
252
bps
)
,
12/10/54
,
Callable
9/10/34
@
100
(c)
.......
918
920
DENTSPLY
SIRONA,
Inc.
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
12,360
11,233
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(c)
..................
6,981
7,036
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
3,115
3,143
HCA,
Inc.
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
69
70
5
.75
%
,
3/1/35
,
Callable
12/1/34
@
100
...................................
3,391
3,475
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.88
%
,
6/15/54
,
Callable
12/15/53
@
100
(a)
...........................................................
927
888
Orlando
Health
Obligated
Group
,
5
.48
%
,
10/1/35
,
Callable
4/1/34
@
100
...............
245
252
Solventum
Corp.
,
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
........................
779
799
Takeda
US
Financing,
Inc.
,
5
.20
%
,
7/7/35
,
Callable
4/7/35
@
100
....................
4,005
3,991
UnitedHealth
Group,
Inc.
,
5
.63
%
,
7/15/54
,
Callable
1/15/54
@
100
...................
4,156
3,958
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Universal
Health
Services,
Inc.
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
$
3,165
$
2,680
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
3,520
3,347
Zimmer
Biomet
Holdings,
Inc.
,
5
.20
%
,
9/15/34
,
Callable
6/15/34
@
100
...............
1,337
1,342
79,100
Industrials
(3.0%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
2,952
2,598
Air
Lease
Corp.
,
4
.65
%
(
H15T5Y
+
408
bps
)
,
Callable
6/15/26
@
100
(c)
(g)
..............
458
454
Alaska
Airlines
Pass
Through
Trust
8
.00
%
,
8/15/25
(a)
..................................................
1,031
1,032
4
.80
%
,
8/15/27
(a)
..................................................
3,884
3,872
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/15/25
....................................................
2,762
2,713
3
.60
%
,
10/15/29
....................................................
1,242
1,167
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
135
135
American
Builders
&
Contractors
Supply
Co.,
Inc.
,
4
.00
%
,
1/15/28
,
Callable
9/4/25
@
100
(a)
3,492
3,400
Aon
North
America,
Inc.
,
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
.....................
840
818
Ashtead
Capital,
Inc.
,
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(a)
....................
1,250
1,264
BlueLinx
Holdings,
Inc.
,
6
.00
%
,
11/15/29
,
Callable
9/4/25
@
103
(a)
..................
2,030
1,976
British
Airways
Pass
Through
Trust
,
3
.35
%
,
6/15/29
(a)
............................
1,120
1,070
CRH
America
Finance,
Inc.
5
.50
%
,
1/9/35
,
Callable
10/9/34
@
100
...................................
3,263
3,336
5
.88
%
,
1/9/55
,
Callable
7/9/54
@
100
....................................
631
642
Delta
Air
Lines
Pass
Through
Trust
,
2
.50
%
,
6/10/28
..............................
3,015
2,848
Delta
Air
Lines,
Inc.
3
.75
%
,
10/28/29
,
Callable
7/28/29
@
100
.................................
1,681
1,611
5
.25
%
,
7/10/30
,
Callable
6/10/30
@
100
..................................
3,251
3,284
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
605
606
Esab
Corp.
,
6
.25
%
,
4/15/29
,
Callable
4/15/26
@
103.13
(a)
.........................
458
468
Extra
Space
Storage
LP
,
5
.35
%
,
1/15/35
,
Callable
10/15/34
@
100
....................
2,766
2,774
GXO
Logistics,
Inc.
,
6
.50
%
,
5/6/34
,
Callable
2/6/34
@
100
.........................
500
525
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
3,885
3,797
HEICO
Corp.
,
5
.35
%
,
8/1/33
,
Callable
5/1/33
@
100
.............................
694
707
JetBlue
Pass
Through
Trust
7
.75
%
,
11/15/28
....................................................
2,652
2,652
2
.75
%
,
5/15/32
(i)
...................................................
1,267
1,105
JH
North
America
Holdings,
Inc.
,
6
.13
%
,
7/31/32
,
Callable
7/31/28
@
103.06
(a)
.........
3,964
4,009
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
2,110
2,110
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
3
.71
%
,
12/1/35
,
Callable
9/1/35
@
100
.......
1,475
1,285
Lockheed
Martin
Corp.
,
5
.00
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
4,794
4,792
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
1,054
1,092
Northwestern
Mutual
Global
Funding
,
4
.96
%
,
1/13/30
(a)
..........................
1,897
1,929
OneSky
Flight
LLC
,
8
.88
%
,
12/15/29
,
Callable
12/15/26
@
104.44
(a)
.................
2,157
2,273
Paychex,
Inc.
,
5
.60
%
,
4/15/35
,
Callable
1/15/35
@
100
............................
2,136
2,196
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
1,198
1,268
Resideo
Funding,
Inc.
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
.................
1,523
1,545
Roller
Bearing
Co.
of
America,
Inc.
,
4
.38
%
,
10/15/29
,
Callable
9/4/25
@
102.19
(a)
.......
429
413
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
9/4/25
@
103.75
(a)
..........................
8,355
8,527
Spirit
AeroSystems,
Inc.
9
.38
%
,
11/30/29
,
Callable
11/30/25
@
104.69
(a)
............................
5,467
5,782
9
.75
%
,
11/15/30
,
Callable
11/15/26
@
104.88
(a)
............................
20,517
22,598
The
Boeing
Co.
6
.88
%
,
3/15/39
....................................................
16,029
17,550
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
7,314
7,045
6
.86
%
,
5/1/54
,
Callable
11/1/53
@
100
...................................
3,107
3,419
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
1,971
1,852
Uber
Technologies,
Inc.
,
6
.25
%
,
1/15/28
,
Callable
8/15/25
@
101.56
(a)
................
98
98
United
Airlines
Pass
Through
Trust
4
.30
%
,
8/15/25
....................................................
2,392
2,391
4
.00
%
,
4/11/26
.....................................................
5,965
5,926
3
.50
%
,
5/1/28
.....................................................
2,071
2,007
5
.88
%
,
2/15/37
....................................................
1,795
1,798
United
Airlines,
Inc.
,
4
.63
%
,
4/15/29
,
Callable
10/15/28
@
100
(a)
....................
1,021
997
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
$
4,421
$
4,476
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
8/15/25
@
103.13
(a)
...........................
2,687
2,731
154,963
Information
Technology
(0.4%):
Atlassian
Corp.
,
5
.50
%
,
5/15/34
,
Callable
2/15/34
@
100
..........................
2,441
2,477
Block,
Inc.
,
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
...........................
2,288
2,348
Cadence
Design
Systems,
Inc.
,
4
.70
%
,
9/10/34
,
Callable
6/10/34
@
100
................
542
534
Foundry
JV
Holdco
LLC
,
6
.40
%
,
1/25/38
,
Callable
10/25/37
@
100
(a)
................
1,814
1,884
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
2,836
2,793
Micron
Technology,
Inc.
,
6
.05
%
,
11/1/35
,
Callable
8/2/35
@
100
.....................
2,563
2,670
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,986
2,603
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
71
49
Roper
Technologies,
Inc.
,
4
.90
%
,
10/15/34
,
Callable
7/15/34
@
100
...................
3,413
3,351
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
2,759
2,767
Trimble,
Inc.
,
6
.10
%
,
3/15/33
,
Callable
12/15/32
@
100
...........................
1
1
21,477
Materials
(0.9%):
Amcor
Flexibles
North
America,
Inc.
2
.69
%
,
5/25/31
,
Callable
2/25/31
@
100
..................................
871
780
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
(a)
...............................
3,291
3,350
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
1,736
1,597
Huntsman
International
LLC
4
.50
%
,
5/1/29
,
Callable
2/1/29
@
100
....................................
4,950
4,706
2
.95
%
,
6/15/31
,
Callable
3/15/31
@
100
..................................
4,449
3,742
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
1,568
1,137
Martin
Marietta
Materials,
Inc.
5
.15
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
3,572
3,581
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
1,519
1,459
Olin
Corp.
5
.00
%
,
2/1/30
,
Callable
9/4/25
@
101.25
..................................
1,725
1,651
6
.63
%
,
4/1/33
,
Callable
4/1/28
@
103.31
(a)
................................
6,424
6,255
Panther
Escrow
Issuer
LLC
,
7
.13
%
,
6/1/31
,
Callable
6/1/27
@
103.56
(a)
...............
1,363
1,409
Reliance,
Inc.
,
6
.85
%
,
11/15/36
.............................................
1,862
2,035
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
........................
3,095
3,008
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
...............
2,219
2,271
The
Dow
Chemical
Co.
,
6
.90
%
,
5/15/53
,
Callable
11/15/52
@
100
(i)
..................
198
207
The
Sherwin-Williams
Co.
,
5
.15
%
,
8/15/35
,
Callable
5/15/35
@
100
..................
4,788
4,780
Vulcan
Materials
Co.
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
2,827
2,868
5
.70
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
256
253
45,089
Real
Estate
(1.0%):
Alexandria
Real
Estate
Equities,
Inc.
,
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
............
1,608
1,617
American
Assets
Trust
LP
,
6
.15
%
,
10/1/34
,
Callable
7/1/34
@
100
....................
1,935
1,937
American
Tower
Trust
#1
,
5
.49
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
.................
3,740
3,791
Boston
Properties
LP
,
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
.......................
1,825
1,464
CBRE
Services,
Inc.
,
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
.......................
3,222
3,254
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
2,446
2,209
EPR
Properties
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
..........................
1,985
1,793
Healthpeak
OP
LLC
,
5
.38
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
1,376
1,388
Keenan
Development
Associates
of
Tennessee
LLC
(INS
-
XL
Capital
Assurance)
,
5
.02
%
,
7/15/28
(a)
........................................................
140
140
Kilroy
Realty
LP
,
6
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
2,972
2,983
Public
Storage
Operating
Co.
,
5
.00
%
,
7/1/35
,
Callable
4/1/35
@
100
..................
4,805
4,750
Regency
Centers
LP
,
5
.10
%
,
1/15/35
,
Callable
10/15/34
@
100
......................
1,703
1,701
SBA
Tower
Trust
2
.33
%
,
1/15/28
,
Callable
7/15/26
@
100
(a)
................................
3,000
2,827
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
2,947
3,022
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
9,035
8,984
2
.59
%
,
10/15/31
(a)
..................................................
5,000
4,330
The
Howard
Hughes
Corp.
,
4
.38
%
,
2/1/31
,
Callable
2/1/26
@
102.19
(a)
................
462
426
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
NHP
Foundation
,
6
.00
%
,
12/1/33
,
Callable
6/1/33
@
100
.......................
$
2,821
$
3,007
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
3,136
3,155
52,778
Utilities
(1.1%):
Black
Hills
Corp.
,
6
.00
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
511
531
Calpine
Corp.
5
.13
%
,
3/15/28
,
Callable
9/4/25
@
100.85
(a)
...............................
4,280
4,259
5
.00
%
,
2/1/31
,
Callable
2/1/26
@
102.5
(a)
.................................
25,496
25,231
CenterPoint
Energy
Houston
Electric
LLC
,
5
.05
%
,
3/1/35
,
Callable
12/1/34
@
100
........
3,166
3,148
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
959
927
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
708
741
Duke
Energy
Corp.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
.......................
1,703
1,746
Duke
Energy
Progress
SC
Storm
Funding
LLC
,
5
.40
%
,
3/1/44
.......................
2,299
2,314
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
733
636
Entergy
Louisiana
LLC
,
5
.15
%
,
9/15/34
,
Callable
6/15/34
@
100
....................
1,048
1,053
Essex
Portfolio
LP
,
5
.50
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
1,753
1,791
Gulfstream
Natural
Gas
System
LLC
,
5
.60
%
,
7/23/35
,
Callable
4/23/35
@
100
(a)
.........
4,795
4,823
Interstate
Power
and
Light
Co.
,
5
.60
%
,
6/29/35
,
Callable
3/29/35
@
100
...............
4,255
4,370
Oncor
Electric
Delivery
Co.
LLC
,
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
.............
2,354
2,400
Public
Service
Co.
of
Oklahoma
,
5
.45
%
,
1/15/36
,
Callable
10/15/35
@
100
.............
3,648
3,663
The
Southern
Co.
,
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(c)
........
1,749
1,739
59,372
Total
Corporate
Bonds
(Cost
$930,236)
a
a
a
940,554
Yankee
Dollars
(4.1%)
Communication
Services
(0.1%):
Flutter
Treasury
DAC
,
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
..................
2,496
2,515
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
1,700
1,585
Zegona
Finance
PLC
,
8
.63
%
,
7/15/29
,
Callable
7/15/26
@
104.31
(a)
..................
1,381
1,471
5,571
Consumer
Discretionary
(0.8%):
Brightstar
Lottery
PLC
6
.25
%
,
1/15/27
,
Callable
7/15/26
@
100
(a)
................................
1,402
1,416
5
.25
%
,
1/15/29
,
Callable
9/4/25
@
101.31
(a)
...............................
9,932
9,856
Carnival
Corp.
7
.00
%
,
8/15/29
,
Callable
8/15/26
@
103.5
(a)
...............................
5,852
6,150
6
.13
%
,
2/15/33
,
Callable
2/15/28
@
103.06
(a)
..............................
466
474
Flutter
Treasury
DAC
,
6
.38
%
,
4/29/29
,
Callable
4/15/26
@
103.19
(a)
.................
4,820
4,957
IHO
Verwaltungs
GmbH
,
8
.00
%
,
11/15/32
,
Callable
11/15/27
@
104
(a)
(j)
..............
1,022
1,051
NCL
Corp.
Ltd.
5
.88
%
,
3/15/26
,
Callable
12/15/25
@
100
(a)
...............................
403
404
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
................................
2,977
3,058
Royal
Caribbean
Cruises
Ltd.
5
.63
%
,
9/30/31
,
Callable
9/30/27
@
102.81
(a)
..............................
3,631
3,658
6
.25
%
,
3/15/32
,
Callable
3/15/27
@
103.13
(a)
..............................
7,602
7,797
6
.00
%
,
2/1/33
,
Callable
8/1/27
@
103
(a)
..................................
1,809
1,839
Viking
Cruises
Ltd.
,
5
.88
%
,
9/15/27
,
Callable
9/4/25
@
100.98
(a)
....................
1,709
1,707
42,367
Consumer
Staples
(0.3%):
Alimentation
Couche-Tard,
Inc.
,
5
.27
%
,
2/12/34
,
Callable
11/12/33
@
100
(a)
............
4,247
4,251
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
921
923
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
......................
3,619
3,718
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
6,306
5,236
14,128
Energy
(0.2%):
Aker
BP
ASA
,
5
.13
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
..........................
2,904
2,788
Enbridge,
Inc.
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
....................................
260
266
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(c)
..................
1,048
1,038
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
1,437
1,439
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
213
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Var
Energi
ASA
,
6
.50
%
,
5/22/35
,
Callable
2/22/35
@
100
(a)
........................
$
3,686
$
3,814
9,345
Financials
(1.7%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(c)
.............
1,200
1,266
AS
Mileage
Plan
IP
Ltd.
,
5
.31
%
,
10/20/31
,
Callable
8/20/31
@
100
(a)
.................
8,987
8,923
Ascot
Group
Ltd.
,
6
.35
%
(
H15T5Y
+
238
bps
)
,
6/15/35
,
Callable
3/15/30
@
100
(a)
(c)
.......
3,383
3,460
Aspen
Insurance
Holdings
Ltd.
,
5
.75
%
,
7/1/30
,
Callable
6/1/30
@
100
.................
1,202
1,222
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
544
557
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
2,800
3,050
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
2,149
1,876
Barclays
PLC
,
3
.56
%
(
H15T5Y
+
290
bps
)
,
9/23/35
,
Callable
9/23/30
@
100
(c)
...........
2,700
2,483
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7
.63
%
(
H15T5Y
+
338
bps
)
,
2/11/35
,
Callable
2/11/30
@
100
(a)
(c)
................
2,602
2,675
8
.45
%
(
H15T5Y
+
466
bps
)
,
6/29/38
,
Callable
6/29/33
@
100
(a)
(c)
................
1,759
1,870
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(c)
..................
3,682
3,839
BNP
Paribas
SA
2
.87
%
(
TSFR3M
+
139
bps
)
,
4/19/32
,
Callable
4/19/31
@
100
(a)
(c)
................
500
448
5
.74
%
(
SOFR
+
188
bps
)
,
2/20/35
,
Callable
2/20/34
@
100
(a)
(c)
(i)
................
510
528
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
9/1/25
@
100
(c)
(g)
.......................
1,500
1,497
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(g)
......................
142
140
BPCE
SA
,
6
.29
%
(
SOFR
+
204
bps
)
,
1/14/36
,
Callable
1/14/35
@
100
(a)
(c)
..............
3,123
3,284
Brookfield
Finance,
Inc.
,
5
.68
%
,
1/15/35
,
Callable
10/15/34
@
100
...................
2,626
2,694
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(c)
.......
1,977
2,054
Deutsche
Bank
AG
,
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(c)
.........
3,167
3,157
Fidelis
Insurance
Holdings
Ltd.
,
7
.75
%
(
H15T5Y
+
428
bps
)
,
6/15/55
,
Callable
12/15/34
@
100
(c)
(i)
.........................................................
4,126
4,337
HSBC
Holdings
PLC
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
....................
1,200
1,389
6
.80
%
,
6/1/38
.....................................................
1,000
1,079
Imperial
Brands
Finance
PLC
,
5
.63
%
,
7/1/35
,
Callable
4/1/35
@
100
(a)
................
3,346
3,347
ING
Groep
NV
,
6
.11
%
(
SOFR
+
209
bps
)
,
9/11/34
,
Callable
9/11/33
@
100
(c)
............
2,818
2,990
JAB
Holdings
BV
,
3
.75
%
,
5/28/51
,
Callable
11/28/50
@
100
(a)
......................
155
103
Lloyds
Banking
Group
PLC
,
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
1,095
1,256
Macquarie
Airfinance
Holdings
Ltd.
,
6
.50
%
,
3/26/31
,
Callable
1/26/31
@
100
(a)
.........
297
314
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.62
%
(
H15T1Y
+
127
bps
)
,
4/24/36
,
Callable
4/24/35
@
100
(c)
...........................................................
3,041
3,142
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(c)
3,252
3,337
Nationwide
Building
Society
4
.00
%
,
9/14/26
(a)
..................................................
1,618
1,602
5
.54
%
(
SOFR
+
165
bps
)
,
7/14/36
,
Callable
7/14/35
@
100
(a)
(c)
..................
3,564
3,601
Royal
Bank
of
Canada
,
5
.15
%
,
2/1/34
........................................
3,274
3,347
Societe
Generale
SA
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
................
250
259
4
.03
%
(
H15T1Y
+
190
bps
)
,
1/21/43
,
Callable
1/21/42
@
100
(a)
(c)
................
1,250
936
Standard
Chartered
PLC
,
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
1,000
997
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
.............................
3,980
3,953
The
Toronto-Dominion
Bank
,
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(c)
2,787
2,802
UBS
Group
AG
,
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(a)
(c)
..........
3,500
3,181
Westpac
Banking
Corp.
,
4
.11
%
(
H15T5Y
+
200
bps
)
,
7/24/34
,
Callable
7/24/29
@
100
(c)
....
1,000
967
87,962
Industrials
(0.4%):
Air
Canada
Pass
Through
Trust
,
3
.75
%
,
12/15/27
(a)
..............................
3,396
3,269
Aircastle
Ltd.
,
5
.25
%
(
H15T5Y
+
441
bps
)
,
Callable
6/15/26
@
100
(a)
(c)
(g)
..............
1,868
1,856
Avianca
Midco
2
PLC
,
9
.63
%
,
2/14/30
,
Callable
2/14/27
@
104.81
(a)
.................
5,051
4,699
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(a)
.........
2,674
2,617
Latam
Airlines
Group
SA
7
.88
%
,
4/15/30
,
Callable
10/15/26
@
103.94
(a)
.............................
1,919
1,979
7
.63
%
,
1/7/31
,
Callable
7/7/27
@
103.81
(a)
................................
1,602
1,648
LG
Energy
Solution
Ltd.
,
5
.50
%
,
7/2/34
(a)
.....................................
4,521
4,475
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
1,319
1,346
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
9
.50
%
,
6/1/28
,
Callable
9/4/25
@
104.75
(a)
(i)
.....................................................
$
84
$
86
21,975
Information
Technology
(0.4%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
10,464
10,374
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
9,082
9,378
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
...........................................
1,757
1,899
21,651
Materials
(0.1%):
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
5,204
5,260
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,444
3,012
Utilities
(0.0%):(f)
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
(i)
..............
650
592
Total
Yankee
Dollars
(Cost
$207,610)
a
a
a
211,863
Municipal
Bonds
(4.7%)
Arizona
(0.0%):(f)
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
,
1
.84
%
,
7/1/31
,
Continuously
Callable
@100
...........................................................
1,000
863
California
(0.0%):(f)
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
Series
B
,
6
.03
%
,
7/1/38
.
1,500
1,519
Colorado
(0.3%):
Colorado
Housing
and
Finance
Authority
Revenue
Series
C1
,
5
.66
%
,
11/1/39
,
Continuously
Callable
@100
.......................
9,065
9,060
Series
D-1
,
5
.84
%
,
5/1/44
,
Continuously
Callable
@100
.......................
1,300
1,301
Series
E-1
,
5
.28
%
,
11/1/39
,
Continuously
Callable
@101
......................
1,585
1,526
Series
G-1
,
5
.86
%
,
11/1/43
,
Continuously
Callable
@100
......................
1,255
1,265
13,152
Connecticut
(0.1%):
Connecticut
Housing
Finance
Authority
Revenue
,
Series
C-2
,
5
.81
%
,
11/15/39
,
Continuously
Callable
@100
.....................................................
4,535
4,557
District
of
Columbia
(0.0%):(f)
District
of
Columbia
Revenue
,
2
.68
%
,
4/1/31
...................................
1,500
1,305
Florida
(0.7%):
County
of
Miami-Dade
Aviation
Revenue
Series
B
,
2
.61
%
,
10/1/32
,
Continuously
Callable
@100
........................
1,000
873
Series
C
,
5
.55
%
,
10/1/43
,
Continuously
Callable
@100
........................
980
980
Florida
Housing
Finance
Corp.
Revenue
Series
4
,
5
.67
%
,
7/1/39
,
Continuously
Callable
@100
.........................
4,065
4,088
Series
4
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
2,700
2,737
Series
6
,
5
.07
%
,
7/1/39
,
Continuously
Callable
@100
.........................
635
598
State
Board
of
Administration
Finance
Corp.
Revenue
,
Series
A
,
5
.53
%
,
7/1/34
,
Continuously
Callable
@100
.....................................................
26,804
27,444
36,720
Hawaii
(0.1%):
State
of
Hawaii,
GO
Series
GN
,
4
.64
%
,
10/1/34
............................................
3,360
3,338
Series
GN
,
5
.11
%
,
10/1/43
,
Continuously
Callable
@100
......................
3,075
2,963
6,301
Idaho
(0.1%):
Idaho
Housing
&
Finance
Association
Revenue
5
.76
%
,
7/1/40
,
Continuously
Callable
@100
...............................
695
698
Series
A
,
5
.67
%
,
1/1/45
,
Continuously
Callable
@100
.........................
4,285
4,154
Series
C
,
5
.43
%
,
7/1/39
,
Continuously
Callable
@100
.........................
1,755
1,718
6,570
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
215
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Illinois
(0.2%):
City
of
Chicago,
GO
,
Series
D
,
5
.90
%
,
1/1/32
..................................
$
1,875
$
1,881
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.28
%
,
12/1/36
,
Continuously
Callable
@100
...........................................
905
893
Illinois
Finance
Authority
Revenue
,
5
.45
%
,
8/1/38
...............................
1,500
1,450
Illinois
Housing
Development
Authority
Revenue
Series
B
,
5
.63
%
,
10/1/41
,
Continuously
Callable
@100
........................
2,165
2,168
Series
F
,
5
.44
%
,
10/1/39
,
Continuously
Callable
@100
........................
3,395
3,299
Sales
Tax
Securitization
Corp.
Revenue
,
Series
B
,
5
.23
%
,
1/1/39
,
Continuously
Callable
@100
1,760
1,734
11,425
Indiana
(0.1%):
Indiana
Finance
Authority
Revenue
,
Series
B
,
3
.08
%
,
9/15/27
.......................
1,130
1,089
Indiana
Housing
&
Community
Development
Authority
Revenue
,
Series
A-2
,
5
.83
%
,
7/1/45
,
Continuously
Callable
@100
...........................................
1,170
1,153
2,242
Iowa
(0.0%):(f)
Iowa
Finance
Authority
Revenue
,
Series
H
,
5
.38
%
,
7/1/39
,
Continuously
Callable
@100
....
1,180
1,133
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.48
%
,
8/1/39
..............................................
12,562
11,934
Series
A1-A3
,
5
.08
%
,
6/1/31
...........................................
602
610
12,544
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
5
.07
%
,
11/30/34
....................................................
905
910
Series
B
,
4
.25
%
,
6/1/29
..............................................
2,490
2,367
Series
B
,
4
.35
%
,
6/1/30
..............................................
1,330
1,250
Series
B
,
4
.40
%
,
6/1/31
..............................................
1,385
1,285
5,812
Massachusetts
(0.2%):
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
6
.17
%
,
7/1/50
,
Continuously
Callable
@100
...........................................
8,365
8,405
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
238
,
4
.94
%
,
12/1/39
,
Continuously
Callable
@100
.....................................................
1,985
1,840
Massachusetts
State
College
Building
Authority
Revenue
,
Series
A
,
1
.80
%
,
5/1/29
,
ETM
....
5
5
10,250
Michigan
(0.1%):
Michigan
State
Housing
Development
Authority
Revenue
,
Series
E
,
5
.10
%
,
12/1/39
,
Continuously
Callable
@100
...........................................
4,485
4,293
Minnesota
(0.4%):
Minnesota
Housing
Finance
Agency
Revenue
Series
D
,
5
.58
%
,
8/1/39
,
Continuously
Callable
@100
........................
1,240
1,250
Series
J
,
5
.62
%
,
7/1/39
,
Continuously
Callable
@100
.........................
2,565
2,643
Series
M
,
5
.73
%
,
7/1/39
,
Continuously
Callable
@100
........................
3,615
3,646
Series
M
,
5
.92
%
,
7/1/44
,
Continuously
Callable
@100
........................
4,605
4,606
Series
P
,
5
.39
%
,
7/1/39
,
Continuously
Callable
@100
.........................
6,335
6,114
Series
V
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
4,420
4,383
22,642
Nebraska
(0.0%):(f)
Nebraska
Investment
Finance
Authority
Revenue
,
Series
H
,
5
.77
%
,
3/1/43
,
Continuously
Callable
@100
.....................................................
1,980
1,949
Nevada
(0.1%):
Nevada
Housing
Division
Revenue
Series
B
,
5
.68
%
,
10/1/45
,
Continuously
Callable
@100
........................
3,480
3,330
Series
D
,
5
.79
%
,
10/1/35
,
Continuously
Callable
@100
........................
500
510
Series
F
,
5
.13
%
,
10/1/39
,
Continuously
Callable
@100
........................
2,260
2,116
5,956
New
Hampshire
(0.1%):
New
Hampshire
Business
Finance
Authority
Revenue
,
Series
B
,
5
.35
%
,
11/1/39
,
Continuously
Callable
@100
.....................................................
3,580
3,504
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
216
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
Jersey
(0.0%):(f)
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Series
L
,
5
.64
%
,
10/1/34
,
Continuously
Callable
@100
........................
$
390
$
395
Series
L
,
5
.69
%
,
4/1/35
,
Continuously
Callable
@100
.........................
445
451
Series
L
,
5
.71
%
,
10/1/35
,
Continuously
Callable
@100
........................
420
425
Series
N
,
5
.85
%
,
10/1/40
,
Continuously
Callable
@100
........................
435
435
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
3
.12
%
,
11/1/26
...............
450
439
2,145
New
York
(0.4%):
Metropolitan
Transportation
Authority
Revenue,
Build
America
Bond
,
Series
E
,
6
.73
%
,
11/15/30
.........................................................
5,000
5,235
New
York
City
Housing
Development
Corp.
Revenue
Series
C
,
5
.71
%
,
11/1/39
,
Continuously
Callable
@100
........................
3,620
3,626
Series
C
,
5
.90
%
,
11/1/44
,
Continuously
Callable
@100
........................
3,070
3,060
New
York
City
Industrial
Development
Agency
Revenue
2
.34
%
,
1/1/35
.....................................................
1,000
767
2
.44
%
,
1/1/36
.....................................................
1,250
936
New
York
City
Transitional
Finance
Authority
Revenue
,
Series
G-3
,
5
.11
%
,
5/1/36
,
Continuously
Callable
@100
...........................................
3,175
3,193
New
York
State
Dormitory
Authority
Revenue
,
Series
B
,
5
.23
%
,
7/1/35
................
1,490
1,515
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
268
,
5
.57
%
,
10/1/40
,
Continuously
Callable
@100
....................................
1,130
1,113
19,445
North
Carolina
(0.3%):
City
of
Charlotte
Certificate
of
Participation
,
5
.46
%
,
6/1/40
,
Continuously
Callable
@100
...
1,780
1,785
North
Carolina
Housing
Finance
Agency
Revenue
Series
54-B
,
5
.60
%
,
7/1/39
,
Continuously
Callable
@100
......................
1,810
1,791
Series
54-B
,
5
.81
%
,
7/1/44
,
Continuously
Callable
@100
......................
4,530
4,472
Series
57-B
,
5
.80
%
,
7/1/50
,
Continuously
Callable
@100
......................
1,100
1,073
Series
58-B
,
5
.98
%
,
7/1/40
,
Continuously
Callable
@100
......................
3,440
3,479
12,600
Ohio
(0.0%):(f)
University
of
Cincinnati
Revenue
,
Series
B
,
5
.53
%
,
6/1/40
,
Continuously
Callable
@100
...
905
912
Oregon
(0.1%):
State
of
Oregon,
GO
,
Series
B
,
5
.36
%
,
5/1/39
,
Continuously
Callable
@100
.............
2,720
2,743
Pennsylvania
(0.1%):
Allegheny
County
Airport
Authority
Revenue
Series
B
,
5
.50
%
,
1/1/36
,
Continuously
Callable
@100
.........................
895
911
Series
B
,
5
.62
%
,
1/1/37
,
Continuously
Callable
@100
.........................
780
795
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145B
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
.....................
2,720
2,700
Series
146B
,
5
.56
%
,
10/1/39
,
Continuously
Callable
@100
.....................
905
884
Series
147B
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
.....................
1,610
1,589
6,879
Rhode
Island
(0.2%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
Series
83T
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
......................
2,715
2,761
Series
83T
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
......................
4,530
4,599
Series
84-T
,
4
.93
%
,
10/1/39
,
Continuously
Callable
@100
.....................
3,615
3,433
10,793
South
Carolina
(0.0%):(f)
Greenville-Spartanburg
Airport
District
Revenue
Series
B
,
5
.06
%
,
7/1/34
..............................................
210
210
Series
B
,
5
.11
%
,
7/1/35
,
Continuously
Callable
@100
.........................
270
268
478
South
Dakota
(0.0%):(f)
South
Dakota
Housing
Development
Authority
Revenue
,
Series
D
,
5
.88
%
,
11/1/40
,
Continuously
Callable
@100
...........................................
525
532
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
Series
C
,
2
.45
%
,
8/1/32
,
Continuously
Callable
@100
.........................
1,500
1,306
Series
D
,
5
.27
%
,
7/1/35
..............................................
1,175
1,212
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
217
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Tennessee
Housing
Development
Agency
Revenue
Series
1B
,
5
.64
%
,
7/1/40
,
Continuously
Callable
@100
........................
$
340
$
334
Series
2B
,
5
.65
%
,
7/1/39
,
Continuously
Callable
@100
........................
2,720
2,681
5,533
Texas
(0.2%):
County
of
Harris
Hotel
Occupancy
Tax
Revenue
,
5
.26
%
,
8/15/44
,
Continuously
Callable
@100
1,615
1,547
State
of
Texas,
GO
,
5
.36
%
,
10/1/41
,
Continuously
Callable
@100
....................
2,000
2,028
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
2
.41
%
,
9/1/31
,
Continuously
Callable
@100
...........................................
1,000
877
Texas
Department
of
Housing
&
Community
Affairs
Revenue
Series
D
,
5
.55
%
,
1/1/39
,
Continuously
Callable
@100
........................
905
935
Series
D
,
5
.73
%
,
1/1/44
,
Continuously
Callable
@100
........................
905
911
Texas
Water
Development
Board
Revenue
,
Series
B
,
4
.31
%
,
10/15/34
.................
1,795
1,728
University
of
Houston
Revenue
,
Series
B
,
4
.86
%
,
2/15/37
,
Continuously
Callable
@100
....
365
357
Uptown
Development
Authority
Tax
Allocation
,
Series
B
,
2
.68
%
,
9/1/32
,
Continuously
Callable
@100
.....................................................
400
346
8,729
Utah
(0.1%):
Utah
Housing
Corp.
Revenue
Series
F
,
5
.61
%
,
7/1/36
,
Continuously
Callable
@100
.........................
570
563
Series
F
,
5
.69
%
,
7/1/39
,
Continuously
Callable
@100
.........................
1,665
1,632
2,195
Virginia
(0.2%):
Virginia
Housing
Development
Authority
Revenue
Series
B
,
5
.66
%
,
10/1/39
,
Continuously
Callable
@100
........................
4,535
4,466
Series
C
,
5
.31
%
,
10/1/39
,
Continuously
Callable
@100
........................
4,070
3,867
Series
E
,
5
.51
%
,
7/1/39
,
Continuously
Callable
@100
.........................
1,590
1,546
9,879
West
Virginia
(0.1%):
West
Virginia
Housing
Development
Fund
Revenue
Series
C
,
5
.83
%
,
11/1/39
,
Continuously
Callable
@100
........................
1,585
1,588
Series
C
,
6
.02
%
,
11/1/44
,
Continuously
Callable
@100
........................
1,810
1,808
3,396
Wisconsin
(0.1%):
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
,
Series
B
,
5
.87
%
,
9/1/40
,
Continuously
Callable
@100
...............................
4,125
4,155
Total
Municipal
Bonds
(Cost
$246,170)
a
a
a
243,151
U.S.
Government
Agency
Mortgages
(18.3%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(c)
(g)
................................
19,908
19,886
FCCU
Auto
Receivables
Trust
5
.14
%
,
10/30/34
....................................................
6,224
6,127
2
.55
%
,
12/21/34
....................................................
4,613
3,801
2
.20
%
,
9/2/36
.....................................................
11,023
8,319
5
.60
%
,
8/5/39
.....................................................
4,527
4,496
6
.19
%
,
6/17/44
....................................................
4,597
4,566
27,309
Federal
Home
Loan
Banks
5
.25
%
,
9/25/34
....................................................
9,040
8,928
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
4/1/36
-
1/1/55
...............................................
126,218
126,039
1
.50
%
,
4/1/37
.....................................................
6,344
5,600
5
.00
%
,
2/1/40
-
4/1/55
...............................................
57,120
56,033
3
.00
%
,
4/1/40
-
5/1/52
...............................................
14,099
12,222
2
.50
%
,
5/1/42
.....................................................
12,519
10,958
4
.50
%
,
11/1/42
-
10/1/52
..............................................
11,090
10,627
4
.00
%
,
1/1/43
-
12/1/54
..............................................
18,330
17,048
3
.50
%
,
5/1/52
-
7/1/52
...............................................
8,096
7,250
6
.00
%
,
8/1/53
-
3/1/55
...............................................
50,818
51,658
297,435
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
218
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Federal
National
Mortgage
Association
2
.50
%
,
7/1/27
-
7/1/52
...............................................
$
16,987
$
14,404
2
.13
%
,
1/1/34
.....................................................
4,279
3,578
1
.50
%
,
3/1/37
.....................................................
3,960
3,516
5
.00
%
,
12/1/37
-
12/1/54
.............................................
48,490
47,714
4
.00
%
,
4/1/38
-
7/1/53
...............................................
39,982
37,274
3
.50
%
,
12/1/42
-
8/1/52
..............................................
44,735
40,521
5
.50
%
,
12/1/44
-
6/1/55
..............................................
127,364
127,301
3
.00
%
,
12/1/51
....................................................
3,524
3,018
4
.50
%
,
6/1/52
-
1/1/53
...............................................
24,187
23,056
6
.00
%
,
7/1/52
-
11/1/54
..............................................
14,466
14,752
315,134
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
11/20/54
.............................................
55,623
54,570
2
.50
%
,
1/20/51
-
9/20/53
.............................................
26,721
22,264
3
.50
%
,
2/20/52
-
11/20/52
.............................................
26,457
23,792
3
.00
%
,
3/20/52
-
12/20/53
.............................................
64,354
56,156
4
.00
%
,
6/20/52
-
5/20/53
.............................................
23,954
22,249
4
.50
%
,
8/20/52
-
11/20/53
.............................................
45,332
43,306
5
.50
%
,
4/20/53
-
2/20/54
.............................................
35,878
35,960
6
.00
%
,
9/20/53
-
10/20/53
.............................................
12,552
12,816
5
.50
%
,
1/20/54
....................................................
3,929
3,934
7
.50
%
,
10/20/54
....................................................
6,891
6,941
281,988
Total
U.S.
Government
Agency
Mortgages
(Cost
$956,717)
a
a
a
950,680
U.S.
Treasury
Obligations
(20.8%)
U.S.
Treasury
Bonds
4
.50
%
,
2/15/36
....................................................
89,239
90,466
5
.00
%
,
5/15/37
....................................................
159,972
168,221
4
.38
%
,
11/15/39
....................................................
75,198
72,954
1
.13
%
,
5/15/40
....................................................
35,000
21,602
2
.38
%
,
2/15/42
....................................................
52,266
37,631
3
.25
%
,
5/15/42
....................................................
28,000
22,912
3
.88
%
,
5/15/43
....................................................
13,204
11,663
4
.38
%
,
8/15/43
....................................................
9,163
8,638
4
.75
%
,
11/15/43
....................................................
48,139
47,522
4
.63
%
,
11/15/44
....................................................
12,864
12,448
2
.50
%
,
2/15/45
....................................................
23,500
16,343
4
.75
%
,
2/15/45
....................................................
60,095
59,071
1
.25
%
,
5/15/50
....................................................
4,535
2,148
2
.88
%
,
5/15/52
....................................................
40,000
27,737
3
.63
%
,
2/15/53
....................................................
12,487
10,046
3
.63
%
,
5/15/53
....................................................
8,454
6,794
4
.13
%
,
8/15/53
....................................................
63,303
55,726
4
.75
%
,
11/15/53
....................................................
63,123
61,614
4
.25
%
,
8/15/54
....................................................
29,375
26,415
4
.63
%
,
2/15/55
....................................................
51,725
49,551
U.S.
Treasury
Notes
4
.63
%
,
5/31/31
....................................................
7,283
7,501
4
.13
%
,
11/15/32
....................................................
37,336
37,248
3
.38
%
,
5/15/33
....................................................
27,615
26,092
3
.88
%
,
8/15/33
....................................................
17,593
17,170
4
.50
%
,
11/15/33
....................................................
147,478
150,105
4
.63
%
,
2/15/35
....................................................
29,031
29,661
Total
U.S.
Treasury
Obligations
(Cost
$1,115,205)
a
a
a
1,077,279
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
219
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Commercial
Paper
(0.0%)(f)
Consumer
Staples
(0.0%):(f)
CVS
Corp.
,
4
.84
%
,
8/4/25
(a)
(k)
............................................
$
1,900
$
1,899
Total
Commercial
Paper
(Cost
$1,899)
a
a
a
1,899
Shares
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(l)
........
2,358,084
2,358
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(l)
............
2,358,084
2,358
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(l)
................
2,358,084
2,358
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(l)
.
2,358,084
2,358
Total
Collateral
for
Securities
Loaned
(Cost
$9,432)
a
a
a
9,432
Total
Investments
(Cost
$5,221,877)
—
99.9%
5,177,268
Other
assets
in
excess
of
liabilities
—  0.1%
5,788
NET
ASSETS
-
100.00%
$
5,183,056
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
7.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2025,
the
fair
value
of
these
securities
was
$1,951,642
(thousands)
and
amounted
to
37.7%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2025.
(d)
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
July
31,
2025.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(i)
All
or
a
portion
of
this
security
is
on
loan.
(j)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(k)
Rate
represents
the
effective
yield
at
July
31,
2025.
(l)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
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.
ETM
—
Escrowed
to
Maturity
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
220
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2025.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2025.
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.
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
1,095
9/19/25
$
120,702,701
$
121,613,438
$
910,737
30-Year
U.S.
Treasury
Bond
Futures
.....
1,393
9/19/25
156,303,288
159,063,187
2,759,899
5-Year
U.S.
Treasury
Note
Futures
.......
366
9/30/25
39,468,359
39,590,906
122,547
$
3,793,183
Total
unrealized
appreciation
$
3,793,183
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
3,793,183
Schedule
of
Portfolio
Investments
July
31,
2025
Victory
Portfolios
III
Victory
High
Income
Fund
221
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(5.5%)
ABS
Auto
(1.7%):
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
..
$
2,000
$
2,035
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
...........................................................
375
378
FCCU
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
D
,
6
.78
%
,
7/15/32
,
Callable
5/15/28
@
100
(a)
...........................................................
1,136
1,165
Flagship
Credit
Auto
Trust
,
Series
2019-3
,
Class
E
,
3
.84
%
,
12/15/26
,
Callable
8/15/25
@
100
(a)
...........................................................
462
462
Ford
Credit
Auto
Owner
Trust
,
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...........................................................
1,966
1,999
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
D
,
9
.43
%
,
2/25/28
(a)
...........
3,000
3,063
LAD
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
3/15/27
@
100
(a)
...........................................................
2,263
2,313
Merchants
Fleet
Funding
LLC
,
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
4/20/27
@
100
(a)
...........................................................
1,673
1,706
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
6/15/27
@
100
(a)
...............
64
64
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,001
1,005
SBNA
Auto
Receivables
Trust
,
Series
2025-SF1
,
Class
E
,
6
.74
%
,
10/15/31
,
Callable
2/15/30
@
100
(a)
...........................................................
1,000
1,003
Securitized
Term
Auto
Receivables
Trust
,
Series
2025-A
,
Class
D
,
6
.75
%
,
7/25/31
,
Callable
1/25/28
@
100
(a)
...................................................
1,797
1,812
17,005
ABS
Other
(3.8%):
Dext
ABS
LLC
,
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
.......
667
707
Frontier
Issuer
LLC
.....................................................
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
18,414
19,271
Series
2024-1
,
Class
C
,
11
.16
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
5,551
6,165
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
1,568
1,499
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
333
340
Series
2025-1A
,
Class
E
,
7
.08
%
,
5/17/32
,
Callable
8/15/28
@
100
(a)
..............
706
712
SCF
Equipment
Leasing
LLC
,
Series
2022-2A
,
Class
D
,
6
.50
%
,
10/20/32
,
Callable
9/20/25
@
100
(a)
...........................................................
989
998
Sotheby's
Artfi
Master
Trust
,
Series
2024-1A
,
Class
D
,
7
.91
%
,
12/22/31
,
Callable
9/20/25
@
100
(a)
...........................................................
1,550
1,560
Uniti
Fiber
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
C
,
9
.12
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
...........................................................
2,000
2,069
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
3,000
2,829
Series
2024-1A
,
Class
F
,
8
.87
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
875
905
Zayo
Issuer
LLC
,
Series
2025-1A
,
Class
C
,
8
.66
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.....
2,500
2,579
39,634
Total
Asset-Backed
Securities
(Cost
$55,347)
a
a
a
56,639
Collateralized
Loan
Obligations
(0.1%)
Cash
Flow
CLO
(0.1%):
720
East
CLO
II
Ltd.
,
Series
2023-2A
,
Class
E
,
12
.89
%
(
TSFR3M
+
857
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(b)
.........................................
1,500
1,501
Total
Collateralized
Loan
Obligations
(Cost
$1,486)
a
a
a
1,501
Collateralized
Mortgage
Obligations
(1.4%)
Commercial
MBS
(1.4%):
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
(d)
................
3,000
2,885
BPR
Trust
,
Series
2022-STAR
,
Class
A
,
7
.57
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(d)
......
2,536
2,534
BX
Trust
,
Series
2025-GW
,
Class
D
,
7
.09
%
(
TSFR1M
+
275
bps
)
,
7/15/42
(a)
(b)
(d)
.........
1,526
1,529
BXP
Trust
,
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
......................
2,000
1,557
COMM
Mortgage
Trust
,
Series
2024-277P
,
Class
B
,
7
.00
%
,
8/10/44
(a)
(c)
(d)
............
1,500
1,589
Hudson
Yards
Mortgage
Trust
,
Series
2025-SPRL
,
Class
D
,
6
.34
%
,
1/13/40
(a)
(c)
(d)
.......
100
103
Victory
Portfolios
III
Victory
High
Income
Fund
222
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
D
,
2
.33
%
,
9/10/39
(a)
(c)
(d)
......
$
1,155
$
1,075
ONE
Mortgage
Trust
,
Series
2021-PARK
,
Class
D
,
5
.96
%
(
TSFR1M
+
161
bps
)
,
3/15/36
(a)
(b)
(d)
.............................................................
1,775
1,661
SHR
Trust
,
Series
2024-LXRY
,
Class
D
,
7
.94
%
(
TSFR1M
+
360
bps
)
,
10/15/41
(a)
(b)
(d)
.....
1,250
1,249
14,182
Private
CMO
Floating
(0.0%):(e)
CHL
Mortgage
Pass-Through
Trust
,
Series
2004-25
,
Class
1A6
,
5
.43
%
(
TSFR1M
+
107
bps
)
,
2/25/35
,
Callable
8/25/25
@
100
(b)
......................................
383
37
Total
Collateralized
Mortgage
Obligations
(Cost
$13,898)
a
a
a
14,219
Shares
Common
Stocks
(0.1%)
Energy
(0.0%):(e)
GenOn
Energy,
Inc.
(f)
...................................................
16,168
120
Sabine
Oil
&
Gas
Holdings,
Inc.
(f)
(g)
........................................
2,824
—
(h)
120
Real
Estate
(0.1%):
Crown
Castle,
Inc.
......................................................
6,253
657
Total
Common
Stocks
(Cost
$3,209)
a
a
a
777
Preferred
Stocks
(0.4%)
Consumer
Staples
(0.4%):
CHS,
Inc.
,
Series
1
,
7
.88
%
(i)
..............................................
87,180
2,329
CHS,
Inc.
,
Series
2
,
7
.10
%
(i)
..............................................
76,204
1,949
4,278
Real
Estate
(0.0%):(e)
Prologis,
Inc.
,
Series
Q
,
8
.54
%
(i)
............................................
5,310
288
Total
Preferred
Stocks
(Cost
$4,430)
a
a
a
4,566
Principal
Amount
(000)
Senior
Secured
Loans
(7.3%)
Communication
Services
(0.7%):
Level
3
Financing,
Inc.,
Term
Loan
B,
First
Lien
,
3/22/32
(j)
........................
2,625
2,645
Zayo
Group
Holdings,
Inc.,
2022
Incremental
Term
Loans,
First
Lien
,
8
.50
%
(
SOFR01M
+
418
bps
)
,
3/9/27
(b)
.........................................
4,465
4,334
6,979
Consumer
Discretionary
(1.7%):
Alterra
Mountain
Co.,
Series
B-8
Term
Loan
Commitment,
First
Lien
(
SOFR01M
+
300
bps
)
,
5/31/30
(b)
(j)
......................................................
489
490
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loans,
First
Lien
,
11
.35
%
(
SOFR01M
+
700
bps
)
,
1/4/29
(b)
.........................................
2,577
2,591
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien
,
7
.58
%
(
SOFR01M
+
325
bps
)
,
1/29/29
(b)
........................................................
206
206
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien
,
7
.58
%
(
SOFR01M
+
325
bps
)
,
1/23/32
(b)
969
969
Ontario
Gaming
GTA
Ltd.
Partnership,
Term
B
Loans,
First
Lien
,
8
.55
%
(
SOFR03M
+
425
bps
)
,
8/1/30
(b)
.........................................................
1,862
1,851
Petco
Health
and
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.55
%
(
SOFR03M
+
325
bps
)
,
3/6/28
(b)
.........................................
7,644
7,134
PetSmart,
Inc.,
Initial
Term
Loans,
First
Lien
,
2/11/28
(j)
...........................
1,100
1,096
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien
,
8
.03
%
(
SOFR03M
+
375
bps
)
,
6/5/28
(b)
..
2,300
2,253
The
E.W.
Scripps
Co.,
Tranche
B-2
Term
Loan,
First
Lien
,
6/30/28
(j)
..................
1,050
1,060
17,650
Consumer
Staples
(0.5%):
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien
,
6
.86
%
(
SOFR01M
+
250
bps
)
,
8/11/31
(b)
........................................................
3,000
2,995
TKC
Holdings,
Inc.,
Closing
Date
Initial
Term
Loan,
First
Lien
,
9
.35
%
(
SOFR01M
+
500
bps
)
,
5/15/28
(b)
........................................................
1,954
1,952
4,947
Victory
Portfolios
III
Victory
High
Income
Fund
223
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Financials
(3.0%):
1261229
BC
Ltd.,
Initial
Term
Loans,
First
Lien
,
10
.59
%
(
SOFR01M
+
625
bps
)
,
10/8/30
(b)
..
$
875
$
856
Acrisure
LLC,
Term
Loan
B-
6,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
11/6/30
(b)
.......
993
991
Amynta
Agency
Borrower,
Inc.,
2024-1
Refinancing
Term
Loans,
First
Lien
(
SOFR03M
+
300
bps
)
,
12/29/31
(b)
(j)
.....................................
1,975
1,976
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
7
.05
%
(
SOFR06M
+
275
bps
)
,
2/18/31
(b)
........................................
1,416
1,410
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
6
.95
%
(
SOFR03M
+
275
bps
)
,
2/18/31
(b)
........................................
80
80
Bcpe
Pequod
Buyer,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
11/25/31
(b)
.......................................................
499
499
CP
Atlas
Buyer,
Inc.,
2025
Term
B
Loan,
First
Lien
,
9
.59
%
,
7/8/30
...................
3,529
3,364
CP
Atlas
Buyer,
Inc.,
Term
Loan,
First
Lien
,
9
.58
%
(
SOFR01M
+
525
bps
)
,
11/23/27
(b)
.....
1,995
1,901
Directv
Financing
LLC,
2024
Refinancing
Term
B
Loan,
First
Lien
,
9
.53
%
(
SOFR03M
+
525
bps
)
,
8/2/29
(b)
.........................................
1,745
1,729
Hyperion
Refinance
SARL,
Term
Loan
B,
First
Lien
,
7
.83
%
(
SOFR01M
+
350
bps
)
,
4/18/30
(b)
3,446
3,453
Iris
Holdings,
Inc.,
Initial
Term
Loans,
First
Lien
(
SOFR03M
+
475
bps
)
,
6/28/28
(b)
(j)
......
2,125
2,065
LC
Ahab
US
Bidco
LLC,
Initial
Term
Loan,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
5/1/31
(b)
496
497
Lealand
Finance
Co.
BV,
Make
Whole
Term
Loan,
First
Lien
,
7
.33
%
(
SOFR01M
+
300
bps
)
,
6/30/24
(b)
........................................................
39
27
Moneygram
International,
Inc.,
2024
Repricing
Term
Loans,
First
Lien
,
9
.07
%
(
SOFR03M
+
475
bps
)
,
6/3/30
(b)
.........................................
983
887
Neptune
BidCo
US,
Inc.,
Dollar
Term
A
Loan,
First
Lien
,
9
.08
%
(
SOFR03M
+
475
bps
)
,
10/11/28
(b)
.......................................................
177
169
OneDigital
Borrower
LLC,
Initial
Loan,
Second
Lien
,
9
.58
%
(
SOFR01M
+
525
bps
)
,
7/2/32
(b)
3,000
3,009
Osaic
Holdings,
Inc.,
Term
Loan,
First
Lien
,
7/17/32
(j)
............................
441
441
Pcf
Insurance
Services
of
The
West
LLC
,
7
.56
%
(
SOFR01M
+
325
bps
)
,
6/14/32
(b)
........
883
887
Roper
Industrial
Products
Investment
Co.
LLC,
Tranche
D
Dollar
Term
Loan,
First
Lien
,
7
.05
%
(
SOFR03M
+
275
bps
)
,
11/23/29
(b)
..................................
2,936
2,939
StubHub
Holdco
Sub
LLC,
Term
B,
First
Lien
,
9
.08
%
(
SOFR01M
+
475
bps
)
,
3/12/30
(b)
....
975
965
Voyager
Parent
LLC,
Term
B
Loans,
First
Lien
,
7/1/32
(j)
..........................
2,000
2,000
WestJet
Loyalty
LP,
Initial
Term
Loan,
First
Lien
,
7
.55
%
(
SOFR03M
+
325
bps
)
,
2/14/31
(b)
..
988
987
31,132
Health
Care
(0.2%):
Bausch
+
Lomb
Corp.
,
8
.33
%
(
SOFR01M
+
400
bps
)
,
9/29/28
(b)
......................
1,474
1,473
Bausch
+
Lomb
Corp.
,
8
.57
%
(
SOFR01M
+
425
bps
)
,
1/15/31
(b)
......................
800
802
2,275
Industrials
(0.3%):
The
GEO
Group,
Inc.,
Term
Loan,
First
Lien
,
9
.58
%
(
SOFR01M
+
525
bps
)
,
4/16/29
(b)
.....
882
883
Twitter
Inco.,
Tranche
B-1
Loan,
First
Lien
,
10
.83
%
(
SOFR01M
+
650
bps
)
,
10/26/29
(b)
.....
995
969
Windstream
Services
LLC,
2024
Term
Loans,
First
Lien
,
9
.08
%
(
SOFR01M
+
475
bps
)
,
10/6/31
(b)
........................................................
1,000
1,004
2,856
Information
Technology
(0.7%):
Central
Parent
LLC,
2024
Refinancing
Term
Loan,
First
Lien
,
7
.55
%
(
SOFR03M
+
325
bps
)
,
7/6/29
(b)
.........................................................
4,722
3,837
Dye
&
Durham
Corp.,
Term
B
Loans,
First
Lien
,
8
.55
%
(
SOFR03M
+
425
bps
)
,
4/7/31
(b)
....
407
409
Neptune
BidCo
US,
Inc.,
Dollar
Term
B
Loan,
First
Lien
,
9
.33
%
(
SOFR03M
+
500
bps
)
,
4/11/29
(b)
........................................................
200
192
Rocket
Software,
Inc.,
Term
Loan,
First
Lien
,
8
.08
%
(
SOFR01M
+
375
bps
)
,
11/28/28
(b)
....
2,963
2,968
UKG,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.31
%
(
SOFR03M
+
300
bps
)
,
2/10/31
(b)
........
128
128
7,534
Materials
(0.1%):
LABL,
Inc.,
Term
Loan
B,
First
Lien
,
9
.33
%
(
SOFR01M
+
500
bps
)
,
10/29/28
(b)
..........
985
889
Utilities
(0.1%):
Sgh2
LLC,
Term
Loan
B,
First
Lien
,
7/16/32
(j)
..................................
1,322
1,322
Total
Senior
Secured
Loans
(Cost
$76,109)
a
a
a
75,584
Victory
Portfolios
III
Victory
High
Income
Fund
224
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(58.3%)
Communication
Services
(11.6%):
AMC
Networks,
Inc.
10
.25
%
,
1/15/29
,
Callable
1/15/26
@
105.13
(a)
.............................
$
1,200
$
1,233
4
.25
%
,
2/15/29
,
Callable
8/15/25
@
101.06
................................
35
28
10
.50
%
,
7/15/32
,
Callable
7/15/28
@
105.25
(a)
.............................
1,766
1,797
Cablevision
Lightpath
LLC
,
5
.63
%
,
9/15/28
,
Callable
8/15/25
@
101.41
(a)
.............
1,997
1,989
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4
.75
%
,
3/1/30
,
Callable
9/4/25
@
101.58
(a)
................................
500
475
4
.50
%
,
8/15/30
,
Callable
9/4/25
@
102.25
(a)
...............................
500
468
4
.50
%
,
6/1/33
,
Callable
6/1/27
@
102.25
(a)
................................
5,000
4,439
4
.25
%
,
1/15/34
,
Callable
1/15/28
@
102.13
(a)
(k)
............................
2,815
2,429
CD&R
Smokey
Buyer,
Inc./Radio
Systems
Corp.
,
9
.50
%
,
10/15/29
,
Callable
10/15/26
@
104.75
(a)
.........................................................
1,500
1,247
Clear
Channel
Outdoor
Holdings,
Inc.
9
.00
%
,
9/15/28
(a)
..................................................
2,000
2,096
7
.50
%
,
6/1/29
,
Callable
9/4/25
@
101.88
(a)
................................
858
782
7
.88
%
,
4/1/30
,
Callable
10/1/26
@
103.94
(a)
...............................
356
366
7
.50
%
,
3/15/33
,
Callable
9/15/28
@
103.75
(a)
..............................
2,640
2,635
Cogent
Communications
Group
LLC/Cogent
Finance,
Inc.
,
6
.50
%
,
7/1/32
,
Callable
7/1/28
@
103.25
(a)
.........................................................
2,649
2,596
Consolidated
Communications,
Inc.
,
6
.50
%
,
10/1/28
,
Callable
8/15/25
@
103.25
(a)
.......
2,500
2,539
CSC
Holdings
LLC
11
.25
%
,
5/15/28
,
Callable
8/15/25
@
105.63
(a)
.............................
4,500
4,523
11
.75
%
,
1/31/29
,
Callable
1/31/26
@
105.88
(a)
.............................
3,000
2,806
6
.50
%
,
2/1/29
,
Callable
8/15/25
@
102.17
(a)
(k)
.............................
2,000
1,581
4
.13
%
,
12/1/30
,
Callable
12/1/25
@
102.06
(a)
..............................
3,000
2,016
5
.00
%
,
11/15/31
,
Callable
11/15/26
@
102.5
(a)
(k)
...........................
1,500
709
Cumulus
Media
New
Holdings,
Inc.
,
8
.00
%
,
7/1/29
,
Callable
9/4/25
@
100
(a)
...........
7,151
1,874
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.
5
.88
%
,
8/15/27
,
Callable
9/4/25
@
101.47
(a)
...............................
1,039
1,033
10
.00
%
,
2/15/31
,
Callable
2/15/27
@
105
(a)
...............................
4,364
4,207
DISH
DBS
Corp.
7
.75
%
,
7/1/26
.....................................................
1,000
889
5
.25
%
,
12/1/26
,
Callable
6/1/26
@
100
(a)
.................................
1,500
1,411
DISH
Network
Corp.
,
11
.75
%
,
11/15/27
,
Callable
9/4/25
@
105.88
(a)
.................
10,768
11,212
Dotdash
Meredith,
Inc.
,
7
.63
%
,
6/15/32
,
Callable
6/15/28
@
103.81
(a)
.................
695
677
EchoStar
Corp.
,
10
.75
%
,
11/30/29
,
Callable
11/30/26
@
105.38
......................
4,985
5,253
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
9/4/25
@
101.69
(a)
......
12,825
12,951
Getty
Images,
Inc.
,
11
.25
%
,
2/21/30
,
Callable
2/21/27
@
105.63
(a)
...................
860
824
Gray
Media,
Inc.
10
.50
%
,
7/15/29
,
Callable
7/15/26
@
105.25
(a)
.............................
1,440
1,558
4
.75
%
,
10/15/30
,
Callable
10/15/25
@
102.38
(a)
............................
257
192
5
.38
%
,
11/15/31
,
Callable
11/15/26
@
102.69
(a)
............................
4,222
3,117
9
.63
%
,
7/15/32
,
Callable
7/15/28
@
104.81
(a)
..............................
221
223
iHeartCommunications,
Inc.
,
9
.13
%
,
5/1/29
,
Callable
12/20/26
@
103
(a)
...............
3,800
3,194
Lamar
Media
Corp.
,
3
.63
%
,
1/15/31
,
Callable
1/15/26
@
101.81
.....................
847
779
Match
Group
Holdings
II
LLC
,
4
.63
%
,
6/1/28
,
Callable
8/15/25
@
100
(a)
..............
2,000
1,954
News
Corp.
,
5
.13
%
,
2/15/32
,
Callable
2/15/27
@
102.56
(a)
.........................
1,000
975
Nexstar
Media,
Inc.
,
5
.63
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
.....................
1,500
1,497
Scripps
Escrow
II,
Inc.
3
.88
%
,
1/15/29
,
Callable
9/4/25
@
100.97
(a)
(k)
.............................
631
560
5
.38
%
,
1/15/31
,
Callable
1/15/26
@
102.69
(a)
..............................
4,573
3,371
Sinclair
Television
Group,
Inc.
5
.50
%
,
3/1/30
,
Callable
9/4/25
@
102.75
(a)
(k)
..............................
820
677
4
.38
%
,
12/31/32
,
Callable
12/1/25
@
102.06
(a)
.............................
2,000
1,483
8
.13
%
,
2/15/33
,
Callable
2/15/28
@
104.06
(a)
..............................
2,181
2,231
The
E.W.
Scripps
Co.
,
9
.88
%
,
8/15/30
,
Callable
8/15/27
@
104.94
(a)
..................
1,758
1,747
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
6
.50
%
,
2/15/29
,
Callable
8/15/25
@
101.63
(a)
..............................
500
486
8
.63
%
,
6/15/32
,
Callable
6/15/28
@
104.31
(a)
..............................
883
895
Victory
Portfolios
III
Victory
High
Income
Fund
225
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Univision
Communications,
Inc.
7
.38
%
,
6/30/30
,
Callable
9/4/25
@
103.69
(a)
...............................
$
2,000
$
1,990
9
.38
%
,
8/1/32
,
Callable
8/1/28
@
104.69
(a)
................................
1,765
1,831
Urban
One,
Inc.
,
7
.38
%
,
2/1/28
,
Callable
9/4/25
@
101.84
(a)
.......................
3,616
2,133
Warnermedia
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
.................
2,777
1,856
Windstream
Services
LLC/Windstream
Escrow
Finance
Corp.
,
8
.25
%
,
10/1/31
,
Callable
10/1/27
@
104.13
(a)
................................................
1,000
1,048
Zayo
Group
Holdings,
Inc.
4
.00
%
,
3/1/27
,
Callable
9/4/25
@
100
(a)
..................................
5,000
4,754
6
.13
%
,
3/1/28
,
Callable
9/4/25
@
100
(a)
(k)
................................
4,541
4,101
119,737
Consumer
Discretionary
(8.0%):
Advance
Auto
Parts,
Inc.
,
7
.38
%
,
8/1/33
,
Callable
8/1/28
@
103.69
(a)
.................
2,500
2,511
Amsted
Industries,
Inc.
,
6
.38
%
,
3/15/33
,
Callable
3/15/28
@
103.19
(a)
................
4,389
4,455
Asbury
Automotive
Group,
Inc.
,
5
.00
%
,
2/15/32
,
Callable
11/15/26
@
102.5
(a)
..........
800
757
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.
4
.63
%
,
4/1/30
,
Callable
9/4/25
@
102.31
(a)
................................
4,211
3,959
6
.88
%
,
8/1/33
,
Callable
8/1/28
@
103.44
(a)
................................
1,322
1,321
Beazer
Homes
USA,
Inc.
,
7
.25
%
,
10/15/29
,
Callable
8/20/25
@
103.63
................
1,250
1,258
Boyd
Gaming
Corp.
,
4
.75
%
,
6/15/31
,
Callable
6/15/26
@
102.38
(a)
...................
1,000
953
Boyne
USA,
Inc.
,
4
.75
%
,
5/15/29
,
Callable
9/4/25
@
101.19
(a)
......................
3,015
2,926
Caesars
Entertainment,
Inc.
7
.00
%
,
2/15/30
,
Callable
2/15/26
@
103.5
(a)
...............................
500
516
6
.50
%
,
2/15/32
,
Callable
2/15/27
@
103.25
(a)
..............................
1,404
1,431
CEC
Entertainment
LLC
,
6
.75
%
,
5/1/26
,
Callable
9/4/25
@
100
(a)
...................
883
878
Century
Communities,
Inc.
,
3
.88
%
,
8/15/29
,
Callable
2/15/29
@
100
(a)
................
2,650
2,441
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
................
637
642
Churchill
Downs,
Inc.
5
.75
%
,
4/1/30
,
Callable
8/15/25
@
102.88
(a)
...............................
1,000
998
6
.75
%
,
5/1/31
,
Callable
5/1/26
@
103.38
(a)
................................
1,355
1,385
Evergreen
Acqco
1
LP/TVI,
Inc.
,
9
.75
%
,
4/26/28
,
Callable
8/15/25
@
104.88
(a)
..........
730
760
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
,
6
.75
%
,
1/15/30
,
Callable
9/4/25
@
103.38
(a)
.................................................
3,699
3,480
Ford
Motor
Co.
,
4
.75
%
,
1/15/43
............................................
2,000
1,549
Garrett
Motion
Holdings,
Inc./Garrett
LX
I
SARL
,
7
.75
%
,
5/31/32
,
Callable
5/31/27
@
103.88
(a)
.........................................................
1,000
1,039
Graham
Packaging
Co.,
Inc.
,
7
.13
%
,
8/15/28
,
Callable
9/4/25
@
100
(a)
................
250
249
Group
1
Automotive,
Inc.
,
6
.38
%
,
1/15/30
,
Callable
7/15/26
@
103.19
(a)
...............
1,000
1,020
Hanesbrands,
Inc.
,
9
.00
%
,
2/15/31
,
Callable
2/15/26
@
104.5
(a)
.....................
1,500
1,580
Hilton
Domestic
Operating
Co.,
Inc.
,
4
.00
%
,
5/1/31
,
Callable
5/1/26
@
102
(a)
...........
2,000
1,866
Las
Vegas
Sands
Corp.
,
6
.20
%
,
8/15/34
,
Callable
5/15/34
@
100
.....................
666
683
LCM
Investments
Holdings
II
LLC
,
8
.25
%
,
8/1/31
,
Callable
8/1/26
@
104.13
(a)
.........
1,000
1,057
Light
&
Wonder
International,
Inc.
,
7
.25
%
,
11/15/29
,
Callable
8/20/25
@
103.63
(a)
(k)
.....
500
513
Lithia
Motors,
Inc.
3
.88
%
,
6/1/29
,
Callable
9/4/25
@
100.97
(a)
................................
7,239
6,842
4
.38
%
,
1/15/31
,
Callable
10/15/25
@
102.19
(a)
.............................
6,950
6,530
M/I
Homes,
Inc.
,
4
.95
%
,
2/1/28
,
Callable
8/20/25
@
101.24
........................
3,000
2,973
MGM
Resorts
International
,
6
.13
%
,
9/15/29
,
Callable
9/15/26
@
103.06
...............
1,000
1,015
Newell
Brands,
Inc.
,
6
.88
%
,
4/1/36
,
Callable
10/1/35
@
100
........................
500
477
Nordstrom,
Inc.
,
4
.38
%
,
4/1/30
,
Callable
1/1/30
@
100
............................
898
818
PetSmart,
Inc./PetSmart
Finance
Corp.
,
7
.75
%
,
2/15/29
,
Callable
9/4/25
@
101.94
(a)
......
2,000
1,957
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
1,100
911
Saks
Global
Enterprises
LLC
,
11
.00
%
,
12/15/29
,
Callable
12/15/26
@
105.5
(a)
(k)
........
2,834
659
Sotheby's
,
7
.38
%
,
10/15/27
,
Callable
8/15/25
@
100
(a)
............................
7,398
7,310
Staples,
Inc.
,
10
.75
%
,
9/1/29
,
Callable
9/1/26
@
105.38
(a)
.........................
2,500
2,342
Taylor
Morrison
Communities,
Inc.
5
.75
%
,
1/15/28
,
Callable
10/15/27
@
100
(a)
...............................
1,000
1,009
5
.13
%
,
8/1/30
,
Callable
2/1/30
@
100
(a)
..................................
1,311
1,292
Vail
Resorts,
Inc.
,
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
(a)
.....................
2,465
2,534
VT
Topco,
Inc.
,
8
.50
%
,
8/15/30
,
Callable
8/15/26
@
104.25
(a)
......................
500
532
Wand
NewCo.
3,
Inc.
,
7
.63
%
,
1/30/32
,
Callable
1/30/27
@
103.81
(a)
..................
300
315
Weekley
Homes
LLC/Weekley
Finance
Corp.
,
4
.88
%
,
9/15/28
,
Callable
9/4/25
@
101.63
(a)
.
2,085
2,012
WW
International,
Inc.
,
4
.50
%
,
4/15/29
,
Callable
9/4/25
@
101.13
(a)
(l)
................
1,500
496
Victory
Portfolios
III
Victory
High
Income
Fund
226
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
ZF
North
America
Capital,
Inc.
,
6
.88
%
,
4/23/32
,
Callable
2/23/32
@
100
(a)
.............
$
2,000
$
1,867
82,118
Consumer
Staples
(3.8%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6
.50
%
,
2/15/28
,
Callable
9/4/25
@
103.25
(a)
...............................
1,841
1,872
4
.88
%
,
2/15/30
,
Callable
9/4/25
@
103.66
(a)
...............................
6,750
6,584
6
.25
%
,
3/15/33
,
Callable
3/15/28
@
103.13
(a)
..............................
500
509
Edgewell
Personal
Care
Co.
,
4
.13
%
,
4/1/29
,
Callable
8/15/25
@
101.03
(a)
..............
2,379
2,252
Goat
Holdco
LLC
,
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
......................
1,717
1,738
Performance
Food
Group,
Inc.
4
.25
%
,
8/1/29
,
Callable
9/4/25
@
101.06
(a)
................................
3,500
3,365
6
.13
%
,
9/15/32
,
Callable
9/15/27
@
103.06
(a)
..............................
1,000
1,016
Post
Holdings,
Inc.
4
.63
%
,
4/15/30
,
Callable
8/20/25
@
102.31
(a)
..............................
1,000
955
6
.25
%
,
2/15/32
,
Callable
2/15/27
@
103.13
(a)
..............................
5,841
5,951
6
.38
%
,
3/1/33
,
Callable
9/1/27
@
103.19
(a)
................................
3,390
3,397
Quikrete
Holdings,
Inc.
,
6
.38
%
,
3/1/32
,
Callable
3/1/28
@
103.19
(a)
..................
4,364
4,479
U.S.
Foods,
Inc.
4
.75
%
,
2/15/29
,
Callable
9/4/25
@
101.19
(a)
...............................
3,000
2,941
5
.75
%
,
4/15/33
,
Callable
10/15/27
@
102.88
(a)
.............................
2,418
2,401
Walgreens
Boots
Alliance,
Inc.
,
8
.13
%
,
8/15/29
,
Callable
8/15/26
@
104.06
(k)
...........
2,000
2,148
39,608
Energy
(3.7%):
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
10/15/25
@
104.19
(a)
...............
4,562
4,741
Civitas
Resources,
Inc.
,
9
.63
%
,
6/15/33
,
Callable
6/15/28
@
104.81
(a)
.................
2,123
2,183
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC
,
5
.50
%
,
6/15/31
,
Callable
6/15/26
@
102.75
(a)
2,500
2,444
Energy
Transfer
LP
,
7
.13
%
(
H15T5Y
+
531
bps
)
,
Callable
5/15/30
@
100
(b)
(i)
............
1,000
1,023
Harvest
Midstream
I
LP
,
7
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.75
(a)
................
4,000
4,160
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6
.25
%
,
11/1/28
,
Callable
9/4/25
@
102.08
(a)
...............................
1,500
1,507
6
.25
%
,
4/15/32
,
Callable
5/15/27
@
103.13
(a)
..............................
1,000
960
7
.25
%
,
2/15/35
,
Callable
2/15/30
@
103.63
(a)
..............................
685
667
Hunt
Cos.,
Inc.
,
5
.25
%
,
4/15/29
,
Callable
9/4/25
@
101.31
(a)
.......................
1,928
1,889
Moss
Creek
Resources
Holdings,
Inc.
,
8
.25
%
,
9/1/31
,
Callable
9/1/27
@
104.13
(a)
........
1,325
1,293
Murphy
Oil
USA,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
.................
2,000
1,837
Permian
Resources
Operating
LLC
,
6
.25
%
,
2/1/33
,
Callable
8/1/27
@
103.13
(a)
..........
2,576
2,587
Prairie
Acquiror
LP
,
9
.00
%
,
8/1/29
,
Callable
2/1/26
@
104.5
(a)
......................
500
518
Sunoco
LP
7
.25
%
,
5/1/32
,
Callable
5/1/27
@
103.63
(a)
................................
2,161
2,266
6
.25
%
,
7/1/33
,
Callable
7/1/28
@
103.13
(a)
................................
1,550
1,569
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.
6
.00
%
,
3/1/27
,
Callable
9/4/25
@
100
(a)
..................................
3,000
2,991
7
.38
%
,
2/15/29
,
Callable
2/15/26
@
103.69
(a)
..............................
1,000
1,026
Venture
Global
LNG,
Inc.
8
.38
%
,
6/1/31
,
Callable
6/1/26
@
104.19
(a)
................................
2,000
2,068
9
.88
%
,
2/1/32
,
Callable
2/1/27
@
104.94
(a)
................................
325
351
Venture
Global
Plaquemines
LNG
LLC
,
7
.75
%
,
5/1/35
,
Callable
12/1/34
@
100
(a)
........
2,150
2,358
Vital
Energy,
Inc.
,
7
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.94
(a)
(k)
...................
342
300
38,738
Financials
(4.7%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8
.25
%
,
2/1/29
,
Callable
2/1/26
@
104.13
(a)
................................
500
516
7
.50
%
,
11/6/30
,
Callable
5/15/26
@
103.75
(a)
..............................
1,205
1,245
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
,
6
.50
%
,
10/1/31
,
Callable
10/1/27
@
103.69
(a)
................................................
2,000
2,031
Amynta
Agency
Borrower,
Inc.
and
Amynta
Warranty
Borrower,
Inc.
,
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
................................................
883
885
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance
,
7
.13
%
,
5/15/31
,
Callable
5/15/27
@
103.56
(a)
....................................
1,000
1,032
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.
,
9
.50
%
,
7/1/32
,
Callable
7/1/28
@
104.75
(a)
.................................................
1,767
1,820
Beach
Acquisition
Bidco
LLC
,
10
.00
%
,
7/15/33
,
Callable
7/15/28
@
103
(a)
.............
1,323
1,380
Victory
Portfolios
III
Victory
High
Income
Fund
227
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Boost
Newco
Borrower
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(a)
............
$
5,321
$
5,626
Burford
Capital
Global
Finance
LLC
,
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
.......
2,207
2,221
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(b)
(i)
....
2,296
2,296
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/30
,
Callable
3/15/27
@
103.31
(a)
................
873
884
Enstar
Finance
LLC
,
5
.75
%
(
H15T5Y
+
547
bps
)
,
9/1/40
,
Callable
9/1/25
@
100
(b)
........
653
651
EZCORP,
Inc.
,
7
.38
%
,
4/1/32
,
Callable
4/1/28
@
103.69
(a)
.........................
700
729
Focus
Financial
Partners
LLC
,
6
.75
%
,
9/15/31
,
Callable
9/15/27
@
103.38
(a)
............
1,250
1,277
Ford
Motor
Credit
Co.
LLC
4
.00
%
,
11/13/30
,
Callable
8/13/30
@
100
..................................
4,000
3,676
6
.13
%
,
3/8/34
,
Callable
12/8/33
@
100
...................................
853
833
Hightower
Holding
LLC
,
9
.13
%
,
1/31/30
,
Callable
7/31/26
@
104.56
(a)
...............
750
798
Jane
Street
Group/JSG
Finance,
Inc.
,
6
.75
%
,
5/1/33
,
Callable
5/1/28
@
103.38
(a)
.........
1,303
1,334
Lehman
Brothers
Holdings,
Inc.
,
5
.75
%
,
MTN
..................................
1,000
1
Level
3
Financing,
Inc.
3
.75
%
,
7/15/29
,
Callable
9/4/25
@
100.94
(a)
(k)
.............................
2,649
2,220
3
.88
%
,
10/15/30
,
Callable
8/15/25
@
101.81
(a)
.............................
2,617
2,265
6
.88
%
,
6/30/33
,
Callable
6/30/28
@
103.44
(a)
..............................
883
896
MetLife,
Inc.
,
10
.75
%
,
8/1/39
,
Callable
8/1/34
@
100
.............................
1,000
1,330
Mobius
Merger
Sub,
Inc.
,
9
.00
%
,
6/1/30
,
Callable
6/1/26
@
104.5
(a)
..................
2,453
2,251
NCR
Atleos
Corp.
,
9
.50
%
,
4/1/29
,
Callable
10/1/26
@
104.75
(a)
.....................
500
542
Osaic
Holdings,
Inc.
6
.75
%
,
8/1/32
,
Callable
8/1/28
@
103.38
(a)
................................
220
223
8
.00
%
,
8/1/33
,
Callable
8/1/28
@
104
(a)
..................................
220
224
Pagaya
US
Holdings
Co.
LLC
,
8
.88
%
,
8/1/30
,
Callable
8/1/27
@
104.44
(a)
.............
875
869
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co.-Issuer
,
4
.88
%
,
5/15/29
,
Callable
9/4/25
@
101.22
(a)
.....................................
500
481
PRA
Group,
Inc.
,
8
.88
%
,
1/31/30
,
Callable
6/1/26
@
104.44
(a)
......................
1,700
1,765
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.
,
6
.75
%
,
8/15/32
,
Callable
8/15/27
@
103.38
(a)
.........................................................
1,000
1,033
Starwood
Property
Trust,
Inc.
4
.38
%
,
1/15/27
,
Callable
7/15/26
@
100
(a)
................................
500
492
7
.25
%
,
4/1/29
,
Callable
10/1/28
@
100
(a)
.................................
500
523
Voyager
Parent
LLC
,
9
.25
%
,
7/1/32
,
Callable
7/1/28
@
104.63
(a)
....................
2,640
2,793
Watco
Cos.
LLC/Watco
Finance
Corp.
,
7
.13
%
,
8/1/32
,
Callable
8/1/27
@
103.56
(a)
.......
1,000
1,037
48,179
Health
Care
(4.4%):
Acadia
Healthcare
Co.,
Inc.
,
7
.38
%
,
3/15/33
,
Callable
3/15/28
@
103.69
(a)
(k)
...........
604
622
Centene
Corp.
,
4
.63
%
,
12/15/29
,
Callable
9/4/25
@
102.31
.........................
4,799
4,571
CHS/Community
Health
Systems,
Inc.
4
.75
%
,
2/15/31
,
Callable
2/15/26
@
102.38
(a)
..............................
1,500
1,255
10
.88
%
,
1/15/32
,
Callable
2/15/27
@
105.44
(a)
.............................
1,083
1,136
9
.75
%
,
1/15/34
,
Callable
8/15/28
@
104.88
(a)
..............................
1,780
1,787
CVS
Health
Corp.
,
7
.00
%
(
H15T5Y
+
289
bps
)
,
3/10/55
,
Callable
12/10/29
@
100
(b)
.......
590
608
DENTSPLY
SIRONA,
Inc.
,
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(b)
.
1,358
1,369
Eastern
Maine
Healthcare
Systems
,
5
.02
%
,
7/1/36
...............................
3,000
2,616
Embecta
Corp.
,
6
.75
%
,
2/15/30
,
Callable
2/15/27
@
101.69
(a)
......................
1,000
963
Encompass
Health
Corp.
,
4
.63
%
,
4/1/31
,
Callable
4/1/26
@
102.31
(k)
.................
500
478
Medline
Borrower
LP
,
3
.88
%
,
4/1/29
,
Callable
9/4/25
@
101.94
(a)
...................
4,842
4,617
Medline
Borrower
LP/Medline
Co-Issuer,
Inc.
,
6
.25
%
,
4/1/29
,
Callable
4/1/26
@
103.13
(a)
..
1,100
1,123
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
,
5
.13
%
,
4/30/31
,
Callable
4/30/26
@
102.56
(a)
.........................................................
3,000
2,595
Paradigm
Parent
LLC
and
Paradigm
Parent
Co-Issuer,
Inc.
,
8
.75
%
,
4/17/32
,
Callable
4/17/28
@
104.38
(a)
......................................................
886
853
Pediatrix
Medical
Group,
Inc.
,
5
.38
%
,
2/15/30
,
Callable
9/4/25
@
102.69
(a)
.............
3,500
3,427
Prestige
Brands,
Inc.
,
3
.75
%
,
4/1/31
,
Callable
4/1/26
@
101.88
(a)
....................
5,300
4,851
Prime
Healthcare
Services,
Inc.
,
9
.38
%
,
9/1/29
,
Callable
9/1/26
@
104.69
(a)
............
3,095
3,075
Tenet
Healthcare
Corp.
5
.13
%
,
11/1/27
,
Callable
8/20/25
@
100
..................................
4,366
4,350
6
.13
%
,
10/1/28
,
Callable
9/4/25
@
101.53
.................................
2,683
2,683
U.S.
Acute
Care
Solutions
LLC
,
9
.75
%
,
5/15/29
,
Callable
5/15/26
@
104.88
(a)
..........
2,861
2,925
45,904
Victory
Portfolios
III
Victory
High
Income
Fund
228
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Industrials
(10.1%):
Alta
Equipment
Group,
Inc.
,
9
.00
%
,
6/1/29
,
Callable
6/1/26
@
104.5
(a)
(k)
..............
$
406
$
386
American
Airlines
Pass
Through
Trust
,
3
.70
%
,
10/15/25
...........................
832
818
American
Airlines,
Inc.
7
.25
%
,
2/15/28
,
Callable
9/4/25
@
103.63
(a)
...............................
500
510
8
.50
%
,
5/15/29
,
Callable
11/15/25
@
104.25
(a)
(k)
...........................
1,000
1,045
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
1,497
1,496
Arcosa,
Inc.
,
6
.88
%
,
8/15/32
,
Callable
8/15/27
@
103.44
(a)
.........................
1,500
1,551
Axon
Enterprise,
Inc.
,
6
.25
%
,
3/15/33
,
Callable
3/15/28
@
103.13
(a)
..................
1,285
1,318
Beacon
Mobility
Corp.
,
7
.25
%
,
8/1/30
,
Callable
8/1/27
@
103.63
(a)
..................
883
900
BlueLinx
Holdings,
Inc.
,
6
.00
%
,
11/15/29
,
Callable
9/4/25
@
103
(a)
..................
550
535
Brightline
East
LLC
,
11
.00
%
,
1/31/30
,
Callable
5/9/27
@
105.5
(a)
(k)
.................
1,100
719
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.
,
7
.50
%
,
2/1/32
,
Callable
2/1/28
@
103.75
(a)
1,294
1,288
Builders
FirstSource,
Inc.
,
6
.38
%
,
3/1/34
,
Callable
3/1/29
@
103.19
(a)
.................
2,019
2,049
BWX
Technologies,
Inc.
,
4
.13
%
,
4/15/29
,
Callable
8/20/25
@
101.03
(a)
...............
1,000
960
Cornerstone
Building
Brands,
Inc.
,
9
.50
%
,
8/15/29
,
Callable
8/15/26
@
104.75
(a)
.........
6,035
5,541
Cougar
JV
Subsidiary
LLC
,
8
.00
%
,
5/15/32
,
Callable
5/15/27
@
104
(a)
................
1,000
1,057
CP
Atlas
Buyer,
Inc.
,
9
.75
%
,
7/15/30
,
Callable
7/15/27
@
104.88
(a)
...................
1,764
1,780
EMRLD
Borrower
LP/Emerald
Co.-Issuer,
Inc.
6
.63
%
,
12/15/30
,
Callable
6/15/26
@
103.31
(a)
.............................
3,000
3,061
6
.75
%
,
7/15/31
,
Callable
7/15/27
@
103.38
(a)
..............................
1,275
1,314
Enpro,
Inc.
,
6
.13
%
,
6/1/33
,
Callable
6/1/28
@
103.06
(a)
...........................
850
860
Esab
Corp.
,
6
.25
%
,
4/15/29
,
Callable
4/15/26
@
103.13
(a)
.........................
500
511
Fortress
Intermediate
3,
Inc.
,
7
.50
%
,
6/1/31
,
Callable
6/1/27
@
103.75
(a)
...............
1,000
1,049
Gates
Corp.
,
6
.88
%
,
7/1/29
,
Callable
7/1/26
@
103.44
(a)
..........................
1,000
1,030
Genesee
&
Wyoming,
Inc.
,
6
.25
%
,
4/15/32
,
Callable
4/15/27
@
103.13
(a)
..............
2,248
2,275
Griffon
Corp.
,
5
.75
%
,
3/1/28
,
Callable
9/4/25
@
100.96
...........................
1,500
1,492
GXO
Logistics,
Inc.
,
6
.50
%
,
5/6/34
,
Callable
2/6/34
@
100
.........................
2,237
2,349
Herc
Holdings,
Inc.
6
.63
%
,
6/15/29
,
Callable
6/15/26
@
103.31
(a)
..............................
2,000
2,048
7
.25
%
,
6/15/33
,
Callable
6/15/28
@
103.63
(a)
..............................
1,323
1,371
Howmet
Aerospace,
Inc.
,
5
.95
%
,
2/1/37
.......................................
1,000
1,061
JB
Poindexter
&
Co.,
Inc.
,
8
.75
%
,
12/15/31
,
Callable
12/15/26
@
104.38
(a)
.............
2,875
2,936
JetBlue
Airways
Corp./JetBlue
Loyalty
LP
,
9
.88
%
,
9/20/31
,
Callable
8/27/27
@
104.94
(a)
...
3,528
3,412
JH
North
America
Holdings,
Inc.
,
6
.13
%
,
7/31/32
,
Callable
7/31/28
@
103.06
(a)
.........
1,225
1,239
Masterbrand,
Inc.
,
7
.00
%
,
7/15/32
,
Callable
7/15/27
@
103.5
(a)
.....................
1,500
1,526
OneSky
Flight
LLC
,
8
.88
%
,
12/15/29
,
Callable
12/15/26
@
104.44
(a)
.................
2,577
2,716
QXO
Building
Products,
Inc.
,
6
.75
%
,
4/30/32
,
Callable
4/30/28
@
103.38
(a)
............
442
455
Rand
Parent
LLC
,
8
.50
%
,
2/15/30
,
Callable
2/15/26
@
104.25
(a)
.....................
500
503
RB
Global
Holdings,
Inc.
,
7
.75
%
,
3/15/31
,
Callable
3/15/26
@
103.88
(a)
...............
2,000
2,097
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
1,474
1,560
Resideo
Funding,
Inc.
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
.................
2,318
2,352
Roller
Bearing
Co.
of
America,
Inc.
,
4
.38
%
,
10/15/29
,
Callable
9/4/25
@
102.19
(a)
.......
1,000
963
RR
Donnelley
&
Sons
Co.
,
9
.50
%
,
8/1/29
,
Callable
8/1/26
@
104.75
(a)
................
1,000
1,023
Sensata
Technologies,
Inc.
,
6
.63
%
,
7/15/32
,
Callable
7/15/27
@
103.31
(a)
..............
1,000
1,024
Spirit
AeroSystems,
Inc.
9
.38
%
,
11/30/29
,
Callable
11/30/25
@
104.69
(a)
............................
4,000
4,231
9
.75
%
,
11/15/30
,
Callable
11/15/26
@
104.88
(a)
............................
6,777
7,464
Spirit
Airlines
Pass
Through
Trust
,
4
.10
%
,
4/1/28
................................
1,472
1,334
Standard
Industries,
Inc.
4
.38
%
,
7/15/30
,
Callable
9/4/25
@
102.19
(a)
...............................
3,000
2,840
3
.38
%
,
1/15/31
,
Callable
9/4/25
@
101.69
(a)
...............................
5,000
4,468
Star
Leasing
Co.
LLC
,
7
.63
%
,
2/15/30
,
Callable
2/15/27
@
103.81
(a)
.................
867
856
The
GEO
Group,
Inc.
,
8
.63
%
,
4/15/29
,
Callable
4/15/26
@
104.31
....................
247
262
The
Hertz
Corp.
,
12
.63
%
,
7/15/29
,
Callable
7/15/27
@
106.31
(a)
(k)
...................
2,550
2,665
TKC
Holdings,
Inc.
,
10
.50
%
,
5/15/29
,
Callable
9/4/25
@
102.63
(a)
...................
3,000
3,082
TransDigm,
Inc.
4
.88
%
,
5/1/29
,
Callable
9/4/25
@
101.22
..................................
1,500
1,471
6
.00
%
,
1/15/33
,
Callable
9/15/27
@
103
(a)
................................
1,000
1,006
TriNet
Group,
Inc.
,
7
.13
%
,
8/15/31
,
Callable
8/15/26
@
103.56
(a)
....................
2,000
2,060
United
Airlines
Pass
Through
Trust
,
4
.88
%
,
1/15/26
..............................
8
8
Victory
Portfolios
III
Victory
High
Income
Fund
229
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
United
Rentals
North
America,
Inc.
4
.00
%
,
7/15/30
,
Callable
8/15/25
@
102
..................................
$
1,500
$
1,420
6
.13
%
,
3/15/34
,
Callable
3/15/29
@
103.06
(a)
..............................
4,916
5,041
Veritiv
Operating
Co.
,
10
.50
%
,
11/30/30
,
Callable
11/30/26
@
105.25
(a)
...............
250
271
Waste
Pro
USA,
Inc.
,
7
.00
%
,
2/1/33
,
Callable
2/1/28
@
103.5
(a)
.....................
2,212
2,296
Windsor
Holdings
III
LLC
,
8
.50
%
,
6/15/30
,
Callable
6/15/26
@
104.25
(a)
..............
1,000
1,062
XPO,
Inc.
,
7
.13
%
,
6/1/31
,
Callable
6/1/26
@
103.56
(a)
............................
458
474
104,491
Information
Technology
(4.2%):
AthenaHealth
Group,
Inc.
,
6
.50
%
,
2/15/30
,
Callable
9/4/25
@
103.25
(a)
...............
500
492
Block,
Inc.
,
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
...........................
6,308
6,475
Capstone
Borrower,
Inc.
,
8
.00
%
,
6/15/30
,
Callable
6/15/26
@
104
(a)
..................
500
520
Central
Parent,
Inc./CDK
Global,
Inc.
,
7
.25
%
,
6/15/29
,
Callable
9/4/25
@
103.63
(a)
.......
2,500
2,060
Cloud
Software
Group,
Inc.
6
.50
%
,
3/31/29
,
Callable
9/30/25
@
103.25
(a)
..............................
1,879
1,898
9
.00
%
,
9/30/29
,
Callable
9/30/25
@
104.5
(a)
...............................
500
517
CoreWeave,
Inc.
9
.25
%
,
6/1/30
,
Callable
6/1/27
@
104.63
(a)
................................
441
443
9
.00
%
,
2/1/31
,
Callable
2/1/28
@
104.5
(a)
.................................
880
879
Diebold
Nixdorf,
Inc.
,
7
.75
%
,
3/31/30
,
Callable
12/18/26
@
103.88
(a)
.................
1,087
1,152
Ellucian
Holdings,
Inc.
,
6
.50
%
,
12/1/29
,
Callable
12/1/26
@
103.25
(a)
.................
2,700
2,738
EquipmentShare.com,
Inc.
9
.00
%
,
5/15/28
,
Callable
9/4/25
@
106.75
(a)
...............................
3,500
3,690
8
.63
%
,
5/15/32
,
Callable
5/15/27
@
104.31
(a)
..............................
1,000
1,064
8
.00
%
,
3/15/33
,
Callable
9/15/27
@
104
(a)
................................
1,000
1,044
Gen
Digital,
Inc.
7
.13
%
,
9/30/30
,
Callable
9/30/25
@
103.56
(a)
..............................
500
517
6
.25
%
,
4/1/33
,
Callable
4/1/28
@
103.13
(a)
................................
873
890
NCR
Voyix
Corp.
,
5
.13
%
,
4/15/29
,
Callable
9/4/25
@
101.28
(a)
.....................
729
714
Open
Text
Holdings,
Inc.
,
4
.13
%
,
12/1/31
,
Callable
12/1/26
@
102.06
(a)
...............
3,500
3,187
Rocket
Software,
Inc.
9
.00
%
,
11/28/28
,
Callable
8/15/25
@
103
(a)
................................
2,000
2,064
6
.50
%
,
2/15/29
,
Callable
9/4/25
@
101.63
(a)
...............................
500
486
S&S
Holdings
LLC
,
8
.38
%
,
10/1/31
,
Callable
10/1/27
@
104.19
(a)
...................
2,700
2,589
Sabre
GLBL,
Inc.
10
.75
%
,
11/15/29
,
Callable
11/15/25
@
105.38
(a)
............................
2,706
2,787
11
.13
%
,
7/15/30
,
Callable
7/15/27
@
105.56
(a)
.............................
882
931
UKG,
Inc.
,
6
.88
%
,
2/1/31
,
Callable
2/1/27
@
103.44
(a)
............................
2,471
2,539
Zebra
Technologies
Corp.
,
6
.50
%
,
6/1/32
,
Callable
6/1/27
@
103.25
(a)
................
1,500
1,537
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.
,
3
.88
%
,
2/1/29
,
Callable
8/15/25
@
100.97
(a)
.........................................................
2,000
1,880
43,093
Materials
(3.3%):
AAR
Escrow
Issuer
LLC
,
6
.75
%
,
3/15/29
,
Callable
3/15/26
@
103.38
(a)
...............
3,000
3,079
AmeriTex
HoldCo
Intermediate
LLC
,
7
.63
%
,
8/15/33
,
Callable
8/15/28
@
103.81
(a)
......
881
896
Avient
Corp.
,
6
.25
%
,
11/1/31
,
Callable
9/15/27
@
103.13
(a)
........................
500
502
Axalta
Coating
Systems
LLC
,
3
.38
%
,
2/15/29
,
Callable
9/4/25
@
100.84
(a)
(k)
...........
500
468
Clydesdale
Acquisition
Holdings,
Inc.
,
6
.75
%
,
4/15/32
,
Callable
4/15/28
@
103.38
(a)
......
375
384
Compass
Minerals
International,
Inc.
,
8
.00
%
,
7/1/30
,
Callable
7/1/27
@
104
(a)
...........
443
459
Dcli
Bidco
LLC
,
7
.75
%
,
11/15/29
,
Callable
11/15/26
@
103.88
(a)
....................
1,674
1,708
Knife
River
Corp.
,
7
.75
%
,
5/1/31
,
Callable
5/1/26
@
103.88
(a)
......................
3,000
3,147
LABL,
Inc.
9
.50
%
,
11/1/28
,
Callable
11/1/25
@
104.75
(a)
..............................
2,000
1,851
8
.63
%
,
10/1/31
,
Callable
10/1/27
@
104.31
(a)
..............................
2,000
1,659
Louisiana-Pacific
Corp.
,
3
.63
%
,
3/15/29
,
Callable
9/4/25
@
100.91
(a)
.................
1,000
952
Novelis
Corp.
,
6
.88
%
,
1/30/30
,
Callable
1/30/27
@
103.44
(a)
.......................
1,295
1,333
Panther
Escrow
Issuer
LLC
,
7
.13
%
,
6/1/31
,
Callable
6/1/27
@
103.56
(a)
...............
1,500
1,550
Sasol
Financing
USA
LLC
,
8
.75
%
,
5/3/29
,
Callable
3/3/29
@
100
(a)
..................
1,500
1,497
Sealed
Air
Corp.
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
(k)
...................
3,000
3,093
Smyrna
Ready
Mix
Concrete
LLC
,
8
.88
%
,
11/15/31
,
Callable
11/15/26
@
104.44
(a)
.......
3,266
3,439
Victory
Portfolios
III
Victory
High
Income
Fund
230
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Chemours
Co.
5
.75
%
,
11/15/28
,
Callable
8/15/25
@
101.92
(a)
.............................
$
2,000
$
1,852
4
.63
%
,
11/15/29
,
Callable
9/4/25
@
102.31
(a)
..............................
3,000
2,542
8
.00
%
,
1/15/33
,
Callable
1/15/28
@
104
(a)
................................
2,763
2,571
Tronox,
Inc.
,
4
.63
%
,
3/15/29
,
Callable
9/4/25
@
101.16
(a)
.........................
1,100
853
33,835
Real
Estate
(2.5%):
Anywhere
Real
Estate
Group
LLC/Realogy
Co.-Issuer
Corp.
,
9
.75
%
,
4/15/30
,
Callable
4/15/27
@
104.88
(a)
......................................................
2,015
2,102
Cushman
&
Wakefield
U.S.
Borrower
LLC
,
8
.88
%
,
9/1/31
,
Callable
9/1/26
@
104.44
(a)
....
2,000
2,144
Forestar
Group,
Inc.
,
6
.50
%
,
3/15/33
,
Callable
3/15/28
@
103.25
(a)
...................
1,762
1,770
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
.........
845
842
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
4
.50
%
,
2/15/29
,
Callable
9/4/25
@
101.5
(a)
................................
1,738
1,691
6
.50
%
,
4/1/32
,
Callable
4/1/27
@
103.25
(a)
................................
2,021
2,065
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
.......................
1,053
1,080
Service
Properties
Trust
4
.38
%
,
2/15/30
,
Callable
8/15/29
@
100
(k)
................................
3,000
2,558
8
.63
%
,
11/15/31
,
Callable
11/15/26
@
104.31
(a)
............................
1,000
1,066
8
.88
%
,
6/15/32
,
Callable
6/15/27
@
104.44
................................
1,068
1,116
The
Howard
Hughes
Corp.
,
4
.38
%
,
2/1/31
,
Callable
2/1/26
@
102.19
(a)
................
7,365
6,789
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
,
10
.50
%
,
2/15/28
,
Callable
9/15/25
@
105.25
(a)
................................................
1,178
1,244
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
9/4/25
@
102.06
(a)
.....
1,224
1,169
25,636
Utilities
(2.0%):
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
,
6
.75
%
,
4/15/28
,
Callable
9/4/25
@
103.38
(a)
.................................................
1,000
1,014
Calpine
Corp.
5
.13
%
,
3/15/28
,
Callable
9/4/25
@
100.85
(a)
...............................
4,250
4,229
4
.63
%
,
2/1/29
,
Callable
9/4/25
@
101.16
(a)
................................
5,600
5,504
Entergy
Corp.
,
7
.13
%
(
H15T5Y
+
267
bps
)
,
12/1/54
,
Callable
9/1/29
@
100
(b)
(k)
..........
6,500
6,742
NRG
Energy,
Inc.
,
5
.75
%
,
7/15/29
,
Callable
8/15/25
@
101.44
(a)
....................
2,000
1,997
Vistra
Operations
Co.
LLC
,
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(a)
..............
1,000
1,039
20,525
Total
Corporate
Bonds
(Cost
$600,402)
a
a
a
601,864
Yankee
Dollars
(14.0%)
Communication
Services
(1.7%):
Altice
France
Holding
SA
,
6
.00
%
,
2/15/28
,
Callable
9/4/25
@
100
(a)
(k)
...............
11,000
4,045
Altice
France
SA
,
5
.50
%
,
1/15/28
,
Callable
8/15/25
@
100
(a)
(k)
.....................
7,500
6,669
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
,
6
.88
%
(
H15T5Y
+
239
bps
)
,
9/15/55
,
Callable
6/15/30
@
100
(b)
...................................................
432
441
Flutter
Treasury
DAC
,
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
..................
236
238
Rogers
Communications,
Inc.
,
7
.00
%
(
H15T5Y
+
265
bps
)
,
4/15/55
,
Callable
2/14/30
@
100
(b)
873
893
Telecom
Italia
Capital
SA
,
7
.20
%
,
7/18/36
.....................................
753
792
Virgin
Media
Finance
PLC
,
5
.00
%
,
7/15/30
,
Callable
9/4/25
@
102.5
(a)
................
970
874
Vmed
O2
UK
Financing
I
PLC
,
4
.75
%
,
7/15/31
,
Callable
7/15/26
@
102.38
(a)
...........
1,712
1,583
Zegona
Finance
PLC
,
8
.63
%
,
7/15/29
,
Callable
7/15/26
@
104.31
(a)
..................
2,251
2,398
17,933
Consumer
Discretionary
(3.4%):
Brightstar
Lottery
PLC
,
6
.25
%
,
1/15/27
,
Callable
7/15/26
@
100
(a)
...................
2,594
2,620
Carnival
Corp.
5
.75
%
,
3/1/27
,
Callable
12/1/26
@
100
(a)
.................................
352
355
6
.00
%
,
5/1/29
,
Callable
9/4/25
@
103
(a)
..................................
676
682
6
.13
%
,
2/15/33
,
Callable
2/15/28
@
103.06
(a)
..............................
555
565
Global
Auto
Holdings
Ltd./AAG
FH
UK
Ltd.
11
.50
%
,
8/15/29
,
Callable
11/15/26
@
105.75
(a)
............................
3,090
3,080
8
.75
%
,
1/15/32
,
Callable
1/15/27
@
104.38
(a)
..............................
3,532
3,121
Great
Canadian
Gaming
Corp./Raptor
LLC
,
8
.75
%
,
11/15/29
,
Callable
11/15/26
@
104.38
(a)
837
820
Victory
Portfolios
III
Victory
High
Income
Fund
231
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
IHO
Verwaltungs
GmbH
6
.38
%
,
5/15/29
,
Callable
9/4/25
@
102.13
(a)
(m)
............................
$
1,024
$
1,024
8
.00
%
,
11/15/32
,
Callable
11/15/27
@
104
(a)
(k)
(n)
..........................
2,013
2,069
Mattamy
Group
Corp.
,
4
.63
%
,
3/1/30
,
Callable
9/4/25
@
102.31
(a)
...................
2,300
2,206
NCL
Corp.
Ltd.
5
.88
%
,
3/15/26
,
Callable
12/15/25
@
100
(a)
...............................
2,042
2,046
7
.75
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
................................
295
313
6
.25
%
,
3/1/30
,
Callable
3/1/27
@
103.13
(a)
................................
1,000
1,012
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
................................
4,999
5,135
Nissan
Motor
Co.
Ltd.
,
7
.75
%
,
7/17/32
,
Callable
5/17/32
@
100
(a)
...................
768
795
Royal
Caribbean
Cruises
Ltd.
5
.63
%
,
9/30/31
,
Callable
9/30/27
@
102.81
(a)
..............................
795
801
6
.25
%
,
3/15/32
,
Callable
3/15/27
@
103.13
(a)
..............................
60
62
6
.00
%
,
2/1/33
,
Callable
8/1/27
@
103
(a)
..................................
7,787
7,918
Viking
Cruises
Ltd.
,
9
.13
%
,
7/15/31
,
Callable
7/15/26
@
104.56
(a)
...................
322
346
34,970
Energy
(0.4%):
Baytex
Energy
Corp.
,
7
.38
%
,
3/15/32
,
Callable
3/15/27
@
103.69
(a)
..................
946
914
Consolidated
Energy
Finance
SA
,
12
.00
%
,
2/15/31
,
Callable
2/15/27
@
106
(a)
(k)
.........
500
470
Northriver
Midstream
Finance
LP
,
6
.75
%
,
7/15/32
,
Callable
7/15/27
@
103.38
(a)
.........
2,000
2,041
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
250
265
Vermilion
Energy,
Inc.
,
7
.25
%
,
2/15/33
,
Callable
2/28/28
@
103.63
(a)
.................
920
869
4,559
Financials
(2.2%):
1261229
BC
Ltd.
,
10
.00
%
,
4/15/32
,
Callable
4/15/28
@
105
(a)
......................
2,325
2,366
Ardonagh
Finco
Ltd.
,
7
.75
%
,
2/15/31
,
Callable
2/15/27
@
103.88
(a)
..................
3,663
3,819
Ardonagh
Group
Finance
Ltd.
,
8
.88
%
,
2/15/32
,
Callable
2/15/27
@
104.44
(a)
...........
4,000
4,208
Belron
UK
Finance
PLC
,
5
.75
%
,
10/15/29
,
Callable
10/15/26
@
102.88
(a)
..............
2,275
2,297
GGAM
Finance
Ltd.
6
.88
%
,
4/15/29
,
Callable
4/15/26
@
103.44
(a)
..............................
1,000
1,031
5
.88
%
,
3/15/30
,
Callable
9/15/26
@
102.94
(a)
..............................
1,000
1,004
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
U.S.
Refinance
LLC
,
8
.13
%
,
2/15/32
,
Callable
2/15/27
@
104.06
(a)
..............................
500
521
Jones
Deslauriers
Insurance
Management,
Inc.
8
.50
%
,
3/15/30
,
Callable
3/15/26
@
104.25
(a)
..............................
500
528
10
.50
%
,
12/15/30
,
Callable
12/15/25
@
105.25
(a)
...........................
250
266
Lehman
Brothers
Treasury
Co.
BV
,
0.00%
,
MTN
(i)
(o)
............................
1,447
—
(h)
Macquarie
Airfinance
Holdings
Ltd.
,
8
.13
%
,
3/30/29
,
Callable
9/30/25
@
104.06
(a)
.......
500
522
Opal
Bidco
SAS
,
6
.50
%
,
3/31/32
,
Callable
3/31/28
@
103.25
(a)
.....................
1,500
1,517
UniCredit
SpA
,
5
.86
%
(
USISOA05
+
370
bps
)
,
6/19/32
,
Callable
6/19/27
@
100
(a)
(b)
......
5,000
5,039
23,118
Health
Care
(0.3%):
Bausch
+
Lomb
Corp.
,
8
.38
%
,
10/1/28
,
Callable
10/1/25
@
104.19
(a)
.................
500
523
Perrigo
Finance
Unlimited
Co.
,
6
.13
%
,
9/30/32
,
Callable
9/30/27
@
103.06
.............
2,000
2,013
2,536
Industrials
(3.0%):
ATS
Corp.
,
4
.13
%
,
12/15/28
,
Callable
9/4/25
@
101.03
(a)
..........................
1,000
951
Avianca
Midco
2
PLC
,
9
.63
%
,
2/14/30
,
Callable
2/14/27
@
104.81
(a)
.................
3,353
3,119
Azorra
Finance
Ltd.
,
7
.75
%
,
4/15/30
,
Callable
10/15/26
@
103.88
(a)
..................
4,175
4,347
Bombardier,
Inc.
6
.00
%
,
2/15/28
,
Callable
9/4/25
@
101.5
(a)
................................
2,500
2,511
7
.25
%
,
7/1/31
,
Callable
7/1/27
@
103.63
(a)
................................
4,790
5,001
Cimpress
PLC
,
7
.38
%
,
9/15/32
,
Callable
9/15/27
@
103.69
(a)
.......................
1,100
1,067
Fibercop
SpA
,
7
.20
%
,
7/18/36
,
Callable
4/18/36
@
100
(a)
.........................
2,247
2,222
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(a)
.........
4,220
4,130
Latam
Airlines
Group
SA
,
7
.88
%
,
4/15/30
,
Callable
10/15/26
@
103.94
(a)
..............
1,845
1,902
Seaspan
Corp.
,
5
.50
%
,
8/1/29
,
Callable
9/4/25
@
101.38
(a)
.........................
1,500
1,428
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
9
.50
%
,
6/1/28
,
Callable
9/4/25
@
104.75
(a)
(k)
..............................
1,616
1,660
6
.38
%
,
2/1/30
,
Callable
9/4/25
@
103.19
(a)
(k)
..............................
2,195
2,074
30,412
Victory
Portfolios
III
Victory
High
Income
Fund
232
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Information
Technology
(1.6%):
Dye
&
Durham
Ltd.
,
8
.63
%
,
4/15/29
,
Callable
4/15/26
@
104.31
(a)
...................
$
1,000
$
1,042
Iliad
Holding
SASU
,
8
.50
%
,
4/15/31
,
Callable
4/15/27
@
104.25
(a)
...................
2,000
2,146
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
8,998
8,921
Seagate
Data
Storage
Technology
Pte
Ltd.
8
.50
%
,
7/15/31
,
Callable
7/15/26
@
104.25
(a)
..............................
2,000
2,112
9
.63
%
,
12/1/32
,
Callable
12/1/27
@
104.81
(a)
..............................
2,090
2,349
16,570
Materials
(1.4%):
Algoma
Steel,
Inc.
,
9
.13
%
,
4/15/29
,
Callable
4/15/26
@
104.56
(a)
....................
1,000
906
Aris
Mining
Corp.
,
8
.00
%
,
10/31/29
,
Callable
10/31/26
@
104
(a)
....................
900
924
Eldorado
Gold
Corp.
,
6
.25
%
,
9/1/29
,
Callable
9/4/25
@
101.56
(a)
....................
2,000
2,000
Endeavour
Mining
PLC
,
7
.00
%
,
5/28/30
,
Callable
5/28/27
@
103.5
(a)
.................
1,000
1,016
First
Quantum
Minerals
Ltd.
,
8
.63
%
,
6/1/31
,
Callable
6/1/26
@
104.31
(a)
..............
1,000
1,041
Ivanhoe
Mines
Ltd.
,
7
.88
%
,
1/23/30
,
Callable
1/23/27
@
103.94
(a)
...................
1,614
1,622
Methanex
Corp.
,
5
.25
%
,
12/15/29
,
Callable
9/15/29
@
100
.........................
2,431
2,388
Mineral
Resources
Ltd.
,
9
.25
%
,
10/1/28
,
Callable
10/1/25
@
104.63
(a)
................
2,000
2,078
NOVA
Chemicals
Corp.
4
.25
%
,
5/15/29
,
Callable
9/4/25
@
101.06
(a)
...............................
2,215
2,116
7
.00
%
,
12/1/31
,
Callable
12/1/27
@
103.5
(a)
...............................
405
424
14,515
Total
Yankee
Dollars
(Cost
$143,434)
a
a
a
144,613
U.S.
Government
Agency
Mortgages
(0.2%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(b)
(i)
................................
2,000
1,998
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,984)
a
a
a
1,998
Commercial
Paper
(9.8%)
Consumer
Staples
(1.9%):
Bacardi
USA,
Inc.
,
4
.85
%
,
8/21/25
(a)
(p)
......................................
10,000
9,972
CVS
Corp.
,
5
.00
%
,
8/25/25
(a)
(p)
...........................................
5,600
5,581
CVS
Health
Corp.
,
4
.84
%
,
8/5/25
(a)
(p)
.......................................
4,000
3,997
19,550
Energy
(1.9%):
Canadian
Nat
RES
4
.74
%
,
8/11/25
(a)
(p)
................................................
3,800
3,794
4
.75
%
,
8/20/25
(a)
(p)
................................................
1,700
1,696
Canadian
Natural
Resources
Ltd.
,
4
.76
%
,
8/25/25
(a)
(p)
............................
4,700
4,684
Ovintiv,
Inc.
5
.01
%
,
8/20/25
(a)
(p)
................................................
4,000
3,989
5
.01
%
,
9/22/25
(a)
(p)
................................................
6,200
6,155
20,318
Health
Care
(1.0%):
HCA,
Inc.
,
4
.83
%
,
8/4/25
(a)
(p)
.............................................
10,300
10,294
Industrials
(1.6%):
Air
Lease
Corp.
,
4
.69
%
,
8/7/25
(a)
(p)
.........................................
3,000
2,997
Global
Payments,
Inc.
,
4
.90
%
,
8/7/25
(a)
(p)
....................................
5,800
5,795
Sonoco
Products
Co.
,
4
.91
%
,
8/1/25
(a)
(p)
.....................................
7,500
7,499
16,291
Information
Technology
(0.4%):
Jabil,
Inc.
,
5
.09
%
,
8/8/25
(a)
(p)
.............................................
4,000
3,995
Materials
(1.0%):
FMC
Corp.
5
.12
%
,
8/1/25
(a)
(p)
.................................................
7,200
7,199
5
.14
%
,
8/7/25
(a)
(p)
.................................................
3,000
2,997
10,196
Victory
Portfolios
III
Victory
High
Income
Fund
233
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
Security
Description
Principal
Amount
(000)
a
Value
(000)
Real
Estate
(1.0%):
Crown
Castle,
Inc.
4
.97
%
,
8/5/25
(a)
(p)
.................................................
$
2,700
$
2,698
4
.97
%
,
8/7/25
(a)
(p)
.................................................
3,000
2,997
5
.03
%
,
8/26/25
(a)
(p)
................................................
4,500
4,484
10,179
Utilities
(1.0%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
4
.38
%
,
8/6/25
(a)
(p)
.................................................
7,500
7,495
5
.17
%
,
8/13/25
(a)
(p)
................................................
2,700
2,695
10,190
Total
Commercial
Paper
(Cost
$101,025)
a
a
a
101,013
Shares
Exchange-Traded
Funds
(3.4%)
iShares
BB
Rated
Corporate
Bond
ETF
.......................................
246,500
11,534
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(k)
..............................
599
48
SPDR
Bloomberg
High
Yield
Bond
ETF
(k)
....................................
40,315
3,906
SPDR
Portfolio
High
Yield
Bond
ETF
........................................
844,981
20,026
Total
Exchange-Traded
Funds
(Cost
$35,179)
a
a
a
35,514
Collateral
for
Securities
Loaned
(2.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.20
%
(q)
........
5,668,612
5,668
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.24
%
(q)
............
5,668,612
5,668
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.26
%
(q)
...............
5,668,612
5,669
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.22
%
(q)
.
5,668,612
5,669
Total
Collateral
for
Securities
Loaned
(Cost
$22,674)
a
a
a
22,674
Total
Investments
(Cost
$1,059,177)
—
102.7%
1,060,962
Liabilities
in
excess
of
other
assets
—  (2.7)%
(28,165)
NET
ASSETS
-
100.00%
$
1,032,797
At
July
31,
2025,
the
Fund's
investments
in
foreign
securities
were
17.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2025,
the
fair
value
of
these
securities
was
$838,922
(thousands)
and
amounted
to
81.2%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2025.
(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
July
31,
2025.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Non-income
producing
security.
(g)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2025.
(h)
Rounds
to
less
than
$1
thousand.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(j)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(k)
All
or
a
portion
of
this
security
is
on
loan.
(l)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(m)
Up
to
7.13%
of
the
coupon
may
be
PIK.
(n)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(o)
Zero-coupon
bond.
(p)
Rate
represents
the
effective
yield
at
July
31,
2025.
(q)
Rate
disclosed
is
the
daily
yield
on
July
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
High
Income
Fund
234
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2025
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
RB
—
Revenue
Bond
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2025.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2025.
Futures
Contracts
Purchased
(Amounts
not
in
thousands)
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
80
9/19/25
$
8,818,462
$
8,884,999
$
66,537
30-Year
U.S.
Treasury
Bond
Futures
.....
6
9/19/25
673,237
685,125
11,888
5-Year
U.S.
Treasury
Note
Futures
.......
225
9/30/25
24,263,335
24,338,672
75,337
$
153,762
Total
unrealized
appreciation
$
153,762
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
153,762